Latest news with #RomalShetty
Mint
8 hours ago
- Business
- Mint
Critical thinking, ethical oversight must as society adapts to new AI era: Deloitte South Asia CEO
New Delhi, Jul 15 (PTI) Artificial Intelligence, the disruptive tech force reshaping industries and daily life, will create far more opportunities than it eliminates, Deloitte South Asia CEO Romal Shetty said emphasising that critical thinking and ethical oversight must stay central as society adapts to this new era. Weighing in on the ongoing debate over whether or not AI may cause a lowering of human cognitive abilities overtime, Shetty told PTI in an interview that developing independent and critical thinking is crucial when it comes to young minds. That said, at more advanced stages, AI can serve as an extremely helpful and a must-have tool, aiding, not replacing, human ingenuity. His comments assume significance against the backdrop of a new study from researchers at MIT's Media Lab on impact of GenAI on critical thinking abilities. It revealed that although AI tools can improve efficiency, in the study those who relied excessively on GenAI, overtime remembered less. To a question on impact of AI on jobs, Shetty drew parallels with past revolutions, to say that while certain types of jobs may disappear, history shows that new roles and business models will inevitably emerge. Highlighting the rise of innovations such as drone deliveries to generative AI architects, Shetty cited a recent study that projected that for every one job lost, nearly two new jobs are expected to be created, a pattern he said confirms to trends even in the past tech revolutions. "AI is probably the most disruptive thing that has happened in our this decade at least it is the biggest disruption. And it is both. It can disrupt but it can also create many more things," Shetty said. Over the past 100 to 200 years, whether during the Industrial Revolution or other major transformations, unemployment did not rise significantly, in fact, it generally declined. "Newer jobs will get created compared to the past. The old specific jobs could probably go out but newer jobs will be created," he stressed. Citing real-world examples of AI's transformative impact, he said while the food delivery platforms, or other apps deliver items in a conventional way today, drones could soon handle such tasks at scale. Managing such complexities would demand advanced air traffic control systems powered by AI, he said highlighting how new technologies will create entirely new job categories and roles that didn't exist before. Drone are also beginning to be used extensively in conflict zones, he noted and added that all of these scenarios are driving requirement for AI-driven air traffic management, with human oversight and controls. "Even with AI into medicine, you will always have a human in the loop. Newer kinds of business models will come in. Today, you have generative AI architects coming. That job description was just not there at twins, that was not there. Now, you can create digital twins and see how factories can work, how the simulation works," he said. Shetty emphasised that a crucial aspect of AI is ensuring it remains explainable. He also underlined the importance of covering ethics, principles, and governance in AI, stating these areas need careful attention. "A very important part of AI is to ensure that you can always have it explainable. You can always have the ethics covered of it. The principles covered, the governance covered. And that is something that should be looked into. Because it will mimic a lot of human behaviour. And humans have biases. So, those will flow into the AI models. That's why it's very important to keep reviewing, testing, and not necessarily doing it one-off," Shetty said. Describing AI as a big opportunity and big danger in the same breath, Shetty said the business models will keep evolving creating newer avenues. He emphasised the need to set certain boundaries on when AI should be introduced in education, as over dependence in early school years could impact critical thinking. "There is a certain level in schools or colleges where you do your thinking. And therefore, linkage there significantly to AI and generating information on AI is not a good thing because it may stop you from thinking," he said. Shetty illustrated this with an example of how two groups of students, one using Google search and the other using generative AI were asked to write papers and answer application questions. While the AI group finished faster, the group using traditional search methods demonstrated a deeper understanding of the concepts.
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Business Standard
9 hours ago
- Business
- Business Standard
Critical thinking vital as society adapts to AI: Deloitte South Asia CEO
Over the past 100 to 200 years, whether during the Industrial Revolution or other major transformations, unemployment did not rise significantly, in fact, it generally declined Press Trust of India New Delhi Artificial Intelligence, the disruptive tech force reshaping industries and daily life, will create far more opportunities than it eliminates, Deloitte South Asia CEO Romal Shetty said emphasising that critical thinking and ethical oversight must stay central as society adapts to this new era. Weighing in on the ongoing debate over whether or not AI may cause a lowering of human cognitive abilities overtime, Shetty told PTI in an interview that developing independent and critical thinking is crucial when it comes to young minds. That said, at more advanced stages, AI can serve as an extremely helpful and a must-have tool, aiding, not replacing, human ingenuity. His comments assume significance against the backdrop of a new study from researchers at MIT's Media Lab on impact of GenAI on critical thinking abilities. It revealed that although AI tools can improve efficiency, in the study those who relied excessively on GenAI, overtime remembered less. To a question on impact of AI on jobs, Shetty drew parallels with past revolutions, to say that while certain types of jobs may disappear, history shows that new roles and business models will inevitably emerge. Highlighting the rise of innovations such as drone deliveries to generative AI architects, Shetty cited a recent study that projected that for every one job lost, nearly two new jobs are expected to be created, a pattern he said confirms to trends even in the past tech revolutions. "AI is probably the most disruptive thing that has happened in our this decade at least it is the biggest disruption. And it is both. It can disrupt but it can also create many more things," Shetty said. Over the past 100 to 200 years, whether during the Industrial Revolution or other major transformations, unemployment did not rise significantly, in fact, it generally declined. "Newer jobs will get created compared to the past. The old specific jobs could probably go out but newer jobs will be created," he stressed. Citing real-world examples of AI's transformative impact, he said while the food delivery platforms, or other apps deliver items in a conventional way today, drones could soon handle such tasks at scale. Managing such complexities would demand advanced air traffic control systems powered by AI, he said highlighting how new technologies will create entirely new job categories and roles that didn't exist before. Drone are also beginning to be used extensively in conflict zones, he noted and added that all of these scenarios are driving requirement for AI-driven air traffic management, with human oversight and controls. "Even with AI into medicine, you will always have a human in the loop. Newer kinds of business models will come in. Today, you have generative AI architects coming. That job description was just not there at twins, that was not there. Now, you can create digital twins and see how factories can work, how the simulation works," he said. Shetty emphasised that a crucial aspect of AI is ensuring it remains explainable. He also underlined the importance of covering ethics, principles, and governance in AI, stating these areas need careful attention. "A very important part of AI is to ensure that you can always have it explainable. You can always have the ethics covered of it. The principles covered, the governance covered. And that is something that should be looked into. Because it will mimic a lot of human behaviour. And humans have biases. So, those will flow into the AI models. That's why it's very important to keep reviewing, testing, and not necessarily doing it one-off," Shetty said. Describing AI as a big opportunity and big danger in the same breath, Shetty said the business models will keep evolving creating newer avenues. He emphasised the need to set certain boundaries on when AI should be introduced in education, as over dependence in early school years could impact critical thinking. "There is a certain level in schools or colleges where you do your thinking. And therefore, linkage there significantly to AI and generating information on AI is not a good thing because it may stop you from thinking," he said. Shetty illustrated this with an example of how two groups of students, one using Google search and the other using generative AI were asked to write papers and answer application questions. While the AI group finished faster, the group using traditional search methods demonstrated a deeper understanding of the concepts. "So, I think there should also be some limitations in terms of when it should be introduced. But beyond a certain like a calculator or a computer. Why do you need a computer? You can do it by hand. Is that then it just aids you. So, you've got to figure out where to stop and where it starts acting as an aid and doing things. So, human ingenuity will not go," he said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Upturn
12 hours ago
- Business
- Business Upturn
Romal Shetty, Deloitte CEO(SA) Reinforces Support for Indigenous Product Companies, Building World-Class Solutions for Global Markets
During the inauguration of IBSFINtech's new corporate office in Bengaluru that Mr. Romal Shetty highlighted the growing global journey of Indian innovators. Business Wire India With those words, Mr. Romal Shetty, CEO, Deloitte South Asia, echoed the spirit of rising India — where the indigenous product companies are breaking boundaries and delivering world-class solutions to the global markets. India is fast emerging as a powerhouse of innovation, and homegrown enterprises are leading this transformation — building robust, scalable, and sophisticated technologies that are solving real-world problems across geographies. It was during the inauguration of IBSFINtech's new corporate office in Bengaluru that Mr. Romal Shetty highlighted the growing global journey of Indian innovators. Gracing the occasion as the esteemed Chief Guest, Mr. Shetty delivered an inspiring address and extended heartfelt congratulations to Mr. CM Grover, MD & CEO of IBSFINtech, and the entire team: 'It's an immensely proud feeling to see companies like IBSFINtech taking bold steps to dominate not just the Indian market, but also the global one. We're excited to work together and build a future-ready ecosystem, combining Deloitte's advisory expertise with IBSFINtech's world-class technology. When you empower MSMEs, simplify complexity, and take Indian innovation to global markets — you're not just transforming treasury, you're contributing to nation-building. The next decade is yours to own. Keep dreaming with your eyes open, and keep moving forward — one bold step, one percent at a time.' Mr. Shetty's message deeply resonated with the IBSFINtech team, clients, and partners — a reflection of their shared belief in India's innovation-led future. Reflecting on the occasion, Mr. CM Grover shared: 'Thank you, Mr. Romal Shetty, for your words that beautifully align with our purpose. From our humble beginnings to becoming a trusted partner for leading corporates, our journey has always been rooted in one belief — that a Made-in-India solution can lead the world. Today, as the nation steers towards becoming a developed Nation by its 100th year of independence in 2047, each stride forward carries the hopes and contributions of countless individuals and enterprises. We feel proud and humbled to be a part of this movement — as an indigenous company, born in India, building solutions for the world. Every market we enter, every problem we solve, and every partnership we forge is anchored in our belief that India's innovation has a pivotal role to play on the global stage. Our journey is not just about scaling as a company — it's about walking alongside a nation on the rise. And as we continue this path, we are confident and deeply committed with the vision of a truly Viksit Bharat – a future where Indian innovation shapes the world.' As India's digital and economic ambitions accelerate, IBSFINtech stands as a testament to what's possible when innovation meets vision. With its foundation in Indian ingenuity and its eyes set firmly on the global stage, IBSFINtech is poised to play a defining role in shaping the future of corporate treasury — one bold step at a time. Disclaimer: The above press release comes to you under an arrangement with Business Wire India. Business Upturn take no editorial responsibility for the same. Ahmedabad Plane Crash
The Wire
13 hours ago
- Business
- The Wire
Romal Shetty, Deloitte CEO(SA) Reinforces Support for Indigenous Product Companies, Building World-Class Solutions for Global Markets
'Our aspiration is not just to be the best in India, but to be the best in the world.' Bangalore, Karnataka, India – Business Wire India With those words, Mr. Romal Shetty, CEO, Deloitte South Asia, echoed the spirit of rising India — where the indigenous product companies are breaking boundaries and delivering world-class solutions to the global markets. India is fast emerging as a powerhouse of innovation, and homegrown enterprises are leading this transformation — building robust, scalable, and sophisticated technologies that are solving real-world problems across geographies. It was during the inauguration of IBSFINtech's new corporate office in Bengaluru that Mr. Romal Shetty highlighted the growing global journey of Indian innovators. Gracing the occasion as the esteemed Chief Guest, Mr. Shetty delivered an inspiring address and extended heartfelt congratulations to Mr. CM Grover, MD & CEO of IBSFINtech, and the entire team: 'It's an immensely proud feeling to see companies like IBSFINtech taking bold steps to dominate not just the Indian market, but also the global one. We're excited to work together and build a future-ready ecosystem, combining Deloitte's advisory expertise with IBSFINtech's world-class technology. When you empower MSMEs, simplify complexity, and take Indian innovation to global markets — you're not just transforming treasury, you're contributing to nation-building. The next decade is yours to own. Keep dreaming with your eyes open, and keep moving forward — one bold step, one percent at a time.' Mr. Shetty's message deeply resonated with the IBSFINtech team, clients, and partners — a reflection of their shared belief in India's innovation-led future. Reflecting on the occasion, Mr. CM Grover shared: 'Thank you, Mr. Romal Shetty, for your words that beautifully align with our purpose. From our humble beginnings to becoming a trusted partner for leading corporates, our journey has always been rooted in one belief — that a Made-in-India solution can lead the world. Today, as the nation steers towards becoming a developed Nation by its 100th year of independence in 2047, each stride forward carries the hopes and contributions of countless individuals and enterprises. We feel proud and humbled to be a part of this movement — as an indigenous company, born in India, building solutions for the world. Every market we enter, every problem we solve, and every partnership we forge is anchored in our belief that India's innovation has a pivotal role to play on the global stage. Our journey is not just about scaling as a company — it's about walking alongside a nation on the rise. And as we continue this path, we are confident and deeply committed with the vision of a truly Viksit Bharat - a future where Indian innovation shapes the world.' As India's digital and economic ambitions accelerate, IBSFINtech stands as a testament to what's possible when innovation meets vision. With its foundation in Indian ingenuity and its eyes set firmly on the global stage, IBSFINtech is poised to play a defining role in shaping the future of corporate treasury — one bold step at a time. About IBSFINtech IBSFINtech is an ISO/IEC 27001: 2013 certified enterprise TreasuryTech company that facilitates end-to-end digitization of cash & liquidity, investment, treasury, risk, trade finance, supply chain finance management of the corporations all over the world. Globally recognized by IDC MarketScape as 'Major Player' in the Worldwide SaaS and Cloud-Enabled Enterprise Treasury and Risk Management Applications 2023 Vendor Assessment, IBSFINtech is an award-winning Comprehensive, Integrated and Innovative platform that empowers the Boards, CxOs and Treasurers to enhance visibility, improve control, mitigate operational risk, drive automation, and optimize business efficiency. IBSFINtech's is headquartered in Bangalore, with a broad customer base is spread across India and presence international markets such as USA, Singapore, Middle East. Some of its marquee clients are Vedanta Group, GAIL(I), Patanjali Group, Wipro Enterprises, Maruti Suzuki, JSW Steel Mphasis etc. Global clients include IMR Metallurgical Resources, JSW International and many more. For more information, please visit the website: To View the Image, Click on the Link Below: Romal Shetty, CEO of Deloitte South Asia, with CM Grover, MD & CEO of IBSFINtech, at the inauguration of IBSFINtech's new corporate office in Bengaluru, India (Disclaimer: The above press release comes to you under an arrangement with Business Wire India and PTI takes no editorial responsibility for the same.).
India Gazette
a day ago
- Business
- India Gazette
GCCs critical enabler of India's $1 trillion services export vision, says senior Deloitte official Romal Shetty
New Delhi [India], July 14 (ANI): India holds the potential to unlock an economic contribution of USD 470-600 billion by 2030 through GCCs (Global Capability Centres) and it would be a critical enabler of India's USD 1 trillion services export vision, Romal Shetty, CEO, Deloitte South Asia, said on Monday. Speaking at the CII GCC Business Summit, Shetty said India currently hosts approximately 1,800 GCCs. 'With the right policy environment, ecosystem support, and coordinated action, there is a realistic aspiration to scale this to 3,400-5,000 centres over the next few years,' he said. He said 67 per cent of Fortune 500 and 77 per cent of Forbes Global 2000 companies are yet to setup GCCs. Mid-market companies (USD 100M-USD1B in revenue) contributed to 35 per cent of new GCC setups over the last two years, Shetty asserted. 'This growth could enable the sector to support 20-25 million jobs by 2030--up to 5 million direct, and the remainder through indirect and induced impact across real estate, supply chains,' he said. 'It also holds the potential to unlock an economic contribution of USD 470-600 billion by 2030, factoring in direct output as well as ecosystem-level effects. This would position GCCs as a critical enabler of India's USD 1 trillion services export vision.' GCCs are also evolving into innovation hubs, he said, adding over 70 per cent of GCCs now focus on digital product development--not just service delivery--necessitating proximity to innovation ecosystems. Referring to Indian startups as key co-creation partners, he said 1.8 lakh+ startups and 100+ unicorns strengthen the provision of a vibrant innovation pipeline for GCCs to source frontier solutions. GCCs are offshore facilities set up by multinational corporations to manage a variety of business functions and processes for their parent organisations. (ANI)
