India's manufacturing sector holds immense potential to become a global powerhouse, Baba Kalyani says at ForgeTech India 2023.
MUMBAI, Nov 9 (The CONNECT) – The ongoing reforms under Make in India need to be initiated at the State levels as well, said Baba Kalyani Chairman and Managing Director Bharat Forge Limited.
In his address at the ForgeTech India 2023, the country's premier forging industry conference and exhibition, Kalyani said the ongoing reforms under 'Make in India,' especially in the defense sector, have effectively paved the way for private enterprises to excel on a level playing field.”
The event, organized by the Association of Indian Forging Industry (AIFI), concluded on last Sunday. AIFI has been the spokes body of the Indian Forging Industry for over four decades. It has played a major role in encouraging proactive dialogue between all the relevant stakeholders like the industry and Government (both in terms of suggestions for policy making and problem-solving), as also between the industry and the market (User industries — domestic and global customers.) India is the 2nd largest producer of forgings globally next to China.
Kalyani highlighted the lost opportunities to rival nations and advocated the initiation of reforms at the state level besides the national level to enable the Indian Manufacturing Sector to derive full benefit of the opportunities available due to the changing global geopolitical environment.
The dynamic shifts in the manufacturing sector initiated by the Union Government through strategic policy changes will create a thriving environment for innovation and technological advancements and exponential growth within the forging industry, apart from driving upwards the contribution of the manufacturing sector from the present 16% to 25% of GDP, Kalyani explained.
He said India's manufacturing sector holds immense potential to become a global powerhouse further creating opportunities for us, as an industry to capitalize upon. Embracing the evolving global landscape, marked by energy transition, AI, and supply chain transformations is vital, he said
Vikas Bajaj Managing Director and CEO Bajaj Motors and President AIFI said that this landmark event, held at The Westin Pune Koregaon Park, by AIFI has set a new benchmark with 800 plus delegates, for the forging industry in India, making it the largest national gathering of industry leaders and professionals of the forging industry globally.
Bajaj stated that ForgeTech India 2023 was made possible through the support of various sponsors, with Inductotherm leading as the Title Sponsor, notable companies such as JSW Steel, SLR Metaliks, Arjas Steel amongst others, contributed significantly to the success of the event.
Yash Munot, CEO of Varsha Forgings, Vice President AIFI and Convenor for ForgeTech India 2023 said ForgeTech India 2023 has reinforced the paramount role of collaboration and innovation in propelling the forging industry forward.
The Indian Forging Industry has always been a major growth driver of the Indian manufacturing sector and is one of the important industries for the success of automobile, power sector and general engineering in the country. The Association of Indian Forging Industry (AIFI) is the umbrella organization of the forging Industry in India with more than 200 members across India. Its members’ products include rough forgings and/or machined/finished parts like Crankshafts, Connecting Rods, Camshafts, Shifted Fork, Steering Components, Crown Propeller Shafts, Gear Box Components; Crown Wheel and Pinions, Front Axle Beams, Rear Axle Shafts, Earth Moving Link, Suspension parts, CV joint parts , Braking parts ,Auto electrical components , Railway Wheel , Flanges/Pipe Fittings, Industrial Valves etc. The forging industry, which is a major supplier to the auto companies and a critical industry that generates employment, has been continuously plagued with incessantly rising industrial fuel and steel prices resulting in rising input costs and shrinking margins.