Will you be part of the India growth story?

The bad news is that the world is going through the worst financial crisis ever.
The good news is it is not going to last for ever. The bad news is India is also affected the good news is it is not as badly affected as the USA, Europe or China.
If you will just visualize a little beyond the financial turmoil the real economy reveals itself as more robust than what the gloom and doom theorists will have us believe. Going by the long term trends and the way Indian economy is shaping up, India is all set to become the engine of the global economy especially now when the USA will be more than willing to share the burden of growth and development with other countries. India’s per capita income is expected to quadruple by 2020 despite the current lull. Now that is a good news. As India and China move to the center stage of world economy along with Brazil and Russia, it is time for all of us to look at our selves and think at the micro level. It is time to look at some hard facts, and answer some hard questions like...
What will my income be in 2020?
Will my income be four times what it is today and will it be enough to maintain my current standard of living assuming I am happy with the way I live today?
If not what will be my strategy to quadruple my income?
Even if my income quadruples in the next decade or so, 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 a better strategy than, ‘hope and pray’ in place to enhance my income?
Will I have a better lifestyle or will the high rate of inflation insure that my standard of living deteriorates?
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?
Will i have a good life or will I have a great life Do I even know the difference?

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. On a more micro and personal level two questions come to mind.
First of all, will you 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, you probably will be making that much or maybe even double that ... The second is a bit tough and sends a shiver down the spine. What kind of life will you have earning just Rs.50,000 in 2020, when that is the kind of money you need today to live just about comfortably. The words that come to my mind are miserable, sad, tough, dreary, and forlorn...Let’s not even go down that road
So, our aim should be earning at least $30,000 i.e. Rs.126,00,00 or at least
Rs.100,000 per month and not just Rs.50,000 per month. 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.
The good news is, you could wake up to your financial needs and reality, and take effective steps to not only survive but thrive in the next decade.

So what can we do?

The number one thing to do is take stock of where you are today and then decide where you want to be in the next five years. Assuming, you are unemployed and earn nothing, or even if you are earning Rs.15,000 a month today, what are your chances of making Rs.100,000 doing what you are doing in the next five years. If you are 100% sure - and you need to be 100% sure or risk being marginalized - you could continue doing what you are doing. If you are not sure or you have doubts, you need to change direction because only by changing direction can you change you destination and your destiny.

If there is a gap between where you are and where you want to be, you need to set a goal, make a plan and take effective steps to bridge the gap.
You need to select the right vehicle to achieve your goal.
You need to choose the right people to associate with and form a winning team.
You might have to learn new skills to cope up with the changing environment.
You will need to work smart.

To conclude, the growing Indian economy will create opportunities for people who keep themselves abreast with the changing scenario but will marginalize many talented people if they do not change with the times. You need to be aware and benefit from the India growth story.