India is in a great position to play a significant role in a multi-polar world due to advantages of age, access and aspiration, said Nick Studer, global CEO of top consulting firm, Oliver Wyman Group. He believes that the product-level as well as systemic-level innovation taking place in India will boost productivity and facilitate the flow of commerce and finance in a way that no other country has been able to achieve. In a chat with Vinod Mahanta, Studer talks about the India opportunity, making a play in the Indian consulting market and why consulting Arms are now under intense scrutiny. Edited excerpts:
Do you believe that India, now, possesses a realistic opportunity to establish itself as a leading global economic power?
Yes, absolutely. I see tremendous opportunities in the short, medium, and long term for India. There are a host of different reasons why I believe this. The level of ambition and self-demand is remarkably high. The innovation happening here is not limited to just product-level innovation. What really interests me is the innovation at the system level. The digital ecosystem, the digital stack, the ONDC, the payment systems, and the single identity information that underpins much of this architecture are genuinely innovative. They will boost productivity and facilitate the flow of commerce and finance in a way that no other country has been able to achieve. Furthermore, looking at the longer run, I believe that in a multi-polar world, India is in a great position. There are several advantages at play. We refer to it as age, access, and aspiration. The ageing demographic advantage is already becoming evident, and the age of the population bodes well for innovative growth. Second, the access point is the digital stack and the opportunities it provides. Finally, the aspiration I sense every day further reinforces India's potential. As the largest democracy with strong organisation and potential, I believe India has a significant role to play in a multi-polar world. This could solidify India's future prospects.
Do you sense excitement in global boardrooms about the India story?
If I judge it solely by our little slice of the world, we have had more discussions with CEOs of global organisations about our views on India in the last two years than ever before.
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