DO YOU THINK AI CAN POSE SERIOUS EXISTENTIAL ISSUES LIKE ECONOMY, SECURITY, JOB AUTOMATION, PRIVACY RISK, FUTURE OF EDUCATION AND MORE?

BDB India started a monthly initiative called the BDB Industry Poll - "Your Opinion Matters" and conducted the poll for March 2023. We wanted our panel of senior industry professionals to put forth their opinion on various industry and economy-related topics. The results for the month of March is analysed shown in this report.

DO YOU THINK AI CAN POSE SERIOUS EXISTENTIAL ISSUES LIKE ECONOMY, SECURITY, JOB AUTOMATION, PRIVACY RISK, FUTURE OF EDUCATION AND MORE?

The voices expressing concern about the possible risks of artificial intelligence are becoming increasingly numerous and sophisticated. Uncertainty is rampant in a number of areas, including the rising automation of specific jobs, racially and gender biassed algorithms, and autonomous weapons that operate without human supervision, to mention a few.

Our understanding of AI's true potential is still quite limited and at a nascent stage. The respondents have a neutral opinion on this where 34% agree with AI being a serious threat to all aspects of human kind while 33% are unsure of their stance and another 33% do not consider it a threat.

DO YOU THINK GLOBAL BODIES LIKE THE IMF NEED TO STEP UP AND IMPROVE THE FRAMEWORK FOR SOVEREIGN DEBT FINANCING SO THAT EMERGING MARKET ECONOMIES IN ASIA CAN GET OUT OF THEIR DEBT DISTRESS PROBLEMS FASTER?

Governments frequently use public debt, also known as sovereign debt, to support investments in growth and development. But it's also essential that governments can keep paying down their debt and that their debt load is manageable. A whopping 90% of respondents agree with a need for an improved framework for sovereign debt financing to enable emerging markets in Asia can get out of their debt situations. The remaining 10% of respondents do not agree with any required improvement for sovereign debt financing to speed up any disteress problems.

DO YOU AGREE WITH IMF’S STATEMENT THAT, CHINA AND INDIA WILL CONTRIBUTE MORE THAN HALF OF GLOBAL GROWTH THIS YEAR?

In 2023, India and China will account for more than half of the growth in the global economy, as supply-chain disruptions are subsiding and the service sector is expanding. The IMF predicted that the rest of Asia will provide an additional quarter of global growth, even if China and India are likely to account for more than half of it. 92% of the respondents agree that India and China will contribute more than half of global growth in 2023 as stated by IMF. Only a meagre 8% do not agree with the statement by IMF regarding India and China driving gloal growth.

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DO YOU THINK THE US BANKS COLLAPSING CAN CAUSE AN IMPACT ON THE INDIAN ECONOMY?

Financial experts predict that India would only see a limited impact from the American banking crisis, with IT and IT start-ups being the main targets. These businesses frequently depend on foreign investors, and the banking crisis may make it difficult for them to raise money. About 45% of the respondents believe that the Indian Economy will remain untouched by the collapsing of the US banks. The bank collapsing will affect the Indian economy as believed by 22% of the respondents while 33% of the respondents are unsure of their stance on the issue.

GREEN HYDROGEN IS A CRITICAL INDUSTRIAL FUEL OF THE 21ST CENTURY. IS INDIA WELL-POSITIONED TO SHOW LEADERSHIP?

By 2030, India intends to generate 50% of its electricity from non-fossil fuels. Yet, industry also needs to migrate to a more energy-efficient model. Steel, cement, fertilisers, and petrochemicals are the industrial sectors in India that produce the most greenhouse gas emissions. With the official launch of the National Green Hydrogen Mission under the direction of the Ministry of New and Renewable Energy, India is assuming a significant leadership role in this shift (MNRE). A 45% of respondents believe India is well- positioned to show Green Hydrogen keadership. About 24% of respondents believe in India being well positioned in Green Hydrogen while 31% of the respondents are unsure of India's positioning.

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