Question

India’s unique combination of IT skills, its labour advantages, capital flow and pool of ambitious, outward-looking companies is giving it a second, massive triple play advantage across sectors – in manufacturing, services and agriculture.
Only recently have we begun to recognize the broader implications of the IT revolution – that it is nothing less than a seismic shift in how the world economy works and that India may be especially well placed to take advantage of it. But then, economic power comes to countries in unexpected ways and at unexpected times, and it is usually enabled by new technologies. When Europe began invading eastern shores. The Asian empires were horrified – they had regarded them as little more than impoverished barbarians. Europe’s growth in the sixteenth and seventeenth centuries was a result of technological advances in building large, multi-masted ships that could sail in the rough, open seas. The rise of new navigation tools – better maps, sextants and chronometers – also allowed explorers to chart out better sea routes, giving Europe access to colonies, salves, silk and gold.
The tiny island of Britain emerged as a major European power in the eighteenth century with innovations in public finance and an embryonic stock market. These institutions created richly funded, powerful companies that quickly dominated global trade – our old acquaintance the East India Company was in fact the very first ‘joint-stock’ company of Britain. And of course, the technological prowess of the Industrial Revolution enabled Britain and Europe to dominate world economic growth for over a hundred years.
In this context, India has been fortunate even in its barriers. In the 1970s and 1980s, IT was literally the only option for a start-up entrepreneur to begin a business without political access or capital. A slow-growing economy also ended up diverting much of its huge talent into a small but burgeoning IT sector, and these firms got by on very little – a leased computer, a data line – over which they sold Indian brainpower to the outside world. India thus literally stumbled on to services growth, one that happens to be the emerging story for the international economy.

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Answer 1

 India's Momentum is on Fire