Mr. Shashi Tharoor, Member of Parliament and Chairman of the Parliamentary Standing Committee on External Affairs, has said that India must boost intra-regional trade at a faster pace since it is located in one of the least economically integrated regions in the world. He pointed out that there were several untapped opportunities for expanding land, water and rail networks with neighbouring countries like Myanmar and Thailand.
In an interactive session with Mr. Claude Smadja, President, Smadja and Smadja Strategic Advisory, Switzerland, about economic growth in emerging market countries on the side-lines of the Growth Net summit Mr. Tharoor outlined the issues that concern the Indian economy today and the positive factors that need to be leveraged for higher growth. He named factors such as decrease in commodity prices, labour law reforms, lack of technological innovation as major factors that are holding back the Indian economy.
He pointed out that the decreases in commodity prices have had a direct impact on the number of farmer suicides. He said that India must focus on increasing the productivity of workers by allowing them to be benefit from the company revenues.
Elaborating on the lack of technological innovation Mr. Tharoor said “India has so far focused on developing modifications to already existing products and lacks momentum in original product inventions. With India possessing 17% of the world’s smartest brains Indian companies must build on their research and innovations instead of just relying on the concept of ‘Jugaad’ in order to be more innovative.”
Speaking about the positive factors that are prevailing right now Mr. Tharoor said that India with a younger demography has more young blood and employable population that shall benefit from job creation and increased entrepreneurship. He stressed that in addition to the extensive support being given to SME’s by the government, start up entrepreneurs must also be helped with technological expertise.
Earlier setting the tone for the discussion Mr. Smadja said that “Emerging market countries will no longer be able to count on exports for their growth and they would require tremendous investments in leveraging technology for growth. However, we have more reasons than less to be optimistic and interested in the emerging market countries.”
About Growth Net
Jointly convened by the Ananta Centre and Smadja & Smadja Strategic Advisory, The Growth Net which was launched in 2013 reflects the new realities created by the emergence of a group of new growth countries which are rapidly increasing their business, economic, trade and financial interaction and aspire to have a stronger voice in the global economy. It is a catalyst to develop a fruitful dialogue among business leaders, government officials and the civil society from the countries of the new constellation of growth on how to strengthen economic momentum and generate new sources of growth through the deepening of partnership strategies for rapid sustainable development in Asia, Africa and Latin America.
About Ananta Centre An independent and not-for-profit organization Ananta Centre is registered under the Indian Trust Act. It focuses on leadership development and encourages frank and open dialogue on the most important issues facing Indian society, to help foster its transformation. The Centre also engages civil society, business, governments and other key stakeholders on issues of importance to India's development, foreign policy, strategic affairs and national security. The Centre serves as a convening body for exchange of ideas, broadening perspectives and enhancing capacity to create sustainable solutions on a wide variety of issues.
About Smadja & Smadja Strategic Advisory Smadja & Smadja was established in 2001 in Switzerland and in the US. The firm works with global corporations and government entities on global trends and strategic issues. Our mission is to help our clients navigate and leverage globalization, providing them with “actionable” insights and a “world view” to help them manage the increasing volatility and complexity of a globalized world. The firm creates platforms of contents – from strategic, behind closed doors, seminars to high profile international conferences – that are knowledge and networking intensive, with significant take home value for the participants. Smadja & Smadja has activities, clients and partners in Asia, North America, Europe, Latin America and the Middle East.
Photo caption: Shashi Tharoor, MP & Chairman of the Parliamentary Standing Committee on External Affairs, India Shashi Tharoor, MP & Chairman of the Parliamentary Standing Committee on External Affairs, India; Claude Smadja, President, Smadja & Smadja Strategic Advisory, Switzerland 
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