Innovation in the manufacturing sector is critical to achieve exponential growth as India moves towards the goal of becoming a developed nation by 2047, Bharat Forge Chairman and MD Baba Kalyani said on Monday.
Speaking at the NDTV World Summit, he also stressed on the need to develop technologies locally to give fillip to the manufacturing sector.
“I think India has to also create innovation in technology, we can’t just copy what we get from outside. We now need to make our products which the western world will copy from us,” Kalyani said.
He noted that for bringing new products focus on innovation is extremely important.
“There are many areas where we don’t make anything right…So I think we better learn to create technology on our own power, and that should be the dream of every Indian. Do it yourself. Do it for the country. Think of the country as a whole. That’s the name of the game,” Kalyani stated.
He stressed on the need to enhance the scale of manufacturing in the country.
“Manufacturing needs to grow 12 times and that’s not easy, because in many areas of manufacturing, you need to generate strategies to create exponential growth. Linear growth won’t work, and that’s the challenge in front of us,” Kalyani said.
He noted that there are a lot of advantages today because a lot of new technological breakthroughs are coming in.
Kalyani also noted that AI is expected to enhance productivity, efficiency and product quality in manufacturing plants.
Apollo Hospitals Group MD Suneeta Reddy stressed on the importance of innovation in medical practices particularly in re-engineering existing technologies to make them more accessible.
“I think our next journey is to bring technology and health care together..not just in terms of re-engineering medical equipment, but for looking for solutions for new diseases as well to probably make it more affordable to a large section of not just India’s population, but to the world,” she stated.
Reddy also emphasised on the need for more fundamental research in the country and doing away with reliance on replicating foreign research.
She also stressed on the need for increasing research spending from just less than one per cent of GDP to drive economic growth and improve healthcare.
Reddy also emphasised on the importance of preventive healthcare, community support and cultural activities to promote happiness.
“I believe it’s time for India to do this. Because we always talk about 2.5 lakh Indians leaving India, and USD 40 billion of wealth lost, right? But this is probably the right time for us to do this,” she noted.
DCM Shriram Chairman & Managing Director Ajay Shriram said disrupting industry for growth or development is absolutely crucial.
He noted that government’s initiatives like JAM Trinity have significantly improved farmer connectivity and knowledge transfer.
E-commerce is also playing a role in making agricultural inputs more accessible to farmers, he added.