India needs moral leadership: Prahalad

India needs moral leadership: Prahalad
11 Jan 2009

PANAJI: It is moral leadership along with economic strength and technological vitality that will help India
achieve its aspirations, Dr C K Prahalad, one of the foremost business thinkers of our times, told management students on Saturday at Dona Paula.

Dr Prahalad, professor, Ross School of Business, United States and elected as the most influential living management
thinker by Thinkers 50 of Times of London and Suntop Media, was speaking as part of a lecture series organised by the Goa Institute of Management (GIM).

Speaking on the theme ‘Global Restructuring of Industries. Is there an India Advantage?’, the internationally known management guru said that India being home to one of the youngest populations of the world has vast potential. “If we have the collective aspiration, by 2022 we can have the world’s largest pool of trained manpower. We will have 200 million college graduates, 500 million trained skilled workforce and the highest universal literacy.”

Further, he said that when resources are low and aspirations are high is when innovations take place and not when the condition is the other way round. “Constraints create opportunity for creation of innovation,” said Dr Prahalad. However, he stressed that none of it is attainable without a moral leadership.

Dr Prahalad said that the world needs a new moral voice which India can provide as a country since, universality and inclusiveness is practiced with its wide variety of cultures, languages and religions. Earlier, addressing reporters, he said that there is a probability of restructuring of all industries like information technology, healthcare, manufacturing etc adding that the pharmaceutical industry is already going through this restructuring. He also said that there will be more fragmentation of industries in the future. But whether India has an opportunity in the global restructuring is a question mark but restructuring will take place with or without India, he added.

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Dr Prahlad, said although India is affected by the economic slowdown, it should deal with it expeditiously and how fast it handles is important. “It is time to prove this country has the courage to set it right. India has to focus on how to create a massive global market. It has the potential, cash, infrastructure but the real problem is pushing domestic economy to grow faster.”

Dr Prahlad said that the factual position is that India is a fast growing economy and being a superpower is an aspiration. Responding to a question on opportunities available to entrepreneurs in times of recession, Dr Prahalad said that at such times it is best to start a venture of your own or study further.

Reacting to the recently ended strike called by executives
of oil companies, Dr Prahalad said that it points to the need for labour reforms. “We should ponder whether a few executives are holding thousands in the unorganized sector hostage who are not objecting. For example the Goan fisherman who cannot venture out fishing because there is no diesel available.”

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