Look ahead, promote innovations, says Gen. Singh
India needs to reinvent like Japan and China, both of which have become global economic leaders.
Speaking at the 115th Annual Session of PHD Chamber of Commerce and Industry, Minister of State General (Dr) VK Singh quoted examples of Japan and discussed the country’s achievements in churning out goods that captured the world market.
“We need to reinvent ourselves like Japan and China,” further stressed Gautam Bali Managing Director, Vestige Marketing Pvt Ltd.
“If our country does not look ahead, does not promote innovation, does not emphasize on research and development, then it is going to stay a plateau and will not develop,” warned Gen. Singh, the Minister of State for Road Transport and Highways.
Gen. Singh highlighted that the Chinese market supply volumes are high and sold in the entire global market yet the quality is not sustainable.
This is something as an opportunity for India needs to tap, he said, pointing out that “Self-reliance (Atmanirbhar Bharat) is not isolation but about plugging into the global market and economy and realising and working on our domain of excellence”.
He highlighted the importance of reverse engineering, adding “(As) technology becomes your gain and technology will become our strength.”
Pradeep Multani, Vice President, PHD Chamber, opined that more demand-side reforms should be undertaken to lift consumer sentiments and propel new industrial investments by businesses.
PHD Chamber President Dr. D K Aggarwal underlined, “our country needs to strengthen the manufacturing sector, increasing the competitiveness in domestic manufacturing, focus on supply chains, among others.
He also noted that India is opening gates for theworld to set up green technologies but stressed that for the country to become a part of the global supply chain, it needs trusted partners.
Land, labour, liquidity and legal are the big bang reforms which now need a concrete implementation, according to Dr. Aggarwal.
The PHD Annual Awards for Excellence 2020 were given to corporations and business leaders for their outstanding achievements and contributions in select areas and for promoting corporate and individual initiatives in economic, social, educational and cultural areas.
The winners:
• Good Corporate Citizen Award For Social Welfare 2020 – Grasim Industries Ltd, a unit of Indo Gulf Fertilisers
• Distinguished Entrepreneurship Award 2020 – J C Chaudhry, Chairman & Managing Director, Aakash Educational Services Limited
• Distinguished Entrepreneurship Award for MSME 2020 – Manu Chopra, Managing Director, PDS International Pvt Ltd.
• Outstanding Business Woman Award 2020 – G. B. M. Ratna Kumari (Mallika Manoj Grandhi), Chairperson And Managing Director, Manoj Vaibhav Gems N Jewellers Pvt Ltd
• Award for Excellence for Start-ups 2020 – Deep Bajaj, Founder, Sirona Hygiene Pvt Ltd
• Life Time Achievement Award 2020 – Binay Kumar, Chairman & Managing Director, Banaras House Pvt Ltd.
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