While delivering a lecture on 'India as a source of innovation' on the occasion of the Pravasi Bharatiya Diwas (PBD) 2007, he said that India today is at the cusp of an opportunity to emerge as a nation that uniquely combines globalisation and innovations in social and economic development on an unprecedented scale.
If India can exploit the twin driving forces of globalisation and innovations in social and economic development, the country can achieve significant growth - both socially and economically, said Prahalad, professor of corporate strategy at University of Michigan.
According to him, implementing solutions in India requires a deep understanding of the local politics and local needs. The country cannot and must not import pre-packaged solutions and it must develop its own, he said.
Calling on NRIs to organise themselves to focus their energies on benefiting India, Prahalad stressed the need to construct apolitical forums for NRI contribution, especially the highly motivated and young people in the 20-35 age group.
He said while the NRI community is always eager to help and transform India, the Indian government should also make crucial and fundamental changes.