New Delhi [India], October 13 (ANI): Technology-driven disruption, escalating geopolitical conflicts and mounting government debt are emerging as major risks to the global economy, while improvements in India's infrastructure and investment environment are supporting its growth prospects, Blackstone President and Chief Operating Officer Jonathan Gray said.
Speaking during a panel discussion titled ‘The End of Predictability’ at Bloomberg New Economy 2026, Gray said technology would define the current era, with artificial intelligence and superintelligence expected to transform consumers, businesses and governments. He also highlighted India's progress in attracting foreign investment, citing improvements in infrastructure and dispute resolution.
“The biggest thing will be technology, technology because I think that's the thing that's going to define this era,” Gray said, comparing the potential transformation with the Industrial Revolution in the United States between 1870 and 1900.
On India, Gray said improvements in infrastructure and dispute resolution, along with the government's openness to foreign investment, had contributed to an acceleration in growth. He said sectors that had largely been closed to foreign investors two decades ago had since opened up.
Gray said governments facing fiscal constraints could support growth by making it easier for foreign capital to enter their economies through simpler rules, greater clarity and more reasonable tax policies. He cited Japan's efforts to attract capital and allow public companies to be taken over, adding that similar trends were visible in the Gulf region.
Gray further said Blackstone will focus on electricity, digital infrastructure, defence and life sciences as AI adoption expands into physical applications. “The autonomous vehicle, the robots, all of it's going to use electricity,” he said, highlighting rising power demand.
He also expects AI to drive healthcare innovation, saying its “benefits to human health are going to be the number one thing that's going to come from it.”
Participating in the panel, Natarajan Chandrasekaran, Chairman of Tata Sons, said the near-term effects of technology, including its potential misuse by bad actors and the restructuring of labour markets, would be significant concerns. While he expected technology to be highly beneficial over the medium to long term, he also flagged the risks posed by ongoing wars.
Gray separately warned that another risk is “the lack of fiscal sustainability in western governments”. Rising debt and demand for capital from AI investment and wars were adding pressure, while governments with debt exceeding 100 per cent of gross domestic product could struggle to respond to future shocks.
Former UK Prime Minister Rishi Sunak pointed to growing geopolitical uncertainty as the global order changes, with the United States and China competing across economic, military and technological fields. He said countries such as India and those in the Gulf were increasingly charting independent courses.
Sunak cited 61 state-based armed conflicts worldwide and warned that economic security was becoming inseparable from national security and technological strength, describing the situation as a “cocktail of risks”.
The panel's remarks underscored the importance of technology, geopolitical stability and sound government finances in shaping future investment decisions. Gray's comments also highlighted the role of clearer policies and easier access to foreign capital in supporting India's growth. (ANI)
Blackstone COO flags tech disruption, geopolitical conflicts as global risks; says India’s investment climate improving
