It is time to say goodbye to 2020 that left a deep scare on India’s business and entrepreneurial landscape, with two path-breaking incidents. One is led by digital transformation supported by telecom-led internet revolution that continues to make massive disruption on businesses and life across the spectrum. Second is Covid-19 pandemic led uncertainty disrupting the progress made so far and compelled us to rethink on alternative economic order.
When we look at these incidents through the prism of Indian economy and impact on businesses, all these helped leapfrog ourselves from the slow pace of changes and get into the fourth industrial revolution. This was led by India’s massive software capabilities and harnessing new manufacturing capabilities. Digital India, Make in India, Atmanirbhar Bharath, Aadhaar, Bharatnet and NITI Aayog led development initiatives have brought changes. But it is a moot question how far we can control this platform-centric approach?
The second incident really toppled our game plan as a country for harnessing the economic power for a giant leap to become the second largest economy in the world. With more than 140,000 deaths recorded as of the middle of December, India stands at the second position after the US due to Covid-19 pandemic. It is a reality that the rate of GDP growth sank to a more than the ten-year low of 4.2% in 2019, down from 6.1% the previous year. Besides growing fragility in the banking system and turbulence created by economic reforms, India is also badly hit by deceleration of global trade.
Now we have set a vision to become a $5 trillion economy. India will have to tread cautiously during the next decade where we are uniquely positioned as one of the youngest economies. At a time when startups are redefining the rules of business and digitisation making a huge impact, the great clamour for “Sab ka saath, sab ka bhikash’ is difficult to achieve. Hope our politicians, intellectuals, policymakers and youths, working with various startups, should come up with a development narrative for India.
Now we have set a vision to become a $5 trillion economy. India will have to tread cautiously during the next decade where we are uniquely positioned as one of the youngest economies. At a time when startups are redefining the rules of business and digitisation making a huge impact, the great clamour for “Sab ka saath, sab ka bhikash’ is difficult to achieve. Hope our politicians, intellectuals, policymakers and youths, working with various startups, should come up with a development narrative for India.
