The Great Integration: Technology, talent and transformation in Asia
Economic liberalisation, shifting global power, corporate ambition and technology cycles from the 1980s to the 2020s underline lessons on calculated risk, culture, innovation and adaptability in a volatile world shaped by Asia’s rise and artificia...
By Gaurav Dalmia, ET CONTRIBUTORS | Updated:
iStock
What does EBITDA stand for? Before I start, I have a question for you. What does EBITDA stand for? Now, we all know the accounting answer to this. It stands for earnings before interest, taxes, depreciation and amortisation. However, I was looking for a different answer. Hint: think geopolitics. The answer I was looking for was “earnings before interest and Trump’s deadly announcements”!
The 1980s: Perspectives of adulthood
American work ethic
I turned 18 in the 1980s. I will go through the decades and what I personally learnt. The 80’s were heady times for my generation. To me, America was very appealing. It's music, its intellectual heft, its economic strength, career opportunities there, it’s geopolitical clout, it’s work ethic. America-bashing may be in vogue now, but there was a lot to learn from America then, there’s a lot to learn from America now.
Indian reforms
Contrary to popular perception, Indian reforms started in the Rajiv Gandhi era in the 80’s. Ironically, the opening up of the Indian economy in the 80’s led to the foreign exchange crisis in the early 90’s, the controversial IMF loan, and the big-bang reforms that followed in 1991. As they say, the rest is history.
What is the greatest risk of all?
The Japan that can say ‘no”
In the 80’s Japan was dominating the narrative. It was not just Toyota and Sony. There was a moment in time when the Imperial Palace grounds in Tokyo were valued more than the combined real estate of all of California. Not sure if that number was correct, but that was the narrative. A book came out, written by the then Japanese Minister of Transport, Shintaro Ishihara. It was called “The Japan That Can Say No”. It challenged western hegemony. The long arc of that change is continuing today.
Remember GE?
One of the greatest companies in history has been General Electric. It’s a pale shadow of its peak self today. Of the 12 firms that Charles Dow put in the Dow Jones Index in 1896, it’s the only one that was still in the index till 2018. It had a market cap of $600Bn in 2000, which would be more than $1.2Trn in today’s dollars. It gave us the concept of management as a product, which you could transfer from one sector to another. It told us to be #1 or #2 in any sector or niche, or exit. That era’s “GE Way” is today’s “Blackstone Way” or the “Tata Way”. It’s legendary Chairman Jack Welch told us: “control your destiny or someone else will”. These management lessons are timeless. Lessons from GE are not just about business greatness but how even the mighty falter. Like from the “lost decades” of Japan from its peak in the early 90s, from GE we learnt both ambition and humility.
From operations to strategy to culture
Now let’s come to the 90s. As I started work, I thought the game was about operating efficiency. Over the years, as that variable got commoditised, it shifted to strategy. Then it moved to culture. I would submit that this change happens to all businesses as they scale. As a corollary, amongst individual managerial skills. Domain knowledge gives way to team management, and so on. In short, whatever you learnt in college becomes less and less important, and whatever you learnt on the football field or on a holiday with friends, becomes more important.
The road from intent to resources
When looking at business opportunities, we would do a hard headed analysis of the market, our resources etc. I quickly learnt what business founders know instinctively: intent comes first, resources follow. There are very few perfect decisions, there are mostly tradeoffs. To make a mark in this world, one needs to embrace uncertainty, take calculated risks, and most importantly, iterate repeatedly. In the cosy confines of business school, we had learnt SWOT analysis: strengths, weaknesses, opportunities and threats. In the real world, I learnt SOAR thinking: strengths, opportunities, aspirations and results. That’s how a Google or Tesla gets created!
Hong Kong and FILTH
In the 70’s and 80’s, there was an old British disparagement of Hong Kong: Failed in London, try Hong Kong. By the mid 90’s, in my travels I saw how that had changed. I saw Asia racing ahead. The streets of Hong Kong had the same energy as New York, and certainly more than London. Few people had realised it but the tables were turning. By the late 90’s, I was reaching the conclusion: as a young person, if you wanted to build a career, Asia would beat Europe hands down. Today, it’s very clear: the action is in Shanghai and Singapore, much more than in Frankfurt or London!
The 2000s: Thinking big
Niches are bigger than you think
As the 2000’s started and the venture capital scene took off, I learnt that niches are bigger than you think. Google looked like one feature in the mighty portal Yahoo. It went on to disrupt the global advertising market. The same is true for Greek Yogurt. Think Chobani in the US. It was valued at $20Bn in its last funding round in October 2025.
“Go big or go home”
These words are attributed to PayTM founder Vijay Shekhar Sharma more recently, but it was the defining philosophy of the tech boom in the 2000 era. We have seen remarkable growth in Indian businesses. We can see it with Bajaj Finance or HDFC Bank, with an Adani or a Reliance or a Bharti Telecom, with a TCS or a L&T. We are indeed in heady times, and probably in a unique time in the economic history of India and most of Asia.
Bill Gates’ warning
The Microsoft founder famously said: “We overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten years.” We see this all around us. Electric cars. The rise of industrial robots. Artificial intelligence. In history, the same dilemmas were there for the steam engine, electricity, digital computers, internet. These technologies transformed life. So, get ready to be transformed even more!
Consumer vs creator
As I approached 40, I had a question which I have not been able to fully resolve: Am I primarily a consumer or a creator? Do I devote my mindshare to consuming or creating? I saw many successful people plateau because they made the trade-off overwhelmingly in favour of consuming. That’s true for individuals and for societies.
The 2010s: Reflections on life
What’s the ultimate high?
Let’s come to the last decade. A few of us were talking and the question came up: What’s the ultimate high? I offered that success was the ultimate high, more than money or fame, more than the toys one can buy, more than even sex! This is what made Warren Buffett “tap dance to work” every morning. It’s an internal feeling, not an external validation. And that is what we should strive towards.
Life is not a blind taste test
As I grew older, I learnt to appreciate subjectivity. I learnt to understand that objectivity has its limits. One person’s irrationality is another person’s passion. Quit judging. Not just have instrumental values, not just be politically correct, quit judging!
Oh, and China
The rise of China in the last quarter century, both in scope and scale, has been mind boggling. Though they have their economic and political challenges, they seem to be one step ahead of the curve in so many areas. Take robots. China has 2mm robots today. It ranks #1, followed by Japan, South Korea and the US. I think 54% of the robots installed worldwide in 2024 were in China. I hear about all this geopolitical rivalry, but I think there’s so much to learn from them.
The 2020s: And here we are
Antifragility, not just resilience
Let us come to this decade. We all experienced the aftermath of Covid 19. Resilience is the ability to recover quickly from difficulties. Antifragility, on the other hand, is when something becomes even stronger in the face of challenges. The best recent example I can think of is Vellayan Subbiah’s acquisition of CG Power in November 2020. The TI Group paid something like Rs 700 crores to acquire 55% in CG Power, a “hairy” asset, amidst the uncertainty of Covid-19. Today CG Power is worth $11Bn or so. Just think about Vellayan’s bet. That’s antifragile thinking.
Artificial intelligence and the second order effect
Certainly, artificial intelligence is changing our lives. At the same time, there’s talk of a bubble in data centres. The standard optimistic argument is that no matter who wins the AI race, the AI infrastructure companies will win. Now, the problem with this line of thinking is that everyone is thinking like this. Therefore, the second order effect is that there is massive overcapacity being built. This reminds me of the telcos and the massive investment in “pipes” in the early years of the internet bubble. They had the same logic. The telcos eventually got their heads handed to them because of their own overcapacity creation. The winners were application companies. I think the same will happen in AI. I think I can bet where big money might be lost: they’re likely to be concentrated amongst AI infra plays. It’s just that we don’t know who the new winners might be, just as people did not know Amazon or Google or Facebook will be the big victors then.
Grindcore
From the tech world, I heard a new word recently: grindcore. It’s a combination of hard work and hustle. So, let’s grindcore!
Sir Muhammad Iqbal and closing words
To close, may I quote noted lawyer and the great Urdu poet Sir Muhammad Iqbal from the last century, widely known as Alammah Iqbal. It’s best said in Urdu: “Khudi ko kar buland itna, ke har taqdeer se pehle, Khuda bande se poochey, bataa teri raza kya hai.” It translates to: “Strengthen your inner spirit to the extent that before writing each turn of your fate, God asks you ‘What would you like me to write?’”. With this, I wish you all the best in life!
(Transcript of the talk by Gaurav Dalmia at the Asia Dialogues Forum Roundtable on 6th February, 2026)
The 1980s: Perspectives of adulthood
American work ethic
I turned 18 in the 1980s. I will go through the decades and what I personally learnt. The 80’s were heady times for my generation. To me, America was very appealing. It's music, its intellectual heft, its economic strength, career opportunities there, it’s geopolitical clout, it’s work ethic. America-bashing may be in vogue now, but there was a lot to learn from America then, there’s a lot to learn from America now.
Indian reforms
Contrary to popular perception, Indian reforms started in the Rajiv Gandhi era in the 80’s. Ironically, the opening up of the Indian economy in the 80’s led to the foreign exchange crisis in the early 90’s, the controversial IMF loan, and the big-bang reforms that followed in 1991. As they say, the rest is history.
What is the greatest risk of all?
ADVERTISEMENT
I was a student at Columbia Business School in the late 80’s. There used to be a bank called Bankers Trust at the time. They had an ad campaign that has stayed with me till today. It said: “The greatest risk of all is taking no risk at all.” It’s true, in business strategy, in individual careers, in scientific discovery, in politics!The Japan that can say ‘no”
In the 80’s Japan was dominating the narrative. It was not just Toyota and Sony. There was a moment in time when the Imperial Palace grounds in Tokyo were valued more than the combined real estate of all of California. Not sure if that number was correct, but that was the narrative. A book came out, written by the then Japanese Minister of Transport, Shintaro Ishihara. It was called “The Japan That Can Say No”. It challenged western hegemony. The long arc of that change is continuing today.
Remember GE?
One of the greatest companies in history has been General Electric. It’s a pale shadow of its peak self today. Of the 12 firms that Charles Dow put in the Dow Jones Index in 1896, it’s the only one that was still in the index till 2018. It had a market cap of $600Bn in 2000, which would be more than $1.2Trn in today’s dollars. It gave us the concept of management as a product, which you could transfer from one sector to another. It told us to be #1 or #2 in any sector or niche, or exit. That era’s “GE Way” is today’s “Blackstone Way” or the “Tata Way”. It’s legendary Chairman Jack Welch told us: “control your destiny or someone else will”. These management lessons are timeless. Lessons from GE are not just about business greatness but how even the mighty falter. Like from the “lost decades” of Japan from its peak in the early 90s, from GE we learnt both ambition and humility.
ADVERTISEMENT
The 1990s: A business lifeFrom operations to strategy to culture
Now let’s come to the 90s. As I started work, I thought the game was about operating efficiency. Over the years, as that variable got commoditised, it shifted to strategy. Then it moved to culture. I would submit that this change happens to all businesses as they scale. As a corollary, amongst individual managerial skills. Domain knowledge gives way to team management, and so on. In short, whatever you learnt in college becomes less and less important, and whatever you learnt on the football field or on a holiday with friends, becomes more important.
ADVERTISEMENT
The road from intent to resources
When looking at business opportunities, we would do a hard headed analysis of the market, our resources etc. I quickly learnt what business founders know instinctively: intent comes first, resources follow. There are very few perfect decisions, there are mostly tradeoffs. To make a mark in this world, one needs to embrace uncertainty, take calculated risks, and most importantly, iterate repeatedly. In the cosy confines of business school, we had learnt SWOT analysis: strengths, weaknesses, opportunities and threats. In the real world, I learnt SOAR thinking: strengths, opportunities, aspirations and results. That’s how a Google or Tesla gets created!
Hong Kong and FILTH
In the 70’s and 80’s, there was an old British disparagement of Hong Kong: Failed in London, try Hong Kong. By the mid 90’s, in my travels I saw how that had changed. I saw Asia racing ahead. The streets of Hong Kong had the same energy as New York, and certainly more than London. Few people had realised it but the tables were turning. By the late 90’s, I was reaching the conclusion: as a young person, if you wanted to build a career, Asia would beat Europe hands down. Today, it’s very clear: the action is in Shanghai and Singapore, much more than in Frankfurt or London!
The 2000s: Thinking big
Niches are bigger than you think
As the 2000’s started and the venture capital scene took off, I learnt that niches are bigger than you think. Google looked like one feature in the mighty portal Yahoo. It went on to disrupt the global advertising market. The same is true for Greek Yogurt. Think Chobani in the US. It was valued at $20Bn in its last funding round in October 2025.
“Go big or go home”
These words are attributed to PayTM founder Vijay Shekhar Sharma more recently, but it was the defining philosophy of the tech boom in the 2000 era. We have seen remarkable growth in Indian businesses. We can see it with Bajaj Finance or HDFC Bank, with an Adani or a Reliance or a Bharti Telecom, with a TCS or a L&T. We are indeed in heady times, and probably in a unique time in the economic history of India and most of Asia.
Bill Gates’ warning
The Microsoft founder famously said: “We overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten years.” We see this all around us. Electric cars. The rise of industrial robots. Artificial intelligence. In history, the same dilemmas were there for the steam engine, electricity, digital computers, internet. These technologies transformed life. So, get ready to be transformed even more!
Consumer vs creator
As I approached 40, I had a question which I have not been able to fully resolve: Am I primarily a consumer or a creator? Do I devote my mindshare to consuming or creating? I saw many successful people plateau because they made the trade-off overwhelmingly in favour of consuming. That’s true for individuals and for societies.
The 2010s: Reflections on life
What’s the ultimate high?
Let’s come to the last decade. A few of us were talking and the question came up: What’s the ultimate high? I offered that success was the ultimate high, more than money or fame, more than the toys one can buy, more than even sex! This is what made Warren Buffett “tap dance to work” every morning. It’s an internal feeling, not an external validation. And that is what we should strive towards.
Life is not a blind taste test
As I grew older, I learnt to appreciate subjectivity. I learnt to understand that objectivity has its limits. One person’s irrationality is another person’s passion. Quit judging. Not just have instrumental values, not just be politically correct, quit judging!
Oh, and China
The rise of China in the last quarter century, both in scope and scale, has been mind boggling. Though they have their economic and political challenges, they seem to be one step ahead of the curve in so many areas. Take robots. China has 2mm robots today. It ranks #1, followed by Japan, South Korea and the US. I think 54% of the robots installed worldwide in 2024 were in China. I hear about all this geopolitical rivalry, but I think there’s so much to learn from them.
The 2020s: And here we are
Antifragility, not just resilience
Let us come to this decade. We all experienced the aftermath of Covid 19. Resilience is the ability to recover quickly from difficulties. Antifragility, on the other hand, is when something becomes even stronger in the face of challenges. The best recent example I can think of is Vellayan Subbiah’s acquisition of CG Power in November 2020. The TI Group paid something like Rs 700 crores to acquire 55% in CG Power, a “hairy” asset, amidst the uncertainty of Covid-19. Today CG Power is worth $11Bn or so. Just think about Vellayan’s bet. That’s antifragile thinking.
Artificial intelligence and the second order effect
Certainly, artificial intelligence is changing our lives. At the same time, there’s talk of a bubble in data centres. The standard optimistic argument is that no matter who wins the AI race, the AI infrastructure companies will win. Now, the problem with this line of thinking is that everyone is thinking like this. Therefore, the second order effect is that there is massive overcapacity being built. This reminds me of the telcos and the massive investment in “pipes” in the early years of the internet bubble. They had the same logic. The telcos eventually got their heads handed to them because of their own overcapacity creation. The winners were application companies. I think the same will happen in AI. I think I can bet where big money might be lost: they’re likely to be concentrated amongst AI infra plays. It’s just that we don’t know who the new winners might be, just as people did not know Amazon or Google or Facebook will be the big victors then.
Grindcore
From the tech world, I heard a new word recently: grindcore. It’s a combination of hard work and hustle. So, let’s grindcore!
Sir Muhammad Iqbal and closing words
To close, may I quote noted lawyer and the great Urdu poet Sir Muhammad Iqbal from the last century, widely known as Alammah Iqbal. It’s best said in Urdu: “Khudi ko kar buland itna, ke har taqdeer se pehle, Khuda bande se poochey, bataa teri raza kya hai.” It translates to: “Strengthen your inner spirit to the extent that before writing each turn of your fate, God asks you ‘What would you like me to write?’”. With this, I wish you all the best in life!
(Transcript of the talk by Gaurav Dalmia at the Asia Dialogues Forum Roundtable on 6th February, 2026)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
ADVERTISEMENT
