LIBA Beacon ‘11, the fifth edition of the LIBA Beacon series deliberates on how ‘Social Innovation’ is the key ingredient in India’s recipe to reach the top.
In 2008, Goldman Sachs study predicted that by the year 2050, India will be the 2nd largest economy with a GDP of over $ 45 trillion after China ($ 80 trillion). United States would stand 3rd with over $ 40 trillion. But as per the current economic order 76% of the 200 million primary children in India drop out before grade VIII. There are only 350 universities in India while it needs 1500 to quench its educational appetite.
When we delve deep in to the current state of our economy, we are challenged by inadequate power, healthcare, education, infrastructure and food security. The resources at our disposal include minimal natural resources, difficult access to cheap and reliable finance, scarce employable pool of talent, archaic technology, poor record of research and development, etc. Indians individually are making big waves here and abroad. For instance Pranav Mistry’s Sixth Sense seems to be a game changer in the computing world, the Ambani brothers are in the top 10 billionaires of the world, the Tatas, Mallyas, Mittals, Mahindras have diversified in to a wide array of businesses and yet there are several shortfalls in reaching the top. Is India heading towards lopsided growth? Or have we already grown significantly in a skewed manner that we now need to reverse it?
A good old saying is that if we do what we have always done, we will get what we have always gotten. That is true for a nation on its path to the top. How can we think differently? How can we outsmart the current favourites? Isn’t it appropriate to have an inclusive growth rather than a skewed development on our rush to the top? Can we create an ecosystem that fuels social innovation?
Our challenge now lies in innovating new ideas and new business models with a focus on inclusive growth. With an ambitious projection to scale our GDP 50 times in the next 40 years, we are entrusted with the task of bringing about a change to the society at large. India ought to inclusively grow in order to avoid irreversible divides. Our solutions to the economy must be to maintain the fast tracked growth without the lopsidedness that is rapidly spreading and these solutions can be fuelled by social innovations.
LIBA’s Beacon has always emphasized on the business ethics and this year it will lay emphasis on how social innovation is the driving force to reach the goal of inclusive growth. LIBA Beacon ’11 will see a panel of international academicians delving on how social innovation can be for profit, successful social entrepreneurs sharing their experiences and also the perspective from heads of various foundations that nurture social entrepreneurs.
