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Author
The author is Managing Partner, BDO in India
The pursuit of innovation potentially mandates that a company's organisational structure be elastic enough, allowing room for newness and innovation in both thinking and policies.
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The ongoing pandemic is teaching us new lessons that will stay with us for our lifetime. The relevance of connecting the culture dots to form a new business reality that enables us to attract and retain great talent, spur innovation, and create an open society to foster new ideas will drive our future.
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For thriving companies, an effective CEO succession plan is the elephant in the room. The sooner it is addressed, the better it takes care of the long-term interests of all stakeholders.
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As an emerging economy, India still operates with a headline tax rate of over 30% and a borrowing rate that remains perennially over 10%.
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While the fervour that sells is jingoism and often power prevails; eventually multilateralism is the only rational approach to find answers for all the vexing problems of the world ranging from trade disputes to stemming the devastation that could be unleashed by climate change.
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In the current COVID-19 era, as the world races towards digitisation, the role of innovation and intellectual property rights has gained both urgency and prominence as companies race to develop vaccines, medical equipment and cloud-based solutions to create extraordinary wealth in a short period of time.
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The large community of MSME players will have to reinvent themselves, reskill if necessary, to overcome the veritable crisis. One can solace from the fact that the human race has survived many crises over centuries, riding on the resolute spirit to endure and sustain.
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While the focus on self-reliance is laudable, a single-minded promotion of the idea could have a large long-term impact.
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Organisations that seek to reinvent themselves need to take a comprehensive view of their aspirations, architect the right elements for transformation and then embark on the ‘change journey’ in a systematic manner.
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Our hope too is underpinned not just on our resilience to cope with the pandemic, but also bring economic success to our country, bring jobs and livelihoods to millions with an approach that is rooted in this devastating crisis.
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