Tamil Nadu

Indian industry is investing only 0.4-0.5% in R&D, says expert at CCI summit

MSME entrepreneurs need constant upskilling and upgrading, says C.K. Ranganathan, chairman, CII, Southern Region.

MSME entrepreneurs need constant upskilling and upgrading, says C.K. Ranganathan, chairman, CII, Southern Region.

“Production-linked Incentive(PLI) scheme is not a solution to life. It is bridge given by government for 5 years. In these 5 years, industry has to make themselves globally competitive,” saidPawan Goenka, chairman, SCALE Committee and chairperson-designate for INSPACE - Department of Space, at asummit on Future of Manufacturing. The event wasorganised by the Confederation of Indian Industry, Southern Region.

He pointed out that Indian industry was investing only 0.4-0.5 % in R&D. It had to be improved for India to be a global manufacturing hub. He added, “Industry needs to take the leap of faith to expand capacity, the demand will follow.”

C.K. Ranganathan, chairman, CII, Southern Region, said MSME entrepreneurs needed constant upskilling and upgrading. “This would be transformative for MSMEs,” he said. Investing in R&D was critical for the growth of industry and that the leadership of all enterprises should focus on it to build a better future.

The summit highlighted and showcased South India as a desirable and attractive destination for investments in manufacturing. The focus sectors of the summit includedauto and auto-components,chemicals,electronics and light engineering,food processing and aerospace, drones and robotics.


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Printable version | May 25, 2022 3:17:01 pm | https://www.thehindu.com/news/national/tamil-nadu/indian-industry-is-investing-only-04-05-in-rd-says-expert-at-cci-summit/article38343093.ece