India’s Manufacturing Sector Will Grow Despite Drop In GDP Growth Rate: IRIM

India’s Manufacturing Sector Will Grow Despite Drop In GDP Growth Rate: IRIM An Indian factory. Photo credit: MANPREET ROMANA/AFP/GettyImages

In a panel discussion conducted during the annual awards ceremony of the National Awards for Manufacturing Competitiveness, all panellists were positive about India's growth potential in manufacturing.

Anand Louie, director, International Research Institute for Manufacturing (IRIM) while addressing the gathering insisted that India's manufacturing sector would see growth. He also emphasised on organisations developing unique competitive strategies to excel in their relevant markets.

IRIM is a professional body involved in the research, consulting and training activities with top manufacturing firms.

T N Manoharan, chairman, Canada Bank was the chief guest for the program. He mentioned that the government is making many long waiting judicial and policy reforms. He was confident that a similar trend of high Foreign Direct Investment inflow would sustain through such positive changes.

IRIM evaluates a manufacturing plant based on their 10 indicators of manufacturing competitiveness. IRIM deploys a proprietary method called the priority-adapt process to make these more relevant to organizations despite hailing from different markets and varied backgrounds. An interesting trend that was observed during the program was that public sector firms like Balmer and Laurie Company, Bharat Petroleum and Hindustan Petroleum performed on par to many multinational organizations. Senior delegates from these organizations explained that this was due to the adaptation of technology at various levels.

This was the fourth edition of the program that was conducted at the ITC Grand Maratha, Mumbai on the 22 September in India. IRIM has seen almost a two-fold increase in the participation compared to the previous years. (ANI)