India@2047 envisions a future where India stands as a technologically advanced and developed nation by the year 2047, marking the centenary of its independence. This vision encompasses several key aspects:
- Robust economic growth and self-reliance
- Pioneering technological advancements and innovation
- Commitment to sustainable development and environmental stewardship
- A society that is inclusive and equitable
- Strong and strategic global partnerships
- Preservation of vibrant culture and heritage
The objective of this goal is to build a prosperous, modern, and proud India, rooted in its rich history, diverse culture, and dynamic democracy.
In line with this vision, MMA organized a discussion in August 2024 on the book “India @ 100: Envisioning Tomorrow’s Economic Powerhouse” authored by Prof. Krishnamurthy Subramanian, Executive Director of the IMF and former Chief Economic Advisor of India. The thought-provoking insights shared by the author were both inspiring and stimulating, sparking meaningful discussions among the participants.
I am pleased to present an article as the cover story in this issue, featuring the thoughts shared by the author, for your reading pleasure.
Flexibility: The Future of Work
In today’s rapidly evolving business landscape, stakeholders are constantly seeking the ideal environment to foster innovation, collaboration, and growth. Flexibility has become the cornerstone of success for businesses, enabling them to adapt quickly to changing market conditions. Flexible jobs and policies offer numerous unique benefits, including increased employee confidence and accelerated development of small towns.
In May, SAIL announced its “Work from Other than Workplace” policy, allowing employees to choose to work from locations other than their normal office or base location. This is indeed a remarkable initiative, especially from a public sector organization, where such flexibility is often unexpected.
Flexible workplaces are emerging as the optimal choice for a variety of reasons. They offer unparalleled adaptability, foster vibrant communities, and are cost-effective, making them well-suited to the dynamic needs of modern businesses. It is time to consider markers of freedom that go beyond the political and economic, recognizing that freedom at work—fuelled by flexible work options—is just as crucial.
As the workplace continues to evolve rapidly, introducing new technologies, processes, and work models, it is imperative that organizations shed their industrial-era mind-sets. To thrive in the future, businesses must quickly and efficiently seize the new opportunities that flexibility presents.
Wayanad Tragedy
To grasp the challenges of building a sustainable world, one needs to only look at the tragedy in Kerala. The landslide in Wayanad is among the worst that Kerala has ever witnessed. We often think that solving the problem of ecological sustainability is a straightforward one, but the reality is far more complex. Unfortunately, our efforts often amount to little more than organizing conferences to discuss the need for a sustainable world, without effecting real change.
The landslide in Wayanad highlights a troubling reality: even in the wake of horrific events, people are often unwilling to alter their behaviour. Convincing the public that climate change and its consequences are real remains a significant challenge.
In this context, MMA is privileged to present the efforts of the Armed Forces at ground zero in what can be termed “Operation Wayanad.”
It is something every Indian should know to fully appreciate the enormity of the tragedy and the subsequent efforts of various agencies, particularly the Army, in the rescue operations. We are privileged to have Lt. Gen. Karanbir Singh Brar, AVSM, General Officer Commanding, Dakshin Bharat Area, share the challenges faced by the Army during the Wayanad rescue operation in a lecture scheduled to be held on Thursday, 26th September 2024, at MMA.
Please mark your calendar or join us live through MMA’s social media portals.
Unified Pension Scheme (UPS)
The unveiling of the Unified Pension Scheme (UPS) appears poised to replace the National Pension Scheme (NPS), which has been in place since 2004. While the NPS was a market-linked initiative, it has struggled to deliver a respectable payout for retirees. The UPS has the potential to be a significant improvement, provided it does not turn into a costly burden on the economy.
It’s crucial, however, that policy decisions are guided by sound economic principles in the interest of the nation. The success of the UPS will depend on its ability to balance long-term sustainability with the promise of secure retirements for all.
ULI Launch by RBI
The Reserve Bank of India (RBI) has announced the launch of its Unified Lending Interface (ULI), a technology platform designed to enable frictionless credit access, particularly for those who struggle to borrow. Just as the Unified Payments Interface (UPI) revolutionized the payment ecosystem, ULI is set to transform the lending space in India.
If it functions as intended, ULI could position India to close the last-mile gaps in formal credit delivery, liberating people from the clutches of predatory moneylenders. Let us wish the ULI platform success and hope it paves the way for seamless credit services that benefit everyone.
India’s Prosperity Hinges on How Safe Women Feel
The safety of women at work is not just a matter of justice—it’s essential for building a more productive workforce and achieving sustainable growth. However, there is an urgent need to transform societal attitudes to ensure this safety.
The recent crime at a hospital has deeply shaken the public, yet sexual violence remains a pervasive concern for women worldwide. Women often find themselves on high alert while walking on the street, waiting for a bus, shopping in a marketplace, or simply going to work. This constant threat of sexual violence discourages women from pursuing work, particularly outside the home.
While some administrative measures, such as special or free public transport for women and stronger laws against gender violence, have been implemented, these alone are insufficient if society continues to believe that a woman’s place is in the home. Education, awareness, and a shift in societal mind-sets are crucial.
We must change attitudes to encourage women to work and, more importantly, to ensure their safety.
Cyber Security: A Critical Imperative in India’s Digital Age
In today’s rapidly digitizing world, India is at the forefront of embracing digital technologies. While this brings numerous benefits, such as increased connectivity and access to information, it also presents a darker side: the rising problem of digital addiction, cybercrimes, and cyberattacks. The reality of cyberattacks is increasingly worrisome, impacting businesses of all sizes and individuals alike. These attacks are now more sophisticated, targeted, and disruptive, making preparedness an undeniable necessity.
To build resilience against the evolving storm of cyber threats, businesses must continuously adapt their defences, foster a culture of security, and leverage the latest tools and technologies. Addressing these challenges requires a multi-faceted approach—one that involves education, regulation, and support systems to mitigate their negative impact on society.
In this context, MMA organized a seminar on “Securing the Future of Digital Payments: Innovate, Adapt, and Comply!” in association with the Digital Security Association of India (DiSAI) for the benefit of our members. I am delighted to present in this issue an article on the insights shared by experts, which I believe you will find valuable. Click to read the article.
CavinKare-MMA Chinnikrishnan Innovation Awards 2024
Mr. Chinnikrishnan ignited the “Sachet Revolution,” with a vision that the joys of the affluent should be accessible to the common man. The CavinKare-MMA Chinnikrishnan Innovation Awards are a fitting tribute to his legacy, celebrating innovation in India.
This year, the awards continued to embrace a fully digital approach, engaging with innovators across the country. Through dynamic campaigns, we reached a diverse spectrum of innovators, garnering an impressive 400,000 impressions. We are particularly delighted by the participation of numerous start-ups in the realm of green technology, showcasing innovations that are both timely and relevant.
After detailed video presentations and deliberations, the Jury selected three exceptional innovations to receive this year’s awards. The grand award ceremony will be held on Saturday, September 14th, 2024, at the IIT Madras Research Park Auditorium. This event underscores the critical importance of emphasizing innovation to democratize products and services. You are cordially invited to join us in celebrating this spit of innovation.
I am also delighted to present more intriguing articles in this issue for your reading pleasure and inspiration.
We urge you to constantly send in your feedback—positive ones as well as criticism—both are equally important in enabling us to get better at what we do.
As always, we would be happy to hear your views, comments and suggestions.
Happy reading!
