VIII.Different ways to promote financial services 1) The initiative of government is must in orderto reform the investment climate in India which is essential to make India amanufacturing hub. It should encourage promotion of more and moretechnological, research and development parks on the pattern of specialeconomic zones. 2) Foreign manufacturers as well as domesticmanufacturers will only be encouraged to invest in India if they will beprovided with an enabling environment. Ensuring timely availability of money,relaxing the norms and regulations governing the banks in order to make theeasier and cheaper credit available to the manufacturing houses 3) Government should Facilitate andencourage merchant banking, factoring, invoice discounting facilities in orderto make the finance readily available 4) Promoting and help flourishing the financialservice advisors who provide end to end advise as from where will they financecome from, how much finance is required covering the whole life cycle andproduction scenario of the plant in manufacturing industry.
These financialadvisors also keep track of the inflow and outflow of the money and themanufacturer does not have to worry about his time management worrying abouttracking the movement of money. They have wide range of funding solutionsavailable in hand which a potential taker can choose from. 5) Encouragingcommercial banks to make finance readily available for manufacturingenterprises. Government should frame such policies which are a bit lenient andrelaxed, and thus have an insight to performance and financial constraints ofthe manufacturing units.
6) Regulatory environment should be improved inorder to pave a way for the development and growth of the manufacturingindustry in India. 7) Government of India should facilitate thepromotion of more and more credit card companies and angel investors which willbenefit both the manufacturer and the consumer. IX. Understanding the importance of humanasset in manufacturing sector in India and its impact Besides promoting the various typesof financial services, it is also essential to tap, exploit and enhance theimmense talent and potential of the work force available in India. Rightfullyonce said by the Walt Disney, “You can create, design and build the mostwonderful place in the world but it requires people to make that dream areality.
” Indian work force is immensely talented and adaptable. In orderto develop an organization and ensure its sustained growth, it is very muchimportant to develop its human resource working in it. Continuous investment inup gradation of their skills, knowledge and competencies is essential for anorganization if it wants a guaranteed survival in the immensely competitiveenvironment. The organization which does not understand the importance andtalent of its human asset cannot withstand the competition. A motivated, up todate human work force will help an organization achieve its mission and vision.
Various modern HR policies include performance and career management,development of various continuous improvement and learning programs. Focused onthe up gradation of employee’s knowledge, skill and abilities, programs such asemployee development should be promoted. Employee development is a joint,on-going effort on the part of both the employee and the organization for whichhe or she works. A highly skilled work force can accomplish higher goals thanan under skilled human asset. Employees’ performance needs to be enriched bydeveloping training and development programs if 100% potential of the human assetneeds to be tapped. The human potential is immense and if it is left untapped,it will go waste. Human asset is the most valuable asset of an organization andit needs to be continuously monitored and injected with performance developmentprograms, programs that increase the job satisfaction of employees, employeewelfare programs etc. The human performance can be appraised with the use ofvarious performance appraisal models.
Organizational excellence can only beachieved by investing continuously in the work force of the organization. X. Benefitsof enhancing and capitalizing human potential ? Growth inSales: When good quality products will go into the hands of the consumer, thesatisfaction of consumer will result in increase in demand of the goods.
Hence,the sales will be boosted which in turn will boost the production and hence themanufacturing unit will flourish. ? CostReduction: Up to date trained and knowledgeable work force will decrease andautomatically omit the defects for the production system which will in turnbring the cost of production down. ? Focus onOrganizational Goal ? Reduction oftime taken in creating strategic or operational changes by communicating thechanges through a new set of goals ? Organizational development XI. Conclusion There is need ofreforms in industrial strategies to make India a manufacturing hub. Favorableindustrial framework need to be established that should attract more and moredomestic as well as foreign industrialists towards Indian Territory.
There is aneed for financial service providers and advisors who could work for theseindustrialists right from the beginning i.e. right from clearance of theproject. Improved quality and better performance management system needs to bein place to guide, monitor and enhance the skill set of its work force. Mindset of Industrialists both foreign and domestic towards India needs to bechanged. On the basis of the study it can rightfully concluded that People andmoney, both are the organization’s greatest competitive edge.
It is essentialto unlock the human talent for the success and sustainability of anyorganization. The development, prosperity and sustainability of India as aManufacturing hub clearly depend upon the immense potential of its humanresources and the financial services that are available for the domestic.”Come make in India.
Sell anywhere,but make in India.” Prime Minister Narendra Modi said while introducing hisvision to the public. And it seems that the world is more than ready to embracethis vision, which is already set on a path to become a reality.References:1. http://www.
http://www.business-standard.com/article/economy-policy/make-in-india-the-story-so-far-116021200338_1.html7)https://www.caclubindia.com/articles/-make-in-india-and-taxation-as-a-tool-to-promote-it-24655.asp8)http://cms.sinhgad.edu/sinhgad_management_institutes/rmd_mba/seminarsconferencesmdpsfdps.aspx9) http://www.defproac.com/?p=167310) http://www.makeinindia.com/article/-/v/make-in-india-reason-vision-for-the-initiative11) http://www.mbauniverse.com/group-discussion/topic/business-economy/employment-generation12) http://info.shine.com/industry/banking-financial-services/8.html13) http://blog.ficci.com/financial-sector-india/2776/