Modern tycoons lack Jamsetji Tata's ability to combine private interest with public purpose: Sunil Khilnani

One rode the 'rollercoaster markets' in the 19th century, the other called himself 'the bigger shark' There are two businessmen among the 50 Indian figures profiled by Sunil Khilnani in his latest book. They are Jamsetji Tata and Dhirubhai Ambani. The author spoke about both at a recent event at the Asia Society in Mumbai. Khilnani discussed the "absurdities of persistent stereotypes" in Indian history, like " the belief that India has only recently woken up to globalisation".

"Well, begging to differ from that would be the city's ( Mumbai's) famous entrepreneur, Jamsetji Tata," Khilnani said. "He rode the rollercoaster markets in the 19th century, skewed as they were in favour of the colonial interests to build the corporate empire that now owns everything from Tetley Tea to Land Rover."

He added, "As I show in my book, he also came to embody something that is quite scarce in contemporary tycoons. And that is, a deep sense of responsibility to the workers of the society to prosper. An ability to combine private interest with public purpose."

As for the other businessman in the book, Khilnani said, "Contrast that, with another entrepreneur of this city, Dhirubhai Ambani . An amazing story of a young man who worked his way up from a Gujarati village by being, as he himself said in his own words, ‘the bigger shark’. I’ll show how he built his fortune and that of his sons’ by considering inequality not as a social problem but a brilliant corporate strategy."

Khilnani is an Avantha professor and director, King's India Institute, King's College, London. His book is a compilation of the profiles of 50 Indians, their lifetimes spanning centuries. They include poets, artists, mathematicians, kings, engineers, a tribal healer and a visionary. Some figures are little known, others quite famous.