New Delhi, Aug 1: For the first time in India’s history, a majority of the promoters and executive directors of Nifty50 companies are neither foreign educated nor educated at the elite IITs & IIMs, says a research by Marcellus Investment Managers.
Instead, a majority of the people running Nifty50 companies now have ‘normal’ Indian degrees. Symptomatic of this transformation is HDFC Bank, India’s second largest listed company by market cap. All the Executive Directors on the Board of the bank are graduates of Mumbai University and the rise of such executives is now the norm in India, Nandita Rajhansa and Saurabh Mukherjea of Marcellus Investment Managers said.
“The old conglomerates run by elite families — whose core strengths were Anglicized ways & political connectivity — are steadily fading away,” it said.
The fading away of an old, established elite — the inheritors of the British Raj so to speak — has taken place over the past four decades. In its place has emerged a new elite which hails from more modest economic backgrounds, speaks English with a vernacular accent, is at ease with using technology and is confident of its ability to manage diverse pools of talent, the research said.
