80% This is the emerging markets’ share in the world’s economy. In 2017, China and India made over USD 32.6T worth of economic output, employing 40% of the global labour force. After the marking events of 2020, the Central Kingdom has lost its glitter. Investors and manufacturers are now turning to India as an alternative. Is this culturally rich land the superpower the world needs? Students from Switzerland discovered aspects of Doing Business in India in all its facets on a study trip organized by Mastering India, an SLX community. See India through their eyes in this video:
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Where Are These Emerging Markets?
Having undergone centuries of exploitation by foreign nations, countries like India, Nigeria, Malaysia, among others, had to rebuild themselves for the welfare of their citizens. Countries are interdependent because of the uneven distribution of natural resources. This has, in the first place, been the cause for exploitation. In our modern age, an intangible resource has risen to prominence: intellectual quotient. Emerging countries acknowledged this. With centuries of poverty inflicted upon their people, knowledge pursuits were sacrificed to cater for basic needs. Freedom translated into being able to adjust priorities and safeguard the future of the nation. Afterall, an abundance of natural resources is of no use if the mental faculty to administer it is not present.
This explains the importance given to education in emerging markets. To empower the nation, what better way than to empower the people? In many instances, learned scholars returned to their homeland, after years of deepening their understanding of western concepts of what constitutes a modern society. These scholars effectively facilitated the setting up of educational systems aimed at making their native country competitive on the global front.
Intellectual Hubs Across India: Internationalization Examples
Fast-forward to our present day and the results of educational reforms can be seen. Countries like India are intellectual hubs facilitating day-to-day business of multi-nationals set up in cities like Bengaluru, Coimbatore, Mumbai, Delhi, Chennai, among others. Afterall, Bharat, the name majority of the Indians call India in their language, with its rich Vedic culture, has always been a place of knowledge sharing. Local businesses are also thriving. Companies like Tata, Maruti, LIC, Infosys Tech, Mahindra Group, …, are transforming the local paradigm, creating employment, and generating revenue from international transactions. Sustainable development in India looks promising.
Three Lessons Of Success From Emerging Markets
Education perfection: Continuous education is highly prized in emerging countries where more than one master’s degree tends to be the norm. Educational institutions work with business entities to prepare market-ready graduates. With the National Education Policy (NEP) 2020, Indian is ensuring accessibility to quality education for its people. The revisions cater for: schooling from age three, a 5+3+3+4 education structure, blending science, arts and commerce, internships and vocational education from class 6, credit transfer in case of drop out or incomplete tertiary education, education and training for adults after school hours, among others.
Interesting Fact: If every Indian were to use books like western nations, there will be no more trees left on the planet. Emerging markets focus on sustainable solutions that manage within resources of one planet Earth.
R&D: Focusing efforts into mis-represented segments and ensuring quality and competitive product delivery has been the success formula for certain companies. Many multinational companies choose India for their research and development operations. In the words of Mr. Mohandas Pai, “…India missed the industrial revolution but is in the heart of digital revolution...” Hear it from the mouth of this successful entrepreneur and philanthropist in the below interview by SLX Learning.
Marketing budget: Smart marketing strategies unified under one umbrella can effectively save cost and mark minds, as employed by Marico. Targeted marketing has also been effective, as in the case of Mahindra Tractors choosing to be present in only two US states and IT-enabler WIPRO focussing its advertising in airport lounges like Narita, Kennedy and Heathrow.
The potential of India as a global hub is enormous and already being leveraged. What are you waiting for?
Online education is now part of the National Education Policy 2020 in India. Join the Mastering India platform as a lifelong learner or lifelong teacher or both because we bring the best of online courses to prepare businesses aspiring to start operations in India. For doing business in India course, hub.masteringindia.org is the go-to elearning hub. Partner with us today and start teaching and learning.