Of course I couldn’t start without mentioning Brexit, given it was such a prominent topic in my previous post. This times let’s add some perspective given by the IMF (International Monetary Fund), who, in their World Economic Outlook database, show how Britain has been steadily slowing in purchasing parity terms. Now, I will forewarn you this article, which summarises part of the findings, is very much written from a pro-India perspective so don’t expect any punches to be pulled. However, it’s always interesting to read perception from the ‘other side’, isn’t it?
Let’s move to a more conventional topic – technology and its adoption in India. You know, it’s really interesting how not so long ago India was seen purely as an outsourcing destination of the world. Now, of course, it’s much more than that with the vibrant start-up eco-system that today flourishes in India – in fact for those of you who aren’t aware; India is the third largest start-up hub in the world. Anyway, the point I’m getting to is that India is now starting to think like a nation of technology lovers. In fact it’s such as common part of daily life now that it’s considered from cradle to grave.
The adoption of smartphones has been key to the change in mindset and with so many being bought across India it is no surprise to anyone that it’s a go to method of internet access. Just to add more emphasis to this point take a look at this article which gives us an insight into how India buys on mobile. For me, the benchmark of adoption is of course consumer mindsets being changed. However, in a country like India where businesses are long standing and therefore commonly archaic in their practices, it’s refreshing and somewhat of a game changer (in my opinion at least) when the more traditionally minded organisation embrace technology. That’s why, as small as a move it might seem to us, when I see a business like Kotak Mahindra Bank starting to roll out the use of tablets for account opening it fills me withfor great optimism.
To finish I wanted to talk a little bit about how India has progressed from the ‘old days’,. when the customer wasn’t always right, as ist the way in the west (well to the most part). Well, how times have changed; as the Indian government has made a move to make 24×7 shopping a reality. This progression is also likely to result in more jobs being created whilst retail and hospitality are predicted to be the biggest winners. Another great example of how the government is trying to play its part by connecting more the under-served airports at the same time making air travel more affordable through ambitious plans to promote regional air travel. Just think, India is already the fastest growing large economy in the world, and with progressive thinking like this will help it stay there for years to come.
Author: Dishang Patel