India to continue pursuit to become number one economy in world, predicts USISPF chairman
Dec 14, 2023
Washington, DC [US], December 14 : US-India Strategic Partnership Forum (USISPF) chairman John Chambers has predicted that in 2024 India will continue its pursuit to become the number one economy in the world.
Chambers predicted that in 2024: "India will keep tracking towards ultimately becoming the number one economy in the world (as I predicted back in June, with the Prime Minister by my side)."
He said that 2023 has been a big year for the US-India partnership. "India is at a pivotal moment in its history and they will capture it, driving growth and opportunity for years to come," he said.
The USISPF chairman said that in 2024, the US and India will become the most strategic partnership in the world, driving global innovation and job creation at an accelerating pace.
He said these opportunities and growth will be driven by initiatives like Digital and AI India, as well as India's eagerness for and openness to building collaborative, strategic partnerships with the US and other key global players.
Chambers further predicted that in 2024, AI will be the most fundamental tech change ever, greater than the internet and cloud combined.
He said: "AI will go totally mainstream. I first said this was coming back in 2022, and we've definitely seen this start in 2023, but 2024 will take it even further - which will cement the shift from the Digital Age to the AI Age."
"2024 will see demand for AI-driven results for every company, which will impact everything from valuations to earnings. Startups that don't use AI will fail quickly, and larger companies will fail too, albeit more slowly," he added.
According to Chambers, innovators (early adopters) and CEOs will make AI one of their top three business priorities to ensure efficiency and competitiveness in a rapidly evolving tech landscape.
He said AI will capture even more market and mind share than we think, as new developments roll out throughout the year and that companies will struggle with sustainable AI differentiation.
He said he expects a rebound and acceleration of the overall cybersecurity market in 2023, "due to an uptick in more complex and debilitating cyber-attacks and the related financial fallout. The 2023 Clorox breach is case in point, translating to almost $600 million in lost revenue."
"CEOs are already becoming overwhelmed with too many cybersecurity options. In 2024, we will see a shift from standalone cybersecurity products to a simple, architectural approach, which will lead to consolidation in the industry," he said.
According to Chambers, among the many cyber threats, deep fakes will be the number one issue for individuals, companies, and governments.
He further said that: "Overall, 2024 will be a better year than most expect. However, I strongly caveat this with concern for the current geopolitical climate, which is the real wildcard, maybe more than any other time in recent history."
