If Dynamic India is to greatly succeed, it must change the perception that goods meant for low per capita audiences are lesser than those created for wealthier ones. This is especially important as Indian enterprises create goods ranging from metals to high-end personal electronics and electric vehicles. Brand equity requires investment, just like manufacturing and infrastructure.
Just as Japanese, Korean, and Chinese goods climbed up the scale for brand equity so must Indian brands. There is no time like the present for investment in brand equity since other societies are battling for their place in the global economy. Missed cues and missed opportunities are key learning opportunities. Product and policy need adjustment in this economic cycle to achieve long-term success.
Sheltering domestic industry must be balanced against complicating global sales efforts. A Dynamic India must reconcile needs for Intellectual Property rights, controls on subsidiaries and joint ventures, and certainty of legal and regulatory institutions. The tangled lessons of recent “Vaccine Diplomacy” efforts are signals. It must consider long-term policy effects. Japanese, Chinese, or French protectionism initially benefitted domestic industries but became liabilities in the global marketplace. The scale and nuance of policy issues in a Dynamic India are unique aspects of challenges common to other historical economic development.
EkaLore’s Dynamic India series focuses on the unique combination of cultural and geopolitical qualities that are powering its rise in the 21st century. You can read other Dynamic India posts at www.ekalore.com/india-business
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