Conference chair and speaker in inaugural session

Abstract

Professor Rupa Chanda, RBI Chair in Economics and faculty in the Economics & Social Sciences area, IIM Bangalore, was the conference Chair and one of the panellists at the 8th Global Economic Summit held at the World Trade Centre, Mumbai, from March 06 to 08, 2019. The theme of the summit was ‘Services: Enabler of Growth for Trade and Industry’. The objective of the summit was to discuss the emerging business opportunities for micro, small and medium enterprises and large corporate houses in the service sector. The highlights of the three-day summit were the conference, exhibition, B2B meetings, industry/field visit, awards ceremony and the release of a handbook on Trade in Services. The conference enabled participants to explore the linkages between firms in the services sector and those operating not only in the domains of technology, but also manufacturing, agriculture and other professional services. The conference identified trends, opportunities and challenges facing the sector. The exhibition showcased products and services of micro, small, medium and large enterprises to reinforce their business opportunities across markets. The awards were presented to organizations/enterprises for their exemplary contribution to the services sector. The handbook contained articles and interviews from experts and in-house research on the services sector. The summit explored the role and impact of technology in diverse streams of the service sector. The summit engaged policymakers, international experts from multilateral organizations, MNCs, academicians and industry leaders to deliberate on enhancing economic and business competitiveness in accessing global markets and channelizing them through services. With more than 30 speakers, 300 delegates, over 100 exhibitors and 30 participating countries, including India, the 8th GES served as a forum for policymakers, business leaders, think tanks and MSMEs to discuss developments in the services sector. The summit offered tremendous opportunities for women entrepreneurs, start-ups, technocrats and other professionals to learn from experts about the latest trends in global markets. The chief guest at the summit was Suresh Prabhu, Minister of Commerce and Industry, Government of India. He spoke on ‘Emerging Services - Shaping the New Global Business Landscape’ at the inaugural session. Some of the other speakers were: Kamal Morarka, Chairman, MVIRDC World Trade Center Mumbai, Deepak Bagla, Managing Director and CEO, Invest India, Scott Ferguson, CEO, World Trade Centers Association, New York, Aditya Mattoo, Research Manager, Trade and International Integration, Development Research Group, World Bank, Fayyaz Ismail, Minister for Economic Development, Government of Maldives, Dr. Robert B. Koopman, Chief Economist and Director, Economic Research and Statistics Division, World Trade Organization, and Vijay Kalantri, President, All India Association of Industries.The panel discussions were on the following topics: ‘The Fourth Industrial Revolution and its Impact on Services’, ‘Smart Solutions and Smart Cities’, ‘Importance of Services in Supporting Agriculture and Manufacturing Sectors’, and ‘Productivity in Services: Issues, Trends and Challenges’. Today, the service sector is the largest contributor to the world economy, as it accounts for 70% of global GDP, 60% of world employment and 46% of global exports measured in value-added terms. Over the three days, there were discussions and presentations on the evolving service sector landscape, globally and in India. Perspectives were provided by experts from government, industry, multilateral institutions, and academia regarding how services can facilitate growth and efficiency in the economy, how services can provide us with solutions to pressing problems, and how services will be affected by, and also contribute to, new production technologies. The summit succeeded in enabling a better understanding of the opportunities and challenges before the service sector and in helping businesses identify ways to leverage, and benefit from, the changing services environment. Business-to-Business (B2B), Business-to-Consumer (B2C), Business-to-Government (B2G) and Government-to-Government (G2G) meetings provided the platforms to facilitate business partnerships and technology transfers, identify trends, address policy issues, for entrepreneurs and participants alike, to discuss their strategies and business plans for collaborative actions. Field visits were organized to Nashik Engineering Cluster, Nashik Winery and Food Processing Unit for international delegates and participants to provide an opportunity to get ground-level experience in the operational aspects of these organizations. The Expo showcased different aspects of the service sector, ranging from finance, logistics, education and healthcare to tourism, ICT, etc. with a view to develop agriculture and manufacturing. The summit was attended by representatives from trade and industry, diplomatic corps and other government officials from India and abroad, academic institutions, think tanks and international organizations.