The Economic Times Best Metal Cutting Brands 2018 were felicitated at the hands of Kamal Bali, President & Managing Director, Volvo Group India. While speaking at the event Bali highlighted importance of ‘Brand India’, he said, “In the coming future, five trends will shape the manufacturing industry – Digitalisation, Rapid Urbanisation, Skills Development, Sustainability and Customers’ approach.”
Elaborating on the same he said that it is important for companies to be relevant with changing times. “Digitalisation is not only the trend but need of the hour for companied to be relevant.”
Further he added that “Rapid urbanisation will affect the manufacturing industry. By 2050, almost 70 percent of the population is expected to be living in cities. This changes the manufacturing landscape as the needs of such huge urbanised population need to be fulfilled.”
“Moreover, customers have changed, they do not want products but they seek solutions,” he added.
“In order to fulfil these needs and also be relevant with the time, new skill sets have to be adapted to. And hence skills development remains one of the key pillars for companies to be sustainable in the future,” he concluded.
“With these trends, we have to build the Brand India that offers quality products at reasonable cost,” he concluded.