I am thoroughly impressed by this report – because it does not come from the Government, but from the brightest minds of India Inc.
The report outlines steps that India needs to take for achieving 40 Million New Jobs and $200 Billion Annual Revenue by year 2020.
The report also talks about the possible scenario’s that India can find itself by year 2020.
Here are 4 possible scenario’s :
If India is able to tap the sea of opportunities that are available and if government takes help of India Inc. Leaders, instead of relying on Babu’s, it will find itself as “Top Guns”, !
Here is what you will read in 2020
August 15, 2020
Despite a recession at the beginning of the century, developing countries have posted healthy economic growth rates over the last 15 years. These growth rates were maintained despite the ageing of the population in the developed world by harnessing energies of younger people in developing economies. The economic prosperity has also resulted in the global tourism industry registering strong growth.
Realising the potential size of the opportunity in 2002, India put in place initiatives to tap it despite the uncertainty associated with the future. As part of its plan, India Inc. positioned its brand as a credible and value-for-money service provider, focused marketing efforts on select countries, and worked on improving the service experience of its customers. Enabling legal and regulatory frameworks were established, infrastructure was strengthened and the education system was reformed.
India’s preparedness reaped strong results. India has posted ~8-10% p.a. growth in the last 15 years. Corporations from developed countries that are outsourcing to India have developed leaner cost structures and higher service levels compared with competitors who used local higher-cost and older resources. The early successes of outsourcing have further increased the growth of remote services and strengthened India’s image as the most favoured destination for outsourcing services; additionally, the action steps taken by India Inc. significantly increased its share of special-service tourist arrivals. Today, developing countries quote India Inc. as a case study on ‘breakthrough growth and economic development.’
And if India does not take the right path, it will find itself in quadrants that it does not want to be in..
The Report clearly identifies 6 Thrust areas to boost Demand as well as supply of Indian Services
For Demand of Indian Services
- Strengthen India Inc. image/brand
- Focus marketing on select countries with select services
- Build customer credibility
- Promote acceptability of the ‘offshore’ concept
- Improve service experience for customers
- Invest in promoting trials
For Supply of Indian Services
- Develop domain expertise in specific areas
- Reform education and training sector to increase base of skilled professionals
- Strengthen connectivity infrastructure (telecom, IT, airports)
- Promote public-private partnerships
- Form interest groups around opportunities
- Align legal and regulatory structure
Here is the complete 56 page Report that you MUST read. If you do not have time Bookmark it for later reading !
Would love to hear your comments on the report !