WEBVTT 1 00:00:00.460 --> 00:00:02.690 In the last ten years, India's taken 2 00:00:02.690 --> 00:00:04.700 300 million people out of poverty. 3 00:00:04.700 --> 00:00:06.930 That's not just a social good. 4 00:00:06.930 --> 00:00:10.010 That 300 million people, the size of the US, 5 00:00:10.010 --> 00:00:13.630 is not poor anymore, but that there is consumption. 6 00:00:13.630 --> 00:00:15.163 That there is demand. 7 00:00:21.230 --> 00:00:25.010 line:15% The entire narrative and dialogue around the world 8 00:00:25.010 --> 00:00:27.200 has been around the rise of China. 9 00:00:27.200 --> 00:00:31.630 The accelerating growth of India has actually been missed. 10 00:00:31.630 --> 00:00:36.130 In 2000, there were 3 million cellphones in India. 11 00:00:36.130 --> 00:00:39.030 Today there are upward of 900 million. 12 00:00:39.030 --> 00:00:42.350 In 2013, about 50% of Indian households 13 00:00:42.350 --> 00:00:43.873 had access to bank accounts. 14 00:00:45.020 --> 00:00:47.820 Today that number would be over 90%. 15 00:00:47.820 --> 00:00:51.240 It's really changing how people live today, 16 00:00:51.240 --> 00:00:54.320 how people consume, and how people interact. 17 00:00:54.320 --> 00:00:56.383 And it's changing many businesses. 18 00:00:57.260 --> 00:00:58.620 To succeed in India, 19 00:00:58.620 --> 00:01:01.250 you have to take India on its own terms. 20 00:01:01.250 --> 00:01:03.900 What we are talking about is continental scale. 21 00:01:03.900 --> 00:01:08.240 1.3 billion people, 31 states, 16 written languages. 22 00:01:08.240 --> 00:01:12.230 When I land in Chennai, I have to speak to the taxi driver 23 00:01:12.230 --> 00:01:14.750 in English, because I don't speak Tamil 24 00:01:14.750 --> 00:01:16.610 and he certainly doesn't understand Hindi. 25 00:01:16.610 --> 00:01:20.940 It is something which people really need to be granular. 26 00:01:20.940 --> 00:01:23.740 You have to really rethink and reimagine 27 00:01:23.740 --> 00:01:27.173 how you participate with the emerging Indian consumer. 28 00:01:28.270 --> 00:01:30.930 And talent becomes a bit of a constraint. 29 00:01:30.930 --> 00:01:32.960 You really need to have your talent 30 00:01:32.960 --> 00:01:34.913 and organization model worked out. 31 00:01:35.880 --> 00:01:39.770 How are you going to get local talent whom you can trust? 32 00:01:39.770 --> 00:01:41.330 And whom you can empower 33 00:01:41.330 --> 00:01:43.960 so that they can make decisions for the market? 34 00:01:43.960 --> 00:01:46.800 Or if you're going to have people coming from outside, 35 00:01:46.800 --> 00:01:50.083 how can they actually get sensitive to the needs of India? 36 00:01:51.140 --> 00:01:52.780 One of the things that companies 37 00:01:52.780 --> 00:01:56.420 are going to be really faced with in the next ten years, 38 00:01:56.420 --> 00:01:58.510 is that a lot of the experience 39 00:01:58.510 --> 00:02:01.450 with which they have grown up and they have succeeded 40 00:02:01.450 --> 00:02:03.970 is now becoming a bit of a drag. 41 00:02:03.970 --> 00:02:07.670 Every element of your organization can operate, can change. 42 00:02:07.670 --> 00:02:10.870 But you have no experience of what this thing looks like. 43 00:02:10.870 --> 00:02:13.940 Problem with the imagination is it's good to imagine, 44 00:02:13.940 --> 00:02:16.480 but then how do you bet on your imagination? 45 00:02:16.480 --> 00:02:18.970 How do I hire different types of people? 46 00:02:18.970 --> 00:02:21.270 How do I allow them to experiment? 47 00:02:21.270 --> 00:02:24.400 And how do I build on those experiments as they succeed? 48 00:02:24.400 --> 00:02:27.580 And the CEOs that will succeed in the future 49 00:02:27.580 --> 00:02:31.270 will know that they will have to learn this faster 50 00:02:31.270 --> 00:02:33.630 and will have to bet on this learning 51 00:02:33.630 --> 00:02:36.450 in a manner which is critical for the success 52 00:02:36.450 --> 00:02:37.990 and survival of their company. 53 00:02:37.990 --> 00:02:40.290 Actually, not just success, but even survival.