According to a new report, titled ‘Future of India – The Winning Leap,’ India is on the cusp of a major change and the report has revealed the winning solutions required to lead India toward unprecedented economic growth along with radical improvements in the Human Development Index (HDI) over the next 20 years. The report places emphasis on the idea that India needs to take the Winning Leap and grow its GDP by 9% /y to become a US$ 10 trillion economy, a concerted effort from Corporate India, supported by a vibrant entrepreneurial ecosystem and a constructive partnership with the government, PwC says, will play a critical role in this. The report has also said that up to 40% of India’s US$ 10 trillion economy by 2034 could be derived from new solutions. The study does stress however that, ‘the winning leap’ should not be limited to a new approach or solution but rather needs to be seen as a play to win mind set shift for industry leaders and the country overall.
Dennis Nally, Chairman, PwC International Ltd said, ‘a young demographic, paired with a burgeoning middle class that is digitally enabled; is a once in a lifetime opportunity for India to develop economically and socially. India can only build shared prosperity for its 1.25 billion people by transforming the way the economy creates value. For India, to create 10 – 12 million jobs every year in the coming decades, corporations and entrepreneurs must work together to help deliver new solutions and build capabilities for growth.’
The winning leap
The report suggests that winning leap solutions from the private sector fall within three broad categories:
- Fierce catch up: this includes following traditional approaches or technologies to surmount challenges, but at an accelerated pace.
- Significant leap: involves adopting new or different approaches or technologies, which may have been developed elsewhere but would also work in India.
- Leapfrog: represents a radically different approach that entails applying a new and potentially disruptive business model.
The report has said that if each sector of the Indian economy executes solutions drawn from all three categories, it will expand five fold and can achieve 9 – 10% sustained economic growth over the next 20 years in a resource efficient manner.
Shashank Tripathi, Partner and Strategy Leader, PwC said, ‘the report stresses that linear growth in each sector would not be enough to meet the growth ambition envisioned for India. Given the complexity and scale of the challenges facing India, the resources required, and the urgency of demands for change coming from Indian citizens, sector players must deploy solutions that deliver non-linear growth. For instance, a winning leap approach that increases average years of schooling from 7 – 10 by 2034 could save the education sector US$ 170 billon in cumulative investments. This can only happen when innovative solutions such as mEducation, amongst others, receive wide scale adoption, investment and execution.’
Edited from press release by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/special-reports/24112014/pwc-india-economic-growth/