Two events that took place last week stirred my interest. One was Aramco's deal with L&T and the other was an agreement with the Nigerian Ministry of Defence. To my knowledge, these are trailblazing deals for India as a whole and if pursued in the right earnest may mark the beginnings of commercial India that knows how to conduct international business and perhaps start us on a mercantilist path.

Why did these deals happen?

We can speculate on the causes and may reach no conclusions, but I think we can agree that we are competitive in certain areas particularly in services export and in some areas of technology. Also, Indians can adapt easily to different business conditions and offer a good bang for the customer's buck.

My connections in Africa indicate that potential for profitable business deals exists in education, healthcare, solar power installation, CNG production, CNG kit installation, agriculture, training of different kinds, leather and leather products, milk production etc. Serious opportunities exist to expand the medical sphere, beyond traditional medical tourism, through expanding the footprints of Indian medical care beyond its shores. 

As our companies come of age several more opportunities, large and small are bound to open up.

Businesses do not invest if their money is not secure, regardless of the profit potential. Our governments to date have not looked at the private sector kindly and have run down the public sector. Thus we neither follow the Western models by encouraging the private sector nor the Chinese model where the primary mode of international business investment and deals remains the public sector. Our international business development model, to the extent that it can be called a model,  remains driven by individuals and entrepreneurs. And copying the success of earlier trailblazers.

This needs change, the institutional framework for promoting Indian businesses abroad needs to be put in place by the Government of the day. The business opportunities available need to be highlighted to the Indian business diaspora. People who have experience of working abroad or having businesses abroad who could act as a bridge between business entities need to be encouraged to take up international business consulting. A business advisory cell needs to be put in all our High Commissions where potential business opportunities exist. The purpose of these cells may be to vet the business opportunity and educate the prospecting entrepreneur on risks and market conditions.

The world is changing fast. The French have been kicked out from most of West Africa and those places will look for more equitable partners. In so not-so-distant future, Russia will look for Asian partners which can help develop its massive resource base.

If as predicted, the Western order continues to weaken, the emerging order will have bilateralism and investments into one another's country as one of the components. The future lies before us with the tentative small steps already visible. It is up to us to keep that covenant with the future.