India - Driving Inclusive Growth


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In the next decade in India Inclusion will hit mainstream

The next decade will be the one in which India will finally make a dent in the inclusion challenge
This will be led by a strong desire for change at the ground level asking for accountability and delivery.

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India - Driving Inclusive Growth

  1. 1. India Driving Inclusive Growth Namrata Rana The Customer Experience Company
  2. 2. The Reality In the last 50 years, world GDP multiplied 60 times to reach a level of more than $60 trillion. Yet, two-thirds of the world lives in poverty Y C Deveshwar Chairman, ITC Limited
  3. 3. The situation in India ...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 an income in excess of $2 (about Rs 30, using a purchasing-parity exchange rate of Rs 15) a day and that the poverty line in India is set at approximately $0.80 (about Rs 12 in purchasing parity) a day while the developed world defines it at over $10 (about Rs 150 in purchasing parity).
  4. 4. The Need ..encourage business models that enable companies to co-create, with local communities, opportunities for sustainable livelihoods as well as enrichment of natural capital. At the same time, civil society need to be made more aware of the tremendous change they can bring about by encouraging a preference for responsible companies Y C Deveshwar Chairman, ITC Limited
  5. 5. In the next decade in India Inclusion will hit mainstream The next decade will be the one in which India will finally make a dent in the inclusion challenge This will be led by a strong desire for change at the ground level asking for accountability and delivery.
  6. 6. How can we make a difference? Corporate India just like the rest of the world is grappling with the question “What are the steps that are needed to make this change happen? How can we design businesses that are financially viable yet benign? How can growth be inclusive? ”–-implementing-india/
  7. 7. Create genuine value Indian companies today need to start looking at solving genuine problems and not those created by the irrelevant and artificially created scarcity model. Hunger, livelihoods, education and healthcare are universal needs that are not being addressed, 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 large market that needs to be captured. The corporate belief that "we are creating consumers" must be genuinely replaced by a betterness model that Umair Haque and many others talk of. Living Principles Framework that blends design with environment, people, economy and culture needs to become the primary framework for value creation.
  8. 8. Inclusive growth Creation 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, and this can result in a synergy of recirculation of income. These initiatives can have the dual benefit of reducing the carbon footprint and simultaneously providing sustainable livelihoods. These initiatives can focus on a 3 step approach driven by Capability, equity and sustainability : Many companies in the western world are moving away from standardization and mass production to local, sustainable and small. Indian companies too can do this with ease and market 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.
  9. 9. Design and innovation Corporate India can play an important role in driving ground level, affordable innovation in not just products but processes and thinking. Can we develop innovation frameworks that co-create genuine value for bottom of the 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 by commerce. Often, this engagement is borne out of the need to connect, find like-minded collaborators, and solve problems that might be someone else's solutions.
  10. 10. Technology Can we use the promise of technology and telecommunications to deliver development? “Soft” infrastructure like the Unique Identification Project and automated agricultural spot markets in India — are some recent unique innovation. Connectivity brings with it the promise of smooth price discovery, sharp improvements in quality 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. Climate change, energy demands, dwindling resources, water, food, disease – all are poised to become defining issues over the next 50 years. In each case, the prognosis does not look good 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 technology provide as we build a sustainable future.’ - World Economic Forum 2011
  11. 11. The right leadership We need right kinds of people to step in at the right levels of leadership and undertake initiatives that will have a systemic impact. Leaders are combining their money and their talent for innovators and getting to work on driving change in these vital sectors. Leaders are no longer are content to merely talk the language of financial value creation and extraction. 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?
  12. 12. This presentation is based on the following articles Nachiket Mor -… YC Deveshwar -… Namrata Rana - implementing India -…
  13. 13. Futurescape, Delhi Level 4, Rectangle 1, Commercial Complex D4 Saket, Behind Sheraton, Delhi New Delhi – 110017, INDIA Futurescape, Mumbai Level 2, Raheja Centre Point 294 CST Road Near Mumbai University Off Bandra–Kurla Complex, Santacruz (E) Mumbai – 400098, INDIA Telephone: +91 9910201783 +91 (11) 6654 4196 Email: Web: Twitter: @futurescape