IITBHF and IITBAA (http://www.iitbombay.org)

Director Misra, the Board of IIT, the distinguished IIT faculty, today’s graduates and families, and alumni and friends.

Good afternoon, and thank you for the privilege of being here. I’m deeply honored to be your Chief Guest today. 31 years ago, I was a nervous graduate in this hall. As a guide to future life, I had just seen the newly released film, “The Graduate” with Dustin Hoffman. I have to tell you my life was a lot less colorful – but, as the world’s largest issuer of credit cards, “plastics” turned out to be important to me.

You are fortunate to be graduating from what is now globally recognized as one of the great institutions. It may be difficult to believe, but the pain and torture inflicted by your professors over the years will shape your intellectual process and decision making for the years to come. The combination of rigorous thinking, hard work and fundamentals is what you have got from this great institution, and they will be the building blocks in whatever career you may choose.

My first piece of advice is – brush your teeth regularly. I’m not a dental freak or a spokesman for Colgate, but teeth, as a metaphor for general health, are important. You are all fresh graduates ready to conquer the world. Your IIT education is far more durable and far more adaptable than your body parts. So, take good care of the maintenance of your chassis, your professors have already put Intel inside.

You are going out into a world that has immense opportunities and formidable challenges. You can get cross-eyed trying to figure out the political, economic and financial changes taking place, but I’ll suggest to you that there are these fundamental trends driving this. There are globalization, technology and markets. Used well, they can be powerful engines of growth – and, it is my thesis that the IIT uniquely prepares you for this. Let me explain.

Globalization of people, technology, finance, consumer products, ideas, etc., is here to stay. This is a genie that can never be put back in the bottle. It arouses deep fears and suspicions – witness Genoa and Prague and Seattle. But, the free flow of capital and products and ideas and people is probably the single biggest engine of growth the world possesses and can drive millions out of poverty. But, dealing in this new world of globalization needs new skills. It’s not enough to know India, it’s not enough to know the United States – you have to be able to deal with Brazilians, Mexicans Thais, Chinese, Kenyans and Russians. Today’s global workplace demands that you are able to cope with this. It means that you must be able to understand and master complexity. In a strange way, the IITs help here. Due to the miracle of their impartial entrance exams, the IIT class is (a) extraordinarily bright, (b) extraordinarily eclectic. When I look back at my IIT group – among them were a Chitpavan brahmin, a Parsi, a Christian, a Kashmiri, a Tamilian, a Nepali and a Sikh. Very different backgrounds, religions and languages. Yet, we all had to pull together. I submit to you that this is a unique part of your education. Developing a broad culture bandwidth is one of the key requirements of the modern global workplace. You have to be able to walk into a room of Dutch and Argentines and Brits and Filipinos and know where they are coming from and unite them to a single purpose. This culture bandwidth is something critically important that you have to constantly seek to expand in the new global marketplace.

I don’t need to stand on this podium and talk to you about technology. But, as people here discovered over the last year, it can be a great creator and destroyer of wealth, careers and companies. Technology is either at your feet or at your throat. I know where I would like it to be. The point is no matter whether you are in telecoms or banking or chemicals or airlines, decisions about technology are the hardest, most expensive, most important decisions you will make. Here again, the IIT focus on fundamentals are critical. Technologies come and go, much of what you learnt may change five years from now – but, the fundamentals remain. It is clear from all the rubble in Silicon Valley that those people who focussed on core and fundamental technologies prospered, and those caught up in the dot.com marketing phase got burnt up. I took Professor Kamath’s EE course. For 31 years after, I never met an electrical circuit that I really liked; but, the rigor of analysis, the discipline of process thinking and the drive for the right answer remains in everything I do. I rarely take an important decision without thinking of Professors Kamath, Bedford, C. Balakrishnan and Jimmy Isaac looking over my shoulder. It’s enough to keep you awake at nights.

Markets and global markets are another important trend. I belong to an institution that trades huge volumes in the financial markets – foreign exchange, money markets, stocks and bonds. The power of markets is awesome to behold and frightening to many. But, at their heart is free flow of information. People or governments can no longer control that. We all live in markets of one form or the other. Understanding how they work, reading their signals in a disciplined, intellectually-honest manner and using them to our advantage is a key part of operating in the new world. Again, markets are ruthless in focussing on fundamentals, on values and good behavior. You can run, but you can’t hide. IIT teaches you that.

I’m convinced that these three trends – globalization, technology and markets will shape the world you seek to build your careers in. I’m convinced that the IIT experience prepares you very well for the new global order. The proof is there to see. We all should take great pride in the alumni of the IITs – they are the movers and shakers of Silicon Valley, the wizards of Wall Street, the stars of academia and the CEOs of global companies in airlines, chemicals, insurance, banks, consulting, telecom, etc. It’s an impressive record. The only area where we haven’t made a name for ourselves is sports. But then beating IIT Kharagpur didn’t really require Olympic standards!

I think we must all understand that we are deeply privileged to have received the finest education anywhere, here at IIT. I can assure you that appreciation will grow with the years. But, with this privilege comes a few responsibilities – you owe your country, and you owe IIT. Let me explain. To build these temples of learning and excellence in a sea of obvious poverty took foresight and courage. We have to give back. Many of you will go to the U.S. for higher schooling. America is a seductive goddess. It showers you with unbounded opportunity, freedoms and money. In some form or the other, I would hope part or all of your career would involve India. I won’t tell you what to do – I’ll tell you what I did. When I graduated, like most of my class, I went to graduate school in the U.S. When I finished at MIT, I returned to India at a fraction of the U.S. salary offers. I spent the first 10 years of my career in India, and I’m convinced they were the most formative years of my career and launched me in the organization. The challenges of running a business in India, the excitement of dealing with bright people and the creativity to live within the system is great experience. Think about it – the best time to do it is early in your career. India doesn’t need your money – it needs your time, talent and creativity. It doesn’t matter whether you work in a start up, in government service or for a company – you can make a difference. Our second responsibility is to the IITs. We are all incredible beneficiaries of its education and brand name. Both can get eroded. The Institute needs funding for basic capital needs and to build world-class facilities for world-class faculties. Funding of research is critical. And, funding young world-class professors is important to the future. Coming back to teach would be the ultimate repayment. So, the IITs need your money and your time.

As you become Masters of the Universe, I hope you won’t forget your alma mater. Several of us formed the IIT Bombay Heritage Fund to help channel ideas and money. So, wherever you are, I hope you will stay in touch.

You are going out into the brave, new world armed with a formidable education. But, there are a few personal traits that are important – so, I hope you can stand a few more minutes of advice from this ancient alum.

There are just five points of advice. I’m sure you have got some of this from your parents as I have from mine.

1) Learn to embrace complexity. Dealing with it makes you grow. Don’t get stuck in a comfortable rut. Take risks, learn something new every day. Expand your bandwidth.

3) Your family is a critical base. Your family will be there when your career goes. Marry well (don’t I sound like your mother?) – it is the most important decision you will make.

4) Don’t limit yourself. There is an exciting world out there with boundless opportunities.

5) Live below your means. You are not defined by the money you spend. High thinking, simple living works when you are in Hostel 8. But, make it work when you make it big.

That’s all the advice I have. I congratulate you, the graduating class – getting out of IIT is just as hard as getting into IIT. I congratulate each of you on what you have accomplished and wish you well in the years ahead. You have great, exciting opportunities ahead of you, and you will excel in the fine tradition of your alma mater. Good luck, all the best . . . and don’t forget your teeth. Brush them regularly and brush them well.

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