Jamshedpur : Xavier School of Management, one of India’s premier B-Schools recently hosted the 1st edition of its National Annual Conclave – SYNERGY 2014 in Mumbai. The theme for ‘Synergy 2014’ is “The Role of India Inc. in Reviving the Nation’s Growth Story”.
The conference was conceptualized and organised by 3 of the oldest and most prestigious committees at XLRI- CRUX (Consulting and Research Undertaking @ XLRI),FINAX(Finance Association at XLRI) and AXIOM(Association at XLRI for Industrial and Operations Management) amalgamates two national conferences of XLRI – ‘Gnosis’ – Annual Finance Symposium and ‘Insight’- XLRI’s Annual Consulting Conference.
The Day 1 of ‘Synergy 2014’ witnessed eminent industry leaders such as SeemaModi (MD, Heinz India), Krish Shankar (CHRO, Philips), AvartanBokil, (Vice President, Group Strategy at RPG Enterprises), Srinivas Chunduru, (President, HR & Strategy, Piramal Enterprises), Paresh Nair (Head of Supply Chain at BoehringerIngelheim, India) amongst others discuss and deliberate on key issues pertinent to business in an era of phenomenal, non-linear change.
At the inaugural session, SeemaModi (MD, Heinz India) commented, “What set me thinking was the theme. When we think of growth, we always think what the government can do, but this is the first time I really thought over what IT IS THAT MAKES A DIFFERENCE TO A NATION’S GDP growth. Two things that we business leaders need to do, is to be fiscally responsible and socially sensitive.
At the event, Krish Shankar (CHRO, Philips) said, “Indian economy is an economy of complexity and paradox. 20-25 years ago, manufacturing and country’s growth, both were closely tied together. In the last five years, things have changed and the role of manufacturing is going smaller. We need to come up with new insights.”
The Second Day of ‘Synergy 2014’ witnessed eminent industry leaders such as Navneet Munot (ED & CIO – SBI MF), Saurabh Sarkar (MD and CEO MCX – SX), Deepika Mathur (SVP – HDFC Ergo General Insurance Co) amongst others talked on topics like Future of Finance and The Way Forward for the Indian General Insurance Industry.
Identifying the banking sector as the most important for growth, and acknowledging the issues of regulatory compliance, Saurabh Sarkar (MD and CEO MCX – SX) said, “India is under-banked, but the cities are over-banked. For propelling growth, there is a need to look beyond cities and get money from new areas. This could include the informal sector or even avenues like Islamic Banking, till now uncaptured. Judge the risk appetite and follow the money.”
Talking on the future of finance, Navneet Munot (ED and CIO, SBI MF) said “We have seen financialization of the economy – financial markets have become inevitable for the growth of the real economy. The financial markets will become digitized in the future as, unlike other industries, the financial sector has not seen the disruptive power of technology, yet”.
Dr. Munish Thakur, Professor, Strategy, XLRI commented, “Recovering from a period of sluggish growth, the Indian economy is still in a formative stage and hence, the kind of actions each stakeholder in India’s growth takes in the foreseeable future become extremely important in shaping Indian economy.