IMA’s 26th International Management Conclave
Indore : One of the stalwarts of Indian manufacturing industry, L&T group executive chairman AN Naik said here on Saturday that youth of the country have limitless possibilities in the country and they can achieve anything. He said that if youth want to be a leader, they must be an all rounder in every field.
Naik was addressing a mammoth gathering of management gurus, scholars and future managers at Abhay Prashal on second and concluding day of Indore Management Association’s (IMA) International Management Conclave.
Business tycoon Naik was conferred life time outstanding achievement award of IMA. Addressing the gathering after receiving the award Naik shared his corporate journey, which he started as a junior engineer in L&T Naik told youngsters that devotion along with passion conquers everything and youth must take bold steps in order to succeed. “Have an urge to do the best in what you undertake. With devotion, passion, conviction and dedication, you can beat anybody,” asserted Naik. He said that youth must be a part and parcel of making of India. “Don’t be crazy to run abroad. Let us all create, innovate and move forward,” he added.
Future banking will be shaped by technology
SBI national banking group managing director Rajnish Kumar highlighted future of digital banking in India. The senior banker said that previously everything was manual, even telephone system was virtually nonexistent. In mid nineties private banking brought modern technology in banking Industry. Referring to technology banking he said that digital banking is all about data intelligence, artificial intelligence and robotics and to provide customer a unique experience. Technology has power to predict cash flows and analyze behavior of borrowers. Risk management has improved for banking but still we face Forex risk, operations risk and asset liability management. Summing up he said Indian consumers are now more digital than ever and our future will be shaped by technology and driven by financial inclusion.
Every word has meaning and meaning has expression
For Devdutt Pattanaik, author, speaker, illustrator and mythologist every word has a meaning and meanings have expression. There is a limited truth (mithya) or limitless truth (the truth). Pattnaik elaborated, “Everyone has finite knowledge and understanding, which is a very important thing in management. We often don’t value our intuitions. Instead we try to be rational and professional rather than valuing imagination and creativity.” Pattnaik said that focus gives way to perspective and complexity is an essence of Indian thought. Every individual has an expiry date; just accept it whether you are a service provider or entrepreneur.
Panel discussion on start-ups
A panel discussion session on “Startups: Decoding growth engine of modern India” was conducted. The speakers included, Kanika Tekriwal, founder, JetSetGo Aviation Services Private Limited, Amruda Nair, joint managing director and chief executive officer, Aiana Hotels & Resorts, Subramanian S Kalpathi, author and senior consultant – People Business and Shreyasi Singh, author and director, Careers & Programme Development, The Vedica Scholars Programme for Women.
Earlier on the second day conclave began with lightning of lamp followed by welcome address by conclave chairman and IIM director Dr Rishikesha T Krishnan.
Budget is populist rather than popular
In the first business session of the day State Bank of India group chief economic advisor Soumya Kanti Ghosh while decoding the budget, declared it populist rather than popular. He emphasized on fiscal consolidation to be of paramount importance for economy. He spoke on Indian industry, agriculture, banking and housing sector, among other topics. Ghosh said, “Budget has added a new target for Indian economy and skill India initiative is playing crucial role for development of Indian youth.”
Need to increase utilisation of industry
Second speaker of the session HDFC chairman Deepak Parekh addressed the gathering on ‘Future of India: Challenges and opportunities’. He said that there can be nothing more encouraging than a common platform which brings corporate and students together. “There is lot of changing dynamics in the world but we are the largest growing economy. There are four engines of growth in India which are public spending, private consumption, private sector investment and exports. We need to increase utilisation of industry working”. He added, “India is a consumption driven economy. Exports are showing a downtrend. Only 2% of India’s population invests in equity which is quite low.” Parekh asserted that to build an inclusive society, create jobs, improve court infrastructure, build tax compliant society and ensure freedom of speech.
5 success mantras of L&T boss Naik
l Be fearless. An insurmountable amount of problem can be solved by being fearless
l Education should be simple but intelligent application of that education is important
l Always work as team
l Don’t have an inferiority complex
l If you have passion, no one can beat you
