New Delhi, Dec 4: The Centre ambitious 'Make in India' programme should ideally be 'Made by India' with more focus on innovations and indigenous technologies to propel economic growth of the country, Warwick Manufacturing Group Chairman Lord Kumar Bhattacharyya said today.
"India's future should be to lead the global emerging market based on innovation. Make in India should ideally be 'Made by India' by stressing on use of indigenous technology to foster the economic growth," he said at a seminar on 'Make in India' organised by industry body CII.
Bhattacharyya further said, "Do not under-estimate China. Indian industrialists should invest in technology and R&D capabilities to make their presence in the emerging global market. India should invest in global partnership of innovation for creation of outstanding products."
"Yes, India is the fastest growing big economy of the world. India is growing but BRICS is crumbling. India's growth is still domestically based and that is the reason why it is confident," he said.
In the recent years, China has adopted the culture of innovation and moved away from the culture of imitation and India should learn from China, Bhattacharya added.
Reflecting on his journey as a part of the Warwick Manufacturing Group, Bhattacharyya said that technology, training, skills and infrastructure have helped renew and restore the UK's manufacturing industry.
Department of Industrial Policy & Promotion Secretary Amitabh Kant, who was also present at the event, sought to partner Bhattacharya to take forward India's manufacturing sector several notches up.
TVS Motor Company Joint Managing Director Sudarshan Venu said that passenger vehicle manufacturers across the globe are now leveraging the advantage provided by the manufacturing hubs here.
He further said India's manufacturing sector has a potential to contribute 25 per cent to the country's GDP and generate 80 million jobs by 2025.