En route to contributing $14 trillion to India's GDP by 2047 HARMAN DHILLON, Executive Director, Beauty & Wellbeing, Hindustan Unilever PREETI LOBANA, Country Manager & Vice President, Google India IRINA GHOSE, Managing Director, Microsoft India & South Asia PRABHA NARASIMHAN, MD & CEO, ColgatePalmolive India RUCHI DEEPAK, Co-founder, Acko & Founder, Jolene.Club DEEPIKA PADUKONE, Actor, Producer, Entrepreneur & Mental Health Advocate Rs 200 www.businessworld.in MOST WOMEN INFLUENTIAL RNI NO. 39847/81 I 22 MARCH 2025
Balancing Fame & Purpose DEEPIKA PADUKONE Actor, Producer, Entrepreneur & Mental Health Advocate Influential Women Most 2025 www.businessworld.in RNI NO. 39847/81 I 22 MARCH 2025 Photograph by Vaishnav Praveen, House of Pixels Styled by Priyanka Kapadia,Hair by Yianni Ysapatori Make up by Anil Chinnappa
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Lifting as She Climbs HARMAN DHILLON Executive Director, Beauty & Wellbeing, Hindustan Unilever Influential Women Most 2025 www.businessworld.in RNI NO. 39847/81 I 22 MARCH 2025
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14 | BW BUSINESSWORLD | 22 March 2025 If everyone is moving forward together, then success takes care of itself — Henry Ford INDIA HAS COME A LONG WAY in the realm of gender equality. The Economic Survey 2024-25 says that the Female Labour Force Participation Rate (FLFPR) increased from 23.3 per cent in 2017- 18 to a whopping 41.7 per cent in 2023-24. Yes, there is enhanced participation of women across sectors in both rural and urban India. Yet, the numbers are still quite small and lots more needs to be done. A KPMG report published in 2024 states that 56 per cent of corporate organisations have only between 10-30 per cent of women in leadership positions. Also, more men than women hired at the entry level make it to leadership positions. Even so, 51 per cent of corporate institutions now have women at CEO and CXO levels. We hope to see these numbers increase significantly over the years. The International Women’s Day theme for 2025 is ‘Accelerate Action’. Policies that promote Diversity, Equity and Inclusion (DE&I) are imminent now. Training programmes and mentorship must be encouraged, and regular audits must be carried out to ensure that the systems and processes are free of biases. Only a culture of support and inclusion can help India achieve true gender parity. BW Businessworld has all along championed an inclusive world, cheering on women leaders across spheres, but particularly in industry. In our annual compilation of India’s Most Influential Women, we highlight about a hundred women who have in the preceding year gone beyond their call of duty to create change and achieve progress. This year we feature inspirational women from across sectors who are helping accelerate economic growth, drive social change and benefit humanity. As always, I would say, this is not a definitive list. There are several other leaders we would have liked to acknowledge who are working tirelessly towards excellence in their fields. We of course, feature the Titans, such as Union finance minister, Nirmala Sitharaman, Reliance Industries director and founder of the Reliance Foundation, Nita Ambani and Godrej Consumer Products Chair, Nisaba Godrej, who continue to add value to the business and social fabric of India. In this year’s list, you will also see several new names, particularly those of young achievers. We wish them success and sustained growth in their respective fields. Of course, we also bring to you, all our regular features and columns. I hope you enjoy reading the issue! ANNURAG BATRA [email protected] LET’S ‘ACCELERATE ACTION’ EDITOR-IN-CHIEF’S NOTE
16 | B W BUSINESSWORLD | 22 March 2025 BW Businessworld does not accept responsibility for returning unsolicited manuscripts and photographs. All unsolicited material should be accompanied by self-addressed envelopes and sufficient postage. Published and printed by Annurag Batra for and on behalf of the owners, BW Businessworld Media Private Limited. Published at 74-75, Scindia House, Connaught Place, New Delhi-110001, and printed at Thomson Press India Limited. Editor : Annurag Batra. © Reproduction in whole or in part without written permission of the publisher is prohibited. All rights reserved. R.N.I.No. 39847/81 BW Businessworld Media Private Limited EDITORIAL OFFICES BW Businessworld Media Pvt. Ltd. 74-75, Scindia House, Connaught Place, New Delhi-110001 Phone: 9818063325 ADVERTISEMENT / CIRCULATION / SUBSCRIPTION ENQUIRIES BW Businessworld Media Pvt. Ltd. 74-75, Scindia House, Connaught Place, New Delhi-110001 Phone: 9818063325 SUBSCRIPTION SERVICE Vinod Kumar +91 9810961195, [email protected], [email protected] Subscription rates: ONE YEAR - Rs 3,499 TWO YEARS - Rs 6,499 THREE YEARS - Rs 9,499 HUMAN RESOURCES: Namrata Tripathi ([email protected]) LEGAL ADVISOR: Sudhir Mishra (Trust Legal) GROUP CHAIRMAN & EDITOR-IN-CHIEF: Dr. ANNURAG BATRA CEO, BW COMMUNITIES Bhuvanesh Khanna CEO & CHIEF INNOVATION OFFICER Hoshie Ghaswalla (CEO-BW Engage) GROUP EDITORIAL DIRECTOR Noor Fathima Warsia MANAGING EDITOR: Palak Shah EDITORIAL TEAM Sr. Associate Editors: Ashish Sinha, Jyotsna Sharma, Meha Mathur Editor (Tech & Auto): Sahil Mohan Gupta Assistant Editor: Tarannum Manjul Sr. Correspondents: Arjun Yadav, Abhishek Sharma, Deep Majumdar Regional Editor (Technology & South): Rohit Chintapali Special Correspondent: Sangeet Kumar Sanu Jr. Correspondents: Krishankant Chourasia, Kashish Saxena, Kishan Singh, Satyam Mishra DESK TEAM Deputy Editor: Mukul Rai Associate Editors: Madhumita Chakraborty; Smita Kulshreshth ART TEAM Art Directors: Dinesh Banduni, Shiv Kumar Assistant Art Director: Rajinder Kumar Infographics & Data Visualiser: Arun Kumar Assistant Images Editor: Sanjay Jakhmola PHOTO TEAM Sr. Photo Researcher: Kamal Kumar VIDEO EDITORIAL TEAM Video Team: Pappu Kumar Singh, Sunny Kumar Paswan, Amol Singh Jadon, Srijan Swaroop Sr. Cameraperson: Ratneshwar Kumar Singh BW APPLAUSE & EVERYTHING EXPERIENTIAL: Ruhail Amin BW AUTO WORLD: Utkarsh Agarwal BW DISRUPT: Resham Suhail BW EDUCATION: Upasana BW HEALTHCARE WORLD & BW WELLBEING WORLD: Kavi Bhandari, Sanjana Deb BW HOTELIER: Editor: Saurabh Tankha, GM-Operations: Ajith Kumar LR BW TRAVEL: Asst. Editor: Aanchal Sachdeva, Jr. Correspondent: Nikita Meshram, Sidharth Singh BW MARKETING WORLD: Soumya Sehgal, Reema Bhaduri BW PEOPLE: Bilquis Naqvee, Ashish Kumar, Shibul Pavithran BW SUSTAINABILITY: Navneet Singh BW LEGAL WORLD: Sambhav Kumar BW SECURITY WORLD: Shilpa Chandel BW POLICE WORLD: Ujjawala Nayudu BW HINDI: Senior Correspondent: Ritu Rana Correspondent: Dheeraj Chand Belwal DIRECTOR: Prasar Sharma GROUP DIRECTOR – REVENUE: Aparna Sengupta GROUP SR. VICE PRESIDENT - STRATEGY, OPERATIONS & MARKETING Tanvie Ahuja ([email protected]) CEO, BW HEALTHCARE WORLD & BW WELLBEING WORLD: Harbinder Narula SALES TEAM NORTH: Ravi Khatri, Anjeet Trivedi, Rajeev Chauhan, Amit Bhasin, Somyajit Sengupta, Abdulla Masum Mazumder, Agrata Nigam, WEST: Kiran Dedhia, Nilesh Argekar SOUTH: C S Rajaraman BW COMMUNITIES BUSINESS LEADS/CURATORS Vivek Mittal (BW Hotelier & BW Travel) Priya Saraf (BW Education), Chetan Mehra (BW Disrupt), Priyanshi Khandelwal (BW Sustainability) Sharon Verma (BW Main & BW People) Devika Kundu Sengupta, (BW Wellbeing and Fintech) MARKETING & DESIGN TEAM: Rahul Gupta, Mohd. Salman Ali, Moksha Khimasiya, Shweta Boyal, Mudit Tyagi, Arti Chhipa, Gazal Gupta, Asst. Manager - Design: Kuldeep Kumar EVENTS TEAM Tarun Ahuja, Akash Kumar Pandey, Anupama Agrawal, Atul Joshi, Sushmita Kumari, Vaishali Vij, Nishit Saxena, Syed Ahmar Abbas, Shweta Srivastava, Kuldeep Prajapati, Neeraj Verma, Aditi Rawat, Deepshikha Singh, Shailesh Pal, Binita Burnwal, Madhav Prasad, Nibedita Dey, Mrigank Goel, Nikhil, Prashant Kumar, Chetna Malhotra, Shivam Popli CIRCULATION TEAM General Manager - Circulation, Subscription & Sales: Vinod Kumar ([email protected]) NORTH: Vijay Kumar Mishra, Mukhtadir Malik, Kamlesh Prasad WEST: Gorakshanath Sanap SOUTH: Sarvothama Nayak K Senior Manager (Production & Printing): Shiv Singh FINANCE TEAM Ankit Kumar, Ishwar Sharma, Shrikant Sharma, Vijay Jangra IT SUPPORT: Brijender Wahal ADMIN SUPPORT: Executive Assistant to MD: Himani Saxena ([email protected]) Assistant to Chairman & Editor-in-Chief: Aman Mishra ([email protected]) VOL. 44, ISSUE 11 22 MARCH 2025
22 March 2025 | BW BUSINESSWORLD | 17 MAILBOX YOUR COMMENTS TALK BACK www.businessworld.in RNI NO. 39847/81 I 08 MARCH 2025 INSIDE: NEW INCOME TAX BILL THE FAST-GROWING SMEs With 63 MILLION enterprises contributing 30% to India’s GDP and 40% to exports, India’s small and emerging businesses present a $22.5 BILLION opportunity by 2030 RECIPROCAL TARIFFS This refers to the editorial (“Big Tariff Woes”, BW, March 8). The author rightly points out that the the consideration by the US government of reciprocal tariffs on Indian pharmaceutical exports has prompted industry experts to caution that American consumers will ultimately pay the price. As of now, Indian pharmaceutical firms export over $8 billion worth of medicines to the US annually. More importantly, reports say that generic drugs supplied by Indian firms saved the US healthcare system approximately $219 billion in 2022 alone. Between 2013 and 2022, these cost savings amounted to a staggering $1.3 trillion. Over the next five years, similar savings of another $1.3 trillion are anticipated. Given this heavy dependence, imposing tariffs would only inflate healthcare costs in the US. SUNITA APTE, EMAIL WORLD-CLASS SOLUTIONS This refers to the editorial (“Tracks To Future”, BW, March 8). The article highlights that as India rapidly expands and modernises its rail and metro network, French mobility giant Alstom has emerged as a key player with its world-class solutions and strategic positioning in a highly competitive market. It is good to know that Alstom is integrating regenerative braking, lightweight materials, and intelligent energy management systems to enhance operational efficiency and sustainability. The company is also leveraging its global expertise to bring hydrogen-powered and battery-operated trains to India, aligning with the government’s push for decarbonisation in rail transport. PRIYA WANJARI, EMAIL BLIPP THIS PAGE TO GIVE US YOUR FEEDBACK INSTANTLY Submissions to BW |Businessworld should include the writer’s name and address and be sent by email to the editor at [email protected] or by mail to 74-75, Scindia House, Connaught Place, New Delhi-110001
18 | BW BUSINESSWORLD | 22 March 2025 CONTENTS Cover design by DINESH S BANDUNI Covers (Inside) design by SHIV KUMAR Most Influential Women BW Businessworld celebrates women from across sectors who are helping accelerate growth for the economy, driving social change, and benefiting humanity 20 Jottings Can India keep its winning streak?; Growth, uncertainty & AI; SO help us God! Bound by biases, and much more 22Columns Vikas Singh (p. 22); Krishan Kalra (p. 28); Kiran Karnik (p. 31); Srinath Sridharan (p. 32); Amit Kapoor & Meenakshi Ajith (p. 38); Srinath Sridharan & Steve Correa (p. 40); Noor Fathima Warsia (p. 50) 96 Tough Going A look at the harsh realities of Indian women entrepreneurs who are fighting a silent battle against market competition and an invisible wall of bias VOLUME 44, ISSUE 11 22 MARCH 2025 102 Starting ‘Blocks’ How barriers to equal funding and recognition have continued to test the resilience of Indian women entrepreneurs 110 Women & Media An exploration of the evolving portrayal of women in Indian media, from breaking stereotypes to driving inclusivity GUEST COLUMNS 102 Rehan Khan, Orion Venture Partners 106 Pranav Pai, 3one4 Capital 114 Roshni Das, Marketer 116 Rajdeepak Das, Leo Burnett 52
22 March 2025 | BW BUSINESSWORLD | 19 The pages in BW Businessworld that are labelled BWi or Promotions contain sponsored content. They are entirely generated by an advertiser or the marketing department of BW Businessworld. Also, the inserts being distributed along with some copies of the magazine are advertorials /advertisements. These pages should not be confused with BW Businessworld’s editorial content. TOTAL NO. OF PAGES INCLUDING COVER 124 MOST INFLUENTIAL WOMEN PROFILES 56 Droupadi Murmu 56 Nirmala Sitharaman 57 Nita M. Ambani 58,59 The Reddy Sisters 60 Arundhati Bhattacharya 62 Harman Dhillon 63 Prabha Narasimhan 64 Ameera Shah 64 Sulajja Firodia Motwani 65 Irina Ghose 66 Daisy Chittilapilly 67 Sindhu Gangadharan 67 Preeti Lobana 68 Geetika Mehta 69 Prativa Mohapatra 70 Nandini Piramal 71 Tanya Dubash 71 Ananya Birla 72 Isha Ambani 72 Meena Ganesh 73 Dipali Goenka 74 Smita Jatia 75 Shallu Jindal 76 Deepika Bhan 77 Mukta Maheshwari 77 Pragya Misra 78 Deepali Naair 78 Aparna Iyer 79 Malini Adapureddy 79 Priyanka Gill 118 Gadgets A review of the Poco X7 Pro, which is being touted as the Brand’s finest mid-ranger till date, thanks to a host of powerful features 120Bookmark A sneak peak into Srinath Sridharan’s book Family and Dhanda & a translation from Malyalam of Akhil P. Dharmajan’s book Ram c/o Anandhi by Haritha C. K. 80 Tuhina Pandey 80 Upasana Taku 81 Bala Deshpande 81 Ruchi Deepak 82 Seema Chaturvedi 82 Jaya Vaidhyanathan 83 Amisha Vora 84 Saakshi Verma Menon 84 Ghazal Alagh 88 Deepika Padukone 46 Designed for India A look at how Apple is deepening its commitment to India with the iPhone 16e, which will be manufactured in India Photograph courtesy: Apple Inc. 121 Last Word Neerja Birla, Founder & Chairperson, Aditya Birla Education Trust & Mpower, on the need to redefine what it means to be an influential woman in today’s dynamic landscape, gender equality and more
20 | BW BUSINESSWORLD | 22 March 2025 JOTTINGS Can India Keep Its Winning Streak? I N A VUCA ( V o l a t i l i t y, Uncertainty, Complexity and Ambiguity –just in case you forgot) world, stirred afresh by global tensions, can India maintain its winning streak? Looks like it! Despite all the global drama–US tariff wars, trade hiccups, and the usual geopolitical rollercoaster – growth in India’s gross domestic product (GDP) is set to hold steady at 6.5 per cent in fiscal 2026. Why? Well, inflation’s cooling, tax cuts are putting more cash in people’s pockets and borrowing costs are coming down. That means more spending, more investment, and a whole lot of economic action. Manufacturing is finally stepping up its game, expected to grow at nine per cent annually, pushing its GDP share from 17 to 20 per cent. Services will still be king, but are slowing down a tad. And let’s not forget corporate India – its revenue growth is set to improve to 7-8 per cent, with sectors like consumer durables and two-wheelers leading the charge. High-end cars? Not so much. M e a n w h i l e , i n d u s t r i a l capex is on fire, thanks to PLI (production linked incentive) schemes and the boom in electric vehicles (EVs) and semiconductors. By fiscal 2 0 3 0, a n n u a l i n d ust r i a l investments could hit Rs 7.1 lakh crore – nearly double today’s levels. So, where’s the catch? Global headwinds aren’t going anywhere, and let’s be honest – trade tensions could make things tricky. Sure, India’s got buffers – strong forex reserves, policy flexibility, and a growing manufacturing ecosystem – but external shocks still pack a punch. The big question now is: can India ride out this storm and keep its growth momentum, or are we in for a few bumps ahead? — Ashish Sinha INDIA’S TECHNOLOGY industry, for long the engine of its economic ascent, now stands at the precipice of a defining moment – $300 billion in revenue by FY 2026. Industry association Nasscom’s latest report paints a picture of steady expansion, a $13.8 billion leap despite geopolitical tremors Growth, Uncertainty & AI and shifting market winds. But beneath the headline numbers lies a more complex story. Looming trade uncertainties with the United States, which accounts for over 60 per cent of revenues, pose a wild card. Nasscom’s outreach to Europe and Asia reflects a strategic pivot to diversify dependence. Meanwhile, AI is both a catalyst and a disruptor – driving revenue growth but potentially reshaping employment dynamics. With 73,000 professionals upskilled in AI and digital engineering expanding into BFSI (banking, financial services and insurance), healthcare, and retail, India’s tech ecosystem is changing and adapting fast. The industry’s evolution from service-driven outsourcing to cutting-edge innovation is evident and accelerating. As it crosses the $300 billion threshold in the next financial year, India isn’t just growing – it’s redefining its tech space. — Rohit Chintapali Photograph by Zhudifeng Photograph by Frolopiaton Palm
22 March 2025 | BW BUSINESSWORLD | 21 TEMPERATURES are rising around t h e g l o b e – b o t h l i t e r a l l y a n d metaphorically. The United States has declared a trade war that could hurt its own economy almost as much as that of its trade partners, since higher tariffs would invariable raise prices for US consumers. Toy sellers in the US interviewed by the BBC, admitted that prices of Chinese soft toys, would increase. Canada has moved the World Trade Organization (WTO) against President Donald Trump’s decision to impose 25 per cent tariff on imports from that country. The trade barrier, now stalled for a while, extends to Mexico too. The WTO, established in 1994 after the various rounds of the General Agreement on Tariffs and Trade (GATT) Bound by Biases the coming days. In India, summer has subsumed spring in the commercial capital of Mumbai, where temperatures are five degrees above normal and are expected to rise. In the northern plains and the capital Delhi, day temperatures are yo-yoing from warm to chilly, confusing flora and fauna. Vast swathes of humankind are now caught between whimsical world leaders and capricious climate change capers, with life threatening capabilities. It is difficult to say, who could hurt more. — Madhumita Chakraborty IN INDIA, the debate around women’s empowerment took an unnecessary turn when the film Mrs sparked a controversy. Some viewers, both men and women, misinterpreted its message, labelling it “anti-male” on social media platforms. In reality, the movie tells the story of a newly- wed woman navigating regressive patriarchal traditions. Discussions on women’s r ights are often misunderstood as being against men. This misinterpretation also extends to the business landscape, where women entrepreneurs continue to face invisible but persistent hurdles. According to many studies, startups founded by women receive less investment than those led by men. Reports also indicate that women entrepreneurs secured only 10 to 15 per cent of total startup funding in recent years. Investors often tend to trust male founders more, assuming they are better suited to lead and scale businesses. Beyond funding, societal expectations also play a role and women entrepreneurs frequently juggle multiple responsibilities, from running a business to managing households, with little structural support. Networking and mentorship, crucial for business success, are often less accessible to women, making it harder for them to build industr y connec tions . E x per t s and feminist s have often said that the c o n v e r s a t i o n a r o u n d gender equality should not be seen as a competition but as a step towards a more inclusive economy. Women entrepreneurs are proving their capabilities, but without addressing these biases, true progress will remain slow. — Abhishek Sharma failed to ensure fair play in the global marketplace, has so far ensured that trade disputes are settled multilaterally. It is not easy to guess whether it will be able to hold up against the second largest player in the world market, whose imports and exports with more than 200 nations and regional trade associations exceed $7 trillion. Meanwhile, a Washington Post report on 7 March said that the wildfires that are now raging in Texas, after razing down vast parts of Carolina, could spread to other regions in the US too in So Help Us God! Photograph by Ellend1022 Photograph by Arik Vision
22 | BW BUSINESSWORLD | 22 March 2025 ers, despite decades of effort, lament their inability to scale, expressing deep pessimism about future prospects. This data paints a damning portrait of SME struggles, fueling the urgent call for process reforms. The SME struggles are a stark indictment of a larger malady. It is not simply that reforms are failing; it is that they are being systematically undermined. The promise of a healthier, more educated, and more equitable India is being squandered by a lack of rigorous implementation. From healthcare to education, the less privileged are paying the price for bureaucratic inertia and a disregard for ground-level realities. This is not merely a missed opportunity, but a betrayal of the nation’s potential. The ‘ease of doing business’ (EoDB) initiative, touted as a growth catalyst, has largely failed to deliver for SMEs. While national policies may appear streamlined on paper, the on-the-ground reality is a continuation of bureaucratic gridlock and convoluted procedures. This disconnect exposes the fundamental flaw: reforms that don’t translate into tangible improvements at the local level are ultimately meaningless. The Overlooked Linchpin: A critical, often overlooked, factor in EoDB is the role of local governments. While states frequently point fingers at the central government, many of the bottlenecks reside within their own jurisdictions. Land acquisition for industrial projects, for instance, often becomes a protracted saga due to local bureaucratic hurdles. Similarly, issues related to infrastructure development, permits, and licenses fall squarely within the purview of state and local authorities. Similarly, urban development, roads that enable effective supply management, all come under the state governments. Land and agricultural reforms, skills and many other crucial initiatives also fall within the domain of state governments. COLUMN By Vikas Singh I NDIA’S ECONOMIC reform journey has been a story of bold strokes and hesitant follow-through. Over the past decades, the nation has undertaken significant structural reforms, from liberalisation and privatisation to the introduction of the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC). While the enactment of these revolutionary reforms was a commendable step, designed to forge a more dynamic and competitive economy, the anticipated economic surge has not materialised. Policy Undone: A recent Crux study emphasises the absolute necessity of process reforms for successful policy implementation. The study across 15 large states, surveying 4,000 SMEs (small and medium enterprises), 36 economists, and policymakers, reveals the extent of the problem. The study underscores that even welldesigned structural reforms fail without meticulous process adjustments and a keen understanding of ground-level realities. This deficiency directly impacts SMEs, the engine of economic growth. A staggering 76 per cent of surveyed enterprises regret starting their businesses, and over 65 per cent of established ownThe author is an economist and columnist BROKEN PROMISES, IMPLEMENTATION CRISIS & UNFINISHED AGENDA
22 March 2025 | BW BUSINESSWORLD | 23 and a per capita income ready to surge. Yet, this moment is fragile. The Forgotten Majority: We have roughly a decade to escape the middleincome trap. Adding to the urgency is the fact that India may be the only major economy in history experiencing a decline in population at a per capita income level of less than $3,000. This demographic shift, coupled with the slowing economic growth, paints a concerning picture. For a vast segment of the Indian population, the growth story rings increasingly hollow. These individuals, the backbone of the economy, face a daily struggle marked by systemic challenges. From the daily grind of overcrowded public transport and traffic congestion to the anxieties arising from inadequate infrastructure and public services, their lives are a testament to the unfinished agenda of reforms. They contribute diligently to the economy, yet they often feel squeezed and vulnerable. This disconnect between macroeconomic progress and the lived experiences of a large segment of the population highlights the urgent need for inclusive growth. The Architect of Change: The Crux study leaves policymakers with a vital lesson: this experience serves as a stark reminder that the true measure of reform lies not in its conception, but in its tangible implementation. India stands at a pivotal juncture, where the promise of its potential can either be realised or squandered. Incrementalism is a luxury we can no longer afford. With unyielding resolve, we must sculpt a new governance paradigm – one that bridges the abyss between policy and reality, and empowers every Indian to flourish. Failure to act decisively will condemn us to mediocrity; only bold transformation will secure our ascent to global leadership. The Convergence of Crises and Opportunities: Therefore, true reform requires a concerted effort from both the Centre and the states, working in tandem. Crucial process reforms must prioritise administrative reforms, capacity enhancement, particularly for economic facing institutions. A 21st Century India cannot be governed by 20th Century structures. Beyond EoDB, the success of structural reforms hinges on progress in sectors with high multiplier effects, such as education, gender inclusion and healthcare. These are the building blocks of a productive workforce and a healthy society. Unfortunately, progress in these areas has been uneven. This is particularly concerning given India’s unprecedented confluence of favourable factors. Our demographic dividend, a robust platform of structural reforms, and a per capita income poised for exponential growth place us at a critical inflection point. However, this window of opportunity is fleeting. Without decisive action, this potential will wither. India’s stars are aligned as never before: a young, dynamic population, a strong foundation of structural reforms, The ‘ease of doing business’ (EoDB) initiative, touted as a growth catalyst, has largely failed to deliver for SMEs. While national policies may appear streamlined on paper, the on-the-ground reality is a continuation of bureaucratic gridlock and convoluted procedures. This disconnect exposes the fundamental flaw: reforms that don’t translate into tangible improvements at the local level are ultimately meaningless Photograph by Sanjay Sakaria
24 | BW BUSINESSWORLD | 22 March 2025 ADVANTAGE ASSAM 2.0: L5 LAKH CRORE INVESTMENTS PROPEL A NEW GROWTH ERA The two-day event saw the convergence of industry leaders, global investors, policymakers and thought leaders. East India and Northeast India are embarking on a new journey today. Advantage Assam 2.0 is not just about investments but about intertwining the incredible potential of Assam with the world Prime Minister Narendra Modi
22 March 2025 | BW BUSINESSWORLD | 25 By Ruhail Amin The Advantage Assam 2.0 Investment and Infrastructure Summit 2025, held on February 25-26, 2025, was more than just an economic summit; it was a declaration of Assam’s emergence as a national and global investment powerhouse. The two-day event saw the convergence of industry leaders, global investors, policymakers and thought leaders, all setting the stage for Assam’s next phase of industrial transformation. The summit witnessed an unprecedented R5 lakh crore worth of investment proposals, almost five times the commitments made during the first edition in 2018. The enthusiasm among investors was evident as Assam positioned itself as a strategic hub for green energy, infrastructure, and manufacturing, strengthening its role as a gateway to India’s eastern and northeastern economies. Prime Minister Modi’s Vision for Assam’s Growth Prime Minister Narendra Modi, inaugurating the summit, underscored Assam’s vital role in India’s future economic trajectory. Speaking to an audience of investors, industrialists, and policymakers, he called the summit a watershed moment in Assam’s industrial transformation. “East India and Northeast India are embarking on a new journey today. Advantage Assam 2.0 is not just about investments but about intertwining the incredible potential of Assam with the world,” he remarked. Reflecting on Assam’s rapid economic progress, he emphasized how the state’s economy had grown from R2.75 lakh crore in 2018 to R6 lakh crore in 2025. Modi attributed this phenomenal rise to the pro-business policies, infrastructure push, and governance model of the double-engine government. He described Assam as the new industrial nerve center of the East, highlighting the record-breaking investment influx and its potential to create millions of new jobs. A Green Revolution and Infrastructure Push One of the biggest highlights of the summit was Assam’s strong push for green energy and sustainable development. Investment proposals worth more than R55,000 crore were dedicated to renewable energy, signaling a major shift towards solar, hydro, and biomass powered solutions. Chief Minister Himanta Biswa Sarma, unveiling Assam’s industrial roadmap, spoke of the state’s ambition to lead the green energy transition. He called upon industries to partner with Assam in building a clean energy economy that not only fuels India’s industrial growth but also aligns with sustainable development goals. “Assam has immense potential to become a leading hub for renewable energy, manufacturing, and technology. With the support of our investors, we are committed to making Assam the Silicon Valley of the East in clean energy solutions,” he said. Sarma also confirmed that major corporate houses like the Tata Group were considering launching flagship green energy projects in Assam, a move that would attract With the support of our investors, we are committed to making Assam the Silicon Valley of the East in clean energy solutions Himanta Biswa Sarma, Chief Minister of Assam
26 | BW BUSINESSWORLD | 22 March 2025 further industrial investments and create thousands of jobs. The Summit also witnessed significant investment commitments from key Union Ministers. Shri Nitin Gadkari, Minister of Road, Transport and Highways (MoRTH) unveiled an ambitious R80,000 crore plan to enhance road connectivity, while Shri Sarbananda Sonowal, Minister of Shipping committed R4,800 crore towards development of inland water ways infrastructure. Shri Jyotiraditya Scindia, Minister of Telecommunications announced R1,800 crore for expanding digital connectivity, and Shri Ashwini Vasihnaw, Minister of Railways proposed R6,300 crore worth of projects aimed at improving railway infrastructure. These investments are expected to drive economic growth, enhance connectivity, and create new opportunities across sectors. Corporate Giants and Record-Breaking Investments The summit was marked by the participation of India’s top industrial leaders, with the likes of Reliance Industries, Adani Group, Vedanta, Tata Group and Jindal making multi-billion-dollar commitments. Reliance Industries announced plans to expand its digital and telecom footprint in Assam, ensuring high-speed 5G connectivity across the state. The Adani Group pledged investments in logistics, energy, and digital infrastructure, while Jindal Steel and Power unveiled a R7,000 crore investment for Assam’s largest steel processing plant. IT giants Infosys and Wipro also announced their entry into Assam’s technology and AI ecosystem, with plans to set up dedicated AI and automation research centers in Guwahati, aimed at fostering innovation in emerging technologies. Global Partnerships and Assam’s Place in the World Economy With over 200 international delegates from 76 countries, the global investment community recognized Assam’s potential as an emerging international business hub. Bilateral agreements were signed with 12 partner nations, laying the foundation for long-term trade and technology collaborations. Representatives from Germany, Japan, South Korea, the UAE, and the UK engaged in high-level discussions on Assam’s role in global supply chains, green technology, and industrial expansion. Multilateral agencies such as the World Bank, IMF and Asian Development Bank also expressed keen interest in funding Assam’s green
22 March 2025 | BW BUSINESSWORLD | 27 energy and infrastructure projects, indicating strong global confidence in the state’s economic future. The Employment and Skill Development Impact Beyond industrial growth, one of the key focuses of Advantage Assam 2.0 was employment generation. According to official estimates, over 10 lakh direct and indirect jobs will be created through the investments pledged. A dedicated R5,000 crore skilling initiative was announced to train Assam’s youth in AI, digital marketing, automation, and clean energy technologies. The initiative aims to youth—a future filled with jobs, opportunities, and sustainable economic growth.” Looking Ahead: Assam’s Next Industrial Leap With the conclusion of Advantage Assam 2.0, Assam has firmly established itself as one of India’s most promising economic destinations. The massive R5 lakh crore investment commitments, global participation, and industrybacked confidence reinforce the state’s rising influence in the national and global economy. Prime Minister Modi, in his closing remarks, projected Assam’s industrial transformation over the next five years, calling upon investors to continue their engagement with the region. “This is just the beginning. In the next five years, Assam will emerge as a major global investment destination, and I invite the world to be part of this journey,” he declared. The optimism surrounding the summit was unmistakable. Industry leaders, policymakers, and global investors left Guwahati with a renewed sense of confidence in Assam’s future. The state’s commitment to green growth, infrastructural expansion, and job creation ensures that Advantage Assam 2.0 was not just an event—it was a defining moment in India’s economic history. With strong leadership, a clear economic roadmap, and unwavering investor confidence, Assam is now poised to become one of India’s most dynamic industrial and technological hubs in the coming years. Advantage Assam has truly lived up to its name, setting new benchmarks for growth, sustainability, and industrial innovation. make Assam’s workforce globally competitive, ensuring that the next generation is well-equipped to drive the state’s digital and industrial transformation. Women-led enterprises also received a R7,000 crore boost, encouraging female entrepreneurship in textiles, handicrafts, digital startups, and clean energy enterprises. Chief Minister Himanta Biswa Sarma reaffirmed the government’s commitment to youth and job creation, stating, “This summit is not just about investment numbers. It’s about creating a future for Assam’s
28 | BW BUSINESSWORLD | 22 March 2025 RUMP’S continuing onslaught on tariffs – this time on Indian steel and aluminium – and other knee jerk reactions like what is happening at Riyadh in the ‘US - Russia Saudi Bilateral’ are bound to hurt Indian industry. There’s no way to forecast what will come next from the most powerful man in the world. Pushing for his swansong ‘MAGA’ – and his heavy dependence on the super successful maverick Elon Musk, he could come strongly on our exports to the USA. Irrespective of what he will achieve from some seemingly irrational steps (apologies; these steps could actually be all good for his country), we have to do everything possible to protect our interests; and we must act fast. Trade with China I think, strengthening our trade with China may be a good idea. Our neighbours are themselves looking for new markets – to partly offset their massive exports to the USA– and our expanded relations with them should be of mutual interest. Of course, it has to be a twoway street! There’s a lot we can export to them too – both primary goods and services – and they would bend backwards to increase their exports to India. We should be selective and not gun for cheap toys and other unnecessary products but concentrate on tie-ups involving their high-tech auto manufacturers setting up factories here. There are also other sophisticated products that we need from them. It could be a win-win for both. Let’s not sleep on visas for their experts under an overstated fear of security. China is no longer the maker of shoddy low quality and short life products like they did earlier. They are now world leaders in precision engineering as well as rapid infrastructure creation – their high-speed trains, virtually impossible bridges, electric cars, ultra-high speed creation of commercial and residential spaces – are all the envy of the world; so is their quick switch from fossil electricity to renewables like hydel, solar and wind energy. They have the world’s biggest steel and cement plants and no one can beat them in the lowest cost of production and logistics. Export of Arms Perhaps one area where China is way behind the US is export of arms. Whereas the US had an overwhelming 42 per cent share of global arms export – during the period 2019-23 – China was at rank four with a measly 5.8 per cent (source: Stockholm International Peace Research Institute). Isn’t that great for us in more than one way? Obviously the quality of their arms is nowhere near the leader – or even the second and third ranked France and Russia – both at 11 per cent each. It should keep them less hostile and fearsome at our borders! As far as the US is concerned they are very keen on exporting arms to India as we currently rank 26th in the list of arms imports from them with an insignificant share of 0.6 per cent. Interestingly Ukraine tops the list followed by Japan, T TIME TO KISS THE ENEMY India-Shining By Krishan Kalra Column
22 March 2025 | BW BUSINESSWORLD | 29 Of course, we must pursue our talks about our cooperation in the area of ‘small modular nuclear reactors for energy generation’ and high tech defence equipment – areas where we have no choice – but putting all our eggs in one basket is not wise. Tariffs will hit us and we have to be ready. We have a chance to be selective with our technology and goods imports and we should use discretion to balance the sources – weighing advantages in each case and decide whether it is better to go with China or the US. ‘Monumental Shifts in World History’ In the trade war between the US and China, we should be circumspect and make efforts to step in wherever the former stops getting from China. We have enjoyed a positive trade surplus with the US and we have a chance to make that bigger. If our big deficit in trade balance with China increases somewhat, so be it. The guy is also cosying up with Putin in a big way. To quote the editor-in-chief of The Economist “In my three decades as a journalist, I have experienced very few news as head-spinning as the geo-political shift this week in Europe. President Trump seemingly abandoning Ukraine and his outright hostile approach to European nations – at the Munich Security Conference – and threatening the very existence of NATO could well be monumental shifts in world history”. He is causing havoc with his words. Recent edit of a Saudi Arabia, Qatar and Poland. “Very Unfair to America” The USA’s confusing actions are increasing by the day. Trump now calls “Zelenskyy a dictator who started the war with Russia’’. The country seems to be moving recklessly fast to his whims and fancies ignoring the views of their institutions that maintain checks and balances in any democracy. Just a week after a very cordial meeting with Indian Prime Minister Modi, he is rubbing in this weird insane theory about USAID having spent $21 million (incidentally less than 0.05 per cent of the agency’s budget of $44 billion) to increase voter turnout! The ‘God Man’ is even criticising his chum Musk’s plans to set up a factory in India – branding it “very unfair to America”. Are we sucking up to a real friend? Trump’s actions are often contradictory – take his harsh criticism of India’s tariffs in Modi’s presence while discussing a higher level of partnership between the two countries. Can we trust him and his policies at the cost of breaking our (trade) bridges with China? Major political changes in the world and a new (head) strong tenant in the White House is perhaps a good time for India to have a relook at our equation with China Photograph courtesy: PMO/XCorp@NarendraModi
30 | BW BUSINESSWORLD | 22 March 2025 leading Indian pink paper mentioned “By now we should be familiar with Donald Trump’s ‘Shoot First, Ask Questions Later’ policy” National Security Concerns China has a lot going for it – look at the recent breakthrough AI model ‘DeepSeek’ at a fraction of the cost incurred by the US. There’s no reason why we shouldn’t examine that carefully and adopt it in place of the super expensive ones from NVidia, ChatGPT and other US giants? Time to be more rational and practical about holding up visas to Chinese CEOs of factories set up by them in India. We need many more of those! The omnibus concern about ‘reasons of national security’ needs a relook. After all, what anti-India things they can do (if they want to) while staying in India that they can’t from Beijing or Shanghai? Minister Ashwini Vaishnav was being prudent when he talked about using Open Source DeepSeek on Indian Servers and carrying out our own additions and tweaks. DeepSeek may not exactly crush the American giants but if we can get the Chinese technology at a much lower cost, why not? China today enjoys global leadership in almost all areas of manufacturing technology, engineering, infrastructure build up, railways, airports, shipyards ... literally everything. Post Pandemic and due to the ‘+ 1’ policy of most nations, there’s a momentum in factories being set up in India; we should do everything to maintain this and persuade China to do so in a more aggressive manner. China realises the feelings against their country and they want to remain the biggest manufacturing nation in the world so their setting up factories in India will be a win-win for both. We should do everything to encourage this and facilitate the process. Buttressing Our Cooperation Not only would that help our trade balance but there’s a lot to learn from them in the areas of lowcost manufacturing of quality products. Our students are already going to universities in China for medical degrees and STEM programmes; we have started direct flights; there’s somewhat greater trust … let’s do more work in buttressing our cooperation. They want to make ‘China Great Again’ and we have to move towards our goal for ‘Viksit Bharat by 2047’, I think our cooperation can help both. India-Shining By Krishan Kalra Column The author is past president of AIMA and former member, Board of Governors, IIMC Photograph courtesy: PMO/PIB China today enjoys global leadership in almost all areas of manufacturing technology, engineering, infrastructure build up, railways, airports, shipyards ... literally everything. Post Pandemic and due to the ‘+ 1’ policy of most nations, there’s a momentum in factories being set up in India; we should do everything to maintain this and persuade China to do so in a more aggressive manner. China realises the feelings against their country and they want to remain the biggest manufacturing nation in the world so their setting up factories in India will be a win-win for both
22 March 2025 | B W BUSINESSWORLD | 31 HERE IS growing concern, around the world, that economic growth is no longer creating jobs as it did in the past. A lot of this “jobless growth” is attributed to automation: robots replacing shop floor workers, and computer software taking over many lowend functions. Now, there is even more worry about the fact that rapid technological advances, especially in artificial intelligence (AI), will decimate other jobs, including mid-level ones that call for greater skills and knowledge. The process is accelerated as the trade-off between humans and machines – including cost, reliability, quality – is shifting in favour of the latter. It seems that any job which is routine or given to rule-based standardisation can – and will – be replaced. Thus, organisations are now looking for specialised knowledge and skills. Such requirements change over time or are specific to a particular project. These limited-period needs are contrary to the traditional concept of regular, till-retirement, “permanent” jobs, and call for a different model of employee engagement. Organisations are, therefore, moving to short-term and/or part-time employment. Increasingly, this will soon be T output-based compensation, rather than time-based. At the same time, socio-cultural factors are leading to more youngsters preferring flexibility and freedom over stability and constraints. Many are not keen to strike roots and stay long in one location, one organisation, and one job. They also want leeway regarding time, for indulging in other pursuits and hobbies or travel, or doing whatever else they want. This is in keeping with a more holistic lifestyle in which people want more in their lives than money, or professional success in one area. In this new scenario, gig work presents a win-win situation, benefitting both, organisations and workers. The only problem – a serious one – is the issues that arise as a consequence. With no social safety net – covering things like permanent employment, retirement/pension, retrenchment/ unemployment, and healthcare coverage – workers and their families can be in deep trouble in case of any contingency. The present thrust towards creating “regular” or quality jobs with assured benefits, and focussing on moving companies to the “organised” sector, is unlikely to succeed. It flies in the face of a growing reality brought on by the changing organisational needs, as noted earlier, and the rapid advances in technology. We may well be heading into a world where it is not only expertise needs (and hence workers who provide these) that are short-term, but organisations too are transient. Like career-long employment, multi-generation companies too may soon be history. Organisations and individuals need to take note and prepare for this situation. The former need to be fast-adapting and agile, with shape-shifting organisational structure and the ability to pivot quickly being more important than stability amidst turbulence. Individuals need to be flexible, quick-grasping and able to deliver with minimal supervision or guidance. Life-long learning will replace career-long employment. Payment-for-output will replace input (time) compensation: a point that votaries of 70- and 90-hour workweeks may note. Creativity, innovation, and specialised knowledge will be more important than mere hard work. If India is to ride, survive, even benefit from this AI-accelerated wave, it needs to change the policy focus: healthcare, an attractive pension scheme, unemployment insurance, easy personal loans for purchases or contingencies, and other social benefits must be universal and provided (or guaranteed) by government. Winding-up and setting-up organisations must be made easy. Jobs are in jeopardy but, rightly played, both happiness and economic benefits can grow. JOBS IN JEOPARDY The author loves to think in tongue-in-cheek ways, with no maliciousness or offence intended. At other times, he is a public policy analyst and author. His latest book is Decisive Decade: India 2030 Gazelle or Hippo (Rupa, 2021) KIRAN’S KONTRARIAN KORNER n By KIRAN KARNIK n
32 | BW BUSINESSWORLD | 22 March 2025 OR YEARS, ‘NET ZERO by 2050’ has been the battle cry of world leaders, corporations, and climate activists alike. It was heralded as the ultimate solution – a blueprint for a cleaner, greener future. But as we enter 2025, the reality appears starkly different. Climate targets are slipping, commitments are fading, and the global momentum behind net zero seems to be unravelling. One must ask: has climate change been vanquished, or is net zero merely a slogan whose time has passed? At the peak of the pandemic, global carbon emissions briefly declined. However, they have since surged back, exposing the limitations of transient behavioural shifts. The more concerning trend is the creeping despondency among developing nations, fuelled by the reluctance of wealthier countries to provide meaningful financial support. The failure of COP29 to secure more than $300 billion – against a required $6 trillion – further underscores this disconnect. The United States’ temporary exit from the Paris Agreement under the Trump administration sent a clear message: even the world’s largest cumulative polluter can simply walk away. The current administration’s wavering stance on climate commitments, coupled with the resurgence of climate-sceptic politics, has only exacerbated the situation. If the architects of net zero hesitate, can the rest of the world be expected to stay the course? Meanwhile, political and economic realities are forcing governments to recalibrate. Chris Wright, the US Energy Secretary, has openly labelled net-zero goals a “colossal failure,” warning of their impact on energy-intensive industries and affordability. Developing nations have long argued that net-zero targets are inherently unfair. Wealthy nations, which industrialised on coal and oil, now expect the rest of the world to transition at the same pace – without providing the requisite funding or technological support. This presents a fundamental question for countries like India: should they prioritise net-zero deadlines or economic growth and poverty alleviation? The rhetoric around net zero is losing steam. India’s Economic Survey 2024-25 subtly acknowledges the trade-offs involved in low-carbon growth, hinting that economic development may take precedence over aggressive emission cuts. Despite the fanfare around the climate taxonomy in the Union Budget 2024, its absence from policy discussions speaks volumes. The silence is further amplified by India’s delay in submitting its Biennial Transparency Report and revised F NET NET, ZERO: Is Climate Change Dead? (A)muse & Musings By Srinath Sridharan
22 March 2025 | BW BUSINESSWORLD | 33 coordinated financial discrimination against fossil fuel industries. India’s power sector, responsible for 37 per cent of its carbon emissions, exemplifies the complexity of transitioning to a low-carbon future. Moody’s Ratings estimates that achieving the 2070 net-zero target will require investments equivalent to two per cent of GDP annually over the next decade and between 1.5 per cent - two per cent over the next 25 years. This translates to Rs 4.5-6.4 trillion ($53-76 billion) in annual investment until FY2034-35, rising to Rs 6-9 trillion thereafter. While governments hesitate, corporate leaders are also re-evaluating net zero. Australian mining billionaire Andrew Forrest has dismissed the concept as a “fantasy,” arguing that it relies excessively on carbon offsets – effectively allowing polluters to pay rather than change. The irony is palpable: when mining magnates start sounding more ambitious than policymakers, it signals a deep structural flaw in current climate strategies. The international community has long recognised the urgency of reducing fossil fuel dependence, yet the pace of transition remains sluggish. Historically, governments played a central role in infrastructure development, including energy systems. If the green transition is to succeed, policymakers must reclaim their role in shaping energy markets, directing investment flows, and ensuring that sustainability is not treated as a mere financial metric. Where does India stand in all this? With its massive population, increasing energy needs, and relatively low per capita emissions, India’s climate challenge is uniquely complex. The net-zero framework often fails to account for the country’s nuanced realities. There is a reason India has set its net-zero target for 2070 – two decades later than the West. The financial sector also remains cautious, lacking a consistent framework for sustainability-linked investments. Without clear guidelines, investment decisions are likely to remain driven by short-term profitability rather than long-term resilience. So, net net, zero – where does that leave us? If global leaders, financial institutions, and corporations are quietly backing away from their own climate pledges, one must question: was net zero ever a viable solution, or merely a well-marketed delay tactic? One thing is certain: climate change is far from dead. But net zero? That might already be on life support. Once a rallying cry for global action, net zero is now slipping into silence. As commitments waver and priorities shift, has the world quietly abandoned its most ambitious climate goal? Nationally Determined Contributions (NDCs). While some may attribute this to bureaucratic inertia, the reality suggests shifting priorities. The trend is not unique to India. Globally, only 13 countries have updated their NDCs for 2035, exposing widespread fatigue in climate commitments. HSBC has pushed its net-zero targets from 2030 to 2050, citing unprepared clients and suppliers. Morgan Stanley and other financial institutions are also stepping back, acknowledging that the system is not evolving quickly enough. Meanwhile, the Net Zero Banking Alliance (NZBA), once the world’s most ambitious climate finance coalition, is unravelling. Several major banks have quietly exited under political and economic pressure, particularly in the United States, where Republican-led states have challenged what they see as The author is a corporate advisor & independent director on corporate boards Photograph by Mazzzur
34 | BW BUSINESSWORLD | 22 March 2025 Kerala’s IT and digital economy sector emerged as a major winner, securing T9,300 crore in investments, which is expected to generate 60,000 new jobs INVEST KERALA SUMMIT UNLOCKS GROWTH, JOBS, AND INNOVATION FOR THE STATE’S FUTURE By Ruhail Amin the foundation for over 4.75 lakh new jobs. This landmark event was not just about numbers—it was a strategic push to redefine Kerala’s industrial and economic landscape, blending high-value sectors, digital transformation and sustainable growth. The two-day summit, hosted by the Kerala State Industrial Development Corporation (KSIDC) The Invest Kerala Global Summit (IKGS) 2025 has cemented Kerala’s position as one of the most dynamic investment destinations in India, attracting R1.65 lakh crore in investment commitments and setting Inaugural Ceremony: Invest Kerala Global Summit (IKGS) 2025
22 March 2025 | BW BUSINESSWORLD | 35 We are creating an ecosystem where businesses thrive, people prosper and technology paves the way for a futureready economy. Pinarayi Vijayan, Chief Minister of Kerala under the Department of Industry and Commerce, drew over 4,300 attendees, including 144 international delegates from more than 25 countries. Discussions across 28 thematic sessions, six country partner sessions and high-impact roundtables highlighted Kerala’s commitment to building a future-ready economy by capitalizing on its robust infrastructure, investor-friendly policies, and highly skilled workforce. A Visionary Push Toward Economic Transformation In his inaugural address, Chief Minister Pinarayi Vijayan outlined Kerala’s ambitious vision, emphasizing that the state was not merely inviting investments but creating an ecosystem where industries, businesses and communities could thrive together. He underscored the government’s commitment to pro-business policies, infrastructure expansion and industrial diversification, all of which would contribute to Kerala’s march toward a trillion-dollar economy. “Kerala has always been a land of limitless opportunities. With the investments secured at IKGS 2025, we are not just building industries; we are creating an ecosystem where businesses thrive, people prosper, and technology paves the way for a futureready economy,” the Chief Minister said. His address set the tone for a summit that focused not only on investment inflows but also on innovation, sustainability, and longterm economic transformation. He Plenary Session Kerala A Small world of big opportunities Hon’ble CM addresses IKGS 2025
36 | BW BUSINESSWORLD | 22 March 2025 highlighted how Kerala had moved beyond its traditional industries to emerge as a leader in knowledgedriven sectors like IT, life sciences, logistics and renewable energy. Unprecedented Investment Momentum The scale of investment commitments at IKGS 2025 exceeded all expectations, with 419 companies announcing their intent to invest in Kerala. These investments spanned across multiple high-growth sectors, with a focus on technology, healthcare, and industrial expansion. Kerala’s IT and digital economy sector emerged as a major winner, securing R9,300 crore in investments, which is expected to generate 60,000 new jobs. The life sciences and healthcare industry also saw a significant boost, with R18,000 crore pledged toward biotechnology, pharmaceuticals, and medical research infrastructure. The state’s commitment to sustainability was evident, as it secured R22,500 crore in investments for renewable energy projects, with a strong focus on solar, wind and biofuels. Kerala’s globally renowned tourism and hospitality sector attracted R11,500 crore in funding, aimed at strengthening eco-tourism infrastructure, upgrading heritage sites and developing new luxury experiences. The port and logistics sector also saw a significant boost, with R15,000 crore committed to modernizing Kerala’s transshipment and cargo hubs. With Vizhinjam Port emerging as a key logistics and shipping gateway, investors showed keen interest in leveraging Kerala’s strategic location to enhance trade efficiency and global connectivity. Global Partnerships and Strategic Alliances One of the highlights of IKGS 2025 was Kerala’s ability to forge new global trade alliances and investment partnerships. With a strong international presence, the summit attracted participation from global industry leaders and government delegations from Australia, Germany, Vietnam, Norway, France and Malaysia. During a high-impact Ambassadors’ Meet in New Delhi before the summit, 26 diplomats and senior trade representatives engaged with Kerala’s leadership to explore trade and investment synergies. These discussions culminated in the signing of several bilateral agreements, which will drive longterm investments in manufacturing, digital technology, and logistics development. The UAE emerged as a key partner in Kerala’s smart city and industrial projects, with HE Abdulla Bin Touq Al Marri, UAE Minister of Economy, announcing a multisector investment roadmap for the state. Similarly, Bahrain, Malaysia State of the IT Industry and Technology & Kerala Opportunity - Panel Discussion Navigating the Future: Shipbuilding Potential in India’s Maritime Growth - Panel Dsicussion
22 March 2025 | BW BUSINESSWORLD | 37 and France expressed their intent to collaborate with Kerala’s emerging economic zones, signaling an era of global industrial partnerships. Creating the Workforce of the Future Beyond investments, a significant theme at the summit was Kerala’s commitment to job creation and workforce development. The investments pledged at IKGS 2025 are projected to create over 4.75 lakh jobs, covering IT, healthcare, manufacturing, logistics and renewable energy. The government announced a R5,000 crore Skill Enhancement Initiative, which will train students and professionals in artificial intelligence, robotics, Industry 4.0, and automation technologies. This initiative aligns with Kerala’s vision of becoming a global talent hub for emerging digital and industrial sectors. A special emphasis was also placed on women-led enterprises, with the state committing R7,000 crore in funding support to female entrepreneurs in tech startups, sustainable businesses, and digital media industries. Kerala aims to create an inclusive and diverse industrial ecosystem where women play a central role in business innovation and leadership. Kerala’s Path to Becoming a Trillion-Dollar Economy As discussions unfolded at IKGS 2025, the central theme remained Kerala’s roadmap toward economic transformation and sustainable industrial expansion. Experts and policymakers engaged in thoughtprovoking discussions on Kerala’s strategic advantages, policy environment, and infrastructure The success of IKGS 2025 is a testament to Kerala’s proactive approach to industrial development and global economic integration development plans. Panels explored how AI and digital technologies will shape Kerala’s future economic growth, the role of green energy in building sustainable industries, and the expansion of Vizhinjam Port as a major logistics hub. These conversations reinforced Kerala’s ambitions to compete on a global scale while maintaining a strong focus on sustainability and community welfare. Minister for Industries, Law & Coir, P. Rajeeve, echoed this sentiment, stating, “Kerala’s economic rise is not just about numbers. It’s about creating an environment where businesses can thrive, where sustainability is at the core of industrial expansion, and where innovation drives the next phase of growth.” As Kerala positions itself as an economic powerhouse, IKGS 2025 has set a new benchmark for investment summits in India. With its strong governance, world-class infrastructure, and skilled workforce, Kerala is now one of the most attractive investment destinations for both domestic and international businesses. A New Chapter for Kerala’s Industrial Growth The success of Invest Kerala Global Summit 2025 is a testament to Kerala’s proactive approach to industrial development and global economic integration. The event not only secured record-breaking investment commitments but also fostered a culture of innovation, sustainability, and forward-thinking business practices. As Kerala moves forward, the momentum generated at IKGS 2025 will play a critical role in shaping its economic future. The R1.65 lakh crore in investment commitments, combined with the state’s strategic push toward digital transformation, green energy, and infrastructure expansion, ensures that Kerala remains at the forefront of India’s economic evolution. With a clear roadmap and a commitment to sustainable growth, Kerala is not just attracting investments,it is setting the foundation for an industrial revolution that will propel the state into a new era of global business excellence.
38 | BW BUSINESSWORLD | 22 March 2025 LOBALLY, THE battle against climate change is fought on two fronts: one to slow the rising temperature by curbing emissions and the other to prepare for the irreversible impacts of changing climate on natural resources, infrastructure and every aspect of the society. Adaptation to Climate Change has often been treated as a secondary concern – more of a reactive measure than a strategic priority. This year however India’s Economic Survey pressed on the significance of Climate Adaptation recognizing that for countries like India where the vulnerabilities are already taking a toll, adaptation can no longer be treated as an afterthought. To safeguard India’s economic future, adaptation is to be placed at the heart of our development agenda. What does this entail? What are the social and economic imperatives behind adaptation planning? Unlike Mitigation which requires long-term and largescale investments, adaptation costs tend to be more localized and immediate. It often requires upfront investment in infrastructure, ecosystem resilience, disaster preparedness etc. While the benefits of mitigation are spread over decades, the benefits of adaptation are felt more immediately. Financial trade-offs also emerge in national budgeting; for instance, investing heavily in fossil fuel phase-out may limit resources for urgent disaster relief, while focusing on short-term adaptation projects can delay necessary long-term lowcarbon investments. In India, estimates already show that annual economic loss from extreme weather events alone can be at 2.8 per cent of its GDP by 2030. The renewed focus on adaptation is therefore not abstract policy rhetoric but a response to hard economic realities. With more than 80 per cent of India’s districts already vulnerable to extreme weather events, climate shocks are no longer distant possibilities – they are regular, destabilizing occurrences. For adaptation measures to be truly effective it needs to be approached as an economic strategy. Studies by World Bank and UNEP shows that every $1 invested in adaptation can save $4-10 in avoided damages. Regardless of the ease in realization of immediate benefits, adaptation finance is hard to come by. In the 2015 Glasgow Pact, the developed nations pledged to double adaptation finance by 2025 which never happened but even then, it was projected that the amount will only close five per cent of the existing gaps with annual needs being estimated at $215-387 billion. India has not been oblivious to the challenges and is preparing to draw national policies and sectoral initiatives that incorporate resilience building into the policy agenda. The renewed focus on a National Adaptation Plan is set to become a blueprint for mainstreaming climate resilience into governance. At the national level, the Mission on Sustainable Habitat (NMSH) aims to incorporate climate considerations into urban planARTHSASTRA By Amit Kapoor & Meenakshi Ajith Clockwise from the left: Amit Kapoor G & Meenakshi Ajith India’s Adaptation Imperative: CLIMATE RESILIENCE FOR GROWTH
22 March 2025 | BW BUSINESSWORLD | 39 ning to provide some protection against heat waves, floods and resource scarcity. The agricultural sector is also actively vying for resilience building as it supports more than half of the country’s workforce. There are steps already taken to promote climate-resilient crop varieties, soil conservation and improved irrigation. For instance, the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) and the Jal Shakti Abhiyan aim to increase water-use efficiency and expand rainwater harvesting, reducing farmers’ dependence on erratic monsoons. To reduce the vulnerabilities in urban areas, the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and the Smart Cities Mission have included climate-conscious urban designs through better drainage and expansion of green spaces. More than 785 storm water drainage projects have been completed to address urban flooding, and efforts to promote green mobility and nonmotorized transport are reducing both emissions and climate vulnerabilities. The efforts to draw a new adaptation plan however should also consider that the decision-making process of adaptation and mitigation differ in scale, timing and responsibility. Adaptation needs are local and immediate, addressing climate risks that already exist or are imminent. Devolving powers especially in terms of finances and decentralizing the implementation process can help bring adaptation to the forefront. By 2023, 34 states/UTs in India completed the preparation of the State Action Plan on Climate Change (SAPCC) in line with NAPCC taking into account the State-specific issues relating to climate change. Yet, implementation lagged behind due to its lack of alignment with annual development plans and budget. There has been progress here and there but nothing much of scale. The economic imperative for adaptation stems from the fundamental reality that climate risk is an economic risk that can erode productivity, disrupt markets and exacerbate financial instability. The damage to infrastructure, health, crop yields all translate to direct and indirect socio-economic impacts. Unlike traditional economic shocks, climate risks are non-linear, compounding, and irreversible, meaning delayed adaptation not only escalates future liabilities but also constrains economic choices by locking economies into high-cost recovery cycles. India is moving in the right direction by bringing adaptation to the forefront but giving teeth to implementation, allocating finances and also scaling private financing is important. The government alone cannot fill the investment vacuum in adaptation finance. Governments can incentivize private sector participation in adaptation through instruments like tax credits, public-private partnerships, and regulatory frameworks that encourage climate-resilient business practices. Strategic, well-timed investments in resilience can enhance economic stability, attract capital, and safeguard development gains, making adaptation not just a necessity, but an economically rational choice. In India, estimates already show that annual economic loss from extreme weather events alone can be at 2.8 per cent of its GDP by 2030. The renewed focus on adaptation is therefore not abstract policy rhetoric but a response to hard economic realities Amit Kapoor is Chair, Institute for Competitiveness, Meenakshi Ajith is development policy lead at the Institute for Competitiveness Photograph by Inlovepai
40 | BW BUSINESSWORLD | 22 March 2025 adapt quickly enough to these seismic shifts in the world of work? India has the world’s largest pool of young talent, a tremendous asset that promises significant economic growth. However, this advantage could quickly transform into a liability if businesses do not invest in reskilling their workforce. In this dynamic environment, traditional hiring practices must evolve. Instead of attempting to predict which roles will remain relevant longterm, companies should prioritise recruiting individuals who demonstrate adaptability and a strong capacity for learning. This approach signifies a significant shift from rigid job descriptions and degree-based criteria. Modern hiring should emphasise skills, problem-solving abilities, and learning agility. In this new paradigm, HAT IF THE ROLE W you depend on today disappears in just five years? What if artificial intelligence starts managing critical tasks in your industry, or if the very idea of a physical office becomes obsolete? In a landscape shaped by rapid technological progress and evolving societal expectations, the future of work is inherently unpredictable. Waiting for clarity is a luxury business can no longer afford. Today’s HR leaders must proactively cultivate a workforce that not only withstands these changes but also thrives amid uncertainty. India’s professional landscape is rapidly evolving. Traditional job roles, once clearly defined and stable, are being reshaped by the forces of AI, automation, and digital transformation. Tasks that were previously handled by human workers are increasingly being automated, leading many to question whether their current roles will still exist in the near future. Alongside these technological shifts, the gig economy is thriving, and remote and hybrid work models are fundamentally altering how work is structured. The traditional career ladder is giving way to more fluid, skill-based trajectories, reducing the previous over-reliance on formal degrees. The Indian government has introduced new labour laws and various digital skilling initiatives aimed at preparing the workforce for these significant changes. Yet, even as policies are updated, a critical question: How can companies Is Your Workforce Ready for a Future We Can’t Predict? PEOPLE TALK By Srinath Sridharan & Steve Correa Photograph by Natasha Fedorova
22 March 2025 | BW BUSINESSWORLD | 41 experiences and perspectives is inherently more resilient and innovative. Imagine the strength gained from blending the wisdom of seasoned professionals with the fresh, dynamic perspective of digital natives. This fusion creates teams that are not only adaptable but also capable of generating groundbreaking ideas. In a landscape where rigid hierarchies and traditional roles are yielding to more fluid organisational structures, inclusivity is essential. Organisations that commit to fostering a diverse environment will not only drive innovation but also cultivate deeper loyalty among employees, leading to improved overall performance. Amid rapid technological and structural changes, employees’ mental well-being is often the most overlooked yet crucial element. The pressure to continually adapt, upskill, and perform can lead to significant stress and burnout. Companies that proactively prioritise mental health will find that their workforce is not only more resilient but also more productive. Creating a supportive work environment involves more than just offering occasional wellness programmes. It requires fostering a culture that genuinely values work-life balance, providing comprehensive counselling services, and encouraging open discussions about stress and burnout. Employees who feel supported are more likely to take risks, innovate, and contribute their best work. The challenge for HR is not just to prepare for the future but to actively shape it. This entails looking beyond traditional practices and being willing to experiment with new work models. Whether piloting remote work initiatives, investing in cuttingedge training programmes, or rethinking performance metrics, the organisations that will lead the way will be those that foster a culture of continuous innovation and learning. As Peter Drucker wisely stated, “The best way to predict the future is to create it.” HR leaders must embrace this wisdom and guide their organisations toward a future where adaptability, resilience, and innovation take precedence. The journey may be challenging, but the rewards – employee satisfaction and overall business performance – are well worth the effort. candidates who exhibit strong analytical skills, creative thinking, and technological fluency will become the most valuable assets. Organisations worldwide are shifting away from the old model. By focusing on individuals’ potential and their ability to adapt quickly, companies can build a resilient workforce capable of overcoming unforeseen challenges. This approach not only helps mitigate risks associated with a volatile job market but also positions organisations to seize emerging opportunities that require innovative thinking and flexible skill sets. Traditional measures of success – such as time spent at a desk or strict adherence to schedules – will be replaced by metrics that prioritise trust, autonomy, and results. Outcome-based evaluations, which assess performance based on deliverables rather than hours logged, will become the cornerstone of high-performing organisations. HR leaders must take the initiative to redefine workplace policies, fostering an environment that attracts top talent and promotes innovation and creativity. A future-ready workforce is both diverse and inclusive. Although gender diversity has long been a focal point in India, it is equally critical to also address disparities related to caste, economic background, and generational differences. A workforce that includes a wide range of Srinath Sridharan is a corporate advisor and an independent director on corporate boards Steve Correa is an executive coach, OD consultant and an author The future of work is uncertain, but HR must act now to build a workforce that thrives in change
24 25 February 2025, Bhopal GLOBAL INVESTORS SUMMIT 42 | BW BUSINESSWORLD | 22 March 2025 A NEW ERA OF GROWTH BEGINS GLOBAL INVESTORS BET BIG ON MADHYA PRADESH: Bhopal was abuzz with optimism as the Global Investors Summit 2025 unfolded in grand fashion, solidifying Madhya Pradesh’s position as one of India’s most promising investment destinations. Held in the state capital, the two-day event saw an unprecedented gathering of industry leaders, policymakers and global business magnates, all eager to tap into the immense economic potential that the state has to offer. The summit was inaugurated by Prime Minister Narendra Modi, who lauded Madhya Pradesh’s rapid progress and commitment to fostering By Ruhail Amin With the investments pledged at GIS 2025, Madhya Pradesh is set to create over 13 lakh new jobs
22 March 2025 | BW BUSINESSWORLD | 43 lakh crore in investment proposals, a staggering testament to the trust that both domestic and international investors have in the state’s potential. This momentous achievement marked one of the largest investment inflows ever recorded in a single state-led business summit in India. a robust investment ecosystem. His words struck a chord with the audience as he confidently declared, “With a strong talent pool and thriving industries, Madhya Pradesh is becoming a preferred business destination. This is the right time to invest in the state.” Chief Minister Dr. Mohan Yadav, reflecting the same enthusiasm, reassured investors of the state’s unwavering commitment to economic expansion. He emphasised that Madhya Pradesh is poised to become a significant contributor to India’s growth trajectory. He also outlined how the state’s progressive policies were aimed at attracting businesses and building an ecosystem that nurtures industrial innovation, sustainable practices, and large-scale job creation. Record-Breaking Investment Commitments By the time the event concluded, Madhya Pradesh had secured R30.77 Among the standout commitments was Reliance Industries’ R60,000 crore investment in biofuel projects, a move that underscored the company’s confidence in Madhya Pradesh’s growing renewable energy sector. NTPC, the power sector giant, pledged R1.2 trillion toward renewable energy projects, with an additional R80,000 crore earmarked for the construction of two greenfield nuclear power plants. Meanwhile, Dabur India announced a R550 crore investment, focusing on expanding its Ayurveda and herbal product manufacturing capacity. The Adani Group emerged as another key player, announcing an investment of R1.1 trillion across various sectors, including pumped storage, cement, mining, smart meters, and thermal energy. Adding to the excitement, the company revealed its ongoing discussions for an additional R10 trillion investment, targeting a greenfield smart city, an airport expansion project and a coal gasification plant. Sectors Driving Growth As these numbers poured in, the event underscored the sheer diversity of economic opportunities in Madhya Pradesh. The renewable energy sector alone secured R5.72 lakh crore in investment commitments, reinforcing the state’s ambition to become a leading player in India’s green energy transition. With companies like Avaada Energy and Torrent Power announcing their plans to establish large-scale solar and wind power projects, The state’s progressive policies are aimed at attracting businesses and building an ecosystem that nurtures industrial innovation Dr Mohan Yadav, Chief Minister of Madhya Pradesh
24 25 February 2025, Bhopal GLOBAL INVESTORS SUMMIT 44 | BW BUSINESSWORLD | 22 March 2025 Madhya Pradesh is well on its way to fulfilling its vision of sourcing 50% of its electricity needs from renewable sources. The mining and mineral sector emerged as another key investment magnet, with R3.22 lakh crore in commitments, promising to unlock the untapped potential of Madhya Pradesh’s rich reserves of diamonds, limestone, and copper. These projects alone are expected to generate more than 55,000 new jobs, adding to the state’s already dynamic workforce. Beyond industry and infrastructure, the summit also shined a light on the state’s tourism and creative economy. Madhya Pradesh, often celebrated for its breathtaking landscapes and historic heritage, received R4,468 crore in investment proposals aimed at boosting cruise tourism, film production and luxury hospitality. With the state government introducing a new Tourism Policy 2025 and Film Tourism Policy 2025, the emphasis is now on positioning Madhya Pradesh as a global tourism and media hub. Agriculture and food processing, a crucial pillar of the state’s economy, also saw strong interest from investors, with R4,000 crore in commitments. The state’s plan to develop a 1 lakhhectare land bank for agri-business and food processing, along with a R1,000 crore central government allocation, signals a renewed focus on modernizing traditional industries. Proactive Policies Fueling Investor Confidence While investment numbers stole the headlines, policy innovation was the real driver of investor confidence. The Madhya Pradesh government introduced 18 new policies across key industries, ensuring streamlined regulatory processes and improved infrastructure support. As Chief Minister Dr. Mohan Yadav declared 2025 the “Year of Industry”, the government’s proactive approach made it clear that these commitments would translate into real economic impact, job creation, and long-term prosperity. The summit also welcomed an overwhelming international presence, with delegations from over 60 countries, including Germany, Canada, Italy, Japan, Turkey, Poland, Russia, With a strong talent pool and thriving industries, Madhya Pradesh is becoming a preferred business destination. Prime Minister Narendra Modi
22 March 2025 | BW BUSINESSWORLD | 45 Rwanda and the United Kingdom. Their participation highlighted Madhya Pradesh’s growing stature as an attractive global investment destination, with many international firms exploring strategic partnerships and new trade agreements. Building a World-Class Infrastructure Ecosystem Infrastructure was another strong theme of the event. Madhya Pradesh’s connectivity and logistics strength have been a crucial driver for businesses considering expansion into central India. The state’s extensive highway network, expanding rail connectivity and well-equipped airports have made it one of the most accessible regions for industrial growth. The state’s energy security and water resource planning were also highlighted as key enablers of largescale industrial projects, reassuring investors that the foundations for sustainable economic growth were already in place. A Future-Ready Madhya Pradesh As the summit drew to a close, the overwhelming sentiment was one of optimism. Madhya Pradesh had successfully positioned itself as a growth engine for India’s future, with strong investor confidence across diverse sectors. The scale of commitments, the progressive policy framework, and the unwavering commitment from the state government ensured that this was not just an event, but a defining moment in Madhya Pradesh’s economic trajectory. The roadmap ahead is ambitious. With the investments pledged at GIS 2025, Madhya Pradesh is set to create over 13 lakh new jobs, expand its industrial footprint, and drive innovation-led growth in key sectors. As Prime Minister Narendra Modi aptly stated, “The next decade will belong to states that embrace innovation and infrastructure. Madhya Pradesh is leading by example.” The impact of this summit will be felt far beyond the conference halls of Bhopal. It will be seen in new factories, green energy projects, world-class tourism destinations, and modernized agricultural hubs. It will be measured not just in investment figures, but in the lives transformed by the jobs, opportunities, and growth it generates. As the world watches, Madhya Pradesh is no longer just a promising investment destination—it is becoming a model for the future of economic development in India. The commitments made at GIS 2025 have set in motion a new chapter of industrial and infrastructural expansion, one that will redefine the state’s role in India’s trillion-dollar economy aspirations.
46 | BW BUSINESSWORLD | 22 March 2025 Inside Apple’s Strategy APPLE, WHICH IS EXPANDING its presence in India, rated as among the most vibrant smartphone markets in the world, has now introduced the iPhone 16e to consumers here. Contrary to earlier speculations that the iPhone 16e would be a successor to the iPhone SE series, Bob Borchers, Apple’s Vice President for iPhone Product Marketing, clarifies that it represents a new line. “It extends the iPhone 16 line-up further,” Borchers says, highlighting Apple’s dedication to addressing the specific needs of the Indian market. In an interview with BW Businessworld during his India visit, Borchers spelled out the careful planning behind the iPhone 16e. “I would say that India is an incredibly important market for Apple and is exciting in terms of its potential,” he remarked. The iPhone 16e is strategically priced to offer value while featuring top-tier attributes, targeting long-time iPhone enthusiasts and new users. “In India, we have many opportunities for people to come to the platform for the first time,” Borchers goes on to say. Apple’s Focus Shifting Towards India Borchers, who previously served as the chief marketing officer for Dolby and contributed to the Google Pixel line of smartphones, is now in his second tenure at Apple, having been part of the initial iPhone team in the late 2000s. Emphasising Apple’s commitment to local production, Borchers says, “Like the rest of the iPhone 16 family, the iPhone 16e is manufactured here in India and is available today.” This strategy not only underscores Apple’s investment in the Indian market but also reflects its broader approach to integrating localised elements into global products. A key feature of the iPhone 16e is the introduction of Apple Intelligence, which Borchers describes as revolutionary. “It’s coming in a localised version of English for India and is really going to bring some powerful capabilities to the platform,” he explains. Furthermore, Apple plans to introduce OS-level support for ten new languages in April, enhancing the user experience by merging local cultural nuances with the company’s iconic SF font family. “It’s this blend of local influence and our iconic SF font family coming together in a deep and powerful way,” explains Borchers. How the C1 Modem Was Customised for India The technological capabilities of the iPhone 16e extend to its hardware as well. The device is equipped with the C1 chip, hailed as the most power-efficient modem Apple has ever developed. “Compared to the modem in previous generation iPhones, running the same tasks, it is 25 per cent more power-efficient,” Borchers points out, underscoring the seamless multitasking abilities critical for Indian consumers. He says, “With C1, we worked very hard to ensure that, in a realistic multitasking environment, we can handle it appropriately.” The C1 chip could be the first in a series of devices to replace Qualcomm-based modems in Apple products. Reports suggest that later this year, Apple will launch the iPhone 17 models featuring in-house designed 5G modems and a WiFi chip also developed internally. The C1 includes a transceiver built on a 7nm node with the baseband on a 4nm node. “The transceiver is on the 7-nanometer node, a first in the industry. The real benefit is that, with the 7-nanometer transistors, you get improved Apple deepens its commitment to India with the iPhone 16e, to be manufactured locally. The new additions to the line-up include advanced technology and innovations tailored for Indian consumers. BOB BORCHERS, Vice President, Apple, opens up about the iPhone 16e’s unique features in a chat with Sahil Mohan Gupta of BW Businessworld HOW THE IPHONE 16E IS DESIGNED FOR INDIA IN FOCUS
22 March 2025 | BW BUSINESSWORLD | 47 "India is an incredibly important market for Apple and is exciting in terms of its potential. In India, we have many opportunities for people to come to the platform for the first time" Bob Borchers, VP, Apple
48 | BW BUSINESSWORLD | 22 March 2025 performance and power efficiency,” Borchers reveals. Reports suggest that by 2027, Apple may integrate the modem into the main SoC. Without delving into specifics, Borchers emphasises on Apple’s focus on battery efficiency. “What I can say is that our focus, and what will always be our focus, is delivering performance per watt, and every step we take will be in service of delivering more performance more efficiently for our customers so they have the best quality experience and the longest battery life possible.” A similar obsession had led Apple to create the M series of chipsets for the Mac, replacing Intel’s power-hungry silicon. Going forward, it is not hard to imagine Apple integrating the C1 with the main A or M series of SoCs because when these components are integrated, latency is reduced, and efficiencies are accrued. Qualcomm already integrates the modem with the application processor on Android devices. This means Apple could make greater gains with battery longevity, which should certainly be a scary proposition for its rivals. ISRO’s NaVIC technology is also enabled by the C1 modem, previously adapted by Qualcomm’s modems in iPhones, including the iPhone 16 and iPhone 16 Pro. “So, NAVIC has been in iPhones before, but obviously, it is incredibly important here, especially when you look at what people do with their iPhones. They are always multitasking, right? They’re getting directions while watching a video, while making a phone call – these things are happening simultaneously,” says Borchers. He elaborates on how Apple had ensured that the A18 and C1 worked synergistically, determining the optimal way to route traffic based on whether it’s low latency or customer-critical, allowing specific components to power down when not needed to enhance battery life. “So there’s a lot from an architectural perspective that we’ve worked on, and we’ve also done an incredible amount of testing with over 180 carriers in 55 countries, including all four networks here in India,” he tells us, affirming that the C1 modem had been tested across all major Indian networks. A New Camera for the iPhone 16e The iPhone 16e features a new 48-megapixel fusion camera. “Yes, it’s a brand new 48-megapixel fusion camera designed specifically for the iPhone 16e,” says Borchers, discussing the new 1.4-micron sub-pixel camera. While this camera omits the sensor shift stabilisation of previous models, Borchers emphasises its capability to capture high-quality images. “All of the photos on the walls here were taken with the iPhone 16e,” Borchers says, highlighting the device’s precision and clarity in capturing images. “Each system we create is tuned, and we look at thousands of photos in various conditions to ensure that we bring reality as close as possible into your camera roll.” Apple’s strategy in India, as outlined by Borchers, is centred on understanding local needs and preferences and delivering innovative features. “We’re excited to have the iPhone 16e, iPhone 16, and iPhone 16 Pro, offering our customers as many choices as possible,” he says. The iPhone 16e is an extension of the iPhone 16 line-up and a testament to Apple’s commitment to providing personalised and cutting-edge experiences across its diverse global audience. [email protected] Photograph courtesy: Apple Inc. IN FOCUS Inside Apple’s Strategy
22 March 2025 | BW BUSINESSWORLD | 49 I n the ever-evolving landscape of education, Dr. Grace Pinto, Managing Director of Ryan Group of Schools, has been a beacon of transformation and empowerment. As the world marks Women’s Day 2025 with the theme “Accelerate Action,” we recognise her remarkable contributions to fostering gender equality through education and leadership. Dr. Pinto’s journey is a testament to the profound impact of empowering women. Alongside her husband, Dr. A. F. Pinto has built one of India’s most extensive school networks, spanning 150+ institutions across 40 cities and 18 states. Under Dr. Grace Pinto’s dynamic leadership, the Ryan Group remains committed to delivering holistic education, equipping students with the knowledge, skills, and values essential for a future-ready generation. At the heart of her mission lies a deep commitment to women’s empowerment. With 95% of the Ryan Group’s educators being women, Dr. Pinto has cultivated an environment that nurtures professional growth, leadership, and skill development. Through these efforts, she ensures that women not only shape young minds but also play a pivotal role in driving societal progress. Recognising education as a catalyst for change, she has championed initiatives that integrate technology, innovation, and 21st-century competencies into learning. Programmes such as Atal Tinkering Labs, leadership training, and values-based education empower students— particularly young girls— to challenge norms, break barriers, and excel across diverse fields. Through scholarships and mentorship programmes, she actively supports young women in pursuing their aspirations and achieving excellence in academics, sports, and leadership roles. Her steadfast dedication has garnered numerous accolades, including the Sustainability in Education 2025 Award by Navbharat, the ET Inspiring Women Leadership Award in Education 2024, and a prestigious Lifetime Achievement Award presented by the President of the Republic of Mauritius. Despite these honours, she remains deeply rooted in faith, attributing her success to Lord Jesus Christ, a strong sense of purpose, and an unwavering pursuit of excellence. “Education is a divine calling, and I firmly believe in the teachings of Lord Jesus Christ. Through education, we can illuminate lives, uplift communities, and empower women to be changemakers in society,” says Dr. Grace Pinto. As we celebrate International Women’s Day 2025, Dr. Grace Pinto’s visionary leadership continues to inspire and uplift. Her belief in the power of education to drive meaningful change is shaping not just future generations but also a more equitable and progressive society—one empowered woman at a time.n BW; BUSINESSWORLD Feature Presentation BUILDING A BRIGHTER TOMORROW: DR. GRACE PINTO’S COMMITMENT TO WOMEN’S GROWTH DR. PINTO’S journey is a testament to the profound impact of empowering women Dr. Grace Pinto
50 | BW BUSINESSWORLD | 22 March 2025 EQUAL BY DESIGN Equality must be intentional, not incidental. It must embrace gender, economic and social inclusion. For this, it is imperative for corporates, policymakers and media to accelerate efforts and create truly equitable opportunities for all Noorings [email protected] By Noor Fathima Warsia HE equality conversation is not new. Its significance and benefits have been widely discussed, and much progress has been made in recent years. However, numbers indicate that in India, there is still a long way to go, as progress falls short of projections. According to a Bain & Company and Magic Bus India Foundation report, women will contribute nearly 45 per cent ($14 trillion) to India’s GDP by 2047. For this to happen, India would need approximately 400 million women in its workforce by then, doubling the current numbers. At present, women contribute only 18 per cent to India’s GDP, nearly half the global average, which is at 37 per cent. This lag highlights the clear and present need to revisit policies, shift mindsets, and strengthen workplace cultures for equitable participation in economic progress. It also shows that even though much is being done, much more must be done. We must also understand that gender parity is just one aspect of the larger narrative. True inclusivity requires addressing economic, social and professional barriers faced by marginalised communities, including LGBTQ+ individuals, people with disabilities, and those from underprivileged backgrounds. More layers come into play when one considers cultural or generational equality, each of which is important. The Role of Businesses in Driving Equality Many companies recognise that diversity is a business advantage. They understand the need to go beyond gender. A standout example is the Pride Fund by Godrej and like-minded leaders, which actively supports LGBTQ+ entrepreneurs. This initiative highlights the power of corporate commitment in pushing for economic inclusion beyond traditional frameworks. By investing in underrepresented entrepreneurs, businesses not only enable financial independence but also challenge societal stereotypes. The focus on ESG (environment, social, governance) has compelled leaders to take the equality conversation seriously. There is enough evidence that diverse leadership performs better financially, fosters innovation, and attracts top talent. Efforts made so far have shown the results they could have. Now, it is time to accelerate. This is one reason the global call to accelerate action is so timely. Media and platforms dedicated to recognising leadership also have a responsibility in accelerating progress. By celebrating the achievements of women and marginalised communities breaking barriers across industries, these platforms do more than acknowledge success stories. They create pathways for the next generation, inspiring more individuals to challenge norms and push forward. Recognition is about amplifying narratives that shift perspectives and dismantle structural biases. Action at Scale While corporate initiatives are crucial, policy and structural interventions remain indispensable. To double female workforce participation by 2047, India must focus on workplace policy reform. Companies must prioritise flexible work models, gender-neutral parental leave, and leadership pipeT