India - Driving Inclusive Growth

India - Driving Inclusive GrowthNamrata Rana2011

The RealityIn the last 50 years, world GDP multiplied 60 timesto reach a level of more than $60 trillion.Yet, two-thirds of the world lives in poverty Y C Deveshwar Chairman, ITC Limited

The situation inIndia...we are a nation of 1.2 billion people growing at among the fastest rates in the world,with an economy of $1.2 trillion....of these 1.2 billion people, fewer than 20% have anincome in excess of $2 (about Rs 30, using a purchasing-parity exchange rate of Rs15) a day and that the poverty line in India is set at approximately $0.80 (about Rs 12in purchasing parity) a day while the developed world deﬁnes it at over $10 (about Rs150 in purchasing parity).

The Need..encourage business models that enable companies to co-create, with local communities, opportunities for sustainable livelihoods aswell as enrichment of natural capital.At the same time, civil society need to be made more aware of the tremendous change theycan bring about by encouraging a preference for responsible companies Y C Deveshwar Chairman, ITC Limited

In the next decade in IndiaInclusion will hit mainstreamThe next decade will be the one in which India will ﬁnally make a dentin the inclusion challengeThis will be led by a strong desire for change at the ground levelasking for accountability and delivery.

How can we make adifference?Corporate India just like the rest of the world is grappling with the question “What arethe steps that are needed to make this change happen? How can we designbusinesses that are ﬁnancially viable yet benign? How can growth be inclusive? ” http://www.livingprinciples.org/not-business-as-usual-–-implementing-india/

Create genuine valueIndian companies today need to start looking at solving genuine problems and not thosecreated by the irrelevant and artiﬁcially created scarcity model.Hunger, livelihoods, education and healthcare are universal needs that are not beingaddressed, despite being present at every street corner.Co-creating solutions that solve these problems can be a genuine way to sustainable growth.Many "bottom of the pyramid" initiatives by Indian companies simply view the poor as a largemarket that needs to be captured.The corporate belief that "we are creating consumers" must be genuinely replacedby a betterness model that Umair Haque and many others talk of.Living Principles Framework that blends design with environment, people, economy andculture needs to become the primary framework for value creation.

Inclusive growthCreation of products, services that empower livelihoods can be a part of corporate initiatives.Many small-scale economic opportunities other than farming can be generated locally, andthis can result in a synergy of recirculation of income.These initiatives can have the dual beneﬁt of reducing the carbon footprint andsimultaneously providing sustainable livelihoods. These initiatives can focus on a 3 stepapproach driven by Capability, equity and sustainability :Many companies in the western world are moving away from standardization and massproduction to local, sustainable and small. Indian companies too can do this with ease andmarket not just the products but the place and the people who created them.Value will be not just the product but the lives that we impact positively.

Design and innovationCorporate India can play an important role in driving ground level, affordable innovation in notjust products but processes and thinking.Can we develop innovation frameworks that co-create genuine value for bottom ofthe pyramid consumers? Yes, we can, and with very little cost or energy too.A great case in point is the way digital collaboration can drive innovation.The internet is built on the premise of sharing: This movement of sharing digital content,formation of communities, and solving problems by crowd-sourcing is not all driven bycommerce. Often, this engagement is borne out of the need to connect, ﬁnd like-mindedcollaborators, and solve problems that might be someone elses solutions.

TechnologyCan we use the promise of technology and telecommunications to deliver development?“Soft” infrastructure like the Unique Identification Project and automated agricultural spotmarkets in India — are some recent unique innovation.Connectivity brings with it the promise of smooth price discovery, sharp improvements inquality and dramatic reductions in the cost of basic services such as healthcare and finance.How can we harness it better? Can mobile phones be the answer?‘Sustainable progress is more dependent than ever on technology-based solutions. Climatechange, energy demands, dwindling resources, water, food, disease – all are poised tobecome defining issues over the next 50 years. In each case, the prognosis does not lookgood on a global scale, unless we can learn to harness technology in new ways. Now,perhaps more than at any time in history, we need the tools that science and technologyprovide as we build a sustainable future.’ - World Economic Forum 2011http://www.scribd.com/doc/47096457/Building-a-Sustainable-Future

The right leadershipWe need right kinds of people to step in at the right levels of leadership and undertakeinitiatives that will have a systemic impact.Leaders are combining their money and their talent for innovators and getting to work ondriving change in these vital sectors.Leaders are no longer are content to merely talk the language of ﬁnancial value creation andextraction.The focus on ‘Responsible growth’ is here to stay.Instead of CSR departments can we build CSR into the business DNA to impact – value,price and exchange?

This presentation is based on the following articles Nachiket Mor - http:// www.hindustantimes. com/We-are-all-in- this-together/… YC Deveshwar - http://India - Driving www.hindustantimes. com/It-can-t-be-Inclusive Growth business-as-usual/…Namrata Rana Namrata Rana - implementing India - http:// www.livingprinciples.o rg/…2011

Namrata RanaTwitter : @futurechatFuturescapeLevel 4, Rectangle 1, Commercial Complex D4Saket, Behind Sheraton, Delhi New Delhi –110017, INDIATel: +91 (11) 4051 4196Email: innovate at futurescape.in

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India - Driving Inclusive Growth

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