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"India must Seize Opportunity in Economic Crisis"|
- By CXOtoday Staff, Nov 18, 2008 1641 hrs IST
- Tags : financial crisis
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The global economic crisis, while putting India at risk of a slowdown, offers opportunities which the country can seize, provided that government and companies take the right steps. This opinion was voiced by leading industry experts, speaking at the 24th India Economic Summit, organized by CII and World Economic Forum.
Pramod Bhasin, president and CEO of Genpact India said, "There is a serious risk for India, particularly at the ground level. This is the time for implementing extraordinary measures that go beyond fiscal measures". He emphasized the need for national leadership that would help spend funds on various projects, create millions of jobs and ensure that the funds reach where they are supposed to reach. The corporate sector would certainly join the efforts, he added.
Sunil Mehta, country head and CEO (India) of American International Group said there was an urgent need to put into place an efficient system of governance and leadership that would allow us to grow at a rapid pace.
"Managing the current situation is different from managing day to day affairs. The measures in this situation cannot be slow, deliberate, and gradual," said Habil F.Khorakiwala, chairman of Wockhardt India, further emphasizing that "when your house is on fire you don't debate you just put all resource to use and do so in abundance".
Ghanshyam Dass, MD of NASDAQ India, suggested a slew of measures that could help the Indian economy deal with the current economic crisis. These included setting up a sovereign fund to invest in India's stock market, putting in place a market stabilization fund, developing a flexible foreign exchange system and setting up a term lending institution. He further added that India needed to ensure its markets are transparent, regulated, and efficient.
Related links:
IT Industry Insulated from Financial Crisis
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Discussion Board
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by prasad on Nov 25, 2008 03:05 PMYes its a great opportunity! Is it now capitalism's turn to fall? May sound cliched old stuff but, could India show the other path of cooperation instead of competition & global interdependent sharing insead of greedy global domination. Its not just economic crisis but evolutionary crisis. Global consciousness has to change or humans may just disappear like of the the southamerican and egyptian civilisations.
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by Nirmala on Nov 25, 2008 11:21 AMOpinions of the Industry Experts are heartening. Yes we need to use all our resources to combat the fire consuming our house. This Global meltdown, I think can also be used as a God Sent Opportunity to REVERSE THE BRAIN DRAIN that has been robbing India of its youth and its dynamism. The Government and the Authorities at the helm of affairs should start thinking interms of weeding out dead wood from the Government Depts and give opportunity to the fresh, talented and dynamic youth who have left the country for greener pastures. I am sure this gesture would be grabbed as a life line by all those who are vapourising themselves in this global meltdown.
