In his address, Mr Roongta noted the progress made by IIM-I, reminded the students of the opportunity and problems that India faces and offered his 'mantra' to the budding managers.
Highlighting the importance of knowledge, Mr Roongta said, "We are living in very exciting times. The world has shrunk as never before. The process of globalization continues to transform the economic play field. Competitiveness in every facet is the key. "Knowledge" has acquired new significance. The era is of "Intellectual Capital", which has become the prime mover of organizations."
Setting the stage for management graduates who are entering the corporate world, Mr Roongta said, "You are entering this environment, which is exhilarating and at the same time, most challenging. Times are even more exciting in India. As you are aware, India has recorded remarkable 8.5%+ GDP growth in the past few years and the over riding slogan, as India completes 6 decades of independence is - India has indeed "arrived" in the globalized world. Indian economy is rapidly integrating with the world economy. Today, it is one of the largest growing economies in the world; set to become world's third largest economy in the next 30 years."
But not all is well with the state of affairs of the nation, said Mr Roongta. "India is a country of great paradoxes & contrasts; country which deals with hope & despair, great strengths & weaknesses, great challenges, yet opportunities. Almost 25% of Indians still earn less than one US dollar or say Rs. 40/- a day and many families can't afford even a proper meal a day.
Not even primary health care is available in large part of India," said Mr Roongta. He added, "While India's young demographic profile is its greatest strength and we are adding 10-14 million of working hands every year, yet projections indicate that these will fall short by about 500,000 suitable professionals by the end of the decade. There is a likely skill crunch in all growing sectors be it the health, bio-technology, automotive, banking & finance, civil aviation, mining, IT, education and so on. The issue therefore, is no longer about finding jobs for people but of ensuring that there are enough people with relevant skills for the jobs in hand."
Note the progress of IIM-I, Mr Roongta said, "IIM Indore has traveled quite a distance, since its inception. In a short span of time, IIM Indore has succeeded in building itself into a highly reputed business school. The institute is playing a vital role in imparting higher education in the field of management & contributing significantly in making India to become a knowledge society."
Offering his 'mantras' to young management graduates, Mr Roongta said, "You should have a 'vision', a dream for yourself, without which you would not be clear about your path. Set your aspirations and goals clear & high. Don't let the 'fire in the belly' subside, 'Passion' makes the difference between an average and an outstanding performer. As students, we learn to out do one another for scoring more marks, but the world outside needs teamwork. Dealing with success with humility is important. It is more difficult to deal successfully with failures."
Mr. S. K. Roongta has been Chairman, Steel Authority of India Ltd. since 2006. SAIL is the largest steel producing company in the country. An engineering graduate from BITS, Pilani and a Gold medallist in International Trade from the Indian Institute of Foreign Trade (IIFT), New Delhi, Mr. Roongta started his career in 1972 as a marketing executive in SAIL, and held several vital positions in the marketing division.
