More than 51 percent of executives say improved governance and the removal of excessive regulation will be a crucial driver of sustained economic growth in India, according to a study by IBM.
Building a strong social infrastructure is the second most important contributor to economic productivity, while over 40 percent said good quality of physical infrastructure and availability of skilled resources as important drivers of growth.
The IBM study, “Indian Century: Defining India’s Place in a Rapidly Changing Global Economy” is based on interviews with 1,088 Indian executives across large enterprises, start-ups, academia and government.
India currently ranked as the fourth-largest source of technology start-ups globally. By 2020, India will constitute 30 percent of the world’s workforce and by 2030, the nation is projected to have the largest middle-class population in the world.
“The build out of social and digital infrastructure, powered by innovations will help India become an integral part of the global ecosystem,” said Vanitha Narayanan, managing director of IBM India.
The IBM report said 55 percent of respondents rated ecosystems at the top of the list of factors to drive economic growth.
IBM says 52 percent plan to start the ecosystem journey by collaborating with organizations from other industries.
More than half of the executives pinpointed India’s engagement in new global economic ecosystems as a means to sustainably place India in the ranks of the global economic elite.
The IBM India report says 57 percent said it helps them stay ahead of customer expectation, while 41 percent used it to reduce cost.