5 Things India Can Learn From South Korea (2020)
South Korea is a fascinating subject not only for Indian demography, however for whole South East Asia Republics. South Korea or formally known as People Republic of Korea is one of the two big and powerful economic giants in Asia, the other one is Japan.
People from our previous generation would remember Korean peninsula as a war ravaged, civil torn country with minimum resources and being a being a playground of World powers to navigate their influence in the region.
However, with the bifurcation of North Korea and South Korea. And the latter becoming a democratic country, going leaps and bounds in accomplishing greatest economy, healthcare and Industrial progress in a matter of twenty to thirty years. What a turnaround, I would say. From being a under developed, war torn country to a successful developed country.
I am quoting the example of South Korea because of the similar style of democracy, surrounded with hostile neighbors and gaining independence at the end of Second World War. There are some things which I believe we Indians might learn from South Korea
South Korea since its inception, started putting lot of efforts in research and development. In fact South Korea spends largest share of GDP in R&D, even more than U.S and Japan. They understand the importance of research and have always encouraged its institutions to develop a scientific research related temperament.
Ease of doing business
A strong business environment plays a significant role in the development of a country. For a strong business market you need to forego redundant laws and develop business friendly schemes. South Korea did the same, they knew industrialization and foreign investments are need of an hour. They categorically made laws which can benefit the whole business ecosystem. According to the World Bank, ease of doing business rankings South Korea stands 4th in terms of overall business rankings.
As the economic experts say, digital economy is one of the strongest pillars of economy which can be used as a weapon against black economy and tax evasion. Back in the day, South Korea became one of the first few countries striving towards full digital economy. They introduced tax incentive schemes in 1990s which offered rebates for an individual or entity,if there 25 % annual income was spent through credit or debit cards. Likewise, many more schemes were made available for South Korean citizens to achieve digital economy.
South Korea produced a shining example of how education or I would rather say mass education can change the course of a country in few years. From being a mass illiterate nation to becoming a pioneer of educational leader. South Korea supported public spending of private sector secondary schools, introducing innovative financial mechanism to expand the demand of private education among the poor and launching skill based education in school curriculums, effectively collaborating with industry players.
South Korea has invested lot on green technologies, such as solar energy and wind energy. Coupled with the fact, that more and more countries in future will be moving towards green energy. South Korea has started making inroads achieving 42.5 gigabytes of clean energy up to 2025. Last year, it was 12.7 gigabytes. To achieve low carbon footprints, South Korea is becoming flag bearer of clean energy.
Off course, there are few areas where South Korea is lagging behind in comparison to many other countries and they need to learn a lot too. However, when it comes to overall growth rate, the country has set an example of how greatness can be achieved with minimal resources.