I feel India is at its best growth stage currently with a GDP growth expectation of 10%+ in the next decade. With reformed government policies, the current growth momentum has strengthened even more. The implementation of GST will add another 1.5-2% points to India’s GDP growth rate.
In the next orbit of business, there is no space for narrow-minded leaders. Leaders will have to lay grounds for the continuous success of the company especially if India has to maintain consistency in its growth rate. There is a strong need to develop leaders and strong HR practices or otherwise the growth potential will not be achieved. Government will need to get greatly involved with education and training. In my opinion, education and training should now be opened up to the private sector with an independent regulator to increase availability of educational institutions. Companies should also come forward and invest in building capabilities and competencies and training and developing talent. There will have to be a multi-pronged strategy.
In the emerging business landscape, employers and employees will need to work very strongly together in common pursuit of excellence and growth. Employers will have to engage with employees and take initiatives to encourage new recruits and work shoulder to shoulder with all stakeholders to ensure inclusive growth.