The manufacturing sector of India, which is a significant part of its economy, is at a crossroads today. As the world moves forward with more and more tech-based and sustainable approaches, the sector needs to embrace new strategies to continue to stay ahead in the race. According to experts, innovation and sustainability are keys to unlocking the potential of the sector, positioning India as a global manufacturing hub—a goal already being pursued through the ‘Make in India’ initiative.

Innovation and competitiveness

To thrive in the fast-evolving global market today, Indian manufacturers need to embrace advanced technologies such as artificial intelligence (AI), the Internet of Things (IoT), and robotics. These innovations not only enhance operational efficiency but also reduce costs and enable precision manufacturing, crucial for meeting international quality standards.

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“To remain relevant in global markets, Indian manufacturers need to continuously reinvent themselves by absorbing emerging technologies. Innovation is no more an option but a necessity for long-term competitiveness,” says Dr. Debashis Chakraborty, professor at IIT Madras and expert on trade policy and organisational leadership.

According to Dr. Chakraborty, who has decades of experience in the industry, nurturing a culture of innovation within the organisations is crucial. Companies should challenge the status quo and encourage employees to experiment with bold ideas and learn from failures.

The buzz word: Sustainability

Global demand is increasingly shifting towards more environmentally responsible practices. Dr. Chakraborty feels that it is not only an ethical obligation but also a strategic opportunity to align business goals with environmental priorities.

“Sustainability is no longer just a buzzword. It’s a strategic imperative. By linking environmental goals with manufacturing practices, India can get an edge in a competition and contribute to sustainability goals worldwide,” states Dr. Chakraborty.

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In 2022, Dr. Chakraborty was elected as a Fellow of the International Association of Advanced Materials (FIAAM). His works have been included in the 33rd Edition of Marquis Who’s Who in the World. He is also a member of the Asia-Pacific Association of Scientific Research, Singapore, and the Asian Polymer Association.

Sustainable manufacturing, according to him, means diminishing carbon footprints, decreasing reliance on renewable sources of energy, and making efficient use of resources. All these things contribute to a better brand value and also open up export markets where eco-friendliness is a precondition.

What next?

The policy infrastructure of India must support innovation within the manufacturing industries. Sector-wise transformation can thus be achieved if trade policies would encourage technology upgrading, green innovations, and a boost to the SMEs segment. Innovation joined with sustainability forms the basis by which Indian manufacturing can unlock new growth sources while solving international problems.

India is reaching a crucial position in its manufacturing sector, to become a future leader of global markets through innovations and sustainability, thus being on the right course in navigating these 21st-century challenges, while it looks to establish a foothold within the world at large.