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The Rediff Business Special:Mukesh Ambani

NRIs can accelerate the pace at which India catches up with the West

What do we need to achieve economic superpower status? Change our priorities. Economic reforms are important. They need to be deepened, no doubt. But sweeping reforms in the field of education are needed to reap the rich harvest of information revolution. A national crusade for education standards representing what all our students must know to succeed in the knowledge economy of the 21^st century is required. Every school must shape the curriculum to reflect these standards. We have to transform our schools, colleges and universities to dynamic centres of learning. Sweeping educational reforms are the crying need of the day.

With a correct strategy and focus on these two areas, double digit growth in our GDP will appear to be realistic.

Achieve or perish

Looking closely, we will discover that India has really no options. She must achieve a great power status or go under. By the year 2020, our population of 950 million would increase by another 350 million -- of which 200 million will be joining the workforce.

This new generation will grow up in an environment of rising aspirations fuelled by the communications revolution. They will insist on nourishing food. They will demand meaningful education and gainful employment. They will demand a better life.

We must tackle the basic problems of food, education and employment. If we do not, India will be torn apart. Violence crime and malnourishment will cause an unmitigated disaster. This, obviously, is unacceptable. On the other hand, if we manage to tackle these problems successfully. India will automatically become a major economic power.

Therefore for us, there is only one course: To summon the will of all sections of our society and make this dream a reality. We have to discard poverty of ambitions and lethargy in action. We have to make 'India an economic superpower' -- a mission for all Indians.

In my view, changes are required across the board.

Firstly, changing the mindset must be the starting point. Hard work in every field by every citizen must be the hallmark of a new India. Pursuit of excellence at the individual is desirable -- but world-class achievement these days demand collective effort by a large number of people with diverse skills. We must learn the art of team work.

Secondly, high quality of leadership is a must in all walks of life. Political leaders with conviction and commitment. Business leaders with courage and ambition. Intellectual leaders with creativity and vision. Our sages and saints can make an invaluable contribution by providing moral leadership to fill the spiritual vacuum that is the hallmark of a society in transition.

Thirdly, I must submit that we cannot have a 21^st century economy and an 18^th State apparatus. The State must be modernised. Let us discard the view that government is the benefactor and people are supplicants. Government-people relationship should be marked by a spirit of partnership and reciprocity. Government should be responsive and accountable. Democracy must percolate much deeper.

Fourthly, we should be clear about the role of government. Borrowed cliches often confuse our minds. I do not share the view that the State will have no role to play in the market-driven economy. In fact, in order to satisfy both material and non-material wishes of the people, the State must deliver. Private enterprise will no doubt, assume command of the economy, but the government must continue to fulfil major economic roles, specially in respect of macro-economic management and providing a regulatory framework that encourages competition.

Fifthly, participatory ethic should permeate all our institutions including business corporations and academic bodies. People whose lives are affected by a decision must be a part of the process of arriving at it.

Sixthly, India has suffered acutely because of the disconnect between technology and business. This must be ended. We can derive a big advantage by attracting our non-resident professionals, scientists, and engineers in the work, particularly in the technology intensive areas. We can shift the balance of technology power by attracting back our highly educated and trained non-resident Indian people. These high-tech professionals with their network of contacts can quickly close the technology gap and accelerate the pace at which India catches up with the west.

Technological leadership has been the West's domain for many decades. Perhaps, this will continue in some areas. But technological applications, proving the power of technology to millions of new participants in the global economy, will depend on many highly educated and skilled people. India has the potential to dominate the 21^st century of skilled technicians who will be able to deliver new products and services to the world.

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Mukesh Ambani, continued