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Thursday, February 24, 2005

India & The US - Virtual Ties -Boom & Prosperity

We recently covered in this blog New Scientist magazine theme issue India - The next knowledge superpower - Today & The Way Forward,we are seeing increased coverage of India and its growth all over the world - various media from various perspective. Starting with the article, High returns push global VCs to make a dash for desi shoresincreased VC interest to covering the perspective India Worth More Than Outsourcing provides a quick view of the changes happening in India. Recently Chris Andersen wrote about his trip to india which received very tough reviews . I think the best of coverage of India started with Thomas Friedman who wrote,this is the age of globalisation, and the countries that succeed best at globalisation are those that are best at ‘‘glocalisation’’ — taking the best global innovations, styles and practices and melding them with their own culture, so they don’t feel overwhelmedIndia has been naturally glocalising for thousands of years. Om Malik provided a well studied insight into the opportunties in india titled India-New Opportunity-It’s a global economy. Quite recently, we covered Eric Keller's view where India Inc growing twice as fast as Japan Incand also covered the Indian industries perspective as articulated by G.B.Prabhat in the piece Across every industry spectrum, there is potential for knowledge work to relocate to India. David Kirkpatrick of Fortune magazine writes after a 9 day visit to India, The US and India are increasingly experiencing the consequences of full-time mutual virtual presence,thanks to the Internet. For U.S. companies, this has created the opportunity to have work performed remotely in that country. And for India, it has opened a wide window to the world, especially the U.S.. Kirkpatrick writes, "meeting young Indians who talked about their credit cards and computer foul-ups give some insight into how their society is changing in ways inconceivable even a few years ago. In the cities- Mumbai (formerly Bombay), Chennai (formerly Madras), and Bangalore—the presence and influence of the U.S. felt surprisingly strong. American brands were pervasive, indicating that India’s growing success will have lots of benefits for the US as well. Dell PCs, Ford Cars and were all over there& Citibank ATMs were almost as ubiquitous as in New York".
An impressive willingness to work hard is one of the main things that distinguished Americans in the last century and in India, workers have a comparable willingness to strive to get ahead. In Mumbai, David finds the energy of the people on the street resembling that of Manhattan. Messengers hustled around, commuters crowded into trains, and construction workers were building new structures all over the city. The urge of Indians to better their condition, both individually and collectively, was palpable. One major negative for the Indian economy was its decaying and insufficient infrastructure. But right after thinking such thoughts, walk into an office filled with fresh-faced young people and be so struck by their energy and enthusiasm that there comes a feeling that the infrastructure problems could somehow be overcome. The will to succeed there is strong. Yet for wealthy travelers, everything that India offers seems accessible. People from abroad are starting to travel to high-quality Indian hospitals for complex medical procedures like joint surgery, because the prices are so much lower than in the U.S. and Europe. Prices will very gradually rise as do incomes, but this place will remain very inexpensive relative to prices in developed countries for a very long time.
The Indian and American economies are going to become ever more intertwined, and that is probably a good thing. It helps that almost everyone in the country's commercial world speaks English. That makes it easier to get around in India than in places like China or Mexico, It’s possible to live an extremely comfortable life in India on relatively little money. David concludes by saying that his desire to retire in India while being connected with US remains a workable possibility

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