India Poised to Lead $75-Trillion Industrial AI Shift: Vijay Govindarajan at Great Lakes Memorial Lecture
Great Lakes Institute of Management hosted the second edition of the Dr Bala V. Balachandran Memorial Lecture. The event brought together academic leaders, industry professionals, alumni, and members of the Great Lakes community to commemorate the contributions of Padma Shri Dr Bala V. Balachandran, Founder of Great Lakes Institute of Management, and his role in shaping management education in India.
The 2nd Dr Bala V. Balachandran Memorial Lecture was anchored by a powerful and deeply personal keynote from Vijay Govindarajan, Coxe Distinguished Professor of Management at the Tuck School of Business at Dartmouth. His lecture on Fusion Strategy: Data and AI for Strategic Advantage emerged as the defining moment of the evening, offering critical insights into how data, artificial intelligence, and digital technologies are reshaping global industries.
During his address, Prof. Govindarajan highlighted the transformative role of generative AI in accelerating industrial innovation. He explained how, unlike traditional AI systems that relied primarily on structured data, generative AI can analyze images, sound, video, and qualitative inputs, capabilities that are essential for factories, infrastructure, and manufacturing environments. He described generative AI as a catalyst that “puts datagraphs on steroids,” enabling organisations to derive deeper, faster, and more actionable insights from real-time operational data.
Emphasising the scale of the opportunity ahead, he noted that the ongoing transformation of asset-heavy industries represents a $75 trillion global opportunity, spanning sectors such as manufacturing, energy, transportation, aviation, and infrastructure. He underlined that this phase, referred to as Transformation 3.0, marks a fundamental shift in value creation, where data and AI will increasingly determine competitiveness, alongside physical assets.
Reflecting on both the technological shift and India’s opportunity, Prof. Govindarajan said, “We are entering a phase where generative AI will redefine how industrial value is created. Transformation 3.0 represents a $75 trillion opportunity, and India is uniquely positioned to lead it. With our software talent, digital infrastructure, and manufacturing scale, we can build world-class industrial AI platforms that serve not just India, but the world.”
Positioning India at the centre of this emerging landscape, Prof. Govindarajan called attention to the country’s strong digital infrastructure, software talent, and manufacturing base. He cited India’s leadership in the two-wheeler segment, accounting for nearly 35 percent of global production, as a strategic foundation for developing industry-specific AI models. He urged Indian organisations to integrate sensors, IoT, computer vision, and real-time analytics into physical products to create globally competitive “digital industrial” platforms.
Drawing from his long association with Dr Bala V. Balachandran, Prof. Govindarajan spoke not only as a global thought leader, but as someone shaped by Dr Balachandran’s thinking and friendship. His address explored how organisations must rebalance strategy across time horizons using the Three-Box framework, managing the present, disengaging from the past, and deliberately creating the future. He traced the shift from production-based scale to data-driven scale, from linear change to exponential speed, and from industry boundaries to a world where data enables participation across any sector.
He further traced the shift from production-based scale to data-driven scale, from linear change to exponential growth, and from industry-specific competition to a world where data enables participation across sectors. He stressed that companies must move beyond tracking products sold to understanding how products are used in real time, enabling hyper-personalised, AI-driven solutions.
Reflecting on Dr Balachandran’s influence, he added, “Bala was not just a colleague or a founder. He was a conscience. He pushed so many to think more clearly, more boldly, and more honestly about the future. If he were here today, he would be asking the hardest questions about data, AI, and strategy, not because it was fashionable, but because it mattered.”
Speaking on the occasion, Mr. Gautam Lakhamraju, CEO and Member of the Board, Great Lakes Institute of Management, said, “This memorial lecture is a reminder that Dr Bala’s legacy lives on through ideas. The depth, relevance, and global perspective of Prof. Govindarajan’s address captured exactly the kind of forward-looking thinking that Dr Bala stood for.”
The Dr Bala V. Balachandran Memorial Lecture continues as an annual platform where legacy meets the future, staying true to the belief that institutions endure when their ideas keep evolving.
