India’s growth to a $5-trillion economy will not happen if women – or the “better half of the economy” – are not part of it, Dipali Goenka, the CEO of Welspun Living, has said.
Speaking to NDTV on the sidelines of the World Economic Forum in Davos, Ms Goenka also spoke about the need for sustainability and the impact that artificial intelligence (AI) is likely to have.
Asked about her focus on the inclusion of women in the workspace and how important it has been for her at Welspun, Ms Goenka said, “The theme here, it is about data, design and empathy, and I think when I come in from the empathy and I come in from India as an economy, you are talking about the growth towards the $5 trillion GDP. It’s not going to happen if the better half of the population is not part of it. Imagine that 50% is working and 50% doesn’t work.”
“The biggest challenge in a country is literacy. I believe, with conviction, that if a woman is working, the child is definitely going to school and that is where the elevation of the economy, elevation of a country towards the goal of 5 trillion GDP (can happen),” she added.
The CEO emphasised that it is also important for women to be in decision-making roles and have equity in organisations.
“But that doesn’t come in without the support of the other gender as well. So I think, as corporates, we need to take on a lot of initiatives to get that going,” she said.
On sustainability and growth keeping the climate in mind, Ms Goenka said that has been one of her highest priorities.
“For us at Wellspun, (by) 2030 we are going to be water neutral or, rather, water positive, with a focus on green energy… zero landfill (use), working with more than 100,000 farm workers, and having more than a million (people) impacted by corporate social responsibility… I think this is going to be the way forward for all of us (in the corporate world),” she said.
The CEO said her company will not be using fresh water and the focus on green energy will lead to a capping of the “inflationary impact” of coal. She said governance will play a key role in this.
Co-Existing With AI
To a question on artificial intelligence, she said the technology will not render people jobless but co-exist with workers. AI, she said, will allow Welspun Living to forecast what the customer will want and enhance its productivity at the shelf space. It can also help ease supply chain complexities.
Ms Goenka said her company is already working with AI partners and farmers to boost the productivity of cotton farms and increase yield. ” India has about 1.4 billion people. How do we upskill this workforce? AI is going to be a big deal there,” she explained.
A mix of technology and tradition, she said, will help India compete with countries like China, Bangladesh, Sri Lanka and Vietnam.
“I think AI is going to complement and really substitute a few places where we can look at productivity as well,” she asserted.
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