The PLI Scheme has the potential to significantly boost India’s competitiveness in the global construction and mining equipment sector

What products or solutions are you showcasing at this edition of bauma CONEXPO INDIA 2024? What is your focus during the exhibition?

At bauma CONEXPO INDIA 2024, NBC Bearings will showcase a robust range of advanced bearing solutions tailored for the construction and mining industries. Our primary focus is on presenting high-performance bearings designed to enhance the reliability and durability of heavy-duty equipment, reduce operational downtime, and optimize overall costs for our customers. We are highlighting innovations such as advanced material bearings, precision engineering solutions, and superior lubrication technologies. Our experts will be available for in-depth discussions to understand specific customer needs and offer customized solutions to support their operational goals.

What are your expectations for participating in bauma CONEXPO INDIA 2024? How do you plan to engage with visitors and stakeholders at the exhibition? Are there any specific goals or outcomes you are hoping to achieve from this event?

We are excited to participate in bauma CONEXPO INDIA 2024 as it provides an excellent platform to demonstrate our capabilities and innovations to industry professionals and potential clients. Our objectives for this exhibition include

•  Enhancing Brand Visibility: Strengthen our brand presence and recognition in the Indian construction and infrastructure market.

•  Showcasing Product Excellence: Highlight our range of high-quality bearings and tailored solutions for the Indian market.

•  Customer Engagement: Foster meaningful interactions with existing and potential clients to understand their evolving needs and build stronger relationships.

•  Business Networking: Connect with industry leaders, partners, and suppliers to explore new collaboration opportunities.

•  Gaining Market Insights: Gather valuable feedback and industry trends to inform our future product development and marketing strategies.

We will engage visitors through live demonstrations, technical presentations, and one-on-one consultations. Informative materials and technical brochures will also be available to facilitate better understanding and discussions.

Do you believe the PLI Scheme is effectively enhancing India’s competitiveness in the global construction and mining equipment market? What additional support or incentives do you think would further accelerate growth in this segment?

The PLI Scheme has the potential to significantly boost India’s competitiveness in the global construction and mining equipment sector. By encouraging domestic manufacturing, the scheme helps reduce import dependency, strengthen local production, and promote technological innovation. However, additional measures could further enhance growth, such as:

•  Skill Development Initiatives: Targeted training programs and industry-academia partnerships to develop a workforce skilled in advanced manufacturing and engineering practices.

•  R&D Support: Enhanced funding and tax incentives to encourage investment in research and development for new technologies.

•  Simplified Regulations: Streamlined approval processes and consistent policies to facilitate faster project execution.

•  Infrastructure Improvements: Investments in logistics infrastructure and a reliable power supply to support manufacturing operations.

•  International Market Access: Trade promotion efforts and favorable trade agreements to open new markets for Indian manufacturers.

What challenges and suggestions for improvements or policy adjustments would make the scheme more effective for manufacturers in this sector?

While the PLI Scheme is impactful, several challenges remain that could hinder its effectiveness. Key challenges include:

•  High Initial Investment: The sector requires significant investments in technology, facilities, and skilled labor, which can be challenging for SMEs.

•  Complex Supply Chains: Establishing a reliable domestic supply chain for specialized components is a major task.

•  Skilled Workforce Shortage: The need for skilled workers, especially in emerging technologies, poses a challenge.

•  Regulatory Hurdles: Complex approval processes can delay project timelines.

Suggestions for Improvement:

•  Enhanced R&D Incentives: Provide increased funding and tax relief for R&D activities to drive innovation.

•  Targeted Skill Development Programs: Implement training initiatives to equip workers with the necessary skills for modern manufacturing.

•  Streamlined Regulations: Simplify procedures to reduce bureaucratic delays.

•  SME Support: Offer financial assistance such as grants and soft loans to help SMEs with initial investments.

•  Public-Private Partnerships: Foster collaborations to leverage combined expertise and resources.

How do you foresee the PLI Scheme impacting the industry in the next 3–5 years, particularly in areas like localization, export potential, and employment generation?

The PLI Scheme is expected to significantly influence the construction and mining equipment industry over the next 3–5 years:

•  Localization: Increased domestic manufacturing will reduce reliance on imports and strengthen local supply chains. This, in turn, will promote technology transfer and the adoption of advanced manufacturing techniques.

•  Export Potential: Improved cost structures and enhanced product quality will help Indian manufacturers become more competitive globally, opening new export markets.

•  Employment Generation: The expansion in manufacturing and R&D activities will create direct and indirect job opportunities, boosting demand for technical training and skill development programs.

Challenges to Monitor:

•  Skilled Workforce Availability: Ensuring a pipeline of skilled talent is crucial to capitalize on the scheme’s benefits.

•  Infrastructure Needs: Continued investment in logistics and power infrastructure will be essential for seamless operations.

•  Global Economic Conditions: External economic factors could influence demand and market dynamics.

To maximize these benefits, a long-term commitment from the government and continuous policy support will be needed to maintain momentum and foster a business-friendly environment that promotes growth, innovation, and global competitiveness.