The global economy is being tested by a wave of shocks that are no longer coming one at a time. Current geopolitical tensions, energy disruptions, climate risks, fragile supply chains and emerging technologies are creating a more uncertain environment for governments and businesses, forcing a rethink of how economies prepare for and absorb sudden disruptions.

Held under the umbrella theme ‘Resilience in an Age of Flux’, the plenary session focused particularly on the challenges facing India, from its dependence on imported energy to its exposure to climate related risks and global supply chain disruptions. Chaired by Nicholas Stern, IG Patel Professor of Economics and Government, and Chair of the Grantham Research Institute and Global School of Sustainability at LSE (London School of Economics and Political Science), the session featured a keynote address by P K Mishra, Principal Secretary to the Prime Minister, with Michael Greenstone, the Milton Friedman Distinguished Service Professor in Economics at the University of Chicago as discussant. All speakers underlined the growing importance of diversified supply sources, stronger domestic capabilities and investment in resilience, while retaining the benefits of global economic integration.

Professor Nicholas Stern said India is particularly vulnerable to climate change because of its geography and exposure to extreme weather events. Pointing at the risks from cyclones, floods and droughts, as well as the potential impact of a weakening monsoon on agriculture and economic activity, Stern said, ‘The response must simultaneously focus on investment in resilience, emissions reduction and development.’