It is time to bring the global trends to domestic market and make Indian manufacturing an exporting sector as it is an essential growth enabler, he said.
Kumar emphasised that Prime Minister Narendra Modi wants Niti Aayog to explore ways to facilitate an environment for innovations so that India can also witness domestic companies growing to become Google and GE like big MNCs.
The Niti Aayog vice chairman also opined that slow growth in agri processing industry is one of the causes for distress in the farm sector in India.
"We need to think carefully that what are the impediments for India to achieve competitive advantage in global markets?" Kumar said at an event organised by industry body CII.
He also suggested top industrialists to spot sunrise industry and also select six sectors. Kumar also exhorted them to look for capturing 10 per cent of America's exports.
"Looking for sunrise industry outside India, finding out their product innovations and adding other growth enablers outwardly will help shifting gears from domestic to global markets," the Niti Aayog vice chairman noted.
Kumar also insisted that team India needs to get over the divides between government and industry and also within the industry.
"The real growth in manufacturing comes from the R&D capability of the vendors. The industry has to focus on developing the innovation capability of the vendors to match today's dynamic global manufacturing environment," he argued.
The Niti Aayog vice chairman also suggested that the Ministry of Human Resource Development must think about the kind of investments that are needed to produce breakthough in research.