With the fall of the Soviet Union, in 1989, most countries and the people believed that it was the final straw on the back of socialism and that socialism would gradually disappear from the world soon. Simultaneously, there was a huge euphoria, especially in the western world, that capitalism has proved itself as the dominant governance model and that, gradually, the entire world would drift towards adopting capitalism. Finally, capitalism has won the battle for supremacy as the prime model of governance across the world — so it was believed. The GDP became the prime measure of success overriding all other parameters. As we can all see, this obsession with economic output, as measured by GDP, has led to continuous environmental destruction, increasing social inequality and a world which is rich in wealth but poor in peace and happiness. Clearly, capitalism, in its unregulated form is failing humanity and Mother Earth. There is now an urgent need to relook at our existing model of governance and redesign it keeping well being of humanity at its core. The Tata Group in India, founded over 165 years ago and to which I proudly belong, echoed this principle in its founding philosophy, which is, “the prime purpose of a business enterprise is to improve the quality of life of people around and to do this prime purpose well, business enterprises have to be run well and profitably so that part of the profits can go back to the society”. I believe that if businesses around the world can adopt this philosophy and put the well being of humanity at the core of their business objective, we will evolve into a better and the desired model of national governance. It is in this context that I welcome and support the ongoing programmes and debates on the “Future of Capitalism” initiated by leading business schools of the world.