Blog: The $10 Trillion Prize
This is the title of a book, an abridged version available for free on Harvard Business Review website. This book written by Michael J. Silverstein, Abheek Singhi, Carol Liao, David Michael from Boston Consulting Group (BCG), aims at captivating the newly affluent in China and India. It focuses on the vital force that will transform these countries, their economies and their global market place by 2020 - their new one billion consumers. By 2020, India and China will add up to a $10 trillion consumer market.
Recently, the third international Chinese Diaspora conference was organized in Mauritius. India, with the collaboration of the government of Mauritius, proposes to organize the sixth Regional Pravasi Bharatiya Diwas (PBD) convention at MGI on 27th and 28th of October. Its objective is to reach out to the 25-million strong Indian Diaspora. Mauritius with nearly 70% of its population of Indian origin is apt to host this regional PBD. Mauritian NGOs with the support of the government have been actively engaged in promoting the Global Organization of People of Indian Origin (GOPIO). Several conventions were held in Mauritius and Mauritius was declared GOPIO capital of the world, in the pattern of Singapore as the capital of Chinese Diaspora.
The headquarters of World Hindi Secretariat is also located in Mauritius. The Second World Hindi Convention was held at MGI. The first one was at Nagpur. The Mauritius delegation to Nagpur was led by Sir Seewoosagur Ramgoolam. This year’s convention is being held from 22nd to 25th September in South Africa. MGI is an excellent centre for teaching and learning Indian languages and modern Chinese at degree level.
The Mauritian PBD will be centered on various issues relevant to the Indian Diaspora including education, tourism, business, academics, science and technology.
Against this background, is it not time for our policy makers, entrepreneurs, businessmen to reflect on the opportunity being offered by the $10 Trillion Prize? A deep insight into the hearts, minds, aspirations of consumers, entrepreneurs and business leaders in China and India may hold the key to transform our country, in fact the world. But the opportunity has to be captured. The consumer revolution is taking place in India and China can inspire tremendous new waves of competition, collaboration and innovation and lead to better times for everyone. It will not fall into our hands without a plan, effort, and step by step program.
We should pay tribute to our leaders who had the farsightedness to establish strong relations with these countries. How can we forget that when the West was ignoring and boycotting China, Sir Seewoosagur Ramgoolam against their wish decided to pay an official visit to Beijing in 1970 to meet Prime Minister Zhouen Lai. Navin Ramgoolam consolidated that relationship to an extent that led to the visit of the President of China to Mauritius and open up Chinese investment.
With India, the relationship is exceptional and perhaps unique between two countries. All prime ministers since Shrimati Indira Gandhi and all prime ministers of Mauritius have paid official visits to each other’s countries.
I believe that we have not been able to gauge and exploit the full potential that India and China offer to us. Until recently we were limited mostly to cultural and linguistic and trading activities. It is estimated that by 2020, there will be 1 billion middleclass consumers in these countries. Consumer spending will triple, reaching $6.2 trillion in China and $3.6 trillion in India. Chinese born in 2009 will consume 38 times more than those born in 1960. In India it will be 13 times. India will catch up with the population of China by 2020 with 1.3 billion in each country.
Do you know that 83 million Chinese and 54 million Indians will become college graduates in the current decade versus 30 million in the United States? We also have the ambition of having one graduate per family and an education hub for 100 thousand foreign students. This can happen only if we can have the support of India.
A research at the Boston Consulting Group shows that Chinese and Indian consumers are more optimistic than the Western consumers. The hallmarks and driving spirit of these consumers are ambition, energy, confidence and optimism. Can’t we learn a thing or two from our Chinese and Indian brothers?
In fact, these same characteristics have driven immigrants from Europe, Africa, India and China to transform Mauritius into a middle income country with a per capita income of $8,000 with the ambition of making it a high income country with $12,000 - $ 14,000 by 2020. Perhaps without an upper limit on the model of Singapore.
We have the same desire to create a better life for ourselves and our children - a house, a car, travel and leisure, health care and education and a belief that we can achieve these dreams.
Our policymakers, our entrepreneurs, our diplomats should all adopt a new mindset. The opportunity should be captured. We deserve to get a dollar from the $10 trillion prize. Only one dollar? The Chinese and Indian markets are set to take off. They are ready to engage in a dialogue and are looking for our respect and our appreciation.
Recently, the third international Chinese Diaspora conference was organized in Mauritius. India, with the collaboration of the government of Mauritius, proposes to organize the sixth Regional Pravasi Bharatiya Diwas (PBD) convention at MGI on 27th and 28th of October. Its objective is to reach out to the 25-million strong Indian Diaspora. Mauritius with nearly 70% of its population of Indian origin is apt to host this regional PBD. Mauritian NGOs with the support of the government have been actively engaged in promoting the Global Organization of People of Indian Origin (GOPIO). Several conventions were held in Mauritius and Mauritius was declared GOPIO capital of the world, in the pattern of Singapore as the capital of Chinese Diaspora.
The headquarters of World Hindi Secretariat is also located in Mauritius. The Second World Hindi Convention was held at MGI. The first one was at Nagpur. The Mauritius delegation to Nagpur was led by Sir Seewoosagur Ramgoolam. This year’s convention is being held from 22nd to 25th September in South Africa. MGI is an excellent centre for teaching and learning Indian languages and modern Chinese at degree level.
The Mauritian PBD will be centered on various issues relevant to the Indian Diaspora including education, tourism, business, academics, science and technology.
Against this background, is it not time for our policy makers, entrepreneurs, businessmen to reflect on the opportunity being offered by the $10 Trillion Prize? A deep insight into the hearts, minds, aspirations of consumers, entrepreneurs and business leaders in China and India may hold the key to transform our country, in fact the world. But the opportunity has to be captured. The consumer revolution is taking place in India and China can inspire tremendous new waves of competition, collaboration and innovation and lead to better times for everyone. It will not fall into our hands without a plan, effort, and step by step program.
We should pay tribute to our leaders who had the farsightedness to establish strong relations with these countries. How can we forget that when the West was ignoring and boycotting China, Sir Seewoosagur Ramgoolam against their wish decided to pay an official visit to Beijing in 1970 to meet Prime Minister Zhouen Lai. Navin Ramgoolam consolidated that relationship to an extent that led to the visit of the President of China to Mauritius and open up Chinese investment.
With India, the relationship is exceptional and perhaps unique between two countries. All prime ministers since Shrimati Indira Gandhi and all prime ministers of Mauritius have paid official visits to each other’s countries.
I believe that we have not been able to gauge and exploit the full potential that India and China offer to us. Until recently we were limited mostly to cultural and linguistic and trading activities. It is estimated that by 2020, there will be 1 billion middleclass consumers in these countries. Consumer spending will triple, reaching $6.2 trillion in China and $3.6 trillion in India. Chinese born in 2009 will consume 38 times more than those born in 1960. In India it will be 13 times. India will catch up with the population of China by 2020 with 1.3 billion in each country.
Do you know that 83 million Chinese and 54 million Indians will become college graduates in the current decade versus 30 million in the United States? We also have the ambition of having one graduate per family and an education hub for 100 thousand foreign students. This can happen only if we can have the support of India.
A research at the Boston Consulting Group shows that Chinese and Indian consumers are more optimistic than the Western consumers. The hallmarks and driving spirit of these consumers are ambition, energy, confidence and optimism. Can’t we learn a thing or two from our Chinese and Indian brothers?
In fact, these same characteristics have driven immigrants from Europe, Africa, India and China to transform Mauritius into a middle income country with a per capita income of $8,000 with the ambition of making it a high income country with $12,000 - $ 14,000 by 2020. Perhaps without an upper limit on the model of Singapore.
We have the same desire to create a better life for ourselves and our children - a house, a car, travel and leisure, health care and education and a belief that we can achieve these dreams.
Our policymakers, our entrepreneurs, our diplomats should all adopt a new mindset. The opportunity should be captured. We deserve to get a dollar from the $10 trillion prize. Only one dollar? The Chinese and Indian markets are set to take off. They are ready to engage in a dialogue and are looking for our respect and our appreciation.
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