Industry leaders at BCIC conclave rally for strengthening India's manufacturing sector

Bengaluru, June 1 (KNN) Industry captain at the business conclave organised by the Bangalore Chamber of Industry and Commerce (BCIC) agreed on the need to boost the manufacturing sector in India for the overall development of the country.

Representatives from automobile, consumer durables and energy sectors met and said that an opportunity to triple gains from the manufacturing sector, from the current USD 400 billion to USD 1.2 trillion, is available to the country, reported TOI.

Speaking at the conclave Kamal Bali, president and managing director at Volvo Group India said that as a nation, India cannot depend on one sector for development.

“Manufacturing currently is 15-17 per cent of India’s GDP and despite concerted efforts from various governments the needle has not moved for the last 25 years,” he added.

Sudhanshu Mani, innovator of Vande Bharat (Train 18) and former general manager at the Integral Coach Factory, Perambur, Chennai said, “The Indian Railways currently hold only 27 per cent share in logistics or transportation sector. This needs to be a core focus area for us and efforts need to be concentrated on bringing down logistics cost to GDP.”

“This will be good for the country’s economy as railways are a cheaper, faster and more sustainable form of transportation,” he added.

Chandru Kalro, MD of TTK Prestige Limited pointed out that around 86 per cent of countries consider India as part of their supply chain.

“The middle class is expected to grow, while the aspirers and destitute will become a relatively small group. India is the 5th largest economy and is experiencing a growth rate of almost 5 per cent. It is also the largest growing electronic market, making it an attractive destination for businesses,” Kalro highlighted.  (KNN Bureau)