Obama and Modi’s historic meet: Growth in Jobs
“I’d like to think the stars are aligned to finally realize the vision (of) India and America as true global partners,” Obama said in an interview with India Today, a weekly magazine.
The last couple of weeks of frenzy of President Obama’s visit to India have instilled amongst the masses a sense of excitement. Keeping the hype apart, both the USA and India are mature to understand that this is an economic relationship to start with and the trust between both nations would take time to convert itself into a strategic and everlasting one. The Obama-Modi friendship started in Washington in September 2014 when Obama took Modi to the memorial of Martin Luther King, whose rights struggle was inspired by India’s Mahatma Gandhi. While leaders are known for diplomacy, there is clearly a chemistry working between these two. From Modi’s US visit, meetings in Myanmar and Australia, these two have met multiple times in a short span of 5 months and developed a mutual respect and understanding. Some attribute this to their humble backgrounds but I would argue that both have a sense of purpose to take their nations to the next level.
The friendship continues and led to Obama’s India visit leading to “Chalein saath saath; forward together we go.” Reflecting on the close ties between our two great democracies, India and the United States agreed to elevate our long-standing strategic partnership, with a Declaration of Friendship that strengthens and expands the relationship between our two countries. The declaration of friendship includes the centrality of economic policies that support the creation of strong and sustainable jobs, inclusive development, and rising incomes; and Transparent and rule-based markets that seek to drive the trade and investment necessary to uplift all members of society and promote economic development. Continuing this agenda forward for India’s success Prime Minister Narendra Modi on 3rd Feb 2015 said “infrastructure development was one of the best routes to create jobs for the youth” Also interacting over dinner with participants of the BlackRock India Investor Summit, Modi said “the priority of his government is growth and jobs”
“The ducks are lining up for India and one reason is Narendra Modi” says Rich Karlgaard from Forbes. He also says “a supply-sider; Modi believes economic growth and investment create the conditions for shared prosperity, not the other way around.
Statistical data shows the stock market has risen 43% from 4th Feb 2014 (20,212) to 4th Feb 2015 (28,883)
The Indian economy is heading towards $3Tn mark and the next 15 years could see accelerated growth if initiatives like stable tax regime, GST, Make in India, Skill India and clean energy get implemented. Yes we are still miniscule in relative economic terms with respect to G2 (US and China) but the future holds promise. By 2030, as per global estimates India would have the largest young population pool with China entering the old generation.
“Development also has to result in jobs. Reforms, economic growth, progress – all are empty words if they do not translate into jobs. What we need is not just more production, but mass production and production by masses.” Said Modi at the Global Business Summit organized by The Economic Times.
Industry leaders, researchers in the economic development field, authors, Politicians, executives all voice the opinion that the THE TIME IS NOW for India’s growth story to flourish
“The Indian Diaspora Investment Initiative announced by US President Barack Obama in New Delhi to encourage Indian-Americans to invest in the development of India would help create jobs and train a new generation of local entrepreneurs”, USAID Administrator Raj Shah has said.
“The very nature of the business of consultancy is to make things happen” says Tony Goodwin Group CEO & Chairman, Antal International & Antal International Network in context to attracting the right kind of candidates for the new jobs created in 2015 due to initiatives taken by the Modi government.
“India is definitely the country of future” says Paul Krugman
The poll of 19 analysts forecast Asia’s third largest economy to grow 6.2 percent next fiscal year, the first time that growth could exceed 6.0 percent since FY 2011/2012 and this is the time to apply Tony Goodwin’s philosophy of “specialization Inch wide Mile deep” that he has been ingraining in his team across the world over the last 21 years.
“The software industry in India employs about 3.2 million professionals and adds about 2,00,000 jobs every year. Therefore this industry has replaced the public sector as the largest creator of jobs,” Narayan Murthy of Infosys said at the Commonwealth Science Conference
Global executive recruitment firm Antal International India’s MD Joseph Devasia said “The job scenario in the coming year 2015 seems extremely affirmative with a possibility of 30-40% growth.”
Before I toast to the possibilities of a new chapter in Indo US relationship I would like to say The US is central to Modi’s economic and developmental programme and the benefits of this association are far beyond our imagination or calculation. Do you think any differently I’d like to know your views?
Connect with Jheel Kacharia on linkedin.com/in/jheelkacharia/en