New Delhi: The Union Minister for Power and New & Renewable Energy, R.K. Singh, addressed the 2nd edition of The Times Group WorldWide Media Festival of Manufacturing 2024 in New Delhi today, urging the Indian manufacturing industry to embrace the challenge of global competition.
During his speech, R.K. Singh emphasized the need for Indian industries to compete in external markets and focus on export-oriented manufacturing. He highlighted the importance of delivering high-quality products with reasonable prices to gain a competitive edge in the global market.
“There is no country which can be fully self-sufficient; every country needs to import something, for which you need to be able to sell to that country, which in turn needs quality, finishing, and product improvement. This is what the industry did not do in the era of licensing,” said the Minister.
He further encouraged Indian manufacturers to adopt a global perspective, stating, “The world is looking at China plus one, we want to be that one.” R.K. Singh expressed the government’s openness to foreign investments and the establishment of industries in India.
Reflecting on the challenges faced historically by the manufacturing sector, the Minister highlighted the substantial investments made in the power sector over the last decade. He mentioned that about Rs. 20 lakh crores had been invested in the power sector during the last ~9 years, with an additional Rs. 17 lakh crores planned for the next 5 – 7 years.
“In the last ~10 years, we have added 190 GW of power generation capacity, nearly doubling it. We can transfer 116 GW from one corner of the country to another. During my tenure, we spent about Rs. 2 lakh crores in constructing about 3,000 new substations, upgrading about 4,000 substations, adding 8.5 lakh circuit kilometres of HT and LT lines and 7.5 lakh transformers,” stated R.K. Singh.
He emphasized the ongoing expansion in the power sector and the need to double its size by 2030 to meet the growing power demand in the country. Shri R.K. Singh assured that energy security is a top priority, and India is committed to achieving energy transition goals.
The Minister concluded his address by reiterating the government’s focus on manufacturing and its vision for a robust and competitive manufacturing sector in India.
The 2nd edition of the Festival of Manufacturing, organized by The Times Group, celebrates ’10 years of Make in India’ and provides a platform for the government and the private sector to discuss policies, investment opportunities, and the future trajectory of India’s manufacturing sector.