India can learn from Asia crisis, says MacMurray

Calcutta, Sep 19: India will have to restructure itself and can learn from the lessons of East Asia, according to Trevor MacMurray, managing director of McKinsey & Co’s southeast Asia practice. The lessons to be learnt are two fold: corporate and public policy.

Corporate lessons would include a focus around business with a distinctive advantage and earn the right to grow in these businesses. Creations of a mix of near- and longer-term growth options would be a corporate lesson for the country, MacMurray said.Public policy lessons would help ensure economic opening and reform aligned with regulatory and institutional capability. "Financial, corporate and state sector capabilities typically need better management," he added.

Lesson from Asian perspective could focus on four key areas, including Asia’s economic discontinuity, policy responses, local corporate challenges,opportunities and multinational challenges.