By Richard Rekhy
Jul 19 2010
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently — Warren Buffett
As we rummage thr-ough history, we find that India is not an emerging economy, but a re-emerging economy. If we go back in time, we had the world’s first university at Takshashila in 700 BC and a global university in Nalanda in the fourth century. We led the world in astronomy, mathematics and medicine. We were a global power at the turn of the 18th century. But India being a tolerant nation allowed itself to be invaded and lost its cutting edge.
Today, India has an historic opportunity to claim its rightful place. But will India be able to assert itself on the global stage? Will the pride of this resurgent India emerge to counter factors that affect our image?
Building Brand India is an imperative we cannot afford to ignore. This is because a nation’s brand is a powerful means of value creation and global leadership. There are several benefits to building a strong brand. Strong brands evoke an emotive bond among people and nations. This translates into huge benefits — from greater goodwill to an upswing in tourism, from growing exports and increased investments. Brands generate trust, confidence and continued association. Once a nation is associated with a set of attributes, anything from that country is treated as a natural brand extension.
To understand what defines a successful brand we need to understand what constitutes the brand. A brand is a synergy of various elements; it is an optimum mix of quality, innovation, value, global presence, adaptability, trust and reliability. A brand is the essence or promise of what will be delivered or experienced.
India has managed to create this remarkable essence. Intensive competition is opening new opportunities in the developed world to skills and entrepreneurship from other parts of the globe. This is not utopia. It is a vision steeped in reality. India has the brand capital —ours is a country where four-fifths of the population is young, and will continue to be young. We have one of the highest arable land acreages in the world that is richly endowed with water and sunshine. We are blessed with varied agro climatic zones. Our farmers are intelligent and enterprising. Our manufacturing is getting competitive. Fifteen of the world’s major automobile manufacturers are already sourcing components from India. Some of our leading pharmaceutical units are addressing global market opportunities. We have very capable scientists, engineers, chemists, biologists, doctors, nurses and teachers. Our ability to grasp business processes is impressive. Above all, our people power is enormous.
From an economically global outlook, India has joined the elite club of international currencies. The new rupee symbol, which was approved by the cabinet, reflects that the Indian currency is finally making its presence felt on the international scene. Though symbolic, it is a big statement. The symbol would lend a distinctive character and identity to the currency and further highlight the strength and global face of the Indian economy.
It is increasingly axiomatic today that the old calculations of hard power are no longer sufficient to guide a country’s conduct in world affairs. India’s soft power have become much more important. Bollywood, Indian art, literature, fashion and cuisines, the values of Ashok, Akbar and Gandhi, and the pluralism of our civilisation constitute our soft power.
The 21st century will be a world in which the use of hard power carries with it the odium of mass global public disapproval, whereas soft power, which lends itself more easily to the information era, will constitute a country’s principal asset. Soft power is not about conquering others, but about being yourself.
India produces various kinds of cultures, including the films of Bollywood. Bollywood is bringing its brand of glitzy entertainment not just to the Indian diaspora in the US, the UK or Canada, but around the globe. Indian celebrities are the face of international brands. Like Shahrukh Khan being the brand ambassador for Tag Heuer is a way in which India demonstrates its soft power.
There is potential to carefully exploit those soft and mystical aspects of India, like yoga and ayurveda. Some say these stereotypes should be avoided. I think the real value to a country is added when soft powers are leveraged and a global footprint is created around them.
On the downside, there are a number of challenges and threats, many being addressed slowly: poor infrastructure, inclusive growth, states developing at different speeds and a reputation for corruption and red tape. These issues should be addressed on a national level and not treated as an individual problem. In the 21st century, you have to compete on ideas. A Deutsche Bank advert said, “Ideas are capital. The rest is just money.” Brand India is an idea at the right place at the right time. The rest is just history.
Few nations have the growth potential that India already enjoys. India holds the promise of a most successful future… —Kluas Schwab
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