India Inc.

India Inc. Arrives!

India Inc. has gradually but definitively come of age. New avenues await the arrival of harbingers of good times for the nation.

Gone are the days, when corporate India had to stand in front of the bureaucrats with a begging bowl in their hands. The world has changed and so has the image of the Indian business class. If media reports are an indication, one can feel the strong undercurrents of a new born confidence in corporate India and the shift is discernable.

What has changed in India that we have openly begun to talk about anointing an overtly private player like Narayan Murthy, the chief mentor of IT bellwether Infosys as the next President of India? Nothing represents this changed thinking better than the Bolloywood blockbuster ‘Guru’. The film marks a watershed in the history of Indian cinema, not because, it is the story of the struggles undertaken by one of the top industrialist in post-independent India. But more because, it is a saga of changed times and altered social milieu in times of globalization. It represents the power & potential of the capitalist class to pull India out of the closet. Towards the fag end of the movie, the protagonist under public scrutiny compares his violation of the antediluvian ‘License Permit Raj’ to the ‘Satyagrah’ launched by Mahatma Gandhi. The message emanating from this scene was amply clear- the country can no longer afford to look at the business class as villains out to make a fortune out of public plight. The director successfully broke the myth and the perception that the capitalists are the profit seeking monsters; a ‘pathological personality’ ruthlessly engaged in the “pursuit of profits”. If Gandhi and Nehru were the leading lights of India during the independence phase, then the film clearly projected the 21st century Indian entrepreneurs, as the most potent force capable of taking India to the zenith of success.

In the 60 year history of independent India, the Presidents’ have always been selected from a range of professions but the only common factor binding them is their close association with public service and their hands on experience in designing national policies. If Dr. Radhakrishnan was an academic then VV Giri was a trade union leader; if Giani Zail Singh was a thoroughbred politician then Narayanan was a consummate diplomat. The very fact that a man engaged in generating wealth is now being considered for the top job, only tells us that a paradigm shift is underway in the perceptions about the role of the ‘private’ in transforming the lives of the common man.

It is beyond doubt that Narayan Murthy as a human being is par-excellence, a leader who can build teams and who has the maturity to relinquish the position of power whilst being at the helm. He is a well respected international figure, who is one of the chief figures responsible for ushering India into 21st century knowledge world. It is the likes of Murthy which have helped India bridge the stupendous technology gap between the developed and the developing world. Despite, Murthy’s unblemished & impeccable career record, Inder Malhotra told B&E that he would refrain from supporting Murthy for the top constitutional post. “Because in Indian politics to hold a position this in particular, one needs to have a basic experience of politics and policy making, which Narayan Murthy lacks”. Citing Dr Abdul Kalam’s example, Malhotra further added that Although Kalam diid not hold any direct position in politics, he had quite a lot of experience of policy making. There have been many instances the world over, of corporates holding some top political positions, but at this juncture I would not really support this.” Beyond doubt, Narayan Murthy does not have much experience in politics, but how does one overlook the fact that he has been closely associated with the economic policy making in the country. His constant handling of the political class as well the media has surely given him great insights into the working of the government.

Incidentally, we have arrived at juncture in the history of Independent India, where the public–private divide is getting blurred to an extent that new synergies are emerging not just in the realms of economy but also in the political and public arena. Is the new age trust between the two sustainable? Will the political class with deep-rooted vested interest in exercising a tight grip over the “public domain” permit the entry of the capitalist entrepreneurs? Public domain, according to John Ruggie, a Harvard Professor, is a “Property of the people -- where authority flows from the mixture of power with legitimate social purposes, this is a space where entry to various ‘sectors and actors’ is granted after thorough scrutiny.” The current problem is, the incumbent (politician) occupying this sacred space is fast losing the trust of the people. Ruggie sees this as “the beginnings of a fundamental reconstitution of the global public domain“. And this domain is now being Increasing filled up private actors belonging to the corporations, who are already in the driver’s seat in steering the wheel of global economy

Over the years, the political class has demonized their fraternity by indulging in open loot in the garb of ‘public service’. “Public good’” through selfless service is what these politicians are expected to perform. But so dismal has been their performance that people are now waiting to jettison them at the first instance. The net result is that there exists a vacuum in the public space. And this space is now being filled by private players with potential to manage the national and global economic assets. The circumstances are now thrusting greatness on the companies to assume a larger role in the public domain and control or share the reins of political power. And the private players too intend to improve their public image through genuine concern for the people, extending beyond the narrow confines of corporate social responsibility platforms.



It is this defining moment in the life of corporate India, which has given it the gumption to be counted as true-blue patriots. And the twin factors generating this self-belief in the hearts and mind of Indian corporations are: Firstly, India Inc. is going global at a break-neck speed. Secondly, it’s credibility in the eyes of the public is constantly rising- it is being viewed as the harbinger of “resurgent India”. More importantly we have reached a stage where the public is ready to accept the business class as an integral part of the ‘social contract’ which they have with the government. It is primarily the latter, which has induced the much needed spunk to make forays into the domain, which was earlier the sole preserve of the public sector as well as the personalities.

Although, a few businessman politicians are now represented in the parliament but a private performer, Narayan Murthy being pitched for the highest constitutional post in the country & as the Commander-in- Chief of the Indian armed forces bears testimony to the fact liberalization and privatization are on a victory path and here to stay. The public acceptability of India Inc. will register a positive growth in the future.