What is An India of Tomorrow?
The major contribution of this $10 Trillion, the economic goal of our nation by 2032, needs to come from SMEs, the backbone of our economy
At the launch of Supreme Court’s e-filling system, our Prime Minister Narendra Modi gave a new equation, IT+IT=IT. The Prime Minister elaborated stating Information Technology + Indian Talent = India Tomorrow.
According to his statement a better India of tomorrow depends on the growth of both the ITs, i.e. Information Technology & Indian Talent. If we look at everything that the government has been doing holistically, PM Modi’s statement shouldn’t come as a surprise to anyone. Programmes such as ‘Digital India’ & ‘Skills India’, show his emphasis and efforts towards making India advanced in information technology and the youth skilled at international standards.
But What is An India of Tomorrow?
I believe for India to grow, to reach that dream land India of tomorrow we need definite objectives as our milestones. Happy India, ‘Achhe din’, ‘Sabka Sath Sbka Vikas’ — these all are good foundations to have, but to make them a reality we must have a defined objective which we want to reach to attain, For example, what is ‘Achhe din? We need a defined objective for the milestone such as ‘Achhe din’ for the India will be when everyone is happy, healthy and prosperous, now how do we know when we have reached that milestone, for starters we can focus on:
- Below poverty line percentage to zero. (no one should be poor)
- Unemployment should be as low as possible (Skill India)
- Affordable basic necessities for everyone. (Food, education, healthetc.)
I believe that India tomorrow is the developed India which will go toe to toe against world leaders in economy, standard of living & defence capabilities.Here are some milestones to which we could put numbers and that has been largely talked about:
- Achieve 900 billion Export target
- Increase SMEs contribution to GDP by 50%
- Become USD 10 trillion economy by 2032
I believe $10 Trillion, the economic goal of our nation by 2032, is a definite, quantified goal which provides us the direction we need to put our efforts in.
Why is This Good Milestone / Goal to Achieve?
Economy has a direct correlation with growth of the country; a country grows when the people are able to afford more and more necessities and luxuries of life, when there is lesser illiteracy, ample employment opportunities, good health figures etc. A large portion of this is all dependant on country’s economic levels, as with more money, government is able to invest more towards making things available and affordable to everyone.
But also importantly, major contribution of this $10 Trillion needs to come from SMEs, the backbone of our economy. Further, exports should play a significant role to achieve our economic goals, going global is the way to go! Going global does not only provide the SMEs more consumers to target but also makes them globally competitive. It leads to a virtuous circle that will make everyone better and SMEs will be able to reach new heights.
So how do we reach this enormous goal of $10 Trillion by 2032?
IT+IT+IT= IT is the Answer
Reaching such a target is not an easy fish; we need drastic measures, and well defined plan to reach it. I believe that to reach this India of tomorrow we need to tweak the equation given by our honourable prime minister’s equation up a notch by introducing another ‘IT’ in to the equation, i.e. International Trade. Coming from both a strong Information Technology (I.T) and International Trade background (I.T), I believe International Trade could play a key role in building our tomorrow.
3 of world’s most powerful countries and greatest economies- America, China & Germany export around $5.5 Trillion every year, this goes to show how heavily the most prospering and developed nations rely on the exports to keep their country’s at the high economy levels and if India plans to reach the same heights we need to do the same.
Prior to my latest venture Connect2India, an integrated global trade platform for India, I have worked in the domain of global trade consulting helping global SMEs export and I have seen the impact of exports first hand, how it changed the slow moving SMEs to exceptional growth, all after they started trading globally.
The Three Musketeers of India Tomorrow
The main focus of digital India is not to just make India adapt to the technologies present in today’s world but it is for India to advance in the domain of Information And Technology and start being the provider of cutting edge IT solutions to the world. Similarly, focus on India Talent / skills India is the government’s attempt to take advantage of India’s youth potential and transform India in to world’s skill capital. Throughout my carrier my technology background has constantly made me think how technology can help in delivering great business outcomes, also, I believe that talent is every country’s life line, without a talented work force no country can compete with the world, since we need to make our youth highly skilled to make India a one stop for quality and innovative products & services, the prime minister intents to export the skills of India-not the skill holder.
However, we will never be able to reap the full benefits of the advancements Information Technology & Indian Skills if we do not have a market huge & potential enough for the products & services the advanced and technically skilled India would have to offer.
International Trade is the new I.T
International Trade is the key ingredient of the recipe we call, India of Tomorrow. India must engage itself in to exports if we want to reach the target of $10 Trillion Economy by 2032 and a majority of it must come from Indian SMEs. The growth of SMEs results in the growth of that population of the country which needs to be developed if we are to achieve prosperity and development. India’s own market is a great attraction to the world which does signifies the enormous potential of India market yet, the Indian markets has a limit and thus, for the SMEs to grow, they must explore more markets.
Make in India, is not just make in India, it is clearly to make in India for the whole world, we want to be the skill capital of the world and through it and Make in India together we want to be the production hub of the world as well and to achieve that exports, is the key.
Although exporting is fruitful it requires a lot of initial time & money, a lot of resource and data mining is required to find counterparts, then to check how credible they are since there is a lot of risk involved in international trading. This is where the three ITs must come together and work in harmony for the growth of the nation. Today technology and big data analysis are a blessing for the businesses, SMEs can save time and money by using technologically powered facilitation platforms and gain Trade intelligence, while the skills of its production team can match the quality standards required by the counterparts’ at most efficient costs.
World is growing and with it grows the absorption capacity of the consumers, but so does the quality of the products required as well as competition, the only competitive advantage anyone will have is going to be their IT advancements, the Skills of their work force & the how wide and global they will offer their product and to reach that what need is just right implementation of this equation:
Pawan is an entrepreneur with expertise in trade and technology. As founder & CEO of Connect2India, he is making global trade safe and easy, enabling 50 million Indian MSMEs to go global. With degree from London Business School, Pawan has enjoyed solving core business problems - be it at Fortune 500 companies or in his own entrepreneurial ventures.