ET Global Business Summit: Day 1 sessions and their key takeaways

Welcome Address: Vineet Jain, MD Times Group

Welcome Address: Vineet Jain, MD Times Group

The Global Business Summit can be the Davos of the East, said Vineet Jain, Managing Director of the Times group in the welcome address for the Economic Times Global Business Summit 2019 in New Delhi on Friday.

“Our mission is for GBS to establish itself as the Davos of the East. It may not snow in Delhi but the sun is shining on the world’s fastest growing large economy even as dark clouds gather elsewhere,” said Jain.

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No sustainable business in an unsustainable world: Ashish Agarwal, YES Bank

No sustainable business in an unsustainable world: Ashish Agarwal, YES Bank

Businesses are changing today and that there cannot be any sustainable business in an unsustainable world, said Ashish Agarwal, senior group President and Chief Risk Officer of Yes Bank in his opening address.

Agarwal said that theme for The Economic Times Global Business Summit – ‘Social, Sustainable and Scalable,’ cannot be any more relevant and that the 3S are highly interlinked and synergistic. He further noted that the challenge is to find a way to expedite action on the 3S.

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'Picture abhi baaki hai': Jonathan Gray, President Blackstone Group

‘Picture abhi baaki hai’: Jonathan Gray, President Blackstone Group

Global private equity giant Blackstone believes India’s economy has all the ingredients for long term success as it counts amongst its strengths the world’s second largest pool of English language speakers, generates five times more engineers every year than the USA and has rock-bottom wage costs.

“Picture abhi baaki hai”, said Jonathan Gray, Blackstone’s top honcho while addressing a gathering of distinguished guests comprising global CEO’s and top Indian law makers at The Economic Times Global Business Summit on Friday.

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Thinking beyond profitability: Punit Renjen Global CEO Deloitte

Thinking beyond profitability: Punit Renjen Global CEO Deloitte

The digital revolution is going to be more profound than all the other earlier revolutions and companies will have to think beyond profitability.

He went on to say that the world is changing rapidly modeled by four forces. “One of them is populism, and you see this from Britain all the way to Brazil and from Indonesia to Italy. It is introverted, it is regressive,” asserted Renjen. The other aspects include global regulations which tend to have influence across jurisdictions. “Third is competition, primarily tech enabled. But this competition is fundamentally disrupting industries and disrupting the way we do business,” he said.

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India can compete with China by harnessing data: Paul Hermelin, CEO Capgemini

India can compete with China by harnessing data: Paul Hermelin, CEO Capgemini

India can compete with China in terms of building a data economy by harnessing its large population to innovate and build the next Google and Amazon locally, Capgemini Chairman Paul Hermelin said.

“China is right in thinking it is successful because data is the key ingredient. Data in China will be like oil in Saudi Arabia,” Hermelin said at the Global Business Summit.

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Traditional media are very strong: Martin Sorrell, S4Capital

Traditional media are very strong: Martin Sorrell, S4Capital

Unlike in the Western world, the digital transformation and disruptions are less apparent in India and the traditional media are very strong and powerful, said Martin Sorrell, who founded S4 Capital after he was ending his 33-year association from WPP Plc last year.

“The digital transformation and disruptions are less apparent in India than one would expect. The traditional media are very strong and powerful, and they remain pretty powerful than elsewhere,” Sorrell said.

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On the verge of quitting after first year: Nathan Blecharczyk, Airbnb

On the verge of quitting after first year: Nathan Blecharczyk, Airbnb

Nathan Blecharczyk, co-founder and CTO of Airbnb, said that the first year of starting up the company was a disaster as they had not raised any venture capital and were on the verge of quitting.

Blecharczyk co-founded Airbnb along with Brian Chesky and Joe Gebbia, in 2008 and has since emerged as one of the pioneers of the sharing economy.

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10 learnings from Silicon Valley: Guy Kawasaki

10 learnings from Silicon Valley: Guy Kawasaki

Drawing on his three decade-plus stint in Silicon Valley, along with his long association with Steve Jobs, Guy Kawasaki, one of the world’s best-known tech evangelists, entrepreneur, author and investor, spoke about the lessons learnt from America’s technology nerve centre. Kawasaki, who famously left Apple twice, reiterated that the ability to innovate is perhaps just a part of the journey. Allied to that is the ability to understand the purpose of the company, an the need to jump the curve.

The 64 year-old cited the examples of Kodak, Polaroid and Smith Corona – all leaders in their respective segments, that have now either shut shop or have faded into obscurity.

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Country is more important than any institution: FM Arun Jaitley

Country is more important than any institution: FM Arun Jaitley

FM Arun Jaitley said the government’s economic reform programme had ensured that its benefits went to those sections that were worst off and had traditionally been excluded from the gains that accrued from such policy changes.

He also characterised allegations that the government was undermining institutions as fake and said that the dispute with the central bank stemmed from the market being starved of credit.

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Other attendees

Other attendees

Raj Jain, CEO, BCCL with BJP’s Yashodhara Raje Scindia

[“source=economictimes.indiatimes”]