'Manufacturing is real creator of wealth'

The three-day summit will serve as a platform for learning about new manufacturing technologies, as well as best manufacturing practices on the shop floor through enriching keynotes, live case study presentations, plant visits, sharing of success stories and focused technical sessions. File photo

Former Vice Chairman of Tata Steel, B Muthuraman, on Friday said that manufacturing is the real creator of wealth, as it generates jobs, spreads jobs across geographies making growth inclusive for India. It is necessary to promote manufacturing for inclusive growth.

Addressing the 10th edition of the Indian Machine Tool Manufacturer’s Association’s (IMTMA) National Productivity Summit here on Friday, Muthuraman said, “There is an imminent need to improve talent in the manufacturing industry by creating a culture of continuous improvement so that manufacturing can embrace technology.”

“As the world economy is rebalancing, India has tremendous opportunity to leapfrog in manufacturing by improving the regulatory environment that will enable the ease of conducting business, and help in reskilling of workers for inclusive growth that will allow India as a nation to achieve 25% of GDP via manufacturing by 2025,” Muthuraman added.

The three-day summit will serve as a platform for learning about new manufacturing technologies, as well as best manufacturing practices on the shop floor through enriching keynotes, live case study presentations, plant visits, sharing of success stories and focused technical sessions.

“Productivity is achieved over a long period of time, and Indian companies in the manufacturing sector need to constantly work on skill enhancement of their employees and push for labour laws that will enable reskilling of workers for future jobs,” said L Ganesh, Chairman of Rane Group in his keynote.

C P Rangachar, Past President of IMTMA in his keynote address said, “Quality is given in manufacturing, and next aspect is productivity as it is congruous with the machine tool industry. IMTMA’s Productivity Summit is the best platform to share the best practices in manufacturing to improve quality as well as productivity.”