Its been quite sometime that we have all been hearing India’s growth story, and that India is going to be the next China. There are strong reasons to support the prophecy, but it would be totally wrong to say that there isn’t any amount of optimism in the view. The task ahead is a bit daunting. Everyone would agree that this would require not just awareness, but systematic and focused efforts. After-all, its not an easy task to get millions of people out of poverty in such a short duration. What we need is nothing short of a miracle, and there is no other way out but to leverage human resources by becoming competitive.
Some of the things that should be done in order to achieve India’s exponential economic growth are:
Improving the literacy rate – Today, we don’t need prestigious universities to acquire knowledge, its all out there on the internet, available almost free of cost, only if we have the ability to acquire it. Being literate had never been so important before, as it is today. This will result in cheaper supply of more competent human capital, which will improve our competitiveness in global markets and boost growth.
Empowering women – That is the secret for exponential growth. Women have a role to play, as they are gifted differently and have unique qualities that men cannot match. Women have the potential to tap opportunities that have previously remained unexplored. They can play a huge role in social reforms and can bring about unmatched excellence very specific areas of business services.
Improving Infrastructure – We need to build many smart and secure cities that are highly inter connected. Infra structure improvements directly affect productivity and quality of services. They help us easily access more resources, increase our footprints, reduce costs, and in turn help us improve our global competitiveness, and in turn, our ability to attract foreign investments, which is essential for the exponential growth.
Encouraging Entrepreneurship – We need an ecosystem, where rewards for successful entrepreneurship far exceeds the risks of failures. Entrepreneurship creates jobs, opportunities and facilities. They help us to accelerate change. We currently have more than half of the country’s population in schools and colleges, and the biggest task is to be able to provide these students jobs once they come out of their schools and colleges. We will soon end up becoming the world’s largest workforce, but if we don’t succeed in the task of creating jobs, the results would be terrible, not just for India, but for the entire world, as all the young energy would get channelized in wrong directions with terrible consequences.
Building a culture of data driven decisions – In-order to improve the economic position of the country, we need a competent government. Our tax money should get channelized in the right initiatives. To achieve this, we need a corruption free social ecosystem, that uses facts to take various strategic decisions. We need to set-up information processing centers at various public sectors. The informed decisions should be taken within the right context and should be based on market principles. Building strong analytical capabilities and leveraging information to take the right decisions is a must for public sectors to survive and compete in this complex business world.
Promoting Innovation – Innovations should not be confused with research, discoveries and inventions. Innovation is leveraging new ways of doing the same old things better, faster and at a lower cost than traditional ways. This can be achieved by simply being aware of new technologies, and using a creative mind-set to adopt new techniques for doing regular tasks. Innovation is key for improving the competitiveness and thus accelerating growth.
Promoting Inclusivity – Inclusivity should not just be contained to being Indian, but it should embrace a more global view. Striving to improve the world economy in general, and contributing towards it in a positive manner should be the motive, rather than trying to grab the larger piece of the pie. Progress should be accompanied with responsibility towards other countries that are walking the same path. Progress should be complimented with greater contributions to the overall human race in areas of research, security, sustainability and happiness in general.