Use of locally available materials helped Indian industry achieve investment efficiency, said V. Sumantran, Chairman, Defiance Technologies Ltd., here on Wednesday.
Speaking at a seminar on ‘Engineering Services Offshoring - Opportunities and Challenges,' organised by the Indo-American Chamber of Commerce (IACC), Dr. Sumantran said a similar strategy was adopted by industries in China.
For any engineering services provider, primary challenge would be proximity to end user or customer. For this services should have a brand name. Some of the top brands projected themselves as ones with the capability to deliver goods on time. But, for the smaller and newer companies it would be difficult. Thus partnering is an important element, he pointed out.
Companies in India should now invest in competence growth by defining the areas of focus, he said. Equally important was working in co-ordination with educational institutions such as the IITs.
Another important factor to achieve success was to master the art of global delivery system. IT companies had achieved this and other industries should emulate this model.
Earlier, speaking at the seminar, Bryan Dalton, acting Consul General, U.S. Consulate General, Chennai, said in 2009, Indian exports to the United States were worth $21.5 billion and U.S. exports to India were to the tune of $18.56 billion. This reflected the relationship between the people of United States and India.
The United States sought to build a long-term strategic partnership with India that served the broad national interests of both countries. India had many advantages to offer to the U.S. business community. The one billion plus population presented diverse opportunities for U.S. exporters with the right products, services and commitment, Mr. Dalton said.
Usha Srinivasan, chairperson, and N.V.Srinivasan, vice-chairman, IACC, were among those who spoke.
