HYDERABAD: While governments have a big role to play in innovation, there comes a point where governments will have to step back and let free markets do their jobs, according to a high powered panel which included the likes of Wipro CEO Abidali Neemuchwala and Cap Gemini chairman Paul Hermelini. Speaking on the role that governments could play to stoke innovation, Neemuchwala pointed out that the government has a critical role in some aspects, like convening the industry in times of trouble -- like the issues with anti-globalisation feelings playing spoilsport with global supply chains currently.
“A positive, minimal government awareness and proactive regulation is important,” he said. Expanding on Neemuchwala’s statement, Hermelini observed that the government had a role to play, but that innovation should not be killed in the process. “I think that there is room for the society to regulate a few things -- like data and cybersecurity,” he said, pointing out that societies are asking companies to agree to certain rules in these spheres. Companies and professionals need to be involved in the democratic discussions too, Hermelini added.
“Frankly, the last round of elections were about globalisation — like the Brexit referendum, the presidential elections in the US and France. But, the next round of elections will be about automation and AI,” he said. “If we in the profession do not come to the society with something clear, where people feel that they are considered, then we should fear the next round of elections. If it is our duty to protect democracy and free markets, then we need to be ready to contribute to the next democratic debates.”
But, while societies through governments have a role to play here, Neemuchwala warned that there are both good and bad possibilities. Because, governments have a lot of ability to “to pick winners and losers”. “There is a place in innovation and business up to which the government is welcome. But, beyond that, it needs to step back and let democratic and free market value play themselves out.”