The benefit is that it will bring the country at par with the global standards. "The Indian industry is still evolving. Indian companies are gradually realising the value addition R&D brings to the table. Initially the companies were collaborating with global players to bring global technological advancements to India. Now with Make in India programme, Indian companies are trying to go global. We are all looking at exporting from India. Thus, I would say we are evolving to match up to global standards of R&D," asserted Taparia.

Way ahead
All together these initiatives will help the Indian manufactures to sustain in the uncertain market conditions. "The way consumer expectation and therefore, customer requirements are evolving R&D will have a major role in the growth of company in times to come," Taparia added.

According to Verma, India's manufacturing sector has the potential to touch US$ 1 trillion by 2025. "There is potential for the sector to account for 25-30 percent of the country's GDP and create up to 90 million domestic jobs by 2025. However, to make this happen there must be demand and there is no more sustainable way to generate demand than by coming up with new, differentiated solutions for meeting
consumers' needs, both articulated and unarticulated," he mentioned.

With the right market conditions, government's support and India has a great potential in the concept of frugal Engineering. "After all, this is the country that successfully launched Magalyaan in first attempt. It is a great example of what engineers in India can do in a fraction of the cost as compared to many other parts of the world," concluded Singh.

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