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Hari Bhartia, Founder and Co-Chairman of Jubilant Bhartia Group shed light on the potential for collaboration between India and the USA in an interview at the CNBC-TV18 USIBC India Ideas Summit. The two countries are exploring opportunities in various sectors, including aviation, pharmaceuticals, and food, with a focus on innovation, growth, and partnership.

"USA may be the Mecca for innovation, but India is catching up very fast," Bhartia said during the interview. He mentioned that India currently has 5,000 biotech startups operating in the country, indicating the growth and potential for collaboration in the biotech industry.

Additionally, he noted that India's food industry has been experiencing remarkable growth and attracting major global brands. Bhartia discussed the success of brands like McDonald's, emphasising the importance of providing a great product at a good value for everyone.

"When we first looked at bringing a US brand to India, one thing that we learned from the the US is that the brands which were very large, like mcdonald's or Dominos have done well because they provide great product at good value."

Jubilant, one of India's leading food companies, is known for its popular pizza chain Domino's, and has focused on consistently delivering value to its customers, he said.

Bhartia mentioned that they have not increased prices but leveraged their scale to provide greater value. Their principle of bringing value to the customer has been pivotal in their growth, and Jubilant has grown to become the second-largest chain in the world.

"If I look at our own journey in the last 10 years, I don't think we have actually increased prices. And today it is the second largest in the world."

Bhartia expressed his aspirations for the Indian market to be as big as the US market and highlighted the potential for US brands to enter India, as Indian consumers desire great products at great value.

To expand further, Jubilant has invested in advanced technology related to supply chain management. Bhartia emphasised the significance of a robust back-end infrastructure, including a strong supply chain, rather than solely focusing on front-end store investments.

He mentioned that they have learned valuable lessons from large American companies on managing food-centric supply chains effectively.

Additionally, Bhartia discussed the shift from contract research to proprietary product development in India over the past decade. He highlighted the emergence of cluster-based innovation ecosystems in India, fostering the creation of patented proprietary products, similar to those in the USA.

Furthermore, Bhartia noted the increasing investments by venture capitalists from the USA in Indian startups that generate intellectual property (IP). He stressed the importance of creating IP together as a means of partnership rather than just being suppliers.

The potential for collaboration between India and the USA extends to various sectors. Bhartia mentioned joint efforts in early research and development in biotech and defense industries.

He also highlighted progress in digital technology and artificial intelligence (AI) and emphasised the need for harmonised regulatory processes to facilitate collaboration.

In the pharmaceutical sector, Bhartia emphasised the importance of collaboration on regulations, considering the significant capacities Indian companies have established for supplying generics to the USA.

He urged the US Food and Drug Administration (FDA) to invest more in training individuals in India to build a resilient supply chain and advocated for harmonising approvals from different regulatory authorities.

Bhartia further discussed the booming opportunities for collaboration between India and the USA in the aviation industry. Indian companies are already manufacturing for European aviation authorities and have partnerships with US aviation companies.

He encouraged US companies, such as GE Aviation, to invest in India's aviation sector, highlighting the potential for fruitful collaborations.

Watch video for full interview