India has experienced strong GDP increases for a number of years, but traditional industry has not found a place in this growth. A study by industry body CII found in July that export gaps had created a 9.71% decline in sales, and cited the updating of industry as a key area to redress this deficit. The opportunity is most certainly there, as new and innovative technology is providing a clear pathway to boosting industrial exports.
Improving the base line
At the base of India’s industrial underperformance is unenforced regulation. Businesses regularly contend with adverse working conditions and this has a detrimental impact productivity. Having the right equipment to address and rectify issues is crucial, and this extends to municipal vehicles, too. Kardie Equipment, a US manufacturer and expert in industrial vehicles, have stressed the benefits that having up to date and functional equipment brings. Indications are that Indian authorities are aware, too, as evidenced by the additional procurement of skylifts by Delhi in 2019.
Shoring up defenses
As a rapidly industrialized economy, India has been ill-prepared for the advent of the digital age and the dangers that has brought. According to The Hindu Business Line, Indian manufacturing industries are more at risk of cyber attack than any other industrial sector. Government policy is, again, looking to address this issue assertively. According to LiveMint, the government and private enterprise have looked extensively into making digital tools available to all strata of business – including the typically less digitally-savvy manufacturing industry. This will help to mitigate online threats and, again, boost productivity.
Engaging with the home market first
While certain businesses offer niche benefits that can be exported to other markets readily, it remains that many brands and products need to find a base in the home market before finding success overseas. Manufacturing and engineering businesses are looking to do this through eye-catching and potentially transformative industry. Of most interest is the new space park planned for Thiruvananthapuram. This will help industry by providing both productivity and an advertisement, boosting interest in Indian business and, hopefully, exports.
A decline in manufacturing has arisen from poor business standards and a lack of protecting the bottom line. Through new technology procurement and a focus on the new, not the old, recovery is in sight for traditional manufacturing. Innovation is key, and as long as businesses continue to innovate, the industry should fuel its own recovery.
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