India (Inc.) Shining

The BJP-led National Democratic Alliance's Government of 1999 to 2004, was extremely bullish about its chances for the 2004 General Elections. Vajpayee had a successful stint as the Prime Minister, and India had been performing well in terms of the economy (especially the growth in IT and Telecom), military retaliations against Pakistan (Tiger Hill, anyone?) and even sports (Paes-Bhupati were still a duo then, winning Grand Slams for fun).

Following 2003's bumper monsoon and the general national economic indicators improving, the NDA decided to launch an advertising blitzkrieg with the slogan of 'India Shining', with Rs. 400 crores of taxpayers money to put the proverbial money where the mouth is. But this article is not to dismiss 'India Shining', the voters of Indian public did that well enough, booting the NDA out of office and bringing the UPA in, and in general reminding everyone, that India is far from a success story - health, education and other social indicators still shackle it with the tag of a Third World Country. This article does not disagree with 'India Shining' at all; rather it points out that a mere typo proved to be so costly. You see, India isn't Shining. But India (Inc.) is.

For the less informed, the Indian media has dubbed the national corporate sector and the dominant companies as 'India Inc.'. When the Tata Group acquires Corus Steel or Jaguar, it is a signal of the growing dominance of India Inc. When Airtel and Reliance mobile penetrate the domestic telecommunications market, it shows that India Inc. has the capacity to generate the huge national population into huge corporate profits. When these companies pay taxes to the government and give back to the community in the form of Corporate Social Responsibility, it shows that when India Inc. does well, India does well. When call-centres sprout up around the country, it is an indicator of India Inc.'s entrepreneurship capabilities.

The growing might of India Inc. has led both the Government and the Industry (the Corporate Sector in general) to recognize it and try and free-ride this speeding bandwagon. An example of this is the increased clout of the CII (Confederation of Indian Indsutry) which has grown to become India's premier business association which is both industry-led and industry-managed with no government interference. More than 7500 companies hold direct memberships and 83,000 more have indirect associations with CII. The organization has seen tremendous growth after the 1991 liberalization reforms and as of now has 64 offices around India and 9 overseas offices in Australia, Austria, China, France, Germany, Japan, Singapore, the UK and the USA. However, no government interference does not mean that the government does not want to be associated with CII; this article is precisely about that: a partnership between the government and CII and how the promotion of India Inc. will be used to benefit national economic development.

The India Brand Equity Foundation is the brainchild of Government with Industry. It is a public-private partnership between the Ministry of Commerce and Industry, Government of India and the Confederation of Indian Industry (CII). The Foundation's primary objective is to build positive economic perceptions of India globally. It aims to effectively present the India business perspective and leverage business partnerships in a globalizing market place.

The website (http://www.ibef.org/) is a crisp, elegant and well designed one. It contains useful information about the Indian economy; both on an overview level as well as on a detailed level. State-wise economic performance (from Andhra Pradesh to West Bengal) can be found with Reports and Presentations talking about economic indicators as well as crucial industries and sectors. Also, on a national level, information on all sectors are available - from Automobiles to Tourism & Hospitality.
For the first time, you can read about upcoming banking reforms in 2009 by the RBI, recent production trends of petroleum products and even highlights of the Interim Budget of 2009-10.

The Indian economy has finally started to hit top gear; and the IBEF aims to accompany it, advising potential investors and providing research-quality information about all aspects. Even at a Macro Political-Economic view, information is available regarding Trade relations between India and Japan / China / ASEAN and even the USA.

But most importantly, there is promotion of 'Brand India'. IBEF has launched a brochure, posters, panels and even images to advertise India to foreign investors and remind domestic residents about recent economic strides. To further this brand promotion, it has organized numerous events around the country. A small sample of some of these events - 'India-Russian Forum on Trade & Investment', 'Planning Commission Conference on PPP's in Infrastructure' and 'Conference on Natural Gas / LNG - The new options in power fuel basket'.

Using the tag-line of the 'Worlds Fastest Growing Free Market Democracy', IBEF has created a ripple among intellectuals, economists and businessmen, never before associated with India. IBEF is determined to create this new image, and has done an excellent job about doing this. It's India Resource Centre has launched numerous e-newsletters as well as news alerts which are customizable as per subscribers' wishes. Also, a bi-monthly publication 'India Now' has been launched which is trying to penetrate the non-IT savvy market.

The efforts of the IBEF are commendable. They have ensured that India's economic success is being showcased well, and a positive business-savvy image of the country is portrayed on a global stage. The Board of Trustees of the Foundation makes you see it a serious effort, with representation from the Ministry of Commerce & Industry, Ministry of Tourism, Ministry of External Affairs, CII, BCG (India), Infosys and the Federation of Indian Chambers of Commerce & Industry.

'Brand India' is changing. Twenty years ago, the Indian Economy conjured up images of a lumbering elephant, big yet painfully slow, inefficient and arguably ineffective. IBEF's actions are causing this image to change, to an image that we aspire to: that of a lion ready to stake its claim as King of the Jungle.

India is not shining. But more on that later. For now, let us appreciate one fact. India Inc. is shining. And lets hope that it helps to pull up India.