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assocham-new-logoTHMB.jpg Focus on innovation to boost economic growth: Secy DIPP

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SME Times News Bureau | 25 Jul, 2014
Indian companies will have to more focus on innovation, comprehensive strategy to boost the country's economic growth, said Amitabh Kant, Secretary, Department of Industrial Policy & Promotion (DIPP) at an ASSOCHAM event held in New Delhi.

The issues of quality and safety of product are definitely important and are of great concern to any government given the impact they can have on health. These should be addressed by separate legislations such as Drugs & the Cosmetics Act and the Food Safety and Standards Act, said Amitabh Kant while inaugurating Summit on Brand Promotion and Protection,’ organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

To an extent, the counterfeiters have also been benefited by the customers appetite for lower priced goods vis-à-vis the branded counterparts. Therefore, the companies or brand owners need to have a comprehensive strategy to protect their brands which should not only include monitoring and enforcement, but also raising consumer awareness, said Kant.

H.E. Mr Joon-gyu Lee, Ambassador, Republic of South Korea said, the bilateral trade between Korea and India is around 17 billion US dollars. Currently, there are over 400 Korean companies doing business in India with over 3 billion US dollars investments.

Under the dynamic leadership of Prime Minister Narendra Modi, the new government of India has already geared up to boost economic growth through reforms and policy initiatives and taken the lead in building closer and more comprehensive ties to the outside world, said Joon-gyu Lee.

Ambassador, Republic of South Korea further said, under this fresh impetus, Korea and India can, should, and will work together for mutually beneficial cooperation.  We are hopeful, that our companies will continue to flourish further in each other’s countries with the dedicated efforts of both governments.

On the marketing front, the Korean companies have adopted aggressive advertising strategies to build their brands in India. In a country, where bollywood and cricket are like religion, the Korean companies have stars like Shahrukh Khan and Amir Khan to represent their brands and also have sponsored sporting events like cricket, added Joon-gyu Lee.

The localization of products have allowed the Korean companies to offer products that fit into the lifestyle of Indians while the localizations of marketing have helped Korean brands to connect with Indian customers and win their hearts.

Anil Rajput, Chairman, ASSOCHAM National Council on FMCG, Brand Promotion & Anti Smuggling said, the counterfeiter- criminal nexus eventually results in the growth of anti-social activities along with violent and organized crime. The government incurs higher public welfare costs that include monetary and health care compensations along with additional legislative costs. For the industry it means, increased packaging costs, reputational risks and loss of consumer patronage…… In addition, it leads to loss of sale and profitability, loss of brands value and infringement of Intellectual Property rights, said Rajput.
 
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