Industrial Development will play a key role in India becoming a 5 Trillion economy: Chandra Prakash Agrawal

Mumbai: Finding new categories in businesses is the way to make new India said Sanjeev Juneja, Founder, SBS Group of Companies. Speaking at ABP Network’s second edition of the ‘Ideas of India’ summit on the topic, ‘India Inc. – Building tomorrow’s Economy’, he said “It’s easier to start with one hero product and extend that further.”

Further explaining about brand-building, he explained that “Result-oriented products become brands” only then the masses accept them. “Running a pilot test in the market can help steer clear of big failures and ensure that a product delivers results,” he added. The Founder of SBS Group of Companies also emphasized on the product being more important than marketing. Explaining this, he said, “Both product and marketing are important, but the product is most important and its positioning is also key.”

The panel was further enlightened by the presence of Chandra Prakash Agrawal, Chairman & Managing Director, Gallant Group of Industries who also spoke on the topic, ‘India Inc – Building tomorrow’s Economy’. He said, “The growth that India can achieve with agriculture is limited and to be a 5 trillion economy, industrial development, infrastructure, and goods transportation have a major role to play.” He believed that “Growth of industry will improve people’s standard of living.”

He laid emphasis on the need for better infrastructure for, “Without infrastructure, any ideas or talk regarding development is futile”. He also asked “Why not Vande Bharat trains for goods traffic movement”. Sharing his views on scrap, GST and a better redressal system, he said, “there has been a relaxation with respect to multiple compliances with GST but, the multiple slabs should be reduced to three.”

The MD & CEO of SENCO Gold & Diamonds, Suvankar Sen, also present on the panel, said, “As an industry we have been working with the government so that consumption goes up for the consumers of the new generation as jewelry is a real asset.” He envisions a ‘Brand India’ which “should stand for quality and design as we have a long history of art and craftsmanship”. “It’s time for Indian jewelry brands to start expanding and the world will want to own a piece of Made-In-India jewelry,” he added.

He explained the role of tech in making jewelry for the new generation consumers as “There’s a lot of demand for Lab-grown diamonds worldwide”. He discussed, “We have become the largest exporter of lab-grown cut 7 polished diamonds as there is a need for such products which are environment friendly.”

The summit promises an invigorating line-up of speakers with prominent figures from the world of business, politics, artists from the Hindi Film Industry, authors and other eminent sectors. The two-day conference confluences diverse ideas from various industries to promote India in becoming a burgeoning leader in the world.

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