MSMEs body Hand Tools Association on Tuesday suggested a host of steps to the government such as tax incentives, modern infrastructure and special focus on small and medium enterprises with a view to boost local manufacturing and exports of engineering goods.
Hand Tools Association President S C Ralhan said aggressive boost from the government and greater focus on reverse engineering based R&D is required for local manufacturing of higher valued engineering goods.
He said China became the factory of the world due to a number of reasons- such as strong support to industry in terms of subsidised land and building, and investments of billions of dollars in software engineering vs computer science, internal infrastructure.
For India to cash in on the current sentiment and attract investments which are shifting out of China is an uphill task, because building of infrastructure can take years, Ralhan said.
"Considering the current global scenario ,due to the Covid 19 pandemic, if India is to match the manufacturing prowess of China, the government has to support local manufacturing of higher valued engineering goods, encourage Indian manufacturers for local production, over and above attracting foreign companies to invest in India through FDI (foreign direct investment ) and FPI (foreign portfolio investment), and provide greater focus on the MSME sector," he said.
Hand Tools Association President S C Ralhan said aggressive boost from the government and greater focus on reverse engineering based R&D is required for local manufacturing of higher valued engineering goods.
He said China became the factory of the world due to a number of reasons- such as strong support to industry in terms of subsidised land and building, and investments of billions of dollars in software engineering vs computer science, internal infrastructure.
For India to cash in on the current sentiment and attract investments which are shifting out of China is an uphill task, because building of infrastructure can take years, Ralhan said.
"Considering the current global scenario ,due to the Covid 19 pandemic, if India is to match the manufacturing prowess of China, the government has to support local manufacturing of higher valued engineering goods, encourage Indian manufacturers for local production, over and above attracting foreign companies to invest in India through FDI (foreign direct investment ) and FPI (foreign portfolio investment), and provide greater focus on the MSME sector," he said.
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