If you have not seen Sanjay Kadaveru (co-chair of the organizing committee) around for a while, there is a reason for it - he is networking with Members of Parliament (MPs') in India. The Indian Parliament is like our Congress and its members play an important role in policymaking. MP's also make an effort to bring investment to their districts.
And here is the update. We have confirmation from as many as five MP's to attend TiECon East 2006, including Madhu Yakshi and Sachin Pilot. They will be the members on a panel on infrastructure and governance in India.
Why are we inviting Indian policymakers?
As many of you have experienced during last 2-3 years, TiE has gradually evolved into a conduit to investment opportunities in India (either directly through network access that it provides or through entrepreneurs that choose to have management teams based in the US while locating the development and other process in India). By providing access to Indian policymakers, not only are we ensuring that they understand what we need from them, we are also giving them a chance to demonstrate to us what they will do for us to attract our dollars as they highlight India's transition from a offshoring to a market opportunity.
India's role in global economy changing from a BPO center to a consumer market
India's recent entry into the global economy was triggered by our desire to cut costs by offshoring low-end jobs. While most experts agree that relocation of these jobs has benefited American corporations, there has been another unintended social/economic outcome - India can now claim to have a real middle class that has rapidly growing discretionary income. In many cases, they are already consuming what we take for granted. During a recent trip, my jaw dropped when I was invited to visit the Shipra Mall on the outskirts of New Delhi - it was better than some of the malls in the Boston area, according to my wife who knows this better than I do. And the prices were actually higher than those in the US for most product categories since these new malls predominantly carry luxury goods by Indian standards.
In summary, it may be the right time to look at the country as a growth opportunity. You might also want to read my thoughts on why you should build a new business model for India if you want to serve the Indian consumer.
- Posted by Jay Dwivedi
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