It was a busy week at the Madhya Pradesh Global Investor Summit where I was hosting a panel discussion on manufacturing excellence. The Madhya Padesh CM has been gung ho on the investment opportunities and he took ahead the Make In India story to Make In MP.
While waiting for my panel discussion to start, I met Yashodhara Raje Scindia, the Industries Minister of the State, who unlike other dignitaries, chose to wait by sitting with the audience, in this case next to me. My reputation as the 'golf girl' caught me here as well. Scindia instantly said she knew me from my golf shows with corporate honchos, some of whom were present at the venue in big numbers to promise large investments. For good measure, Scindia made a perfect ambassador as she shared her mobile and direct email details with anyone who reached out to her for investment, tax or land issues. She also admitted that her efforts would be subject to research on their issues but assured detailed replies to the challenges that they faced. Shortly after, the CM was on the podium, impressing audiences with colloquial phrases on MP. His wit was backed by good growth figures in the state.
But there were sour realities to deal with as well. Executing such large events isn't easy and nor is attracting the right investors. A brief chat with some foreign investors disclosed ideas that the state can learn from. For one, when the chief minister speaks of opportunities in Hindi, there should be translation in English and possibility in four other international languages. After all, the summit was for the global audience, not for locals who had already invested. Showcasing a state through conferences is an idea of the past. Why are these investment summits less about what has actually been achieved than what potential lies ahead? In a country like India, that's what really is needed for investors to be convinced that work actually gets done. Flex boards plastered with the chief minister's face don't tell the story. Instead why not showcase industrialists all over the city who have experience of working there. And showcase their industry and business units. Taking potential investors on industrial tours can be more effective.
This unfortunately was reduced to inside pages of a brochure. Although headline investment numbers are a good goal, what also needs to be looked into is the way we do business, the need to go for quality over volumes and skill development, apart from jobs. As one of the investors said to me, "getting a proper building made to move in is a mammoth task". The definition of a 'finished' office in India, he said, is more like a concrete structure with light bulbs, when what is needed is a plug and play system and attention to detail like operational security systems, internet cabling, service infrastructure etc.
The secret of success in Dubai, Abu Dhabi, Singapore are linked with quick set up options. I think what was missing from this summit was the tone that efforts under this government are not political-party centric. Most investors look for that stability.
At the end of the day, it's all very nice to have headlines with investments backed by crores and crores. These have to truly translate into jobs for a heartland like Madhya Pradesh. For the moment India can boast of some states with good growth, some with high literacy, some with improving social indicators, some with big industries but one is still waiting to see a state that can prove a good model for all these together. MP has the potential, it needed to re-focus its attention.
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