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Horizons '09

Horizons 2009

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Saturday, 21 November 2009
HORIZONS 2009 Horizons – The Annual Management Conclave of the Indian Institute of Management, Kozhikode was held at its scenic campus from 9th to 11th of October 2009. The seminar was organized by the Industry Interaction Cell of IIM Kozhikode. Horizons 2009 revolved around the theme - “Refuelling growth - Gearing up for a new Economic Landscape”. $horizons \'09.jpg$ Day 1 of the event started with an analysis of the current global scenario from multiple perspectives and set a platform of learning and a framework to be carried forward and built upon. The second day looked at the present scenario, focussing on the marketing and operations aspects, and built a holistic view for participants to precipitate understanding and spark critical thinking. Day 3 looked into diverse sectors from construction to healthcare, with a view on the future, thus taking the economic debate to the next level. It envisaged the new economic order for India in 2020 and raised questions about how to grow sustainably. It acted as a platform for brainstorming and idea generation by the best brains in the industry and academia. The panel discussions threw up heated debates among panelists and active participation from the audience. The students, faculty, delegates and the industry leaders also interacted over a corporate lunch. Horizons 2009 witnessed active participation from several B-School students attending the conclave, highlighting the pivotal role of industry interaction in management education.Horizons 2009 kicked off with the dignitaries lighting the traditional lamp marking the beginning of the event. Delivering the welcome address, Director Debashish Chatterjee, expressed the need for redefining fundamentals of business to make business growth ommnidirectional. He said that an overtly profit motive diminishes the capability of organizations to make it. He further said that businesses of the future will be certified by the community and not in financial markets. He stressed on the need for a platform such as Horizons, where industry leaders and practitioners can share and enlighten future managers on the challenges and opportunities that business leaders face today. He concluded by saying that making profits is less important than making people who produce these profits. The first speaker on day 1 – ‘Retrospection’ was Mr Govind Shankarnarayanan, CFO, Tata Capital. The topic of the speech was “Financial regulations – Lessons that the West can learn from India”. He pointed out that low interest rates and easy credit are part of a social contract in US. This public choice has led to many things including financial innovation, increase in inflation and market influence on regulator. Indian regulators, in comparison, have a more holistic view of the economy. He stressed on the need to look out for warning signs, have stricter trading practices, cap on executive compensation and exchange for asset trading. Mr. Govind Shankarnarayanan The second speaker on day 1 was Mr Pulapre Balakrishnan, Independent Economist. The speech began with a discussion on origin of globalisation and the the financial crisis and their corelation. He pointed out the asymmetry in treatement of capital and labour. He said that labour mobility should be a part of globalization discourse. He said that over-pledging the needs of finance is counter-productive, expressing his opinion through the following words - “I would rather see finance less proud and economy more content”. He stated that irresponsible banking practices, and not globalization, are responsible for the financial crisis. US regulatory complex failed to detect lowering in credit standards. The crisis proved that risk can be disintermediated but not eliminated. The infallibility of finance and financial markets is questionable. He suggested the alternative Maximin economic strategy for inclusive growth. He envisaged the transfer of labour force from low growth to high growth sectors. He stressed on the need of dependance on education, health and infrastructure sectors, instead of dependence on financial markets. He said that the deficit in India’s economic policy is that public goods which increase economic efficiency are not in radar. More reforms are needed and the government is still inactive in areas where it was previously inactive. The second session was followed by a Panel Discussion on the topic – “India and the Global crisis – Opportunities and threats”. The elite panel included Mr. Govind Shankarnarayanan, CFO, Tata Capital, and Mr. Pulapre Balakrishnan, Independent Economist. Prof. K.K. Ladha moderated the discussion. Several issues were discussed including RBI independence, development of organizational capital and managerial intelligence and the generation of political will. The speakers argued that the failure of the western model does not mean that our model is correct. Importance of reaching a political consensus and social cohesion was emphasized. The general consensus was to invest in education and infrastructure sectors and ensure equitable distribution. Mr. Pulapre Balakrishnan The next session on day 1 was conducted by Mr Utpal Seth, Rare Enterprises. The topic of the session was “Investment Management – New challenges in a volatile market”. The speech dealt with various dimensions of volatility and its effect on finanacial markets. The talk was interspersed with interesting quotes including – “It doesn’t matter whether you are right or wrong, what matters is how much you lose when you are wrong and how much you win when you are right”. He also said that “Markets can remain irrational longer than you can remain solvent”. Mr Seth shared some tips on efficient investment management and various styles of investing. He taught students to identify megatrends, variant perception and inevitables. He also quoted Archimedes saying - “Give me the right fulcrum and I will lift the world on my shoulders”. He declared that an investor should embrace volatility and change. Mr. Pradeep Kumar, Scientist, ISRO, shared details on the Chandrayaan mission and the challenges faced during the launch. The session focussed on decision making and confidence in one’s product. The Chandrayaan mission, dubbed as the success of India in her very first attempt at reaching the moon, was fraught with problems on launch day with the threat of rain and lightning. Also there was a slight leakage of fuel from the tank which instigated the use of an extra 500kg of fuel, in spite of apprehensions that the PSLV might not be able to carry it. A malfunctioning transmitter added to their woes and as a remedy an external transmitter was fitted without removing the existing one, which was an entirely novel solution. In spite of all these glitches, Chandrayaan was a huge success due to the diligence of the scientists involved, culminating in the discovery of water on the moon’s surface.The second day – ‘Action’ – opened by Dr P Rameshan, Director in-charge of IIM Kozhikode during April-May 2009 and a Professor in the area of Strategic Management, saw the dignitaries speaking on the current scenario and how they have adapted to the change in conditions. The first session saw Mr. B. Ramakrishna, COO, Idea Cellular (Kerala), speak on the subject - “Redefining Business Transactions: Increasing Speed and Reducing Costs”. The telecom industry has largely remained recession proof, recording a growth of about 40-50% in the last 3 years, with India being the fastest growing telecom market, with a size second only to China. The core competence that Idea is looking at is the ability to track micro transactions. Some of the challenges facing the operators are high competition, decreasing voice revenues, regulations and customer controlled pricing. The revenue of the future is expected to be dominated by data access, with internet penetration poised to be 16% by 2015. With networking constituting a bulk 55% of the costs, a possible solution could be infrastructure sharing which would reduce capital expenditure by 40%. Mr.Srinivas Acharya, Dy MD Sundaram finance discussed the role of NBFC’s in the country and how they operate quite differently from the banks to tap the bottom of the pyramid. He called upon banking institutions to look at NBFC’s as complementaries rather than adversaries or competitors. Mr. Ramesh Nair, COO, Sterlite Industries India Ltd., conducted the next session dealing with mining opportunities. Analysing the present industry challenges, he spoke of the harsh conditions faced by miners and the political conditions that make mining in a few African countries difficult. Other challenges faced are commodity price movement, efficiency of operations, environmental, health and community needs. India offers tremendous opportunities for mining with the fourth largest recoverable coal resources, seventh largest recoverable bauxite resources and government plans to spend $514 bn on infrastructure and $117bn on power by 2012. However the industry, he said, is still waiting far a direct boost. The final speaker on day 2, Mr. Pratik Pota, Executive Director, South, PepsiCo India, dwelt upon “Kick-starting growth in Unfriendly Environments”. The subcontinent was seen as an unfriendly environment for Liquid Refreshment Beverages (LRB) with annual per capita consumption as low as 16 bottles in India and 81 in Pakistan compared to 149 bottles in China and 600 in the USA. PepsiCo’s growth story was scripted by competitive measures like stable pricing, investments in chilled spaces, relevant innovations, insight based marketing programs, increase in access points and a focus on PET packs, resulting in 25% market growth in 2009. Some priceless given by the speaker included listening to your customer and cutting costs instead of investments under adverse circumstances. Prof. Abhilash Nair, Professor at IIMK started the event proceedings on day 3 – ‘Ascension’ saying that government regulation may gain acceptance but not all regulation is desirable. Prof. Nair discussed the issue of sluggish growth in agricultural lending due to the perception of risk-reward mismatch caused by a tab on the interest-rates for farmers. Mr Gautam Khanna, Vice-President, HealthCare, 3M India, delivering a talk on “India – The next healthcare services destination”, said that “Being Healthy is financially good for the nation.” He described India as a ‘Country in Transition’ with a major segment of the population having no insurance. He discussed the plight of Indian health-care sector by highlighting the deficiency in public health-care systems. On being asked about the strategies to make quality health-care accessible to the masses, Mr. Khanna said that that is one of the biggest challenges for the sector and various low-cost models are being studied to address this issue. He also cited lack of talent in health-care sector as a cause of the stunted growth. He also spoke at length about the scope of health tourism in India. He cited cost-differential as a major-driver for Health-Tourism in the country. Mr. Khanna stated that accreditation bodies such as the Joint Commission Institute (JCI) and National Accreditation Board for Hospitals (NABH) are helping Indian hospitals gain credibility in the international arena. With ayurveda and Kerala’s therapeutic centers getting popular owing to tourism, India is positioned to rise as a leader in health tourism. Public-Private Partnership (PPP) models are also being explored in this sector and private companies are putting the best-step forward by taking over loss-making hospitals. Mr. Khanna also discussed outsourcing in health-care and the scope of services in diagnostics, health reports. billing and disease-coding processes. Mr. S. C. Dixit, Director, Operations, Shapoorji Pallonji & Co. Ltd, described a typical phase of downturn, by giving various diagnostics such as reduced inflation and stringent government regulation, which may or may not be dull. Mr. Dixit compared the spending on infrastructure with spending on other emerging markets and developed countries. He also identified land acquisition as one of the biggest hurdle in the development of infrastructure. Mr. Dixit analyzed different limbs of infrastructure: Ports, Roads, Construction, Urban and Rural housing and stated that inspite of being a successful concept, Public-Private Partnership implementation of should be more aggressive to accelerate growth. A panel discussion on the topic – “India in the new century – where do we go from here” was conducted in the second half of the session. The elite panel included Mr. Gautam Khanna, VP, health-care, 3M India, Mr. S. C. Dixit, Director, Operations, Shapoorji Palloonji & Co. Ltd and Mr. Abhay Sinha, Head, Support Systems, Cable & Wireless, Europe, Asia & USA. Prof. Jyotirmoy Bhattacharya, Asst. Professor at IIMK moderated the discussion. Mr. Sinha compared the growth stories of India and China under various heads and evaluated the factors responsible for their growth. He also said that fiscal deficit, bad infrastructure, governance issues and global tensions are potential showstoppers for India. Mr. Sinha said that leaders represent people in both corporate and civilian landscapes. He declared that human capital will be the driver of future growth. He said that firms are generally faced with a trade off between profit maximization and social consideration. Mr. Gautam Khanna expressed concern over India’s position on the Human Development Index and suggested that food, health, shelter and dignity of life need to be given importance. Mr. Khanna said that corporations will have to adopt environmentally sustainable business practices. He announced that multi-nationals follow a strict code of conduct and have zero tolerance for corruption. Mr. Abhay Sinha, Head, Support Systems, Cable & Wireless, Europe, Asia & USA, speaking on the topic – “Offshoring and India - New challenges and opportunities from emerging markets”, discussed the history of outsourcing in India from an IT/ ITeS standpoint. He outlined the challenges in outsourcing as India moved up the value-chain and provided recommendations to help the nation maintain its position as an IT services leader in Asia. In a nutshell, Horizons 2009 witnessed three days of power packed discussions among a gathering of the best industry leaders, academicians, policymakers and management students in the country. Showcasing enriching panel discussions and hotly contested debates threw up infinite new ideas for everyone, and culminated in providing a definitive direction for bright young business managers to think about and work towards. A B-School wide white paper competition has been launched to commemorate ten years of Horizons and reflect on the discussions that occurred during Horizons 2009. Horizons is an attempt to gaze into the future and look beyond the obvious. A regular feature since the year 2000, it has been a great success in the past with overwhelming participation from industry, academia, media and leaders from all walks of life.This annual event has helped the Indian Institute of Management Kozhikode move towards its stated vision of being one of the leading centres for management learning in the Asia-Pacific region. 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