Earlier in the week, Prime Minister Narendra Modi spoke about the importance of indigenous companies producing world class products and how this will help the vision of ushering in a self-reliant India. Due to a globalised economy, we are in competition with cutting edge products from global players and often our products can come short in comparison both in terms of quality and value for money. “With the Government now pushing for a self-reliant economy and supporting the push for indigenous products and services, it is high time to strengthen our capabilities in research and development and compete with the very best the global players have to offer in the market”, feels Pincap MD, Praveen Sinha.
India has already shown that they can spar with the very best in terms of digital services having proven this through several unicorn app based services like Ola, Flipkart, Swiggy etc. It is more in the physical goods space, that we have been found wanting and improvements in this will be crucial to achieve parity with the foreign players.
The push for global relevance and how can it be achieved
India is well on it’s way to become one of the world’s top 3 economies over the next decade but to maximise the benefits of competing with the global players, we need to excel both in the physical goods space and digital, feels, Praveen Sinha Pincap MD.
Steps that will be crucial to improve quality of manufacturing and production of world class goods –
- The right support from the administration towards self reliance – The present Government has done exceedingly well to push the ‘Atmanirbhar’ or self-reliance narrative. This push needs to sustained and we should help entrepreneurs both existing and new by nurturing a progressive business environment.
- Reduction of red tape and better ‘ease of doing business’ – Layers of Bureaucracy and corruption have long hindered ease of doing business in India. These will have to be brought under control if we have serious ambitions of catching up with the global players.
- Investment into R&D – The Governments at both state and national level should push for advancements in R&D and support companies which are doing exceptional work with more funds to further their contributions.
- Invite more participation in joint ventures – A leaf out of China’s play book, would serve the interests of Indian OEMs quite well. China world class products allows foreign players to do business in their country only if they have partnerships with local players.
- Turning Universities into innovation hubs – Most of the bleeding edge innovations in science and technology, finance, e-commerce and several other areas are happening in the college dorms of today. However, many students drop their ideas citing lack of funds and guidance, feels Praveen Sinha. Incubation and support at this level could prove supremely productive for the country.
“The global economy is at the cusp of undergoing a major shift. There will be a shift in the demand and supply narrative in the next decade as new venues of manufacturing appear to attract global investment. It is critical that we position India as an attractive proposition and make the most out of this global shift,” concludes Praveen Sinha.