Thursday, December 18, 2014

What India needs now is a productivity- and efficiency-led transformation. - McKinsey - 2014

What India needs now is a productivity- and efficiency-led transformation. 

If India can raise the productivity of its labour force and deliver basic services 50 to 100 percent more efficiently than in the past decade, half a billion people in India can be lifted to the MGI “Empowerment Line”, where they have the capacity to meet basic needs and maintain a decent standard of living, with access to health care, education, and other vital services.

In the McKinsey Report of December 2014,  a set of powerful technologies that can help raise productivity, improve efficiency across major sectors of the economy by radically altering  how services such as education and health care are delivered were identified and measures to be taken by the Government, Businesses and Society to promote these technologies for wider successful adoption were outlined.

By themselves—or even in combination—these technologies cannot bring about the full transformation that India needs. But these 12 technologies have significant economic impact potential. The potential was estimated to be between $550 billion to $1 trillion of value addition per year in 2025 and they will  create millions of well-paying productive jobs (including ones for people with moderate levels of formal education),
and help bring a decent standard of living to millions of Indians.

Industrial engineering is systems efficiency engineering (Narayana Rao, Professor, NITIE). Industrial engineering profession in India has the opportunity to participating in this economic transformation of India by contributing $1 trillion dollars which will be 25% of incremental GDP. At no time, a profession gets such a big opportunity of making a significant impact on the society.

Will industrial engineers learn all these technologies to identify their efficiency improvement potential, do model engineering economic analyses, value engineering, methods efficiency engineering, human effort engineering, layout improvement and other IE tool applications and drive the use of these technologies along with optimizing them further and rise to the occasion?

Industrial engineering professional societies and bodies like IIIE and NPC and industrial engineering academic institutes like NITIE have a major role to play in this productivity and efficiency transformation of India.

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