As India grapples with the unexpected threat of COVID-19, it looks to opportunities ahead. And they appear to be innovation-led growth, especially in light of the government’s focus on self-reliance in manufacturing as part of the ambitious Atmanirbhar Bharat project. This is where the navigation skills of entrepreneurs as captains of industry come in. The mantra for the coming generations should be conscious entrepreneurship, which helps in building a sustainable business that also serves a greater purpose. Because, we must not forget that while chasing profits, companies can have a significant impact on the ecosystem.
Conscious entrepreneurship equally lays emphasis on the bottom-up and building a culture of empathy. “Be an ally, not a boss”, goes the mantra. Create a professional, positive work environment where employees feel part of the company. I learned this from my father, Kimat Rai Gupta, who was famous for his human-management. There was some instinct that gave him insight into human behavior. It has been more than five years since I took over as CMD at Havells, and I am proud to say that even during the pandemic, our people (both employees and retail partners) stayed connected, ensuring a lasting relationship . In fact, it further fueled the need to stay connected, calling for a sense of solidarity, humanity and hope among our stakeholders. This was one of the major reasons for our development.
One must also understand that with the successful establishment of a company, the initial challenges faced by an entrepreneur do not always end happily. Entrepreneurs are always living with questions, doubts and challenges, which keep on changing according to their conditions, growth of business, industry scenario etc. Often, existing problems morph into a different set of challenges. To combat these, an entrepreneur must always feel a sense of paranoia. Paradoxically, it helps them meet challenges. Therefore, it is safe to say that a healthy paranoia can only benefit entrepreneurs.
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However, more than that, I believe that as a leader, it is important to reflect and do things right in a timely manner. Future entrepreneurs must devise a business strategy that navigates through the volatile market environment and meets the needs of the consumer or ecosystem. It is essential for every entrepreneur to demonstrate agility and plan for the future. For example, given the new hybrid nature of work, entrepreneurs need to leverage collaborative technology platforms to provide employees with multiple opportunities for learning and growth.
next wave of development
Indian innovation, skill and creativity have already changed the dynamics of the global economy. According to the 2021 report by CARE Ratings, our GDP growth driven by agriculture and industry is likely to be 8.8-9 per cent in the current fiscal. In addition, various government initiatives such as privatization of public sector enterprises, national infrastructure pipeline, targeted investment through production linked incentives (PLI) scheme, etc. chart a positive, long-term prospect for the Indian economy.
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The next 10-20 years present a huge opportunity. Let’s look at the Fast Moving Electrical Goods (FMEG) industry. The Internet of Things (IoT) is driving a digital wave in home automation, making it imperative for brands to offer innovative living solutions that help customers realize their smart home aspirations. Today, the consumer is far more aware than it was just five years ago. In addition, rising disposable income and changing prices are acting as a major catalyst, driving consumer demand. The increasing penetration of the Internet has further accelerated the adoption of smart solutions in Tier 2 and Tier 3 cities.
Today, digitization has changed the needs of the market as well as the consumer. Businesses, especially after the pandemic, have been forced to adopt an online strategy as more and more consumers are switching online. With the increasing preference for buying locally, the competition is also becoming tougher.
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Make in India
At Havells we were doing “Making in India” even before it became a political agenda. Inspired by Mahatma Gandhi’s call to boycott all things foreign, my father decided to adopt a strategy of manufacturing locally in the early 1970s. Although they bought the Havells brand name, they kept to their “indigenous” pledge, at a time when almost all electrical brands were importing products.
I remember an incident that my father told me. One day, while traveling by train, he met a dealer in Kanpur, who stocked switches made by Siemens and Larsen & Toubro, and did not consider my father’s request to display Havells switches. He told my father, rather sarcastically, “Do you think you can sell whatever you want? Go and worry about manufacturing first.”
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Most others would have been disappointed, but my father saw an invaluable message in this. If they have to address quality concerns, they have to go full-fledged manufacturing. But letting go of the notion of poor quality, a carryover from the past, wasn’t easy. Once he and his team got manufacturing under control, he focused on quality certification. They would go over the technical details of the products with customers and explain that Havells’ quality was second to none. Batten has now passed to the next generation, but Havells still manufactures 95 percent of its products locally. The foundation of self-reliant India, which gave rise to the need for the country to become self-reliant through indigenous manufacturing, finds its place in the white goods industry today. At Havells, we did not limit our capabilities to manufacturing locally, but focused on investing and strengthening research and development. This complements the strength of our product portfolio to meet the needs of our customers. As today’s consumers pick up on the “Vocal for Local” call, entrepreneurs who manufacture locally will be able to tap a larger market share.
Global Manufacturing Hub
As a part of Atmanirbhar Bharat Abhiyan, India is taking steps to emerge as a new global manufacturing hub. According to a recent CII-EY report, India has the potential to attract $120-160 billion of FDI annually by 2025, provided we maintain the FDI to GDP ratio within 3-4 per cent. To achieve this, it is important to acknowledge that technology will be a key enabler to lead change for various sectors. The future is technology-oriented, and to have a sustainable business, you need to embrace technology in every aspect of your organization.
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Industry 4.0 can help strengthen the industry and become a strong foundation for the post-Covid ecosystem, especially for certain sectors like manufacturing. According to the United Nations Industrial Development Organization (UNIDO) report, Industry 4.0 can contribute to finding new ways to tackle critical global challenges, such as climate change, lack of clean energy, depletion of natural resources, economic stagnation and digital Reduce. divided.
Ensuring technological breakthroughs and providing a different experience will use future developments in most industries. Also, the past year of the pandemic has created a sense of consciousness and self-awareness. Entrepreneurs need to adopt a flexible yet robust business strategy that meets the future needs of the consumers, as both mindset and business environment are going to change rapidly in the coming years.
(views are personal.)
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Anil Rai Gupta CMD, Havells India
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