Mr Singh’svision about the immense potential in the present and future Indian Economy has given birth to another not for profit called “Global Social (India) Foundation “, which is the first ever platform that strives to bring together the three important pillars constituting the holistic growth of any nation- Culture, Knowledge and Business Opportunities-all on the same table! As a Social Entrepreneur, through Tomorrow’s India Mr Singh aims to enhance the economic cooperation as well as foster dialogues between India and the world economies.With approximately 1.2 billion people, India is the world’s largest democracy and second largest country by population. Mr Singh believes that in order to use these resource to drive results it is important to reach out to the untapped economies and “Showcase India” to the World.
1. What is “Tomorrow’s India” exactly? Is it an NGO or a consultancy? What does it exactly do? How old is it? What work has it done so far and what are its future plans?
Tomorrow’s India Global Summit was incepted with the ambition to connect Indian start-ups and SMEs with the world. The vision of the program is to create immense opportunities with economies around the world and identify emerging trends within India for the participating countries. The program was launched by The Global Social India Foundation (GSIF) in January, 2016 in Singapore and brought together experts, entrepreneurs, head honchos and corporate gurus from diverse sectors of the industry in form of interactive and power packed panel discussions, knowledge sharing and cultural exchange. Tomorrow’s India is hosting its second edition Tomorrow’s India Global Summit in Seoul, South Korea.
2. Can you please share with us your Mission and vision for “Tomorrow’s India” in more details?
The pause for thought came last year on August 15, 2015, when I envisioned a world offering an exclusive platform to businesses and entrepreneurs who are ready for globalization with India being at the forefront. That’s how the idea of Tomorrow’s India emanated.With approximately 1.2 billion people, India is the world’s largest democracy and second largest country by population. But how do we use this resource to drive results? The notion is simple – by reaching out to the untapped economies and “Showcasing India” to the World.Our global initiative is inspired by a great purpose – a purpose which lets your mind transcend limitations and you find yourself in a whole new ecosphere with different partner countries on board, helping you grow, without being limited by any geographic boundaries.
Our endeavour is to ensure that each member country derives the maximum number of opportunities in terms of joint ventures, intercountry collaborations, business tie-ups or investments and witnesses many more such glorious chapters going ahead – creating a whole new economic order.We have identified 3 vital pillars: BUSINESS, where we promote youth, MSMEs, start-ups and big corporate houses; KNOWLEDGE, where we aim to give education a whole new holistic approach and CULTURE where we create a fusion of intercountry performances never seen before.
3. I came to know that first edition of “Tomorrow’s India” was held in Singapore. How it went there? Please tell us the main highlights of the event. Also share with us some success stories from Singapore.
The first edition of Tomorrow’s India was held in January 2016 in Singapore which bring together the experts, entrepreneurs, head honchos and corporate gurus from diverse sectors of the industry. Bodies like International Enterprise (IE), Action Community for Entrepreneurship (ACE), India Retail Forum (IRF), Singapore Exhibition & Convention Bureau (SECB), The Indus Entrepreneurs (TIE), Singapore Tourism Board (STB), Global Cultural Alliance (GCA), The RICE Company Ltd, Arte Compass Pte Ltd and Singapore Economic Development Board (EDB) were some of our esteemed partners last year. The event was graced by her excellency Ms. Vijay Thakur, High Commissioner of India to Singapore; Ambassador Gopinath Pillai, Ambassador-at-large for the Government of Singapore and Chairman, Institute of South Asian Studies and National University of Singapore. The conference brought together entrepreneurs, industrialists, venture capitalists, policymakers, government bodies, start-ups and education professionals to help understand the possible opportunities in exploring prospective collaborations and potential partners between both the countries. During the event, interactive and power packed panel discussions were conducted on various opportunities for doing business in India and Singapore with an impressive line-up of eminent speakers from India and Singapore including – Suneeta Reddy - Apollo Group, Vineet Jawa - Baldor Technologies Private limited, PrahladKakkar – Prominent Indian Ad Film Director, Bijou Kurien - L Capital, A Velumani – Thyrocare, Ron Malhotra - Maple Tree Wealth, Australia, Shailesh Pathak - Bhartiya Group etc. To cultivate the knowledge sector, Indian students got a peek into the lives of their Singaporean counterparts. Various industrial visits were conducted including, a visit to Action Community by Entrepreneurship (ACE), Singapore’s special platform for start-ups and young entrepreneurs. Oorja, the cultural component of Tomorrow’s India, was organised with exhilarating participation of Sam Bedi (& Group) from Singapore and Karthick Iyer (& Group) from India, Oorja witnessed to be a highly remarkable cultural concert. It saw a tremendous response with over 500 attendees cherishing and applauding a brilliantly co-ordinated fusion of Asian music.
4. Can you please tell us about “Tomorrow’s India” – in Seoul, Republic of Korea– What kind of opportunities do you see here for Indian SMEs, and knowledge sharing through new university programs for students and Cultural exchange initiatives?
The second edition of “Tomorrow’s India Global Summit” will be held at Seoul, South Korea from 25-29 September. The bi-annual event is being organized by Global Social (India) Foundation, a New Delhi based non-profit. It aims to showcase India’s prowess and act as a catalyst for forging ties in the fields of business, knowledge and culture, and will feature panel sessions, company showcase, industry tours, university visits, and several networking opportunities.
South Korea has a lot in store for India to learn from. Both countries have historically suffered from extensive poverty and hostile neighbours and despite being of the same size of $300 billion in GDP in 1990 and a huge population size, South Korea has come a long way as compared to India. Korea today has:
• The world’s highest post-graduation rates.
• More per capita wealth than India.
• Export capabilities in automobiles, ships and steel.
• Reduced the number of days it takes to start a new business, from 17 days in 1990 to 4 days, while in India it takes 26 days.
Names like Samsung, Hyundai, Posco, LG and Kia have asserted themselves globally. Conversely, India’s largest companies have grown either on domestic strengths or as service providers to the developed world. All these Korean companies have a significant Indian presence but corporate India’s presence in South Korea is marginal. We feel that India has a tremendous potential to grow at an unprecedented rate and with the proven track record that Korea has, Indian SME’s and students can imbibe the work culture to ensure the said growth in India.
5. South Korea being ranked the world’s fastest grown economy in short span of 30 years and well known for its for its city development and green growth projects – Do you think South Korea offers an opportunity for Indian smart city projects and other initiatives started by world popular prime minister Modi.
India and Korea’s share of manufacturing in output was similar till the early 1970s at about 14% of GDP. However, the trajectory since then has diverged dramatically. While Korea’s share of manufacturing in GDP has accelerated to over 30% currently, one of the highest in the emerging world, India’s share has stagnated at about 15%. As India aims to increase its share of manufacturing, Korea offers an amazing opportunity for India to learn and replicate the processes being adopted by their Korean counterparts. South Korea is going all out in an effort to boost its smart city infrastructure with plans to inject 330 bn won for the same. We feel India has a perfect example in Korea to replicate and effectively utilise resources in order to build the perfect smart cities. Also, Korea has never shied away from helping other nations such as Kuwait and Cambodia with their smart city plans, something which can be of a real benefit to India.
6. Please tell us in detail some highgrowth area whereKorean foreign investment is most suited for Indian market.
Some high growth areas where Korean foreign investment is most suited for Indian market are:
Automotive:Even though Hyundai has a major presence in India, many Korean automobile organisations such as Kia and Diahitsu have a huge market in the country to tap.
Defense:With China shipping major defense equipment to Pakistan, South Korea can be of a major help to India which was evident by PM Modi’s visit to the country when he extensively pitched and added defense to the wish list in his appeal for Korean investment in Indian industry. India can use Korean technological expertise in manufacturing tanks, Korean artillery pieces and training regime for the Indian pilots
Cosmetics: Korea has seen major success in its skincare and cosmetic products. According to the Korea Customs Service, South Korea exported more than $2.64bn of cosmetics goods in 2015. India can definitely utilize more of such investment if Korean companies decide to venture here. We recently saw six major Korean firms viz. PLK International, Coson Co., Esthetics House, OUTIN Futures, Kell and BCL Cosmetics enter into a joint venture with Rajshree Empires to set up a manufacturing unit in Uttar Pradesh with an investment of Rs 100 crore. The trend is definitely expected to rise.
Gaming: Video games form a major chunk of social activity in South Korea and has seen unprecedented growth in the past few years. Except for a few players like Reliance Entertainment which recently announced that it will be investing in 20 gaming startups this year, not many organisations have realised the full potential of the Indian market. Major Korean video game companies have an excellent opportunity to invest in India.
7. Do you have some sectors in mind which you want to target during second edition of “Tomorrow’s India” in Seoul?
The sectors that we are primarily looking to target at the summit are:
• Electronics – South Korea is a global leader in electronics manufacturing, including semiconductors and televisions. South Korean companies like Samsung and LG are global leaders in smartphone sales.
• Shipbuilding – The world’s three top shipbuilding companies are all from South Korea: Hyundai Heavy Industries (HHI), Samsung Heavy, and Daewoo Shipbuilding and Marine Engineering (DSME).
• Automotive – Korea is world’s fifth largest automobile producer by units produced and is home to the Hyundai Motor Company – the world’s fastest growing automaker by brand.
• Petrochemicals – South Korea’s Ministry of Trade, Industry and Energy (MOTIE) is forecasting strong growth for the South Korean petrochemicals industry due to increased demand from key markets, in particular China.
• Metal and Machinery products - About 600 South Korea companies are registered in Metals, Machinery & Engineering category, marking a rank in global map, primarily into basic metal product business.
• Biotechnology – The South Korean Government funds the Korea Institute of Bioscience and Biotechnology (KRIBB) that’s exploring potential solutions to problems facing humanity. Areas of research that may lead to commercialisation include medical treatment, food, energy, and the environment. Privately owned South Korean companies are making inroads in the biopharmaceutical field.
• Internet software and services – Koreans are avid consumers of digital media and apply the lion’s share of their bandwidth resources to online gaming. Google has taken an active role in nurturing South Korean Internet software and services companies, introducing their favourites to the US to help them build a global profile. In 2013, South Korean President Park Geun-Hye announced the desire for a more ‘creative economy’ and launched the new Ministry of Science, ICT and Future Planning.
• High-tech communication – South Korea has transformed into a high-tech economic heavyweight, having applied substantial resources to research and development. As a result, the country is now the world leader in patent activity, along with information and communication technology.
• Tourism – The contribution of the tourism industry to the South Korean economy is expected to grow more than double the average. Growing smart city, it has built smart infrastructure over time enabling citizens to have easy access to public services, life information and leisure activities using smart phones and tablet PCs.
• Sports infrastructure - South Korea has a proven track record of delivering large scale sporting and entertainment events, and will be hosting the Winter Olympics in Pyeongchang 2018. This will bring huge opportunities for companies in marketing and ticketing, hospitality and catering, advanced IT, green building and design, including stadium and accommodation build and low carbon solutions
8. How do you see “Tomorrow’s India” as a global platform which brings together experts from multiple sectors of the industry, diverse group of entrepreneurs, head honchos and corporate gurus, placed in Korean market?
We have so far received tremendous support from the Korean market. They are very keen on meeting the entrepreneurs from India and are actively looking at exploring business opportunities in here.
9. What are Associations and Organizations supporting Tomorrow’s India” initiative in India and South Korea.
We have garnered support from eminent bodies and organisations such as the Embassy of India, Republic of Korea; Accelerate Korea; Association of IIT Alumni Korea (IITAK); Indians in Korea (IIK); India Retail forum; Electronics and Software Council of India (ESC).
Other noteworthy associations supporting Tomorrow’s India are Ah! Ventures, India Angel Network, OnSpon, NDTV Prime, The Hindu, IamSMEofIndia, The Palm; KIBC; Asiana Airlines; Floating IslandandThe Ritz Carlton.
A few distinguished guests that will be speaking at our sessions are Sangeeta Reddy, Executive Director, Apollo; Meher Pudumjee, Chairperson, Thermax; Arun George, Founder CEO, Avant Garde Innovations; Padmaja Ruparel, President, IAN; Shailesh Pathak, Executive Director, Bhartiya Group; PK Menon, Global partner with Thought Leaders Global, Australia and Executive Director, Thought Leaders Middle East.; Devita Saraf, CEO, Vu Technologiesamong others.
10. What are your future plans? After Seoul which city you are going to?
We aim to reach out to a new country after every 6 months. The location for our next summit will be disclosed at the closing of the Seoul edition.
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