'India can be 3rd largest economy in 30 years'

Optimism about the Indian economy makes it all the more necessary for the country to be prepared to face competition from nations like China and the United States, Wipro Chairman Azim Premji said on Friday.

India could well be the world's third largest economy after the US and China in less than 30 years from now.

"However, we have to be fully prepared to face intense competition from these countries", he said, addressing the CII conference on 'Re-energising India Inc Challenges' in Bangalore.

 "This huge sense of optimism, backed by a strong cash flow, is going to make a difference to the global market", he said.

While quality, technology and cost effectiveness are short-term drivers for growth, long-term factors like demographic shifts, as in the case of India, could herald economic transformation, Premji said.

India, where the young will represent the largest percentage of population in contrast to other developed countries, should "capitalise on this unprecedented opportunity for success and growth", he stressed.

Utilising the youth could place India in a totally different league in economic transformation, he said. For achieving this, leadership at multiple levels, from the personal to the enterprise and social level is essential, he said.

World-class leadership, from the supervisory to the top management level, is necessary to build a world-class enterprise, Premji said, adding that the focus on core competencies and 'sensitivity to cross-cultural skills' would be the other drivers to growth.

Playing to win, quality as in the eyes of customer, striving for excellence, being open to change while not compromising on one's values, never-say-die attitude, building on one's strengths, and humility are some of the leadership qualities that the Wipro chief listed as necessary at the individual level.

On the national level, Premji said areas like primary education and health care, power sector, overhauling of land related laws and water crisis needed to be given top priority.

Subir Raha, chairman of ONGC, called for the need to adapt to 'non-controlled procedures' in infrastructure and 'capturing customer motivation.

As far as the global market is concerned, "India has to create value and maximise the value addition". India, which accounts for 15 per cent of the global population, "must try and capture five per cent of the global market present right here", he said.

Customer focus on research and development is "non-existent and continued investment in this area is required", Raha said.