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<keyword id="798973" type="PERSON" weightage="60" keywordseo="Mary-Barra">Mary Barra</keyword>, <keyword id="4581" type="CITY" weightage="80" keywordseo="general-motors">General Motors</keyword>’ first woman CEO, says the auto maker isn’t bothered about the past and is focused on the future. 
 In an interaction with the media in New Delhi – held between two meetings she had with Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> and Commerce Minister Nirmala Seetharaman – the 34-year GM veteran fielded questions with elan. 
 When asked what went wrong with GM in India, with a less than 3per cent <keyword id="34527" type="UNKNOWN" weightage="100" keywordseo="market-share">market share</keyword> after 18 years and $1 billion of investment, she said “a lot of things went right too in India”. 
 
Striving to make a new beginning in Indian operations that have been plagued with alleged technical fudging and safety recalls, Barra said GM plans to start afresh with the Indian unit as an export base, shipping its first car to Chile. Exports to Mexico and Colombia are also on the cards. Edited excerpts: 
 
On General Motors in India and the way forward… 
 
It starts with putting customers at the centre. In India, they have great options and choices. We came to India with vehicles that are great in quality and also bear a good life-time experience. 
 
We were one of the foremost auto makers to start assembly operations as early as 1928 in India. Our two plants in Halol in Gujarat and Talegaon in Maharashtra have seen a cumulative investment of over $1 billion. We have put efforts in India to develop new products with a technical centre for not just the local market but also for global applications. We make sure we understand the customers and develop the right vehicles. 
 
We want GM to be a highly respected, valued company in India and also globally with year after year of growth. We had our global chairman Tim Solso and head of international operations Stefan Jacoby, along with our CFO (Chuck Stevens), in India to demonstrate our commitment and belief in India’s future. 
 
On charges of corporate fraud against the company and the strategy to bring back confidence to the Indian unit… 
 
India is a key strategic market with a great opportunity from the market perspective. There is a huge focus to improve quality across the market we operate in. Our global team visited the Indian plants to improve the quality of our vehicles and product assessment to bring some dramatic improvements. 
 
General Motors operations have seen some quality issues and the integrity of vehicles that were the result of the decisions taken many years ago. We are looking forward to deal with the situation just like in America where we are taking it very straight forward and did the right thing. 
 
On new initiatives… 
 
We have a relatively new leadership team in India with Stefan (Jacoby) in charge. We are really focused and have put five key initiatives globally and for the Indian market. The customers as the main centre of our operations are there for the entire lifetime. We understand the importance of brands that grow with the customer. 
 Our global brands are <keyword id="55200" type="COMPANY" weightage="100" keywordseo="Chevrolet">Chevrolet</keyword> and Cadillac. In India, we are here with Chevrolet that is a great brand in terms of value and we want to introduce model after model and products in this brand. We also want to be a leader in technology and innovation that truly create value for the customer in terms of fuel efficiency or safety or connectivity and any aspect of the vehicle. 
Future product lineup… 
 
We plan to introduce 40 new products across the international market, including India. We would be brining 14 new products in the US and 27 models in the Opel brand in the European market. Also, we plan to bring 17 new and upgraded models in China. On GM India’s strategy to bring 
 
Chinese vehicles from partner Shanghai Automotive Industry Corporation (SAIC), a step that has not fared well… 
 
We have a significant partnership still with SAIC in China. And we assessed and in that cases we did not have the right focus in understanding the right product to the Indian market. We had some quality challenges that have been assessed. We have not closed the books. We have a wealth of products in the General Motors family and need to identify the future models. I’m not here to make any product announcement today. We are here to drive success for the entire company including India that makes us a strong organisation globally. 
 
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India’s contribution to overall volumes… 
 
We see it as a significant market as the industry is going to grow. We think there is an opportunity to grow and we are here to evaluate, also from an overall share perspective as well. We don’t have any specific targets. 
 
On transformation at GM… 
 
We have a very strong leadership team. We have a good balance sheet. We have showed across markets that we have superior products. We have a well-defined game plan. In India, we have a dedicated strategy.

We Have A Dedicated Strategy In India: Mary Barra, CEO GM

If there is one word to aptly describe the ongoing 2024 Lok Sabha <keyword id="20515965" type="General" weightage="20" keywordseo="election-results" source="keywords">election results</keyword>, specifically for the incumbent party, it would be jolting, startling, and perhaps, even surprising. The exit polls were wide off the mark, and then some. Less than a week ago, India reported a remarkable <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> rate of 8.2% for the fiscal year 2023-24. Over the weekend, exit polls predicted a clear and easy majority for the ruling Bharatiya Janata Party (BJP) and its alliance NDA. Consequently, benchmark indexes, Sensex and <keyword id="6354813" type="General" weightage="20" keywordseo="Nifty" source="Orion">Nifty</keyword>, both zoomed more than 3 per cent on Monday, breaching the all-time high records. On Tuesday, the tides turned! Putting a harsh full stop on the ruling party’s “abki baar 400 paar” narrative, the electoral situation on Tuesday evening shows less than 300 seats to the NDA and over 230 seats to the opposing INDIA bloc. What’s even more concerning for the ruling party is its tally dropping from 303 in 2019 to less than 245 this year. Consequently, on Tuesday, Sensex witnessed the steepest drop in over four years since the pandemic, recording a drop of 4,389 to settle just over 72,000. Nifty also dipped by almost 6%, standing at 21,884 points. If the trends hold, the BJP will lack a clear, simple majority on its own for the next five years, even if it manages to form a government with its pre-poll allies. The question is, how stable the new government would be, what would be the overall impact of this verdict on India’s economy, and what’s the story behind the jitters exhibited by the markets on Tuesday? <cmsannotation type="cmsannotation" annotationid="India’s incredible economic growth story" comment="subhead" text="India’s incredible economic growth story">India’s incredible <keyword id="19900794" type="General" weightage="100" keywordseo="economic-growth" source="keywords">economic growth</keyword> story </cmsannotation>Perched to be the world’s 3rd largest economy by 2027, India’s current GDP value stands at $3.9 trillion. As per FM <keyword id="20200167" type="General" weightage="20" keywordseo="Nirmala-Seetharaman" source="keywords">Nirmala Seetharaman</keyword>, the Indian economy is anticipated to grow at a rate of close to 7% in FY25 and hit $7 trillion by 2030. The <keyword id="3530620" type="General" weightage="20" keywordseo="Gross-Value-Added" source="Orion">Gross Value Added</keyword> (GVA) data supports the optimistic outlook, with a growth rate of 7.2% in FY24 compared to 6.7% in FY23. And notably, this strong economic growth has come at a time when most of the major economies across the globe are grappling with a slowdown. While few expect India to maintain a robust growth of 8.2%, most economists agree that GDP growth could moderate to around 7% in FY25. But most of these growth forecasts are contingent on a stable government and policy reforms at the centre. So, does the sharp fall in benchmark indices on Tuesday foretell a twist in India’s growth story? <cmsannotation type="cmsannotation" annotationid="Is there a twist in the tale?" comment="subhead" text="Is there a twist in the tale?">Is there a twist in the tale? </cmsannotation>Firstly, the <keyword id="16791710" type="General" weightage="20" keywordseo="foreign-portfolio-inflows" source="Orion">foreign portfolio inflows</keyword> (FPI), indicative of the global confidence reposed in the Indian markets, have been on a consistent decline over the past 3 months. As of 4th June 2024, foreign institutional investors had withdrawn a total of Rs 14,339 crores from the Indian equity markets while investing Rs 55,273 crores in debt instruments, which are traditionally reflective of safety, security, and a low-risk and change appetite. Foreign institutional investors had also withdrawn Rs 25,586 crores during May 2024, and Rs 8,671 crores during April 2024. If anything, the Indian market stands atop the strong confidence of domestic investors. The AUM (assets under management) of the Indian mutual fund industry stood at a record high of around $57 lakh crores in April 2024, even as the SIP AUM hit a record high of Rs 11.26 lakh crore. "The steep fall is due to the results so far falling short of the exit polls which the market had discounted yesterday. If BJP doesn't get a majority on its own there will be disappointment and this is getting reflected in the market. Also it is possible that Modi 3.O may not be as reform-oriented as the market expected and may turn more welfare- oriented," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. <cmsannotation type="cmsannotation" annotationid="Cautiously optimistic investors could prevail" comment="subhead" text="Cautiously optimistic investors could prevail">Cautiously optimistic investors could prevail </cmsannotation>But does this mean India’s growth story stands threatened or even jeopardized? Even though social media is flooded with memes that might lead one to believe it is all over for India’s story, the country remains the fastest growing economy amongst all G-20 nations in 2024, compelling almost all rating agencies to positively hike the country’s potential growth rate. But, equally noticeable is the fact that India’s private consumption, a major indicator of the economy’s growth, jumped by only 3.5% over the last 3 months of 2024. India now makes up 6.7% of the world’s GDP by purchasing power parity (PPP). As figures go, India is set to become a $10 trillion economy by 2030. Veteran investors like Raamdeo Agrawal, who heads Motilal Oswal Financial Services, believe that India’s potential growth rate of 8-8.5% is not going anywhere and that NDA’s leadership is here to stay. In his words, if an investor has managed to make 4-5x in the last 3-4 years, one will have to give in 20-30%. But that is where you will have to persist as an investor. "With the NDA still looking to form a government, though with the important support of coalition partners, markets look jittery about the prospects of strong decision making. Markets believe that the reformistic approach, which was a hallmark of the previous two terms, might take a backseat in the third term. However, our sense is that it is still early to jump to conclusions and should ideally wait for a clearer picture," said Manish Chowdhury, Head of Research, StoxBox. But all in all, the NDA government is most likely to stay for the full term, and those who bet on the same stand to stay safe despite the surprisingly strong performance of the INDIA alliance. However, in the end, the only one who wins in the market stays put in the market in the long run. Because NDA, or INDIA, compounding is here to stay, all set to immensely benefit long-term investors. (With inputs ANI)

Economic implications of Lok Sabha Election 2024 results: Would lack of a clear majority for BJP impact India’s growth story?

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We Have A Dedicated Strategy In India: Mary Barra, CEO GM

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Economic implications of Lok Sabha Election 2024 results: Would lack of a clear majority for BJP impact India’s growth story?

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