People Driven Economic Growth
India’s emergence as a Start-Up nation will bring about a profound change that has the potential to transform India into a more inclusive and equitable society. According to one report, by 2025 the number of start-ups will bounce to 1 million and we will have 150 startups join the Indian unicorn club in 2022. This number is expected to grow to 1000 unicorns, with close to 100 of them valued at more than $ 5 billion. India needs to embrace its startup entrepreneurship and celebrate its talent. Collaboration with fast-growing and democratic economies like Bangladesh, Nepal, and Bhutan can take our economy to the next level.The startups and MSMEs can be a game changer if we can fix the Human Resource climate to enable them to procedure high precision and quality products that can led to the emergence and support of a range of defence technology, aerospace and other high technology R&D sectors.
India’s dependency on imports related to manufacturing advanced mechanical and electrical machinery and capital goods on countries like China, needs to be augmented by the domestic Industry. We are importing 58-60 per cent of our capital goods from China. Our current trade deficit with China stands at $69.4 billion, a country with which we have been having direct military confrontation with for the last seven decades.
We need to celebrate and support our startups, MSME’s that make a crucial contribution to India's GDP. MSMEs contribute more than 29 per cent to the GDP and are responsible for 50% of the country's total exports. They are also accountable for one-third of India's manufacturing output. Our Human Resource and the power of entrepreneurship of startups and MSMEs can be a growth engine save India loss to its GDP, according to one estimate India loses around $40 Billion USD as result of its import dependency on China. We can add $20 billion to our GDP if we reduce the imports from China 50% by setting the right ecosystem for our human resource and entrepreneurs. This will not only reduce our import dependency but also directly and indirectly create jobs and demand for other goods and services. Most importantly, it will create opportunities for a range of talent who are now moving out of India. We also need to enhance the quality of our education and provide the students the right resources and exposure to drive this growth. We need to adopt a more integrated industry and academic partnership to enable us to make the best of such opportunities.
My interaction in the last few years with businesses across the globe brings out one question- How prepared is India to make the most out of this unique opportunity? The biggest challenge for the Indian economy is its ability to manage human resources as it requires a mind set change in our approach to Human Resource Development. If we can fix our peoples' issues, we can ride the tiger. Our productivity levels, the quality of products, and services can all get enhanced and we can be far more competitive than China. According to one report, burnout at 30 is impacting the long-time economic growth of India. In Microsoft’s latest Work Trend Index report 2021, India had the second-highest percentage of workers facing increased burnout in Asia on 29 present. The report also shows that India came out top with over 41 percent of workers citing the lack of separation between work and personal life as negatively impacting their well-being, resulting in increased stress levels.
India has immense potential to transform itself by adopting a more holistic approach to Human Resource development that will drive Business transformation will have to factor in organization development and interventions that address the issues of Physical and Mental wellness. Business acceleration and start-up organizations can make the best of the opportunity by making it competitive and by shifting the focus from efficient to effective governance. They need to adopt a model that encompasses talent development intervention and business processes that are linked to Human Resource Development philosophy and that encompass employee wellness as a catalyst to drive change and enable business growth. My experience of the last two years shows solutions are not complex and all that’s needed is the decisiveness and willpower to bring in the change. Industry and policymakers need to accept that people are not just like any other resources but they constitute the life line of the economy. The organization's values need to include health, and happiness as part of work-life.
The future of the 'Brand India' will be the story about ordinary people achieving the extraordinary. India has to be open and at ease to do business with other democratic economies that will lead to opportunities for collaboration and growth. The year 2021 will be a historic year for India, not for the Wuhan virus from China and the rise of a few billionaires but for the realization that only real relationships can give happiness. Physical health, intellectual growth, and spiritual engagement are all as important as our work. Second is the example set by ethical, sustainable, and value-driven businesses that chose the welfare of their people and displayed mature management by focusing on long-term growth over short-term gains. This has brought about a paradigm shift in the Indian economy. The post pandemic years are paving way for more sustainable and quality-driven business. A new breed of startups are emerging as new role models for a resurgent Indian driving growth by enabling employee well-being, social inclusion, and commitment to the nation. Let each one of us in our small way contribute to India to emerge as a global hub for collaboration of industries and people for Health, Happiness and Growth.
He is an expert on Business Transformation and a Mentor for StartUp. He is a Speaker, Author & Columnist on topics related to Business Acceleration and South Asia Economy. He can be reached at knowledgecell@gmail.com
_20241010140125_original_image_2.webp)
_20241010001905_original_image_2.webp)