Few leaders embody the seamless blend of humility, intellect, and purpose as distinctly as Dr. Arun Raste, Managing Director and CEO of NCDEX. For him, leadership is not a pursuit of power but of equity and equality—principles that have guided every step of his 35-year journey across banking, corporate, and social sectors.
His professional arc began, interestingly, in the corridors of a hospitality school—a place that would awaken in him an enduring sense of self-awareness. Drawn initially by the glamour of the service industry, he soon realised that his temperament was inclined not toward serving comfort but toward serving purpose. That early realisation became a defining pivot, redirecting him towards development economics and, ultimately, a lifelong mission to understand and bridge economic disparities. Today, his career exemplifies as to how financial acumen, when guided by empathy and ethics, can become an engine of transformation.
The Making of a Purpose-Driven Leader
Raised in railway colonies and shaped by Jesuit schooling, teamwork and discipline were integral to Arun’s formative years. His transition from hospitality studies to development finance marked the beginning of introspection. “I was a misfit there,” he admits candidly about his one year in Hotel Management course – a realization that true leadership begins with self-awareness.
The inequalities he witnessed during his early career years struck a chord. Development economics, initially just a part of the curriculum he needed to master, evolved into a passionate pursuit, a deeper engagement with questions of equity, access, and opportunity. This commitment initiated his lifelong quest for knowledge—a journey that continues to shape his worldview. Just weeks before this conversation, he earned his doctorate. For Arun, education is never complete; it is a continuum that renews purpose and sharpens perspective.
The choice of profession itself carries historical weight. The word “Raste” originates from “Rast,” the Marathi term for honest or trustworthy—a title once conferred upon his forefathers. When young Arun contemplated his career path, “banking felt like a natural choice,” he notes. “Bankers were seen as trustworthy and honest, and that aligned perfectly with the values my family name stands for.”
Career Spanning Cross-Sectoral Excellence
Over the past 35 years, Arun has built a rare portfolio of cross-sectoral experience—spanning banking, corporate, and social institutions. At NABARD, he delved into rural development and institutional finance. At IDFC and Kotak, he worked on innovative models that married profitability with inclusion. With IRFT and NDDB, he deepened his engagement with sustainability and cooperative development. His stint in ACC helped him imbibe the competitive spirits, and pursuits of excellence, corporate ethics and values that any company from house of Tata’s practice. At NCDEX, where he has served as MD & CEO since 2021, Arun brings together these diverse experiences to address one of India’s most critical challenges—empowering rural producers through market access and financial tools. Under his leadership, NCDEX continues to strengthen its role as an enabler of price discovery, risk management, and inclusive agricultural growth.
Leadership Anchored in Empathy and Integrity
Empathy, intellect, and integrity define Arun’s approach to leadership—values he credits to his upbringing and to his late father, his moral compass and lifelong guide. “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.”
Leading a national institution like NCDEX demands extraordinary commitment, yet Arun refuses to sacrifice personal well-being on the altar of professional achievement. He views the two domains as complementary spheres that enrich each other. His approach rests on three pillars: clarity of purpose, structured delegation, and a strong value system. “When your work is aligned with your core beliefs, it becomes easier to navigate challenges without compromising personal well-being,” he explains.
At NCDEX, he leads through empowerment rather than oversight, fostering a culture of trust, ownership, and accountability. “When people feel heard and valued, they bring their best to the table,” he often says. This leadership approach allows him to focus on strategic direction while enabling his colleagues to execute with excellence. For him, business is not a transaction but a means of transformation. “Leadership is not about micromanagement but about enabling others to grow,” he emphasizes.
Beyond the office, he maintains firm boundaries. He travels frequently, immersing himself in nature, architecture, culture, food, craft, and art. Mindfulness and physical wellness anchor him through high-pressure moments, enabling him to lead with authenticity rather than anxiety.
Purpose-Driven Business Philosophy
Arun’s appetite for business extends far beyond profit margins and quarterly results. He gravitates towards models that create shared value – benefiting shareholders, employees, and communities alike. Whether addressing financial inclusion, rural development, or market innovation, he seeks opportunities where profitability intersects with impact.
“Business, to me, is a tool for transformation when wielded with integrity and vision,” he asserts. He thrives in environments that challenge conventional thinking and reward long-term resilience over short-term gains. His decision-making process combines calculated risk-taking with rigorous data analysis, always filtered through the lens of empathy. For him, empathy, education, and empowerment are the three tools that create equitable opportunities and inclusive growth—a conviction that permeates every strategic decision he makes at NCDEX.
Navigating the Pandemic Storm
The COVID-19 pandemic tested leaders across industries, and Arun faced it from two vantage points – first as Executive Director of NDDB, then as MD & CEO of NCDEX. At NDDB, his team ensured uninterrupted milk supply chains, maintaining availability in metros while securing feed and medicines for livestock. His most satisfying achievement during that period, however, was the repurposing of NDDB’s subsidiary, Indian Immunologicals, to manufacture vaccines that augmented Bharat Biotech’s supply—ensuring timely access to vaccines for millions of Indians.
At NCDEX, the crisis disrupted commodity markets, supply chains, and physical trading operations Yet instead of retreating, the exchange leveraged the crisis to innovate. Under his leadership, NCDEX maintained 100% uptime of its trading platform, upgraded its core systems for remote operations, and expanded its primary data infrastructure. “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,” he reflects. The digital backbone strengthened during those difficult months continues to serve the exchange well, demonstrating how crisis can catalyze innovation when leaders refuse to accept limitations.
Strengths, Self-Awareness and Growth
He identifies strategic thinking, stakeholder empathy, and cross-sectoral experience as his core strengths. His ability to engage meaningfully with diverse groups, from Farmer-Producer Organisations to policymakers and institutional partners, stems from genuine commitment to listening and co-creating solutions. “Trust is built through transparency, and a leader should always lead from the front,” he believes.
Yet Arun displays remarkable candor about his weaknesses. He admits to being overly perfection-oriented and detail-focused at times, that may impact the speed of progress. He also acknowledges impatience when his perceived timelines aren’t met. Over time, he has learned to trust teams more and focus on vision-setting. “Sharing these helps others embrace growth over guilt,” he notes, modelling the vulnerability that effective leadership requires.
Recognition and Impact
Arun’s contributions have earned significant recognition. In 2025, he received the Development Leadership Award at the Agriculture Leadership Conclave in Delhi and was named Most Admired Global Indian by Passion Vista. In 2024, he was recognized as a GITEX Impact Leader at Sustainable Lab Paris in Dubai for championing sustainability and innovation, and Republic TV and Marksmen Daily included him among India’s Most Influential Leaders. Earlier, in 2009, he was nominated to the U.S. State Department’s prestigious International Visitors Leadership Program in Washington, DC, an experience that broadened his understanding of global development and governance.
A prolific writer and speaker, he has authored two books and published multiple papers in national and international journals. He regularly receives invitations to speak on diverse subjects across the globe, contributing his insights into conversations about development, finance, and inclusive growth.
Wisdom for Aspiring Leaders
When asked what advice he would offer aspiring leaders, Arun distils decades of experience into timeless principles. Leadership, he says, is a blend of sweat, empathy, integrity, and competitive spirit. When people feel heard and valued, they bring their best to the table. True value emerges when strategy aligns with values, and innovation remains rooted in ethics and social impact. Every decision, he believes, must reflect responsibility as much as efficiency.
His message to young Indians is both inspiring and pragmatic: “Your success is measured by what you leave behind when you exit.” Growth, he reminds them, is a journey of purpose, resilience, and collaboration—and success follows naturally when values and vision move in harmony.
The Road Ahead
As NCDEX evolves into a multi-asset exchange extending ‘Equity for Bharat’, Arun’s focus remains steadfast on strengthening agricultural markets and value chains across India. Under his leadership, NCDEX continues to play a pivotal role in price discovery, risk management, and market access—helping farmers and traders become integral participants in India’s economic transformation.
His leadership journey—from railway colonies to the helm of India’s leading commodity exchange—illustrates a timeless truth: leadership demands not just expertise but empathy, integrity, and the courage to empower others. In an age driven by short-term results, he offers a different model—one grounded in values, sustained by relationships, and guided by the conviction that business can be a force for equity and inclusion. True to the meaning of his family name, Raste—trustworthy and honest—he continues to prove that leadership with conscience can redefine markets, institutions, and lives.
