The Hindu Business Line : `Indian industry should evolve new paradigm'

IF India is to have a say in the global economy, it has to grow at a rate of about 10-15 per cent and create 10-15 million jobs annually, according to Prof C.K. Prahalad, management guru.

He was speaking at the inaugural session of the national conference and annual session of the Confederation of Indian Industry (CII).

He said that the disadvantages could easily be converted into advantages for the country.

He urged Indian industry to evolve a new paradigm of competitiveness based on entrepreneurship, innovation, leveraging existing resources, creating new markets and global orientation instead of focusing on problem areas like resource shortage, poor infrastructure and inflexible labour laws, among others.

"There are many wonderful and creative things happening here. If we manage to leverage and spread, then we can have a great India in the next five years."

He suggested eight different ways of fostering entrepreneurship and creating a competitive India, including exploiting the country's factor advantages, harnessing the power of the domestic market, organising the unorganised sector, leveraging India's advantages, creating global scales and creating a new game. Outlining the building blocks of entrepreneurship, Prof Prahalad said all companies must focus on new opportunities, leverage available resources and invest in "next practises." Talking about the huge Indian population, he said that this constituted a huge market opportunity and if prices of consumer goods were to fall by 20-30 per cent, the market could explode.

On the potential for growth in India, he said that the per capita income was poised to grow, new price-performance packages are being evolved, there is greater access to technology, consumer credit is being made available for the first time and new methods of accessing the customer are being evolved.

The transformation of India requires imagination, passion to make the country different, courage, humanity and a lot of humility, among others, he added.

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