© 2015 D. Vega / Javier Z
India is classified by the IMF as a newly industrialized nation, one of the G-20 major economies, a member of BRICS (an acronym for the five major emerging economies: Brazil, Russia, India, China, and South Africa), and a developing economy with an average 7% growth rate for the last two decades. The situation in India is unique as the country already had a large economy due to its massive population of over 1.25 billion (second only to China) even without industrialization and global integration. Now, the country's developments partnered with its young population, corresponding low dependency ratio, and healthy savings and investment rates have allowed the nation to replace the People's Republic of China as the fastest growing economy in the world. India's economy has the potential to grow from the seventh largest by GDP to third largest by the end of the decade.
Unfortunately, while this incredible economic growth has greatly benefitted India, some problems resulting from overpopulation, such as major problems with food supply, can not be solved by money alone. In 2011, the International Food Policy Research Institute's Global Hunger Index estimated that about 60 million children in India are underweight and malnourished, while 21 percent of the population as a whole suffers from these issues. This problem also affects the economy in a measurable way, as the World Bank reports that productivity losses in India due to stunted growth, iodine deficiencies, and iron deficiencies are equivalent to almost 3 percent of GDP. Essentially, while India's economy is booming, there is more room for growth if the food supply problem can be fixed.
One of India's chief food supply problems is the difficulty of efficiently and cheaply supplying food to over 1 billion people. This has resulted in the scientific community looking for innovative alternatives to traditional (and more expensive) farming methods. Genewin Biotech, established in 2007, is one of the major producers of good quality and disease-free Grand Naine (G-9) variety of Banana plants (Export Quality). This company is able to produce over 5 million bananas per year using tissue culture techniques and sell their product for the lowest price in India. Tissue culture is a technology used for mass propagation of elite and high yielding mother plants (through explants) that are carefully Virus Indexed which gives rise to disease-free, uniform, genetically pure and highly potential plans on a large scale in a short period of time. © 2015 D. Vega / Javier Z
While the concept of Genetically Modified Organisms (GMO) continues to be a controversial issue in many countries, Genewin Biotech believes that ethical bioengineering is the only solution for a country that cannot feasibly farm, in the traditional sense, enough plants to feed its population without charging unsustainable prices. While the company started with Grand Naine banana plant, they have since expanded to other crops. The company's growth has allowed them to develop a research and development department (unheard of for a private company in India) and they consult farmers on how they can utilize these technologies that are not only more cost effective, but are much safer.
Genewin Biotech is solving one of India's biggest problems and freeing up economic space by doing so, economic space that will feed money back into Genewin Biotech. Thus, the growth is mutual and sustainable, and means that Genewin Biotech has the potential to play a major role in India's future.
ABOUT BID AND THE WORLD QUALITY COMMITMENT AWARD:
BID is a private and independent organization founded in 1984, whose primary activity is business communication orientated towards quality, excellence and innovation in management. A leader in the broadcasting of Quality Culture, BID recognizes those companies and organizations which lead the most important activities in the business world, and is considered the founding organization in the broadcasting of the Culture of Quality, Excellence and Innovation in 179 countries. The trophy symbolizes a pledge to the principles of Quality Culture. The QC100 Total Quality Management Model, together with the Quality Mix program, media coverage of the convention and its impact on the community and business sector, create an unmatched platform for continuous improvement within the organization and awareness of the achievements of the company at an international level. Awards are given only to those who are committed to improving their Quality Culture based on the principles of the QC100 Total Quality Management Model. Candidates are proposed by the leaders of previously awarded companies who they consider worthy of the award. Especially meritorious candidates may also be nominated. The International BID Quality Award Selection Committee then chooses the winning companies who will receive the award in New York, Paris, Geneva, Frankfurt, Madrid and London.