BT MindRush 2024: Multi-sector panel highlights bright spots and competitive edge of Indian economy

At Business Today's Mindrush 2024, a diverse group spanning technology and software design, fertilizers, cable manufacturing and hospitality industries identified several bright spots in the Indian economy as opportunities for their respective businesses. Saturday's event in Mumbai.

In a session titled 'India Inc's Competitive Edge: How Resilience Fuels Growth', the CMD of Lemon Tree Hotels opened the discussion by saying that India is at a different point in history when it has become free of various discretionary commodities. – Dispensation for a large part of the population. Pointing to the rise of air travel as an example, he said: “For hundreds of millions of Indians, three-quarters of India's favorite products will become routine. As it happens, it's bale bale for most preferred items. In every consumer preference segment in India, you have a ridiculous amount of demand. That's what I bet.”

Tata Elxsi, CEO & MD Manoj Raghavan said EV technology is their customers' primary focus in R&D. The company derives 50% of its revenue from the automotive sector. Whether it's in the US, Europe or India, a significant portion of R&D is being diverted to electric vehicles, but data from the past three months shows that a lot of people are unhappy with the overall evolution of the EV market, he added. “Unlike Indian roads where you can't drive 400 km a day, widespread anxiety in other countries is real. You may commute 50-100 km per day to and from office. So, there are a lot of challenges even in developed countries for EVs to really take off,” he pointed out.

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Speaking about the government's involvement in the fertilizer industry, Sailesh C. Mehta, CMD of Deepak Fertilizers and Petrochemicals Corporation, said agricultural production would not have increased without the government's policy of subsidizing fertilizers to farmers. „But today, the industry has matured so well that it needs to be liberated. It needs to be treated like a normal market-driven industry.

He highlighted that the industry emphasizes direct benefit transfer to farmers rather than the channel of fertilizer industry. “If that policy change happens, we will see a lot of innovation and change in the whole approach to layered agriculture today. What was good before, now we must grow out of it.

Amid the government's suggestion that the private sector should increase its capex expenditure to boost investments in the country, Kushal N. Desai, CMD of APAR Industries, said they have noticed a definite increase in capex among private companies in the country. The company manufactures cables used in various industries. “The amount of solar and wind energy, most of it is coming from private investments. Government plays only a regulatory role. That's a capital expansion incentive.” He added that capacity utilizations have increased to 80-90% in talks with customers. „A lot of capex is coming in. That cycle will continue,” he said.

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