EDITOR
Gp Capt R Vijayakumar ﴾Retd﴿, VSM
READERSHIP OUTREACH
Gp Capt Dr R Venkataraman ﴾Retd﴿
Sundar R
Vakeeswari M
DESIGN
D Rajaram, Tayub Refai
MADRAS MANAGEMENT ASSOCIATION
Management Center, New No 240 Pathari Road, ﴾Off Anna Salai﴿, Chennai 600 006
Ph:044‐2829 1133 / Email:mma@mmachennai org | mandate@mmachennai org | www facebook com/mmachennai
MMA Annual Convention 2025
The Republic Day commemorates the adoption of the Indian Constitution. The preamble reflects the core values that the country is built on and encapsulates the aspirations of a nation striving for equality and growth with purpose. Over the last few years, India has made major strides in various fields, including technology, data science, and food security. By the end of this year, India's GDP is projected to reach USD 4.34 trillion.
In an era where “Nari Shakti “is being emphasized, it is fitting that President Droupadi Murmu, a woman from one of India's tribal regions, is
The MMA Annual Convention will focus on strengthening India's resilience, considering the evolving geopolitical landscape, the pivotal role of small and medium businesses, advancements in technology, skill resilience, talent management, and mental health.
now the first citizen of the country. Her leadership signifies India's commitment to one of the core constitutional values equality. India's journey from a fledgling republic to a global powerhouse reflects its resilience, innovation, and dedication to equity. In today's landscape, building resilience is more important than ever as we move towards the vision of Viksit Bharat.
In this context, the MMA Annual Convention on "Foundations for Building a Resilient India" will focus on strengthening India's resilience, considering the evolving geopolitical landscape, the pivotal role of small and medium businesses, advancements in technology, skill resilience, talent management, and mental health. The convention will also emphasize the importance of integrating both urban and rural progress in this journey.
I would like to congratulate Mr. Lakshmi Narayanan, Chairman of the MMA Convention Committee, and our knowledge partner, McKinsey & Company, for their tireless efforts over the last few months in making this convention a grand success. I also extend my gratitude to our sponsors for their support in organizing this event.
The Union Budget 2025 is a bold initiative aimed at transforming India into Viksit Bharat, focusing on reforms that will act as catalysts for growth while ensuring inclusivity remains the guiding spirit. Micro, Small, and Medium Enterprises (MSMEs) are the backbone of India's economic structure, contributing nearly 30% to the Gross Domestic Product (GDP), 45% to exports, and generating employment for over 75 million people. The 2025-26 budget takes decisive steps to address structural challenges and fuel growth in alignment with India's vision of self-reliance. By lowering financing barriers and easing operational hurdles, it aims to position MSMEs as the second engine of economic growth. India's MSMEs can emerge as a global force, driving domestic employment, industrialization, and reinforcing India's aspiration of becoming an economic powerhouse.
Budget 2025 presents a crucial opportunity to align financial priorities with human capital development. India's journey towards becoming a $5 trillion economy hinges on its workforce's ability to adapt to automation, artificial intelligence, and emerging industries. However, the skill gap remains a significant challenge currently, only half of India's graduates are deemed employable. This gap not only affects individual career aspirations but also limits the competitiveness of industries striving to excel in the global market. Addressing this issue is critical to ensuring that India's economic momentum is sustained and inclusive.
Budget 2025 reflects a strong commitment to economic resilience, skill development, and inclusive growth.
The Internship Scheme 2025 sees a significant boost in the 2025-26 budget, with a sharp increase in funding for 2026. The government aims to offer 10 million internships across the country's 500 largest firms over the next five years. This initiative is designed to enhance youth employability, ensuring that graduates acquire the industry-specific skills necessary for the evolving job landscape. As work is continuously reshaped by technology, bridging the gap between academic learning and industry expectations is more crucial than ever.
Budget 2025 reflects a strong commitment to economic resilience, skill development, and inclusive growth. These measures collectively set the stage for a more robust and globally competitive India.
The era of Trump 2.0 has begun, and the world is actively analyzing the multiple policy shifts that U.S. President Donald Trump has introduced since his reelection in November. As global dynamics shift under this new administration, the question remains: how should India adapt to a Trumpian world order?
India must navigate this evolving landscape strategically avoiding rigid trade agreements that
could limit its autonomy while capitalizing on emerging business opportunities and strengthening mutually beneficial ties. The overarching goal remains clear: advancing India's interests while maintaining a balance between cooperation and self-reliance. Alongside the rest of the world, India must prepare for the broader implications of Trump's policies on trade, geopolitics, and global stability.
In this context, MMA is organizing an exclusive discussion with an elite panel on "Trump 2.0: What Does It Mean for India and the World?" on 14th February 2025 at the MMA Management Center. This insightful session will delve into the potential economic and diplomatic shifts under Trump’s second term and their impact on India and the global order. Watch it live here.
In a recent conference, the former SEBI Chairman emphasized the need for heightened regulatory impact assessment at a time when capital markets are experiencing significant growth. He further noted that corporate governance in Indian companies has improved, with independent directors increasingly voicing their opinions in boardrooms. However, external factors beyond India's control continue to shape the economic landscape, introducing complexities that were non-existent a decade ago. Rigorous studies on the impact of regulations, policies, and taxation can play a crucial role in enhancing market efficiency.
To address these evolving challenges, MMA
organized a conclave under the MMA CFO Forum on “The CFO's Role in Integrating Governance, Sustainability, and Value Creation” at the MMA Management Center on 14th December 2024. This event provided a platform for finance leaders to discuss the intersection of governance, sustainability, and long-term value creation in today’s dynamic business environment.
I am delighted to present in this issue an article on the presentation and discussion on “Impact of Revised SA 600 Proposed by NFRA on the Industry and Sustainable Finance” by Mr. M.P. Vijay Kumar, Executive Director & Group CFO, Sify Technologies Ltd. Please read the article to gain deeper insights, or click here to watch the embedded video of the CFO conclave.
Despite growing awareness, few companies have formal policies to support employees’ mental wellbeing and work-life balance. While more workers are prioritizing mental health and some firms are introducing initiatives like additional leave days for staff to rest, the question remains is it enough?
Although conversations around mental well-being have increased, many organizations have yet to implement structured policies to help employees manage stress and achieve a sustainable work-life balance. If companies want their workforce to remain productive and perform at their best without compromising health, they need to adopt long-term solutions rather than short-term fixes.
I am delighted to share that an exclusive session on Mental Resilience featuring leading experts has been scheduled during the MMA Annual Convention 2025. This session promises invaluable insights and practical strategies for fostering mental resilience in the workplace.
Not to be missed click the link to watch!
These are uncertain and complex times. Not only are we grappling with climate change, societal aging in major economies, and rising geopolitical tensions, but AI is also poised to reshape the world as we know it. If AI is used for automation, it may replace workers. However, if leveraged to enhance decision-making and provide better information, it can increase the demand for skilled workers and, consequently, their earnings. The key to ensuring that AI benefits humanity lies in investing in education and training at all levels.
AI applications tailored to India's unique needs are crucial, but stopping there would be short-sighted. To fully capitalize on this technological revolution, we must create products and technologies with global appeal. We must not let the fear of rapid change or short-term investment losses deter us from embracing innovation. While some progress has been made, India must join the AI race in earnest. The remarkable success of DeepSeek which leveraged old chips and minimal resources to compete with big tech demonstrates that innovation is not solely dependent on vast financial investments.
An exclusive session on this subject featuring leading experts at the MMA Annual Convention 2025 will provide deeper insights, sparking thoughtprovoking discussions and inspiration.
Click here to watch it live!
Come March, our women members step up their efforts in engaging with thought leaders, entrepreneurs, and corporate executives at the Annual MMA Women Managers’ Convention. This event is a true celebration of the spirit of women and the diverse roles they play in shaping society. At MMA, we firmly believe that Women’s Day is not just a symbolic gesture but a meaningful occasion to honor and empower women in all walks of life.
The focus of this year’s convention is to inspire and guide women toward growth in every aspect of life. The theme, “Empowering Change, Inspiring Leadership,” will explore bold and impactful ideas through engaging discussions on breaking societal norms, embracing individuality, and balancing tradition with modernity to craft visionary leadership. The convention will highlight the nuances of authentic leadership by showcasing the synergy between vulnerability and strength. It will also emphasize mentorship as a cornerstone for building a legacy of empowerment, fostering collaboration, and shaping future leaders.
The MMA Women Managers’ Convention is scheduled to be held on Saturday, 15th March 2025, at the MMA Management Centre. The event, spearheaded
by the convention committee led by Ms. Meera Nair and supported by our knowledge partner, EFL, promises an enriching experience featuring a distinguished lineup of speakers. The content and structure of the convention have been thoughtfully curated to meet the aspirations and expectations of our women delegates.
We look forward to welcoming women delegates in person at the convention on 15th March 2025, and for those unable to attend, you can also watch it live here.
As always, we would be happy to hear your views, comments and suggestions.
Happy Reading!
Dr Constantin Malik explores strategies for simplifying decision‐making in complex environments, emphasizing cybernetics, systems thinking, and the Syntegration model. He highlights the role of collective intelligence, adaptability, and human judgment in navigating organizational transformations and accelerating effective decision‐making.
Itseems that complexity is deeply rooted in your culture and has been so for thousands of years. This perhaps gives you an inherent understanding of how to handle and navigate complexity. I’ve only been in India for a week but I must say, this is certainly the most complex country I’ve visited. I believe you don't truly understand complexity until you've experienced India.
I have great respect for your leaders, politically and otherwise, for managing this complexity. Unlike our countries, which are more rule-based societies, yours is a principle-based society. There is a distinction in complexity science between algorithms and heuristics. The world talks about algorithms, but in the face of complexity, algorithms are often useless; we need heuristics, guidelines, and principles. An algorithm is a formula to find, whereas a heuristic is more like a formula to search.
I hope to offer something new and interesting, especially from a scientific perspective. Our organisation was founded 40 years ago by my father, Professor Dr. Frederick Malik. I'm very proud of him; he is considered one of the foremost management thinkers in the German-speaking countries and probably in Europe. He founded our organisation, the Malik Institute, 40 years ago out of the University of St. Gallen. It’s a small but illustrious university in eastern Switzerland, and it championed the systemsoriented management approach.
The idea behind this approach was that for managing organisations, we might learn more from complexity sciences cybernetics, system science, and bionics than from business administration alone. Business administration is necessary but not sufficient; other sciences can help us navigate complexity. The notion was that the 21st century
would be an age of complexity, and those who know how to navigate it will have a competitive edge.
One of the great pioneers, Stafford Beer, is considered the Father of Management Cybernetics. He was a very close friend of my father and mine, and we continue his legacy. He was a lover of India, spending much time here, stationed as the commander of a Gurkha regiment, and was himself a tantric yogi. Fluent in Sanskrit, he was deeply inspired by Indian culture, which influenced all his writings and developments. He saw no difference between his spiritual experiences and cybernetic and complexity science.
He believed that complexity must be designed to minimise harm to people and assets. If we let complexity play out without design, it often leads to negative consequences. Therefore, it needs to be designed to guide us through complexity and use it to our advantage for the best outcomes for our organisations and people.
We view the 21st century as the age of complexity, marking a great transformation for both society and organisations. We use two double S curves to depict this transformation. One curve represents the present: our current customers, technology, knowledge, people, and products. The other curve represents the future: our future customers, products, knowledge, and the people we will need. To transition from the present to the future, there is a critical, disruptive decision zone where we must make pivotal
decisions, shift resources, acquire new knowledge, and develop new organisational structures and strategies. This is where significant change happens, and we must train and enable people for the new.
There are four main drivers for transformation today:
• Demography: Different parts of the world experience demographic changes differently. In our countries, we face aging populations, whereas in South and Southeast Asia, the situation is different. Economic changes follow these demographic shifts.
• Ecology and Climate: There is a significant shift towards sustainability, including in India.
• Technology: This is perhaps the greatest shift,
Everything of a higher order exhibits higher complexity, and we need to harness that complexity. Yet, most organisations avoid it because they don't know how to navigate it.
especially digitalisation, which connects everything and creates complexity. When things become interconnected and elements network together, complexity arises.
• Economics: A lot of debt in the world impacts economic stability and transformation.
Complexity often leads to the need for simplifying decision-making. Most people think about simplifying complexity when faced with it. It's often said, "Keep it simple." While that may be a popular strategy, it's fundamentally flawed when dealing with complexity. Simplifying complexity is not just wrong; it's dead wrong.
A German biologist once said that higher capabilities come from higher complexity. You can understand human evolution and evolution in general, as a path towards ever greater complexity. The human brain, to our knowledge, is the most complex steering and control system that nature has devised. Your brain, with its complexity, is what makes you who you are. Everything of a higher order exhibits higher complexity, and we need to harness that complexity. Yet, most organisations avoid it because they don't know how to navigate it. We need to simplify decision-
making by using complexity as a resource to find faster, easier, clearer solutions to our complex problems.
In our organisation, we have developed a method called "Syntegration." We believe it's the most powerful tool for addressing complex problems and managing complex transformations. Syntegration is designed to help organisations and society navigate an optimal path of development, avoiding the pitfalls of getting stuck on the red S-curve and missing out on the green S-curve. It's much faster than traditional tools, which is crucial given the rapid pace of change.
The name Syntegration combines " synergy " and "integration." It is a method to find optimal solutions for any kind of complex problem in the fastest possible time days, not months or years. It involves all relevant stakeholders. Complex questions require a lot of knowledge and people because complexity demands a diverse array of expertise.
Syntegration allows you to involve all necessary people and find consensus behind joint solutions. It maximises collective intelligence. While artificial intelligence is disrupting many fields and may replace many jobs, it’s people who remain. I believe there is immense creativity in people and organisations. Collective intelligence, harnessed through our joint efforts, yields solutions that cannot be found alone. Decision-making should not be left solely to artificial intelligence. Even with the best data, decisions need to be implemented, and people need to be brought along.
Small teams work well for simple problems, but what about large groups? This is where the icosahedron comes in, allowing large groups to communicate and work effectively, like small teams.
Most transformations fail because people lack insight, ownership, and buy-in.
Syntegration is a collective think tank customised to solve individual problems, enabling a large group of people to work like one brain. It uses geometric designs, such as the icosahedron, to optimize information and communication flow among large groups. This structure, found in nature, maximises the distribution of knowledge, views, and languages. The relationship among people determines how communication happens, and this design optimizes it.
You may be familiar with the "Chinese whispers" game, where one-way communication, without feedback happens. We know it produces nonsense. Similarly, in corporate structures, messages get distorted as they move through layers. We aim to optimise the use of information, not just maximise power. Small teams work well for simple problems, but what about large groups? This is where the icosahedron comes in, allowing large groups to communicate and work effectively, like small teams.
We break down complex challenges into the most important topics to solve a challenge. These topics represent the corners of the structure, allowing 12
topics to be discussed simultaneously. Each person discusses two topics, ensuring a self-organizing and self-optimising flow of communication and information. This method distributes up to 90-95% of knowledge, ideas, and viewpoints around the structure, creating a deep understanding and enabling joint solutions through an iterative process.
The participants can agree on joint solutions. It aligns them. It gives them buy-in and ownership of the decisions that need to be made to tackle complex problems. Imagine, for example, your organisation wants to go global, grow ambitiously, introduce new technology, or become sustainable in everything it does. These are all complex problems that require the involvement of many people. With Syntegration, you can bring in all the necessary individuals your finance team, marketing team, sales team, product experts, decision-makers on the board, outside experts, and even customers. All of these people can
work together like one individual brain to find common solutions that everyone agrees on and is aligned with, ensuring successful implementation.
We often lack understanding in our organisations, which leads to barriers and lack of buy-in. Creating 360-degree views and understanding each other's opinions can create common solutions that work on the highest common denominator, rather than just a minimal compromise. In a nutshell, Syntegration is about three “A”s: amplification, alignment, and acceleration. It amplifies the collective intelligence of your people, bringing out all the creativity, cocreation, and participation you can wish for. It aligns the hearts and minds of people, allowing for ownership and commitment on higher levels.Most importantly, it accelerates the decision-making process. It provides clarity and speeds up the decision-making process, which is crucial for navigating complexity. Syntegration simplifies decision-making by providing direction, precision, and speed. We believe that in the future, more organisations will navigate complexity in this way. Complexity can be tackled, mastered, and used as a resource in a human way.
People are the most important resource, especially in a country of 1.4 billion people. That's an incredible treasure trove of creativity and knowledge that needs to be harnessed. Tacit knowledge in our organisations and society is waiting to be made explicit, and by doing so, we can find solutions to complex problems.
People and communication are important, but is not the leadership that makes the difference?
I don't think leadership is less important, but I believe that leadership can benefit from syntegration. A good leader takes into consideration the opinions of their people and makes the most of the information, knowledge, and expertise that these people offer.
If a leader doesn’t trust the people, that’s a different problem. The best you can do is use people to their fullest potential. This method can amplify leadership by providing all the information and potential within your organisation for tackling complex problems. It doesn’t make leadership less important; it amplifies it. In Syntegration, leaders need to be present and part of the process. However, they have an equal role to everyone else. Syntegration is a completely non‐hierarchical structure where leaders don’t play an extra role. They are part of the whole process, contributing equally.
Is a flat organisation ideal for cybernetics?
It all depends on how you handle it. While I'm a fan of flat organisations, from a cybernetic point of view, it's not necessarily about having a flat or large
organisation. Stafford Beer, who discovered the viable system model, created a structural model for organisations based on the human nervous system. This model includes levels of recursion that enable organisations with many levels to function excellently, quickly, and effectively.
Flat organisations can certainly be advantageous, especially as they enable us to reduce layers, making communication easier. However, having organisational levels doesn't necessarily mean an organisation must be less effective. The key is how well the structure supports communication, decision‐making, and overall function.
Is collective intelligence think‐tank a permanent arrangement or a temporary arrangement to address specific issues?
N. Sivasubramanian: Syntegration is typically a three to three‐and‐a‐half‐day workshop designed to solve a specific issue. However, it's always beneficial to maintain collective intelligence within an organisation. Whether the organisation becomes self‐regulating or people come together periodically, having this collective intelligence is valuable.
Dr Malik: There are different ways to apply it. Syntegration is often used to tackle individual challenges. Ideally, it should be applied regularly. For example, you can use it to pace your organisation or a project, bringing coherence when things go out of balance. You can also use it at regular intervals to address recurring issues because circumstances, environments, and people change over time. Therefore,
it can be done both as a temporary arrangement for specific issues and as a regular practice to adjust and navigate changes.
What role do emerging technologies like AI and big data play in simplifying the decision‐making process? How can they be leveraged effectively? Are they popular and effective with management professionals?
Emerging technologies like AI and big data do simplify the decision‐making process. However, there's a danger that we might lose ourselves in data. As a cybernetician, I focus on the essential variables that steer a system, not on gathering as much data as possible. Excessive data can confuse rather than clarify. The key is to identify the guiding star within all the data.
There's a risk in giving artificial intelligence too much power to make decisions. No matter how much data we have, there's always a conscious decision to be made. Sometimes, gut feelings contradict the data. AI lacks this intuitive sense, so it shouldn't replace human decision‐making, especially for higher‐level or complex questions. However, AI can significantly boost our ability to make decisions, supporting and accelerating the process.
While AI and big data are popular and effective with management professionals, it's crucial to use them as tools to enhance human judgment rather than replace it. They can provide valuable insights and streamline decision‐making, but the final decision should still rest with human judgment.
How can decision‐makers avoid over‐reliance on technology and ensure that human judgment remains central to the process, particularly in the area of manufacturing and relevant to MSMEs?
On the one hand, it’s about being conscious of this balance. It’s a choice that we make, and we have to ensure that human judgment remains integral to our processes. One effective way to achieve this is by building systems that inherently integrate human involvement. For example, through Syntegration, we give agency to our people, not just to technology. By incorporating human judgment into the system, we prevent it from being overshadowed by technology.
How do cultural or organisational factors influence the way complexity is perceived and managed in decision‐making?
Being not of this culture, perhaps I can add something interesting. Culture always comes up in discussions, but it’s important to distinguish between two aspects. There’s the culture of an individual country or organisation, and there’s a universal culture of achieving results, professionalism, and effectiveness.
When you look at well‐run companies, they are managed similarly everywhere. For instance, if Air India or Indigo Air work well, they operate just as effectively as Lufthansa, despite the cultural differences in expression. I'm from Europe, so let me illustrate with the difference between a German and an Italian. An Italian may gesture a lot and be loud, while a German may be very quiet. However, their methods of achieving good results for their corporation are very similar. This
is where culture can often be confused. We need to focus on the similarities, as they provide valuable lessons for our corporations and decision‐making processes. The differences, in my opinion, are beautiful and what makes us human. But by recognising our similarities, we can learn together and move forward. What strategies or principles do you recommend for making decisions in situations where information is incomplete or rapidly evolving?
N. Sivasubramanian: You will rarely have complete information when making decisions. There will always be some gaps. Having a structure and co‐creating solutions can help cover those gaps.
Dr Malik: There are several cybernetic principles to consider. For example, using a heuristic approach instead of an algorithmic one. One principle is to always act in a way that increases your options. However, this is not always possible. Sometimes, you have to make a decisive choice and proceed with it.
What role does emotional intelligence play in simplifying and improving decision‐making at the leadership level?
I'm not an expert on emotional intelligence, but I believe it plays an important role. Empathy is incredibly important in organisations . Management is about achieving results, and that's crucial for our organisations. However, there are different ways to achieve those results. I believe it's extremely important to show empathy and emotional intelligence in dealing with people.
While not everyone has the same degree of emotional intelligence, an effective manager needs to exhibit it to achieve results. Empathy and emotional intelligence help in understanding and motivating people, building trust, and fostering a positive work environment. This human factor is essential for successful leadership and decision‐making.
What are the common pitfalls or biases that individuals and organisations should watch out for when simplifying complex decisions?
One common pitfall in decision‐making is the assumption that the problem is clear. With complex problems, there is generally much more to the matter than what you initially believe. It's essential to be aware of this and take a step back. Including other people in the process can help ensure that you gather the most information possible at this point.
In the first iteration, you may have something, but going through a second iteration can help avoid some of the biases. This enriches your solution because you will carry information from other group meetings. By the second iteration, many biases are typically avoided, and the structure of the process works to improve the outcome.
Chandu Nair facilitates a discussion with Mahesh Ramachandran on how AI and technology are rapidly shaping the future They explore adoption trends, disruptive innovations, and strategic frameworks for evaluating emerging technologies, emphasizing agility, AI integration, and the risks of delayed adaptation
The time to achieve mass adoption of new technologies has decreased dramatically.
Chandu Nair Entrepreneur & Advisor
We start our day with mobile phones. Technology permeates every aspect of our lives. From WhatsApp revolutionizing communication to smart slippers and toilets, technology is everywhere. Cars are becoming increasingly intelligent, and laptops can now offer insights that sometimes surpass those provided by even our closest family members. Homes come equipped with smart locks and a host of other smart
features, making them truly intelligent.
India's advancements in space technology demonstrate the wide-ranging impact of innovation. Space tech influences our lives in countless ways: from the clothes we wear to the cars we drive, turbines we build, communication networks, weather forecasting, climate predictions, and even food processing. The extent of its impact makes it clear why other countries are closely watching India's progress in this field.
Oppenheimer's vision for nuclear technology extended beyond its use in creating weapons to applications like nuclear medicine. However, its most notable impact remains the development of the atomic
The time to achieve mass adoption of new technologies has decreased dramatically. Airplanes took 68 years to reach 25% adoption, while Pokémon Go achieved this milestone in just 19 days.
bomb. Looking back at historical innovations, starting with fire and the wheel, we see their lasting influence. For instance, the design of modern railway tracks is based on the width of horse-drawn carriages. The pace of innovation has drastically improved productivity over time. Since 1760, human productivity has increased thirtyfold due to various groundbreaking inventions.
Moreover, the time to achieve mass adoption of new technologies has decreased dramatically. Airplanes took 68 years to reach 25% adoption, while Pokémon Go achieved this milestone in just 19 days, Aarogya Setu in 13 days, and ChatGPT reached over 100 million users in just about two months.
Waiting too long to embrace new technologies could leave us struggling to catch up.
Mahesh Ramachandran Founder, Tech Innovations
It was once advised to Henry Ford’s lawyer not to invest in the Ford Motor Company because, as they put it, "The horse is here to stay, but the automobile is only a novelty." However, the lawyer went ahead and invested $5,000, which eventually turned into $12.5 million. The point I’m trying to articulate is this: How do we determine whether a new technology, product, or service is just a passing fad or something that will endure and fundamentally change an industry?
It’s also interesting to note a pattern when it comes to new technologies. We tend to overestimate their impact in the short run (five years or less) and underestimate their effect in the long run (more than five years). When a new technology emerges, it’s often accompanied by a great deal of hype about its potential. Predictions about the future are always uncertain, and that’s the only certainty we have.
Waiting too long to embrace new technologies could leave us struggling to catch up. However, the key challenge remains: how do we identify which technologies to adopt and which might become fads?
Take artificial intelligence as an example. Just after the release of AI chatbots like ChatGPT, there was significant euphoria surrounding their capabilities. Gartner refers to this phenomenon as the Hype Cycle. It suggests that new technologies go through phases: an initial period of euphoria, followed by a phase of disillusionment, and eventually a plateau of productivity. Understanding this cycle is crucial for assessing whether a technology will thrive or fade away.
Predictions about the future are always uncertain, and that’s the only certainty we have. As a quote goes, “The best way to predict the future is to invent it.” To navigate this uncertainty, it’s important to adopt a framework to make sense of the technologies emerging around us.
The rapid pace of adoption reflects the accelerating impact of digital technology. As leaders, we must recognize that early adoption is no longer a luxury. Waiting too long to embrace new technologies could leave us struggling to catch up. However, the key challenge remains: how do we identify which technologies to adopt and which might become fads? To address this, we need to understand the context in which we are operating, evaluate the technologies available, and consider which ones are likely to succeed or fail.
Chandu Nair: How can leaders and professionals develop a framework to evaluate and adopt technological innovations?
Mahesh Ramachandran: To build such a framework, we can learn from examples of what larger companies have done when it comes to adopting technologies. Let’s take AI as a case in point. Companies—be it large corporations, mid‐sized businesses, or smaller firms adopting AI successfully tend to follow a structured approach and consistently identify practical use cases.
The first step is to ensure there is a strategic fit for the business. If the technology doesn’t align with your business goals or operations, adopting it may not make sense. That’s the foundational principle.
The second step is to assess the maturity of the technology. Has it undergone multiple iterations, or is it still in its infancy? Technologies that show significant progress often attract substantial investments and attention from universities, scientists, and R&D initiatives. If you observe widespread innovation and funding in a particular field, it’s a strong indicator that the technology is here to stay.
The third step is to evaluate whether the technology offers a new business model or transformative value. If it does, you’ll need to design and implement a consistent process for adoption. This requires not just
One of the biggest challenges for highly competent people is recognising and accepting disruption within their industry.
technical integration but also changes in workflows and organizational culture.
This framework helps businesses make informed decisions about which technologies to adopt and how to integrate them effectively.
Why do supposedly smart people in well‐run companies fail to adopt new technologies? Can you provide some examples to illustrate what went wrong?
One of the biggest challenges for highly competent people is recognising and accepting disruption within their industry. Take the example of Kodak, which was once a dominant player in the photography industry. Interestingly, Kodak invented the first digital camera in 1975, but the leadership, who were experts in chemical and film technology, underestimated the importance of digital photography.
They viewed digital technology as a threat something that would cannibalize their core business of film production. This hesitation illustrates a classic dilemma: when you’re excelling at a particular business, it’s hard to shift focus to a new, unproven technology that might jeopardise your existing strengths. This challenge arises because success creates a sense of certainty. Leaders tend to rely on historical evidence, believing that what worked in the past will continue to
work in the future. As a result, they fail to identify the significance of emerging technologies or the disruption they could bring.
What happens when companies fail to discern the difference between a lasting trend and a passing fad? For example, as investors, we’ve invested in SaaS companies. Now, with the rise of AI, SaaS companies are facing a significant challenge: should I integrate AI into existing products, or should I create a completely new, AI‐first product?
Let me share some examples of companies that failed to adapt to changing trends and technologies, despite their initial dominance.
Blockbuster vs. Netflix: Blockbuster was a leader in the video rental business with physical stores offering VHS tapes and later DVDs. In the early 2000s, Netflix, initially a DVD rental service, began exploring video streaming. At the time, streaming technology was in its infancy. Blockbuster had the opportunity to acquire Netflix for $50 million but dismissed the idea, believing streaming wouldn’t take off. By 2010, Blockbuster had filed for bankruptcy, while Netflix became a global entertainment giant.
Nokia and Blackberry: Nokia was once the world's leading mobile phone manufacturer. However, it failed to recognise the significance of smartphones and touchscreen technology, focusing instead on feature phones. When Apple launched the iPhone in 2007 and Android devices followed, Nokia’s market share plummeted. By 2014, Nokia’s mobile division was sold to Microsoft.
The key takeaway from these examples is that even great companies can fail if they don’t recognise or act on technological disruptions.
Similarly, Blackberry, synonymous with business phones, missed the transition to touchscreens and the app ecosystem, which proved critical in the smartphone era. Like Nokia, Blackberry’s dominance faded quickly.
Xerox’s Untapped Innovations: Xerox's Palo Alto Research Center ﴾PARC﴿ was a hub of groundbreaking innovations, including the graphical user interface ﴾GUI﴿, the computer mouse, and Ethernet. Despite its pioneering work, Xerox failed to commercialise these technologies effectively. Companies like Apple and Microsoft capitalised on Xerox’s ideas, turning them into mainstream successes.
Yahoo’s Missed Opportunities: Yahoo, once a dominant search engine, failed to adapt to the rise of algorithmic search technology, which Google perfected. Additionally, Yahoo missed the chance to acquire Google and Facebook in their early days, passing up transformative opportunities. Eventually, Yahoo was sold to Verizon in 2017, marking its decline.
Polaroid and Digital Photography: Polaroid, an icon in instant photography, failed to embrace digital photography, sticking to its traditional film‐based business. This inability to pivot led to its downfall, despite the growing popularity of digital cameras.
Sears and E‐commerce: Sears, a retail giant in the U.S., couldn’t keep up with changing consumer preferences and the rise of online shopping. Failing to adapt to the
e‐commerce wave, it declared bankruptcy while companies like Amazon flourished.
Other Examples of Missed Opportunities:
•MySpace: Once a leader in social media, it failed to innovate and compete with Facebook’s user‐friendly interface and growing ecosystem.
•Google Glass: Introduced with great fanfare, Google Glass offered innovative features like voice search and augmented reality. However, privacy concerns, high costs, and limited applications led to its failure in the consumer market.
•3D Television: Promoted as the next big thing in home entertainment, 3D TVs never gained traction due to a lack of content and the inconvenience of using 3D glasses.
•MiniDisc and Segway: Both technologies were ahead of their time but didn’t achieve widespread adoption due to high costs, impracticality, and competition from better alternatives.
•Second Life: As an early virtual world platform, it was a precursor to concepts like the metaverse. However, it never gained mass appeal, with limited consumer interest in a fully virtual lifestyle.
The key takeaway from these examples is that even great companies can fail if they don’t recognise or act on technological disruptions. Success depends on discerning whether a new trend will fundamentally reshape the industry or is just a passing fad. That leads to the natural question: How do we identify which technologies to adopt and which to avoid?
Amazon started off as an online bookseller because, as Jeff Bezos says, every day is Day Zero for Amazon. Another interesting example is Microsoft, which was initially a very offline‐focused player but managed to transition into the cloud space and remains highly relevant today. Microsoft continues to innovate and evolve, including its role in OpenAI and other cutting‐edge technologies. There are examples of companies that have managed to stay ahead of the game. What has been the impact of recent technologies, and what are the issues arising because of this?
What is interesting for us to understand is the recent growth of OpenAI's ChatGPT and how different companies have adopted strategies to either integrate OpenAI's ChatGPT or develop competitive approaches. OpenAI’s ChatGPT, in a matter of months, created a revolution where what was once considered a niche technology in natural language processing and generative AI has become mainstream. Most of us now see how it can shape content creation, assist in writing code, and even enhance customer support.
For years, we never thought a major alternative to Google could exist as a search engine. That said, Google has now started exploring ways to compete with OpenAI's ChatGPT. The key question is whether companies should compete directly with ChatGPT or adopt and work with it. Google decided to compete directly by introducing Bard and now Gemini. Bard was a failure, and Gemini is experiencing only limited success. Currently, Google offers both Gemini and conventional search on the same page.
On the other hand, Microsoft was very quick to integrate ChatGPT into its products, placing it ahead of
the curve. Microsoft also made a substantial investment in OpenAI, which has helped it significantly. This integration has made Bing a more popular search engine because ChatGPT’s technology was seamlessly incorporated into Bing. Today, if you use Bing, you will see much better results than before. Of course, there are many pitfalls of technology.
People often say that AI is more suited for youngsters. However, in reality, only a few companies build the large language models, and the real value comes from the prompts that are given. The quality of these prompts does not necessarily come from youngsters but from seasoned professionals with domain expertise and experience. For instance, Supreme Court Justice Dave recently posed a thought‐provoking question at a medical conference: If a surgery performed using AI or a robot goes wrong, who should be held responsible?
The first part of this process is called prompt engineering. If you phrase a question more specifically and accurately, the AI‐generated response will be more relevant. On the other hand, the broader the question, the vaguer the answer tends to be. One major challenge in AI is hallucination—when AI generates responses that are factually incorrect or entirely fictitious. For example, while AI can create a movie script, it might also fabricate an answer to a question. It’s essential to be cautious of this risk.
There are multiple governance challenges with AI. Data privacy is a significant concern, as is AI bias. Organisations like ISACA are working to establish frameworks for AI governance. An effective AI
ONDC is an online marketplace that enables small and medium enterprises (SMEs), Kirana stores, and small retailers to digitize their operations.
framework must incorporate ethical principles to ensure that AI systems do not produce biased or incorrect answers and minimise the risk of hallucination.
Explainable AI is an important emerging concept. ChatGPT, for instance, has introduced new versions that explain the rationale behind their decisions. For example, if a bank uses an AI system to deny a loan application, it must be able to explain why the loan was denied. Currently, such decisions are often made within a ‘black box,’ offering no transparency. Similarly, if an AI system shortlists candidates for a job and rejects an applicant, it should provide specific reasons for the rejection.
In short, governance is crucial to prevent AI from going rogue. It ensures ethical use while enabling organisations to leverage AI strategically for success.
When we talk about technology, everyone tends to focus on digital software or AI‐related innovations. However, there are other industries where significant transformations have occurred due to technological advancements. Can you share one or two examples of industries that were not traditionally tech‐heavy but have been revolutionised by new technologies?
One example is the adoption of electric vehicles ﴾EVs﴿,
popularised by Tesla, which transformed the automotive industry. Another fascinating area is precision agriculture and AI applications in dairy farming. For instance, sensors are being used on cattle to collect data, leading to remarkable results in improving productivity and efficiency.
An excellent example of this is Stellapps, an IIT‐incubated company that provides dairy IoT solutions. Stellapps uses wearables, IoT devices, and data analytics to enhance milk production and streamline dairy operations.
Additionally, the Indian government has introduced ONDC ﴾Open Network for Digital Commerce﴿, a transformative initiative. ONDC is an online marketplace that enables small and medium enterprises ﴾SMEs﴿, Kirana stores, and small retailers to digitize their operations. As part of India’s digital public infrastructure, it offers small businesses access to tools that level the playing field against e‐commerce giants like Amazon. This initiative is empowering and has the potential to revolutionise retail by supporting inclusivity and growth for smaller players.
I understand that even Arun Ice Cream’s Ibaco uses IoT sensors to maintain proper freezer temperatures, ensuring the taste and quality of their ice cream. Can you shed some light on one of the largest industries in the US—the healthcare sector—which is larger than India’s GDP? What innovations are happening there?
One remarkable example is Aravind Eye Care, one of the largest not‐for‐profit organizations in the world, known for its extensive cataract surgeries. They have
When evaluating new technologies, it is essential to assess the problems they aim to solve. If a technology doesn’t address a real problem and exists merely for the sake of innovation, it may not be worth pursuing.
amassed a vast amount of patient data related to eye health. By conducting regression analysis on this data, they enabled Google to perform correlation studies using retina scans. This technology can predict various conditions, such as a person’s propensity to develop cancer, their gender, and other health indicators all from a single retina scan. This demonstrates the potential of technology to diagnose multiple illnesses through advanced imaging.
Another significant innovation is the use of telemedicine powered by AI in healthcare. For instance, a company called Curie ai employs AI to analyse medical images, particularly for promoting liver health. In the future, it might become mandatory for radiologists to use AI software as a second opinion while diagnosing conditions. This integration of AI ensures greater accuracy and efficiency in healthcare delivery.
When evaluating new technologies, it is essential to assess the problems they aim to solve. If a technology doesn’t address a real problem and exists merely for the sake of innovation, it may not be worth pursuing. A clear business case is critical. Additionally, consider the role of early adopters and the broader ecosystem: Does the technology require substantial changes in hardware or infrastructure?
Another critical factor is the network effect. Technologies that leverage a network effect often succeed. To understand this concept better, you can refer to the NFX Network Bible. Scalability and accessibility are also vital considerations. Can the technology scale effectively, and can it cater to a broad user base? Furthermore, regulatory and monitoring mechanisms need to be in place. Even with technological advancements, societal acceptance is crucial The public must embrace the technology beyond its hype.
Finally, follow the funding and talent. If investors are backing a technology, it indicates strong growth potential. Observe consumer behavior and trends: Does the technology align with evolving customer preferences? Timing is also critical. It’s okay to adopt a ‘wait and watch’ approach if it seems too early to implement a particular technology
How can companies establish a framework to pivot successfully?
Let me share a framework that I’ve been following. Start by identifying signals for change. These signals could include shifts in customer behavior, emerging technologies that create new opportunities, or increased competition gaining ground.
Next, consider the 3 Ps: Performance, Pain, and Potential. Can your current business model deliver results in the evolving technology landscape? Are customers facing a pain point that can be addressed with the new technology? Is there an opportunity
for the new technology to unlock additional revenue streams?
When pivoting, embrace incremental changes rather than making drastic shifts. Avoid abruptly stopping what you’re already doing. Instead, test changes incrementally and pivot slowly, refining your approach as you go. In essence, leaders must view their business models as temporary blueprints rather than fixed structures. Be prepared to adapt and make changes, when necessary, but approach adoption thoughtfully and methodically to ensure We have yet to realise the full potential of AI, but significant funding is flowing into the field. This suggests that, for many companies, there isn’t a strong business case to shift to AI yet. Those profiting from AI today resemble the toolmakers during the gold rush the NVidias and data center operators of the world are investing heavily in this space.
However, with AI’s current energy demands, particularly from power‐intensive GPUs, the reliance on fossil fuels could become a significant concern. Unless there is a breakthrough in energy generation or algorithmic efficiency, managing the environmental impact of AI will be a daunting challenge. Addressing this issue requires collective responsibility and innovative solutions.
In the meantime, individuals and organisations should focus on leveraging the tools available today to become significantly more productive perhaps tenfold rather than risk becoming irrelevant. Skills
like prompt engineering and other AI‐related capabilities are essential to maximizing the benefits of these tools.
For leaders, fostering a culture of experimentation is critical. Failure should be viewed as a stepping stone rather than a setback. Encouraging this mindset helps teams innovate and adapt.
Key areas to focus on for future success include:
1. Data literacy: Develop the ability to collect, analyse, and extract meaningful insights from data. This skill is essential across all roles.
2. Agility in decision‐making: Emphasise shorter decision cycles. Start small, iterate quickly, and refine as you go. Embrace concepts like minimum viable products ﴾MVPs﴿.
3. Emotional intelligence and resilience: With disruption comes uncertainty. Leaders must foster trust within teams and remain resilient.
4. Human literacy: Understand human behavior and thinking to enhance decision‐making and team collaboration.
The future may be uncertain, but the ability to learn, adapt, and lead with empathy will always be in demand. Success will come to those who embrace change, leverage technology effectively, and prioritise human‐centric leadership.
Anil Kumar, founder of Jodi365, shares his entrepreneurial journey, navigating strategy, management, and innovation From launching a differentiated matchmaking platform to overcoming execution challenges, he reflects on leadership, market dynamics, and adapting to technological shifts in India's evolving business landscape
Ifinished my MBA a little over 15 years ago. We studied a lot about strategy, management, and innovation. Textbooks provide a certain perspective, but I'm not here to discuss these topics from a theoretical standpoint. As I was completing my top-tier MBA, numerous opportunities began to open up for me. I had been an apprentice at Hyde Park Angels, one of the largest angel investment networks in the Midwest, which graciously introduced me to venture capital and allowed me to explore startups worth investing in.
However, I had an itch to be an entrepreneur and to experience the trenches myself. I didn't believe I could be the kind of venture capitalist that an entrepreneur would respect without having been an entrepreneur first. So, I pursued the business opportunity that excited me the most at the time. Despite having been in the U.S. for nearly 15 years and doing well professionally, the same pursuit of opportunity that led me from India to the U.S. over 30
years ago brought me back to India a little over 15 years ago. Today, I'm running a differentiated matchmaking platform, Jodi365.com.
The perspective I bring is that of a business owner and operator. I won’t be discussing strategy from a textbook viewpoint but will instead share the lessons I’ve learned through real-world experience the challenges I’ve faced and the scars that have shaped my understanding of strategy, management, and innovation. I want to share how I've tried to improve my business, make fewer mistakes, and learn from them. When you think about strategy, you can look up dictionary definitions or read textbooks, but essentially, it's a plan of action how you go about winning.
In my mid-30s, as a single, ambitious professional, I didn't have time for the nightlife or socialising with friends. I still desired a balance between career and family, so I wondered how to find
This is a key part of strategy having a clearly differentiated idea and a plan for winning. So, strategy is about determining how you are going to win and what you want to win at.
a partner. Online options had emerged with the first wave of the internet. We had online matrimony sites, both Indian and Western, which were of more datingfocused versions.
However, none of these platforms worked for me. The leading matrimonial sites were unappealing. Like most consumers, I stepped back, tried different platforms, and eventually looked for other ways to find a partner. Fast forward 10 years. Finishing my MBA with entrepreneurial aspirations, I realised the problem wasn't just mine. Many educated professionals faced similar challenges. I thought there had to be a better way, and I could build it for this target segment. When considering a new business, it's tempting to think about the vast market potential. In 2009, India's internet penetration was in single digits, around 7-9%, well before the 2016 Reliance Jio revolution that brought millions of Indians online. Instead of trying to capture a large market, it's essential to focus on a specific niche. This is a key part of strategy having a clearly differentiated idea and a plan for winning. So, strategy is about determining how you are going to win and what you want to win at.
In matchmaking, there must be significant
differentiation. With hundreds of platforms based on religion, language, and community, the niche I chose was educated professionals like myself. The logo of my business, Jodi365 reflects my story and it says "for quality singles." This was my beachhead, targeting an underserved segment.
At one point, I secured a deal with the IIT Madras Alumni Association, comprising 30,000 to 35,000 alumni, many of whom graduated in the 70s and have children of marriageable age today. Recent alumni, well-settled in their careers, also seek life partners. They value good families and education over specific religions or communities. We aimed to cater to this need at Jodi365, becoming the exclusive matchmaking provider for IIT Madras alumni. We had similar tie-ups with groups from IIM Bangalore, IIM Calcutta, and the Network of Indian Professionals in the US. This focus on educated professionals defined our community and our approach.
Everything is easier said than done. Management is about translating strategy into action. Execution is key. Reflecting on Mike Tyson's famous line, "Everyone has a plan until they get punched in the face," illustrates the challenge. It’s one thing to have a strategy, like creating a new matchmaking platform, but quite another to execute it.
When I decided to launch my business, I didn't want to be an NRI dictating solutions. I returned to India to understand the market and see if my hunch about an unmet need was correct. I realised that to
Innovation is the third pillar, alongside strategy and management. It's not just ‘nice-to-have’ but ‘essential’ in today's fast-paced world.
build a platform, I needed a product. And for a valuable product, you need the right people. Freshly back in India after 15 years, I needed a tech-lead to help architect the website. Finding someone was tough, as startups weren't yet mainstream.
A young man, impressed with my vision, agreed to join and even promised to bring along a small team. However, after some time, he backed out due to advice from his father-in-law, illustrating the real-world challenges of turning strategy into action.
Innovation is the third pillar, alongside strategy and management. It's not just ‘nice-to-have’ but ‘essential’ in today's fast-paced world. Take Nvidia, for instance. Their innovation in GPUs has made them a leader, even surpassing Intel which was the darling of semiconductor innovation, in market value. This highlights the importance of staying ahead through innovation.
There are various types of innovation, and for me, it began with introducing a new product, almost creating a new category. My experience showed that while there were plenty of matrimony sites in India and dating sites in the West, the cultural context was different. Even in India, where change was happening,
there were still conservative elements.
I realised that despite some liberal and progressive pockets, India remained a country where Valentine's Day could provoke extreme reactions. Hallmark store windows might be smashed, and couples walking hand in hand could be harassed by right-wing groups claiming it was a corruption of Indian culture. These groups might even force couples to marry or tie rakhi. Anything could be politicised, making it a challenging environment for mainstream market acceptance. Understanding this, I knew that a traditional approach wouldn't work. I needed to innovate and find a way to cater to the unique cultural landscape of India.
Purely matrimony sites didn't quite appeal to the 20-somethings and 30-somethings, and I was part of that generation. So, I developed a hybrid model that combined modern and traditional elements to create a new platform that appeals to the younger generation without alienating the older generation. This was the genesis of Jodi365 not purely a matrimony site, nor a dating site, but a hybrid model.
Innovation can take various forms. You can improve processes, translate the same product into different markets, or find new ways to deliver value to customers. I had the idea for a different kind of matchmaking platform, which formed my strategy. But to win, you need a product.
I faced early challenges in building the product and website, realising that you can’t just build a
There are notable examples where non-tech founders succeeded, such as the founders of Airbnb and Calendly. Even Steve Jobs wasn’t a techie.
product once and consider it finished. Software requires continuous innovation as feature requirements evolve and users demand more. It didn’t make sense to outsource this work because you can’t claim to be a tech company or an innovator if you outsource your core product.
There are notable examples where non-tech founders succeeded, such as the founders of Airbnb and Calendly. Even Steve Jobs wasn’t a techie. However, I believed we needed the product in-house. I opted for a hybrid approach working with a web services company initially, with the understanding that they would deploy a team and eventually hand over the initial minimum viable product and some team members to me in-house. That was one of the ways I translated my innovative idea into something executable in-house.
Over the years, I’ve learned many painful lessons in management. I often found myself operating in management mode, focussing on daily tasks rather than thinking strategically about how quickly the tech landscape was evolving.
I frequently discussed this with one of my mentors, a celebrated strategy professor at Booth. I
As apps gained prominence, we were slow to adapt, and it required entirely new skill sets that were scarce in the marketplace.
told him how I felt stuck in management mode rather than thinking strategically. Talking to him, I realised why there is work for strategy experts. Management teams often get caught up in day-to-day operations, and experts help balance the three pillars within an organisation: strategy, management, and innovation.
The challenges were even greater given that I was a solo founder. Investors often prefer to back teams because it’s hard to find all the complementary skill sets in one individual. Someone might excel in tech, while another might be great at business. A classic example is Steve Jobs and Steve Wozniak. Wozniak was the technical genius behind the early Apple computers, while Jobs was the business mastermind. Their design team also deserves credit. I managed to build a strong tech team in-house, but I struggled to keep up with strategic innovation. We were slow to transition to mobile. In 2009, smartphones and apps were not common, and people weren’t used to browsing websites on mobile devices. It took time to realise the necessity of a responsive web app.
As apps gained prominence, we were slow to adapt, and it required entirely new skill sets that were scarce in the marketplace. We attempted shortcuts, like building hybrid apps, but they were clunky. This process left me with many scars and lessons learned. It's one thing to read about strategy in textbooks and
case studies, and quite another to execute it while running a business.
We stayed true to our hybrid model for years. Then, a few years after launching Jodi365, a dating app called Tinder emerged, and their innovation was phenomenal. It is not a dating app but a hookup app and perceived as crude, fairly or unfairly. But I must give credit to Tinder for their innovation on the mobile.
Before Tinder's rise, a globally renowned venture capital firm recognised that India's matrimony space was ripe for disruption. They saw potential in alternatives to traditional matrimonial sites and took notice of Jodi 365. It was flattering when they expressed interest in backing us, believing they could be the catalyst for our growth. They said, "We considered Jodi365 among 17 different investment possibilities and believed it would outperform others." This was pre-Tinder era.
I wasn't looking for funding at the time because I didn't believe that more money would solve my problem. This ties back to the concept of strategy. Some people believe in the "winner takes all" or " go big or go home" approach, but there are different models, such as network effects businesses.
Running a marketplace, like Amazon, requires balancing the supply side (sellers) and the demand
side (buyers). When Amazon entered India, they faced the challenge of attracting consumers without enough sellers and vice versa. This situation is similar to Visa and MasterCard, who needed businesses to accept credit cards and consumers to use them simultaneously. Building a marketplace is a classic chicken-and-egg problem.
The key lesson is to build the supply side first. Amazon successfully did this by securing numerous sellers in India before aggressively marketing to consumers. This ensured a robust catalogue of products, enticing buyers to the platform.
In the matchmaking business, you don't have true network effects. Customers join to find a match and then leave once they succeed. It's a one-shot deal. The better you are at finding matches, the quicker you lose customers because they no longer need your services. This means you must constantly innovate to sustain an enduring business.
Swiping fatigue is now common with all these apps, and the issues with online matchmaking persist. Profiles can be fake. This complexity led me to pivot towards a purely personalised service for serious clients willing to pay for premium services, alongside a lighter version of Jodi365 for the masses.
I'm speaking from a place of continuous learning. My business deals with a modest scale, with a P&L impact of a few crores a year, and less than 20 people on board. We are a nimble organisation. I encourage my team to keep their ears to the ground, listen to
consumers, and pay attention to trends. This interplay between strategy, management, and innovation is crucial for navigating the ever-changing landscape.
I'm not ashamed to admit that I was caught off guard, being so focussed on building better versions of our platform that I neglected the need for a mobile app. Initially, we only had a desktop web app, then a hybrid app, but we didn't have a native app. Running a small team, one of the best things I've done is encourage every new hire to be bold. You cannot innovate if you're afraid to speak up or worry about how your ideas will be received by the boss or your manager. I've been influenced by the professional culture I experienced in the US, where I lived from my early youth into my mid-30s. I appreciated the PhD title perks, but I prefer a first-name culture. Even the youngest interns at the company call me Anil. This approach fosters mutual respect without excessive deference. If you show too much deference, you won't challenge ideas or speak up when necessary.
It's important for me that my team feels empowered. I challenge them to challenge me and be bold because I don't have all the right answers. If we did, we might have been a public company by now. While I don't necessarily aspire to that, it is one benchmark of success for startups that have secured funding and gone public, providing liquidity and the potential for huge rewards.
Another key aspect is to take occasional time-outs to detach yourself from the day-to-day management
and shift your focus to strategic thinking ideally on a monthly basis, if not weekly. Conduct regular strategy reviews to ensure you’re not overlooking changes or emerging trends that may require course correction. This isn’t just about adjusting your strategy; it’s also about recalibrating management approaches. It’s one thing to say, “This was the strategy, and here’s the plan of action,” but the reality is that circumstances evolve.
Look at the past five years how much change we’ve experienced. COVID disrupted businesses worldwide. It wasn’t business as usual; many offline businesses shut down or took extended sabbaticals. The workforce became dispersed and remote, presenting challenges for both employers and employees alike.
I run a business, and I often say jokingly, that I’m in the business of ensuring compliance with regulations, month after month. India was ranked 140 on the global Ease of Doing Business Index. While it has improved to 70, it’s still far from 7. As a business owner and operator, I feel the challenges of this ranking every day. I’m still on my journey, working to scale Jodi365 to deliver greater impact. With the lighter version of our platform, we plan to make a bigger splash. My story is still being written picture abhi baki hai.
Whether you are management students, young professionals, seasoned professionals, or even individuals considering a career shift know this: even
One large organisation that has successfully embraced intrapreneurship is Intuit, the US-based maker of TurboTax, a leading tax filing software.
established organisations can no longer afford to go about business as usual. You must be ready to handle the winds of change and mitigate the risk of disruption.
One large organisation that has successfully embraced intrapreneurship is Intuit, the US-based maker of TurboTax, a leading tax filing software. They’ve empowered internal teams to innovate, fostering a culture that drives progress from within.
On the other hand, consider how resistance to innovation can hinder progress. For a long time, Microsoft has hesitated to embrace changes that could threaten their cash cow the Windows operating system. Success often requires being willing to disrupt your own flagship product to come out stronger. Kodak is another classic example. Despite having digital technology in hand, they clung to their film camera business, ultimately losing their market dominance.
Even in large organizations, staying relevant requires constant innovation and adaptability. For businesses of any size, it’s about remaining a going concern. I often tell my team that one of the biggest advantages of working with us at a small company is that you don’t just learn from us you learn with us.
How do you compare the level of innovation in India with that of Western counterparts?
I can only give you my biased perspective. There are a lot of copycats here, which is not a bad thing. Some of it has to do with the funding opportunities. Maybe you could blame it on the VCs in India, who look at something that succeeded in the West, like Airbnb, and want to fund a Stayzilla, an early Airbnb clone. There's a Jugaad mindset, and maybe there's more awareness and appreciation for the inventive spirit of desis. There's the good, bad, ugly, mediocre, and exceptional in every society. Look at our UPI, our homegrown solution, for example. Such innovations need to be applauded. How can multiple innovative ideas be moderated?
We must find a way to surface the best ideas when multiple ideas arise. I am a big believer that it takes a champion to do something new, which is why founder‐led startups succeed to a larger extent than those where CEOs are brought in externally. Steve Jobs had to be brought back to Apple for it to regain its glory days. In the founder mode, innovation is encouraged. I'm not a fan of things happening by committee and
consensus. Give people the freedom to share their ideas. What has been your biggest challenge as a founder and CEO in integrating these three elements—strategy, management, and innovation into your business venture?
There are many challenges. I had listed in a tweet 20 different challenges that could keep me up at night as a founder and CEO. Bandwidth is the biggest issue for me. There's only so much that one person can physically do. It has motivated me and reminded me how imperative it is to delegate more. I am an inveterate micromanager and too much of a perfectionist. I need to remind myself that "good enough" is good enough, and "done" is better than perfect.
How can we foster a culture of innovation?
Encourage the creative spirit and let people know that it's okay to fail. You can't come up with something new without falling short most of the time.
Can you share insights into the role of AI and data analytics in enhancing strategy and innovation?
AI is a useful tool in many facets of our daily and work life. However, it's not a genie that can provide all the answers. While AI, like ChatGPT, can help generate presentations on strategy and innovation, translating these insights into real‐world experiences requires human intuition and execution.
What common mistakes do businesses make when trying to integrate innovation into their strategy?
I can speak about my mistakes. I'm not sure if businesses focus enough on innovation I may be wrong, but I've long felt they don't have the luxury to think about innovation. They get caught up in day‐to‐day management until they are disrupted. A culture of deference, where most decisions are made by the highest‐paid person in the office, is detrimental to fostering a culture of innovation.
M P Vijayakumar, ED & Group CFO, SIFY
Technologies Ltd, highlighted that the revised SA600 expands the group auditor’s role, requiring active coordination with component auditors Aligning with ISA600, it impacts CFOs and audit committees. Effective April 2026, it mandates information sharing, risk assessment, and compliance, raising concerns about audit independence.
Everyone assumes that SA600 pertains solely to practicing chartered accountants and audit firms. However, that is not the case. If SA600 impacts anyone, it is the entity, the auditee, the CFO organisation, and the Audit Committee. They are the ones who will be significantly affected and will have to increase their planning, time allocation, and resource allocation to comply with the requirements of SA600.
As organisations grow, they often end up with three to five subsidiaries, one or two associates, and one or two joint ventures. Some of these may be overseas subsidiaries or small distribution or procurement companies. It's impractical for the group auditor to audit all the entities within the group. Typically, at least 30-40% of the entities, if not in terms of economic value, at least in terms of count, will be audited by component auditors. In today's context, the parent company management, the financial reporting group, the board, and the Audit
Committee typically collate the financials, apply consolidation principles, and go through the audit and approval process.
However, you do not often find group auditors deeply engaging with the component auditors of various entities within the group, sharing their expectations, or discussing the risks they want to be assessed. There may be minimal dialogue, but not an extensive one. People typically perform the collation activity. But with the revised SA600, the group auditor becomes crucial. The group auditor must necessarily involve all the component auditors. These component auditors could be firms of different sizes, experiences, and brands, and you must integrate them into your engagement team. They will not be treated as separate audit firms but will be considered part of the group engagement team.
Whether a domestic subsidiary, an overseas subsidiary, or an overseas branch, that auditor will be
If auditors have to work seamlessly together, we often encounter situations within the organisation where most CFOs or even CEOs end up mediating between the auditor and our employees.
treated as part of the parent company's auditors' engagement team. The engagement partner will decide how the work must be done to meet the expectations of signing off on the group audit. This represents a significant shift.
If auditors have to work seamlessly together, we often encounter situations within the organisation where most CFOs or even CEOs end up mediating between the auditor and our employees. This mediation, or “Panchayat” activity, extends beyond the internal organisation to include other audit firms, each with their own perspective.
Often, all parties will agree on the same thing, but just because you asked, they might withhold the information. This is a common psyche. As preparers, we often experience this behavior ourselves. I have been a preparer, standing before the auditor with financial statements. The natural tendency is to withhold information, especially when it is asked at the last minute. These are very human behavioural aspects.
Now imagine, with the pressures of quarterly audits, timelines, and managing an ecosystem of multiple auditors, where some auditors may be bigger
As per NFRA, which operates under the Companies Act, component auditors are legally required to share their relevant findings with the group auditor.
than the group auditor or vice versa, bringing everyone together to do the work is no easy task. This responsibility now falls on the CFO's organisation and the audit committee to ensure it all materialises.
Whatever I share now are my personal views. I want to leave an important disclaimer. This is a very political and sensitive topic. I’m only sharing my own understanding and views on this.
I'll address three main points. Firstly, the revised SA600 aligns with the international standard, ISA600.
Of the 46 Standards on Auditing (SAs) issued by the Auditing and Assurance Standards Board (AASB) under the authority of the Institute of Chartered Accountants of India (ICAI), a significant number are either identical or substantially similar to the International Standards on Auditing (ISAs), with differences primarily arising to accommodate local laws, regulations, and the Indian context.
Secondly, I'll give an overview of the current SA600 and the proposed changes that NFRA intends to implement, with a target effective date of 01/04/2026, subject to government approval and notification. NFRA's recent circular emphasises that even the existing SA600 requires the principal auditor
to continuously engage with other component auditors, identify potential risks of material misstatements, plan audit work accordingly, and form the final audit opinion.
Lastly, the circular states that the management, represented by the board of directors, must prepare consolidated financial statements, a principle that also applies to auditors. Auditors cannot disregard material misstatements made by component auditors. This stance was influenced by instances observed in corporate failures. Component auditors cannot withhold working papers from the group auditor.
As per NFRA, which operates under the Companies Act, component auditors are legally required to share their relevant findings with the group auditor. This applies to audits of listed companies and certain unlisted companies meeting specified criteria, particularly those identified as Public Interest Entities (PIEs). This context explains the revision of SA600.
The current SA600 standard addresses the reliance on other auditors. It states that if the component audit is conducted by another chartered accountant or audit firm, the group auditor evaluates the competence and objectivity of the component auditor. In the audit report, the group auditor expresses an opinion on the group financial statements as a whole.
The revised SA600, aligned with ISA600, emphasises that the group auditor is solely
Regarding the proposed SA600, NFRA and the ICAI could have collaborated more closely to address concerns and ensure a smooth transition.
responsible for the opinion on the consolidated financial statements. The group auditor must treat component auditors as members of the engagement team, plan and allocate work, oversee tasks, give instructions, and visit component locations if needed. This process must be documented continuously. Whether it's the old or new SA600, the focus remains on improving the quality of audits at the group financial statement level.
In the current SA600, the terms used are "principal auditor" and "other auditor." In the proposed SA600, these terms are replaced with " group auditor" and "component auditor." Even in the existing standard, the principal auditor is responsible for the direction, supervision, and performance of the group audit engagement in accordance with the applicable standards. This is strongly emphasised by NFRA.
Regarding the proposed SA600, NFRA and the ICAI could have collaborated more closely to address concerns and ensure a smooth transition. All audit standards apply to all audits, with some standards having specific requirements based on the size or nature of the entity. The ICAI's concern has been that the revised SA600 might disproportionately impact small and medium practitioners in a developing
NFRA has indicated that the revised standard will primarily focus on audits of Public Interest Entities (PIEs), potentially excluding certain public sector entities such as public sector banks and insurance companies (and their branches) to address concerns raised by small and medium practitioners while improving overall audit quality. The specific scope and applicability will be detailed in the final standard and related guidance.
The revised SA600 emphasises collaboration between the group auditor and component auditors, including sharing working papers, access to component auditor's expertise, and visiting component locations if needed. The revised standard aims to improve the quality of audits at the group financial statement level. The Institute of Chartered Accountants of India (ICAI) is a founding member of the International Federation of Accountants (IFAC) and has contributed significantly to global standards development over its 75-year history. Unlike some developed countries, India mandates audits for a wide range of entities, and only chartered accountants who are members of the ICAI and subject to its code of ethics can sign audited financial statements.
Globally, accounting firms from various countries may be involved in the audits of companies listed in other countries, subject to local regulations and recognition requirements. Of the G20 countries, most follow ISA 600 as it is or with minor modifications. The objective is to ensure consistent and high-quality group audits globally.
Terminology: Consistent use of " group auditor" and "component auditor" throughout for clarity.
NFRA's Role and Scope: Clarified NFRA's role in setting and enforcing auditing standards, particularly for Public Interest Entities (PIEs).
ISA 600 Alignment: Emphasised the alignment of the revised SA 600 with ISA 600, while acknowledging potential differences to accommodate the Indian context.
ICAI's Concerns: Acknowledged the ICAI's concerns regarding the impact on small and medium practitioners and the efforts to address these concerns in the scope of the revised standard.
Component Auditor Responsibilities: Clarified that component auditors must share relevant findings with the group auditor and provide access to working papers.
Audit Report: Clarified that group auditor expresses an opinion on the group financial statements as a whole.
Global Practices: Provided more accurate context regarding global practices in auditing and financial reporting.
Effective Date: Clarified that target effective date of the proposed changes is 01/04/2026, subject to government approval and notification.
Historical Context of SA 600: The original SA 600 was established in 2002, prior to the widespread adoption of consolidated financial statements in India, which became mandatory around 2006 and later under
the 2013 Act. Initially, only SEBI required it, but it was generally viewed positively.
Impact of Revised SA 600 on Auditor Responsibilities: Implementing the revised SA 600 may initially cause friction and challenges in collaboration between group auditors and company auditors. CFOs and audit committees need to ensure harmonious coordination.
Auditor Selection and Expertise: While hiring a single auditor for both the group and its components might seem easier, it could present challenges. Companies often prefer having their parent auditor "under check." Component auditors with specialised expertise (e.g., in real estate or NBFCs) may be necessary, and regulatory rules may limit the number of audits a firm can perform in certain sectors.
Regulator's Role: There are concerns that companies might use the new standard as an excuse to replace component auditors with the parent auditor, potentially compromising audit quality. The hope is that regulators will prevent such actions.
Compliance and Enforcement: The existing SA 600 was not always followed properly, prompting NFRA to introduce clearer guidelines and assign responsibilities to improve audit quality.
Maturity of the Audit Environment: Despite perceptions of poor audit quality, Indian audits and financial statements are often of high quality compared to global standards. The Indian business and regulatory environment is complex, and the reporting and disclosure requirements differ from those in other parts of the world. Continued maturity and
improvement in the audit environment are expected over time.
Role of Regulators: Each regulator (e.g., NFRA, RBI, SEBI, IRDAI, and C&AG) has a distinct role. NFRA is responsible for recommending standards and taking disciplinary actions.
NFRA's Trigger and Role: The establishment of the NFRA was driven by the need to improve India's ease of doing business ranking and to become a member of the International Forum of Independent Audit Regulators. The NFRA was created as an independent accounting regulator. It is responsible for recommending accounting and auditing policies and standards, monitoring compliance, and overseeing the quality of service in the accounting profession.
Concerns about NFRA's Applicability: While statistics suggest NFRA's direct oversight applies to a small percentage of companies, the economic value of these companies is significant. The NFRA's applicability extends to companies listed on stock exchanges (in India or abroad) and certain unlisted public companies meeting specific financial thresholds.
Coexistence and Collaboration: There's a call for collaboration between the NFRA and existing professional bodies like the Institute of Chartered Accountants of India (ICAI), recognising the ICAI's historical contributions.
Emotional Factors: Emotional factors, such as the desire to retain a specific firm name, can sometimes influence decisions related to audits.
Mr Nikhil K Rao, Director and Chief Engineer of Boeing Engineering India, delivered the 11th Dr K C G Verghese Endowment Lecture, discussing the future of aerospace. He highlighted AI, sustainability, autonomous aviation, and India’s expanding role, emphasizing technological disruptions, fleet growth, and the industry's ongoing transformation.
The world is now more volatile, uncertain, complex, and ambiguous than ever. When discussing the future of aerospace, it's beneficial to start by looking at the past. The Penny-Farthing bicycle was the standard mode of transportation from about 1860 to the 1890s. However, it was a dreadful design. During that 30-year period, many people suffered from broken bones, severe injuries, and even fatalities because they would fall off, even at low speeds. Women could not ride this bicycle because it required shorts or pants, which were not part of women's attire at that time. It was neither inclusive nor safe, yet it was widely accepted.
By 1890, the safety bicycle emerged and became the norm for transportation. The bicycle, as we know it today, turned into a booming business. This innovation led to two gentlemen and bicycle mechanics, Orville and Wilbur Wright, who went on to invent the airplane. The dream of flying has captivated
people long before Leonardo da Vinci wrote about it, but no one could crack the code. Without the bicycle, we might not have the airplane today. Individuals like Samuel Langley, who had millions of dollars and teams of scientists from prestigious universities like Harvard, tried to develop an airplane but failed. It took two bicycle mechanics to figure it out, as the controls and balance of aircraft are very similar to riding a bicycle. While it seems simple to us now, it was revolutionary back then.
The airplane was invented in 1903. Bill Boeing did not fly an actual aircraft until July 4, 1915. On his very first flight, he fell in love not with any woman, but with flying and aviation. He was captivated from that moment on. About a year later, on July 15, 1916, he founded Pacific Air Products, which is now known as the Boeing Aircraft Company. Boeing wanted everyone to experience the magic of flight.
I'm using the term "magic" intentionally because, as an aeronautical engineer, I wake up every morning in wonder and amazement. If you looked up and saw
This journey of exploration and passion will continue because each time we explore, we learn more about humanity and ourselves.
50 elephants flying above your head, wouldn't your mind be blown away? It absolutely would. That's what a Boeing 747 is the same weight as 50 elephants. Nowadays, we don't even look up when we hear an airplane fly overhead. It is truly magical.
Dr. KCG Varghese was also an aviation enthusiast. People like Bill Boeing and Dr. Varghese are the ones who make things happen. Futurists like them not only envision how the world should be, but they also take action to make it so.
Why do we fly? Primarily, for me, it's to connect, protect, and explore our world. Connection is vital because there's so much conflict and turmoil in the world. When you have a friend who is Korean or German, you realise they’re just like us we might speak different languages, but there is so much beauty in other countries and cultures. We come to understand that, while we can be different, we have many similarities as well. This connection enhances human understanding and cultural exchange. It also allows for the delivery of humanitarian aid. Boeing delivered masks and supplies all over the world, including India, to help during the Covid crisis.
The part I love most is the exploration aspect. We
know more about space than we do about the oceans on our planet. We have products that map the surface of the ocean and autonomous submarines, known as submersibles, exploring the depths. We also venture into outer space. This journey of exploration and passion will continue because each time we explore, we learn more about humanity and ourselves. Some individuals are working on putting people on Mars, and future generations may even live on the Moon, Mars, or other places beyond Earth. That is incredibly exciting.
While it's thrilling to discuss these possibilities, there's a stark reality: only one in 20 people have actually flown on an aircraft. Every year, three and a half billion people fly, but it's individuals like us who might take 20 to 30 flights a year. The majority of people, 99% of them, have never been on an airplane and have never experienced the magic and wonder of flight.
As we think about the future of aerospace, I consider the 19 other people who have not had the joy and experience of flying. What can we do for them? For instance, Boeing has a significant initiative with a dedicated leader for accessible flights, for people with disabilities. We are thinking about individuals with mobility issues and even elderly people who struggle to use the overhead storage for their bags. We aim to create more inclusive flights not just in the aircraft, but the entire experience from the airport to the airplane.
From a fleet renewal standpoint, India has a vast market and immense growth potential.
It is crucial for companies like Boeing to prioritise sustainability. Did you know that 95% of a Boeing 787 is completely recyclable? It's truly amazing, though we still have a 5% opportunity to improve. We are also working on new designs like the transonic trussbraced wing, as well as developing new supply chains, production systems, and propulsion technologies. The end-of-life of an aircraft matters greatly, which is why we focus on sustainability.
Fleet renewal presents a tremendous opportunity, especially in India. India is the third-largest market for commercial aircraft and defence products, with an expenditure of nearly 77 billion US dollars annually. This significant investment is justifiable. By 2070, India is projected to become the largest economy in the world, surpassing the US. When I relocated to India and first met my engineers and the team here, I told them there's never been a better time to be in India. I'll say this to you next year and in the years to come, and it will remain true. From a fleet renewal standpoint, India has a vast market and immense growth potential. Getting on a flight might be tougher than the flight itself due to security checks and other challenges. So, the entire infrastructure will need to be developed.
Our fleet in India currently comprises about 700
For medium and long-haul travel, we will still rely on hydrocarbons for at least another two to three decades.
aircraft, and it is expected to quadruple in the next 20 years to 2,500. Moreover, the current fleet is 15% more fuel-efficient than airlines operating in Western countries. This not only helps save the planet but also benefits the airlines financially. Boeing is dedicated to assisting airlines in focusing on efficiency and better fuel economy, regardless of their product.
The energy infrastructure is slowly decarbonising and becoming less reliant on fossil fuels. However, aviation presents more challenges compared to something simpler, like auto rickshaws switching to batteries or CNG. In aviation, we have different segments. For short or ultra-short hauls, such as emerging air taxis and electric planes, some companies are developing electrically powered options. There will also be some hydrogen-powered solutions for these ultra-short segments. By 2030, we will likely see these changes.
For medium and long-haul travel, we will still rely on hydrocarbons for at least another two to three decades. In the meantime, over the past 20 years, we have developed sustainable aviation fuel, which is an alternative plant-based biofuel that we blend and provide to multiple airlines. We manage these plants similarly to how we manage forests, so we can
We have a partnership with the Indian Navy involving the Wave Glider, an autonomous liquid robot that sits just below the water's surface, providing reconnaissance for the Navy.
produce biofuel which is a bit cleaner and cheaper. This will act as a bridge until new technologies scale up and become safer. Currently, hydrogen is still not safe for aviation.
When it comes to advanced technology, Boeing has developed the MQ-25 and MQ-28, which are autonomous military vehicles. These vehicles communicate with air traffic control, taxi themselves at airports, take off, perform their missions, and return without pilots. They can even coordinate with other airplanes for aerial refuelling. Boeing has been providing these solutions to military customers for decades, and the challenge now is to transition some of that autonomy into civil and commercial aviation.
We have a partnership with the Indian Navy involving the Wave Glider, an autonomous liquid robot that sits just below the water's surface, providing reconnaissance for the Navy. It can detect submarines and has strong defensive capabilities.
Boeing also has a subsidiary working on a sixthgeneration autonomous air taxi. While many companies are ahead in the air taxi game, they often have pilots involved. Our air taxi is completely autonomous and was recently approved by the FAA,
We're not just competing with Airbus anymore; we're competing with companies like Apple and Google.
overcoming a significant regulatory hurdle. We are now moving forward with this exciting technology.
The beauty of Boeing lies in its 108-year-old rich legacy. However, I remind our engineers daily that we are making history today with the products we create. One hundred years from now, books will be written about the work we are doing work that people only dream of. It's an exciting place to work.
That said, complacency can set in with an organisation as old as Boeing. We're not just competing with Airbus anymore; we're competing with companies like Apple and Google. The market is very disruptive, with many new players, so we can't take anything for granted. Boeing was founded in 1916, and in 2016 we celebrated our centennial. Our CEO hosted a variety of people from different fields sci-fi movie scriptwriters, academics from MIT and Harvard, Nobel laureates to envision what 2116 would look like. I participated in a similar exercise in India for 2047, marking India's 100th year of independence. This forward-thinking approach is how Boeing maintains its edge and continues to innovate.
With the commercial fleet expected to expand from 700 to 2,400 aircraft in the near future, there will be a demand for a wide range of jobs.
By 2042, the aviation industry in India is projected to earn nearly a trillion dollars a year. Globally, 10.8 billion passengers will fly annually. The demand for pilots is increasing significantly. For commercial flights carrying 200 passengers, it's unlikely that regulatory bodies will approve fully autonomous flights. However, there is potential to reduce the requirement to one pilot with an assistive system. Today, the demand for pilots is very high, and the average age of a pilot in the global fleet is 51. Where will these young pilots come from?
India's average age is 29, and the country will remain youthful for another 40 years. Boeing is investing 100 million US dollars in pilot training in India alone, addressing a substantial demand and need. This is excellent news for all of us. With the commercial fleet expected to expand from 700 to 2,400 aircraft in the near future, there will be a demand for a wide range of jobs from engineers to technical mechanics to seamstresses for interior products and more. Universities like Hindustan are a vital pipeline for companies like Boeing, producing the talent needed to meet this exponentially growing demand. We have had a significant partnership with Hindustan University for many years, and many of their alumni are working at Boeing in Chennai.
Humans have an edge when it comes to imagination and creative thinking. While machines can replicate what we do, they can't generate and develop at the same level, at least not yet.
There are two types of future: one that is knowable and one that is unknowable. We can predict what will happen in the next five to ten years with some degree of accuracy, and in some cases, we can make educated guesses. However, the unknowable future presents more uncertainties. Many people may be concerned about artificial intelligence and its disruptive potential. Will AI take our jobs?
I believe that human intelligence will always surpass AI. It's essential for us to develop critical skills for ourselves and our children so that we can contribute significantly in the future. Decision-making is crucial. Management associations and corporate leaders have a vital role to play. When making decisions, we incorporate your values and the values of the company. A machine can't understand values.
For instance, while a machine algorithm might suggest "getting rid of X and Y," we might see their potential and consider them valuable assets. I will always prefer a low performer with the right values over a superstar with the wrong values because I can always coach for performance, but I cannot teach values. Values are either present or they are not. Machines produce volumes of data, which we need to understand and digest. One essential skill we'll need is digital intelligence to differentiate signal from noise.
The human in the loop can grasp non-linear relationships between data, which is challenging for machines. Humans have an edge when it comes to imagination and creative thinking. While machines can replicate what we do, they can't generate and develop at the same level, at least not yet. We need to think about solving big-picture systems and non-linear problems. We also need emotional intelligence to coexist with AI and big data without being replaced by them.
Think about FEAR. It's not about the fear of AI but an acronym: you can either Fear Everything And Run (FEAR) or Face Everything And Rise (FEAR). The Boeing Company has had a presence in India for more than eight decades. What we are trying to do here is not just build our future, but also look at the future of the country, always striving to make things safer, better, and faster. That's our model.
What we are developing as a team excites me because the technology we are building here is going to change the world. We're cultivating a culture of STEM in more minds so that we can contribute to the future of aviation in India for India and for the world. We take pride in connecting the entire world with our heart. Let me conclude by sharing that Boeing does not just build products; we carry the hopes and dreams of humanity on our shoulders and move humanity forward. For me, aviation is the human spirit taking flight.
You spoke about the aviation sector transitioning towards sustainable aviation fuels and hybrid electric aircraft. What key breakthroughs are needed to make these technologies scalable and economically viable for widespread adoption?
When we think about solar energy, we need vast spaces to set up solar panels. Electric technology also requires significant space. For something to be used in an aircraft, it must be both scalable and impactful. The volume of the technology is crucial, but even more important is the safety aspect in aviation and aerospace. Aircraft operate in harsh environments, including low earth orbit. They must withstand temperatures ranging from ‐70°F to +130°F. An aircraft sitting in Qatar or Dubai must endure intense heat and sunlight and then take off and perform flawlessly every time. These are some of the biggest challenges. Ensuring reliability in such harsh environments is one of the most significant hurdles.
As a certified Project Management Professional (PMP), how do you approach managing large‐scale, multidisciplinary projects in a fast‐evolving sector like aerospace?
I was once at a leadership event where someone asked me a tough question: "Can you describe leadership in one word?" I chose "clarity." The opposite of clarity is doubt, and doubt drives distrust, which destroys teams. From a PMP perspective, one of the most helpful artifacts is a project charter, which helps us understand the right problem we're solving. As engineers, we often dive into problem‐solving without truly identifying the correct problem.
When building a team as a project leader, it's essential to have diversity on the team. I appreciate people who are the "troublemakers" because they see things I might miss. I select individuals with divergent thoughts. There's a great book by Doris Kearns Goodwin called "Team of Rivals" about Abraham Lincoln, who built his cabinet with people who had lost the election against him.
An aircraft is a very complex machine, comprising three million parts that function in perfect formation at 40,000 feet. A lot can go wrong, and one key to success is documenting assumptions. During the development of a product and program, assumptions change, so writing them down is crucial. Managing and updating the baseline, and maintaining that discipline, is critical.
With the industry exploring new initiatives such as autonomous aircraft, sustainable aviation fuels, and supersonic travel, how does Boeing India align its strategic objectives to stay ahead of these trends?
I can approach improvements in two ways: either by aiming for a 10% improvement or a 90% improvement. One represents incremental thinking, and the other
represents disruptive thinking. We must understand key parameters, stay attuned to developments, and always make sense of what is happening in universities and other companies worldwide. Globally, the world spends $1 trillion a year on R&D. We are absolutely plugged into that whole ecosystem to either shape it or learn from it. We influence it and incorporate it into our work. Within the company, we maintain a disciplined approach to innovation, continually sponsoring and encouraging people to think differently. This is how we strive to stay ahead of the game.
How is Boeing integrating AI and ML into its engineering and operations to support the future of autonomous aircraft and enhance overall efficiency?
AI and ML, as we know them today, are primarily based on natural language processing ﴾NLP﴿. Essentially, we've trained these systems using a vast array of books and websites. This has resulted in highly sophisticated language models that can produce impressive scripts with coherent and beautiful words. However, when it comes to engineering or any other technical field, relying solely on artificial intelligence can be risky.
At Boeing, we have developed our own AI and ML systems to train datasets on the technical data we've accumulated over 108 years, covering areas such as flight controls and atmospheric behaviours. Over time, we will leverage this to aid and facilitate engineers in making better decisions. AI can handle many of the administrative tasks that engineers typically perform. However, when it comes to technical analysis and execution, the engineer remains 100% involved in the process.
How does Boeing foster a culture of innovation and adaptability in its global and Indian team? How soon will air taxis find application in Indian cities?
I'll start with the second question on air taxis We can only go as fast as the regulatory organisations allow. The FAA in the US, EASA in Europe, and DGCA in India determine how fast we can progress. We've got proven technology and have been using it, but how soon it will happen in India depends on how quickly the regulatory agencies are ready to certify the product.
Regarding the first question, many people think we're in India because it's the third‐largest market. However, even if India wasn't buying any planes, we would still be here. Why? Because we have some of the best engineers in the world—not just engineers, but talented individuals from various fields. We are here for the talent, not just the market. Our global strategy involves understanding and tailoring our approach to where the talent is. We not only work for India, in India, by Indians, but we also contribute to global projects from India. The same approach applies to our operations in Germany and other places. This is a key part of our global strategy.
Not many colleges offer aeronautical engineering courses. How can you end up in the aeronautical profession?
Many companies like Boeing, Lockheed Martin, Northrop Grumman have only 4% of their graduates specialised in aerospace or aeronautical engineering. Most of the work is done by electrical engineers, mechanical engineers, and other fields. I have been
passionate about airplanes since I was three. If you have that level of commitment and passion, aeronautical engineering is a good fit. However, if you simply want to be in the aerospace industry, you don't need an aerospace degree. You can contribute in many ways in the supply chain or production system without being an aeronautical engineer.
From another perspective, having a degree in a different field makes you more versatile, allowing you to transition more easily to other industries and sectors. For me, the world revolves around passion. It doesn't matter even if there are no jobs if you're passionate about something, you can invent something. Dr. KCG Varghese, for example, invented an airline. You must create opportunities rather than wait for them. So, follow your passion.
The Sixth R K Swamy Memorial Lecture was held on December 12, 2024, at the MMA Management Center Hon’ble Justice P B Balaji, Judge of the Madras High Court, delivered the memorial lecture on the theme “Wills, Settlement and Nominations.” Mr. Shankar Jiwal, IPS, Director General of Police & Head of Police Force, Tamil Nadu, delivered the special address on “Creative Policing with the Aid of Technology ” Mr Ramesh Narayan, Founder of Canco Advertising, Mumbai, shared his impressions of Sri R K Swamy
When people and property come together, there is bound to be drama, comedy, and tragedy. Most of us want our properties to be distributed in a particular fashion after we are gone, though some might not wish to plan anything. Here's a humorous anecdote for those who prefer not to plan.
A very rich man who lived a king-sized lifestyle called his lawyer, gave him a sealed envelope, and said, “This is my last will. I want you to read it only after my demise. Don't reveal it to anybody while I'm alive.” The lawyer took it, and after a few months, the rich man passed away. All his relatives and friends
gathered, eager to know what was in the will and if they would benefit from it. The lawyer opened the envelope and read out the will, which simply stated, “I was wise. I spent all my money.”
I'll cover three topics: wills, settlements, and nominations. A will is a document that expresses your last wishes regarding how you want your properties both movable and immovable to be distributed after your lifetime. Drafting a will is simple, but it's always better to consult a professional lawyer or have one vet it, even though there are DIY (Do It Yourself) formats. Spending a few thousand now can save lakhs of rupees in litigation later.
Unlike a settlement deed, a will is not a transfer of property. It is a document by which the title is devolved on the beneficiaries. There is no specific form for writing a will, and it need not be in legal language. In your will, you simply express your wish. It can be on a plain half sheet of paper, a page in a diary, a stamp paper, or even the cover of a book. Simplicity is the prime advantage of a will. It does not need to be registered, contrary to common misconceptions. An
unregistered will has the same effect as a registered one. You can write your will within the comfort of your home.
Another advantage of a will is that you continue to keep control of your assets. The will takes effect upon your death. You can still sell the assets during your lifetime, even if you have written a will stating that your property should go to your children. Writing a will does not take away your rights.
Should you write a will? If so, when? You need to write a will if you want to alter the line of succession. For example, if a man is happily married with a son and a daughter and owns a three-bedroom flat, he may want his wife and children to take the property equally. In this case, there is no necessity for him to execute a will.
However, if the same person wants to give the property only to his daughter and not to his wife and son, he must write a will to alter the regular line of succession. Hindus are governed by Hindu law, Christians by the Indian Succession Act, and Muslims by customary law. If you have multiple properties and want to provide clarity to your family and legal heirs on which property should go to whom, a will is required.
The execution of a will is the most important part. A will requires a minimum of two witnesses to attest
You can create a will with a lot of clarity and spell out the reasons for choosing certain beneficiaries over others, although it is not necessary to state reasons.
your signature. It can be handwritten (a holograph will) or typed and signed at the bottom. Any corrections must be initialled to avoid future complications.
The date and place of execution are very important. In the three presidency towns of Madras, Bombay, and Calcutta, wills must be probated before the High Court or the district court. If the will is executed outside these towns, probate is not necessary. However, if you write a will in Bangalore and the property bequeathed is in Chennai, you will still have to probate the will. Either the property must be within these three presidency towns, or the will itself must be executed within them.
You can create a will with a lot of clarity and spell out the reasons for choosing certain beneficiaries over others, although it is not necessary to state reasons. Some wills are very brief, consisting of just one or two sentences. For example, a man wrote a will through his advocate stating that all his property should go to his wife. However, his clever son consulted a seasoned property lawyer who argued that "all his property" referred only to the belongings in the house and not the bank balances. This resulted in years of litigation.
You can choose to bequeath only a portion of your estate in your will. For the remaining portion, you can allow it to be distributed according to the regular
Law of Succession. You do not need to include all your assets in the will. For instance, if you want to give one particular property to your son, you can write a will for that property alone and let the Law of Succession take its course for the other properties.
Two witnesses need to see you sign the will. If the will is challenged in court, the role of witnesses becomes crucial, so choose them carefully. The law requires that the will be signed by the testator in the presence of two witnesses, who must also sign in the presence of the testator.
Even if you have only one witness initially, it is still possible to write a will and add a second witness later on. The law permits this. Each witness should sign in the presence of the testator. It is not necessary for both witnesses to be present at the same time. Ideally, choose two witnesses who are known to you and not strangers.
Lawyers often encounter difficulties when wills are registered at the sub-registrar’s office. Sometimes, someone like an office boy or a drafting person may be called to sign as a witness. If the will is challenged in court, and the whereabouts of the attesting witnesses cannot be determined after a decade or so, it becomes a problem.
Ideally, there is no bar on an attesting witness being a beneficiary, except in the case of Indian
The registration of a will is not compulsory. The advantage of registration is that if the will is lost, you can obtain a certified copy.
Christians. For Hindus, Buddhists, Sikhs, and Jains, there is no such restriction. However, it is better not to have the beneficiary attest the will, as it can be grounds for challenging the will, claiming that the witness played an active role in its creation.
Any person over 18 years is entitled to make a will. Even a person of unsound mind can execute a will if they are of sound mind at the time of making the will. A blind or deaf person can also execute a will. The proof of the will is most important, and the only persons who can speak about the will are the attesting witnesses, so choose them wisely.
The registration of a will is not compulsory. The advantage of registration is that if the will is lost, you can obtain a certified copy. If there is an unregistered will, assume that the second son knows he is not a beneficiary; he may tear it up or destroy it, causing the maker's wishes to go unfulfilled. Therefore, it is important that the will is made available for the maker's wishes to take effect.
Suppose you register the will and the next day change your mind and want to write another will. If you are already over 80 and unable to go to the subregistrar’s office, it may create doubt or suspicion as
to why the original will was registered and the second one was not. To avoid that, it is preferable to register the second will as well. These are the advantages and disadvantages of registering a will. However, courts have repeatedly stated that just because a will is registered, it is not automatically accepted. You still have to prove it in a manner known to law.
For Hindus and Christians, the entire estate can be willed. However, for Muslims, as per their customary law, they cannot write a will for more than one-third of their property. You must limit your will to one-third, but you can gift the remaining property by way of Hiba, even through an oral gift or a settlement deed. Your family lawyer or a good property lawyer can advise you on writing a valid legal will.
Settlement is a transfer of property between two living persons. When should you opt for a settlement, and when should you write a will? Suppose a person is satisfied with their life and no longer wishes to hold on to their property. They want to give it to their children during their lifetime. In such cases, they can execute a settlement deed. The title gets transferred the moment the settlement deed is executed and registered. A will, on the other hand, provides flexibility. You can choose to cancel a will and execute another one; the last will prevails. This is why it is called the last will and testament. If there is a
contradiction in the will, the later part prevails. In a settlement deed, however, the initial terms prevail over any subsequent terms. There is a provision where you can retain some control over the asset. For instance, you can transfer the title today via a settlement deed, but stipulate that you and your spouse have the right to reside in the property or receive rental income. However, you cannot retain the right to alienate or encumber the property, as that would make it a will. This is the fundamental difference between a settlement and a will.
Courts have divergent views on imposing conditions in a settlement deed. Some courts state that conditions cannot be imposed and that settlements must be accepted as they are. Others, especially after the Senior Citizens Act came into force, allow conditions such as requiring children to pay the settlor a certain amount monthly. However, the Supreme Court has taken different views, and the law is not fully settled on this issue. If you want to retain control and flexibility, a settlement deed may not be necessary.
If you need to make minor changes to a will, you can execute a document called a codicil instead of rewriting the entire will. It is always better to appoint an executor with whom you have confidence. When the will takes effect, the executor will take control of the assets and distribute them as per the will. If the
will does not have an executor, it can still be administered through Letters of Administration granted by a high court or district court. Only a beneficiary can approach the court for Letters of Administration, whereas the executor can be a trusted friend, neighbour, or colleague. Executors can also be beneficiaries.
Nomination is often misconstrued. People think the nominee becomes the owner, but this is not true. The nominee is only a trustee for the legal heirs. For example, if a brother-in-law is appointed as a nominee, but the wife and daughter are the legal heirs, the nominee does not become the owner. The court will rule that the nominee is not a Class 1 legal heir. Recently, the Lok Sabha passed the Banking Amendment Bill, allowing up to four nominees for bank accounts and insurance policies, either simultaneous or successive. However, this amendment does not change the status of nominees as trustees for the legal heirs.
The entire process of creating these documents is to achieve specific ends. A will is a wonderful means to specific ends, provided it is done carefully and with proper planning. Property disputes often bring out the worst in litigants, so laws can also be used as preventive measures, not just for resolving disputes. Proper advice and planning can help avoid complications. Ultimately, there must be clarity and a sense of direction in your decisions, ensuring peace for your loved ones.
Mr Shankar Jiwal IPS
Iprefer the term "innovative policing" over "creative policing." Also, I believe that intelligence cannot be artificial, so I refer to AI as Alternate or Augmented Intelligence.
Movies tend to exaggerate, but they often draw inspiration from real ideas and enhance them. They do this for two reasons: one, to make the audience relate to some extent, and two, to evoke a sense of awe. Today, technology plays a significant role in crime detection. Previously, we worked primarily on the scene of the crime concept. Any crime has a place, which we call the scene of the crime. There is the victim and the accused or suspect. Both must be present, and the evidence we build upon is based on Locard's Exchange Principle. There has to be something exchanged between them, whether it is scientific evidence like a footprint, fingerprint, or voiceprint.
Digital footprints have greatly aided this process. If anyone is on Google, their entire life is profiled. From the activity on their phone, we can see when they wake up and when they sleep. Not just through phone calls but also through social media presence, we can see when they are most active. If I know that every day between 2:30 to 3:00 pm, their phone is inactive, it suggests they take a snooze every day. A rich digital footprint is changing the entire scenario. A person may not know about themselves as much as an investigative agency can discover.
However, this level of detail does not apply to
day-to-day policing, which remains restricted to routine tasks. There are specialised agencies like the National Investigation Agency (NIA) which handle cases of terrorism. Because of the technological developments, we are capable of detailed footprinting of criminals.
For a crime to be established, two elements must be matched: mens rea (the intent to commit a crime) and actus reus (the actual act of committing the crime). In some cases, mens rea may not be present, leaving the burden of proof on the prosecution, as seen in drug offenses. Despite this, mens rea remains a crucial aspect, as it represents the intent to commit a crime, while actus reus refers to the actual commission of the crime.
Although we have not historically involved psychologists and psychoanalysts in the criminal justice system, we are now making efforts to incorporate their expertise. For instance, psychologists
We are placing significant emphasis on crimes against children. Unfortunately, children are increasingly becoming both perpetrators and victims of crime.
are being used for the de-radicalisation of extremists, and some progress has been made in this area. However, there is a challenge regarding the extent to which the Evidence Act supports the inclusion of psychologists as experts. Currently, the Evidence Act does not define psychologists or psychoanalysts as experts. While they can be brought in, they are not categorised under general forensics. This field is expected to progress over time.
We are placing significant emphasis on crimes against children. Unfortunately, children are increasingly becoming both perpetrators and victims of crime. Today, about 17 to 18% of offenders are juveniles, compared to around 2% about ten years ago. There is a definite need to explore and utilise psychologists more extensively in handling such cases. Although there is currently a deficiency in this area, efforts are being made to address it
GPS anklets or wristbands are used by some countries with the concept that a jail sentence is not always necessary for every individual. Statistically, when a person goes to jail and spends a significant amount of time there, they often come into contact with other criminals, which can hinder the correctional aspect. While prisons are now called Correctional Services, the intended corrections may not always take
place. This is why the concept of geofencing using GPS collars has been introduced. First-time or petty offenders can be monitored through geofencing rather than being sent to jail. Currently, this technology is not available in India, but efforts are being made to introduce it. The Bureau of Police Research and Development (BPR&D) is actively pursuing this aspect in collaboration with the judiciary, as legislative changes and judiciary approval are necessary.
The use of GPS anklets and wristbands can reduce the pressure on jails and allow for monitoring without subjecting individuals to the demeaning process of being put in jail. Although the process is still being developed, it is expected to be implemented within two to three years. Crime is not new; it has been a part of society since ancient times. Whether you read the Mahabharata, the Ramayana, or the Bible, you'll find references to offenses such as kidnapping and other crimes. Crime was committed by individuals with high stakes, and this remains true today, especially in the realm of digital crime, where a lot of money is being made by criminals. In the past, police referred to "modus operandi" to describe the methods used by criminals. Twenty years ago, crimes were mainly property crimes or bodily offenses. Property crimes included pickpocketing, burglary, robbery, and dacoity. These crimes required specific skills and training, such as knowing which phase of the moon provided the best cover for nighttime burglary or how to break a lock.
However, the landscape has changed significantly. Today, digital crime is prevalent, and 99% of these offenses are based on social engineering. Criminals
Today, digital crime is prevalent, and 99% of these offenses are based on social engineering. Criminals trick individuals into sharing their data.
trick individuals into sharing their data. Real cybercrimes, which involve network forensics or data alteration, make up less than 1% of cybercrimes. These high-stakes crimes are often committed by state or non-state actors.
The key to preventing digital crime is education. People need to understand the importance of not sharing their credentials. Simple actions, such as not sharing OTPs or account information and avoiding calls that ask for credentials, can prevent most scams.
Unfortunately, many people fall victim to these scams daily. However, there are systems in place to address this. For example, you can call the helpline 1930 immediately if you suspect a scam. The helpline works by freezing the accounts involved in the scam to prevent the money from being further distributed. This process requires swift action, as criminals often layer the money into multiple accounts within hours.
While technology and digital advancements have changed the landscape of crime, social engineering remains a significant threat. By educating people and promoting simple principles like not sharing credentials, we can reduce the incidence of digital scams. However, individual vigilance is crucial.
Is there a specific ratio for the distribution of properties to legal heirs?
Justice Balaji: There are Inheritance Laws for Hindus, Christians, and Muslims. Hindu inheritance law categorizes legal heirs into four classes: Class I, Class II, Class III, and Class IV.
Class I Legal Heirs: The preferred heirs include the mother, wife ﴾or husband﴿, and children. If the son is deceased, his widow and children ﴾grandchildren through the son﴿ are also Class I legal heirs. All Class I legal heirs collectively inherit the property in the event of an intestate demise ﴾when a person dies without a will﴿. This means the property is divided equally among the mother, wife, children, and grandchildren.
Class II Legal Heirs: If there are no Class I legal heirs, the inheritance moves to Class II legal heirs. The first Class II legal heir is the father. Many may not know that the father is not a Class I legal heir under Hindu law. Other Class II heirs include brothers, sisters, brothers' children, and sisters' children. There are about 10 categories in Class II. It is rare for inheritance to go beyond Class II. For Christians, the surviving spouse takes one‐third of the estate, and the remaining two‐thirds go to the lineal descendants ﴾children﴿. If a husband dies, the wife gets one‐third, and the children share the remaining two‐thirds equally, regardless of the number of
children.
Muslim inheritance law is more complicated due to the different customary laws followed by Shia and Sunni sects Generally, the spouse receives one‐eighth of the estate, the mother also receives one‐eighth, and uncles may receive a larger share than the wife and mother. The specific distribution depends on the sect and its customary laws.
How can we sensitise people against cyber‐crimes?
Shankar Jiwal: Artificial intelligence ﴾AI﴿ as we apply it requires neural networks to build on their own for true AI to emerge. However, 99% of so‐called AI is generally machine learning or deep machine learning. Beyond this, there is not much progression. Challenges such as deep fakes are emerging, utilising this so‐called AI.
The Ministry of Electronics and Information Technology ﴾MeitY﴿ at the union government level is very much aware of these issues. They have established the Indian Cyber Crime Coordination Centre ﴾I4C﴿ to address cybercrime. For instance, citizens can now block their own mobile phones if lost through the Central Equipment Identity Register ﴾CEIR﴿ facility, though many are unaware of this service. The problem lies in the lack of education and awareness. There are many facilities available for citizens to verify if their credentials have been misused, such as purchasing a SIM card in their name.
One notable effort is the Cyber Volunteers program, which invites applications from citizens, especially the younger population. After vetting the applications, selected individuals become cyber volunteers under the
specific state jurisdiction. For example, in Tamil Nadu, about 4,000 applications have been received, and 1,600 have been approved. These volunteers are then used to create content and spread awareness about cybercrime. They can form small groups to act as messengers or ambassadors for this awareness.
The Government of Tamil Nadu, with the Honourable Chief Minister's sanction, has allocated two crore rupees for an awareness campaign on cybercrime. In the coming days, efforts will be made to create buzz and increase awareness about these initiatives.
Justice Balaji: AI can never replace judges because judicial decisions require the human element and the heart. For instance, in a child custody case, human values are paramount. You cannot infuse human values into artificial intelligence. Ultimately, it is the human mind and brain that can make appropriate decisions based on the given facts.
The Supreme Court has started using AI to bring together common and related cases, which helps reduce the backlog. This approach is being adopted by high courts and will eventually trickle down to the lowest district magistrate courts. AI can assist in the administration and organisation of cases but not in deciding them.
Considering the increase in longevity, do individuals aged 80 and 90 still possess testamentary capacity?
Justice Balaji: There is no bar to writing a will as long
as the individual is a legal adult ﴾major﴿. Even at the age of 99, one can write a will. The only condition is that the individual's mind must follow their pen; they must understand what they are doing. This is why the role of witnesses is crucial. Witnesses must testify in court that, yes, this person was 99 years old, sitting in their office chair, read the will, and knew what they were doing. Therefore, age is not a barrier. Testamentary capacity must be proven as it is a fundamental requirement.
For instance, during my practice, I encountered an 87‐year‐old lady who wanted to write a will. She was in a hospital, so I suggested that the witnesses be the doctors. We examined the doctor, and we succeeded in proving her testamentary capacity. Another option is to video record the will, which minimises the chances of it being contested. However, with today's technology, even videos can be tampered with, but they still provide a higher level of assurance.
The Fifth V Narayanan ﴾Pond's﴿ Memorial Endowment Lecture took place on 31 January, 2025, at the MMA Management Center During the event, Atul Vohra Advisor, Professor, and Brand Ambassador engaged in a conversation with Ramesh Srinivasan, Senior Partner at McKinsey & Company in New York, and co‐author of the book "The Journey of Leadership." Their discussions focussed on cultivating psychological, emotional, and human attributes essential for successful leadership
Atul Vohra: Tell us why you wrote the book, “The Journey of Leadership”?
Ramesh Srinivasan: The more I hear about Mr. Narayanan of Pond’s, the more I wish I had known him better. While I've spent more than 30 years at McKinsey, the only other institution I spent time at was Hindustan Lever, where I spent a few months during a summer. I chose McKinsey over Hindustan Lever, but I've always had a lot of respect for both Pond’s, growing up in Chennai, and Hindustan Lever as I went through business school and beyond.
The idea for this book started about three years ago. I'm the dean of McKinsey's Bower Forum. More than 600 CEOs have attended the Bower Forum. Three years ago, we could already see this trajectory, and we felt like we had a data set from which we could extract learnings and share those with the world. Part
of our objective was to democratise the Bower Forum itself. We've shared a lot about the process we use and the stories of a small set of leaders who have gone through the Bower Forum and those we've observed.
Over the past 30 years, my colleagues and I have observed many leaders, and we've extracted a set of what we call micro practices and a set of questions that can help leaders on their own journey. By leaders, we mean not just CEOs or senior leaders but leaders across the whole spectrum who are thinking about leadership. Mahatma Gandhi said, "Live every day like it's your last and learn every day as if you'll live forever." It was really this learning orientation that inspired us to write the book and bring these ideas to the world.
Atul Vohra: What are your thoughts on human-centric leadership?
Ramesh Srinivasan: In today's rapidly
We call it "managing polarities." What we observed in the leaders we studied was their ability to, on the one hand, be humble and ask tough questions for which they didn't have answers at the time...
changing world, with evolving geopolitics, disruptive technology, and the ongoing reality of climate change, the notion that a leader has all the answers is no longer relevant. We believe it's crucial for a leader to be able to ask questions. On one hand, a leader must still set a sense of purpose, vision, and direction useful to the organisation. However, they must also be open to asking the tough questions what am I not clear about today? Leaders need to be humble and use their sense of purpose to inspire teams and institutions.
Our thesis is that leaders can no longer simply dictate what others should do. Instead, they must possess a deep sense of their own purpose and use that to inspire teams and institutions. We call this Inside-Out Leadership. The "inside" refers to the inner journey, which is understanding one's purpose, identity, and sources of energy. Using that energy and clarity, leaders can inspire teams and drive positive change in the world.
Atul Vohra: In Pond's, Mr. Narayanan had the uncanny ability to look beyond and around corners, envisioning a world where India, Indians, and Pond's could be hugely successful. He instilled empathy in us. When we went out
to meet a salesperson and came back, the first question he would ask us was, "How is his son/ daughter doing now?" He realised that the way to grow was to build these brands and also to build multiple businesses. We came up with many ideas, one of which was the leather business, handled by Mr. Balaraman.
I was sent on a trip to Chesebrough-Ponds, where I met Mr. Bill Schmidt, our R&D leader. He took me out for a Mexican meal and asked, "Do you think you can grow mushrooms in a factory situation in India?" I thought mushrooms were grown on farms. We flew to Pennsylvania and drove to a mushroom farm. A year later, we were producing mushrooms for one of the food units of Chesebrough-Ponds. That was the level of inspiration and empowerment we had.
A colleague of mine did the same with the thermometer business. We exported to Russia and the Soviet Union. We had to find opportunities, grow them, and use the surplus funds to build the businesses. There was a clear purpose: to make India strong, for God, country, and the institution. My question to you is, having met 600 CEOs and more, does that resonate with what you've seen?
Ramesh Srinivasan: It definitely resonates. We call it "managing polarities." What we observed in the leaders we studied was their ability to, on the one hand, be humble and ask tough questions for which they didn't have answers at the time and on the other hand, set
audacious goals and pursue difficult opportunities. While being empathetic, they could also be demanding and set high expectations for their teams.
For example, Stephane Bancel of Moderna believed they could produce a vaccine in the first quarter of 2020. He set a goal of manufacturing a billion doses of the vaccine at a time when they had not produced a single dose of any product. Moderna was a small biotech company then. He asked the head of manufacturing, "How can I support you to make a billion doses?" He was willing to roll up his sleeves, bring in the right expertise, do whatever it took, and be collaborative. In these leaders, we saw an incredible ability to be problem solvers, challengers, and yet attract and empower great people.
Atul Vohra: I'd like to hear from you about vulnerability.
Ramesh Srinivasan: Vulnerability and resilience are close cousins. In today's world, resilience is incredibly important, both at a personal level and at an institutional level. But I'll start with vulnerability. We have many stories of vulnerability to share. One of them is about Claire Babineaux-Fontenot, the CEO of Feeding America. During the pandemic, Claire set very audacious goals. She realised that 50 million Americans were food insecure, a problem that still persists even in a developed country like the U.S. This included 14 million kids who were food insecure. Claire set tough
expectations for her team to be there for the people they were serving.
At the same time, in the right setting with the right people, she was extremely vulnerable about questions for which she did not have answers, such as how to design a supply chain that serves 50 million people and how to create a comfortable experience for those accessing food from Feeding America or its food banks.
Designing an effective experience was important for providing access to the right people. Claire was very open and unafraid to ask these questions in the right setting with the right team. We don't talk about vulnerability during a crisis in front of thousands of people, but if you don't pose these questions to your team or the right people, you won't be able to find breakthrough answers and innovate.
When used correctly, vulnerability can be a source of strength, influence, and even power. This was evident in the leaders we studied.
Vulnerability helped these leaders become more resilient and adapt to changes. When faced with challenges like COVID or significant shifts in regulations or geopolitics, we observed incredible resilience and versatility in these leaders and institutions, both emotionally and intellectually.
Atul Vohra: I remember my stint as a young brand manager for Pond's Cold Creams. We had the iconic opal glass jars that suddenly had to be phased out, and we were very concerned and feeling threatened in some ways. Mr. Narayanan was with me, and we went into a meeting with our agency Alyque Padamsee, another brilliant man of the era. It was in a hotel room with just four or five of us. We identified issues in the supply chain, manufacturing, etc. But the real issue was the consumer perception that the heft was gone. How could we overcome that perception? The answer was plastic packaging with cardboard patterns, and a crisis turned into an advantage, which is what leaders typically do. What did you find in terms of the blind spots of leaders? Is there something we can prepare for as leaders?
Ramesh Srinivasan: The biggest blind spot we discovered in the journey of these leaders is that people often don't bring the truth forward. There's a scarcity of truth-telling. Also, many leaders feel quite lonely despite leading large organisations. We have discussed the story of a media company CEO who came from a finance background. He was a very successful CFO before becoming CEO. Initially, he was always focussed on numbers and holding people accountable for performance. With that mindset, people didn't tell him what was really going on with customers. So, he set up a network across the institution, travelled extensively, and changed his own personality
We create environments where people can learn and develop. Pond's has done very well with a spirit of innovation, deep listening to consumers and employees, and fostering a sense of belonging and camaraderie.
because he realised that his style, personality, and presence were hindering truth-telling. He still held people accountable for performance, but he led with much more understanding. This shift allowed him to understand the business better and cultivate a culture of truth-telling within the organization.
This ties back to some of the micro practices we recommend. One practice I particularly like is that a leader must be the last one to speak in a team meeting when solving a problem. If the leader starts by giving their answer first, it will immediately shut down dialogue and problem-solving within the team. The leader must come in with a spirit of listening.
Atul Vohra: The flaw of not taking truth to power, I believe, represents a lack of character. That's one of the things that V Narayanan stood for. At Pond's, our company slogan was 'a culture of character and competence.'
Ramesh Srinivasan: I agree with you. We have just published an article titled "Creating a Leadership Factory in the 21st Century," where we learned a lot from the US Navy SEALs and other institutions, not just in the business world. In our book, we have featured Admiral
Eric Olson, who spent 40 years with the US Navy. The Indian armed forces are also great leadership factories for inculcating leadership skills and character. Eric was the operational commander of the Osama bin Laden operation. He wasn't on the ground, but he was in DC with the President. When one of the helicopters went down due to a miscalculation of the compound wall, he had to make a recommendation within a couple of minutes. This decision came down to all his training, judgment, understanding of his team, and his ability to listen to the voices on the ground.
Atul Vohra: At McKinsey, you do a great job of binding the alumni together. We are very proud of our Pond's alumni. Any advice for us the Pond's alumni?
Ramesh Srinivasan: At McKinsey, it goes back to the sense of purpose, and I think that is what binds them. At McKinsey, we strive to make a positive difference in the world. We emphasise a learning orientation, giving feedback to each other, and helping each other grow. We create environments where people can learn and develop. Pond's has done very well with a spirit of innovation, deep listening to consumers and employees, and fostering a sense of belonging and camaraderie. That's the best way to keep the community strong and grow it over time. Perhaps you could expand to form a Unilever or Hindustan Lever community, which might allow you to achieve critical mass.
Leaders often struggle to balance short‐term business performance with long‐term cultural and organizational values. What frameworks or principles do you recommend to achieve this balance?
Ramesh Srinivasan: At McKinsey, through our 25 years of research, we believe that organisational health drives performance. We use "health" instead of "culture" because culture can be a loaded term. Our definition of health includes alignment on vision, direction, values, execution, accountability, coordination, capabilities, and the ability to continuously innovate and respond to changes. Leadership is at the core of all this.
Investing in health is the biggest predictor of long‐term performance. Senior leaders focus disproportionately on health, believing it drives performance. While near‐term performance metrics are essential, leaders must also spend time on the "balcony" stepping back to ask critical questions and identify health metrics to drive sustainable performance. There is no magic formula, but effective leaders can switch between focussing on immediate performance and long‐term health, fostering dialogue and addressing both simultaneously.
Having worked on organisational transformation across industries, what are the biggest leadership challenges in managing change, and how can leaders overcome them?
Leaders today face challenges such as evolving geopolitics, technological disruptions, climate change, remote work, the expectations of Gen Z, and demographic shifts. At an individual level, managing energy physical, intellectual, emotional, and spiritual is crucial to overcoming change fatigue and fostering innovation.
Institutionally, driving change involves embedding a culture of continuous improvement. Frank De Souza from Cognizant emphasizes the use of rituals, legends, and storytelling to anchor change. Leaders must learn to convey change through simple, effective stories that inspire and engage their teams. By listening to customers and making them happy, growth and success will follow.
My advice to leaders is to start from within by sustaining their energy and using rituals, legends, and stories to drive change at the institutional level.
