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Article

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India’s success factors may be many but three salient features need emphasis. First, Indian entrepreneurs are dynamic, vibrant and innovative. They even used the socialist economy regime of control and license raj for ‘learning by doing’. Just to give an example, India had a ramshackle automobile industry dominated by two outdated models until the 1990s. The suppliers, engineers, vendors, parts manufacturers did acquire the techniques of supply chain management, production and distribution under most adverse circumstances. When the economy did open up in the post-1991 period and the private sector allowed to set up manufacturing industries without prior approvals, among many others the auto industry too took off. Today India is manufacturing over three million passenger vehicles and approximately 20 million two-wheelers. Manufactured goods constitute over 64 per cent of exports and are quite diversified including engineering goods, chemicals, pharmaceuticals, electrical goods, industrial machinery, textiles. Projections show that this will cross $1 trillion in the next five years. Export growth is driven by capacity expansion, fresh investment, performance linked incentives provided by the government, mergers and acquisitions and private equity/venture capital.

Publication Source

The News

Publication Date

9-9-2022

Pages

1-2

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