Indian companies must weave a commitment to growth into their corporate DNA by fostering companywide awareness of consumers' needs, investing enough in R&D, and unlocking entrenched organizational structures and attitudes that are inhospitable to new solutions, new business models, and new approaches.r economy at risk.
Under the Make in India initiative, the Government of India aims to increase the share of the manufacturing sector to the gross domestic product (GDP) to 25 per cent by 2022, from 16 per cent, and to create 100 million new jobs by 2022. Business conditions in the Indian manufacturing sector continue to remain positive.
Manufacturing has emerged as one of the high growth sectors in India. 'Make in India' program to place India on the world map as a manufacturing hub and give global recognition to the Indian economy. India is expected to become the fifth largest manufacturing country in the world by the end of year 2020.
Cumulative Foreign Direct Investment in India's manufacturing sector reached US$ 76.82 billion during April 2000-June 2018. India has become one of the most attractive destinations for investments in the manufacturing sector R&D.
The private sector must take the lead in creating the requisite R&D capabilities and sharpening the focus on quality growth. To do so, companies will need to step up investment in R&D in the coming years. They will also need to continue offering affordable solutions but not compromise on quality and design Partnerships will also be an important means for absorbing foreign R&D capability. Indian companies must continue to invest in indigenous R&D as well. By doing so, they can adapt global innovations to create local affordable solutions.