India’s Decade, Asia’s Century

Three technologies that will truly find expression in this climb will be Web 3.0, Augmented and Virtual Reality and Artificial Intelligence, all of which will serve to create exciting immersive experiences and enable predictive and prescriptive analytics to delight new entrants into this parallel universe

"Identifying potential roadblocks and being steadfast on the road to success is the true imperative"

The Asia Economic Dialogue, conducted by the Pune International Centrein partnership with the Ministry of External Affairs has grown from strength to strength in the three years that it has found a home in Pune. The 2023 edition was truly full of great wisdom, wonderful articulation and houseful audiences.

A rousing inaugural session featured India’s erudite Minister S. Jaishankar, industry doyen Narayana Murthy, the Finance Ministers of Maldives and Bhutan. It was a very cerebral interaction on Metaverse and its future with McKinsey Singapore partner Chao Nguyen and JetSynthesis Founder Rajan Navani. These two sessions stood out in a three-day festival of thoughts, ideas and call to action.

I have personally been privileged to be a part of the Pune International Centre since its inception. I have watched, and participated with pride in its various research, publication and collaborative activities. The two post-COVID books on ‘Facing up to China’ and ‘India’s Pathways to Success’ have been resounding successes in India and abroad.

The Asia Economic Dialogue has matured to encompass a comprehensive array of subjects, This year, we discussed topics ranging from G-20 and economic compulsions of Asia to the opportunities in immersive reality and Metaverse, for Asian tech talent to achieve and enhance leadership in the free world. I had the interesting combination of convening a fireside chat with Murthy and chairing the Metaverse session with Chao and Rajan.

In the chat with Murthy, soon after he wrote his outstanding foreword on culture for our Pathways book, the house-full audience on the opening day found his thoughts refreshing as well as thought provoking. His exhortation to the audience, including key decision makers to develop a penchant for action and ensure that the dreams of the poorest Indian in the furthest corners of the country are realised on our path to progress was indeed effective. It found ears willing to listen among many of us who are pursuing the path of inclusive and collaborative growth through aspiration building and skills, in Pune and other parts of the country. We both agreed that the old virtues of hard work and commitment to individual, corporate and national causes have to be reignited in youth and COVID necessitated habits like “Work from Home” should not legitimise moonlighting and many other human behavior issues that can thwart the lofty ambitions we have as a nation. Who better than an individual of the stature of Murthy, the founder of Infosys and the champion of excellence and good governance, to be the torchbearer of a new passion and will to succeed for the new generations who will take the India vision and mission forward?

The theme of Asia and India in particular building its future on the strength of both technology and talent, was underlined by the Metaverse discussion. The Mckinsey presentation excited the audience with the array of possibilities that lies in digital twinning and corporate participation in the new alternative reality that Metaverse presents. Rajan with his investments in the opportunities for Gen Z and beyond in playing out their work and life dreams through technology innovations, described vividly what could lie ahead for all of us interested in India’s future success.

The panel agreed that like all technology innovations launched with great fanfare (in the case of Meta it has of course been Mark Zuckerburg); the initial climb up the hype cycle as described by research group Gartner has been exciting, and the sudden fall from favour into the trough of disillusionment was on expected lines. It will be the more realistic march up the slope of enlightened growth that will be watched by both individual and corporate audiences.

Three technologies that will truly find expression in this climb will be Web 3.0, Augmented and Virtual Reality and Artificial Intelligence, all of which will serve to create exciting immersive experiences and enable predictive and prescriptive analytics to delight new entrants into this parallel universe.

To make this clearer, imagine a sequence when your favourite batsman is squaring up to play the world’s best spin bowler on a turning cricket track. You could have the opportunity to test your hypothesis and see the batsman playing a forward defensive shot, a sweep for four or a lofted shot for six and check the outcomes you predict and then get back to the game to see what actually transpired on the field. No shortage of excitement in store for the Metaverse participants of the future.

Many of us have been and continue to be very optimistic about the future of India and the opportunities we see for India to finally emerge as a leader in multiple fields of human endeavour. We have no doubt that in sectors like Automobile components, Computer Software and Core Information, Communications and Technology solutions and even pharmaceuticals (if we lessen our dependence on China for APIs as well as chemicals), India can lead in this decade and sustain for the next two decades. For India and the Pune International Centre, identifying potential roadblocks and being steadfast on the road to success is the true imperative. Onward and Upward to sustainable success!