The second session of Abhyudaya – Industry Leadership Conclave 2026 titled “Atmanirbharta in Action” had three panelists – Dr RS Goswami, Chairman and Managing Director, Hind Pharma, Harish Joshi, Director, Sumangalam Formulations Pvt Ltd and an Independent Director, Balmer Lawrie Co. Ltd., Kolkata, and – Mitesh K Lokwani, MD, HLBS TECH (P) LTD, Adhyaksh, Laghu Udyog Bharati, Bhopal.
Build Small, Think Global, Lead with Humility
“No one wants to work under you; people want to work with you,” he observes. Successful entrepreneurs cultivate a culture of collaboration rather than hierarchy,” said Dr RS Goswami, CMD, Hind Pharma, while underscoring the importance of teamwork rooted in equality. Dr Goswami, who has worked in the MSME sector for several years, shared his experience and provided vital tips for the young entrepreneurs aspiring to build sustainable businesses in Bharat.
Drawing from a global study of 500 Fortune companies, Dr Goswami highlighted that among 15 high-growth companies that significantly outperformed others, the differentiating factors were neither advanced technology nor massive capital investment. Instead, their CEOs shared two defining traits—extreme humility and intense determination. These qualities, he points out, require no financial investment yet form the backbone of enduring leadership.
Dr Goswami cautioned the budding entrepreneurs from blindly copying existing businesses or over-relying on consultants. While professional advice and technical expertise are valuable, he stressed that entrepreneurs must deeply study their chosen industry for at least six months before investing. “Become your own consultant,” he advised, noting that project scales and financial projections can easily be inflated. Serious preparation, comparable to studying for competitive examinations, is essential before entering manufacturing or trade.
Dr Goswami stressed that the entrepreneurs should be focussed as this will help them to succeed in their business. He added that many entrepreneurs dilute their energy by constantly shifting products after observing others. Instead of diversifying prematurely, he recommended narrowing the product range and expanding those selected offerings globally. “If you can make ten products, make five—but take them to the world,” he suggested.
At the core of this strategy lies marketing. Regardless of technological strength, financial background, or academic pedigree, he insisted that marketing must be the nucleus of any enterprise. The fundamental question entrepreneurs must repeatedly ask themselves is simple: “Can I sell this?” If the answer is uncertain, he advised reconsideration.
Be Job Creators, Not Job Seekers
Harish Joshi, Director, Sumangalam Formulations Pvt Ltd and an Independent Director, Balmer Lawrie Co Ltd, Kolkata stated that there are immense opportunities for the youth in the MSME sector. While addressing the gathering, he added, Bharat’s Micro, Small and Medium Enterprises (MSME) sector continues to emerge as a powerful engine of growth, innovation, and employment.
According to him, Bharat stands at a demographic advantage that few nations possess. With a rising working-age population projected in the coming decades, the country has a unique chance to transform its youth into job creators rather than job seekers. Joshi shared his own entrepreneurial journey, which began with just Rs 5,000. Despite high interest rates of 15–16 per cent at the time, bank loans and subsidies enabled him to build a successful enterprise. “The real challenge is psychological,” he noted, explaining that many small entrepreneurs hesitate after witnessing failures around them. However, resilience and long-term commitment can turn turbulence into opportunity.
He cited his experience exporting to China as a powerful example of global competitiveness. Despite concerns about Chinese dumping, Joshi said he has successfully exported a product to China at a price far higher than its production cost in Bharat. The lesson, he stressed, is that Indian MSMEs must actively explore global markets instead of being deterred by competition.
Bharat’s policy ecosystem, he observed, has also evolved significantly. With major allocations announced for research and development and numerous government schemes aimed at supporting MSMEs, the foundation for growth is strengthening.
Emphasising the transformative role of industry associations in shaping policy and improving ease of doing business, Mitesh K Lokwani, MD, HLBS TECH (P) LTD, and Adhyaksh, Laghu Udyog Bharati, Bhopal said that Bharat’s MSME sector holds enormous potential—provided it receives structured guidance, global exposure, and stronger institutional support.
Drawing from his extensive international experience, including multiple visits to China, Taiwan, and Germany, Lokwani highlighted how close coordination between governments and industry bodies has powered industrial success in these countries. He cited Taiwan as a compelling example, where organisations such as Taiwan External Trade Development Council (TAITRA) have built a global presence with offices in dozens of countries, facilitating international exhibitions and buyer-seller matchmaking platforms like Computex.
A key recommendation was the appointment of “Udyog Mitras” at the district level to guide businesses about schemes and export opportunities. Additionally, he emphasised the importance of Industry 4.0 adoption. Digital tools such as CRM platforms, ERP systems like Tally, SAP, and Bharatiya solutions like Zoho can significantly enhance productivity and competitiveness.
