Globalisation thriving, but under pressure, say CEOs

NEW DELHI: Globalisation is under pressure from ‘challenges’, including technology, but it is alive and kicking despite the headwinds it faces, said business leaders at a panel discussion during Global Business Summit held in the capital on Friday.
Chairman and group CEO of Capgemini, Paul Hermelin, said, “Globalisation is a wonderful opportunity but there are people who feel they are left alone.What I notice is that globalisation works in favour of people in metropolitan areas and people who live in remote territories don’t feel they are on board. Brexit votes didn’t come from London, it came from the north of UK.”
Global CEO of Deloitte Punit Renjen said globalisation is absolutely critical. “What is happening in mid America is not because of globalisation, politicians use short hand to use ‘globalisation’ but it is technological disruption that is taking people in manufacturing and disrupting them.”
Co-chairman of the Hinduja Group Gopichand P Hinduja echoed similar views. “It is all the game of politicians. If in the US, Trump wouldn’t have brought in the angle of nationalism or protectionism, do you think he would have won? No. All these uncertainties make no difference if businesses are well-structured, diversified geographically and in different structures and firms have their ears to the ground.”
While acknowledging that technology has historically changed people’s lives for the better, president of Blackstone group & chairman of Hilton Worldwide, Jonathan Gray, said technology has also created ‘unease’ for people who lose their jobs due to tech disruptions. “However, I don’t see technology as a long-term negative.”
Along with him, chairman of the BCG Hans-Paul Bürkner agreed that governments and societies need to figure out ways to reskill people. “It’s important to see technology as an enabler,” Burkner said.
Other panelists such as joint MD of Apollo Hospitals, Sangita Reddy, said technology has made it possible for telemedicine to reach millions of consumers. Similarly, senior group president and chief risk officer of Yes Bank Ashish Agarwal said social media has changed the way banking is done and companies need to adopt these advancements to scale up businesses.