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Manufacturing should be key driver of growth: NITI Aayog CEO
New Delhi, Nov 8 (IANS) The country has to grow at a much higher rate than the current growth rate of 7.5 per cent and it will not be possible without manufacturing which has to become a key driver of growth, NITI Aayog CEO Amitabh Kant said here on Wednesday.
“The challenge is that we need to grow at a higher rate over a long period of time, over three decades or more, and it’s not possible to grow without manufacturing. It’s not possible to do it without appliances and consumer electronics industry,” Kant said at the 38th annual function of the Consumer Electronics and Appliances Manufacturers Association (CEAMA).
“That has to become a key driver of growth,” Kant added.
Kant pointed out that in order for further growth to take place, manufacturing in the appliances and consumer electronics industry has to be done in the right ecosystem.
“The right ecosystem is that we are in a globalised world and have to be a part of the global supply chain… Penetrating export market is the key and you can never do this without size and scale. Therefore, this industry should think of size and scale,” Kant said in his address.
Expressing his views on the ease of doing business, he said the government is focussed on making doing business in the country very easy and simple by dismantling “many rules, regulations and procedures and paperwork over the years”.
“There is a lot of work in progress. If you look at ease of doing business, or GST, digital payments, all these are a huge amount of work in progress. Many of these structural reforms take a little time, but they are all in the right direction,” he added.
“They are all in the direction of making India more efficient, more performing and a more modern economy.”
In the annual function, CEAMA, in association with PricewaterhouseCoopers (PwC), unveiled a detailed report on “Championing Change in the Indian Appliance & Consumer Electronics (ACE) Industry” which revealed that an anticipated compounded annual growth rate of only nine per cent, manufacturing disabilities and a limited component ecosystem are root causes of low cumulative value addition.
“The large population and steep GDP growth over the next five years will be the key driver for Indian economic pyramid shift towards the top,” the report said.
The report also illustrated the government’s push to promote electronics manufacturing in order to achieve net zero imports, and placing the ACE industry at the forefront of the Digital India programme.
“This push has resulted in an increase in domestic manufacturing from Rs 55,765 crore during 2015-16 to Rs 64,752 crore during 2016-17,” it added.
Manish Sharma, President of CEAMA said: “The aim behind releasing this report was to bring to the fore challenges faced by the industry in the current environment, and the policy framework needed to support the continuously evolving business ecosystem especially local manufacturing.”
“The consumer durable industry creates three indirect jobs for every direct job, thus it needs to work closely with the government on further improving the local manufacturing framework to generate more employable labour,” Sharma added.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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