India’s growth in the manufacturing, healthcare and services sectors over the past decade has made it a force to be reckoned with. The next thing the country is aiming for is to become a beacon of sustainable growth. How does India plan to achieve this goal? At the NDTV World Summit 2024 session titled ‘Disrupting Indian Industry for Good’, the country’s top industry leaders – Baba Kalyani, Chairman, Bharat Forge; Sunita Reddy, Managing Director, Apollo Hospitals Group; and Ajay Shriram, Chairman and Managing Director of DCM Shriram Ltd – explained what needs to be done and how.
Prime Minister Narendra Modi delivered the keynote address of NDTV World Summit.
Manufacturing: “Made in India” for India and the world
Baba Kalyani emphasized the importance of the manufacturing sector in achieving India’s Vixit Bharat goals 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 a testament to India’s industrial potential.
The future of manufacturing, Mr. Kalyani said, lies in adopting new technologies, especially artificial intelligence (AI), to increase productivity, efficiency and quality. “AI will make an ordinary worker extraordinary because access to knowledge will be instant,” he said, adding how AI could help solve technical problems, streamline management processes and usher in new industries.
Healthcare Innovation: Engineering Affordable Medical Solutions
Sunita Reddy shared Apollo Hospitals’ vision of bringing healthcare and technology together to revolutionize medical device manufacturing. Ms Reddy said India has the potential to design medical devices at a tenth of the cost, making healthcare more accessible to millions.
“Our next journey is to combine technology and healthcare to touch the lives of 500 million using AI, chatbots and drones to deliver medical supplies across India,” Ms Reddy said. She also spoke about the importance of research, saying that India currently spends only 0.7 percent of its GDP on research, adding that greater investment is critical as the country faces increasing cases of heart disease, stroke and cancer. “AI technology could help save trillions of dollars in healthcare costs,” she concluded.
Innovation in Agriculture: Disruption through Technology
Ajay Sriram listed how innovation is transforming India’s agriculture sector. He lauded the government’s efforts to implement the JAM (Jan Dhan, Aadhaar and Mobile) Trinity, connecting farmers to essential services and real-time innovations.
Mr. Shriram also discussed the role of technology transfer in modernizing agriculture and the rise of e-commerce making agricultural products more affordable. “Disruptions are happening in all aspects of the medical and agricultural industries,” noted Mr. Sriram.
Defense Technology: Boldness and Complexity
Baba Kalyani discussed India’s progress in defence, an area that requires both passion and perseverance. “Ten years ago we would not have dreamed of exporting artillery guns, and today we have the largest capacity to do so,” he said. Mr. Kalyani explained the importance of intellectual ability and the need to produce superior products.
Green fuel and sustainability
On sustainability, Ajay Sriram discussed the government’s push for ethanol blending to reduce India’s fuel import bills. He explained that the blending target has been raised to 20 percent, highlighting how clean fuel initiatives align with India’s broader sustainability goals.
The panelists were unanimous in their optimism about India’s industrial future. With continuous innovation, focus on technology and strong government support, India is poised to become a global leader in manufacturing, healthcare, agriculture and defense technology. As Baba Kalyani confidently said, “India will make it happen.”
