India is one of the ‘cradles of civilization’, which is not news by itself. It is astonishing though, that India is home to one of the oldest civilizations but one of the youngest countries in the world. The largest mass movement that India witnessed was to free her from the British rule, which yielded the results after a century of struggle. Unfortunately, she got lost in the transition after the freedom. India kept limping economically and watched helplessly as rest of the world accelerated on the growth curve through industrialization in the last century. Majority of the population had tough time making their ends meet with rampant corruption and dirty politics. It seemed the country was pushed towards darkness with every passing year.
Finally, the seeds of liberalization were sown putting the country on a growth trajectory, which helped several industries flourish. The service sector grew and India became ‘The Office’ to the businesses globally over the following two decades. “Incredible India”- a phrase coined to promote the tourism in 2002 by the Government of India expanded in horizon and broadened across all facets of life. The economic policy changes and opening of the borders helped 30-35% of the 1.3 billion people come out of financial shackles. But, that isn’t enough!
India is a home to 1.3 billion people, which is 18% of the global population. This still leaves around 80-85 million people that cannot be employed in the service sector due to different skill sets and academic levels. The solution to this burning socio-economic challenge lies in manufacturing, which the Government of India has rightly identified through the ‘Make in India’ initiative. The continuous challenge now is to define clear policies by the Government and concrete processes by the Industries. Indian manufactures have historically struggled with the consistency in quality and delivery due to lack of such needed policies and much required processes.
The policymakers at the helm will have to redefine the policies for the ease of doing business, which will be a Top-Down solution. In parallel, the Industries will have to rewrite the processes to build the right platform, which will be a Bottom-Up evolution.
The businesses globally are going to look for an alternative to China in the next 2-3 years. The economic condition across the world after Covid19 will be bleak and every country would want the supply of goods at a competitive price, acceptable quality, and on time. India can deliver to the global standards with the three vital ingredients that she amply possesses: demand, demography, and democracy.
Let’s buckle up and join this movement, as a customer, as an investor, or as a supplier to help the self and the country as a whole by implementing the required processes, expanding the opportunities and generating the employment. India remains promising than ever before on the global stage but will have to perform. The million dollar question is, are we ready?
Mr. Amol Biniwale
MD – India, Middle East, and North Africa
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