Equitable and Sustainable Economic Growth the only way forward for a Re-imagined Global Economic Order: Dr Sangita Reddy, President, FICCI

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NEW DELHI, 12 October 2020: Dr Sangita Reddy, President FICCI today said, “The Indian industry has no doubts that India will achieve faster progress, greater prosperity, and stronger development under the leadership of PM Mr Narendra Modi in the years to come.”

Addressing the inaugural session of ‘LEADS 2020’, a 4-day FICCI endeavour to evolve a shared vision among global leaders, to reimagine economic growth on the pillars of open economies, self-reliance, economic resilience and multilateralism, Dr Reddy said that conducting business will become as much a ‘science’ as it is an ‘art’ in an environment where change is the only constant.

Speaking on reimagining the world post-COVID, Dr Reddy said that there was a need for a convergence between self-reliance and globalization, while sustainability and diversity would remain as cornerstones of future growth. “I would like to assure our global partners that we are fully committed to ensuring a robust and resurgent future for our ‘Bharat’,” added Dr Reddy.

Mr Uday Shankar, Senior Vice President, FICCI said, “Increasing reliance on Artificial Intelligence and Machine Learning is the need of the hour, as these will be a gateway for enhanced customer loyalty, as well as business sustainability. Governments & industry around the world have realized that business excellence, adaptability to change, gender diversity & sustainability would be key drivers for decision making towards building a resilient & smart economic framework,” he said.

“Today leadership challenge lies in finding convergence between seemingly divergent philosophies of self-reliance and globalization,” Mr Shankar further added.

HE Dr Ahmad Abdulrahman Albanna, Ambassador of United Arab Emirates to India said, “The pandemic is a watershed moment for the global socio-economic order. “Going forward, the two defining factors that will shape how this crisis affects us are collective leadership and coordinated actions,” he added.

Mr Albanna stated that COVID-19 pandemic would require significant innovation, out of the box thinking and a massive cooperative effort to achieve stable and sustainable equilibrium between economic growth and social well-being, he said. “We need to work towards building more inclusive leadership model at the global level,” he said.

HE Mr Emmanuel Lenain, Ambassador of France to India, said, “We are experiencing great transformations. I do agree we have a lot of challenges, but don’t think these are new. Challenges have been present all these years.”

HE Mr André Aranha Corrêa do Lago, Ambassador of Brazil to India, said, “It has never been more important for the like-minded nation to strengthen their international relationships and ensure mutual trust and mutual benefits. We have seen India embrace fundamental reforms designed to weapon up its agricultural resources and alibi sectors to investments like never before,” he said.

Throughout COVID we have also witnessed the growing capabilities of India’s manufacturing sector. “Investing in manufacturing capabilities will help India integrate with global value chains and be competitive in the post-COVID world,” added HE Mr André Aranha Corrêa do Lago.

HE Mr Barry O’Farrell AO, High Commissioner of Australia to India emphasized that Australia and India need to work together to keep the markets open and enhance the resilience of diversifying supply chains. “We have to trust our scientists and institutions to restore work order,” he said.

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