At virtual event hosted by the India Japan Study Centre at IIM Bangalore, Baba Kalyani encourages Indian firms to forge partnerships with the country’s research centres and up their game
10 MARCH, 2021: “At present, India is on the cusp of the fourth industrial revolution. Japan calls it Society 5.0. This is basically a convergence of Artificial Intelligence, Internet of Things (IoT), and all digital approaches, with a focus on how to make people’s lives matter and better, by bringing efficiencies into everything that one does. India is pretty much in the middle of this revolution,” said Baba N. Kalyani, Chairman & Managing Director of Bharat Forge Ltd.
The entrepreneur and technocrat spoke to Saideep Rathnam, Chief Operating Officer, India Japan Study Centre at IIM Bangalore, as part of the centre’s lecture series called ‘Tatsujin-Speak’ on 26th February. His talk on ‘Technological Innovation & Sustainable Economic Development! What can India and Japan learn from each other?” focused on the role of R&D centres and the private sector in accelerating the growth of a technology-driven ‘Atmanirbhar Bharat’.
Responding to a question on how crisis can be converted into opportunity, he offered examples of how the Great Depression and the World Wars had triggered exponential technological and industrial revolution in USA and Europe. “Something similar happened in India when we went into a lockdown due to the pandemic. Private sector companies, especially in the pharma industry, rose to the occasion. Today, India is one of the largest producers of the vaccine. This is a perfect example of how crisis triggers innovation.”
Arguing that silos were broken down during the pandemic, he said everyone – from those in positions of power to the common man – had got into mission mode to deal with the crisis. “In 2020, a digital India was born. A feat that would have taken six to seven years to achieve was reached in mere months triggered by the crisis.”
When asked which sector India must focus on with regard to innovation in the next five years, Baba Kalyani replied that instead of a sectoral focus, the country would do well to bring in digitization and cutting-edge technology in every sector be it finance, infrastructure, manufacturing, defence, healthcare or agriculture. “The speed of development of new technologies and products has never been greater than what it is today. By the time we invent a product and try to develop it, it becomes obsolete. Countries like China and Japan announce new inventions every day. India is not far behind. We are looking at the rise of frontier technology whether it is through quantum computing, hypersonic travel, deep ocean technology or even studying viruses to understand what future pandemic could hit us. Innovations in the Fintech sector in India are much better than anywhere else in the world,” he said, adding that in a VUCA environment, one needs the right talent. Therefore, fostering partnerships with Research & Development centres is important. “The old method of getting a ToT, i.e. technology transfer, and producing something simply doesn’t work in this day and age. If you need to be truly ‘atmanirbhar’ (self-reliant), you need to create your own IP and frontier technology. This can be done by forging meaningful partnerships with research institutions across the country. Many institutions in India, including IIMs and IITs, and IISc, have some amazing research and incubation facilities which are accessible and open to everyone. Companies now understand the value of India’s vast research ecosystem and their contribution towards creating an innovative society.”
Discussing the strategic partnership between India and Japan, Baba Kalyani said although the two countries were a winning combination in the areas of defence, trade and manufacturing, India could learn a lot to learn from Japan when it comes to innovation. “The size of the relationship between India and Japan can grow as big as the aspirations of the people of both the nations and, this, in turn, will lead to bigger opportunities and enhanced relationships,” he added.
For more details, contact IJSC at - india.japan.study.centre@iimb.ac.in