New Delhi, May 9 (IANS): Geo-political challenges are continuing to alter established supply chains and companies are rebalancing their supply chains to address both resilience and efficiency, Tata Consultancy Services (TCS) Chairman N. Chandrasekaran has said.

New global supply chain ecosystems are being created, with "India playing an important role in advanced manufacturing", he mentioned in a letter to the shareholders on the company’s annual report for the fiscal year 2024.

After two years of recessionary fears, persistently high inflation, and unprecedented monetary tightening, the global macro-outlook looks relatively better now with improving growth, disinflation and monetary easing in sight, Chandrasekaran elaborated.

"Advanced manufacturing, new technologies like AI, new energy, data and business models are changing the future of work and are compelling new skill-sets to be built for the future," he mentioned.

In FY24, TCS crossed annual revenues of Rs 240,893 crore, a growth of 6.8 per cent, over the previous year.

The growth came at an industry-leading operating margin of 24.6 per cent, an increase from 24.1 per cent last year.

Highlighting the role of generative AI, Chandrasekaran said as the global environment around the world continues to go through significant shifts, generative AI technologies will impact almost every sector and country going forward.

"GenAI will not only improve productivity, but also create an impact we hitherto have not seen or imagined," he said.

Across industries globally, there are multiple mega trends that are shaping the priorities of businesses.

"AI, New Energy, Supply Chain and Talent will require substantial investment in technology across industry sectors," said Chandrasekaran.