Bangalore, Jan 8 (IANS): An efficient power supply system is the key to economic growth and quality of life, Karnataka Chief Minister Siddaramaiah said Wednesday.
"Rising aspirations of our people can be met if our economy grows faster and at a sustained pace. An efficient power supply system is a key ingredient for economic growth and quality of life," Siddaramaiah said after inaugurating the 11th edition of "Elecrama-2014", a trade expo of electrical and electronics equipment here.
The chief minister noted that availability of quality power at affordable cost would accelerate the country's socio-economic development.
He said competitiveness of the industry would boost employment and increase per capita income.
"Rapid development of the electrical equipment industry spanning the entire value chain in power generation, transmission and distribution equipment will ensure an efficient power supply system," Siddaramaiah said.
According to an industry study, power generation capacity has to be increased four times by 2032 to enable the economy grow eight percent of the GDP (gross domestic product) over the next 20 years.
"Plans to increase power generation have to be accompanied by commensurate upgradation of transmission and distribution network and capacity enhancement," Siddaramaiah said.
In this context, the chief minister urged the electrical equipment industry to improve the power infrastructure for meeting the current and future demand by enhancing its competitiveness.
"The electrical equipment industry has to diversify and strengthen its manufacturing base to compete with their overseas counterparts by collaborating with domestic manufacturers," he said.
Observing that domestic manufacturers have to absorb new technologies by investing in research and development and innovation, the chief ministry advised the industry to evolve global standards for efficiency and sustainability.
"To excel in operations, our manufacturers have to engage in value creation, cut costs, streamline production and adopt best global practices," he said.
Indian companies have to also deploy lean manufacturing, effective supply chain management and dynamic production techniques to maintain cost efficiency and supply products conforming to global standards.
Organised by the Indian Electrical and Electronics Manufacturers' Association, the five-day International Exhibition of Electrical and Industrial Electronics Industry (Elecrama) at the Bangalore International Exhibition Centre (BIEC) on the city's outskirts will showcase "made-in-India" products to the global audience.
About 1,000 exhibitors are participating in the trade expo, being held for the first time in Bangalore.
It will feature products and technology through the voltage spectrum from 220 volts to 1,200 kilovolts.
Global honchos, including Alstom Grid president Gregoire Poux-Guillaume, Schneider Electric SA chief executive Jean Pascal Tricoire, TE Connectivity energy division president Tony M Gatt and state-run Power Grid Corporation of India chairman R.N. Nayak spoke on the occasion.