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Deccan Despatch (January - April 2010) - CII

Deccan Despatch (January - April 2010) - CII

CII

CII pays Tribute to C K Prahalad –A teacher, a mentor and a friendThe Man, The Vision, The LegacyIn the passing away of ProfessorCoimbatore Krishnarao Prahalad,Paul and Ruth McCrackenDistinguished University Professor,Ross School of Business, the Universityof Michigan, Confederation of IndianIndustry and its members lost a greatvisionary, strategist mentor and guide.Prof. Prahalad was widely acknowledgedas one of the world’s most significantforces in corporate thinking. He appearedwithin the top ten of every managementstrategy surveys worldwide for the past10 years and was voted the world’s mostinfluential living management thinker -the first Indian-origin thinker to claimIndia on turning 75. CII on 8 May2008 launched the Mission India@75and on 30 Jul 2009 released the visiondocument “India@ 75 - The People’sAgenda” to create a movement whereineveryone contributes effectively to thesociety and Industry for the developmentand growth of India.C K Prahalad (1941-2010)“While we will miss him and alwaysfeel the void that he isleaving behind, wemust work on the greatideas, thoughts andstrategy that he hasgiven to CII. These strategies andideas, I think, are his very specialand treasured gift only to CII,”- Mr Chandrajit BanerjeeDirector General, CII.6Alumnus of Loyola College, Chennaiand IIM – Ahmedabad, Professor CKPrahalad completed his Doctorate inBusiness Administration from HarvardUniversity. An ardent academician, hetaught in premier business schools inIndia and USA, wrote many books andnumerous award winning papers on‘Core Competency and Strategy‘ andvirtually rewrote the lexicon of BusinessStrategy. His books ‘Competing for theFuture’ and ‘Fortune at the Bottom ofthe Pyramid’ were rated as best-sellersworldwide, and have been printed in 14languages.the title. Globally recognized for hisoutstanding contribution in the fieldof Business Strategy, he received LalBahadur Shastri award for Excellencein Management in 2000, was electedGlobal Indian 2004, by a blue paneljury of business leaders in India and wasconferred with Pravasi Bhartiya Sammanand Padma Bhushan in 2009.CII had long association with ProfessorPrahalad spanning more than twodecades. Inspired by his visionfor economically vital, technicallyinnovative, socially and ethically vibrantBesides being a great human being withan outstanding mind he had a deepsense of commitment for India. Hisstrategies and ideas are a very specialand treasured gift to CII. We have tolearn to live without him physically inour midst. However, the greatest tributethat we can pay him is to live his deepsense of purpose and to make his visionfor India@75 come true by following hisfamous words “Do not go where the pathmay lead, go instead where there is nopath and leave a trail behind”.

In September 2007, CII in partnershipwith the Ministry of Overseas IndianAffairs, organised the first miniPravasi Bharatiya Divas outsideIndia, in New York, to mark India’s 60thyear of independence. At a luncheonsession, Prof CK Prahalad deliveredan inspirational address that radicallychanged India’s perceptions aboutherself. Laying out a comprehensivevision for India@75, i.e. in circa 2022,Prof Prahalad proposed innovative newthoughts for achieving stretch targets.He made us believe that we could do it.A summary of that memorablepresentation….Prof Prahalad began by saying thatwhile India has a lot to celebrate at60, accomplishments are in the past.Leadership is about the future, aboutchange and about hope.India@75 can actively shape the worldorder through its economic strength,technological vitality and moralleadership. In 2022, it has the potentialfor the largest pool of trained manpower,leaders in industry and commerce,10% of world trade, global innovationsthrough new business models of lowcapital intensity, focus on the Bottom ofthe Pyramid as a source of innovations,flowering of art, science and literature,and for becoming a new benchmark forcoping with diversity and a new moralvoice for the world.To do this, India would have tobalance aspirations and resourceswhich is the essence of entrepreneurialtransformation. The mismatch ofaspirations and resources createsinnovations. India should get morefor every rupee spent or change thegame to its advantage. Secondly, it hasto imagine ‘there’ before it can get it. Itneeds to ‘fold the future’ rather thanextrapolate from the past in small clearsteps.Third, it must focus not on bestpractices but on ‘next practices’. Thisimplies amplification of weak signals.The VISION : India@75Incrementalism will not get us thereand a radical rethink is needed. The keywill be a shared commitment to goals. Adistinct point of view about opportunitiesneeds to be developed.The agenda for this will be about theissues that are emerging:• Income inequality rather thanpoverty• Income levels to lifestyles• Universality of aspirations• Impacts on price performance• Universal access to high technology• Straddling the pyramid• EnvironmentA new model of development needs tobe found for a pluralistic country such asIndia.A rapid movement away from povertyhas led to increased income inequalities.India’s Gini coefficient has increased andits HDI ranking is 121. This is a potentmixture for social revolution. Should thefocus be on increasing incomes, incomemobility or income inequality? Increasein income mobility is the antidoteto income inequality. How to makeglobalization work for all is the question,rather than whether globalization is goodor bad for the poor.There is an emergence of urbanization,lifestyle measures and universalityof aspirations, and rapid increase inincome and aspirations with dramaticchanges in price-performance levels.Price performance envelopes arechanging faster than expected due tobetter technology, leading to a changingvalue equation between BOP, middleclass and rich. This can lead to explosivegrowth in market size, and access to hightechnology for all. Thus scale, focuson costs, access to new marketsand technical insights createthe emergence of a new socialcompact for business – this involvescollaboration with civil society.Creating the conditions for growth– India ranks low in the corruptionperception index, which is linked topurchasing power parity. HDI is alsolinked to PPP. Thus human developmentis about less corruption in deploymentof resources. Good governance leads tohigher incomes. The focus on individualrights rather than group rights leads torapid economic development. In 2022,India should have a per capita incomeof $25000 PPP and rank 20 in HDIand 7.0/10.0 in Corruption PerceptionIndex.The prerequisites for this are change inmental models, data-driven not dogmadrivendebate, individual rights ratherthan group rights, principles ratherthan rituals, treatment of corruptionas treason, focus on performance andaccountability, and focus on imaginationrather than resources.Coming to environment, sustainabilityis multidimensional, including energy,waste, water, etc. The poor are the mostaffected by environmental degradation.The ecosystem provides provisioning,regulating and cultural artifacts of nature.Degradation is increasingly visible inIndia. Poverty alleviation is not possiblewithout sustainable development.Current development models are notrelevant and emerging markets mustbecome a source of innovations.The dominant themes for companies inthe future will be market based solutions,social equity in development, rule oflaw, scale, price performance levels, andecologically sustainable development.We must embrace the imperatives ofpoverty alleviation.The sandbox of economicdevelopment is constrained by zthesethemes. They must not be violated.The accountability of performance isuniversal, resting on business, politicians,civil society, and bureaucrats.In 1989, Prof Prahalad had predictedthat China, India and Brazil would haveglobal companies, and this has happened.The poor of India are ready for the newjourney, but are the leaders ready?Transformation requires imagination,passion, courage, humanity, humility,intellect and finally, luck!7

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