“The pandemic though very traumatic, has resulted in the rebooting of systems and will result in increased efficiency and long term growth.”
Excerpts of the interview with Mr. Nirmal Saraf, Managing Director, Nirmal Group:
Challenges to reckon with:
The industry will have to augment its focus on the quality of the products and services to the customers and gear up to service the space created for Indian products in the global market amid the negative sentiment towards China.
Expectations from the Government:
In essence, the government needs to simplify laws and procedures and make compliance simple. The entrepreneur should not have to spend too much time on compliance and he should be able to focus his energy on production, marketing, and quality assurance.
Strategies to strengthen the economy post-COVID:
We plan to grow at a pace which is faster than the pace of growth of the economy and the steel industry which we are a part of. Further, we also plan to increase our global footprint. In parallel, the share of exports in our turnover will be continually increased in the coming times.
Fast forward to 2021 – the way ahead:
Although the COVID-19 pandemic did result in a significant downtime during the first quarter of 2019-2020; however, the pause has resulted in a lot of analysis, rethinking and redesigning of business models and processes. Many blind spots became visible and new and more efficient processes were designed and put into place. The employer-employee relationship improved as a result of the mutual cooperation to overcome the complexities thrown up by the pandemic. Any adversarial notions were replaced by collaborative ones and interactions with all stakeholders became more humane. The pandemic though very traumatic, has resulted in the rebooting of systems and will result in increased efficiency and long term growth.