Mohandas Pai, one of the top Indian investor and educationist warns that India could turn into a digital colony. China and the US are pumping in foreign capital into India’s digital economy. This can only be stopped if Indian businesses start investing in India itself.
Pai, chairman of Manipal Global Education, says the massive money pumped into the digital economy by the US and China can lead to India turning into a digital colony.
The US and China are competing with each other to dominate India digitally. He says the Indian capital is busy buying real estate in California. Those who miss the digital revolution will soon see the Chinese capital controlling our big companies. This could turn out to be very dangerous, warned Pai.
The world’s third largest startup eco system is India. It has till now received about USD 8 to 10 billion. Out this amount, only USD 500 million has come from the Indian capital.
According to him, Indian capital should change their attitude towards money, that is seeking only rent, that is, interest. He finds digital connectivity will soon change the face of India within three years. There will also be a huge upsurge of productivity in India.
Within the next 10 to 15 years, young Indians will soon carve out a new economy for India. Looking at the country’s trajectory, nothing will be able to stop India’s economic growth. It will move towards a digital economy along with the growth of entrepreneurship.
During his address to the World Hindu Economic Forum, attended by Hindu entrepreneurs from around the world, he said nothing can stop India from marching ahead. All have to work together to make sure this forward march happens.
There are ‘millions of mutinies’ occurring in India. People are now challenging status quo and trying their hands experimenting with technology in their hands. The regulatory policies are being broken and Bharat is growing along with its digital infrastructure. The force multipliers will be the startups.
He also said that tech entrepreneurs of India will definitely change the face of India in the future. During his address, he also added that the generation is gaining importance as they are no longer connected to the partition hangover, of Pakistan, of caste as well as many other things that affect the minds of Indian political leaders in India and in Delhi.
The professor of Management at the MIT Sloan School of Management, S.P. Kothari says that innovation and entrepreneurship have become the potent forces for economic development.
He believes that the way countries are governed also matters. The quality of governance and institutions in a country also affect the differences of development.
Source: The Indian Express