Are You Ready For The India Growth Story?

Going by the trends and the way Indian economy is shaping up, India is all set to become the engine of burgeoning global economy. It's per capita income is expected to quadruple by 2020. As India and China, move to the center stage of world economy with Brazil and Russia, it is time for all of us, I feel, to think at the micro level. It worries me no end to think about my own life ten to fifteen years from now. Maybe it should worry you too. It is time to look at some hard facts, and answer some relevant questions like what will my income be in 2020? Will my income be four times what it is today? Even if my income quadruples in the next decade, will my family be able to live comfortably on that income or do I need to do better than quadrupling my income? Do I have a strategy in place to enhance my income or am I just going to hope and pray? Will I have a better lifestyle or will the high rate of inflation insure that I just about manage to maintain my current standard (Ha!) of living?As the India growth story unveils itself what will be my role in it? Will I just eke out a living or will I make a life?

According to very conservative projections there will be more than 100 million people with an annual income of over Rs. 630,000 or $15,000. That is a great Macro level news and I am sure a lot of companies will be trying to assess the size of the Indian market and concertizing plans and strategies to take advantage of such a huge consumer market. On a more micro and personal level two questions come to mind.
First of all, will I be one of them?
And second of all, will a mere Rs. 50,000 ($1250) a month be enough to live comfortably in 2020?

The first question is easy to answer. The fact that you are reading this, chances are, you will be making that much or maybe even twice that much. The second question tougher to answer and sends a shiver down the spine just thinking about the future. What kind of life will I have earning just Rs. 50,000 in 2020, when that is the kind of money I need today to live a life which is just about comfortable. 'Miserable', 'sad', 'tough', 'dreary', 'forlorn', 'scary'...are some of the words that come to mind that will describe living on that princely sum in 2020.

So what could be the minimum target income and what should be the time frame to achieve it?
Our aim should be to earn at least $30,000 i.e. Rs. 126,00,00 or at least
Rs. 100,000 a month and not just Rs. 50,000 a month within the next five years, not ten. As the great Indian juggernaut economy shifts into the next gear, lot of people will be caught napping and be marginalized. That is the bad news.

Then again the good news is, you and I could wake up to our financial needs and reality, and take effective steps to, not only survive, but thrive in the next decade.

What can we do?

The number one thing that we can do is that we need to take stock of where we are today and also decide where we want to be in the next five years. Assuming, I earn Rs. 15,000 a month today what are my chances of making Rs. 100,000 doing what I am doing, in the next five years. If I am are 100% sure (and one needs to be 100% sure or risk being marginalized), I could continue doing what I am doing. Speaking for my self I am sure to quadruple my income and be earning more than Rs.100,000 monthly in the next two years because I recently changed direction so that my goals and the vehicle to achieve it are in sync. Same will probably hold true for you. If what you are doing will not take you where you want to go, you too need to change your vehicle. One definition of insanity, is to continue doing what you have been doing and expect different results. If you are not sure about achieving your goals in the next five years, you need to change your vehicle or your direction or both. Only by changing direction can you change you destination and you destiny.
So what needs to be done and done now is:

Write your goals: What you want to be. What you want to do and what you want to have.
Select the right vehicle to achieve those goal.
Choose the right people to associate with and become part of a winning team.
Learn new skills to cope with the changing environment.
Learn to work smart.Get training.

To conclude, the growing Indian economy will create opportunities for people who keep themselves abreast with the changing scenario.The bad news is that it will marginalize many talented people if they do not change with the times. The good news is that you and I need not be among them. In fact you could be the agent of change and help many people who are in touch with you to keep their head above water. You need to be aware and benefit from the India growth story. Are you ready for it.