BG Srinivas, European head at Infosys, kept us up to date with the World Economic Forum in Davos last year and agreed to do the same this year.
On wednesday last week we featured his first post from the event this year. On Thursday he talked about Russia’s president and his defiance against terrorism.Then on Friday he said there was some urgency for global collaboration.
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Here BG gives his main takeaways from this year’s event.
1 – A Durable Ecosystem
The key take away from this year’s World Economic Forum was that today’s world is becoming increasingly more complex and people can no longer make assumptions about what is going to happen next. There is an increased urgency to collaborate and form partnerships at all levels – economic, political and social to achieve peaceful and sustainable future. Today’s world calls for better exchange of intelligence to tackle terrorism, a call which the Russian president made during his speech. The event in Tunisia and Egypt calls for nations to work together to figure out a peaceful transition.
Leaders who participated at the event hope that greater collaboration, inclusive growth will lead to economic growth; government, financial and economic reform; elimination of terrorism;
2 – Growth
The need for economic growth was the phrase at the top of mind for every executive attending the event. Attendees were keen to discuss new business models, accessibility to growth markets, and new methods of working to make growth happen. Interestingly, all were in agreement that technology is a growth enabler, which will help to increase productivity, and act as a stabiliser in the global economy. The phenomenon of cloud computing was actively discussed too, especially as this new technology will in many ways take cost out, will make the model more flexible and scalable, the savings can be invested into new growth enablers.
Reform was a topical conversation at the forum and there was unity in the belief that this must be accomplished in order to reduce the levels of debt across the world and to drive financial stability. Likewise, it is believed that governments have to also act within their own organisations to restructure and streamline public debt. To establish the world of tomorrow, corporations, governments and social organisations must partner and work together to reform social legislation, as well as financial, to ensure the entire population is accommodated for regardless of wealth, religion, ethnicity or language.
4 – Elimination of terrorism
Despite the tragic airport bombing in Moscow last week the Russian Federation President, Dimitry Medvedev, used the World Economic Forum as a platform to deliver the message that we should not be daunted by terrorism and it will not be tolerated. He emphasised the need for nations and governments to collaborate with regards to security and terrorist intelligence to prevent any future attacks.
5 – Inclusion
As growth markets continue to develop there is a necessity to ensure the inclusion of the masses to eliminate poverty. This can be achieved through investments education, healthcare, increasing transparency in Govt, corporates and individuals to play more proactive role. Also, employees in the growth markets are becoming more demanding – they want flexible and part-time working, equal working rights for women, childcare support, maternity and paternity leave, the ability to network and employee friendly benefits; the same as the mature markets. There is a requirement for cross-segmentation collaboration between employees and corporations and corporations and governments, to modernise the infrastructure that will empower the population of developing countries to have the equal opportunities and rights of those in the mature markets.
6 – India is part of the future
I wrapped up my time at the World Economic Forum by attending an Indian soiree, which was attended by host of Indian cabinet-level ministers – from the home office, industry and trade, planning, and special projects. The evening was opened by the Head of the Confederation of Indian Industry, who proudly talked about India’s partnership with the World Economic Forum and its pro-activity in economic, political and social issues. He went on to state that by partnering with India, businesses and governments alike, across the world, will be able to increase their opportunities and prosper.