Corporate bosses' message for 2024: Focus on people, tech, geopolitics

Asia’s richest man, Mukesh Ambani, signed off an address to employees last week by assuring them that 2024 would be better than 2023 for both Reliance Industries and India.

Ambani isn’t an exception. Promoters and their representatives from several other conglomerates have expressed similar optimism. Besides the exuberance anticipated for a new year, a common thread in their messaging was a focus on people and technology, with geopolitics a key aspect to be monitored.

“While the near-term global outlook feels shadowed with uncertainty, India’s future is bright,” said N Chandrasekaran, chairman for Tata Sons in his New Year message last week.

For Anand Mahindra, chairman for the Mahindra Group, 2024 has all signs pointing to the Indian economy achieving “the mythical ‘lift-off’ that we have been awaiting for decades”, he said in an address on Monday.

Anil Agarwal, chairman of Vedanta group in his address called it an " exciting period in India's history."

Many described the bygone year as volatile and one marked by conflict.

“This past year has been a period of extraordinary contrasts that combined some unique challenges with some unique opportunities,” said Gautam Adani, chairman for the Adani Group in a letter to his employees on Monday. For the Adani Group, 2023 had begun inauspiciously with US-based firm Hindenburg Research levelling allegations of lapse of corporate governance against it in a report released in January. Adani group has denied the allegations made against it.

In his letter this week, Adani said, there are lessons from the Hindenburg episode, which he would share with his workforce later.

A focus on people — both employees and customers — also emerged as a recurrent theme in the chairman addresses.

For 2024, Adani requested his employees to allow him a better understanding of their needs. “My understanding of these is essential for further strengthening our group capabilities. I realise, we can do much better and, to do so, I must be able to directly reach you.”

In his letter to employees, Chandrasekaran listed customer satisfaction as one of the three main areas to prioritise in 2024.

Upgrade of technology, particularly artificial intelligence (AI), also found mention in the messages.

Ambani, the promoter and chairman and managing director for Reliance Industries, set 2024 as the target year for completion of an AI transformation across all businesses for the company.

Chandrasekaran, meanwhile, wrote: “This New Year, I urge each company to appoint an AI champion to proactively pursue the benefits of AI — economically, operationally and socially.”

“In the long run, however, what will keep India’s economy on the ascent is a capacity for disruptive innovation,” noted Mahindra.

Agarwal also noted goals for 2024 should be guided by technology and innovation. 

Geopolitics also emerged as an area of concern or opportunity.

“Globally, the world needs India to become a reliable challenger to China’s supply-chain dominance. That is the great opportunity of 2024. That is what will fuel the lift-off,” Mahindra added in his note.

Chandrasekaran saw it as a source of volatility in 2024 instead.

“Geopolitics is also a potential source of volatility. 2024 is a year of elections, with 40 nations heading to the polls,” he reflected.