The Confederation of Indian Industry launched the ‘Future Business Group’ to build and develop home-grown aspirational companies, at its Annual Session 2018 in New Delhi today.
Mr Rajan Navani, Chairman, CII Council on Future Businesses, and Managing Director, Jetline Group of Companies, explained that the Group would identify and nurture companies with the potential to grow into billion dollar companies over the next 5 years through mentoring, hand-holding and funding support.
“The aim is to groom and develop companies that not only create wealth for the nation but also, generate jobs and opportunities with a multiplier effect, which is critical for India,” said Mr Kris Gopalakrishnan, Past President, CII, and Chairman, Axilor Ventures, elaborating on the vision behind the initiative. Importantly, these companies would be guided to become well governed sustainable enterprises with long-term value creation and success, he added.
Mr Gopalakrishnan called for a national effort on capacity building in Artificial Intelligence and machine learning. We are all being controlled by technology. We just don’t realise it, he said. Pointing out that with 90% of funding for new start-ups coming from outside, successful Indian companies at present are creating wealth outside the country, he urged people to participate in wealth creation and the creation of opportunities.
Mr Ajay Kaushal, Director and Co-Founder, BillDesk highlighted the need for supportive institutions and a conducive environment to help businesses grow beyond a billion dollars. Many Indian companies, despite starting off with a great idea, are not able to scale up and create viable financial models because of the constraints of the ecosystem, he said.
“New technologies are all about ‘smart’, and Indians are very smart, said Mr Deep Kalra, Chief Executive Officer, MakeMyTrip. India, he felt, has the ability win in the new emerging milieu, where AI and Block Chain are powerful disruptors. Vernacular India opening up would offer a world of opportunities for businesses to grow further and deeper, he said.
Ms Falguni Nayar, Founder, Nykaa, spoke about the key role of enablers like education and e-commerce to make a business lean and capital efficient. Today’s customer is keen to embrace the new, she said, and aspiring businesses need to constantly strive to remain ahead.
Regulatory clarity would go a long way in creating a supportive ecosystem for new entrepreneurs and investors, said Mr Jagdish Moorjani, Promoter, Co-Founder and Chief Operating Officer, Citius Tech Healthcare Technologies Private Limited, and Citius Tech. The Government, through innovative social development could create talent pools for the businesses of the future, he added.
9 April 2018