OMAM Pulse - September 2024

Dear Colleague, welcome back!

Manufacturing is the bedrock of any economy, not just in terms of the GDP, but also job creation. That’s what we look at more closely in this edition, considering how the Indian manufacturing sector accounts for 17% of the country’s GDP
with more than 27.3 million workers under its fold.

India also has capacity to export US$1 trillion worth of goods by 2030, with the Government planning to scale the manufacturing sector’s contribution to the economy to 25% by 2025 itself. Of course, India has a globally competitive and fast-growing manufacturing sector with abundant digital and physical infrastructure now to leverage its advantages in entrepreneurship, raw materials, and logistics.

The Government is also doing its bit with initiatives like the National Manufacturing Policy and the PLI scheme. Incentives of Rs. 18,000 crore to drive local manufacturing in sectors like shipping containers, chemicals, and others are also reportedly on the way. This growth story already reached a summit in FY23, with exports of US$447.46 billion (6.03% higher than FY22). It’s a revival story that’s nearing the corner in terms of making a global impact.

On that note, here are all the updates you need to know this month.

This month’s HR headlines

Job Creation on the Anvil with Cabinet Approval for New Kaynes ATMPPlant in Gujarat

Chaired by Prime Minister Narendra Modi, the Union Cabinet has just approved a
new Kaynes ATMP semiconductor facility in Sanand, Gujarat. The total investment for the project is estimated at a whopping Rs. 3,300 crore and aims at churning out 6.3 million chips daily. Land acquisition has already been completed, with the project spanning 46 acres in total.

The unit will manufacture chips for diverse sectors like automotive, industrial, consumer electronics, electric vehicles, mobile phones, telecom, and more. Billed as a mega initiative under the Semiconductor Mission of the country, it is expected to boost job creation further, thereby keeping HR personnel on their toes for quite some time to come!