As we stand at the brim of the year’s closure, the global economic growth prospects present a unique mix of headwinds, including Russia’s invasion of Ukraine, interest rate increases to contain inflation and lingering pandemic effects such as China’s lockdowns and disruptions in supply chains. The International Monetary Fund(IMF) in its latest World Economic Outlook, released last month, lowered the global growth forecast for next year to 2.7%. The challenges that the global economy is facing are immense, and the weakening economic indicators point to further hurdles in the coming year.
Despite decelerating global demand and the tightening of monetary policy to manage inflationary pressures, the Organisation for Economic Cooperation and Development (OECD) in its latest report projected India as one of the few growing economies in Asia. On the back of favourable domestic policies and a focus on boosting investment and jobs, India is expected to become the third-largest economy by 2027 after the US and China. At a global level, the OECD projects that if the global economy avoids a recession, its success would be owed to some of Asia's biggest economies including India.
It has not been an easy year for those in the tech industry. Globally, the industry has been under fire on account of mass lay-offs and hiring freezes, citing the effects of the COVID-19 pandemic and pointing to over hiring during periods of rapid growth. The pandemic drove substantial changes in industries worldwide, including an increasing dependence on technology for business growth and expansion. Most of the largest creators of value in recent years, regardless of sector, have one thing in common: Technology is critical to their business. In today’s transformative business era, emerging technologies play a decisive role in helping organisations scale on demand, improve resilience and minimise infrastructure investments.
This edition of the Indian Tiffin focusses on how tech and innovation have been accelerating business growth across industries featuring views from industry experts on using the right technologies for business growth and how the continuation of innovation and developments in transformative technologies, are paving way for smarter and sustainable businesses.
Read more