TFP Bureau, New Delhi; March 7, 2024: Union Minister for Power and New & Renewable Energy, Shri R. K. Singh, called upon the Indian manufacturing sector to embrace global competitiveness, advocating for the concept of “Make in India” not only for domestic consumption but for the world market as well. Speaking at the 2nd edition of The Times Group WorldWide Media Festival of Manufacturing 2024 in New Delhi today, Shri Singh highlighted the need for Indian industries to expand their reach beyond domestic borders and aim for exports.
Addressing industry representatives, Shri Singh stressed the importance of product quality and competitive pricing in global markets, emphasizing the necessity for Indian manufacturers to meet international standards. He remarked,
“The world is looking at China plus one, we want to be that one,”
underscoring India’s potential as an alternative manufacturing hub.
Reflecting on the significant investments in the power sector, Shri Singh outlined the government’s commitment to expanding power infrastructure to meet growing demand. With approximately Rs. 20 lakh crores invested in the power sector over the last decade and an additional Rs. 17 lakh crores earmarked for the next 5 – 7 years, Shri Singh highlighted the substantial growth in power generation capacity and transmission infrastructure.
Addressing the challenges faced by the manufacturing sector, particularly in energy transition, Shri Singh emphasized the importance of energy security and the government’s focus on promoting domestic manufacturing in the renewable energy sector. He underscored the need for a robust manufacturing ecosystem to support India’s energy transition goals, emphasizing the importance of “Made in India” solutions to meet domestic demand.
Shri Singh reiterated the government’s commitment to supporting domestic manufacturing through policy measures and tariff barriers to protect indigenous industries. He highlighted the significant increase in domestic manufacturing capacity for solar modules and cells, attributing it to government initiatives aimed at promoting indigenous manufacturing.
The Minister also outlined measures taken to address fiscal challenges in the power sector, emphasizing the importance of fiscal prudence at the state level. He highlighted initiatives to streamline subsidy payments and reduce legacy dues to ensure the financial sustainability of power generation companies.
The 2nd edition of the Festival of Manufacturing commemorates ’10 years of Make in India,’ showcasing the progress made in the manufacturing sector over the past decade and charting the way forward for India’s manufacturing landscape. Organized by The Machinist, The Times Group’s B2B magazine for the Manufacturing sector, the event serves as a platform for government and industry stakeholders to discuss policies, investment opportunities, and future growth trajectories.
