Private vs. Public Ownership - Skoch Group:- Skoch … P .docx · Web viewThe economy of India i.e....

Full Paper submitted for the consideration of 40th Skoch Summit (23rd Thinkers & Writers Forum) on “Making India a $20 Trillion Economy”

on 11th – 12th June 2015 at Mumbai.

Role of marketing perspective in making India from $2 Trillion

to $20 trillion economy

*P. Nagaraju

Introduction

In order to accomplish the objective of making India from $2 Trillion to $20 Trillion economy

i.e.10 times and it may take 25 years to reach the goal of India’s Prime Minister Mr. Narendra

Modi ji, the major sectors including manufacturing industries, agriculture, textiles, ICT as well

service industry should grow accordingly as well the market economy for the products.

Economic growth patterns in the country that are likely to support international marketing

operations on a much larger scale are outlined.

The economy of India i.e. mixed economy is as diverse as it is large, with a number of major

sectors including manufacturing industries, agriculture, textiles and handicrafts, and services.

Agriculture is a major component of the Indian economy, as over 66% of the Indian population

earns its livelihood from this area. However, the service sector is greatly expanding and has

started to assume an increasingly important role. The fact that the Indian speaking population is

growing by the day means that India has become a hub of outsourcing activities for some of the

major economies of the world including the United Kingdom and the United States. Other areas

where India is expected to make progress include manufacturing, construction of ships,

pharmaceuticals, aviation, biotechnology, tourism, nanotechnology, retailing and

telecommunications. Growth rates in these sectors are expected to increase dramatically. As the

free market principles were accepted role of government in Indian economy changed from being

a controller to regulator. Present government say minimum government – maximum

*P. Nagaraju, Director’s PS, SOTST, IGNOU, Maidan Garhi, New Delhi – 110068.

governance. But still the role of government is relevant as government is the one which decides

about the various factors controlling our economy and decides the rules and regulations keeping

in mind the welfare of the public as growth in economy. Therefore government after opening up

of economy did not open the sectors which are still in nascent stages and needs some time to

become competitive to the foreign players. Apart from this government brings new schemes to

help person in personal and professional avenues. Govt. of India’s policy mantra of "maximum

governance, minimum government", means government has no business to be in business and it

is needed to "focus government on the things that are required of the state' and secondly "achieve

competence in government so that the state delivers on the things it sets out to do". The

government must nurture an ecosystem where the economy is primed for growth; and growth

promotes all-round development. India's growth momentum was thus attributed to some extent

to the global economic boom and the liquidity surge. According to some estimates, at least one

or two percentage points in India's overall growth were certainly due to the buoyant global

economic factors.

With the economic liberalization (LPG) initiated in the 1990s, the Indian government has

tentatively begun to vacate some of the commanding heights of the economy, where state

responsibility for the provision of services was synonymous with state ownership. The new

approach makes space for public private partnerships in provision of infrastructure and services

combined with extensive state regulation for safeguarding user interests.

Study significance

To achieve the goal of $20 trillion economy is a toughest task with a long duration

period, the market perspective i.e. national and international for the domestic products

and services shall play a dominant role to achieve this goal. Amitabh Kant, Secretary,

Department of Industrial Promotion and Policy, opines - While India needs a 2nd Green

Revolution in agriculture, it needs to drive its manufacturing and urbanize faster to attain

9-10 per cent growth for two decades or more to lift a vast section of population out of

poverty.


The true challenge for India is too really to grow at 9-10 per cent per annum year after

year for two decades of more to lift a vast section of population out of poverty. India has

grown at those rates but grown relatively for a short period. Therefore, to have a

sustained high growth for three decades, is a challenge. And these challenges will happen

at a point when 700 million people in the 3-4 decades will move from rural to urban

areas. The dominant feature of our growth will be new urbanization. And this will happen

at a point time when India will be passing through a window of demographic transition,

which rarely happens in history. India’s population, which is 70 per cent below the age of

32 years, will keep getting younger and younger till 2040. The aging population in the

West and India’s population getting younger is one of the most politically; economically

and socially salient feature of our present time and this leads to demographic transition

and actually leads to a social transformation.

In global rankings, too, there will be relatively small shifts — India will have become

bigger than Russia and Brazil (two of the BRIC economies), and should also overtake

Canada and Spain. It will therefore become the eighth largest economy in the world, as

against the twelfth largest today. And per capita income will have doubled to become a

little better than where Sri Lanka’s is today!

The objectives of the Study are to:

• Examine the market economy of major countries like US, China and Japan;

• Analyze the trends of such economies and reasons thereof;

• Analyze the strengths and weaknesses of the Indian economy to achieve goal; and

• Appraise the India’s efforts to achieve the goal

• Research Question

• How the marketing perspective will assist India’s economy to reach from $2 trillions to

$20 trillions economy..?

• For the $20 trillion dream to be realized, it is important, therefore, to understand the pace

of growth that would be needed and for how long that pace has to be sustained. A simple


arithmetical calculation shows that India's GDP could grow to $20 trillion if the average

annual economic growth for the next 25 years is maintained at 9.65 per cent. To achieve

$20 trillion economy in India and strategic marketing to attract world countries {FDIs} to

invest in India as well maintain India’s economy in constant growth.

• Methodology

• The Study looked into the broad trends last 10 to 20 years Major economies like China,

US, Japan to compare with India’s economy which provides some suggestions

particularly with reference to economy market perspective.

Present scenario

India is an emerging economy which has witnessed unprecedented levels of economic

expansion, alongside China, Russia, Mexico and Brazil. India is a cost effective and labor

intensive economy, and has benefited immensely from outsourcing of work from

developed countries, and has a strong manufacturing and export oriented industrial

framework.

According to International Monetary Fund’s (IMF) recent publication of Regional

Economic Outlook (REO) of Asia and Pacific, the outlook for the region remains

favorable and is projected to remain the global growth leader over the medium term.

India’s growth outlook

Indian economy has made a remarkable turnaround in response to higher political certainty,

improved business confidence and lower commodity prices; real GDP growth (on a 2011/12

National Accounts basis) is projected to rise to 7.2% in 2014-15, accelerating to 7.5% in 2015-

16. Domestic and external vulnerabilities have moderated, the fiscal position has begun to

improve, and a resumption of capital inflows has allowed a significant rise in foreign reserves.

This confluence of achievements has made India one of the bright spots in the global economy.

India’s Economic Outlook Projection


2007 2008 2009 2010GDP Growth 9.40% 7.30% 5.40% 7.20%

One overriding fact will define the coming decade for India: the high probability that it will continue to achieve economic growth at an annual rate of 9 per cent, give or take a percentage point. That will compare with an average of about 7.5 per cent for the first decade of the new century, and about 6 per cent in the last decade of the 20th. In grand, macro-economic terms, that does not sound like a seminal shift, for GDP will go up from Rs 60 lakh crore today (about $1.3 trillion) to 2.2 times that figure a decade from now. India’s GDP in 2020, at just under $3 trillion at today’s prices and exchange rates, would be less than two-thirds of what China has already achieved in 2009: $4.6 trillion.

Key to India is that the share of manufacturing must grow to make the India growth story a

success. Now, services account for about 55 per cent of GDP while manufacturing share is just

16 per cent. While manufacturing accounts for 16 per cent of GDP, it accounts for just 12 per

cent of employment. Unless the share of manufacturing grows to 25 per cent of GDP and create

100 million jobs, it will be very difficult for India to grow and create massive employment. No

country in the world has grown on the back of agriculture. Services have its own limitations.

And, therefore, only manufacturing has to take the lead. If you look at world history, whether it

is Japan or Korea or Singapore or even China, all have grown on the back of manufacturing.

While India needs a 2nd Green Revolution in agriculture, it needs to drive its manufacturing.

The Green Revolution refers to a series of research, and development, and technology transfer

initiatives, occurring between the 1940s and the late 1960s, that increased agricultural production

worldwide, particularly in the developing world, beginning most markedly in the late 1960s.

The India’s economy has changed in other ways as well. The population and the labour force

have shifted dramatically from villages to cities, from fields to factories, and, above all, from

manufacture to service industries. In today's economy, the providers of personal and public

services far outnumber producers of agricultural and manufactured goods. Where development

is employment-generating; and employment is enabled by skills. Where skills are synced with

production; and production is benchmarked to quality. Where quality meets global standards;


and meeting global standards drives prosperity. Most importantly, this prosperity is for the

welfare of all. That is the concept of economic good governance and all round development.

But Make in India cannot happen without Digital India because India has been a reluctant

manufacturer and a reluctant urbaniser. If India needs to achieve a quantum jump, the broadband,

the spectrum behind it, the country needs to use technology to leapfrog. What Digital India aims

to do is to provide the technology, the broadband and the spectrum behind it. But manufacturing

and technology alone cannot help you—you can grow faster but that will be jobless growth.

What Skill India does is to create skills for a vast segment of population so that as India

manufactures, as India urbanises, as Indians moves from rural to urban areas—as it happens in

economic development—you keep creating jobs. This is what happens when economy expands.

Marketing perspective

Marketing is communicating the value of a product, service or brand to customers, for the

purpose of promoting or selling that product, service, or brand. Marketing techniques include

choosing target markets through market analysis and market segmentation, as well as

understanding consumer behavior and advertising a product's value to the customer. From a

societal point of view, marketing is the link between a society's material requirements and

its economic patterns of response. Marketing satisfies these needs and wants through exchange

processes and building long-term relationships. Marketing blends art and applied science (such

as behavioural sciences) and makes use of information technology. Marketing is applied in

enterprise and organizations through marketing management.

Marketing as a functional discipline of business may be understood as a dynamic process of

society through which business enterprise is integrated productively with society’s purposes and

human values. It is in marketing, as we now understand it, that we satisfy individual and social

values, needs and wants – be it through production of goods, supplying of services, fostering

innovation, or creating satisfaction. Marketing, as we have come to understand it, has its focus

on the customer, that is, on the individual making decisions within a social structure and within a

personal and social value system. Marketing is therefore, the process through which economy is

integrated into society to serve human needs.


One of the great successes of recent years in advanced economies has been the development of

thriving markets in mortgages and consumer credit. All are seeing the downside of poor risk

assessment and over-lending at the moment, but one should not forget the benefits that come

from increased access to credit.

A marketing system consists of two major factors viz: external environmental constraints, and

controllable forces within the company. The external environmental constraints, among others

include the following: competition; social and ethical forces; political and legal forces, smart

cities etc. Others are market demand, technology, and distribution structure. The controllable

forces within the company on the other hand consist of two sets of internal, controllable forces:

the company’s resources in non-marketing areas and the components of the marketing mix.

Whereas the company’s resources in non-marketing areas are made up of the firm’s public

image, location, production, personnel, finance, research and development patents; the

components of the firm’s marketing mix are: the product, the price structure, the promotional

activities and some features of the distribution system. A firm manipulates its controllable forces

both in non marketing and marketing areas, while responding to its environments –

uncontrollable forces. The goal of the system is to reach preselected market targets and to satisfy

the consumer’s needs in a manner profitable to the company as well to the country’s economy.

The main discussion in this topic is that how well-developed markets (capital) generate many

economic benefits, including higher productivity growth, greater employment opportunities, and

improved macroeconomic stability. To focus on these significant benefits, the three issues are:

(1) the importance of markets in facilitating superior economic performance, (2) the markets do

foster job creation, and (3) the necessary preconditions for the development of well-functioning

markets. The analysis focuses on two particular sets of comparisons. First, within the United

States, how has macroeconomic performance improved over time as the capital markets have

become more dominant? Second, across countries, can one explain the superior macroeconomic

performance evident in recent years in countries that have well-developed capital markets such

as the UK and the US relative to countries such as Germany and Japan, in which the capital

markets are much less developed? The impact of capital market development on the economic


performance of the United States because the capital markets are most well-developed in this

country.

Present need of smart cities

If one look at the history of the world, in 1975, China and India were at the same level of

growth. China was also a reluctant manufacturer and a reluctant urbanizer. But in 1975,

the Chinese Communist Party decided they will manufacture for the rest of the world and

they will urbanise. So, they started creating new manufacturing cities. When they started

creating manufacturing cities, people moved from rural areas to urban areas. People

moved, young workers moved, wives and children moved to new manufacturing cities.

Since 1975, China has created 400 new cities—its mind-boggling. China grew at an

average 10 per cent per annum. If you grow at 10 per cent, you double your income in 7

years. Therefore, between 1975 and 2010, China’s income grew 16 folds. It lifted almost

800 million people above the poverty line. Therefore, India has no other option but to

grow at 10 per cent per annum and that’s feasible.

For India’s GDP to grow at that level, manufacturing must grow at 14-15 per cent and,

therefore, Make in India is a very critical programme for the government. Make in India has

identified sectors, it is working in partnership with the private sector, we are working in

partnership with different ministries across the government and its ambition is that

manufacturing must drive India’s growth. And, therefore, to my mind we need unleashing

of creative energy in India. India must become a nation of job creators rather than being

job seekers.

India must create young entrepreneurs. And, we need to unleash the energy of India in

terms of entrepreneurship. India should not be a nation of manufacturers but should also

become a nation of design and innovation. And, actually the innovative spirit of India

must push the growth to a high trajectory.

Zero-Defect, Zero-Effect

No one can’t be a manufacturer without being competitive. This is globalized economy

and we are in a globalized market. Every country has to penetrate the global market and

be a part of global supply chain. So, India can’t manufacture without being competitive.


http://inclusion.skoch.in/tag/zerodefect

Being a reluctant manufacturer and a reluctant urbanize, India can use technology to

leapfrog, it can skip some processes of growth.

International outlook

According to the REO for Asia and the Pacific, growth in Asia and the Pacific will continue to

outperform the rest of the world, and is expected to remain steady at 5.6% in 2015, slowing

slightly to 5.5% in 2016. Growth will be driven by domestic demand, underpinned by healthy

labor markets, low interest rates, and the recent fall in oil prices. The global recovery, while

moderate and uneven, will continue to support Asia ’s exports.

Growth in China is projected to reduce to 6.8% in 2015 and to 6.3% in 2016 as the

correction in the residential and related sectors continues to push the investments down.

The Japanese economy is expected to recover modestly under current policies. Growth is

expected to increase up to about 1% in 2015 and 1.2% in 2016, marginally faster than

potential, underpinned by recovery of private consumption and strengthening exports.

Within the Association of Southeast Asian Nations (ASEAN), while Malaysia is expected

to slow, the Philippines should witness an increase in growth. Overall, lower commodity

prices are a net positive for Asia, although several commodity exporters (Australia ,

Indonesia , Malaysia , and New Zealand ) will be adversely impacted.

China’s economy: A remarkable transformation

China’s emergence as a leading world economy is not a complete surprise. Economists like

Angus Maddison had predicted its resurgence some time ago. The most remarkable aspect of this

transformation has been the role of the private sector in achieving such a high rate of growth.

Nonetheless, as can be expected following such a substantial re-orientation of what was once a

state dominated economy, there are challenges ahead.

The pace of economic change in China has been extremely rapid since the start of economic

reforms just over 25 years ago. According to official statistics, economic growth has averaged

9.5% over the past two decades and seems likely to continue at that pace for some time. National

income has been doubling every eight years. Such an increase in output represents one of the

most sustained and rapid economic transformations seen in the world economy in the past 50


years. Increased public spending has helped lessen some of the inequalities in economic

development. Programmes are now in place to reduce taxation and illegal fees in rural areas, so

boosting incomes. But these policies need to be complemented by a reform of fiscal transfers to

reduce the gaps between expenditure requirements and local revenues in the poorer parts of the

country. Such initiatives could be usefully complemented by efforts to create a national, or at

least provincial, labour market. At the moment, it is difficult for workers and their families to

move permanently to a different area and if they succeed their right to rent their farm may be

forfeited without compensation. Even for a temporary move, many permits are required and

often local publicly-provided services are either not available to migrants or only available on

unfavourable terms.

US Economy

The United States is said to have a mixed economy because privately owned businesses and

government both play important roles. Indeed, some of the most enduring debates of American

economic history focus on the relative roles of the public and private sectors.

Private vs. Public Ownership

The American free enterprise system emphasizes private ownership. Private businesses produce

most goods and services, and almost two-thirds of the nation's total economic output goes to

individuals for personal use (the remaining one-third is bought by government and business).

The consumer role is so great, in fact, that the nation is sometimes characterized as having a

"consumer economy."

This emphasis on private ownership arises, in part, from American beliefs about personal

freedom. From the time the nation was created, Americans have feared excessive government

power, and they have sought to limit government's authority over individuals -- including its role

in the economic realm. In addition, Americans generally believe that an economy characterized

by private ownership is likely to operate more efficiently than one with substantial government

ownership. When economic forces are unfettered, Americans believe, supply and demand


determine the prices of goods and services. Prices, in turn, tell businesses what to produce; if

people want more of a particular good than the economy is producing, the price of the good rises.

That catches the attention of new or other companies that, sensing an opportunity to earn profits,

start producing more of that good.

On the other hand, if people want less of the good, prices fall and less competitive producers

either go out of business or start producing different goods. Such a system is called a market

economy. A socialist economy, in contrast, is characterized by more government ownership and

central planning. Most Americans are convinced that socialist economies are inherently less

efficient because government, which relies on tax revenues, is far less likely than private

businesses to heed price signals or to feel the discipline imposed by market forces.

Limits to Free Enterprise

There are limits to free enterprise, however. Americans have always believed that some services

are better performed by public rather than private enterprise. For instance, in the United States,

government is primarily responsible for the administration of justice, education (although there

are many private schools and training centers), the road system, social statistical reporting, and

national defense. In addition, government often is asked to intervene in the economy to correct

situations in which the price system does not work. It regulates "natural monopolies," for example,

and it uses antitrust laws to control or break up other business combinations that become so

powerful that they can surmount market forces. Government also addresses issues beyond the

reach of market forces. It provides welfare and unemployment benefits to people who cannot

support themselves, either because they encounter problems in their personal lives or lose their

jobs as a result of economic upheaval; it pays much of the cost of medical care for the aged and

those who live in poverty; it regulates private industry to limit air and water pollution; it provides

low-cost loans to people who suffer losses as a result of natural disasters; and it has played the

leading role in the exploration of space, which is too expensive for any private enterprise to

handle.


In this mixed economy, individuals can help guide the economy not only through the choices they

make as consumers but through the votes they cast for officials who shape economic policy. In

recent years, consumers have voiced concerns about product safety, environmental threats posed

by certain industrial practices, and potential health risks citizens may face; government has

responded by creating agencies to protect consumer interests and promote the general public

welfare.

The U.S. economy has changed in other ways as well. The population and the labor force have

shifted dramatically away from farms to cities, from fields to factories, and, above all, to service

industries. In today's economy, the providers of personal and public services far outnumber

producers of agricultural and manufactured goods. As the economy has grown more complex,

statistics also reveal over the last century a sharp long-term trend away from self-employment

toward working for others.

Suggestions

Quick and easy reforms will not be enough for creating a fast-growing economy. That is our

challenge and that is what we aim to do, it will take hard work, sustained commitment and strong

administrative action. The government is allowed to be a part of the market economy, and its

institutions and organizations fall under the public sector of the market economy.Although India’s near-term outlook has improved, however, its medium-term prospects remain

constrained by longstanding structural weaknesses. The report has enumerated the following policy

recommendations:

Measures are needed in the energy, mining, and power sectors.

Reforms to streamline and expedite land and environmental clearances, increase labor

market flexibility, and simplify business procedures should continue to improve

India’s business climate, which is crucial for sustaining faster and more inclusive

growth.

Durably meeting the inflation target calls for maintaining a tight monetary policy

stance together with supporting structural reforms.


Fiscal consolidation should continue. A strengthened Fiscal Responsibility and Budget

Management Act is needed to underpin the government’s medium term consolidation

path.

Enhancing financial sector supervision and monitoring is warranted given the rise in

corporate and financial sector strains.

Convergence of Make in India, Digital India, Skill India

In the last decade, everything that had to be manufactured in India and exported, were being

imported from various parts of the world. That’s why our import bill has grown substantially.

Therefore, the new initiatives of the government whether it is Make in India or Digital India or Skill

India, should all converge so that India can grow at 9-10 per cent per annum and create jobs.

The Make in India looks at 25 sectors—it looks at core competencies of India across the sector

and how India can penetrate global markets.

Conclusion

The global economy, a country's inherent potential, the domestic policy environment and its

relative strengths and weaknesses are important elements in growth calculation. The Indian

economy has grown at a rate higher than nine per cent only in about a few years in the past. And

it is well-nigh impossible for any country to manage a sustained nine per cent plus growth rate

consistently for 25 long years. While it may, therefore, be logical to assume that India could

theoretically grow its GDP to over $20 trillion, but it must also be acknowledged that achieving

that goal would take much longer than 25 years. The bigger the economy gets, the feasible

growth rate targets will have to necessarily come down. That is what happened to all economies

when they exceeded a certain size. Look at what happened to the US and Japan and what is

happening to China now. India will be no exception. Recognition of such growth limitations is

as important as dreaming big or planning for achieving an annual 10 per cent growth rate target.


Indeed, it is important for leaders of the government to understand that growth does not happen

in isolation.

The Prime Minister’s emphasis on “zero-defect, zero-effect” is about how we create

sustainable manufacturing. There are examples across the world—a city called

Kitakyushu recycles everything, Yokohama reduced waste by almost 40 per cent bringing

in a savings of $3.1 billion and in Singapore they recycle almost 50 per cent of water.

These are examples which India must adopt while it moves forward in its process of

urbanization in the years to come. There is lot of energy, lot of vibrancy, lot of

enthusiasm and India must capitalize on this enthusiasm of young people, India must use

this energy to leapfrog, India must use this energy to emerge as a front-rank winner in the

world. The whole world is looking at us.

The message is a clear one: markets (financial or capital) are becoming ever more

important for economic development. Their quality is a critical determinant of countries'

economic stability and of their success in a world of financial globalization.

Governments, central banks, regulators, and the private sector have a role to play in

promoting strong, resilient, and innovative markets.

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