COVID-19 can be a catalyst for adoption of digital technology that will open up health and education to millions, said N. Chandrasekaran, chairman, Tata Sons.
“This is the promise hidden in the crisis,” he said, delivering a lecture.
“Today, the new India I speak of can be the global leader in R&D, science and technology, AI, advanced manufacturing and next generation products and services. We have the right human capital. We have the scale. It’s time to make the right investments. We need to start with our fundamentals,” he said.
Highlighting the importance women and the SME sector, he said, “By opening up a world of opportunities for women and entrepreneurs, we can strengthen our economy and transform the lives of millions.”
He said nearly 120 million Indian women—more than double the entire population of South Korea—have at least a secondary education, but do not participate in the workforce today. 26% of women with graduate medical degrees do not work. Overall, only 23% of all who could work are currently employed.
“Bringing into employment half the 120 million women with secondary education who are not working can add $480 billion to GDP. Educated women will solve shortages of skilled labour. Families facing economic uncertainty and disruption will have an additional source of income. Multiple economic problems solved at once,” he added.
Stressing on the importance of a culture of entrepreneurialism among SMEs he said a crisis of the magnitude of coronavirus cannot be overcome by one industry, one sector, or one government, working in isolation.
“Just as important as large businesses like Tata, if not more so, are small and medium sized businesses. These businesses are the life blood of our community.
“In their place, we need a new culture of entrepreneurialism,” he said.
I believe there is a way to make things better. There is a way to solve our twin challenges of access and jobs. Using technology the right way, with targeted interventions, India can remove long-standing access barriers to vital services, he added.
