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Diversified sourcing is crucial for manufacturing

05-Mar-2024 3:07 pm

Diversified sourcing is crucial for manufacturing

The recent budget highlighted the expected pivot due to technological advancements in the manufacturing industry. Mitull Batraa, Co-founder and CEO of Udaan E Vehicles provides insights into this outlook.

Please discuss the manufacturing outlook for 2024 in the country.

The manufacturing outlook 2024, particularly in the EV sector, is incredibly promising. The commitment of the government to expand EV manufacturing aligns seamlessly with our national goal of achieving net-zero emissions by 2070. The recent announcement by Finance Minister Nirmala Sitharaman during the Interim Union Budget 2024 underscores a strategic vision for the growth of the EV ecosystem, with a focus on transitioning a significant portion of public transport, especially buses, to EVs.

What roles do AI, IoT, and automation play in enhancing efficiency and innovation within the manufacturing sector?

AI, IoT, and automation technologies are driving a revolution, enhancing efficiency, and fostering innovation within the manufacturing sector. AI helps to streamline logistics and decision-making. IoT facilitates real-time monitoring, and automation improves productivity and safety. Embracing these technologies is crucial for staying competitive and achieving sustainable growth.

What measures are being adopted in the skilled workforce to keep pace with the changing skill and safety requirements?

The evolving skillset demands in the manufacturing sector are being addressed through collaboration with the government and educational institutions. We are actively involved in upskilling our workforce, focusing on robotics, data analytics, and EV-specific technical knowledge. Additionally, safety training remains a top priority.

What measures in Budget 2024 are directed towards advancing technology and innovation in the manufacturing sector?

The measures outlined in Budget 2024 further contribute to advancing technology and innovation in the manufacturing sector. The extension of the concessional tax rate for new manufacturing units, incentives for research and development (R&D), and tax breaks for EVs are particularly encouraging. These steps align with our vision of making India a technologically advanced hub by 2047.

What acceleration do you see for Make-in-India in 2024 to push manufacturing industries growth in India?

The Make-in-India initiative is set to gain further momentum in 2024. The growing domestic market, increased awareness of sustainable solutions, and improved infrastructure will attract investments and foster local manufacturing. Research and Development will play a pivotal role in staying competitive, and we are committed to investing in cutting-edge battery technologies, improving range, and optimising charging infrastructure through collaborations with research institutions and startups.

How are you boosting EV manufacturing competitiveness in 2024 through R&D and innovative tech partnerships?

In 2024, we are optimistic about R&D and innovative tech. They are crucial for our competitiveness, especially in EV manufacturing. We are investing significantly in R&D, focusing on top-notch battery tech, better range, and optimised charging. The key to advancing tech innovation lies in partnering with research institutions and startups. Our goal is to meet the needs of today while foreseeing and influencing future trends by fostering curiosity and embracing emerging technologies.

In what ways manufacturers should build resilience to meet supply chain demand?

Securing the supply chain is crucial amidst global market complexities. With uncertain geopolitics and resource challenges, we are adopting diverse strategies. Diversifying sourcing channels is key as it reduces reliance on one region or supplier. Close collaboration with domestic suppliers strengthens our supply network. We are also integrating advanced techniques like additive manufacturing for production flexibility, reducing disruption risks. Regular assessments and contingency plans ensure our resilience, allowing us to meet market demands while maintaining stable operations.

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