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Opening Address: After the show, Mr. Anil Menon, Director, Marketing & General Business, Software Group, IBM India/South Asia, takes the stage and welcomes the crowd. In the opening address, he goes about talking on the progress India has made and the way, in which technology has grown leaps and bounds, he talks about the emerging trends in the Indian market and the growth of the Indian economy. He comments about the complexity of the economy and the variables that affect the GDP, some of them are literacy, poverty, technology, and infrastructure. He also explains that one major factor in the Indian Economy is the consumption driven growth rather than the investment driven growth. Moreover, he also talks about the prospects of the economic growth of both India and the world. Adding to that, his speech covered both the positive and negative forecasts according to various reports and thought leaders of today. Mr. Menon also explained the impact of purchasing power parity and the predicted growth of India from a 4 trillion economy today to a 86 trillion dollar economy by 2050.There is a tremendous amount of ‘under penetration’ in just about any industry imaginable and that there is tremendous amount of opportunity. The mortgage industry and the opportunities that exist in that industry were also mentioned. Thereafter, Mr. Menon goes on rhetoric to ask how we can create a sustainable model to address this opportunity. He further builds on that to explain how technology from IBM and the other offerings from the partners can help in adding a strategic dimension to approach the problem. He explains how software is at the cusp of a revolution and is poised to transform the planet – not just in India but all over the world. Mr. Anil Menon ended his speech by introducing Dr. Ajit Ranade, Chief Economist, Aditya Birla Group. Indian Economy Overview : http://www.ibef.org/india-at-a-glance/India-diverse-democratic-dynamic/indian-economy-overview.aspx Keynote Address: India and the Global Integrated Economy Dr.Ajit Ranade jokes that Anil stole his speech. He laments about the burden of loading heavy economic theory on a lazy goan afternoon, but continues. He goes on to explain the difference between software & IT and talks about the global economy and the anomalies that affect them and how to put them in perspective. Dr. Ranade starts with globalization and gives the global economic context about the same. Adding o that, he mentions that globalization is good news and that it’s a phenomenon and not a choice. The only choice is how we can respond to it and deal with it. The interconnection of the global economy led to a measurement that is known as the openness metric – trade/GDP. It rose from 10% to 50% in 3 decades. Trade is imports plus exports. India is at 50%. Higher may not necessarily be better. It’s good only up to a limit, he says. The mortgage market is poor and the value of the house is less than what people owe the bank. On the other hand, the DOW Jones index is doing well, corporate profits are high and a lot of cash (2.6 trillion dollars) is in the balance sheets. Then he talks about China and the anomaly between the 0% growth of wages and the high growth of the GDP over the past 30 years.Whereas the Japanese economy has had minimal growth yet, the yen is at an all time high – the currency is one of the strongest. The fourth example is Europe. Some economies may be contracting by about 5%. Unemployment is very high but the currency is very strong. A few months back the euro’s worth reached 1.5 USD as opposed to the highest ever of 1.6 USD.The next example is about oil prices. The oil prices crashed during the financial crisis and to 35 dollars from 140 dollars last time. This time, the oil prices are fixed. In India, March had the highest ever exports in manufacturing worth 300 million dollars – a target set by the Foreign Trade Policy. In fact we exceeded the target. FDI has been one of the highest in the past financial year. All this time, the INR is going south. Dr, Ranade sums it up saying that all this is confusing and doesn’t make sense. He says that this uncertainty can be described as being volatile. He propounds 3 key ways of dealing with volatility: 1) Risk Management – It is now mainstream and key to success in such a volatile environment. 2) The planning horizon – Consider shortening the cycles involved. 3) Flexibility in product portfolio – Be willing to switch. His closing comments are: “We have a world today with a lot of contradictory confusing phenomena that translates to volatility and uncertainty. This can be addressed with following the 3 key ideas and make life simpler and more profitable.” Latest News: http://economictimes.indiatimes.com/opinion/interviews/india-needs-to-ensure-capital-flows-come-in-the-form-of-fdi-anoop-singh-imf-asia-pacific/articleshow/13080498.cms Session: Driving Innovation for a Smarter India Mr. John Dunderdale, Vice President, Software Group, IBM Growth Markets comes up on stage and introduces himself after a Q&A session with Dr.Ranade. He starts with the concept of the smarter planet and says he’ll be talking about the various stories that surround it. The signs of a smarter planet are everywhere. Organizations around the world are turning “too much data” into better decisions and ever changing risks are being mitigated. The walls between companies and customers are disappearing. So are the walls between technologies, industries and even fields of expertise. While computers are thinking and acting more like people along with homes, roads, farms, waterways and countless other systems – continue to be enriched with new levels of computing power. The realities of smarter planet can be applied to India too, though at the initial stages. The need for progress in India is clear. He says let’s explore the possibilities of how Smarter Planet can help India:
Mr. John Dunderdale sings off by saying “Unleashing this value requires a shared vision of the future and a roadmap to get here. Let’s build a Smarter Planet together. Enjoy the next few days.” More information about The Smarter Planet can be found here: http://www.ibm.com/smarterplanet/in/en/
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