Making a New Year Resolution
by Nandan Nilekani, CEO and Managing Director
It is prudent to start a new year by looking back at the one gone by. At what we have achieved, and the lessons it can teach us.
2006 was a year of great promise for India. No strategic business discussion was complete without a mention of its name.
The numbers were also encouraging. In 2006, India accounted for 65% of the global offshore IT market and 46% of the BPO market. And, R&D spending grew about four times the global average.
2006 was also the year that India and China came to be spoken of in the same breath. Interestingly, at the start of the industrial revolution, India and China contributed close to 45% of the global GDP. By 1970 this figure had shrunk to 7%. Now it is on the rise again. It is expected to climb to 30% by 2040.
However, except for pockets of transformational change, infrastructure worries continue to haunt India. Increased public-private partnership promises to narrow the gap with its rivals, but it will take all of its means and more to make a truly giant leap.
In the meantime, India must play by its strengths. Its educated talent pool has been recognized globally as a desirable workforce. Its experienced managers are sought after by companies seeking to innovate. Technology developed in India is disrupting business models everywhere. India’s growing middle-class is being eyed by growth minded-companies as attractive markets.
Today, India and Indian companies hold the attention of the world’s business leaders. The ball is now in our court. In the year to come, it is up to us to deliver on that promise.
Happy New Year!