Ravi Shankar Prasad
The 9th Annual GENNEXT Business & Law Congress, 2020, to be held on March 6th and 7th, 2020, at HOTEL TAJ LANDS END, MUMBAI, INDIA, will see thought leaders and policymakers congregate to discuss the impact of geopolitics on business and how organizations can tide over threats while cashing in on opportunities.
The past few years have brought a wave of reforms for India; demonetization, the Goods and Services tax (GST) and the Fugitive Economic Offenders’ bill, not to mention the lending of more teeth to the Prevention of Money Laundering Act, Companies Act and the Insolvency and Bankruptcy Code. Barely days ago, the Judiciary brought a contentious socio-political issue to its logical conclusion by ordering that the disputed land in AYODHYA be handed over to the RAMJANMABHOOMI trust for building a Ram temple and an alternate five acres of land be handed over to the SUNNI WAQF BOARD for building a mosque. However, as India pushes on all fronts to occupy pride of place in the world, it cannot afford to ignore the key geopolitical undercurrents driving business and governance across the globe.
For starters, we are moving from a US-dominated to a multipolar world partly due to the growth in emerging economies and partly due to inequality and political discontent in developed markets. This will result in intensely higher levels of complexity for businesses spanning the globe. Secondly, Western democratic models are being challenged by alternative political systems that have proved more resilient and less fractious while tackling global challenges. Thirdly, the 4th Industrial Revolution is well upon us, and its formidable combination of big data, analytics and technology promises to disrupt not only global business but also our world order. These major shifts are manifesting themselves in developments such as the corroding relations between USA and China, internal and external challenges to the unity and stability of the European Union (EU), and a move towards evolution and not revolution in global trade relations, among others.