{"id":2872,"date":"2024-03-18T01:40:48","date_gmt":"2024-03-18T01:40:48","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/03\/18\/big-change-is-the-only-constant-in-eco-india-inc-times-of-india\/"},"modified":"2024-03-18T01:40:48","modified_gmt":"2024-03-18T01:40:48","slug":"big-change-is-the-only-constant-in-eco-india-inc-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/03\/18\/big-change-is-the-only-constant-in-eco-india-inc-times-of-india\/","title":{"rendered":"Big change is the only constant in eco: India Inc – Times of India"},"content":{"rendered":"
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MUMBAI: India\u2019s economy is changing fundamentally, and for the better. Tech is a key driver. Finding enough capital is the big challenge. Computer chips and critical materials are among the new stars. And business, the locus of much of this change, must also take the lead in recognising that human enterprise can\u2019t flourish if humans keep obliterating all other species.
Those were the key messages from speakers and panel discussions at The Economic Times Awards for Corporate Excellence, held in Mumbai on Friday.
FM Nirmala Sitharaman, addressing issues of employment and private investment, said: \u201cWhen we look for data, we tend to look only at the formal sector\u2026 we don\u2019t care about informal. (Also) we don\u2019t look at new and emerging sectors, where huge changes are happening.\u201d She spoke of semiconductors, renewable energy, storage capacities, railroads, and materials as sunrise sectors drawing new capital.<\/p>\n
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Samir Jain of The Times of India with finance minister Nirmala Sitharaman and external affairs minister S Jaishankar<\/p>\n<\/div>\n<\/div>\n

S Jaishankar, external affairs minister and winner of \u2018Reformer of the Year\u2019 award, said foreign investors have started noticing India\u2019s resilience amidst a general global slowdown. \u201cToday, the world sees a country that\u2019s able to seek its own solution, speak its mind and stand up, which it did when it came to energy choices,\u201d he said.
Meera Jain, founder of Times Evoke, said CSR must \u201cfocus on all life\u201d, not just humans. Jain pointed out that business often works under the illusion that \u201conly human lives matter because only humans can create value\u201d. But nature creates value in trillions, \u201cecosystems create $140 trillion in value each year\u201d she said. If companies work to protect this, it\u2019s \u201csmart business\u201d. She pointed to Anant Ambani\u2019s Vantara initiative to rehabilitate rescued animals and Ratan Tata\u2019s hospital for small animals as examples of a new, much-needed approach that values non-human lives.<\/p>\n

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To grow, India needs investment. Will there be enough of it, asked Ajay Piramal, chairman, Piramal Group. \u201cFor GDP to reach $10 trillion, the financial sector has to grow at least 18%. My concern is that there will not be enough capital. History shows that debt is what takes us forward,\u201d he said. He argued that creating thriving NBFCs, which should be allowed to take deposits, and a long-term bond market were pivotal.
Satyan Gajwani, vice-chairman, Times Internet, spoke of India\u2019s transformation in the 25 years since ET Awards were instituted in 1998. He pointed to big changes in public markets, retail investment and entrepreneurship. \u201cRetail investors across all income levels are becoming savvier\u201d, he said. Striking a positive note on AI, Gajwani said, \u201cWe are the civilisation that gave the world the concept of Maya. So, it should come as no surprise that we are taking to AI with such gusto\u201d.
S N Subrahmanyan, chairman, Larsen & Toubro, speaking at a panel discussion, pointed to digital adoption, geopolitical changes, alternative fuels and sustainability goals as drivers of change. He also said private investment is picking up. \u201cDuring Covid, our order book was nearly 95% govt. Today, it\u2019s around 65% govt. Private orders are kicking in and this trend will increase,\u201d he said
Rohit Jawa, CEO & MD, Hindustan Unilever, said \u201cthe India tech stack is a productivity (tool) that is going to last a long time\u201d. He said out of HUL\u2019s three million retailers, 1.3 million use the HUL app, which generates data, enabling them to get personal and business loans.
\u201cWhen many developed economies are staring at a recession or a slowdown, India has shown resilience and emerged stronger,\u201d said Romal Shetty, CEO of Deloitte South Asia. \u201cIndia would remain the fastest-growing economy for the next few decades.\u201d
A M Naik, Larsen & Toubro chairman emeritus, perhaps summed it all up for industry leaders in the audience. He said he could helm L&T for so long because \u201cwhen you rush to work, you know you are going to enjoy it. You know you are leaving your enjoyment behind when you hesitate to leave work\u201d.<\/div>\n