Innovation key to exponential growth of manufacturing sector

New Delhi: Innovation in the manufacturing sector is critical to achieve exponential growth as India moves towards the goal of becoming a developed nation by 2047, Bharat Forge Chairman and MD Baba Kalyani said on Monday.

Speaking at the NDTV World Summit, he also stressed on the need to develop technologies locally to give fillip to the manufacturing sector. “I think India has to also create innovation in technology, we can’t just copy what we get from outside. We now need to make our products which the western world will copy from us,” Kalyani said. He noted that for bringing new products focus on innovation is extremely important. “There are many areas where we don’t make anything right...So I think we better learn to create technology on our own power, and that should be the dream of every Indian. Do it yourself.

Do it for the country. Think of the country as a whole. That’s the name of the game,” Kalyani stated. He stressed on the need to enhance the scale of manufacturing in the country. “Manufacturing needs to grow 12 times and that’s not easy, because in many areas of manufacturing, you need to generate strategies to create exponential growth. Linear growth won’t work, and that’s the challenge in front of us,” Kalyani said. He noted that there are a lot of advantages today because a lot of new technological breakthroughs are coming in. Kalyani also noted that AI is expected to enhance productivity, efficiency and product quality in manufacturing plants. Apollo Hospitals Group MD Suneeta Reddy stressed on the importance of innovation in medical practices particularly in re-engineering existing technologies to make them more accessible.