Today, India stands at the cusp of a major change – a transformation that could lead to unprecedented economic growth paired with radical improvements in the country’s socio-political environment. Over the past two decades, India’s gross domestic product (GDP) has risen by more than $1 trillion, and in the process, bring millions of citizens out of poverty into the burgeoning middle class. This country’s target should not be less than $10 trillion in the next two decades. By Grandhi Mallikarjuna Rao
A young India, with a large digitally-enabled middle class is seeking growth and change. India needs to work on building the skills and capabilities for this young India in order to drive innovation, otherwise we might risk stagnation.
However, if India can create capabilities for growth and new solutions, this nation can fly.
It is very vital for India to adopt inclusive growth for its 1.25 billion people by transforming the way the economy creates value. Corporate India will be the lever and be required to play a critical role in achieving the goal, not only by creating value by addressing key societal needs, but in supporting a vibrant entrepreneurial sector too. India needs to view its many economic and social challenges as opportunities for growth and renewal. More importantly, it needs to work in close collaboration with the government for implementing new developmental approaches. The recent electoral mandate for development is a clear signal of Indian’s desire for growth and for the benefits of growth to the bottom of the pyramid.
For India to be future ready, we need to create skilled manpower today. The quality of employment that India provides will prove as crucial as the quantity
In my opinion, the following will be very critical in the present and the next decade to shape the destiny of our country.
Role Of The Corporate Sector
The private sector is the key for rapid economic growth by crafting new business models and strategies and leveraging new technologies. Given an era of globalisation, the corporate sector is well equipped to learn from and experiment with the best practices adopted by global companies. Today, our country requires public-private partnering in most of the essential sectors such as Infrastructure, Healthcare, and Education for its growth journey. However, India’s private sector will have to invest more in research and development to come out with innovative ways in order to address the challenges of emerging markets.
Indian companies will be required to create flexible and adaptive operating models, asset-light models. They should be ready to experiment with unconventional means and ways to serve customers and leverage technology and social platforms in unique ways.
Most importantly, the India corporate and top management should focus on inclusive approach for long-term sustainability of their businesses. Also, they need to create a culture of integrity, ethics and high governance.
In order to fuel rapid growth and innovations, our corporate sector needs to create a dynamic entrepreneurial ecosystem within their organisations, and then only can they come up with radical new solutions required for a vibrant future economy. Top management of companies should take cognisance of this and be ready to take risks, fast decisions, and exhibit bold leadership.
However, let us not limit entrepreneurship to the big companies in urban areas; its needs to percolate to smaller towns and rural areas as well since there lay immense untapped potential.
India has proven records of great entrepreneurialism. India’s information technology (IT) revolution whose exports over the past two decades exploded from less than US$100 million to US$86 billion in 2013-2014 generated critical business solutions for multinationals worldwide. India’s telecom sector is another classic example of entrepreneurialism.
Today, technology is one field where entrepreneurialism and innovation is happening at its best. In fact, India is a knowledge-based economy with all the world’s technological needs being fulfilled by Indian companies. As we speak, ecommerce is driving the market crazy and changing the entire landscape of retail business. With billions of dollars of valuation, global funds are pouring in this field.
It is required that Indian government should also understand the importance of entrepreneurship and its multiplier effect on the economy. Government and corporate should collaborate to create an entrepreneurial ecosystem in our country by providing enabling infrastructure, market Government and corporate should collaborate to create an entrepreneurial ecosystem in our country by providing enabling infrastructure, market
India is a young country; nearly 65% of its population is younger than 35. It has an opportunity to drive economic growth on the back of its rising working-age population, what we all categorize as India’s demographic dividend.
The nation is expected to add almost 10-12 million people to its workforce every year over the next two decades. As other economies struggle with their rapidly aging population, India’s youth could fulfill demand for skilled workers worldwide.
India corporate and top management should focus on inclusive approach for long-term sustainability of their businesses. Also, they need to create a culture of integrity, ethics and high governance
However, India risks losing this demographic opportunity if it cannot create quality employment opportunities at scale and train its growing workforce to excel in those jobs. With greater access to information and growing aspirations among the nation’s youth, the quality of employment that India provides will prove as crucial as the quantity.
For India to be future ready, we need to create the skilled manpower today.
Solving Problems Across Sectors
For making India a major economic powerhouse in the world by rapid and consistent growth, it requires a major transformation. This will be the biggest challenge as India has faced cyclical economic headwinds and structural deficiencies like underinvestment in infrastructure, poor education, and low quality healthcare. Sectors such as agriculture, retail, manufacturing, transportation – all are struggling with similar challenges.
Each of these sectors has to grow with significant new investments and innovative approaches. Interestingly, all of these sectors are interconnected and improvement in one enables improvement in others. For example, good road and rail infrastructure will improve transportation and reduce freight costs for endusers.
Considering the complexity and scale of challenges, India needs very proactive and collaborative support from government, financial institutions and corporate. This journey will have its own set of challenges, but with concerted effort, I believe, rapid, equitable and sustainable growth is achievable.
I would like to conclude quoting A.P.J. Abdul Kalam, “A developed India by 2020, or even earlier, is not a dream. It need not be a mere vision in the minds of many Indians. It is a mission we can all take up - and succeed.”