Government Accelerator Program to play a Key Role in Defining New Growth Strategy and Instill Entrepreneurship and Innovation in the Government: Frost & Sullivan
The Indian economy has grown from a $293 billion economy in 1992 to a $2.4 trillion one in 2017 with average incomes also rising from $318 to $1,850 in the same period. According to ‘The Economic Survey 2017-18’ the Indian economy’s fiscal balances, high savings rate, and trade openness require a nudge to move away from quixotic ideals to a more strategic plan that will help growth. Improvements in automation, education, innovation, healthcare, the role of women, government capability, and legal framework will provide a strong foundation for growth. If India follows the global best practices, how can the Government maintain the momentum to accelerate growth? What is the strategy required in the next few years and beyond in the face of growing protectionist sentiments. How will India negotiate the challenges in its quest for a double-digit growth?
Frost & Sullivan’s Public Sector Practice tracks the developments on all facets of the Public Sector and our assessment and analysis addresses these futuristic queries. To know more about the Government Accelerator Program and other similar projects by Frost & Sullivan’s Public Sector Practice, please write to Priya George at email@example.com.
Frost & Sullivan believes an initiative like the UAE’s ‘Government Accelerator Program’ will fast-track the implementation of projects, policies, and regulations, and instill the culture of entrepreneurship and innovation in the Government, as well as encourage integration between government entities and private sector. The accelerator program strives to enhance competitiveness and diversify knowledge and innovation base of the economy.
Talking about the Government Accelerator Program Mani James, Vice President, Public Sector Practice, Frost & Sullivan said, “Industry accelerators are catalysts that help to up the momentum of a country’s growth trajectory in short periods of time. We at Frost & Sullivan have provided and implemented transformational growth strategies across the globe. India is at that stage of development where ambitious growth plans require a roadmap for action, on similar lines as the accelerator program of the UAE, to target industry-specific challenges that will be addressed by these accelerators.”
Moving away from an oil export dependent economy, the UAE is on the path to diversify its sources of income through innovation and industrial expansion. Frost & Sullivan along with the UAE Government body established the first ever Government Industrial Accelerator Program in the Emirates. As the Strategic Consulting Partner, Frost & Sullivan’s implementation roadmap included a national program to develop innovative industry accelerators that will act as catalysts for business. For example, a single window for all seven Emirates is expected to ease starting a business in the Emirates. Starting a business in the UAE is a long process with each Emirate governed by its own protocols and documentations. This proposed solution was arrived at after a complex matrix of accelerators and sub accelerators were defined, filtered, and provided weightage. The Government’s desire to support the industry through these accelerators is expected to solve various challenges faced by industries in the Emirates in a short period of time. For example, reducing the number of procedures, forms and providing a completely online process will improve/simplify the system of starting a business in the UAE. This accelerator program is in line with UAE’s Vision 2021 objectives to improve the overall ease of doing business in the UAE.
Parameters for the UAE industrial accelerator program were developed based on World Bank’s ‘Ease of Doing Business’ ranking, benchmarking, surveys, workshops, and face-to-face interviews. Frost & Sullivan then proceeded to design five key industry accelerators with a roadmap for action that can enable acceleration, leverage existing studies, and confirm what is feasible with all key stakeholders. The implementation roadmap includes:
- Operating model for the accelerators’ working processes
- Monitoring and control mechanisms
- Identifying government agencies and private sector entities that are considered partners in achieving the objectives of the accelerator program.
The program accelerators for business aim at improving legislation efficiency, innovation efficiency, registration procedure efficiency, registration time efficiency, and cost efficiency. Frost & Sullivan believes a similar program for India will provide measurable and actionable solutions to accelerate growth and also improve India’s ranking in global indices such as World Bank’s ‘Ease of Doing Business’ and INSEAD’s ‘Global Competitiveness’.