"We live in a chaotic world. Still we have to lead, perform and bring about results. The first rule of being a good leader is to be comfortable when nothing is crystal clear," said Khorakiwala here on Saturday. The seminar organised by the Centre for Change Management felicitated business leaders of this century who will lead corporate India into the next millennium. The list includes Adi Godrej, Anand Mahindra, Anil Ambani, Deepak Parekh, N Gupta, Kabir Mulchandani, KV Kamath, Kumaramangalam Birla, Pradeep Guha, Sanjeev Aga and BS Nagesh.

Khorakiwala stressed on the twin aspects of liberalisation - freedom & rewards and coping with competition. "First came liberalisation which brought in a whole lot of changes which were welcomed by the industry. Withthe euphoria coming to an end, the industry has come to terms with reality," Khorakiwala said.

"Speed is necessary for staying ahead - which is what competition is all about," Khorakiwala said, while elaborating on his 30-year experience in the pharmaceutical industry.

He said that India has an advantage as it is a democracy and an English-conversant nation with a vast pool of knowledge. "If conditions are made conducive, it would result in a reverse brain drain," he said, adding that even the large population is an advantage and not a liability.

Khorakiwala said that having a global mindset to accept challenges will help companies enter the next millennium. Hence, it is important to build capabilities to compete. The ground rules have changed. As against earlier benchmarks for performances, the new whiff of M&A activity calls for new benchmarks to be set.

Khorakiwala said that it is essential to create a certain degree of restlessness in an organisation. "We might be the best today. It does not meanthat we would be the best tomorrow. For consistently remaining competitive, we need to constantly innovate," he said.

Leadership qualities here play the key role, according to Khorakiwala. "There is always a gap between performance and potential. I think we all perform. But do we perform to our potential?" he questioned. The role of a leader is to build an environment which drives people to optimise their potential, he added. This is essential to tap full potential of an organisation. "Since, we are entirely a world dealing with people, it is the people which make the difference to any organisation," he said.

Khorakiwala said that it was of utmost importance to develop a partnership with the government to make Indian business competitive in a short time frame. This, he said, should be done with a certain degree of urgency. "A short-term agenda to be competitive will lead to development," he said.