Manufacturing has developed as one of the high growth sectors in India. Prime Minister of India, Mr. Narendra Modi has initiated the ‘Make in India’ program to put India on the world map as a manufacturing hub and give worldwide acknowledgment to the Indian economy. India is expected to become the fifth largest manufacturing country in the world by the end of the year 2020.
India has emerged one of the most attractive destinations for investments in the manufacturing sector. This made many German and American companies to open manufacturing plants in India. Affordable infrastructure and cheap labor are the two key reasons for the foreign giants to step into India. This, in turn, had a huge impact on local manufacturers, because the presence of newly arrived foreign manufacturers increases the competition in the economy.
Even if your competitor has a better product and is willing to sell it at a lower price, you can still win. Every competing company has weak points — places where your brand can outperform.
Often multinationals inherit the ideas driven from their home countries to build a product. Locals should make use of this point to stand out in the market.
As mentioned in an earlier blog, to reach success in India, you ought to build a product which could make life easy for millions.
While introducing or launching a new product abroad, the first question people ask would be “How?” but in India, it would be “Why?”
Its Indian customer’s psychology!
Besides, society today is not ready to accept any manufacturing activity which harms the environment and consumes a lot of natural resources.
Importantly, Stay lean. This is about maximizing value and minimizing waste. Value refers to features a customer wants to pay for while waste essentially is everything else.
Efficient management is the most significant factor for increasing productiveness and decreasing cost. Companies should provide a good working environment, and should motivate employees to increase their output.
Apart from the ideas mentioned above, create your own strategy. Mr. C. Narasimhan has widely discussed India’s Manufacturing sector in his book titled “Made in India for Make in India: Indian Production System”. Surely, this would help you to frame success strategies to survive.