RASTE’S
THE UPCOMING EDITION OF SCAN THE QR CODE
Editorial
-Alaya Brown
The Humble Visionary Defining Excellence Through Ethics and Impact
Inaworldthatoftencelebratesleadershipthroughvisibility,
volume,andvelocity,itisincreasinglyraretoencounteraleader whosestrengthliesinclarityofpurposeandquietconviction. FewembodythisidealasauthenticallyasDr ArunRaste,Managing DirectorandCEOofNCDEX.Hisphilosophyreflectsaperspective thatisurgentlyrelevantin2025:leadershipisnotasearchforpower, butacommitmenttoequity,dignity,andcollectiveprogress.
Dr.Raste’strajectoryisdistinguishednotbyitspredictability,butby itsself-awareness.Hisjourneybeganinanunexpectedplace—within thehallsofahospitalityschool.Whatinitiallyappearedtobea glamorousgatewayintoavibrantindustrysoonbecameamirrorof introspection.Herecognizedearlythathiscallingwasnottodeliver comfortbuttodeliverchange.Thissubtleyetprofoundrealization shapedhisacademicandprofessionalpursuits,shiftinghisfocus towarddevelopmenteconomicsandsystemicimprovement.
Across35years,Dr.Rastehasbuiltareputationacrossbanking, corporate,andsocialdevelopmentsectorsgroundedinintelligence, humility,andunwaveringethics.Whatsetshimapartisnotsimply competenceorexperience,butanapproachrootedinunderstanding howfinancialsystemsaffectrealpeople.Atthecoreofhisleadership liesabeliefthatmarketsmustnotonlybeefficientbutalsofair;that ruraleconomiesdeserveequalaccesstoopportunity;andthattherole ofaninstitutionisnotmerelytransactional,buttransformational.
Inanagedefinedbydisruption,technologicalacceleration,and evolvingeconomicpriorities,leaderslikeDr.Rastedemonstratethat empathyisnotasoftskill—itisastrategicone.Hisjourney illustrateshowfinancialexpertise,guidedbypurpose,candismantle structuralimbalancesandcreatelastingimpact.Itisareminderthat excellencetodayismeasurednotsolelybyresults,butby responsibility
Aswespotlightinfluentialindividualsshapingthefutureofbusiness, agriculture,andinclusivegrowthin2025,Dr ArunRastestandsasa testamenttowhatleadershiplookslikewhenintellectmeets intention.Hisstoryinvitesustorethinkconventionalsuccessand consideramoremeaningfulbenchmark—onedefinedbycreating systemsthatupliftcommunities,expandopportunity,andbuilda moreequitableworld.
Equity and Equality: The Core of Arun Raste’s
Leadership Philosophy THE SIGNATURE STORY
INDUSTRY INSIGHTS
The Courage to Lead
Difficult Decisions, Uncomfortable Truths, Real Impact
INDUSTRY INSIGHTS
The Strategy of Significance
Leadership That Leaves a Lasting Mark
Art
Business
Business
Digital
Marketing
Equity and Equality: The Core of
Arun Raste’s
Leadership Philosophy
Dr. Arun Raste
MD & CEO NCDEX
TheSignatureStory
Fewleadersembodytheseamlessblendofhumility, intellect,andpurposeasdistinctlyasDr.Arun Raste,ManagingDirectorandCEOofNCDEX Forhim,leadershipisnotapursuitofpowerbutof equity and equality—principlesthathaveguidedeverystepofhis 35-yearjourneyacrossbanking,corporate,andsocial sectors.
Hisprofessionalarcbegan,interestingly,inthecorridorsof ahospitalityschool—aplacethatwouldawakeninhiman enduringsenseofself-awareness.Drawninitiallybythe glamouroftheserviceindustry,hesoonrealisedthathis temperamentwasinclinednottowardservingcomfortbut towardservingpurpose.Thatearlyrealisationbecamea definingpivot,redirectinghimtowardsdevelopment economicsand,ultimately,alifelongmissiontounderstand andbridgeeconomicdisparities.Today,hiscareer exemplifiesastohowfinancialacumen,whenguidedby empathyandethics,canbecomeanengineof transformation.
TheMakingofaPurpose-DrivenLeader
RaisedinrailwaycoloniesandshapedbyJesuitschooling, teamworkanddisciplinewereintegraltoArun’sformative years.Histransitionfromhospitalitystudiesto developmentfinancemarkedthebeginningofintrospection. "I was a misfit there," headmitscandidlyabouthisoneyear inHotelManagementcourse-arealizationthattrue leadershipbeginswithself-awareness.
Theinequalitieshewitnessedduringhisearlycareeryears struckachord.Developmenteconomics,initiallyjustapart ofthecurriculumheneededtomaster,evolvedintoa passionatepursuit,adeeperengagementwithquestionsof
My father was my constant support and guide, grounding me through every phase of this journey. “
equity,access,andopportunity.Thiscommitmentinitiated hislifelongquestforknowledge—ajourneythatcontinues toshapehisworldview.Justweeksbeforethisconversation, heearnedhisdoctorate.ForArun,educationisnever complete;itisacontinuumthatrenewspurposeand sharpensperspective.
Thechoiceofprofessionitselfcarrieshistoricalweight.The word“Raste”originatesfrom “Rast,” theMarathitermfor honestortrustworthy—atitleonceconferreduponhis forefathers.WhenyoungAruncontemplatedhiscareer path,“banking felt like a natural choice,”henotes.
“Bankers were seen as trustworthy and honest, and that aligned perfectly with the values my family name stands for.”
CareerSpanningCross-SectoralExcellence
Overthepast35years,Arunhasbuiltarareportfolioof cross-sectoralexperience—spanningbanking,corporate, andsocialinstitutions.AtNABARD,hedelvedintorural developmentandinstitutionalfinance.AtIDFCandKotak, heworkedoninnovativemodelsthatmarriedprofitability withinclusion.WithIRFTandNDDB,hedeepenedhis engagementwithsustainabilityandcooperative development.HisstintinACChelpedhimimbibethe competitivespirits,andpursuitsofexcellence, corporate ethicsandvaluesthatanycompanyfromhouseofTata’s practice.AtNCDEX,wherehehasservedasMD&CEO since2021,Arunbringstogetherthesediverseexperiences toaddressoneofIndia’smostcritical challenges—empoweringruralproducersthroughmarket accessandfinancialtools.Underhisleadership,NCDEX continuestostrengthenitsroleasanenablerofprice discovery,riskmanagement,andinclusiveagricultural growth.
LeadershipAnchoredinEmpathyandIntegrity
Empathy,intellect,andintegritydefineArun’sapproachto leadership—valueshecreditstohisupbringingandtohis latefather,hismoralcompassandlifelongguide.“My father grounded me through every phase of my journey,”he reflects.“He taught me that leadership is not about power but about enabling others to flourish.”
LeadinganationalinstitutionlikeNCDEXdemands extraordinarycommitment,yetArunrefusestosacrifice personalwell-beingonthealtarofprofessional achievement.Heviewsthetwodomainsascomplementary spheresthatenricheachother
When your work is aligned with your core beliefs, it becomes easier to navigate challenges without compromising personal well-being. “
Hisapproachrestsonthreepillars:clarityofpurpose, structureddelegation,andastrongvaluesystem. “When your work is aligned with your core beliefs, it becomes easier to navigate challenges without compromising personal well-being," heexplains.
AtNCDEX,heleadsthroughempowermentratherthan oversight,fosteringacultureoftrust,ownership,and accountability.“When people feel heard and valued, they bring their best to the table,”heoftensays.Thisleadership approachallowshimtofocusonstrategicdirectionwhile enablinghiscolleaguestoexecutewithexcellence.Forhim, businessisnotatransactionbutameansoftransformation. “Leadership is not about micromanagement but about enabling others to grow,”heemphasizes.
Beyondtheoffice,hemaintainsfirmboundaries.Hetravels frequently,immersinghimselfinnature,architecture, culture,food,craft,andart.Mindfulnessandphysical wellnessanchorhimthroughhigh-pressuremoments, enablinghimtoleadwithauthenticityratherthananxiety
Purpose-DrivenBusinessPhilosophy
Arun'sappetiteforbusinessextendsfarbeyondprofit marginsandquarterlyresults.Hegravitatestowards modelsthatcreatesharedvalue-benefitingshareholders, employees,andcommunitiesalike.Whetheraddressing financialinclusion,ruraldevelopment,ormarket innovation,heseeksopportunitieswhereprofitability intersectswithimpact.
"Business, to me, is a tool for transformation when wielded with integrity and vision," heasserts.Hethrives inenvironmentsthatchallengeconventionalthinkingand rewardlong-termresilienceovershort-termgains.His decision-makingprocesscombinescalculatedrisk-taking withrigorousdataanalysis,alwaysfilteredthroughthe lensofempathy.Forhim,empathy,education,and empowermentarethethreetoolsthatcreateequitable opportunitiesandinclusivegrowth—aconvictionthat permeateseverystrategicdecisionhemakesatNCDEX.
NavigatingthePandemicStorm
TheCOVID-19pandemictestedleadersacrossindustries, andArunfaceditfromtwovantagepoints-firstas ExecutiveDirectorofNDDB,thenasMD&CEOof NCDEX.AtNDDB,histeamensureduninterruptedmilk supplychains,maintainingavailabilityinmetroswhile securingfeedandmedicinesforlivestock.Hismost satisfyingachievementduringthatperiod,however,was therepurposingofNDDB’ssubsidiary,Indian Immunologicals,tomanufacturevaccinesthataugmented BharatBiotech’ssupply—ensuringtimelyaccessto vaccinesformillionsofIndians.
AtNCDEX,thecrisisdisruptedcommoditymarkets, supplychains,andphysicaltradingoperationsYetinstead ofretreating,theexchangeleveragedthecrisisto innovate.Underhisleadership,NCDEXmaintained 100%uptimeofitstradingplatform,upgradeditscore systemsforremoteoperations,andexpandeditsprimary datainfrastructure. "The pandemic was not just a challenge, it was a transformative opportunity to reaffirm our mission and emerge stronger as a more inclusive and future-ready institution," hereflects.Thedigitalbackbone strengthenedduringthosedifficultmonthscontinuesto servetheexchangewell,demonstratinghowcrisiscan catalyzeinnovationwhenleadersrefusetoaccept limitations.
Strengths,Self-AwarenessandGrowth
Heidentifiesstrategicthinking,stakeholderempathy,and cross-sectoralexperienceashiscorestrengths.Hisability toengagemeaningfullywithdiversegroups,fromFarmerProducerOrganisationstopolicymakersandinstitutional partners,stemsfromgenuinecommitmenttolisteningand co-creatingsolutions. "Trust is built through transparency, and a leader should always lead from the front," he believes.
YetArundisplaysremarkablecandorabouthisweaknesses. Headmitstobeingoverlyperfection-orientedanddetailfocusedattimes,thatmayimpactthespeedofprogress.He alsoacknowledgesimpatiencewhenhisperceivedtimelines aren'tmet.Overtime,hehaslearnedtotrustteamsmore andfocusonvision-setting.
The pandemic was not just a challenge, it was a transformative opportunity to reafrm our mission and emerge stronger as a more inclusive and future-ready institution.
“Sharing these helps others embrace growth over guilt," he notes,modellingthevulnerabilitythateffectiveleadership requires.
RecognitionandImpact
Arun'scontributionshaveearnedsignificantrecognition.In 2025,hereceivedtheDevelopmentLeadershipAwardat theAgricultureLeadershipConclaveinDelhiandwas namedMostAdmiredGlobalIndianbyPassionVista.In 2024,hewasrecognizedasaGITEXImpactLeaderat SustainableLabParisinDubaiforchampioning sustainabilityandinnovation,andRepublicTVand MarksmenDailyincludedhimamongIndia'sMost InfluentialLeaders.Earlier,in2009,hewasnominatedto theU.S.StateDepartment'sprestigiousInternational VisitorsLeadershipPrograminWashington,DC,an experiencethatbroadenedhisunderstandingofglobal developmentandgovernance.
Aprolificwriterandspeaker,hehasauthoredtwobooks andpublishedmultiplepapersinnationalandinternational journals.Heregularlyreceivesinvitationstospeakon diversesubjectsacrosstheglobe,contributinghisinsights intoconversationsaboutdevelopment,finance,and inclusivegrowth.
WisdomforAspiringLeaders
Whenaskedwhatadvicehewouldofferaspiringleaders, Arundistilsdecadesofexperienceintotimelessprinciples. Leadership,hesays,isablendofsweat,empathy,integrity, andcompetitivespirit.Whenpeoplefeelheardandvalued, theybringtheirbesttothetable.Truevalueemergeswhen strategyalignswithvalues,andinnovationremainsrooted inethicsandsocialimpact.Everydecision,hebelieves, mustreflectresponsibilityasmuchasefficiency.
HismessagetoyoungIndiansisbothinspiringand pragmatic: “Your success is measured by what you leave behind when you exit.” Growth,heremindsthem,isa journeyofpurpose,resilience,andcollaboration—and successfollowsnaturallywhenvaluesandvisionmovein harmony.
TheRoadAhead
AsNCDEXevolvesintoamulti-assetexchange extending‘EquityforBharat’,Arun’sfocusremains steadfastonstrengtheningagriculturalmarketsandvalue chainsacrossIndia.Underhisleadership,NCDEX continuestoplayapivotalroleinpricediscovery,risk management,andmarketaccess—helpingfarmersand tradersbecomeintegralparticipantsinIndia’seconomic transformation.
Hisleadershipjourney—fromrailwaycoloniestothehelm ofIndia’sleadingcommodityexchange—illustratesa timelesstruth:leadershipdemandsnotjustexpertisebut empathy,integrity,andthecouragetoempowerothers.In anagedrivenbyshort-termresults,heoffersadifferent model—onegroundedinvalues,sustainedbyrelationships, andguidedbytheconvictionthatbusinesscanbeaforce forequityandinclusion.Truetothemeaningofhisfamily name,Raste—trustworthyandhonest—hecontinuesto provethatleadershipwithconsciencecanredefinemarkets, institutions,andlives.
Difficult Decisions, Uncomfortable Truths, REAL IMPACT
Leadershipisfrequentlydepictedasthetraitsof
havingavision,beinganinspiration,andusing influence.However,everyleaderwhohasmadea differenceknowsthattherealtestofleadershipisinthose momentsthathavenoshine—characterizedbyuncertain surroundings,unpopulardecisions,andinconvenienttruths. Havingthecouragetoleaddoesnotmeanbeingconfident whenthingsareeasy;rather,itmeanshavingconviction whentheyaredifficult.Itisthesamedecisionthatismuch harderbutstillmade,thechoiceofprincipleratherthan approval,andthefacingofrealitywithoutanykindof distortionordelayinsteadofsilence,whichwouldbemuch easier
Courageousleadershipdoesnotmakenoiseordramatize.It isquiteregular,continuous,anddependentonone’s understanding.Ittakestheleader’semotionalstrength, intellectualhonesty,andmoraldepthtobeabletomaintain
it.Also,itisthesinglemostsignificantfactorthatseparates leaderswhoonlyhandlesituationsfromthosewhochange them.
TheWeightofDifficultDecisions
Beinginaleadershiprolemeanshavingtomakedecisions thatimpacthumanbeings,theorganizationalculture,and thefutureofthebusiness.Suchchoicesusuallyare accompaniedbyafeelingofuncertainty—thereisno perfectdata,nosureresult,andnowaytopleaseall.But, ontheotherhand,progresscannotdowithoutmoving forward,anditcannotdowithoutdeciding.
Courageousleadersaretheoneswhomakethedecisions whenothersarenotabletomakeuptheirminds.Theyfind outasmuchastheycan,foreseewhatispossible,andthen act.
Theyarenotpeoplewhoimmobilizethemselvesintheface ofuncertaintyortrytoavoidtheirobligation.Theydecide totaketheresponsibilityforthechoicebecausetheyknow thatfailingtodecideisadecisiontakenalready—onethat leadstostagnation,confusion,andlostopportunities. Courageisthepowerthatpushesyoutogoforwardeven whenyoudon’thavetotalclarity.
ConfrontingUncomfortableTruths
Themostdifficulttruthsarethosethatwerefuseto acknowledge,amongthem:afailingstrategy,atoxic culture,amisalignedteam,oradeeply-rootedsystemicflaw thathasbeenneglected.Leaderswithcouragedonotrun awayfromtheserealities.Theyidentifythem.Theyanalyze them.Theymakethemvisible,evenifdoingsobrings conflictandcriticism.
The Courage to Lead
Growthcannotbeachievedthroughavoidance,whichisits greatestenemy.Changeinitiationneedstruthasitsvery firststep,beituncomfortableornot.Courageousleaders fosteropennessintheirteams,wherehonestyisrespected, feedbackisanticipated,andbeingtransparentbecomesthe normoftheculture.Changehappenswhenthetruthis unmasked.
ContinuingtoSupportValues
Oneofthecharacteristicsofcourageousleadershipisthatit comesfromdeeperthanambition,namelyfromvalues. Leadersthatbehavebasedonvaluesarenoteasily influencedbyfactorssuchasbeingunderpressure,therisk oflosingtheirgoodreputation,orgainingsomethingfora shortperiodoftime.Indifficultmoments,theycontinueto holdtheirprinciples.
Theethicalbackboneiswhatmakestheleaderearntrust. Theteammembersmaynotalwaysbeinagreementwith theleader’sdecisions,buttheywilltrustaleaderwhose behaviorisregular,unprejudiced,andbasedonintegrity
Oneofthewaysinwhichsupportofcourageisseenis throughtheleaders’decisionsnottomakecertainchoices, alongwiththedecisionstheymake.Thatis,the compromisestheywillnotallowandthestandardsthatthey willnotlower
TheQuietPowerofCourage
Oneoftheraretimeswhencourageofaleaderisofa theatricalcharacteriswhenitisfalse.Realcourageis presentinthequietmoments—thedecisionsofdoingwhat isrightwhennooneislooking,theconversationsthathave beenputofffortoolongbutfinallyhadtotakeplace,the standingupforsomethingwhenitwouldbemucheasierto compromise.
Difficultdecisions.Uncomfortabletruths.Realimpact.
Courageousleadershipisdefinedbythesecomponents. Thoseleadersthatacceptthemaretheonesthathavethe powertochangeorganizations,influenceculture,andraise peopleup.Besides,theyarenotonlyleadingteams—they areleadingfutures.
Leadership
That Leaves A Lasting Mark
Inaworldwhereleadershipistypicallygaugedthrough
quarterlyresultsandshort-termperformance,itisthe leaderswhothinkdifferentlythathavethemostlasting impact.Theyfollowaplannotonlyforsuccessbutfor significance.Theseleadersrealizethatimpactisnotmerely measuredbypositionalpowerorprofitability—infact, influenceismostofallcharacterizedbythevaluethatlasts, theimpactthatisheartfelt,andthelegacythatgoesonlong afterthedecisionshavebeenmadeandthegoalshavebeen accomplished.
Leadershipbasedonsignificanceisdeliberate.Itcomes fromhavingaclearpurpose,goodcharacter,andthe
bravelytobringaboutachangethatisbiggerthanoneself. Itisnotaboutbeingspectacularinthemoment,butabout makingthedifferencethatstays.
ThinkingBeyondtheImmediateWin
Leadersofsignificancedonotstopatshort-term accomplishmentsbutrathertheyaskamoreprofound question:Whatremains?Theydecidewithafar-reaching view,thustheyarethefirsttoinvestinculture,people, innovation,andrelationships,whichwillkeepthe organizationgoingforalongtime.
Theyloveperformancetargetsandoperationalefficiency, butstill,theydonottradevictoriesforlossofintegrityor values.
Suchamindsetrequiresstrategicpatience.Itunderstands thatsomeofthemostvaluableresults—trust,credibility, loyalty—areintangible,andyet,theycountevenmorethan quickwins.
AligningPurposewithLeadershipAction
Effectiveleadershipcomesfirstfromhavingamission. Theseleadersareawarewhytheylead,notjustthemanner Theirpurposeislikeabeaconthatdirectsdecision-making andenergizesothers.Havingclearpurposefosterstrust, consistency,andzealespeciallywhenthingsareuncertain.
Leadersguidedbypurposespeakofthefuturesincerely. Theyencouragepeopletolookatthegrandmissionand thusconverttheordinaryworkintorealcontributions. Leadership,whenpurposeandactionarecombined,isnot onlystrategicbutalsoveryhuman.
BuildingTrustThroughCharacter
Enduringinfluencecan'tbedonewithouttrust.Theleaders whomakeadifferenceintheworld,acquireitmainly throughtheirconstancy,openness,andbravadoindoing whatisrighteveninthehardestsituations.Theyexercise theirpromises,acknowledgetheirfaults,andbehavewith impartialityevenattimeswhenitishardtodo.
Trustisnotsomethingoneisgiven;ithastobeearned.Itis constructedonestepatatime,throughopennesstoward others,dependability,andmoralprinciplesbywhichone thinksandacts.Whenleadersdisplaygoodcharacter,then trustbecomesacultural"coin"—itsupportsthe collaboration,engagement,andloyaltytotheorganization thatareofahighlevel.
EmpoweringPeopletoLead,NotJustFollow
Significantleadersaremultipliers.Theydonotconcentrate power—theydistributeit.Theyteach,mentor,anddevelop theyouththusmakingleadershipasharedaccount.Their inheritanceisnotmeasuredbyhowmanyfollowersthey havebutbyhowmanyleaderstheyproduce.
Empowermentiswhatbringsabouttheturningofthe wheel.Themomentpeoplearegivenfreedomtothink,act, andcomeupwithnewideas,theydoitwithownership
The Strategy of Significance
ratherthanundertheheavyhandofobligation.Thus,the strengtheningofteamstakesplacetodayandatthesame time,theorganizationgetsprotectedforthefuture.
ChoosingInnovationOverTradition
Thoseleaderswhowillberememberedforalongtimeare theonesthatwelcomechangeinsteadofguardingthestatus quo.Theydonotinnovateforthesakeofnovelty,butby necessity—lookingforbettermeansofservingcustomers, makingprocessesmoreefficient,andcreatingmorevalue.
Theykeeptheirmindsopen,challengetheestablished views,andareboldenoughtogoagainstthegrain.This readinesstochangekeepsorganizationsaliveandwellina veryvolatileworldthustheycancountonbeingaroundfor quitesometimeratherthangettingstuckinthecomfortof being.
ALeadershipModelBuilttoLast
Significanceisnotanultimatesuccess—itisacontinuous effort.Oneintentionallycultivatesitthroughsmalldaily choicesthatputmeaningbeforeease,personaldevelopment beforecomfort,andgivingbeforegetting.Itdecidesfor integrityevenwhenthereisnoonetoseeanditpoursinto thedaystocomeevenwhentheresultsarefaroff. Leadershipthatleavesalastingmarkdoesnotchase attention—itcreateschange.
Itthinksdeeply,actsboldly,andleadsgenerously.Itisnot characterizedbymoments,butbymovements.
Significancestrategyiseternalbecausethatisthemain reasonitsimpactiseternal.Suchleadersnotonlycreatethe futureofcompaniesbutalsothatofpeople—andasaresult, theymakeagenuine,lastingcontribution.
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