By Iheoma Light Shedrack

What happens if the foreign investors we so much scout for are not coming? We may simply have to roll up our sleeves and get things done by ourselves. Identifying the huge investment opportunities and learning how to tap them may be the only challenge before us. No doubt, we have what it takes to become a great nation: The abundant human and natural resources. But identifying them, harnessing and optimizing their uses seem the tall order we are yet to surmount. Nigeria stands a chance to stir an economic revolution in Africa if only it could look inwards and learn how to harness the large human and natural resources it is blessed with. The question then arises, what can Nigerians, both leaders and followers learn from India, a country that has attained self-sufficiency in virtually every aspect of its economic life? Again, what are those qualities that stand India out as one of the booming economies among other developing countries?

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To start with, it is necessary to state that India shares so many things in common with Nigeria. Like Nigeria, India is a multi-ethnic nation. It is said that for every 100kms you travel in India, the tendency to find Indians with a different culture, and language is there. One thing interesting about their multi-ethnicity is the fact that nation-building is paramount amidst differences in culture, religion or language. Indians practice nation-before-self ideology and that has helped to foster a closer relationship and thus promote peace among Indians. India holds the virtue of self-discipline, dedication, patriotism, prudence and resilience in high esteems.

From the experience I had during a recent study tour to India, it is heartwarming to mention that India, as a matter of economic cooperation has left its doors open for other developing countries to learn and understudy how they arrived where they currently are. Today, around 161 countries benefit from different programmes, through India Technical Economic Cooperation, ITEC and its sister programme Special Commonwealth African Assitance Programme. These programmes range from agro-allied businesses, cyber technologies and Artificial Intelligence AI; power, renewable and alternative energy, engineering and technology, irrigation, health, rural development and poverty alleviation, Micro-Small and Medium Enterprises MSMEs and Entrepreneurship, among others.

India is a country that places priority in incubating ideas and trailblazing innovation. Unlike Nigeria that largely depends on oil as its major revenue earner, India exports more than 5,000 different products majorly produced, packaged and exported by ordinary Indians doing extraordinary things within the Micro, Small and Medium Enterprises, MSMEs. The National Institute of Micro, Small and Medium Enterprises in Hyderabad, in conjunction with other government institutions have been helping, since 1963, in stirring a wave of entrepreneurship consciousness among Indians, especially the youths. These youths are making waves in virtually all productive sector of India’s economy.

Interestingly, in India, MSME contributes over 44% of its total export. India has one of the best MSME policies and institutionalization frameworks among the developing countries. The Government does not joke with any idea or innovation that could lead to export. It uses incentives to encourage export. This has empowered many Indians to, not only becoming producers but exporters of what they produce. They are encouraged to be job givers instead of job takers. The consciousness has stirred a silent industrial revolution and self-exploration by these resilient people whose greatest tools are dedication and discipline.

There are countless policies put on the ground to encourage MSMEs by Indian Government. If it were possible, India would not import anything. They place a huge priority on export. They want to avoid anything that will lead to a trade deficit. Towards achieving this, India Government has consistently developed and sustained SME policies which in turn drive economic growth and development. These policies are constantly reviewed every 5 years in line with new realities that need to be incorporated into the investment policies.

How Does India Do It?

The question on the lips of many who have had the privilege of visiting India has been how a country with such huge population of over 1.3billion and a landmass of about 3.28million square kilometres maintains self-sufficiency in every aspect of their economic life. To Indians, development is not a wishful daydream. It is a by-product of consistent endeavour to succeed. An average Indian has been trained or encouraged to become inventive. Their strategies are silent, but their outputs are amazing.

The Role of The Government:

In planning economic policies, India lays more importance on people-oriented programmes. The government does not leave any stone unturned in ensuring that every aspect of their economic potentials are identified and maximally harnessed. These policies include contributions from those at the bottom end to those that enforce it. What it means is that Investment planning starts from down to up; It is all-inclusive planning where contributions from grassroots, Union of States, Federal, District and other components of the government are put into consideration for implementation.

Furthermore, to ensure the survival of SMEs, large scale industries depend on the ancillary services rendered by the small scale industries. This way, the small scale industries grow alongside the large scale ones. For instance, an automobile manufacturing company may depend on small businesses for the supply of bolts, screws and other micro-component. To ensure that these large scales industries do not frustrate the small scale businesses into extinction, the government has a mediating agency that settles disputes between the large scales and the small scales. This way, growth becomes mutual.

Another strategy with which India has used over time to sustain economic growth and export is incentive. Indian Government offer robust and massive motivational campaign to support the MSMEs. Government helps individuals to nurture their innovations and ideas to maturity through capital interventions, mentoring, research and ideation.

There is as well the “59 minutes” loan that helps MSMEs. An entrepreneur with an innovative idea can just upload a loan request online, stating what the loan would be needed for and the innovation the loan would tend to fund, within “59 minutes”, acceptance in principle is conveyed to applicant and loan extended to entrepreneur to fund his idea or business.

To ensure that all national potentials are fully harnessed for collective economic growth and development, each Union-state, district, and the local authority is encouraged and supported by the Federal Government to draw up its industrial potentials survey. This survey unveils all harness-sable resources and opportunities that exist within that environment which in turn are explored for growth and development.

India Government always understands that entrepreneurs are not always born, but are in most cases made using motivational strategies. Today, through certain intervention policies and encouragements, Indians are silently stirring an economic revolution that benefits the world. Be it in ICT, AI, entertainment, businesses and innovations. This revolution is driven by ordinary people who have nothing more than their ideas, discipline and determination. The government offers its citizenries techno-economic and managerial consultancy services free of charge. There are institutions for virtually all productive sectors. They include Foot wares Training Institution, Apparels Export Promotion Council, Agricultural and Processed Food Products Export Development Authority, Basic Chemicals Pharmaceuticals, India Spice Board, Business and Idea Incubation Fund, Production and Field Testing Stations among other institutions and policies driving growth.

To ensure total inclusion and constant flow of strategic investment information among all and sundry, including those in rural and isolated areas, India Government leverages on Digital Literacy to reach the unreached and formalize the informal. There are countless Self-Help Groups (SHG) organized and supported by the government. These groups are making a creative impact in the socio-economic wellbeing of India. Furthermore, Government encourages and supports these groups through Information dissemination, business career counselling, mentoring, entrepreneurial and skills development, credit linkages, export facilitation, enterprises clinic, start-up facilitation, technology transfers, trade fairs and export promotional activities and ideation.

* Shedrack is an Abuja-based entrepreneur, a business ideation specialist, a life-skill coach and an edutainment specialist. He can be reached via lightshedfie26@gmail.com

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