In this interview, Mr. Ankit Maini, Managing Director of Veira Group highlights the company’s Q3 goals, focused on festive demand and production capacity. They discuss Veira’s industry leadership, driven by innovation, local sourcing, and partnerships, while addressing supply chain challenges, government policies, and evolving smart TV features to meet consumer needs with high-quality standards.
1. Please outline Veira’s aims for Q3 of the fiscal year?
Veira is all geared up for the upcoming festive season, anticipating a significant surge in demand for larger TV sizes of 50 inches and above. We’re fully prepared to meet this demand with our enhanced production capacity, streamlined supply chain logistics, and strengthened partnerships. Our goal is to ensure the timely and efficient delivery of high-quality TV units, supporting our partners in capturing the festive market and driving substantial sales growth.
2. What factors have contributed to Veira Group’s position as a leader in the electronic manufacturing industry?
Veira Group’s leadership in the electronic manufacturing industry is attributed to its innovative approach and strategic investments. By pioneering the promotion of Tizen OS in India and expanding its portfolio to include webOS, Coolta, and Google TV, Veira has set itself apart with advanced technology and comprehensive product offerings. The company’s capacity to produce over 4 million TVs annually, supported by two cutting-edge facilities in Noida, ensures high-quality manufacturing and operational efficiency. Furthermore, Veira’s strong partnerships with leading brands such as Flipkart, Infinix, Impex, Hitachi, Vise, Nokia, and Motorola highlight its reliability and excellence in the industry.
3. What strategies can be adopted to ensure a stable supply chain and business continuity?
First, we leverage our long-standing relationships with key suppliers, gaining early notifications about upcoming production cuts or disruptions, allowing us to plan proactively. Additionally, we are investing in local production capabilities for select components to reduce reliance on imports. Maintaining a strategic reserve of essential components and raw materials also helps us buffer against potential supply chain interruptions. These measures ensure we can continue to meet our manufacturing targets efficiently and consistently.
4. What are the benefits and challenges of increasing local sourcing of components for TV manufacturing in India?
The significant benefit of local sourcing is the reduction of import dependency, which can enhance supply chain stability and lead times. Additionally, local sourcing can stimulate the domestic economy, create jobs, and foster the development of ancillary industries. However, the challenges are considerable. Establishing sufficient infrastructure for semiconductor and display fabs requires substantial investments, and while the government is making efforts, materialization is still needed. Furthermore, developing a robust supply chain infrastructure and a skilled workforce is essential to compete globally. Achieving this requires long-term commitment and collaboration between industry and government to ensure that India can meet the high standards and demands of global TV manufacturing.
5. What can be the strategic roadmap for India to achieve self-reliance in the Smart TV segment? What role can public-private partnerships play in this journey?
To achieve self-reliance in the Smart TV segment, localizing component production is crucial. This involves developing domestic capabilities for manufacturing essential parts like semiconductors and display panels. Public-private partnerships (PPPs) can play a pivotal role by combining resources and expertise to enhance infrastructure, such as establishing advanced semiconductor and display fabs. These collaborations can pool investments and share risks, accelerating the development of critical manufacturing facilities. Additionally, fostering innovation through R&D initiatives and supporting skill development programs will be essential to building a competitive workforce. Strengthening supply chain logistics and creating a supportive policy environment can further bolster India’s efforts to achieve self-reliance in the Smart TV industry.
6. How are changing consumer preferences and viewing habits influencing the design and features of Smart TVs in India?
There is an increasing demand for higher resolution displays like 4K and 8K, along with HDR features for superior picture quality. Voice recognition and AI-powered smart assistants are becoming standard, providing hands-free control and personalized content recommendations. Additionally, the rise of gaming and interactive content has led to the incorporation of faster processors and high refresh rate screens. These innovations reflect the industry’s response to the evolving needs of tech-savvy and entertainment-focused consumers in India.
7. How are current government policies impacting the Smart TV industry in India? What policy changes could further boost the industry’s growth?
Current government policies have presented some challenges to the growth of the Smart TV industry in India. High GST rates on TVs contribute to increased costs, making products less affordable for consumers and limiting market expansion. To support the industry’s growth, a reduction in GST on Smart TVs could lower prices and drive higher consumer demand. Additionally, enhancing support for export initiatives could open new markets and increase revenue opportunities for domestic manufacturers. Improved infrastructure and incentives for local production of components would further strengthen the industry and foster competitiveness.
8. How does Veira Group ensure the highest quality standards in their electronic products?
Veira Group upholds the highest quality standards in their electronic products through a rigorous Quality Assurance (QA) and Quality Control (QC) process. The dedicated QA/QC teams conduct comprehensive testing at various stages of production to ensure product reliability and performance. This includes advanced testing procedures to assess durability, performance, and safety. Additionally, Veira products undergo industry certifications to verify compliance with quality and safety standards. The company’s focus on cutting-edge display technology, robust design, and high-quality audio further reflects its commitment to delivering exceptional electronic products.
