MR. RAUNAQ SINGH
The Innovation Grid draws inspiration from the rich and meaningful legacy of Mr. Raunaq Singh - one of the earliest entrepreneurs of independent India who made it big. He was the founder of Raunaq group. The Raunaq Group's major companies include Apollo Tyres Ltd., Bharat Gears Ltd., Bharat Steel Tubes Ltd., Raunaq International Ltd., Menarini Raunaq Pharma Ltd. and Raunaq Automotive Components Ltd.
Raunaq Singh was born in 1922. After initial struggle he went on to become a powerful figure in corporate India. At one point of time, in his life, he could afford only one paisa a day for meals and when he retired, his group was employing 9,000 people on his payroll.
He was a great advocate of economic liberalization and globalization of the Indian business. He worked tirelessly to put the Indian industry on the global map. He held several key leadership positions in Industry & Trade Associations. These included – President, Federation of Indian Chambers of Commerce and Industry (FICCI); President, Associated Chambers of Commerce and Industry of India (ASSOCHAM); Chairman, Engineering Exports Promotion Council (EEPC); Chairman, Automotive Tyre Manufacturers Association; and President, Federation of Indian Export Organization (FIEO).
Raunaq Singh won several awards for his entrepreneurship. He was often referred as "Mr. Exporter", because of his inclination for exports and export promotion for Indian Industry. Raunaq Singh also won international recognition for his entrepreneurial skills. He was elected as a member of the Executive Board of the International Chamber of Commerce, Paris for a three-year term.
Raunaq Singh died on September 30, 2002.
He related his pre-independence enterprise to his friends, in Lahore, how he sold old pipes to a customer for double its price that too by getting an advance from him. His tradesmanship could be seen in procuring water pipes without investing a single rupee. His first deal of Rs. 1,000 was the beginning of his fortune in steel pipe trade.
Like any other Indian living in, what became to Pakistan post-independence, Singh also faced the brunt. But his resilience helped in re-building an enterprise. Mr. Harish Bhasin, Chairman, HB group, says: “from selling tubes he dreamt of a tube factory and made it possible. Even when Apollo Tyres was taken over by the government, he fought tooth and nail and later he was reinstated in the company.” His corporate friends give credit to his political connections.
His organisational skills could be seen in shaping 3 apex associations, FICCI, ASSOCHAM and FIEO.- the only person to do so. CII President, Ashok Soota remembers him as “a first generation entrepreneur committed to the industry association movement in India.”
FICCI recalls Singh’s tenure as president during 1989-90 as year of transformation for both the Indian economy as well as for the organisation. Even during the early years of economic liberalisation when India Inc. was apprehensive of the globalisation process, Raunaq Singh commented in his president’s report: “India of the 90s is ready to face the challenges of change”.
His business rival Mr. Hari Shankar Singhania, Chairman, JK Industries, says: “As a person he was very amiable, full of wit and humour and he would put many a serious matter into simple earthy language, sorting out differences with his penchant for humour, besides his great business acumen.” His contemporary and friend Dr. Bharat Ram, SRF chairman, recollects: “He was an entrepreneur and an example of how one can grow with hard work and commitment.”
