With China and the US pumping in massive foreign capital into India’s digital economy, a top Indian investor and educationist has warned that the country could become a “digital colony” unless Indian businesses start investing in it.
“India could become a digital colony,” warned Mohandas Pai, chairman of Manipal Global Education, referred to possible consequences of the massive money being pumped into India’s digital economy by the US and China.
“There is a fight between US and China to dominate digitally. And the Indian capital where they are, buying real estate in California?” he asked. “If you miss this digital revolution, our big companies would be controlled by Chinese capital which is very dangerous,” Pai warned. India, which has the world’s third largest startup eco system, has received some USD 8 to 10 billion, out of which only USD 500 million are from Indian capital. “Indian capital are rent (interest) seekers,” he said, asking the Indian capital to change their attitude towards money investment.
At the same time, he said digital connectivity, is going to change India in three years and said there is going to be tremendous upsurge of productivity, he said. In the next 10 to 15 years, the young population of India are going to create a new economy of India, he said.
Nothing can stop India from marching ahead given the country’s growth trajectory, its move towards a digital economy along with a burgeoning entrepreneur class nothing can stop India from marching ahead. “Nothing can stop the march of India. All of us have to work together and make sure it happens,” Pai said in his address to the World Hindu Economic Forum here which is being attended by Hindu entrepreneurs from across the globe.