Rising Bharat Summit | GST and PLIs have helped increase manufacturing base in India: Zetwerk COO

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The Goods and Services Tax (GST) and the production linked incentive (PLIs) schemes have helped India increase its manufacturing base, according to Srinath Ramakkrushnan, co-founder and COO, Zetwerk.

“GST and simplification of paperwork has helped make the country’s manufacturing base more pan India. The PLI movement is one definitive thing that has happened in India which has helped the capacity creation that we are seeing today in the country. We can see the atmanirbhar movement happening in the electronics sector,” Ramakkrushnan said at Network18's Rising Bharat Summit in Delhi.

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He added that the next big thing is going to be in the semiconductor sector where indigenisation is going to happen on a large scale. However, he warned that India must soon catch up with backward integration in terms of higher value addition in products.

Ramakkrushnan also said that skilling will also have to be taken up on a large scale to catch up with the anticipated capacity creation. “This is not just the government’s problem, but also that of the industry and hence, both have to come together to create en masse skilling in the country,” he said.

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Shiprocket CEO and co-founder Sahil Goel said the new GST regime has been a boon to the movement of goods. He said e-commerce exports have the potential to grow to over $100 billion by 2030 and then further to $200-250 billion in the coming years. “India's exports through this medium are only about $5 billion currently compared to China's $250 billion annually. So there is huge business potential in that area in terms of flow of information apart from flow of goods. Flow of information such as airport systems, foreign clearance and customs.”