How the year 2023 went by, and what’s the outlook for 2024? Industry reflects:


We maintain a bullish outlook on the Indian market – ELGi

Executive Director, Elgi Equipments Limited

Ruminating on the year that went by: In the last eighteen months, we have been quite bullish about manufacturing in India, with substantial capacity expansions across industries such as automotive and auto components aligning with the “China Plus One” strategy. While the overall demand scenario is complex to characterize broadly, it has proven to be strong for us over the past few quarters. With a lot of infrastructure development and expansion, our portable air compressor range is witnessing a lot of demand in the country. A distinct advantage of being involved in the compressed air business is the universal need for air compressors across various industries, mitigating dependency on a specific sector for growth. Concurrently, a heightened emphasis on energy efficiency pervades every industry. Consequently, there is a growing demand for air compressors that are more energy efficient. ELGi addresses this by prioritizing fuel efficiency for diesel-powered portable air compressors and minimizing electricity consumption for electric-powered counterparts. Our dedicated R&D team continuously strives to enhance the energy efficiency of our products, aiming to reduce energy expenses for our customers.

Outlook for 2024: We maintain a bullish outlook on the Indian market. However, as a dominant player with a double-digit market share, sustaining further growth becomes more challenging compared to regions like the US or Europe, where we have a smaller market share and more significant growth potential. In India, we are focused on expanding our footprint in industrial segments such as pharmaceuticals, semiconductors, and electronics manufacturing. Our strategy involves a deep dive into various industrial segments to recognise opportunities better, allowing us to introduce tailored products or develop new offerings to meet industry needs.

As part of our long-term innovation strategy, we anticipate every customer will require oil-free air. At ELGi, we aim to lead in making these technologies far more accessible to our customers. The AB Series Water-Injected Oil-Free Compressors, introduced a few years ago, revolutionized oil-free compressed air technology by offering class ‘0’ oil-free air without compromising lifecycle costs. The AB Series ensures pure compressed air with higher efficiency, increased reliability, quicker return on investment, lower cost of ownership, and efficient service support for sensitive applications. Its compliance with ISO 8573-Class 7 norms guarantees unmatched air quality, free from microbial contaminants, making it the safest option for sensitive applications.

New benchmarks for achieving our global aspirations: Sustainability is at the core of ELGi’s business and corporate identity, with a long-term view on addressing climate challenges. Our Environmental E-objectives focus on achieving resource-neutral operations and leading a technology-driven transformation through product stewardship. ELGi’s environmentally friendly, oil-free, and electric air compressors are setting new standards, providing industry-leading performance with reduced energy consumption and maintenance costs. These products support our customers in meeting their carbon emission reduction goals. To achieve this, we are committed to enhancing the customer experience by making products 5% more energy-efficient by 2030 and reducing climate impact through lower GWP refrigerant options, aiming for 80% product range availability of HFO-based dryers by 2030.

Our approach has not just been about technology, but about co-creation – InfoVision

Managing Director, InfoVision


“As 2023 closes, we at InfoVision celebrate a year where our strategic pillars of customer-centric growth, capacity investments, and talent excellence have driven our expansion.

Investing in technologies like Gen AI, Hyperautomation, and Data Analytics, we’ve become innovation partners in our clients’ ecosystems.

Our approach has not just been about technology but about co-creation, aligning closely with our clients’ needs and ambitions.

By investing in our Indian centers and empowering our talented team, we aim to exceed the expectations of those we serve, embedding our solutions into the narrative of their success.”

Renewable Energy continues to dominate India’s power generation capacity addition – Kundan

Director, Kundan Green Energy

“As we conclude calendar 2023, India ranks firmly as the world’s third largest energy consuming country. Its consolidated renewable energy capacity is a little more than 177 GW – the world’s fourth largest. Within this, 47 GW is hydropower.

While the untapped potential is huge, we are encouraged by the fact that while in calendar 2023 renewable energy continued to dominate India’s power generation capacity addition, the role of small hydropower projects is coming into its element. Of the 17 GW of energy added in calendar 2023, as much as 92% came from renewables as a whole.”



The industry is set for innovation, focusing on bio-materials from renewable sources for packaging – Pakka

Business Head, Pakka Limited

“The projected expansion of the India Food & Beverage Packaging Market signals a substantial rise from USD 33.73 billion in 2023 to a projected USD 46.25 billion by 2028, showcasing a compound annual growth rate (CAGR) of 6.52% within the forecast period of 2023-2028. This growth is primarily attributed to the heightened consumption of packaged food, coupled with an increased awareness and demand for high-quality products within the food and beverage sector. However, in 2023 the market has faced considerable challenges owing to the evolving regulatory landscape, specifically driven by escalating environmental concerns.

Throughout 2023, Global governments have proactively addressed public apprehensions regarding plastic packaging waste by enacting regulations aimed at curbing environmental impact and enhancing waste management practices. This shift towards stringent regulations is poised to significantly impact the food and beverage packaging industry in India. Consequently, there is a growing emphasis on eco-friendly and sustainable packaging solutions, reflecting a broader trend towards environmental responsibility. In response to this global shift, Pakka has introduced India’s inaugural compostable flexible packaging, aligning with the escalating demand for sustainable packaging options.

Looking ahead, the year 2024 is poised to be characterized by innovation and research spearheading the industry’s evolution, particularly with the integration of bio-materials derived from renewable resources. Pakka is strategically placing research and innovation at the core of its product development initiatives, fostering the creation of an array of sustainable and compostable packaging products. This strategic focus on eco-friendly solutions is anticipated to be transformative for the food and beverage packaging industry, positioning Pakka as a key player in the sector’s paradigm shift towards sustainability. Pakka’s global expansion into Guatemala reflects their humble commitment to serve diverse audiences worldwide with excellence. They embrace innovation and adapt with resilience, demonstrating unwavering commitment to progress”.