How Africa is learning from India’s growth story

India's remarkable economic growth trajectory has caught the attention of global economic analysts and policymakers alike. The country's journey from the 9th largest economy a decade ago to poised to overtake Germany and become the world's third-largest economy in three years as per Forbes is a testament to the success of its macro growth strategy. CNBC Africa recently interviewed Shamka Ravi, Economic Advisory Council Member for the Indian Prime Minister, to delve into the key factors fueling India's economic boom and the potential lessons that African nations can draw from this growth story. Ravi highlighted the underlying development narrative intertwined with India's growth story. One of the pivotal strategies driving this growth is the 'Make in India' initiative, aimed at transitioning the economy from agriculture to services through a strong focus on manufacturing. With a vast and youthful workforce equivalent to Africa's population size, India emphasizes the importance of creating jobs, especially in the manufacturing sector, as a crucial pathway to economic growth. A key aspect of India's success story lies in its entrepreneurial spirit, which has led to the government prioritizing policies like the Startup India mission. By fostering entrepreneurship and dismantling traditional narratives around job creation, India has seen positive outcomes, particularly in tackling youth unemployment, a concern shared by many nations, including those in Africa with a significant youth demographic. Moreover, India has been actively addressing skill development through initiatives like the Skill India mission. Recognizing the importance of upskilling its workforce to align with the demands of a rapidly evolving economy, India has focused on forging bilateral relations and MOUs with countries that have successfully transitioned their youth into skilled professionals. This approach aims to bridge the gap between educational outcomes and industry requirements, a challenge that resonates with many African nations. The conversation between CNBC Africa and Shamka Ravi also shed light on India's push for self-reliance in strategic sectors, emphasizing the need for nations to achieve strategic independence to ensure stability and security. Ravi clarified that this self-reliance approach is distinct from past autarkic policies, with a more nuanced understanding of the role of the state in facilitating economic growth through effective regulations and governance. Ravi also addressed India's success in the IT sector and the potential of emerging technologies like artificial intelligence (AI) to further propel growth. India's focus on IT education, coupled with favorable government policies and global opportunities, has positioned the country as a leader in IT exports. The application of AI and machine learning in areas like telemedicine highlights India's innovative approach to solving societal challenges and leveraging technology for inclusive growth. While cautious optimism prevails regarding the transformative potential of AI, Ravi stressed the importance of global cooperation and regulation to ensure that these new technologies benefit society positively. As nations navigate the uncharted waters of AI, collaboration and regulatory frameworks will be vital in harnessing its true potential for societal advancement. The key themes that emerged from the interview revolve around India's multifaceted approach to economic growth, encompassing initiatives in manufacturing, entrepreneurship, skill development, self-reliance, and technology adoption. These pillars of India's growth story offer valuable insights for African nations grappling with similar economic challenges, particularly in terms of youth unemployment, skill-mismatch, and the adoption of emerging technologies. As African economies seek to emulate India's success, Ravi's emphasis on the importance of localized policies, entrepreneurship, and strategic government interventions serves as a guiding light. By drawing lessons from India's growth trajectory and tailoring them to their unique contexts, African nations can pave the way for sustainable economic development and inclusive growth.