It is time now for ‘design in India’ products

As India prepares for the commencement of a new government term, industry leaders share their insights on the upcoming agenda and its significance for the nation's economic growth and development.

Dr. Ajai Chowdhry, Co-Founder HCL, Chairman EPIC Foundation, and Chairman-Mission Governing Board, National Quantum:

"India’s verdict is one for stability and continuity. Policies of the incumbent government have added significant thrust to economic development as well as fast-tracked infrastructure development. To my mind, the next five years will prove to be pivotal in the way India’s position on the world stage evolves and aids in putting the country on the global map as a Product Nation in areas of Electronics, Semiconductors, Space tech, EVs, drones, Medtech, etc.

This is our time to develop design and manufacturing capabilities thereby reducing dependence on China. Similarly, there is a need to create a favorable environment for the private sector to invest more in R&D, an area which will give way to innovation and product creation. The last ten years have ensured Indian companies revitalize themselves; the PMs call for Aatmanirbharta has been met with much appreciation together with on the ground action.

It is time now, to transition and add focus on value-added manufacturing as well as ‘design in India’ products, thereby positioning India as a creator of global brands. I am sure the government will take decisive steps in taking forward its economic agenda and steer the country to greater heights."

Akshay Munjal, Founder and CEO, Hero Vired

"As the new government gets poised to take center stage, one is filled with utmost optimism regarding the future of the Indian economy. The first 100 days are the most crucial in laying the foundation for the next few years. I think that the elected government must prioritize making capital more accessible and available at competitive interest rates to empower entrepreneurs across India.

Regulations should be simplified and streamlined as this will help drive innovation and generate more jobs by propelling India’s vibrant start-up ecosystem. This is particularly essential if the nation is to achieve its ambition of emerging as a $5 trillion economy at the earliest. Additionally, strategic investments in digital infrastructure, renewable energy, and skill development will be necessary to maintain our growth momentum and combat global challenges. A comprehensive approach covering the above aspects will accelerate the country’s journey towards becoming the world’s third-largest economy, reinforcing India’s status as a global economic powerhouse."

Rishi Agrawal, CEO and Co-Founder of Teamlease Regtech

"The first 100 days undoubtedly need to focus on setting the tone for continued momentum on enabling ease of compliance. Labour reform is long overdue. It is a key hurdle in the country’s march towards Viksit Bharat. I expect the government to move aggressively with implementing labour codes. This move will reduce the duplication, overlap, and redundancy in India’s labour compliance obligations by 70% to 80%.

India is rapidly moving towards becoming a trillion-dollar digital economy. In an era where data is the new oil, the country still does not have a comprehensive framework for managing privacy and confidentiality. Building a digital edifice on a rather weak foundation of data privacy is fraught with danger. DPDP Act (Digital Personal Data Protection Act) successfully passed the legislative test in 2023. I expect the new government to take this Act and publish the rules within the first 100 days.

India has seen exponential outcomes with Digital Public Infrastructure in the last decade. The next logical step is to make regulatory technology a part of the DPI stack to enable cashless, presenceless, and paperless compliance for India Inc. This will reduce both the cost of compliance and the cost of poor compliance."

Dr. V. Veerappan, Chairman, IESA

"This is a historical moment as Prime Minister Narendra Modi returns to power for a third consecutive term; we congratulate him on this milestone. The Hon’ble Prime Minister has played a pivotal role in the thrust being provided to semiconductors and electronics manufacturing. His vision has been decisive in driving huge investments that have the ability to put India on the global map and make the country a hub for electronics manufacturing for the world. We also congratulate Shri. Ashwini Vaishnaw who has retained his portfolio as Union Minister of Electronics and Information Technology and the newly appointed Minister of State, Shri Jitin Prasada. Minister Vaishnaw’s continuity will pave the way in ensuring step-up of the support to the sector and Shri Jitin Prasada’s fresh perspectives will add to the sector’s contribution to economic growth and job creation. IESA is looking forward to working closely with MeitY in realizing the PMs vision of a Viksit Bharat and accelerating India’s journey towards becoming a Global leader in Semiconductors and Electronics.”

Industry leaders emphasize the importance of continuity, innovation, and investment in key sectors to drive India's economic growth and global competitiveness.

Key Points:

• Access to Capital: Making capital accessible at competitive rates empowers entrepreneurs.
• Regulatory Simplification: Streamlining regulations drives innovation and job creation.
• Strategic Investments: Investment in key sectors sustains growth and tackles challenges.
• Labour Reforms: Implementing labour codes enhances workforce efficiency.
• Semiconductors and Electronics: Focus on manufacturing growth for economic development.
• Stability and Continuity: Consistent policies foster innovation and investment.

The first 100 days will lay the groundwork for the new government's economic agenda, shaping India's path towards achieving its growth targets and global competitiveness.