Category: Business

Source: Government of India

Posted On: 18 OCT 2024 9:20PM by PIB Delhi

Very warm good afternoon to all of you. 

Distinguished audience and most importantly boys and girls, I am here for you. It is an absolute delight to address this gathering, and why? you are young minds. You are young minds at the ISB. You are young minds at the moment, participating in the ISB Leadership Summit. Your set is the most significant stakeholder in governance and democracy.

Our youth demographic dividend is the envy of the world at the moment and it is the fuel to our growth engine destined to accomplish a developed nation@2047. I must appreciate the management for having crafted such a theme.and the theme is leadership in India’s century. This bears boys and girls huge contemporaneous elements. And why not? It is for the first time in history that the voice of India, the voice of India’s Prime Minister, is heard with respect like never before. India has come to count. India has come to count in global affairs, consistent with its populace being a repository of knowledge and wisdom, home to one-sixth of humanity.

Never before we had this enjoyable moment as we are having now. Having been elected to Parliament in 1989, I faced a situation where our foreign exchange reserves were one billion US dollars. One billion! We crossed 700 billion last week, what an accomplishment. 700 times something beyond a geometric leap. India is being looked upon as a nation that can legitimately address issues confronting the globe. And why not? India’s G20 presidency, according to one and all in the world, has set a very high benchmark but look at the outcomes:

One, the African Union was made a member of the G20. Only the European Union was before. I’ll come to that later.

But the Global South, most people like me have not heard of it. It’s a name that resonates and mind you, the armature contributed to the world in terms of populace and GDP.

International Solar Alliance, International Yoga Day all have been fortified for the benefit of the world on account of one individual: India’s Prime Minister. His vision, his foresightedness, his commitment and therefore, it has great contemporaneous relevance.

It has two parts: leadership and India’s century. To begin with, the Indian century. Bharat, our Bharat, is no longer a nation with promise, some people have wrong notions that India has arrived. They are mistaken, We are no longer a nation with promise, the promise has been realised, fully exploited. 

We are a nation on the rise, the rise is unstoppable, the rise is incremental, the rise is continual. The rise is various elements that matter to our growth. Let me advert to some aspects that make Bharat a  land of hope and possibility and before that, all of you know it. Just a decade ago, what was the mood of the nation? We were in a state of despondency and dejection. The daily public domain discourse was one of scams, corruption, favouritism. What has been transformed in a decade? There is an over-pervasive mood of hope and possibility and I had seen those days 34 years ago when world institutions the IMF and the World Bank used to be dictatorial, like a teacher in a class for a student who has not done homework and we were just meekly sitting but look at what they say we are getting accolades from the International Monetary Fund. And the accolades is favourite global investment and opportunity destination, I had the occasion to meet the head of the IMF, an enormously talented lady. Every time she talked of India, it was in these words and why not? This is the ground reality. 

Our technological advancements, deep penetration, and digitalisation are termed by the World Bank as ‘a global role model’. Indicated by a statement that what India accomplished in six years is otherwise not possible in over four decades plus. Our exponential economic upsurge makes Bharat the fastest-growing large global economy. India has transformed in the last decade, becoming a $4 trillion economy with 8% growth potential, expanding infrastructure with four new airports and one metro system built yearly. 

Every year, four new airports and a metro. There is daily addition of 14 kilometres of highways quality highways, world-class highways and six kilometres of railways. Digital technologies have enabled massive public infrastructure projects, benefiting 85 million people with housing, 330 million with health coverage, and 29 million small businesses with loans annually. When I talk to global leaders, I have to be a little careful because the volume is so high. The numbers are so staggering that instantly a person would believe I have just added one or two zeros. Just imagine a country where you add 500 million bank accounts in the shortest time.

India leads in digital transactions, should I give the figure to you? Hold your breath. 6.5 billion monthly digital transactions, and we have the third-largest startup ecosystem with 58 unicorns. With 800 global capability centres generating 60 billion US dollars yearly.

There is significant expansion in education. Your Chairman, Vice-Chairman of the group, is associated with this venture in a meaningful way here and elsewhere. It is soothing for us all that Indian talent is increasingly relevant globally. You know young boys and girls. Indian human resources are dominating global discourse when it comes to corporate heads.

Driving interest in mobility agreements, India now takes pride in its lunar and Mars missions. Vaccine production and growing importance in semiconductors, as was indicated by Mr. Mittal and engineering he knows it out of experience, and you all will gather when you take a big leap into the public domain. Manufacturing is the key to making us leap forward. 

All this has happened because of leadership, the government’s historic continual third term after six decades focuses on growth and innovation. It will be interesting for you these initiatives will concern all of you. They broaden your basket of opportunities. They will ignite your talent, expertise, and potential, and fructify your aspirations, these include creating 12 industrial zones, industrial zone itself is a huge step. To boost manufacturing, we are prioritising skill development, improving logistics and this is not just one  it’s a jump in sync with other institutions stakeholders. Everything is converging to these developments, and therefore, results will be seen. Mr. Mittal referred to the Green Hydrogen Mission. I am so thrilled by it. ₹19,000 crores were allocated by the Government of India for the Green Hydrogen Mission. We are among the few countries with a single-digit focus on it. I know it will have to be negotiated through tough terrain. There will be headwinds, but the commitment is there. by 2030, we will have an investment of ₹6 lakh crores and an equal number of jobs. Who will provide these jobs? Your leadership will. You will be somewhere in the entire system to ensure the success of this Quantum Computing Commission. ₹6,000 crores were allocated, we are getting more into it. 

A technology that is close to your heart—6G. It will be implemented in two phases, with commercialisation expected between 2025 and 2030. For a layman like me, it may not mean much for him and you, it will open enormous vistas of contribution, opportunities, and changes to the landscape of this country. These are the issues, all these can get cutting edge only with leadership. Without leadership, nothing happens. If you look into our ancient history, if a leader collapses white flag comes up. A leader is all-important. And a leader does not only mean the leader of a country. It means leadership in every walk of life. It could be in a small office, a branch office, a regional office, the head office everywhere, even on the board.

India’s engagement with world nations is crucial, offering expanded markets and reliable supply chains. Our cooperation in green energy, urbanisation, and emerging technology, including AI, was reflected upon by Mr.Mittal. Electric mobility and semiconductors benefit global progress and strengthen collaboration but to fructify these collaborations, to generate synergetic strength, a leader has to be well-informed, a leader must know about it. 

I had the occasion on on of the conclave where six vice presidents from Africa were present. Our interest in that continent, in agriculture, mining, and technology, can create wonders. Only our leaders need to measure up to those requirements. You are the future leaders, you are leaders in the making, your role and responsibilities will be very different once you take the leap and carry the tag of ISB. It is not that we are celebrating India’s century merely because India is going to be a force to reckon with but we are, and will be, a force for good in the world. That is fundamental.

India stand for what? Our civilisational ethos essence. What was the motto of G20? “One world, one family, one future.”  vasudhaiva kutumbakam, that is our belief. Therefore, India’s rise in the world would mean global peace, global stability, and global harmony. You are as leaders in making principal stakeholders to generate this ecosystem. Now, what do you need in a scenario which was not there when Honourable Governor was a young man or Mr. Mittal was a young man or the dean was or I was? I shouldn’t forget Dr. Sudesh Dhankhar when she was. What we faced? There was no equality of opportunity. There was no equality before the law. Meritocracy was in the backseat. And what has happened now? A great transformation has shaped, everyone is now equal before the law. No one is above the law. No one is immune from the law. 

The stranglehold of the law is reaching them, they are feeling the heat. The privileged pedigree is now no longer in existence that is the greatest boon to the young minds, to the boys and girls before me. You don’t need favour, you don’t need patronage. You are always concern would by case be handicapped because someone less meritorious has a contact. there can be patronage in favour of someone. Gone are those days. That’s a great gain for you.

The second issue, which you painfully suffered from, was corruption. What could we do? A contract, a job, was available only through means where one had to grease the palm of someone. But boys and girls, fortunately for you, we were not so fortunate. The power corridors have been duly sanitised of corrupt elements and liaison elements  Mr. Mittal rose by virtue of being an industry leader, there were people who extra-legally influenced decision-making, where the industry had no option but to bend. That doesn’t happen now. Our governance is dictated only by principles of transparency and accountability. You are in that area now. What does this mean to you? It means that you have an ecosystem where you can fully exploit your talent and energy, realising your dreams and aspirations because nothing holds you back in a systemic manner. A great thing for you. 

Let me remind you of something I saw myself as Governor-General of West Bengal. COVID. It was a challenge to humanity, a non-discriminatory challenge, and it was really difficult then for a population of more than 1.3 billion but the Prime Minister visualised a mechanism to involve the people at large. We had our own vaccines, but we hand-held hundred other countries by providing vaccines at that time. The handling by India of COVID pandemic earned laurels for us, for our health workers, and for our health warriors but some were uncomfortable. The class is small, but they are uncomfortable with anything good that happens in this country. Your leadership will need to neutralise these forces as well. Scientists have been talking about climate change since the 1970s. One thing I never forget is the year 1979. You may wonder why, I was married in 1979 to Dr. Sudesh Dhakhar. In that very year, I became a lawyer, and you will come to easily once you google. But that year,  there was a film Mad Max, It was a global sensation as it talked about the end of the world due to climate change. No one was bothered despite years of conversation, no one thought of harnessing solar energy. India’s visionary leadership came to the rescue of the world in relation to solar alliance in Gurugram more than 122 countries have already joined part with it. And our landscape all over the country is dotted by harnessing of solar energy. It was left to India. India did it.

I have many reasons to say that India’s century will prove to be a global good. Think what we have done with governance solutions. We developed various technological solutions for digital identity management.  World’s largest and fastest financial inclusion, as I said earlier. 500 million Indian bank accounts when I wanted to become a lawyer, I needed a library, and I needed ₹6,000. A man like me throughout a gold medallist  had difficulty getting a loan of ₹6,000. I still vividly remember the face of the manager who said, “I’ll give you ₹6,000 without a guarantee.” I had none. That changed my life. And look what has happened, you people have everything at your door.

You only have to look around avail the opportunity grab the opportunity serve yourself serve your family serve society and serve the nation. We made them open source for the world to use through our India stack programme. Now any developing country can use these solutions free of charge. Not only, the kind of products India has visualised are available to the world without any charge. As a matter of fact this has graduated to our soft diplomacy taking a new height. More than intellectual property we are concerned how can we shorten the path of good governance for the countries of the global south. And we are contributing hugely in several countries. Friends the more we rise the more stability it will provide to the world order. The world knows it. Some misguided souls in our country do not share it. Either they fail to come up to the requirements of this great nation and its citizenship or they are dictating their actions by narrow partisan interests self interest in some cases survival interests. This is India’s century friends that is not desirous of hegemony or domination but global public good.

India is the only country in the world and it has a history of 5000 years. That has never engaged in expansion. India’s Prime Minister Narendra Modi is on record warning to the entire world we are not living in an era of expansion and that global disputes must resolutely be addressed through dialogue and diplomacy. Our journey, friends, is not over, we have so many things to assert. Economic upsurge, the third largest global economy at the moment, third largest global purchasing power, on the way to becoming the third largest economy ahead of Japan and Germany. All that. But we must realise that to be a developed nation, our per capita income has to go eightfold. 

This is achievable because we have human resources in your shape that will bring it about. You are capable of it. And when you do it, you are opening a new basket of opportunities for employment, for entrepreneurship, and for growth. Our journey of progress is a work in progress nothing is given to expedite this journey. India needs next generation leaders who can drive innovation and change. 

I am reminded of a Greek philosopher, Pre-Socrates Heraclitus, Heraclitus reflected and is highly quoted. The only constant is the change. Change is the only constant. He buttressed it. The same person cannot enter the same river twice. Neither the person is the same, nor the river is the same. So we are in the process of change. But we don’t have to be captive of change. We have to bring about the change which we need and this happens to be more relevant when it comes to disruptive technologies, Artificial intelligence, Internet of Things, machine learning, blockchain. These at the time were just words for me but I was enormously enlightened when I had a presentation by the senior ministry officials. And I know we are in for a big change. These disruptive technologies, as going by their name, are both challenges and opportunities. 

In the world of finance, the RBI governor has hinted only a day or two before, we have to keep things in check for artificial intelligence. You as leaders will be creating opportunities out of these challenges. You are those who will be actual players when it comes to execution and implementation. Whatever be your role in the hierarchy, your mindset has to be ahead of times. I have no doubt with your commitment, direction and dedication, India will exploit its potential and make available leaders for global conglomerates and international organisations. Our footfalls have already increased, I remember there was a time when we could never imagine someone from this country would be CEO of an outfit in Silicon Valley and now they say, jokingly, can we have a CEO who is not of Indian origin? That’s where we have come. All this because our DNA on this point is very strong. 

I must caution you. Don’t look at leadership in a my pick way, Leadership is not with respect to your balance sheet in the corporate entity. Leadership is not limited to the role of your sector. Like suppose you are in the telecom or metro sector, You might look beyond your company, but you normally don’t look beyond the sector and it is there that might appeal to you. Business and leadership schools, the one like yours, have additional responsibility towards public and good governance.

You have to give something back to the society. And you have to give back to the society something in a structured manner which is not individually specific. Imagine the benefit for a government department that receives policy solution inputs based on innovation and leadership training at schools. 

In this country, there is a long and successful programme of public-private partnership in infrastructure. We need public-private partnership in leadership and innovation also. I have long nurtured an idea. It has not taken wings. When the Vice-Chancellor of Punjab University invited me for a convocation, in my capacity as Chancellor, I made one fervent appeal and she has taken various steps in that direction. Alumni of institutions have great experience, great exposure, great expertise. Individually, they are talent. As a group, they are powerhouse, why not use that for the nation? And I therefore noted an idea. There must be confederation of alumni associations. They can well suggest to the government in the field of policy making, they can give direction to our economy because framing those policies needs all the inputs. They are not all-in-all. Sometimes a small suggestion can work wonders. I am sure some step will be taken. 

I will make one appeal to Mr. Mittal and to the Dean, we have leadership now constitutionally structured at Village level because India is the only country that has constitutionally structured democracy at village level and Municipal level. Most nations have legislatures at State and Central level. Now a Sarpanch plays a key role, a Pradhan plays a key role, a zila Pramukh plays a key role. Their funds are at their disposal. If they do not come up to the leadership expectations, the political head and the executive head will not be able to work in togetherness or in tandem. To generate that awareness, to generate that expertise, an outfit of your stature can certainly create a module, a training module that will go a long way in helping them. Once some people come to know about the usefulness of it, it will be replicated on its own but a beginning has to be made because majority of Indians or Bharat is in villages. If their optimal utilisation of funds can take place, if good trends can set in there, the economy of the nation will also get a big leap. 

My young friends, I will be adverting to another important aspect and that aspect is, I want to turn to a matter of national importance, and that is nationalism. The academia, the industry, leaders and students ponder here over the issue of leadership. I suggest you ponder over facets of leadership with Indian characteristics. Indian nation has to be kept at the centre. Whatever we may do in any part of the globe, our heart and soul reside in India and therefore, I urge that leadership should be deeply wedded to nationalism. Without this undergirding, without this split, no amount of leadership skills will serve the greater good of the nation. Such individuals can be successful. They can be known but they will never be able to in that group which earns respect to the nation. 

Therefore, I urge everyone, serve your nation optimally, serve your nation with full dedication and this is uniform ordinance for all of us. It is not optional, it is the only way. You all are tomorrow’s leaders. You will have an occasion to make decisions, key commercial decisions. and therefore, imagine if you think of economic nationalism while making decisions. If that spirit is there in you, you will immediately find great gain to the nation. I firmly believe no fiscal gain, howsoever great, howsoever quantum in economic terms, can be a justification, reason or a compromise for nationalism. 

A fiscal gain should never be a consideration when it comes to economic nationalism. Economic nationalism is fundamental to our growth. It has been indicated, be vocal for local or Swadeshi. But I leave it with you and find out, once I am gone, how much foreign exchange is drained out in avoidable imports. Billions of US dollars every year are being drained out for the import of shoes, socks, trousers, undergarments, coats, curtains, flooring, toys, kites, electronic goods, furniture. 

All that can happen in this country. I am not advocating parochial protectionism. Mr. Mittal has been to global forums. He knows that this policy cannot be propagated. The World Trade Organisation is there but then it has to emanate from every soul in this country. Once you do that, not only will you save foreign exchange in billions of US dollars, you will create jobs for millions of people in this country. There will be blossoming of entrepreneurship and all these aspects are next to none so you young leaders, just after a few months or years, be ambassadors of economic nationalism for the nation. It will be your lasting contribution to the economy of this nation. 

Friends, Mr. Mittal emphasised on manufacturing. It is critical, it is not only about manufacturing in India, but the idea is to research in India, innovate in India, design in India. The growth engine of the nation is fuelled by research and development. You know it. The nations that are ahead in research and development march ahead. This makes focus on research and development of paramount importance. I don’t want to say more, but industry has to do a lot in that direction. I need to find a corporate of our country to be amongst top 20 global entities to be in that field when it comes to research and development but I am urging industry and stakeholders and corporates to invest in research and development, hand-hold stakeholders, in unleashing their potential and provide impetus to holistic growth of the nation but I am worried on another aspect. Manufacturing is fine, sir. 

But what a painful scenario to face, our raw materials leave our shores in shiploads. Look at iron ore being shipped from Paradigm. Look at our precious products going outside without value addition. I appeal to young leaders to reflect what is writing on the wall. We are sending raw material because we are not capable of converting it to value-added products. We are capable, but someone who has ownership of that raw material in a cosy room finds it expedient to make a buck fast, sacrificing economic nationalism. 

In the process, he is coming in the way of your employment, your innovation, your skill development. It is here that trade organisations, commercial organisations, industry organisations must be on the same page. We must develop economic ethics that we will not export our raw material without value addition. Then we find another global way of finding. Minimum value addition. Once we do it, the economic scenario will show a big change.

Well, I must reflect on a tribe to which I belong, to which the Honourable Governor belongs. Now we are constitutional functionaries. The politician, The leader in the politician must also be fired by the zeal of nationalism. He or she should keep national interest above partisan or self-interest. In a democracy partisan stance is unavoidable. People have to take partisan interest, partisan stance, partisan viewpoint, nothing wrong with that. But on some issues, issues of national security, issues of foreign policy, issues of diplomacy, issues of nationalism, there is no room for politics. We all as Indians are ambassadors of our nation and once we leave the source of this country, we are its representatives. Our political hat has to be kept behind. But what I find, people take journey outside, took to destinations, just to find public space, to target taint and demean our progress and institutions. Young leaders have full capacity to neutralise these forces. These sinister forces, they are being activated by interests that are inimical to Bharat. It is surfacing. I had the occasion to reflect this morning on National Human Rights Day. 

They say, India, there can be hunger crisis. What are they talking? Since April 1, 2020, till now and for five more years to come, 850 million people of this country will be fed free meal. Rice and wheat and pulses are given to them. You know it, I know it. What are they talking about? Because some of us do not rise for the nation, but raise the flag only for political interest. We need to be that, discord and voices for parties and political purposes and gains is a matter of deep concern. I’m sure you youngsters will know it. Their strategy to begin with is very soothing. They make inroads after having made inroads, they try to create disruptions, divisiveness in a nation like ours. You have to be extremely alert.

It is here in such kind of challenging situations that leadership trade are called inaction, be prepared for that. Let me talk something about economy. There was a gentleman who occupied a prominent position in the Reserve Bank of India not long ago. Now this gentleman made a partisan assertion. I quote the assertion, “India will be lucky if it can have 5% growth rate”. During that contemporaneous time, India had 7.5% growth rate to a layman like me, 5% and 7.5% make some meaning but for the dean and Mr. Mittal, even 0.01 matters. How wrong he was but go to the background, why did he make that statement? Why did he act in a manner only to bring down the healthy mood of the nation? And why were there no regrets? Or any justification for having made that statement? In such situations, leadership collective must be proactive. And call these people to the bar. Call to the bar for a lawyer is a normal term, therefore I used it.

Just imagine, how sickening you will find and how frightening it is that a member of parliament holding a constitutional position will troop to foreign universities and then, in a small corner, of which the university members will be aware, and a small group will try to set afloat a narrative that is dangerous to our unity, our institutions, our national interest. A handful of people. This is a large gathering, well represented, It means a lot to me. Not in a fraction of it and such people we need to hand hold, counsel, and suggest in whatever form we can and that has to emanate from young minds. 

Social media has given power to brilliant young impressionable minds to express themselves. Your silence on such kind of situations will ever resonate in your ears. A couple of years later you will feel, why did I not voice my concern? If I had voiced my concern, then things would have been slightly better and therefore, do it. If this mindset of placing narrow partisan interests over national interests persists, it will give space to whom? It will give space to those who are our enemies. Enemies to our interests. Do we want it? Certainly not. Friends, we are at a leadership summit.

Think how over the years leadership programmes have used to indoctrinate young minds of the country by the deep state. I’ll focus on it at some length. I come across several people, including parliamentarians. I have been invited by young leadership forum in the US, some ministry has invited in that category, it is a sense of elation, a sense of joy.

Be aware, be cautious. Those who have been there earlier, where are they now? It’s a subtle method of indoctrination. It is giving hard sugar to a diabetic patient, it is creating enemies of the nation from outside only by making their life affordable. I can give instances of many number of young minds today. You may be envying their life, but they are parasitical when it comes to financial situations. They are greedy and they act like robots. You have to be extremely careful about such leadership programmes which are all over the place.

Through institutional mechanisms, they do it. Fellowships, they do it, visiting programmes, university affiliations, by this they groom them. They are brainwashed, indoctrinated. They themselves have not seen India. They are painted as if we are crumbling far from it. But an individual committed to nationalism will be able to thwart these moves. Even by being a part of it, he will be able to stand on his own spinally and thereby neutralise such forces. 

Friends, as you move forward with many leadership initiatives through this institution, I want to leave you with two thoughts.

First, I said earlier, nationalism as a part of leadership curriculum is the foremost curriculum as a matter of fact. Groom leaders who place the nation above all else, 

Second, create leaders who will find Indian solutions for Indian and global problems. Bring this talent into the service of governance, create solutions, create partnerships to resolve challenges of everyday Indians, we are here to work for the average Indian, the average Indian who has to be handheld and helped. 

My young friends, the nation needs you, it is India’s century. The world needs you but you will make this movement in history successful if you are deeply wedded to these values in this endeavour. My very best wishes to you. I leave this place with full optimism and confidence. 

Thank you so much. 

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JK/RC/SM

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