It’s been a long 75 years since India gained independence from its colonizers. We commemorate this historical event each year, as we also remember the sacrifices and loss of lives of the many freedom fighters who led our country to independence.
From then to now – 2022 – India has come a long way! The country has risen and moved forward with dynamism, resilience, and a sense of purpose while imbuing its freedom to accelerate economic and social progress.
If we look at the current time, India seems to be the cynosure of 'global eyes,' with the surge of Founders and Creators leading over 75000 start-ups. Innovative ideas and products and employment for over 7.46 lakh individuals (an annual increase of 110% over the last six years), roughly 80 start-ups are 'recognized' every day, with about 10000 recognized in 156 days – more than anywhere in the world! The start-ups belong to IT services (12%), healthcare and life sciences (9%), education (7%), professional services (5%), and agriculture (5%).
The exciting thing about these 'budding' ventures is that about 49% of them have emerged from Tier II and III cities, further highlighting the immense potential and resilience of our country's people, youth in particular. The future seems immensely encouraging, as more people take control of the reins of their career and professional destiny, and the stage is set for India to become the start-up center of the world.
India and the world have been severely upended, first by the pandemic and then the Ukrainian conflict. In light of this, as of May this year (2022), the projected growth of India's GDP is 6.4% (compared to 8.8% last year), but it is still one of the fastest-growing major economies.
With its increasing population, India has a bigger challenge and needs to expend more resources to combat the rising food and commodity prices and exacerbating inflation. Needless to say, the country rose to the challenge and battled its way through the upheavals. India has also taken several steps and initiatives to increase integration with the world economy and labor market reforms.
What Lies Ahead
While fundamentals and reserves are sufficient, India needs to maintain external stability and consistently use the exchange rate flexibility to absorb economic shock. The main challenge lies in managing the workforce, tackling "brain-drain," and driving talent to the country for sustained economic growth.
Further, India must continue synthesizing and learning from information and maintain its data-driven culture.
Enterprises are actively seeking to invest in projects and initiatives that involve enterprise intelligence, which in turn would enable decision-makers to gain more knowledge, become more efficient, and make better decisions, thus leading to better operational, service level, strategic, and financial results.
The pandemic has exacerbated the importance of resilience, and our country seems to have passed the test with flying colors. Our journey is no less than miraculous with the expansion of agricultural production, affordable healthcare, developments in quality education, and more- India is now a global IT power and the third-largest ecosystem in the world.
There’s no denying that we have a long way to go from here, which will require effort from every citizen and industry to mobilize and strive toward greatness together.
“We celebrate Independence Day in India to remind us, that our country and its freedom is the result of sweat, patience, persistence, and sacrifice of those with the courage to dream freedom and make it a reality for their future generations”- Mohith Agadi
It’s our turn now- Are we up for it?
India is growing, and it's a great time for all – 75 years and counting. Happy Independence Day and beyond!