IBM study. More than 51% of executives stated that improved governance and the removal of excessive regulation will be a crucial driver of sustained economic growth. While building a strong social infrastructure was identified as the second most important contributor to economic productivity, over 40% of respondents identified good quality of physical infrastructure and availability of skilled resources as important drivers of growth.
The IBM study, Indian Century: Defining India's Place in a Rapidly Changing Global Economy, is
based on interviews with 1,088 Indian executives across large
enterprises, startups, academia and government to get their perspective
on opportunities and roadblocks for the Indian economy.
benefits from entrepreneurialism and diversity, currently ranking as
the fourth-largest source of technology startups globally. By 2020*,
India will constitute 30% of the world's workforce and by 2030*, the
nation is projected to have the largest middle-class population in the
world. A young population equipped with the right skills and growing
middle-class will reinforce economic activity through increased
consumption and investment.
"India is witnessing a
transformation that promises to minimise constrains and support economic
advancement. The buildout of social and digital infrastructure, powered
by local innovations will help India become an integral part of the
global ecosystem. The study rightly points out that India has immense
potential to leapfrog traditional growth paradigms. If we are able to
capitalise on the opportunities present in front of us, the next decade
can definitely mark the beginning of the Indian Century," said Vanitha
Narayanan, Managing Director, IBM India.
rated ecosystems at the top of the list of factors to drive economic
growth [55% of respondents], while 52% plan to start the ecosystem
journey by collaborating with organisations from other industries. More
than half of the executives surveyed pinpointed India's engagement in
new global economic ecosystems as a means to sustainably place India in
the ranks of the global economic elite.
the importance of innovation, 57% of executives said it helps them stay
ahead of customer expectations, while 41% used it to reduce cost. This
is a clear indication that India is well positioned to transform its
role in the world, moving from a provider of low cost technical services
to a strategic leader with niche skills, IBM noted.
study states that for India to realise its developmental goals
startups, corporates, educators and government have to come together in
pursuit of economic collaboration and advancement. India will need to
look at itself as a knowledge economy - built on skills, innovation and
technology, to indeed make the 21st century, an Indian century.
Read the study