Growth triggers for innovation and manufacturing in India
Talent: The availability of skilled workforce is undoubtedly one of the key factors in driving tremendous growth in many sectors. However, when it comes to stepping up and delivering on innovation, the talent pipeline needs to be mature enough to meet that kind of need. One of the challenges that organizations face is the tendency for frequent job hopping amongst the talent pool. Without completing a full cycle of learning, when people move on to the next job, they miss out on gaining exposure to the complete product development process. This is not only a challenge for organizations in delivering projects on time, but also, the individual talent is not able to develop a solid foundation for the future. On the other hand, top talents look for challenging opportunities. It is imperative for organizations to rise to this demand and provide quality work opportunities, as well as certain benefits like flexibility on the job to explore different opportunities. Closer industry-academia relationships also play a critical role in ensuring the availability of talent that are job ready from day one. Additionally, India needs to focus on developing new competencies/capabilities like global product managers, end to end (E2E) program managers, specific sector skills like clinical competencies for healthcare and so on. One way to do that would be to entice global Indian talent, working in developed countries, to come back home.
Government Incentives: There have been many successful programs by the government like STPI and SEZ that have played an important role in sectorial growth in the last three decades. However, more is needed to accelerate the transition for India to a global innovation hub. Recently, new programs like PLI (Production Linked Incentives) were well appreciated by organizations and have significantly incentivized production in India. We need more such programs both for manufacturing, as well as R&D. For example, we will have to look at our policies around component manufacturing incentives, , incentives for R&D and so on.
There was some heartening news recently during the Union Budget where the Government of India announced some proposed fiscal and non-fiscal interventions to promote R&D in Medtech sector. Given that the right policies are in place and with a strong focus on strengthening the R&D sector, India has all the right ingredients to be at the forefront of innovation and manufacturing globally.
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