Seshadri Ramkumar, Texas Tech University, USA
Innovative and new ways of solving problems will get due attention, in India and elsewhere. All eyes are on the formation of the new central government in India with Mr. Narendra Modi’s inauguration tomorrow as India’s Prime Minister–his consecutive second term in the office. India’s majority electorate took into consideration Mr. Modi’s leadership skills in electing his party to the unprecedented victory. Many nations are looking towards a decisive leader to lead them in these days of trade and political uncertainties. Indian government’s policies are expected to help with job oriented growth, which is the need of the hour. India’ growth is lingering around 7% and the youth are hoping for increased job opportunities.
India needs to push the startup culture on a high gear to provide job opportunities for a million new entrants coming into the workforce each month. Initiatives such as Startup India, Atal Innovation Initiative, Digital India, Make in India will get serious consideration to grow the economy. “It is hoped that the new government will fine tune the Goods and Services Tax system to improve the economy, which is a welcome one,” stated Venkatakrishnan Ramanujam, president of a Chennai-based startup WellGro United. WellGro United has recently launched an ecofriendly oil absorbent wipe, which is getting exported to the United States and few other countries.
Majority who voted for Mr. Modi’s party to govern expressed satisfaction, as the election was centered around his decisive leadership, which is hoped to boost confidence among businesses and consumers. In addition to service, banking and healthcare, the retail sector is expected to have positive growth prospects. Sudhir Kumar, president of Bengaluru-based Innoroots, a consultancy agency stated that the retail sector in India will cross over a US$ one trillion soon. Growth is happening in India, while economies are saturated in developed nations. “Global brands should eye on India for manufacturing their products for exports as well as capture the growing domestic Indian market,” added Sudhir Kumar. India offers enormous opportunities for the infrastructure sector as there is a critical need to improve airports and roads. People are hoping that the new government will focus its attention on this sector as has been the case in Varanasi—Prime Minister Modi’s home constituency. Varanasi’s roads have been broadened and the city’s sanitation infrastructure has tremendously improved in the past few years stated a Larsen & Toubro, civil engineer from Prayagaraj (formely Allahabad city), who is on an assignment in Botswana.
The new Indian government should push public sector banks to support the startup ecosystem as a way to build wealth and create more opportunities for India’s youth.