The emerging world, long a source of cheap labour, now rivals the rich countries for business innovation, says S.D. Shibulal, CEO of Infosys:
In recent years China and India have led the way in becoming the new hubs for growth, innovation and talent. They produce close to 700,000 engineers every year. The availability of such a large pool of talent is the much needed fuel to power the growth of industries across sectors in these countries. This has been complemented by the presence of a large middle-class population (160m in India and 230m in China) with rising disposable incomes. China and India are also challenging Western domination as the global innovation and R&D hub, rubbing shoulders with historic giants in global innovation indices. The road ahead for the Bric countries looks extremely promising.