Now let’s have a brief overview of Indian Economy and Industry. India has seen 7.2% GDP (Gross Domestic Product) growth rate during FY2019. By FY2021, India is going to see GDP growth rate of 7.5%. India is ranked as 77 in ease of doing business in the world. For example, In case of GST, demonetization, as per Govt. of India, there is short term pain in order to gain long term benefits. According to government, in case of GST, there was around 17 years of prior work done towards this target. During 2018-19, India could attract $44 billion FDI (Foreign Direct Investment) in to equity markets. By 2021-22, FDI is going hit $75 billion to India. Our GDP is going towards $5 trillion economy by 2023 (within 5 years). In this regard, following are some of the insights from HMA awards function-June 2019.
Management Need of the Hour: If not completely eradicated, still challenges such as poverty, diseases, and hunger are hunting India. As on 2019, still 25% of population is under poverty line; and 20% are illiterates. The current philosophy of India is:
“Fund Unfunded…….. Reach Unreached………. Recognize Unrecognized”
One way to achieve this growth is through efficient management of private and public sector organizations and achieve coordination between private and public corporations.
Management as a Discipline: Management as a discipline should not be confined to corporate sector only. It should be propagated to rural areas, entrepreneurship, healthcare and education sectors etc. Current trend in the industry is towards technology, new practices, out of the box ideas, and startups. Industry is growing with globalization and liberalization. Recruit young people into the system. Our India age old philosophy is:
“Learning will enhance your earning”.
Selecting Leaders: Appreciating diversity, different languages, and seeking wellbeing of everyone are derived from Indian mythology. For example, Wipro founder Azim Prem Ji gave Rs 52,000 crore just for philanthropy; for himself he uses a second hand car. While choosing leadership, the formula is:
Select -> Correct -> Elect
We should select people based on 4 criteria:
- Character
- Conduct
- Caliber
- Capacity
Industry Trends: Industry and Agriculture are both eyes of an economy such as India. Self-proficiency and sufficiency are required for India. Industry is adding to wealth of the nation. Private sector skills such as automation and digitization are to be used widely in public sector as well. Artificial intelligence, Internet of Things, Block chain, cyber security, hacking, and counter hacking are the areas focused in the industry.
“You if have tension, You cannot have attention”.
Preserving Environment & Problem solving: We should preserve and protect the environment. To handle climate change challenges, use solar power, local water bodies, and tree plantation. For example, currently as on 2019, Indian origin YOGA, is practiced in 172 countries across the world. We have to control and manage the disruptions happening. One philosophy for problem solving is:
Discuss -> Debate -> Decide
Governance: Strong principles of corporate governance are required in the industry. Ethics and values are need of the hour not only for individuals but also for organizations. Information (means data) is required for any confirmation. As one popular saying is:
“IN GOD TRUST; REST ALL SHOULD BRING DATA”.
Some formulae for governance/management of organizations:
Reform -> Perform -> Transform
To become leader in civil society, one should meet people in different sectors such as educational institutions, agriculture, industry, doctors, actors, professionals, culture/music/artists, etc.
Best wishes,
Dr.Goparaju Purna Sudhakar