Indian mfg needs dramatic improvement to compete in a globalized market: Hamid Ansari

New Delhi, July 19 (KNN) The Vice President of India, M. Hamid Ansari has said that the Indian manufacturing needs to improve dramatically in terms of productivity and efficiency to compete in a globalized market. 

He was addressing the gathering after giving away the AIMA - JRD Tata Corporate Leadership Award to N. Chandrasekaran, Chairman of Tata Sons Ltd. 

The Vice President said that test before our companies is to develop business capabilities that equip them to compete at the top of the value chain. 

"For profitable growth, we have to strive for a premium that will accrue only if we target products that need high quality design, engineering and manufacturing," he added. 

The Vice President said that the future growth of our companies will be in being able to create futuristic business scenarios and engineering disruptions rather than coping with its aftermath. 

Earlier, the Vice President mentioned the inherent weaknesses of the country's corporate sector including risk aversion, debt-addiction and low R&D spending.

The Vice President said that the corporate sector has to invest heavily in R&D and innovation. 

He further said that merely offering incentives to industries may not be enough to spur innovative growth. 

"We need to eventually work towards inculcating the ‘culture and attitudes’ needed to foster innovation and entrepreneurship," he added.