NEW YORK CITY (TIP): Mrs. Ranjana Kumar, former Chairperson and CEO of Indian Bank, and Ambassador Dnyaneshwar M. Mulay, Consul General of India, participated in an interactive discussion, June 12, on – “What Should India Do to Make Its Massive Public Sector Productive and Profitable.” “This is a very exciting time for those of us who work in the U.S.-India corridor,” said Rajiv Khanna in his opening remarks to the members of the Chamber. “According to a recent article in The Sunday Guardian, the Indian GDP is expected to grow from less than $2 trillion a year to $10 trillion a year in the next few years.
During the same period, the U.S.-India trade is expected to grow from the current level of $100 billion per year to $500 billion per year. As many of you know, the India-America Chamber of Commerce was formed in 1932 and has since then, worked tirelessly to promote trade and investment between India and the United States,” said Rajiv. Ambassador Dnyaneshwar M. Mulay added by saying, “this is truly a turnaround moment for India, we have had a fascinating election and now it’s time for business of the nation, and business of the common man.
Our Prime Minister Narendra Modi has a good record on the business side. We now have government in place, a government that delivers, as we look to build our nation and find its true role, which is to have a significant role to make not only India a better place, but also this planet. ” Rajiv welcomed Mrs. Ranjana Kumar and expressed his enthusiasm for having her speak to the members of the Chamber and for sharing her experience in the public sector and posed the question of how to make the public sector in India productive and profitable. Mrs. Kumar said, “the country has seen tremendous activity during the elections and the change in the government, and everything took place in the calmest fashion. Since the new government came to power, the rupee is stronger.
So far in the public sector iron, steel, textile and cement have been growing but there are certain issues that need to be tackled. We have to analyze these issues in depth. The main point I want to draw on today is the human resource management in the public sector and how it should be handled.”
Mrs. Kumar touched upon a few key points that play a vital role for success of a public sector enterprise:
● Clarity of vision, plan of action and execution of the plan
● Implementation of technology and utilizing great talent and potential
● Business environment needs and requires – objective, fair and a transparent model
● Distinguishing between performer and non-performer
● Taking initiatives and having good knowledge of the opportunities
● Promotion should be given to right people based on the outstanding annual reports
● Reasonable time to perform for performers; keeping the environment conducive for growth
● Companies have to keep restructuring and evolving with the evolution of markets
In her interaction with the members, Mrs. Kumar added, “the private sector is changing and similarly, the public sector will have to change and adapt. I truly believe in delegation and being clear when delegating. When you delegate you need to empower people, when people are empowered they can possibly make mistakes and when mistakes are made be sure to check the changes that need to be made in policies for the solution. We still have enormous work to update our policies. The policies need to be reviewed annually to determine if they are practical to implement. Restructuring takes time, but it has to be consistent.” India- America Chamber of Commerce has recorded this discussion and will be sharing it with members of the Chamber and press.
About India-America Chamber of Commerce
IACC) provides members of the Chamber a vital platform to connect and build relationships with prominent speakers and attendees from India and the U.S. The roundtable was moderated by Rajiv Khanna, President of IACC and Equity Partner at Seyfarth Shaw LLP and the evening was hosted by Seyfarth Shaw LLP. The India-America Chamber of Commerce works to promotes business-to-business dialog between the business and policy leaders of India and the U.S. – the two largest democracies in the free world.
The Chamber serves as a platform for open and spirited interaction among U.S. and Indian business leaders from private and public sectors. The Chambers’ monthly meetings include keynote presentations by visiting cabinet ministers, ambassadors and other prominent business leaders from the U.S. as well as India. For additional information check www.indiaamericachamber.com. The Chamber is now open for new members. For additional details on the membership applications, please contact the following members.