Larger use of Internet forcing companies to transform in India: ICICI Bank MD and CEO Chanda Kochhar

HYDERABAD: The India story today got some unqualified support from ICICI Bank MD and CEO Chanda Kochhar, who said it remains "a very, very bright spot" because of its young demography and has leapfrogged technology like none other.

Driving the change is increasing use of Internet, which is changing the business model in India where technology is driving companies to transform themselves, she said.
Kochhar was speaking as the chief guest at the Graduation Day ceremony at the Indian School of Business (ISB) here.

"Global economy continues to be very uncertain, very volatile. India is a very, very bright spot," she said, laying a premium on its young demography. She reminded the audience that one has to learn all the time as "skills become obsolete in no time".

"Illiterates of 21st century are not going to be those who cannot read or right. Illiterates of 21st century are going to be those who cannot learn, relearn and unlearn," Kochhar said.

ISB Dean Professor Rajendra Srivastava said it is "heartening" to see that the alumni are already taking on leadership positions.

"We now have over 400 alumni who have moved into CXO positions in the corporate world," he said. " The alumni of ISB (which has now completed 15 years) have also started over 400 businesses."