Eighteen companies in sectors ranging from nanotechnology and apparel manufacturing to medical devices and consumer goods were named at the World Economic Forum, in Davos, Switzerland, as the finalists for the 2017 TIME India Awards.
Time Inc. vice chairman Norman Pearlstine will announce the winners at a ceremony on Jan. 27 at the Confederation of Indian Industry’s Partnership Summit in Andhra Pradesh state.
Selected from a pool of 15,000 companies after a rigorous evaluation process conducted with McKinsey & Co., the knowledge partner for the awards, the finalists were announced on Jan. 17, at a special Davos panel discussion on the opportunities and challenges that digital disruption brings for India — one of the world’s fastest growing economies. Time Inc. chief content officer and Fortune editor in chief Alan Murray moderated the panel on the “Digitization of India,” which included Andhra Pradesh Chief Minister N. Chandrababu Naidu; Secretary of India’s Department of Industrial Policy and Promotion Ramesh Abhishek; McKinsey & Co.’s Asia chairman Kevin Sneader; and T.V. Narendran, managing director of Tata Steel.
Alongside prizes for the Innovator for the Year and the Global Manufacturer for the Year, the 2017 TIME India Awards will recognize the country’s most exciting small and medium-size businesses and startups. The 18 finalists were named across six categories, representing an expansion in size and scope from the inaugural TIME India Awards in 2016, which had nine finalists across three categories.
“The finalists for the second TIME India Awards represent real innovation in manufacturing and are making a significant impact on the Indian economy, with products that benefit the world,” said Pearlstine. “The Confederation of India Industry’s Partnership Summit is one of India’s most prominent international business events and promotes discussion and collaboration around global economic growth. This event is an ideal forum for this year’s awards.”
This year’s judges include General Electric vice chairman John Rice; Infosys co-founder N.R. Narayana Murthy; ICICI Bank managing director and chief executive officer Chanda Kochhar; Clay Chandler, Time Inc. executive editor, international; and McKinsey & Co.’s Sneader. Pearlstine will chair the jury.
Rajat Dhawan, senior partner, McKinsey & Co., said, “Alongside exhibiting overall competitiveness and pursuing innovation, shortlisted companies stand out for at least one zing factor — either their remarkable export orientation, pioneering adoption of Industry 4.0, focus on sustainable manufacturing, or attempts to solve a societal problem.”
The 2016 awards were held at the Make in India summit in Mumbai on Feb. 13, with TATA Steel, India’s first private-sector steel company, winning the prize for Best in Class Manufacturing. Hero MotoCorp, the world’s largest maker of two-wheelers by volume, was named the Manufacturing Innovator of the Year, while Yogesh and Rajesh Agrawal, joint managing directors of specialty pharmaceutical company Ajanta Pharma, took home the Young Maker of the Year Award.
The finalists for the 2017 TIME India Awards are:
TIME India Innovator for the Year
Amara Raja Batteries
Mahindra & Mahindra
TIME India Global Manufacturer for the Year
TIME India MSME Innovator for the Year
Advanced Enzyme Technologies
Phoenix Medical Systems
TIME India MSME Manufacturer for the Year
TIME India Startup Innovator for the Year
Barrix Agro Sciences
TIME India Startup Sustainability Pioneer for the Year
Greenway Grameen Infra
Swasti Agro & Bioproducts