In its second year, the awards recognised people, processes and products that drive the industry forward to achieve success in a competitive market.
India is now, more than ever, readying itself to make significant strides globally as a manufacturing hub. Against this background, INDUSTRIAL PRODUCTS FINDER (IPF), in its 45 th year, hosted its second IPF Industrial Excellence Awards on December 20, 2017, at Bombay Stock Exchange (BSE) in Mumbai. The awards were presented to the 'Fastest Growing Manufacturing Companies' along with the companies that meet the standards of 'Product Excellence'.
Setting the perfect tone to the event, Pratap Padode, Managing Director, ASAPP Info Global Group, said, 'There are 51 million SMEs in India contributing 50 per cent of industrial output, constituting 42 per cent of India's export earnings, generating employment for about 117 million people, and accounting 5.5 per cent of the country's GDP. Thus, SMEs play an important role in the country's growth story.'
Chief Guest Sanjay Sethi, CEO, Maharashtra Industrial Development Corporation, emphasised on the initiatives taken by the state government in the last two years for manufacturing. He added, 'Cluster approach to manufacturing for SMEs can be a good model for success. He disclosed that the state government is encouraging investment in emerging sectors such as food, defense and electronics.'
In his keynote address, Bhavesh Thakkar, Associate Partner-Tax & Regulatory, Ernst & Young India, enlightened about incentives available in India for SMEs and how these can be availed.
Part of the awards ceremony was a discussion forum on 'Manufacturing 2020'. Moderated by Sumit Banerjee, Chairman-Editorial Advisory Board, IPF, the panel comprised Niteen Inamdar, COO (Global Operations), Sigma Electric Manufacturing Corporation; Prof Shirish Sangle, Dean (SRIC), NITIE; and Ajay Thakur, Head SME, BSE. The discussion took stock of the progress so far, challenges and opportunities, and the strategies needed to give a boost to manufacturing. Emphasis was also on the need for sustainable business practices.
While BSE was the Exchange Partner for this year's event; Federation of Indian Micro and Small and Medium Enterprises (FISME) and Indian Textile Accessories & Machinery Manufacturers Association (ITAMMA) were the supporting partners.