Indian Institute of Management, Rohtak (IIM ROHTAK), the first IIM in North India and the only IIM in Delhi-NCR region, hosted its first MUMBAI management conclave on 11th Nov 2017. The purpose of the management summit 3.0 was to augment interface between academe and industry for the transformation of the business environment in India. Several industry stalwarts and top academics from IIMs participated in the summit.
The key discussion at the event was around innovation and how it can help transform the business environment specifically and nation in general. The event registered the presence of more than fifteen industry stalwarts and IIM faculty discussed how innovations can be fostered and commercialised successfully. Among the key invitees who spoke at the event were Sonali Dhawan, Marketing Director P&G, Prabhat Agarwal, CEO Alkem labs, Pia Shome, Vice President RBL bank, Pia Shome, VP, RBL Bank, Bal Mukand Singh, AVP-HR, HDFC Ergo, Rajesh Dubey, President, Alkem Labs among others.
Goods and Services Tax (GST) was also discussed by academics and industry stalwarts and how it may help transform consumption behavior, business environment, and investment in India.
Prof Dheeraj Sharma, Director, IIM-Rohtak said that “GST is an innovation. It is innovation in tax collection and governance.” He also added that new changes in GST are likely to further stimulate consumer demand by cutting inflation, improve investment environment in India, and encourage better tax compliance among traders and small businesses.
Sonali Dhawan, Marketing Director P&G, said, “GST is likely to spur consumption and will make products affordable”. She also said that innovation failure is a people related issue and not a product related issue.
Prabhat Agarwal, CEO Alkem labs, said, “GST presents an opportunity for pharma sector to leverage”. He also talked about inefficiencies in the supply chain that will be reduced as a result of GST implementation.
Rajesh Dubey, President, Alkem Labs, added that while on surface there is an increase in GST on pharma 12% but actually there may be reduced tax burden if other efficiencies in the supply chain are realized properly by good organizational practices.
Mr. Tridipta from Thompson Reuters said that new GST changes will bring positivity in the business environment. Mr. Sunil Bhagwat from Huhtamaki added that GST will increase food consumption that will probably lead to increased business in the packaging industry.
Immediate usefulness of GST and implementation challenges were also discussed at the summit. The summit attendees also debated whether the recent revisions to GST were implementation failure or requirements for smooth transition to GST. Overall, the interaction between academe and industry suggested that GST is a positive reform but may require a sustained effort from the government in terms of communication of the GST related matters and also in terms of IT support for better compliance.
In summary, industry stalwarts and academicians concurred that GST is going through initial teething problems, which seem to be over. It is expected that the last quarter of the years will be marked with sharp growth.
Overall, the summit was a major step toward developing a better understanding of the role of innovation in business transformation, particularly with a focus on GST. Prof Dheeraj Sharma, Director, IIM-Rohtak, said that IIM-Rohtak students and faculty are likely to come up with a white paper on GST’s influence on business environment soon.
Nearly fifty students and five faculty members from IIM-Rohtak were involved in the organisation of this event that aims to crystalize how innovation in products, services, and governance can act as a catalyst in transforming the economy.