India, China to lead the world in Asian century, say experts

MUMBAI: India has to empower its own citizens first to take a leadership position in the world in what is expected to be an Asian century, felt an eminent panel at ET Leader 2 Leader forum held on the sidelines of the Nasscom's India Leadership Forum 2011 here.


The panel consisted of McKinsey India head Adil Zainulbhai, The Blackstone Group's Senior MD for Greater China Antony Leung, and John Sculley, MD of Pivot Acquistion Corp, along with Jerry Rao, Chairman of Nasscom Foundation.


The panel felt that it will be an India and China century. "We in China never think about China versus India or US," said Antony Leung, Blackstone's Senior MD for Greater China.


"Some in China also feel that India should lift its trading barriers to make business for Chinese companies easier in India. The two nations should start a regular student exchange programme to make youth aware of the possibilities in the two nations," Leung of Blackstone felt.


The new decade is expected to be action packed for India with new global economic changes, political re-alignment and pressures to take global leadership nudging at it, felt the panel.


While China is steady in its silent match be it in infrastructure building, strategic investments and global trade dynamics, India will have to cover ground in creating an ecosystem in education, infrastructure, skill set development, and global trade.


Rao of Nasscom Foundation said that there are innovative models where India can show the world. "We are working on low-cost housing in India. And often we find it's difficult to import a Mexican or Chinese talent in India, as the limit of high $2,500 per month salary acts as a roadblock."


On the other hand, he pointed out about innovative business models like the bed and breakfast homes being planned by an NGO in some villages in India, which can act as a beacon to the world.


Zainulbhai of McKinsey felt that India should concentrate upon empowering its own citizens first. "The per capita income in India is about $1,000-1,200 whereas in the developed world it about $20,000. So there is a vast gap which needs to be fulfilled," he added.


The panel also felt that Indians can create companies and brands and take advantage of the perceived competitiveness of Indian talent.


"In US, we have seen executives of Indian origin move up the ranks, and add to the US economy. So, India has real chance of adding value to Americans rather than being perceived to be stealing US jobs," felt John Sculley of Pivot Acquisition Group.