Goenka said India has never been able to develop a brand in manufacturing. “How many products get sold outside India with ‘Made in India’ because they are Made in India,” he said, adding the only reason they’re sold is because of lower cost of products.
“When you think about Japan, you think about quality, when it’s about Germany, you think about engineering, then China for low cost of production and South Korea it is about value for money. What is the narrative that India has?” he said adding that India needs to define its brand and build it on that basis.
Giving an example of India’s auto component sector, a developed industry, Goenka said India’s trade of auto components is 1.3% of the overall global trade.
“The country with such a big auto industry, with low labour cost, why is our trade just 1.3%? It’s because there is resistance in buying from India, not because of cost, because we don’t have a manufacturing brand,” he said. “It’s because people don’t associate quality and technology with Indian manufacturing.”
Goenka said while the task of making India “Aatmanirbhar” is on the industry, the government needs to be a facilitator.
“My only request from the government is that we need speed. Whatever has to be done, let’s decide and do it immediately,” he said. “We have a window right now, if we let that window pass, it’s probably never going to come back again.”
He said there’s also potential to develop sunrise industries such as drones, CCTVs and electric vehicles, and India shouldn’t let the opportunity slip out of its hands.
“These are going to be big industries in 10 years from now.”