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HomeNationalTracing the roots of India's growth story are established companies that have...

Tracing the roots of India’s growth story are established companies that have made modern India imtFGN News

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FGN News,

By June 2022, the total production of passenger cars, three-wheelers, two-wheelers and quadricycles in India will reach 2,081,148. The Indian automotive industry aims to increase vehicle exports fivefold between 2016-2026, and in FY22, the total number of vehicles exported from India was 5,617,246. The Government of India expects the automobile sector to attract domestic and foreign investment of US$ 8-10 billion by 2023.

According to NITI Aayog and Rocky Mountain Institute (RMI), India’s EV finance industry is expected to reach Rs 3.7 lakh crore (US$ 50 billion) by 2030, and in the same year, India offers opportunity for electric and autonomous vehicles. Can be a leader of joint movement.

These figures are particularly striking because cars (and even two-wheelers!) are considered a symbol of luxury for middle-class Indians. It was only 40 years ago today. It is also important to note that until 1991, Indian businesses had to operate under a very strict licensing regime: between 1947 and 1990, a system of licensing, regulations and red tape prevented the establishment and operation of businesses Indian.

The License Raj was brought about by Indian thinkers who saw socialism as a way to empower poor farmers in India. When these thinkers came to power after independence, socialist ideas found their way into the license rule policies. Unfortunately, in practice, the license rule acts as a barrier to economic growth and the betterment of the poor, rather than the other way around. For Indian businesses, even successful ones, there are many obstacles in their quest for growth.

However, some companies have managed to overcome these challenges and become household names. These are the companies that make the best types of products, and they are in such demand that people wait up to 10 years to buy them. Similarly, the Indian automobile sector is home to a large industry.

Mobility in India in the 1970s-90s was not easy. Even in the capital, the bus service is not on time, and it is an experience. Taxis and rickshaws drive voluntarily (and still do!), and in most Indian cities charge fares that differ significantly from the official fare list. Besides, it’s expensive. Can’t be trusted either.

For a middle-class family at that time, the biggest wish was to have their own scooter – a Bajaj Chetak. Today there is a whole generation of 40-year-olds who remember going to school standing on the pedals of their father’s Bajaj Chetak scooters.

In 1972, the Bajaj Chetak was launched in a market known only for imported Vespas and Lambrettas (also brought to India by Bajaj Auto). It was modeled on the Vespa Sprint, but named after Maharana Pratap’s trusty Chetak. It’s not that scooters are something strange, it’s that this scooter is an invention. Demand is greater than supply.

But, since this was an era of license raj, Bajaj Auto could not increase production at will to meet the demand. That means the price has doubled, and soon, the waiting period for the new Bajaj Chetak will be 10 years. And people keep waiting, because they know Chetak is right for them. It is worth buying. It is strong. Kicking pushed it. Anyone can fix it. And the mileage is very good. In short, this is a quality product from a company known for its integrity.

While this is Bajaj Auto’s biggest success so far, this is not the first time it has caused a stir. Bajaj Auto single-handedly started the two and three wheeler revolution in India. In 1948, they started selling imported cars, and in 1959, they gradually moved into manufacturing two and three wheels. Their success took them into the 1960s, where they became a public limited company, and just ten years later, in 1970, they launched their 1,00,000th car. In 1977, the rear-engine rickshaw offered a better alternative to crowded buses, and suddenly, it became safer for women to go to college, go to work or take their children to school. alone.

This was followed by liberalization in 1991. Bajaj Auto has weathered the storm of global competition by insisting on providing high quality, durable, reliable vehicles at affordable prices. Today, Bajaj Auto is India’s largest exporter of automobiles, accounting for more than 50% of the country’s two-wheeler and three-wheeler exports with a turnover of Rs 11,845 crore. In FY 2019-20, 47% of Bajaj Auto’s production was exported to over 79 countries.

In many respects, the story of Bajaj Auto is similar to the growth story of India Inc. Both started in unfavorable circumstances and had to work hard for every small success, both had to adapt to changing circumstances and both grew stronger because of it.

Bajaj Auto is one of India’s largest auto companies that survived the end of the license rule. One of the reasons for this is their ability to constantly reinvent themselves and push themselves to higher levels. However, the core of Bajaj’s offering has always been quality: product quality, service quality, and unquestionable integrity.

Building on this strong foundation, Bajaj Auto was instrumental in the economic climate of the late 90s, when, after a historic liberalization effort, India was able to comply and adhere to the highest international standards of quality. There was a need to come up with an acceptable method. In 1996, Quality Council of India (QCI) was established and GOI collaborated with three leading industry chambers ASSOCHAM, FICCI and CII to form QCI as an organization.

The opportunity could not be better for Indian companies who are facing stiff competition from international companies for the first time. Domestic companies have to learn and adapt to international quality and performance standards while competing. Price-conscious Indian consumers are suddenly inundated with choices and voting with their wallets. Indian companies that have survived this upheaval are not only quick enough to adapt to rapidly changing consumer preferences, but they are also at the top in terms of quality.

QCI has played a pivotal role in shaping the quality movement in India over the past 25 years by ensuring the quality standards of our wares and validating products across multiple industries. By building the framework and providing the resources they need, QCI has helped set a new benchmark for how Indian companies approach quality, integrity and customer centricity.

India’s quality movement, Ganuta to Atmanirbharat, continues to challenge Indian businesses to achieve higher standards, competitive advantage, and greater customer loyalty, enabling them to succeed in the global marketplace. . With the robust growth of India’s manufacturing sector, improvement in ease of doing business and continued improvement in infrastructure, it will be interesting to see how many of our companies rise to the challenge of becoming household names, not just here but all over the world.

To learn more about QCI, and India’s Ganutta Se Atam Nirbharata Initiative and the many ways it has impacted our lives, visit https://www.news18.com/qci/

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