View: Scripting the growth story in 2023 & beyond

The start of the year is an excellent time to consider how different the coming year can be in terms of business and economic growth — what novelties can result in lasting and favorable outcomes. As we go ahead in 2023, we must not only identify and evaluate tailwinds from headwinds in the context of the recent geopolitical crisis, climate emergencies, pandemic, and economic challenges but also ensure that strategies are sustainable and visions are long-term.

It has been two years since the United Nations launched its ‘Decade of Action,’ which aimed to address all common problems of the new normal world, such as climate change, poverty, inequality, and closing the finance gap. We must first determine how far we have progressed in the right direction before creating any further blueprints. 360-degree reviews and benchmarking on relevant parameters by dedicated committees could aid with respect to the same. Now is the time to take stock of the situation and choose the best bets to script the growth story in 2023 and beyond.

Technological innovations for a resilient world

Technology has not only changed the way we work, but it has also redefined reality for people from all walks of life. Technological innovations have become the new normal as consumers have grown accustomed to tech-enabled services. Moreover, today, it assists us in navigating this highly complex and competitive, brittle, anxious, nonlinear, and incomprehensible (BANI) world. It enables us to make accurate real-time predictions, discover drugs to cure diseases, share valuable information globally and establish seamless global connectivity.

I truly believe technology can defeat each horseman of the unforeseen apocalypse. It is imperative that each of us uses technology to prepare for turbulent times by constructing resilient systems.

Trade and Infrastructure – Key to holistic development
We urgently need policies that support the vision of a unified world. Increased efforts are required to encourage global investments, trade, and infrastructure for economic prosperity and development. While infrastructure and trade can have a positive economic impact, their developmental impact is dependent on how investment strategies are defined and implemented. Investments in critical industries such as energy, telecommunications, and transportation networks have a direct impact on economic growth and sustainability efforts.

The availability of high-quality infrastructure boosts productivity and competitiveness, providing the much-needed impetus to employment, economic growth, and social development. A quality, sustainable infrastructure can reduce the cost of delivered goods, improve the physical mobility of people and goods, alleviate productivity constraints and boost competitiveness.Navigating the new normal with skilling
Individuals and organizations must continue to upskill as technology evolves. Upskilling, combined with an enabling ecosystem, will become a key differentiator for organizations seeking to retain and thrive on talent in the post-pandemic era. It is our responsibility as leaders, organizations, and educational institutions to ensure that we become the wind beneath the wings for these future generations.

Emphasis must shift from competition to cooperation
The future battles that we have all imagined cannot be fought in isolation or in silos. Cooperation is like oil for geopolitical machinery, allowing it to run smoothly and produce meaningful results; therefore, the emphasis must shift from competition to cooperation.

This is the time to walk the talk because it will allow the benefits of a company’s economic growth to permeate the larger society and its people. Every action must be undertaken with a focus on the welfare and benefit of the world around us. For example, can a manufacturing set-up, in order to reduce water consumption in its units, redirect the extra resources to irrigation of local fields? To instill such forward-thinking ideas in the minds of our people, we need more serious discussions and a viable game plan.

(The writer is managing director & Chief Executive Officer, Tech Mahindra)

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