China+1 is making India a clear choice for MNCs: Kumar Birla
PremiumBirla said that clean energy transition would be done over decades as India aims to generate 50% of its power requirements from renewable sources.
India is a clear choice for global corporations looking at countries as part of their China+1 strategies amid a decadal reshaping of supply chains, said Aditya Birla group chairman Kumar Mangalam Birla, in his new year note.
“A decadal reshaping of supply chains is underway. As global corporations start to look at countries across Asia as part of their China + 1 strategies, India is a clear choice. Supply chain repositioning is complex and needs us to stay the course," he said. India combined several factors of economic might, a large working population, robust democracy and entrepreneurial energy which would lead to India’s rise over the next 25 years of Amrit Kaal, he said.
Highlighting four other key trends that have a multi-year impact, Birla underlined India’s unique place in global economy as the country further opens up to trade and investment, and put the onus on Indians including Indian companies to take advantage of the opportunities.
“As India further opens up to trade and investment, forms new alliances and reaffirms old ones in the changing world order, it will have a unique place in the global economy. It is now up to us, its people, its companies, and its leaders to harness these opportunities in India’s favour," Birla wrote in his note.
Birla said that clean energy transition would be done over decades as India aims to generate 50% of its power requirements from renewable sources. The $60 billion metals-to-telecoms Birla Group was making similar investments in green energy, the circular economy and sustainable materials, across a range of its group companies, he said.
On the burgeoning startup ecosystem that has seen large availability of capital and young talent that has led to new business, Birla cautioned that there were no short cuts to building businesses. “It’s also increasingly clear that there is a thin line between hustle and hubris."
He recommended that start-ups should build create a culture of values where actions matter more than slogans, as they build great teams and bring new talent, at a time when there have been too many examples recently of teams that have embraced short cuts.
Birla highlighted the challenges to continuous reinvention, amid shortening business cycles due to changes in technology and consumer choices.
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