Press release - inaugural session
India has cemented its position as the fastest-growing economy for the long term - Amitabh Kant, CEO, NITI Ayog
Indian economy will grow 9.2% this year and it is expected to keep growing similarly, says Mr Amitabh Kant, CEO, NITI Ayog. According to him, the micro and the macro growth drivers are in place and India has cemented its position as the world's fastest-growing economy for the long term.
Mr Kant said it while delivering the keynote at the ceremony to celebrate All India Management Association's 66th Foundation Day, which is also observed by India's management fraternity as the National Management Day.
Speaking on thriving on uncertainty and managing radical change, Mr Kant argued that uncertainty was not an enemy but a friend and it was a source for positive outcomes. He cited Government of India as an example of such approach, which he said was building back differently after the covid pandemic. He counted the various government policy actions and its use of technology as the drivers of India's aspiration to become a global hub of technology and economic growth. Mr Kant predicted that the PLI Scheme for sunrise sectors will add $520 billion to India's output in the next five years and it will make India a part of the global supply chain.
Mr Kant stressed that embracing technology would be the key to future success and relevance and India has succeeded in creating an ecosystem of technology with 814 million internet users and 85 unicorns. Technology convergence is critical now, he said. He argued that most of the present institutions in the world were created many decades ago for the purpose of maintaining stability, but modern institutions' success is measured by agility and adaptability, not maintaining status quo. On the occasion, AIMA felicitated Mr Harsh Mariwala, Chairman, Marico Ltd and Mr Pawan Munjal, Chairman & CEO, Hero MotoCorp for their outstanding contribution to management leadership. Mr Munjal received the AIMA-JRD Tata Corporate Leadership Award and Mr Mariwala was presented the AIMA Life Time Achievement Award for Management.
In his award acceptance speech, Mr Munjal said that Hero MotoCorp would maintain its value of leading people with affection even as it expanded globally. He added that the company was also committed to energizing the economy and making the planet greener, safer and sustainable.
Mr Mariwala said in his acceptance speech that he had succeeded despite failures because he always learned from his failures. He emphasized that it was not enough for an entrepreneur to have passion for business and one also needed grit to succeed.
AIMA honoured the anonymous frontline workers who saved lives helped life go on during the pandemic with AIMA Public Service Excellence Award.
AIMA also presented the AIMA Dr. Ram Tarneja Award for Best Article in Indian Management journal to Mr Vivek Mehra, Managing Director & CEO, SAGE India and the AIMA Dr J S Juneja Award for Creativity and Innovation in Micro, Small and Medium Enterprises to FIB-SOL Life Technologies.
Mr Sanjiv Mehta, Chairman of Awards Jury & Chairman & Managing Director, Hindustan Unilever Ltd & President, Unilever, South Asia delivered the theme address of the occasion. He pointed out that the VUCA framework was no longer enough to explain the current state of affairs and he favoured the new BANI (Brittle, anxious, non-linear and incomprehensible) model to understand what is going on.
Mr Mehta said that technological and climate changes make up the essence of the ongoing shift in business and the leaders needed to take charge of both these issues. He quoted a survey to point out that the people had lost trust in governments, NGOs and media and they were looking towards the business to fix the issues. He said that Hindustan Unilever had collected more used plastic waste from the streets of India last year than the plastic it had used for packaging.
Mr CK Ranganathan, President, AIMA & Chairman & Managing Director, CavinKare Pvt Ltd argued for switching from the defensive mindset of surviving the uncertainty to a mindset of capitalizing on the churn. He said that time had come for business leaders to accept radical change as normal and take measures to profit from it.
Mr Nikhil Sawney, Vice President, AIMA & Vice Chairman & Managing Director, Triveni Turbine Ltd, argued that the leaders needed change themselves while asking others to change. He said that the old leadership instincts and practices would inhibit the necessary transformation.
Grant Thornton India was the knowledge partner for the AIMA awards. Speaking on the occasion, the firm's CEO, Mr Vishesh Chandiok pointed out that the pandemic had widened the previous economic divisions in Indian society and the country must give the MSMEs, the small and marginal farmers and women their due to make its GDP growth meaningful.