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Jun 03, 2024
India has embarked on new pathways to capture global markets. A major recommendation of the World Economic Forum at Davos was that India, in the near future, will become a superpower in the economic arena. Global Capability Centers (GCC) of MNCs set up in India have significantly contributed to its global economic growth, employing 3.2 million Indians and generating USD 121 billion in revenue, predominantly from exports. These centers have evolved from performing basic tasks to becoming hubs for advanced R&D, design, and AI, highlighting India's rising expertise. This success underscores the positive impact of globalisation on India's competitive industry over the last decade.
The future of such growth necessitates preparation for the uncertainties of climate change and the rise of artificial intelligence, which is reshaping job skills and global centers. Geopolitical tensions and their impact on global trade and supply chains further complicate this landscape. Companies must adopt new strategies, shifting from past commitments to future resilience, and boardrooms must redefine their approaches to remain competitive. Directors face increasing challenges requiring diversification, continuous evaluation, and a deeper understanding of global market dynamics, especially in areas like ESG and cyber security, where regional differences and advancements in AI and big data are critical.
In today's rapidly evolving business landscape, governance strategies must be meticulously tailored to each sector's unique demands. The diversity in industry calls for a nuanced approach to boardroom strategies, where decisions are informed by specific industry trends, technological advancements, and sectoral dynamics.
Every sector, be it healthcare, insurance, environmental, private, or public organisations, operates under different compliance regimes and faces distinct challenges. These variations necessitate that boards develop strategies that are not only responsive to their current operational landscape but also anticipate future expectations and shifts. For instance, the healthcare industry must navigate stringent regulatory environments and rapid technological innovations, whereas the insurance sector deals with fluctuating risk landscapes and evolving consumer expectations. Similarly, private companies might focus on innovation and competitive differentiation, while public sector companies must prioritise public accountability and policy alignment.
Recognising these diverse needs, the Institute of Directors (IOD) has been proactive in curating a broad spectrum of topics that cater to various industries. Recently, IOD's Mumbai Region concluded an insightful session on 'Technological Horizons', addressing the critical intersection of governance and emerging technologies. This initiative underscores the importance of staying ahead of technological trends and integrating them into governance frameworks.
IOD will be organising its first post-pandemic Global Webinar Series in July 2024. The 'Boardroom Webinar Series 2024' will cover four critical boardroom agendas: AI & Cyber Security, ESG, Finance, and Due Diligence for Independent Directors. This series aims to provide a global audience with enriching discussions on the latest boardroom trends and challenges.
Building on this momentum, IOD is also set to organise the 25th International Conference on Environment Management and Climate Change in Bengaluru during June 27–28, 2024. The theme of the conference is 'Board's Agenda for Addressing Climate Change and Environmental Risks'. It will delve into the strategic role boards play in navigating environmental challenges, and bring together thought leaders and experts to discuss sustainable governance practices and the integration of environmental risk management into boardroom agendas.
IOD extends a warm invitation to all concerned stakeholders to benefit from our upcoming scheduled events and global webinars.
Vice President - Institute of Directors
He is former Advisor FAO & former Chairman, Institution of Engineers, Delhi. He is a Mechanical Engineer & has been involved with Environment & Energy Policy (planning & implementation) of energy projects under the UN Agencies for over three decades in India & other Asian and Pacific countries. He is Vice-President, World Environment Foundation & Institute of Directors, India.
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About Author
Vice President - Institute of Directors
He is former Advisor FAO & former Chairman, Institution of Engineers, Delhi. He is a Mechanical Engineer & has been involved with Environment & Energy Policy (planning & implementation) of energy projects under the UN Agencies for over three decades in India & other Asian and Pacific countries. He is Vice-President, World Environment Foundation & Institute of Directors, India.
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