The Goa Chamber of Commerce and Industry (GCCI), in collaboration with the Forum of Free Enterprise, organised a talk on the topic “Challenges Faced by Indian Industry in the Age of Technology”. The keynote speaker, Adv Homi Ranina, a senior lawyer at the Supreme Court of India known for his expertise in taxation, addressed the audience and talked about the impact of technology on various sectors within the Indian economy. He navigated through the intricacies of how technology is transforming the Indian industrial landscape.
Key Points Highlighted:
- Harnessing skilled manpower: Emphasising the pivotal role of skilled human resources, Adv Ranina highlighted the importance for businesses to invest in the development, training, and continuous up-skilling of their workforce.
- The significance of Artificial Intelligence (AI):During the discussion, Adv Ranina emphasised the significance of Artificial Intelligence (AI) in increasing the productivity of businesses and expediting their processes. He stated that AI can help solve logistics issues and benefit the Indian government by using robots to clean public toilets, ensuring their maintenance and cleanliness. According to him, using manual labour for this task can prove to be difficult, as they are not available round the clock, making robots the best option available. Additionally, the Indian government plans to introduce drone technology in farming and train women to use drones for sowing seeds and performing other farming activities.
- On logistics: Hementioned the progress India has made in terms of logistics development. He explained that the government is actively supporting and promoting the development of logistics infrastructure throughout the country. Additionally, he also mentioned that air taxis may soon be introduced as a new mode of transportation for passengers and also shared that Dubai is planning to introduce air taxis that will enable passengers to travel conveniently from the airport to important destinations within the city. He further added that these air taxis for India will be manufactured in the Maruti Suzuki plant in Manesar. Finally, he highlighted that Artificial Intelligence (AI) is expected to revolutionise the logistics sector in the near future.
- Empowering MSMEs:Recognizing the vital contribution of Micro, Small, and Medium Enterprises (MSMEs) to India’s economy, Adv Ranina advocated for robust support mechanisms to foster their growth and sustainability.
- Importance of Good Governance:Stressing the significance of good governance practices, Adv Ranina cautioned against the risks of neglecting governance structures. He gave examples of Byjus and Paytm, He also emphasized on the correlation between sound governance and business success. He also informed that everyone diligently need to pay their taxes as the money is added to the national exchequer and used for the development of the nation.
Reflecting on his tenure as a board member of the Reserve Bank of India (RBI), Adv Ranina shared insights into key initiatives such as the digitization of banking systems and the introduction of the Liberalized Remittance Scheme.
In conclusion, Adv Ranina expressed optimism about India’s trajectory, urging young entrepreneurs to seize the abundant opportunities within the country rather than seeking them abroad.
The event concluded with a call to action, urging stakeholders to collaborate in fostering a healthy environment for technological advancement and industrial growth.
