Make in India week: Build local brands to build brand India, says Anand Mahindrahttps://indianexpress.com/article/business/companies/make-in-india-week-build-local-brands-to-build-brand-india-says-anand-mahindra/

Make in India week: Build local brands to build brand India, says Anand Mahindra

Mahindra also stressed the need for swifter imposition of bankruptcy laws and removal of the stigma of failure, which businessmen currently face.

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Anand Mahindra, Chairman and MD, Mahindra Group (Source: Express file photo by Dilip Kagda)

Mahindra Group chairman, Anand Mahindra on Sunday said the country will need to build global Indian brands to build in turn brand India which could help the country leapfrog China.

“Some people interpret the Make in India drive to be — come and put your Foxconns here, use us (India) as a workshop, as a sweatshop of the world. Let me borrow how our Prime Minister likes to use his 3Ds. My 3D is democratisation, digitisation and decentralisation of manufacturing through 3D printing and other technologies and India must be first in that too,”said Mahindra.

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“I think India has a tremendous advantage given the fact that we can now digitise our villages, digitise the artisanal qualities there and create a decentralised model of production, which will be a real triumph for Make in India. That to me is a challenge we need to talk more about,”said Mahindra while speaking at the CNN Asia Business Forum 2016 held in Mumbai as a part of the Make In India week.

When asked about the ongoing battle for growth between India and China, Mahindra said, “There will be a definitive transition in migration of some large scale low class work to India. My only concern is that it should not be the only place we do battle with China.”

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Mahindra also stressed the need for swifter imposition of bankruptcy laws and removal of the stigma of failure, which businessmen currently face.

On Saturday Prime Minister, Narendra Modi had said that the Make in India campaign reflects the need to provide things at lower costs. The campaign aimed at wooing overseas investors to use India as a manufacturing base has been launched by the government to create employment opportunities in India, he said.

Earlier in 2014, the Reserve Bank of India Governor Raghuram Rajan had said India needs to make for India, adding that either an incentive-driven, export-led growth or import-substitution strategy may not work for the country in the current global economic scenario. Rajan, at that time said that he is not advocating “export pessimism”.

“…I am counselling against an export-led strategy that involves subsidising exporters with cheap inputs as well as an undervalued exchange rate simply because it is unlikely to be as effective at this juncture,” Rajan had said.