Mumbai, India – Paragana 2023 was a showcase of India’s untapped potential on the global stage. The theme of Paragana 2023 was “The Indian Agenda – The Global Quarterback: Unlocking India’s Potential in the Global Business Arena”. The insights shared by the keynote speakers and panellists provided a holistic view of the opportunities and challenges faced by the nation. Remarkable achievements and evolving strategies mark India’s transformation into a global economic powerhouse. The business conclave hosted by SBM, NMIMS, Mumbai on 28th October 2023, the 3rd day of Paragana, offered a platform for emerging talents to explore India’s immense potential in the global landscape. With a robust economy, innovative spirit, and a diverse culture, India is poised to continue its ascent on the world stage.
Illuminating Insights: Mr. Ashwini Kumar Tewari’s Vision for India’s Economic Horizon
In the world of finance, few names resonate with as much authority and influence as Mr. Ashwini Kumar Tewari. An illustrious career as a banking professional has been the canvas upon which he has painted an awe-inspiring narrative of growth, resilience, and vision. As the Managing Director of the State Bank of India, Mr. Tewari brings with him a wealth of experience that transcends the conventional boundaries of banking. Paragana 2023, hosted by NMIMS School of Business Management, was honoured to have him as the keynote speaker, sharing his profound insights into India’s economic trajectory and its place on the global stage.
Mr. Tewari kicked off the event with a lighthearted quip about American football, seamlessly segueing into the discussion on India’s remarkable economic growth, which currently stands at an impressive 6%, far surpassing the global average. Notably, India’s contribution to the world economy, now at 3%, underscores its increasing significance in the global economic framework.
Emphasizing the interdependence of nations, Mr. Tewari shed light on the evolving role of Western markets and their substantial investments in India, particularly within the burgeoning online sector. He underscored India’s resilience and potential in the face of a challenging global economic landscape, where its consistent growth serves as a beacon of hope.
Delving deeper, Mr. Tewari navigated through the complex web of global economic factors impacting India’s growth. He elucidated how high U.S. interest rates and a robust dollar prompted capital outflows, while geopolitical tensions such as the Ukraine conflict and the Israel-Palestine war added further layers of complexity. The escalating oil prices and their adverse impact on the Indian economy were also brought to the forefront.
Drawing attention to India’s performance on the Global Innovation Index, Mr. Tewari highlighted the nation’s current rank at 40, emphasizing the crucial role of external perceptions in attracting investments and fostering partnerships. Amidst challenges, India’s IT exports continued to thrive, buoyed by a vibrant investment climate reflected in the robust growth of Demat accounts.
In a heartfelt conclusion, Mr. Tewari shared his inspiring journey from humble beginnings in a small Indian town to his current standing as a leading economist and banking sector expert. Reflecting on his early experiences in challenging banking environments, he underscored the invaluable insights that shaped his deep understanding of the finance sector.
Mr. Tewari’s keynote address left the audience enlightened and inspired, offering valuable perspectives on India’s economic landscape and its positioning within the global economy.
Unpacking the Panel Discussion
The panel discussion was graced by Mr. Arijit Basu, Chairman of the board of HDB Financial Services Ltd., Dr. Chinmoyee Das, Public Health Specialist, Government of India, Ms. Deepika Warrier, Head of Marketing, Bajaj Auto Ltd. and Ms. Shivi Tandon, Management Consultant, Accenture.
The panel discussion was a multifaceted exploration of India’s future in the 21st century. The questions posed and the responses shared by the esteemed panellists unveiled the complexities and opportunities that lay ahead.
The discussion was initiated with a question directed at Mr. Arijit Basu, focusing on the essential strategies and initiatives crucial for the thriving of contemporary India in the 21st century. Mr. Basu’s response was as intricate as the question itself. He likened the current era to that of a quarterback, emphasizing the need for thorough preparation and a well-balanced strategy. Reflecting on the 30 years since the country’s liberalization, he acknowledged India’s acquisition of numerous strengths. Previously, the nation’s leading companies were predominantly oil majors, whereas today, the industry is being revolutionized by innovation and technology. Nonetheless, he emphasized that the future demands more than simply having technology companies at the forefront. It necessitates a harmonious equilibrium across various sectors, which he aptly illustrated with the example of India’s agriculture sector, constituting 60% of the economy but contributing only 20% in the end. He stressed the significance of India’s preparedness for change, highlighting the importance of venturing into unexplored and unfamiliar territories.
Dr. Chinmayee Das shared her perspective in response to the question about the challenges and obstacles faced by contemporary India, with a predominant focus on the healthcare sector, reflecting her extensive knowledge and experience in this field. Her response was contextualized within the broader healthcare industry, where she highlighted a significant roadblock: the dearth of human resources in this constantly demanding sector. Notably, Dr. Das emphasized India’s substantial contributions to the global healthcare workforce, with a large number of paramedics in foreign countries being of Indian origin. She stressed the need for strategic planning to encourage professionals to remain in India and contribute to the development of the domestic healthcare infrastructure. Her insights into India’s healthcare landscape and the challenges associated with implementing grassroots policies were particularly noteworthy.
Dr. Das also highlighted key government initiatives, such as Ayushman Bharat, aimed at extending healthcare access and awareness to rural areas, and the National Medical Device Policy 2023, underscoring India’s commitment to fostering domestic production and implementing sustainable growth-oriented policies. In her concluding remarks, she emphasized the crucial importance of promoting the domestic production of medical devices in India.
The subsequent segment of the discussion revolved around the pivotal role of the Indian diaspora in corporate research and endeavors. Ms. Deepika Warrier, drawing on her extensive global corporate experience, delved into this crucial aspect. She shared her experiences of collaborating with distinguished Indian figures within the corporate domain, emphasizing their humility and unwavering thirst for knowledge. Ms. Warrier shed light on the ways in which the Indian diaspora can contribute to the corporate landscape through investments, knowledge sharing, and the projection of India’s identity and successes on the global stage, thereby providing an enlightening perspective.
As we look ahead, it is clear that India’s journey towards unlocking its global potential is filled with promise. The nation’s unique cultural diversity, economic resilience, and innovative endeavours serve as a testament to its growing significance in the world. Paragana 2023 was more than an event; it was a glimpse into India’s journey as it strives to unlock its true potential and leave an indelible mark on the global stage.
