Several Founders, Co-Founders, CXO Bankers, CXO Fintech professional & people who participated in the ePanel discussions:
- Mr. Ruchit Jangid, Business Head, SOTC Travel Ltd
- Mr. Piush Kothari, Head of Business Operation, Walt Disney Direct to Consumer & International
- Mr. Ruchir Inamdar, Strategist, Jumper.ai
- Mr. Ramasubramanian S, Application, Transformation, Management and Operations Head, DXC Technology
- Mr. Hemal Shah, Technical Product Manager, Mastercard
- Mr. Shirsha Ghosh, Co-Founder Torit Innovations
- Mr. Vishal Anand Kanvaty, Senior Vice President – Products and Innovation, (NPCI)
- Mr. Vikas R Panditrao, Co-Founder, Forum of Industry and Academic Knowledge Sharing (FIAKS)
- Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain anonymous
FIAKS community member highlighted that “In the stimulus package it is said that No Global Tenders up to 200 Crores”. The current pandemic and the economic crisis have enshrined ‘Vocal about local’ concept. So, shouldn’t all the banks, regulators, NPCI be pushed to buy tech platform/ solutions/ POS machines /ATM machines /coin or note counting machines, etc from Local companies only for the purchase less than a certain amount? Wouldn’t this lead to a big push to Start-up India/Make in India?
What is Vocal about Local?
- It is mainly about creating more local brands and take those to the global platform and give a boost to the local manufacturers.
- Also, the objective is to cut down reliance on imports and rather be self-reliant and set up an ecosystem created by technology.
Now let’s hear out viewpoints of the community members:
- Well, encouraging local is wonderful! Support to help them reach global standards is great too. However, restrictive practices e.g. no global tenders will hide inefficiencies and incentives to improve quality. Free markets should not be disturbed as much as possible.
- A member opines, “All global companies have Indian branch or brand. So technically they become local. I feel global tenders till 200 crores are not going to make any difference. Still, it will be a global competition. E.g. IBM or HP will compete with HP India or IBM India”
- Another member put forth a different perspective, “The government has done a good job of expressing views for enabling made in India approach. But it doesn’t mean government issues order and makes it compulsory. We are still part of the global economy and rest sellers need to put the effort into marketing this message and make its product globally competitive to think why Indians are not buying Indian products. They will find parameters like quality, price, sustainability, etc, and improving those parameters will only help the business to compete globally. Frankly, the message was to make local products compete globally and not banning/closing foreign products. Now the ball is in Indian manufacturers’ court to let the customer decide if the quality is at par to global and obviously valued over and above the foreign competition.”
- Here’s another member’s view, “There are two parts of the whole thing. One is intent and second is expertise. While sounds good about pushing such contracts and other things local, how many service providers or manufacturers in this space can vouch for expertise? Without risk-reward ratio being positive, core components of banking or transactional network will always be procured from established players. It doesn’t mean that they will be discouraged, but they have to demonstrate a very steep learning and execution curve to reach there. Otherwise, it will stay as jingoism for local players.”
Now here’s another side to it:
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