Mr. Venu Srinivasan, Chairman and Managing Director, TVS Motor Company, has said: “We are facing uncertain times owing to slowdown in the Indian economy and the global volatility. Unemployment, especially educated unemployment, is ‘tearing the fabric of Indian society’ ”.
Making this statement in his inaugural address as the Chief Guest at the annual convention of the Madras Management Association (MMA), with the theme ‘India 2015 – Restoring confidence, regaining momentum’, held in Chennai, Mr. Srinivasan observed that the crisis also offered opportunities for the Government and the managers. The latter might not be able to control the wind or waves, but they could steer their vessel well.
There are lessons to be learnt from those who had emerged winners from such difficult times. These lessons included “thoughtful caution by aggressively managing costs and cash, hedging the risk, and focused investments into big bets. These principles “will pay off when the economy rebounds”.
Mr. Rajat Gupta, Director (Senior Partner), McKinsey & Company, said that there is greater need for ‘inclusive reform’ focusing on non-farm job creation, increased farm productivity, more effective social spending and improved efficiency of public spending. These four factors would act as drivers of growth to improve the living condition of about 700 million of India’s population. Further, there should be a national agenda to create 115 million jobs and double the farm productivity and basic services spending in the next 10 years.
More than 1,000 existing industrial clusters could be ramped up with targeted government investment. The Government should catalyze job-oriented investments and create essential enablers, he added.
Mr. Srivats Ram, President, MMA, and Managing Director, Wheels India Ltd., in his welcome address, said the Indian economy is witnessing a prolonged period of industrial sluggishness and slowing investment. It is feared that the industrial and overall economic growth could be further impacted. However, the future of Indian business is promising and India would move into a brighter future.
Mr. Raju Venkatraman, Convention Chairman, Senior Vice-President of MMA and Founder-Chairman and CEO, Medall Healthcare P. Ltd., said India would become a strong player and its growth would definitely stabilize.
The sessions had speakers like Mr. B. Santhanam, Managing Director, Saint-Gobain Glass India Ltd., Prof. Dr. Bala V. Balachandran, J L Kellog Distinguished Professor and Founder Dean, Great Lakes Institute of Management, Mr. S. Krishnan, Principal Secretary (Planning and Development) Government of Tamil Nadu, Mr. L. Ramkumar, Managing Director, Tube Investments of India Ltd., Mr. Rajiv Narang, Founder Chairman and Managing Director, Erehw on Innovation Consulting Pvt. Ltd.
The valedictory session was addressed by Mr. Vinod Rai, former Comptroller and Auditor-General of India. He also presented awards to the winners of the 17th MMA competition for young managers.