Dr Pawan Munjal’s three Cs for India Auto Inc's future growth

Captains of India Auto Inc shared their leadership mantras at the 60th Annual Convention of the Automotive Component Manufacturers Association of India (ACMA), the apex body representing India’s auto component manufacturing industry. While a self-reliant India and the role auto component manufacturers can play seemed to be the overriding theme, there were also a constructive engagement on how to be transform the current adversity into an opportunity.

Optimistic and seasoned industry veteran, Dr Pawan Munjal, CMD and CEO, Hero MotoCorp, the world’s largest two-wheeler OEM, termed this as the, “dawn of a new era.” Aware of the status of the automotive industry, he agreed that, “This pandemic following two years of slowdown could not have come at a worse time.” But that is no reason to crush his gutsy business spirit. Instead, he feels the component industry, “needs to look for opportunities in every crisis. Need to design a new future, paving the way towards Atmanirbhar Bharat.”

Pointing out one of the key positives for us here he mentioned that, “India’s key advantage is having one of the world’s largest young population. India has a clear edge to become a major global hub.”

Of course, this needs some ground work and systematic upgradation. He highlighted that, “For that, we must invest in technology and quality upgradation and most importantly in digitisation. The government needs to invest and give the appropriate push in this context. The rural economy has picked up, given the stimulus push as well as favourable monsoon.”

Indeed the rural economy is one of the lead protagonists as India Auto Inc scripts its revival story from one of the longest downturns. Though there are green shoots in select pockets, Munjal insists that, “Primary attention needs to be given to the safety of employees, both their lives and livelihood.” Human resources and the value of investing in them over the longer term is part of his prescription for tackling supply side shocks. Even as the auto sector continues to be overwhelmed in overcoming a variety of roadblocks on the supply side, Munjal says, “Availability of manpower and inconsistency of Covid-19 protocols remain key concerns on the supply side. There is urgent need for standardisation in this context.” 

Partnerships and collaborations at the current juncture are absolute necessities for the auto industry as a who. Therefore, he reiterated the need for, “Constructive partnership between OEMs and component manufacturers, which is key to growth in current times.” His parting advice highlighted the three Cs that can help India Auto Inc chart a heathy roadmap to revival: “Connecting, communicating and collaborating is the way forward for the auto industry.”

DR Munjal said: "'VUCA' as meant in business jargon means Volatility, Uncertainty, Complexity, and Ambiguity. But VUCA for me is means Value, Unique, Co-creation and Action. Let's do it all together for India to be at the forefront of mobility globally. This is the dawn of a new era. India Auto Inc needs to look for opportunities in every crisis. Need to design a new future, paving the way towards Atmanirbhar Bharat. We have to lead other industries into thinking like us."