India has long been mired in socialism. Bureaucracy ran and continues to run through the country’s massive system of governance. As I understand it, to get anything done in India for many years the paperwork had to be done in triplicate and processed a half dozen times. And then one got a new pile of paperwork.
But times are changing. India has opened up quite a bit over the last 2 decades, and it looks like even more light will be shining into the economy soon.
This is good news for India which is brimming with potential. Free India’s markets, encourage bureaucratic transparency, and watch the subcontinent become the country it has always wanted to be.
It should be noted too that the issue of crony capitalism is of concern in the country. (It was a serious issue in the last presidential election.) India has long been ruled by a crony class and many people understand that in order to move forward into the 21st century the grip of the cronies must be pried open.
(From The Huffington Post)
Traveling through India in December 2014, we met with entrepreneurs of new start-ups, established business leaders, young professionals, state government cabinet ministers, university professors, faculty, students and citizens. What they all have in common is hope for India’s future. In facing major obstacles, they unanimously raised concerns about a dysfunctional infrastructure, bureaucracy, red tape, and widespread corruption.
Bangalore’s success as India’s Silicon Valley and home to innovative companies such as Biocon (Asia’s largest biotechnology company with a market value of $1.4b), defies the obstacles to doing business in India. Reverse brain drain attests to the high growth expectations for the immediate future. Left largely unregulated, Bangalore’s IT business thrived and gave birth to world known companies such as Infosys and Wipro. Infosys ranked as the 18th-largest IT services provider globally by HfS Research in 2013 and among the top-20 of the world’s most innovative companies in 2012 by Forbes magazine. Wipro’s market capitalization, approximately $20.8 billion as of March 2014, makes it the seventh-largest IT services company in the world. Bangalore exemplifies human and intellectual capital, entrepreneurial and innovative spirit with thousands of highly-educated Indians flocking to the city every year.
Prime Minister Narenda Modi’s articulated priorities of economic growth and good governance struck a chord with India’s voters in last year’s elections. With 10- to 15-million people entering the job market every year, India’s government must act fast to remove barriers to new job creation and create an environment conducive to dynamic economic growth.