The global economy is being rewired; it’s an opportunity we can not miss

Martin Schroeter Chairman & CEO of Kyndryl

The world is experiencing a tectonic shift in how commerce and data flow, an inflection point for the broader global economy, and an opportunity for fresh technological leadership.

Several reasons for this macroeconomic shift include a life-altering pandemic, renewed geopolitical tensions, and a now-fractured network of supply chains that have created particular challenges nearly everywhere.

This moment of realignment represents an unmissable opportunity to rewire for the better, making systems more inclusive, more sustainable, and stronger.

What is clear is that much of this important work will emanate from within India, the world’s fastest-growing major economy and ascendant technology powerhouse.

India has built one of the most sophisticated and enviable information technology hubs anywhere. This is a nation of more than 61,000 start-ups. making it the third-largest start-up ecosystem in the world and a fountain of bold new ideas.

Take as an example the exciting inauguration of the new Terminal 2 at Bengaluru International Airport last week. Outfitted with cutting-edge technologies powered by cloud and AI, the new terminal will help welcome millions more to visit India through its third-busiest airport. It is a metaphor for what the world can expect from India, because the terminal is a portal into the heart of Indian innovation. It’s a signal to expect great things. A signal of forward-moving momentum, and of fresh technological leadership on a global scale.

In India, the concept of rewiring for a more inclusive economy goes hand-in-hand with existing national imperatives. Prime Minister Modi has talked about his vision for leveraging digital transformation to promote the public good, and how it is crucial to extend economic access to all 1.4 billion of India’s citizens. That includes connecting and protecting merchants, farmers, and entrepreneurs of all sizes who wish to plug their businesses into the wider digital economy.

Prime Minister Modi has said that, “When India grows, the world grows; when India reforms, the world transforms.” This is why India’s climate goals are so important.

The essential work to make this possible, while also driving a strong economy, won’t happen on its own. It will require the deployment of technologies to rewire for a more sustainable future. We are seeing early successes as more enterprises migrate their mission-critical infrastructures to cloud technology, which can enhance overall energy efficiency. And we’ve also seen the smart deployment of AI used to reduce energy consumption.

Finally, rewiring for a stronger future can’t be built off technology alone. Every single enterprise knows the most precious resource is a talented workforce. This is why I believe that when you rewire for skills building, you are rewiring for the long term. When we upskill talented workers, we ensure access to curious, driven, ambitious people who want to leave their mark. These are the people on the front lines of modernizing systems to be better. Their work will be crucial for safeguarding the security of enterprises and governments. We already see the fruits of their labor in the rise of remote work, telemedicine, remote education, and greater access to banking. They are showing that a world of “data-for-all” and skills building is one where equity and inclusivity is enhanced for everyone no matter where they live.

The world might be in a moment of realignment, and India’s global leadership — as a technological and economic superpower — will be vital.

I believe we are sitting at the intersection of opportunity and purpose. By rewiring for progress, we can demonstrate a revamped commitment to our people, to our communities, and to the quality of life for people across India and the planet.

Source: GWFM News