Saturday, December 15, 2007

GLIM directors, faculty, students and more

Met at L'Attitude 13 05'... of Great Lakes Institute of Management, Chennai

1) V. Sankaran, Director
2) R.S. Veeravalli, Director-Corporate Initiatives and Exec MBA
3) Swaminathan Murthy, Director-Placements, Associate Director-PGPM
4) Venkatakrishnan, Professor of organisational behaviour
5) B. Hariharan, Director (Also, President & CEO, Valgen Business Solutions P Ltd)
6) Thomas C. Anderson, Associate Dean, Stuart School of Business, IIT-Chicago
7) Paul R. Prabhaker, Associate Dean, College of Business, Northern Illinois University
8) T.P. Anand, Head-Strategic Planning, Marg Constructions Ltd, Chennai
9) P. Sreedhar, AGM, Oriental Bank of Commerce, Chennai
10) Arun Kumar, Vikram Singh, Shrima, Ram - SRM students

December 14, 10 am to 12 noon

1 comment:

Murali said...

Transcript from GLIM

Welcome address by Dr. Bala V Balachanderan

Dr. Bala Balachanderan, delivered the welcome address during the inauguration of the 2 day Inter-collegiate business festival “L’attitude 13’ 05” “. The Chief Guest for the day was Prof. Thomas Anderson – Associate Dean, Stuart school , IIT Chicago. Mr. Shailesh Rao, MD, Sales & Operations, Google India and Dr. Y.V.Reddy, Governor of RBI were the other guests present. Dr. Bala recalled how he was inspired by Dr. Ravi Mathai and others who were instrumental in setting up the Indian Inst. Of Management (IIM) at Ahmedabad during 1960s to contribute towards creation of similar Management institutes . After having been a part of the core team which created the well known programs at MDI and ISB during 1990s, he decided to create such an institute of excellence at Chennai he said.

Dr. Bala along with the Chief Guest and the other guests formally inaugurated the festival by lighting the holy lamps. The inauguration function was followed by key-note speeches by Dr. Thomas Anderson and Mr. Shailesh Rao. Dr. Y.V.Reddy also joined the function after inauguration and delivered a power talk on the trends of Indian Economy, its performances over the past few decades and the outlook for the future fiscal and monetary policies.

Earlier Dr. Bala said that the idea behind such a festival is to provide a common platform for eminent scholars from various walks of life to interact and exchange ideas and for the students to keep themselves abreast with the experts’ views on current trends. He also acknowledged the contributions of Mr.Darsh Wasan –VP, IIT Chicago - Illinois who inaugurated Great Lakes’ EMBA program, Dr. Paul Prabhaker from Stuart Business School – IIT who has been constant source of strong support, the college administration team and several others towards the creation and building of Great Lakes Inst. of Management.

Outline of key-note speeches by Guests

Mr. Shailesh Rao - MD, Sales & Operations, Google India

The importance of innovation – Innovation is increasingly critical to everybody’s success and future growth.
Great opportunities for growth available to the current youth of India. The “Youth dividend” is paying off well and the current economic growth is propelled by it. Youth are the epicentre of India’s growth for the next 50 years.
Innovation model of Google – count on nothing else but change; Environment is ever changing. There is no tedious process of thinking, project approval and unnecessarily long development cycles. Being sensitive to everyone’s ideas and changing environment and ideas are quickly taken to market launch.
The “topple rate” – rate at which a company experiences a downfall from good performance or even the vice versa is shortening. Example is the rise of “youtube”. The growth of Youtube from a small time company to the largest video sharing platform took only about 9 months. Mckenzie has come out with a detailed report on this phenomenon recently.
Cost of starting a business is becoming less. A small space, a few computers and fewer than 5 working members are sufficient to start a business these days. But the thinking process for a business success is not up to mark for many of them. Some advices to entrepreneurs :
Avoid audacious risk taking and over innovation
Work on how one can function as people managers in future as the company grows and how to serve as teachers and mentors to the careers of people whom he/she employs.
Have a holistic approach and be effective.
Don’t put all efforts in one drive only.
The youth need to realize that India is probably the best place to be in currently. They need o develop themselves in order to grow in India and at the same time go global.
Dr. Y.V.Reddy – Governor, Reserve Bank of India

Dr. Y.V Reddy presented an overview of some of the salient features of Indian economy. The lecture was amply supported by some interesting statistics as exhibits. Following are some excerpts from his lecture.

The turnaround of Indian Bank – The overall performance has greatly improved; Gross Non-Performing Assets have decreased greatly. In 2002, it was considered a “bail out” operation when the government backed the IPO of Indian Bank. But the shares have since been performing exceedingly well and the government has actually made a “killing” through it.
Global economic imbalance – It is not the trust of people in banks that has been lost, but it is the mutual trust between the banks which has been lost. Most of the international financial institutions have suffered including those with the best of risk management setup. On a relative scale the Indian banks have considerably done well.
The GDP growth trend since 1960s, apart from the year of 1971 and 1991-92, has been decent and has gained a lot of momentum in the past 5 years. The growth has been a self-sustaining one and not an accident.
Same is the trend with inflation. CPI and WPI are within control and the target is to contain them within 5%. Rarely has there been double digit inflation and when they were observed, they were mainly due to Gulf crisis in 1991-92 and patches of drought periods. It has justified the planned growth of the past 50 years.
India is moving towards stability. The foundations laid in the form of IITs, IIMs and other educational institutions have started paying off.
Current account situation is improving and the fiscal deficit is coming down. For a country like India, fiscal stability alone is not sufficient, but it should also facilitate higher developmental activities.
Globally there has been a lot of financial imbalances due to sub-prime crisis. But India has contributed successfully to even the balance. India has been the best of emerging economies in terms of resilience.
The investment percentage in India is lesser than other developing nations but the equivalent growth has been higher. This shows the better capital productivity of Indian economy.
With the positive growth and controlled inflation, it is also necessary to keep a watch on the global disturbances. The volatility has to be controlled. Monetary policies are to target inflation of 4-4.5 % in short-term and at less than 3% later on for maintaining price stability.
Some international ratings have indicated India as a risky economy in spite of the above facts. It is mainly due to the reason that, principles of these ratings are more prone to Latin American countries and miss out some characteristic features of India.
Textbook macroeconomic indicators may indicate that Indian economy is not sound. But the effort of RBI and the government has been to curtail volatility and assure stability rather than aggressive growth which has become the “Global signature value of India”.
A lot of attention is paid to control the exchange rate also. RBI has tried to curtail drastic appreciation or depreciation is face of transient disturbances. These days high priority is being applied to exchange rate stability to ensure global competitiveness.
RBI’s medium and long-term plans are sufficiently equipped to take advantage of the “demographic dividend” and skilled manpower. The focus has been on strengthening fair and equitable business and faith in business. The students should be entrepreneurial, treat Government as friendly agent and not as opponents.
Q&A session
What efforts have been taken to improve agriculture? – The state of agriculture is indeed in a precarious position in terms of per capita GDP growth rate of 1% which is 8 times less than other sectors. But so many people have come out of poverty in recent times within a short period. One major reform has been the financialization of food commodities. Food supply has been encouraged due to growth in demand which in turn is fuelled by overall growth. Credit advances to agriculture has been more than doubled and subsidies have also been increased. But there are challenges to implementation which are being slowly overcome.
What efforts have been taken by RBI to develop suitable financial instruments to fully utilize the growing foreign exchange? - Simple financial growth is not sufficient and it should be supported by real sector growth. The priority has been to maintain price stability, control inflation and at the same time fuel sustained growth. The recent move is towards “Global financial integration”.
MR N.R.Narayana Murthy’s text of the speech.

As I stand here I see an extraordinary time for India. Never before in the last 300 years did India receive respect from the world community as we have started seeing it happen. Never before did foreigners think India had something to contribute to the global community other than spices. Our economy is growing pretty well by global standards and our foreign exchange reserves are becoming fatter and fatter. Our foreign direct investment is growing faster and faster, our stock exchanges are doing pretty well. There are more billionaires from India across Asian countries,More billionaires than most countries today. All this is good, however we have another picture of India which is very unsettling to our mind. We have the largest mass of illiterates in the world. 350 million Indians cannot read or write. Most countries have reached literacy levels of 90% while we at 65%. About 215 million Indians almost the size of the population of US, do not have access to safe drinking water that you and I have use. About 750million Indians do not have access to acceptable sanitation facilities that most people in the civilised world would like to have. We have created a political system where there is greater incentive for our people to be illiterates. Not all is lost sure we have serious problems but at the same time, for the first time in 300 years we have created an environment where we can stand and say, we will solve problems for the entire country by bringing inclusive growth. We are in a position to say that we will bring, acceptable levels of education and health care to every child. We will bridge the gap between rich and poor, urban and rural, educated and not so educated.

We are in this problem because, I see this environment, I smell this environment, I breathe this environment when I am with youngsters , particularly with students , but not with CEO’s, bureaucrat s, politics and older people of my generation.

We have created an environment where we take small bright confident youngsters who are ready to take on the world and convert them into despondent unhappy hopeless individuals by the time they reach 40, but as I said before, I do see environmental changes that tell me that the youngsters of today, 100’s that I see here in this auditorium, I believe that you people will reverse the process and accelerate move towards creating towards one set, hope minded, confident and will make a difference to world and country.

I do see 20 years from now a set of 40-50 yr olds, who will be different than the current 50 year olds, with exceptions like Bala Balachandran, but the exceptions would become norms rather than exceptions. That responsibility lies with you, that opportunity has been given to you, I was not given that opportunities when I was a student in 60’s. As people who have come into this country at an extraordinary country, you have tremendous respondents to redeem on that front, you have tremendous hope resting on your performance. What is that you need to do, to make sure that India of the 2020/2025’s is different from the India of the 80’, 90’s, you have already started on that journey. You have to work on that inertia to work and form inertia of the mind and in some sense you have that.

The first step for a resurgent India is to become open minded, is to accept that we have miles to go before we say we have arrived. It Is to admit that there are cultures,h races that have performed better than us, subordinate our egos, and that we will interact much better than we have, open arms, we will go abroad, mix with them, understand their good habits and why they have succeeded. We will adopt practises, improve on some and make the next best practices.

Unless a mindset is open, it is unlikely we will succeed. The difference between Mind and Mindset is that Mind is the engine of progress, takes decisions to move forward while Mindset is the set of belief, assumptions tell the mind, that you cannot next step forward.

People who defeat the diffidence and old mindset and change the mindset to taje the next step forward to make t possible. Only when you overcome your mindset, and are willing to accept fresh ideas, will u be in a position to bring about change in the environment.

The 2nd attitude i want in all youngsters to keep in mind. In the journey of transforming the country the basic thing to understand, is to accept the needs to use data in parts to arrive at conclusions.

It was that in mind that when we started Infosys 26 years ago, if we need ideas, we will create hierarchy of ideas than of men, an environment of meritocracy of ideas. We have to start every transaction from zero base.we have to ensure that everybody in the organisation is confident to say ‘This is my idea and I want it to be tried out”. Every idea should be based on data , merits and it enhances confidence of the youngsters. Even if a youngter doesn’t succeed, he should be able to look back rationally and say “I did not succeed because I don’t have proper data/facts there”

Quite often I find that most people of my generation make announcement without data or facts. The US India nuclear deal is an example, where most politicians start taking sides, as most don’t know data. People take stands...and very few in India can give facts. The point I am making is that inference should be made rationally. Don’t make decisions based on perceptions and ego, go for analysis based on data and facts, in the end every body is happy.

Some of you will become politicians, bureacrats, CEO’s, go abroad, academicians,

Those of you who will become politicians should inculcate integrity of thought. Quite often i find that politicians take opposite stands. What is the reason if i ask, why data is changing in this circumstance?Some times politicians change stances while the government changes request to you future politicians is to have integrity of thought

Those of you who will become a Bureaucrat - This is the time when you contribute is most needed to reduce friction to business, to enhance quality of governance; and make sure that all programmes to make life better are implemented at the right cost and time.

Rajiv Gandhi once said in the 1980’s ” How every rupee, which is supposed to help the poor, only sees hardly 15 paise reaching them”. Other day I was with a politician and he says that this figure has come down to 5 paise today, this is not the way to make life better or make inclusive growth,. You will have opportunities to change, and make India a much better nation.

Those who become CEO’s- You have to follow the finest principles of corporate governance. Unless you can attract or follow corporate governance, you can never attract best quality customers, employees and you wont get respect from govt or society, as only if that happens will it ensure longevity for the corporation.

Those of you who go Abroad: it is not wrong, or bad. I am of the opinion that of those people a certain % of competent Indians have to cross Indian shores. Go to new lands, conduct yourself as the model for the societies and add significant value. One should make the foreigners say, make them say we want more and more Indians , honest peaceful people, add value to the society. Never do anything that will remotely cause damage to the country.

You are at a time when new mindset is setting, tremendous confidence; much needed inclusive growth that the country is talking since independence. This is not an oppurtunity that will come to any generation. If you goof it up, it will have serious implications. posterity will not excuse you. This is the time you show your commitment, hardwork and smartness. We need to satisfy our founding fathers .