India's growing manufacturing sector, driven by the government's progressive Make in India campaign, is eyeing the Made in Europe mark of quality.
Make In India
According to the post-event report from the fifth Indian VDMA Mechanical Engineering Summit, which took place on September 23rd 2016 at The Hyatt Regency, Pune), the export of German machinery into India has increased year-on-year by 15 per cent to €2.9 billion (£2.5 billion).
More than 200 industry representatives took their place at the event, with a large number representing the Indian arms of VDMA-member companies based in Germany.
India is the third-largest sales market in Asia for the German mechanical engineering industry. Presently more than 550 VDMA member companies are engaged with their own business in the Indian market.
The VDMA in its post-event report quoted the World Bank, which stated India is in a strong position to withstand global financial market volatility and predicts 7.9 per cent growth by 2018. GDP grew at 7.1 per cent in the first quarter of financial year 2016-17 amid sluggish investment and output, denting the prospects of growth reaching 8 per cent for the full financial year, yet the government is optimistic structural reforms could yet achieve this milestone.
At the fifth VDMA Mechanical Engineering Summit, Secretary, Ministry of Heavy Industries & Public Enterprises, Department of Heavy Industry, Shri Girish Shankar said the Indian manufacturing sector accounts for 16 per cent of GDP and by 2022 it the will increase to 25 per cent, while VDMA India Managing Director Rajesh Nath stated that India will witness a growth of 7.9 per cent by 2018.