i think it's invested in india right now in this on a roll as well. i mean, there is no, nobody wants to be left behind a we have some of the most successful merchant national companies. i knew it was the same company, so i'm not familiar with this kind of money in china. i think i always felt i was a bit of a physician and bullied that there was people out. they were just waiting for me to feel free to, you know, i mean, it shouldn't be fine. i mean, most of my korea, i've spent positioning in deal because i worked with foreign bags. and a lot of our work was trying to bring capital into the, to hello and welcome my name is on a problem to make them to my show in this double and an uncertain world of today. the focus now more than ever is on india bought a guess today is the former country head of at sbc in the next president of the foundation of in chambers of commerce and industry may not allow kid. why isn't

indian banker chartered accountants and business executives? she was not only the 1st indian woman to get an m, b, a from harvard business school, but also the 1st woman to lead a foreign bank in india. and she has served on various boards and has been involved in the numerous rules as an advisor for the indian government, including prime ministers, trade and industry council, and 2013. she was awarded the pod must read, one of india's highest civilian honors for her contributions to trade and industry . nina is a strong advocate for ginger diversity in the workplace, and is deeply involved in philanthropic activities, particularly in the fields of health care and sanitation. coming in a lot of good. thank you and such an honor to be here with here today. no, i'm so happy. i'm so happy that you have come. you come from a legacy family. what was it like growing up?

well, i would love to say that i was fortunate to have of a progressive parents of father and mother who delighted in the achievements of mine. and my sister who went on tools to become india is needing golfer and his students one of into is needing a coaches in gauze and that are janell warranty. and in my case, my sort of trajectory much more into the finance of my father was the you of an insurance company. so she took the golfing gmc, was an absolute because fanatic. and i took his financial jeans. oh, and i think the listen for a lot of us is how important father is in the she. the thing of us goes as we go up itself and just lift mothers, it's left to y to families because the funds are busy of their working. but i put together a book i knew from co t women and paul, ok. their voice has their stories and almost with one voice. every one of these

women achieved was the biggest influence in their life. was that father's? and what was the strict in his teachings? annoyingly to you, or was he affectionate to loving? how is it a man of great integrity, very busy, affectionate, but not physically, demonstrably. so, but boy of his day for me. and though i had a lot of influences the that was a not content in nature. so, so at every stage of my career, particularly, i wanted to go off to do an m, b, a at the harvard business school of uncles with real detractors and sort of trying to influence my mother into, you know, she's just 22 years old and i'm going to send her off to the us, you know, she's never come back a, she get married to a phone or no, and it has all of this nonsense. and i, luckily, luckily had a father who understood my aspirations for myself and the mother who didn't let any of this get in the week. and the good part of it is because i had all these nice

fields of how it was going to be a waste of money and time that so i was out to prove them wrong to do it wrong. so it's head sometimes to have those negative influence or yes, because they can become big positives and life. and you're the 1st one to go to harvard business school. how is it being and then women in less than 1982. huh. well, you know, i didn't go there knowing i was the 1st step one month into the school having started i was someone to the office and i thought, oh my god, those men exactly. okay. i don't know what have i done and they was, they gave me a little check and they said you were the 1st and didn't women and, you know, the business school is amazing. so, so that's how i lot about it. when i was there in the eighty's, so this was 90 to reach it to it was very little news in india and for the email there was no television in those days. you relied on newspapers that will give reporting on india with about families in floods. and poverty, and we have a scene as a nation of sneak thomas and effects on not for what we are going to do

a so a lot of energy and time on my part. you mentioned to educating my classmates in to what we are about. and the 2 visas that they used to be taught at the harvard business school and the 2 and a half cases that they had at the time. where is this, how corporate struct auto and do an id, haven't had to even deal in the days when we worked because with the cetera directions to fire change, regulation act with indian companies were foreign companies were not allowed to hold more than 40 percent. so it was a very negative treatment and understanding of india, even at the business school today, that same business school has a research center in, in do and what's new cases. and some of the important clauses happened on indian cases. i mean, most of my career i've spent positioning in deal because i worked with foreign bank and a lot of our workforce trying to bring capital into india. and it used to be in a post story trying to settle the in the story. you know,

2515 years ago. what do you think the perception changed? because if we can get to new york, they're becoming more educated about and deal with both. but most certainly the latter to see the doctor to and read to became a lot of clicked on friend b, 200. i'm just happy to go to the the, the big change and 1992. i mean in the opened up yes. and with that opening came uh, a marketing of india abroad, the desire to bring capitalist into india, both in terms of what we call for an institutional investors into our capital markets. but also the foreign direct investment companies being actually invited to come in. and with that change, i think we've been able to ensure that those that have come has made good money, have stayed hill. we have some of the most successful multinational companies a new into what the same company is. i'm not me, this kind of money in china. we look at the success stories and some things like

you need either in india, in the san deavers and the scale of the engine operation, which is, you know, using the a quarter of what's needed globally. or even banks like i worked with a, with india, i was amongst the top 5 even when i will see you of the bank of top 5. and the agents, me see system in terms of profit and performance. and equally to do, you know, maybe rising to be amongst the top treat. so the subsidiaries that are in deal in successful m. n c's, a very important subsidiaries of the multinational companies. and the success stories as which by others will see what it is they can do it. so can we, right. and so we can get more and more the excitement to come in and invest in our story. and right now in gears on a route, i mean there is no, nobody wants to be left behind the be a really beautiful point in all history, which we must brad with both hands. i totally agree with you. what you went into banking hope chauvinistic was the environment when you started really, you know i,

i have to see that icon. seeing that i was discriminated. ok in any way. i think the business school degree helped me because it was sort of a top of great ability of good. uh, i was also fortunate to be working in investment banking. me where you kind of sink or swim based on the dean to do. it's very obvious for succeed what he told me. so it was hard for bosses to dispute what you had done because it was your dean and nobody else could really came credit for it. so i think for these factors helped me, if at all there was sort of strain which was much more of an india in the corporate world, it was a hierarchy to me and that tends to go more to age. if you be young with creating more of a challenge and trying to move it into what was a meritocracy to getting rewarded for which one did not for the age,

which explained to him the company was fuzzy. more of a challenge than know the gender thing. so what was your driving force? what was it that does make you go for it? i just felt every time i met other people and who was successful in good, i did with many listen to know me. and i would often think when, if he or she would do it and more, he's and she's been why not i, what does it take me to be there? the big driving force, of course, often was the nice is the people who would say, oh, i mean, you know, she's human. so she's a lightweight or the own codes and had said in the past that education is ways for him. and she in time she has to get them married. so it's nice see us at every stage that i guess have elizabeth competitive. i paid a lot of support. some of the outlet, which was your favorite is good. but i, i paid basketball for the school for the state. i played badminton for the school in state. uh so yeah. so primarily those to be able to spin one give i gave them up

soon after college. oh, but the competitiveness of knowing what it seems like to renew was stayed with me and i think that drove it to that. it was always a little bit of i can get the if i want to, if i will cod until i there was always encouragement at the homefront to help me drive my says into directions that i felt really important for me all to do dealing with the failures in early stages of your life. very bad, very bad thing because you feel as juvenile, anybody and secure. and unsure here says, as a young person who may not show it to me, but he just thought i'd is the feel feels like this has to collapse. this is doing, steve, and i think is a woman's. i always felt i was a bit of a vision and boy, they were people are, they were just reaching for me to feed maybe towards, you know, i mean the mention the bank. so you're physically to sort of let down all of them

and find not just just says i'm that put a hell of a lot of stream on one. so i see if i hadn't had that i might have had more fun than i had. the pleasure to see is in the process. but uh, i think at the end of the day i learned at the, again, my father was a big thoughts with an influence to really help me understand that feeling of was always the listen going forward. of it. it was only a feeling if i didn't know and what the lesson was. and some of the most interesting turning points in like 3 of a points with which looked like female. but when i look back, actually shaped, which was a very important mix, still victims for myself. how is the banking and corporate industry in india changed over the past few decades? so how i go about, i mean, when i entered the industry, we made our fortunes on federal guidelines, which was companies that in your team,

they shares and into and going out to be it's absolutely the way we want companies to come into india when i started my career, we did not have to stock exchanges. the bomb based off the exchange was refusing to change with the times to improve us had initiated the ideal of setting up a new stock exchange. and hence you for the in this seat. yes. come up because we just could not get the order to change to the end if it came in. and so we took them on based off the exchange and that for the moment it still could change to change. we had stocks, shares, certificates, which will buy it up invoice, you put in, move for myers because of the people that to which has been the whole stock exchange corporation of india. maybe had every certificate had to actually move and can just visit with mode. and we had a lot of scans as a result, and you have a duplicate certificates floating around with it was so much that was different.

but we were able to bring a lot of change of views with difficulty that we between 400 cars and to the, you know, the 1000 pro address from an l. i see it show that market has already observed. so the scale of what we are able to absorb to be an adult with a name deal because people like you and me of putting money into the stock market and putting it into mutual funds. and these funds now buying these shares, right? which otherwise we used to wait for foreign capital to buy. i remember when we were looking to do a 100 deal bund, 40 lines industry is when i was at morgan sandy and no other firm had done this in india. and we struggled to make sure that it could get off the ground and really reliance, but really do it. and it did. but from day to maybe up to date in terms of the debt insurance that's happening in the markets. it's. so it's not just in

a quick story for us, we need to do more. but the success of our capital markets, the scales on banks and i, c, i, c, h, e, a, c, a v us bank stadium did not exist as banks, right? when i started my career, i see i see i was a project financing institution. immediately for the money, which bank due to in terms of equity. yeah. you know, because i work for a bank, we didn't invest in stock. so my principal of this was no conflict, so i only have invested in mutual funds. i didn't trade on this stuff. markets. and what do you think are the advantages of india as an insect that today? the advantages, i think the biggest advantages derives from the high savings rates and the la country. but also from the fact that we now have what to us lodge max. and this is particularly true of the private sector banks, the strength of the i, c. c, as each day of c's actually is particularly hundreds. these banks coming to the

system. also the scale of a state bank that we can do at the public sector backs. uh, if at all i have some of his vision and seeing that it is absolutely the id in banking system. it is that we have to 3 quarters of a banking system is with public sector banks. and i would certainly like to see some of that shareholders do it sort of dilute down either to what was being promised as some privatization or to the group of the private sector doesn't have to meet some shrinkage on one side can be to growth. and the other so that we get a little more balance into the system. but so this, this principle of bags today, the noun, not performing assets or in very good shape. so next question is very important for me personally. what should indians invest in today to be there tomorrow? yeah, i think it mentioned investment in you, of course, is not about investing abroad. and these,

fortunately limited money but industrial abroad, i think for each of us, it is a $1.00 level of course, if i can go away from financial markets, it's education, it's cultural, it's uh, it's everything that is the south side of india, which actually is football foot you know, toby context, i mean it goes north for bollywood. and before we even known for anything we were doing the financial mulkins quite honestly. yeah. i mean, even in china and russia, you name these countries in india was known for the film was it was making oh for odd for i think it was a non becoming a soft file. means we were known that oh yeah. for them like snake john was in india and they thought they didn't send in my is only about dancing that on the freezer things that uh yeah, because and before, well, the good excited them about india was its poverty and send them. oh yeah, it's uh, you know, it's the exact point and they said something like the use of to do things and yeah,

yeah, and they would classically, what amazing but yeah i, i feel that the send them off and they present it outside should be send them up in the afternoon. yeah. and i'll prove that some of that is coming to it. is it? does it mean yes, a lot more thoughtful and it's so important because it is a fortune of what india is today. yeah. and i think if we can continue to invest in all of it before it's general is what you would find design invest into w h to model. yeah. so i think real estate ok. so even though we see a land in short supply and just ship special population, but we have to have, i think about and support. and so the idea would be, you know, maybe a put in your industry to put in ditch instruments. i put in the equity and a little bit in maybe the commodity markets like food, etc. so you end up with this balance portfolio. and i would say it's best to do it for mutual funds. and that's what's really happening because investing to fix and

that whole money is helping in do. because even when do with capital went out, this is the flows time in history. that when do this, capital markets reacted with money leaving in deal. we did not see our stuff markets did because we had enough of domestic savings coming through these slips and the buying that is happening in guam mutual funds. so our mutual funds through the gap before it and as an opportunity to buy a share price as fit. and this is what we call into mature market. it's domestic saving, domestic money, which is fair, has been profile. markets will not over dependent on foreign capital. it the more how much is the role of the government and doing that, i would like to say it's really, there's a lot of companies that companies have to do with a system of markets to grow up and government can shout from the rooftops. but in my company's going to where it's no markets won't go up, but the government creates an ecosystem for the companies to do it. right. the

government has to create an ego system where it's regulations don't keep jumping and changing, which makes it hard for them to one and the corporate sector to pay, but also for investors to have to understand their tax and the payments. and we did a lot of shopping and changing which put all foreign capital because they just put an understand our taxes beyond the point. and there was too much litigation, their own tax, which means a lot of foreign capital unhappy. and we do have some dependency on private equity, which is money that comes in and lot jumps into our companies and been going to need for institutional investors investing here. and we have to say good bye to the teams like for the phone and the kind of tax mess we got us headed into with the retrospective taxation. and the hardware reputation we created for us is with the practice. we could come in with rich retrospective tax. so, visa, hard lessons and lessons been known to by us and which i'm show even though it's in

do some governance rule, has to be about fan is a just is a quick resolution of problems lending a hill to things that are not so happening. being able to solve for that, making sure that they play a very fast system that we don't create an, an even playing field full in favor of some use of the others. as the corporate just do what they do best, which is the run they companies, they make sure that they create with the make sure that they put the community spirit to corporate. and if they don't do it right here, one of them, oh, you make sure that they get find, then he gets to, to add that data and the justice system has appeared with. so what government in this and not institutions, which would be the strength of it and get tomorrow one. so how important is the corporate is social responsibility initiative? the csr. so it's very important. i think when csr 1st came in that

to be taught who, how did it come in? just as human as legislation of having said that, there was a village tradition among even game companies in giving yes. like does bill that they have for very long, even without regulation, you know, being give us into society. what did change was when became a regular nation, that those that weren't in there had to know thoughts with 2 percent of their profits into areas that were important in terms of community and community development. i think it gave a whole new focus to the weeks companies for themselves. and many companies initially just throw checks between jews and they began to feel to be shipped to more. so the engagement of companies in actually monitoring and working down at the grass roots began to change. and in fact, one of the areas i'm working in now, which is inside edition with the ministry of drinking water and sanitation so that

you can just send additional coordination, which is an engineer which i started. and what we're doing big is, with the corporate sector of going in and adopting models, images down at the grassroots with the government has said, we don't need your money. if the corporate, we don't need to money, we have enough money sitting in the system to help these villages become model villages. the ones you're in the corporate sector to adult. these villages to make sure that we can take all of the boxes, one goes into a model village and then you can just make sure the execution happens. we've had the 1st in corporate to come forward in this program. they've adopted these villages to make sure that they become one of the villages and the next phase of the program. we have another 54 parents coming in saying, hey, we like the success of what we seen. this is a public private partnership. we would love to play

a role to hasn't come and spend its money in sunday station and water in the villages. it'd be bulkhead or the village of the sound of factories or the villages that are open to us. and so it's a national program, and i think this is what we want that english citizen and re corporate, takes the responsibility to make sure that money that needs to be spent in particular ways and then money that's sitting there and getting spend, get spent. so tell us about the invest in addition coalition and the impact it has had. so my work is really sanitation for to it impacts women in a very big way as you can imagine, what a such and so forth, a subject for women. but the area we work, it is really more to do with the bringing what was initially this like product missions, program and i started and decided that is going to some, just 6 months before the prime minister announced the search bar admission. so just to look at, to be moved from behavior change and toilet building inventory. let's make sure

people use them. you get them to make the toilets. but now it's a lot about treatment that what goes into the, to and it needs to be treated otherwise goes right back into the feed, a ride back into our water bodies right back into our rivers untreated. and it's the same mess might relate. people who missed the death and the 1st place. yes, for the treatment side of it is very important in the government or the huge program on that too. and the mommy's on the along the gun. geez. but also at each village level how, how we treat the risk that comes from the door and how do we recover water, how, which is called the resource recovery program at no cost increase management. i mean, been lost in every way. it's also just thoughts, me something that if we can go no, it can be viewed, it can be used for fewer, it can be used for recycling. it can be used in methods which we have yet to discover. but what do we do, or we checked it in the way, rather than collected in

a way that they can be used. so this journey find is going to be a very important one on how the cover and reciting, waste everything with it switch, whether it's water, whether it's plastic, so that we can really have a clean, hygienic, in deal. one way beyond fully sick all the time. i mean women benefit in particular though because it via the caregivers, the other ones left to stay at home, low cost at $600.00 and the other ones have to fetch water for miles. and at the end of the day, just of the proud of the nation, we had because it would be a keen and green in deal. so apart from your father, who has been your literally mortgage or mentors or if i may ask, is what so many? so many because to life one doesn't just learn from one person. yes. if every person one comes in contact with, i mean i learned from my executive assistant who at the height of the rides and

bomb be made. and we will only being advised not to come to office and, and i was in the senior road. i don't have to walk off the we go to office to find that my executive assistance, the and should come from bend of so you know, you know, bump me all the way down to the 4 to ill and leaving a tier to a child with a neighbor and i was like, what on earth think you're doing help? but do you need the chief search? was he? i thought you would be here and you would need me. i mean, i was like this. she had every excuse not to come, which is here. and people like her, but i think it's an individual who brings all that like d. o the know, i think people just bear with me a little. i'm sure. i'm sure. yeah. but i don't think it's when we chatted, but she had the hardwood boss. see what i'm not on the head that i would like to hear. the heart of the bush may have color to fill that side but, but so what insurance? and then i was like, what might think twice about what am i trying to do coming to office?

i mean i came and checked that came with my think good. so if i have to run back home, i'm going to get back of and wondering why i'm doing this. and i mean, look at the lesson. she said, so i think we did lessons every day from so lots of the p d would save all. i know it, your goal is, you know, and you see and you come back with the such enforcement of thoughts of what you want to me. so yeah, i think mendoza, meaning maybe having to do now thinking that a lot of kids. right. thank you so much and thank you for watching. and joining me next week for another dripping conversation, and let's talk product on the,

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