Indian industrialists are out to establish India’s once existing economic excellence in the world. Truly, the lion of ‘Make in India’ roars profoundly, so it does as it has reverberated globally. India has grabbed the attention of global companies as a preferred investment destination. The ‘Ease of Doing Business’ coupled with India’s vibrant market and consumer base is sure to accelerate businesses in India and build ‘Aatmanirbhar Bharat’. It is also time to take India’s uprising to the world and Indian industrialists who have traditionally made their marks on the global space are on a new mission to change the future of the Indian economy.
India’s economic liberalization
India’s economic liberalization in 1991 was a major step in the Indian economy. However, when compared to other economies, India’s market opened much later. India’s arch economic rival China opened its market in the late 1970s. So, China is already 20 years ahead of us. It takes a little time to build momentum until the policy is right for industrialization. But we are at a cusp and we can now benefit from policies devised during 1991. It is a time when we can take it multifold and capitalize on the opportunity. The next 10 years are going to be very crucial for India in terms of manufacturing. From 1991 to 2000 the focus was mostly on services. The emphasis should now be on manufacturing.
India’s prospect in the global space
Indian businesses have traditionally fared well in the global space. If we see Indian companies rank high among the Top 100 or Top 500 global companies. India has groups that are multinationals in the true sense of the word but with Indian origins such as Mahindra, Tata, Jindal, Adani, and Vedanta, etc. Given the expansion spree of Indian companies, Indian groups are poised to take on the globe right now.
PSUs in India are also poised in playing a bigger role in this target. For instance, mining companies can go out and seek opportunities elsewhere. We should look outwards now than inwards. ‘Aatmanirbhar’ is not just about being self-reliant, the true success of ‘Aatmanirbharta’ lies beyond self-sufficiency in producing goods for the domestic consumption but also being able to export, go and grab prospects and opportunities in the world.
India, the next economic superpower
In most industrial sectors of the economy, growth will happen in two folds. First is the financial freedom that the society can achieve and second is the creation of opportunities for the youngsters. That can come through manufacturing today. In developed economies, a major percentage of the GDP is derived from manufacturing. If we look at Japan, Korea, China, the US, manufacturing forms a key base for them to generate wealth. We have to look at the manufacturing sector in the next 10 years. We have to bring a lot of manufacturing into the country and work on developing new products.
Where India lacks
We have international brands but we need to create brand equity for Indian products. If we are to name a few products that are globally recognized and used, it is very hard to find even today. It applies in every sector, be it automotive, FMCG, beverages, or anything. We have to create brand equity through which people can realize that there is also quality here.
Way Ahead
All the industrialists are going to be our ambassadors right now. So, they need to be provided with all the opportunities. Representation of Indian industrialists’ at the global economic forums must be increased. Innovations and entrepreneurship have to be given a push in terms of developing products and product space.
Indian companies can conquer the world economies and our industrialists can be the crusaders of the economy, increasing our economic footprints in the world. All we need to do is to develop products, capitals, value for the Indian economy.
In the 70s and 80s, it was really difficult but now Ease of Doing Business in India is increasing and slowly it is translating into reality. It will form an impetus for the growth going forward. How we create and implement policies today will have an effect 10 years down the line. So, the focus has to be given on industrialists and also export promotion council, trade fairs, and those avenues where we can showcase our expertise and excellence. It is not limited to only large industrial products, it relates to skilled workers in the Indian handicraft industry as well to give them platforms as well to showcase their crafts and products.