India should re-engineer its economy: expert

Chennai:

India should reengineer its economy and should not ape the Western economies, according to founder of Isha Foundation Sadhguru Jaggi Vasudev.

Speaking during the TiECON 2012 conference here on Tuesday where entrepreneurship was blended with spiritualism, Vasudev during a chat with co-founder and chairman Mindtree Subroto Bagchi said India is a world by itself and why should not it be free from the world.

“We are a subcontinent and we should engineer ou economy properly,” he said.

Vasudev said that 250 years ago India followed a different economic growth model which was free from consumption. “Now we have an education process imported from the West and what is more Indians have changed their lifestyle aping the West. There is a need for the country to re-engineer itself,” he said.

Hitting out at consumerism, he said entrepreneurs are trying to follow the American model and if we live like that we need nearly four-and-a-half planets, he said.

He said that leadership comes with three qualities which include integrity, inspiration and insight.

Earlier, chairman of GMR group G M Rao gave insights about the growth of his company and how his group which started with an initial investment of rs 3 lakh rose to Rs 65,000 crore empire.

He highlighted how from a humble villager started his jute mill in 1978 and then moved on to infrastructure by creating world class airports in India.

He said during the bidding for Delhi airport he had 16 consultants and spent Rs 34 crore. He also highlighted how he formulated a family constitution taking expert opinion from world renowned consultants. This is now a legal document with all immediate family members including spouses as signatories, said Rao.

“The constitution also talks about the qualification required for your grandchildren to succeed. It was difficult to implement it initially. But I believe in change and so I embraced the change,” said Rao.

On the row with Maldives government over $511 million contract in the island nation, he said that it was an experience. We participated as it was a transparent bidding. We learnt a lesson as every stage in life is a learning process and provides us immunity, Rao added.

The conference also brought to light that entreprenuers focus has changed as they have long term goals and want to create a legacy. Ajay Bagga, head, private wealth management, Deutsche Bank said that Indian entrepreneur is now more focusing on running a marathon than a sprint. His views also found an echo with with Murugavel Janakiraman stating that entreprenuers need to look beyond instead of focusing on short term gains.