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To become a developed nation, India needs to accelerate manufacturing and raise its contribution to GDP to 25 percent Volvo Group India Managing Director and President Kamal Bali said on Tuesday. Volvo said India needs to capitalize on the $3 trillion manufacturing opportunity in its neighboring geographies by focusing on quality, PTI reported.
Manufacturing must operate at full capacity.
According to the news, Bali said that if we want to become a developed India, then clearly manufacturing will have to work at its full potential. At present, the manufacturing sector is our weak link. He said that for the last 20-25 years, the manufacturing sector has remained at the level of 15-16 percent of India’s gross domestic product (GDP). Bali said that one government after another and various leaders have tried but the needle has not moved much. Therefore, there should be a change in this.
It would be a huge step.
Kamal Bali cited the example of countries like Germany, South Korea, and China and said that most of these countries have been moving forward through manufacturing for 40 to 50 years. India will also not be different from this. Therefore, the manufacturing sector will have to be increased to 25 percent of GDP. However, Bali admitted that this would be a big step and it is also a challenge in a way. He said that for this, the perception of Brand India will have to change and this perception can change only with a change in the mindset on quality.
Volvo Car India had increased the prices of vehicles with conventional engines by two percent earlier this year. However, the company did not change the prices of electric vehicles. Volvo Car India sells XC60, S90, XC90 cars. Apart from this, it also sells electric cars XC40 Recharge and C40 Recharge.
