ET World Leaders Forum: India can benefit from global shifts if it adapts quickly, says Bain & Company chairman Manny Maceda

New Delhi: India has an opportunity to benefit from a world being reshaped by artificial intelligence, geopolitical tensions, tariffs, energy security and changing capital flows, but it will need to build the ability to adapt quickly as industries are disrupted, said Manny Maceda, chairman of Bain & Company. "India has been at the centre of disrupting industries for as long as it has been a successful participant on the global stage," Maceda told ET in an interview. "This is a special time in the world that India can benefit from if it plays it right."

Four dynamics - AI, post-globalisation, energy and the changing cost and availability of capital - are transforming business, with their influence varying across countries and industries, said Maceda who joined Bain back in 1989.

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The era of firms being able to "make anything anywhere, sell it anywhere and move talent anywhere" is ending, and global organisations need to be more intentional about where they invest, operate and deploy talent, he said.

There is no longer the "truly global CEO" as there used to be. Companies have to choose which nations they want to be in, and where to put their assets, he said.

This provides an opportunity for India as China, Europe and regions of the Middle East become increasingly complex markets for global investors, Maceda said.

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India continues to be a compelling destination, especially as corporations are relooking at their supply chains and investment portfolios, he noted. One promising new avenue is the influx of Japanese capital into India's economy, Maceda said. Indian and Japanese corporations are increasingly exploring an investment corridor from Japan through Southeast Asia into India, around China, he added. While the sheer size of the Indian market is an attractive proposition for global companies and investors, India cannot rely solely on its population to attract investment, Maceda said. Its attractiveness differs from industry to industry.

According to the Bain chairman, the market size and expansion are important advantages for consumer firms but more crucial considerations for business-to-business enterprises and investors are purchasing power, returns and where India stacks up against alternative markets.

That is why India's industrial strategy should focus on building capabilities that allow companies to respond quickly rather than trying to predict every change, he said. "Industries are going to be disrupted," Maceda said, arguing that the ability to "make the right turn fast" could become an important competitive advantage. It's the same for AI.

Maceda said many organisations are treating AI as "just another technology deployment" and not translating that investment into financial returns.

According to Bain, 85% to 90% of organisations that are adopting AI aren't yet realising major benefits, while the 10% to 15% that are doing it properly are seeing improvements in both revenue and costs. "AI is not another technology to deploy, it requires organisational change," Maceda said. "Companies need to reimagine work and address employees' reservations about the technology."

India, he said, needs to think about AI not only as a participant in the new technology stack but also as a user of AI to improve productivity. "At a minimum, if this is a country that really embraces disruption, change, scaling up...you should figure out how to lead in the use of AI to actually enhance productivity," he said.

AI will also have a huge impact on consulting, Maceda said.

He expects consulting businesses to move away from traditional structures and provide a larger array of commercial models, including those that tie their rewards to their clients' outcomes, but he doesn't expect one billing model to replace old structures.