Innovation and creativity is the key for success of any manufacturing industry, said experts during a conclave organised by CII, Jharkhand on Wednesday.
Encouraged by the success of earlier two editions, CII Jharkhand organised its third edition of Manufacturing Conclave with the theme of Transformation through Smart Manufacturing.
Addressing the conclave, Vice President – Steel Manufacturing, Tata Steel Limited, Sudhansu Pathak opined that to reduce cost, smart manufacturing is the key. He said that employing a highly productive process is the key for the growth of the manufacturing industry. He stated that right results are achieved not only because of productivity but also because of value added activities. Speaking on the occasion CII Jharkhand State Council and Managing Director, Chairman Metaldyne Industries Limited, Sanjay Sabherwal said, "We are coming up to the decade that is likely to be characterised by disruptions in technology, innovation, business models, intense global competition and inter-connectedness. It is time India should aspire for its unique positioning in the global space, as the leading destination for cost-effective high value-added technology and innovation-led manufacturing. Driven by global competition, India must now create and exploit the comparative advantages by making its industries globally competitive, productive and participate in diverse economies."
Convenor CII Jharkhand Manufacturing and Engineering Panel and Plant Head – Jamshedpur, Tata Motors Limited, Vishal Badshah, opined that the impact of the coronavirus pandemic is clearly visible in all types of industries but when situation normalises, they will face many challenges, and this is especially true for manufacturing sector. While risks have grown multi-fold, there exists a window of opportunities for the Indian manufacturing industry to capitalise on and to realise the potential the companies need to focus on smart manufacturing, he added.
Co-Convenor, CII Jharkhand Manufacturing and Engineering Panel and Senior General Manager, Tata Cummins Private Limited, Ram Phal Nehra, affirmed that no government leader can truly be ready for a global health pandemic, combined with spiralling superpower tensions and a world economy that has barely recovered from the effects of the global financial crisis.