How Budding Entrepreneurs are Leading the Way in the Manufacturing Industry
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Indian companies have been thought as laggards in the manufacturing space. Although there is some truth about India punching below its weight in manufacturing, many budding entrepreneurs are making advances in this space and are manufacturing on the cutting edge. Gradually the question being asked is not if India will take its place alongside industrial giants, but when?
Entrepreneurs Are Manufacturing World Beating Robots
Many new hardware companies in India have remained under the radar largely because their growth and accomplishments thus far have been modest. Yet, some young Indian manufacturing companies are producing robots that are being used in highly industrialized countries like Japan and Germany to transport materials within warehouses. Such success by Indian manufacturers in a relatively new and sophisticated industry indicates that India holds much potential in the manufacturing space.
Manufacturers Taking Advantage of a Smart Cities Initiative
The government’s mission to make Indian cities smarter is a sanguine decision. Some budding Indian manufacturers have begun to manufacture IoT devices which although not meant exclusively for use in smart cities, can be incorporated into the smart city infrastructure. Today all large manufacturers of IoT devices are European or American, however many budding Indian manufacturers have created IoT devices which can eventually be incorporated into the countries Smart Cities initiative.
Budding Manufacturers Are Making a Mark Globally
The manufacture of robots and IoT devices are specialized tasks and form a niche part of the countries manufacturing sector. Today the manufacturing industry in India makes up 15% of the Indian economy and the Indian government under its Make in India initiative expects to grow manufacturing’s contribution to the economy to 25per cent by 2022. Manufacturing’s 15% share in the Indian economy has a dollar value of approximately of 390 billion. Contributing to this annual output of 390 billion are innumerable large players as well as MSME’s. Large manufacturers contribute almost 55per cent to India’s annual manufacturing output while MSME’s make up the rest. Amidst such a large number of MSME’s are entrepreneurs who are manufacturing at least 8,000 different types of value-added products.
Such products make up nearly 40per cent of Indian exports and comprise everything from finished textiles to personal protective equipment (PPE). Many large manufacturers in India also manufacture PPE that meet the latest global standards. Such PPE are used domestically and also make up the basket of goods exported by India to developed countries which themselves have many manufacturers of PPE. The fact that niche Indian products that demand expertise to manufacture such as robots, IoT devices, and PPE have a ready market in industrialized countries where such products are also manufactured speaks volumes for the success of budding Indian manufacturers.
Budding Manufacturers Are Making a Mark in Construction
Until 2050 the construction industry in India will be on an upward trajectory and it’s estimated that by 2025 India will be world’s third largest construction market. There will be ups and downs in India’s journey over the next few decades; however, the general trend in the construction industry indicates this sectors journey will be very exciting and fruitful. There will be many tremendously large construction projects in India in the future and it’s almost certain that by 2050 a series of world-class highways will crisscross the country. Bright entrepreneurs who have spotted this trend are already helping the manufacturing sector and the construction sector grow by manufacturing concrete blocks. Such blocks are used in construction and help builders erect buildings faster than they could have using traditional bricks. In many developed countries, concrete blocks are widely used and such blocks are likely to play a big part in creating the physical infrastructure India desperately needs.
The sheer size and scope of budding manufacturers in India can perhaps only be captured in a voluminous encyclopedia. What is clear is that budding Indian manufacturer today are more innovative, confident and better able to think out-of-the-box than were many manufacturers in the past. Such willingness to innovate, to remain undaunted in the face of global competition, and to grasp the macro trends shaping the Indian economy augurs well for the future of Indian manufacturing.