Understanding the Indian paradox

India is a land of paradoxes. Most of us agree with the line from the Bollywood hit Pardes that 'It Happens Only In India'. It is this uniqueness that makes the country what it is.
Bharat Joshi, the CEO of JCurve Ventures, recently wrote a book titled Navigating India to understand the nation's paradoxes. The book postulates the heights India might reach by harnessing technology and with a collaborative political, regulatory and business response to the rapidly evolving needs and aspirations of young, impatient Indians. Bharat Joshi offers a candid, accessible and objective guide to a complex, albeit compelling, economy. 

The author recently spoke to DNA about the book and India's economy

What are India's paradoxes?

Every assertion we can make about India, and its opposite are equally true. India defies narrow- or broad - generalisations and living and working in India is essentially living in greys, not black or white. The book talks about many of these: a retailer needs to sell coconut oil for cooking in one part of India, and as hair oil in another state; an employer hears of a million graduates being added to the talent pool every month, but can't find a suitable recruit; or you business (or product) could be perfectly compliant to the laws of one state, but outlawed in another. These unique paradoxes make business in India rewarding and infuriating (another paradox).  

Who are the people who have given insights?

I have been fortunate to receive insights from some of the smartest people I know. The better known ones are Vinod Rai, Gurcharan Das, Swaminathan Aiyar, SY Quraishi, Analjit Singh, Tulsi Tanti, Sir Mark Tully, Jay Panda.. the list is long. 

Your book talks about the Indian economy. How do you see the economy faring post demonetization? 

This is a detailed subject, but broadly, economic growth will depend on a variety of factors, not too overtly on the demonetization alone. There will be areas, such as fintech or real estate who are the big winners or losers due to this disruptive event, but the impact could be more qualitative. Could we curb our addiction to cash? Or will a greater percentage of transactions (and people) be taxed? The real benefits will accrue if we dont lose the gains after bravely enduring the painful demonetization process. 

Will India benefit long-term from the economic policies the current government has implemented?

The true long term prize is a USD 20 trillion GDP, with healthy employment levels and social indices. However, the road to that prize will have to be paved with constant reform and seamless execution of the current policies. There is reason to allow ourselves to hope that an USD 18 trillion (annually) can be generated in our lifetimes. Remember, we grew our DGP 4 fold between 2000 and 2015!