I think organisations like McKinsey can help us in this effort. You have wide ranging exposure to best practices in infrastructure and social development across the world. You have the analytical ability to combine the best that markets can do with the best that public organisations can do. You can help harness this vast cross-country experience for addressing the specific needs of governments and public institutions in our country to achieve our equity and efficiency objectives. You can help in crafting specific solutions tailor made to the needs and conditions of our diverse country.

Today, firms operate in far more competitive markets. Of course, the big ones always try to reduce the element of competition and secure an oligopolistic or monopolistic environment for themselves. However, external liberalisation has created more competitive markets and limited the scope for such strategies.

In order to operate in open and competitive markets, with all the contingent uncertainties and risks, firms need long term planning, strategic thinking and organisational flexibility. I find our private sector companies have done well in this regard. I think our public sector too needs to learn more. Organisations like yours can help foster a culture of strategic and long-term thinking. You can help mould the thinking of our political class and opinion-making sections on these lines.

Edited extracts from the PM’s address at the McKinsey Meet, October 23