Mr. Suresh Prabhu, Minister for Railways, has stated that while the rest of the world is currently faced with the challenge of weak demand, India has a huge unmet demand despite global overcapacity, and has stressed the need for India to work out a strategy to increase supply in innovative ways.”
Speaking at the AIMA Managing India Awards presentation ceremony in the capital, Mr. Prabhu cited the example of India’s initiative to increase energy supply through renewable sources, since there is shortage of conventional fuels. Of course, India is on its way to become the largest producer of energy from renewable sources.
Citing uncertainty coming from externalities as a key challenge for Indian companies, he said: “Nobody seems to know what is happening as what’s happening thousands of miles away can affect any business. Even at G20 meetings, the challenge is to understand the uncertainty and manage the future of the national and global economy.”
Mr. Prabhu praised the Award winners and commended the AIMA effort at honouring champions from diverse domains.
The AIMA Managing India Awards are given every year to distinguished business leaders, philanthropists, start-ups, artists and Indian and foreign multinationals. These awards honour the outstanding individuals and companies that make a substantial contribution to India’s social and economic development and its global prestige.
Mr. Rajiv Bajaj, Managing Director, Bajaj Auto Ltd., who received the “Business Leader of the Year” Award, said he had a dream of making a motorcycle that would make Indians feel that they were ahead of the rest in the world. “Half of what we produce goes overseas, and 70% of India’s motorcycles exports are from Bajaj.”