ET Global Business Summit 2023: Key discussions from the event

The summit was attended by prominent leaders from across the globe ranging from industry leaders to top government officials.

Today is the first day of Economic Times’ Global Business Summit 2023 – a two-day event that attracts a plethora of top government officials and business leaders from across the globe. The summit is scheduled on the 17th and 18th of February 2023, at the Taj Palace in New Delhi. Here are the live updates from the summit:

‘Cracking The Content Code’ with Ted Sarandos, the co-CEO of Netflix: “A lot has happened in the first half of the year, and the second half is now focused on global content growth. Re-igniting the growth of the company is my top priority as the world is moving to content streaming. Looking at the success model, three real metrics to look for are- people engagement, the second is revenue and last is profit. We consider that you must bring a lot to the table as people have different tastes, and our investment has paid off. Today, we produce practically every genre of programming and movies. We want to give viewers the choice to choose the genre they love.”

“When you enter a new market, sometimes you miss something or the other. It’s important to understand the country and the challenges around it. India is a beautiful country, and we aim to produce 100 projects in the country. The idea is to cater to local tastes and desires.”

‘G-20: Navigating Strategic High Waves’ by Amitabh Kant, G20 Sherpa, GoI: “India’s G-20 presidency comes at a point in time when the world is facing several crises. Every challenge is an opportunity and India’s presidency will be decisive and action-oriented. What G-20 decides is critical. It is important as you need to drive SDGs, climate action, and other top priorities. The priority of digital transformation can drive the world at a rapid scale. Today, India does about 11 times digital fast payments compared to the US and China. Using this, many young startups use the payment history to go cashless. India’s ambition to industrialise without decarbonisation is commendable. We have achieved 40 percent of electricity generation via renewables. Green hydrogen is a huge opportunity for the country to do the green transition. From being an importer of fossil fuels, to being the exporter of renewables is India’s narrative and it will reshape the history of the world.”

‘India’s Decade’ by Bob Moritz, Global Chairman, PwC: “The uncertainties and challenges are coming to us at a faster pace. India’s economy is positioned to take center stage if India can navigate these challenges, it can survive the headwinds that the world is currently facing. It needs to disrupt itself even more in terms of technology and innovations. The five-key aspects that can help it disrupt are making the most of the green economy, being a leader in technology, developing the sectors of tomorrow, redesigning the supply chain, building the skill necessary to develop a knowledge-based economy, and continuing the cycle of economic development through inclusive-engagement.”

‘A Tale of Two Financial Recoveries and Lesson Learned for the Future’ by Rosie Rios, the 43rd Treasurer of the United States, CEO – Red River Associates, Board, Member – Ripple:

The cause of the great financial crisis was the gap between taking a lot more risk and the ability to manage it as the GDP was contracting. The financial crisis triggered the worst recession since the Great Depression, which destroyed around 9 million jobs and shrank the economy by billions of dollars. The need of the hour was devising a new strategy with core principles that are comprehensive, forceful, and sustained responses.”

‘Global Economy: Poised for a Rebound or headed for a Recession’ by Nouriel Roubini, CEO, Roubini Macro Associates, LLC, Professor Emeritus (2021-present), Stern School of Business, New York University: “India is a strong economy and I believe it can become one of the prominent economies and countries. It is set to become a geo-economic and geo-political Asian power in the world. If you think about the economic threats, they are different from the ones the world was facing already. The nature of financial monitoring is different. We have gone from free trade to secured trade. We have global climate change. The COVID pandemic is also a huge cause of concern. The growth of technological innovation is an opportunity but if not managed right, is a threat. The global economic outlook is slightly better than the past 6 months and of course, India is doing well economic growth-wise compared to other countries. India has done a lot in terms of economic policies.”

‘Need for Accelerating Energy Transition’ by Jean-Pascal Tricoire Chairman & CEO, Schneider Electric: “We face a huge global challenge of climate change. The collective duty is to provide energy to each one on the planet. Energy is the passport to a decent life. Every company can now invest in green, and it will be profitable in most countries globally. We estimate the energy consumption of India can be tripled in the next 25 years. It will be required to be done right in the first go. The priority is to address the rising demand. Hydrogen will address a very specific part. In the past, energy was a topic of a few companies. The need is to digitise our assets to drive efficiency. India has a unique opportunity to build it right.”

Global CEO Panel: The Global Hurricane-Negotiating the Headwinds:

Ben Driggs:
“India has a wealth of opportunities. We have 40,000 people in India with 3 manufacturing sites. India is a great market for us. In my view, it is important to improve policies, and productivity continuously.”

Bob Moritz:
“The three important things for CEOs and countries are control over what you can, faster decision-making to navigate the headwinds coming from other countries, and data. Uncertainty is an opportunity for India.”

Hans-Paul Burkner:
“I am optimistic about the future for which we would need to work hard. Looking at globalization, there have been ups and downs. The need is to re-evaluate supply chains continuously, efficiency, quality, and much more. I think it’s important for companies to re-evaluate risks and opportunities. It is critical to not be dependent on one country for raw material supply. Trade won’t come down, but some of the trade flows will change. There is a chance for India to become a significant source.”

Jean-Pascal Tricoire:
“We are optimistic about India’s journey towards energy transition. For us, it is our 3rd largest business country, and we are committed to investing in it. I see a lot of potentials here as the future of energy is digitization, electrification, and decentralisation and India has a unique opportunity to do it right.”

Suneeta Reddy:
“India has an opportunity to provide medical healthcare personnel for the world.”

Jonathan Yap:
“Behind every problem lies an opportunity. India does present a good set of opportunities. The powerhouse India represents in terms of skilled young manpower in the IT sector is commendable. In India, the capital is unevenly distributed. The challenges create opportunities to create solutions.”

Suneeta Reddy:
“India has an opportunity to provide medical healthcare personnel for the world.”

‘Globalization of Cricket’ with Geoff Allardice: “Looking at the Indian economy, the share of the sports economy is phenomenal. Cricket’s popularity is amazing, and BCCI is doing a good job of keeping up with it. I think the sport has evolved over the years and transformed in numerous ways. Many are making a living from the game. All three formats are played and viewed in different ways, and there are different business models around the same. The game is evolving and IPL is obliviously churning a lot of money, which is also providing employment opportunities for a lot of players as well.”

‘Business of Leagues’ by Harsha Bhogle: “The leagues are taking over the game. The game has evolved over the years. My firm belief is sport will come through when we can get corporates and entrepreneurs to get into investing in new leagues. There is a great appetite for sports in India.”

Chief Guest Address by Prime Minister of India, Mr. Narendra Modi: “I welcome everyone present here at the ET GBS. Three years is not a long time, but if we look at it, it looks like the world has traveled a long journey altogether. The COVID pandemic changed the complete world, global settings have changed so has India has changed. Anti-Fragile is something that is deeply discussed at a global level, where utilizing the present situation and transforming for the greater good. When I heard about this, I first thought of 140 crore Indians, who have shown the world what it is to be anti-fragile. Changing challenges into opportunities is what Indians are known for. Today, in 21st-century India, its capabilities are echoed in the Economic Times GBS which is a theme of Re-imagined Business Re-imagined the World. The theme is relevant in today’s time.”

For more updates for the day 2 of Economic Times Global Business Summit, please go to the ET EDGE INSIGHTS website.

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of ET Edge Insights, its management, or its members

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