There have been issues with the high cost of capital, high imports and lack of skilled manpower in the machine tool industry. How is the company strategising its business operations to eliminate these issues?
In the growth cycle of any economy, inflation and the high cost of capital are the by-products. The increased cost of capital can be counterbalanced by the enhancement of productivity and cost optimisation across the manufacturing processes. Rather than depending on the availability of skilled manpower, the industry must set up training to train the unskilled and semiskilled manpower in line with individual needs.
Our company has a robust training and development mechanism in place where we have a training set up with a pre-defined syllabus in accordance with the captive needs. Cost optimisation is another element where our team is thriving to produce goods at a minimal cost with the introduction of various productivity enhancement tools and practices.
Many companies have been focusing on going green/electric. How is the company working towards the same?
Going green is the need of the hour and Jyoti is keen on the concept. In particular, the automobile industry is on the verge of a paradigm shift from conventional to electric vehicles. We anticipate several alternate components where we do find an application for metal cutting, and we are continuously developing solutions for the same.
What would be your leadership suggestions to new-age leaders?
The new-age leaders must be agile enough to adapt to the ever-changing business circumstances. They must undergo the process of learning, unlearning, and relearning in line with the dynamics of the machine tool industry. There are lots of emerging avenues like aerospace, defence, energy, and last but not least, the electronics and telecommunication industry, where a focused approach needs to be kept.
The machine tool industry is considered to be the mother of the manufacturing industry. Hereby, the machine tool industry would act as a catalyst for the success of ‘Make In India’ with an enhancement of capacities, increased quality, and fast and thorough adaptation of new-age technologies to enhance productivity across the industrial spectrum.
Can you share the journey of your success story? What are the top three takeaways you would like to share about leadership?
It has been a long journey where we have undergone lots of thick and thin. As a leader, there are many takeaways about leadership. The persistence to thrive to produce quality products, customer orientation and agility to adapt the new technologies would surely pay back. Customer centricity is the most proven success factor for any business. For a leader, it is of utmost importance to produce other leaders as an ecosystem to build a long-lasting business entity.
A high level of accuracy is required for aerospace, automobile, and defence applications. How is Jyoti CNC‘s R&D centre contributing towards the same?
With a company like Huron Graffenstaden, France in our kitty, which is acclaimed for its proficiency in precision across the European subcontinent, we consider precision our forte. Our products are acclaimed for their consistent accuracy throughout the life span of the products.
We are keen on developing machines which can produce high accuracy through our R&D team of more than 80 R&D engineers, thriving to get the best of precision and accuracy all across our product basket. Our machines are well accepted and lauded in industries like aerospace, automobiles, and defence.
With Jyoti CNC continuing to take giant strides in machining tech in India and Europe, how do you foresee the current business outlook?
We are poised at an interesting juncture where the world is concerned about geopolitical circumstances like increased inflation across the western world; fear of recession in the near to mid-term future; gloomy picture of crude availability and prices; unending war situation in Russia-Ukraine; and so on and so forth; where we foresee India in a sweet spot.
The corporate earnings and capex cycle look promising, and so is the manufacturing sector growth. With the mission of Aatmanirbhar Bharat, India is set to become a $5 trillion economy where we anticipate 20-25% of the GDP would come from the manufacturing sector which counts to be the gig one trillion! The future looks promising with the various government initiatives like PLI schemes in various manufacturing sectors. We, as a country, would be beneficial in terms of the China plus one strategy for the world. The growth in the manufacturing sector will be reflected multi-fold in the machine tool industry.
Moving forward, how do you think the Indian machine tool industry can become globally competitive?
The Indian machine tool industry can become globally competitive for obvious reasons like the availability of manpower at a reasonable cost compared with global peers. Focused on productivity can make us competitive, and all the local machine tool players are serious about the enhancement of productivity in each of the manufacturing processes. Once the volume comes, the Indian machine tool manufacturer can be cost-competitive with the increased buying power. It may not be long before the Indian machine tool industry dominates the global machine tool industry as the western world is no more competitive due to various factors and the manufacturing base of lots of multinationals shifting from China to India.