Balaji Srinivasan: India's Path to Becoming a Global Tech and Media Superpower

In a wide-ranging and thought-provoking interview, former Coinbase CTO and prominent tech investor Balaji Srinivasan laid out an optimistic vision for India's future as a global technology and media superpower. Speaking on the SuperTeam podcast, Srinivasan argued that India is uniquely positioned to leverage its strengths in software, media production, and international talent to become a leader in the emerging decentralized world order.

India's Opportunity in a Changing Global Landscape

Srinivasan began by explaining his recent move from Silicon Valley to Asia, noting that the majority of world GDP is now in Asia. While acknowledging that India still faces challenges, he expressed strong optimism about the potential of Indians both domestically and abroad:

"I'm moderately bullish on India, but extremely bullish on Indians," Srinivasan said. "What I mean by that is it's not so much the state itself that I'm bullish on, it is the rapidly developing talent that is now connected to the global internet, regardless of politics or whatever is happening on a daily basis."

He highlighted the mobility and adaptability of the international Indian diaspora as a key strength. With the rise of remote work and decentralized technologies like cryptocurrency, Srinivasan believes Indians now have unprecedented opportunities to participate in the global economy and build world-class companies from anywhere.

The Decline of American Dominance

A major theme of the discussion was the relative decline of American global dominance across multiple domains - economic, technological, and cultural. Srinivasan argued that the U.S. is "taking significant markdowns in terms of estimates of its state capacity" following its poor handling of the COVID-19 pandemic and other challenges.

He noted that America is no longer seen as the clear model for the rest of the world to emulate:

"After COVID-19, the US is no longer a model for the world. It used to be that China copied the US and India copied China, right? Developed and developing world. Everyone's copying the US. The US is the most advanced model. But this phrasing embeds within it important concepts."

This decline in American soft power and competitiveness creates an opening for other countries and models to emerge, according to Srinivasan.

India as a Media Superpower

One of Srinivasan's boldest predictions was that India could become a global media superpower in the coming decades. He argued that India already has several key advantages in this area:

1. A large English-speaking population
2. Existing success of Indians in Western media and entertainment industries
3. Strength in animation and visual effects production
4. The decline of American media institutions

"I think India becomes a tech and media superpower," Srinivasan said. "Why do I think India can become a media superpower? Well, several reasons. First is, Indians have shown an ability to succeed in media in the West. There's lots of, you know, well, while I'm not sure there's a credit to India, there's many journalists who have become journalists. But there's certainly many authors."

He envisions Indian creators producing global content that isn't necessarily recognizably "Indian" - similar to how Chinese manufacturing produces goods for the global market that aren't marketed as Chinese. This could include VR movies, video games, memes, NFTs, and other digital media.

Srinivasan believes there is a particular opportunity as American media institutions decline in quality and global influence:

"Hollywood sucks now in many ways. Like, if you go and look at the recent movies and so on, it's not just the sequels and the reruns, that's been happening for a long time, like the lack of creativity. I mean, how many Batman movies can you possibly make?"

He argued that Indian creators could fill the void left by declining Western media, producing more innovative and globally-appealing content.

The Rise of Crypto and Decentralized Systems

Another major focus of the conversation was the transformative potential of cryptocurrency and decentralized technologies. Srinivasan sees these as key enablers for India's rise on the global stage.

He argued that crypto provides better property rights and economic opportunities than the traditional financial system:

"Cryptocurrency is better than the American legal and financial system. That's to say, it is an improvement over it. It is more predictable. It is better rule of law. It is better property rights. It has better contract enforcement. And it is now available to everybody, which means that the value proposition of physically immigrating to the US is much, much less than it was."

This levels the playing field for Indians and other global citizens to participate in the world economy without needing to physically relocate to the U.S. or other Western countries.

Srinivasan also sees decentralized systems as a way for India to chart an independent path between the competing U.S. and Chinese spheres of influence:

"While the US and China play to win, India can play to win-win with the world. So the cities trap are the US and China headed for war. Maybe this was actually like, you know, 2015. Seems like, you know, this is more and more true. Cold War II is now beginning, America, you know, and China are now in conflict. The number three, you know, can choose a different path along with number four to N."

By embracing neutral, decentralized protocols and systems, India could position itself as a leader in the emerging global order without trying to dominate in the way the U.S. and China seek to.

India's Strengths in Software and Engineering

Srinivasan emphasized India's existing strengths in software development and engineering talent as key advantages. He argued that the traditional emphasis on engineering education in India, sometimes criticized as overly narrow, may prove to be a "happy accident" that positions the country well for the future:

"It's amazing biology that Indian parents are criticized heavily for wanting their kids to study engineering. I guess the happy accident on the upside of this generational emphasis on sending your kids to engineering college from since their four days old is now that we have the like, you know, the nation with the highest number of engineers that were the fastest growing country by open source contribution and a million engineers passing out every year."

He believes software skills will only become more valuable and leveraged as more of the physical world becomes automated and digitized:

"If you think about what's not what's next, but what's next, next, just being good at software may be sufficient by 2050 or so. And the reason is all kinds of physical production will get automated via robotics. Everything in the physical world becomes like, you know, the concept of a printer, right?"

A New Vision for India's Global Role

Throughout the conversation, Srinivasan outlined an ambitious and optimistic vision for India's future global role. Rather than trying to replicate the dominance of the U.S. or China, he believes India can chart a unique path as a champion of decentralization and win-win cooperation.

Some key elements of this vision include:

• Becoming a global hub for media production and digital content creation
• Leading in emerging technologies like robotics, telemedicine, and space exploration
• Embracing cryptocurrency and decentralized systems to empower its citizens economically
• Positioning itself as a neutral player offering alternatives to U.S. or Chinese dominance
• Leveraging its diaspora networks and English-language skills for global influence

"India can advocate for and should advocate for is decentralized networks where everybody's appear at the table. United networks, as opposed to, but as a successor to the United Nations," Srinivasan said.

He summed up this strategy as "How India can win-win" - finding ways to succeed economically and geopolitically while also benefiting other countries rather than seeking dominance.

Challenges and Mindset Shifts

While painting an optimistic picture overall, Srinivasan acknowledged that realizing this vision would require overcoming some challenges and shifting mindsets within India.

He discussed the need to overcome what he called the "crab bucket mentality" that can hold people back:

"You want a slingshot mentality rather than a crab in the bucket mentality or a, you know, like win and help win mentality even better, right? Where it's your win helps you help me win and vice versa. Win and help win actually is also the profit maximizing strategy in the long term because crabs and bucket don't have much in the way of resources since nobody has any resources since everybody who's stabbed."

Srinivasan argued that the internet and crypto networks can help ambitious Indians find like-minded collaborators even if their local environment isn't supportive.

He also emphasized the importance of having both realism about current conditions and ambition for future improvement:

"When you see where you were and where you've come and where the convergences are, it calibrates better, you know, like if the Chinese they were making plastic stuff, they had the humility and the realism to understand that that's where they were at that point in time, but they also had the ambition to get somewhere else. That realistic ambition is important and both parts are important, not unrealistic and not passive, but ambitious."

The Power of Wealth Creation

A key point Srinivasan emphasized was the importance of understanding that wealth can be created, not just redistributed. He used the example of software to illustrate this concept:

"If you've ever written a program on a computer, like think about piece of desktop software. Okay. You can write that on your laptop. You can set up a website and then people will pay you money for that. What are you actually doing there? What you just did with no national resources, just hitting keys is you created a pleasing configuration of electrons."

He described this as creating "an ice sculpture of zeros and ones" - bringing order and value out of disorder. Understanding this process of wealth creation through technology and innovation is crucial for India's future success, in Srinivasan's view.

A Call to Action

The conversation concluded with a call to action for Indian creators and technologists to start building towards this vision immediately. Srinivasan encouraged listeners to create content explaining and promoting these ideas:

"Let's just keep it simple, right? You saw the podcast that we did today, make some content around it that explains the ideas that we spoke about today in, you know, in a more educated, fun way and the best ones make it into the discord."

He emphasized the opportunity for Indian creators to fill niches abandoned by declining Western media institutions and to produce globally-relevant content across many domains.

Conclusion

Balaji Srinivasan's vision for India's future as a global tech and media superpower is both ambitious and thought-provoking. While acknowledging current challenges, he sees tremendous potential for India to leverage its strengths in software, international talent, and media production to become a leader in the emerging decentralized world order.

By embracing cryptocurrency, focusing on next-generation technologies, and positioning itself as a champion of win-win cooperation, Srinivasan believes India can chart a unique and influential path on the global stage. His ideas offer a compelling roadmap for Indian innovators, creators, and policymakers to consider as they shape the country's future trajectory.

As the global balance of power shifts and new technologies reshape the world economy, Srinivasan's perspective suggests that India may be uniquely positioned to thrive in the coming decades. Realizing this potential will require both ambition and execution, but the possibilities he outlines are truly exciting to contemplate.

Facts + Figures

• The majority of world GDP is now in Asia, according to Srinivasan
• India produces approximately 1 million new engineers every year
• Srinivasan describes himself as "moderately bullish on India, but extremely bullish on Indians"
• The World Economic Forum ranked the US #1 and China #78 in pandemic preparedness in November 2019, but the actual outcomes were nearly the reverse
• India's internet costs are now cheaper than in the US in some aspects
• India's space program (ISRO) is approaching SpaceX in terms of launch costs
• India has an equatorial launch pad, which provides geographical advantages for space launches
• There are approximately 5 million Indians in the global diaspora
• The US has approximately 3 billion users on Facebook
• Hollywood is producing an increasing number of sequels and remakes, indicating a lack of creativity according to Srinivasan
• Srinivasan mentions that Indian physicians are "world renowned" and present "basically everywhere" globally
• India has a large generic medicine industry that supplies much of the world
• Srinivasan cites examples like Polygon/Matic as successful Indian crypto projects
• He references the "Bendies and Bangles" music video as a vision of fusing Indian culture with advanced technology
• Srinivasan mentions that many computer graphics for companies like Pixar are often done in India
• He notes that China took about 35 years (1978-2013) to transition from "revolutionary communist" to "internationalist capitalist"

Questions Answered

Why is Balaji Srinivasan bullish on Indians but only moderately bullish on India?

Srinivasan is extremely optimistic about the potential of individual Indians and the Indian diaspora, but more cautious about the Indian state itself. He believes that the rapidly developing talent of Indians, now connected to the global internet, has immense potential regardless of political situations. The mobility and adaptability of Indians, both within India and abroad, allows them to seek opportunities and innovate globally.

How could India become a media superpower?

India could become a media superpower by leveraging its existing strengths in animation, visual effects, and content creation. Srinivasan envisions Indian creators producing globally-relevant content that isn't necessarily recognizably "Indian," similar to how Chinese manufacturing produces goods for the global market. This could include VR movies, video games, memes, NFTs, and other digital media. The decline of Western media institutions also creates an opportunity for Indian creators to fill content niches and produce more innovative, globally-appealing content.

What role does cryptocurrency play in India's potential future success?

Cryptocurrency plays a crucial role in Srinivasan's vision for India's future success. He argues that crypto provides better property rights and economic opportunities than the traditional financial system, leveling the playing field for Indians to participate in the global economy without needing to physically relocate. Crypto networks also enable decentralized systems that could allow India to chart an independent path between competing U.S. and Chinese spheres of influence, positioning itself as a leader in the emerging decentralized world order.

How can India leverage its strengths in software and engineering?

India can leverage its strengths in software and engineering by focusing on emerging technologies and automation. Srinivasan believes that as more of the physical world becomes automated and digitized, software skills will become increasingly valuable. He suggests that India could lead in areas like robotics, telemedicine, and space technology. The large number of engineers India produces annually and its growing contributions to open-source software position the country well for this future.

What is the "win-win" strategy Srinivasan proposes for India?

Srinivasan's "win-win" strategy for India involves finding ways for the country to succeed economically and geopolitically while also benefiting other nations, rather than seeking dominance like the U.S. or China. This includes championing decentralized networks and neutral protocols, becoming a hub for global media production, leading in emerging technologies, and positioning itself as a neutral player offering alternatives to U.S. or Chinese-dominated systems. The goal is for India to thrive while also creating opportunities for cooperation and mutual benefit with other countries.

How does Srinivasan envision India's role in the future global order?

Srinivasan envisions India as a champion of decentralization and win-win cooperation in the future global order. Rather than trying to replicate the dominance of the U.S. or China, he sees India potentially leading in areas like decentralized finance, global media production, and emerging technologies. India could position itself as a neutral player offering alternatives to U.S. or Chinese systems, leveraging its diaspora networks and English-language skills for global influence.

What mindset shifts does Srinivasan believe are necessary for India to realize its potential?

Srinivasan emphasizes the need to overcome the "crab bucket mentality" and embrace a "win and help win" approach. He stresses the importance of having both realism about current conditions and ambition for future improvement. Understanding that wealth can be created through innovation, not just redistributed, is also crucial. Srinivasan believes that the internet and crypto networks can help ambitious Indians find like-minded collaborators and overcome local limitations.

How does Srinivasan view the decline of American dominance and its impact on India's opportunities?

Srinivasan argues that American global dominance is declining across economic, technological, and cultural domains. This decline, particularly evident in the U.S.'s handling of the COVID-19 pandemic, creates opportunities for other countries and models to emerge. For India, this means a chance to chart its own path and potentially fill voids left by declining Western institutions, particularly in areas like media production and technological innovation.