Partner’s Column

Dear friends

India is witnessing a defining moment of our Democracy having unanimously passed a resolution by parliament to include three important aspects in the proposed Lokpal Bill as suggested by civil society. This is a victory of people of India and hopefully this momentum would continue and active civil society involvement would enhance credibility of our democracy, better governance etc., in the years to come.

I would like to quote from a recent Article by Kumar Mangalam Birla titled  – India’s economic vision and forceful assertion are critical after US downgrade leading to global stock market crash in the Economic Times:

• This is a schizophrenic economic world. The developed economies are mired in high unemployment, slow growth and high fiscal deficits. Asia and other emerging economies are experiencing high growth and a relatively better fiscal situation. While one part of the world is trying to induce growth with loose money, another part is fighting inflation with tight money.
• India is pushing far, far below its potential. This is the time, and the moment for the nation’s economic batteries to be re-energised and rejuvenated. First, we must boost creativity, agility, quick responses and a lot of experimentation. New ideas often need to be implemented quickly, even if on a pilot scale. We also need policy facilitation to increase domestic investments.
• India’s forceful assertion becomes even more critical in a world where many problems – pollution, environment, migration, for instance – are global.
• In sum, I want to say that India launched its last big reforms drive in 1991. That single push worked magnificently. It’s time to hit the accelerator again, with double the vigour.

The month of August saw lying down of office by two prominent people in the Information Technology Industry one in India and other in US;   Mr. Narayanamuty who is considered to be father of Indian Information Technology Industry and the co-founder of Infosys Technologies Limited which has emerged as a well reputed and respected  company in the world.  The resignation of Steve Jobs as CEO of Apple received unprecedented response. “Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” said Art Levinson, Chairman of Genentech, on behalf of Apple’s Board.

I would like to close by sharing quote of Jeffrey R Immelt, CEO, General Electric: Any time we invested in the people in India, we made a tremendous amount of money.

With best regards

CS Raghu Babu

28^th August 2011.