(December 23, 2023) The landscape of global economics is ever-evolving, and individuals like Dr. Aaron “Ronnie” Chatterji, an Indian American, are at the forefront of shaping its direction. Dr. Chatterji, with his rich background in economics, has played a crucial role in the Obama Administration as a senior economist. His expertise has also been sought after by President Joe Biden, particularly in navigating the challenges of the global microchips shortage.
Dr. Aaron “Ronnie” Chatterji at The Fuqua School of Business at Duke University in Durham, NC
Under the Biden administration, Dr. Chatterji has overseen several key initiatives, notably the groundbreaking $50 billion investment in the semiconductor industry through the CHIPS and Science Act. He is set to resume his role as a business professor at Duke University. Renowned as a Global Indian, Dr. Chatterji has been instrumental in advancing the United States’ supply chains, enhancing national security, and generating employment nationwide. His leadership has led to innovative methods of understanding entrepreneurship, developing creative policy ideas to leverage technology for a brighter global future, and documenting the rise of CEO activists and their impact on governance.
Aiming for the stars
A self-proclaimed ‘nerd’, Dr. Chatterji was an enthusiastic kid who loved numbers. Growing up as an immigrant, the economist always dreamt of making a career in the field of commerce. Talking about his growing up years in Upstate New York, the economist shared, “I didn’t really think much about how fortunate my parents were. They were both teachers working for the state, which meant they had good healthcare. Looking back, this played a big role in why I decided to enter the world of public office in North Carolina.”
After completing his school, the economist went on to earn a B.A. in Economics from Cornell University in 2000. Later, he pursued his Ph.D. from the University of California, which he received in 2006. His main area of research focussed on entrepreneurship, innovation, and corporate social responsibility. The results of his scholarly efforts have been featured in leading publications within the fields of strategic management, economics, finance, and organisational studies. The same year, Dr. Chatterji moved to North Carolina to teach at Duke’s business school, where he worked at the intersection of academia, policy, and business, investigating the most important forces shaping the economy and society.
With prior experience as a financial analyst at Goldman Sachs and a term membership with the Council on Foreign Relations, Chatterji’s accomplishments have garnered several accolades. Among these, he has received the Rising Star Award from the Aspen Institute, the Emerging Scholar Award presented by the Strategic Management Society, and the prestigious 2017 Kauffman Prize Medal for Exceptional Research in Entrepreneurship.
Right at the top
While he was enjoying his time teaching and grooming the next generation of economists, a turning point came when he was appointed as a senior economist on President Barack Obama’s Council of Economic Advisers, in 2010. The economist shifted to Washington, D.C. to work out of the White House, where his work concentrated on policies concerning entrepreneurship, innovation, infrastructure, and economic growth. It was around the same time that Dr. Chatterji held the role of Research Associate at the National Bureau of Economic Research and also that of a visiting Associate Professor at The Harvard Business School.
During his first tenure at the White House, the economist authored numerous op-ed articles in the New York Times and the Wall Street Journal, among them influential essays that introduced the notion of CEO activism in collaboration with co-author Michael Toffel. He composed extensively for both management and policy readerships, with a series of recent contributions to the Harvard Business Review and the Brookings Institution. He is also the author of the acclaimed book, Can Business Save the Earth? Innovating Our Way to Sustainability.
Dr. Chatterji with his family
Dr. Chatterji became the chief economist at the Commerce Department only a few months into Biden’s term and transitioned to the NEC (National Economic Council) the previous year, assuming the role of White House Coordinator for CHIPS (Creating Helpful Incentives to Produce Semiconductors) Implementation. He also oversaw the implementation of the Science Act, which aims to boost domestic research and manufacturing of semiconductors in the United States to give the country a competitive edge on the world stage. “I oversaw the tasks of the CHIPS Implementation Steering Council, collaborating closely with the National Security Council, the Office of Science and Technology Policy, the Department of Commerce, and the Steering Council itself to guarantee efficient interagency synchronisation,” the economist said.
The economist, who lives with his wife Neely and three children in Durham, now plans on spending a few years teaching at Duke University, while also working on a new book.
He's one of India's top writers and journalists, currently a columnist in Mint, the former editor-in-chief of Open (back in the heyday of journalism in India), the creator of Netflix's hit series, Decoupled, and the author of three books - Serious Men, The Illicit Happiness of Other People and Miss Laila: Armed and Dangerous. Manu Joseph sat down with Global Indian at the Bangalore Literature Festival 2022 to talk about his life, a middle-class childhood in Madras, working his way through college and grappling with trauma at a time when society lacked the vocabulary to fully articulate grief. (January 4, 2022) Back in 2017, when Manu Joseph and I sat in the authors' lounge at the Bangalore Literature Festival – he had graciously granted me an interview - the first question came out of me in a rush - "What have you been through, Manu, to write something like The Illicit Happiness of Other People?" He only smiled, saying, "I can't think of anything in particular." Still, I was pretty convinced that such writing cannot come through merely observing sorrow in others, it’s impossible that the author had not experienced a journey of his own. But he wasn’t telling. Not
ible that the author had not experienced a journey of his own. But he wasn’t telling. Not then, anyway.
My answer came five years later, a few weeks ago in December, at BLF 2022, as we sat down together again for an interview with Global Indian. He's had a string of successes in the intervening years, including Netflix adaptation of Serious Men and becoming the creator of the very popular series, Decoupled. And this time around, Manu decides to speak, granting me a glimpse of depths that underly the master of satire. It's like being in a JD Salinger novel, Franny and Zooey, maybe – but one doesn't say these things to Manu Joseph, not unless you want him to make fun of you. Sure enough, he remarks a few moments later, "One kind of boring conversation is when people are quoting others, either to show what they have read or because they don't have an original idea. When you're sixteen, you're talking about what you feel."
[caption id="attachment_33491" align="aligncenter" width="651"] Manu Joseph[/caption]
Observations on grief
That sixteenth year was crucial to Manu’s life. Looking back, he knows it to be adolescence trauma, "but at that age, we had no labels. There was no such thing as depression of trauma. If you are sad, you make yourself happy. You just live. It was that kind of situation. That’s when a friend, another sixteen year old, sat him down one day and asked, “What we see around us, through our eyes, is not the real stuff.” The observation stunned him. Teenagers usually talked about cricket or girls; in Madras they spoke about Brilliant Tutorials. And he had never considered, really, that conversations could be like this, that this sort of thing can be spoken and that it can actually make sense.
"I had not thought about this before. It is a different genre of conversation. As you grow, you speak about different things and discover the different things you can speak about," he says. The friend had tried to have that conversation before, unsuccessfully, with several people. For a month, the boys had a series of intense conversations, pondering the meaning of life, much like his posthumously-described protagonist, Unni, in The Illicit Happiness Of Other People. The idea of a universal truth, of hitting on a magic formula that allowed you to see the why and how of everything, was intoxicating to a teenager struggling with yet-unnamed demons, who spent his time reading Rushdie and Hawking.
The pursuit of enlightenment
Manu calls it the most important thing, “Even today, it is most important thing that happened to me. It defined my character. Nothing changes your character but if it had 10 ways in which it could manifest itself, this was the early event that gave me direction. The idea that my reality was an illusion and that the true reality had to be pursued through ancient techniques made me immensely happy, partly because my life was not very good then and the idea that it was a part of illusion was fantastic. So, just like that, I believed deeply that there was something out there and a certain technique can help you get it.” It would go on to become the stuff of a very successful novel but back then, he says, “It was my life. It defined me through my twenties and influenced everything I did.”
Growing up with a journalist father and a very religious mother, Manu was 12 when he decided he was an atheist. Being middle-class meant being closer to the poor than to the rich, "I remember, all the rich people were called 'smugglers', it became another word for the rich," he says. "The rich were also supposed to be unhappy. I remember my mom saying things like, 'Look at that woman in the car, didn't she look unhappy'?" These were the ideas with which one grew up, where even ambition, which Manu says he never lacked, became an act of rebellion. "You want to be rich and you want to be happy but you still think that the wealthy are unhappy."
The power of misconception
Driven, Manu says, by “misconception,” he chose journalism, just as his father had done. He was supposed to study engineering, as all Indian boys his age were doing but picked literature in the end. “Misconceptions are so powerful, they give you direction. I had misconceptions about writing. And that saved me. If I had known too much, I would have tried to escape from the writing.” He was acting on intuition, “a subterranean knowledge,” as he puts it, which came mainly from ignorance. He had wanted to write for films but in his teens, as he discovered Salman Rushdie, Stephen Hawking, Wodehouse and Arthur Hailey, he decided he would write a novel.
“I did pursue filmmaking through my twenties but nobody I knew had the capacity to make films. But as I read, Western culture took over me. Also, I realised that I didn’t have to collaborate with anyone to write a novel, or need funds to finish.” In his mind at the time, it was all pretty straightforward – he would write a novel, it would be great and people would want to publish it.
It led him to a “very bad journalism course” in Madras Christian College. Circumstances weren't easy, financially speaking and Manu had to take care of his own fees. He was twenty by then and had no choice but to work. He liked the Indian Express and approached them, but was told that interns weren't paid. "I badly needed the money."
Catching a break
The answer found him. Someone walked up to him in the college canteen, holding up an ad by Magna Publications. "I don't remember this guy's face but if he had not shown me this, a whole string of things would never have happened," Manu recalls. He was interviewed by Ingrid Alberquerque and was given the job at Magna. He dropped out of college and moved to Mumbai. "From there, I jumped to Outlook." He went on to become editor-in-chief at Open the Magazine, until he quit in 2014, announcing his resignation on Facebook.
By then, he had already written two novels - the first, Serious Men, came in 2010 and won the Hindu Literary Prize and the PEN / Open Book Award and was adapted as a feature film by Sudhir Mishra. Two years later, in 2012, came The Illicit Happiness of Other People, followed by Miss Laila, Armed and Dangerous in 2017. "I started writing my first novel in my early twenties," he says, dismissing the idea that he started young. "When you look back, though, it seems silly, you don't have life experiences to fill a novel. It's either light or pretentious or fake. But sometimes you just want to write it anyway."
It's a problem that most Indian writers face, Manu remarks. "We feel that the novel has to be grand, it has to be very important. I still have that problem." In fact, when he came up to say hello the previous day, he said, about writing another book, "Novels need worthy subjects."
[caption id="attachment_33492" align="aligncenter" width="701"] Nawazuddin Siddiqui in Serious Men[/caption]
The ‘humility’ of screenplays
In 2020, he returned to screenplays, joining director Sudhir Misra for the Netflix adaptation of Serious Men. Then came Decoupled, with R. Madavan starring as the frank-talking Arya Iyer, whom haters were swift to label "toxic". Opeds were written about the show's ideology but it did become the second-most watched show on Netflix a mere three days after its release. "Many asparagus-eating friends have written privately to me to say they enjoyed Decoupled. I see that they are restrained in publicly sharing this view to appease the more delicate," Manu tweeted. Screenplay writing taught him, he says, to take himself less seriously. "There is humility in a screenplay that is not required in a novel. A novel does not require the inconvenience of humility. A novel need not try to reach out to you; it is often created in a pure state and waits for the readers to come find it. Also, a screenplay is simpler. I cannot take you inside the head of the character. Film writers will disagree but that is because they don’t realise that most of a literary novel is about characters thinking. In a film, generally, I can only say what I can show.
The process of screenwriting, in my adult life, and the sheer number of columns I write every year, has led to its own evolution. “I’m moving away from beautiful prose,” he says. “I used to be incapacitated by the beginning, the beginning of any kind of writing. I used to spend ten hours just to get the start of a column right. I must have been so full of myself. Today, I don’t mind starting even a novel with ‘She was having coffee’. I have no problem with that. I may not downgrade myself so much that I’ll ever start a novel with a recipe, but yes I’ll begin with an ordinary, unremarkable sentence.”
The process has led to its own evolution. "I'm moving away from beautiful writing," he says. "I don't mind starting a novel with 'She was having coffee'. I have no problem with that." There is a novel in the pipeline, he says, one that's different from anything he's done so far. "I'm not afraid of melancholy now. Even with Illicit..., I was holding back, afraid to go too deep. I don't mind deriving power now from something melancholic. I’m not responsible for your happiness, I’m not your dad, I’m a writer.”
The end of the pursuit
That moment with his friend, of discovering a new dimension to life itself, Manu says, was like “going through a slum in Madras and then suddenly finding yourself in Switzerland. I had escaped, forever.” He was the boy who was saved by hope so it’s a bit of a jolt when he says now, “I no longer believe in that. I don’t believe there’s something out there. I once believed that you can reach a state of being where you comprehend everything, I don’t believe that anymore. That search has done its job, it has defined my character.”
So, he has turned his focus instead to staying very fit, tapping into his ambition and all his ‘materialism of vanity,’ which he says is different from the ‘materialism of gluttony’. “I have complete disdain for mediocrity, especially in myself. If you’re lucky enough to be healthy, you can’t just let yourself go, you know? I can go to any length to do what is right for me.”
"Why are you wasting your life on this? Why don't you just follow the path that has been laid out for you, where you're already crushing it?" When Balaji Bondili, then a senior consultant at Deloitte, began pitching his idea to crowdsource talent and expertise to meet the company's ever -growing, global client needs, he was met with skepticism. He chose not to back down. This was the year 2013, and Balaji was then pitching what would become Deloitte Pixel. In the last decade, the company's open talent model has helped it stay ahead of the curve in the new age, disrupt-or-disappear marketplace. Pixel has completed 450 crowdsourcing challenges across 250 projects and worked with tens of thousands of participants. [caption id="attachment_53481" align="aligncenter" width="292"] Balaji Bondili[/caption] Success as an intrapreneur, or as a 'corporate explorer', as Balaji has been described by Michael Tushman in Corporate Explorer: How Corporations Beat Startups at the Innovation Game, was an uphill journey. When he began working on the idea, Balaji had been travelling the world for nearly ten years, and was thriving professionally. However, the idea to take the leap into innovation, and push an idea that seemed unheard of at the time, within
the idea, Balaji had been travelling the world for nearly ten years, and was thriving professionally. However, the idea to take the leap into innovation, and push an idea that seemed unheard of at the time, within a company like Deloitte, came from a personal need.
"I joined Deloitte in 2003," Balaji tells Global Indian. "It was also when I got married. But as two consultants travelling the world, you don't spend much time with each other. So I was thinking about what I wanted to do next, and if I could figure out a career and do really well without having to travel."
Finding his voice
Balaji joined Deloitte in 2003. He was living in Hyderabad then, where after completing his undergrad in genetics, microbiology and chemistry, he found he had no interest in the field. "I'm not good with rules and tests, and I have issues with testing as a concept," he admits. This tenacity, and the determination to do what he believed in, would eventually pay off.
"I grew up in a joint family, the youngest of 16 cousins. I was always the little boy and that was foundational in a way. When someone tells me I can't do something, that's exactly what I'm going to do. Not in a negative sense, but when you're the youngest of 16, you have to tell people that you exist," he says. So, instead of taking the tried and tested medical / engineering path to professional success, he did an MBA.
An upward trajectory at Deloitte
In 2003, Balaji joined Deloitte, then a newer company, as a research analyst. "I built credibility in the company, so when they started their consulting team, I was the first person to join," Balaji recalls. This would mark a new phase in his career, and he had to start the process of recruiting from all the business schools.
This led him to strategy consulting, and built a team intended to stay in India and deal with clients locally. However, he flew back and forth to the US, where he had clients, and eventually became the first person from India to lead a project in the US for Deloitte. The team grew into a cohort of people who were actually travelling to where the work was located.
"I was travelling to the US, and spending up to six months there each year," he said. "By the time I moved fully, I was spending nine months of the year there." However, the busy lifestyle and the constant travelling took their toll, and Balaji was beginning to understand, firsthand, the downsides to 'old school consulting'. "I was also running a VC fund for a Top 5 Pharma company and dealing with Series A and Series B startups. New companies were looking for new ways to solve old problems and I wondered why Deloitte wasn't doing that."
New solutions to old problems
The 'old school consulting problem', Balaji explains, is that it involves hiring very smart people and deploying them on client projects. "For every dollar of revenue you create, you have to hire someone new every time." The company was growing really fast and there aren't enough graduating students to keep up with the demand. That impacted the quality of hires, the amount of travel involved was only growing - even in 2020, Deloitte remained one of the largest travel buyers globally.
At this point, the idea of crowdsourcing was just a ripple in business communities. It reminded Balaji of an experience back in 2004, when the tsunami hit South East Asia. At the time, he was reading up on the disaster and found a website named tsunamihelp.blogspot.com. He signed up there as a volunteer, becoming part of a team spread out around the world. That relief effort grew hugely, and Google even linked their website to its homepage, as it had become one of the biggest clearing houses for relief efforts. "I had never met the founders, volunteers or the core team but we created an impact that was massive," he says.
If a crowdsourcing system could be set up and structured right, could it be a new age solution to the old consulting problem? This would bring in fresh ideas from around the world, with a diverse set of perspectives to a single problem. It was also more economical. "On the other hand, designing an app in-house costs tens of thousands of dollars. We're always told that we can't have all three: cheaper, faster, better. AI and crowdsourcing break that paradigm altogether."
“Most innovation is politics”
Having a winning idea is one thing, bringing it to fruition quite another. And being an intrapreneur doesn't mean an easier path, as Balaji would learn. "You have to prove that you can solve the problem, then get funding. So for example, as a client project is happening, we also crowdsource ideas on the side. Then we show the blind outcome to the client. We saw that there was a significant statistical chance that at a lower price, we could generate equivalent or better outcomes," Balaji explains.
"There is a culture component to innovation," Balaji agrees. At Deloitte, another challenge was that people would not openly criticise. "Instead they say it is very nice, so you have to look for nuanced perspectives. If you ask 10 people, nine will say okay but not do anything about it. We call that Benevolent Neglect." He learned to not give up, and to follow through on the person who agrees to try the new tool. And if the outcome is good, others will follow - slowly.
Change is harder in a large company, also because it has a leadership ecosystem meant to protect it from rapid change. "If you don't respect that, you're also going to make enemies," Balaji says. "Most innovation is politics." He also learned to do away with what he calls the 'entrepreneur's ego', by hiding the mechanics of the solution and only showing people the outcome on the frontend. "Entrepreneurs want to communicate everything they know, they want to prove how much they know. But that's irrelevant to the consumer. How many people understand TCP / IP protocols? Do they need to understand it?"
"Kill the brand"
When it came to scaling, Balaji chose a "completely integrated end point." This meant he worked to integrate Deloitte Pixel into the core of the company, to the point where people didn't even know if they were using the old option or the new one. "You blur the line until it becomes part of the fabric." The other option, he explains, is to set up a completely different, distinct vertical on its own. "Right now, Deloitte Pixel has scaled significantly. My choice was to kill the brand. Because sometimes, a distinct brand could again just be serving the entrepreneur's ego. If a team wants app designs, they get app designs, they don't need to know who is making it."
Other pursuits
Balaji, who recently quit his full time job at Deloitte, lives in Nashville with his wife and their daughter. He also teaches at Harvard Business School and Stanford School of Business a few times each year. His wife is the founder of Butterfly Voyage, a real estate company and also teaches at Harvard Business School and Stanford School of Business a few times a year.
[caption id="attachment_53483" align="aligncenter" width="381"] Balaji with his wife and daughter[/caption]
Apart from that, he makes sure he focuses on work-life balance, and quality family time. "I have my own formula - 35 percent of my time is is for work, 40 percent is for family and the rest is just for me." He likes to read and has a soft spot for Indian historical fiction, enjoys painting, loves going to EDM concerts and takes pride in his shoe collection.
(May 13, 2024) Entrepreneur Sunny Bhathela believes that just as 'you don’t have to be from Rome to wear a Roman numeral watch,' the same principle should apply to watches featuring Hindi numerals. Hence, he launched watches with Hindi numerals last November in the US. His watch company, VIANI, is an ‘ode to the 6th and 7th centuries’ mathematicians of the South Asian region'. Sunny’s design choice highlights the historical impact of the Hindi Numeral System, credited with introducing decimal-based numbers and significantly influencing the global landscapes of mathematics and science. “It provides representation,” the Global Indian said, adding “It hits close to home for anyone in the South Asian world, and also sheds light on the history of the numerals.” Apart from the historical perspective, VIANI watches operate on solar energy which adds to its distinctiveness. [caption id="attachment_51546" align="aligncenter" width="540"] Sunny Bhathela[/caption] Stumbling upon the idea… Sunny Bhathela was in search of a new watch to add to his collection. Drawing inspiration from his Indian heritage, he sought a timepiece that would reflect his background, but found none that fit the bill. This prompted the second-generation Indian American to create his own brand. After a year and a half
Sunny Bhathela was in search of a new watch to add to his collection. Drawing inspiration from his Indian heritage, he sought a timepiece that would reflect his background, but found none that fit the bill. This prompted the second-generation Indian American to create his own brand. After a year and a half of prototyping, he launched VIANI, a solar-powered watch startup.
To create the prototype, Sunny initially used a CNC (computer numerical control) machine and a laser printer. However, he now collaborates with a Swiss manufacturer. "I designed the watches from the ground up," he remarked.
Sunny was always inclined towards designing. In fact, he developed his design skills early on, learning Photoshop in his second grade itself. His passion for design ignited when he created a calendar in Photoshop when he was a schoolboy - it still adorns his parents’ house at Raleigh where he grew up.
When Sunny wore his prototype to social gatherings, he started getting compliments and inquiries of where he had purchased it. This interest shown by others, bolstered his confidence to pursue the idea of the Hindi numeral watches more seriously. Since its launch in last November, Sunny is dedicated to his new venture. “The sales so far have mainly been from word of mouth and trade shows,” he shared. The entrepreneur is working towards getting his product into stores soon.
A global brand
Since VIANI's launch Sunny has been working hard to keep up to the growing demands. He is also focused on conducting research on innovative features, expanding the product range with different sizes and designs, and present his brand internationally.
VIANI watches are marketed as unisex and intended for a broad audience beyond the South Asian community. Just two minutes of direct or indirect light charges the watch for an entire day, while six hours of light can sustain the watch for six months. Light penetrates through the dial face, where it reaches a solar panel.
Sunny calls his watches ‘design focussed’. The numerals on the watches protrude above the dial face and are crafted from stainless steel to create a distinct visual impact.
Apart from collaborating with a Swiss manufacturer, Sunny procures materials for the solar panel from Japan. Currently, there are eight models available on the VIANI website, priced between $340 and $380.
"Designing this watch really was a work of love or a work of passion,” remarked Sunny who calls himself Chief Creative Officer (CCO) at VIANI Watch Company. "I really feel like this came out of me being super-interested, loving the details, loving the process and loving the history behind this," he added.
Sunny credits his approach to design and innovation to his alma mater North Carolina State University. He looks at his venture as a result of the skills that he cultivated during his time there. “During my time at NC State, I was exposed to many avenues of individualised thinking and creative design” Sunny said. Events and opportunities on campus, such as College of Design’s Art2Wear and Entrepalooza, developed his interest in design and entrepreneurship. These experiences played a crucial role and gave him the confidence even after years of graduation to dip his toes into business, even though he had studied something very different at the university.
Beyond the world of watches
The second-generation Indian in America earned degrees in biochemistry and genetics from NC State in 2014. He then pursued a doctorate degree in optometry from New York, and is practicing at South Bronx, a New York neighbourhood.
Sunny finds inspiration in his father, an Indian immigrant who owns a paint store in South Raleigh, and his mother, who inherits a legacy of tailoring creativity. “So, I believe those two aspects also came together to help me create and pursue what was kind of written for me,” he remarked.
(May 5, 2023) In a historic appointment, the World Bank confirmed that Ajaypal Singh Banga, an Indian-origin business executive, will be taking over as its next President. As the first-ever Indian-American to head the World Bank, Banga's appointment marks a significant milestone. Confirming his appointment, the World Bank said in a press statement, "The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries." Ajaypal Banga was nominated earlier this year by US President Joe Biden to lead the institution. During his candidacy, the top business executive emphasised the importance of greater private sector funding to address global problems, stating, "There is not enough money without the private sector." Banga, who will assume his new role on June 2, envisions the World Bank established a system to share risk or mobilise private funds to achieve its goals. As the Indian-American business executive gears up to lead the World Bank, Global Indian takes a look at his glorious 40-year-long career. Ahead of the curve Born to an Indian
role on June 2, envisions the World Bank established a system to share risk or mobilise private funds to achieve its goals. As the Indian-American business executive gears up to lead the World Bank, Global Indian takes a look at his glorious 40-year-long career.
Ahead of the curve
Born to an Indian army officer in Khadki cantonment, the business executive is the younger brother of Manvinder "Vindi" Singh Banga, the senior partner at the private equity fund Clayton, Dubilier & Rice. Growing up in various parts of India, he learned a lot about adaptability and managing people. "I grew up moving from city to city. Adults find it hard to move, but kids don’t. Moving frequently makes you flexible, quick to make friends, quick to adjust and adapt, and allows you to glide between cultures and people. Different parts of India have completely different cultures. The North is completely different from the East and the West. This is completely different than even in the South," he said, adding, "The one thing it did for me more than anything else was this easy adaptability, the willingness to adjust, and the willingness to just fit in, I think it’s helped me in all my life."
[caption id="attachment_35571" align="aligncenter" width="638"] Prime Minister, Narendra Modi met Ajay Banga, in New York[/caption]
Having studied in some of the finest schools in the country, including St. Edward's School, Shimla and Hyderabad Public School, the business executive went on to graduate with a Bachelor of Arts (Honours) degree in Economics from St. Stephen's College, Delhi, and later pursued an MBA from the Indian Institute of Management, Ahmedabad. Soon after finishing his studies, Mr. Banga started his career with Nestlé in 1981, where he worked for 13 years before moving to PepsiCo.
https://www.youtube.com/watch?v=AdsEhkSoHCc
"When I was a young manager in India, infrastructure was relatively poor. Labour relations were challenged. Phone lines were awful. You couldn’t get through to people or distributors. If you were waiting for baby food trucks to reach you, it wasn’t that you knew they would arrive in three days; it could take nine days. So that idea of knowing how to deal with ambiguity, of knowing how to deal with that form of unpredictability, it’s the way I’m trained to think," shared the business executive, adding, "The idea of taking thoughtful risks came from that environment. And having the sense of urgency to make that decision and take that risk without knowing everything, but having had the patience at the same time to listen to people who know more than you — that is an interesting balance."
Taking the plunge
In 1996, Ajaypal Banga moved to the United States while working for PepsiCo and handled various roles during his tenure, including CEO of the company's operations in India and Southeast Asia. While the business executive was still settling in his role, a grave terrorist attack on the USA shook the world and in its aftermath, Banga too had to endure discrimination. "Post-9/11, I have been accosted by people on the street and called names. I’ve been taken aside randomly for searching at every T.S.A. checkpoint. I get that. But again, you can be pissed off about it, or you can realise that this is people trying to do their job. They’re trying to keep me safe as well as you. But I’m not resentful," he shared during an interview.
[caption id="attachment_35566" align="aligncenter" width="659"] Mr. Banga with his wife, Ritu[/caption]
The business executive was naturalised as a US citizen in 2007. And soon after that, Ajaypal Banga became the CEO of Mastercard, and also a member of its board of directors. When he took over the company, Mastercard wasn't in great shape. Instead of giving quarterly earnings guidance to the company's investors, Banga offered them a rolling forecast of where Mastercard would be in the next couple of years. "I told my investors, you should expect to see over the next three years is growing at an average growth rate of this to this, this range, within average profitability of this to this, this range. And I’m not going to make other commitments to you. I’m going to run my company. I want to grow revenue, not maximise my profitability," he shared. Almost all his strategies worked out and soon enough Mastercard stocks soared by more than 1,000 percent during his tenure, outperforming competitors Visa and American Express.
[caption id="attachment_35569" align="aligncenter" width="657"] Mr. Banga receiving Padma Shri by former President of India, Dr. Pranab Mukherjee[/caption]
Realising his potential in leading a financial institution, the former US President appointed Ajaypal Banga to serve as a member of the President's Advisory Committee for Trade Policy and Negotiation in 2015. The business executive was also elected as the chairman of the International Chamber of Commerce (ICC) succeeding Paul Polman. The Government of India awarded Banga the civilian honour of the Padma Shri in 2016.
Leading the World
Banga's appointment as the new President of World Bank has been applauded across the globe. As Banga takes the reins, the world economy faces significant challenges, including slowing global growth and high-interest rates. Low-income countries are expected to face a double shock from higher borrowing costs and reduced demand for exports, fueling poverty and hunger.
https://www.youtube.com/watch?v=9-tjY-DG5-0
With the bank estimating that developing countries will need $2.4 trillion every year for the next seven years just to address the costs of climate change, conflict, and the pandemic, Banga aims to balance World Bank's new objectives without diluting the pressing economic development needs of its member countries in developing economies. "Climate is important, but we don't want to have a trade-off where we have an agenda that will be climate versus development," the business executive said during an interview.
(January 12, 2023) Indian-origin former UK minister, Alok Sharma has been knighted for his contribution towards combating climate change by King Charles III in his first New Year Honours list. Sharma has been honoured for his 'incredible public service' in the United Kingdom and abroad. As the president of the COP26 summit, he took significant steps to tackle the global problem which holds great urgency, most importantly driving a historic agreement - the Glasgow Climate Pact between 200 nations. [caption id="attachment_33745" align="aligncenter" width="683"] Alok Sharma[/caption] In his New Year Honours list, King Charles III recognised the exceptional contribution of people who helped strengthen UK’s impact around the world. As the COP26 chief Sharma handled the challenging role with élan, devoting countless hours to virtual meetings and herculean globetrotting schedules. For the pivotal role, Sharma had stepped down from the cabinet post of secretary of state for business, energy and industrial strategy in former UK PM Boris Johnson’s cabinet. [embed]https://twitter.com/AlokSharma_RDG/status/1609093190270783488?s=20&t=j5g1wP0kQyDszvOj0Yn79w[/embed] Winning hearts Sharma garnered praise for his balanced leadership and developed a reputation as being a calm and effective leader during his one-year tenure. His affable demeanour has been well recognised since his early days in Britain’s politics. People sometimes describe
Sharma garnered praise for his balanced leadership and developed a reputation as being a calm and effective leader during his one-year tenure. His affable demeanour has been well recognised since his early days in Britain’s politics.
People sometimes describe me as 'No Drama Sharma'.
This statement of Alok Sharma became very popular with the media and the people at large.
After nearly three years as president-designate and a year of full-time presidentship, Sharma takes climate change and its solution seriously, often calling himself a ‘green growth climate warrior’ much to the delight of his family. Talking to Financial Times, the 55-year-old had remarked at the beginning of his term last year, its “the only time my children have been vaguely excited about my job.”
[caption id="attachment_33746" align="aligncenter" width="749"] Alok Sharma during his Presidentship at COP26[/caption]
Though Sharma’s tenure got concluded, managing climate change is a governing factor in his future career moves. “This is something I cannot let go off. I am fully invested,” he had told Financial Times.
Sharma in UK’s politics
A chartered accountant by qualification, who is also armed with a BSc degree in Applied Physics with Electronics, Sharma started his political career in 2006.He was elected as a Member of Parliament (MP) for Reading West in 2010. Having grown up in Reading, a town west of London, the politician calls himself ‘a Reading man.’ He managed support in his home town to get re-elected for the constituency in the 2015 general elections.
With a background in STEM, Sharma’s first role in UK’s political landscape was to serve as a member of the Science and Technology Select Committee between 2010 – 2011. Later, serving as the parliamentary private secretary (PPS) to Mark Hoban, the then financial secretary to the treasury for a year, he honed his skills as a politician.
Sharma was selected for a tenure as Conservative Party vice-chairman from 2012-2015. The Indian descent politician also served as the co-chairman of Conservative Friends of India in 2014.
Causes close to heart
His campaign for longer prison sentences for those convicted of death due to reckless drivingand to reduce the number of first-class carriages on trains running between Reading and London to increase standard class capacity, brought him closer to the masses.
[caption id="attachment_31655" align="aligncenter" width="676"] Sharma with school kids[/caption]
Following the death of two cyclists, Sharma had initiated a parliamentary debate on reckless driving and backed it with a petition, which had managed to gain more than 55,000 signatures. He has been committed to needs of kids in the sphere of education from the beginning of his political career.
The soft-hearted politician was tearful in parliament in 2016, when as housing minister, he described the heart-wrenching experience of meeting the survivors of a devastating fire in London that had killed more than 70 people.
Vital roles
An assignment that brought the politician close to his native country was his appointment as the prime minister David Cameroon’s infrastructure envoy to India. During his tenure he had remarked, “The India story is very compelling to British investors who are all chasing yield.”
[caption id="attachment_31657" align="aligncenter" width="889"] Alok Sharma with PM Modi during his India visit as COP26 President[/caption]
Thereafter, Sharma held some vital roles in the government, serving as minister of state for housing from 2017 to 2018 and as parliamentary under-secretary of state for employment from 2018 to 2019.
In 2019, former UK PM Boris Johnson appointed him as the Secretary of State for International Development. During the 2020 cabinet reshuffle, he was promoted to the post of secretary of state for business, energy and industrial strategy, an office in which he served until 2021 before he was appointed to lead COP26. During his COP tenure, Sharma retained his status as the member of the cabinet.
Inspiration of working for climate from family
The awakening towards managing climate change for a better future had been instilled in him at home, long before he was chosen as president-designate of COP.He considers his wife, two daughters and former US vice president Al Gore as the chief contributors to shaping his thought on global warming and climate policy.
[caption id="attachment_31658" align="aligncenter" width="703"] Alok Sharma with his wife[/caption]
Talking about mitigating effects of climate change he said in a video interview smilingly:
When I was selected as president-designate for COP26, I got a text from my daughter with the BBC link of the announcement and accompanying that was the three-word message, ‘get it done’. I feel the pressure to make sure to collectively get it done.
Stints in Germany and Sweden during his early career in banking and finance also introduced him to adopt lesser harmful ways to live on this planet. At that time, UK was not as mindful as the other two countries, when it came to simple things like segregating garbage, making his Swedish wife cringe. Eventually, she gave him lessons on how to live better. On a flight one day, he watched Al Gore’s famous documentary, ‘An inconvenient Truth’ from start to finish. The film changed the way he saw climate change.
The indelible marks
As the saying goes, behind every successful man is a woman. In Sharma’s case, it was his wife who urged him to consider a career in politics, although he had by then settled into senior roles in banking and finance. His career thrived and Sharma was associated with organisations like Coopers & Lybrand Deloitte, and the Japanese firms, Nikko Securities and Enskilda Securities.
Both his daughters also cared passionately about the healthy environment and that too influenced the doting father’s outlook on things. Upon insistence of one of his vegan daughters, Sharma even gave up meat to cut his own emissions. "Fatherhood in itself had an impact on how I wanted the planet to be for the future generation," he remarked.
The India connection
Like the newly elected UK PM Rishi Sunak, Sharma took his oath in the House of Commons on the Bhagavad Gita in 2019. Born in the Taj Mahal city Agra, he had moved with his parents to Reading as a five-year-old. He grew up and studied in UK with a Hindu upbringing.