IRM: Companies need to invest in tech, innovation to produce world-class products, says Ajay Piramal
- We need to move faster on implementation part by strengthening institutions, invest in brand building and address growth
- If the issue of growth is not addressed, there will be social issues
New Delhi: As Prime Minister Narendra Modi on Tuesday urged Indian industries to try and make products that are made in India for the world, Ajay Piramal of Piramal enterprises believes that companies to invest in technology and innovation in order to make world-class quality products at the least cost.
Note that addressing the 125th Annual Session of Confederation of Indian Industry (CII) earlier this week, the Prime Minister said that India must reduce its dependence on imports and ensure that products are made in India. “Products must now be “Made in India” and “Made for the world”, he said.
ET NOW spoke to Piramal today to decode PM ‘s bring back growth plan. Talking about growth, the businessman mentioned how in the period of the financial year ending 2011-2015, India’ poverty levels fell from 21.6% to 13.4% and around 90 million were pulled out of poverty. He emphasised that this is really important for growth.
“If there is negative growth then people under poverty will be more. So, it is important that we highlight how we can get that growth. The most important thing is to see how that demand is increased,” Piramal said.
Discussing PM’s vision of an Atmanirbhar (self-reliant) India, he said, “The Prime Minister’s concept of an Atmanirbahr Bharat is a great initiative. Just like we had a full blast on the Swachh Bharat, similarly, we need to look at how we can be an Atmanirbhar Bharat”.
Detailing how this can be achieved he said, “For that, we need to create demand first in India and then to serve the global markets. How can we take local brands globally, is the question. The starting point for all this is we need strong companies and companies to invest in technology and innovation so that we can make world-class quality products at the least cost.”
Piramal further highlighted that it required investment in brand building and global brand building which is where the challenge lies. “How do we overcome the present crisis. Over the last few weeks, several policy announcements have been made both for short-term and long-term. However, there is a difference between what the policies articulated and when the ground implementation takes place,” he said further.
Watch the full interview here: