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BCG-CII Manufacturing Leadership Survey 2017

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BCG-CII Manufacturing Leadership Survey 2017

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The BCG-CII Manufacturing Leadership Survey 2017 was launched to gauge the pulse of the industry leaders on current scenario and future prospects for the Indian manufacturing sector. The survey was hosted online and sent through email to top management of CII member companies in the manufacturing sector. The survey results, compiled from 70 responses, have been selectively incorporated in the background note for the summit.

The BCG-CII Manufacturing Leadership Survey 2017 was launched to gauge the pulse of the industry leaders on current scenario and future prospects for the Indian manufacturing sector. The survey was hosted online and sent through email to top management of CII member companies in the manufacturing sector. The survey results, compiled from 70 responses, have been selectively incorporated in the background note for the summit.

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BCG-CII Manufacturing Leadership Survey 2017

  1. 1. CII 16th Manufacturing Summit 2017 Winning Through Frugal I4.0 Innovation WAY FORWARD FOR INDIAN MANUFACTURING Addendum to Background Note November 2017 Confederation of Indian Industry
  2. 2. The Boston Consulting Group (BCG) is a global management consulting firm and the world’s leading advisor on business strategy. We partner with clients from the private, public, and not-forprofit sectors in all regions to identify their highest- value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization.This ensures that our clients achieve sustainable competitive advantage,build more capable organizations, and secure lasting results.Founded in 1963,BCG is a private company with 90 offices in 50 countries.For more information, please visit bcg.com. The Confederation of Indian Industry (CII) works to create and sustain an environment conducive to the development of India, partnering industry, Government, and civil society, through advisory and consultative processes. CII is a non-government, not-for-profit, industry-led and industry-managed organization, playing a proactive role in India‘s development process. Founded in 1895, India‘s premier business association has over 7400 members, from the private as well as public sectors, including SMEs and MNCs, and an indirect membership of over 100,000 enterprises from around 250 national and regional sectoral industry bodies. In its 120th year of service to the nation, the CII theme of ‘Build India – Invest in Development, A Shared responsibility’, reiterates Industry’s role as a partner in national development. With 64 offices, including 9 Centres of Excellence, in India, and 7 overseas offices in Australia, China, Egypt, France, Singapore, UK, and USA, as well as institutional partnerships with 300 counterpart organizations in 106 countries, CII serves as a reference point for Indian industry and the international business community.
  3. 3. Note to the Reader The BCG-CII MANUFACTURING LEADERSHIP survey 2017 was launched to gauge the pulse of the industry leaders on current scenario and future prospects for the Indian manufacturing sector. The survey was hosted online and sent through email to top management of CII member companies in the manufacturing sector. The survey results, compiled from 70 responses, have been selectively incorporated in the background note for the summit. We would like to thank all the respondents to the survey for their valuable inputs. The following pages contain summarized responses for select questions in the survey. The results have been compiled from the survey responses received and do not necessarily reflect BCG‘s view on the subject.
  4. 4. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 1 Company and Sector performance Make in India Industry 4.0
  5. 5. 2 | WINNING THROUGH FRUGAL I4.0 INNOVATION What was the growth of your sector and company for the last year? 2017 6.84% 5.11% 5.69% 20142013 2016 5.75% 7.10% 2015 Sector Company 20162015 5.71% 2013 6.20% 2014 2017 6.90% 5.70% 7.78% Average growth (%) Average growth (%) Companies and sectors have witnessed a higher rate of growth this year than the year before Source: CII-BCG Manufacturing Leadership Survey 2013, 2014, 2015, 2016 and 2017.
  6. 6. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 3 For your sector? For your company? Higher growth expected over next five years than the previous five years, more optimism than last year Do you see stronger growth over the next five years compared to the last five years? Expected increase in growth (%) over the next 5 years 2014 2015 +2.0% +2.4% 2016 +2.4% 2017 +2.5% 20172016 +3.1% +2.6% 20152014 +2.6% +2.4% Expected increase in growth (%) over the next 5 years Source: CII-BCG Manufacturing Leadership Survey 2013, 2014, 2015, 2016 and 2017.
  7. 7. 4 | WINNING THROUGH FRUGAL I4.0 INNOVATION Companies aspire to increase contribution of exports, especially to developing economies South East Asia 3.9% AfricaMiddle East 4.1% 6.8% 2.6% 11.0% Eastern Europe 3.3% 5.0% USA 5.4% Western Europe 2.5% 6.4% 4.8%4.9% 3.2% 4.9% Latin America 6.1% 3.3% South Asia 5.0% China 5.6% What is your share of revenue coming from the following geographies? (Current Vs Aspiration for 2025) 2017 2025 Average share of revenue (%) Source: CII-BCG Manufacturing Leadership Survey 2017.
  8. 8. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 5 Given the recent announcements and the Government's intent to drive manufacturing growth, how do you see the manufacturing sector's growth in India over the next five years? Growth expected over the next five years 2014 2016 8.8% 8.1% 20172015 8.5%8.6% Expectations of growth in manufacturing for the next five years remain high, however have now normalized Source: CII-BCG Manufacturing Leadership Survey 2014, 2015, 2016 and 2017. Note: Average of growth expected by the respondents.
  9. 9. 6 | WINNING THROUGH FRUGAL I4.0 INNOVATION What would be the key demand-side driver for manufacturing growth in India for the next five years? 30% Exports 50% Domestic 55% 6% 8% 60% 5%7% Both Domestic and Exports 62% 40% 43% 34% 2016 2015 2017 2014 Survey responses (%) Domestic demand expected to drive manufacturing growth; however, optimism on exports still remains Source: CII-BCG Manufacturing Leadership Survey 2014, 2015, 2016 and 2017.
  10. 10. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 7 What do you foresee as the biggest challenge for manufacturing growth in India over the next five years? (Top three) Infrastructure and implementation of policies are seen as challenges to growth Concern 2015 2016 2017 Rank Survey responses (in %) Rank Survey responses (in %) Rank Survey responses (in %) Infrastructural constraints 2 19 1 22 1 25 Lack of translation of PM/ central vision into the right policies 3 15 3 14 2 14 Instability of bureaucracy to implement industry-friendly policies appropriately 1 25 2 15 3 11 High cost of capital 4 8 4 11 4 11 Low/ no innovation 6 7 5 9 5 8 Rising labor costs 9 4 7 7 6 8 Manufacturing over capacity 11 2 10 4 7 8 Demand slowdown 5 7 9 4 8 6 Unstable Polity 7 6 6 8 9 3 Currency Fluctuations 8 4 8 4 10 3 Others 10 3 11 2 11 3 xx change over survey results from previous year -10% +3% -1% +3% +2% +2% 0% +2% -1% +1% -5% +1% -3% +3% +3% 0% -4% 0% -1% +4% +2% -1% Source: CII-BCG Manufacturing Leadership Survey 2015, 2016 and 2017. Note: Percentage of responses identifying the concern to be one among the top three concerns.
  11. 11. 8 | WINNING THROUGH FRUGAL I4.0 INNOVATION 6%7% 7% 2% 5% Western European countries U.S.A. 4% 7% 6% South Asian countries (Bangladesh, Sri Lanka...) 5% 3% 7% 30%29% 42% 26% China 23% 24% 35% 28% 3% 6%7%7% 13% 6% South East Asian countries (Thailand, Vietnam...) 7% 10% Latin American countries (Brazil, Mexico...) Eastern European countries 8% Which countries will be our biggest competitors in the export markets, between now and 2020? (select top three) 2014 2016 2015 2017 China and South East Asian countries continue to be seen as key threats in export markets Survey responses (%) Source: CII-BCG Manufacturing Leadership Survey 2014, 2015, 2016 and 2017.
  12. 12. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 9 Middle East & Africa, Europe and Rest of Asia seen as key geographies to drive exports What are the key geographies to drive exports in, over the next five years (select top two)? 3% Eastern Europe 14% ANZ 3% 1% 8% 14%14% 8% 9% 6% Western Europe 14% South AmericaSouth Asia 15% 13% 5% 11% 12% 15% 11% Rest of Asia (includes China & Japan) Middle East & Africa 28% 17% 22% 23% North America 11% 23% 2016 2017 2015 Survey responses (%) Source: CII-BCG Manufacturing Leadership Survey 2015, 2016 and 2017. Note: Identified as one of the top two.
  13. 13. 10 | WINNING THROUGH FRUGAL I4.0 INNOVATION Company and Sector performance Make in India Industry 4.0
  14. 14. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 11 Over half of the respondents believe that the government drive to improve manufacturing has been effective Government's drive to improve manufacturing sector has been effective Policy environment and branding 40% 57% 41% 45% 59% 57% Fostering manufacturing clusters 37% 37% 52% Skill development 43% 53% 38%39% 46% 33% Exports 54% 42% Infrastructure 33% Overall 2017 2016 2015 Percentage of people who agreed (in %) Source: CII-BCG Manufacturing Leadership Survey 2015, 2016 and 2017.
  15. 15. 12 | WINNING THROUGH FRUGAL I4.0 INNOVATION Close to 40 percent respondents feel that the Ease of doing business has improved Has 'Ease of doing business' improved in your industry, state? 20% Land acquisition process 39% 43% Labour laws 29% 22% 39% Overall 31% 52% 43% Project clearance and approvals 24% 49% 21% 2015 2016 2017 Percentage of people who agreed (in %) Source: CII-BCG Manufacturing Leadership Survey 2015, 2016 and 2017.
  16. 16. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 13 What more should the government do to drive growth in the manufacturing sector? 47 44 Speed up project clearance and approval OthersHave stronger focus on skill development 39 Smoothen land acquisition process Reform labour laws 19 Foster manufacturing clusters (SEZs, NIMZs) Give more incentives (Eg: export) 47 58 Develop state-of-art- infrastructure 36 72 Infrastructure and labour law reform continue to be sought the most by the industry Survey responses (%) 2017 Source: CII-BCG Manufacturing Leadership Survey 2017.
  17. 17. 14 | WINNING THROUGH FRUGAL I4.0 INNOVATION Has Make in India become closer to reality as compared to the previous year? 8% Strongly disagree 4% Somewhat disagree 16% 6% 14% 7% 4% 35% 32% 6% 29% 42% 19% Somewhat agree Neither agree nor disagree 41% Strongly agree 37% 2016 2017 2015 Survey responses (%) About 48 percent executives surveyed think Make-in-India has been closer to reality in 2017 as compared to 2016 Source: CII-BCG Manufacturing Leadership Survey 2015, 2016, 2017.
  18. 18. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 15 Company and Sector performance Make in India Industry 4.0
  19. 19. 16 | WINNING THROUGH FRUGAL I4.0 INNOVATION Cloud, big data & analytics and robotics believed to be exerting greater influence on the industry and >50% of companies have adopted Big data, IoT and cloud services Survey responses (%) Which of the trends below have seen increasing impact in your industry/company over the last 2 years? 2% Increasing use of simulation 12% 9% Improving cyber security 12% Increasing prevalence of 3D printing 7% 1% 8% Increasing use of augmented reality 12% 21% 16% 14% Increasing use of robotics Increasing use of IoT Increasing use of Big data and analytics 20% 21% 12% Increasing use of cloud 11% 22% Industry Company Source: CII-BCG Manufacturing Leadership Survey 2017. Note: Identified as one of top 2 reasons.
  20. 20. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 17 0 20 5 10 15 5%5% 10% Chemicals 5% 11% Heavy Engineering 9% Consumer durables Medical, optical and precision equipments FMCG Food products Oil & Gas 18% Non- metallic products 5% Metals and mining Textile, apparel, leather and fur products Automobiles and transport equipment 13% 12% 1% Metal products 3% Electrical and electronics machinery 2% Automobile industry seen as the industry with highest potential in making Industry 4.0 advancements Which industry sector do you think possesses highest potential in making Industry 4.0 advancements? Survey responses (%) Source: CII-BCG Manufacturing Leadership Survey 2017.
  21. 21. 18 | WINNING THROUGH FRUGAL I4.0 INNOVATION Improved quality is the primary benefit people see from Industry 4.0, a marked change from just assessing it as a cost benefit 4030200 10 No tangible benefit in foreseeable future 2% Improved product availability 5% Reduced production time More flexibility Lower cost Reduced time to market 21% Improved quality 10% 14% 15% 33% What are the benefits you see coming out of Industry 4.0 advancement? Survey responses (%) Source: CII-BCG Manufacturing Leadership Survey 2017. Note: Identified as one of top 2 reasons.
  22. 22. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 19 Industry seeks awareness and guidance, not incentives to adopt Industry 4.0 20 4030 500 10 11% 15%Drive training in ways to adopt Industry 4.0 Provide incentives for investments in Industry 4.0 Increase awareness of benefits from Industry 4.0 49% 25% Setup help centers to guide investment in Industry 4.0 What can the government do to drive adoption of technology and other Industry 4.0 trends? Survey responses (%) Source: CII-BCG Manufacturing Leadership Survey 2017. Note: Identified as one of top 2 reasons.
  23. 23. 20 | WINNING THROUGH FRUGAL I4.0 INNOVATION Cybersecurity, cloud, simulation and big data are the pillars more than half the respondents have already invested in 100 60 40 80 0 20 24% 6% 2% 11% 44% 36% 46% 31% 10%15% 13% Augmented Reality 2% 8% 13% 15% 19% 38% The Industrial Internet of Things 20% 16% Big Data & Analytics 16% 21% Horizontal & Vertical System Integration 24% Autonomous Robots 22% Additive manufacturing 10% 16% 30% 18% 29% 36% 4% 30% 4% 25% 17% 4% 35% 21% 9% Cybersecurity 28% The Cloud 16% Simulation 4% 24% 20% 35% 33% What is your strategy in investing in the following pillars of technical advancement in Industry 4.0? % respondents Source: CII-BCG Manufacturing Leadership Survey 2017.
  24. 24. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 21 Respondents expect rapid increase in process automation over next 10 years What percentage of your processes are currently automated and is expected to be automated in 5 and 10 years? 80 60 20 40 0 100 7% 5% 14% 15% 28% 15% 18% 28% At Present 23% 7% % respondents 9% 3% 31% 5% 32% In 10 years 13% 45% 2% In 5 years >75% 20-50% 50-75% 10-20% 5-10% 0-5% Source: CII-BCG Manufacturing Leadership Survey 2017.
  25. 25. 22 | WINNING THROUGH FRUGAL I4.0 INNOVATION Appendix—Respondent profilesAppendix—Respondent profiles
  26. 26. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 23 7% 11% 7% 2% 15% 22% 26% Basic metalsMetal products 1% 7% Textile, apparel, leather Others 2% 3% 15% 27% 34% 7% 5% 2% 11% Food products Chemicals (includes pharma- ceuticals) Electrical and electronics machinery 3% Non- metallic products 4% 4% 1% 15% 3% Auto- mobiles and transport equipment 9% Diversified businesses 6% 11% 8% 13% Respondents spread across all industries including diversified businesses Please specify the (major) sector of operation for your company Includes construction equipment, material handling equipment etc. 2016 2015 2017 Survey responses (%) Source: CII-BCG Manufacturing Leadership Survey 2015, 2016 and 2017. 18%
  27. 27. 24 | WINNING THROUGH FRUGAL I4.0 INNOVATION Most respondents have a global footprint while manufacturing only in India Please specify your company's footprint (Indian / global) 19% 21% 49% 30% Sales in multiple countries, manufacturing only in India 44% Other 13% 9% 14% 13% Sales in India, manufacturing in multiple countries (incl. India) Sales in India, manufacturing in India 49% 19% 22% 2017 2016 2015 Survey responses (%) Source: CII-BCG Manufacturing Leadership Survey 2015, 2016 and 2017.
  28. 28. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 25 Respondents across various company sizes with majority from businesses of more than Rs. 1,000 crores in revenue What is the size of your company's India operations? (in terms of annual turnover in Rs. Crore) 66%65% 62% 10% 200-500 crores 20% 13% 18% 10% 5% >1,000 crores500-1,000 crores 7% 2% 5% 8% 6% <100 crores 100-200 crores 5% 2017 2016 2015 Survey responses (%) Source: CII-BCG Manufacturing Leadership Survey 2015, 2016.
  29. 29. 26 | WINNING THROUGH FRUGAL I4.0 INNOVATION Acknowledgements B.N. Kalyani CMD Bharat Forge B. Thiagarajan Joint Managing Director Blue Star Limited Rahul Chopra Sr. Vice President & Business Head Everest Industries Limited Atul Sohani Associate Vice President Godrej & Boyce Mahesh Tahilyani MD & CEO Forbes & Co. Ltd. Kaustabh Shukla COO, Industrial Products Group Godrej & Boyce Rajesh Alreja Vice President Godrej & Boyce Channabasappa Mugali Manager Harita Fehrer Limited Raju Shah Chairman Harsha Engineers Limited Vijay Sethi CIO and Head, CSR Hero MotoCorp Limited Vilas Kamath Associate Vice President IFB Industries Limited B.B. Gupta President JBM Group B.S. Shinde Sr. AGM (Exe. Asst. to JMD) Kay Bouvet Engineering Limited K. Sreekumar Head, Corporate Center L&T Construction N. Krishna Kumar Sr. Vice President, Operations Lakshmi Machine Works Limited Rajeshwar Tripathi Chief People Officer Mahindra & Mahindra Limited M.M. Singh Executive Advisor Maruti Suzuki India Limited Vijay Uplenchwar Vice President Megha Engineering & Infrastructure Limited Sanjay Gandhi Sr. Vice President & Head, Sourcing Godrej & Boyce M Anand Sales & Marketing Head Godrej Locking Systems & Solutions Bhojwani Bhagwandas Managing Director, CEO Imerys Minerals Limited
  30. 30. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 27 Acknowledgements Harshbeena S. Zaveri Vice Chairman & MD NRB Bearings Limited Ravindra Utgikar Vice President Praj Industries Limited Sandeep Kandale Assistant Manager Praj Industries Limited Sridhar Radhakrishnan Chief Operating Officer Secure Meters Limited Avinash Gupta Sr. GM, Spare Parts & Aggregates Tata Motors Abraham Stephanos MD Tata Steel Processing & Distribution Unnikrishnan Managing Director & CEO Thermax Limited Rajan Nair Project Director Thermax Limited John Edwin President Tractors & Farm Equipment Limited C.S. Das Executive VP and CFO TRL Krosaki Refractories Limited Vikram Pandit President Praj Industries Limited Rino Raj CIO Tata Chemicals Gyanesh Chaudhary MD & CEO Vikram Solar Limited Shankar Krishnan Group Head, Strategy Shapoorji Pallonji Group
  31. 31. 28 | WINNING THROUGH FRUGAL I4.0 INNOVATION The Boston Consulting Group publishes other reports and articles on related topics that may be of interest to senior executives. Recent examples include: Industry 4.0: The Future of Productivity and Growth in Manufacturing Industries A focus by The Boston Consulting Group, April 2015 Man and Machine in Industry 4.0 A report by The Boston Consulting Group, September 2015 Five Lessons from the Frontlines of Industry 4.0 A report by The Boston Consulting Group, November 2017 Time to Accelerate in the Race Toward Industry 4.0 A perspective by The Boston Consulting Group, May 2016 Three Ways for Companies to Succeed in the Fourth Industrial Revolution A perspective by The Boston Consulting Group, January 2016 Sprinting to Value in Industry 4.0 An article by The Boston Consulting Group, December 2016 Manufacturing for the 21st century An article by The Boston Consulting Group, November 2016 The Factory of the Future A perspective by The Boston Consulting Group, December 2016 Winning in IoT: It's all about the business processes A perspective by The Boston Consulting Group, January 2017 Make in India: Turning Vision Into Reality A report by The Boston Consulting Group in association with Confederation of Indian Industry, October 2014 Acting on the Digital Imperative An article by The Boston Consulting Group, September 2016 The Proximity Paradox: Balancing Auto Suppliers' Manufacturing Networks A report by The Boston Consulting Group, March 2015 People Productivity: Key to Indian Manufacturing Competitiveness A report by The Boston Consulting Group, March 2013 The shifting Economics of Global Manufacturing–How Cost Competitiveness Is Changing Worldwide A report by The Boston Consulting Group, August 2014 Why Advanced Manufacturing Will Boost Productivity A report by The Boston Consulting Group, January 2015 Future of Indian Manufacturing: Bridging the Gap A report by The Boston Consulting Group in association with Confederation of Indian Industry, August 2015 Forks in the Road: Navigating Industry Disruption A report by The Boston Consulting Group, May 2016 The Robotics Revolution: The Next Great Leap in Manufacturing An article by the Boston Consulting Group, September 2015 The Evolution of Robotics An interactive by The Boston Consulting Group, November 2014 The Rise of Robotics An article by The Boston Consulting Group, August 2014 3D Printing Will Change the Game: Prepare for Impact An article by the Boston Consulting Group, September 2013 For Further Reading
  32. 32. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 29 About the Authors Dr. Arindam Bhattacharya is a Senior Partner and Director in the New Delhi office of The Boston Consulting Group. Ravi Srivastava is a Senior Partner and Director in the New Delhi office of The Boston Consulting Group. Rangarajan V is a Principal in the Mumbai office of The Boston Consulting Group. For Further Contact If you would like to discuss the themes and content of this report, please contact: BCG Dr. Arindam Bhattacharya Senior Partner and Director BCG New Delhi +91 124 459 7093 bhattacharya.arindam@bcg.com Ravi Srivastava Senior Partner and Director BCG New Delhi +91 124 459 7038 srivastava.ravi@bcg.com Rangarajan V Principal BCG Mumbai +91 22 6451 2377 v.rangarajan@bcg.com CII Dr. Saugat Mukherjee Regional Director CII–Western Region +91 22 2493 9747 s.mukherjee@cii.in Alpa Antani Head–International & Special Projects CII–Western Region +91 22 2493 1790 alpa.antani@cii.in Acknowledgements This study was undertaken by The Boston Consulting Group (BCG) with support from the Confederation of Indian Industry (CII). We would like to thank the members of CII related to Manufacturing and allied sectors for their valuable inputs and insights. Special thanks to Mr. Jamshyd N Godrej, Chairman, 16th Manufacturing Summit and Chairman and Managing Director, Godrej & Boyce Manufacturing Company Limited; Dr. Naushad Forbes, Co-Chairman CII Manufacturing Summit, Immediate Past President CII and Co-Chairman, Forbes Marshall; and Mr. Ninad Karpe, Chairman, CII Western Region 2017- 2018 and Director, Aptech Limited for their valuable contribution. We would also like to thank the respondents to the CII–BCG Manufacturing Leadership Survey 2017 for their valuable inputs. We gratefully acknowledge the contribution of Sinchan Mukherjee, Parul Gupta and Hardik Wadhwa in the Delhi office in writing this report. Special thanks to Jamshed Daruwalla, Saroj Singh, Ayushi Jain and Nitesh Tirkey for their contributions to the editing, design and production of this report and Jasmin Pithawala for managing the marketing process. Note to the Reader
  33. 33. © The Boston Consulting Group, Inc. 2017. All rights reserved. For information or permission to reprint, please contact BCG at: Email: bcg-info@bcg.com Fax: +91 226749 7001, attention BCG/Permissions Mail: BCG/Permissions The Boston Consulting Group (India) Private Limited Nariman Bhavan 14th Floor, 227, Nariman Point, Mumbai 400 021 India For information or permission to reprint, please contact Confederation of Indian Industry at: Email: ciiwr@cii.in Web: www.cii.in Tel: +91 22 24931790 Fax: +91 22 24939463/ 24945831 Mail: Confederation of Indian Industry Western Region 105, Kakad Chambers 1st floor, 132, Dr Annie Besant Road, Worli, Mumbai – 400 018 India To find the latest BCG content and register to receive e-alerts on this topic or others, please visit bcgperspective.com. Follow bcg.perspectives on Facebook and Twitter. 11/2017
  34. 34. Confederation of Indian Industry

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