Why India Can Become the Leader of the World in the New Millennium
From my Talk in the Asian Business Excellence Awards at Bangkok on 12th June 2024
- Dr J P Dash
Introduction
India, with its new growth story, dynamic leadership, and ancient wisdom, stands poised to emerge as a global leader in the new millennium. Our journey towards globalization isn't a recent phenomenon; it dates back to ancient times when India sought to build bonds across borders through culture and spirituality.
In today's world, rife with conflicts and challenges, India has the potential to provide the necessary leadership to guide the globe towards peace and prosperity. This is not a new role for us. Historically, India has exemplified leadership through non-violent means. After the devastating Kalinga War, Emperor Ashoka embraced Buddhism and sent monks to various countries in South, East, and Southeast Asia to spread the teachings of love and peace espoused by Lord Buddha. India did not deploy warplanes, fighter jets, or send terrorists to achieve dominance. We did not burden other nations with infrastructural projects designed to create debt traps. Instead, we shared messages of love and peace, striving to create a better world.
This ancient globalization drive continued from the time of Ashoka in 300 BC through the era of the Chola dynasty, extending over a millennium. Our connections with Southeast Asian and East Asian countries were built on mutual respect and cultural exchange. The foundation of our cultural influence has been so robust that Buddhism still thrives in many Southeast Asian nations despite the passage of centuries. From time immemorial, India has been the mine of precious ideas to human society; giving birth to high ideas herself, she has freely distributed them broadcast over the whole world.
Swami Vivekananda pronounced, “If there is any land on this earth that can lay claim to be the blessed Punya Bhumi, to be the land to which all souls on this earth must come to account for Karma, the land to which every soul that is wending its way Godward must come to attain its last home, the land where humanity has attained its highest towards gentleness, towards generosity, towards purity, towards calmness, above all, the land of introspection and of spirituality - it is India.”
As we navigate the complexities of the modern world, India can draw on this rich heritage. Our new leadership, coupled with the timeless wisdom of our ancestors, positions us uniquely to become the "Viswaguru" or world teacher. By fostering bonds of peace and cooperation, we can lead the world towards a future where ancient wisdom and modern innovation go hand in hand.
India’s strength lies in diversity, tolerance, and non-violence
In the modern world, torn by strife and geopolitical tensions, India's ethos of diversity, tolerance, and non-violence offers a beacon of hope. The teachings of Buddhism emphasize peace and non-violence, principles that are more relevant than ever. Mahatma Gandhi's struggle for independence through non-violent means provided a powerful lesson to the world. His philosophy of Ahimsa, or non-violence, demonstrated that enduring change can be achieved through peaceful resistance and moral integrity.
India’s fast paced growth
India is projected to be the fastest-growing major economy in 2024. According to the Organization for Economic Cooperation and Development (OECD), India’s growth is expected to be around 7 % in 2024, ahead of China’s 4.7%. In comparison, in 2023, India’s growth was 6.3%, while China and Brazil were at 5.2% and 3%, respectively. The World Bank also forecasts India’s growth to be around 6.7% between 2024-2026. This indicates a strong economic performance by India in comparison to other countries. India’s endeavour to reduce inequality stands tall in contrast to other Nations. India’s march towards to the SDG is also quite notable.
Furthermore, the world is currently facing severe challenges due to economic slowdowns and growing inequalities, exacerbated by the climate crisis. The year 2023 was the hottest year on record since 1880, underscoring the urgent need for sustainable solutions. India has set a commendable example by decoupling GDP growth from carbon emissions. We have significantly increased our solar and renewable energy capacity, aiming to generate 50% of our power from renewable sources by 2030. This commitment is reflected in India's Nationally Determined Contributions (NDCs), which outline our targets to reduce emissions intensity by 45% from 2005 levels by 2030 and achieve net-zero emissions by 2070. India is setting the example by its own performance.
India’s unique pathways to development
The pathways to development have historically followed two approaches. The Western world prioritized economic growth first, which subsequently improved human development indices (HDI). In contrast, East Asian countries focused on enhancing their HDI to foster economic prosperity. In a twist, China, invested heavily in infrastructure, transforming itself into the factory of the world through scale and efficiency. However, China's growth, heavily reliant on exports, faced challenges when global trade slowed down.
India has chosen a different path, leveraging innovation and digital public goods to reach the masses and promote financial inclusion, thereby reducing inequality. The success of the Unified Payments Interface (UPI) is a testimony to this approach, showcasing a seamless digital payment system that has revolutionized financial transactions and gained global recognition. India's vibrant innovation ecosystem ranks third in the world, driven by a rapid increase in unicorn startups and significant improvements in governance.
Moreover, initiatives like the Jan Dhan Yojana for financial inclusion, direct cash transfers, and substantial capital investments in infrastructure by the Central Government have ensured that benefits reach the bottom of the pyramid. Competitive federalism has further enhanced the efficiency and effectiveness of these programs. This comprehensive model of growth and inclusion has made India the fastest-growing major economy, demonstrating a new paradigm of development that balances GDP growth with human development.
The new Model Explained
India stands at the cusp of a new millennium, ready to lead the world with its compelling growth story, innovative leadership, political stability and deep-rooted ancient wisdom. The new world order will be shaped by India's unique approach, driven by a bouquet of economic growth drivers that reflect its commitment to democracy, collaboration, and inclusive development.
India’s democratic framework and collaborative spirit foster a market-friendly economy that balances growth with social equity. The principle of "minimum government, maximum governance" ensures efficient administration, enhancing the Human Development Index (HDI) and promoting sustainable progress. This approach drives infrastructure growth, essential for the nation's rapid economic development.
India has also shown the world how to decouple economic growth from carbon emissions. By significantly expanding its renewable energy capacity, India is on track to meet its ambitious climate targets. This commitment to sustainable development demonstrates India's leadership in addressing global environmental challenges. India's blend of democracy, digital innovation, inclusive policies, and sustainable practices positions it as a beacon for the new world order.
India’s Model of corporate governance
India's model of corporate governance further exemplifies its forward-thinking approach. In a time when corporations play an increasingly pivotal role in the market-led economy, India has introduced a governance model that positions corporations as trustees of their stakeholders, including future generations. Unlike the traditional Western debate focused on whether corporate governance should prioritize shareholders or stakeholders, India's model incorporates a broader perspective. This approach mitigates the risks of corporate power corrupting society and ensures that businesses act responsibly and sustainably for the benefit of all. Corporate are set to be the Trustees of Society and Future Generations.
India’s Model of Sustainability
Sustainability is a cornerstone of India's development philosophy, deeply influenced by Mahatma Gandhi's teachings. Gandhi advocated for a simple, self-sufficient lifestyle, particularly in rural settings. He emphasized that the world has enough resources for everyone's needs but not for everyone's greed. This principle is more relevant than ever as we face global environmental challenges. While new technologies for weather adaptation and green innovation are crucial, they must be complemented by lifestyle changes that curb materialistic aspirations.
In this spirit, the Government of India has introduced the Lifestyle for Environment (LiFE) initiative, promoting grassroots changes in individual behavior to foster sustainable living. This initiative encourages every citizen to adopt practices that reduce their environmental impact, demonstrating that true sustainability begins with individual responsibility.
India’s culture like Yoga, spiritual practices, medicinal practices, sustainable and simple lifestyle blend perfectly for foundational physical and mental health with least footprints on earth.
India's model of leadership
India's model of leadership is uniquely inspiring. It is often said that in times of prosperity, new models can easily be developed. However, India stands out because it has consistently adopted innovative solutions in the face of challenges. This resilience is a hallmark of Indian leadership, which emphasizes that winning individually is less important than succeeding together as a team. During the difficult times of the COVID-19 pandemic, India exemplified this inclusive leadership. Despite facing its own vaccine shortages, India prioritized global solidarity by supplying vaccines to over 150 countries. This act of generosity and cooperation underscores India's commitment to human values and equality. India's approach is not just about overcoming obstacles but about lifting everyone together. This is the essence of India's inclusive leadership, making it a true leader on the world stage. Swami Vivekanand said, When the real history of India will be unearthed, it will be proved that, as in matters of religion, so in fine arts, India is the primal Guru of the whole world.
India's blend of democracy, digital innovation, inclusive policies, sustainable practices, and visionary corporate governance positions it as a beacon for the new world order. By harnessing these drivers of growth, India is not only achieving rapid economic development but also setting an inspiring example for the world to follow.
India’s Win Win Model of Diplomacy
India’s leadership model is distinct because it emphasizes collective success over individual gain. Traditional leadership often follows a zero-sum game, where one party's gain is another's loss. In contrast, India champions a "win for you and win for me" philosophy, ensuring that the benefits of progress and development are shared by all. This inclusive approach, derived from the teachings of the Geeta and Upanishads, is embodied in the principle of "Vasudhaiva Kutumbakam," meaning the world is one family.
This model was vividly demonstrated during the COVID-19 pandemic. Unlike other nations that hoarded resources, India extended a helping hand globally, sending vaccines to over 150 countries, even when its own supplies were limited. This act of solidarity reflects India's deep-rooted belief in human values and equality. That is why Will Durant said, "India will teach us the tolerance and gentleness of mature mind, understanding spirit and a unifying, pacifying love for all human beings."
Moreover, Indian leadership draws inspiration from the moral fortitude of figures like Gandhi, who pursued national good without compromising humanity. This contrasts sharply with leaders like Hitler, who sought their country's welfare at humanity's expense. The Indian model stresses intense commitment, or Sankalpa, to ethical leadership and global well-being.
As management guru CK Prahalad noted, India is a microcosm of global diversity. Its success in navigating complexities of caste, creed, and religion makes it a perfect laboratory for global solutions. Thus, India’s model of leadership and innovation is pivotal for achieving sustainability, effective governance, and inclusive growth in the new millennium. What succeeds in India, will also succeed for the world.
The shift of Power and emergence of new World Order
While the power center of Europe shifted to the United States in the 20th century, it is evident that in the 21st century, the power center is moving towards Asia. With India achieving the highest GDP growth rate and poised to become the third largest economy in the world, the Eastern world, which follows a community-based philosophy, presents a new model of leadership. This model is distinct from the individualistic crony capitalism followed by the Western world.
When all the countries in Asia set aside their differences and unite, they can become the torchbearers of a new world order through their new model of leadership, corporate governance, and sustainability. The failures of crony capitalism in the West and the ineffectiveness of military might to solve global issues, as seen with the shortcomings of the UN, highlight the need for a different approach.
East Asian nations prioritize community over individualism, with the teachings of Buddha deeply embedded in their cultures. With India at the center, Asia has the potential to build a new world order based on shared values and collective progress. One World, One Family, One Future, our slogan for G20 in 2023 guides us towards this vision.
As we look to the future, let us envision a world where Asia, united in purpose and driven by shared values, leads the way in corporate governance, sustainability, and equitable growth. Let us come together and make this vision a reality. By embracing our shared heritage, wisdom, and innovative spirit, we can lead the world towards a brighter and more harmonious future. Together, we can make it happen.
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