By Amrish Pipada
In the dynamic landscape of the Indian economy, the ‘Make in India ’ initiative has been a catalyst for economic growth, urging entrepreneurs to explore diverse sectors. The government, initially aimed at enhancing the growth of Indian mobile manufacturing companies, has now shifted its focus to hardware manufacturing. The current reliance on other countries for numerous products underscores the importance of this initiative, which is designed to decrease imports and strengthen the domestic manufacturing sector. Hence, innovation in the hardware sector is critical for the economic growth and development to create new markets, products and services. Macro economically, the hardware innovation, within the high-tech sector, creates jobs, contributes to innovation and technology ecosystems, that often serve as berths for further innovative projects, particularly in service-creation. However, hardware development and manufacturing are cost-intensive and challenging when it comes to closing investment agreements.
The growth imperative
India has emphasised on a strong MSME sector. As per World Economic Forum (WEF) estimates — MSME sector contributes to 30% of India’s GDP, almost 50% of exports, and employs as many as 110 million people. By delving into hardware manufacturing, entrepreneurs contribute to a balanced economic ecosystem, reducing dependency on a specific sector. This diversification not only enhances economic stability but also fuels job creation. Diversifying into hardware sector has the potential to create millions of jobs.
Making a mark
Hardware manufacturing enhances the country’s global competitiveness by reducing dependence on imports and fostering export-oriented growth. Simultaneously, engaging in hardware necessitates continuous innovation and investment in R&D, driving technological advancements and contributing to India’s reputation as an innovation-driven economy.
According to another study by the WEF, India has the potential to reshape supply chains and deliver over $500 billion in annual economic impact to the global economy by 2030. The rise of Indian hardware startups and the demand for Made in India electronic products are indicative of the sector’s global potential.
Need of the hour
Embracing the hardware sector aligns with India’s vision of self-reliance and economic independence. In the Make in India era, hardware manufacturing will serve as a crucial avenue for entrepreneurs to bolster economic growth. By diversifying into hardware manufacturing, they can stimulate economic stability, generate job opportunities and contribute to infrastructural development. The embrace of the hardware revolution isn’t merely a strategic choice for individual businesses; it’s a collective effort toward unlocking the full potential of the Make in India initiative.
The writer is founder & CEO of Mega Networks
