With a view to boosting the sagging economy, India Inc is re-setting its business models to align with the Prime Minister Narendra Modi’s Atmanirbhar Bharat scheme.
In May the government announced a Rs 20 lakh crore stimulus package under the scheme to boost Indian entrepreneurship and manufacturing.
Organizations across sectors such as manufacturing, healthcare, technology among others are working towards adapting and re-adjusting their business models not just keeping in mind the new contours under the Atmanirbhar Bharat scheme but also to combat the impact of the pandemic.
Modi and his men have underlined the need to boost manufacturing while focusing on ‘Make for World’ as the mantra of self-reliance gains momentum.
Sharad Malhotra, President (Automotive Refinishes and Wood Coatings) at Nippon Paint India is looking at make in India initiatives to successfully expand the brand's presence beyond its current 23 markets in India.
According to Malhotra: "Aatmanirbharta is core to our post-Covid strategy. We want our talented employees to think and develop new ideas, business concepts and new technologies with little or no foreign influence while supporting the entire ecosystem that we operate in with our business linkages and social initiatives."
The Modi government is encouraging organizations to ramp up their innovation along with research and development (R&D) centers to be able to cater to their Indian and global customers.
Sujit Baksi, Head, APAC Business and President, Corporate Affairs, Tech Mahindra stated that the company is focused on investing in research and development of innovative and future-ready solutions to enhance indigenous capabilities and hence contribute to building a robust 'Aatmanirbhar Bharat', all with the support of the government.
The manufacturing industry is betting big as they see a huge opportunity for their businesses in the new emerging scenario.
Harsha Kadam, CEO Schaeffler India and President Industrial Business agree, that the 'Aatmanirbhar' campaign has surely opened up opportunities for players like Schaeffler India, particularly in sectors such as wind, railways, two-wheelers to name a few examples.
He says: "Our aggressive R&D and localization drive within India in the last two years, particularly when it comes to manufacturing of raw materials and components, helped us become more competitive and gain market share in some high growth sectors and applications. Some of our 'Made in India' products for the railways' sector are not only being supplied to customers in India but abroad as well, such as metros in Sydney, Melbourne, Perth (Australia) as well as in Brazil."
(With agency inputs)
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