Sitting on the backseat of the taxi, I watched the man in front of me conquering the busy and sweaty streets of Mumbai with sheer strength and determination. This taxi driver, a PHD student, reminded me of millions of Indians who have a dream for themselves and their country. The average Indian’s hope is to look for a better quality of life, freedom to make personal choices, and a certain amount of security. Amidst his education background, this man showcased how to lift the game of life without fear and prejudice. Such a character not only portrays conviction but also delivers more value to the market economy. Since the start of the year, the Indian startup ecosystem has already seen 20 companies enter the coveted billion-dollar unicorn club.
Seventy-five years ago, there was apprehension whether India would exist as a country given its huge language, caste, religious and socio-economic identities. Winston Churchill maliciously quoted ‘’ Power will go to the hands of rascals, rogues, freebooters; all Indian leaders will be of low calibre & men of straw. They will have sweet tongues and silly hearts. They will fight amongst themselves for power and India will be lost in political squabbles.” Yet, against all odds, India has survived as a democratic country. Today, India stands as a beacon of hope and economic dynamism. Whereas many economies, advanced and developing, are experiencing a growing sense of economic woes post Covid, India is engineering itself to become the next economic juggernaut. The latest International Monetary Fund (IMF) survey has projected a growth rate of above 7% for this fiscal year.
The foundation of any country, the hub containing the knobs that manipulate the economy and society, is the government. The kind of people who sit in the hub have a huge impact on the destiny of any country. For the first time, a stable government with a strong leader is moving India towards a position of strength. In this unstable world economy, India is viewed as a preferred and stable market. India, as a young man, herald tremendous economic opportunities. The median age for an Indian is below 30 years. Many in this troop aspire to have an American dream. For India to benefit from this demographic dividend, it needs to create the enabling environment for economic growth. India must optimise on its huge human resources. By elevating the experience of its young workforce into productive ventures, India is poised to stand out from other emerging markets and may as well surpass developed countries.
It is a deep-seated faith that India is a high context society. High context societies believe deeply in values, history, and traditions. This cultural richness is key for economic development. What citizens of India want is personal progress. They want better food on the table, better education, better infrastructure, a better house, and a better car. Basically, the small things. But it is these very small things that are the most difficult things to provide. So, what do rogue government/politicians do. They create artificial needs in the minds of people and undoubtedly, they abused the system. What happened in the long run is an anarchy for decades without any real progress. Achieving inclusive growth will provide the basis for India to engage economically. The present government tasks are on improving and building social infrastructure viz health and education, incremental financial reforms, ease of doing business, and rural development.
This year India is celebrating its 75th independence. It has the people of courage and conviction to lift the country into economic bliss.
