MANAGEMENT is efficiency in climbing the ladder of success; LEADERSHIP determines whether the ladder is leaning against the right wall - Stephen Covey

Tuesday, September 27, 2005

Making India a Global Hub

India fever is spreading in the world's investment community. The Western press rarely mentions that certified growth miracle, that leviathan of global trade—China—without adding "and India." In an admittedly unscientific test, a Google search reveals over 10 times more references linking "India" and "China" than "India" and "tiger" and 100 times more than "India" and "maharaja." But amid all the hoopla, it is well worth asking whether India is really ready to play a central role in the global economy. Instead of going through the familiar litany of strengths and weaknesses, it would be useful to pose the question in a different way: does India have the mind-set it needs to be a player in a globally integrated economy?
Mind-set is a difficult concept, and even more so when we speak of a nation's mind-set. But it does seem that there are times when a nation feels confident that it can take on the world, meet any challenge, and achieve any dream. If properly channeled, this spirit can be an enormous aid to growth. In some ways, India is well prepared to be a global hub. It has a multicultural, multiethnic society with a vibrant democracy and a free press that readily exposes its shortcomings. That being said, India is still not as open to foreign goods and services, labor, or knowledge as it should be. On the International Monetary Fund's trade restrictiveness index, India has a score of 8 out of 10, which places it among the most restrictive countries.
Well, why on earth should India be so closed an economy? (Well, did i hear someone say "Dammit we have opened up for the past decade or so")..... but i truly believe results have to speak for themselves. I strongly believe that this slow & sluggish growth coupled with political bureaucracy would definitely not incite the attention of foregin investors in core sectors and therefore I feel that a lot of homework needs to be done by the Indian Govt....wake up guys! Better late than never!


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