Professional Documents
Culture Documents
Future of India The Winning Leap
Future of India The Winning Leap
Future of India
The Winning Leap
Table of contents
2
Preface
4 Executive summary
18
Chapter 1:
Growth ambition
and exemplars
pwc.in/thewinningleap
32
Chapter 2:
Sectoral challenges
and the Winning Leap
72
Chapter 3:
Role of the private
sector: Building capabilities
88
Chapter 4:
Entrepreneurial
sector
96
Chapter 5:
The ease of doing
business
140
Appendix I:
List of interviews
143
Appendix II:
PwC Contributors
108
128
Chapter 6:
Capitalising on
Indias growth story
Chapter 7:
Realising our ambition
144
Appendix III:
Research
Methodology
PwC
2 2 PwC
Future of India
The Winning Leap
Preface
A young India, with a large digitally enabled middle class is asking for growth and change.
Without building the skills and capabilities necessary to drive innovation, the nation risks
stagnation. However, if India can create capabilities for growth and new solutions, the
opportunities, both at home and abroad, are limitless.
Our report, Future of India - the Winning Leap is driven by the belief that India can build
shared prosperity for its 1.25 billion citizens by transforming the way the economy creates
value. Corporate India has a critical role to play in this story, not only by creating value by
addressing key societal needs, but in supporting a vibrant entrepreneurial sector. Additionally,
it needs to partner with the government in order to implement new developmental
approaches.
PwCs analysis of key sectors such as education, healthcare, agriculture, financial services,
power, manufacturing, retail, urbanisation, digital and physical connectivity suggests that
new solutions are necessary in each sector. These Winning Leap solutions will enable sectoral
growth with a fraction of the resources to attain desired outcomes. As the world increasingly
confronts technological change and sustainability challenges, we believe India and the
Winning Leap can offer an exemplar for other growth markets. Our report also outlines how
government will need to create national platforms and improve the ease of doing business.
A sixth of humanity, with the intellect, energy and creativity of a young nation is poised to
grow rapidly. At PwC, we are energised and humbled by this opportunity and the benefits that
can flow to Indias citizens, its businesses, investors and the government. This journey will
have its own sets of challenges, and by no means guarantees growth. But, with a concerted
effort we believe rapid, equitable and sustainable growth is achievable.
As a global business with over 9,000 people in India and a 130-year relationship with the
country, the possibilities highlighted by the report are exciting. PwC is committed to playing
its role in Indias Winning Leap.
Dennis Nally
Chairman
PricewaterhouseCoopers
International Limited
Deepak Kapoor
Chairman
PricewaterhouseCoopers India
Juan Pujadas
Vice Chairman
Global Advisory Services
PricewaterhouseCoopers
International Limited
Future of India 3
Executive
summary
4 PwC
Future of India 5
$5.6 trillion
$1.9 trillion
Baseline
2014
2034
nd
innovation mi
nds
Growth a
Corporate
capabilities
and
red
we
m er
po
usto
Em ed c
rm
fo
in
et
bility, integrity,
un ta
o
c
inability
Ac
susta
an d
an
tive
ap
ad
els
d
od
m
ng
es
rc
s
Fle
x
op ible
e
ra
ti
Non t
rad
it
i
o
na
an
d
lr
p
art
ne eso
r
sh u
ip
6 PwC
80 years
Healthcare
2034
Raising life
expectancy
2014
66 years
Education
Keeping children
in school
10 years
2034
2014
7 years
7.4
Agriculture
tonnes/
hectare
2034
Improving
productivity
2014
4 tonnes/hectare
90%
Financial
services
Providing
banking to
more people
access
2034
Increasing
valueadded
manufacturing
>25%
of GDP
2034
2014
12% of GDP
50%
Retail
share
2034
Increasing the
market share
of organised
retail
2014
8% share
100%
Power
More and better
power to more
people
access
2034
2014
75% access
Urbanisation
Modernising
urban areas
2014
35% access
650 mn
people
2034
2014
400 mn people
80%
Digital
connectivity
Broadening
the network
Manufacturing
access
2034
2014
15% access
Physical
connectivity
Reduce
logistics
cost
8%
of GDP
2034
2014
13% of GDP
Fierce Catch-up
Using traditional
approaches or technologies
to surmount challenges
at an accelerated pace
Significant Leap
Leapfrog
Future of India 7
8 PwC
since 2007, Brazil has been unleashing the power of its private sector to
accelerate its growth. In India, we
found double-digit growth stories
in key states that provide internal
examples of what the nation itself
is capable of.
Challenges as opportunities
To realise the Winning Leap vision,
India needs to view its many
economic and social challenges
as opportunities for growth and
renewal. With this perspective
in mind, we investigated performance in ten sectors that, together,
constitute more than 70% of Indias
GDP. Each sector faces challenges
whose resolution will require new
solutions that are scalable, resource
efficient, and environmentally
sustainable. For example, the
education sector will have to deliver
high-quality, formal education to
7m additional children every year
over the next two decades. Yet with
current education investments
estimated at just 3% of Indias GDP,
achieving this target wont be easy
using traditional strategies. Indias
healthcare sector offers another
case in point. To serve a growing
Fierce Catch-up
Using traditional
approaches or technologies
to surmount challenges
at an accelerated pace
Significant Leap
Leapfrog
Future of India 9
Leapfrog
40%
New solutions
Significant leap
$10.4 tr* GDP
Fierce catch-up
60%
Unblocking and
executing existing
metho ds
$1.9tr* GDP
2014
2034
10 PwC
11
12 PwC
Drawing on nontraditional
resources and partnerships
Focusing on accountability,
integrity, and sustainability
Future of India 13
Entrepreneurs role
in the Winning Leap
Three economic-growth
scenarios
With data and modeling from
Oxford Economics, weve defined
three possible economic growth
scenarios for India, each hinging
on different strategies and achievements that could come from
corporations, entrepreneurs, and
the government and each reflecting
a different focus for investment:
Scenario 1
Scenario 2
Scenario 3
Turbocharging investment
outlines the impact of rapid
and significant investment in
physical infrastructure and
envisions a 7 trillion for GDP
leading up to 2034.
$10.4
CAGR
): 9%
2034
( 20 1 4 -
tr
S2
$7.4 tr
S1
$6.8 tr
$5.6 tr
$1.9 tr
2014
B
2016
Baseline
2018
S1
Scenario 1
2020
S2
2022
Scenario 2
2024
Winning leap
2026
2028
2030
2032
2034
Forecast
Corporations
Entrepreneurs
Investors
Government
16 PwC
By using this report, you can initiate new conversations that lead to
long-term capability building and
profitable growth for your organisation or institution. In doing so,
you will be joining business leaders, entrepreneurs, investors, and
government officials who participated in our studyall of whom
were energised by the possibility of
Indias rapid growth and spread of
prosperity that our report outlines.
17
18 PwC
Chapter 1
Growth ambition
and exemplars
We are kept from our goal, not by obstacles,
but by a clear path to a lesser goal.
The Bhagavad Gita
Future of India 19
Proliferation of new
technologies
Emergence of new technologies,
especially mobile, in India has
sparked social change thats difficult to quantify. Mobile, Internet,
and social media penetration and
growth can be quantified, but
describing the changes in social
20 PwC
1,000
800
600
400
US
B
200
SK
0
1950
1960
China
Brazil
SK
1970
India
1980
US
1990
United States
South Korea
Forecast
2000
2010
2020
2030
21
State-level performance
Figure 1.2: State wise disparity
Jammu and
Kashmir
Himachal
Pradesh
Punjab
Uttarakhand
Haryana
Delhi
Rajasthan
Arunachal
Pradesh
Sikkim
Assam
Uttar Pradesh
Nagaland
Meghalaya
Bihar
Manipur
Jharkhand
Gujarat
Madhya Pradesh
West
Bengal
Mizoram
Tripura
Chattisgarh
Orissa
Maharashtra
Andhra Pradesh
Goa
Karnataka
Tamil Nadu
Kerala
Lakshadweep
Islands
22 PwC
Andaman &
Nicobar Islands
150,000
Goa
120,000
Delhi
90,000
Gujarat Tamil Nadu
Kerala
Karnataka
Andhra Pradesh
60,000
Maharashtra
India average
West Bengal
Rajasthan
Madhya Pradesh Uttar Pradesh
30,000
Bihar
0.0%
3.0%
6.0%
9.0%
12.0%
15.0%
18.0%
Future of India 23
Economic
class
$ day
per capita
>8,50,000
Upper
middle+
> 10
80
9.7
190
14
3,00,000 8,50,000
Middle
5 - 10
170
6.3
300
23
1,50,000 3,00,000
Emerging
middle
1.7 - 5
470
1.9
570
42
<1,50,000
Lower
< 1.7
460
-4.6
290
21
Source: Profitable growth for the globally emerging middle, PwC, 2012
24 PwC
2010
1.19 billion population
CAGR %
2021 (projection)
1.36 billion population
1,500
0.90
1,490
1,255
1,200
US
SK
R6
G
CA
B
W
900
700
SA
600
484
354
GR
CA
3%
0.35
300
1980
1990
2000
2010
2014
United States
China
SK
World
South Korea
I
India
SA
Brazil
Sub-Saharan Africa
Future of India 25
26 PwC
Economic transformation
We believe that India could boost
its current GDP of US$1.9tr to
US$10.4tr by 2034 (and elevate
per capita GDP from US$1,490
to US$6,800) by achieving a GDP
CAGR of 9% over the next two
decades.14 Reaching this level of
growth will require transformationwhich will not be easy,
given that India has battled cyclical
economic headwinds and structural
deficiencies such as underinvestment in infrastructure, an
unproductive business environment,
poor education, and low-quality
health outcomes. With these
conditions forming the backdrop,
9% growth seems difficult indeed.
However, we know that such
transformation is possible. Consider
China, which had a frail economy in
1976, after the death of Chairman
Mao Zedong. Today, China is the
second-largest economy in the
world. In 1980, Indias per capita
GDP was marginally above Chinas:
US$354 versus US$339. Today,
Chinas is at US$5,788, and Indias
is less than a mere quarter of that:
US$1,490.15
Future of India 27
Growth:
26 points
0.89
(World: 0.70)
Ambition:
0.85
0.63
(World HDI:
0.56)
1980
(~30 years)
2013
HDI Index
HDI Index
0.59
(World HDI:
0.70)
2013
(~20 years)
2034
28 PwC
29
India has to go for the big leap; there is no other option but to grow.
If we do not grow, we face a demographic disaster. With such a
large number of young people coming into the job market every
year, if India has to remain united and peaceful, then there is
no alternative but to grow fast.
Harsh Mariwala
Marico
30 PwC
10
years
Significant
Leap
523
761
57
5
years
198
50
years
497
Leapfrog
20
years
87
931
believe India
can become a
developed nation
in 20 years
Fierce
catchup
111
60%
of respondents
believe India
needsout of the
box thinking/nonlinear solutions
Future of India 31
32PwC
Chapter 2
Sectoral
challenges and
the Winning Leap
A person who cannot decide a goal simply cannot win.
Chanakya
Future of India 33
Human Development
Institutional Development
80 years
2034
Healthcare
Raising life
expectancy
2014
66 years
Education
Keeping children
in school
10 years
2034
2014
7 years
7.4
Agriculture
tonnes/
hectare
2034
Improving
productivity
2014
4 tonnes/hectare
90%
Financial
Services
Providing
banking to
more people
access
2034
Manufacturing
Increasing
valueadded
manufacturing
2014
12% of GDP
50%
Retail
Increasing the
market share
of organised
retail
share
2034
2014
8% share
100%
Power
More and better
power to more
people
access
2034
2014
75% access
Urbanisation
Modernising
urban areas
2014
35% access
>25%
of GDP
2034
650 mn
people
2034
2014
400 mn people
Enabling
80%
Digital
connectivity
Broadening
the network
access
2034
2014
15% access
34 PwC
8%
Physical
connectivity
Reduce
logistics
cost
of GDP
2034
2014
13% of GDP
healthy.2
Future of India 35
Vector one:
Life expectancy at birth
Good health is critical to human
prosperity, yet quality of healthcare
varies throughout the Indian population. Even though the country
has produced some of the best
physicians in the world, the average
Indian has poor access to healthcare services. Maternal and infant
mortality remains high, owing to
inadequate healthcare infrastructure. Moreover, poor nutrition keeps
many young children out of school,
preventing them from reaching
their full potential.
Part of the problem is the shortage
of people and physical infrastructure needed to provide better
healthcare. The ratio of doctors per
1,000 people is just 0.6. In Brazil
and China, its 1.8. And India has
only 1.3 hospital beds per 1,000
peoplesignificantly lower than
the guideline of 3.5 beds defined
by the World Health Organisation.3
Future of India 37
38 PwC
Enrol for
class 10
Start school
25
10
Dropout and
Seek job
Dropout
Enrol for
class 12
7
Dropout and
Seek job
Start higher
education
3.5
Seek job
Goal: Improve
soft skills and
knowledge
creation
Future of India 39
Vector three:
Agricultural yield
Agriculture will play a crucial role
in Indias economic and human
development, nearly 50% of Indias
workforce depends on agriculture
for their livelihood. Yet agricultures
contribution to the nations GDP has
fallen from 42% in the 1960s to
18% today.10
A key factor behind this shrinking
share is poor yield per hectare, even
though most of Indias agricultural
land is already under cultivation.
Lets compare Indias situation
with Chinas. India produces 235m
tonnes of food grain from 135m
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
6.0
4.0
3.0
I
B
2.0
1.0
0.0
1990 2000 2010 2012
5.0
India
Brazil
China
Land
Chinas grain
production
40 PwC
Indias grain
production
Future of India 41
Seed companies
Pesticide/fertiliser
Equipment companies
Pre-harvest
Platform
Farmers
Market buyers
Financial institutions
Food processors
Post-harvest
Platform
Supply-chain players
Strengthen research
Strengthening research in fields
such as biotechnology, especially
genetically modified (GM) seeds,
could improve crop yield and
resistance to pests and drought.
However, debate persists regarding
the impact of GM seeds on human
health and soil quality. India thus
needs to invest in research on the
use of GM seeds in food crops to
make them as successful as Bt
cottonIV has become in India.19
42 PwC
Vector four:
Access to banking services
Access to finance promotes economic growth and reduces poverty
and inequality. Gross national
savings in India have constituted
30% and more of GDP since 2004.
However, since 2010, the share of
household savings entering the
formal financial system has fallen
with increased demand for physical
assets such as gold and real estate.20
(See Figure 2.5.)
25%
2008
15%
2010
32%
China
2004
16%
South Korea
India
51%
30%
48%
52%
48%
52%
48%
52%
2012
31%
69%
2013
32%
68%
Financial assets
Physical assets
Future of India 43
2825
48
2352
40
2,000
30
25
20
1070
1,000
18
10
120
4
Branch Phone
(call
center)
ATM
Winning Leap
Target
420
375
8
0
1188
Phone Online
(IVR)
34
0
China
2007
2012
112
India
44 PwC
45
120
Bubble sizes indicate $
consumption impact on
GDP because of growth in
card usage (2008 and 2012)
China
100
80
UAE
60
South Africa
40
Brazil
Russia
20
Korea
India
0
20
30
40
50
60
Germany
US
70
80
UK
France
90
100
$375 bn
46 PwC
Vector five:
Share of organised retail
India is one of the fastest-growing
retail markets in the world. The
nation boasts a population of
1.25bn. It also has an emerging-middle and middle class
(households earning
between INR 150,000 and INR
850,000 per year) of 640m poised
to reach 900m in 2021.38 Indias
retail industry could see a CAGR of
10% over 2012-2020, growing from
US$500m to US$1tr in that timeframe.39 Experts foretell a future
when an INR 1,000 increase in per
capita consumption could improve
GDP by 2 percentage points.40
However, 92% of Indias total retail
market remains unorganised,41
dominated by local shops owned by
independent private individuals.V
(See Figure 2.8.) Promoting growth
of organised retail will strengthen
Indias consumption ecosystemwhich includes producers,
15
2008
19
2009
22
2010
27
2011
33
2012
41
337
4%
80%
5%
363
6%
390
85%
80%
60%
55%
421
6%
7%
455
496
40%
40%
35%
20%
25%
20%
8%
15%
8%
a
di
So
ut
In
a
Ko
hi
n
re
a
C
ne
do
In
pi
ilip
ai
si
ne
s
nd
a
si
ay
al
la
Ph
Unorganised
Th
Organised
500
U
K
250
US$ billions
0
Revenue
U
S
0%
47
retail in India.
Bring in efficiencies
Organised and unorganised retail
players can partner to improve
the overall retail ecosystem while
also generating new benefits for
their own customers. For instance,
the unorganised sector could help
extend organised retails reach to
that last mile, where independent
store owners understand the local
market. Organised players could take
responsibility for managing core supply-chain components that require
hefty capital expenditures. They
could also help unorganised players
improve their stores ambience, provide IT systems, and educate smaller
players on basic management
Reduces inefficiencies
in food supply
Reducing wastage
t
en
Pr
od
Go
ve
nm
e
uc
se
ns
48 PwC
um
Co
Improves quality
of life
re t
a
il
Possible impact
areas of
organised retail
er
ga
no r
ni
Improves
unorganised retail
Indias large retail sector needs
and can accommodate both
organised and unorganised retail
Unorganised retail can source food
and non-food items, essential for
operations, from cash-and-carry
providers, benefiting from bulk
discounts
Unorganised players can become
franchise partners for modern trade
players neighbourhood format
0.75
Low and
lower
middle
income
Upper
middle
income
High income
0.50
0.25
L
M
0
10,000
20,000
30,000
40,000
High technology
Medium technology
Low technology
Innovation, design, and manufacturing go hand-inhand. The closer you can co-locate these operations,
the more effective is the leverage you can get. It is a
little theoretical to talk about design and innovation
in one part of the world and manufacture in another.
Banmali Agrawala
GE
Future of India 49
Corporate sector
Manufacturing %GDP
25%
15%
Manufacturing
competitiveness
12%
Value added %GDP
Develop
technological
prowess
and skills
Government
Increase ability
to meet the
demands of
the empowered
customers
Increase
labour
productivity
through skill
development
Implement
regulatory
policies related
to land, labour,
environment
32%
40% 10%
in 1981
in 1990s
0.52 $26.3
53.5%24.3%
R&D investment
billion (1981)
billion (2005)
in 1981
in 2005
Source: Issues in Science & Technology - Excelsior: The Korean Innovation Story
50 PwC
51
52 PwC
Future of India 53
54 PwC
Figure 2.13: % GDP growth per 10% rise in penetration by type of access
.43
Fixed
telephone
.73
.60
Mobile
telephone
.81
.77
Internet
1.12
1.21
Broadband
1.38
0.0
0.3
0.6
High-income Countries
0.9
1.5
1.2
impact on growth.
Figure 2.14: The Winning Leap: Expanding Internet penetration to more than 50% by 2024; 80% by 2034
100
The
Winning
Leap
target
SK
80
US
G
Though the
online user base
in India crossed
200m in 2013 (3rd
largest worldwide),
significantly low
online penetration
remains an area
of concern.
60
40
B
W
C
20
I
0
1995
SK
South Korea
2000
US
United States
2005
G
Germany
Brazil
2010
C
China
World
2013
I
India
Future of India 55
37.6
34
Germany
28
US
13
China
India
1.1
World
9.1
Rank among
183 nations
05
South
Korea
09
US
20
Germany
55
China
122
106
74.7
Rank among
170 nations
04
09
41
40
17.2
75
India
4.9
World
22.1
106
56 PwC
150
100
O
50
2003 2004 2005 2006 2007 2008 2009 2010 2011 Jul 12 Jul 13
U
Urban India
Overall
Rural India
57
58 PwC
13
UP
12
11
Maharashatra
10
Tamil Nadu
Bihar
AP
Goa
Gujarat
Karnataka
Jharkhand
India
MP
WB Uttarakhand
Punjab
J&K
Orissa
Kerala
HP
Assam
5
0
20
40
60
80
100
120
140
160
Low-performing
states
Catch-up
states
Average
Future of India 59
China
1,000,000 2,000,000
100,000
Million tonne km
United States
Argentina
Russia
Kazakhstan
India
Typically, countries
with a large land area
have higher freight
traffic on rail network
compared with
passenger traffic
Mexico
10,000
Australia
Japan
South Korea
10,000
100,000
1,000,000
200,000
Million passenger km
Countries with more than
2m sq km land area
60 PwC
61
Cost
Unofficial bribes account for 20% of opex excluding fuel costs
Roundtrip distance (km)
Delhi-Kolkata
2922
2630
0.90
Delhi-Mumbai
2814
1464
0.52
871
1.07
915
1.50
917
1.16
1753
0.44
710
0.65
816
Delhi-Kanpur
Average
Amount
amount
paid
paid per trip per km
Delhi-Ludhiana
610
Chennai-Vijaywada
792
3974
Kolkata-Mumbai
Ahmedabad-Mumbai
1090
Payment to drivers/helpers
Repair
Toll/interstate fee, Octroi,
penalties
RTO/Police
0.05
0.36
0.07
Total expense:
INR 3.5 per km
0.83
Loading/Unloading
Broker's commission
0.35
1.21
Unofficial bribe
Sources: PwC analysis, Corruption in Trucking Operations (MDRA), Economics of Trucking Industry (MORTH)
Time
Time spent by trucks due to check-post
stoppages is equivalent to annual labour time of 17,000 drivers
% defaulter vehicles out of checked, by check-post
Commercial barriers: 39%
Excise: 47%
Penalty paid*: 30
Millions hours: 0.6
Forest: 49%
Penalty paid*: 10
Millions hours: 4.9
Total: 36%
*INR Crs
62 PwC
50
Running time
47.6
3974
Kolkata-Mumbai
Ahmedabad-Mumbai
1090
1753
0.44
710
0.65
Payment to drivers/helpers
Repair
Toll/interstate fee, Octroi,
penalties
RTO/Police
0.05
Total expense:
INR 3.5 per km
0.36
0.07
0.83
Loading/Unloading
Broker's commission
0.35
1.21
Unofficial bribe
Sources: PwC analysis, Corruption in Trucking Operations (MDRA), Economics of Trucking Industry (MORTH)
Time
Time spent by trucks due to check-post
stoppages is equivalent to annual labour time of 17,000 drivers
% defaulter vehicles out of checked, by check-post
Mines and minerals: 27%
Penalty paid*: 30
Millions hours: 0.6
Forest: 49%
Excise: 47%
Penalty paid*: 590
Millions hours: 1.2
Penalty paid*: 10
Millions hours: 4.9
Total: 36%
RTO: 28%
Penalty paid*: 260
Millions hours: 50
*INR Crs
50
47.6
40
30
18.5
20
10
0
7.0
3.8
2.9
2.4
100-499
8.1
5.2 7.2
500-999
Check-post stoppage
17.6
14.4 Breaks
8.7
Traffic hurdles
1,000 or more
Travel km range
Sources: PwC analysis, Corruption in Trucking Operations (MDRA), Economics of Trucking Industry (MORTH)
Future of India 63
Healthcare
64
PwC
Desired outcome
2014
2034
2.5 doctors
5.0 nurses
3.5 beds
Average life
expectancy
66
years
.65 doctors
1.3 nurses
1.3 hospital beds
80
years
Traditional
hospitals
mHealth
Technology enabled
solutions to reduce
stress on hospital
infrastructure
Preventative care
Early diagnosis of
diseases enables
timely treatment and
fewer complications
(over 20 years)
US$ 245 bn
156 bn
90 bn
Winning Leap
contribution:
Fierce catch up
Significant leap
Leapfrog
25%
15%
60%
Future of India 65
Power
66
PwC
Desired outcome
2014
2034
Access
to power
India: 75%
China: 99.8%
Brazil: 99%
India: 100%
Access to power
No access to power
Per capita
consumption
672 kwh
3,300 kwh
1,800 kwh
2,438 kwh
Of every $1 invested in
power generation...
$
Hydro
Renewable
Thermal
.35 .35
Nuclear
2%
17%
12%
Transmission Distribution
Transmission + distribution
losses reduced by 2034
69%
24% 4 14%
Winning Leap solutions could save 20% of projected investment to provide universal
access to power while tripling consumption on a per capita basis.
Of every $1 invested in
power generation...
Hydro
Renewable
.50 .50
Thermal
Transmission Distribution
Nuclear
7%
15%
19%
59%
Installed capacity requirement to increase from 245 GW to 540 GW to meet winning leap targets.
Increased investment in
transmission and
distribution
Generated power saving
that are currently lost
due to transmission and
distribution capacity
bottlenecks
(over 20 years)
US$ 900 bn
24% 4 8%
700 bn
200 bn
Winning Leap
contribution:
Fierce catch up
Significant leap
Leapfrog
8%
17%
75%
Future of India 67
Education
68
PwC
Desired outcome
2014
2034
32
100%
25%
78
68%
100%
100%
45%
Vocational
30%
Higher
education
22%
In school
Dropped out
Primary
Levels K-5
Secondary
Levels 6-12
Tertiary
Higher education
Primary
Secondary
Tertiary
Primary
Secondary
Higher
education
76
21
Higher education
Virtual schools
Access to quality
education at reduced
infrastructure costs
Higher education
Increase focus
on PPP model
school format
Government
as an enabler
$
For Profit model in
formal education
Massive Open Online Courses (MOOC)
Bringing parity in quality of education.
(over 20 years)
US$ 500 bn
335 bn
165 bn
Winning Leap
contribution:
Fierce catch up
Significant leap
Leapfrog
12%
8%
80%
Future of India 69
Financial service
70
PwC
Desired outcome
2014
Urban adult
population: 175 million
Rural adult
population: 110 million
2034
Total India
90%
Urban adult
67%
Rural adult
35%
Need to expand
access to 650 million
adults to reach national ambition
20%
Rural
Branch density
(per million
population)
Branch density
ATM density
ATM density
395
ATMs density
499
395
278
69
2014 2034
2014 2034
21
2014 2034
194
2014 2034
Rural
Branch density
418
Branch density
ATM density
395
2014 2034
2014 2034
400,000 new bank 175,000 new
branches required ATMs required
Total India
Shift in branch/ATM per million
translates to 2X new branch addition
and 3X new ATM additions (where X is
existing infrastructure).
Branch density
ATMs density
422
297
2014 2034
Enable scale by
forging partnerships
with established
non-banking players
210
2014 2034
21
2014 2034
Solar ATMs
to lower capital
costs, lesser energy
consumption, lower
maintenance costs
suited to rural needs
126
141
2014 2034
2014 2034
200,000 new bank 330,000 new
branches required ATMs required
Mobile and
online banking
to provide branch
banking functionalities
on mobiles/desktops
(over 20 years)
US$ 40 bn
126
371
69
2014 2034
ATM density
141
479
248
Projected
investment:
Branch density
501
496
248
(per million
population)
Total India
The volume of banks increase from 100,000
in 2014 to 500,000 in 2034. Shift in branch/
ATM per million translates to 4X new branch
addition and 1.5X new ATM additions
(where X is existing infrastructure)
27 bn
13 bn
Winning Leap
contribution:
Fierce catch up
Significant leap
Leapfrog
20%
20% 60%
Future of India 71
Chapter 3
Role of the
private sector
Building capabilities
PwC
7272 PwC
1 Fierce catch-up
2 Significant leap
3 Leapfrog
74 PwC
Leapfrog
40%
New solutions
Significant leap
$10.4 tr* GDP
Fierce catch-up
60%
Unblocking and
executing existing
metho ds
$1.9tr* GDP
2014
2034
A range of stakeholdersincluding
government and entrepreneurial
companieswould need to help
develop (and in some cases,
deliver) new solutions. But only
the private sector is in a position to
lead the shifts necessary to make
these leaps a reality. Innovation is
critical to unleashing Winning Leap
approaches. New and growing
ventures will naturally play a key
role in fostering innovation and
job creation. But the entire private
sector must participate in enabling
innovation as well as in developing
fast, cost-effective solutions to
spur the Winning Leap.
Future of India 75
Figure 3.3: Five key themes for the private sector to win in the Winning Leap economy
Em
po
we
set
i on m
i n d-
stome
Unlocking
corporate
capabilities
Innovation,
research,
and design
Shift in quality
and service
2
Unconventional
channels
Fle
xib
le
Tri-entity
partnerships
ive
e
op
ra
tin
gm
od
el
New human
capital skills
Nont
r
a
d
i
tion
al r
e
s ou
r
c
es
an
d
s
ip
sh
t
ap
pa
rtn
er
76 PwC
Technology
enabling
ad
International
know-how
an
d
Asset light
models
Unlocking
vested
structures
Customer
experience
focus
d cu
rme
Value growth
mind-set
nfo
di
an
red
Purposeful
brand
Future of India 77
78 PwC
Future of India 79
Future of India 81
82 PwC
Future of India 83
Future of India 85
86 PwC
Future of India 87
Chapter 4
Entrepreneurial
sector
PwC
8888 PwC
You see things; and you say Why? But I dream things
that never were; and I say Why not?
George Bernard Shaw
sector lacks the capacity to generate the 12m jobs needed each year
to absorb the flood of job-market
entrants unleashed by Indias
demographic dividend. The entrepreneurial sector must therefore
Entrepreneurial DNA
Figure 4.1: The roles of government and the private sector in creating an entrepreneurial ecosystem
Role of government
Providing market
access
Mentoring entrepreneurs
Digital telecom,
broadband etc
Provide access to quality
utilities water, electricity
uc
tr
as
Building entrepreneurial
networks
Innovation focus
Providing access to end
consumers
Availability
of resources
I nfr
Enabling
infrastructure
Ma
rk
tu
ce
nt
nme
o
r
i
nv
s
ces
ac
et
Media support in
highlighting entrepreneurs
Bus
ine
ss
e
re
R es
r
ou
90 PwC
Innovation and
Entrepreneurship
links with the
Corporate Sector
At Marico, innovation has been at the heart of our business.
Some years back we instituted an Innovation council to
formalise the fostering of innovation in the wider economy.
This has resulted in us launching a magazine Innowin,
and organising a yearly award ceremony that celebrates
innovation in all walks of life, both economic and social
Over the past 3 years I have launched a social initiative
called ASCENT to provide an acceleration platform for
scaling-up enterprises. As part of this journey I have
observed that more than access to resources like capital,
these young entrepreneurs are also looking for guidance and
inspiration from someone who has trodden a similar path.
This has resulted in a forum called Huddle with Harsh,
wherein I engage with 15 entrepreneurs every month, in an
interactive format where they can bounce their ideas with
me, and amongst themselves as well. Over the past many
Huddle sessions we have discussed topics like attracting and
retaining talent, building organisational culture, managing
growth, balancing strategy & execution and various other
details. Not only am I able to guide them with specific points
in terms of scaling their business, fostering a growth mindset
in their teams but often I am also able to connect them
with other entrepreneurs or markets that can benefit their
business.
It is my firm belief that only widespread entrepreneurship can give purpose and employment to the millions of
young Indians who are entering our workforce every year.
Corporate India can take part and benefit from a mentoring relationship as it provides companies an insight into
new ideas and fresh thinking. As Marico grows and builds
capabilities for its own Winning Leap, I believe our relationship with smaller, entrepreneurial companies will be a key
ingredient for growth and success. Finally on a personal basis
I feel refreshed by the young energies of these entrepreneurs
on whose shoulders lies future growth and innovation of our
economy.
Harsh Mariwala
Chairman
Marico
Future of India 91
92 PwC
Provide enabling
infrastructure
India needs to develop physical and
digital infrastructure to foster the
growth of entrepreneurial companies. For small manufacturers in
India, the cost of transportation
(including its associated delays)
accounts for a disproportionate
amount of operating costs compared with global standards.
High transaction costs remain a
major barrier to entry for many
cash-strapped entrepreneurs. Its
expensive to start a businessand
Figure 4.2: How the government could establish a favourable business environment
Create access
to capital
Enable
entrepreneurs
Build an
entrepreneurial
ecosystem
Enabling venture-capital
funds, angel investors,
and businesses to provide
equity to entrepreneurs
Facilitate collaboration
with overall ecosystem
Entrysingle window
clearance, information
availability, industrial
clusters etc.
Operations labour
laws, intellectual
property laws etc.
Exit mechanisms and
modalities including
paperwork and
restrictions
Creation of innovative
products for providing
noncollateralised debt
Future of India 93
0.2%
Medium enterprises
100 to 1,000 employees
Investment in equipment is more than
INR 2 crore but less than INR 5 crore
94 PwC
95
96
PwC
Chapter 5
Future of India 97
United States
45,000
40,000
35,000
30,000
25,000
South Korea
20,000
15,000
10,000
Malaysia
Thailand
5,000
20
High income
98 PwC
China
40
60
80
EODB rank
India
100
120
140
160
Future of India 99
Figure 5.3: How India ranks in each component criteria of the Ease of
Doing Business index
Ease of Doing Business rank
India
Starting a
Business
134
Dealing
w/Construction
Permits
Getting
Electricity
120
Indonesia
Brazil
116
China
Getting
Credit
US
Protecting
Investors
4
0
30
60
90
120
150
2.
Getting
a location
111
92
28
3.
Getting
finance
34
Paying Taxes
Trading Across
Borders
158
100 PwC
4.
Daily
operations
132
Enforcing
Contracts
Resolving
Insolvency
1.
Start-up
182
Registering
Property
96
South
Korea
179
186
121
5.
During
tough times
Figure 5.4: Contract enforcement: how India compares with select countries
7
Rank
Time (days)
Korea
Brazil
121
China
19
406
Malaysia
30
425
India
186
Cost (% of claim)
230
Procedures
10.3
33
16.5
731
44
11.1
37
27.5
1420
29
39.6
46
Government as an
enabler of business
102 PwC
Figure 5.5: Reforms enacted by other countries to ease business formation and activity
Starting a
business
179*
Dealing with
construction
permits
182*
Paying
taxes
158*
Trading
across
borders
Enforcing
contracts
132*
186*
Resolving
insolvency
121*
China
Centralised
preconstruction
approvals
Electronic
application
permitted in
Shanghai and
Beijing
Singapore
Allow low-risk
industries to
submit document
online
China
Unified the corporate
tax regimes for
domestic and
foreign enterprises
and clarified the
calculation of
taxable income
for corporate
income-tax
purposes
South Korea
Merged several
taxes, allowing joint
payment of several
and contributions
Increased use of
online tax payment
China
Improved trade
finance by relaxing
its trade credit
rules
China
Amended civil
procedure code to
streamline and speed
up court proceedings
Mexico
Made trade easier
by implementing
an electronic singlewindow system
South Korea
and Brazil
Implemented an
electronic system to
file initial complaints
Bangladesh
Implemented
automated customsclearance procedures,
which have reduced
the time for clearing
goods
South Korea
Expedited the
insolvency process
by implementing
a fast track
for company
rehabilitation
Germany
Adopted a new
insolvency law that
facilitates in-court
restructurings
of distressed
companies
and increases
participation
by creditors
Authority
Recommendation
Ministry of
Corporate
Affairs (MCA)
Obtain digital
signature certificate
Certifying
Authorities
MCA
New Step 2:
Register the company
MCA
New Step 3
Create a seal
Agencies
Eliminate
Income Tax
Dept.
Income Tax.
Dept.
Municipal
Corp.
State
Government
10
State
Government
11
Ministry of
Labour &
Employment
12
Register for
medical insurance
Insurance Co.
New Step 1:
Offer option to obtain a digital signature
when applying for the DIN
New Step 4:
Require details to be submitted on one form
after name confirmation and submitted to
the MCA for processing. MCA then issues all
related numbers such as the PAN and Tax
Deduction and Collection Account Number,
along with the Corporate Identity Number
(CIN) such as the PAN and Tax Deduction
and Collection Account Number,*** along
with the Corporate Identity Number (CIN)
Eliminate
* The DIN is a mandatory unique identification number provided to an existing or potential director of a company incorporated in India.
** National Securities Depository Limited (NSDL) and Unit Trust of India (UTI) Infrastructure Technology and Services are agencies that issue the Permanent Account Number
(PAN), a unique identifier for income-tax payers in India.
The TAN is required by all persons responsible for deducting or collecting tax in India.
The CIN acts as a unique identifier for all companies, listed and unlisted, registered in India.
Sources: World Bank, PwC analysis
104 PwC
1-34
Countries ranked
100-125
No. of Procedures:
Processing:
Cost (% of income):
Paid in capital (%):
Indias rank
179
No. of Procedures:
Processing:
Time (days):
Cost (% of income):
Paid in capital (%):
12
paper-based
27
47%
125%
179
8-10
online systems
7 to 14%
0 to 78%
No. of Procedures:
Processing:
Time (days):
Cost (% of income):
Paid in capital (%):
3-5
online, single form
5 to 6
<7%
0%
Long-term actions
Short-term actions
India
South Asia
OECD
Payments
(number/ year)*
33
33
12
Time
(hours/year)**
243
328
175
Profit tax
(%)***
24.4
16.8
16.1
20.7
9.0
23.1
Other taxes
(%)
17.7
14.8
2.1
62.8
40.6
41.3
* The total number of tax payments per year. The indicator reflects the total number of taxes and contributions paid,
the method of payment, the frequency of payment, and the number of agencies involved for a standardised case
during the second year of operation.
** The time it takes to prepare, file, and pay (or withhold) the corporate income tax, the value-added tax,
and social security contributions (in hours per year).
*** The amount of taxes on profits paid by the business as a percentage of commercial profits.
The amount of taxes and mandatory contributions on labour paid by the business as a percentage of commercial
profits.
The amount of taxes and mandatory contributions paid by the business as a percentage of commercial
profit that are not already included in the categories of profit or labour taxes.
Sources: Doing Business Project, World Bank, 2014
106 PwC
Shorter-term: consolidating
and digitising taxation
Indias performance in all of the
components of the ease of paying
taxes measure is much lower than
that of developed economies, as
well as the regional average.
(See Figure 5.8.)
India could substantially boost its
ranking in this measure through
specific, targeted reforms.
Permitting annual instead of
monthly filings for pension and
II The fringe-benefits tax, paid by the employer, was based on the value of the fringe benefits (perks besides wages) provided to employees.
III The value-added tax, or VAT, is an indirect tax on the consumption of goods, paid whenever value is added at a stage of production and at the final sale.
Chapter 6
Capitalising on
Indias growth story
PwC
108108 PwC
110 PwC
Base-case scenario:
Troubled Waters1
Indias economy doubled in size
from 2000 through 2010, powered
by an average GDP growth rate of
7.6%. But more recently, performance has proved disappointing, at
just 5% average growth in the past
two calendar years. Cyclical factors,
such as a lower global economic
growth rate and high commodity
prices, have combined with structural factors (underinvestment in
infrastructure, an unproductive
business environment, and poor
education and health outcomes) to
weaken Indias growth.
Figure 6.1: Gaps in per capita GDP between India and other Asian countries
Comparison with other countries
GDP per capita, US$, 2010 PPP
$12,000
10894
10,000
25,000
9704 9992
8,000
20,000
6,000
15,000
4,000
2,000
2598
$4000
2034
India
6731
3421
2010
India
Indonesia
2034
China
3500
3665
3000
3112
5800
2500
2509
2000
2509
1979
1500
1000
9992
5,000 ~3,300
2010
Vietnam
~17,000
10,000
3871
3421
27013
1555
1225
500
0
2010
China
2014
India
2020
2025
2030
2034
US
Forecast
10
0
2010
2015
2020
2025
2030
2034
6.6%
6.8
GDP growth
trillion
by 2034
(2010 prices)
Forecast
% y-on-y
10
9
8
7
S1
6
5
4
3
2
1
0
2010
2014
2018
2022
2026
2030
2034
Millions
700
S1
B
600
500
400
300
200
100
0
2010
S1
2014
Scenerio 1
2018
Baseline
112 PwC
2022
Forecast
2026
2030
2034
S1
$5.6tr
46.9
40
4000
30
3000
20
2000
10
1000
0
2010
S1
2014
Scenario 1
2018
Baseline
2022
Forecast
2026
2030
2034
15.6
18.7
18.9
7.0%
7.4
GDP growth
trillion
by 2034
(2010 prices)
Figure 6.4: Real GDP growth and total employment in alternative scenario 2
Real GDP growth
% y-on-y
10
9
8
7
S2
6
5
4
3
2
1
0
2010
2014
2018
2022
2026
2030
2034
Total employment
Millions
700
S2
B
600
500
400
300
200
100
0
2010
S2
2014
Scenario 2
2018
Baseline
114 PwC
2022
Forecast
2026
2030
2034
$7.4tr S2
7000
6000
B
5000
$5.6tr
47.0
40
4000
30
3000
20
2000
10
1000
0
15.6
18.7
20.6
0
2010
S2
2014
Scenario 2
2018
Baseline
2022
2026
2030
2034
Forecast
40
30
20
16.0
10
0
6.2
8.2
India
India Indonesia China
(Baseline) (Scenario)
%
19
%
75
18.4
18
17
16
74.3
73
73.3
71
16.3 16.3
16.7
15
69
68.4 68.4
67
14
2014
Baseline
2034
Scenario 2
65
2014
2034
350
300
250
200
150
100
50
0
2010
S2
2014
Scenario 2
2018
Baseline
116 PwC
2022
Forecast
2026
2030
2034
Inward FDI
% difference from baseline
16
14
S2
12
10
8
6
4
2
0
-2
2010
2014
2018
2022
2026
2030
2034
Total investment
Bn US$, 2010 prices
$2,500
S2
2,000
1,500
1,000
500
0
2010
S2
2014
Scenario 3
2018
Baseline
2022
2026
2030
2034
Forecast
Alternative scenario 3: Making the Winning Leap with new methods and technologies4
9%
GDP growth
10.4
trillion
by 2034
(2010 prices)
118 PwC
8
6
4
2
0
2010
2014
2018
2022
2026
2030
2034
Total employment
Millions
800
S3
700
600
500
400
300
200
100
0
2010
S3
2014
Scenario 3
2018
B
Baseline
2022
2026
2030
2034
2038
Forecast
2014
Scenario 3
2018
Baseline
2022
2026
2030
Forecast
60
40
10
50
48.0
40
30
29.0
20
15.6
18.7
30
20
16.0
10
0
120 PwC
6.2
10.0
India
India Indonesia China
(Baseline) (Scenario)
%
25
%
75
22.9
20
15
16.7
16.3 16.3
10
74.3
73
71
69
67
69.3
68.4 68.4
65
2014
Baseline
2034
Scenario 3
2014
2034
S3
450
400
350
300
250
200
150
100
50
0
2010
S3
2014
Scenario 3
2018
Baseline
2022
2026
2030
2034
Forecast
250
200
150
100
50
0
-50
2010
2014
2018
2022
2026
2030
2034
Total Investment
Bn US$, 2010 prices
$4,000
S3
3,200
2,400
B
1,600
800
0
2010
S3
Scenario 3
2015
B
Baseline
122 PwC
2020
Forecast
2025
2030
2034
% of GDP
0
-1
-2
B
-3
S3
-4
-5
-6
-7
-8
2010
S3
Scenario 3
2015
B
2020
Baseline
2025
2030
2034
Forecast
Roadblocks to the
Winning Leap5
Becoming a US$10tr economy is
an alluring vision for India, but
realising that vision wont be easy.
The nation will almost certainly
encounter a number of daunting
roadblocks. Some of these will
present short-term execution
challenges, and others will pose
longer-term difficulties because
they stem from complexities in
Indias economy, society, political
processes, and environmental
conditions. In the preceding
chapters of this report, weve
focused on some of the immediate
challenges. In the pages that follow,
we turn to the more complex and
persistent roadblocks.
We have used the Earth Security
Index (ESI) 2014 as a framework
for highlighting key roadblocks and
risks. The ESI examines security
issues related to risks in eight key
areas: land, population, fiscal stability, energy, water, food, crops, and
climate. The ESI provides a template
for formulating resource-efficient
growth strategies for Indias corporate and entrepreneurial sectors.
It also analyses 200 countries, of
which 17 are identified as having
the highest relevance to security.
India is one of the 17.6
124 PwC
Food security
With an already large and growing population, food security is an
intensifying concern in India. Low
crop yields and concerns about
the security of land tenure make it
difficult for land owners to make
sustainable investments in agriculture. Moreover, rapidly growing
urbanisation and industrialisation
are further increasing the demand
for agricultural land to be used
for nonfarming activities such as
development of urban housing
or manufacturing facilities. Also,
as a consequence of overuse of
fertilisers, as much as one-third of
Indias farmland has become overly
PwC
128128 PwC
Chapter 7
Realising our
ambition
You cant cross the sea merely by standing
and staring at the water.
Rabindranath Tagore
130 PwC
Corporations
Entrepreneurs
Investors
Government
A call to arms
The global community has viewed
India through the twin lenses
of admiration and scepticism
admiring this vast nation for its
democratic values and cultural
heritage while expressing concerns
about pervasive corruption, fickle
business rules, and slow pace
of change.
Today, India is poised to transform
itselfand improve the lives of
its 1.25bn citizenswith unprecedented speed. All told, its Winning
Leap effort constitutes the largest such effort attempted by any
country. India brings to the table
a rare set of strengths: a stable
government that supports private
effort, a demographic dividend, a
capable private sector, and restless
entrepreneurs. Armed with these
advantages, India must seize this
unique moment in its history.
Imagine India 20 years from
now: per capita GDP is nearly
US$7,000about U$20,000 in purchasing power parity (PPP) terms.
All citizens have access to quality
healthcare and education as well as
reliable electricity. People in every
small village and town have just as
much access to the Internet as their
urban counterparts do. Corporate
India boasts as many as 50 global
brands (up from the five it has
today), 20 Nobel Laureates (just two
today), and 60 Olympic medal winners (six today). Ordinary citizens
assumptions that their lives are
about merely subsisting have given
way to expectations of prosperity,
dignity, and freedom to use their
skills.
To make this vision real, India will
have to marshal all of its people and
channel all of its resources toward
a common vision and purpose. It
will have to liberate entrepreneurs
to create quality jobs at a pace never
seen before in Indias history. It will
have to help citizens find and excel
in those jobs. It will have to ensure
the rule of law and safeguard Indias
democratic values.
132 PwC
Endnotes
Chapter 1
1 United Nations
Development Programme
2 United Nations
Development Programme
3 United Nations
Development Programme
4 TRAI data, 2014. Available at:
http://trai.gov.in/WriteReadData/
WhatsNew/Documents/PR-TSDMay,%2014.pdf.
Chapter 2
15 Oxford Economics
17 Oxford Economics
18 United Nations
Development Programme
21 Nobelprize.org. Available at
http://www.nobelprize.org/
nobel_prizes/country-birth-map/
map.php.
134 PwC
25 PwC analysis
26 World Bank data.
27 PwC, 2014. The Future Shape of
Banking: Time for Reformation of
Banking and Banks? Available at
http://www.pwc.com/en_IM/IM/
publications/assets/pwc-the-futureshape-of-banking-v4.pdf
28 Global Partnership for Financial
Inclusion, 2014. The Mzansi Story
and Beyond. Available at http://
www.gpfi.org/sites/default/files/
documents/The%20Use%20
of%20Financial%20Inclusion%20
Data%20Country%20Case%20
Study_South%20Africa.pdf.
29 Brazils Banking Correspondents,
CGAP, 2007. Available at
http://www.cab.org.in/ictportal/Lists/Knowledge%20
Bank/Attachments/27/
Brazil_Banking_Correspondents_
Technology_16_12_2007.pdf
30 CGAP, 2013. Striving for
E-payments at Scale. Available
at http://www.cgap.org/sites/
default/files/eG2P_Philippines.pdf.
31 PwC analysis
33 PwC analysis
34 How ATMs Are in the Vortex of
Change for Rural India, The Hindu
Business Line. Available at http://
www.thehindubusinessline.com/
companies/how-atms-are-in-thevortex-of-change-for-rural-india/
article3569186.ece.
35 CGAP, 2013. Mobile Money: 10
Things You Need to Know. Available
at http://www.cgap.org/blog/
mobile-money-10-things-you-needknow.
36 Nair, Priya, 2013. Penetration
of Cashless Transaction in
India is Still Meager, Business
Standard. Available at http://
www.business-standard.com/
article/pf/penetration-of-cashlesstransaction-in-india-is-still-meager-113090500390_1.html.
37 Moodys Analytics, 2013. The
Impact of Electronic Payments on
Economic Growth. Available at
http://usa.visa.com/download/
corporate/_media/moodys-economy-white-paper-feb-2013.pdf.
38 PwC, 2012. Profitable Growth
Strategies for the Global Emerging
Middle.. Available at http://www.
pwc.in/en_IN/in/assets/pdfs/
publications-2012/profitablegrowth-strategies.pdf.
39 Retailers Association of India
and Booz & Company, 2013.
Successful Innovations in Indian
Retail.. Available at http://www.
strategyand.pwc.com/media/
file/RAI_Strategyand_SuccessfulInnovations-in-Indian-Retail.pdf.
40 Discussions with Kishore Biyani,
CEO, Future Group
136 PwC
Chapter 3
1 PwC analysis
2 Hero Motocorp Annual Report
2013-14. Available at http://
www.heromotocorp.com/en-in/
uploads/Annual_Reports/
pdf/20140708105458pdf291.pdf.
3 Empson, Rip, 2013. Coursera
Takes a Big Step Toward
Monetisation, Now Lets Students
Earn Verified Certificates for a Fee,
TechCrunch. Available at http://
techcrunch.com/2013/01/08/
coursera-takes-a-big-step-towardmonetization-now-lets-studentsearn-verified-certificates-for-a-fee/.
4 CGAP, 2012. Beyond the Mzansi
Account in South Africa: Targeting
Usage. Available at http://www.
cgap.org/blog/beyond-mzansiaccount-south-africa-%E2%80%93targeting-usage.
5 2014. Car-Sharing Popularity
Surges in Germany, CBC. Available
at http://www.cbc.ca/news/
business/car-sharing-popularitysurges-in-germany-1.2543362.
6 CGAP, 2013. Striving for
E-payments at Scale. Available athttp://www.cgap.org/sites/default/
files/eG2P_Philippines.pdf.
7 Sen, Sunny, 2014. High Speed
Driver, Bt Business Today. Available
at http://businesstoday.intoday.
in/story/india-best-ceo-2013-autoancillaries-vc-sehgal-mothersonsumi/1/201390.html.
8 World Bank data
9 United Nations Development
Programme, Human
Development reports
10 PwC analysis
11 2014. Flipkart Leads Indias
E-commerce Transformation,
CXOtoday. Available at http://
www.cxotoday.com/story/
flipkart-leads-indias-e-commercetransformation-with-dell-servers/.
138 PwC
Chapter 4
12 Khan, Taslima, 2014. Ready
for the Next Move, Business
Today. Available at http://businesstoday.intoday.in/story/
flipkart-strategy-to-tackle-competition-from-amazon-india/1/202612.
html.
13 Flipkart set to give business
lessons to rural youth, Times of
India, 2014. Available at http://
timesofindia.indiatimes.com/
tech/jobs/Flipkart-set-to-givebusiness-lessons-to-rural-youth/
movie-review/40066228.cms.
14 2013, Google Buys Waze, The
Economist. Available at http://
www.economist.com/news/
business/21579468-purchaseisraeli-start-up-shows-allureonline-maps-street-plan.
15 Sustainable Urban Transport
Project, 2011. Technical Papers.
Available at http://www.sutp.org/
en-dn-tp.
16 http://www.tata.co.in/aboutus/
sub_index/Leadership-with-trust
17 Global 500 2014: The Worlds
Most Valuable Brands, Brand
Finance. Available at http://brandirectory.com/league_tables/table/
global-500-2014.
18 ITC, 2014. Sustainability Report
2014. Available at http://www.
itcportal.com/sustainability/
sustainability-report-2014/sustainability-report-2014.pdf.
19 Total ImpactA New Language
for Business, PwC. Available at
http://www.pwc.com/gx/en/
sustainability/publications/totalimpact-measurement-management/
total.jhtml.
Chapter 5
Chapter 6
Ajay Piramal
Chairman
Piramal Group
Chetna Sinha
President
Mann Deshi Foundation
Ajoy Misra
CEO
Tata Global Beverages Group
Chris King
First Secretary
Australian High Commission
Amit Chandra
Managing Director
Bain Capital
D Shivakumar
Chairman and CEO
PepsiCo India
Ankit Agarwal
Head - Telecom Products
Sterlite Technologies Ltd.
Gopal Jain
Managing Partner
Gaja Capital
Dev Bhattacharya
Group Executive President - Corporate
Strategy and Business Development
Aditya Birla Group
Harpal Singh
Mentor and Chairman Emeritus
Fortis Healthcare Ltd.
Dr. R A Mashelkar
Former Director General
Council of Scientific and Industrial Research
Dr. J J Irani
Director
Tata Sons
Dr. R D Ravindran
Chairman
Aravind Eye Care System
Jaideep Prabhu
Director
Centre for India and Global Business,
Judge Business School
K V Kamath
Non-Executive Chairman
ICICI Bank
Bhaskar Pramanik
Chairman
Microsoft Corporation (India)
140 PwC
Harsh Mariwala
Chairman
Marico Limited
Ipsita Dasgupta
Chief Marketing Officer
GE South Asia and Greater China
Khurshed Thanawalla
Country Representative
Oerlikon India
Kishore Biyani
Group CEO
Future Group
Karthik Ramanna
Associate Professor of Business Administration
Harvard Business School
Keki Dadiseth
Former Chairman
Hindustan Unilever Limited
Manish Sabharwal
Co-founder and Chairman
TeamLease
Rajan Anandan
Managing Director
Google India
Porus Munshi
Founder
Making Breakthroughs Happen
R. Mukundan
Managing Director
Tata Chemicals Ltd.
Pranav Roach
President
Hughes Network Systems India
Ricardo Hausmann
Director
Center for International Development,
Kennedy School of Government
Ronnie Screwvala
Former CEO
UTV Group
S D Shibulal
Co-founder
Infosys
S P Kothari
Deputy Dean
Sloan School of Management
Sandhya Vasudevan
Managing Director and India Head
DBOI Global Services, Deutsche Bank Group
Sanjay Kirloskar
Chairman and Managing Director
Kirloskar Brothers Limited
Sanjay Purohit
Managing Director and CEO
EdgeVerve Systems Limited (Infosys Group)
Tara Singh Vachani
CEO
Antara Senior Living
Tarun Khanna
Professor
Harvard Business School
Siddhartha Lal
Managing Director and CEO
Eicher Motors Limited
Veer Singh
Founder
Vana Retreats
Banmali Agrawala
President and CEO
GE South Asia
Vijay Mahajan
Founder and Chairman
BASIX Group
Sudhakar Ram
Managing Director and Group CEO
Mastek
Sanjeev Bhikchandani
Founder and Executive Vice-Chairman
Info Edge (India) Ltd.
Shantanu Ghosh
Senior VP & Business Leader - CFO Services and
Consulting
Genpact
Shikha Sharma
Managing Director and CEO
Axis Bank
Sunil Mathur
Managing Director and CEO
Siemens Ltd.
Shobhana Bhartia
Chairperson
HT Media Ltd.
Sanjay K Singh
Divisional Chief Executive
Paperboards and Specialty Papers Division
ITC
Vikrampati Singhania
Managing Director
Fenner India Ltd., JK Group
Nandan Nilekani
Co-founder
Infosys
Vineet Rai
Founder and Chairman
Intellecap
Anurag Thakur
Member of Parliament
16th Lok Sabha
Vipin Sondhi
Managing Director and CEO
JCB India
Sachin Pilot
President
Rajasthan Pradesh Congress Committee
142 PwC
Contributing Partners,
Directors
Abhishek P Singh
Manish B Agarwal
Adam Gutstein
Manish R Sharma
Ajay Kakra
Manoj Kashyap
Akash Gupt
Alastair Rimmer
Michael J Surface
Amit Bhagat
Mohammad Chowdhury
Anish P Amin
Nadim Yacteen
Bimal Tanna
Nikhil Bhatia
David Jansen
Nilesh Narwekar
David Wijeratne
Padmaja Alaganandan
Deepankar Sanwalka
Patrick Figgis
Dhiraj Mathur
Phil G OPrey
Dipankar Chakrabarti
Rachna Nath
Dushyant Singh
Rahul Garg
Gautam Mehra
Rajesh Balaraman
Hazem Galal
Rana Mehta
Indraneel R Chaudhury
Richard Abadie
Jai Sinha
Robin Roy
Jaivir Singh
Rohit Bhasin
John Jullens
Sambitosh Mohapatra
John Sviokla
Satyavati Berera
Kameswara Rao
Shinjini Kumar
Kathryn Coombs
Shyamal Mukherjee
Ken Favaro
Soumen Mukerji
Ketan Dalal
Sudhir Singh
Krishnakumar Sankaranarayanan
Sujay Shetty
Linda Stevens
Suzanne Snowden
Maheshwar Singh
Tapan Ray
Malcolm Preston
Vivek Mehra
I. Industry Interviews
The team conducted more than 80
interviews with distinguished leaders from the corporate and social
sector, eminent academicians and
noted policy-makers in India. These
interviews were focussed on understanding the viewpoint of national
leaders and thought-makers on
aspects such as opportunities and
challenges before India, feasibility
of non-linear growth in the next
two decades, role of stakeholders
in creating an ecosystem for growth
and most importantly, the capability gaps to be filled to enable the
private sector to drive this change.
144 PwC
V. Secondary Research
Deepak Kapoor
Chairman and Territory Senior Partner
PwC India
Shashank Tripathi
Strategy Consulting Leader
PwC India
shashank.tripathi@in.pwc.com
+91 981 96 78900
Juan Pujadas
Vice Chairman-Global Advisory Services
PwC International Limited
Blair Sheppard
Global Strategy and Leadership Development
Leader
PwC International Limited
Bharti Gupta Ramola
Markets and Industries Leader
PwC India
Neil Wilson
Chief Operating Officer
PwC India
Shashank Tripathi
Strategy Consulting Leader
PwC India
Core Team
Arup Mazumdar
Principal Consultant, Strategy Consulting
PwC India
arup.mazumdar@in.pwc.com
+91 993 05 88938
Suman Jagdev
Associate Director, Emerging Market CoE Lead
PwC India
suman.jagdev@in.pwc.com
+91 982 00 06396
William MacMillan
Manager
PwC Advisory LLC
william.j.macmillan@us.pwc.com
+1 267 761 8463
Special Thanks to
Gagan Oberoi
Swati Prasad
Sarah Hunter
John Kerr
Lauren Keller Johnson
Catherine Cuddihee
Raunak Bavishi
Design Team
Odgis + Company
Aditi Kedia
Mayank Sankar Nayak
Katyani Gupta
On Media Enquiries
Nandini Chatterjee
nandini.chatterjee@in.pwc.com
+91 981 05 08447
Nidhi Jain
Rahul Virkar
Pallavi Dhingra
Mamata Borthakur
About PwC
PwC helps organisations and individuals create the value
theyre looking for. Were a network of firms in 157 countries
with more than 184,000 people who are committed to
delivering quality in Assurance, Tax and Advisory services. Tell
us what matters to you and find out more by visiting us at
www.pwc.com.
In India, PwC has offices in these cities: Ahmedabad,
Bangalore, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai
and Pune. For more information about PwC Indias service
offerings, visit www.pwc.in
PwC refers to the PwC network and / or one or more of its
member firms, each of which is a separate legal entity. Please
see www.pwc.com/structure for further details.
You can connect with us on:
facebook.com/PwCIndia
twitter.com/PwC_IN
linkedin.com/company/pwc-india
youtube.com/pwc
pwc.in/thewinningleap
Data Classification: DC0
This publication does not constitute professional advice. The information in this publication has been obtained or derived from sources believed by PricewaterhouseCoopers
Private Limited (PwCPL) to be reliable but PwCPL does not represent that this information is accurate or complete. Any opinions or estimates contained in this publication
represent the judgment of PwCPL at this time and are subject to change without notice. Readers of this publication are advised to seek their own professional advice before
taking any course of action or decision, for which they are entirely responsible, based on the contents of this publication. PwCPL neither accepts or assumes any responsibility
or liability to any reader of this publication in respect of the information contained within it or for any decisions readers may take or decide not to or fail to take.
2014 PricewaterhouseCoopers Private Limited. All rights reserved. In this document, PwC refers to PricewaterhouseCoopers Private Limited (a limited liability company in
India having Corporate Identity Number or CIN : U74140WB1983PTC036093), which is a member firm of PricewaterhouseCoopers International Limited (PwCIL), each member
firm of which is a separate legal entity.