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At the Indiaspora Forum for Good, Shah emphasized the need for vocational education, domestic manufacturing, and innovation to reduce dependence on imports and strengthen India’s economy.
By AB Wire
As India navigates an evolving global economy, investor Himanshu Shah believes the key to self-reliance lies in education — specifically, in a vast expansion of community colleges.
The nation needs to establish 20,000 to 30,000 community colleges, over three years. focused on equipping young Indians with diverse skill sets beyond traditional trades, the Raleigh, NC, -based investor said at the recent Indiaspora Forum For Good in Abu Dhabi.
In conversation with Moira Shourie, Executive Director of Zócalo Public Square, on the first day of the Forum on February 24, Shah emphasized the necessity for India to become self-reliant amid global economic upheaval and highlighted the importance of practical education and workforce training as key to self-reliance.
READ: Activism and Alpha: Himanshu Shah’s blueprint for long-term success at Shah Capital (October 14, 2024)
“I am not talking about carpentry work … I’m really talking about way beyond that,” he said, highlighting that while AI has been a major discussion point, it cannot provide employment for the 20 million Indian youths graduating each year.
The founder of Shah Capital said he sees community colleges as more than just educational institutions — they are catalysts for India’s economic independence — advocated a national-level community college initiative to empower young Indians with the ability to manufacture products in demand both domestically and globally.
He stressed that reducing reliance on imports, particularly from China, would bolster India’s self-reliance and economic strength. These are some of the things necessary to make India “great again,” he said.
Shah, known as an activist investor, emphasized the need for policies that encourage mega domestic manufacturing to reduce reliance on Chinese imports.
Saying that “we are living in pretty interesting times,” Shah said India’s economy “is not dependent on exports,” the country “got to have a very healthy dynamic domestic market.”
The wide-ranging discussion also covered global political shifts and the role of the Indian diaspora in India’s development.
Noting that “there are more and more CEOs, CFO’s [and] top tier [executives] of Indian descent all across the globe, not just in the United States,” Shah posed a crucial question: “Why do Indians do so much better outside India? mean we know all of the strengths
He pointed out that despite the Indian government’s $500 billion expenditure on social programs, vast portions of the population remain impoverished. “I really wonder where that money goes,” Shah remarked, pointing out that many villages in states like Tamil Nadu and Uttar Pradesh still lack access to basic development.
Shah argued that any serious effort to improve India’s future must focus on channeling this wealth effectively. One of the missing pieces, according to Shah, is research and development. Indian companies don’t spend enough on R&D because return expectations are higher, he observed.
While India has a Corporate Social Responsibility (CSR) mandate requiring large companies to allocate 2% of profits to social initiatives, he proposed a similar law mandating that companies with over $10 million in revenue invest 2% in R&D. “Immediately, you’ll start seeing more and more innovation,” he said. While innovation is happening in India, he emphasized, it is not occurring at a scale necessary to support a population of 1.4 billion. Increased investment in innovation could accelerate India’s transformation into a self-reliant economy, he said.
The conversation also delved into the broader political landscape. Shah expressed concern over the shift towards nationalist policies in Western nations, including the U.S., Germany, and Canada, which could lead to stricter immigration controls. “That has implications for India,” he noted, referencing the $120 billion in remittances sent back by the Indian diaspora, a crucial contributor to the country’s economy.
Yet, he saw a silver lining. This can push India to become truly self-reliant, with a robust domestic market that is not overly dependent on Imports.
Shourie raised concerns about India’s education system, particularly at the elementary level, where teachers are often underpaid and undervalued. She shared a story about a school in Gurugram struggling to find quality early childhood educators. Many teachers just want to put on a video instead of engaging children in creative learning,” she said, pointing to the need for better teacher training and incentives.
“[Many] teachers want to just put on a video or immediately teach children the number system, instead of actually teaching them to play games and to be creative,” she said. “There is a gap in the supply of talented teachers.”
Shah, who grew up in Ahmedabad before moving to the United States at 20 to pursue his bachelor’s and master’s degrees in Ohio, sees education as an evolving process rather than a static achievement. “Education is what you learn every day,” he said, emphasizing its dynamic nature. In today’s world, where artificial intelligence is reshaping how knowledge is accessed and processed, Shah believes traditional education models may face obsolescence.
“I think colleges could be a dinosaur,” he remarked, questioning the long-term viability of even prestigious institutions like the Ivy League. He pointed out that with AI, students can quickly access vast amounts of information, transforming cellphones/computers into personal tutors. This shift, he noted, holds “tremendous implications” for countries like India, where proper educational resources have historically been limited. By leveraging AI, students in underprivileged areas may gain unprecedented access to knowledge, bridging long-standing gaps in education.
Shah also attributed the success of the Indian diaspora to a deep-seated sense of curiosity and adaptability. “I think that’s why I think Indians outside India [have] done so well,” he said. “Indian people are curious, and you know we are hardworking and you know we are adaptable.”
In conclusion, when asked by Shourie about a topic that fascinates him but he wishes he knew more about, Shah spoke about the role of adequate hormones in human health and his interest in longevity and well-being. While diet, exercise, meditation, and yoga are widely recognized as pillars of a healthy long life, Shah believes that adequate hormones are the missing piece in the broader conversation about wellness.
READ: India needs 500 US type community colleges to enhance its Gross Enrollment Ratio (October 17, 2014)
“There is so little knowledge of role of hormones in the world today and how critical a role it plays in well-being of a human body,” he said, emphasizing how this area has been largely overlooked. According to Shah, the reason for this neglect is financial — there simply isn’t enough profit in hormone products, which has led most pharmaceutical companies to bypass its potential.
He pointed out that hormones, like turmeric, have anti-inflammatory properties, which are crucial given that many diseases stem from inflammation. “We take turmeric — why? Because it’s anti-inflammatory. But there is no money in turmeric. It’s the same way with hormones at large.” Shah believes that greater awareness and investment in hormone health could lead to a “better quality of life” for many, making it an issue that excites him as a contribution to healthy society at large.
The first-ever Indiaspora Forum for Good was held in the UAE from February 24 to 26. Over 500 Indian diaspora leaders from nearly three-dozen countries attended the event.
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