With a theme of ‘Reimagine Business, Reimagine the World’, The Economic Times Global Business Summit (ET GBS), brought together leaders from India and around the world, to discuss, deliberate and share views on the progress and way forward for business, economy, and the world at large.
Known for its commitment to power innovative disruption that can transform logistics, homegrown multinational, Allcargo Group, with operations in 180 countries, was the Logistics Partner for ET GBS, one of the most prestigious thought leadership platforms in the country.
From ‘fragile-five’ to ‘anti-fragile’
Hon’ble Prime Minister of India, Narendra Modi, among the key speakers at ET GBS, highlighted how India had transformed in the past few years, and moved on from being once considered among the ‘fragile-five’ to today, showing the world what it is to be ‘anti-fragile’ and turn challenges into opportunities. He shared how various aspects including health and sanitation, mobility, ease of doing business, and collaboration between the government and citizens played a key role.
Bright future for logistics and infrastructure
Presentations from Nitin Gadkari, Minister for Road Transport and Highways, Government of India; and Ashwini Vaishnaw, Minister of Railways, Government of India; were very insightful in terms of the tremendous infrastructural development that the nation is witnessing and how it will give impetus to smooth, seamless movements of both, people and cargo.
They spoke at length on the structured and meticulously planned approach, futuristic outlook, and remarkable speed at which these projects are currently progressing.
Rajeev Chandrasekhar, Minister of State for Electronics and IT, Skill Development, and Entrepreneurship, shared thoughts on the aspiration to make India a technology superhub and grow into a USD 1 trillion digital economy. He mentioned how information technology, internet, and the data economy backed by Artificial Intelligence, will be the growth drivers to achieve this goal.
Taking an example of UPI, he explained how building capabilities in various areas of technology would hold the country’s economy in good stead, rather than being dependent on foreign players.
Digital technology and the role of start-ups
In a panel discussion alongside the main event, Kapil Mahajan, Global Chief Information Officer led the discussion on ‘Technologies Driving Logistics Forward’.
With insights from senior leaders representing logistics startups, log-tech funds, and global consultants, the key points that came to the fore were how new-age technology, backed by the flexibility of start-ups and differential way of working, can transform the logistics sector.
These included the advent and use of front-end applications and portals to enable real-time tracking, using systems like ERP, CRM, and analytics for informed decision-making, bridging the gap between physical and digital infrastructure through automation and robotics, as well as technologies like API/EDI to ensure safe, secure data transfer across the ecosystem.
An ideas exchange like the one powered by ET GBS and partnered by Allcargo Group, is likely to drive innovation, opportunities, and progress, that steer India in the direction of achieving its glorious vision of becoming a USD 5 trillion economy.