India moving from efficiency-driven to resilience-driven globalisation, says KPMG India CEO
New Delhi: At the ET Now Global Business Summit, a central question emerged across panels, featuring leaders from aerospace, private equity, inclusive finance and consumer brands: How can India strengthen strategic sovereignty while remaining deeply integrated with the global economy that fuels its growth?
Yezdi Nagporewalla, CEO of KPMG in India, said on the sidelines of the summit, "Strategic sovereignty, in business terms, is about resilience without isolation. It means having diversified supply chains, trusted technology partnerships, strong domestic capabilities and the agility to operate across jurisdictions without overdependence on any one geography."
For Indian multinationals navigating volatile geopolitics, the choice is not between nationalism and openness, he argued. Instead, firms must engineer systems that absorb shocks without fragmenting global linkages. "This is not a binary choice. India must stay deeply integrated globally while strengthening domestic capabilities. The right approach is ' global integration with calibrated risk management', which means being compliance-ready, diversified, and geopolitically aware and measured," he said.
Technology surfaced repeatedly during the summit as a pillar of sovereign capability. As data governance debates intensify worldwide, India faces a balancing act between domestic infrastructure and global digital ecosystems. Nagporewalla dismissed the idea of a forced trade-off. "India doesn't need to choose one over the other. We must build secure local digital infrastructure while actively shaping open global standards. Data protection and cross-border innovation can coexist with the right regulatory clarity," he said.
Despite sectoral differences among panel participants, he identified common patterns in how resilient organisations are being built. "Three themes stood out: capital discipline, technology depth and talent pipelines. Whether aerospace or consumer brands, resilience today is built on supply chain visibility, digital adoption and strong governance," he said.
Talent, in his view, is India's most strategic asset. But demographics alone will not guarantee advantage. The conversion of population into capability requires deliberate institutional design. "India's demographic dividend must convert into a skills dividend. Firms need structured industry-academia collaboration, investment in AI and deep-tech skilling, and global mobility frameworks that make Indian talent indispensable," he said.
The macroeconomic backdrop of fragmentation is also reshaping expectations from advisory firms. Clients, Nagporewalla noted, are no longer seeking retrospective analysis. They want anticipatory intelligence. "Clients today expect foresight, not hindsight. Professional services firms must combine domain depth with geopolitical insight, tech-enabled delivery and uncompromising governance standards," he said.
Innovation policy emerged at the summit as another fault line where sovereignty and collaboration must coexist, particularly in AI and climate technology. For India, leadership will depend less on isolation and more on agenda-setting.
"India should anchor R&D domestically but collaborate globally. Leadership in AI and climate solutions will come from standard-setting, responsible innovation and public-private partnerships," he said.
Asked whether the globalisation model of the past three decades is ending, he characterised the moment as evolution rather than rupture. "We are witnessing redesign, and while globalisation will continue, we are moving from efficiency-driven globalisation to resilience-driven globalisation. Indian businesses must adapt to these changes, leveraging both local strengths and global opportunities," he said.
On the long arc toward India's 2047 economic ambition of transitioning into a developed country, he struck a tone of structural optimism tempered with urgency, "Structurally, yes, India has made significant progress. The foundation is strong, yet we must remain committed to addressing challenges such as regulatory bottlenecks, skill gaps and technology adoption. With sustained effort and visionary leadership, India is poised to deliver on its aspirations," he said.
If the next 18 months are decisive, three execution priorities could determine India's global standing, according to him.
"First, accelerate digital and physical infrastructure development to support global competitiveness. Second, fast-track AI and deep tech capability building, and third, focus on skill dividend and outcome-based collaboration between industry and academia. These, along with strategic international partnerships - balancing national interests with global collaboration to drive sustainable growth-would position India as a confident, resilient leader on the world stage," Nagporewalla said.
As the summit closed, the consensus was clear: India's next chapter will not be written by insulation, but by intelligent interdependence. The grammar of globalisation is being rewritten, and resilience is becoming its dominant verb.
Yezdi Nagporewalla, CEO of KPMG in India, said on the sidelines of the summit, "Strategic sovereignty, in business terms, is about resilience without isolation. It means having diversified supply chains, trusted technology partnerships, strong domestic capabilities and the agility to operate across jurisdictions without overdependence on any one geography."
For Indian multinationals navigating volatile geopolitics, the choice is not between nationalism and openness, he argued. Instead, firms must engineer systems that absorb shocks without fragmenting global linkages. "This is not a binary choice. India must stay deeply integrated globally while strengthening domestic capabilities. The right approach is ' global integration with calibrated risk management', which means being compliance-ready, diversified, and geopolitically aware and measured," he said.
Technology surfaced repeatedly during the summit as a pillar of sovereign capability. As data governance debates intensify worldwide, India faces a balancing act between domestic infrastructure and global digital ecosystems. Nagporewalla dismissed the idea of a forced trade-off. "India doesn't need to choose one over the other. We must build secure local digital infrastructure while actively shaping open global standards. Data protection and cross-border innovation can coexist with the right regulatory clarity," he said.
Despite sectoral differences among panel participants, he identified common patterns in how resilient organisations are being built. "Three themes stood out: capital discipline, technology depth and talent pipelines. Whether aerospace or consumer brands, resilience today is built on supply chain visibility, digital adoption and strong governance," he said.
Talent, in his view, is India's most strategic asset. But demographics alone will not guarantee advantage. The conversion of population into capability requires deliberate institutional design. "India's demographic dividend must convert into a skills dividend. Firms need structured industry-academia collaboration, investment in AI and deep-tech skilling, and global mobility frameworks that make Indian talent indispensable," he said.
The macroeconomic backdrop of fragmentation is also reshaping expectations from advisory firms. Clients, Nagporewalla noted, are no longer seeking retrospective analysis. They want anticipatory intelligence. "Clients today expect foresight, not hindsight. Professional services firms must combine domain depth with geopolitical insight, tech-enabled delivery and uncompromising governance standards," he said.
Innovation policy emerged at the summit as another fault line where sovereignty and collaboration must coexist, particularly in AI and climate technology. For India, leadership will depend less on isolation and more on agenda-setting.
"India should anchor R&D domestically but collaborate globally. Leadership in AI and climate solutions will come from standard-setting, responsible innovation and public-private partnerships," he said.
Asked whether the globalisation model of the past three decades is ending, he characterised the moment as evolution rather than rupture. "We are witnessing redesign, and while globalisation will continue, we are moving from efficiency-driven globalisation to resilience-driven globalisation. Indian businesses must adapt to these changes, leveraging both local strengths and global opportunities," he said.
On the long arc toward India's 2047 economic ambition of transitioning into a developed country, he struck a tone of structural optimism tempered with urgency, "Structurally, yes, India has made significant progress. The foundation is strong, yet we must remain committed to addressing challenges such as regulatory bottlenecks, skill gaps and technology adoption. With sustained effort and visionary leadership, India is poised to deliver on its aspirations," he said.
If the next 18 months are decisive, three execution priorities could determine India's global standing, according to him.
"First, accelerate digital and physical infrastructure development to support global competitiveness. Second, fast-track AI and deep tech capability building, and third, focus on skill dividend and outcome-based collaboration between industry and academia. These, along with strategic international partnerships - balancing national interests with global collaboration to drive sustainable growth-would position India as a confident, resilient leader on the world stage," Nagporewalla said.
As the summit closed, the consensus was clear: India's next chapter will not be written by insulation, but by intelligent interdependence. The grammar of globalisation is being rewritten, and resilience is becoming its dominant verb.
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