'Indian business will change world's corporate culture': S Gurumurthy at Republic Summit

S Gurumurthy, noted economic thinker, said Indian businesses will change the world's corporate management and culture. Speaking at the Republic Dialogues Summit, the editor of Thuglak India said,"None of the Indian corporations believed in the Western model of doing business," adding Indian businesses always value loyalty. "The Indian mind never accepted the western model of management and doing business. Indian business is essentially Indian."  

"When India's civlilisational stature goes up in the world, they will start speaking about Indian values," Gurumurthy said, adding, "we are now becoming a confident nation, confident society." Gurumurthy gave the example of Japan to suggest how a country failed to maintain and uphold its culture due to the defeat in the Second World War. "In the house, they have a different culture, in the office they have a different culture, because these are all strategic reformulation of a failed nation".

Gurumurthy said India must rise on its own terms without adopting the culture of foreign nations. 

The economic thinker also spoke about the downsides of globalisation and said developing domestic capability is necessary.

Not cheaper but safer

Gurumurthy, referring to former Chief Economic Advisor Arvind Subramanian's comment questioning the sustainability of Apple investing in India, said, the company wants to invest here not because it's cheaper to make phones here but because it is safe.  "The entire idea of cheaper supply chains has been finished, from cheap sources to safe sources is the new shift in the world. So that is why the economy is also changing as safety goes long term as compared to cheapness."

"If India is being approached by the West, it is only in its own interest. They need to strengthen and develop India in every sense of the term otherwise the West itself won't be secure. Do you think they would have tolerated our position on Russia-Ukraine?  Permutation and combinations have changed, and the power of power has shifted," he added.

S Gurumurthy further said India is in an advantageous position vis a vis the world economy, but will never misuse that position because of the country's civilisational values. "The greatest guarantee the world has about India is that it will not be an immoral country," he said. 

Watch the full speech of S Gurumurthy here: