New Delhi, May 11 (IANS): All businesses need to comply with AI and data solutions and no one can escape this trend, Tata Group Chairman N. Chandrasekaran said on Wednesday.
In his remarks at the virtual event “Being Ready for the Future” organized by the industry body Confederation of Indian Industry (CII), he highlighted five major trends that will provide direction for future growth.
First on his list was digital adoption — from work to healthcare to education to shopping.
“Over the past two years, the Internet has penetrated more and more into our daily lives. At the same time, advancements in AI, cloud and data technology have advanced.”
Soon, all companies must become AI and data companies and no one can escape this trend, he said.
“This development is a huge opportunity for India because of its technological strengths. We are extremely well positioned to reinvent the future as a data and AI business,” he said.
Second, the supply chain, which needs to be redesigned for resilience, but not just for efficiency.
“From an Indian perspective, this is a golden opportunity for us. India has an important role to play in filling the gap that is being created in the global supply chain by taking a leadership position and seeing a huge opportunity,” he said.
The next mega trend he sees is sustainability.
“On the one hand, the pressure on the climate will increase. Any plan we have to make this transition will be put under pressure the further the deadline is brought forward in the future.”
Global support for new energy-based businesses will be widely accepted by all stakeholders and investors, he added.
The move towards electric vehicles, renewable energy, hydrogen, batteries, hydrogen, storage solutions and circular economic solutions, for waste management to be effective, will require many technological advances, to which India must participate, he said, adding that the other two mega trends he sees are in general health and wellbeing and the global talent pool.