Integrate manufacturing with ecological sensitivity
20 Nov '07
3 min read
Breaking the price performance envelope by integrating manufacturing with ecological sensitivity and strength of IT will create huge opportunities in India, advocated Prof C K Prahalad, World's top most Thinker and Paul & Ruth McCracken Distinguished University Professor, The University of Michigan, at the CII 6th Manufacturing Summit in Mumbai.
While India can celebrate the success of continuity and progress, there still lies the new manufacturing challenge that cannot be denied and we need to look at a way forward.
Touching upon the past 6 years hurdles the manufacturing industry had faced and the comparison between India and China, Prof Prahalad said that Indian industry has cracked the Bottom of the Pyramid (BOP) code.
He added that while India is one of the fastest growing markets, we can still crack the price of envelope and there is a fortune to be made there.
While the GDP paradigm shift from 5-6% to 9% has been achieved, there are requirements on getting 10% growth and creating jobs globally, said Prof Prahalad.
India's capacity to influence global industry evolution depends on the ability to build new business models, balance between domestic and export dependence for growth, ability to grow at 10% per year and create 10 mn new jobs per year.
Prof Prahalad added that while manufacturing companies have acquired new assets and the capacity to raise capital and access to global markets, there is a need for integration of people, design manufacturing, with world class facilities and quality, leveraging the domestic market, thereby creating capacity for new practices in these business.
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