Inclusive growth holds sway at management meet

One of the most significant ways towards India's economical progress lies in building India's agricultural wealth, considering 70 per cent of India's population live in rural regions and are involved in agricultural activities, said Alan Rosling, executive director of Tata Sons Limited.

He was speaking at a session of the AIMA-AAMO 34th National Management Convention today. "India should leverage on its agricultural wealth and also bring in good marketing so that it can attract more FDI here," Rosling said.

"Asia has one of the largest recipients of FDI flows. However, Asia is the next exporter for FDI. India must not ignore APAC since it accounts for 60 per cent of world population with 3 out of the top five economies," Rosling added.

Ryokichi Hirono, professor Emiretus of Seikei University of Tokyo, agreed.

"India should look at more inclusive growth. This means, India should think up and implement strategies that would reduce the differences between rural and urban India. Also, salaries paid for employment at the rural and urban levels should also have very little difference," Hirono said.

Hirono added, "For a new India, the most important issues are meeting internal challenges of population, poverty, illiteracy, income disparities, corruption and over-regulation. For long-term growth, India should look at global market and work on becoming an export-oriented country. India should also join other countries in Asia to booast trade and investment."

With emerging global multinationals in China entering India, Indian corporations is likely to face stiff competition.

"The only way India can overcome competition would be through its investment in technology with a global vision," Rosling said.

According to Dennis Tai Lun Sun, vice-chairman, AAMO & chairman of China Hong Kong Photo Products Holding Ltd (CHKPPHL), the Fuji consumer goods rightholder in China, India and China should work together.

Sun said China is successfully growing through its expertise in electronics and automobile component manufacturing, while India has strong science and engineering capabilities.