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India Must Surpass Global Manufacturing Benchmarks, Says Venu Srinivasan
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Moneycontrol•05-10-2026, 12:00
India Must Surpass Global Manufacturing Benchmarks, Says Venu Srinivasan
- •Venu Srinivasan, Chairman IFQM and Chairman Emeritus, TVS Motor Company, states India needs to match and exceed manufacturing benchmarks set by Japan, South Korea, and China to gain a larger global market share.
- •Addressing the IFQM Symposium 2026, Srinivasan acknowledged India's progress but emphasized the significant ground still to cover to compete with leading global manufacturing economies.
- •Srinivasan highlighted that India's ambition to become a developed economy by 2047 requires a greater focus on innovation and product design, not just cost competitiveness.
- •He stressed that quality and trust are crucial for strengthening India's position in global markets, aiming for Indian products to be synonymous with reliability.
- •Srinivasan noted that improving quality is a continuous process, as companies, products, and services are constantly evolving and being overtaken by new developments.
Key Questions Answered
Venu Srinivasan stated that India must match and eventually surpass global manufacturing benchmarks set by countries like Japan, South Korea, and China to secure a larger share of global manufacturing.
According to Venu Srinivasan, achieving the 2047 developed economy goal cannot be built solely on cost competitiveness and will require a greater emphasis on innovation, product design, quality, and trust.
Data for 2024-25 shows that China, Taiwan, South Korea, and Japan together account for 80.5% of global digital hardware manufacturing capacity, with China leading at 58.8%, followed by Taiwan, South Korea, Japan, and India.
