How to Become an India Mogul, According to This Zicklin Alum

Zicklin alumnus Anupam Ghose (MBA, ’94) returned to his alma mater in March to deliver a bullish talk entitled “India: The Emerging Giant” at the Weissman Center for International Business’ Mitsui USA Lunch-Time Forum.

Prof. Grein (left) interviews Zicklin alum Ghose (MBA, ’94)

In an interview with the Weissman Center’s director, Professor Andreas Grein, Ghose began by urging the audience of mostly Zicklin students not to fear failure. Admitting that he applied to the Zicklin School’s MBA program after failing at starting a business in his native India, Ghose said, “I’ve failed at most things I’ve done. But you pick yourself up and dust yourself off.”

He also emphasized the importance of luck, calling it “the most underrated factor” and observing, “The harder I’ve worked, the luckier I’ve gotten.” Of his history working in hedge funds—the dream of many a student in the audience—he noted that the average hedge fund only lasts eight years and that one needs to be resolute and have a “thick skin” to work in this business.

But Ghose’s main reason for speaking was to promote investment in India, whose $4.1-trillion-dollar economy is growing by 7.5 to 8 percent per year, he said. (It has been the world’s fastest-growing economy every year since 2021.) This extraordinary growth rate is driven by the country’s “demographic dividend,” Ghose explained—referring to its massive population of nearly 1.5 billion people. Each Indian citizen represents $2,000 of the country’s GDP (gross domestic product) in purchasing power. India is a young country, with a median age of 29. Because young people are the main drivers of consumption, especially of high-end items like cars and smartphones, Indians’ spending tends to be concentrated in durable, aspirational purchases; those purchases stimulate related spending on services, accessories, credit-financed upgrades, etc., which in turn encourages more consumption, creating a self-sustaining consumption cycle.

Other points in India’s favor include a highly advanced digital infrastructure for KYC (Know Your Customer) procedures to prevent fraud and money laundering; a cultural emphasis on education that has produced excellent engineering schools; inexpensive defense manufacturing, including capabilities for space exploration; and an infrastructure that is not stellar but nonetheless rapidly improving.

Prof. Grein noted that The Economist magazine had recently predicted that India would be the third-largest economy in the world by 2029 and asked if Ghose agreed. Not surprisingly, he did.

Indeed, if India’s economy continues growing by at least 7.5 percent, the math is indisputable. Germany, the current third-largest economy in the world after the United States and China, has a GDP of $5.238 trillion according to the International Monetary Fund, while India’s is currently $4.5 trillion (note: Ghose did not use IMF figures). India has already almost outpaced Japan, currently the fourth-largest economy, but Japan’s growth rate is so low (less than 1 percent) that Ghose didn’t even mention it.

In 2027, assuming Ghose’s 7.5 percent growth rate continues, India’s GDP will be $4.83 trillion. In 2028, that will increase to $5.2 trillion, and in 2029, to $5.57 trillion. Unless Germany’s growth rate, currently just 0.2 percent, miraculously mushrooms, India will overtake it very soon.

For students considering working or investing in India, Ghose offered plenty of advice: The country consists of 600 kingdoms woven into a common country by the British, with a common language (English) and government. India possesses “mind-boggling” diversity, a multitude of languages and religions. Some of the largest Indian companies are Wipro and Infosys, and both have been ahead of the curve on AI. Students seeking to build an India-forward career should seek experience gaining international awareness and leading cross-cultural teams and differentiate themselves via “soft skills” in presentation, public speaking, and subject matter expertise.

“These soft skills, combined with AI tools, will distinguish you from the rank-and-file,” Ghose concluded.

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