What is your outlook on the current business scenario and what are the changes anticipated in this year? How optimistic are you in terms of the economy bouncing back on track?
Businesses are reeling under recessionary trends around the world, and we, in India, are seeing a sudden dip in growth, which has shocked the economy. Some sectors saw a steep drop, while in others, it was marginal. MSMEs have suffered much and contract employees have lost their jobs.
However, I would like to note that the business did not stop and now there are signs of an upswing. I am optimistic that 20-21 will be better than the previous year. BS VI will surely remove the confusions in the minds of buyers as well as producers. We have already seen that December 2019 did show a growth of sales of passenger cars, signalling an upturn from the trough.
With good monsoons, I also expect the farming sector to recover, which will, in turn, help the sentiments of various sectors and we should see investments happening. However, expectations of a comeback of the previous stellar market is to be viewed with scepticism.
What is your agenda / plan-of-action for the year 2020, in
order to be competitive and stay relevant to customers and
catch up with the growth momentum? Upcoming challenges
can no longer be met using conventional methods. What's
your take on this?
It is a changing world and the year 2020 is a turning point. Disruptions are everywhere and the way we do business needs to adapt to these fluid times.
To meet the upcoming challenges of 2020, UCAM’s conventional approach has been improving efficiency, reducing cost and spending time on strategies. While these methods still hold good, our new strategy is to make the R&D department more robust, which is not only capable of steadily churning out new products, but also giving a new look and dimension to the existing models to meet the changing customer expectations.
People and process development are the other areas which we are focusing on, with an objective to be flexible and resilient enough to face future downturns.
How should a company effectively bridge the gap between optimising existing technologies & investing in advancements? Would you like to share examples from your organisation?
Most technologies that companies possess are generally hugely underutilised. Brainstorming, and training to completely utilise the length and breadth of the available technologies will be paramount. Having done this, investment in advancements needs to be based on individual strategies being pursued.
Our mentality is to implement CAPEX and invest during downturns. This time, too, we have done the same. The target was to create future capacity, whereby creating a market-ready environment and to be able to adapt quickly to change, according to the demands of the customer.
How can India build sustainable breakthrough ecosystems for nurturing global businesses and achieving manufacturing-driven growth? At the same time, how can the industry respond to uncertain economic cycles and technological disruptions, simultaneously?
For manufacturing driven growth, the key is to support the MSMEs, which are the vital sectors driving the economy. Government intervention in terms of simplifying regulations will further improve the ‘ease of doing business’.
The bane of the Indian industry has always been the gap between the required infrastructure and the available infrastructure. This needs to change. While basic needs of connectivity, electricity etc are a given, availability of land in the peripheries of metros will help manufacturing growth, and easily accessible finance will boost the struggling smaller enterprises.
Indian companies must make continuous efforts to improve operational efficiency, vigorous skill development and focus on quality, which will create companies of resilience. Plus, government support policies in all these areas are a must.
Today, the new mantra is the marriage of economy and ecology. In this complimentary approach, the larger interests of the business community will be addressed. It is the only sustainable long-term solution, a win-win scenario for both, the industry and the environment.