Financial Express Digital Bharat Economy Conclave Highlights: Unlocking the power of AI

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“Despite global financial uncertainties and risks, it’s crucial to view these challenges with perspective. As a Russian proverb suggests, “The darker the night, the brighter the stars.” India’s position in the global community remains strong. Tough times will pass, and brighter days are ahead,” Sharma concluded the event.

“The banking sector appears to be on a positive trajectory, reflecting stability and progress. The sector’s combined performance and processes suggest a steady outlook, indicating that banks are adapting well to evolving conditions and challenges,” Sharma cited.

“GST collections in India have been strong, averaging around ₹1,000 crore per month despite some month-to-month fluctuations. Capital markets also show some ups and downs, but overall, the government remains optimistic about economic stability and growth,” Sharma added.

“India’s growth is driven by both supply and demand. On the supply side, factors like demographics, access to finance, and improved infrastructure boost growth. Government schemes, production incentives, and capital expenditure create a favourable environment, attracting private investment,” Sharma added.

“India’s economic growth has been fueled by a silent digital revolution over the past 10-15 years. Studies by institutions like the IMF, World Bank, and OECD highlight the transformative impact of this digitalisation, even in rural areas. It’s a game-changer for our economy,” Sharma explained

“ The Indian growth story is here to stay and consolidate,” Sharma highlighted.

“In recent months, India has been increasingly recognized on the global stage, becoming the fifth-largest economy. It’s gratifying to see our efforts push us from the sixth position to this prominent spot, achieving consistent growth of around 7%. Ten years back we were a part of the fragile five,” Sharma cited.

“Mark Twain once noted the profound value of history, religion, and tradition. Reflecting this, while the global economy grew by 3.2% last year and is projected to grow 3.3% this year, India has consistently grown at 6.5% to 8%, despite challenges in 2020,” Sharma highligted.

“India has emerged as a bright spot in global economy, this is here to stay and likely to grow more impressively,” Sharma said.

Now, we are heading towards the end of this event with closing keynote session by Manoranjan Sharma, chief economist, Infomerics Ratings on ‘Is India on its path to a trillion-dollar economy?’

“Enhancing employee experience would be nearly impossible without AI and automation. These tools streamline processes, offer personalized support, and provide valuable insights, making it feasible to improve engagement and satisfaction on a larger scale,” Seth concluded.

“I’ve been using AI for employee engagement, and it’s been a game-changer. For introverts, AI tools like chatbots offer a comfortable way to express their thoughts and concerns,” Mudgal added.

“The ethics of AI are crucial, and NASSCOM’s Responsible AI guidelines and UNESCO’s global standards guide us. We’ve launched a Future Skills Prime course on Responsible AI to promote ethical use. The goal is ‘AI for All,’ ensuring everyone can use AI tools. Initiatives like PM Digital’s digital fluency modules for artisans highlight our commitment to inclusive AI education,” Seth said.

“We encourage our employees to leverage AI for business tasks because it significantly boosts productivity and efficiency. For example, AI can automate routine tasks, allowing a risk manager or operations manager to complete in hours what might have taken days. However, while promoting AI use, we also closely monitor its impact on productivity and any potential drawbacks to ensure we maintain a balanced approach,” Dhamija said.

“During COVID, we all worked from home, but returning to the office showed how much we missed the in-person culture. Employees valued face-to-face interactions over Zoom calls, solving problems together. For tech roles, especially with rare skills, in-person presence is often crucial for effective training and collaboration,” Mudgal explained.

“Managing remotely can be tough—it’s hard to gauge productivity and collaboration compared to in-office work. Many miss the social interaction and spontaneous problem-solving that happen in person. Remote work’s intangible costs are high, though flexibility for meetings is still useful,” Seth said.

“Work from home or remote working can be flexible and needed, as we saw during COVID. However, the future may lean towards office work due to the benefits of personal interactions and discussions. While automation and AI advance, in-office presence can boost productivity. A balanced approach seems ideal,” Dhamija said.

“In 2020, India launched the National Education Policy, a potential game changer if well-implemented. It supports hybrid and e-learning, tackles teacher shortages, and updates curriculums. The focus is on soft skills like problem-solving. Effective implementation and seeking opportunities are key,” Seth answered.

“In our organisation, we’ve been using AI for years, and technology often seems ahead of its time. Despite concerns about job security, history shows tech, like mobile phones, opens up opportunities. Even beggars use phones now! Digital evolution means more jobs and skills growth. Staying adaptable and learning is key to thriving in this tech-driven world,” Mudgal highlighted.

“AI isn’t about automation taking jobs but enhancing skills. Upskilling is crucial as digitisation and AI transform sectors like BFSI, making customer onboarding and experience more advanced. For job seekers, staying updated with AI tools is vital. India’s large population means adapting and learning is key to staying relevant in this evolving landscape,” Dhamija said.

“Top jobs haven’t changed much: salesperson, software engineer, registered nurse, project manager, and sales manager lead the list. Despite tech advances, these roles remain crucial. Upskilling, especially in AI and data analytics, is key. IT sector hiring is up, but productivity gains may lead to fewer jobs. Adapt to stay relevant,” Seth replied.

“How is technology going to be changing the future work? and should someone be worried? Because, yes, coders, right now are worried,” Poviah asked Seth.

Next up, we have fireside chat- ‘ The future of work’. For this discussion, we have our panellist- Monica Mudgal, CHRO, HealthKart; Hina Dhamija, executive VP and head- HR, Religare Broking; Kriti Seth, CEO, IT-ITES Sector Skill Council, Nasscom. The session will be moderated by Roshun Povaiah, editor, FE Digital.

“Another important trend is integrating empathy into customer interactions. While digital responses are becoming more common, adding a layer of empathy is crucial. It’s about not just automating responses but understanding and addressing customer emotions and concerns effectively,” Yadav concluded

“The power of the customer is only going to increase, and businesses will need to prioritise internal decisions to genuinely stand up for their customers. A key trend we’re seeing is extreme personalisation. With rising customer expectations, especially from younger generations who are very clear about their preferences, brands must move beyond one-size-fits-all solutions. Hyper-personalisation will become essential, leveraging available tools to tailor experiences to individual needs and preferences,” Yadav said.

“In the context of Digital India, we integrate traditional values with modern practices. At Max Healthcare, we blend our cultural heritage with our digital approach. For instance, we greet everyone with a warm “Namaste” and incorporate this cultural touch into our digital interactions and services, creating a unique blend of tradition and technology,” Ghosh cited.

“We celebrate birthdays for our patients and their families, even siblings. This personal touch is part of our approach to enhancing the healthcare experience. The way our healthcare workers interact with patients has also evolved significantly. They’re trained to communicate effectively and empathetically with those in their care. We focus on visibility and satisfaction by conducting regular reviews and acting on feedback to continuously improve our services,” Ghosh said.

“Every action taken within an organisation should directly or indirectly reflect on customer experience. If an activity doesn’t benefit the customer experience in the short or long term, it should be stopped—otherwise, it’s misleading to consumers. Additionally, customer-facing teams should have performance metrics tied to customer experience. This ensures that every interaction with users is focused on improving their experience,” Garodia added.

“To make sure customer experience isn’t just a buzzword, companies need to embed it into their culture. Start by fostering a customer experience culture throughout the organisation. How you treat your employees reflects how they’ll treat your customers. Leadership commitment is also crucial—customer experience needs to be a top priority from the top down,” Garodia said.