With unprecedented urbanisation and an estimated 1 million young Indians entering the job market every month, India faces major challenges to create meaningful jobs. Indian companies, and inbound foreign investors, have access to a pool of talented ‘millennials’ but largely struggle to engage them as the country transforms rapidly and old orders crumble.
Mark Hannant and Munni Trivedi of Mumbai-based agency Team Magenta joined us for our regular breakfast meet up at the Groucho Club London to share their experiences of life and work in a culturally complex India.
Catch up with a recording of the Periscope streamed live from the event:
Key takeaway points from the session:
- One in every six people on the planet live in India and 65% of the Indian population is under 25. With a huge millennial workforce it’s important for the government and businesses to keep them engaged.
- India has a rapidly growing middle class; as consumerism grows the demand for new services and products is increasing. Investors and businesses are aware that India is full of opportunities.
- Economic power is shifting to the east as old world orders are broken down. Tetley, Jaguar and the UK steel industry are all owned by the Indian group Tata.
- India would benefit from utilising the female workforce encouraging more women into careers by empowering and engaging them. Facebook India and numerous other companies are leading the way by having female board members.
- The Indian population have a love affair with mobile phones and social media, they are more connected than ever before and this is sparking investor interest
- 83% of millennials in India want to work for a company that has a strong sense of purpose compared to only 60% globally. A study also found that young Indians have more confidence in their careers compared to their western peers.
- Complex cultural traditions exist in India that brings about unique challenges and opportunities. India is a truly exciting place for businesses to thrive.
Join us at the next Groucho Breakfast.