Invest in R&D to rival China as sourcing hub: Daimler India CEO
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As India is considered an alternative sourcing hub to China, the Indian manufacturing industry should make significant investments in R&D and technology to become cost-competitive and benchmark against global quality and standards, according to Satyakam Arya, MD, and CEO, Daimler India Commercial Vehicles Pvt Ltd.
“India stands taller today among its peers as the only economy with inflation under control and growing strongly at 6.5-7 percent,” Arya remarked at the opening session of ACMEE 2023, an international machine tools exhibition in Chennai. This decade will see the best of India. As a result, we must all be ready to engage in this and contribute to our economy.
According to him, the entire globe is turning to India to diversify supply chains and lessen reliance on China. By upgrading product standards in terms of cost, functionality, and quality, India may give a credible alternative to China. This, in turn, can be accomplished through investing in R&D and technology.
“We should promote a culture of innovation in the country,” he added.
He urged the Indian sector to prioritize sustainability. “It is critical that we recognize and prepare for this transformation.” We should consider these efforts to be investments in our future, which benefits not only our enterprises but also the government and society.”
Human capital, according to Arya, is another essential area of concentration for driving growth. “Our greatest asset is our people.” We can achieve greater heights of excellence by offering required training and upskilling opportunities, as well as a favorable work atmosphere,” he stated.
The head of Daimler Truck AG’s Indian subsidiary praised the Indian manufacturing sector’s tenacity and adaptation amid difficult times. The Covid-19 outbreak and related geopolitical disturbances have put the global community to the test. But, he continued, the manufacturing sector rose to the occasion and demonstrated genuinely wonderful teamwork.
The Ambattur Industrial Estate Manufacturers Association (AIEMA) hosted ACMEE 2023, which was launched by RN Ravi, Governor of Tamil Nadu. The five-day ‘Smart Manufacturing’ show will focus on the use of IT in machinery, automation, and data analytics to optimize production processes. Live demonstrations, technical talks, and product debuts will also take place.
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