At the 2nd edition of The Times Group WorldWide Media Festival of Manufacturing 2024, Union Minister for Power and New & Renewable Energy, R. K. Singh, issued a clarion call to the Indian manufacturing industry to embrace the challenge of global competition.
He emphasized the importance of manufacturing in India not only for domestic consumption but also for global markets.
Addressing industry representatives in New Delhi today, Singh stressed the need for Indian industries to enhance their competitiveness in external markets and to focus on exporting quality products. He highlighted the significance of product quality, finishing, and improvement, asserting that these aspects were neglected in the era of licensing.
Singh highlighted the importance of competitiveness, stating, "There is no country which can be fully self-sufficient; every country needs to import something, for which you need to be able to sell to that country, which in turn needs quality, finishing, and product improvement." He urged manufacturers to ensure that their products meet global standards while maintaining reasonable prices.
With the global economy shifting towards alternatives to China, Singh emphasized India's readiness to be the preferred destination for manufacturing investments. "The world is looking at China plus one, we want to be that one," he stated, highlighting India's openness to welcoming industries seeking alternatives to China.
Reflecting on the challenges faced by the manufacturing sector historically, Singh acknowledged the unprecedented demand for manufacturing products in India. He highlighted the government's significant investments in the power sector, amounting to Rs. 20 lakh crores over the last nine years, with another Rs. 17 lakh crores earmarked for the next five to seven years.
Singh outlined the substantial growth in power generation capacity, transmission infrastructure, and the government's commitment to doubling the size of the power sector by 2030 to meet growing demand. He emphasized the government's focus on energy security and transition, highlighting India's achievements in reducing per capita emissions and meeting its Nationally Determined Contributions (NDCs) ahead of time.
Regarding the power sector's expansion, Singh emphasized the importance of domestic manufacturing to meet the growing demand.
He highlighted policy measures to protect and promote domestic manufacturing, including tariff and quality barriers.
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