Improved governance, strong social and physical infrastructure and growing entrepreneurial spirit are the top drivers that can help make the 21st century the "Indian century", technology giant IBM said today.
Improved governance, strong social and physical infrastructure and growing entrepreneurial spirit are the top drivers that can help make the 21st century the “Indian century”, technology giant IBM said today.
According to a survey by IBM, 51 per cent of executives said improved governance and removal of excessive regulation will be a crucial driver of sustained economic growth in the country.
Over 40 per cent respondents identified good quality of physical infrastructure and availability of skilled resources as important drivers of growth.
“India, with its unique advantages of entrepreneurialism, youth and stability, is predicted to be among the world’s highest-growth nations over the coming years.
“A transformation is already underway that promises to support continuing economic advancement, as well as mitigate constraints,” IBM India Managing Director Vanitha Narayanan told reporters here.
Yet, despite positive forecasts, traditional development may lead India into the ranks of middle-income, rather than high-income countries, she added.
The study, titled ‘Indian Century: Defining India’s Place in a Rapidly Changing Global Economy’, was conducted with 1,088 Indian executives across large enterprises, start-ups, academia and government.
“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,” she added.
The study pointed that for India to realise the developmental goals, it needs to “avoid being caught in a middle-income trap”.
“It’s essential for start-ups, corporates, educators and government 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,” the study said.