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05 Jun, 2020

Atmnirbhar Bharat: Self-Reliance as a Growth Strategy

Faculty of GL Bajaj Institute of Management & Research, Greater Noida attended an online webinar of Leader Speak Session on the topic “Atmnirbhar Bharat: Self-Reliance as a Growth Strategy” which was organized by All India Management Association (AIMA) on Friday, June 05, 2020 under the visionary guidance of Dr. Ajay Kumar, Director, GLBIMR.

The speaker of the session was Mr. Sanjeev Sanyal, Principal Economic Advisor, Ministry of Finance, Government of India & Mr. Sanjay Kirloskar, President, AIMA and Chairman & Managing Director, Kirloskar Brothers Limited was the moderator of the session.

During the session, Mr. Sanjeev Sanyal discussed the thinking process about many things and what all can be done on demand side and supply side. He discussed about how to respond to current situation and make decisions in this environment of uncertainty. He emphasized on adopting Barbell Strategy i.e. the strategy where you hedge for the very worst outcome on one side and for the rest you opt with a feedback loop step by step approach. He also discussed how the health crisis has been dealt with so far. Our government is giving aids for testing, quarantining and gathering information about nature of this disease. Regarding economic outcome, he stated that we look at this as a structural change and will have to think in terms of how to adjust to Indian economy and avail opportunities of this new world as supply chains, technology, social behaviors will be very different. He also stated that financial system is under stress due to current situation, so giving liquidity and lending facilities to MSME’s, etc will be quite beneficial. He also told that while other countries focused on demand side management, we are trying to adjust to Post Covid World by adopting flexibility and adaptation. He explained that Atmnirbhar (Self Reliance) means resilience, leveraging local strengths, personal responsibility & a sense of national mission. He said that it’s not about Central Government telling what to do and it’s time for everyone to take personal responsibility. Before concluding the session, he stated that efforts are being made to strengthen safety norms & working conditions norms for the Post Covid World.

Overall, it was a highly informative and insightful session.