People-Driven Economic Growth – Anirban R Banerjee
India’s emergence as a start-up nation will bring about profound change that has the potential to transform India into a more inclusive and equitable society. According to a report, by 2025, the number of start-ups will reach 1 million and 150 startups will join the Indian unicorn club in 2022. This number is expected to reach 1000 unicorns with nearly 100 of them valued at over $5 billion. India needs to embrace its start-up entrepreneurship and celebrate its talent. Working with fast growing and democratic economies like Bangladesh, Nepal and Bhutan can take our economy to the next level. Startups and MSMEs can be a game changer if we can tune the HR climate to enable them to proceed with high precision and quality. products that can lead to the emergence and support of a range of defense technologies, aerospace and other high-tech R&D sectors.
India’s dependence on imports related to the manufacture of advanced mechanical and electrical machinery and capital goods from countries like China needs to be bolstered by domestic industry. We import 58-60% of our capital goods from China. Our current trade deficit with China stands at $69.4 billion, a country with which we have had a direct military confrontation for the past seven decades.
We must celebrate and support our startups, MSMEs who are making a crucial contribution to India’s GDP. MSMEs contribute over 29% of GDP and are responsible for 50% of the country’s total exports. They are also responsible for a third of India’s manufacturing output. Our human resources and the entrepreneurial power of startups and MSMEs can be an engine of growth to prevent India from losing its GDP, according to one estimate, India is losing around $40 billion due to its dependence on imports from China. We can add $20 billion to our GDP if we reduce imports from China by 50% by putting in place the right ecosystem for our human resources and entrepreneurs. This will not only reduce our dependence on imports, but will also directly and indirectly create jobs and demand for other goods and services. More importantly, it will create opportunities for a range of talent now leaving India. We also need to improve the quality of our education and provide students with the right resources and exposure to drive that growth. We need to embrace a more integrated industry and academic partnership to enable us to make the most of these opportunities.
My interaction over the past few years with companies around the world raises a question: how ready is India to make the most of this unique opportunity? The biggest challenge for the Indian economy is its ability to manage human resources, as this requires a change of mindset in our approach to human resource development. If we can solve the problems of our people, we can ride the tiger. Our productivity levels, product and service quality can all be improved, and we can be much more competitive than China. According to a report, burnout at age 30 is impacting India’s long-term economic growth. In the latest Microsoft Work Trend Index 2021 report, India had the second highest percentage of workers facing an increase in burnout in Asia over 29 hours. The report also shows that India came out on top with more than 41% of workers citing the lack of separation between work and personal life as having a negative impact on their wellbeing, leading to increased stress levels.
India has immense potential to transform by adopting a more holistic approach to human resource development that will drive business transformation that will need to take into account organizational development and interventions that address physical wellbeing issues. and mind. Business acceleration and start-ups can make the most of this opportunity by making it competitive and shifting the focus from effective governance to effective governance. They must adopt a model that encompasses talent development interventions and operational processes that are linked to the philosophy of human resource development and that embrace employee well-being as a catalyst to drive change and enable business growth. company. My experience of the last two years shows that the solutions are not complex and that it only takes decision and will to bring about change. Industry and policymakers must accept that people are not like any other resource, but the lifeline of the economy. Organizational values should include health and happiness as part of working life.
The future of the ‘Brand of India’ will be the story of ordinary people achieving the extraordinary. India must be open and comfortable doing business with other democratic economies, which will create opportunities for collaboration and growth. 2021 will be a historic year for India, not for the Wuhan virus from China and the rise of a few billionaires but for the realization that only true relationships can bring happiness. Physical health, intellectual growth and spiritual commitment are all as important as our work. Second, the example set by ethical, sustainable and value-driven companies that have chosen the well-being of their employees and demonstrated mature management by focusing on long-term growth rather than gains short term. This has brought about a paradigm shift in the Indian economy. The post-pandemic years are paving the way for more sustainable and quality-driven businesses. A new breed of startups are emerging as new role models for a resurgent Indian that drive growth by fostering employee wellbeing, social inclusion, and commitment to the nation. May each of us contribute in our small scale to see India become a global hub for industries and people to work together for health, happiness and growth.
He is a business transformation expert and a mentor for StartUp. He is a speaker, author and columnist on topics related to business acceleration and the South Asian economy. He can be contacted at firstname.lastname@example.org
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