It is a strong belief that India will emerge as the land of Global opportunity post -COVID-19. It will be the largest provider of products and services globally. The Year 2022 will be the years where the world will wait to watch India becoming a superpower because of economic growth due to the practice of self-reliance and sustenance which Indians have sworn by. It (COVID -19) has thought certain lesson that has put us back to basics. In today’s world, if you have a talent you will be hired as you can work from home (Not all jobs) agnostic of countries, region, etc. Look at the impact that this could bring to you during the next decade with India being the most important destination for global talent.
Make In India – 25th Sept 2014 was a date when Prime Minister of India Sri Narendra Modi launched with the primary goal of making India a global manufacturing hub, by encouraging both multinational as well as domestic companies to manufacture their products within the country.
13th May 2020. The vision of “Buy Indian products” announced by Sri Narendra Modi to uphold the economy during the phase of Pandemic as India could trigger internal growth in the economy.
The biggest strength of India is the Population of 1,387,297,452 (As of Jan 1st, 2020), second in the line with China leading the race. With Population comes varied, diversified talent and intelligence.
India has been the richest and happiest nation pre-Mughal and British conquest as we all know from history. It is yet another time to bounce back in the past and become “Golden India” as referred by Alexander the Great before he came to conquer India.
What could be the 9 most important factors which can Make India Positive, Cash Rich, and Happier nation to live?
Strength of People Power:– Indian people are combatants and have the common sense of being united during an adverse situation which is always the case during various testing phases may it be the Pandemic, Conquest, Poverty, World war, or National calamities. Indians have the tenacity to overcome the most difficult situations with ease and efficiency. It has the pride of being recognized as the sixth wealthiest nation in the world with USD 8230 Billion in the year 2018. The growth of India has been exponential over the past 8 years and has amazing potential to supersede the rest of the world. All that it takes is the united spirit of Indian citizens for it to bounce back as a nation beyond its shackles of growth.
Natural Resources:- The country has wealth of natural resources Metal – Reserves (Gold, Copper, Zinc, Iron ore, reserves, Oil reserves, Non-Metallic reserves, Nuclear Reserves, Natural resource (Land, Water, Forest, Fisheries ).
India has 10th largest gold reserves in the world, reveals World Gold Council data. As per the World Gold Council’s (WGC) data, India has 618.2 tonnes of the yellow metal as holdings, which is 6.9 percent of the share held in gold in total foreign reserves. United States (US) has the largest holding with 8133.5 tonnes, followed by Germany with 3366 tonnes and the International Monetary Fund (IMF) with 2814 tonnes.
The Reserve Bank of India (RBI) bought 40.45 tonnes of gold in the financial year 2019-20, taking its total holdings of the yellow metal to 653.01 tonnes. The RBI’s total gold reserves were 612.56 tonnes in the preceding fiscal ended in March 2019.
India’s coal reserves of 293 billion tonnes are the fourth largest in the world and account for nearly 10 percent of global deposits.
Bauxite reserves of 3.5 billion tonnes and iron ore deposits of 28.5 billion tonnes are the fifth and seventh largest, respectively, in the world.
Agricultural Powerhouse of the world: – Over 60% of India being an agricultural economy, India will be the largest producer and provider of food grains globally. India stands second in the tally of most of the food grains amongst various countries with over 116.42 million metric tons of rice in 2019. Overall Agri and processed food exports rose to Rs 1.28 lakh crore in the financial year 2019 from Rs.1.20 lakh crore in 2017-18 fiscal. GDP from Agriculture in India averaged 4191.03 INR Billion from 2011 until 2019, reaching an all-time high of 6091.05 INR Billion in the fourth quarter of 2019. (Data from IBEF)
Change has to happen for growth in this sector. Farmers have to get Lion’s share of revenue as they could no longer be the poor lot of India. This will happen when Govt. regulation over middleman who causes the price escalation and siphons major portion of the revenues and offering very low pricing to the poor farmers. Govt. needs to have price indicators across multiple phases of purchase (Farmer, Wholesaler, Retailer, and customer/consumer).
“Make In India” needs to be the mantra for daily internal consumption.
Case studies of American apple domination the apple market of India vs Kashmir apple being dumped as the required pricing and the support for the sale of their hard-earned produce is not met. Ketchup market cannot dictate the pricing of Tomatoes in India. There has to be a neutral way where the Govt. regulates the pricing between – the Farmer and the consumer as they both can get the right and fair share of their benefits when it comes to pricing which will encourage the consumption of local products. The fairtrade marketplace should govern the economy rather than the mediators who consume and hoard the wealth of India. Larger interest of nation needs to come first (Enforced by law) rather than vested interest as this will benefit all in the long-term to build India as a superpower in the global economy. Good self-governance needs to be imbibed with the millennial, Gen X, Gen Z, and the future generations to come at the primary levels of education which will create an impact and change perspectives. Conservativeness needs to change to Constructiveness.
We as Indians need to be savvier to opt for local product consumption rather than export consumption which is costlier and less edible for INDIAN consumption. Well, we need to start things from our homes to ensure that our consumption patterns become largely Indian.
Were a dichotomy is that “Variety is the spice of life” needs to take a conscious back seat and as this will hinder the economic growth of India. Look at the larger cause and support the same in your way. You need to lead India to be a Golden India and become a Golden Indian.
India preferred global destination for Information & Technology and IT Enabled Services:
The IT & BPM sector in India stood at US$177 billion in 2019 witnessing a growth of 6.1 percent year-on-year and is estimated that the size of the industry will grow to US$ 350 billion by 2025. India’s IT & ITeS industry grew to US$ 181 billion in 2018-19. Exports from the industry increased to US$ 137 billion in FY19 while domestic revenues (including hardware) advanced to US$ 44 billion. IT industry employs 4.1 million people as of FY19.
Spending on information technology in India is expected to reach US$ 90 billion in 2019.
Revenue from the digital segment is expected to comprise 38 percent of the forecasted US$ 350 billion industry revenue by 2025 (Statistics from IBEF website).
India has the manpower and intelligence for the global IT economy and just that the wiser brains have migrated to multiple countries for better career prospects and standard of livelihood. It is time for them to return and engrain their potential in India. The Govt. needs to provide certain liberal schemes to Indians who wish to return to India and pursue Entrepreneurship with their experience and capabilities to explore possibilities with Startups which has the potential to grow worldwide. Govt. needs to provide adequate facilities on a nominal cost for these businesses and offer initial business incubation assistance without corruption and bureaucracy. The reason we can disappoint the NRIs who intend to return with the shackles of politics which will hold them back from investing back in India. Special National Returnees program needs to provide SEZs in nearby rural areas where there could be much more development and settlements over some time rather than becoming an Urban based business model where the cost plays a major role in deciding the business factors. When it comes to rural business Incubation there are a lot of advantages that the organizations can benefit such as Very Low cost of operations, Govt. Subsidized provision for business operations such as electricity, the Internet, Infrastructure, and others. Newfound manpower which needs training on technical skills and coaching on soft skills which could throughout 1 – 2 years pay large dividends. This will be (E3Win) Win, Win, Win situation for the Economy, Entrepreneur, and the Employees (E3 Win Strategy). Now there may be questions as to how can this happen as the literacy rate in many Indian states is way lower than 70%. I would say that 27 of the states out of 35 in total have a literacy rate of above 70% which is important to look at for the future as the NRI Returnees need not just to do business and offer growth, in parlance need to contribute to the society. Well in a way this is the CSR activity the will be doing which will in turn benefit them as well and hence the ownership across the board is higher.
A depiction of this case study is as below.
Roy an NRI from USA who is an Architect in one of the leading chip manufacturing companies in the USA has the experience and expertise in developing premium quality Chipsets.
His experience can be harnessed to enable chip manufacturing in India under “Make In India” (MII)branding with much efficient intellect as well as the operative procedure to enhance the quality of the product at the same time bring in the efficacy of cost for mass production. He approaches the Govt. authorized “Make In India” (MII) representative with a Business plan (Experience, Business model, Revenue model, Cost model, Manpower model, Funds required, Infrastructure required, etc. and other aspects required for the due diligence of the project.). Based on the impact it will create on aspects such as Business Growth, Employability, Benefit to Indian customers as well as export growth, Economic and social impact the MII sanction board can sanction the required resources (Funds, Infra, Manpower, licenses, etc.) to the NRI returnee. Govt. can assist him by involving mature entrepreneurs to contribute in terms of their skills, expertise, and nuances of running a business in India for which they will be offered Govt. recognition and Special awards which will be a morale booster as well as a state-wide platform for recognition. The purpose is met in all ways for an NRI Indian to be successfully running a business in his Motherland, providing employment opportunities to millions, and serving rural India well.
Well, this is not just the case study for only NRI returnee but also aspiring Indian who has the dreams to become a Golden India. It is for everyone who wants to contribute to the growth of our nation call it being patriotic or what is in it for me…..
This is one side of the story, but the most important aspect is to fuel innovation and encourage the same for building the future. There are phases for this to be accomplished in the parlance.
Internal fulfillment of needs about the technology road map for (ALL) industries for better, easier, and faster enablements. We could call this (BASIC)
Progressive Innovations for the economy to see the next phase of growth which needs to be planned out before March 2021-22 for the next five years of Growth
Strategic Innovation to keep the country safe and secured from all kind of RISKs (Biological, Medical, Cross border, Corruption, Cyber, and others)
Innovation by Youth and young. Award of national innovation for youth needs to be more prevalent, vocal, and visible as equalling to a Padmashree Award. There must be Follow-up, assistance, and Governance of these innovations by the Govt. for mass production and reach for the Indian community
Innovation on abortion of illiteracy in India. It is the responsibility of each Indian Youth to handhold Rural India and guides them to the path of success. This needs to be a part of their Graduation scores as they can taste the aspects of rural India right at their primary phase of employment or pre-employment. A minimum of 2 years needs to be dedicated to this effort and Govt. needs to lay down clear guidelines in the curriculum for literacy programs to be taken up in Rural India by Urban Students and contributors who I believe will do a greater job then the Rural Gurus. India’s Literacy rate should get at par with other nations such as China which is at a current 95%. This will in turn fuel the economy. Indian Literacy rate needs to reach 95% ideally before 2022. This is very much possible with online education becoming more prevalent in India.
Technology and Innovation to play a major in uplifting the Small-scale industries in rural India to get a National Exposure. This can be done only via a National level virtual or Online Marketplace. Now that 80% Of India is Digital in terms of financial transactions this is easy to explore. The Small-scale Industry segment should get the option of choice and so does the Indian consumer. Again, the E3 Win concept kicks in here.
Smart Village – Like Smart Cities Indian Innovation needs to fuel Smart Village program (Measurable high internet speed and bandwidth, Free E-Learning up to 10th Standard and Free Elders education program) which will give villages a greater opportunity to progress. Today, India is one of the youngest countries in the world with more than 62% of the population in the working-age group (15-59 years) and more than 54% of the total population below 25 years of age. 81.3% Population in India is under 44 Years of Age and 27.6 % is between 25 – 44 years of age. With these demographics, India needs to start understanding that there is an immense opportunity for it to become the largest economy provided each citizen is literate and conscious to perceive the progress path of India to become the “Golden India”.
Employment opportunities: – To make it mandatory for all industries to have a proposition of its manpower from rural is a thought which Govt. needs to impose on corporates and industries. This will make them eligible for more subsidies and better creditworthiness. For Example, there could be a 3% Tax rebate for IT companies if their rural Employment (Hiring done from Villages directly by the Corporates – NOT employment is given to individuals who hail from Rural India) % vs the overall hiring % come up to 15%. Again, the E3 Win falls in place here. This could be different percentages for multiple industries. But this is primarily to encourage the employment drive towards rural India fuelling the progress of the economy.
World’s primary Manufacturing Dynamo
The Indian manufacturing sector is hard-pressed by various factors that need a complete overhaul or revamp. It is a matter of revival for this sector to emerge as India’s highest contribution to GDP.
The classic case of Patanjali products sold in India. The pitch was Make In India and the cost was 15% – 20% lesser than its international competitors with quality not so much compromised. The result was amazing making Patanjali a market Disrupter in the FMCG space between the years 2011 to 2017. Thought the brand sales fell in 2018 it is yet a great case study one can follow for the manufacturing and internal consumption of India. Making moderations to the case will be a great beginning for every golden to dream about MAKE IN INDIA to be a global success.
Will it be COOL to use Indian products against international “BRANDS” well that’s a call the Golden Indian needs to take in his or her own lives ahead. Well on the other hand we should also think about how could make MAKE IN INDIA cool globally.
Under the Make in India initiative, the Government of India aims to increase the share of the manufacturing sector to the gross domestic product (GDP) to 25 percent by 2022, from 16 percent, and to create 100 million new jobs by 2022. Business conditions in the Indian manufacturing sector continue to remain positive. The manufacturing component of the IIP stood at 130.8 during April-January 2019-20 and grew 0.3 percent year-on-year. India’s merchandise exports in April-January 2019-20 were estimated to be US$ 265.26 billion.
Well, these may get hit because of the Pandemic COVID-19 for a temporary phase but India will soon resume standing on its foot post the Lockdowns to emerge as one of the Largest global Manufacturing Dynamo. I must say that the stage is all set it is but for the Golden Indians to push their progress further. I strongly believe that the Pandemic has offered an opportunity for everyone to work harder than ever before to step into the shoes of progress by the year 2022. I have personally lived in many rural places such as Tirupur, Erode, Salem, Rural Kerala, and many others where the nature of people is hardworking. This will lead to multifold progress as the hunger to earn money and grow faster will be 5 times more post Pandemic.
Banking and Financial Sector:-
Details from IBEF say The Indian banking system consists of 18 public sector banks, 22 private sector banks, 46 foreign banks, 53 regional rural banks, 1,542 urban cooperative banks, and 94,384 rural cooperative banks as of September 2019. During FY07–19, deposits grew at a CAGR of 11.11 percent and reached US$ 1.86 trillion by FY19. Deposits as of Feb 2020, stood at Rs 132.35 lakh crore (US$ 1,893.77 billion). The Banking sector of India is the most diverse and has an amazing potential to grow as and when all other sectors grow. There is enough done for the money to reach the last mile of almost every Indian citizen. The same has to be reciprocated by the surge in the economic growth as mentioned in the above 5 points for Golden India to happen. The number of total bank accounts opened under Pradhan Mantri Jan Dhan Yojana (PMJDY) reached 373.4 million accounts as of August 2019. This is not just for the Govt. to deposit INR.2000/- as a relief during the pandemic phase but to also earn during the growth phase post-pandemic. The Indian banking industry has recently witnessed the roll-out of innovative banking models like payments and small finance banks. RBI’s new measures may go a long way in helping the restructuring of the domestic banking industry. Post-Pandemic the govt. policies and regulations in terms of taxation and interest rates need to be well within the reach and capacity of every Golden India as they are the propellers of growth and at this point need the advantage of benefits of taxation and interests to leverage the opportunity.
India is at the forefront of renewal Energy:
According to IBEF – The Indian renewable energy sector is the fourth most attractive renewable energy market in the world. India is ranked fourth in wind power, fifth in solar power, and fifth in renewable power installed capacity as of 2018. According to the 2018 Climatescope report, India ranked second among the emerging economies to lead to the transition to clean energy. These are remarkable achievements for India in a short period.
To put this at world no.1 ranking Golden Indians need to take more bold steps of investments to bring some of the renewal energy best practice to the Smart Villages of India as well as smart cities. Well, I take inspiration from “Swedes” movie where the hero assists the villagers to bring hydropower to propel electricity for the village as it could be self-sustained and not depend on Govt. for the same. What could be a better aspect for Rural India but to be more self-reliant and self-sufficient in terms of their basic needs. Creating them is going to be the need and dream of every smart India. India can run large Manufacturing plants and industries using the renewal Power. It takes a lot of initial tasks and investments to do this but once done they are for a lifetime. Now, this is what I call sustenance.
The growth of renewable energy in India is rapid and it is expected to complement and optimize the natural energy sources for an uninterrupted supply of energy. Local consumption must be enabled in a subsided manner for local adoption to happen in a rapid but phased out manner.
India at the pinnacle of Healthcare:
India manufactures 70 percent of the world’s supply of Hydroxychloroquine, according to Indian Pharmaceutical Alliance (IPA), an anti-malarial drug that has been touted as ‘game-changer’ in the fight against COVID-19 globally. Not just that Indian medical tourism attracts various countries as they are not yet equipped, or they are expensive in terms of medical treatments. Medical tourism has gained at most importance with many countries finding India as the option with developed nations becoming very expensive on treatments Indian healthcare industry is expected to reach 16 billion in the coming years. The most important aspect as one knows in the COVID day is that in medical care options and opportunities such as e-health, Tele-medicine, Virtual consultations are going to become the new norm with Technology becoming the Pinnacle of Patients care. It could evolve that in future India can develop a robotic operative procedure with the doctors at their homes doing remote operations for Patients based out of the hospital. This is futuristic though the process for IoT and Robotics playing a vital part if the Pandemic is going to have 2nd and 3rd waves. India is very capable of developing such automated Procedures with the help of augmented reality, Virtual reality, 3D Printing, Robotics, and Industrial automation for Healthcare. There are innumerable options and opportunities in the health care industry during the COVID 19 and post COVID – 19 Phase. Healthcare records and repository has already become a favourite Indian Outsourcing opportunity. We need to wait and watch the new normal for Healthcare in India.
Immunity and Prevention: –
Indian age-old medical science of Ayurveda, Yoga Shastra, was suppressed and forgotten practices with the advent of new-age allopathic medicines. It is time to dust the scriptures to find new meaning to medical science and gain the wealth of health through these practices.
Yoga has gained significant importance and has healed millions globally of various ailments and stress. Yoga is the way forward for building immunity and resistance for the human race to survive Pandemics such as COVID – 19 as immunity is the most important factor to resist the Pandemic which can be built with the practice of Meditation, Pranayama, and Asanas which gives benefits of the well-being of the human race. Protect to prevent is the method of Yoga by bringing in various aspects to increase and improve the body functionalities and thus improve on Immunity to prevent ailments to enter the body. India will lead the global wellness via the ancient practices of Ayurveda and Yoga. India will emerge as a HAPPY NATION soon with the wealth of Ancient medical sciences.
In Conclusion, we have a few thoughts and inspirations left behind this read.
- Unity in Adversity
- Progress is our Path
- Local is to be our Life
- Hard work is to be our Habit
- Innovation is to be our Initiatives
- Smart should be our ” SOCH” (Thinking in Hindi)
- Happier to be our Souls
India will soon become “Golden India” in the coming years and restore its ancient status quo. God bless all Indians to be the Healthiest, Happiest, and Wealthiest among all nations.