How Due-diligence alone can change India's Economic and Service Prowess that the world awaits.
As I write this, a debate about whether India can grow at around 8.5% or a decimal more is on. Pundits and experts are fighting out over the numbers and how the numbers are calculated.
With a huge educated consumer base, globally updated citizens with an envious PPP (Purchase Power Parity), India is a dream market in current times. In spite of this advantage, the struggling growth numbers are a shame and evident that the pundits are not taking the most important recipe for success seriously.
India's talent pool in science, technology, service is being taken seriously by global players. Our observations of why this same population not being able to pull off growth consistently at a higher rate are primarily because of lack of belief in a very critical factor of success - Due-diligence.
It's no great secret that the West has advanced itself in building great value. But can it be attributed to purely their innovation and research prowess? In fact, it is actually due-diligence that drives Innovation and research which are byproducts of due-diligence in the case.
Reflecting on ourselves
Let's look at ourselves. While I do not have data to make my arguments bullet-proof, its all open for us to see our public transport, roads, services both under government or private administrations, dismal.
None of our national investments in public services, infrastructure or civil-defense are any lower in cost than in the developed nations. However, each service deteriorates in quality in a rapid downhill to a similar project in a developed country. Reason? lack of due-diligence.
Every negative news reported or a national issue debated in the media is a result of the failure of due-diligence somewhere along the chain of responsibility. There's also a great deal of interest by foreign investors especially from the West, however, they're extremely cautious about the long-term prospects, because the consistency of performance is speculative, that is eventually labeled as an unstable market. The reason, low on due-diligence.
What's interesting is, the majority of Bollywood movies thrives on the heroism of the protagonist, but in actual thrives on the failure of due-diligence. This highlights the systemic cultural failure of due diligence, which we have started to take for granted. The linguistic stamps of this dangerous syndrome famously manifest as "chaltha hai" across Hindi speaking North India, and from where I hail, Bengaluru, the most notorious of all "adjust madkolli".
However, a silver lining in the story of modern India is our IT giants (not just scale but value) who score high on its process, quality, proactive risk mitigation, have become indispensable across the globe, and a great value builder for India. The reason, single-minded focus on due-diligence.
Due diligence in the context of India's growth and our's.
On the one side, due-diligence, as per dictionaries is primarily a legal obligation. However, we see it more powerful as a proactive personal commitment by governments, organisations and individuals alike. Due-diligence is an important thread that ensures the whole society performs better, with less friction and greater output. Economic growth will eventually follow for the whole society, and the whole world will take notice.
With the largest rail network, largest fiber-optic network, largest English enabled youth, brand new infrastructure in the cities...is it difficult to transform India high growth economy? Not really. The tremendous talent pool India has had and the great number of innovations that may sprout shall be rendered impractical if we do not guarantee our commitment to due-diligence.
Our call goes for educationists, startup mentors, serving professionals and of course the Government of India, to lend a wee bit more emphasis on nurturing this culture, wherein every citizen who steps into any professional field is well equipped with a good understanding and commitment to due-diligence. This one feature alone could bring all the glory that India deserves and we'll never again count our growth in decimals.
At Tava Mitra, we proudly state that we have ventured into our line of business, of Emergency and Post-emergency Recovery Healthcare Services with just one belief, and a simple one at that. Just our full trust in our critical success tool. Due-diligence. Innovation, technology, business models, and efficiency all follow this primary factor.
We see it as a culture that we commit to. Our responsibility as a service/business/industry that fully follows it's own stated start-up plan mapped to the customer needs.
1. That time and resources are allocated and allowed to fully comply with the Plan;
2. that the Plan fully meets customer expectation and needs;
3. that there is no stress on its process and workforce induced either in the Plan or in practice;
4. that simply mitigates risks and ensures service performance and predictability of customer expectation.
As an aggregator, we foresee ourselves working with multiple stakeholders, and the one fundamental requirement we look for and expect our partners and associates to agree with us is, again, due-diligence. Due-diligence for us is a USP and one of the four focus areas we believe will take us towards our organisational goals and along the process, India's as well.