Plenary session of the International Futures Forum (IFF) headquartered here.
IFF brings together specialists and experts across disciplines, encouraging participants to think laterally and stay open to learning, no matter how high they rank in their vocation. In the process of finding solutions, ‘IFFers' undertake a learning journey, live with the problem and work towards a solution together with all the stakeholders. This approach of collectively working towards solutions, rather than imposing them from outside, is ideal for Indian conditions, marked by complexity and ongoing multiple transitions.
Bottom of the pryamid
Indian business today is in a unique situation that calls for much more than the standard strategic management models. Let me elaborate. First, Indian business, in order to succeed, has to necessarily cater to the bottom of the pyramid where purchasing power is still low but individual aspirations are high and there is a growing demand for globally comparable products. Second, domestic business is increasingly exposed to global competition and yet has to absorb the higher cost of infrastructure and other public goods and services, including security, normally available in other countries at relatively subsidised rates. Third, Indian industry may continue to face serious constraints such as rigid labour markets, higher costs of capital, higher transactions costs and a degree of uncertainty, as distinct from risks, in the investment environment owing to the nature of domestic politics and the relatively autonomous Indian State.
