MMA-KAS Business Mandate (Mar 2024)

EDITOR

Gp

READERSHIP

Gp

Vakeeswari

DESIGN D

EDITORIAL

Elevating Indian Business

Arecent study by McKinsey highlights the significance of business growth It suggests that businesses should establish top-line growth targets not merely in relation to nominal GDP expansion, as often referenced in corporate Annual Reports, but rather against the pace of their respective industries Ideally, businesses should aim to grow at twice or thrice the rate of industry growth. It is imperative for Indian companies to adopt a more ambitious approach to top-line expansion and compete vigorously with peers in their respective sectors Staying ahead in their markets should be of paramount interest to shareholders. Overall, our businesses must strive to become more competitive and set higher aspirations, which will benefit both the economy and the nation

I am delighted to share that the MMA Amalgamations Business Leadership Award 2023, conferred upon Mr. N Chandrasekaran, Chairman of TATA Sons, was a resounding success The event witnessed the participation of over 850 attendees in person and was viewed by 29,000 online viewers.

Our heartfelt thanks go to Mr. A Krishnamoorthy, Chairman of Amalgamations Group, and Mrs Mallika Srinivasan, Chairman & Managing Director of TAFE, for their invaluable support, which contributed to the immense success of the entire award process and the award ceremony. The 20th Anantharamakrishnan Memorial Lecture, delivered by the awardee Mr N Chandrasekaran on the theme "Indian Leadership in a Pivotal Decade," was very well-received. Mr.

 It is imperative for Indian com‐panies to adopt a more ambi‐tious approach to top‐line expansion and compete vigor‐ously with peers in their respec‐tive sectors.

Gp Capt R Vijayakumar (Retd), VSM

Chandrasekaran's lecture emphasized the importance for businesses to think big and act big I am pleased to present the transcript of the lecture in this issue as the cover story, along with an embedded video of Mr. N Chandrasekaran's insightful lecture

Click to view the video

MMA Women Managers Convention 2024

International Women's Day is celebrated on March 8th every year, marking more than a century of recognizing the importance of women worldwide

MMA has been a trailblazer in promoting women in management. The annual Women Managers’ Convention, our flagship event, attracts thousands of participants nationwide Renowned for its quality and excellence, the Convention showcases distinguished speakers and accomplished professionals

The event is a tribute to the resilience and versatility of women across various roles At MMA, we view Women’s Day as more than a token gesture; it's a celebration of women's spirit and achievements Each year, International Women’s Day carries a specific theme The theme for 2024 is “Invest in Women: Accelerate Progress,” aimed at addressing economic empowerment.

In today’s economy, characterized by innovation, diversity, and inclusivity, harnessing women's potential is not just morally imperative but strategically vital. True empowerment lies in women's ability to shape their destinies without constraints Let's champion their aspirations and pave the way for a more inclusive and prosperous future Women's empowerment is not a slogan; it's the key to unlocking the nation's true potential.

In this context, MMA is organizing the MMA Women Managers' Convention on the theme "Level Up!" on Saturday, March 16th, 2024, at the MMA Management Center. The

Convention committee, led by Ms. Mridula Ramesh, Convention Chairperson, and knowledge partner Ms. Sharanya Modi, Global Head of HR at EFL, has meticulously curated a stellar line-up of speakers. The Convention's content and structure have been tailored to meet the aspirations and expectations of our women delegates

I extend a warm welcome to all the women delegates joining us at the MMA Management Center, as well as to our members watching the Convention online

Stress Management

Stress levels are soaring within India Inc., despite numerous efforts by organizations to tackle the issue From conducting interactive sessions to planning off-sites, the problem appears to be worsening. A recent survey revealed that over 76% of Indians stated that stress adversely affects their work performance, with 49% expressing similar concerns about their mental health. Globally, 65% of respondents reported that stress impacts their work. Additionally, research suggests that individuals with close friends in the workplace experience lower levels of stress and burnout, and are more inclined to go the extra mile. While work stress is inevitable, prolonged suffering is not.

In light of this, MMA organized a lecture on the theme "Steps to Mental Wellbeing" by Ms. Irina Dwarak, a disciple of Swami Parthasarathy from the Vedanta Academy. I am delighted to present the transcript of the lecture, along with an embedded video, in this issue to help you in your destressing journey

Click to view the video.

Right or Wrong? The GDP Way of Measuring Growth

Following a robust gross domestic product (GDP) growth estimate, we find further cause for optimism. While the growth data suggests the economy is thriving, it's evident that

it's not firing on all cylinders, as sector-wise data presents an uneven picture Our growth trajectory needs to be broadbased, and we must remain vigilant regarding income divergences

Globally, economic growth is typically measured in terms of GDP figures However, a growing school of thought argues that the GDP-centric approach to measuring growth may obscure more than it reveals This is particularly true in the case of per capita income growth, especially in a populous and diverse country like India. Indications show that income disparities continue to widen despite apparent increases in GDP and per capita growth rates

The complexities of these issues are compounded by factors such as the distribution of natural resources and population demographics. In India, earnings, purchasing power, and aspirations are not keeping pace with the perceived growth Even as the country has transitioned from the post-Independence socialist model to a more marketoriented approach post-reforms, disparities persist. Ultimately, the question arises: Is GDP-centric growth the right approach? And, more importantly, is it sustainable?

In this context, MMA is organizing a seminar on Monday, March 25th, 2024, featuring prominent leaders who are experts in this field They will share their insights on the theme "Is GDP-Centric Growth Right or Wrong? Is it Sustainable or Not?"

Do watch the seminar to gain a deeper understanding of this complex issue

The Impact of Storytelling in the Digital Age

Storytelling is one of the earliest forms of learning, with studies revealing its multifaceted benefits Oral storytelling, in its original form, without props, backdrops, or music, spans across various socio-economic backgrounds and promotes emotional development, cognitive growth, language skills, critical thinking, creativity, and interpersonal skills A skilled storyteller can be truly inspirational, offering different perspectives, extracting meaning, and connecting the dots.

Throughout history, storytelling has had a profound impact on communities, particularly in contexts where tales of valor and history were shared among members. In today's world of constant digital connectivity, face-to-face conversations often take a back seat However, through the art of storytelling, one can experience the joy and strong sense of belonging that comes with personal interaction. While attention spans may be shorter and distractions more prevalent, a compelling storyteller has the power to captivate and surprise.

It is our commitment to foster a culture of storytelling within MMA through various programs These initiatives have already been implemented in schools through our CSR program. In an age where digital connections often leave us feeling disconnected, storytelling serves as a medium to bind us together, alleviate stress, and promote overall well-being

Authenticity in Advertising

India's top court recently reprimanded a business firm for airing misleading advertisements about its products While the judiciary is diligently safeguarding consumer interests, there's a pressing need for broader public awareness about how science employs authentic methods to test various hypotheses for accuracy It's crucial for the public to remain vigilant against quackery and misleading advertisements.

In this context, MMA is organizing a discussion on the theme "Ad Wars: Fostering Healthy Competition" on April 30th, 2024 Experts will share their insights on this pertinent issue, which greatly impacts society. Watch it live on our social media portals and join the conversation.

As always, we would be happy to hear your views, comments and suggestions

Happy reading!

MR N CHANDRASEKARAN

Let me talk a little bit about the current status of the world and the opportunities for India, and talk a little bit about what I have learned I believe that we can all feel the weight of this moment in time. The recent history that we have witnessed over the last four years has been relentless, with upheaval from the pandemic, military conflicts, growing inequality, and, if I may say so, the challenges of globalization in an already globalized world. These dynamics are playing out against a set of mega-trends that are not going to reverse: Energy transition will only get accelerated; supply chain will be a focus until we get resilience in place; digital transition led by Gen AI today; and, finally, diversity and availability of talent, new working methods, and cultural changes that we are going to witness All of these are going to play out.

Mr. N Chandrasekaran, Chairman, Tata Sons, was conferred the 20th MMA‐Amalgamations Business Leadership Award at a ceremony held in Chennai recent‐ly The award was given in recognition of his exceptional leadership of Tata Sons, characterised by strategic growth, innovation, and an unwavering dedication to ethical business practices

Excerpts from his speech.

Geopolitically, the foundations are shifting the roles of the United States and China are changing and evolving India is clearly finding its place in the new order. India undoubtedly is very well placed to leverage the opportunities that these mega-trends present in this changing new geopolitical order We have one of the finest, and probably the most visible digital services delivery in public services anywhere in the world. I've had the privilege of seeing markets both advanced and developing. Nowhere do we have a digital infrastructure which enables public service delivery the way it is done in India

There are many examples, and I will not dwell into that. India produces 2.2 million STEM graduates this is one-third of the total global capacity. In energy transition, India is probably the only country of its size which will build renewable capacity to support growth Every other nation has to build renewable capacity to replace the existing ‘bad’ energy. It is easy to create capacity when

there is growth and very difficult to justify when there is no growth.

Supply chain, including advanced manufacturing, is getting redefined; and India with its size, demography, and many other advantages clearly will be well-placed What do we need to do if we have to capitalize on all these unique opportunities, which probably will occur once in a lifetime?

We need leaders who can think clearly, think at scale, think big and be bold. But at the same time, they must execute flawlessly. One wrong execution puts you back. Probably for an entrepreneur, with one wrong execution at scale, life will be over So execution is equally important. As organizations, we must elevate our ambitions. But at the same time, we must develop the organizational muscles that are required Every business has to get the basics right. There is no way you can succeed if you compromise on the basics. While we need speed, agility and thinking at scale, we also need to be patient because we cannot throw ourselves at everything

Some bets are for us, for a particular entrepreneur, or for a particular business, and some bets are not. So one has to be very clear about that.

TCS gave me enormous opportunities I spent 30 years in TCS I learned every bit only on the job I didn't go to a business school. I didn't do a course on strategy. Everything that I learned is by working with clients, by working with colleagues, by taking decisions and making bets I had the opportunity to work for and serve the finest companies in the world the largest and the best in their business. I had the opportunity to live to exacting standards I had the option to work for, work with and manage, most of the times, people who are much better than me.

I got to live at different places. I got to travel almost 200 days a year internationally for over 20 years, see different cultures and respect diversity. I started to learn to respect people from all backgrounds with different food habits and different work habits It definitely made me a very solid professional I can never stop talking

 I will not undermine the importance of execution; and for that, talent becomes critical.

about it and I can never talk enough There is so much more to that TCS life

Then I had the opportunity to move to Tata Sons. I need to express my deepest gratitude for Mr. Ratan Tata, who has been an enormous source of guidance, support, encouragement, a guiding light and who has stood behind me like a rock whenever I took very bold calls. He has been fully supportive. So, I'm deeply grateful to him

When we started our journey in 2017, we started focusing on financial fitness. I have told the marathon analogy multiple times over. If you want to run, you need to be fit first If you don't have the right muscles and the right knees, there's no point in running You will only fall flat. According to me, business performance is the P & L and fitness is the Balance Sheet If you don't have fitness in the balance sheet, there is no performance We deleveraged a lot, corrected the capital structure, exited telecom which was the toughest call, and the board was fully supportive when we took that call

Then we did many things in many of our operating companies. We focused on cash flows. We said that until we get cash flows, we don't have the right to grow. We formed the whole thing around 3S Simplicity, Synergy and Scale and later around 5S We wanted to simplify every business and wanted every business to scale. We got out of things which were marginal be it a business or a market and anything which cannot make an impact We did all that, across businesses, and we continue to do that. It's a journey that never stops.

The results were solid and it reflected in profits and market cap For me, the most important thing that is very satisfying is the change in the leadership approach of people and in their thinking. Everyone wants to lead. We've seen that in Tata Motors Back in 2017, if you had predicted where we would be today, nobody would have believed you. Somewhere from the bottom it has become number one in market cap in India. You see it in Tata consumer products Indian Hotels has become a $10 billion company. Tata Capital and Tata Insurance are all performing at their best and are in the top league.

Very proudly, we brought back Air India, and it was a very, very special moment for us We made bold calls We have said no to many opportunities if they don't fit us, which probably is not known outside. It's not that we pick every opportunity, but we have really taken bets for the future of course, on Air India and definitely on electronics and semiconductors. We will announce it very soon. It will be a very, very big investment. We will produce multiple nodes We have announced our battery projects We are into mobile and network infrastructure business. But the job is not done. It is the beginning. We need to be laser focused on execution because these are all big bets As a group, we've committed in these five years about 100 billion dollars of capital investment The moment you don't produce the returns, all these things become negative stories. I will not undermine the importance of execution; and for that, talent becomes critical. There are many aspects and learnings, but I'm going to share five of them today.

Values First, Valuations Next

To me, the first and foremost is ‘values first, valuations next.’ The Tata Group has a tremendous reputation that has been built over 150 years That's what gives us the license Every person in this country thinks that Tata Group is his/her company. That is the benefit

 I may be producing 10% growth and having 15% profit. I may be doing very well. But if this is my bar and I keep doing it, in two years, I will be gone. You have to constantly train for new things.

we have. But that comes with responsibility.

Ethics is very important. It's not difficult to make choices if you make it very simple In tough situations, the first question I ask myself is: What would Jamshedji do? What would JRD have done? What would Ratan Tata have done? What would my mother say? Can we go public about what we have done? If the answer is yes, then we go ahead.

I really don't understand the craze around valuations. It has become a needless distraction in mind. Valuation is clearly an outcome You can't work for it You only have control over input. Executing a compelling strategy in a much disciplined manner by the right team and management giving primacy to governance and sustainable growth will deliver valuations

Direction First, Velocity Next

Even in our group, when I attended the meetings in the early days, while I continued to focus on balance sheet, leverage and cash flows, many conversations would shift to P&L. People like growth rate. Market loves it and it makes for a good commentary But if you don't have the direction, you cannot speed up So I said, ‘Direction first and Velocity next.’

Let's all first run together in the same direction. Even if you run a little bit behind, eventually we can increase

the velocity We took a lot of calls because of that We exited telecom We moved JLR to a different positioning and we are in the process to position it as a luxury car. Our pricing has gone up and demand is there. But we have a job to do This is an industry which constantly goes through change and the whole industry is now in a state of huge transition. So it's very important to get the right direction.

When a company goes through different phases, it requires different muscles We can't do the same thing over and over again. I'm sorry to go back to the running analogy, but it makes it much easier to relate to. When you're training in a flat course and running a race for a marathon in a flat course, you train certain muscles If you're going to run a race which is going to be hilly and if you have not done that training and developed a different set of muscles, you will fall flat Organizations also have muscles. When things are going well, certain capabilities are required and when things are very bad, the muscles required are different Basically, the CFO takes over the company and does not allow you to spend anything. It is, ‘cut, cut and cut everything.’ The people in business forget growth. You either use your muscle or lose it I may be producing 10% growth and having 15% profit I may be doing very well But if this is my bar and I keep doing it, in two years, I will be gone. You have to constantly train for new things. When doctors advise, you start walking 45 minutes a day After three months, your body can do more. You can't make the 45 minutes as a walking rule for life. You got to change something.

I feel HR has a very important role to play. We need a partnership between HR, Finance and Business Frankly, there are times somebody has more power but it is not constantly the same person. That's where the Chairman has to play a role in balancing their power and form a partnership We are doing this in every company and at

The AOP is the bedrock of management It forms the basis for everything and is the story for investors But I think this process stops people from thinking big, aspiring big and in giving people the space and freedom to look at the art of the possible

the group level. While speed, agility and aspiration are all required, you also need patience. I studied in a Tamil school In fact, I only wanted to do Tamil literature when I was young because I really liked it and I grew up in an environment where I read a lot of Tamil. I refer to Avvaiyar, who I think is the greatest sage or poet. I always call Avvaiyar the first twitter Twitter has 140 characters. Each of Avvaiyar's sayings has just six or seven words. One of her sayings always comes to my mind In Tamil it goes as: “Odu meen oda, uru meen varumalavum, vaadi nirkumaam kokku ” It translates to: “The stork will wait patiently and let all the small fish go away, only to catch the big one, at the right time.” Its attempt never fails, yet it will attempt to catch the fish only once and it will decide when to do that

We should be picking opportunities like that. Bankers and business opportunities come every day. You need to stay calm and decide Mr Tata used to say there are many pebbles on the beach and you got to be careful about which pebble you pick. I feel patience is something very important in making the right calls.

Picking the Right Talent

The next aspect is talent and the winning mindset People ask me, “How do you recruit people? Who do you choose for the job? Do you look for domain skills? Do you look for track record?” All these questions apply to all of us whether we are a small company, a big company; whether we are in manufacturing or services.

I look for two or three qualities: a winning mindset, a positive attitude and the ability to collaboratively work, without putting himself or herself above the organization. If they have these three qualities, they can be supported. Sometimes they need to go through training; sometimes you need to pair them with other people But if the attitude and mindset are not there, any amount of knowledge will not get us going forward.

Think Big

The next one I'm going to say is a bit controversial Please take this in right context and do not misquote me. All companies have AOPs the annual operating plans The AOP is the bedrock of management It forms

 We must aspire to be leaders, but the benefit will come if we focus on our products, our services and our customers.

the basis for everything and is the story for investors But I think this process stops people from thinking big, aspiring big and in giving people the space and freedom to look at the art of the possible I personally don't like very elaborate or a number of criteria on the business plan. It's something like a T20 game today. Every time they go and look at the pitch, the first question the commentators ask is: What kind of a pitch is this? What is the par score? The player says that 180 or 185 is a good score. That's the problem. Players today want to hit every ball for a six. Technically, you can score 720 runs without a no ball A business is like that Aspiration is very important. I will approve a plan, and will always have a conversation with the management all through the year: what can we do? what is the art of possible? what capabilities we need?

To give my favourite quote of Michelangelo, ‘The greater danger for most of us lies not in setting our aim too high and falling short but in setting our aim too low and achieving it all the time ’

Celebrate Competition

People sometimes get obsessed with competition and the market share I feel a healthy competition is very important because if you don't have a healthy competitor, you will not improve. So we must celebrate competition But we must know that every competitor

has his or her own context That company operates in a different context and I operate in my own context I feel every company should run its race and not get distracted by somebody else's race. That is not to say, ‘don't compete or don't beat the hell out of the competition ’ We must aspire to be leaders, but the benefit will come if we focus on our products, our services and our customers How can I delight my customer? What is my process? What are the strengths that I have? What can I do which is different from somebody else? Ask these questions as opposed to getting over-obsessed with competition

I think there is a tremendous opportunity for India

We are at a very unique point in time. India's standing is very high. The government under Prime Minister Modi has done a phenomenal job There is not a place that he does not go to in the world Everybody wants to be in India. There is not a single Fortune 500 company that has not been in India in the last few months, to my knowledge I don't see all of them but I see most of them They are here either to source from India or to manufacture in India. It is happening even in manufacturing 45% of our non-oil exports is from manufacturing products This was below 20% before the pandemic. Electronics which was 2% is now 8%. It is happening be it in manufacturing, or IT services or financial services or in hospitality Take any sector, and I think, we are in a beautiful place But we all need to work together, we need to be bold, but at the same time, we need to execute.

Growing up in Tamil Nadu and studying here, we used to look at The Amalgamations / Simpsons Group, TVS and a few other groups here with awe. So, for me, to be here today to receive the MMA-Amalgamations Business Leadership Award is very, very special My thanks to all of you. 

Focus on equity, opportunity & sustainability

Ms Vini Mahajan

Secretary, Ministry of Jal Shakti, Government of India

Looking at 2047, in terms of the economy, there's no reason why we shouldn't be among the top one, two, or maximum three nations in the world. It certainly looks like we are very much on track for that However, we also have a large population So, the greater ambition lies in per capita terms Where are we likely to be in per capita terms? We should have overtaken Europe and some other countries that are significantly ahead of us today When we start talking per capita, we are already getting into micro-level details. So, in a more micro sense, where do we expect to be at that time? When we think of India, whether in

As India faces a new paradigm of shifting supply chains, changing technology frontiers, evolving talent economy and a rapidly changing world, questions arise on how we can ensure that our growth is broad‐based, inclusive, and sustainable “India @ 2047: Leapfrogging to the Future” was the theme of the recently concluded MMA Annual Convention. In the inaugural session, a host of eminent personalities provided their insight on moving the nation ahead despite the times.

a micro or macro sense, we cannot ignore equity. Where will we be in terms of equity in asset ownership, incomes, and opportunities? We are already making strides in improving asset equity, aiming to provide housing, drinking water, and toilets to everyone, which is the goal my department is working towards We are striving to ensure that everybody has a reasonable level of assets.

Moreover, there are efforts to increase income levels, and we are pleased to see that multidimensional poverty is decreasing rapidly But what about opportunity? Will we be able to ensure equity in opportunity? Perhaps that means putting more emphasis on skilling, basic education, and healthcare to provide meaningful career opportunities for our youth. Looking ahead to 2047, we must also consider the larger issues around social distinctions, which I believe we are rapidly overcoming

However, let's step back and contemplate what the world will be like in 2047. India cannot expect to exist as an island; we know that events like the Ukraine war

pose both opportunities and challenges even today

For instance, in the JAL Shakti ministry, where we run the JAL Jeevan mission, we aim to provide potable quality drinking water to every rural household in the country While we are not responsible for problems in urban areas like Chennai, the global conflict has led to unexpected rises in prices of materials like pipes crucial for our mission This illustrates how we are part of global supply chains and must remain aware of global challenges.

 We envision India as a major economic power, moving towards a fair, just, and egalitarian society, conscious of sustainability issues.

As we look forward, we hope for a fairer, more just world that is open to economic relations and welcoming to people from around the globe. We envision India as a major economic power, moving towards a fair, just, and egalitarian society, conscious of sustainability issues. In our efforts to improve lives today, we must ensure that we do not harm the environment or deplete resources unsustainably, considering the challenges of climate change and water scarcity.

We hope to see an India where all the stakeholders corporate and civil society led by an enlightened government continue to pull together to make an egalitarian and prosperous India The world has closed its borders perhaps unjustly. In 2047, I hope for a world which will be open to receiving all those youngsters who want to leave India But I also hope that there won't be too many such people, and that most of Indians will have the best possible future right here and will stay here 

Entering 2047 with tempered optimism

Dr V Anantha Nageswaran Chief Economic Advisor, Government of India

By the end of March 2024, we will have grown at more than 7% for three consecutive years postCovid. The Reserve Bank of India estimates 7% growth for FY 24-25 as well, and that would make it four years in a row That is not a fluke It must reflect some important things which we are getting right What is it that we are getting right?

Not enough attention or recognition is being given to the way the pandemic was managed We did not impose a nationwide lockdown after the very first lockdown of March 2020. The rest of the Covid experience was left to individual states and sub-national governments to decide when and what kind of restrictions to be imposed on movement of people and goods and services. That was a very important decision taken and that enabled the country's economic activity to resume reasonably quickly after the first deep contraction we experienced between April and June 2020.

Digital Public Infrastructure

The second aspect of Covid management was the development of indigenous vaccines and the ability to administer that to a country of nearly 140 crore people In the process, we developed certain technologies which are going to become part of the health stack for India,

and which other countries can also benefit from In some sense, Covid played an important part, in the digital infrastructure built out of India. We have taken extraordinary efforts in the last eight to nine years in building out a digital public infrastructure that has now become the envy of many other nations

For example, if you look at the UPI, even several advanced countries haven't got the kind of unified payment interface, including the fast retail payment and the architecture that comes with it They don't have a system that is anywhere near ours. It is not just a matter of efficient transactions even for small denominations It is also about ensuring that the economy becomes formal, as every single transaction gets captured.

Tomorrow when an individual or a business person wants to avail financial resources, you have a track record to show and that is revolutionizing the way in which credit decisions are made by lending institutions. Financial inclusion, digital public infrastructure, and other exciting possibilities such as Open Network, digital commerce, and Open Credit Enablement Network are all going to make a very big difference to the inclusion of every single geographical part of India and every segment of the population into economic activity

 The financial sector’s balance sheets are very strong in both non‐banking and banking. Lending is vigorous, whether it is for MSMEs, small ticket mudra loans or personal loans.

Energy Management

The third thing which we need to very well appreciate is that post the Ukraine conflict that broke out in early months of 2022, the government of India has taken great efforts to ensure energy supplies adequately and at reasonable prices, given the kind of geopolitical pressures we faced in terms of securing crude oil supplies One of our sources of supply Iran was under sanctions and then Russia came under sanctions. India is a very large energy importer. Therefore, to be able to ensure that the economic recovery did not get disrupted by lack of adequate crude oil supplies, the government of India made a great effort. I think that is very much under-appreciated and it needs to be recognized The energy security that we have now is also going to come under pressure due to the energy transition requirements.

Strength of Financial & Corporate Sector

The other thing that is going well for us at the

moment is the strength of the financial sector and that of the corporate sector in India, both of which, we were missing in the second decade. We had extreme optimism about India's place in the world in the first decade but things didn't go according to plan The 2008 crisis intervened, and many decisions and investment plans made assuming that such a crisis would not happen went wrong

Bad debts accumulated in the banking system Companies found themselves saddled with extremely high levels of debt in their books. Both the lenders and borrowers had to downsize and trim their balance sheets to get back into good shape The cleaning up of the financial system and corporate balance sheets took a considerable portion of the second decade. Today, both of them are in good shape The financial sector’s balance sheets are very strong in both non-banking and banking. Lending is vigorous, whether it is for MSMEs, small ticket mudra loans or personal loans. Non-food credit excluding personal loans, is growing at around

 Today, I see multinationals speak of India as the next frontier for processed food and it makes me worried. The data on child obesity and child diabetes is alarming.

13%. For an economy where the nominal GDP growth rate is between 11 and 12%, this is a good credit growth rate as well

Subject to other geopolitical and external risks, we are on a good wicket to grow the economy steadily towards milestones such as 5 trillion or 7 trillion or 30 trillion by 2047 But milestones are only important placeholders. It is not just a matter of philosophy, but also a matter of practical wisdom, that we only have control over our actions The outcome is residual

Don’t Forget Past Mistakes

A few years ago, it was said that China would overtake the United States in terms of overall GDP size But today, many people say that it may not happen forever, given the way the Chinese economy is struggling to recapture the kind of dynamism it had for nearly 30 years, between 1979 and 2009 So, things can change quite rapidly and we cannot take them for granted. We must continue to focus on what we can do to ensure the outcomes that we want to see.

The most important thing is not to forget the mistakes that got us into trouble in the second decade in the financial sector. We need to learn from those mistakes to do better lending appraisals and make

better investment decisions from the corporate side Businesses always find regulators to be of nuisance But they don't realize that regulators are here not to pose hurdles for the growth and development, but to ensure that businesses continue uninterrupted much longer If you look at the history, our growth spurts have been more of sprints, rather than marathons.

Within a few years of good growth, excess optimism takes over and we end up making bad investment, bad borrowing and bad lending decisions We get into the spiral of overheating in the economy; inflation shoots up, current account deficit picks up and the currency becomes overvalued We find ourselves going back to square one That should not happen. If we look at the decision that the Reserve Bank of India took recently, to increase the risk weights on unsecured personal loans, or for that matter, many of the restrictions and regulations that Sebi is putting in place to ensure that capital market is a fair place, are necessary These will help us grow long term sustainably rather than experience brief growth spurts Therefore, a better understanding of what it takes to continue to grow long term is necessary for us as citizens and businesses

We all saw how a relatively unhealthy population became more vulnerable to the impact of Covid. Today, I see multinationals speak of India as the next frontier for processed food and it makes me worried The data on child obesity and child diabetes is alarming A healthy population is a productive population.

It used to be said of China that it may become older before it became richer India should not become sicker before it becomes richer The responsibility lies with us as individuals. It is not just the government’s job to regulate. When we talk of 2047, the most fundamental requirement is not government policies or investments

in infrastructure but a healthy population that is physically fit and mentally healthy

The AI Threat

When we talk of skilling, we know that artificial intelligence is there It can be a tool or something that displaces workers. IMF recently put out a working paper that included economists among the various skill categories, which are highly exposed to artificial intelligence It is good news that economists can be replaced by artificial intelligence, because naturally intelligent economists haven't really done a great job.

Humans cannot simply anticipate all the effects of this new technology Many things, we realize only when we actually start to experience them. Humans have a natural limitation in their ability to predict. We must become nimble and prepare our youngsters to be able to participate in an economy which is going to be dominated by technology. We are a labour rich country. We have demographic advantage with us, but the population to be employed has to be productive and healthy. Without that, the demographic dividend will

 We have demographic advantage with us, but the population to be employed has to be productive and healthy. Without that, the demographic dividend will not be realised.

not be realised When we consider our goals for 2047, we must see to it that our population is skilled in the appropriate areas and at the right levels, while also creating employment opportunities for them, both domestically and internationally

Geopolitical Risks

Geopolitics is a very existential risk for this decade and the rest of the 20 years as we head into 2047 Many books that came out during the pandemic time and also subsequently talk about the inevitability of long cycles. Every 80 to 100 years, cycles repeat and so, relative peace at the global level might be disrupted this decade or beyond.

Some of us may think that a multipolar world is better than a bipolar or unipolar world. There will always be unintended consequences of a multipolar world. The world does need sometimes, one powerful leader. If it doesn't have one, and has multiple leaders with multiple fiefdoms, it will be a difficult world to navigate

 Without energy security, the plans and the dreams we have for 2047 will not be met. Therefore, navigating this land‐scape technologically, financially and politically, is something that we need to take care of.

Geopolitics is also an extremely important component of the current ongoing challenges and debate with respect to climate change. At one level, global warming is a reality At another level, it is also a threat to economic convergence between developing and developed nations. In the name of climate change, or fighting climate change, developed nations impose their priorities on developing nations They dictate the kind of fuel to be consumed, the energy mix we need to have, and the kind of growth we can have. The economic sovereignty of nations comes under severe threat, because of the climate change agenda

The Energy Conundrum

Because we are an oil importing nation, we may think that renewable energy is good for us However, to have renewable energy dominate our energy production mix, we will be still dependent on critical minerals and rare earths coming from other countries How are we going to ensure the supply of these materials and minerals? How do we recycle the used solar panels and wind turbines? They are becoming a challenge for several other countries and cities

If we take into account the battery storage technology around the world, there are limitations in

the storage The sun doesn't shine and the wind doesn't blow all times of the day

So, how are we going to ensure grid stability? What is the true cost of our energy? When we take into consideration renewable energy and fossil fuels, what is the kind of mix we need to have? There are environmental challenges that are raised when we think of nuclear energy as an option. Can we wish it away at all? These are important questions, because just like health, without energy security, the plans and the dreams we have for 2047 will not be met. Therefore, navigating this landscape technologically, financially and politically, is something that we need to take care of.

We must ensure that we continue to grow without sacrificing our growth priorities Countries in the developed world are worried about carbon emissions at this point. As a per capita carbon emitting country, we are one of the lowest in the world.

So, can we leapfrog into 2047? I would like to temper that expectation or optimism We must have the most appropriate mindset. It is about patience, persistence, perseverance and paranoia, which will lead to performance Merely extrapolating recent trends into the long-term future has not really served humanity well. While we need to be optimistic, confident, and have pride in our abilities and resources, it's equally important to realistically assess the challenges and prospects ahead. We must acknowledge our cognitive limitations and the inability to predict all possible outcomes We have miles to go and mountains to scale Recognizing that there are significant obstacles to overcome, we can navigate towards our goals for 2047 with awareness and determination. This awareness will ultimately take us to the promised land 

Iserved very proudly in the Aditya Birla group for 28 long years and took early retirement about three weeks ago on 15th January 2024 to pursue something strange in my life and in the public space I made a choice to join the Biju Janta Dal in my home state Odisha, where I hope to serve as the national spokesperson and more importantly, hope to strengthen the work of the Honourable Chief Minister, Mr Naveen Patnaik and to contribute back to my home state and this country called India, whose 2047 is what all of us are looking forward to.

Thought leadership, to me, is all about framing and asking the right questions If Newton had not asked the question, “Why does the apple fall and go down and doesn't go up?” a lot of inventions in this world would not have happened It is important that we are excited about completing 100 years of independence. But the important question to ask: Is crossing 100 years that important? Or is it about what kind of an economy, what kind of society, what kind of a country we become

In the valedictory session of the MMA Annual Conven‐tion themed "India@2047: Leapfrogging to the Future,", Dr Santrupt B Misra, Former Director, Group HR, Aditya Birla Group, delivered the keynote address delving into various leadership issues

in 2047 that is important? Merely surviving long enough doesn't make you great; what makes you great is what have you done in those 100 years. What will India become in 2047? What would we all like India to become in 2047? If the two converge, it is a great thing, but unfortunately, the two do not converge all the time. Is there going to be a gap between the two? How big is the gap going to be and therefore what we can do about it?

In quantitative terms, we can always claim we'll be a 7 trillion, 8 trillion or 10 trillion-dollar economy. But we also land up in a situation where there is a larger income inequality If you look at the human development index, India figures at 132 in a total list of 191 countries. Sri Lanka and Bangladesh, our two neighbours, are ahead of us What are the lessons we can learn from the frontline? I'm not afraid to say that the top leadership of most large organizations are disconnected from their frontline. Does largeness of size of an organisation necessarily give the top leadership the privilege to be disconnected with the

frontline? Despite the presence of the so-called and evolved digital and communication technology that we have? Let me share three stories from my life where I had interaction with the frontline. I learned a lot from the frontline I learned how to respect the frontline and to deal with it

The Driver’s Son

The first story takes me to the days when I used to work for Hindustan Lever I went to a remote factory in North India on a visit. I landed at a guest house. There was a third-party car driver who dropped me there. As is customary with most of us, I put my hand into my backpack and pulled out my wallet I honestly don't recall how much money I offered him maybe 50 rupees or 20 rupees. When I presented it to him, he spoke in chaste Hindi; and what he said astounded me, and it was the biggest lesson of my life. He said to me, “If at all you want to give me something, can you give me some time?”

I said, “Okay, I'm here for two or three days. What do you want?” He said, “My son is the first generation in my family who has ever done matriculation. People like you are well read, educated, qualified and working for large companies I would like you to spend a few minutes with my son to tell him what he can do after tenth, because nobody in my family is educated enough to advise him.” This was the first time I realised that the frontline people are so nameless and faceless Perhaps, we even think they have no issues to confront in human life.

The Sales Executive's Trouble

I was talking to a salesperson in one of the businesses and I asked him which markets he would visit for his sales. He told me about his areas and I asked him, “When you go, how many dealers and distributors do you meet in a day?"

He said, "Maybe one or two."

 ...this story made me realise the status of our frontline and how neglected their working conditions are and in what conditions they work.

"In a day, is it just only one or two meetings, after you travel all the way?”

"Sir. The last bus back from that market to my headquarters is at five o'clock. So I can meet only a couple of them "

"Can’t you can stay overnight and meet more people?” I intervened.

To this, he said, "The company's daily allowance doesn't allow me to stay at a reasonably decent hotel The only way I can stay there is by taking favour from the local dealer or the distributor, which would mean that I may have to give some concession to the dealer or the distributor ”

"Fine, when was the travel policy of your company last revised?"

"Honestly, I don't remember but may be 7 or 8 years ago " He continued, "Forget about the stay I am supposed to keep even the two-rupee bus ticket; otherwise, I will not get reimbursement, as the auditor will object.”

The frontline people are the people who drive our revenues and companies They go out there in front of the customers and provide service. But this story made

me realise the status of our frontline and how neglected their working conditions are and in what conditions they work.

The Man Liked by All

Let me move to the third story I was an Eisenhower Fellow in the year 2000. I was going all across America visiting about 30-35 institutions over two and a half months I was visiting a company called Harsco Corp, around the year 2000 when it was roughly an $8 billion company. Its headquarters was in Harrisburg near New York. The company sent me a private jet to pick me up from New York and I landed in Harrisburg They had sent me a limo I got into the limo which was driven by an African American driver. As he drove, he asked me, "Whom are you meeting at Harsco?"

"I'm meeting the CEO Mr Derek Hathaway "

Oh, Derek! He’s a great chap "

I thought that it was a best practice for limo drivers to give appraisal to CEOs of local companies or perhaps it was a latest American practice As I mused, he dropped me at the Harsco office

A few minutes later, I realized why the limo driver's view was important for Harsco Corp. I wondered how he could have gathered the data? As I walked up the steps of the company and went to the reception and was introducing myself to the receptionist, I heard a voice from the back. "Hi Santrupt! This is Derrick Hathaway Welcome to our company ” I was pleasantly surprised I went and met him After discussions, he took me to the dining table in his office where I could see an American Flag and Indian Flag. As we sat down, he gave me the menu I looked at the menu and my eyes popped out. It was full of Indian dishes like paneer butter masala, chicken tikka and whatever. He said, " I

 The leadership is faltering when they do not care enough about the frontline.

saw your schedule and I know that you have been crisscrossing the US. You must be fed up with American food. We have a great Indian restaurant nearby. So I ordered some Indian food for you " Now I realised why the limo driver said, ‘Derek is a great chap.’

Coming back to the topic of the frontline, I could see how a company by exposing itself to the frontline can build a brand As the Indian economy grows to 8 or 10 trillion, the frontline people are going to expand exponentially. As every retail showroom or gas station is opened, the logistics grows Often an asset called a large truck is given to a semi-skilled or highly skilled driver along with an attendant or a cleaner. They carry the consignment of the customer from one point to another, fully empowered and trusted GPS is the latest advance to the trucks But for hundreds of years or decades in this country, truck drivers have honestly delivered. There could always be 5-7% rogue elements but 90-95% truck drivers as frontline people have carried and delivered consignments to the customers

time and again They have exhibited a sense of loyalty, sincerity and commitment.

Can we make 95% of truck drivers empowered because of a connect between the employer and that driver as an employee? Why is it that some organizations are able to create that while others couldn’t? The difference comes from how you perceive the frontline How much do we know about them? How do we connect with them? How do we play our role as senior leadership with the frontline? The lessons for us as leaders are these fundamental questions.

Frontline Faces the Flak

Through my years in the Aditya Birla group and earlier in my job in Hindustan Lever, I used to go and meet most of the frontline managers But 60% of their time goes in administrative work created by the company under various names such as risk management, control processes and all that. The managers spend very little time in getting to know the

frontline and understanding their problems and issues

Neither the frontline manager nor the store employees have the empowerment. Imagine you go into a garment store to try out a jacket. There are six air conditioners and two have broken down The store manager is repeatedly writing to the headquarters for it to be fixed but there is no capital or revenue budget and he gets exhausted. The customers who come there get upset and word of mouth spreads that the ACs are not functioning Ultimately, the store manager is held accountable for not meeting the sales target. In this case, who's at fault? The leadership is faltering when they do not care enough about the frontline We ask the frontline to go t win the world. B win the world H out and win the

The frontlin to open the sto your housing soc we employ wa conditions do

uniforms? Senior managers get fat payouts and bonuses while the frontline salary has declined I was told that in the last two years, it has declined by 4.3%. Imagine when inflation is 7 or 8%, the wage bill is decelerating by 4% How do you expect the frontline to remain motivated to drive and deliver your great purpose statement?

Thought Leadership is about embracing reality, asking tough questions to ourselves and finding answers to that If at all Indian economy falters, it will be because of poor productivity from the frontline and senior leadership not paying adequate attention to the fact that this engine of economic growth and iver to create a significant

ll struggle with nutrition, poor working conditions sector care enough, think accountable enough to go ake this significant part of ductive to keep India

Soumyadeep Ganguly: I will cover my opening remarks in three parts: a) The India growth story; b) The India advantage; and c) Winning in India

For the past ten years, we aspired for manufacturing to be 25% of the GDP. But it's still hovering somewhere between 16 to 18 We are trying to be a $5 trillion economy While something is going right, we need to get something right. Digital economy is going to be a core element across the globe. India is at the forefront whether it is UPI, ONDC, FASTag and so on

In manufacturing backed by supply chain shift, there are two elements. There is the China+1 story. Some leaders have said, ‘Let's make it India+1 story ’ While there is an opportunity, we have to be competitive. The next aspect is that we are a talent factory. A large part of the global STEM graduates is going to come from India The urban population is going to increase and we will become a global export

As global supply chains continue to shift in the post‐pandemic world, how can India defend its leadership in sectors it is strong in, capture leadership position in new sectors, and learn from the pitfalls of other countries?

A discussion by eminent panellists: Mr Soumyadeep Ganguly, Partner, McKinsey; Mr Rahul Mammen Mappillai, MD, MRF Ltd , and Mr Sriram Viji, MD, Brakes India.

talent So, India is transforming rapidly We are growing at 7% for the last three years consecutively, but of late, our growth trajectory is tapering a bit.

McKinsey Global Institute did a study on how much our export will look like as we go to 2030 There is an opportunity to double it from 450 to 1000 billion dollars. Apart from traditional manufacturing, a lot of advanced manufacturing is also coming into place like going up the value chain in electronics, making very specific auto components and machineries, etc. The US, EU, and probably CIS countries are going to be major hubs where we can potentially export

Four Archetypes

There are four types of architecture which the global organizations are looking for in India:

a) Manufacturing from India: Apple has plans to make 30% of their phones exported from India. We must go up the value chain and start manufacturing the components here instead of merely assembling

b) Sourcing from India: Many international companies have established their IPOs (International Procurement Office) in India. Now we are less than 1% to 4% or 5% of the total internal procurements There is a potential to capture 8 to 10% of the global sourcing from India, which not only includes components but services like R&D, digital, engineering, etc.

c) Leveraging talent for innovation: Companies like Mondelez have set up their first lighthouse factory, as they call it, in India and showed the global market that you can make profit by selling a Cadbury pack at five rupees, which is 50 cents The US market was never ready for that and that factory is now a model factory for the globe. However, such examples are not seen everywhere but in pockets We need to be consistent to realise the huge potential

d) Build for the future: Companies want to build in India and then replicate the India model across the globe

We have four distinct advantages:

 India still doesn't have many large enterprises. Almost 87% do less than 2 million business. Our ease of doing business is improving. Our labour laws have been simplified significantly, but there are still many more nuances which people need to figure out.

~ Soumyadeep Ganguly

 International purchase organizations are starting to get comfortable with the culture of India and operating in India. That's a huge difference.

~ Sriram Viji

a) Market access: We are going to be a third largest economy

b) Infrastructure both physical and digital

c) Manufacturing advantage

d) Government enablement to improve ease of doing business

We believe that there are 140 million households who will cross the $10,000 yearly income For the global luxury brands, it's a mind-boggling number We see our logistics costs, as a percentage of GDP, coming down from a 13% or 14% by 1% or 1.5%. China's cost is 4 to 6% So, we have a long way to go, though we are in the right track If we want to be the manufacturing hub of the world, we have to go utilize our IT infrastructure and make a real impact on the KPIs which matter

With STEM graduates, consistency of talent is one of our big problems Their rating varies from almost one to eight on a scale of 10. This is not good news. But the good news is, we have the numbers; many competing countries like Indonesia, Thailand or Vietnam are not able to compete with us.

India still doesn't have many large enterprises. Almost 87% do less than 2 million business. Our ease

of doing business is improving Our labour laws have been simplified significantly, but there are still many more nuances which people need to figure out. Our R&D investment is low, though on the higher side. Taking care of these will help us to balance, so that we can be on the right trajectory

What is the recipe for winning in India—for both global and Indian manufacturers?

a) Get the fundamentals right Limit dependence on government and exposure to legacy players.

b) Maintain a long-term commitment for succeeding from India

c) Enable local leadership

d) Have countermeasures in place to deal with chaos like disruption in logistics carriers, when there is unrest.

e) Make in India for the world: It's not only India for India but India for Global story This story applies irrespective of whether India becomes a sourcing hub or manufacturing hub.

Sriram Viji: We work in the automotive components space and have been exposed to how global companies think of India as a sourcing base Seven or eight years ago, other countries, including China, were more expensive than India, but we were not getting the business It is a combination of factors that enables India to realize its potential There is a level of quality, scale and trust that we have to meet. That is changing very quickly. India's economy has grown tremendously in the last seven to eight years and it has a lot more potential, with 20 million two wheelers, 4.5 million passenger cars and utility vehicles and almost half a million trucks and buses being manufactured in India today We are at a scale where we should be competitive.

With respect to the trust factor, international purchase organizations are starting to get comfortable with the culture of India and operating in India. That's a huge difference. US has been wedded to China for over two decades now This didn't happen overnight They've had people there There have been Americans who visited China multiple times in the 80s and 90s to build that trust. India started the journey much later. We are still on that trust building journey

Also, the risk-reward relationship changes over time. The risk was very low between 2010 and 2020, post the financial meltdown. This gave an opportunity for global scale to be built and global trade to really accelerate Post-covid, with a lot of geopolitical tensions, people have realised that there are ridges and valleys and the world is not as flat as it was thought to be. In the act of rebalancing, we really have some opportunity to garner, where India can be on the global scale. At TVS, we are trying to build on a global scale and provide global quality, but we will do it with an arbitrage of the Indian talent base a lower cost advantage that we have

Rahul Mammen Mappillai: R&D is a big opportunity for India. But for Indian companies to make use of the opportunity, there has to be a change in mindset Historically, given a benchmark of a multinational product, we have been matching that. Now we have to set benchmarks of our own. That's easier said than done I'll tell you the way we are approaching it If you have to create new benchmarks, it's very clear that our engineers have to be allowed to experiment and fail, without which you can't create new benchmarks. We've put money and built a factory meant only for R&D engineers to make tests and try crazy stuff. If one out of 10 works, that in itself allows for the experimentation So, the first step is that as companies, we have to believe that our local talent can create

something new and innovative; and support them with investment

The advantage a global OEM has in operating abroad is that all the suppliers have world-class infra, which they can use to co-develop We are building a test track in Trichy and it should be ready in four months’ time A global OEM will now feel comfortable coming to India because they know that the tyre company can also test in a world-class track We must co-develop a world-class infra to make the global OEMs comfortable in coming to India.

Soumyadeep Ganguly: Are we able to take the advantage of our talent and infrastructure?

Sriram Viji: We have the talent pipeline and India has the demographic dividend. Definitely, we have access to people both on the shop floor as well as in engineering or white-collar jobs But there's still a huge disparity and skill gap. Over the last decade, we see companies hiring from certain institutions and our BTech is not the same across the country There's a lot of work we must do here

But I would say that the demographic dividend is starting to pan out much more realistically. We acquired a small company in Europe They were struggling with manpower on the shop floor and to get a CNC operator there, it took them a month and a half. They could not get a maintenance person who could handle robotics and automation and reprogram a robot So, they had to outsource the resource at two times the price But if I have to replace a resource within India, I would have a pool of people to choose from, who are not just skilled and motivated but will work much harder than anyone in Europe. Our population is increasingly getting skilled, and it is really hungry to do well.

India has had a pretty poor infrastructure in the past, and we have struggled with logistics across the country. But in the last six or seven years, we've had GST and UPI, which enables payment even for smaller values and all the roadblocks have gone away But most importantly, there are a lot of investments in roadways and railways and our infra is improving, though we still have a long way to go.

Rahul Mammen Mappillai: In two- and threewheelers, we are by far the leader in the world, and being a supplier to them, it's an automatic extension for us to be a component supplier leader. But in passenger cars, Tesla is creating new benchmarks In India, Mahindra is an example of a company that has set unbelievable benchmarks in EV technology. As component suppliers for companies like Mahindra, who are benchmarking Tesla, we are producing tyres, which have similar features to the tyres which are supplied to Tesla globally. That in itself, enables us to target the EV market globally

Sriram Viji: We have to put in efforts at different levels. There has to be an alignment of policies right from the international level to the national level to the state level and to the company level We must have a very strong and robust MSME ecosystem, which can build the base for most of India.

Rahul Mammen Mappillai: The thing which is not spoken about enough is consistency How can I ensure that every product I produce, irrespective of which plant or line it is manufactured, gives you the same performance? That is a key to be a global manufacturer. In our grandfathers’ time, companies didn't have access to technology, finance and machines Now we have access to all these. We must get our culture right and quality should be part of that culture.

 I think India is now at a juncture where we've experienced everything. We know what technology is available. We have to be clear about what is right for us, stick to it and focus on it.

~ Rahul Mammen Mappillai

I believe that we, as managers or leaders, are the biggest causes for variation. For instance, 20 or 25 raw materials go into making a tyre Now, I have two options One, I ensure that every plant gets the same source of raw material for one full year, or I have a situation where the raw materials keep changing, from different suppliers every week Obviously, option one will cause less variation than option two But the supply chain guys will refuse that and opt for the need of flexibility and cost advantage. Yet there are ways of handling it You can allocate one supplier to one plant and another supplier to another plant. Now that we have access to all the fancy machinery, I find many times we are like kids in a candy store If somebody comes and says, ‘My new machine will reduce cost by 40%,’ we jump at it. But remember, different machines at different plants, will give you slight variations in quality. I think India is now at a juncture where we've experienced everything We know what technology is available. We have to be clear about what is right for us, stick to it and focus on it. If we can get consistency right, I see no reason why India cannot become the world's manufacturing hub for any product in the world. 

The world today is characterized by a short-term approach. Previously, we used to think of growth in the next five years. Now everything has been reduced to quarterly results The short-term approach is now sweeping the world. One of my studies is on why China is rising and the US declining. In 2011, strategic thinkers in the US began studying the decline of the US Unlike India, which has a history of 5000 years, the US was a new country and it succeeded. It did not face any of those problems that we faced but it created new problems for itself which it didn't solve, and its problems became universalized for others also An objective assessment about our results has been lacking so much in our society. The most tragic thing is that we know very little about ourselves This has been my finding in the last 40 years of my understanding of this country and the world from different perspectives business, finance, corporate, national and global economics, journalism, politics, philosophy, and social practices

I travelled to London in 1986 when I was a fairly well-

known corporate advisor in India I had been invited by one of the most important NRIs at that time Mr. Swaraj Paul He had called me for some discussions I had gone with a business class return ticket for only one day's discussion. At the immigration, they asked me the purpose of my visit. I said I am a consultant, gave them my credentials and also the invitation letter The officer said, "Every Indian says this "

That was my first understanding about how Indians are viewed by the white people. He asked me, "What is the guarantee that you will go back?" I said I have a return British Airways Business Class Ticket He retorted, "That's what everybody does." I told him, "Do you think I'm going to stay here? That is the last desire I have. Since you were so offensive to me, I'm not going to enter your country Please advance my ticket and send me back " As he had not seen any Indian responding like that, he didn't know what to do. He said, "Sir, I'm sorry. " I insisted on a written apology because he had defamed not just me, but my country. Some senior officer came and tendered an oral

India’s economic success rests in its deep rooted ethos, community and bonding none of which the West could understand, says Mr S Gurumurthy, Corporate Advisor & Commentator on Economics, Finance & Politics

apology. How others view us is a very important lesson and it opened me to think about the world not from a very narrow perspective of business profit or investment but in a much larger perspective I began studying very deeply about India. My ideas became more macro than micro. It helped me in dealing with my clients in a better way My mind was open to challenges, issues, and problems which this country is facing and which the media, the political leadership, the intellectuals, and academicians failed to handle or speak about.

In fact, I spoke about India at the Shailesh J Mehta School of Management in IIT Bombay in 2010 After my lecture, all the students and the faculties came and said, "Sir, we know nothing about what you are talking about."

IIT is supposed to be the window of India to the world I was speaking about India, not in the context of philosophy or culture but in the context of economics and entrepreneurial development They didn't even see the nexus between Indian development and India They thought that India was growing because NRIs and FIIs are putting money into India. That was the entire American

thinking which failed in China They thought it was their money which was developing China. The fact was that it was US money that was developing China to develop in the Chinese way But our intellectualism, our experts, political thinkers, bureaucrats, and economists never thought we are developing because we have something in us I acquired this thought when I started travelling across the country Right from Ludhiana, Rajkot, and up to Thoothukudi, I travelled to 42 industrial clusters and I found something very different happening in those places, which you will not find in business magazines or in the researches or studies about India

I found that most of the employees in India are educated and most of the entrepreneurs are uneducated. Tirupur is probably the knitwear export capital of the world Today, their export almost touches 7 to 8 billion dollars. 67% of the exporters are less than tenth standard educated. Only 7% are graduates. Out of the five top diamond exporters, three are educated only up to the fifth standard Education has nothing to do with entrepreneurship. This is what I spoke at IIT. I advised the

 This was how India was branded. This is the perspective which dominated us and this is how we understood India, let alone how others understood India.

students against attending campus interviews, so they can think of running businesses.

The Two Indias

There are two Indias one, in the perspective of the world, and two, in our own perspective. How many of you have heard about Max Weber? The modern West owes its entire philosophy and practical background to Max Weber He said that only if you have Protestant Christian values, you can develop a market economy. He was right because all the Catholic nations were lagging behind and all the Protestant nations were moving up, even within Christendom. He had studied that society for 30 years.

But he didn't really study our society or China. He wrote in a book that the Hindu and Buddhist societies would never come up in modern economy because they believe in karma and rebirth. If you believe in karma and rebirth, you don't have the capacity to develop riskbearing tendencies and leave everything to fate It was such a superficial view of India Max Weber wrote this book in 1897 or 1900 and it was published in India somewhere in the 1950s. That became the Bible for the Indian development thinkers, Government, and policymakers

Before that, in 1853, Karl Marx wrote a couple of articles in New York Tribune that India is some kind of a primitive socialist society and it has a very big problem It has not changed for the last 2000 years. This society worships cows and monkeys How can a barbaric society develop? He asked He opined that the British were doing the right thing by destroying the society, its economy, trade, and education. 'It is a very painful destruction, but there is a pleasurable part to it and that India will be prepared for revolution,' he remarked. Karl Marx and Max Weber became the intellectual masters of India and in a sense for the world too

‘The Hindu Rate of Growth’

India was growing at 3%. In 1978, Prof Raj Krishna who was a socialist, economic thinker and an adviser to the Government of India was asked, "Sir, we are following the same socialist policies which Europe, Russia and other countries are following, but they are growing at 5% to 7% but we are growing only at 3% What is the cause?" He said that whatever policies we follow, we will have only Hindu rate of growth. That is how this 'Hindu rate of growth' came into our dictionary and has become part of our psyche, public discourse and the brand of India

Robert McNamara, an American businessman and a former US Secretary of Defence said that India was a burden on the world and he was begging for assistance for the poor people of India The Aid India Consortium was formed This was how India was branded This is the perspective which dominated us and this is how we understood India, let alone how others understood India.

I will give another perspective from the same West about India, from scientists and historians not ordinary people, but Nobel laureates. They spoke of India in the 1920s and 30s. Nobel Science Prize winner Werner Heisenberg writes thus: “At a conversation about Indian

philosophy, some of the ideas of quantum physics that seemed so crazy suddenly made much more sense ” Erwin Schrodinger, Nobel Prize winner for his work on quantum mechanics writes: “Some blood transfusion from the east to the west is a must to save Western science from spiritual anaemia Vedanta teaches that consciousness is singular, all happenings are played out in one universal consciousness and there is no multiplicity of selves.”

He also says: “In the entire world, there is no kind of framework within which we can find consciousness in the plural. This is simply something which we construct because of the temporal plurality of individuals. But this is a false construction The only solution to this conflict insofar as any is available to us at all lies in the ancient wisdom of the Upanishad.”

Niels Bohr, the Bohr model of atom inventor, nuclear physicist and Nobel Prize winner of physics says: “The Vedanta and the Sankhya hold the key to the laws of mind and thought process which are co-related to the Quantum Field.”

The list of such scientists who spoke highly of India includes Brian David Josephson, the youngest Nobel laureate, and Robert Oppenheimer, the father of the atomic bomb.

Historians Root for Indian Ending

Historians have also heaped tributes on India.

Will Durant said, “India will teach us tolerance and gentleness of mature mind, understanding spirit and a unifying, pacifying love for all human beings ”

Arnold Toynbee, Nobel Laureate said, “It is already becoming clear that a chapter which had a western beginning in business management will have to have an Indian ending when the world adopts rich thoughts of Indian ethos and wisdom, if it is not to end in the self-

destruction of the human race ”

This is another perspective which we do not even know It is the sociologists and economists who presented India in a manner that no Indian will feel proud or rather every Indian will be ashamed. The perspective of scientists and historians is different They say that things which are not clear to science are clear in the ancient Vedas and Upanishads, which our students, academics, economists, policymakers, and the media do not know

The Origin of World Order

Where did the world order begin? Order means there is a system, a leader, a governance model, and that there are rules and regulations This was conceived after the Second World War. The United Nations was constituted and the undeclared leader of this whole order was the US. An expert committee of the United Nations for the development of underdeveloped nations came out with a document in which it said, 'There is a sense in which rapid economic progress is impossible without painful adjustments Ancient philosophies have to be scrapped and all the social institutions have to disintegrate... Bonds of caste, creed, and race have to burst... " This was a global advisory for all developed nations

Our eminent thinkers, officials, and policymakers began saying, "If you are what you are, you can never develop. You have to cease to be what you are, if you want to develop " This has been ingrained into the Indian psyche and public discourse India is now moving away from this kind of intellectually oppressive thoughts. We followed the sociologists and economists and ignored the historians and scientists We believed that we were a semibarbaric race and we have to be turned into a modern nation by the Western understanding of our nation.

In 1990, when globalization happened, we accepted the West The entire world accepted that the West was the best because Francis Fukuyama wrote a book titled, 'The End of History and the Last Man', and that is supposed to be the Bible of globalization He said that, finally, the West has won against the rest of the liberal democracy and has become the final victors. It is the best for the rest to follow the West as the best That was the simple formulation and the world began believing him When you believe that you are a permanent victor and all others are losers, there's something seriously wrong in history. There is no perpetual victor in history and that is what history teaches the whole world

Samuel Huntington said that civilizational consciousness is deep in the mind and DNA of people, and there will be civilizational clashes in the world, which you cannot ignore He was pilloried and called as someone who would destroy the liberal world. However, when the 2001 terror attack took place, everybody silently accepted in the global strategic discourse that there was merit in what Huntington said. I am part of a large strategic community and I am now the Chairman of The Vivekananda International Foundation

Economists Rule the World

In 2008, when the financial collapse occurred, everyone in the West knew that the Western financial model was not sustainable Economists became more powerful than politicians. Alan Greenspan ruled the world for 20 years. No American President ruled for more than eight years The US Federal Reserve was the most permanent institution in deciding the fate of all economies.

After 2008, the one-size-fits-all model was questioned The EU also discussed and said that the model should be thrown out lock, stock, and barrel Not a single

word was heard in the Indian media, in public discourse, or among Indian academics, and certainly not in the government. On 2 January 2015, Niti Aayog was created, and the Prime Minister Modi insisted on putting four sentences He said we will follow only what works in and for India. The second was that we need a Bhartiya model for development. With the rise of Asia and later the rise of India, the West is clueless even today as to why India is rising They are certainly clear that it is not because of FIIs and that there is something more to it.

In this situation, the decline of America and of the West, coupled with the rise of Asia, has created a new debate The world began understanding the difference between what is market economy and a market society. Market economics talks about how goods and services are bought and sold and pricing is determined based on supply and demand But a market society extends beyond economic principles and encompasses broader social values and norms that emphasize market-oriented behaviours and relationships

India operates within a market economy framework but the country's social fabric and cultural ethos are deeply rooted in familial and community relationships. While India participates in market economics, it does not fully embody a market society in the same way as some Western nations where market-oriented behaviours permeate various aspects of life to a greater extent

World Order Changes with the Pandemic

Between 2020 and now, the whole world order is standing on its head In a lecture to the Administrative Staff College of India in 1995, I explained how globalization is not sustainable. One person stood up and warned me that I would take the country 500 years behind In 200 years, merchant capitalism was finished In 100 years, capitalism has been finished In 50 years,

communism has been finished, and in 25 years, globalization is over The shelf life of all the ideas that govern the world has crashed because they were all based on one size the Western size and the Western leadership's dominating role

That came to be completely questioned in 2020 when the pandemic came. No one knew how to handle it. No one ever thought India would handle it. There were estimates that 30 crore people would be infected and three crore people would die in one year We decided that we will make our own vaccine. People thought PM Narendra Modi is a madman. He understood that the country has the capacity, with the result that we came up with our vaccine and even supplied the vaccine to the world. It had nothing to do with FII or FDI or English education or the media. It had to do with the potentiality of the Indians Day and night, people worked, and the Prime Minister was on the phone, encouraging them and saying, 'Do it. Do it. Do it.' This is faith plus promotion, and he is changing the perception of the world about India, in spite of the political propaganda that is going on The world understood that something very different is happening in India.

The man who fashioned the old World Order, Henry Kissinger, wrote a 625-word article in his blog, in which he said that the world order will change forever. He gave no other explanation. He is the man who conceptualized, constructed, built, and evangelized China in the world order The US put so much money in China, turning it into a dirty factory and wrongly thought that a prosperous China would abandon communism. How much intellectual inadequacy that was!

In 2022, when Russia attacked Ukraine, the world did not know what was happening. Russia thought it was a one-month game. If they had not attacked Ukraine, in 10 years, there would be no Russia Even American strategic

 The US put so much money in China, turning it into a dirty factory and wrongly thought that a prosperous China would abandon communism. How much intellectual inadequacy that was!

thinkers accepted it. Kissinger said that it is not a risk that Russia could have accepted NATO was expanding into the stomach of Russia.

At the time, our Prime Minister did not have much time to decide on staying neutral between Russia and America, which otherwise means favouring Russia America immediately thought of sanctions, which they did in 1998. There is a scholarly work done by an Australian that every sanction has been a failure in the world, except that it is propaganda If the Prime Minister had not taken that decision, the oil prices would have hit 150, 160, or 200$ per barrel. When India took the decision, the entire oil-producing countries felt that they should not get into the game of high oil prices because unreasonable oil prices will destroy the oil-producing countries themselves. Oil prices went up to 120. It began crashing, and it is now normal We are buying oil from Russia, refining it, and exporting it to Europe.

The world order is that there is no hegemonic power today. The Centre for Foresight of the European Union, in a very important study, says that in the next five years, all middle powers will rise. By 2030, there will be no hegemonic power.

Might is Right

When India exploded the Pokhran atom bomb, everybody wondered what was happening in India. The world began to deal with us, negotiate with us, and engage with us. The world respects power. Indians did not understand this, because we always have a civilizational conflict between power and our values This was happening even from the Vedic days It is only Chanakya who shifted it.

India changed in 1998 and again in 2014. Now everyone says India has changed India's landscape is only 2 4% of the global land area We have 18% of the world's human population, 30% of the world's bovine population, 40% of the world's cattle population, 8% of the world's animals, and 21% of the world's forest cover If you tell these stats, the world will be shaken Our boys’ population is 535 million, that of America is 89 million and China 90 million. Only Brazil comes somewhere at 235 million. We use our agricultural land for crop production We have world's 1% agricultural land. Only 10.3% is farmland. Out of this, 2.4% is used. That is, less than 1/4th is used for crop production The balance is used for meat production If crops emit 1% CO2, meat extraction gives 10 to 100%

In the Paris summit, they wanted one-day meat-free holiday to be declared. That would have been the solution for the world's environmental and global warming problems Now, nobody talks about global warming They all talk about 1.5 degrees, and the discourse is reduced to economics. The West cannot talk about the environment at all The amount of CO2 gas emission they have pumped in the last 300 years is 90% Having done that, they say they are going back. It is about the supply side of the discourse.

Manage Demand, the Indian Way

I am going to talk about the demand side or the

 We have a model for the world and for the future. India is a country for the future—not for itself but for the whole world.

lifestyle With 1% of the global land area, we are able to extract 83% of the calories. Our meat consumption is 3.1 kg per head per annum. America’s is 124, and that of Europe is something like 110 or 120 South Africa, 180 A month back, a well-known ecologist gave an interview and he said that the world is being bombed every day. The only country which is mitigating it is India. It is not that we don't eat non-veg But it is very less It is not that nonvegetarian is bad There is a stage at which people even give up non-vegetarian food. For example, people do not eat non-veg on some of the days like Fridays or other religious days These are all restraints we have that India has been able to maintain its population by a cultured food habit. This was the position even in the 1960s.

We follow an environmentally compatible lifestyle. This is what the Prime Minister's G20 message was We have a model for the world and for the future. India is a country for the future not for itself but for the whole world

The environmental paradigm is now sweeping the world

The only answer is through lifestyle It cannot be done through controlling how much power you produce or how much fossil fuel you use.

We have to think as Indians Let us begin thinking about Indians because Indians are not respected everywhere. Because you are not respected everywhere, you are not respecting yourself, your country, your forefathers, or your philosophy Now the reverse is

happening We are a market economy and not a market society In India, buying is not an individual decision It's a family decision. The family collectively decides and orders. An individual may buy some pen or something like that But when it comes to substantial buying, it's a market economy and not a market society.

Indians accommodate others. We follow a relationbased lifestyle and take care of elders and the infirm people This has nothing to do with economics or Indian laws. In India, there is no law requiring you to take care of your parents. America went with the paradigm of Universal Social Security In India, it is culturally arranged, and 90% of the parents are being taken care of by their families. This is the impact of culture and society on macroeconomics.

In India, if someone dies, you go there uninvited, and for marriages, you are invited It is because we share our pleasure with others and want to voluntarily share others' sorrows. This is how our society is built. This is the difference between a contract-based society and a relationship-based society This has a huge impact on your own company.

I have advised many corporates that they must build a relations-based culture, even at the cost of efficiency Efficiency will give you immediate returns, while loyalty will give you long-term returns. The promoters should go to the top vertical managers' houses at least once a year. He may have a spastic child You don't know the man You only see his dress. The vertical managers should go to the houses of at least 10 people below them. The whole organization must be linked by personal touch There will be no attrition at the higher level Once you know that your sales manager has a problem, the way you look at him will be very different. You must apply the western model of HR to suit Indian conditions I am not against contracts But we don't function only on contracts

 We are a market economy and not a market society. In India, buying is not an individual decision. It's a family decision. The family collectively decides and orders.

Agency vs. Promoter Capitalism

We must also know the difference between the agency capitalism of the West and the promoter capitalism of India Agency capitalism means the shareholders are represented by agents The companies are managed by agents who are CEOs. One doesn't own the capital and the other doesn't represent the capital. This leads to huge frauds because nobody has any stake This is a lack of shareholder oversight.

97.5% of the Indian corporates are family-managed. The entire management education system is against family management Our economy is promoter-led while their economies are promoter-less. This is a paradigm difference. Therefore, robust thinking is needed in the corporate sector, management, and professional institutions on all these important areas We need to study every aspect in which we deal with the world. The Indian perspective is very important because the world would like to know how the Indian corporates function When Japan began succeeding, the West went and saw their total quality management model. We should expound our own global models. 

Let us look at the subject of mental well-being and mental health, from the point of view of Vedanta, which is the ancient Indian philosophy that originated 1000s of years ago in the Vedas. How do we define mental health? First of all, we need to understand that mental well-being does not mean absence of mental health condition. In other words, if you are not depressed, if you are not anxious, if you don't suffer from severe stress, or anxiety disorder, it does not mean that you enjoy perfect mental wellbeing.

Mental well-being is a positive state of mental flourishing Your personality flourishes and you have positive emotions and attitudes, gratitude, forgiveness, kindness and affection. When your intellect is sharp and clear, you make the right choices in life. You know exactly what to do, when to do and how to do it You are objective and self-sufficient. Your life has meaning and purpose. You have something to wake up for, every

single day of your life. This is, by and large, the way we describe the state of perfect mental health

Origin of Stress

Vedanta tells us very clearly that disturbances do not come from the external world They are internal When things happen against our common belief or against our logic and reason, we get disturbed. The world will produce endless challenges It's exactly like waves at sea There is absolutely nothing we can do about it. You can't change the nature of this world. It will keep on throwing tough situations. It is constituted of pairs of opposites We want only smiles and joy But the world has both It's an admixture of plus and minus; good and bad; sad and happy and all that. We need to learn the art of tackling those waves.

While one group of people run away from waves, there is another group of people who look forward to big waves. The surfers know exactly how to tackle those

Ms Irina Dwarak, a disciple of Swami Parthasarathy, Vedanta Academy, delves into the art of being happy in the light of the Vedas

waves. In life, all we need to learn is the art of dealing with those tough people and tough situations.

Mind and Intellect: The Human Engine

Let us understand our human composition. We have physical body, which is nothing but a vehicle. It's just an outer shell, exactly like metal plates of a car You need an engine to start the movement of the car. Similarly, within us there are two wonderful equipments, called the mind and the intellect Together they constitute the inner engine that propels our body to act and to perceive. Both mind and intellect are nothing but our thoughts. If you analyze very carefully, what is moving you from experience to experience is your thought Mind is called manas and intellect is called Buddhi in Sanskrit.

We must understand the difference between the two, if we want to live a happy, fulfilled and balanced life The mind is nothing but our feelings, emotions, impulses, likes and dislikes. Intellect is your capacity

to think, to reason, to judge and to decide. Mind has an indiscriminate flow of thoughts It wants to enjoy, do what is easy, have fun and instant gratification It is the intellect that can look at the consequence of the action. If we compare the mind to the little child in us, the intellect plays the role of an adult

Mind is much, stronger Would you leave a little child at home alone? It's not only a bad idea but a very dangerous one. The child has no knowledge and it can go to the kitchen, open a drawer and take a knife out It can do anything because it completely lacks knowledge and understanding. The child needs constant supervision of an adult

We all go to schools and universities only to gain intelligence. But intelligence does not help us to develop intellect. It is our internal capacity to control the cravings, obsessions, demands and impulses of our own mind This is what intellect is all about You will not get a strong intellect, unless and until you put in the effort

and develop it consciously To illustrate the importance of intellect controlling the mind, think of a dog owner taking his dog out for a walk. Sometimes, we don't know who's taking whom for a walk. Is the dog taking the master for a walk, or the master taking his or her dog for a walk? An untrained, spoiled dog may pull you in any direction and you may fall and break your limb.

When mental agitations arise, you lose your productivity You create disharmony within and without. Inside of you, there is disharmony and outside of you, you see the results of disharmony. However, a well-trained dog is not just fun to have It's also very beneficial It can protect your home from thieves Such dogs serve in the army. You see them very often in the airports; they help in the medical profession; they take care of blind people

A Dangerous Master

A controlled mind is the mind that enjoys perfect mental health; it brings about peace and prosperity, and creates a sense of harmony in and around There is a beautiful saying that ‘mind is a beautiful servant but a dangerous master.’

In the Bhagavad Gita, in chapter six, Arjuna looks at Lord Krishna and tells him, “You're asking me to control my mind. Do you understand that controlling the mind is as difficult as controlling the wind?” Uncontrolled mind wreaks havoc It is restless and keeps moving between past and future, like a monkey, jumping from branch to branch all the time. There are four qualities of the mind:

• The mind is turbulent. It is full of passions, cravings, and obsessions. When desires are controlled, they take the form of ambitions and aspirations But when they are not controlled, it creates passions, cravings and

 When mental agitations arise, you lose your productivity. You create disharmony within and without.

obsessions. All crimes of passion are committed because of this tendency of the mind

• The mind is very strong. It's intangible like the wind. You can't really grasp the wind, but we all understand that it can get exceptionally turbulent and strong, like a hurricane.

• Our mind can forcefully take hold of our personality and victimize it Think of dictators or cult leaders They almost have the hypnotic force over their followers and the masses. Hitler commanded holocaust and people listened to him

• The mind is abstinent It means that if your mind wants to achieve or get something, it will bypass all the obstacles. It will find some loophole to get what it wants

The Mind and Intellect Ratio

The Sane Person

If a person’s mind is 100% controlled by the intellect, that person is sane. Such a person performs 100% discriminative actions and zero impulsive actions It does not mean that he's devoid of emotions. He has positive emotions and attitudes like love, kindness and forgiveness Because he has a powerful intellect, he will always make the right choices in life with perfect clarity on what to do, when, how and why. He will be objective and self- sufficient. He doesn't break down with challenges as the intellect is so powerful He rises above the challenges instead of going down and getting crushed by them. There is a beautiful saying of Swami Rama Tirtha. He tells us: "From all life's grapes, I press sweet wine " Look at the lives of Lord Rama and

Krishna They had very difficult lives They faced constant challenges, yet they remained undisturbed and unaffected. That's the greatness they had.

The Emotional Person

In the second category of people, the intellect drops to 75% from 100. The mind is no longer zero but it is functioning at 25%. Such a person will be swayed by emotions They experience ups and downs 25% of their actions are impulsive In the Western world, there is something called as seasonal affective disorder. It's a mental health condition. When winter comes, some people cannot function normally because there is no sunlight They get mentally disturbed and get into depression. We are aware of the tendency of the mind to ruminate. Rumination is constant and circular

thinking Most people ruminate at night and lose their sleep In fact, Swamiji tells that if you can't fall asleep in 20 seconds, then something's wrong with you.

The Eccentric Person

This guy is not quite normal because 50% of his actions are controlled by the intellect and 50% by the mind. One day, he is normal, friendly, accessible, approachable and behaves like a sane human being Another day, he seems radically different. Such people experience unusual shifts in moods. They may have highly impulsive and extravagant behaviour

The Hysterical Person

Being hysterical is a serious condition, because the intellect is only 25% and mind is 75% Such people hallucinate, become totally delusional, irrational and exhibit compulsive behaviours.

The Insane Person

The last category is the insane person Here the mind controls 100% and intellect is zero. In fact, there is temporary madness. Our own mind gradually victimizes us if we're not careful enough Frankly speaking, there is only one pillar for mental well-beingstrong intellect. But we can break it down to four pillars which are: strong intellect, positive emotions, balanced relationships and higher purpose in life

Introspection and Reflection

To develop a strong intellect, we need introspection and reflection Spend five to six minutes every night as you lay down in your bed and simply remember the events of the day and their succession from the time you woke up to the time you are back to your bed, introspecting in a sequence Initially, all will be very hazy. If you don't remember, don't force yourself. With

time and practice, you will improve on it You may realise that you rushed like a mad person and never enjoyed your breakfast. Many of our actions are almost mechanised. Rushing and being stressed out become a norm Introspection helps you to tackle this problem and makes your existing intellect available.

If you want to develop your muscles, you go to a gym and work out. Similarly, to make your intellect stronger, develop thinking and analytical approach to life. Don’t function mechanically. Start questioning everything. Reflection helps us remember and imbibe the information that we have received In any field, not just Vedanta, you must absorb and process the information. Refuse to follow the herd instinct.

The Power of Gratitude

The tendency of the mind is to grumble and to focus on what we don't have or what went wrong. Practise to shift gears from what went wrong to what went right Be grateful for the simple things in life Nothing major needs to happen You have eyesight and functioning limbs. Some people don't have them. If you grumble about your partner, think of how he cares for you and provides certain things for you

Assessment

Assessment helps us build balanced relationships. Assessment is nothing but analysis You're employing your intellect to analyze the nature of people closest to you and with whom you deal with on a daily basis, what is your driver like and so on That will help you to develop the capacity to deal with people correctly If your driver is always late, consider a buffer time.

Everybody wants stability but we must know how to handle change Life is a dream of experiences It's like a river flowing that can never stop That is the

 A higher purpose gives meaning to your life. It is something worthy of and that makes you wake up and fill your life with enthusiasm, energy and cheer.

nature of the world we live in. If you don't understand it and want permanency in an impermanent world, isn’t it an absurd expectation? When your expectations fail, you develop stress, frustration, conflict and confrontation. Right assessment is therefore very important You can’t complain that a cobra does not respond to your affection

Higher Purpose in Life

The last point is the higher purpose in life A higher purpose gives meaning to your life It is something worthy of and that makes you wake up and fill your life with enthusiasm, energy and cheer. Ask yourself: What am I working for? What is my purpose? What am I earning all this money for?

Some people work only for themselves. They're highly selfish. Expand your circle of identification beyond you Some people take care of the environment, the animals living around and the poor families They share their profits with a larger community. Then there are people who work for their country There are great leaders like Gandhiji He dedicated his life to his nation Even business people like Henry Ford did not simply think selfish of putting more money into his pockets or have a bigger house His goal was to create an

awesome automobile vehicle for middle class Americans Think of a scientist in the laboratory, who is discovering the cure for cancer. He's not doing it just for his own nation. He's doing it for the entire humanity. The ultimate category is spiritual development and spiritual education There are self-realised souls who identify with one and all.

There is an impeccable law that doesn't change with time No selfish person is happy Also, no unselfish person is miserable They may face tough people and tough situations. But they will still be cheerful, happy and optimistic, because they work for a larger cause.

In Search of Your Core

First, control your mind and then go beyond your mind. You finally understand that you are not this mind, and mind’s problems are not yours This is the spiritual path You slowly disconnect from your own mind and begin to identify with the spiritual core of your personality- your atman. You begin to understand that you are not the body, nor the mind, nor the intellect. You are that self, that Atman. That is the true real goal of human existence and our only purpose in life We are all like rivers moving towards the ocean It's a question of time Maybe some rivers run a little further away from the ocean but they're all moving in the same direction. Similarly, we're all moving towards that final goal, the final destination Vedanta helps us make conscious steps in the right direction and realise the Atman, the pure consciousness in all of us. Once the river merges with the ocean there is an absolute sense of well-being that we enjoy Until then, whatever you do, learn to control your mind and you will feel much better and relatively cheerful, happy and peaceful. But true and permanent happiness resides in your Atman- in your own spiritual core 

How can we use humor to beat the stress?

It's a powerful tool. Whatever happens to you in life, laugh it off Usually, when we are in a tough situa on, it's difficult to laugh We cry for some me Then a er a month or two, we laugh.

Can you suggest some techniques to develop the mind?

Please don't develop your mind. It causes all the problems. Instead, develop intellect.

How is happiness related to mental well-being? How can we get lasting happiness?

Wellbeing and happiness are synonyms If you're a happy individual, you enjoy the sense of well‐being. If you enjoy the sense of wellbeing, you are a happy individual It is the mind that disturbs your happiness and takes away your sense of well‐being. Once mind is controlled, you can enjoy life.

Where do we start from, if we want to apply the principles to improve our mental health?

Start by studying the literature One lecture or one book is just the p of the iceberg You need to dive deeper into the study of Vedanta and you will find all the answers.

How does self-esteem impact on the mental wellbeing?

Self‐esteem comes from a strong intellect and from your objec vity You know exactly, your pluses and minuses It

helps you to come out of inferiority or superiority complexes. You understand that we're all spokes in the wheel of life. Each one is just playing his or her own part Develop a healthy sense of self‐esteem

Can you share any specific meditation or mindfulness techniques that can help individuals manage stress?

Medita on is the highest known spiritual prac ce You have to be very well prepared for it You can damage your mind if you're not ready for it. Our mind is like a monkey. It is constantly jumping and moving. What will happen if I forcefully bind that monkey to a chair? The best prepara on for medita on is following the spiritual prac ces of karma, bhak and jnana. Reduce the load of desires and you can become medita ve We discussed a lot of prac cal ps like introspec on, reflec on, prac sing gra tude on a daily basis, assessing people and situa ons and being as unselfish as possible. Does not the concept of suffering play a role in mental well-being?

Suffering is a part and parcel of life You can't have world without suffering. We all go through one kind of pain or the other. The ques on is, have you mastered the techniques of rising above that suffering or tackling it? Or do you get buried under that load? Suffering is unavoidable The world is admixture of pleasure and pain. To tackle your suffering successfully, you need to develop strong intellect 