In her valedictory address at the 69th MMA AGM, Dr. Suneeta Reddy, President, AIMA and MD, Apollo Hospitals Enterprises Ltd, urges India’s leaders to embrace bold innovation, purposeful risk-taking, and a growth mindset to shape a future-ready, inclusive, and globally impactful nation.
As I reflect on where we are succeeding and what excellence truly means, I ask: are we managing for efficiency, or are we preparing for evolution? Because the future is changing—and it’s changing rapidly. Are we simply celebrating past excellence, or are we refining and transforming ourselves for what lies ahead? I believe it is time to recalibrate and get ready for the future.
There is a young generation that thinks differently. There is a population seeking jobs. And there is another generation that will have to live in an India with a sustainable and healthy environment. This is what we must prepare for. We need to be future-ready and future-skilled.
Process Innovation: Our Strength
As managers, we attend annual meetings, AOP reviews, and budget discussions—but just pause and reflect. Even the fundamentals of finance have evolved dramatically. It was in the 6th century that Aryabhatta introduced the concept of zero. In 1498, double-entry bookkeeping emerged. And today, we’ve moved beyond spreadsheets into real-time accounting, powered by AI and chatbots. The very nature of accounting has transformed.
And this shift is not limited to finance. It’s happening across every domain. Look at mobility. How many of us still think of car ownership as essential? Who imagined metro travel becoming the norm, or space tourism becoming a leisure activity? Today, people are planning vacations in space. Elon Musk completely changed the way we perceive mobility. The question is—how many of us in India are thinking that way? Because we are capable. We’ve always been strong in process innovation—making things cheaper and more accessible.
Move Beyond Frugal Innovation
Take healthcare, for instance. When I returned to India 40 years ago, the average life expectancy was 56 years. Today, it is 76. While corporate healthcare has certainly contributed to this transformation, I believe it is the convergence of education, biological understanding, and artificial intelligence that is shaping this new era. These three powerful forces—knowledge, technology, and a deep-seated curiosity to do what is right—are intersecting. And it is at this intersection that positive, transformative change occurs.
The U.S. spends 16% of its GDP on healthcare. The UK’s
NHS has a budget of $270 billion. Yet, citizens in both
countries often express dissatisfaction with their
healthcare systems.
Our strength in process innovation is evident when you look at many of India’s successful businesses. We are pioneers in frugal innovation. But now, we must go beyond frugality. The reasons are obvious. India spends just 0.7% of its GDP on research. China, by comparison, spends 3.5%—and on a significantly larger GDP. So when something like ChatGPT emerges after an investment of over $100 million, China’s DeepSeek comes out with an AI model, with a fraction of that cost. You can see the difference that investment in research makes. The impact of those outcomes—those innovations—is enormous. That’s the true difference between incremental improvement and breakthrough innovation.
As we consider where the most meaningful change is happening, I believe that certain critical areas stand out—healthcare being one of the most impactful. The implications of having a digital twin on which doctors could simulate treatments and determine what works best—before applying it to the actual body are profound.
India’s Unique Opportunity
Globally, we’re seeing breakthroughs. For example, there’s now a vaccine for cervical cancer. And our government is rolling it out faster than any other country in the world. Consider healthcare spending: the U.S. spends 16% of its GDP on healthcare. The UK’s NHS has a budget of $270 billion. Yet, citizens in both countries often express dissatisfaction with their healthcare systems.
Now look at India. The government has linked 700 million people to Aadhaar. Of those, 450 million already have their own personal health records. That’s the scale we’re talking about. The government has achieved this at a fraction of the cost—just $8 billion. Despite our low spend, we’ve delivered high scale and tangible impact. This, I believe, is India’s unique opportunity: to teach the rest of the world how to achieve meaningful outcomes with limited resources.
Even at the G20 meetings, one of the key takeaways was the world’s interest in learning from our digital achievements—not just in healthcare, but across sectors: in Aadhaar, in digital identities, in the way we’ve revolutionised banking. We are reaching the last mile. Clearly, India has the potential to make a significant global impact. But to achieve that, we must first take the initial steps. When we talk about becoming a $10 trillion economy—I’m not even going into the $47 trillion opportunity just yet—we must focus on reaching that first milestone.
What’s crucial is that, within our own spheres, we must
continue to learn, continue to lead, and, most
importantly, keep our minds open.
Be Open to Criticism
I believe there are small but meaningful steps each of us can take. What’s crucial is that, within our own spheres, we must continue to learn, continue to lead, and, most importantly, keep our minds open. An open mind means being willing to listen—especially to those who challenge us. Often, criticism is the best opportunity for growth, if we can learn from it. I’m aware that it’s often hard to speak up—even when we have good ideas. That’s why we must foster openness to new ideas, especially from voices that are not always heard.
There’s something I’ve noticed in my travels, particularly when I visit Delhi or go abroad. When people realise I’m from the South, they say, “Ah, you’re from the South.” I tell them, “I am a proud South Indian. I may not have the accent, but my roots are firmly in the South.”
What does the rest of India say about us? They acknowledge our excellence, our integrity, and our intelligence. But there’s one stereotype that persists: that South Indians don’t take risks. They say, “Name four or five big risk-taking companies from the South.” Of course, those people haven’t met the South Indian entrepreneurs, managers, and leaders. They haven’t met you.
The ability to take calculated risks—especially for a
noble purpose—is what sets true leaders apart.
Risk-Taking with a Purpose
The ability to take calculated risks—especially for a noble purpose—is what sets true leaders apart. Let me share a real example from my own life. When my father proposed setting up the Proton Therapy Centre, it was a ₹1,200 crore project. I remember asking him, “Dad, how can we put a single project of ₹1,200 crores on our balance sheet—with one machine alone costing ₹450 crores?”
And he simply said, “Don’t worry. Don’t worry about profits. That’s not the point.” What convinced the board and all of us to move ahead was the purpose—treating cancer. That purpose made the risk worthwhile. When we take a risk with the right intention and a clear purpose, we don’t need to fear failure. Profitability may not be immediate, and yes, the learning curve will be steep—especially for pioneers—but the impact on society will be long-lasting.
This is the kind of risk I believe we must be willing to take if we are ever to reach our true potential. As I look around the world, we all know of the extraordinary Indian leaders who have made their mark globally: Satya Nadella, Sundar Pichai, Indra Nooyi, and Ajay Banga at the World Bank. So many Indians have left India and become global icons. The question now is: can we take that same boldness and risk-taking spirit and apply it here, at home?
There’s a personal learning in all of this for me, and I believe it’s this: we must create an environment—a culture—that encourages curiosity and inspires people to drive meaningful change. Let’s not settle for incremental improvements. When I see 10% growth, I ask myself, why just 10%? When I see 6.7%, I’m reminded that to reach a $10 trillion economy, we need to sustain 8% GDP growth.
Per-Capita Income Matters
We need a clear plan—and we need to think differently to get there. People say we’ve overtaken Japan, but in truth, we haven’t. Our economy stands at $3.8 trillion. That’s far from where Japan is. What truly matters is not where we rank, but the impact we create.
Consider our per capita income—it’s about $2,500. Every time I meet with economists and policymakers in Delhi, I emphasise that while GDP growth is important, real progress comes from growing per capita income. That is what changes lives. And the only way to achieve that is through re-skilling—vocational training, continuous learning, and capacity building at every level.
Whether it’s in energy, the environment, or defence—
things are evolving at a pace that demands our
attention.
We’ve already seen remarkable change in sectors like agriculture. Just look at TAFE and the innovations it’s driving. Think about how far we’ve come in the space sector—we’ve sent a mission to the dark side of the moon.
Go for the Moon, But Solve a Problem
When I visited Ahmedabad recently, someone from the Sarabhai family shared a powerful quote by Dr. Vikram Sarabhai. He said: “I will do anything to help this institute flourish, but when we go to the moon, it should not be out of ego. We should go to solve a human need.”
And that’s exactly what we’re doing. Why go to the moon? Because we are searching for rare minerals—resources that are increasingly scarce on Earth. That’s a purposeful mission. That’s when innovation becomes truly meaningful.
Whether it’s in energy, the environment, or defence—things are evolving at a pace that demands our attention. We must be on the edge of that change. If we’re not, we risk falling behind. Imagine an Indian fighter pilot flying a Rafale—and on the other side, a Chinese J-10 aircraft ready to outmatch it. Staying ahead is no longer optional. Learning and evolving are now survival tools.
Focus on Value Creation
Historically, India has been fortunate in terms of capital—money has always flowed into the country. But intellectual property? That hasn’t flowed in proportion. Take the example of Foxconn. According to the news, 300 Chinese engineers working on the project were recalled to China—and this disrupted Foxconn’s operations in India. Remember, Foxconn manufactures Apple phones not just for India, but for the world. That disruption highlights a deeper issue: our position in the value chain.
China is currently delivering 38% value engineering capability. India? Just 20%. That’s the gap. And that’s the opportunity. We must move up the value chain—because when we do, we don’t just grow GDP, we elevate the lives of every Indian by increasing per capita income. That’s how we build a better future.
Growth Mindset Over Growth Charts
So, to all of you leaders in this room: you have immense responsibility. But also immense potential. I want to leave you with this thought—be optimistic about the future. Believe in your power to create change. Because as leaders, thought leaders, and influencers in your own spheres, you can make a profound difference.
But as you pursue change, do it for the right reasons. The most powerful legacy we can leave behind is not growth charts and balance sheets—it is a growth mindset. That mindset is what will define us. It’s what will prepare the world for the next generation of leaders.
