Amit Shah tells National Management Convention that $5 trillion GDP by 2024 is assured
Kumar Mangalam Birla advocates globalization with
Indian characteristics
17 September 2019, New Delhi.
“India has to be a $5 trillion economy by 2024 and it is a certainty,” says Amit Shah, Minister of Home Affairs. Speaking at the 46th National Management Convention of All India Management Association (AIMA), Shah called on India’s business leaders to not get confused by a temporary growth slowdown caused by global factors and build national confidence instead.
Shah also promised that by 2022, no Indian will be left without a house, bank account, toilet, electricity, road connectivity or any basic need of life. He said that the Prime Minister’s vision of a new and great India was about ensuring a good quality of life for all Indians and India getting accepted and admired by the world as a strong nation.
Shah demanded that India’s industry and management organizations build consortiums for R&D so that the country can earn intellectual property dollars instead of sending those out.
Kumar Mangalam Birla, Chairman, Aditya Birla Group started the convention by talking about shaping the new world order. He said that despite the impression of globalization retreating, global trade was still growing. He reminded that even in a year of bitter trade war, the trade between America and China would be about $650 billion.
Birla proposed an Indian model of globalization where globalization did not obliterate national sovereignty and where globalization was not about capturing foreign markets. Indian globalization is “nationalism without borders”, he said. He gave the example of inclusiveness of Indian globalization citing the overturning of the no-meat policy in ABG organization to adapt to foreign employees.
Birla said that India could leverage its consumer market, which would be worth $6 trillion in 10 years, to globalize on its terms. He believed that India could become the data analytics hub of the world and build a $100 billion tourism industry. India could measure its progress by moving beyond unicorns to decacorns, by getting more worldwide patents and having Michelin star restaurants also.
Ravi Shankar Prasad, Minister of Law & Justice, Communication, Electronics & IT made India’s case for becoming global hub of high-tech manufacturing and innovation. He said that the number of mobile phone and component factories in India had grown to 268 from mere 2 in 2014, with 93 such factories in Noida alone. Apple is going to come to India in a big way, he declared.
“My ambition is that India becomes the world’s data refinery,” Prasad said, explaining that cleaning unstructured data was a big opportunity. He also expressed a desire to make India the data centre of the world. Talking about data laws in the country, the minister said that the government wants to balance data availability, data utilization and data anonymity. He said that a terrorist cannot demand data privacy or a corrupt person cannot refuse examination of his data, yet the personal data such as healthcare and matrimonial records could be anonymized.
AIMA President & Chairman, Ambuja Neotia Group, Harshavardhan Neotia drew attention to the need for encouraging innovation saying that doing so was necessary to set India on course to the $5 trillion GDP target by 2024.
Sanjay Kirloskar, Senior Vice President, AIMA and Chairman and Managing Director, Kirloskar Brothers stressed the need for keeping India open. He argued that India needed more foreign participation in its economy and not less.
Harsh Pati Singhania, Vice President, AIMA and Vice Chairman & Managing Director, JK Paper stressed the need for building leadership in green technologies. He said that India could achieve greatness by setting the example for sustainable economic growth.
The 2-day National Management Convention is highlighting the role of innovation in making India a $5 trillion economy and fostering a culture and capability of innovation. The convention is being addressed by leading members of the government, renowned CEOs, startup founders, distinguished economists and leading writers on business and economy. More than 500 entrepreneurs, executives and management experts are attending the convention.
About AIMA
The All India Management Association (AIMA) is the national apex body of the management profession in India. Over the last six decades, AIMA has contributed immensely to the enhancement of management capability in the country.
AIMA has a broad base of 64 Local Management Associations including two cooperating LMAs abroad, with a membership crossing 30,000 in number. AIMA is a non-lobbying organisation, working closely with Industry, Government, Academia and students to further the cause of the management profession in India. AIMA is represented on the Boards of India's premier Business Institutions like Indian Institute of Management – IIMs. AIMA is also represented on Boards of Government bodies including the All India Council for Technical Education, National Board of Accreditation, National Productivity Council to name a few.
AIMA makes a salutary contribution to management learning and practice in the country by offering various services in the areas of testing, distance education, skill development & training, research, publications and management development programmes.
AIMA brings to the Indian managers, the best management practices and techniques through numerous foreign collaborations with professional bodies and institutions. AIMA is a member of the Asian Association of Management Organisations (AAMO) and works closely with several international institutions like University of California - Berkeley, Samuel Curtis Johnson Graduate School of Management - Cornell University, The World Bank, St Gallen Foundation etc. in organising international conferences and management development programmes. To know more please log on to www.aima.in
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