Author: Shashank Mani Tripathi, Executive Director, PwC India
The state of India is fascinating. We have a nation, defined by its vibrant democracy and capability to grow quickly, but also derided for its lost potential on the economic front. Nevertheless, India is bursting with opportunities. The skills and capabilities, that are so readily available across its young democracy, impressively large youth population and digitally-enabled middle class, have the ability to create opportunities that could carry India, both economically and socially, for future generations. India is home to a once in a lifetime opportunity. But, in pursuit of a new, rapid and sustainable path, who will lead the way?
Our new report, Future of India: The Winning Leap, shows that, to grow at a rate that’s around 2-3% points higher than the current projection, the private sector – both corporate and entrepreneurial - has to take the lead. The government also needs to step forward on two counts – creating national platforms that enable this growth, and improving the ease of doing business in India. Our report highlights the national ambition to build a $10 trillion economy, create new capabilities and solve problems across sectors - and examines the ‘sub-leaps’ that are needed to achieve all this. By transforming the way the economy creates value, India can build shared prosperity for its 1.25 billion people.
However, a number of complex issues stand in the way of this journey, meaning that growth is not guaranteed. Each sector - from education to manufacturing - faces challenges which demand new and innovative solutions that are also sustainable, both environmentally and economically. Companies must invest in building capabilities that can cope with the demands of a significantly larger economy than the $2 trillion mark India is currently approaching. There’s responsibility at every level – from entrepreneurs, the corporate sector, the private sector and government officials. And everyone needs to work together: a setback in one area breeds setbacks and problems in others.
There’s urgency for change and the purpose of our report is to drive action. We must act quickly to achieve a radically higher growth rate - otherwise the Indian economy won’t be able to create the 10-12 million jobs needed to provide quality of life for its growing population. Issues such as environmental degradation have the potential to cause social rift, especially among a young democracy, and must be addressed. That’s why growth must be rapid and why it needs the ingenuity and innovation of the more than capable Indian population behind it.
India stands on the cusp of major change. It’s time to make the most of this once in a lifetime opportunity, by acting now. If we can use our resources to create widespread prosperity, it would be a momentous achievement – and one that’s cherished by all future generations left to enjoy the benefits of living in the largest democracy on the planet. This ‘winning leap’ should be a group effort; ‘a play-to-win approach by young and growing nations seeking a radically different developmental path’. You can be a part of this change; make a start by reading our report.
Shashank is an Executive Director at PwC India where he leads the Strategy practice. He's also the lead Partner for the Growth Markets Centre. Shashank has over 15 years of experience in consulting working with CEOs and CFOs. His focus is on growth strategy, market entry, international expansion and business transformation projects.