Stressing on the need to fasten the pace of growth, a top NRI management expert on Thursday said that India would become a $1.2 trillion economy by 2020 even if it grows at five per cent but would be considerably behind China which is growing at a phenomenal rate of 10 per cent. "With China's GDP growing at 10 per cent rate, the gap between the two countries would be very wide by 2020 which is why India should focus at ten per cent growth rate and creating about 15-20 million jobs," Prof. of Corporate Strategy, University of Michigan Business School, C K Prahalad said addressing the CII Manufacturing Summit here. The industry should tap the 800 million underprivileged in the country if it has to become truly world class, he said, adding that with the five billion underprivileged people all over the world there was a huge export market.
By using the most innovate high technology hybrids and rethinking price performance levels, the industry can create value where the tremendous cost advantage of serving the rich would become unreal. This has been demonstrated by the telecom revolution in the country through pre-paid cards and innovative schemes, he said, adding "wireless is going to be driven by the bottom of the pyramid and the poor people are going to be the drivers." Bureau Report