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"There could be no better time than now to lead businesses responsibly, efficiently, and sustainably while focusing on technology adoption, job creation, reskilling, and inclusivity" - Dr Pawan Munjal, Vice President, CII
May 12, 2022

Indian manufacturing must internalize areas of quality, technology, and sustainability and each firm must drive its competencies as well as abilities in these domains. Only when each firm endeavors to operate at its optimal level, the entire supply chain and nation can become competitive. Availability of state of art infrastructure, power availability, and government subsidies will play a crucial role in achieving these objectives. This was stated by Dr Pawan Munjal, Vice President, CII and Chairman & CEO, Hero MotoCorp Ltd. He was speaking at the 1st CII ‘Being Future Ready’ Business Summit 2022 which was being held today in the virtual mode.

Highlighting the way forward for managing to excel in a competitive world, Dr Munjal stated that while India’s transformation as the fastest growing economy is commendable, however, there is much more the nation can achieve by building on the strengths of scaled resources, technological capabilities, and leadership in sustainability solutions. The Atmanirbhar campaign and the commendable support provided by the government both at the Central and state level in terms of policies has been instrumental in this context. He highlighted that going forward, following a consistent, committed, and customer-centric approach while factoring price competitiveness is the key to success for the industry.

Elucidating on the importance of sustainability in the coming times, Dr Munjal stated that as firms consistently innovate, it is crucial to focus on carbon footprint consciousness, recycling of products, and achieving net zero in the entire value chain, given that the consumers are becoming growingly environmentally conscious and attuning their daily needs accordingly. Dr Munjal also elaborated on the need to build capabilities for supply chain by reskilling as the required competencies are not available while we transition into a more digitized regime post the pandemic recovery. The safety and healthcare needs of employees must also be looked into.

Providing insights into the dynamics of the two-wheeler segment, Dr Munjal stated that this industry is closely connected to rural India and while penetration of markets is low as compared to the rest of Southeast Asia, firms have gained popularity owing to their performance, affordable price range, after sales services, availability of parts, huge networks across nations, and touch points. He highlighted that the most remarkable achievement of this sector has been to bring together the automation and manual work force which represents the confluence of job creation and technological advancement.

Dr Munjal mentioned that electrification is the way forward and it is crucial to build products that are smart, intuitive, and intelligent, especially in the post COVID-19 world. The fast-growing popularity of Electric Vehicles (EVs) for which adequate infrastructure must be developed, for instance, charging points, is the greatest testimony of the same. He also focused on the need to bring about greater digitization in the MSMEs segment as they are the building blocks of Indian manufacturing and have played a key role in producing quality and reliable output for the consumers at affordable price points.

Dr Munjal also elaborated on the journey of his company, which has consistently evolved with the journey of India and now envisages to revolutionize thought models and business practices. Hero Motor Corp aims to become 100% carbon neutral by 2030, 500% water positive by 2025, and 100% waste neutral by 2025 while fostering gender diversity and prioritizing safety needs of employees.

Mr Suhel Seth, Chairman, CII National Committee on Branding and Founder & Managing Partner, Counselage India while in conversation with Dr Pawan Munjal opined that India has progressively changed and the rapid revival in the economy post COVID-19 owing to the government’s measures for ease of doing business lays the foundation for building a more resilient economy. He highlighted that focus on promoting sustainable entrepreneurship while adopting international best practices will provide further impetus to the investor sentiment.

12 May 2022

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