New Delhi, Dec 8 (PTI) The coronavirus pandemic has created colossal disruptions for the Indian manufacturing sector but it has also provided companies with an opportunity to revisit their competitiveness, Blue Star Managing Director B Thiagarajan said on Tuesday.

Post pandemic, new models of working have emerged and companies are now looking to go beyond domestic to new international markets, he said in his welcome address at the CII Manufacturing Summit 2020.

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"While COVID-19 created a disruption of colossal proportion, it has offered Indian manufacturing opportunity to revisit its competitiveness," said Thiagarajan.

The pandemic has forced manufacturing companies globally to think of innovative solutions to protect and grow their businesses in a highly challenging environment, he pointed out.

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"Many companies globally started analysing their supply chain in a bid to minimise future risks and some shifted their base from China to countries as Vietnam, Cambodia, Myanmar, Thailand and India," he added.

Citing data by the United Nations, he said India contributed around 3 per cent of the global manufacturing output in 2018 and there is enough space to grow.

"This shows that India has a huge scope to develop its manufacturing footprint," said Thiagarajan, who is also deputy chairman, CII Western Region.

He further said India has a huge number of youths and developing manufacturing is a "top priority" as they are joining the labour market.

Western region states like Maharastra, Gujarat, Goa and Madhya Pradesh have a very vibrant footprint for manufacturing and the governments are working with CII, which has taken several initiatives in that direction, he added.

Moreover, CII is also working with the MSME sector on manufacturing and helping them, he said. 

Godrej & Boyce Chairman and Managing Director Jamshyd N Godrej said the nature of manufacturing has changed and it is important to recognise that India cannot be disassociated from all the global supply chains.

Boston Consulting Group India Chairman Janmejaya Sinha said Indian manufacturing has massive potential in the next 10 years to unlock the country's full potential.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)