Abhijit Iyer-Mitra India supplanting China as a manufacturing hub and what needs to be done
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- Опубліковано 6 лип 2020
- Abhijit Iyer-Mitra outlines the challenges for India to meet its own requirements and not depend on China and how years of red tape and people working at cross purposes has practically brought its manufacturing down to its knees. Where should things be reset, how to restart India to be the manufacturing powerhouse are discussed in-depth. Don't miss watching this till the end!
#AbhijitIyerMitra #MakeInIndia
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![Abhijit Iyer Mitra explains [ancient] history of Israel - Palestine conflict](/img/n.gif)
Sri, As a new entrepreneur, I am telling, it is still very difficult to start a business and more difficult to run it. lot of illogical and unnecessary regulations.
100%
The risk of getting arrested under section 132
Lack of skill is not the main issue
The main issue is too many regulations which consume time energy and loss of opportunity
Its been a year coming from Silicon valley.. wasting my time i think now.
@@monkeymi4912 it is government prerogative to keep people poor and dependent, every election is a testimony to that.
After college I started a food business and was continuously harassed by police about closing time i finally had to close my business had huge loss and started doing a job to pay the bank loan
The passion for business in me died with tht
Closing time? How?
@@biebersucks27 we have to close by 11pm cops used to file cases on us if we are open till thn
@@Candate ye sale police wala vadwa hote hai,
Huk ek FIR karaya the online mera phone kho gaya tha , 1 din bad koi call kiya mera number se aur phone mil gaya.
Lekin Police station se call kr k humko bulaya air bolta hai agar mobile mil gaya tho FIR wapas kyu nahi nhi aur humko 3 hr ruka k rakha aur ₹500 le liya.
Va bhai.... It's same in Pakistan. You clearly lacked right political connections.
South Asia isn't going anywhere under this colonial era babus
@@Candate Bad shit.
We as mango people can identify with Abhijit s anger. Because we are seeing it from donkeys years.
Make swamy finance minister. We will grow at 10%
@@HamShafar Yes many many achievements when Mr.Swamy was minister. Please google the 1990's when he was minister. No wonder even BJP dont want him in as minister as he is a good thinker and ideas for development.
We all expecting one man has the key to solve everything actually it's very wrong ,not one man ,only a movement has the ability to do it
@@adrrpa168 Dr. Swamy is really smart not going to lie, but his policies and views are very aggressive (which is very fair, no problems there). Piyush Goyal is a far better and balanced choice.
We have to fight for socialism mukt bharat
Abhijt mitra iyer is speaking as bluntly and truly. He is a delight to watch.
Prof Swamy also speaks about similar kind of issues bureaucracy and inspection raj and gray govt rules instead of black and white rules causing huge damage to Indian entrepreneurs.
Make swamy finance minister
These guys who are n bureaucracy are the same coming out the same pathetic education system. Those whose who can cram maximum knowledge can be administrative officer. What a joke
"Software coolies" best comment ever!
I like how he so Indian at heart and so American in his way of communicating...we need to face the hard reality
Same, I like the way how he thinks about society and politics this deep
@john doe
Americans are very entrepreneurial...Abhjit is also entrepreneurial...I am an Indian ( Gujarati) from an entrepreneurial family living in England for many yrs. I do ( and so did my late father ) think exactly the way Abhijit is thinking & analysing issues discussed in this video ....
I've met British & European entrepreneurs here who also think on the same lines as Abhijit. So, your accusation that Abhijit is too American or that he is an American agent , is not only wide off the mark but also laughable....
What India needs is a PM with a listening ear & burning desire to make India a foremost entrepreneurial nation in the world. Unfortunately, for the last three yrs or more, Modiji & his ministers have distracted themselves into fighting political battles of Secularism vs. Religion based nationalism ( Hindutva) and citizenship issues relating to Indian muslims etc etc
.
These issues will not create jobs or start ups or attract factories moving out of China to India . Unless BJP govt changes its priorities from fighting highly polarised ideological battles with the left wing secularists and begins to focus on issues & questions raised above by Abhijit & others such as Dr Subramanian Swamy,
India has no hope of becoming an economic superpower.
What Abhijit said about Bangladesh & its extraordinary success in textile exports, thereby beating India at it's own game, is absolutely true.
Recently, my brother brought back for me from India two pairs of high quality cotton trousers. He had purchased these from Marks & Spencer's Mumbai branch ( this is a UK co.) . Automatically, I assumed that these trousers must have been made in India.
....horror of horrors...to my utter disappointment, the labels showed these trousers were made in BANGLADESH !.....
So, here is our Bharat desh, with all it's long history of textile garment manufacturing with its huge internal market ( economies of scale) can't even supply locally made cotton trousers to the Mumbai branch of M & S
Instead, M & S Mumbai ( & its other retail branches in India ) have to import these garments from Bangladesh......
What does this say abt Indian textile garment industry?...........
I don't have the answer...
but, this is just one issue which, if BJP govt is AWAKE, must investigate & ask Indian garment- making companies as to why they can't supply competitively priced garments to M & S Mumbai ( & its other branches ).
By the way, Bangladesh exports some $30 billion worth of textile garments representing abt 80% of its global exports ( US, UK, EU etc).
To rub salt to the wound, Bangladesh entered this global market about 10 or 12 yrs ago. Vietnam is another country which has shown clean pair of heels to Indian garment makers by capturing a good chunk of Western garments markets.
If BJP govt's eyes were focused on making India a global manufacturing hub
( Modiji's slogan of Make In India comes to my mind), this failure in dominating garment export market should have been investigated & corrective measures implemented long ago ( in consultation with this industry bosses & other govt departments).
After all, Bangladesh's $30 billion garment exports is NOT a small sum of money...add Vietnam's & Indonesia, Morocco' exports in this sector....even if India can capture 50 % share of Bangla's ie $15 billion, that would create many thousands of jobs in India's garments sector.
If necessary, BJP govt should promptly appoint an overseas Consultancy co. specialising in global manufacturing ( sourcing) & marketing of products of this sector and ask them for an in depth report on reasons for India's failure in this sector & what measures & policy changes both the Indian govt & the local garment
makers must adopt to compete against the above named nations' exports.
In the final analysis, the likes of Abhijit & Dr Subramanian Swamy can go on talking & giving expert advice when they are interviewed by the Indian media till the cows come home....But, if the Indian govt ( especially Modiji ) has no burning desire & the will to lead from the front to implement policies to make India a global manufacturing hub, Modiji's latter" ambition "
will be classed as nothing more than " hot air " destined to be released eventually skyward to merge with the polluted air of New Delhi.
It would a tragedy if BJP govt misses this once in a lifetime opportunity to replace China's total dominance in export markets.
Rajnikant Chande
11/7/2020
Indians need to get more discipline. Otherwise Indians will be overrun by the Chinese.
@@rajnikantchande2677 totally agree. What india needs at a minimum is 15-20 free trade zones with limited regulation and gov interference, and allow large scale FDI to those zones... very quickly this can be a solid counter balance to China in Global manufacturing and industry...
However I think the indian elites and gov still has a very feudal mindset and does not really want an entrepreneurial citizen and nation...
@@ricksantos1580 No, not free trade zones. India itself should become a free trade zone. The idea of free trade zones is basically virtue signalling / throwing a bone to some investors while still implicitly saying, "I want to keep as much control as possible, but that will require keeping the people's tempers at bay, so here's some feigned development."
I agree with Abhijeet - we are just IT coolies, we don’t have track record of innovation, we just keep doing contract work.
While Abhijit is a pessimist , he makes valid points . India penalizes success. I am not sure I agree with other points of him. Indian government needs to back away and focus on laws
He isn't a pessimist. He is critical and rightly so. Even I feel the Govt is not doing what is required to do.
It looked India is more communist than China,make sure every citizen is dirt poor !
@@kwokmanlam6836 wumao warboy
Business Perspective- I have 50 lakh. I can earn 80 lakh. But, I have to pay 70 lakh instead of 50 because of many factors (corruption), inefficiency. Will I invest 70 to earn 80. No
Especially if there is risk. You are right
What about taxes?
Also the mismatch of taxes for private buisiness and corporate (33% vs 25%).
The income tax is also 30% plus 12 percent cess above 30lakh i guess taking taxes to 42 %
@@lolvivo8783 taxes will be on the earnings left to the company. If I am left with very low margin as profit. I will risk the capital. Will fix the capital at 5% with some bank. Or take the money out to invest in better Jurisdictions
@@lolvivo8783 after 42% corruption and waste of time also !!
The comment on Gujarat was spot on. Living in Gujarat as a Bihari, I have seen the stark difference between choices in life Gujaratis make vs choices in life which Biharis make.
like what?
Abhijit reminds me of my younger days when I came to Delhi in my 20th year. I was having the same premonition about India which came out true after all these decades. We are indeed a pathetic nation of inept people living with delusions of grandeur. I saw out my life seeing no improvement for the country but empty hope and grand patriotism. I fully understand where Abhijit comes from and feels sad that he would be dead right when he reaches my age. In fact he is more right at his age in equivalent time I ever was!
Totally agreed with you.
Why keep comparing to China?
Don't like the idea.
China is doing its own things and keep up with improvement.
I applied for Electricity connection for a new business in Hyderabad & it took 4 months to get it.
I waited for a month then realized that Babus did not have time to forward my file I had to get them stationery & move file from one office to another..
After the installation ground staff came asking for Chai Paani.
Indonesia has already signed two deals in the past month....with one American pharma company and other with a solar light making company.
Make dr swamy finance minister.
A request to SRI Iyer is to get a businessman to discuss about policies in India a person who has to face the government everyday and not these intellectuals who have second hand knowledge.
Exactly
Calling businessmen to know about the problems is ok, however Abhijeet is also eminent - he has perceived the pressing problems in India and he voices them well.
he is right mitra being a startup owner he ia right with his most of the points
For PGurus, Abhijit is the all knowing -
*Get ready to be more disappointed. The actual ground report much more gloomy.*
Change the attitude of bureaucracy by enforcing accountability and removing job security for them and including stringent exemplary punishment for the crooks.
A bureaucrat is as corrupt as the politician backing him. Learn about the structure of bureaucracy, it is the political bosses who are responsible for fixing bureaucratic accountability. Have you seen our politicians lately? They are all filthy corrupt animals.
I say clean the electoral funding, all the other visible ailments have their root in dirty political money.
No, just make swamy finance minister
There has to be a better way to select government officials than a set of outdated exams. A lot of people taking these exams tell themselves "let me work hard and crack the exam, after that I can enjoy life on the taxpayer'z dime."
Such a thing has to be discouraged. Bureaucrats guilty of this need to be blacklisted and barred from all government jobs.
🔴 Completely agree with hard hitting analysis/ observation of Abhijit.
🔴 It's no secret that Indians IT folks like in Infosys are, as rightly put, software coolies,
🔴 Indian don't produce software apps that, forget about being world class, not even Indian class.
Even apps like Flipkart and things like tht on paper are Singapore and stuff
Even I too agree, I work in software, we don't have human capital to develop top class software.
Always love Abhijit Bhai for calling a spade a spade .. 👍😊
Lovely Iyer Mitra...get this man onto this platform often..this guy is the most unbiased intellectual guy that so called RW ever produced
Beatiful analysis by Abijit ! This is exactly what I had been telling all this while. The vast majority of the Indians are living in a fantasy world of entertainment ! Indians have work hard to aquire skills and knowledge. They cannot and should not depened on divine intervention to solve their problem.
India(ns) created many business applications and sold it to foreigners for a substantial price to start a new venture. So, many are code collies but since late 90s many had taken up Ventures to Build-Operate-Stabilize-Sell model. Quick money.
They never thought long term to have presence in the global market and expand the foot-print. This is the bane.
Flipkart Should Have Been An Alternative To Amazon On Global Scale But Walmart Bought It So That American Supremacy In Retail Won't Be Challenged!
Walmart Already Had Their Presence In India! So It Would Be Naive To Say That Walmart Bought Flipkart To Counter Amazon In India!
glad to hear once more after a lapse of two decades.
The first time I heard this was back in 2000 - IT in india - "white collar Coolies"
Abhijit is wrong about Bose....he is half American and was a MIT dean...where did he try to set up shop in Calcutta?!!
That somehow makes things worse. They moved to US earlier. :P
Bose did not set up shop. His ideas were not considered by govt. So he went to USA. That's what Abhijit said
Nothing in India is properly recorded. We only have different perspectives, even history. Can you beat that!
Bose was in Delhi for his Fulbright scholarship program where he met his future wife
@@varun1036 Bose was already in US, when he got the idea of creating a new kind of speaker.
Super like. This is one of the most stimulating discussions I have heard in a long time.
Very interesting n healthy discussions. I agree w/ mr. Mitra that large young population is not exactly an assets if d country can not provide adequate employments. Very difficult for 🇮🇳 to be d second 🇨🇳, because it’s a democracy n secondly d west have learned their lesson n have no interest in seeing another huge Asian power rise that they can not control or dictates too.
One of the best Channels to go through....
India is an Islamic State, Here ae the facts:
More than 5 lacs Mosques
Official Secular Nation has a Minority Ministry
Muslim Personal law
Salary to Imamams, Subcidise Hajj yatra
Hindus are minority in 8 States, still they are offically Majourity
Shadhus and RSS worker can be killed for no reason
Accused of spreading corona is free till date while Questioning Shadu's killing get intrograted more than 12 hours for twice.
@@JaiRudraNath Northeast, Jammu Kashmir
@@JaiRudraNath J&k , Mizoram, Nagaland, Kerala , Meghalaya , Arunachal Pradesh , Ladakh and Lakshadweep .
@@JaiRudraNath including three UTs And next will be Andhra Pradesh think so ...
@@JaiRudraNath lakshadeep is a UT with 90% muslims, Kashmir, wb, Hyderabad city, most of Assam, Bihar, uttarpradesh and new in list Mewat from haryana
Well said bro
I felt Abhijit is bringing up long lasting (he believes everlasting) frustration. Take example of PPE manufacturing, from big importer to large exporter in no time.. this proves it can be done..
Mr. Abhijit Iyer--We have reservation on education, employment, promotion, starting industry, getting loan and for anything. How can we develop with intelligence and entrepreneurship?
By increasing the reservation to 100% to BC and OBC
Sree instead ask him about the solutions if he has any. These broader roadblocks we all know and have been writing in essays since kindergarten
He said that we need to be spending 500 billion USD on education but are spending only 16 billion USD. If that isn't suggesting a long-term solution, I don't know what other magic solution you are expecting. Show me one country that is advanced that does not spend what is needed on its schools. Show me one country that does not spend what is needed on schools and yet is advanced. All of us have been writing about roadblocks since schools. Hence that has become passé, and we need to search for something new even though it _the_ elephant in the room. Sorry, I am not getting what magical solution you are expecting that will fix everything despite the abysmal education and govt roadblocks.
Somebody else suggested that a businessman be called to share his experience because Abhijit is not one and hence doesn't know what our main problems are. A friend of a friend of a friend tried to get a food product into the airport food shops segment. The procedure that was thrown at him made him give up on his idea because he knew that no way he could meet those requirements; giving a bribe would have solved the problem, but he didn't want to go through that route.
Why don't you suggest some solutions? You can't suggest school reforms (since Abhijit has already suggested that); the roadblocks can't be touched either because "we all know about them". Even first-cut attempts are fine and we can evaluate them dispassionately.
BTW, Abhijit _is_ wrong about autorickshaw price: it is about 2L (e.g., Baja Compact 4S), _not_ 5L as he was saying.
@@vvanamali6286 I cant because there arent any straight jacket solutions currently. But all I am saying is that WE ALL KNOW THESE PROBLEMS. no point reiterating them. Your tone suggests a cult following of abhijeet and even i adore his acumen on certain matters but before this monolith u have written kindly read my other comment also. You talking about education expenditure , Ofcourse all reforms begin at the classrooms only but spending more may not be the one- each year 160 lac students take the class 12th exam, around 80 lac pass and out of these only 50 lac enroll further and rest 30 lac disappear may be serving u tea at stations. So now what this shows that even the existing infrastructure is not utilised properly because of dwindling farm incomes, rural degrowth
@@vvanamali6286 Blurting out random numbers of 500 billion and what not.. Open your eyes please. We cant afford a bigger fiscal deficit than what we have right now - 11%. YOU CANT BORROW YOUR WAY OUT OF STRUCTURAL ISSUES
@@vvanamali6286 There are 63 million enterprises in India only 12 million registered with GST , only 1 million pay social security and only 19k enterprises have a paid up capital > 10 crore. US is 8 times our economy but has only 22 million enterprises. WE DONT NEED MORE SPENDING HERE Mr. VANMALI what we need is reforms. Nothing else. And what we need from people like Abhijeet is not necessarily bashing the current dispensation left right and centre, but A WAY OUT some semblence of what other economies at similar junctures would have done in the past since he is better equipped to think on those terms
That's it. Abhijit is more focused on repeatedly projecting his partially "off-context" advise as the "only" truth, which can't be so.
He is well studied, a good analyst. But, he mostly ridicules individuals without reason. One can be blunt in articulation, may be, but frequent ridicule, taking uncalled potshots and disregard for others does not place him in any reckoning.
He can stand his ground, firm, even without notoriety.
Mannerism still remains an essential characteristic of a knowledgeable person.
Good analyst, certainly overrated by PGurus and may be few more.
So well said, probably a final wake up call for Modi and Team. Wake up guys.
That's- sad but when elyments, arogya setu aap, coronil gets launched indians themselves a mocking it, yog,ayurved, dhanuved in upnishads when becomes 'yoga' 'ayurveda' , tzu, cognitive intelligence etc, while you go to china they still revere their ancient sciences
For 70 years Due to muslims appeasement politicians don't take pride in ancient Indian knowledge
Both interviewer and Interviewed amazing! I love the Tamils!
Being delusional is very comforting. Facing reality is very difficult. It's just too painful to face. Luv it.
Super power India.
Bot. Wait till 2030
Abhijit is spot on! India lacks innovators...They have to get out of Jugaad mindset and start building something with substance and very well thought out.
The 80's Dooradarshan type opening music is love .. 👍😊
There should some discussions focused on "what I can do in daily life"
some apps like byjus,ola and zomato are shining but still more is needed
There too China holds a significant share.
@@animeshbiswas4247 same with PayTm and PUBG
They all are copied where is originality.
@@NativeVsColonial PUBG is from Korea
The stats from Abhijit is eyes opening, myself very optimistic for those 50 companies will be surely moving to India, not all but was expecting few of them will move to India and our economy will start accelerating after covid end up. And he said so true about Tejas and AMCA.
Abhijit Mitra view is very realistic. He is to the point always. We need more like minded people like him.we are wasting time with out realising which direction we are heading.
Keep having these discussions!
In principle, abhijit ha hit the nail on the head. However, we need to remember two issues :
1. Labour law issues are more about difficulties in getting productivity, not salaries or EPF contributions. Relaxation of irrelevant part of labour laws will not improve productivity. The flexibility to adjust labour foce to changes in market and technology is more important.
2. States have a larger part , than the Central government,to play in making it easier to set up industries and encouraging the industrial growth. Today, industries are viewed as the problem,and not the solution, by most state governments
Flipkart used to be popular Indian ecom app before Bansals sold it for $16 Billion. May be we have a psyche to make quick bucks than holding on to and turning into a brand. In 1990s NRIs sabir bhatia sold hotmail. Also we are not aware to what corporate games olayed behind.
Fun fact, flipkart was headquartered in Singapore because of course, who would like to pay 40% tax to our socialist government.
@@indidaily1773 But that is not the reason for selling flipkart
Shree sir I admire your positive attitude and also your rationality.. we all understand that india is a bloody complex social ecosystsm..
Please continue on this discussion. Thanks
JAYSHREERAM, ABHIJEET I APPRECIATE YOU THAT YOU SPEAK TRUTH , SOMEONE MAY LIKE IT OR NOT, AND SECONDLY YOU DARE TO THINK DIFFERENT, IT MAKES YOU DIFFERENT.
Abhijit speaks right from his heart. We had produced only traders who had only practiced the mantra... Pocket the profit and distribute the losses among masses...
This guy is the harshest critic I've ever seen on any channels...
Because he is bold enough to ask questions which other people are afraid to even address
Abhijit gives it straight. Delusional thinking that we have suffered from for decades. Things have improved since my times but so much more still needs to be done.
I am highly impressed ,what the host has expressed & is true ! It requires a lot of work do be inside the country !
Thank you sir
Sree Iyer Sir really good video quality! thank you so much.. :D
I admire you Sri. Abhijit for your fearless ponts made in all your debates.
Reality is what always spoken by Mr. Mytra
Excellent analysis. Highly thoughtful and right on bull's eye and blunt
for once, I agree with Abhijit Mitra here....
1st abolish reservation system in education and government jobs
2nd pull back all the land alloted to political nexus businesses. All the black money is stashed in real estate , NOT in swiss banks.
3rd Abolish MGREGA and abolish colonial laws like Industrial Dispute Act. Bring back new form of labour reforms.
4th Robinhood taxation system works much better than modernisation of indirect taxation which hits billions of small traders.
5th Peg the rupees to Gold. Close the exchange rate difference between USD and INR
6th Introduce new currency backed by block chain tech and make it convertible/tradable with Euro and USD
"All the black money is stashed in real estate , NOT in swiss banks." *This*
You can't ban reservation.
You should not even thing like this.
@@sachithrao6353 Ban reservation NOW!
@@rahilvig8185 ban upper caste now
@@sachithrao6353 I do not believe in caste. Scriptures don't prescribe rigid caste. That's why end reservation NOW!
Awesome discussion, interesting and very critical inputs from Mitraji. Thankyou.
Infosys, Wipro, TCS are software consulting companies NOT software manufacturer...I agree with Abhijit, I have lived in US and have come across with a lot of Indians who ONLY DO consulting for US software companies. In india, most indians consider their own products as "low class". Even Indian God Idol like Ganeshas are imported from CHINA. Indians want to migrate to developed countries for better living conditions and job opportunities, they would take huge loans just to move out. So, yeah, India has to give up this super power dreams and talking about like being the next "Substitute for China".
India was leading this world long back because of its inherent entrepreneurship qualities . With invasions and colonization we lost that zeal in us to lead . And the socialist fabric after 1947 worsened it. High time , we come out of this bureaucratic clutches and pave way for small and big entrepreneurs to flourish .
Don't worry Muslims will uplift India just like mughals
@@shahrukhanwar9065 yeah they cannot lift Pakistan, Afghanistan, Iran, syria but they are going to lift us up what a joke?
India ancient is nothing compared to China. Look at the Museum and it tells everything
How true !!!!
Abhijit garu you are one of the practical analyst and so are your views which are based on facts that what exactly I like about you. Straight to the point.
Very informative, Sree Iyer, and Abhijit
Why can’t these discussions be longer ?? Especially with Mr Iyer?? 30 mins video seems always sounds incomplete. Don’t make videos or else make it a bit longer. With Mr Abhijeet particularly
30 mts is just right
30 minutes was just a blip
Brilliant thinking mind - entrepreneurship is crushed and marketers not allowed to fully function . Decisions are feeling based and not data based ! Managing simmering for decades and stay in power - and dream like fairy tales - such a wastage of millions of brilliant youngsters and next generation .
Harsh realities of India explained like nobody else has!
there used to be a time I used to watch horror movies to get scared but now I just listen to Abhijit,
The greatness of Abhajeet Iyer Mitra is that he shocks you with his bluntness. The bitter truth. We have as a nation become a victim of our own propaganda.
This guy is really good...He talks a lot of sense. Very objective. Doesn't mince his words...India is full of hubris ..It thinks that just because it has a big population it will not only overtake China but a super-power too. Those who study economics know that having a big population can be a boon and bane. It is only a boon if India can lift its 80% low income population to middle income to create the demand, I am not surprise one day Bangladesh will do better than India.
Good debate giving correct insights with strong reasoning. But there are needs for solutions and government has to willingly have a team to suggest and go forward. Thanks for the episode Mr Shree and Mr Abhijit Iyer.
I am running couple of businesses based out Kolkata, one purely software which has no local issue other in transportation. The learning I got in last few years, it's not really a big challenge to run services businesses but biggest challenge is to compete with unorganized sector. Unorganized sector doesn't pay any tax, can violate rules very easily.
Manufacturing has definitely a lot of challenges, many of them are with states and some of them with Central.
I think the way people should look at, why South Indian states are making more progress than North Indian states.
Congratulation to Mr Abhijit for explaining the real reason why Indians are not progressing in their business environment thus the Indians continue to be Cyber coolies instead of cyber enthropreneours.
Abhijit is a genius and Indian government should use his talent in policy, planning and making decisions
Superb 💓 touching interviews.
Abhijit's comment about the so-called "demographic dividend" is valid. India has about 20 million people entering the workforce each year - about half of them university graduates. There are too few jobs being created. The pandemic has exacerbated the economic challenges. Demographer David Foote has been arguing that India's higher birth rate (2.3, but declining in recent years) relative to China (birth rate of 1.68) means India's economic growth will come more from population growth and less from rising per capita income, which China has managed to create. India needs to figure out a way to drastically increase the number of good jobs. India has to create strong disincentives for having large families.
Where I disagree with Abhijit is in his pessimism regarding the MSME sector. India used to make the needles and pins and Ganesha statues. There are thousands of products that consumers and businesses need everyday. There's a massive domestic market for these products. There is profit to be made. That should be a good incentive for entrepreneurs. A strong MSME sector can be an engine of job creation.
There are hurdles and disincentives that need to be removed to realize the potential. Red tape has to be cut and regulations have to be streamlined. Modi has not been able to do this so far. I expected him to cut the bureaucracy to its size and revamp the civil service. which has become a "deep state" opposed to innovation and change. Modi needs an economic team that is innovative and empowered to make tough decisions. The Finance Minister may have good intentions, but her budget (pre-pandemic) was not inspiring at all. Lastly, most of India's graduates lack the competencies and knowledge required in their disciplines. Without world-class education, India cannot be an economic super-power. The total spending on primary, secondary and post-secondary education has to increase at least 20 fold in quick order. There not a single Indian university in the Times Higher Education ranking top 200 (China has 2 in the top 25). It will take serious resources, curriculum and culture change to create world-class universities. A comprehensive strategy addressing economic policy, population, regulation and governance, and education is needed.
Every one knows the weaknesses of India, but these people are neither working with GOI nor doing themselves something on their own. These are good debaters and intellectuals and genius people but they fail in practically doing something and depict that they are not just talkative but also are in action.
Eye opener discussion.
What an eye opener duscussion it has been...
💓 touching speeches.
Abhijit Iyer Mitra is a good strategic analyst I think matters pertaining to manufacturing &Business I would accept a Business man who is from MSME will give a correct perspective of situation today to do Business and state of manufacturing in India.
Listening to Abhijit is so scary, because he is saying the truth. The government should take note of this.
Perfectly explain
Excellent...the cold hard truth...but who will listen???
Expressed as it is, good
Hope the system takes a note positively within a reasonable time frame
In India, Everyone wants a job but very few want to work...
Very objective and eye opening and lively and amusing opinion
Prof KV Ramanathan of TIFR started semiconductor complex in early seventies, at Chandigarh but it never took off, probably due to government policies.
Sir what Abhijith saying is 100% true. We are a medical equipment mfr. Government increased the customs duty of imported medical devices. But the customs totally increased the duties across the board including components resulting in increased the cost of the indigenous products. Jokers. We want to put UV lamps in the market. But no stocks of U V bulbs, good ballasts and even holders in the market. Nobody knows when bulbs are going to come to India. This is the state of affairs in India. Ravi. Hyderabad.
Superb analysis Abhijit!
Sree iyer ji, finnacle was bought by infosys as product and has only enterprise level dominance in banking space. However, thr many competitors of it which also hv good market cap.
Abhijit jee is referring to an app which probably has B2C model.. No one has that.
Abhijit is a Great Guy,Giving Constructive Criticism and hopefully, getting the indian mindset out of Complacency and status quo ,those multitude of India who are not realising the dire strait we are in .Despite 1962 we let so many decades pass,where our national discourses were mostly irrelevant and confused,such that we are here,still being bullied by China. Lets all work to create a great India by achieving great at our Individual level ,while wishing and Strategically thinking for our Country--how each of us can be usefull in the best way for our country.Think about Bottom-lines for our country.Great Economy/Powerful security and deterrence/Relevant Higher Education for all/Great Nutrition for all & in particular our Children(let them not grow-up stunted)/Equality of Law for all(Equal Opportunity--at the start of life and a Meritocratic community)/Safeguard our Environment(but not like our crazy Activists),etc.
So true
Excellent speech I totally agree with Abhijit
Iyer-Mitra tells it like it is. 👏👏👏
He is ruthlessly honest .. but every word he said is so true. India is one of the most business unfriendly country in the whole world.
When industrialised countries looking to shift manufactoring to reduce cost of production to other countries , china well come them...
China provided perfect environment for investors....stable government, uninterupted water, electricity supply, , cheap and disipline workers,fast approval, good roads, harbors, tax exemption, security , less red tapes etc..
India need to develop this investor friendly environment to attract investors.
but vaiko and stalin will show black flags.Type of governments are different.we can not compare.
wow this guy is zapping rationalist with ting of anger and frustration. Amazing analysis
all truth - we need reforms , accountability and transparency now
@Iyerval : Labour laws do not need major reform. Just the following reform would do : Allow firms the legal provision to demand a prospective employee to relinquish certain restrictions and legal responsibilities towards him as proscribed by the current labor laws such as the right to unionize, the right to immediately terminate contract subject to lack of any illegitimate corporate biases as reason for termination etc. - basically whatever these firms are accustomed to in China, Vietnam etc. as a condition for employment. Keep track of these relinquished provisions of employees using an efficient online system like E-Aadhaar. Have the PF/Pension/Gratuity of the employee disbersed at retirement only subject to the employee following through with his relinquishments during his career.
As far as Land laws are concerned, I believe a lot needs to be done and there is no easy solution at this point in time. Law and Order needs to be massively improved and needs to be implemented consistently across the country and Black money needs to be eradicated first (will never happen in India in the next 100 yrs). GPS mapping the entire private landspace of India along with their owners (including PAN and Aadhaar and KYC/KYCC..) would be a great start. Simplifying Income tax (0-50L : 0%, 50L-1cr: 25%; 1cr+-50%), increasing GST to make up for loss in IT revenue (disproptionately skewed towards luxury items) and import tariffs (asking the IRS to concentrate only on Sales Tax theft and Income tax theft over 1cr income will make it far more manageable) and introducing a electronic payment MRP at a 10% discount to a cash payment MRP over and above GST would also help.
Please take up with authorities if possible. Some of these suggestions are admittedly politically self-harming.
Abhijit always opens eyes with real statistics..
I like this guy... He is GOLD of india 🇮🇳
Mr. Abhijeet is bang on target in his comments on apps and software products. We have a talent for self- decepetion.