Despite the evidence, several myths about growth prevail, limiting leaders’ ambitions. Here are four myths McKinsey’s research dispels:

1. Myth: Size Matters for Growth.
   Contrary to popular belief, smaller companies have a significant edge in achieving extraordinary growth. Of companies with annual revenue under ₹1,500 crore, 36% were growth champions. This outpaced mid-sized (10%) and large firms (11%), proving that agility and innovation can triumph over sheer size—even in uncertain times.

2. Myth: Growth Comes at the Expense of Profitability.
   It’s often assumed that pursuing aggressive growth undermines profits. Yet, the data shows a high correlation between revenue and profit growth (coefficient of 0.95). Growth champions achieve this balance by reducing costs, value engineering, and reinvesting surplus profits into distribution, branding, and pricing strategies.

3. Myth: Extraordinary Growth Requires High-Growth Industries.
   While tailwinds in sectors like IT and healthcare are beneficial, exceptional growth is achievable across industries. The study found that top-performing companies in most sectors consistently grew revenues by 15% or more annually, regardless of their industry’s overall performance.

4. Myth: Low-Growth Companies Cannot Turn Around.
   The narrative that underperformers are doomed to lag forever is false. McKinsey found that half of the trailing companies in its sample leapfrogged into the top-performing category within a decade, particularly in high-growth sectors like financial services and real estate.

For companies aiming to emulate growth champions, McKinsey identified seven strategic levers:

1. Strengthen the Core Business

Growth starts with fortifying existing operations. Companies must embrace digital transformation, agile resource allocation, and leadership development. For instance, digital technologies like data analytics can revolutionize pricing, marketing, and decision-making processes.

2. Embrace Digital and Data

Digital tools enable scalability and efficiency. A leading Indian vehicle manufacturer used digital solutions for driver training and fuel monitoring, delivering cost savings and rapid market expansion.

3. Reallocate Resources with Agility

To stay competitive, businesses must dynamically allocate resources toward high-growth opportunities, whether geographic regions, market segments, or sales channels. For example, the Indian cement giant reallocated teams strategically to conquer new territories and improve market share.

4. Invest in Leadership Development

Leadership plays a pivotal role in unlocking growth. Organizations that invest in training and empowering leaders at all levels see significant improvements in operational efficiency and innovation. One construction conglomerate’s leadership program resulted in over 200 breakthrough projects in a single year.

5. Pursue Adjacencies

Expanding into related markets can be a game-changer. For instance, a traditional industrial switchgear manufacturer diversified into consumer appliances, contributing 20% of its revenue within five years.

6. Create New Breakout Businesses

Innovation-driven breakout ventures are key to long-term success. An Indian healthcare chain grew from a single hospital into a diversified enterprise offering pharmacy, insurance, diagnostics, and retail healthcare services.

7. Explore Global Ambitions and M&A

International expansion and mergers or acquisitions (M&A) are powerful growth tools. With India’s exports projected to hit $2 trillion by 2030, many companies have leveraged their competitive advantages to thrive globally. Meanwhile, strategic acquisitions have enabled firms to rapidly expand capabilities and market share.

The insights from McKinsey's research make one thing clear: extraordinary growth is not confined to certain industries, sizes, or regions. By adopting bold choices and a growth-oriented mindset, Indian enterprises can transform themselves into engines of economic prosperity.

As India marches toward its centennial vision, the journey to $19 trillion requires business leaders to challenge old assumptions and embrace new strategies. The seven levers of growth provide a roadmap for achieving this audacious goal.

Kudos to McKinsey for shedding light on these actionable insights, proving that with ambition and execution, extraordinary growth is not just a possibility—it’s a choice.