The COVID pandemic is an unprecedented event in the history of the modern world. It has left an indelible mark on economies around the globe and challenged their resilience. It has impacted geo-politics, global trade and perhaps globalisation itself.
On a positive note, the pandemic has placed sustainability back at the centre stage and expedited technological advancements. As we re-build the pandemic devasted world, we need to redesign our economic models to address the challenges and opportunities of a post pandemic era.
At this critical juncture, Confederation of Indian Industry (CII) is launching the CII Global Economic Policy Summit, a platform to bring together thought leaders from across the world to deliberate on the way forward for the world and India.
In line with the current economic challenges, the Summit proposes to focus on five key challenges:
- Reviving Growth: The world has lost more than two years of growth. It is still not clear as to when (or if) the pandemic will get over, and when the global economy will be able to make up for the loss. With an estimated 120 million people having been pushed into extreme poverty by the pandemic, reviving growth is of utmost importance.
The much higher pace of vaccination in the developed world and the fiscal muscle is leading to a much faster recovery in the developed world, exacerbating global inequalities. Economic progress is getting linked to technological progress more than ever before, further broadening the divide between the technologically advanced developed nations and the others.
- Future of Jobs: The pandemic induced curbs on the economic activity and the economic slowdown have led to massive job losses. As per ILO estimates, the working-hour losses in 2020 were approximately four times greater than during the global financial crisis in 2009.
The fast-paced adoption of technology and automation is also changing the nature of jobs, necessitating a re-look at skill development priorities and models.
- Road Ahead for Fiscal and Monetary Policies: Countries have adopted expansionary fiscal and monetary policies to support their pandemic-stricken economies. The challenge now is to turn back to normal mode, without hurting growth and macro-economic stability. The continued uncertainty around the pandemic and the interlinkages in the global economy, wherein measures taken by some of the large economies have implications for the rest of the world, make the task more complex.
- Changing geo-economics & geo-politics: Rising nationalism and shifting geo-political alignments are leading to greater intertwining of economic and strategic interests. This has implications for globalisation and open trade, global investments and capital flows and technology collaborations, impacting national growth and development strategies. The slow post-global financial crisis recovery and rising inequality is leading to populist backlash against economic rationalist policies in many parts of the world.
The tensions between the two economic superpowers, the US and China, regional stability issues in the Middle East and North Africa region, recent developments in Afghanistan, all have implications for the global economy. Another important aspect of geo-economics is the impact of climate change on economies around the world.
- Uncaging India: India continues to be a beacon of peace and democracy. It is also the 6th largest economy. However, it is the second most populous nation and has a young population, 65% of its population is aged 35 years and below. Clearly the potential for faster growth remains very high.
An uncaged India, realising its full growth potential, will benefit not only its own population, but will also benefit global growth. The plethora of reforms being undertaken by India, its technological progress and focussed growth interventions will help tap into this potential. However, the journey is long and there is always more to learn and do.
CII Global Economic Policy Summit 2021
The CII Global Economic Policy Summit 2021 will be held in a hybrid format on 17th & 18th November 2021. It will have illustrious constellation of best minds from across the world in the Government; academia and think tanks including Nobel laureates; industry captains deliberating on issues, both in the global and Indian context, in line with the theme “Rebuilding Economies.”
The event will commence with an Inaugural Keynote by Smt Nirmala Sitharaman, Minister of Finance and Corporate Affairs. Mr Piyush Goyal, Minister of Commerce & Industry; Textiles; Consumers Affairs, Food and Public Distribution will also deliver the special keynote address. Participate in all key sessions and gain valuable insights.
Register here- https://www.ciihive.in/CGEPS2021