developing india and the industrial renaissance!

Posted on January 27, 2011

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india has in the recent past been witnessing strong stirrings of an industrial renaissance!the resurgence of the country’s manufacturing sector has been nearly magical,throwing up promises of an emerging manufacturing power.the reforms in economic regulations set in motion in 1991 unlocked india’s untapped growth potential and unleashed unstoppable and unimaginable entrepreneurial forces.the enterprising skills of the upcoming entrepreneurs has become fiercely competitive,combative and ambitious in nature.

“the “hindu rate” of growth was history,so was socialist self denial.in its place arrived an ebullient culture and a courageous,ambitious new spirit”. The jindal steel bagged the rights for the largest single iron mine in the world acquiring the rights for 20 billion tonnes of the bolivian mine having the potential reserves of approximately 40 billion tonnes,on the other hand,bharat forge became the second largest producer of forgings in the world having acquired 6 plants abroad. Asian paints is among the 10 largest decorative paint makers in the world providing  manufacturing  facilities across 24 countries!Essel propack is today the worl’s largest manufacturer of lamitubes contributing nearly 30% of global supply and has over 17 plants in 11 countries!tata group bought thailand’s millenium steel for $400 million and singapore’s natsteel for a  whooping $20 billion!tata chemicals have accquired egyptian fertilizers firm SAE for $519 million.ballarpur industries acquired malysia’s largest pul and paper industry sabah forest industries for a  $261 million deal.India is increasingly becoming home to cutting edge r&d initiatives like samsung,cummins,uniliver,ABB and general motors.

india’s free market economy has a legal and regulatory framework involving the process of liberalization that rewards entrepreneurship and risk taking.

moreover,india has an unrivalled,unbeatable resource to its advantage,the HUMAN RESOURCE.it has a pool of extremely talented and technically skilled doctors,engineers and scientists.india will be the largest contributor to the additional working age population globally over the next few decades.its ranked first in the availability of qualified engineers,3rd in terms of avilability of skilled labour force as per recent study by KPMG.it leads in skill-based manufacturing ability.technical and managerial competencies of indian senior managers is world class reaching top positions in various MNCs!

Therefore,the 21st century has increasingly witnessed india and china constituting 40 percent of the world population and 18 percent of the global economy depending on their purchasing power parity.according to the recent developments,the day is not far when india’s share of world trade would match its share of world population!

by,

ISHITA SINHA

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