Need for convergence between self-reliance, globalisation: Ficci president

There is a need for convergence between self-reliance and globalisation, Ficci President Sangita Reddy said.

The Indian industry would achieve faster growth and development under the present leadership, she said at the inaugural session of'LEADS 2020', a four-day event host by the industry chamber.

There is a need for convergence between self-reliance and globalisation, while sustainability and diversity would remain as cornerstones of future growth, she said.

Speaking on re-imagining the world post-COVID-19, Reddy said, "I would like to assure our global partners that we are fully committed to ensuring a robust and resurgent future for our 'Bharat'."

Ficci Senior Vice President Uday Shankar said increasing reliance on artificial intelligence and machine learning is the need of the hour.

"...these will be a gateway for enhanced customer loyalty, as well as business sustainability," he added.

Now governments and industry around the world have realised that business excellence, adaptability to change, gender diversity and sustainability would be key drivers for decision making towards building a resilient and smart economic framework, Shankar noted.

Ahmad Abdulrahman Albanna, Ambassador of the United Arab Emirates to India, said, "The pandemic is a watershed moment for the global socio-economic order."

"Going forward, the two defining factors that will shape how this crisis affects us are collective leadership and coordinated actions," he added.

The COVID-19 pandemic would require significant innovation, out-of-the-box thinking and a massive cooperative effort to achieve stable and sustainable equilibrium between economic growth and social well-being, he emphasised.

Andre Aranha Correa do Lago, Ambassador of Brazil to India, said it has never been more important for like-minded nations to strengthen their international relationships and ensure mutual trust and mutual benefits.

Barry O'Farrell AO, High Commissioner of Australia to India, emphasised that both countries need to work together to keep the markets open and enhance the resilience of diversifying supply chains.