The chief of the second largest conglomerate in the country at the confederation for Indian Industries session for the future of entrepreneurship in the country on Wednesday, 11th of May spoke about the future of businesses in India during his speech. He spoke about the importance we should place on artificial intelligence and rebalancing and equating the world supply chain among the important aspects of business we should keep an eye on.
Here are the five mega trends that we should focus on according to Mr. N Chandrasekaran:
Digital Adoption
According to the chief of Tata, we should invite the science of digitization with open arms and use it wherever necessary to cut time, cost, and improve accuracy. Data science and AI are two places where digitization has completely transformed the entire field and the way it functions and other industries and fields should look to emulate that.
The internet has penetrated through the Indian economy with over a billion people in the country having access to it. We need to put this to our advantage and embrace what digitization has to offer to us.
Supply Chain rebalancing
Due to the current geopolitical climate, with Russia invading Ukraine and even before that with coronavirus and the lockdowns, we have come to learn that the global supply chain is very fragile, and even the slightest inconvenience can truly ruin an industry and even an economy as seen with Sri Lanka.
With inflation trends showing that it will be lower in this country than the west, India can takeover the global supply system and be dominant in the world supply chain as an exporting behemoth.
Sustainability
The situation of the earth and the climate has taken the front seat in importance recently and start-ups and established companies from around the country should synergize together to create a sustainable ecosystem for businesses to thrive without causing harm to the environment.
Health
With wellness and mental health taking more of the limelight recently, and businesses in this field will be gaining some great traction sooner rather than later.
Talent
With the way the world and internet are set up, companies can now hire from anywhere. India has a great pool of talent and we need to figure out how we can maximize the potential of the talent pool that India is churning out every single year.
The wide skillset that Indians have to offer is set to majorly boost the country soon.
