According to a list released by the US-based top Indian diaspora organization “A group of 58 Indian-origin executives heading various companies across 11 different countries including US, Canada, and Singapore collectively employ 3.6 million people and account for $2Trillion revenue, $4Trillion in market capitalization.
Indiaspora, a non-profit organization of global Indian diaspora leaders from various backgrounds and professions stated that Indian-origin business leaders are touching the skies through corporate success and many use their platform for social change advocacy.
These 58 executives head functioning across 11 different countries have delivered annualized returns of 23 percent during the tenure of these executives, outperforming the S&P 500 by 10 percent.
A Silicon Valley-based entrepreneur and investor said, “We wanted to capture this incredible feat that our community is achieving with increasing numbers, said Indiaspora founder MR Rangaswami.”
Rangaswami further added, “The impact that the Indian diaspora is having in the realm of business is remarkable. It’s one of the reasons we launched this project, and we hope our lists will continue to raise the profile of those who have reached the very top of their fields while also serving as agents for positive change.”
There is a stereotype image of Indian CEOs that they only represent the tech sector, but this was proved by wrong with the list displaying representations for different sectors such as banking, electronics, consumer goods, and consulting.
Releasing the list, Rangaswami said these executives are as young as 37 and go all the way to age 74 with the median age of them being 54.
During the coronavirus pandemic, these companies have made a lot of contributions. They are taking care of their employees, customers, and supply chain. “So, these companies are doing a lot to respond to COVID-19,” said Rangaswami.
He further said, many of the executives on the list have taken to initiatives like black lives matter and are making sure that they stand with the black community and enforce racial equality and racial justice.
The list of Indian-origin CEOs includes immigrants from India as well as professionals born in Uganda, Ethiopia, England, and the US.
Raj Gupta, former CEO of Fortune 300 Company Rohn and Haas, and one of the first executives of the Indian diaspora to join the ranks of corporate leadership along with pioneers such as Indra Nooyi of Pepsico and Dinesh Paliwal of Harman International said: “I’m amazed to see how far we’ve come in terms of representation in business.”
Gupta further said “There used to be only a handful of us leading corporations. Now that we are reaching prominence, I am eager to see how the next generation leaves its own legacy.”
Ajay Banga, President and CEO of Mastercard said “It’s inspiring to see so many leaders of Indian heritage playing a significant role in business and society.”
He further added, “Our culture and our values are a common starting point. But it’s what we do with the opportunities presented to us that make a difference. When we lean into our diverse experience to deal with challenges like the pandemic or racial injustice, we can have an even greater impact on the lives of those around us.”
Indiaspora has stated that many of its executives have led a social change by addressing racial injustice, climate and sustainability justice, and the disproportionate effects of COVID-19 through policy and financial commitments.
It said, Tech industry leader Sundar Pichai, CEO of Alphabet, has announced new goals for racial equity and improving the representation of the black community at Google and an economic opportunity package for the black community. Much company has even created monetary and humanitarian aid totaling more than USD 400 million.
The Indiaspora Business leaders list also calls attention for attention for women, which is still faced. Out of 1000 companies represented on the Fortune 500 list, only 61 have women CEOs however the Indiaspora list has a marginally higher ratio, which includes 5 women out of 58 Leaders.
Reshma Kewaleamani, MD, CEO and President of Vertex Pharmaceuticals said, “It’s an honor to join this year’s Indiaspora Business leaders List, each of whom is making a meaningful within their industry.”
She further said, “As a physician and CEO dedicated to creating transformative medicines that improve the lives of people with serious diseases, I believe deeply in the critical role of a diverse and inclusive culture plays in being able to achieve that mission at vertex.”