| Decoding Global Economic Turbulence for Business Growth:
It is an established fact that the economic scenario is rapidly changing due to the interplay between technology, global markets, social transformation and individual expectations. The rapid pace of global change is impacting businesses in ways difficult to comprehend and challenging to manage. With an objective to understand the changes and respond effectively to the same, LMA organised a Seminar on The Changing Face of Global Economic Landscape by Mr. Atin Kumar Saha, Managing Director & Head, Wealth Management , Deutsche Bank.
In his engaging Lecture Atin Saha traced the historical routes, trends, waves impacting the economies and the responses thereof to the same since the First Century. He also interpreted the likely impact of these changes on businesses and there may be greater economic and social turbulence due to contradictions in economic and political philosophies being pursued by Nations. Sinha advised the members to be prepared for the challenges and opportunities resulting out of globalisation, as embracing these changes, could be the key to a successful enterprise. Sinha also emphasised that the Indian Businesses had a huge growth potential, due to a large population, and if the businesses develop models targeting Bottom of Pyramid customers, they could expand and emerge as global leaders over a period of time. Saha identified the following trends:
All Industries face a threat of commoditisation.
While Saha was gung ho about the Indian growth story due to high growth rate, youngest population, huge untapped markets, the scene of action shifting to Tier 2 cities, he submitted that until and unless we are able to unleash the potential of e-commerce, entrepreneurship, rapid infrastructure growth , ease of doing business, our growth may not sustain or result in significant improvements in the quality of lives for our citizens.
Dr. Sandip Kapur, Sr. Vice President, LMA while proposing a Vote of Thanks to Saha , identified the key take away from the discussion was that as the global change was rapid and irreversible, it was important for our organisations to predict the impact of global change and be prepared with an effective response. Mr. Anil Kumar, CMD Shreyans Paper Mills, Mr.S.S. Bhogal Vice President LMA and Dr. Paramjit Kaur, General Secretary LMA also felicitated Mr. Atin Sinha