In this second part of a two-part series, Raoul Pal focuses on the growth of India’s digital infrastructure and the foreign direct investment that is driving this technological change. But is everyone going to be included in the revolution, or will rural regions remain marginalized? Change is happening and at a breakneck speed, but is India well-placed to reap the rewards?
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The Drive Toward A Digital India | The Big Story | Real Vision™
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Transcript:
India is a place I know and love. It's a frustrating place but also an incredible place, and I've returned to India after an absence of 7 or 8 years and I've really been staggered by the changes that I've seen.There's an obvious physical change but there's also a change in the mood of the nation. You know, I've seen new infrastructure projects everywhere whether its TelCo towers or electricity plants or oil refineries; everything is changing and I've seen a nation that's embracing technology at a breakneck speed. But there's almost too much going on to cover in any real detail in a piece like this. In episode 1 I took the top-down view, 30000-foot perspective. But in episode 2 I really wanted to look more closely at one or two of these key areas that are driving the Indian economy forwards. We're going to take a deep dive into infrastructure, particularly the digital infrastructure of this economy where the future really lies. A big mindset change is happening where India is now having a very powerfully charged vision of moving into digital India. We're also going to look at FDI, Foreign Direct Investment plays a crucial role in all of this, how to finance the new boom that lies ahead. So in the past 13 months, we got about 194 billion dollars in FDI, it is the highest unprecedented FDI that we've had in India ever. But also we're going to look at the rural poor, we really need to understand whether these changes to the Indian economy are affecting the poor who live out in the villages in the rural world. The biggest economic challenge is that we've got to change our, what the government's thinking on reality actually is. If you're in a rural area, you are either an agricultural laborer or you have a small plot of land and you're out doing farming. Maybe 10-15% are doing some other occupations like shopkeeping, artisans, other employment in government etc etc, but the bulk of the rural population is in one way or the other engaged in agriculture. But the key thing for me is the digital infrastructure of India, this is the big story, the one that is really interesting here and India is building out not only mobile phone networks but that mobile phone network is quickly moving from 3G to 4G to 5G. 97% of the population already have a mobile phone but only about 45% have a smartphone and that's gonna change, and when it does, and I've seen the signs all over the place for the new 4G systems, and talk of the 5G system, that's going to allow the smartphone use to explode, allowing people to do commerce on their mobile phones and also integrate with the banking system.
