Volatility and Protectionism: How to Navigate Challenges for Opportunities
Chatham House Discussion 25 June 2019
The global economy is in a state of flux. After witnessing a pickup in growth over the past couple of years, there is concern that this trend may see a reversal. Already, there are calls for protectionism from advanced economies which are leading to restrictive policies for cross-border trade and investment flows. This has triggered a backlash against globalisation, a move which should be reckoned with. Free trade was under a cloud before the Brexit referendum and the American presidential election. In fact, non-tariff barriers were already on the rise in the world. On the other hand, there is the reality of the technology driven world order, with robotics, digitisation and artificial intelligence steering global manufacturing and subsequently leading to the creation of Global Value Chains.
In such a situation how can we create a strong, sustainable, balanced and inclusive growth through globalisation? What are the opportunities and challenges confronting this changing world order? How can companies prepare to meet the challenges posed by this process?
With India’s election now behind us and a new cabinet in place, the policies and agenda for the term ahead were the focus of the Mayer Brown and IPF event “India Today: Managing Risk for Business and Investment” held on 18th June. Dr. Mohan Kaul, President of Indian Professionals Forum opened the event by noting Prime Minster Modi’s successful campaign and the hopes for continued reforms.
Cyril Shroff, Managing Partner of Cyril Amarchand Mandaldas, led the session by sharing his thoughts on the risks and opportunities presented by the new Modi 2.0 government as well as key regulatory trends such as the Insolvency & Bankruptcy Code, ease of doing business, activism, class action and e-commerce data localisation.