This speech insight is basically the speech I delivered online as chief guest at an Event UTCHRISTA at CHRIST University, Bangalore in the Month of March 2022. Because of the technical glitches, I could deliver the speech online partially only. However, here I will present the content of the entire speech. The speech specifically highlights the role of management in any country’s economic development. The speech insight briefly touches upon the areas such Economy, Industry, Management and The Fest/Event Theme “Beat All Limits in the Area of Management” such as being Best CEO, being Best CFO, being Best Business Plan Developer, being Best Marketing Manager and being Best Logistics planner. Please focus on the following areas:
1) Economy: In any country, the size of the Economy and Structure of the Economy are most important. India being $3.22 trillion economy in 2022, 18% of the economy is contributed by Agriculture sector, 33% of economy is contributed by Manufacturing/Industry, 49% of the economy is contributed by Services Sector in the Country. Two factors are major Strengths of Indian Economy; they are Diversity of the Economy, and Less Debt to GDP ratio. Historically policies such as Privatization, Liberalization, and Globalization helped the growth of Indian Economy. Multiple players entered into market with more choice of products to consumers. Growth of FDI also helped the economy and employment generation in the country. FDI indirectly transferred technology to the country, helped improving skill level of the country in high technology, IT/ITES, Electronics and automobile sectors. Export-Import business is contributing around 23% to Indian GDP. The Economic Cycle has proper shape in the country; and it is proven in the recent times; right economic interventions brought the economy on to track. During Recovery, Many IT companies started giving significant wage hikes to employees in 2022. 2022-23 budget focus shifted to most effected sectors in the recent past such as Tourism, hospitality industries, much needed healthcare sector developments; and infrastructure sector attracted the continued focus. Some parts of the country could see the benefits of the programs such as “Swatch Bharat”. Over a period of 75 years, establishment of the institutions such as RBI, SEBI, NSE, BSE, Banks, LIC, GIC, Public Sector Manufacturing Organizations, and the CSIR Laboratories played major role in different sectors development; cumulatively helping the Indian Economy. The Liberty given to private sector could successfully setup and establish knowledge-based industries in the country; which were experiencing double digit growth rates for decades.
2) Industry: Now let’s come to Industry. Historically, India has got more than 30 different industries in the country; particularly the industries such as Retail, IT Industry, Automobile Industry, Pharma industry, etc. IT, Pharma, and Textile industries are also export oriented industries in the country. The market capitalization of all these industries could lead to 110% of country’s annual GDP. Growing investments (both domestic and FDI-Foreign Direct Investment), Programs such as “Startup India” is contributing to increase the Unicorns in the Country. This phenomena is more in the recent past (2021-22). Some of the industries (Software, hospitality industry) are Human Intensive and Some of the industries such as Construction and Infrastructure are Material Intensive Industries. With the growing economy, market research in different areas, understanding the Customer more is leading to new product developments in the country. The growing spending is increasing the Demand and different micro economic factors are keep getting adjusted based on the increase in demand and supply in the industry. The recent scarcity in supply of raw material in different sectors pressurized the manufacturers to increase the production levels.
3) Management: The new economy industries (e-startups) could develop innovative Business Models, varying strategies, new ways of Structuring Organizations (Project Oriented Organization Structures, Gig Structures) entered into even established organizations. Growing Product Portfolios in all sectors (because lot of innovative thinking, research went in during 2022-22 across the country and the world), lead to innovative Marketing strategies, identification of new channels of distribution, and increased competition not only domestically, but also globally (Eg: auto makers, pharma manufacturers). Innovative HR practices, HR planning and development (in recent past different sectors re-skilled their employees using several e-learning tools). Organizations instead of reinventing wheel, making decisions to make or buy. Technology based project management, artificial intelligence based task allocations is the trend related to managing projects in several industries. Vendor selection area has matured in several organizations, with the increased number of suppliers in different sectors (including space science, drones sectors, and aeronautics).
4) Theme of Event “UTCHRISTA”: Now, let’s come to the Theme of the Event, here several focus areas are there. They include:
i) CEO: if we could see the leadership coming from west, leaders who could successfully create market capitalization, products, wealth and build organizations/ventures include Jeff Bezos, Richard Branson, Alen Musk (who could build from scratch); and in established Organizations such as GE-Jack Welch, Jim Immelt, etc. can be looked at.
ii) Stocks/Equity Markets: comprise shares, mutual funds, different dividend giving instruments are part of the economy; with respect to shares, bonus/split/buy back/rights issue is quite common in listed companies. New Sectoral Funds, ETF-Exchange Traded Funds, ELSS-Equity Linked Saving Schemes, Index Funds are being introduced by several fund houses. Index funds could better results in US for over 30 years (with lesser volatility).
iii) Marketing: When we talk about Marketing, we should mainly focus on Marketing Strategies, Distribution Strategies, approaches to handle Competition, Product Promotion, Clarity in Marketing Mix (4Ps of Marketing-Product, Price, Place, Promotion), Doing Market Research before product launch into market or even before developing new product. Because Marketing Research gives several ideas/inputs to set the direction for the entire business/product development. Customer Segmentation and targeted selling is very important.
iv) CFO: Current day finance learners can get insights from CFOs, investment decisions, capital budgeting decisions, and financing strategies. Now-a-days several new avenues of financing are entering into industries.
v) Logistics: Developments related to Supply Chain Network Management, Routing Algorithms, automation, and technologies such as RFID (Radio Frequency Identification), GPS (Global Position Systems) are emerging in delivery approaches and logistics.
vi) Business Plans: Current day VCs (Venture Capitalists) are funding the startups delivering value to customer, developing unique products, having multiple sources of revenue, and have different pricing models. Even these VCs are re-branding the products and taking to new markets.
Hope you enjoyed reading it.
Dr.Goparaju Purna Sudhakar
- Sudhakar, G.P. (2012), “Event: UTCHRISTA”, at CHRIST University, Bangalore, March 08, 2022.