The manufacturing landscape in India has received a significant boost with the Make in India program and other related government initiatives. The support from the government has pushed foreign investments and motivated domestic businesses to invest in building the manufacturing ecosystem further.
India has emerged as one of the most attractive manufacturing destinations in the world. According to Cushman & Wakefield’s 2021 Global Manufacturing Risk Index, the country is the world’s second most sought-after manufacturing destination. The Make in India movement has improved India’s rankings across the global charts and has also played an essential role in bringing other significant changes to many sectors.
The relentless focus on Make in India is starting to show results for the consumer durables industry. While manufacturers are increasing the level of technology in their products, it is not pushing the cost of the end products. Instead, it helps to make products more affordable and is taking Indian products global. As a result, it is a win-win proposition where the consumer can access high-quality, technologically advanced products at an affordable price, and manufacturers can prosper in a favourable manufacturing ecosystem.
Here are the key reasons how Make in India is making inroads for technology to go affordable:
The launch of the production-linked incentive (PLI) scheme from the government for critical sectors like semiconductors and white goods is expected to give a solid push to the consumer durables sector.
As the government is backing manufacturers to expand their manufacturing base in the country, the financial support will make the technology affordable for the Indian consumer. At the same time, the PLI scheme is pushing manufacturers to increase their production base and establish India as an export hub.
India is spending more than developed countries like France, UK & Italy on research and development, according to UNESCO’s science report 2021. The increased investment in R&D is pushing the boundaries of innovation and manufacturing positively.
The country is expected to come up with innovative products that are relevant to the global market. With increased in-house innovation, the technology in consumer durables can also be expected to be more affordable.
As Indian brands and consumers display a strong appetite for innovation, the trend is expected to further the cause of Make in India and boost the adaptation of better technology at an affordable price.
Growth curve of technology
As we have seen in the past, technology gets cheaper with time. As more consumers opt for technologically-advanced gadgets, the price can be expected to go down further. At the same time, the launch of 5G and its planned expansion throughout the country will further push the adaptation of technology and open doors to new opportunities.
The growth curve of technology will help in taking the Make in India movement global. Overall, the growth curve of technology is expected to reduce the price further.
India has the potential to export goods worth $1 trillion by 2030 because of the Make in India focus. Global economies expect high-quality, technologically ahead products from India in almost all major sectors.
These are the key reasons Make in India is making technology affordable for the Indian consumer. At the same time, it is increasing the competitiveness of Indian manufacturers in the domestic and international markets.
Views expressed above are the author’s own.
END OF ARTICLE