Economy

India needs to steel against the changing post-Covid world: panel

Our Bureau Mumbai | Updated on September 26, 2020 Published on September 26, 2020

India’s global growth share projected to rise to 15.5 per cent.   -  Getty Images/iStockphoto

To achieve a V-shaped growth curve, India needs to steel against the changing post-Covid world and negative growth outlook, opined panellists of the Indo-US Economic Summit.

"While we hope for a V-shaped recovery, we have to keep in mind that India's growth outlook has been forecast at a negative 9 per cent. To tide this time through, public sector would need a minimum allocation of ₹35,000-55,000 crore,” said Sanjay Vasudeva, Senior Partner, SCV & Co. LLP.

The 16th Indo-US Economic Summit, which was held virtually, addressed 'US Economic Partnership: Prospects & Challenges in the Approaching Decade'. Edgard D Kagan, Deputy Chief of Mission from the US Embassy was the chief guest.

"The world of today is far removed from yesterday; for this world, we need to strategise and build bilateral partnerships across key sectors. That's how we would strive to reach the goals of Atmanirbhar Bharat and step out of our current levels of negative growth,” said Lalit Bhasin, Summit Chair and Regional President, Indo-American Chamber of Commerce, North India Council.

The current Covid-19 crisis, which pushed a large segment of the workplace back into their homes, has made many realise the importance of tech-integration with businesses, especially with artificial intelligence (AI).

"Everything we do today is supported by algorithms,” said Sameer Dhanrajani, Chief Executive Officer, AIQRATE Advisory & Consulting.

However, the panelists emphasised, that AI should be seen as an enabler rather than an end-all solution.

"It's important to think of AI not only as a technology but also as an enabler of strategy, culture, leadership and removal of bias, exclusion and lack of transparency,” said Rohini Srivathsa, National Technology Officer at Microsoft India.

For defence and aerospace, the way forward would be mainly around bilateral technology inputs between India and the US, leveraging American know-how, with India serving as a large market for American firms, the panelists opined.

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Published on September 26, 2020
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