Click to play videoIndia will hold national elections in a few weeks at a time the global economic recession is getting worse. Some of the most cherished principles of free-market economy are being dumped as governments bail out big-name companies. India has been shielded somewhat but the country faces a daunting list of challenges? Are the country’s leaders up to facing these challenges? How important are these elections for India and India Inc? IBN Live readers asked Nandan Nilekani, co-chairman of Infosys, in an exclusive web chat.
Sami Afsar: Can India come out of the global economic meltdown stronger? What should we do to ensure we become a global leader?
Nandan Nilekani: The current economic crisis has shown the weaknesses of the export-led model that most of our Asian neighbours had followed. Our domestic model with balance of different sectors has now proved to be an advantage. If we can take the necessary steps to do all the hard reforms as soon as the new government comes, India can certainly emerge as a very strong economy and take its rightful place in the world.
Nitesh Bhambi: Is multi-party system the strength of Indian democracy or a hindrance?
Nandan Nilekani: I am a great believer in India's democracy and the multi-party system gives an opportunity to people of different parts of the country and backgrounds to voice their concerns. We must find a way to drive the strategic changes that we want working within the multi-party system.
Rajneil: I am reading your book, Imagining India--Ideas for the New Century, and the points made there are very good! When do you see India the way you imagine it to be? Do you think our political establishment has the will to change everything? Is there any chance of you entering the system and changing it?
Nandan Nilekani: I have tried to present in my book 'An Imagined India' which fully leverages and exploits our unique opportunity. It is an optimistic view and may not materialise because we don't take advantage. I think it’s for the people of this country to demand this India of our future.
Jimmy: Do you think that successful corporates will make successful leaders of country?
Nandan Nilekani: Being a political leader in India is a very complex and difficult job. Being a corporate leader is neither a necessary nor sufficient condition to be successful in politics.
Vaibhav Gupta: It is rather disappointing to note that political parties, the media and the intellectual elite are not even bothering to debate specific policies of our political parties. Instead, we are obsessed with who will get the majority and what are the different alliances. How do we bring issue-based politics back?
Nandan Nilekani: It is disappointing that the discussion tends to be on short-term tactical issues and alliances rather than the long-term strategic challenges facing India. I think it is for the people to demand that we must take the conversation back to fundamental challenges that we have.
Randhir Mishra: What measures the next elected government must take to generate more jobs in IT and other industries suffering from economic meltdown?
Nandan Nilekani: Given that the world economy is going through a slowdown, it's important that we stimulate the local market. This means fundamental reforms like educating our people, building infrastructure, encouraging job creation through labour reform, building better cities and creating a single market. Many of these reforms have not happened but in the next five years they are critical.
Chinmayanand Jha: With little less than 60 percent of youth population, are we heading for a change? Can we change the set up around us?
Nandan Nilekani: There is no doubt that the combination of a very young aspiring population and the first election after delimitation is going to throw up a lot of surprises and changes. These young people, in a hurry to improve their lives, will demand leaders who are accountable and pro-development.
Vivek: Elections for any nation are an important event but why do you think it’s important for India Inc. in particular?
Nandan Nilekani: For India Inc. to flourish, it's important to have a stable government which promotes economic activity, job creation, a secure society, equal opportunity for all and a level-playing field. That is why it's important that all of you take an interest in the election and cast your vote in this election.
Suhas A R: Are you for big government or small government. We see a lot of this debate in the US. Should the government be interventionist in times of economic crisis?
Nandan Nilekani: I think we should find the right balance between government and market. Markets drive innovation, reduce costs and through competition provide better customer service. At the same time, governments have to regulate markets and provide all public services. This is not the time for ideology but striking the right balance.
Sam: As it is said in Rajdeep Sardesai’s blog today's politicians don’t connect with today's Indian youth. The youth you have explained with the demographic dividend theory. What do you think is lacking with today's youth or today's politicians that is responsible for this disconnect?
Nandan Nilekani: The key thing is that India is a unique opportunity, because we are the only country in the world which is witnessing a demographic dividend. Being a young country in an ageing world requires us to rethink our policies. As our leaders and people start realising this, I think the disconnect will reduce.
Balaji: What parameters do you consider before casting your vote?
Nandan Nilekani: I think it's very important that you vote for candidates who are focussed on development issues and will spend time on following up and implementing the promises they make.
Shashi: Do you think manifestos of political parties reflect the ground realities of people's expectations?
Nandan Nilekani: The manifestoes of political parties, by their very nature, have a very broad brush and try to cover all political issues. The real challenge is whether they have a well thought out implementation plan when they come into power so that they can get things done speedily.
Raja N: I agree with many ideas in your book but unless the educated and enlightened like you sit in Parliament better governance can never be brought about in our country. You will be happy to note that there is political party called the Professionals Party of India--registered the with Election Commission of India--and it’s a platform for the educated and enlightened like you to participate in the political process. This is also a step towards Corporate Political Responsibility. Your comments please.
Nandan Nilekani: I think the process of having enlightened people in Parliament is ongoing. As India develops a large, young and aspirational middle-class, they are bound to demand good governance and development from their political leaders. Any professional who wants to get into politics should be encouraged.
Bhavesh Patel: I feel proud when Thomas Friedman says that he was inspired to write his book The World is Flat after coming to India and meeting you and got the idea of the world being flat. Do you think in today’s globalised world India too should open up its market in all fields? What is your take on the BJP’s capitalist view, which I feel is better than the so-called socialist views of the Congress and the Left parties?
Nandan Nilekani: I believe that the factors of globalisation are in India's favour . We are a young country in an ageing world. So we must do all we can to keep globalisation open for trade in goods and services and for the free flow of people. We should not get caught in debates on capitalism and socialism. But simply focus on doing what's in the country's strategic interests.
(Nandan Nilekani was born in Bangalore and did his schooling from Bangalore and Dharwad. He later went to IIT Bombay. He founded Infosys in 1980 under the leadership of N R Narayana Murthy. Nilekani was awarded the Padma Bhushan in 2006. He is considered one of the 100 most influential business leaders in the World. He recently authored ‘Imagining India’. He lives and works in Bangalore. )
To know more about Nandan Nilekani's ideas, visit Imagining India--Ideas for the New Century
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