'Brand India should be known for giving value for money'
Manufacturing in India should build the perception that it provides "value for money" as is the case for German-made products that are perceived as "good quality and premium priced", the head of a foreign multinational operating in the country said on Friday.
Addressing a conference here on Manufacturing Day 2018, the President and Managing Director of Swedish vehicles major Volvo Group's Indian arm, Kamal Bali also said the perception that manufacturing is not glamourous should be changed and the government should also ease the rules for the sector to attract more investors.
"When one thinks about a Made in Germany product then the perception that comes to our mind is `good quality product and priced at a premium'. But when one thinks about Made in India nothing comes to our mind," Bali said.
He said the government should build Brand India in a way to give the perception that a product Made in India provides value for money throughout its life cycle.
According to Bali, one of the challenges faced by entrepreneurs in India is the lack of glamour in manufacturing, though it is a sector that has the capacity to solve socio-economic challenges.
"All the economically strong countries are anchored on their manufacturing sector. Nearly 30 per cent of the gross domestic product (GDP) of strong economies is contributed by the manufacturing sector, whereas in the case of India it is only 17 per cent," he added.
Declaring that manufacturing should become the central part of the Indian narrative, he said currently everything is stacked against manufacturing - cost of funds, government rules, among others.
According to him, India needs to identify 10-15 industries in which it could be among the best in the world.
Queried about the need to glamourise manufacturing at a time when corporates are not doing much to attract shop floor talent, Bali said: "The companies just have to change the work culture without incurring any costs."
Speaking on the innovation necessary to stay ahead in the market, the Gopalakrishnan Deshpande Centre for Innovation and Entrepreneurship's Chief Innovation Officer Shiva Subramaniam said courage is a prerequisite for undertaking innovation.
He also said that in business one needs to be able to discard what is taken for granted and look out for solutions which would keep companies ahead of the competition.