Deepak Singhal, Regional Director, RBI and other luminaries from across industries speak at the summit and give insights into the impact of current economic scenario across sectors
The JRE School of Management hosted a Banking and Finance Summit. The Summit was aimed at offering management students a better understanding of the factors responsible for the current negative economic scenario and its impact on various sectors like banks, automobiles, oil etc.
The event saw eminent speakers from industry speak about a range of issues impacting the current scenario and also offer valuable tips to students for their careers ahead. Sharing some of his own experiences at the summit, Mr. J.J. Irani, Member of Board of various TATA companies, said, “I think it is very important for students to have at least a year’s experience in the industry before joining a management college, this way they will know the difference between the outside world and the classroom and hence prepare accordingly. Once you embark on your career journey, it is important to be passionate about what you do and put the society’s growth first.”
Speaking at the event, Mr. Deepak Singhal, Regional Director, RBI, said, “The banking sector needs fresh talent more than ever before today. The country has 25 private banks, 40 foreign banks and 26-27 public banks with around 11 lakh employees. From a once healthy contribution of 30 per cent to the GDP, the banking sector is now contributing a meager 2 per cent. We need young and passionate bankers to take this figure back to where it was or maybe higher.”
Other speakers at the event included Mr. K.N.R. Verma, MD, PNB Investment Ltd.; Mr. Ashish Sethia, Country Manager, India, Bloomberg, New Energy Finance; Mr. Nikhil Madgavkar, CFO, Mother Dairy; Mr. Satish Jha, Chairman, Pinewood Partners, Founder of OLPCI Foundation; Mr. Ajay Bohora, CEO and Co-Founder, Cradila; Mr. Narendra Kumar, Group CFO, VLCC Healthcare Ltd.; Mr. Rajesh Sharma, Partner Singhania and Partners LLP and Mr. Shailendra Bebortha, MD, REC Group, Norway.
Speakers talked about various factors impacting the current economic crisis in India and possible measures that could help improve the scenario. The experts unanimously agreed that the prices of commodities will be held in check by tighter monetary policies already in place. Inflation in FY2013 is expected to be 6.5%, somewhat lower than the 2013 forecast of 7.2%, owing to much weaker growth that has eliminated pricing power and forced businesses to absorb higher costs by trimming profit margins.
The speakers also participated in a panel discussion titled ‘Sectoral Impact of Economic Crisis’. At the center of discussion were the implications of on-going currency crisis for respective sectors. The panelists gave an insight into the strategies adopted by companies to sustain themselves in the volatile market situation and the initiatives taken by the government to stabilize the economy.
The symposium also saw the finale of an intra-college competition where finalists made presentations on different aspects of the current economic situation and possible solutions.
Talking about the ideas presented by students as a part of their presentations, Mr. Nikhil Madgavkar, CFO, Mother Dairy, said, “It is great to see these young minds present such well-though out ideas and have such a deep understanding of the economic scenario.”
Talking about the symposium, Mr. Harpreet Singh, President- JRE Group of Institutions, said, “Today’s summit was a part of JRE’s defined exposure programme for our students. Our aim is to build skill sets of our students and enhance their knowledge so that they are prepared to take on the world and lead organizations through powerful, informed and innovative decision-making. Interactions with the industry experts facilitate this goal.”