India has slowed down on the manufacturing front and needs to double down on electronics manufacturing services (EMS)-designing, manufacturing, testing components and assemblies for original equipment manufacturers, Tata Electronics Chairman Banmali Agrawala said.
During a conversation with Vinay Ramesh, COO at the Foundation for Economic Development, Agrawala said India has gone 'slow' on the manufacturing front and needed to ensure that the sector, which accounts for 13-15 per cent of India's GDP, has a much larger share as it will create better-paying jobs.
"Our share in the global trade in manufacturing is negligible, so there is ample room for growth. Electronics, on its own, has a global trade worth USD 5 trillion. Given the pace of digitalisation the world over, it is only going to grow, and this is something India should be after," Agrawala said, adding that India's domestic consumption is not going to be enough to be able to achieve sustained economic growth.
