BWI: Corporate India 2020: Competition; Innovations and Entrepreneurship

Press release from Business Wire India
Source: FORE School of Management, New Delhi
Monday, April 23, 2012 03:34 PM IST (10:04 AM GMT)
Editors: General: Consumer interest, Economy, People; Business: Accounting & management consultancy services, Business services, Education & training, Major diversified industrial groups
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Corporate India 2020: Competition; Innovations and Entrepreneurship


New Delhi, Delhi, India, Monday, April 23, 2012 -- (Business Wire India) -- A brain storming evening session was organized by FORE School of Management, New Delhi, where the Corporate India shared & voiced their opinion on the factors, strategies, policies and attitude, India should adopt in its run to be a globally competitive nation.

From entrepreneurial initiatives and its challenges, policies and governance, roles played by PSU, private sectors and SMEs, economic stability and drifting GDP, and whole lot of issues constraining India's growth was deliberated and thrashed to thread-bare, by eminent corporate leaders in the three hours of enriching session. Special care was taken to ensure that the session is vibrant and interactive by making sitting arrangements designed in U shape with microphones available to each participant.

Speaking on the occasion, Mr. R. C Bhargava, Chairman Maruti Suzuki Ltd. emphasized on the importance of the role played by manufacturing sector for the overall growth of India's economy and said, "India tends to import expensive technology and products which can well be produced in our own country at a much cheaper price if we show competence in research and design and innovation. The current surge in manufacturing sectors in the national economic space is witnessing a wave of growth and is a great opportunity for India Inc. to take advantage of this shift." Referring to the IT sector he mentioned that the IT industry is more of services led we need to have 'products' which can only evolve through innovations. As a nation we are not just good in the services sector but have great manufacturing & product management skill sets.

He also called upon the youth to bring about a change in the mindset and set benchmarks in corporate governance. Talking of innovation Mr. Bharat Wakhlu, Director Tata Services added, "Innovation is about leader who has the courage". Yet as current studies indicate the Indian manufacturing sector is growing at a dismal rate when compared to China though the resources available and factors involved doesn't have significant difference when compared to absolute terms.

For inclusive growth, entrepreneurial initiatives are absolutely necessary but only with support systems and basic security policies in place, the country will be able to see entrepreneurial ventures taking shape in India. Mr. Mohit Goyal, Founder-Director, Indian Angel Network - an organization which promotes ventures and start-ups, said, "New opportunities keep on surfacing and are just waiting to be tapped, guided and nurtured. In such a scenario, management practices and organizational functions need a fresh approach so that these promising opportunities could be seized and explored optimally."

India has to think beyond the conventional wisdom, pyramid structure and organizational hierarchy which are becoming the things of the past. Alliances and collaborations are the ways to beat competition. Evidences suggest that an effective solution lies in the practice of promoting and harnessing entrepreneurial management which permeates at all the levels. Many budding entrepreneurs shift base to Singapore due to better policies supporting entrepreneurial ventures. "There are many countries where a certain percentage of new projects are reserved for entrepreneurs and start-ups but in India projects eligibility guidelines are not in favour of an entrepreneur. We need to have similar policies which would encourage the next generation to be entrepreneurs", added Dr. Chandrasekhar Subramanyam of FORE School of Management.

Opinions and criticisms of GDP's utility as a measure of an economy's health and wellness came to the forefront and after a debate concluded by Mr. Bharat Wakhlu, that while the GDP be may not be the accurate indicator for evaluating the growth and the true measure of the economy, it definitely has its significance when comprehensive market direction is assessed. The session was concluded by Dr. J.K. Das Director FORE School of Management, who said, "The latent energy of our Nation is gigantic, it needs to be allowed to blossom and grow. This is only possible with the positioning of better governance, development through innovation, effective administration in our system. Most importantly, failure should not be seen as a taboo but as an experience."

Foundation for Organizational Research and Education (FORE) is committed to the advancement of Management Education, Research, Training and Consultancy. Incorporated in 1981, as a non-profit institution, FORE has been working with industry and academia for developing new domains of managerial thought and contributing to building leaders in today's global business environment for the past three decades and is consistently ranked among the top most B Schools of the country including CRISIL rating of A***, highest for educational institute providing post graduate studies.

Follow FORE at Twitter @FORE_Delhi or visit www.fsm.ac.in

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Corporate India 2020
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