With China and the US pumping in massive foreign capital into India’s digital economy, a top Indian investor and educationist has warned that the country could become a “digital colony” unless Indian businesses start investing in it. “India could become a digital colony,” warned Mohandas Pai, chairman of Manipal Global Education, referred to possible consequences of the massive money being pumped into India’s digital economy by the US and China.
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“There is a fight between US and China to dominate digitally. And the Indian capital where they are, buying real estate in California?” he asked. “If you miss this digital revolution, our big companies would be controlled by Chinese capital which is very dangerous,” Pai warned. India, which has the world’s third largest startup eco system, has received some USD 8 to 10 billion, out of which only USD 500 million are from Indian capital.
“Indian capital are rent (interest) seekers,” he said, asking the Indian capital to change their attitude towards money investment. At the same time, he said digital connectivity, is going to change India in three years and said there is going to be tremendous upsurge of productivity, he said.
In the next 10 to 15 years, the young population of India are going to create a new economy of India, he said. Nothing can stop India from marching ahead given the country’s growth trajectory, its move towards a digital economy along with a burgeoning entrepreneur class nothing can stop India from marching ahead.
“Nothing can stop the march of India. All of us have to work together and make sure it happens,” Pai said in his address to the World Hindu Economic Forum here which is being attended by Hindu entrepreneurs from across the globe. Pai said there are “millions of mutinies” happening in India.
“People are challenging the status quo. Hundreds of experiments, technology in their hands and regulatory policies are being broken and Bharat is using its digital infrastructure to grow. Startups would be the force multiplier,” he said. In his address, Pai said tech entrepreneurs of India are bound to change the face of the country in the years to come.
“The generation that is now coming into prominence are people who do not have the hangout of partition, of Pakistan, of caste and of many thing else that ails the Indian mind of the political leaders in India and in Delhi,” he said.
S P Kothari, professor of Management at the MIT Sloan School of Management, said that innovation and entrepreneurship are potent forces for economic development.
“I do believe how countries are governed also matters,” he said, adding that the quality of governance and institutions in a country explain the differences of development.