The BCG-CII Manufacturing Leadership Survey 2017 was launched to gauge the pulse of the industry leaders on current scenario and future prospects for the Indian manufacturing sector. The survey was hosted online and sent through email to top management of CII member companies in the manufacturing sector. The survey results, compiled from 70 responses, have been selectively incorporated in the background note for the summit.

1. CII 16th Manufacturing Summit 2017
Winning
Through Frugal
I4.0 Innovation
WAY FORWARD FOR INDIAN
MANUFACTURING
Addendum to
Background Note
November 2017
Confederation of Indian Industry

2. The Boston Consulting Group (BCG) is a global management consulting firm and the world’s leading advisor on business
strategy. We partner with clients from the private, public, and not-forprofit sectors in all regions to identify their highest-
value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach
combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client
organization.This ensures that our clients achieve sustainable competitive advantage,build more capable organizations,
and secure lasting results.Founded in 1963,BCG is a private company with 90 offices in 50 countries.For more information,
please visit bcg.com.
The Confederation of Indian Industry (CII) works to create and sustain an environment conducive to the development
of India, partnering industry, Government, and civil society, through advisory and consultative processes.
CII is a non-government, not-for-profit, industry-led and industry-managed organization, playing a proactive role in
India‘s development process. Founded in 1895, India‘s premier business association has over 7400 members, from
the private as well as public sectors, including SMEs and MNCs, and an indirect membership of over 100,000
enterprises from around 250 national and regional sectoral industry bodies. In its 120th year of service to the nation,
the CII theme of ‘Build India – Invest in Development, A Shared responsibility’, reiterates Industry’s role as a partner
in national development.
With 64 offices, including 9 Centres of Excellence, in India, and 7 overseas offices in Australia, China, Egypt, France,
Singapore, UK, and USA, as well as institutional partnerships with 300 counterpart organizations in 106 countries, CII
serves as a reference point for Indian industry and the international business community.

3. Note to the Reader
The BCG-CII MANUFACTURING LEADERSHIP survey 2017 was launched to gauge the pulse of the
industry leaders on current scenario and future prospects for the Indian manufacturing sector. The
survey was hosted online and sent through email to top management of CII member companies in
the manufacturing sector.
The survey results, compiled from 70 responses, have been selectively incorporated in the
background note for the summit. We would like to thank all the respondents to the survey for their
valuable inputs.
The following pages contain summarized responses for select questions in the survey. The results
have been compiled from the survey responses received and do not necessarily reflect BCG‘s view
on the subject.

5. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 1
Company and Sector performance
Make in India
Industry 4.0

6. 2 | WINNING THROUGH FRUGAL I4.0 INNOVATION
What was the growth of your sector and company for the last year?
2017
6.84%
5.11%
5.69%
20142013 2016
5.75%
7.10%
2015
Sector Company
20162015
5.71%
2013
6.20%
2014 2017
6.90%
5.70%
7.78%
Average growth (%) Average growth (%)
Companies and sectors have witnessed a higher rate of growth this year than
the year before
Source: CII-BCG Manufacturing Leadership Survey 2013, 2014, 2015, 2016 and 2017.

7. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 3
For your sector? For your company?
Higher growth expected over next five years than the previous five years, more
optimism than last year
Do you see stronger growth over the next five years compared to the last five years?
Expected increase in growth (%)
over the next 5 years
2014 2015
+2.0%
+2.4%
2016
+2.4%
2017
+2.5%
20172016
+3.1%
+2.6%
20152014
+2.6%
+2.4%
Expected increase in growth (%)
over the next 5 years
Source: CII-BCG Manufacturing Leadership Survey 2013, 2014, 2015, 2016 and 2017.

8. 4 | WINNING THROUGH FRUGAL I4.0 INNOVATION
Companies aspire to increase contribution of exports, especially to developing
economies
South
East Asia
3.9%
AfricaMiddle
East
4.1%
6.8%
2.6%
11.0%
Eastern
Europe
3.3%
5.0%
USA
5.4%
Western
Europe
2.5%
6.4%
4.8%4.9%
3.2%
4.9%
Latin
America
6.1%
3.3%
South
Asia
5.0%
China
5.6%
What is your share of revenue coming from the following geographies?
(Current Vs Aspiration for 2025)
2017
2025
Average share of revenue (%)
Source: CII-BCG Manufacturing Leadership Survey 2017.

9. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 5
Given the recent announcements and the Government's intent to drive manufacturing growth,
how do you see the manufacturing sector's growth in India over the next five years?
Growth expected over the next five years
2014 2016
8.8%
8.1%
20172015
8.5%8.6%
Expectations of growth in manufacturing for the next five years remain high, however
have now normalized
Source: CII-BCG Manufacturing Leadership Survey 2014, 2015, 2016 and 2017.
Note: Average of growth expected by the respondents.

10. 6 | WINNING THROUGH FRUGAL I4.0 INNOVATION
What would be the key demand-side driver for manufacturing growth in India for the next five years?
30%
Exports
50%
Domestic
55%
6%
8%
60%
5%7%
Both Domestic and Exports
62%
40%
43%
34%
2016
2015
2017
2014
Survey responses (%)
Domestic demand expected to drive manufacturing growth; however, optimism on
exports still remains
Source: CII-BCG Manufacturing Leadership Survey 2014, 2015, 2016 and 2017.

11. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 7
What do you foresee as the biggest challenge for manufacturing growth
in India over the next five years? (Top three)
Infrastructure and implementation of policies are seen as challenges to growth
Concern
2015 2016 2017
Rank
Survey responses
(in %)
Rank
Survey responses
(in %)
Rank
Survey responses
(in %)
Infrastructural constraints 2 19 1 22 1 25
Lack of translation of PM/ central
vision into the right policies
3 15 3 14 2 14
Instability of bureaucracy to implement
industry-friendly policies appropriately
1 25 2 15 3 11
High cost of capital 4 8 4 11 4 11
Low/ no innovation 6 7 5 9 5 8
Rising labor costs 9 4 7 7 6 8
Manufacturing over capacity 11 2 10 4 7 8
Demand slowdown 5 7 9 4 8 6
Unstable Polity 7 6 6 8 9 3
Currency Fluctuations 8 4 8 4 10 3
Others 10 3 11 2 11 3
xx
change over survey
results from previous year
-10%
+3%
-1%
+3%
+2%
+2%
0%
+2%
-1%
+1%
-5%
+1%
-3%
+3%
+3%
0%
-4%
0%
-1%
+4%
+2%
-1%
Source: CII-BCG Manufacturing Leadership Survey 2015, 2016 and 2017.
Note: Percentage of responses identifying the concern to be one among the top three concerns.

12. 8 | WINNING THROUGH FRUGAL I4.0 INNOVATION
6%7% 7%
2%
5%
Western
European
countries
U.S.A.
4%
7%
6%
South Asian
countries
(Bangladesh,
Sri Lanka...)
5%
3%
7%
30%29%
42%
26%
China
23%
24%
35%
28%
3%
6%7%7%
13%
6%
South East
Asian countries
(Thailand,
Vietnam...)
7%
10%
Latin American
countries (Brazil,
Mexico...)
Eastern European
countries
8%
Which countries will be our biggest competitors in the export markets,
between now and 2020? (select top three)
2014
2016
2015
2017
China and South East Asian countries continue to be seen as key threats in export markets
Survey responses (%)
Source: CII-BCG Manufacturing Leadership Survey 2014, 2015, 2016 and 2017.

13. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 9
Middle East & Africa, Europe and Rest of Asia seen as key geographies to drive exports
What are the key geographies to drive exports in, over the next five years (select top two)?
3%
Eastern Europe
14%
ANZ
3%
1%
8%
14%14%
8%
9%
6%
Western Europe
14%
South AmericaSouth Asia
15%
13%
5%
11%
12%
15%
11%
Rest of Asia
(includes
China & Japan)
Middle East
& Africa
28%
17%
22%
23%
North America
11%
23% 2016
2017
2015
Survey responses (%)
Source: CII-BCG Manufacturing Leadership Survey 2015, 2016 and 2017.
Note: Identified as one of the top two.

14. 10 | WINNING THROUGH FRUGAL I4.0 INNOVATION
Company and Sector performance
Make in India
Industry 4.0

15. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 11
Over half of the respondents believe that the government drive to improve
manufacturing has been effective
Government's drive to improve manufacturing sector has been effective
Policy environment
and branding
40%
57%
41%
45%
59%
57%
Fostering
manufacturing
clusters
37% 37%
52%
Skill
development
43%
53%
38%39%
46%
33%
Exports
54%
42%
Infrastructure
33%
Overall
2017
2016
2015
Percentage of people who agreed (in %)
Source: CII-BCG Manufacturing Leadership Survey 2015, 2016 and 2017.

16. 12 | WINNING THROUGH FRUGAL I4.0 INNOVATION
Close to 40 percent respondents feel that the Ease of doing business has improved
Has 'Ease of doing business' improved in your industry, state?
20%
Land acquisition process
39%
43%
Labour laws
29%
22%
39%
Overall
31%
52%
43%
Project clearance and approvals
24%
49%
21%
2015
2016
2017
Percentage of people who agreed (in %)
Source: CII-BCG Manufacturing Leadership Survey 2015, 2016 and 2017.

17. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 13
What more should the government do to drive growth in the manufacturing sector?
47
44
Speed up
project
clearance
and approval
OthersHave stronger
focus on skill
development
39
Smoothen land
acquisition
process
Reform
labour laws
19
Foster
manufacturing
clusters (SEZs,
NIMZs)
Give more
incentives
(Eg: export)
47
58
Develop
state-of-art-
infrastructure
36
72
Infrastructure and labour law reform continue to be sought the most by the industry
Survey responses (%)
2017
Source: CII-BCG Manufacturing Leadership Survey 2017.

18. 14 | WINNING THROUGH FRUGAL I4.0 INNOVATION
Has Make in India become closer to reality as compared to the previous year?
8%
Strongly
disagree
4%
Somewhat
disagree
16%
6%
14%
7%
4%
35%
32%
6%
29%
42%
19%
Somewhat
agree
Neither agree
nor disagree
41%
Strongly
agree
37%
2016
2017
2015
Survey responses (%)
About 48 percent executives surveyed think Make-in-India has been closer to reality in
2017 as compared to 2016
Source: CII-BCG Manufacturing Leadership Survey 2015, 2016, 2017.

19. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 15
Company and Sector performance
Make in India
Industry 4.0

20. 16 | WINNING THROUGH FRUGAL I4.0 INNOVATION
Cloud, big data & analytics and robotics believed to be exerting greater influence on the
industry and >50% of companies have adopted Big data, IoT and cloud services
Survey responses (%)
Which of the trends below have seen increasing impact in your
industry/company over the last 2 years?
2%
Increasing use
of simulation
12%
9%
Improving
cyber security
12%
Increasing
prevalence
of 3D printing
7%
1%
8%
Increasing use
of augmented
reality
12%
21%
16%
14%
Increasing use
of robotics
Increasing
use of IoT
Increasing use
of Big data
and analytics
20%
21%
12%
Increasing
use of cloud
11%
22%
Industry
Company
Source: CII-BCG Manufacturing Leadership Survey 2017.
Note: Identified as one of top 2 reasons.

21. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 17
0
20
5
10
15
5%5%
10%
Chemicals
5%
11%
Heavy
Engineering
9%
Consumer
durables
Medical,
optical and
precision
equipments
FMCG
Food
products
Oil &
Gas
18%
Non-
metallic
products
5%
Metals
and
mining
Textile,
apparel,
leather
and fur
products
Automobiles
and
transport
equipment
13%
12%
1%
Metal
products
3%
Electrical
and
electronics
machinery
2%
Automobile industry seen as the industry with highest potential in making
Industry 4.0 advancements
Which industry sector do you think possesses highest potential
in making Industry 4.0 advancements?
Survey responses (%)
Source: CII-BCG Manufacturing Leadership Survey 2017.

22. 18 | WINNING THROUGH FRUGAL I4.0 INNOVATION
Improved quality is the primary benefit people see from Industry 4.0, a marked change
from just assessing it as a cost benefit
4030200 10
No tangible benefit in foreseeable future 2%
Improved product availability 5%
Reduced production time
More flexibility
Lower cost
Reduced time to market
21%
Improved quality
10%
14%
15%
33%
What are the benefits you see coming out of Industry 4.0 advancement?
Survey responses (%)
Source: CII-BCG Manufacturing Leadership Survey 2017.
Note: Identified as one of top 2 reasons.

23. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 19
Industry seeks awareness and guidance, not incentives to adopt Industry 4.0
20 4030 500 10
11%
15%Drive training in ways to adopt Industry 4.0
Provide incentives for investments in Industry 4.0
Increase awareness of benefits from Industry 4.0 49%
25%
Setup help centers to guide investment in Industry 4.0
What can the government do to drive adoption of technology and other Industry 4.0 trends?
Survey responses (%)
Source: CII-BCG Manufacturing Leadership Survey 2017.
Note: Identified as one of top 2 reasons.

24. 20 | WINNING THROUGH FRUGAL I4.0 INNOVATION
Cybersecurity, cloud, simulation and big data are the pillars more than half the
respondents have already invested in
100
60
40
80
0
20
24%
6%
2%
11%
44%
36%
46%
31%
10%15%
13%
Augmented
Reality
2%
8%
13%
15%
19%
38%
The
Industrial
Internet
of Things
20%
16%
Big Data &
Analytics
16%
21%
Horizontal
& Vertical
System
Integration
24%
Autonomous
Robots
22%
Additive
manufacturing
10%
16%
30%
18%
29%
36%
4%
30%
4%
25%
17%
4%
35%
21%
9%
Cybersecurity
28%
The Cloud
16%
Simulation
4%
24%
20%
35%
33%
What is your strategy in investing in the following pillars of technical advancement in Industry 4.0?
% respondents
Source: CII-BCG Manufacturing Leadership Survey 2017.

25. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 21
Respondents expect rapid increase in process automation over next 10 years
What percentage of your processes are currently automated and is expected
to be automated in 5 and 10 years?
80
60
20
40
0
100
7%
5%
14%
15%
28%
15% 18%
28%
At Present
23%
7%
% respondents
9%
3%
31%
5%
32%
In 10 years
13%
45%
2%
In 5 years
>75%
20-50%
50-75%
10-20%
5-10%
0-5%
Source: CII-BCG Manufacturing Leadership Survey 2017.

26. 22 | WINNING THROUGH FRUGAL I4.0 INNOVATION
Appendix—Respondent profilesAppendix—Respondent profiles

27. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 23
7%
11%
7%
2%
15%
22%
26%
Basic metalsMetal
products
1%
7%
Textile,
apparel,
leather
Others
2% 3%
15%
27%
34%
7%
5%
2%
11%
Food
products
Chemicals
(includes
pharma-
ceuticals)
Electrical
and
electronics
machinery
3%
Non-
metallic
products
4% 4%
1%
15%
3%
Auto-
mobiles and
transport
equipment
9%
Diversified
businesses
6%
11%
8%
13%
Respondents spread across all industries including diversified businesses
Please specify the (major) sector of operation for your company
Includes construction equipment,
material handling equipment etc.
2016
2015
2017
Survey responses (%)
Source: CII-BCG Manufacturing Leadership Survey 2015, 2016 and 2017.
18%

28. 24 | WINNING THROUGH FRUGAL I4.0 INNOVATION
Most respondents have a global footprint while manufacturing only in India
Please specify your company's footprint (Indian / global)
19%
21%
49%
30%
Sales in multiple countries,
manufacturing only in India
44%
Other
13%
9%
14% 13%
Sales in India, manufacturing in
multiple countries (incl. India)
Sales in India,
manufacturing in India
49%
19%
22%
2017
2016
2015
Survey responses (%)
Source: CII-BCG Manufacturing Leadership Survey 2015, 2016 and 2017.

29. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 25
Respondents across various company sizes with majority from businesses of more than
Rs. 1,000 crores in revenue
What is the size of your company's India operations? (in terms of annual turnover in Rs. Crore)
66%65%
62%
10%
200-500 crores
20%
13%
18%
10%
5%
>1,000 crores500-1,000 crores
7%
2%
5%
8%
6%
<100 crores 100-200 crores
5%
2017
2016
2015
Survey responses (%)
Source: CII-BCG Manufacturing Leadership Survey 2015, 2016.

30. 26 | WINNING THROUGH FRUGAL I4.0 INNOVATION
Acknowledgements
B.N. Kalyani
CMD
Bharat Forge
B. Thiagarajan
Joint Managing Director
Blue Star Limited
Rahul Chopra
Sr. Vice President & Business Head
Everest Industries Limited
Atul Sohani
Associate Vice President
Godrej & Boyce
Mahesh Tahilyani
MD & CEO
Forbes & Co. Ltd.
Kaustabh Shukla
COO, Industrial Products Group
Godrej & Boyce
Rajesh Alreja
Vice President
Godrej & Boyce
Channabasappa Mugali
Manager
Harita Fehrer Limited
Raju Shah
Chairman
Harsha Engineers Limited
Vijay Sethi
CIO and Head, CSR
Hero MotoCorp Limited
Vilas Kamath
Associate Vice President
IFB Industries Limited
B.B. Gupta
President
JBM Group
B.S. Shinde
Sr. AGM (Exe. Asst. to JMD)
Kay Bouvet Engineering Limited
K. Sreekumar
Head, Corporate Center
L&T Construction
N. Krishna Kumar
Sr. Vice President, Operations
Lakshmi Machine Works Limited
Rajeshwar Tripathi
Chief People Officer
Mahindra & Mahindra Limited
M.M. Singh
Executive Advisor
Maruti Suzuki India Limited
Vijay Uplenchwar
Vice President
Megha Engineering & Infrastructure Limited
Sanjay Gandhi
Sr. Vice President & Head, Sourcing
Godrej & Boyce
M Anand
Sales & Marketing Head
Godrej Locking Systems & Solutions
Bhojwani Bhagwandas
Managing Director, CEO
Imerys Minerals Limited

31. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 27
Acknowledgements
Harshbeena S. Zaveri
Vice Chairman & MD
NRB Bearings Limited
Ravindra Utgikar
Vice President
Praj Industries Limited
Sandeep Kandale
Assistant Manager
Praj Industries Limited
Sridhar Radhakrishnan
Chief Operating Officer
Secure Meters Limited
Avinash Gupta
Sr. GM, Spare Parts & Aggregates
Tata Motors
Abraham Stephanos
MD
Tata Steel Processing & Distribution
Unnikrishnan
Managing Director & CEO
Thermax Limited
Rajan Nair
Project Director
Thermax Limited
John Edwin
President
Tractors & Farm Equipment Limited
C.S. Das
Executive VP and CFO
TRL Krosaki Refractories Limited
Vikram Pandit
President
Praj Industries Limited
Rino Raj
CIO
Tata Chemicals
Gyanesh Chaudhary
MD & CEO
Vikram Solar Limited
Shankar Krishnan
Group Head, Strategy
Shapoorji Pallonji Group

32. 28 | WINNING THROUGH FRUGAL I4.0 INNOVATION
The Boston Consulting Group
publishes other reports and articles on
related topics that may be of interest
to senior executives. Recent examples
include:
Industry 4.0: The Future of Productivity
and Growth in Manufacturing Industries
A focus by The Boston Consulting Group,
April 2015
Man and Machine in Industry 4.0
A report by The Boston Consulting Group,
September 2015
Five Lessons from the Frontlines of
Industry 4.0
A report by The Boston Consulting Group,
November 2017
Time to Accelerate in the Race Toward
Industry 4.0
A perspective by The Boston Consulting
Group, May 2016
Three Ways for Companies to Succeed
in the Fourth Industrial Revolution
A perspective by The Boston Consulting
Group, January 2016
Sprinting to Value in Industry 4.0
An article by The Boston Consulting Group,
December 2016
Manufacturing for the 21st century
An article by The Boston Consulting Group,
November 2016
The Factory of the Future
A perspective by The Boston Consulting
Group, December 2016
Winning in IoT: It's all about the
business processes
A perspective by The Boston Consulting
Group, January 2017
Make in India: Turning Vision Into
Reality
A report by The Boston Consulting Group in
association with Confederation of Indian
Industry, October 2014
Acting on the Digital Imperative
An article by The Boston Consulting Group,
September 2016
The Proximity Paradox: Balancing Auto
Suppliers' Manufacturing Networks
A report by The Boston Consulting Group,
March 2015
People Productivity: Key to Indian
Manufacturing Competitiveness
A report by The Boston Consulting Group,
March 2013
The shifting Economics of Global
Manufacturing–How Cost
Competitiveness Is Changing Worldwide
A report by The Boston Consulting Group,
August 2014
Why Advanced Manufacturing Will
Boost Productivity
A report by The Boston Consulting Group,
January 2015
Future of Indian Manufacturing:
Bridging the Gap
A report by The Boston Consulting Group
in association with Confederation of
Indian Industry, August 2015
Forks in the Road: Navigating Industry
Disruption
A report by The Boston Consulting Group,
May 2016
The Robotics Revolution: The Next
Great Leap in Manufacturing
An article by the Boston Consulting
Group, September 2015
The Evolution of Robotics
An interactive by The Boston Consulting
Group, November 2014
The Rise of Robotics
An article by The Boston Consulting
Group, August 2014
3D Printing Will Change the Game:
Prepare for Impact
An article by the Boston Consulting
Group, September 2013
For Further Reading

33. THE BOSTON CONSULTING GROUP  CONFEDERATION OF INDIAN INDUSTRY | 29
About the Authors
Dr. Arindam Bhattacharya is a Senior
Partner and Director in the New Delhi
office of The Boston Consulting Group.
Ravi Srivastava is a Senior Partner and
Director in the New Delhi office of The
Boston Consulting Group.
Rangarajan V is a Principal in the Mumbai
office of The Boston Consulting Group.
For Further Contact
If you would like to discuss the themes and
content of this report, please contact:
BCG
Dr. Arindam Bhattacharya
Senior Partner and Director
BCG New Delhi
+91 124 459 7093
bhattacharya.arindam@bcg.com
Ravi Srivastava
Senior Partner and Director
BCG New Delhi
+91 124 459 7038
srivastava.ravi@bcg.com
Rangarajan V
Principal
BCG Mumbai
+91 22 6451 2377
v.rangarajan@bcg.com
CII
Dr. Saugat Mukherjee
Regional Director
CII–Western Region
+91 22 2493 9747
s.mukherjee@cii.in
Alpa Antani
Head–International & Special Projects
CII–Western Region
+91 22 2493 1790
alpa.antani@cii.in
Acknowledgements
This study was undertaken by The Boston
Consulting Group (BCG) with support from the
Confederation of Indian Industry (CII).
We would like to thank the members of CII related
to Manufacturing and allied sectors for their
valuable inputs and insights. Special thanks to Mr.
Jamshyd N Godrej, Chairman, 16th Manufacturing
Summit and Chairman and Managing Director,
Godrej & Boyce Manufacturing Company Limited;
Dr. Naushad Forbes, Co-Chairman CII
Manufacturing Summit, Immediate Past President
CII and Co-Chairman, Forbes Marshall; and Mr.
Ninad Karpe, Chairman, CII Western Region 2017-
2018 and Director, Aptech Limited for their
valuable contribution.
We would also like to thank the respondents to the
CII–BCG Manufacturing Leadership Survey 2017
for their valuable inputs.
We gratefully acknowledge the contribution of
Sinchan Mukherjee, Parul Gupta and Hardik
Wadhwa in the Delhi office in writing this report.
Special thanks to Jamshed Daruwalla, Saroj Singh,
Ayushi Jain and Nitesh Tirkey for their
contributions to the editing, design and production
of this report and Jasmin Pithawala for managing
the marketing process.
Note to the Reader

34. © The Boston Consulting Group, Inc. 2017. All rights reserved.
For information or permission to reprint, please contact BCG at:
Email: bcg-info@bcg.com
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For information or permission to reprint, please contact Confederation of Indian Industry at:
Email: ciiwr@cii.in Web: www.cii.in
Tel: +91 22 24931790
Fax: +91 22 24939463/ 24945831
Mail: Confederation of Indian Industry
Western Region
105, Kakad Chambers
1st floor,
132, Dr Annie Besant Road,
Worli,
Mumbai – 400 018
India
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11/2017

35. Confederation of Indian Industry