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CII conference stresses on economic reforms in downturn
MBAUniverse.com News Bureau
Mar 26, 2009
Confederation of Indian Industry
(CII) organized National Conference and Annual Session 09 on
the theme ‘Turning Crisis into Opportunity: The Role of
Governance and Reform’ in New Delhi on March 26, 2009.
The first day of the two-day conference addressed various
sub-themes like ‘Turning crisis into opportunity; Global
economy and its impact on India: The outlook; The emerging
role of public sector in a post crisis economy; Indian
economy: reforms required; Governence: What are the reforms
required; and Agenda for first 100 days of the new
government, etc.
The welcome address at the session was given by CII
President Mr. K V Kamath. Some of the other dignitaries
invited to address the conference include Prof. C K
Prahalad, Paul and Ruth McCracken Distinguished University
Professor of Strategy, University of Michigan; Mr. Venu
Srinivasan, Vice President, CII; Ms. Manvi Dhillon, Resident
Editor & Senior Anchor, NDTV; Dr. Surjit S Bhalla, Managing
Director, Oxus Research and Investments; Dr. Janmejaya Sinha,
Managing Director – India, The Boston Consulting Group
India; Mr. R C Bhargava, Chairman Maruti Suzuki India Ltd;
Mr. Ravi Venkatesan, Chairman, Microsoft Corporation India
Pvt Ltd; Mr. Jamshyd N Godrej, Chairman and MD, Godrej &
Boyce manufacturing Co. Ltd; Mr. Tarun Das, Chief Mentor,
CII; Mr. R S Sharma, Chairman & MD, ONGC Ltd; Mr. Sushil
Kumar Roongta Chairman, SAIL; Mr. Mukesh Rohatagi, Chairman
& MD, Engineers India Ltd; Mr. P S Bhattacharya, Chairman,
Coal India Ltd; and many others.
Addressing the theme ‘Turning crisis into opportunity: The
role of governance and reform’ Prof. C K Prahlad said,
“Indian business leaders need to reinvent ideas to tackle
the current crisis, and they are competent enough to do so.
There is a requirement of innovative ideas at all spheres in
the corporate sector to come out of the current crisis.”
Prof. Prahlad encouraged business leaders to adopt
innovative ideas by referring to some of the success stories
of innovative business models like Tata’s Nano, Airtel, Amul
Jaipur Rugs, Aravind Eye Care, Jaipur Foot and many others.”
Commenting on the global economy and impacts on India, Dr.
Surjit S. Bhalla said, “The Reserve Bank of India was
totally failed to analyze the situation before the meltdown
began. Similarly, the market planners were clueless about
the depth of this crisis.”
While commenting on the ways to come out of the crisis, Dr.
Bhalla said, “India and China are two countries which are
still going to maintain reasonable growth rate. So,
methodically, the worst-hit economies can focus on these two
countries to pull themselves out from the economic crisis.”
Speaking on the cause and effect relationship of this
economic crisis, Mr. R C Bhargava said, “Industry must
recognize cause and effect of the crisis in a logical
manner, as it will help in formulating future strategies.
Apart from that, the business community needs to be
proactive to analyze situations in advance.”
Talking about the recession, Mr. Bhargava said, “Companies
must curtail their unnecessary expenditures in the times of
recession. “We will definitely come out of this economic
slowdown by the end of the next year,” Mr. Bhargava
concluded optimistically .
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