25 March 2023
International corporate conclave- 2023
Venue: Hyatt Regency Bhikaji Cama Place Delhi
Reforming Step Towards The Radiant Future of Businesses
The year 2023 may well be the opening of a jar of a window in which India’s time on the world stage is arriving. Year 2023 has the potential to provide the impetus required for the country to become digitally ready and to lead technological advancements for the rest of the world. The RBI has said in its commentary, in the bank’s monthly bulletin.
India is indeed marching on the path of becoming a global leader, as evidenced by the country’s efforts to balance its local and global interests. This can be seen through India’s “Make in India” initiative, which aims to promote domestic manufacturing and create jobs within the country, while also positioning India as a hub for global investment and trade.
Another example is India’s growing role in international forums, such as the United Nations, where it has been a vocal advocate for issues such as climate action, economic development, and global health. India is also playing a more active role in regional organizations such as the South Asian Association for Regional Cooperation (SAARC) and the BRICS group of countries, which includes Brazil, Russia, India, China, and South Africa.
Following massive earthquakes in Turkey and Syria in the second week of February, India immediately extended its helping hand and dispatched more relief material, equipment to help earthquake stricken people.
During the COVID-19 Pandemic also India, under Prime Minister Narendra Modi’s leadership, emerged as the pharmacy of the world and supported with supply of medicines to over 150 countries besides COVID-19 vaccine supply to over 75 nations from India. India’s supply of medicines and vaccines, particularly to the Global South, earned enormous goodwill for the country. During the pandemic period, the country had shown the world its resilient strength by quickly recovering after a fight with the dreaded virus. India was not dependent on anybody, rather it extended support to the world in the battle against the virus.
India is also investing in its infrastructure and technology, which is helping to spur economic growth and enhance its global competitiveness. For example, India has made significant progress in expanding its digital infrastructure and is now home to one of the largest tech-enabled populations in the world.
India’s rich cultural heritage and diversity continue to make it a hub of creativity and innovation, and the country is increasingly using these strengths to build bridges with other countries and cultures.
India has the potential to play a significant role in achieving global goals, as it is one of the world’s largest and fastest-growing economies and a leading contributor to the United Nations peacekeeping force. The country’s global goal and role would likely be shaped by a combination of its domestic priorities, its relationships with other countries, and its commitments to international organizations and agreements.
India is becoming a “glocal” power, leveraging its local strengths to play a larger role on the global stage. As India continues to grow and develop, it has the potential to emerge as a major global leader in the years to come.
India has been making significant strides in its development and is increasingly positioning itself as a global leader. As one of the fastest-growing economies in the world, the third-largest start-up ecosystem, and tech services, digital, and manufacturing sectors on track to become global powerhouses, India is poised to become a powerful economic growth engine. At the same time, the country is confronting the effects of the pandemic and the critical challenge of creating jobs for the 90 million people set to join its workforce by 2030.
By 2026, India’s population will be the largest in the world, leaving behind China, the world’s most populous country so far. With a median age of 28, this is India’s chance to seize the demographic dividend and herald its emergence as an economic powerhouse of the future.
No one could have expected and predicted that the Indian economy, despite being largely affected by Covid19 Pandemic and also impacted by the Ukraine- Russia War, will perform so well in 2022 that it will overtake the UK to become the Fifth largest economy in the world. Prime Minister Narendra Modi proudly announced that the country was able to rise from the 10th spot in eight years. India’s nominal GDP in 2022 was $3.8 trillion.
Although during this year, we also saw massive tech stocks collapsing, funding coming to a crawl, a bloodbath in the crypto world, war, inflation, rising interest rates, massive layoffs, shutdowns of start-ups, regulatory drama, and so much more. No one could have predicted that, but that happened.
What will 2023 have in store for us? Can we get our Indian start-ups and tech predictions right?
In 2023, we see the continuation of innovations and developments in transformative technologies such as artificial intelligence (Al), the internet of things (loT), virtual and augmented reality (VR/AR), cloud computing, blockchain, and super-fast network protocols like 5G.
With more than 95 per cent of Indian companies planning to increase DX spending or keep it at the same level in 2023, the overall DX spending in India is pegged to reach $85 billion by 2026, as per intelligence and data firm International Data Corporation (IDC). Research, manufacturing (discrete and process), professional services, banking, government, retail, and telecommunications will be the top industries spending on DX in India.
Indian organisations gravitate towards the cloud, automation, artificial intelligence (Al), network infrastructure, Internet of Things (loT), and other advanced technologies to transform them digitally, spending on digital transformation (DX) and IT modernisation are at the top of the mind of Indian companies.
Thus, “this will be a year for the Indian economy to strengthen its position on the global stage while the rest of the world grapples with an impending recession, war and inflation,” the Reserve Bank of India (RBI) said in its report on the state of the economy.
India is also striving to build a global manufacturing hub and become a preferred habitat for companies to shift their production bases.
Amid the ongoing megatrends, India would have a significant advantage owing to strong domestic demand, digitalisation, largest talent pool globally, financial inclusion, global competitiveness and sustainability transition,” EY, one of the leading professional services organisations, has said.
Here are some ways in which India is making this transition with a few goals and roles that India could pursue:Economic Reforms: India has implemented a range of economic reforms aimed at boosting growth and competitiveness, such as the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code, and measures to liberalize foreign investment.
These reforms have helped to improve the ease of doing business and attract investment, positioning India as a key player in the global economy. India can continue to drive economic growth and prosperity, both domestically and globally. This could include further liberalization of its markets, investment in infrastructure, and fostering innovation.
Since India has a growing economy and a large young workforce, it could use this as an opportunity to drive economic growth and development, both at home and abroad.
India has also made significant progress in areas like renewable energy and clean water access, and it could use its experiences and expertise to help other countries achieve their own sustainability goals.
Diplomatic Engagement: India has been actively engaging with the international community, strengthening its diplomatic relations and building partnerships with countries around the world. India has also been playing a prominent role in regional organizations such as the South Asian Association for Regional Cooperation (SAARC) and the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
As a rising power, India must work more actively to promote peace, stability and security in its region and beyond, through diplomatic engagement, conflict resolution and peacekeeping. The country should also promote its rich cultural heritage and diversity through cultural diplomacy, and serve as a bridge between different civilizations and cultures.
Climate Action: India is taking a leadership role in global efforts to address climate change, particularly through its commitment to the Paris Agreement and its ambitious target of achieving 40% of its energy from renewables by 2030. India is also working to improve energy efficiency, promote sustainable agriculture and forestry, and increase its capacity to adapt to the impacts of climate change.
In coming years, India must enhance its global efforts to tackle the climate crisis by transitioning to a low-carbon economy, investing in renewable energy, and promoting sustainable agriculture and forestry practices.
Digital Transformation: India is leveraging its strength in technology and innovation to drive its digital transformation and become a leader in the digital economy. India has been investing in its digital infrastructure, including initiatives such as the Digital India program, and has developed a vibrant start-up ecosystem.
The country must accelerate leveraging its expertise in technology and innovation to drive the global digital transformation and promote the responsible and ethical use of technology.
Education, Health and Skill Development: India is prioritizing skill development to equip its workforce with the skills needed to participate in the global economy. The government has launched initiatives such as the Skill India program and the Pradhan Mantri Kaushal Vikas Yojana to promote skill development and entrepreneurship. While effectively implementing New Education Policy 2020, India can also share its experiences and best practices in education and skill development with other countries, particularly in the areas of primary education, vocational training and digital literacy.
India, with its large pool of medical professionals and pharmaceutical industry, can play a leading role in addressing global health challenges such as pandemics, non-communicable diseases, and access to essential medicines.
Foreign Investment: India had received foreign investments worth USD 42.5 billion during January- September 2022. It stood at USD 51.3 billion in 2021. The country has registered its highest-ever total FDI inflows of USD 84.84 billion in 2021-22.
India is the preferred investment destination due to series of measures such as liberalisation in the FDI policy, steps to further promote ease of doing business, skilled manpower, presence of natural resources, liberal FDI policies, reducing compliance burden for industry, rollout of the PLI schemes and the PM GatiShakti National Master Plan for integrated infrastructure development.
India’s huge domestic market and prospects of healthy GDP growth are also the strong reasons for optimism on the foreign inflows front for India in 2023 but issues such as delay in enforcement of contracts, cumbersome procedures and high interest rates are still sore points. FDI equity inflows into India, however, contracted by 14 per cent to USD 26.9 billion during the April- September period this fiscal. This is why it is important for India to create a more favourable environment for foreign investment, offering tax incentives, reducing bureaucracy, and improving infrastructure. Then the country may attract the eyes of overseas investors in 2023.
Also, global economic uncertainties due to monetary policy tightening in the US and the fallout of the war in Ukraine with the triple food, fuel and finance crises, along with the ongoing COVID-19 pandemic and climate disruption, are adding stress, particularly in developing countries.
As the CEO of Business Connect magazine, it is my utmost pleasure to welcome you to the International corporate conclave- 2023. This summit is an extraordinary event that aims to bring together entrepreneurs, industrialists, and thought leaders from around the world to discuss the most pressing issues facing the business community today.
At Business Connect, we believe in the power of innovation, trends, and predictions to transform the economy and create better opportunities for all. That is why we have decided to host this summit, which will infuse a panel discussion on the latest innovations, trends, and predictions that are shaping the business world. Innovations drive new product development and business models, allowing companies to remain competitive and meet evolving customer demands.
Trends highlight shifts in consumer behavior and preferences, allowing businesses to adjust their strategies to meet these changes. Predictions provide insights into the future, allowing businesses to anticipate challenges and opportunities and prepare accordingly. By leveraging innovations, trends, and predictions, businesses can position themselves for success and drive growth in today’s fast-paced and ever-
As you know, India is one of the fastest-growing economies in the world, and it is essential that we continue to enhance the entrepreneurial ecosystem to drive economic growth, create jobs, and improve the quality of goods and services. This summit is an excellent opportunity for us to learn from each other, exchange ideas, and collaborate on new projects that will drive our economy forward.
We are confident that the International corporate conclave- 2023 will provide valuable insights and information that will change the lives of our attendees and make a meaningful contribution to the economic prosperity of our nation. We are proud to bring together some of the most influential figures in the business world to participate in this event, and we are grateful for their support.
I Would like to extend my heartfelt thanks to the jury members, panelists, industrialists, business tycoons, entrepreneurs, and all other guests who have joined us for this summit. Your presence here today is a testament to the importance of this event and the critical role that business plays in our society.
I would also like to congratulate all the award winners for their outstanding achievements and wish them continued success in the future. Finally, I would like to extend my heartfelt gratitude to the entire Business Connect team for their hard work and dedication in organizing this event.
We hope that you enjoy the International corporate conclave-2023 and take away pearls of wisdom, knowledge and business insights that will benefit your ventures and contribute to the growth of our economy.