Monday, March 4, 2024

India’s manufacturing sector will dominate the world, said Ashwini Vaishnav in Davos

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Union Minister Ashwini Vaishnav

Railways, Communications and Information Technology Minister Ashwini Vaishnav on Wednesday said trust and resilience will be the two key factors as the manufacturing sector gears up for the next wave of growth. Vaishnav said this in a session organized on the ambitious target of manufacturing at the annual meeting of the World Economic Forum here. He said the government and the private sector will need to collaborate closely on the talent front and consider proactive ways of creating the right skill set.

Top executives of global manufacturing companies were also involved in this discussion. He also discussed important technologies like nanomachines and artificial intelligence (AI) for demand-planning and forecasting.

Trust and Flexibility Key Factors

Referring to large-scale manufacturing projects that will transform business and industry, impact economies and societies, Vaishnav said that there are many seemingly impossible goals but trust and resilience will be the key factors for this. He said that all the technological advances are being made. And a lot of work is also going on to promote clean energy.

Vaishnav said, ‘Along with this, the value of trust is also very important. If you are making sure you are meeting contractual commitments, this is also trust. There is also confidence in ensuring the use of clean energy. Flexibility is also an important factor.

He said that the Indian government is paying a lot of attention to clean energy. From the government’s point of view, it will be important that clean energy is used in manufacturing. Apart from this, in the era of rapidly changing technology, the government will have to emphasize on innovation.

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