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NMIMS CONVOCATION CEREMONY SPEECH ‐ April 10, 2010
Introductory Remarks
Distinguished faculty and administrators of NMIMS, parents, ladies and
gentlemen and – of course the class of 2010.
It is a great honor to be present with you today and address over 500 of
extremely fortunate and talented young friends who are geared up to take
on the challenges of a whole new world. As I speak to you, I can feel the
same sense of exuberance and zest I felt during the days of my graduation.
Amongst you I see the many future entrepreneurs, CEO’s, corporate leaders
and above all the future of India.
I believe, you – the batch of 2010, is a very special batch in a special place.
You are blessed to be the first batch of MBA’s of the 2nddecade of the 21st
century – A decade that will take on the world with the next wave of
economic growth. You are fortunate to be in an era that offers a host of
exciting opportunities and gives you a readymade platform to go out and
realize your true potential.
I am sure all of you would have spent a great deal of time and effort in
planning a roadmap for pursuing your dreams and I would like to extend
my heart felt best wishes to you.
Some of you who have decided to explore opportunities abroad, I am sure
will make the country proud and will have India’s flag flying high in the
overseas market.
Some of you would have decided to enter the world of entrepreneurship;
and for you I have a great regard, it takes a lot of courage to follow your
dream and be what you really want to be. You will create the next
generation of India Inc and fuel the growth of the economy in the years to
come.
For the rest of you who have decided to stay back and carve your career
path in the Indian corporate world, I want to reaffirm my belief in your
decision. And do you know why? It is because, Friends, you are going to be
a part of an economy that will be reckoned amongst the top 3 or 4
economic powers of the world!! The decade of 2020 will see Corporate
India soar ahead and unleash its true potential, led by the knowledge and
demographic advantage that India enjoys.
My address today is organized along the following lines. To begin with, I
shall dwell upon why & how India will be amongst the top 3 super powers
of the world. This will be followed by insights on sectors that will enable
growth and therefore the opportunity it presents for all of you and finally
my advice to you before you take your big leap.
India Macro Economic Outlook
India economy has had a glorious past and a bright future. (Show Angus
Madison Chart Here)
• Pre Industrial Revolution: India's share of the world income was
24.4% in 1700 comparable to Europe's share of 23.3%
• Sharp Decline in 1952 to 3.8% ‐ primarily due lack of industrialization
under colonial power in India
• Strong surge back in 1990‘s. India emerges once again amongst 2 of
fastest growing economies of the world
• Today India is one of the fastest growth emerging markets
Demographics: (Show Slide on Demographics here)
• Demographically, India is one of the most blessed nations
• In terms of percentage of people aged below 30, India leads the
world.
• This translates into a powerful workforce, as opposed to the ageing
working population of the developed world.
• India is one of the youngest nations in the world with more than half
our population below the age of 30 years! A sense of confidence
coupled with a willingness to change and a desire to rise above
origins is ushering in a new consumption‐led economy in India.
• India will progress rapidly to become a knowledge based economy
— one that will create disseminate, and use knowledge to enhance
its growth and development
Strong Domestic Demand & Savings: ( Show the Slide on Savings here)
• India’s growth story has primarily relied on domestic demand. The
savings rate in India has increased steadily from 23.7 percent in
2000‐01 to 37.7 percent in 2007
• Within Asia, India is one of the fastest growing economies led by a
large consumer base and capital investment. (35% of the population
is the middle class segment)
• This makes India a Unique emerging market with advantage of twin
growth engines of consumption & investments
India 2020 – A facilitative environment (Show the GDP Growth Chart
here)
• It is projected that Indian economy can sustain growth rates of about
9% till 2020. Which mean that India will take over UK as the world's
fifth‐largest economy by the middle of the decade at this pace
• From 2010 to 2020, the Indian GDP per capita is likely to quadruple.
The higher growth rate would imply huge demand in the country, as
Indians will also consume about five times more vis‐à‐vis the current
level. India's contribution to world growth would also be high and
increasing
• India is also unique in its composition of GDP. Typically, it is only
when countries enter the “developed economies” club that the
contribution of the services sector overtakes industry and
agriculture. However, India as an emerging economy already has 55%
of its GDP contributed by the services sector, and this percentage is
only expected to grow further in time to come. (Show the services
sector chart here)
These facts testify India will be much more integrated with the global
economy and will be a major player in terms of trade, technology and
investment and today you have the opportunity to participate in this great
growth story
Career Progression
Before you take your big leap, I would like leave you with some thoughts
that might be helpful in your future career.
One of the most important virtues of life and a rewarding career is
“Patience” and this, my friends, is something that comes with experience.
As you stand here today on the day of your graduation, step back, what you
will see are the years of hard work and effort you put in to reach where you
are today. You went through the grind of primary school, followed by
college, post graduation and finally arrived to this day here. Your
graduation degree is not something that you achieved overnight. Likewise
in your career, you will go through different phases until you reach the top.
The key here is to learn and enjoy each day of this process and continue
this process till the last day of your life. If you can grasp this, you'll make a
difference. (Show career progression Chart here)
Cultivate integrity as a core value of your life, it will give you the courage to
withstand the test of time and overcome some of the most complex
situations in personal & professional life. Have courage to stand up for your
belief and for what is right. Ensure your actions are just and fair for all
concerned including the organization you work for. True integrity is a trait
many claim, but few actually live out their principles in the face of criticism.
Nonetheless, it remains a highly prized human quality in all walks of life. As
business professionals, lead by example, it will not only help you in the long
run but also inspire several who look up to you as a role model.
Another key area I would like to touch upon is “People Skills”. In corporate
world “people skills” is your ability to connect at large with your colleagues,
clients and the outer world. Some of the most talented and brilliant people
do not make it to the top simply because they fail to connect. Connect with
people around you and build lasting relationships and you will be surprised
with the results. As you march ahead in your careers, be considerate and
empower the people below you as you will realize that your team is as
good as you. It is your ability to connect with people that will hold you in
good stead in your corporate career. You will realize, it is this very quality
that will get people to go out of their way to do anything for you when it
matters the most.
In life, it does not matter what you have, what really matters is what you
make out of what you have. Today, each of you is equally equipped with
best of education and qualification. It is your ability to be innovative and
think beyond the obvious that will determine your success. Your inner
drive, zeal, creativity & hunger to excel within the framework of the
organization you operate in will carve your success story. Be yourself and
above all, let who you are, what you are, what you believe, shine through
every thing you do.
Concluding Remarks
Lastly, when you join an organization, it is very important to ask the
question “why does this company exist”? Most of you may think, “To make
money” and if the majority of educated and well informed youngsters like
you think like that, it is a matter of great concern.
While you may think that organizations exist to make money and deliver
value to their shareholders, employers and customers etc, in reality they
essentially exist because the society wants them to exist. It is the society
that allows a business to prosper and flourish. Therefore the larger purpose
of any business is to serve the society they operate in.
On this note I would like to congratulate you once again. Good luck for your
future careers and god bless!