The interim budget has reached out far and wide with well-crafted messages. Any budget presented close to the election tends to have an overdose of colour and populist overtones, but this was not one of those, even though the polls are barely a few months away.
The year 2023 ended on a positive note for the Indian economy. GDP growth in the second quarter—at 7.6%, led by a strong rebound in the Manufacturing sector—came in much better than market expectation. India is entering 2024 on a confident note with high growth and moderating inflation. The critical question for 2024 is, whether India’s growth momentum will be sustained. A few areas of concern are increased geopolitical risks, strong urban consumption, high consumer borrowing, China-plus-one benefits, etc. There are uncertainties, but overall the mood is optimistic. As our economy moves to a more stable growth path, our focus should be more on growth that is more broad-based and inclusive. In this context, MMA organized a seminar on “India 2024” addressed by two eminent speakers on various issues. I am happy to present an article on the seminar in this issue with an embedded video. Kindly watch and share your feedback.
MMA Annual Convention 2024
India celebrated its 75th Anniversary of Independence in 2022. Milestones like these not only provide an opportunity to celebrate the achievements of the past but also serve as occasions to envision a future for the country. The Government of India has set for itself the goal of turning the country a “Developed” economy by 2047. The accelerated pace of economic reforms in the last few years in the domains of fiscal, digital, physical infrastructure, and social inclusion has positioned India for a higher and sustainable growth. This, together with the largest and deepest labour pool—with a relatively inelastic labour market—provides a great opportunity for improving productivity at a pace faster than the growth in wages. This enhancement would improve the global competitiveness of enterprises doing business in India.
The convention will help participants understand India on the theme “India@2047: Leapfrogging to the future,” focusing on three special sessions: (a) The Future of Industry – Capturing the $1Tn opportunity in shifting Global Supply Chains, (b) New Technology Frontiers – How India can become the Innovation Engine for the World, and (c) Developing the World’s Leading Talent Engine. I would also like to congratulate Mr. Shankar V, Chairman, MMA Convention Committee, and our knowledge Partner, McKinsey & Company, for tirelessly working over the last few months to make the convention a grand success. I also thank the sponsors for their support in organizing the event.
India and the AI Opportunity to Speed Up Growth
We have grown so used to AI working behind the scenes to improve our web experience that we don’t even see it, but the next wave will take us from the Auto-pilot to Co-pilot mode. The opportunity AI presents in various facets of life and work is huge. India needs to adopt it strategically and also take a leading role in AI regulations so that it serves our economic ends with minimal risk. AI should be designed to align with human values, meet human needs, and be accountable to human stakeholders. The AI opportunity for India is vast, and by adopting it and taking the lead in positive evaluation, we can propel India forward at an even faster pace to improve lives and livelihoods.
In this context, MMA organized a talk by Mr. Gopi Kallayil, Chief Business Strategist at Google AI, USA, on the theme “AI for Business.” It is indeed a privilege and an honour to host Mr. Gopi Kallayil at MMA. I am delighted to present the article on his presentation in this issue with an embedded video. Please watch and get inspired to adopt AI in all your endeavours.
MMA Amalgamations Business Leadership Award 2023
Since 1969, eminent achievers in business and industry are being honoured with the MMA Amalgamations Business Leadership Award, instituted in memory of Shri S Anantharamakrishnan, Founder and Past President of the Madras Management Association. Nineteen luminaries, all outstanding leaders and active proponents of social responsibility of business, have done this Award proud by accepting it. They reflect Shri S Anantharamakrishnan’s business philosophy and beliefs.
I am delighted to share that Mr. N. Chandrasekaran, Chairman of TATA Sons, has been selected by the eminent selection panel consisting of Mr. Azim Premji, Mr. M. M. Murugappan, Mr. Seshasayee, Ms. Zia Mody, and Mr. Harish Mariwala to receive the 20th MMA Amalgamations Business Leadership Award 2023.
It’s indeed a privilege and a proud moment for MMA & Amalgamations Group that Mr. N. Chandrasekaran, Chairman of TATA Sons, has kindly accepted to receive the award in person and deliver the 20th Anantharamakrishnan Memorial Lecture at the grand Award function scheduled to be held on Wednesday, 28th February 2024, at Hotel Taj Coromandel, Chennai.
Family Business
Over the years, some small Indian family businesses have established strong business ties internationally. This success was achieved despite the slowdown of the global economy due to COVID-19. Government policies and reforms have helped boost direct foreign investments. These measures were more applicable to large businesses; the presence of medium-scale businesses was virtually nil until the early 2000s. But since then, a small group of lesser-known businesses has established strong business ties with foreign entities.
In this context, MMA organized a discussion on the theme of the book, “Beyond Three Generations: The definitive guide to building enduring Indian Family Businesses,” authored by Mr. Navas Meeran, Mr. M. S. A. Kumar, Mr. Firoz Meeran, and Mr. George Skaria.
I am pleased to present the transcript of the discussion in this edition for your reading. Click to watch the video…
MMA Women Managers Convention 2024
Come March, our women members step up their efforts in interacting with women thought leaders, entrepreneurs, and corporate executives at the Annual MMA Women Managers’ Convention. The event is a celebration of the spirit of women and the many diverse roles they play. We, at MMA, believe that Women’s Day is not merely another shallow exercise in tokenism but a genuine celebration of the spirit of women.
The focus of the convention is to inspire and guide women to grow in every area of life. The theme of the convention this year, “Level Up,” will focus on the highs and lows of being a woman in management, conversations that offer support and engagement on common business struggles, and an opportunity to voice issues and ask questions.
The MMA Women Managers’ Convention will take place on Saturday, 16th March 2024 on the theme “Level Up” at MMA Management Centre.
The convention committee headed by Ms Mridula Ramesh and knowledge partner, EFL, are putting together a great convention with a galaxy of outstanding speakers. The convention content and structure have been finalized with great care, keeping in view the aspirations and expectations of our women delegates. Looking forward to seeing you in person at the convention on 16th March 2024 and you can also watch it live.
Eliminate Work Stress and Employee Depression
A silent epidemic that stalks job-holders can be fought off with measures aimed at their well-being. Enterprises nowadays face workplace stress and depression that take an enormous toll on employees and corporate performance. Ultimately, it requires leaders who refuse to accept workplace stress and depression as unchangeable and who don’t promote initiatives like yoga classes and stress reduction workshops to overcome these problems.
In this context, MMA is organizing a talk on February 19, 2024, by Ms. Irina Dwarak, a disciple of Swami Parthasarathy at Vedanta Academy, at 6:00 pm on the theme “Steps to Mental Well-being.” Kindly join us in person at MMA Management Center or watch it live to get rid of your stress!
In this issue I am also delighted to present articles on: “Dance of Disruption and Creation – Epochal Change and the Opportunity for Enterprise, Lessons Learnt in a Disruption” by Mr Gopal Vittal, MD & CEO, Bharti Airtel and “Drive: The Surprising Truth About What Motivates Us,” transcript of event under Read & Grow series.
As always, we would be happy to hear your views, comments and suggestions.
Happy Reading….
