New Delhi, Delhi, India
The University of Pennsylvania's Wharton School of Business hosted the annual Wharton India Economic Forum on November 11, 2006.The event featured an unparalleled galaxy of Indian business luminaries and policy makers who joined faculty, students and staff from Wharton and other leading US business schools in examining issues central to its theme of "Realizing the Indian Dream".
Dr. Patrick Harker, Dean of The Wharton School, kicked off proceedings by emphasizing The Wharton School's commitment to supporting and furthering the cause of Indian business. He cited the school's strong partnership with the Indian School of Business and the launching of Knowledge @ Wharton - India Edition as testimony to this enduring commitment.
Mr. Rajat Gupta, former Worldwide Managing Director of McKinsey & Co., in his opening keynote address reiterated his belief that India should continue down the path of reform and that this was critical to realizing the Indian dream. He advocated sensible de-regulation, greater investment in infrastructure and the creation of a robust manufacturing sector as key steps in the area of economic reform. He recommended a no-holds barred approach to social reform, identifying education, urban development and healthcare as top priorities.
The opening keynote was followed by concurrent panel discussions on "Investing in India: a cyclical or secular story?" and "Destination India: Entrepreneurs at work".
Panelists Neeraj Bharadwaj - Partner, Apax Partners, Akhil Gupta - Chairman, The Blackstone Group, Shiv Khemka - Vice Chairman, SUN Group and Mr. Prakash Gurbaxani- CEO, TSI Ventures led an engaging discussion on Investing in India. They spoke to different styles of investing and echoed the thought that one of the most important decision variables while investing in any company is its management. In response to the moderator's prompt, the panel predicted that the BSE Sensex would reach 16000 the coming year, citing investment opportunities and the belief that India is a long term story.
The entrepreneurship panel titled "Destination India: Entrepreneurs at Work" hosted prominent Indian entrepreneurs - Bharat Desai, Chairman & CEO, Syntel, Rakesh Gangwal,Chairman, President & CEO, Worldspan and Founder, Indigo, Dr. Kiran Mazumdar-Shaw, Chairperson & MD, Biocon, Rahul Patwardhan, President & CEO, IndiaCo Ventures (P) Ltd, and Urvi Piramal, Chairperson - Ashok Piramal Group. The panel discussed opportunities and challenges faced by entrepreneurs in India and noted that the phenomenal growth in the last 15 years has created an increasingly entrepreneurial environment in India.
Prominent government officials Ambassador Raminder Singh Jassal, Dr. Adarsh Kishore- Executive Director, IMF, Mr. Vinod Rai, Special Secretary, Banking Sector, Ministry of Finance and Dr. Arvind Virmani, Principal Advisor, Planning Commission graced the mid-day panel on "Government: Driving India Forward". The discussion centered around regulatory and policy changes that India would have to make in order to meet India's targeted growth of 8% a year. Ms. Neelam Deo, the US Consul General of India, New York, moderated the lively and intense session. The panel laid great stress on reforms needed to increase access to education and healthcare and the importance of providing an incentive structure to enhance agriculture-based industries.
The Women in Business panel, featured Ms. Kiran Mazumdar Shaw of Biocon fame, Ms. Urvi Piramal, Vice Chairman of The Piramal Group, Ms. Madhu Nair, of The Leela Palaces and Resorts, and Ms. Sabena Puri, of Crimson Palate Inc., centered on the theme of de-sensitization to the issue of gender discrimination. The speakers emphasized the importance of self-belief and advised women to refrain from attributing roadblocks to differences in gender. Moderator Sara Simmons from the Wharton Career Management Office guided the panel around sensitive issues such as work-life balance, gaining credibility in a man's world and the "man" behind every woman's success. The session saw spirited participation from the men and ended with a huge round of applause from the audience.
Moderator Dr. Haseeb A. Drabu, Chairman & CEO of J&K Bank led an accomplished panel of financial heavy weights O P Bhatt, Chairman of the State Bank of India, Dr. Anil K Khandelwal, Chairman & Managing Director of the Bank of Baroda, Gunit Chadha, CEO, Deutsche Bank, India and Mr. Rana Kapoor, Founder, Managing Director & CEO of YES bank. Titled "Fortune at the Middle of the Pyramid", the panel focused on the Indian financial services industry and saw lively discussion around the methods that these institutions can use to tap into the growing wealth and potential of the middle class India.
The lunch session began by awarding the 2006 Wharton Indian Alumni Award to Mr. Shiv Khemka, Vice Chairman of the Sun Group. Instituted in 2001, the award intends a way for students to recognize the incredible achievements of India-affiliated Penn alumni. Prior winners include Dr. C Rangarajan and Mr. Anil Ambani. Khemka, in his acceptance speech, expressed his profound gratitude and appreciation to the entire Wharton community. He recounted how his plans to explore business opportunities in Latin America, after completing his MBA from Wharton and his Master's in International Studies from the Lauder Institute in the Portuguese track, were diverted to Moscow on his father's request. Here he went on to display exemplary leadership as he grew a fledgling beer business in Russia in the wake of the collapse of the communist empire. Khemka urged the audience to seek to address the challenges of India but to do so with a cosmopolitan outlook. He left the audience with a deep and poignant message - "Earn as much as you can, save as much as you can and give as much as you can."
Following this, the Wharton India Economic Forum in collaboration with the Nand and Jeet Khemka Foundation announced the launch of the Indian Dream Award. The motivation behind the award is to reach a holistic definition of the Indian dream through research and discussion with individuals and organizations instrumental in shaping this dream. The award will be open to all current students at the University of Pennsylvania, providing them an opportunity over a summer to creatively and empirically define the Indian Dream, through the support of the Nand and Jeet Khemka Foundation. The announcement of the award was received with great excitement from both attendees and speakers of the conference.
Rahul Bajaj, Chairman of Bajaj Auto underlined the confidence that symbolizes today's India in his keynote speech. He assured the audience that foreign acquisitions by Indian companies were on their way because Indian companies "like it", that India is "no North Korea nor Iran" and that India is a strong proponent of weapons non-proliferation. Candid in his criticism of past government tax structures, Bajaj rounded out his speech with much optimism and faith in the future of international policy.
The afternoon session started with the 'Gateway to India: Opportunities and Challenges', panel focusing on aspects relating to entry strategies for Indian markets: the rationale for entry, how the entry of foreign competitors is viewed by local companies and tactics that make the process easier. Panel members Ron Somers, President of the US-India Business Council, USIBC, Keshav Prasad, Managing Director, Applied Materials, Sanjay Nayar, Chief Executive Officer - India, Citigroup, Jerome Kenny, Vice Chairman of Merrill Lynch & Co. and Madhu Nair, Director - Operations & Interior Design, Leela Hotels spoke to their experiences and shared key insights with the audience.
The Indian Industry panel hosted prominent industrialists Adi Godrej, Chairman, Godrej group, Rajendra Pawar, CEO and founder of NIIT and Harish Manwani, President, Asia Africa Unilever, and Captain Gopinath, Founder & CEO, Air Deccan. The panel spoke to the tremendous promise and potential that the rural masses hold in India and the importance of taking these masses along in the development of a country like India.
The eagerly awaited media and entertainment panel, 'It's Showtime!' moderated by Dr. Pramath Raj Sinha, Managing Director & Chief Executive Officer, ABP Pvt. Ltd., Rajat Jain, Managing Director, The Walt Disney Company (India) Pvt. Ltd., Manmohan Shetty - Chairman, Adlabs and Karan Johar, Film Producer and Director spoke to the dynamic Indian media and entertainment industry and the impact it has on today's youth. Jain spoke to the strategies that Disney adapted to adopt itself to the Indian markets while Shetty and Johar painted a vivid picture of the creative and the business side of India's film industry.
The closing keynote address, delivered by Shashi Tharoor, Under-Secretary General of the United Nations and an accomplished author, was received with great pleasure. Tharoor's poetic discourse interspersed with lively anecdotes moved the audience to a standing ovation for the perfect conclusion to the conference.
Please visit www.whartonindia.com or email wief-press@wharton.upenn.edu for more information.
Arun Shaw, IPAN, +91 (011) 42492100 arun.shaw@ipan.com
Source: Wharton India Economic Forum (Business Wire India)
Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.
NSE completes its 1688th Normal Settlement