Navneet Munot on Inevitable India, Deep Tech, Artificial Intelligence and the Next Phase of Wealth Creation

 ICICI Securities Ltd - INZ000183631

At the India Investor Conference 2026, an engaging Ask Me Anything session brought together investors and market participants for a conversation with Navneet Munot, Managing Director and Chief Executive Officer of HDFC Asset Management Company. The discussion was led by Prasanna Balachander, Executive Director and Head of Investment Banking and Institutional Equities.

The session covered India's innovation journey, the rise of deep technology, opportunities in artificial intelligence, the role of capital markets, global diversification, investing through uncertainty, and the ideas that shape long-term thinking.

Why Navneet Munot Believes in Inevitable India

The conversation began with a discussion around the idea of "Inevitable India", a theme that Navneet Munot has spoken about extensively in recent years.

According to him, India's economic story has evolved through distinct phases. The balance of payments crisis of 1991 became a turning point that opened the economy and created opportunities for entrepreneurs. Over time, this led to the rise of globally significant software services businesses.

As wealth was created, new entrepreneurs emerged and funded the next generation of companies. The years that followed saw the growth of businesses across e-commerce, education technology, financial technology and consumer technology. Many of these companies went on to become large enterprises.

Munot believes the next chapter could be driven by deep technology.

The Rise of Indian Deep Tech

In his annual letter, Munot identified deep technology as his "Person of the Year" for 2024.

He highlighted the work taking place across areas such as health technology and space technology. He also pointed to the growing ecosystem of founders and early-stage companies building innovative solutions in India.

A key factor supporting this evolution is the availability of risk capital.

Munot noted that India has never lacked entrepreneurial talent. Land, labour and entrepreneurship were always present. What was missing was sufficient risk capital. Today, with greater availability of private capital and investment support, founders have more opportunities to build ambitious businesses.

He shared that meeting entrepreneurs and founders working in deep technology continues to be one of the most fascinating aspects of engaging with the ecosystem.

How India Can Benefit from the Artificial Intelligence Revolution

Artificial intelligence was another major theme of the discussion.

Munot compared the current artificial intelligence wave with the internet revolution of the 1990s. During the internet era, India did not build much of the underlying infrastructure such as fibre networks or internet hardware. Yet the country became one of the largest beneficiaries of the digital revolution through software services and technology-enabled businesses.

He believes a similar opportunity exists with artificial intelligence.

While the foundational layers may be developed elsewhere, India has the potential to create significant value through applications and adoption at scale. He expects the next phase of the artificial intelligence story to include solutions that address challenges across education, healthcare and other sectors.

According to him, India's ability to leapfrog older systems has repeatedly created advantages. The transition from limited telephone penetration to widespread mobile adoption, from traditional banking access to banking through mobile phones, and from limited computing access to smartphones are examples of this pattern.

He sees artificial intelligence as another opportunity where India can adopt technology rapidly and create large-scale impact.

Digital Infrastructure and India's Ability to Scale

A recurring theme in Munot's comments was India's ability to implement solutions at population scale.

He cited the country's digital public infrastructure and the transformation from being one of the most data-poor societies to one of the most data-rich societies within a relatively short period.

This ability to build and deploy technology across a large population gives India a unique advantage. Munot believes that future innovation in artificial intelligence applications can build upon this foundation.

Innovation, Capital and the Public Markets

The discussion then shifted to whether India can create companies that become major innovators and intellectual property creators.

Munot expressed confidence that this evolution is possible.

He pointed to India's growing economy, increasing market capitalisation and the continued flow of investment into capital markets. According to him, a strong supply of capital creates a healthier innovation ecosystem.

When public markets provide an exit route, private capital gains confidence. This encourages further investment in entrepreneurship and innovation.

He argued that talent has never been in short supply and entrepreneurship has always existed. As access to capital expands, innovation receives greater support.

Why the Inevitable India Narrative Matters

Munot reiterated his belief that India should build a strong global narrative around the concept of Inevitable India.

The idea extends beyond attracting investment capital. It also includes attracting talent back to India and encouraging skilled individuals to participate in building businesses within the country.

He believes the combination of capital, talent and entrepreneurship can strengthen India's position in the global economy over the coming years.

Diversification, Global Investing and Faith in India

When asked about diversification and the tendency of investors to favour their home country, Munot acknowledged the importance of diversification from a portfolio construction perspective.

At the same time, he spoke about his strong conviction in India's long-term prospects.

He noted that periods of underperformance are often followed by phases of recovery and potential outperformance. He also highlighted India's long-term wealth creation record through equity investing.

Drawing on decades of market experience, Munot suggested that many of the concerns surrounding current macroeconomic conditions are not unique. Similar periods of uncertainty have appeared repeatedly throughout market history.

His perspective remains focused on long-term compounding and the country's growth potential.

What Market Crises Have Taught Investors

One of the most memorable observations from the session was Munot's reflection on major market crises.

Looking back at several decades of investing, he noted that periods that appeared extremely challenging at the time often created significant opportunities for investors.

His conclusion was straightforward. Whenever a major crisis occurs, investors often look back and wish they had invested more.

The message was rooted in experience rather than prediction. Market uncertainty has been a recurring feature throughout history, yet long-term opportunities have continued to emerge.

The Ideas Behind the "Person of the Year" Essays

For many years, Munot has written an annual "Person of the Year" essay.

While the title suggests an individual, the focus is often on larger themes shaping the future.

Past editions have explored topics such as generative artificial intelligence, space technology, health technology, deep technology and the future of energy.

His approach is to look across developments in economics, politics, geopolitics, society, markets, science and technology, and identify the trend that appears most significant for the future.

Discussing the future of energy, he spoke about the changing global energy landscape and the growing importance of new energy solutions. He also referred to deep technology as an area where India could play an important role in the years ahead.

Building Antifragility in an Uncertain World

During a rapid-fire segment, Munot highlighted the concept of antifragility, a term popularised by Nassim Nicholas Taleb.

He observed that every year seems to bring unexpected events with significant consequences. These range from pandemics and geopolitical conflicts to inflation shocks and policy changes.

In such an environment, resilience alone may not be enough.

Munot suggested that organisations should think about how they can emerge stronger from periods of disruption. The focus should be on identifying opportunities created by change and building systems that can adapt and improve through challenges.

The Book He Returns To Again and Again

Asked about the one book he has reread the most, Munot named Meditations by Marcus Aurelius.

He described it as one of the most powerful summaries of wisdom available and noted how much insight it offers within a relatively short work.

A Belief in Competitive Federalism

Towards the end of the discussion, Munot spoke about what he considers one of India's important strengths.

He pointed to the growing competition among states to attract investment, infrastructure and economic activity.

According to him, this competitive federalism can become a powerful driver of growth. As states work to create opportunities, attract businesses and expand economic activity, the overall growth trajectory of the country can strengthen.

He believes this dynamic could become even more visible over the next decade.

Looking Ahead

The conversation with Navneet Munot offered a long-term perspective on India's growth story.

His views connected several themes including entrepreneurship, deep technology, artificial intelligence, capital formation, digital infrastructure and innovation.

At the heart of his message was a belief that India's journey continues to evolve. From software services to digital platforms and now toward deep technology and artificial intelligence applications, each phase has built upon the foundations laid by the previous one.

For investors, entrepreneurs and business leaders, the idea of Inevitable India remains closely tied to the country's ability to attract talent, create innovation, build capital and adapt to change at scale.