Last year, global consultancy PwC did something it would have never done a decade ago. It acquired a drone company and added a commercial drone services division in an attempt to position itself as a technology-driven company. This transformation is being done because technology is a bigger disrupter than globalisation for countries, corporations and societies, PWC’s global Chairman, Robert E. Moritz, tells Business Today’s Joe C. Mathew & Rajeev Dubey. Here are the edited excerpts:
Is the idea of globalisation under threat?
It is under threat depending on the angle you take. Globalisation has brought billions of people out of poverty. Has it done enough to reduce income inequality? No, there is more to be done there. But let’s not blame globalisation for that (inequality). When you look at employment, and this is an issue in even this country, job creation is happening in a big way, but there is also a lot of skill mismatch when you look at the implications of technology. In developed countries, jobs are being replaced by robotics and artificial intelligence and technology in general. How do you deal with disruption caused by technology? It seems our politicians, media and citizens are more focused on globalisation than technology. I would argue that technology will have a bigger impact than globalisation.
How can we tackle the situation?
There are several options. We think technology has displaced a lot of jobs. During industrial revolution, too, a lot of jobs were displaced. There was job displacement but an equal or additional job creation too. So, if you see how many coders we need to deal with this (technology disruption), perhaps we need more. So many countries are struggling with shortage of engineers. If you believe there will be a lot of job displacement, and I am not convinced myself, you should think of a social support system. And there are positives and negatives here too. So, it is important for governments and businesses to watch the trends carefully and come up with the right policy support.
How should global corporations see Brexit?
Denne historien er fra July 02, 2017-utgaven av Business Today.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra July 02, 2017-utgaven av Business Today.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
"Focus on the challenge of each customer"
SHASHANK KUMAR MD & CO-FOUNDER I RAZORPAY Razorpay is India's first full-stack financial solutions company
PEDAL ON THE FUTURE
THE MG WINDSOR EV, WITH ITS FUTURISTIC AND MINIMALIST DESIGN, COMBINES THE BEST OF BOTH WORLDS-COMFORT AND TECHNOLOGY
BREATHE EASY
Whether you're battling allergies, looking to remove pollutants, or simply want to breathe easier, the right air purifier can make a difference
The Taste of India in a Glass
FROM ROYAL LIQUEURS TO DISTILLED MAHUA, INDIAN HERITAGE ALCOHOLIC BEVERAGES ARE HAVING THEIR DAY IN THE SUN
LOOK BEFORE YOU LEAP
IN 2025, INVESTORS WILL NEED TO FACTOR IN VOLATILITY ACROSS ASSET CLASSES
MISSING ADVISORS
INDIA HAS JUST ONE INVESTMENT ADVISOR FOR NEARLY EVERY 200,000 INVESTORS. AT A TIME WHEN RETAIL PARTICIPATION IN THE STOCK MARKETS IS BOOMING, THIS ASSUMES SIGNIFICANCE
TURNING A CORNER
SHARED ELECTRIC MOBILITY START-UP YULU'S SHIFT TO SERVICING THE QUICK COMMERCE SECTOR IS HELPING IT GROW FAST. IT IS NOW FOCUSSING ON IMPROVING ROAD SAFETY FEATURES AS IT TURNS EBITDA POSITIVE
REALITY CHECK
INDIAN STOCK MARKETS PLUNGED BEGINNING OCTOBER FOR A HOST OF REASONS, INCLUDING A FALL IN FII OWNERSHIP. HOW DEEP WILL THE CORRECTION BE?
TRUMP'S TRADE TANGO
The return of Donald Trump as the 47th President of the US has put the global economy on edge. India, too, is unlikely to remain unaffected. How will policymakers meet this latest challenge?
"The essence of the Trump administration will be transactional”
Global investor, analyst, and best-selling author Ruchir Sharma decodes why Donald Trump won the elections, what India should do, the risks, and more