There is no defined approach to operate a firm or an industry, whether stable or unsettled. However, decision-making is an important aspect for dealing with troubled industries, which must be spot-on to increase the chances of transforming the same.
India’s heavy engineering sector is one such industry that was under tremendous pressure to deliver the goods, as it covers important segments such as capital goods, transport equipment and heavy machinery.
The heavy engineering industry manufactures tools and machinery to support a wide range of industries such as petrochemicals, consumer durables, defense, aerospace, steel, paper, textiles, etc. Major heavy engineering industries in India like Larsen and Toubro, ABB, Cummins, etc., have played a crucial role in maintaining the accuracy in production floor during all these years.
However, the fortunes of heavy engineering industry have changed with Industry leaders like Pawan Kumar Ruiashaping the sector by turning around sick companies.The chairman of Ruia Group, PawanRuia considered traditional firms to be a part of India’s engineering heritage and started operating one such company,in spite of all the challenges.
The ailing company was turned around emphatically and it started earning profits from the very next year. The various segments of manufacturing at these firms outstretched into infrastructure zones, as well-developed infrastructure is the foundation of growth in any country, paving the way for a better quality of life and rapid rise in GDP.
It is estimated that 50 per cent of the demand for construction activities in India comes from infrastructure sector, while the rest comes from industrial activities, residential and commercial development. In the 12th Five Year Plan, the government has earmarked approximately $1 trillion for infrastructure investment, with 40 per cent of the funds to come from the private sector.
The government estimates over US 27 Billion investment is required during the 12th FYP (FY 12-17) in road infrastructure.A major contribution fromprivate sector is required for implementation of NHDP through contracting and Public Private Partnership, making the role of private players even more important.
This is where tycoons like Pawan Kumar Ruia have stepped up to undertake the necessary measures during tough times. Becoming the most-sought-after person in the industry, with traits like quick decision-making, risk management, productivity maximization and adapting new technologies, business tycoons like PawanRuia have set new benchmarks in the world of heavy engineering.
Corporate Comm India (CCI Newswire)
