India’s industrial sector is not a media favourite. Manufacturing can’t match the glamour of IT, telecom or biotech. A few years ago there was a lot of talk that there is going to be Chinese invasion into our manufacturing sector. “Everything from pencil batteries to cars are going to be ‘Made in China’ and there is nothing our manufacturing sector can do about it” ,said a college-mate of mine who now works for a well known global consulting company. I thought to myself, “What’s going to happen to the tatas? bajaj? …….Anchor toothpaste?
My consulting friend however underestimated one factor – the Indian grit. The Industry fought back with everything it had. Today India is exporting to China more than what China is to India (my consultant college-mate calls this a “trade positive balance”). Indian brands are now capturing the domestic Chinese market. The industrial sector growing at close to 10 per cent is one of the greatest Indian success stories. To me, it’s a bigger story than our IT and other “knowledge” based industries as it employees much more people.
The New York Times has a story about this titled, “A Younger India Is Flexing Its Industrial Brawn“, a very good read.