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India has been at the forefront of what Accenture calls the rise of the multi-polar world for some time.
In this world, economic power is becoming dispersed as emerging markets compete more strongly with the traditional economic powers of the developed world.
India is well positioned in many respects for a new era of growth in the multi-polar world. It is facing a unique set of circumstances that offer an unrivalled opportunity for higher growth over the next decade:
Businesses in India stand at a threshold, facing a unique set of circumstances that offer an unrivalled opportunity for higher growth over the next decade. Yet such growth is far from assured, and will require focused, disciplined management and an emphasis on innovation to unlock value. Indian entrepreneurs will also need to navigate numerous complex challenges that can impede innovation.
To navigate these challenges and usher in a new era of sustainable growth, businesses will need to answer three questions:
These questions are the focus of this study.
India is well positioned in many respects for a new era of growth in the multi-polar world. It possesses a young and still growing workforce, an abundance of entrepreneurial drive and vigor, a highly competitive international services sector, significant potential in nascent industries such as green manufacturing and massive untapped consumer demand in its rural populations.
But such opportunities will count for little if they do not ultimately translate into new sources of revenue for Indian companies and more sustainable growth for India at large. With its increasing integration into the world economy, India must build the structures and capabilities that will help it withstand economic shocks and sustain high growth rates far into the future.
The key is innovation: Indian businesses must understand the new products and services, processes and ways of working and doing business that will help propel India into the next phase of growth and position it ahead of its emerging-market competitors.
November 9, 2009