Union Minister urges Indian industries to embrace global competition for manufacturing excellence

R.K. Singh Highlights Quality, Competitiveness, and Global Reach at Festival of Manufacturing 2024 in Delhi.

The Union Minister for Power and New & Renewable Energy, R. K. Singh, urged the Indian manufacturing industry to embrace the challenge of competing globally, emphasising the importance of producing goods not only for India but for the world. Speaking at and event in New Delhi today, the Minister emphasised the need for Indian industries to focus on enhancing product quality, competitiveness, and reasonable pricing to thrive in global markets.

He highlighted the necessity for Indian industries to meet international standards in product quality and pricing competitiveness, stressing the importance of adapting to global market demands. The Minister emphasised that the era of licensing had hindered the industry’s ability to compete globally, underscoring the need for a shift toward quality improvement and product innovation.

Addressing industry representatives, the Minister encouraged them to ensure that their products meet global standards, emphasising the importance of competitiveness in the global market. He emphasised the concept of “Make in India for the world,” indicating the need for Indian industries to produce goods not only for domestic consumption but also for export.

The Minister also welcomed foreign investment in India’s manufacturing sector, highlighting the country’s aspiration to become a viable alternative to China in global supply chains. He emphasised the government’s commitment to creating a conducive environment for manufacturing in India, echoing the global trend of diversifying from reliance on China.

Reflecting on historical challenges faced by the manufacturing sector, the Minister underscored the unprecedented growth in demand facilitated by government initiatives. He highlighted the substantial investments made in the power sector over the past decade, with plans for further investment in the coming years.

The Minister outlined significant achievements in the power sector, including the addition of substantial power generation capacity and the development of a robust transmission infrastructure. He emphasised the need to double the size of the power sector by 2030 to meet growing demand, highlighting ongoing efforts to expand thermal and hydroelectric capacity.

The Minister acknowledged past challenges in the power sector, including the financial viability of distribution companies (discoms), but highlighted significant improvements in their performance. He emphasised the government’s commitment to ensuring energy security while transitioning towards cleaner energy sources.

Highlighting the importance of domestic manufacturing in meeting the growing demand for power equipment, the Minister outlined policy measures aimed at promoting domestic production. He emphasised the need for quality barriers to protect domestic manufacturers and highlighted the significant increase in manufacturing capacity for solar modules and cells.

The Minister reiterated the government’s commitment to solving challenges and promoting fiscal prudence at the state level. He emphasised the importance of collaboration between the government and the private sector in driving the growth of India’s manufacturing sector.