Narendran pointed out that the global steel industry contributes 8 per cent of the total emissions and the governments in Europe are discussing green steel with the industry.
“There is cost of not changing also,” he said while speaking on the future of business at the 50th National Management Convention.
He said that the way steel is made is changing and will change further, as the industry is putting up new plants where the energy sources are and not where the iron ore mines are.
He said that the availability of hydrogen as a fuel and reductive is the key to reducing dependence on coal, adding that scrap will replace ore as the main input.
Narendran said that data is helping change the steel industry as it is enabling remote production and new ways of serving customers. Digitalisation is also helping the steel companies attract best technology talent, as the young managers are required to work with data and not walk the shopfloor, he said.
Ronnie Screwvala, Co-founder and Chairperson, upGrad said that today even 35-year olds worry about becoming irrelevant, as those who are not among the top 50 per cent employees cannot take their job for granted.
“Five years ago, employers looked for people who could solve problems whereas today they look for people who can spot problems,” he said.
Screwvala advised CEOs to create a staff of young people to provide insights about technology, product, and consumers because the normal executives may not volunteer to provide critical insights.
He suggested focusing on the changing wallet share of the young consumer and the AI opportunity.
Forecasting the biggest business trends for the next 10 years, Screwvala listed AI, skilling and care as the most promising sectors for investment.
“India’s population will age and there will be a billion consumers for the care sector,” he said.
The session was also livestreamed on AIMA’s social media channels.