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India’s growth in the manufacturing, healthcare and services sectors over the last decade has made it a force to reckon with. The next thing the country aims for is to become a beacon of sustainable growth. How does India plan to accomplish this goal? At the 2024 NDTV World Summit session titled “Disrupting Indian Industry for Good”, the country’s top industry leaders — Baba Kalyani, Chairperson of Bharat Forge; Sunita Reddy, Managing Director of Apollo Hospitals Group; and Ajay Shriram, Chairperson and Managing Director of DCM Shriram Ltd — explained what needs to be done and how.
Prime Minister Narendra Modi delivered the keynote address at NDTV World Summit.
Manufacturing: “Made in India” for India and the World
Baba Kalyani underlined the significance of the manufacturing sector in achieving India’s Viksit Bharat objectives outlined by the government. According to Mr Kalyani, “Without manufacturing, India cannot achieve its goals.” Bharat Forge, which has been exporting critical components to major global automotive original equipment manufacturers (OEMs) for over two decades, is proof of India’s industrial potential.
The future of manufacturing, Mr Kalyani said, lies in the adoption of new technologies, particularly artificial intelligence (AI), to enhance productivity, efficiency and quality. “AI will make an ordinary worker extraordinary, as access to knowledge will be immediate,” he said, adding how AI can assist in technical problem-solving, optimise management processes and usher in new industries.
Healthcare Innovation: Engineering Affordable Medical Solutions
Sunita Reddy shared Apollo Hospitals’ vision for bringing healthcare and technology together to revolutionise medical device manufacturing. Ms Reddy said India had the potential to engineer medical devices at one-tenth the cost, making healthcare more affordable for millions.
“Our next journey is to combine technology and healthcare to touch 500 million lives using AI, chatbots and drones to deliver medical supplies across India,” Ms Reddy said. She also spoke about the importance of research, saying India currently spends just 0.7 per cent of its GDP on research, adding a greater investment is critical, given the country faces increasing cases of heart disease, stroke, and cancer. “AI technology can help save trillions of dollars in healthcare costs,” she concluded.
Innovation in Agriculture: Disruption through Technology
Ajay Shriram enumerated how innovation was transforming India’s agriculture sector. He praised the government’s efforts in implementing the JAM (Jan Dhan, Aadhaar, and Mobile) Trinity, connecting farmers to essential services and innovations in real time.
Mr Shriram also discussed the role of technology transfer in modernising agriculture and the rise of e-commerce, making agricultural products more accessible. “Disruptions are happening in all aspects of the medical and agriculture industries,” Mr Shriram noted.
Defence Technology: Courage and Complexity
Baba Kalyani discussed India’s strides in defence, a field that demands both passion and perseverance. “Ten years ago, we never dreamt of exporting artillery guns, and today, we have the largest capacity to do so,” he said. Mr Kalyani explained the importance of intellectual capability and the need to produce superior products.
Green Fuel and Sustainability
On sustainability, Ajay Shriram discussed the government’s push for ethanol blending to reduce India’s fuel import bill. He explained the blending target has been raised to 20 per cent, highlighting how green fuel initiatives align with India’s broader sustainability goals.
The panellists were unanimous in their optimism about India’s industrial future. With continued innovation, a focus on technology, and strong government support, India is poised to become a global leader in manufacturing, healthcare, agriculture and defence technology. As Baba Kalyani confidently said, “India will make it happen.”
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