Helping India on the journey

to high performance

Three imperatives for policymakers and business leaders

2
Introduction
India is on the march. The country that
just six decades ago was taking its first
independent steps is now striding out
in confident new directions.
The rest of the world is getting to
know an India it never knew until
quite recently. Over the last quarter-
century, the nation has become a vital
global economic and political player,
making its voice heard in G20 debates
and World Trade Organization sessions
alike.
The world’s business media now devote
plenty of ink to India’s energetic
giants such as Tata, Reliance and
Bharti Airtel. Business leaders around
the world are increasingly familiar
with ‘sunrise’ industry leaders such
as Suzlon and with premier centers
of higher learning like the Indian
Institutes of Technology and Institutes
of Management. And Bollywood is
clearly a soaring influence in the
entertainment industry worldwide,
producing more than 100 films in
2008i in ten languages and employing
an estimated six million people.ii
In so many ways, India already
represents the new economic
frontier. It is both a highly successful
experiment in regulated free-market
economics and a laboratory for
experimenting with new tools of
economic prosperity—a vibrant source
of new technologies, new approaches
to consumer markets, novel ideas for
public-private partnerships, and new
thinking about climate change and
access to resources.
In short, India has much to be
proud of. It is no exaggeration to
say that India has embarked on
the journey toward achieving high
performance. (See “A word about high
performance.”) iii
3
This report will examine the
most pressing priorities in
each of the three infrastructure
dimensions: physical, economic
and social.
But that journey is a long and arduous
one. If the country is to deliver on
its tremendous promise, politicians,
policymakers and civic and business
leaders have much to do. India still
ranks only 49th out of the world’s
most competitive economies—23rd
when compared only to other
emerging economies—according to
the World Economic Forum. It lags in
terms of foreign direct investment,
attracting US$42 billion in 2008
compared to US$108 billion in China,
US$70 billion in Russia and US$45
billion in Braziliv.
And its physical infrastructure is a
deterrent to inward investment and
a huge cost burden for organizations
throughout the country. Plenty of
work is needed to build and strengthen
financial markets and institutions that
can galvanize infrastructure growth.
And while the country has helped
bring about great improvements in
the lives of many of its least privileged
citizens, there are abundant social
challenges ahead.
4
What is essential is a blend of well-
planned, well-built and well-run
infrastructure initiatives—a blend
that balances improvements in
tangible infrastructure such as road,
rail and electrical power networks
with upgrades in the nation’s
financial infrastructure and its social
infrastructure. Only if there is obvious
momentum in all three directions
can more of India’s citizens feel the
benefits—and contribute to their
country’s growth.
India can do much on her own, to
be sure. Few other countries have
the equal of its rich amalgam of
professional skills, entrepreneurial
zest, levels of global engagement,
youthful population, and a large and
well-connected diaspora of expatriate
talent.
But to achieve full potential—to
truly achieve high performance as a
nation—the nation must look outward.
India’s policymakers and corporate
leaders can also benefit by relying
on global partners that have one
foot in India and the other in
activities abroad.
Organizations that have truly become
part of the country’s social fabric
are well-placed to contribute more
to its future economic prosperity.
They combine the benefits of
longtime experience in India with
rich knowledge of best practices in
government and business worldwide;
they match a deep commitment to the
welfare of their Indian employees and
communities with a global eye toward
how those groups can better connect
with their overseas counterparts for
the benefit of all.
This report will examine the most
pressing priorities in each of the three
infrastructure dimensions: physical,
economic and social. We invite
you to read it with a sense of what
it means for development of new
generations of talent (and leadership),
for environmental sustainability as
well as the sustainability of economic
growth—and importantly, for the
inclusion of a much broader swath
of society in India’s continuing
success story.
A word about high performance
Beginning in 2003, Accenture’s research program to
determine the key ingredients of high performance
provides unprecedented insights into the characteristics
and practices that enable organizations to outperform
their peers.
Accenture defines high-performance businesses as
those that:
• Effectively balance current needs and future
opportunities.
• Consistently outperform peers in revenue growth,
profitability and total return to shareholders.
• Sustain their superiority across time, business cycles,
industry disruptions and changes in leadership.
We believe that a nation’s performance can be gauged by
very similar criteria, as follows:
• Effectively balance current needs and future
opportunities of its citizens.
• Consistently outperform peer nations in helping
to create an environment within which its citizens
maximize their abilities and ambitions.
• Sustain inclusive growth across time, economic cycles,
industry disruptions and changes in leadership.

5
Power cuts and potholes
Fixing the physical infrastructure

6
Lacking access to an effective mass
transit system in Bangalore, the
technology firm Infosys Technologies
Ltd. used to spend $5 million a year on
buses, minivans, and taxis to transport
its 18,000 employees to and from its
offices in Electronics City.v
That, in microcosm, is one of India’s
biggest impediments to growth. India
may be the world’s second fastest-
growing economy, but its physical
infrastructure has fallen far short
of national needs—and continues
to fall short. Historically, India’s
infrastructure investment has averaged
about 4 percent of GDP—half the
country’s 8 percent-plus growth rate
and half the GDP percentage that
China devotes to infrastructure. India’s
GDP growth would be two percentage
points higher if India benefited from
good roads, railways and power, notes
Jagdish N. Bhagwati, a professor at
Columbia University in the U.S.vi
If Prime Minister Manmohan Singh’s
near-term targets of 9 to 10 percent
annual growth are to be reached,
India must now race to build the
infrastructure ecosystem that can
catalyze its economic potential—high-
speed road and rail systems, efficient
ports and logistics centers, and reliable
electricity, telecom, data, and water
delivery networks.vii
These physical infrastructure
challenges are particularly acute in
India’s cities.
Some experts believe that 400
million Indians will migrate from
rural to urban areas over the next
40 years—urbanization on a scale
that took 1,000 years to happen in
Europe. However, the challenges
must not be tackled in isolation—and
are not limited to urban areas.viii Not
only do they need to be viewed in
context of the tandem challenges of
building the right financial and social
infrastructure, but they have to be
examined in light of how they can help
broaden the country’s base of growth
far beyond visible contributors such as
IT services.
Put simply, the industrial and
agricultural sectors have huge
potential to drive balanced, sustainable
growth—and to “spread the wealth.”
Yet they contribute just 18.5 percent
and 17 percent respectively to real
GDP compared to the services sector’s
64.5 percent.ix Industry and agriculture
are heavily dependent on good
physical infrastructure, yet in many
rural areas there are no roads at all.
And where roads do exist in India, less
than half are paved, notes the World
Bank.
Because three-fourths of the
1.1 billion population live in
villages, growth in agriculture and
manufacturing is essential for job
creation and to lift per-capita income
levels. Agriculture has exceptional
potential when seen as part of a “value
chain”; imagine the benefits if efficient
transportation and warehousing
systems could easily link farmers
to new food processing plants and
markets, or the gains that could be
generated if reliable communications
systems were available to accelerate
the use of biotechnology to increase
yields per hectare of land.
7
Pressure points
• India is the world’s largest producer of fruits and the
second largest producer of vegetables, yet 25-30 percent
is wasted because there is little “cold chain” storage and
distribution infrastructure
• Economic losses from congestion and poor roads alone
could be as high as $6 billion a year
• Average turnaround time at India’s busy seaports is 85
hours—10 times longer than at Singapore or Hong Kong
• India needs to add 50 percent to its current electricity
capacity to bridge today’s potential power deficits—let
alone tomorrow’s
• Physical infrastructure constraints create supply-demand
imbalances, inducing inflationary pressures.

The tasks of repairing, expanding
and managing the country’s physical
infrastructure are daunting indeed.
Of course, India is by no means alone
in suffering from inadequate long-
term planning and a lack of market
orientation when it comes to big
public works; the 15 percent-plus
cost overruns conceded by the federal
government would not raise eyebrows
in the U.S. or in many European
nations.
However, when financing of large
infrastructure works is a challenge,
such overruns place a larger burden
on the economy than it can afford.
Additionally, India faces some
special challenges. Bureaucracy is
problematic; in particular there is
much to do on the labor front, where
employment regulations are seen
as some of the greatest obstacles
to productivity improvements.
There is often a mismatch between
government’s expectations of
participation by private investors and
their actual levels of involvement. And
many Indian construction firms, while India has the potential to solve
large enough now to deal with the many of its physical infrastructure
scale of the projects they are involved challenges. The raw numbers appear
with, were until recently relatively impressive; private-sector estimates
small and regionally based, meaning put the federal government’s
that they have had to rapidly scale up expenditures at close to US$ 1.7
in terms of building execution skills, trillion over the next decade.xi It certainly
design and engineering expertise. As has the professional resources and
such, many still lack the capabilities of the bright minds and the industrial
the leading international players. capacity to do so. And it is a
second home to many of the large
The good news is that the right international firms that can readily
discussions are under way. Just one draw on best practices from other
example: The Remaking of Mumbai regions and municipalities where
Federation (RoMF) is emphasizing similar challenges have been faced—
a “planning from the beginning” and met.
approach that is well-placed to
draw on best practices from globally
successful models of inner-city
redevelopment like those of Shanghai,
Hong Kong and Singapore. Proponents
state that the RoMF will work best
if it is steered by a “city planning
and management company” whose
corporate structure would have equal
representation from government
offices and stakeholder associations
such as residents’ groups.x

8
9
Follow the money
Strengthening the financial
infrastructure

10
Accenture’s research suggests that
aggregate household consumption in
India’s rural areas could approach US
$250 billion by 2013—66 percent
larger than that in the country’s
urban markets.
Yet the rural majority has poor access
to banking services. Only 40 percent
of Indians own a bank account. Just
over 5 percent of the villages in India
have a bank branch and as little as 2
percent of the entire 1.1 billion possess
credit cards.xii
Those facts speak volumes. They
indicate that enormous sums are in
play—and are about to be in play—that
are not fully integrated into a national
financial infrastructure. Although
India’s economy has been able to rely
on fairly high levels of household
saving—currently around 25 percent
of GDP—there is much more the
government can do to put India’s
money to work.
Put simply, India must build a robust
financial infrastructure. While it is
not as tangible as a new road or
a new port, a financial “grid” that
moves money efficiently is vital
to long-term prosperity. Not only
will it help to support crucial and
ongoing investments such as physical
infrastructure, education and research,
but it will serve to be more attractive
to foreign direct investment.
Specifically, India must develop
the policy measures and innovative
financing methods necessary to build
a strong financial infrastructure.
Further, by creating and overseeing
effective regulatory bodies and
efficient settlement systems/clearing
houses, the nation’s policymakers and
financial experts will help stimulate
infrastructure financing and overall
economic growth.
Recent initiatives by the government,
such as setting up a corporate bond
reporting platform for efficient price
discovery, are promising moves toward
creating more robust corporate debt
markets. However, while a well-
developed bond market is necessary
to supplement banks as sources of
funds for infrastructure projects, there
is a pressing need to develop long-
term institutional investors for those
projects, such as insurance companies
and pension funds. Ajit Gulabchand,
chairman and managing director of
Hindustan Construction Company,
is a vocal proponent of the kinds of
municipal bond funding used widely in
Europe and the U.S. to support large-
scale infrastructure projects.xiii
The government recently set up the
India Infrastructure Finance Company
Limited to provide long-term financial
assistance to infrastructure projects.
This move is important: Since many
of India’s construction firms are
highly leveraged, they continually
need fresh capital to finance new
projects. Although they are under
pressure to increase net worth in order
to enhance their creditworthiness,
the construction business tends to
have low sales-to-net worth ratios
(indicating how much net worth has
been added in relation to revenues).
But some of the best potential
for strengthening India’s financial
infrastructure may come in the kinds
of instruments and mechanisms that
11
Pressure points
• Just over 5 percent of the villages in India have a
bank branch
• As little as 2 percent of India’s population possess
credit cards
• India lags in terms of foreign direct investment,
attracting US$42 billion in 2008 compared to US$108
billion in China, US$70 billion in Russia and US$45
billion in Brazil
• Since many of India’s construction firms are highly
leveraged, they continually need fresh capital to finance
new projects.

give consumers more control of their Innovative financial services and

financial destiny—and more security
over the long term.
It is only in recent years—with the
development of technology and with
evidence from microfinance projects
that the poor are indeed bankable—
that there have been enhanced
opportunities for rural banking and
investment. The issue has bigger
implications for growth than profit-
making for financial services firms. It
gets to the heart of the third element
of the holistic approach essential to
long-term, sustainable growth: the
idea of developing a sturdy social
infrastructure. (See: “All for one and
one for all: Developing an equitable
social infrastructure.”).
To that end, the government’s National
Rural Financial Inclusion Plan has a
goal of providing access to financial
services to at least 50 per cent of rural
households hitherto without access
to financial services by 2012 and the
remaining 50 percent by 2015.xiv
insurance companies have been
using microfinance institutions to
build their retail network in India’s
hinterlands. One of the early pioneers
in this area was Bajaj Allianz which
tied up with SKS Finance, India’s
largest microfinance firm, to sell
its policies. SKS successfully sold
millions of policies for Bajaj Allianz
within a few months.xv At the same
time, mobile banking—using mobile
phones—presents huge possibilities,
especially given the low penetration of
conventional banking services in
rural India.
Now consumer product companies
are using microfinance firms as
platforms to create vast distribution
networks. While there is vast
potential for revenue generation for
such companies, the potential for
underprivileged villagers to generate
high incomes—often from services—is
equally impressive. And there is a
tremendous multiplier impact for
rural economies and for India’s overall
economic growth.

12
Plus point
Access to other financial services such as savings accounts
and life, health and crop insurance also remains limited
for the rural poor. Recognizing the latent demand
lying untapped in such markets, YES BANK initiated an
innovative rural-financing program that has benefited
more than 2,000 farmers in the state of Jammu and
Kashmir. The program extended financing of US$3.5
million for six months to bee-keeping nomadic farmers in
North India by transferring credit risk from the farmers to
the stocks of honey kept in warehouses. YES BANK enrolled
Kashmir Apiaries Exports (KAE), a large honey processor
and one of the largest exporters of honey from India, in
the scheme. KAE extended a purchase commitment at a
pre-determined price for the honey supplied by various
small farmers, providing the bank with greater credit
assurance for the commodity. xvi

13
All for one and one for all
Developing an equitable social
infrastructure

14
Pressure points
• Among India’s 15- to 29-year-olds, only about 2 percent
have received formal vocational training
• Less than half of female higher education graduates
join the economically active population
• More than a third of adult women in Bangladesh,
India and Pakistan are underweight, according to the
World Bank
• Climate change may mean that volumes of melt water
from Himalayan glaciers, watering much of the region,
could fall to about 30 percent of their current levels in
the next 50 years

India is home to 20 percent of the
world’s people, a third of whom are
less than 15 years old. This youthful
demographic is expected to add about
250 million workers to the labor pool
between 2005 and 2025.xvii But it
is also a potential source of social
instability.
The country’s rapid economic
development has shone a spotlight
on the fact that large sections of the
population are not included in the
India growth story. In the worst case,
India’s massive, young and growing
population will be characterized by
mass illiteracy, ill health and low
employment—with all of the unrest
and instability that those forces imply.
In the best case, India sits on the cusp
of an exceptional opportunity to bring
education, healthcare and productive
employment to a youthful workforce
whose size promises to make it
the major engine of India’s future
workforce and economy.
Either way, it is imperative that India’s
policymakers, corporate leaders and
community leaders craft a viable social
infrastructure—one that is inclusive
and diverse. It must be designed not
only to tamp down social unrest and
address the more egregious societal
and gender inequities but to harness
the potential of engaged citizens and
leverage India’s rich cultural diversity.
The inescapable priority, though, is
to avert the worst case. While India
has been able to reduce its poverty
levels significantly over the last
decade, findings from a World Bank
report suggest that India has more
people living on less than US$2 a
day than sub-Saharan Africa does.
A large section of India’s population
is still excluded from education and
skills development. The Planning
Commission of India notes that 7.1
million Indian children are out of
school and more than half of those
enrolled drop out at the elementary
level.xviii The results of the National
Sample Survey (61st Round) show
that among 15- to 29-year-olds, only
about 2 percent have received formal
vocational training. Less than half of
female higher education graduates join
the economically active population.xix
The economic and social costs of these
factors could be devastating, and could
be exacerbated by damage to land,
property and communities caused by
climate change and by the growth of
industry sectors other than agriculture,
the industry on which so many of the
poor depend.
Inadequate and erratic rainfall across
large parts of the region during 2009
poses serious risks to grain production,
raising fears of inflation in food prices.
India’s agricultural sector contracted
this year after the worst droughts in
nearly three decades. Government
officials note that farm output needs
to grow at about 3.5 to 4 percent for
India to sustain high overall growth.xx
There is also an optimistic way to
view the numbers. According to the
Planning Commission of Indiaxxi,the
world will have 56.5 million fewer
skilled workers than it needs by 2020.
That presents India’s business leaders
and policymakers with a tremendous
opportunity. If India gets its education
programs and skill development
right, it will have a surplus of skilled

15
manpower of 47 million by that
year. The World Bank estimates that
increasing the proportion of working-
age Indians who are economically
active from 60 percent to 75 percent
would add US$3.7 trillion to the
country’s GDP by 2020.
Accenture’s ongoing High Performance
Business research initiative repeatedly
demonstrates that innovation works
best when a variety of backgrounds
and perspectives come to the table.
These diverse qualities in turn enable,
deliver and drive high performance.

There are many encouraging efforts Savvy policymakers and corporate

under way already. One example:
the Teach for India project, formally
established in 2008 as a not-for-profit
organization whose mission is to
create a movement of leaders who will
work to eliminate educational inequity
in the country.xxii The college graduates
and young professionals who join
Teach for India commit to teach full-
time for two years in under-resourced
schools.
Companies such as Accenture, ICICI,
Citibank, and Mahindra & Mahindra
are in the forefront of supporting
Teach for India—and are attuned to
the additional social benefits that the
program provides. “Besides improving
the quality of education, Teach for
India would most importantly also
enhance the young professionals’
leadership and communications skills,”
notes Dr. Nachiket Mor, President
of the ICICI Foundation for Inclusive
Growth.
leaders will make it their business
to build workplace and community
programs that cherish diversity and
encourage inclusion. Many of the
global organizations with a longtime
presence in India have deep experience
with such programs, and are more
than willing to share what works and
what doesn’t. (See “Plus point.”)
Just one example: As part of its “Skills
to succeed” global initiative, Accenture
is teaming with Oxfam in India to help
farmers develop new skills that will
generate more value from local supply
chains and secure enhanced economic
opportunities.

India can also capitalize on its diverse

cultural heritage. While the United
States has long been held up as the
apotheosis of ethnic and cultural
blending, India’s rich cultural heritage,
stretching back over millennia, is at
least as interesting a model of how a
nation can benefit from diversity.

From an economic standpoint, India’s

textured culture is a potent engine
for economic growth. With more
linguistic and religious diversity than
many other nations, India has unusual
potential to cross-pollinate knowledge,
ideas and beliefs, and a national
mindset that readily absorbs fresh
concepts and approaches from other
cultures. In recent years, the country’s
political system has successfully
accommodated greater federalism
and social mobility while pursuing
economic liberalization under a series
of coalition governments.

16
Plus point
For 10 years Accenture India has worked closely with BYST,
the Indian affiliate of Youth Business InternationaI (YBI),
providing pro bono services and strategic advice.
Globally, YBI has helped more than 13,000 young people
set up their own businesses; more than 72 percent of
these young people are still successfully in business
in their third year. Each new entrepreneur creates, on
average, three new jobs. The impact is threefold:
On young people
Self employment increases self-esteem, increases
employability and helps achieve economic independence.
Young participants provide role models for other young
people who see their friends realizing their potential and
achieving self-respect and independence.
On business
YBI encourages new and existing entrepreneurs to become
involved in the local community, improves workforce skills
and encourages the development of a dynamic small
business sector.
On society
YBI reduces youth unemployment, alleviating poverty,
generating wealth and reducing youth alienation and
social conflict. Successful young entrepreneurs also create
jobs for others.

17
Toward tomorrow
So what will India’s
economic complexion look
like in another 25 years?
Leading researchers say
India’s economy will be
among the largest in the
world by then.
It’s a fair bet that India
will have dismantled
many of its barriers to
stronger growth, ridding
itself of much of the
red tape that currently
entangles businesses and
deters investors. It’s also
reasonable to expect
that Indian companies
and sources of expertise
will be in the forefront
of the next phases of the
‘green’ growth movement.
And as the mid-century
approaches, India will very
likely be seen as a hotbed
of innovation.
Yet other aspects of the
nation’s growth trajectory
will be far harder to
control. Ensuring that
economic development
includes all strata of
society is no quick fix.
Broadening the nation’s
base of growth is a
monumental task. Issues
such as income disparity
and endemic poverty
18
require much more and time zones. India has
than the right kinds of many international friends
investment; they also both inside and outside
demand expertise in the country. There has
operational excellence and never been a better time
good governance. to benefit from those
friendships.
Although there is little
doubt that India will The answer lies in the
be at the heart of the right blend of longterm
global economy in just a commitments to achieving
few decades, the bigger high performance as a
question is whether its nation through physical,
place there will be stable— financial and social
or sustainable. infrastructure.
The answer lies in the
right blend of long-term
commitments to physical,
financial and social
infrastructure.
Those commitments
will require exemplary
statesmanship, holistic
rather than insular
thinking, enthusiasm
paired with realism,
and commitment that
transcends elective
office terms.
Sustainable, inclusive
economic success will also
call for unprecedented
levels of collaboration
among policymakers and
civil servants, business
executives, academics, and
civic leaders—collaboration
that reaches across cultures
19
Resources
i. http://www.whereincity.com/movies/
bollywood/list/2008
ii. According to the Indian Motion
Pictures Association, about 6 million are
employed with the Indian film industry,
http://www.indiaonestop.com/film.htm
iii. High Performance Business Research
Program Overview, Accenture Web
site, http://www.accenture.com/
Global/High_Performance_Business/
HPBHighlevelOverview.htm
iv. World Investment Report 2009
v. http://www.businessweek.com/
magazine/content/07_12/b4026001.htm
vi. Op. cit. v
vii. Op. cit. v
viii. “History Inspires ‘Future Cities’,”
The Times of India, 1 Nov 2009,
http://timesofindia.indiatimes.com/
india/History-inspires-future-cities/
articleshow/5184947.cms
ix. Annual Report, Reserve Bank of India,
2008-09
x. “Building the City of Dreams,” brochure
for Council of Tall Buildings and Urban
Copyright © 2009 Accenture
All rights reserved.
Accenture, its logo, and
High Performance Delivered
are trademarks of Accenture.
ACC09-2118
Habitat (CTBUH) 2010 World Conference
India, http://www.ctbuh.org/LinkClick.asp
x?fileticket=gA54SCjboAE%3D&tabid=62
&language=en-GB
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on its own”, India Today, September 17,
2009, http://indiatoday.intoday.in/index.
php?option=com_content&task=view&i
ssueid=110&id=62112&Itemid=1&secti
onid=110
xii. “Forty percent population have
bank accounts: NABARD”, Hindustan
Times, October 21, 2009, http://
www.hindustantimes.com/rssfeed/
arunachalpradesh/Forty-per-cent-
population-have-bank-accounts-
NABARD/Article1-467735.aspx
xiii. Ibid.
xiv. “Financial inclusion to overcome
exclusions”, Bhanoji Rao, May 13, 2008,
The Hindu Business Line, http://www.
thehindubusinessline.com/2008/05/13/
stories/2008051350090800.htm
xv. “SKS Microfinance, Bajaj Allianz to
provide microinsurance to spouses now,”
Microfinance Focus, Sept 16, 2009,
http://www.microfinancefocus.com/
Disclaimer
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give any warranty of accuracy nor
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Accenture does not warrant or solicit
any kind of act or omission based on
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news/2009/09/16/sks-microfinance-
bajaj-allianz-to-provide-microinsurance-
to-spouses-now/
xvi. “YES BANK bags ‘Deal of the Year’
Award”, April 4, 2007, http://www.
yesbank.in/releasedisp.php?pid=277
xvii. LABORSTA database, International
Labour Organisation
xviii. “Education”, Eleventh Five Year Plan,
Planning Commission of India, http://
planningcommission.gov.in/plans/planrel/
fiveyr/11th/11_v2/11v2_ch1.pdf
xix. International Labour Organisation
xx. “Singh: India Targeting 10%
Growth,” Wall Street Journal, Oct 30,
2009, http://online.wsj.com/article/
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