These are exciting times to be an Indian manager: Commerce Minister Mr Kamal Nath

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MBAUniverse.com News Desk |
August 3, 2016
Commerce Minister Mr Kamal Nath inspired the passing batch of graduates at Indian Institute of Foreign Trade (IIFT), Delhi with his Keynote Address at IIFT's 42nd Convocation.

In his address, Mr Kamal Nath noted that Globalization has brought Indian business into direct competition with the best in the world. He said, "These are exciting times to be an Indian- more particularly, to be a trained manger living and working in India, participating on a daily basis in the practical business of economics and commerce." He further added, "India wants to make positive difference to the changing world order and we as a nation are depending on young and bright minds like you to build new India of our dreams." 

Emphasising the role of knowledge, Mr Nath said, "It is only through knowledge and skill development that we can sustain and surpass the growth and recognition we have attained thus far." 

On the occasion, Mr Nath also emphasized on evolving innovative thinking framework. He said, "India has enormous potential. Today's young generation have to construct a framework that has innovative thinking as its hallmark and ethical action as it's underpinning. Ideas and innovation are the essence of modern management."  

Commenting on the changing business environment he said, "Increasingly, today's business environment transmitting into what is referred to as a knowledge economy paradigm. And it is this paradigm that defines the entrepreneurial culture of the future." He further added, "The knowledge economy is not one that is confined to IT or computers-it is a way of doing business that draws upon the great scientific advances the world has made. Even the smallest and simplest of business activities can benefit from, and be transformed by the knowledge paradigm." 

Setting the stage for management graduates who are entering the corporate world, Mr Kamal Nath said, "The global and national economic architecture that you are setting out to experience is a brand new one. The changes have not been mere fiscal tinkering; they have been-and continue to be profound. They have entailed a transformation in our very thought processes, in our attitudes, in our outlook. With GDP growth of over 9% for three years running, we have become one of the fastest growing economies in the world." 

Mr Nath spoke about the changing trade patterns. He said, "The hub of world economic activity seems to be shifting from the Atlantic Ocean to the Indian Ocean. India's merchandise exports have increased by an average of 24% year on year, for four years now. From 63 billion dollars in 2004, our exports this year will touch in excess of 155 billion dollars an increase of almost two and-a half times! Along with service, our total economic engagement with the world, i.e our exports as well as imports will this year exceed 500 billion dollars." 

Ending his speech with a message for young graduates, Mr Nath said, "We have to be constantly on the look out for new markets that provide new growth opportunities and forum for innovations. In securing your own success, you must also secure the progress of the country, the advancement of the society at large."