Manufacturing growth story unfolds with the launch of Whitepaper by indigenisation startup Venttup at Kerala Innovation Festival
India is looking to revamp its Industrial Training Institutes (ITIs), modernising the curriculum to meet current and future industry demands. This forms part of a wider strategy to boost the country's manufacturing sector, which is being accelerated by pro-manufacturing policies such as the Production-Linked Incentive (PLI) scheme.
Venttup, a B2B manufacturing startup, has launched a whitepaper titled 'Building India's Manufacturing Momentum.' The whitepaper, unveiled during the Kerala Innovation Festival in Kochi, offers key recommendations for growing India's manufacturing sector.
One of the main suggestions is the promotion of "Manufacturing as a Service" (MaaS) companies. These businesses help consolidate fragmented manufacturing capacities into scalable solutions for global markets, bridging the gap between international buyers and Indian micro, small, and medium enterprises (MSMEs).
Another crucial recommendation is the adoption of digital technology among traditional manufacturers. Investing in modern machinery and technology can enhance efficiency and competitiveness in the global market.
Investment in Research and Development (R&D) activities is also highlighted as essential for sustaining long-term growth. Improving project management skills among MSMEs is another key area of focus, as this can help address the significant bottleneck currently present.
Collaboration between the government and private sector is also emphasised, as this partnership is crucial for addressing regulatory complexities and infrastructure gaps.
Sustainability and indigenisation are also important aspects of the whitepaper's recommendations. Venttup aims to leverage India's manufacturing expertise to develop high-quality, locally sourced components for various sectors.
The shift towards manufacturing in India is part of the global de-risking strategy post the pandemic, particularly from China. India has an edge in presenting itself as a hub for intelligent manufacturing, IoT, robotics, advances in AI, and Quantum Computing due to its tech-led services and tech adoption.
Venttup is building a unified platform for global buyers to source high-quality, reliable, and sustainable components from India. The startup assists large and medium enterprises in outsourcing their engineering needs and offers localized production of critical engineering solutions.
India should focus on building sector-specific industrial clusters to support high-growth industries like Energy, Electric Vehicles (EV), semiconductors, and precision engineering. These industrial clusters should encourage co-location of suppliers, logistics providers, and manufacturers.
Venttup's Co-founder & CEO, Sanddep Nair, stated that India's manufacturing sector growth has been slow due to lack of skills in end-to-end project management, cash flow limitations, R&D, and understanding of the latest tech capabilities.
To access the full whitepaper, click here. For more information about Venttup, visit their LinkedIn page at www.linkedin.com/company/venttup-ventures-private-limited.
With Structured apprenticeship programs and Public-Private Partnerships (PPP) encouraged to establish Centers of Excellence (CoE) focused on critical skill development areas like robotics, Computer Numerical Control (CNC) operations, and smart manufacturing technologies, India is set to become a global hub for aircraft components manufacturing with a market size of $29.5 billion by 2033. Bhaskar Majumdar, Managing Partner of Unicorn India Ventures, believes in India's potential to transform into a manufacturing destination for the world.
The need for India to increase its R&D investment, currently low compared to countries like China, spending only 0.7% of its GDP in R&D, is also highlighted in the whitepaper. To become a top-tier manufacturing hub, this investment should grow with the help of ongoing government policy push, PPP, and smart manufacturing. To accelerate the adoption of Industry 4.0 technologies, India can offer targeted subsidies and tax incentives to encourage MSMEs to invest in automation, data analytics, and digital tools.
In conclusion, Venttup's whitepaper provides a comprehensive roadmap for India's manufacturing sector growth, focusing on areas such as localisation and scalability, technology adoption, R&D, project management capabilities, government and private sector collaboration, sustainability and indigenisation, and a focus on high-growth industries.
- Venttup's whitepaper, titled 'Building India's Manufacturing Momentum,' suggests the promotion of Manufacturing as a Service (MaaS) companies to consolidate fragmented manufacturing capacities.
- Investing in digital technology among traditional manufacturers is crucial for enhancing efficiency and competitiveness in the global market, according to the whitepaper.
- The whitepaper emphasizes the need for investment in Research and Development (R&D) activities for sustaining long-term growth.
- Improving project management skills among micro, small, and medium enterprises (MSMEs) is another key area of focus in the whitepaper.
- Collaboration between the government and private sector is essential for addressing regulatory complexities and infrastructure gaps.
- Sustainability and indigenisation are important aspects of the whitepaper's recommendations, aiming to leverage India's manufacturing expertise in developing high-quality, locally sourced components.
- The shift towards manufacturing in India is part of the global de-risking strategy post-pandemic, presenting an opportunity to become a hub for intelligent manufacturing, IoT, robotics, advances in AI, and Quantum Computing.
- Venttup is building a unified platform to source high-quality, reliable, and sustainable components from India, helping large and medium enterprises outsource their engineering needs.
- India should focus on building sector-specific industrial clusters to support high-growth industries like Energy, Electric Vehicles (EV), semiconductors, and precision engineering.
- To become a top-tier manufacturing hub, India needs to increase its R&D investment, currently low compared to countries like China, by growing it with the help of ongoing government policy push, Public-Private Partnerships (PPP), and smart manufacturing.
