Indigenisation start-up, Venttup,launches India’s manufacturing growth story whitepaper at Kerala InnovationFestival.
Venttup has been founded by industryveterans with extensive experience at Hitachi Energy, Siemens Energy, L&T,and Kalpataru Power, Sandeep Nair (Co-Founder and CEO), M. Wasim Ankli(Co-Founder and COO), and Joseph Panakkal (Co-Founder and CMO). Thestart-up assists large and medium enterprises in outsourcing their engineeringneeds by leveraging India’s manufacturing expertise to develop high-quality,locally sourced components — from prototype to mass production.
Venttupoffers localized production of critical engineering solutions and highlycustomized, complex mechanical, electrical, and electronic components acrossthe Energy, EV, Aerospace, and Defence sectors. The company is building aunified platform for global buyers to source high-quality, reliable, andsustainable components from India.
Venttup,a pioneering B2B manufacturing start-up focused on driving indigenisation andnew part development across industries, has launched a whitepaper titled‘Building India’s manufacturing momentum,’ at the Kerala Innovation Festival.
Commentingon the launch of white paper, Sanddep Nair, Co-founder and CEO, Venttup says,“India’s manufacturing ecosystem is dotted with millions of MSMEs who are thebackbone of this sector. However, due to their lack of skills in end-to-endproject management, cash flow limitations, R&D and lack of understanding thelatest tech capabilities, the growth of this sector has remained slow. The govthas been rolling out pro-manufacturing policies, but there is an urgent needfor the private sector to partner with the govt and other key stakeholders tobuild India into a global manufacturing hub across high growth industries. Withthis whitepaper, we have attempted to highlight the strength areas where Indiahas the leverage, manpower and the know-how to grow into a strong manufacturingdestination for global buyers and provided recommendations on how this shiftcan be accelerated with the help of technology.”
The keyfindings of the whitepaper include emergence of Manufacturing as a Service (MaaS)companies, increasing preference of global aeronautical companies to establishmanufacturing base in India, and China + 1 strategy that is driving the smartmanufacturing wave by integrating MSMEs into the ecosystem at a scalable level.
TheWhitepaper notes that, given the country’s prowess in tech led services andadoption of tech in every aspect, India with its demographic dividend has anedge in presenting itself as a hub for intelligent manufacturing, IoT,robotics, advances in AI, and Quantum Computing. This will lead to Indiabecoming a knowledge enabled manufacturing industry where innovation will bethe key differentiator.
India,the Whitepaper recommends, must focus on building sector specific industrialclusters that support end-to-end manufacturing for high growth industries likeEnergy, EV, semiconductors and precision engineering. These clusters shouldencourage co-location of suppliers, logistics providers and manufacturers.
Indiamust also revamp its ITIs, modernising curriculum to align with current andfuture industry demands. Structured apprenticeship programs, PPP should beencouraged to establish CoE focused on critical skill development areas likerobotics, CNC operations and smart manufacturing technologies.
Further,the Whitepaper suggests that accelerated adoption of Industry 4.0 technologies wouldbenefit the country in the long run. This can be achieved by offering targetedsubsidies and tax incentives to encourage MSMEs to invest in automation, dataanalytics and digital tools. India also needs to strengthen its R&Decosystem.