India is entering one of the most consequential phases of its development since Independence. Economically, the nation’s momentum is unmistakable. India has emerged as the world’s fourth-largest economy, with a nominal GDP of approximately USD 4.2 trillion—a clear marker of sustained progress and growing global relevance.
If key structural reforms continue and investment flows remain robust, India’s GDP could reach USD 10 trillion by 2035 and potentially cross USD 20 trillion thereafter, positioning the country among the world’s top three economies. This growth will be powered by digital public infrastructure, an expanding manufacturing base, a large and vibrant domestic market, and a rapidly growing middle class whose consumption patterns will increasingly shape both domestic and global demand.
As India advances towards its 2035 aspirations, three overarching pillars—technology, trust, and talent—will define its trajectory. Yet, execution will remain the most formidable challenge. Sustaining momentum will require institutions that think beyond electoral cycles, supported by rolling five-year transformation plans aligned with demographic and economic milestones.
The next two decades will determine not only India’s economic standing but also the quality of life of its citizens for generations to come. The demographic dividend is finite, urbanisation is irreversible, and climate pressures are intensifying. At the same time, the opportunity before the nation is unprecedented.
The choices made today will decide whether India enters its second century of Independence as a prosperous, resilient, and globally influential nation—or as one that fell short of realising its full potential.
In this context, the MMA Annual Convention 2026 will bring together distinguished leaders, policymakers, entrepreneurs, and practitioners to deliberate on how collective action can guide India towards a future that is prosperous, equitable, and globally influential.
I would like to congratulate Mr A. R. Unnikrishnan, Chairman, Convention Committee and Managing Director, Saint-Gobain India Pvt. Ltd. – Glass Group, along with our Knowledge Partner, McKinsey & Company, for their tireless efforts over the past several months in making this Convention a grand success. I also extend my sincere gratitude to our sponsors for their valuable support in organising the event. A galaxy of eminent speakers from across India will be sharing their insights during the Convention.
The India–EU Deal
Amid a period of global economic and geopolitical upheaval, the conclusion of India’s Free Trade Agreement (FTA) with the European Union offers a measure of reassurance. Once implemented, this “mother of deals” is expected to significantly ease market access across a broad spectrum of goods and services, with high tariff barriers retained only in a limited number of sensitive sectors on both sides.
Negotiated over the past six months, the agreement reflects a greater degree of maturity in bilateral engagement. It consciously avoids red lines, balances strategic interests, and focuses on areas of complementarity rather than contention—marking a shift towards pragmatic economic diplomacy.
Both India and the EU are aligned in their pursuit of sovereignty in critical digital technologies such as artificial intelligence, as well as emerging domains including biotechnology and clean energy. Proposals for India–EU startup hubs could provide a strong impetus to innovation, foster deeper collaboration between ecosystems, and help narrow existing technology gaps.
That said, several procedural and political approvals—particularly from the European Council and other stakeholders—remain pending before the India–EU FTA can fully cross the finish line. Until these hurdles are cleared and the agreement is formally ratified, it would be prudent to temper optimism with caution and hold off on any premature celebration.
India–US Trade Deal: A Dramatic Turnaround
Patience on the part of the Government of India appears to have paid off. While what has emerged is still an interim agreement, the framework agreed upon between India and the United States—envisaged as a precursor to a comprehensive bilateral trade agreement—marks a significant and welcome breakthrough. The positive spillovers from this development are likely to extend well beyond trade, strengthening the broader canvas of bilateral relations.
This is a clear win for India. The agreement not only expands the scope of India–US economic partnership but also creates greater strategic space for engagement across multilateral and geopolitical forums. The tariff pressures exerted by the United States in recent years have, in many ways, accelerated India’s push towards globalisation, injecting new urgency into its efforts to conclude trade agreements with key partners worldwide.
While it would be prudent to wait and watch how the interim arrangement evolves into a more comprehensive pact, the leadership and perseverance demonstrated in steering the India–US trade negotiations deserve recognition. The deal signals India’s growing confidence and agility in navigating an increasingly transactional and tariff-driven global trade environment.
In this context, MMA is organising a special event on “Weathering the Trumpstorm: Business Strategy in a Tariff-First World”, being delivered by Ambassador Ajay Bisaria, IFS (Retd)—Strategic Consultant, Author, and Commentator on International Affairs. The session will explore the intersection of geopolitics, diplomacy, and corporate strategy, offering valuable insights into how organisations can think and act amid policy uncertainty and rapidly shifting diplomatic landscapes.
The event will be held at 6.00 pm on 21 February 2026 at the MMA Management Center.
Budget 2026–27: A Steady Hand in Uncertain Times
The Union Budget 2026–27 has been presented at a time when the global economic landscape is being reshaped by geopolitical fragmentation, supply chain reconfiguration, rising protectionism, and unprecedented trade policy uncertainty. Against this backdrop, the Budget reaffirms a defining feature of India’s economic strategy over the past decade—growth anchored in reforms, sustained investment, and macroeconomic credibility.
Rather than relying on headline-grabbing announcements, the Budget outlines a coherent growth compact built on multiple pillars, strengthening economic fundamentals while adapting to a complex and evolving global environment. For industry, it provides the policy certainty required to invest, innovate, and scale. For citizens, it holds out the promise of improved opportunities, better service delivery, and enhanced quality of life. For the global economy, it reinforces India’s position as a stable, reform-oriented, and forward-looking growth engine.
While the Budget may not feature big-bang announcements, it seeks to deliver a calibrated and credible boost—one aimed at sustaining India’s high-growth trajectory amid global volatility.
GST: From Reform to Results
The Goods and Services Tax (GST) is a destination-based value-added tax on final consumption, not a levy on production or investment. Its effectiveness rests on the principle of seamless input tax credit. Rationalising the GST treatment of capital goods can meaningfully lower the cost of capital, enhance productivity, and strengthen India’s export competitiveness—key imperatives as the country looks ahead to 2035.
Since its implementation, GST has fundamentally reshaped India’s indirect tax landscape by advancing formalisation, improving transparency, and enabling digital compliance. At the same time, for entrepreneurs and MSMEs, the regime continues to present operational challenges. These include frequent compliance requirements, cash-flow pressures arising from monthly tax payments, complexities in availing input tax credit, and increasing technology-driven scrutiny.
As GST matures, the focus must now shift from stabilisation to simplification—transforming the system from a compliance-heavy obligation into a genuine enabler of business growth.
In this context, the MMA, in association with MIDS is organising a conclave on the theme “GST Simplified: From Compliance Burden to Business Advantage” on Saturday, 21 February 2026, at the MMA Management Centre. The conclave will offer actionable insights, best practices, and strategic perspectives to help businesses convert GST compliance into a sustainable competitive advantage. The knowledge partner for the conclave is Lakshmikumaran Sridharan Attorneys.
Join us in person on 21 February 2026 at the MMA Management Center or watch it live.
Low Cost, High Impact: The Karakuri Path to Profitability
The Low-Cost Silver Bullet to Enhanced Profitability offers deep insights into Toyota’s mechanical automation philosophy and the power of low-cost, high-impact innovation. It showcases how simple, gravity-powered mechanisms and reusable components can dramatically uplift operational efficiency while keeping costs and environmental impact extremely low.
In this context, MMA organised a one-day conclave on the theme “Karakuri Kaizen: Leveraging Low-Cost, High-Impact Innovation for Superior Operational Efficiency”.
The one-day conclave underscored significant value creation through low-cost Karakuri solutions—costing about Rs.80,000 in place of Rs.5-lakh automated systems—delivering improved cycle times, higher machine utilisation, and rapid order generation within 3–6 minutes. Worker-led design enhanced ergonomics and creativity, while sustainability gains were achieved through up to 90 per cent scrap reuse, zero power consumption, and a lower carbon footprint.
I am delighted to present an article in this issue on the conclave with embedded video. Read on, be inspired by Toyota’s innovation and problem-solving culture.
The Three-Box Solution: A Strategic Framework for Leading Innovation
MMA was privileged to organise the Dr. Bala V. Balachandran Memorial Lecture in association with the Great Institute of Management. We were honoured to host internationally renowned management thinker Dr. Vijay Govindrajan, Coxe Distinguished Professor of Management at the Tuck School of Business, Dartmouth College, who delivered a compelling presentation based on his seminal work, The Three-Box Solution: A Strategy for Leading Innovation.
Leaders increasingly recognise that innovation demands a fundamentally different set of activities, skills, metrics, mindsets, and leadership approaches. In his exclusive lecture, Professor Govindrajan expanded the leadership innovation toolkit by presenting a simple yet powerful framework for allocating an organisation’s energy, time, and resources—balancing the imperatives of managing the present, selectively forgetting the past, and creating the future.
As India charts its path towards 2035 in a rapidly changing global paradigm, the Three-Box framework offers leaders a practical and proven approach to institutionalising innovation while sustaining performance. I am delighted to present, in this issue, an article on the lecture with an embedded video. We invite readers to explore and reflect on how The Three-Box Solution can help leaders drive innovation with clarity and discipline.
India’s Nuclear Roadmap and the SHANTI Act
One of the most consequential policy developments of 2025 was the enactment of the Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India (SHANTI) Act, which significantly overhauls India’s nuclear governance framework. The legislation opens up the nuclear value chain—including power generation, equipment manufacturing, and fuel-cycle services—to private participation, while easing liability provisions that had previously deterred foreign suppliers and investors.
The success of the SHANTI Act, however, will depend on several critical factors: building sustained public acceptance, ensuring regulatory clarity, and creating robust institutional and risk-sharing mechanisms to support long-term investment. Given the sensitive nature of nuclear energy, political and regulatory uncertainties remain, reinforcing the need for strong public confidence and credible safeguards.
In this context, the MMA organised a presentation on “100 GW by 2047: India’s Nuclear Roadmap and the New SHANTI Act” on 29 January 2026, for the benefit of our members. I am pleased to present, in this issue, an article on the event along with an embedded video, offering insights into how nuclear energy could play a pivotal role in India’s clean energy transition and long-term growth aspirations.
T20 World Cup: India’s Quest for a Historic Home Title Defence
The Indian team has scripted one of the most dominant phases in the history of T20 cricket and enters the World Cup as clear favourites. Recent successes across formats and age groups—including the triumph of the Indian U-19 team at the 2026 T20 World Cup—underscore the depth, resilience, and winning culture that now define Indian cricket. Nothing succeeds like success, and the men’s T20 side has only grown in confidence and cohesion since lifting the 2024 T20 World Cup in Barbados.
Yet, a note of caution is warranted. Memories of past setbacks in home World Cups remain raw, and expectations this time are immense. The challenge before this all-conquering team will be not just to match its formidable talent with performance, but also to manage pressure, maintain fitness, and stay focused amid intense public scrutiny. Should they succeed, India could script a historic title defence—one that would further cement its place at the pinnacle of world cricket and delight millions of fans across the country.
MMA Women Managers Convention 2026
Come March, our women members step up their efforts in engaging with thought leaders, entrepreneurs, and corporate executives at the Annual MMA Women Managers’ Convention. This event is a true celebration of the spirit of women and the diverse roles they play in shaping society. At MMA, we firmly believe that Women’s Day is not just a symbolic gesture but a meaningful occasion to honor and empower women in all walks of life.
The MMA Women Managers’ Convention 2026 celebrates women who are shaping the future across leadership, enterprise, and society, demonstrating that progress thrives when opportunity is guided by purpose. Aligned with the International Women’s Day 2026 theme “Give to Gain,” the Convention underscores the power of generosity, mentorship, and collective growth in building inclusive and sustainable success.
The MMA Women Managers’ Convention on the theme “Women Leading with Purpose, Power & Generosity” is scheduled to be held on Saturday, 14th March 2026, at the MMA Management Centre. The event, spearheaded by the convention committee led by Dr Sandhya Shekhar, Convention Chairperson and supported by our knowledge partner, EFL, promises an enriching experience featuring a distinguished line-up of speakers. The content and structure of the convention have been thoughtfully curated to meet the aspirations and expectations of our women delegates.
We look forward to welcoming women delegates in person at the convention on 14th March 2026, and for those unable to attend, you can also watch it live here.
As always, we would be happy to hear your views, comments and suggestions.
Happy Reading!
