Lessons learned from India August 4, 2006Posted by Tom in Economic Development, Technology, Workforce.
A friend forwarded me an interesting piece from her quarterly 401(k) newsletter (the publisher is Allegiant Group, to give credit where deserved) on the Indian economy and how they have tried numerous strategies with their workforce and economic policies to finally achieve a place of international economic prominence.
The basic premise is that India tried a number of different economic policies – including over-investing in certain areas of their workforce and flooding the market with, in this case, engineers. The engineer surplus made their engineers cheap on the global market, so the world’s business community engaged India to exploit this low-cost resourec. Add in the Y2K crunch in the IT world, and India became a world economic powerhouse.
A wise person once said that luck is preparation meeting opportunity. In India’s case, they couldn’t have expected the Y2K software reprogramming binge of the western world – but they sure were prepared with the workforce. Which makes them lucky, right?