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Friday, May 28, 2004

A richer future to India via Mckinseyquarterly

Mckinsey consultants analyse the growth India has made and identifies areas that India should focus on to sustain the image of surging economy. Some of the numbers identified herein like available workforce waiting to be employed and the new stream of workforce that is expected to join, their expectations and impact on economy is indeed significant. The article also talks about what India can learn form the perceived(!) success of software industry and how these learnings can be expected to get extended to other industries Some key thoughts include, India as a good destination for investment, India better placed than china in automotive components industry, Indian tradeshare atleast seven/eight times smaller than that of china or brazil, Labor productivity, at mere 5 percent of US levels.consumer electronics goods made in India still can’t compete internationally,high trade barriers are the key impediments to cross - the plate of issues to be cleared quickly is full for the new government and for governments to come for several years The article concludes, by saying that Some Indian policy makers might argue that the reforms proposed here would undermine long-held social objectives, such as creating employment. But the evidence shows that regulations on foreign investment, foreign trade, and labor have actually slowed economic growth and lowered the standard of living. A decade ago, India’s per capita income was nearly the same as China’s; today, China’s is almost twice as high.India’s economy has made real progress, but further liberalization will be needed to sustain its growth. The country now has 40 million people looking for work, and an additional 35 million will join the labor force over the next three years. Creating jobs for all these Indians will require more dynamic and competitive industries across the economy. Opening up to foreign competition, not hiding from it, is the answer

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