There is a need to address the twin challenges of productivity and quality for India to excel, said Union Commerce Minister Piyush Goyal on Monday.
While speaking at ACMA’s Atmanirbhar Excellence Awards and Technology Summit 2023, he noted that India had entered the Amritkaal and was leading the world in crucial arenas such as sustainability.
He said that the growth of our economy and our businesses would depend upon our levels of investment in technology and R&D.
He observed that several sectors and companies were reaping an ROI that was many times their investment in innovation and R&D.
He said that as a nation, if we address the twin challenges of productivity and quality, India would excel with its technology level, managerial capabilities, skilled workforce and commitment levels.
"With a focus on these two aspects, India would also excel in price competitiveness and succeed in meeting the needs of both India and the world," he added.
The minister called to attention the obvious synergies between auto component manufacturing and defence indigenisation and urged the industry to focus their efforts on promoting indigenous manufacturing and building self-reliance in defence technology.
The minister asked the auto components industry to also focus on formalizing the informal portion of the sector to ensure that duplicate components don’t affect India’s credibility in the world market.
He urged the industry to raise its voice against the infringement of copyrights and patents. He also asked the industry to make an extra effort to educate their customers on the quality of products, the lifetime costs and the risks associated with low-quality products.
Goyal also said that India would be the next frontier of technology, development, production and supply and would serve the world honourably while respecting the environment and sustainability.
He noted that sustainability and respect for nature came naturally to us and were ingrained in our cultural and civilizational ethos. He also asked the auto industry to make a net zero commitment to itself and set timelines to achieve it.