MD of Mahindra Group, Pawan Goenka believes the bus to making India a manufacturing hub is not missed. In conversation with ET Now, Goenka said the large domestic market of India gives an edge over the other manufacturing hubs. He further adds, “It becomes easier to manufacture when you have a domestic market rather than simply depending on exports.”
The thurst on developing India from the government is encouraging and will bring some definite results. “This level of thrust on manufacturing by the government was not seen before, he said adding that The discussions that are going on between different industries and the ministries will bring outcome.”
Giving an example in the AC industry, he said there is Rs 25,000 Cr market in India and the scope is to increase it to Rs 1 lakh crore by increasing value addition from 25 percent to 80 percent in the sector.
While referring to the auto industry, he mentions currently the country imports about $15 Bn worth of auto components every year. Advising the industry, he added that the current auto exports can be increased to $25 Bn by increasing domestic manufacturing.