Business is combined efforts of an individual or a group of people to produce and sell goods and services for making profits, says Jyoti Swaroop Nayyar, director of Unique Resources Pvt Ltd in an interaction with Orissa Post.
What are the major problems that the Indian automobile industry is facing?
A host of factors like the new environmental safety regulations, fuel price hikes, liquidity crunch among others are challenging the growth of Indian automobile sector. One of the biggest issues that disturbed the automobile industry is global shortage of semiconductors. Several automakers including Ford, General Motors, and Hyundai had predicted the near two-year chip constraint to ease by the end of 2022. However, automotive chipmakers, on the other hand, anticipate the industry to take longer to recover. Meanwhile, the precarious global economy is threatening to further shrink the revenue pool for the market.
How can we improve sales and services in automobile industry?
To improve sales one must build trust with the customers. You can also adjust your campaign budgets based on buying trends. Targeting the right customer base for a product and being there with the clients can be a game changer. We at Unique Resources also check the product-market fit which is the degree to which a product satisfies a strong market demand and has unique value propositions. Focusing on existing customer base and why customers buy a particular product is very beneficial for steady growth. Hence, we need to increase the number of customers, raise the average order size and escalate the number of repeat purchases.
What is your opinion about future of electric vehicles in India?
The future of electric vehicles in India is incredibly bright, thanks to the advent of path-breaking EV technologies in India as well as the world. Willingness to share these technologies for the global good has led to low manufacturing and driving costs. The Economic Survey 2023 predicts that India’s domestic EV market will see a 49% compound annual growth rate (CAGR) between 2022 and 2030, with 10 million annual sales by 2030. Additionally, the EV industry is projected to create around 50 million direct and indirect jobs by 2030. In recent years, EVs have become increasingly popular in India owing to growing eco-consciousness, efforts to reduce dependence on fossil fuels, and rising fuel costs. 2022 saw a rise in EV sales, especially two-wheeler EV, which has seen a whopping rise of 300% compared to the year 2021. This shows the promise of EV market in India. Not only will it grow if it gets the right push, but India also has the potential to be a global pioneer in the EV sector. The key focus of the EV industry should now be on building scale and capacity.
How has been your journey so far and what does your organisation aim for?
We started our journey in 2003 and now Unique Resources has a strong presence in trading, crushing, hospitality and logistics. We have also taken the distributorship of TVS in Sundargarh district from September 2019. At Unique TVS, I learned proper management of people, assets and risk to make the business expand and develop. I learned the ability to keep going in the face of hardship. My greatest assets are my people. When you look after your people, you are investing in the success of your company and safeguard its future too. It is very important to take care of your employees’ work environment, health, mental well-being and in turn their performance at work. In short, with all these above activities my journey has been good so far, but there is a lot to achieve in terms of growth, growth of my staffs and their well-being.
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