India should majorly build its base towards manufacturing It should build special economic zones.The government should take a step forward towards the innovative and inventive Startups to nurture it with the proper scaling up zones to provide production capacity to these startups where R&D and invention plays a major role in Production, Govt should provide funds to the companies who are filling patents doing R&D and has a direct impact on the economy in future so a “Booster package” to run these companies and establishment
China’s GDP per capita is almost five times that of India’s at $7,600, and its manufacturing sector is 10X bigger at about $3 trillion. Xi Jinping issued a 10-year campaign called Made in China 2025 to bring China out of its labor-intensive job market and into sectors such as robotics and aerospace.
China’s major advantage compared to India is the ability to scale. China has created special economic zones and industrial clusters to encourage manufacturers, suppliers, and other relevant parties to be physically close to one another. It provides Funds support govt. support & Rental free facilitation and infrastructure, in case of insufficient quality, non-conformed materials, or other issues.
As in this Corona Times when the whole world is disappointed towards China and major Industries want to shift its production unit in India this will provide us with opportunity of blessing in disguise, so encouraging package for them in discounted rates and attractive scheme may be offered to the industries shifting from China. so that they can shift here but the controlling should be in govt.’s hand about giving opportunity to Indian’s first in these units as this is a great opportunity to boost our manufacturing.
These type of Strategy to nurture and encourage product based innovative scientific startups will take our country ahead in global economy major role-playing in future exponential growth.
Founder and CEO of Technology Startup ARISTA VAULT