MAKE IN INDIA

Innovation Led Indian Economy

India's vision of becoming a $ 5 trillion economy is complexly connected with an innovation-oriented approach to economic expansion. While most governments are looking inward, in the current Covid-19 crisis-hit world, India is utilising this opportunity to create its innovative capacities to fulfil future international demands by delivering a spectrum of new approaches, services, and products.

India has climbed two places and has been ranked 46th by the World Intellectual Property Organization in the Global Innovation Index 2021 rankings. India has been on a rising course over the past several years in the Global Innovation Index (GII) from a rank of 81 in 2015 to 46 in 2021.

Innovation is a vital driver of economic advancement that helps customers, industries, and the economy in its entirety. In financial terms, innovation defines the development and application of visions and technologies that enhance goods and services or make their production more efficient. India is moving towards an innovation-led economy, because inventions bring new concepts and technologies, and produce more important outputs with the same input. This results in better-made goods and services, boosting earnings and business profitability.

India fosters innovation by executing structural standards such as improved spending on research and development, funding in education, and facilitating entrepreneurs to initiate an enterprise more efficiently and for failed businesses to retire the market more quickly. It is also carrying its intricacy to its benefit by utilising the extensive and heterogeneous user segments in India that are keen on exploring new solutions to their unmet needs. The combination of strong capabilities and mature varieties makes India a productive innovation base.

India is comprehensively prepared to steer in a new age of creation and expansion in the current scenario. Compelled by 'Atmanirbhar Bharat' and 'Make in India' endeavours, there is a solid stimulation to empower the regional manufacturing sectors that would, in turn, contribute to the production of innovative products at economical rates. Along with improving the production scale, India has also strived to enhance its study capabilities by introducing new Science, Technology, and Innovation Policy 2020. These efforts play a critical part in promoting the country's innovative power.

The government's Atal Innovation Mission, DST-NIDHI's PRAYAS, Digital India and Startup India have also uplifted the entrepreneurial spirit. These initiatives have facilitated access to the essential resources to harness the youthful vibrancy of the country. The current innovation ecosystem has been made a part of India's policy plan to expand, bolster and drive a positive impact.

The past decade has seen numerous Indian harboured brands (startups or otherwise) tapping into the global market with their product and service. Whether it's a premium skincare brand like Forest Essentials or an affordable brand like Lenskart, this approach is still impeccable. They create an ingenious solution to an existing void and ensure that they craft high-quality products and services. Service brands like Ola and Zomato are positively expanding their offerings across nations after having perfected their product through numerous rotations of iteration with user segments in India. Indian creators are creating services and products designed to provide an increase in complex capabilities related to technological constraints, user segmentation, and competitive prices. This allows for the advantageous transfer of innovations to different markets with parallel potential demands. India is an invention creator among emerging countries, and it demonstrates its innovation leadership in other developing countries in a unique way.

As India steers into an undetermined future where the global economy is still staggering from the pandemic, innovation harbours the key to transitioning any developing economy toward the developed class. India has the potential and ability to be such a country that alters its economic originality by leaning on innovation.

Paper and Packaging

Packaging is among the high growth industries in India and developing @ 25% per annum

The fastest growing packaging segments are laminates and flexible packaging, especially PET and woven sacks.

India’s paper and paperboards market to grow at 6-7% pa. The per capita consumption of paper in India is 15 kgs.

India is the export market leader in packaging materials sub-segments such as Biaxially-oriented Polyethylene Terephthalate (BOPET) and Flexible Intermediate Bulk Container (FIBC) film.

The India Packaging Market was valued at $50.5 bn in 2019, and it is expected to reach $204.81 bn by 2025, registering a CAGR of 26.7% during the period of 2020-2025.

Major export markets for Indian production of PE bags is US (~50% share of all exports), UK and all Western European countries 100% FDI is permitted under the automatic route in Paper & Packaging industries in India.

Digitisation of Indian Railways

Developing an innovative environment and user-friendly mobility system is among the main priorities for worldwide transportation expansion. Rail transport is acknowledged as an integral component of this process. Meanwhile, a revolutionary advancement in the business environment stimulated by the ICT technologies demands the existing business prototypes and strategies adopted by rail operators to be brought up to date. A comprehensive understanding of digital transformation is essential in developing rail transport in the contemporary economy.

Digitalisation, as a continuous cycle of convergence of the physical and virtual worlds, is tied towards cyber-physical systems and is accountable for the creation and transformation in numerous sectors of the economy. The leading technologies and solutions that have accelerated digital transformation in the railway sector are the internet of things, cloud computing, extensive data analytics, and mechanisation and robotics.

The transformation to the current necessities of the digital economy is visibly characterised by the emergence of the notion of industry 4.0 as well as lately, Railway 4.0 and digital railway. The fundamental areas determined by the Indian railways for digital transformation include a partnership with technology and logistics partners for technological advancements, passenger-friendly applications, application integration for a cooperative Indian railways platform, freight consumer convenience, data analytics, cashless commerce, dashboards and alerts, mobile applications.

The Indian Railways has adopted digitalization in all aspects of its functions: passenger data systems, passenger car factory mechanization, predictive maintenance, train signals, ground control systems, procurement, and unreserved ticketing methods.

Real-Time Train Information System (RTIS) associated with ISRO is being enforced by the Indian railways for computerised chart preparation and passenger train data. 2700 electric locomotives have been supplied with 3800 diesel locomotives provided with RAMLOT; thereby, automated management charting for 6500 locomotives is being carried out. In a year, a balance of 6000 electric locomotives is to be supplied with RTIS equipment.

Through Unreserved Ticketing System (UTS) terminals, automated unreserved tickets are made available to passengers at rest stations. This is done through the nearest node station. By enforcing the Modern Train Control system with Long Term Evolution (LTE) based Mobile Train Radio Communication (MTRC) system, Indian Railways is revamping its signal system. The railway implemented Industry 4.0 in modern passenger car factories to increase productivity. Indian railways have also employed drone-mounted cameras and 3D scanning of river beds in 2019 to examine bridges and are designing to utilise drones for rail maintenance in the future.

Indian railways have achieved the end-to-end digitisation of procurement procedures. All the processes from the processing of requests, generation on-demand, publication of tenders, tender finalisation, preparation, and the issue of letter of approval, agreements, and changes, an assessment of material by RITES, specialised evaluation of proposals, accountability of supplies, online receipt, and processing of dealer’s accounts, issue of material to consignees are digital. All this is beneficial to purchasing.

The Indian Railways has continuously improved its methods and methods by deploying advanced technologies and mechanisms that comply with global benchmarks and regulations. Its long-term goal is to improve functional implementation and consumer satisfaction.

SOURCE: Invest India, National Investment Promotion & Facilitation Agency, Government of India