October Edition 2023

 The global economy proved more resilient than expected in the first half of 2023, however as we approach the end of the year, the growth outlook looks weak. According to the Organization for Economic Cooperation and Development (OECD), the world economy is estimated to grow by 3% in 2023 (in line with IMF’s estimates) and slow down to 2.7% in 2024.

On the domestic front, the Indian economy is expected to grow at 6.3% in 2023. The OECD forecast for the country is 6% for 2024, but service sector activity is expected to remain strong and investment growth is also projected to remain robust.

 Amid the slow pace of global economic growth, inflationary trends and geopolitical tensions, organisations are looking for ways to tweak business strategy to maintain profitability through efficiency, productivity and value creation gains. Empowering organisations to this end, the rise of generative AI and its potential benefits across functions have captured the interest of the business community worldwide. AI is being exceedingly considered, adopted and invested in for its proven ability to bring in a new era of optimisation and human-tech collaboration, among other things.

 Investments in AI have been increasing at an unprecedented rate and organisations are rethinking work, introducing AI-skilling programmes to drive human-AI collaboration and setting in motion change management strategies to embrace change seamlessly. While these developments are expected to make businesses future-ready, considerations for responsible use, best practices and preparation for AI regulations that are currently in the drafting stage are equally important.

This edition of The Indian Tiffin discusses harnessing the power of AI for business bringing together insights from experts on understanding and leveraging the benefits of AI, alongside the need for calibrating a balanced human-AI collaboration guided by ethical considerations.