India is the most competitive manufacturing destination on this planet. If we are able to take advantage of that competitiveness for our domestic markets, this country would be humming with activity; industrial production will grow at 10-11% per year.
We passionately set up a programme that we call the Indian gun programme. I challenged Colonel Bhatia, who heads our defence business, that let's build an Indian gun. There's a belief that Indian companies aren't capable of this, and we want to prove them wrong, as we did in components.
We need to just study what other countries have done. There are examples of a strong partnership between the defence establishment and the private industry.
We manufacture automotive components including critical engine and axle parts for passenger cars, diesel engines and medium & heavy commercial vehicles. Till 1997, our focus was almost entirely on the domestic market with a relatively insignificant portion of revenues from exports.
Subsidies on petroleum products and fertilizers should be phased out in a defined, time-bound manner. The resources that would get freed up could then be used to fund various social sector programmes in education, healthcare and other priority sectors.
So far, the general perception, including the perception in India, was that we are not capable of using high technology. They simply refused to believe an Indian can do it! I somehow was not ready to accept that this is not possible.
Politicians said that with our cheap labour, we could be competitive in the world. Nothing could be further from the truth. We were the most uncompetitive country with that cheap labour.
Our strategy should be based on indigenisation and import substitution. The government must provide opportunities for domestic companies to participate in sectors in which the country continues to depend on imports.
Our real focus is going to be what can we do with our existing capacities, what new things can we do, and how much more demand can we fulfil with our existing capacities.
Indians have very good engineering capabilities, and that is why, if an industry focuses on innovation, you will have a far greater chance of success, rather than the model which is based on just being a production machine.
The advantage comes out of the capability of Indian engineers and the competitiveness of their capabilities and the cost at which they can create those capabilities.
India is still considered a preferred destination for many multinationals to manufacture cost-competitive high-technology products for domestic consumption as well as for global demand.
India has the capability to create a fairly extensive defence manufacturing capability in many areas, and as a country and as an industry, we have matured in terms of technology and capability to make this happen.
In 2006, the global economy was doing well. In India, the political and economic situation was stable. All key macroeconomic indicators reflected an economy that was in robust good health.
Import and substituting imports with domestic production are a big opportunity. With a devaluation of the rupee, imports get expensive, and for Indian manufacturers, this creates a huge opportunity.
I have what is probably the largest big bike collection in the city: a Fat Boy, a sportser Harley Davidson and two Yamahas. All these are 1200cc-plus bikes. Riding these bikes is something I still do and some trekking as well.
I had the option of building a career in the U.S. Many of my friends who went at the time did not come back, but for me, building the family business and being with family was worth it. I became a general manager within four months, as I used my education to improve productivity and output.
I don't think one party has a bad vision over the other party. I have no doubts that every Indian and every Indian political leadership would like to see this country get to a much better level. We would all like to see inclusive growth.
I am sick and tired of the process where everybody tells you that Indian companies don't have the technology and capability. We need to put money where our mouth is and make things happen, and that is what we are trying to do.
Fundamentally, we have broken our aerospace business into three parts - large parts which go into the wings and fuselage, components for jet engines, and specialised structural components for landing gear.
