Minister for Heavy Industries and Public Enterprises, Anant Geete recently assured Indian manufacturers that the Government of India (GoI) would take concrete steps for re-energizing the capital goods, automotive and heavy industries. He was speaking at the prestigious International Engineering and Technology Fair (IETF) held by the Confederation of Indian Industry.
“The Budget contains a number of proposals to give a critical push to the manufacturing sector and the Indian industry must take advantage of these for higher investments,” stated the Minister, calling for focused inputs from the private sector for meeting the Government’s target of 'Make in India'.
The Minister added that technology should play a major role in revamping the manufacturing sector. The industry should adapt state-of-the-art technology developed elsewhere and, at the same time, should encourage more indigenous innovation and R&D. Countries like Japan could provide the relevant technologies and investments in the core sectors of the Indian industry. Japan is the partner country for the IETF for the fifth time.
Referring to the Capital Goods Fund, the Minister said that it would work as a growth engine particularly for engineering, automotive and capital goods sectors to spur employment.
Japanese Ambassador to India, Kenji Hiramatsu, said that Japan is keenly interested in transferring technology to India. The Ambassador stated that Japan would skill/reskill 40,000 technical people in 10 years by collaborating with engineering colleges and other institutions.
Immediate Past President, CII, Sumit Mazumder said that it should be the effort of all stakeholders to take investment in the capital goods sector to $150 billion from the present level of $48 billion. The capital goods industry employs around 8.5 million people. He added that the proposed GST will be a force multiplier for the Indian industry, which can ride on the back of the Make in India Program.
Chairman, CII-IETF, Deep Kapuria said that in the era of disruptive technologies like internet of things (IoT), artificial intelligence etc., the Indian industry has to undergo a transformation to bridge the technology gap. CII-IETF is showcasing the state-of-the-art technologies for the Indian industry to gain first - hand knowledge about the latest technologies in health, gaming, green tech, etc.
Chairperson, CII Northern Region (NR), Rumjhum Chatterjee said that the IETF is aimed at multiplying the Indian growth narrative. The 22nd IETF 2017 features focused shows such as Healthcare, Gaming, Knowledge Expo, Green Mobility, Industrial Automation, Global, Logistics, Metal & Metallurgy, Real Estate & Building Technology, Water, Waste & Recycling, Welding & Joining Technology showcasing the strength of Industry from around the globe, where companies and organisations would display latest products and investment opportunities in exclusive pavilions.
Over 500 companies from 25 countries are expected to participate at this event. IETF 2017 is supported by 10 Ministries of the GoI and Government of NCT of Delhi, besides several relevant industry associations.