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There are things that can be uniquely achieved in only certain economic and cultural conditions.
And it’s easy to wonder why can’t we build a ChatGPT or Google in India. And there are a million reasons why we can’t.
But for every Google or ChatGPT, I can point at a Bajaj, Enfield or TVS. You don’t fault American engineers for not building bikes for the African or South American market? Or Verizon for not having a presence in South Africa.
Steel companies can be built only in countries that have a low per capita consumption base, increasing infrastructure spend, growing consumer spending on automobiles and consumables. Or you need to be exporting a LOT!
Banks grow only when people borrow a lot more and there’s savings and a growing economy.
There’s a reason Sony happened right after World War 2. It took a MacArthur and certain cultural conditions.
Or Posco Steel, Nippon Steel, JFE etc emerged post World War 2 as war-ravaged countries rebuilt.
Indian entrepreneurs can only build what India needs very badly now. The demand is real. And if we build what we need well, we can cater to others competently and compete well elsewhere too.
Chinese EV’s are affordable and good for a reason. They were built for the Chinese market with plenty of support.
Indian bikes do well in Africa and South America for a reason. We’ve built them for decades in one of the most value conscious and demanding markets. Airtel knows to operate in Africa since they know to compete in India.
We can’t solve the world’s problems without solving our own to begin with. And lord we have enough to solve well at home.
And we as entrepreneurs or businessmen are creatures that reflect the milieu we were formed in. Government support or lack. What do local consumers demand. What will they pay? How much competition exists for what you do. And so on.
Very personal example and incredibly microscopic one. My gym. I could not have built this in a Singapore or US. At this point, given Indian demand for steel, machining and robust industrial base, I can scavenge off that capacity. I might have had plenty of clients. But the weird little business it is now reflects what can be done and what there is demand for in India now. The same game run by someone with my skill set would have looked like a different beast in Australia, USA or elsewhere. Consumers and conditions mold a business.
The new challenge is likely to be this:
Will Indian talent find enough profit potential in the challenges at home. Earlier, you had the option of helping build a Google or ChatGPT. And that was much more tempting than building something more tailored for India. Quality of life would improve in certain ways and the market you built for was much more lucrative.
But those options are dwindling. But there are a million things that need revolution or improvement in the sub-continent. Should be fun times!