TURBULENCE IN INDIAN ECONOMY- DISRUPTIVE INNOVATION OR STRUCTURAL WEAKNESS
The Indian Institute of Management, Kozhikode held a Business Conclave on the topic- “Turbulence in Indian Economy- disruptive innovation or structural weakness.”The panelists for the event were Dr. V. K. Vijayakumar, Chief Investment Strategist at GeojitFinancial, Dr. Tirthankar Patnaik, who is Chief Strategist at Mizuho Bank& Siddhartha Sanyal, Director & Chief Economist at Barclays India.
Professor Subhashish Dey, donning the hat of moderator for the day, opened the discussion on the topic and asked the guests to give their perspectives about the subject. The interaction started by discussing the twin shocks of Demonetisation and Goods and Service Tax, which the Indian economy suffered in recent times.
Dr. Vijayakumar began expressing his views on the theme of the event by saying, “The abnormality about an economy is its prolonged normalcy!”Dr. Tirthankar stressed that the youth in India is a dominant driving force for the economy. With more than 50% of the population below 30 years of age, India has an excellent opportunity to grow and leave behind economies which are currently ahead of it. Mr. Sanyal started expressing his opinion about the topic by exploring the tourism sector in India, which provides growth potential for diverse sectors like medical tourism, agri-tourism, etc.
The macroeconomic factors though currently unstable will improve in the coming time as the micro-economic factors are now stabilizing. The discussion also included the panelist’s outlook towards the rural economy regarding its employment share and contribution to the exports, as India is the largest producer for some crops. The session was further enriched by insightful questions from the audience which the panelists answered.