IN THE DRIVER’S SEAT: STEERING THE AUTO INDUSTRY INTO THE FUTURE

Ritu Singh Vaidya
Managing Director, VOITH
President, Nepal Automobile Importers and Manufacturers Association

Ritu Singh Vaidya, as the Managing Director of United Traders Syndicate, the authorised distributor of Toyota vehicles in Nepal, has carved a unique path in a sector traditionally dominated by men. Her journey is a compelling narrative of resilience, strategic vision and an unwavering commitment to societal impact. Beyond her influential role at UTS, Vaidya plays a crucial part in her family’s extensive business empire, Vaidya’s Organisation of Industries and Trading House (VOITH), which encompasses a diverse portfolio ranging from automobiles and financial services to agriculture and heavy machinery, with new ventures in distributing major heavy equipment brands like XCMG and SUNWARD.

Vaidya’s remarkable career trajectory began far from the corporate boardrooms, in the glamorous world of fashion and beauty. At just 19, her poise and intellect garnered international acclaim, earning her the fifth runner-up title at Miss World, second runner-up at Miss Asia World, and first runner-up at Miss India Universe. Though she initially pursued modelling and fashion design, armed with a BA in Economics and Political Science from Delhi University and a diploma in fashion design, her inherent entrepreneurial spirit eventually guided her towards Nepal’s burgeoning business sector. After successfully running a fashion design business for seven years and launching Spa Prana, her path organically transitioned into the industrial sphere. A woman of diverse talents, Vaidya is also a trained Hindustani classical singer with a released album, ‘Sun Zara’, and appearances in its music videos. 

Her leadership extends beyond corporate boundaries; she is the President of Nepal Automobile Importers and Manufacturers Association (NAIMA), and also serves on the board of the SAARC Chamber of Women Entrepreneur Council and the Federation of Woman Entrepreneurs’ Associations of Nepal, actively investing in microfinance initiatives to empower women through entrepreneurial funding. With her group’s latest project, Huaxin Cement, set to produce 3,000 tonnes daily, and ambitious plans for hydropower and other infrastructure sectors, Vaidya embodies a holistic approach to leadership that balances corporate growth with profound social responsibility. Her insights into navigating such a multifaceted career were recently shared in a candid conversation with Business 360. Excerpts: 

Could you tell us about your current roles within VOITH?

Right now, I am deeply involved as the Managing Director for Toyota, which is a significant part of our automobile portfolio at United Traders Syndicate. Additionally, I oversee the operations for our new heavy equipment distributorships, specifically for XCMG and SUNWARD. These roles are integral to the broader Vaidya’s Organisation of Industries and Trading House (VOITH) group. My journey in the automobile sector officially began in 2009 and it has been a continuous learning experience, evolving with the market and our group’s strategic expansions.

How do you translate the concept of development into your business decisions while prioritising industries that uplift communities?

For us, the essence of any business venture is not just about financial gains. It is fundamentally about fostering goodwill and a sense of progress and prosperity for everybody around you. This perspective ensures that the benefits are not solely for the owners or shareholders but extend to everyone involved, from our employees and their families to the wider community. 

When we talk about development, it encompasses tangible aspects like improved health facilities, increased earning opportunities, and even better nutrition within our immediate sphere of influence. Beyond our internal operations, we wholeheartedly believe in our guiding principle, our slogan, which is ‘little things we do’. This philosophy drives us to constantly identify and take on initiatives that genuinely add meaningful value to society, ensuring our commercial endeavours contribute positively to the collective well-being.

How do you balance commercial growth with social responsibility?

What I fundamentally believe is that for any business house or commercial entrepreneurship, your profit margins or your profit itself are the absolute centre of your survival. Without a healthy profit, you cannot sustain operations, innovate or grow. However, that profit is not an end in itself, it is what ultimately translates directly into our capacity for social responsibilities. It is the engine that powers our ability to give back. Within our family and our organisation, we are all incredibly conscious of this symbiotic relationship. Both my husband Suraj, myself, and even our future generation are acutely aware that we need to continuously invest back into the communities that support our businesses. It is an integral part of our ethos that commercial success is intertwined with our commitment to societal betterment.

Are there any defining moments in your leadership at VOITH that have shaped the company’s current direction?

One significant moment was being fortunate enough to take on the leadership of a very sound company like Toyota within our group. Toyota’s reputation for quality, durability and reliability is a very strong feature that we are immensely proud of and happy to uphold. When I took on this role, I believe I brought a newer mindset, perhaps a fresh perspective to problem-solving, partly because of my prior work experience in other diverse fields. This led to an added shift in mindset for the company as a whole. 

My primary aim was to make our operations even more professional, aligning them with international standards. To achieve this, we completely believe in delegating jobs to the correct people. Hiring is an absolutely essential process for me. I personally interview candidates for senior positions because it is crucial to ensure that the execution of our plans and ideas will be competently managed by individuals of that specific calibre. This meticulous approach to hiring is very important for us. However, once we have trusted and capable people in place, we empower them. We move away from micromanagement and instead focus on a macro-level management approach, fostering trust and accountability.

VOITH has historically focused on labour intensive, agri-based industries. Do you believe such industries are key for Nepal’s long-term growth?

They are incredibly essential. As part of VOITH, my brother-in-law oversees our agri-businesses and we consider them foundational. I firmly believe that our ‘bread basket’ should be homegrown; we should strive for self-sufficiency in food security. In a country like Nepal, where a significant portion of the population is engaged in agriculture, investing in and developing these labour-intensive, agri-based industries not only contributes to our economic independence but also creates widespread employment opportunities and improves livelihoods in rural areas. It gives us a profound sense of achievement to know that a vital part of our family’s business endeavours is contributing directly to securing basic necessities for the nation. This focus ensures stability and resilience in our overall economic landscape.

When diversifying and exploring new businesses, what key factors do you consider?

When we look at new businesses, the initial factors are always fundamental commercial considerations: what are the scopes for growth, where is the world moving, what is the current requirement, and what is the ‘order of the day’ in terms of market needs. All of these are very important. 

However, for me, it is now a paramount requirement for us to venture into businesses that are not bound by geographical boundaries. This means exploring opportunities in the online space, platforms or IT-related sectors. The reason for this focus is that, after all, Nepal is a relatively smaller geographical country. Anything that can help us surpass these physical boundaries and tap into a global or regional market can be incredibly beneficial for sustained growth and broader impact. This strategic diversification also allows us to contribute to building a more technologically advanced and globally connected economy, which inherently has a significant social impact by creating new types of jobs and fostering innovation.

The automobile industry is indeed very male-dominated; women are still a distinct minority in this sector. I am happy to be here, and I am not just hopeful—I am fully committed and confident that I will deliver on the responsibilities and expectations associated with this pioneering role.

As the President of Nepal Automobile Importers and Manufacturers Association (NAIMA), what are your immediate goals?

As the president of NAIMA, my immediate goals are multifaceted and focus on three core areas. Firstly, it is crucial to address the diverse requirements of our members across the board, ensuring their voices are heard and their concerns are represented. Secondly, I aim to significantly network with all bodies that are related to the automobile industry in any possible way; this includes government agencies, other industry associations, and international partners, to foster collaboration and understanding. And the third, equally important goal, is to give back to both the customer and society at large. 

To achieve these objectives, we are actively working. For instance, we have created various committees to explore how we can engage more people, ranging from the youth who are just entering the market to individuals who are ready to purchase vehicles. Our aim is to connect the dots between all stakeholders, especially with government bodies, to make the entire process more convenient for the customer and create a more conducive atmosphere for businesses to thrive in the automobile sector.

How do you view being the first female and founding President of NAIMA?

It feels genuinely good and it feels even better when I hear it acknowledged so frequently. You are absolutely right; it is a significant position. So, I feel both good and deeply privileged to be able to hold this position as the first. The automobile industry is indeed very male-dominated; women are still a distinct minority in this sector. I am happy to be here, and I am not just hopeful, I am fully committed and confident that I will deliver on the responsibilities and expectations associated with this pioneering role. Women in leadership positions in any industry and particularly the automative industry have the potential to drive innovation by bringing diverse perspectives that challenge traditional approaches to technology and product development.

The transportation sector is seeing a shift towards EVs. What role can NAIMA play in supporting clean energy growth?

The government’s policies have undoubtedly been a major driving force, completely shifting the entire Nepali market towards electric vehicles (EVs). In one sense, this is a very positive move, as it holds the promise of cleaner air for our cities. However, we still have a substantial amount of work ahead of us. We need to acknowledge that alongside EVs, there is a significant volume of other traffic like traditional cars, buses and trucks that continue to pollute. The challenge lies in how we are going to balance this out and what strategic steps we will take to truly achieve a cleaner environment.

When considering NAIMA’s contribution to cleaner and more efficient mobility solutions, we recognise that while EVs are promising, we also have to address the existing highly polluting vehicles. The reality in a developing country like Nepal is that many people are not wealthy and it is a significant financial burden for them to simply change their vehicles. So, what kind of support can the government provide? Perhaps there could be clauses necessitating the change of older vehicles after a certain age or incentives for transitioning. Beyond that, improving testing facilities for vehicles and ensuring fuel quality are crucial steps. We are moving towards better fuel standards. These measures, along with improving road conditions (which also impact vehicle health), and maintaining robust testing facilities, are essential on the cleaner environment side.

But beyond the technical aspects, there is something else very majorly missing in our traffic system: driving ethics. How do we cultivate and enforce better driving etiquette on our roads? That is something NAIMA also wants to take up as one of its key goals, as it contributes significantly to overall road safety and efficiency, reducing congestion and unnecessary emissions from poor driving habits.

Are there any specific policy changes you personally would like to see from the government?

The most crucial policy change we desperately need and what we feel is holding back consistent growth is consistency in policy, consistency in taxation, consistency in norms, consistency in everything. This lack of predictability makes long-term planning incredibly challenging for the private sector. 

I strongly believe the private sector is largely running this whole segment of the economy, driving growth and employment. Therefore, to truly facilitate and empower this vital sector, the government needs to provide a stable, predictable policy environment. That consistency is what we, as NAIMA and as private enterprises, ask for as the absolute main thing. We actually have various committees within NAIMDA, seven types of committees, each focusing on different aspects, and we have a clear vision and mission statement that I personally penned, which further elaborates on our specific requests and aspirations for policy consistency and industry development.

What have been some of the biggest leadership challenges you have faced, especially as a woman leader?

I must genuinely thank my parents, especially my father, for how they raised me. There was a time when he used to literally play wrestling with me so that I would become mentally tough, not just physically but truly robust in both aspects. I believe this kind of upbringing is essential. If we were to, I really feel that we need to work on this aspect of fostering resilience from the very beginning of a child’s life. If we treat both boys and girls equally from childhood, allowing them to fight their own battles and learn to navigate challenges, we will all grow to be equally capable individuals.

A significant challenge arises when there is an imbalance, for example, if between a brother and a sister, you tell the brother, “Oh, don’t be rude to her because she might get hurt.” That kind of protective, gender-specific messaging can inadvertently disempower. My philosophy is: let everybody fight their battles from the beginning; we will all become the same in terms of resilience and capability. And then, crucially, please give the same education to both. If they receive equal educational opportunities, they will both perform to the best of the abilities that the Almighty has given to them. There might be some who are natural leaders and some who are not, regardless of gender. However, if individuals are deprived of education, that is when life truly deprives you of everything, regardless of your gender or inherent potential.

How has your leadership style evolved over time?

I think my leadership style has really shifted and evolved significantly as I have moved through entirely different fields. I initially began as a science student, fully intending to become a doctor, but by class 11 or 12, I clearly knew that was not my path. I then transitioned into Political Science and Economics, where economics felt incredibly natural to me, much like mathematics and science had. This gave me a cross-section of experiences.

My early career involved working with constantly changing teams every day, first as a model and then in the advertising world. This taught me adaptability and quick engagement. After that, I moved into establishing my own small-scale fashion design business because I knew I always possessed an entrepreneurial mindset and felt compelled to create something on my own, something that utilised my diverse talents. Finally, when I stepped into the automobile industry, it was completely out of my traditional zone, entirely new territory for me. However, what I have realised is that my educational background, coupled with my deep interest in entrepreneurship and the experience of having led ventures of various scales, whether small or large, all contributed to my readiness. Each previous experience built on the last, creating a cumulative story that allowed me to feel like a fish in water in this new environment. I found myself very much at ease, able to adapt and lead effectively because of the diverse foundations I had built.

Our future vision is centred on achieving a very sustained, inclusive growth. This means not just expanding our business operations but doing so in a way that ensures benefits are shared broadly. We aspire to be an organisation that consistently gives back to society at all times, embedding social responsibility into our core operations.

What advice would you give a young entrepreneur just starting out?

To a young entrepreneur embarking on their journey, my advice would be threefold. Firstly, make your foundation strong. This is not just about formal education, though that is crucial; it also encompasses talent building, developing a resilient mindset, and honing every aspect of your personality that contributes to your professional capability. A great foundation provides the bedrock for everything else.

Secondly, you must clearly understand the fundamental definition of a business: it has to translate into profit. While passion and purpose are vital, the commercial viability is what sustains your venture. So, you must drive it in a way that prioritises setting up efficient systems, clearly defining your goal, your aim and your purpose. Following that, your execution plan is severely important. A brilliant idea without meticulous execution will not yield the desired results. Focus on how you will practically bring your vision to life.

And thirdly, once your business starts generating returns, be incredibly wise about how you spend the money. Responsible financial management, reinvestment and prudent decision-making regarding capital allocation are critical for sustained growth and long-term success. These three pillars – strong foundation, profit-driven execution, and wise financial management – are non-negotiable for a budding entrepreneur.

What is the vision for VOITH going forward?

For VOITH, our future vision is centred on achieving a very sustained, inclusive growth. This means not just expanding our business operations but doing so in a way that ensures benefits are shared broadly. We aspire to be an organisation that consistently gives back to society at all times, embedding social responsibility into our core operations. Our ultimate aim is that everyone linked with us whether they are employees, partners, customers or community members, should feel as privileged and valued to be associated with VOITH as we feel to be privileged with them. It is about building a legacy of shared prosperity and mutual respect.

What are some qualities that drive you?

On a professional and personal level, I would say I am profoundly disciplined. I am also very focused on my objectives, and I consider myself a highly persevering person; I do not give up easily on goals I set.