When I think of the future of India within the cloud of gloom and doom from the local papers, I am encouraged by the 100,000 women employees at Tata Consulting Services; as my firm belief is that a well educated women work force, will be the hallmark of modern India. The day is not far off when a 100 million of such women will join the workforce; if India develops its education and training resources, to meet its own needs. It will be one of the greatest game changers in the global economy for the next few centuries.
It is not that India has not led the world in GDP before, but we got lost in the medieval and colonial eras; and are only now allowed to pursue our quotient of happiness, in our own way.
The same Bureaucrats and Ministers who previously lorded over their domains are now actually expected to produce a 7 minute video on the first 100 days of the new BJP government in New Delhi. Better governance with minimum government is not something just heard off; as a digital India is emerging, with ID cards and bank accounts for more people than ever in our history. The number of people entering the economy is a staggering number; and they will change the global world, with their aspirations and dreams.
The Unique Identification Authority of India (UIDAI) is an agency of the Government of India is responsible for implementing the Aadhaar scheme, a unique identification project. It targets to issue 1 Billion IDs this year. A separate new scheme will help provide bank accounts and life insurance, to selected card holders. This digitalization of society, will help social schemes to grow rapidly in the next decade, and help increase India’s GDP; as increased social investments and subsidies will go directly; into the neediest’ s bank accounts, and not be diluted by the prevalent deep rooted crony corruptions. With 100’s of millions in new employment opportunities in the decades ahead, it will be a bumpy ride; if things are not managed efficiently.
The steady hand of the Governor of the Reserve Bank of India Mr Raghuram Rajan, along with Mr. Jaitely’ s ambitious financial agenda; are sure signs of a good long term view. Despite political backlash he has insisted on meeting the stringent deficit; and the fiscal responsibility shown by the new minister, are only signs of things to come. Inflation is being controlled, and the infrastructure for growth of the Service and Industrial sector; to get them ready to launch, is being laid out.
With victory in Maharashtra and Haryana the Modi wave continues unabated; and as promised foreign investment picks up, it will bring increased global focus to India. Money managers are hungry and will follow a good lead, if they see any future in it. At this moment the story Mr. Modi is laying out of Make in India, is a hopefully a magnet; in attracting hungry flows from tired pension funds, of Japan, Europe and the States, looking for better returns. India’s enormous projects will require massive investments; the Indian young will bear the burden of the old and build a new world, with this imported capital. As the developed world retires, it will be a resurgent India; that will provide the services that they need. For this India will have to overhaul its legal and financial systems; and ensure digital transparency, for its notoriously lax working to improve. Sensible reform is required to dump the old, that is not working; and come up with a simplified framework, that allows prosperity and entrepreneurship, to flourish.
Coming back to my original statements, I strongly believe that the women of India are its future, and they will lead the way. If you ask me why, I ask why for five hundred years they have been held back by history, customs, lack of opportunity, and avenues of empowerment. Now their time has come again, and they will transform our world in a way we cannot imagine today. This is what raises my spirit, when people around me point to the sorry state, which India is in now. The Indian women have carried the heavy burden of underdevelopment for too long; and will lead us to the new world of success, as we unchain the traditions, that have held them back.