The government needs refine tax laws related to R&D expenses & provide tax benefits to promote use of new emerging technologies in the industry.

Commenting on the report Shripad Ranade, Practice Head - Automotive, Engineering & Infrastructure, Tata Strategic Management Group, said, "The increasingly competitive global industry scenario has made it imperative for the Indian PVPE industry to break free from its legacy of being low cost manufacturers and move towards creating greater value for their customers and drive industry growth."

Abhishek Bagwe, Engagement Manager - Engineering & Infrastructure, Tata Strategic Management Group, added, "The next phase of growth in Indian PVPE industry will be determined by how well Indian manufacturers can establish comprehensive innovation & NPD processes and focus on working jointly with suppliers and customers on product development."

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