An open market is essential to create innovation, choice and new products, said Mr. Scott. There is a big gap at the entry level for the consumer durables, he said. Foreign investment alone cannot drive the products at the retail segment but requires local retailers to access the market and product information, added Mr. Scott.
Mr. Nikhil Meswani, Executive Director, Reliance Industries said that focus on education, healthcare and communication will grow substantially for the marketers. Companies should realize that 70% of Indians live in villages and every minute about 31 people migrate to urban areas, he said.
He mentioned that this would lead to a change in the trend of buying pattern and the affluence factor of consumer. The growth of Indian economy has made the middle class rise faster than the expectations of the companies, added Mr. Meswani.
Moderating the session, Mr. Jehangir S. Pocha, Editor and Journalist, Businessworld mentioned that companies as well as consumers are reinventing themselves in a fast changing India. Indian market is changing from a sellers' market to a buyers' market, concluded Mr. Pocha.
Mr Malvinder M Singh, Chief Executive Officer and Managing Director, Ranbaxy Laboratories, India and Young Global Leader, said that the pharmaceutical industry in India represents 1% of the total global market.
Around 70-80 % of business for his company comes from overseas. He feels that for a successful acquisition deal, one needs to ask why is the deal required in the first place. There can be a host of reasons, for instance, market share, technology etc.
The next factor that needs to be noted is the financial viability of the deal. Sometimes it is better to let go a deal, and one should not be in a hurry to close deals. In conclusion, he said that Indian industry has managed mergers and acquisitions fairly well and the trend is not going to change in near future.
Confederation of Indian Industry
marketing@alchempro.com
