World Bank Group President Ajay Banga — who previously led Mastercard and Nestlé — recently sat down with Nikhil Kamath to discuss why ‘luck favors the flexible.’ While celebrating the Indian diaspora’s famous ‘jugaad’ (Plan B) mindset, Banga noted that the success of elite leaders like himself, Satya Nadella, and Sundar Pichai stems from being a ‘self-selected’ group with unique access to education and opportunity.”
At the same time, Banga acknowledges that the Indians who actually live abroad, not just at the peak like himself or self-made billionaires like Satya Nadella or Sundar Pichai are a handful. Being a small subset, they are also “self-selected with the right education and opportunities.”
From tech billionaires ot CEOs, they are also someone who completed the majority of their education abroad, while Banga, as he described himself and quipped is the ‘ultimate Make-in-India.’
Indian values that kept him ahead of the curve
Recalling his immense faith in his early years, growing up in India with an Army background, Banga shared that his acceptance of diversity was a norm he took for granted. From celebrating Eid to Christmas together, to moving to college with an external acknowledgment of caste, he imbibed the sense of equality in way of work.
“These attributes are very useful, no matter where you go to work; even more so in the Western World where the respect for different people of different backgrounds was ingrained into your successes,” Banga shared.
Second, drawing from the poor infrastructure several indians grew up, pre-1990, there were broken roads and frequent powercuts is something the children of urban and modern India hardly encounter. Drawing from these challenges, his time at Nestle had him meeting goals by the thread. “You kind og learn the concept of Plan B and Plan C – That’s Jugaad. You learn it,” Banga added.
The emphasis of flexibility and the ability to adapt to new and challenging situations is what sets Indians apart. “Where there’s very little rigidity is what we learn.”
‘Life is 50% luck’
Coming from a man of his stature is astonishing but Banga opined, “Life is 50% luck,” adding further, “The other 50% is what you do with luck.”
Explaining further, Banga shared that the risks are what come with it and the willingness to take them is what defines what one does with luck. “I would argue that a lot of people leave their luck on the station platform and forget about it – they forget about it,” said the World Bank President, pointing out the problem with oblivion.
In the end he said, “It’s the risks you take and the opportunities you make out of the cards you’re dealt,” while pointing out how humility is a key driver of your success, along with the Indian values that inspire him, even today.