During a recent conversation with Zerodha co-founder Nikhil Kamath, General Atlantic Co-President Martin Escobari shared his views on India’s growth journey and the lessons it can draw from China’s economic rise. Having invested more than $5 billion in India, Escobari stressed that India should not attempt to replicate China’s development model but instead create a strategy tailored to its own strengths and complexities.
Recalling China’s transformation over the past 25 years, Escobari noted that the country successfully industrialised, invested heavily in infrastructure, embraced digital technology and built a strong export-oriented manufacturing base. However, he said India’s path would need to be different because of its democratic structure, cultural diversity and unique social fabric.
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Kamath pointed out that China benefited from long-term planning without the pressure of frequent elections. Escobari acknowledged the difference but remained optimistic about India’s future, highlighting that sustained annual growth of 8 per cent could significantly transform the economy over a decade.
The discussion also touched on India’s ambition to produce globally dominant companies. Escobari said the country has access to capital, talent and technological expertise, particularly in artificial intelligence. What is needed, he argued, is the courage to create something unprecedented. Once one Indian company achieves major global success, it could inspire others to follow.
At the same time, Escobari described India’s vast domestic market as both an opportunity and a challenge. Many companies become comfortable serving local demand and hesitate to expand internationally. He said true global success requires stepping outside familiar markets and building businesses across borders. Despite the challenges, Escobari expressed confidence that India’s entrepreneurial ecosystem is well positioned to achieve global breakthroughs in the years ahead.
