Corporate Governance

A Report On Tomorrow’s Company a Roadmap to 2020 (India’s New Opportunities- 2020)

Submitted To- Prof. I. Sridhar

By- Nishant Didwania FSB-2 60437


No. 4-5 5-6 6 6-8 8-11 11-13 13-17 2|Page .Table of Contents Sr. 1 2 3 4 5 6 7 Topic Executive Summary Introduction The Growth Imperative The opportunity The Uncertainty The Agenda for Action Making It Happen Pg No.

India’s New Opportunity – 2020 400 Million New Jobs $ 200 Billion Annual Revenue 3|Page .

These engines required fuel . 4|Page . such as the oil producing countries of the Middle East. In addition. The workforce shortages (mostly in skilled categories) can slow down economic growth in these countries and have other adverse socioeconomic implications. will be $133315 billion of additional revenue flowing into the country and the addition of 10-24 million jobs (direct and indirect) by 2020. Select professions are already witnessing a shortfall (IT services. there are estimates of a net workforce shortfall of 32-39 million by 2020 in the developed countries of today. such as India. To be counted as a major economic powerhouse by the end of this century‟s first quarter. The growth paradigm of Western economies requires another kind of fuel – knowledge workers and skilled professionals. India needs to accelerate its economic growth beyond the existing rates of 5-6% per annum. The contribution of remote services alone. ironically. For India. This pattern is unfolding again. As the industrialised countries exhausted their own sources of supply they turned increasingly to other sources. availability is not keeping pace. more than a quarter of whom (~28%) live below the poverty line today. U. which resulted in the economic growth of the supplying countries. as a result of fewer people entering the workforce and the trend towards early retirement. growth is an imperative.S. at current growth rates India is projected to have a significant unemployed population (estimates range between 19 and 37 million unemployed by 2012). many countries are projected to face workforce shortages in the same period due to lower birth rates and an increase in the proportion of the elderly in their population. educational services. the acceleration of economic growth and the employment of skilled youth in the next two decades are key concerns for India Inc. medical. In the next two decades developed countries will face a shortfall of fuel (skilled professionals) and once again will have to look towards developing countries to make up the shortfall. the largest share of which will be educated youth. Further. Therefore. For example. education). While India faces an unemployment crisis. India can target this shortage by providing remote services to these countries and also by importing customers and servicing their needs in India. Adjusting for initiatives taken by governments to manage this crisis. This challenge faced by some countries presents a great opportunity for some developing countries. growth rates of the 1990s are primarily attributed to productivity increases enabled by a highly skilled workforce. While skilled workforce requirements are increasing in line with economic growth.coal and petroleum. the internal combustion engine) heralded the industrial revolution that led to economic growth in the West. importing customers into India (medical tourism. afford better lifestyles. leisure tourism) could add $6-50 billion in revenue and create 10-48 million jobs (direct and indirect) by 2020. which is the main focus of this report. The unemployment and poverty resulting from inadequate growth will retard other efforts to place India amongst the top global economic powers.Executive Summary The steam engine (and its successor. Then only can its citizens.

‟ The inability to make things happen faster. The objective of the HLSG was to:    Identify the opportunities available to Indian companies Highlight the need for policy makers to act quickly in view of the urge job-creation requirements. Develop a process that creates alignment between the various stakeholders and the common goal. An analysis of several policy-change programs undertaken by the government suggests three catalysts for implementation:    Strong support from influential people who drive the agenda and clear away roadblocks (e.g. Requirements for significant funding from the government. with alignment. Dynamic leadership from bureaucrats who take ownership to carry the process to conclusion. and the government. despite having sufficient knowledge of what needs to be done. The HLSG comprised leaders from industry. Lack of involvement of all concerned ministries at planning stage Lack of agreement on implementation plan .leading to coordination problems across various entities. These are:        Lack of alignment within government (politicians and bureaucrats) on core guiding principles for action. Continuous external pressure on the government for action as well as advice on the way forward from industry associations and companies. PMO/FM. Mismatch between the requisite skills for the job and allocation of responsibility. is the main reason why India misses opportunities. On the other hand are several factors that deter successful implementation. Lack of continuity and accountability of key bureaucrats Lack of systematic involvement/push from companies and industry associations. The All India Management Association (AIMA) set up a High Level Strategic Group (HLSG) to examine these issues. respected bureaucrats). However. Why India. often fails to „make it happen. academia.Introduction The idea of providing professional services to the developed world remotely from India is not new. 5|Page . little analysis has been done so far on the exact nature of this opportunity and the action steps required exploiting it.

faces a shortage of working-age people. At current rates. the problems are already beginning to be felt. And they can have other adverse effects. Therefore. The Opportunity While India struggles with a burgeoning population of educated youth. caused largely by lower birth rates and an ageing working population. despite the gains made post-liberalisation. The current developmental problem facing India is exacerbated by the changing demographic profile of the country. the availability of skilled people simply isn‟t keeping pace. In view of the limited investment ability of the government. anywhere between 19 and 37 million people will be unemployed by 2012. is more likely to succeed. these shortages present a huge challenge. especially developed countries. However. as they can slow down economic growth. compared to a tepid 4% for the first 40 years since independence. For the developed world. medicine. reducing the competitiveness of these countries. The solution to accelerating India‟s economic growth should keep in mind the current realities of the Indian economy. and education. For instance. While the requirement for skilled workers in these markets is increasing in line with economic growth. Pressure on the existing social security and pension systems will increase as a significantly larger percentage of retired population has to be supported by a smaller percentage of working population.   Demand-supply imbalances caused by workforce shortages will increase wage rates. The spurt in the years immediately following liberalisation appears to have slackened and GDP growth is reaching a plateau at 5-6%. In professions like IT services.The Growth Imperative The Indian economy gained fresh momentum with the liberalisation ushered in by the government in 1991. India still has a long way to go. Its GDP per capita (non-PPP adjusted) fares poorly against other nations with comparable backgrounds. The average GDP growth rate climbed to nearly 6% during the 1990s. the rest of the world. a solution that leverages the wide availability of human capital. More than a quarter of its population still lives below the poverty line. low Foreign Direct Investment (FDI) and relatively low level of exports compared to the size of the economy. the need for strong. accelerated economic growth is now more acute than ever. the largest chunk of which will be amongst the educated youth. rather than the limited financial capital. 6|Page .

By 2020. we estimate that the net workforce shortage in developed countries will range between 32 and 39 million by 2020. causing a significant cost to businesses' productivity. leisure tourism. 2.Japan would need 600. these measures will only reduce workforce shortages.000 .. We will explain in later chapters the uncertainties that result in a range of outcomes and also actions within our control to realize the highest possible outcomes.5% between 2002-2020. 2000.. However. and the U. The potential revenue from these two opportunities is huge.. 7|Page . With its large population of educated youth. can hope to generate $139-365 billion of additional revenue from these opportunities.S. etc.. These services fall into two broad categories: 1.. pushing the GDP growth rate by an additional 0. “. etc.The Guardian. Also. Canada. will lack 300.ageing of society is the biggest problem facing Japan.” ." .000 skilled IT workers.Ed Potter.German Institute of Economic Research. IT enabled services. 2001.Some countries already recognize the shortage of workers as a potential problem. Aug 2. the U. Customers serviced in India (import of customers) – special service tourism (health care. India can provide a host of services to such countries. U. Even after adjusting for government actions. Japan. 2001. telemedicine. Amongst such nations.. “By 2003 the U.2 million immigrants annually if Europe's biggest economy and world's third largest economy hopes to avoid a crippling long-term labour shortage due to the ageing of its own work force. Professional services to the world provided remotely from India – IT services. President.. The challenge faced by other nations presents an opportunity for India. the outcome of several of these measures is still uncertain. The resultant employment generation (direct and indirect) can be in the range of 20-72 million by 2020.European commission research. This skills gap is forcing up the average salary of a skilled IT Manager to over £70. education services).K.. Several of these governments have initiated measures to manage the crisis and minimise its impact. workforce will be short of almost 5 million workers by 2011 and almost 36 million workers by 2031. not eliminate them.6-1.. Spain.spurred by the retirement of more than 61 million workers in the next 30 years.. India Inc. are expected to face the largest shortages.a cost that many small and medium-sized businesses struggle to justify” .. US Employment Policy Foundation.K.. e-learning.K. RECOGNITION OF WORKFORCE-SHORTAGE PROBLEM “.000 immigrants a year to make up for the shortfall in its workforce later this decade” . “Germany would have to bring in 1. The American Workplace Report 2001: Building America's Workforce for the 21st Century.

The first is the size of the global market for remote services and tourism. In the area of leisure tourism. Clearly. importing customers into India. has the potential of generating $6-50 billion of revenues and creating between 10 and 48 million jobs (direct and indirect) by 2020. Such actions include     Increased participation of women in the workforce. Increased levels of immigration. Several Indian health care providers are already tapping into this opportunity by serving customers from the Middle East. Indian providers can evolve to providing more complex services to corporations and also targeting individuals as potential customers. They are: Decline in economic growth rate of the targeted countries. India currently has an insignificant share of global tourist arrivals. such as call centres targeted at corporate clients. 8|Page . The cost of medical treatment and educational services in India is a fraction of the cost in developed countries. Increase in retirement age. untapped potential in this area waiting to be harnessed by India Inc. The resultant employment creation (direct and indirect) will be in the range of 10-24 million jobs by 2020. But we can and should understand the principal causes of the uncertainty so that we can take actions. wherever feasible.  Reduced IT spending by companies and governments. The second is India‟s share of the global market. Starting with simple services. Let us understand the principal causes more carefully. Reduction in workforce shortage due to success of actions taken to negate the impact of ageing in these countries. to improve the outcome. there is large. The revenues and employment in India depend on two principal factors. Increased automation of services. The second opportunity. The Uncertainty Single-point forecasts are most likely to be wrong when there are many uncertainties.  Slowdown in tourist arrivals in India (for special service needs. We cannot predict exactly what revenues and employment India can generate from the opportunity described in the previous chapter. resulting in  Decrease in workforce requirements. leisure tourism). the fundamentals for this business are strongly in India‟s favour.Remote services alone can contribute $133-315 billion in revenues to the Indian economy by 2020. Purely from an economic perspective.

India Inc. and perceived operational risk. Corporations from developed countries that are outsourcing to India have developed leaner cost structures and higher service levels compared with competitors who used local higher-cost and older resources. we can anticipate reasonable ranges for these variables. We cannot predict with certainty. India put in place initiatives to tap it despite the uncertainty associated with the future. as a case study on „breakthrough growth and economic development. India has posted ~8-10% p. Although India cannot control or influence some of the causes of uncertainty. focused marketing efforts on select countries. Realising the potential size of the opportunity in 2002. significantly increased its share of special-service tourist arrivals. for reasons explained.‟ 9|Page .Lower share captured by India in the global remote servicing and tourism (medical or leisure) business. Today. its closest competitors. On these parameters. the perceived stability of government policies. However. growth in the last 15 years. the exact size of the global market or India‟s share. The combinations of the possible ranges result in four alternative scenarios. The economic prosperity has also resulted in the global tourism industry registering strong growth. Scenario One August 15. These growth rates were maintained despite the ageing of the population in the developed world by harnessing energies of younger people in developing economies. Delays and inefficiencies due to inadequate legal and regulatory infrastructure. Unsatisfactory experience of customers with quality of services from India. A brief description of the four scenarios follows. infrastructure was strengthened and the education system was reformed. Shortage of qualified workforce due to poor education system. additionally. and worked on improving the service experience of its customers.a. the action steps taken by India Inc. As part of its plan. Enabling legal and regulatory frameworks were established. caused by     Poor brand perception of India. positioned its brand as a credible and value-for-money service provider. India‟s preparedness reaped strong results. it can improve the quality of its services and the brand perception of India. There are three additional parameters that can affect India‟s share adversely. These are labour productivity. such as the growth rate of targeted countries. India compares unfavourably with China and Mexico. developing countries quote India Inc. developing countries have posted healthy economic growth rates over the last 15 years. 2020 India: Top Guns Despite a recession at the beginning of the century. The early successes of outsourcing have further increased the growth of remote services and strengthened India‟s image as the most favoured destination for outsourcing services.

nothing significant reached the stage of successful implementation. 10 | P a g e . took significant efforts to expand the market: outsourcing was positioned to the developed world as the best option to boost competitiveness and increase economic growth. India Inc. because of its proactive action in fields such as building a strong brand image. India. Indian companies are ready to capitalise on the opportunity when the developed world witnesses higher economic growth. The growth could have been further reduced had the developed countries not outsourced services to the developing countries. China. There are examples of small organisations and individuals within India who. so were some other countries like China. Scenario Three August 15. Amidst rising social tensions created by a large base of educated. unemployed youth. Brazil. This proactive approach has reaped benefits. establishing appropriate legal and regulatory framework. India has emerged as the preferred destination for outsourcing services as well as an attractive destination for medical and leisure tourism. Russia. and standards were set to exceed customer expectations. However. task forces launched. Realising the potential size of the opportunity. 2020 India: God of Small Things Developed countries witnessed sluggish growth in the past 15 years. however. The initiative has helped India reduce unemployment rates to some extent and achieve 6-7% economic growth. Additionally. Mexico and Philippines? This led to fierce competition to obtain a large piece of a relatively small market. India could not harness its huge manpower to tap the attractive remote service segments. was well positioned to tap this opportunity. India stands on the sidelines watching other developing countries move rapidly towards economic prosperity. and Indonesia geared themselves early to capture a substantial share. Russia. due to an ageing population. have reaped some benefit from this opportunity – but these are few and far between. Additionally. and reforming the education system. Outsourcing not only helped reduce costs but also helped in overcoming the challenge of workforce shortage.Scenario Two August 15. However. reports written. nor increase its share of tourist arrivals. The opportunity was often discussed. The growth coupled with an ageing workforce resulted in corporations and individuals resorting to outsourcing services to developing countries. Though the market is not as large as projected. The higher incomes also resulted in the global tourism industry registering strong growth. improving the service experience of its customers. 2020 India: Paradise Lost The recession at the beginning of the century did not last long and the developed countries posted healthy economic growth rates over the last 15 years. They seized the most lucrative opportunities and established their credentials as a reliable provider. against all obstacles.

Some developing countries are working on strengthening their value propositions so that outsourcing could witness higher growth rates in the future.Scenario Four August 15. as workforce shortages have been lower than projected and the developing world has not been able to create a compelling value proposition to make outsourcing the preferred mode of managing shortages. unemployment has reached catastrophic proportions and is the primary cause of social unrest. Value-for-money. tourist-friendly). etc. and b) prepare Indian companies to effectively service this demand (expand supply to meet demand). and not a tourist destination for the elderly.). However. dirty. Six areas to boost demand are: Market India by building a credible. Hence. safe..a. India is not in the consideration set for most customers since it is no longer reputed to be a value-for-money provider of remote services vis-à-vis other developing countries. Tourist inflow into India has kept pace with growth in world tourism. is still struggling to understand why it has not been able to take advantage of the opportunity identified as early as 2002 and is searching for dynamic leadership to show it the way ahead. 2020 India: If Tomorrow Comes The developed countries have witnessed slow to mediocre growth rates in the past 15 years. The Agenda For Action We have identified the critical areas that Indian planners and companies should concentrate on to a) increase India‟s attractiveness to foreign customers (increase demand). The market for outsourcing of services has also been small. As a result. unique positioning for India Inc. India in 2020 is a shade worse off economically than in 2000. Focus marketing effort on select countries and services – Identify the largest and most lucrative markets for services. While growth has been 4-5% p. Build credibility with customers through partnerships – Overcome the hurdle of credibility with potential customers by building partnerships with well-established service providers in those markets (leverage partners‟ customer relationships to create own client base and establish brand equity). 11 | P a g e . India is still perceived as a tourist-unfriendly. India Inc. Market specific services to these countries. only nonessential activities are being outsourced to developing countries. Establish credibility by managing concerns about operational risk (dispute with Pakistan. brand – Build a powerful and unique positioning for the brand (reliable. and „difficult‟ country to visit.

. effective and efficient management of Humayun‟s tomb by the Oberoi group.. Ensure people with relevant skill sets – those who can develop appropriate curriculum in programs. (For inbound tourism) Strengthen relevant infrastructure – Take action in critical areas where infrastructure is weak. Form interest groups around opportunities – Form clusters of companies around specific opportunities to aggregate issues and address them. e. e. insurance claim policies for users of telemedicine services. e. change management.g. e.jointly map out roles and execute against them. and address these through larger organisations like CII. etc. airports and roads.g. 12 | P a g e .. and health policies. organisation design. introduce creative funding mechanisms – implement education policy. ease of obtaining visas for entry into India.. (For inbound tourism) Improve the service experience – Understand areas of dissatisfaction with service quality in the identified opportunities.. Six areas to boost supply are: Develop domain expertise – Acquire new business skills that firms may not have at present..g.g.. besides software development. etc. offer free medical advice initially to promote telemedicine.. etc. e-learning firms need to know principles of courseware design. The public and private sectors need to work collaboratively to seize any opportunity .g. etc.. recruitment of relevant people.Promote acceptability of the offshore concept – Educate customers. Promote public-private partnership – The private sector should be invited to participate where the public sector is unable to provide the expertise or the resources. Firms need to recognise and address this issue though various means such as tie-ups with other corporations. insurance.g. e. Align education and vocational training with market demand – Map the demand for professionals today and in the future – in specific areas with specific skill requirements. e.g. e. demonstrate to recruiting agencies and HR departments of corporations the effectiveness of e-learning vis-àvis brick-and-mortar models. Promote initial trials – Devise low-cost and low-risk programs and schemes that induce individuals and corporations to try out services and enable refinement of business models. Work with industry associations and governments of other countries to introduce policy changes that will recognise remote services at par with brickand-mortar models. Align regulatory polices to facilitate opportunity realisation – Identify and change current policies that act as bottlenecks in realisation of opportunities. acceptable service levels at international airports. e.g. a group of telemedicine companies can work jointly to identify their own issues in telecom. Continue to strengthen telecom infrastructure.

may be required. Making It Happen Marketing India Despite the success of its IT services industry in global markets. In addition to telecom. The most striking finding of the study was that in most cases India failed to clear even the first stage of consideration in the evaluation process. What is required are people with professional and vocational skills to suit the emerging demands. their efforts are not coordinated.From the dozen areas listed above. Inward tourism would also require improvement of other physical infrastructure such as airports and roads.    Marketing India. As a result. but dirty and unsafe country. Therefore. cheap. unreliability of Indian suppliers generally (other than IT perhaps). India is perceived unfavourably on some dimensions by prospective customers. preferably with private-sector participation. rather than people with merely general education. Sources of information that investors and foreign business executives usually rely on do not convey a favourable impression of India. Also. For most outsiders. The principal shortcomings are perceptions of security risks. adequate IT infrastructure (e. Improvements required in infrastructure in India have received a lot of attention from government agencies and industry associations in recent times and much action is under way. different images of India are projected and the fragmentation of resources across various initiatives leads to limited impact. we have distilled three areas for action that we believe have the highest priority and will have the most impact. easy access to computing facilities) is required. The existing education infrastructure cannot meet all the manpower needs that will result from the identified business opportunities. No further analysis is required for the purpose of this report. marketing India is a very important area for action by planners and corporations alike to stimulate demand for Indian services. a responsive system for vocational education. Educating and Training the Indian Workforce. India fell out at the screening stage largely because of a poor „brand‟ image. Educating and training India‟s workforce is the second area that deserves immediate attention.g.. The third area that requires continuing attention is connectivity infrastructure. Therefore. crucial networks such as high-capacity international and domestic intercity links are urgently required. The IBEF‟s charter was to provide support to exporters/service providers to 13 | P a g e . airports). While several agencies are working to promote India. Connecting India (telecom. the Ministry of Commerce created the India Brand Equity Fund (IBEF). India needs to move faster from its present image of merely „low cost‟ to become strong on other important dimensions of customer satisfaction such as quality and innovation. Recognising this weakness. Since remote services depend on the availability and quality of the telecommunication infrastructure. and lack of sound infrastructure (despite significant improvements in telecom recently). India has an image of an exciting. IT.

easy scalability. and friendly tourist destination. Improve coordination between the government and industry associations (NASSCOM.strengthen their own corporate brands and promote the India Inc. These are:    Talented resource pool. it has commissioned the CII to assist it in redirecting and boosting the IBEF‟s efforts. by itself. road shows. ensure consistent messages. can offer complete solutions. This is a major step in the right direction. Educating and Training the Indian Workforce The nature of action required by India Inc. Vocational skills Communication (written and spoken) Etiquette Strengthening of the education curriculum to include  Practical knowledge  Know-how and understanding of other countries‟ cultures  Foreign language skills 14 | P a g e .  Exchange learning‟s. The Ministry of Commerce has recognized that it cannot. safe. value-for-money destination. and U. Service culture. external affairs. Identify champions in the administration in key countries such as the U. Specific marketing campaigns.S. etc. run the IBEF. the IBEF‟s impact has been limited by the mismatch between its objective and its resources and activities. Several actions are required to develop India‟s image as a reliable and risk-free source for valuable services. to support India. label. CII. Therefore.K. Hire a professional PR agency to ensure that the perception of India equals reality. Attractive.  Alignment on initiatives. commerce & industry):  Send a stronger message. Investment in training institutions to upgrade skill sets required for remote services.     Promote India via multiple mediums. However. use of web-sites. Use the India Brand Equity Fund more effectively to coordinate and energise the marketing of India. etc. would involve:   Investment in education infrastructure and faculty to increase supply of skilled professionals with relevant skills.) and between several government ministries (tourism.

especially for professional and vocational education. Through the National Telecom Policy frameworks of 1994 and 1999. Even though there have been several stumbles on the way. However. education experts. and business organisations to develop new. Therefore. There will be disputes over the changes in regulations as players are affected. Most of the reports and committees have common themes. Broad implementation steps and milestones were also described. Devise mechanisms for the telecom operators to overcome the financial crunch in the initial years so as to allow them to roll out their network and services. As was mentioned at the outset. Standards and bodies to certify skills to ensure employability by WTO members. reforms have been moving along. the 15 | P a g e . the government. lack of continuity at implementing institutions. as there will be in any journey of rapid change. various committees have studied and made recommendations for boosting the quality of human resources. These were to ensure that the private sector has a „level playing field‟ and that it develops rural telecom also. We believe that alignment within the Education Ministry on the guiding principles of action is necessary to prepare India for the business opportunities. Connecting India Change in the telecom sector has been faster than in other sectors in India. Fundamental principles to guide the deregulation and privatisation of the industry were agreed upon. sometimes with their survival at stake. The momentum achieved in the telecom sector has to be maintained. the problem is the lack of alignment between the various interested parties. the critical areas to focus on to develop a healthy telecom sector are:   Improve the systems to resolve regulatory issues in a timely and fair manner. first developed a shared view of the desired future scenario. more effective approaches. Sector Specific Action Specific actions will be required in all the sectors that have the opportunity to earn foreign income from remote servicing and importing customers. Compulsory English language skills Creative funding mechanisms so that quality education is widely available. which suggest that there is agreement on what areas need to be worked on. with inputs from industry. Continuing change and growth will lead to a shakeout in the industry. Over the last couple of years. There is also a need for consultation between governments. and fiscal constraints.

the challenge in IT will be to leverage India‟s strength of skilled. We are aware that much work has been done already in the IT sector and that plans are being discussed to develop tourism. Information Technology India is one of the leading exporters of IT services – driven mainly by the availability of a low-cost. While most return satisfied with the variety of unique experiences India has to offer.6 million of the nearly 700 million international tourists (1). On the market side. The plans and actions by people involved in these sectors will be. attracting a larger number of international tourists and providing them with a high quality experience are the challenges for India. for instance. returning visitors. Current external sources of information do not portray a positive image of India. India received a mere 2. But” Quite clearly. with access to modern facilities. Therefore. Players in every sector will have to develop their own specific plans. English-speaking. and quality of infrastructure still bother many. cleanliness. more precise than what we describe. India is facing competition from other countries such as China and may lose its current advantage if it does not move faster. or even very good. The purpose of this report is to provide a stimulus and not to take over the work of others. While the urban population. safety. is increasingly getting used to computers. As an illustration. by and large. 16 | P a g e . International tourists who visit India have a mixed experience. In 2000.purpose of this report is not to delineate the plans for all those who. These sectors are information technology for remote servicing and travel and tourism for importing customers. we have described the broad agenda for two sectors. rural India is mostly starved of IT facilities. English-speaking manpower to remain a leader in the IT services arena. and should be. Therefore. There are very good reasons why this number is so dismal. Travel and Tourism Currently. describe their experience to others as “good. qualified labour force. India has a very small share of the world tourism market. But huge gaps continue to exist on the supply side – the digital divide. can benefit from the huge opportunity for India. by their active involvement.

Conclusion India can accelerate its economic growth and mitigate the unemployment problem that is forecast for the coming decades by seizing a huge opportunity provided to it by a combination of global developments in industry. Many companies in India need to act now to prepare to capitalise on this opportunity. Rather. Therefore. 17 | P a g e . Even in a pessimistic scenario of global economic growth. we must move to action. and demographics. we should not waste further time debating the precise size of this opportunity. trade. the gains for India are very large.

Sign up to vote on this title
UsefulNot useful