‘4Thought 2009’, the recently concluded annual business seminar at Symbiosis Institute of Management Studies talked about the Power Shift from the West to the East in Currency, Culture and Politics. Eminent speakers like Gulu Mirchandani, Chairman and MD, MIRC Electronics, Shikha Sharma, CEO and MD, Axis Bank and Dilip Chhabria, CEO and MD, Dilip Chhabria Designs India Ltd. to name a few presented their viewpoints on the topic. However, before we talk or argue about it, it becomes really important to know if the power is shifting from the West to the East or are we just getting ahead of ourselves.
While it is difficult to get to an exact answer, what Sharma says that Power is where the market is makes sense to me. Right now the market is in India and thus, yes we have the opportunity to shift the base of power towards the East. However, to think that the rest of the world, especially the US and Europe will sit back and let the East take over is ignoring the totality of the situation.
When the recession hit the world, India still stood its ground. And we should thank our regulatory system for that. The policy decisions by the RBI which made sure that Indian markets stay stable and do not get into erratic behavior due to rise in sensex saved us from being totally consumed by the disaster known as recession. These policies can become learning for the rest of the world and can make Indias political position strong in the world parliament vis-a-vis other nations; thus India can leverage itself into a decision making body in world affairs. In my opinion, something like this could be aptly called power shift.
As I said earlier, there is an opportunity of a power shift from the west to the east. And India and China are the frontrunners for the seat of the power. What India can do to convert this opportunity into reality, according to Sharma is to innovate in the finance sector. It is very important too to be honest, responsible and credible with our trading.
On the flip side India shouldnt lose itself in this race of power and focus on the ground realities, such as development of infrastructure, provision of education and basic necessities to all the citizens. Before that is looked after, high GDP growth and becoming the power center of the east is all something that looks good only on paper.