Site Loader
Rock Street, San Francisco

VIII.
Different ways to promote financial services

 

1)  The initiative of government is must in order
to reform the investment climate in India which is essential to make India a
manufacturing hub. It should encourage promotion of more and more
technological, research and development parks on the pattern of special
economic zones.

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

2)  Foreign manufacturers as well as domestic
manufacturers will only be encouraged to invest in India if they will be
provided with an enabling environment. Ensuring timely availability of money,
relaxing the norms and regulations governing the banks in order to make the
easier and cheaper credit available to the manufacturing houses

3) Government should Facilitate and
encourage merchant banking, factoring, invoice discounting facilities in order
to make the finance readily available

4)  Promoting and help flourishing the financial
service advisors who provide end to end advise as from where will they finance
come from, how much finance is required covering the whole life cycle and
production scenario of the plant in manufacturing industry. These financial
advisors also keep track of the inflow and outflow of the money and the
manufacturer does not have to worry about his time management worrying about
tracking the movement of money. They have wide range of funding solutions
available in hand which a potential taker can choose from.

5) Encouraging
commercial banks to make finance readily available for manufacturing
enterprises. Government should frame such policies which are a bit lenient and
relaxed, and thus have an insight to performance and financial constraints of
the manufacturing units.

6)  Regulatory environment should be improved in
order to pave a way for the development and growth of the manufacturing
industry in India.

7)  Government of India should facilitate the
promotion of more and more credit card companies and angel investors which will
benefit both the manufacturer and the consumer.

 

 IX. Understanding the importance of human
asset in manufacturing sector in India and its impact

 

Besides promoting the various types
of financial services, it is also essential to tap, exploit and enhance the
immense talent and potential of the work force available in India. Rightfully
once said by the Walt Disney, “You can create, design and build the most
wonderful place in the world but it requires people to make that dream a
reality.” Indian work force is immensely talented and adaptable. In order
to develop an organization and ensure its sustained growth, it is very much
important to develop its human resource working in it. Continuous investment in
up gradation of their skills, knowledge and competencies is essential for an
organization if it wants a guaranteed survival in the immensely competitive
environment. The organization which does not understand the importance and
talent of its human asset cannot withstand the competition. A motivated, up to
date 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 on
the up gradation of employee’s knowledge, skill and abilities, programs such as
employee development should be promoted. Employee development is a joint,
on-going effort on the part of both the employee and the organization for which
he or she works. A highly skilled work force can accomplish higher goals than
an under skilled human asset. Employees’ performance needs to be enriched by
developing training and development programs if 100% potential of the human asset
needs 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 and
it needs to be continuously monitored and injected with performance development
programs, programs that increase the job satisfaction of employees, employee
welfare programs etc. The human performance can be appraised with the use of
various performance appraisal models. Organizational excellence can only be
achieved by investing continuously in the work force of the organization.

 

X. Benefits
of enhancing and capitalizing human potential

 

? Growth in
Sales: When good quality products will go into the hands of the consumer, the
satisfaction 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 the
manufacturing unit will flourish.

? Cost
Reduction: Up to date trained and knowledgeable work force will decrease and
automatically omit the defects for the production system which will in turn
bring the cost of production down.

? Focus on
Organizational Goal

? Reduction of
time taken in creating strategic or operational changes by communicating the
changes through a new set of goals

? Organizational development

 

XI. Conclusion

 

There is need of
reforms in industrial strategies to make India a manufacturing hub. Favorable
industrial framework need to be established that should attract more and more
domestic as well as foreign industrialists towards Indian Territory. There is a
need for financial service providers and advisors who could work for these
industrialists right from the beginning i.e. right from clearance of the
project. Improved quality and better performance management system needs to be
in place to guide, monitor and enhance the skill set of its work force. Mind
set of Industrialists both foreign and domestic towards India needs to be
changed. On the basis of the study it can rightfully concluded that People and
money, both are the organization’s greatest competitive edge. It is essential
to unlock the human talent for the success and sustainability of any
organization. The development, prosperity and sustainability of India as a
Manufacturing hub clearly depend upon the immense potential of its human
resources 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 his
vision to the public. And it seems that the world is more than ready to embrace
this vision, which is already set on a path to become a reality.

References:
1. http://www.makeinindia.com/home
2. http://trak.in/tags/business/2014/11/13/indian-railways-100-fdi/
3. http://economictimes.indiatimes.com/wealth/personal-finance-news/government-eases-fdi-norms-for-construction-sector/articleshow/49739407.cms
4. http://www.thehindu.com/news/national/modi-reviews-fdi-policy/article8751860.ece
5. http://www.zed.org.in/
6. http://www.business-standard.com/article/economy-policy/make-in-india-the-story-so-far-116021200338_1.html

7)https://www.caclubindia.com/articles/-make-in-india-and-taxation-as-a-tool-to-promote-it-24655.asp

8)http://cms.sinhgad.edu/sinhgad_management_institutes/rmd_mba/seminarsconferencesmdpsfdps.aspx

9) http://www.defproac.com/?p=1673

10) http://www.makeinindia.com/article/-/v/make-in-india-reason-vision-for-the-initiative

11) http://www.mbauniverse.com/group-discussion/topic/business-economy/employment-generation

12) http://info.shine.com/industry/banking-financial-services/8.html

13) http://blog.ficci.com/financial-sector-india/2776/

 

 

Post Author: admin

x

Hi!
I'm Dora!

Would you like to get a custom essay? How about receiving a customized one?

Check it out