IMT: Conference on ‘Organizational Effectiveness in Economic Slowdown’ held
While talking about the underlying causes of economic meltdown, Prof. Aumann said, “Over leveraging by companies in financial sectors, high correlation amongst players, ‘Negative Bubble’ and excessive media reporting of the financial crisis led to the global economic meltdown.” Prof. Aumann also suggested the remedies to cover the global economic meltdown. He recommended that government should regulate key aspects of financial system, and the firms should avoid over leveraging.
Commenting on the unexpectedness of the financial crisis, Mr. Kamal Nath said, “Yes, the global economic slowdown has caught us unguarded. No one had thought that we will be discussing this subject today. United States and European economies are badly hit; however India economy is on course.”
Self governance and corporate governance are required to tackle the problem of recession. Explaining this, Swami Parthasarthy commented, “There is a scarcity of quality manpower in India. The Indian education system is improper. As a result, only 5% students take enrolment for higher education and 69% opt out at undergraduate level.”
Dr Farhad Rad Serecht, Director, IMT Dubai spoke on the topic of ‘The real nature of the crisis & policy implications.’ Dr Serecht said, “There is need of regulatory framework, tight control on finance, state participation, more balanced distribution of income and effective supervision at the managerial level.”
Other speakers at the conference included Prof BB Bhattacharya, Vice-Chancellor, Jawaharlal Nehru University, New Delhi; Dr Subir Gokarn, Chief Economist, Standard & Poor’s, Aisa-Pacific; Mr Ankit Faida, World-Renowned Cyber Security Expert and Mr Anand Rajaganesan, Director, Human Resource, Organizational Effectiveness Vertical, HCL Technologies.