PROGRAM ON “MEET THE CHALLENGES OF ECONOMIC MELTDOWN” held at Nagpur

Ministry of  MSME, Govt of India is initiating several measures & schemes to develop a new ecosystem for supporting & overall development of the MSME sector which ultimately will aid in promotion & restoration of economic development of the country remarked Shri P.M.Parlewar Director, MSME, Govt of India while speaking as a Chief Guest during the inauguration of a program on MEET THE CHALLENGES OF ECONOMIC MELTDOWN organized by Chamber of Small Industry Association (COSIA) in association with G.H.Raisoni College of Management Studies, Nagpur. He further said that during this phase of global recession the MSME initiatives like cluster development in various manufacturing as well as service sectors, development of marketing hubs for promotion of MSME products, opening of incubation centres for promoting the development of start ups ,Common Facility Centres (CFC) will definitely prove to be helpful in restoring the growth & confidence of MSME sector during this difficult times. He congratulated the organizers for rolling such a useful panel discussion program on the burning issue of economic meltdown. COSIA Chairman Mr Mayank Shukla during his introductory remarks said that COSIA is always at forefront in organizing several programmes concerning the cause of MSME sector & this program was necessary to know & analyse the views of the expert panelists about the economic meltdown & its various causes. CA Julfesh Shah former Vice Chairman of WIRC of ICAI moderated the panel discussion in which Mr. Shivkumar Rao, President, VED & Logistic Expert, Dr. T. S. Rawal, Economist and Mr. Vinod Verma, Information Technology Expert were the eminent panelists.

Mr. Shivkumar Rao, opined that in the present economic scenario logistic industry is also facing the heat of recession and about 11% of the GDP comes from the Logistic Sector. The state of the logistic industry is dependent on the manufacturing sector and if there is a slowdown in the manufacturing sector, its impact is also felt on the logistic sector. He felt that due to the recently announced booster package, the conditions will improve and buoyancy will also increase. Sharing his views on IT Sector Mr. Vinod Verma said that, presently the sector is going through the transition phase and several ups-downs are being witnessed in the information & technology sector. Continuous innovation and updation is essential for the IT entrepreneurs to survive in the stiff competition. Come what may happen, IT Sector will remain always lucrative and will have endless opportunities. Economist Dr. T. S. Rawal, remarked that there is a liquidity crunch in the economic system and it is not a cyclical problem but it is a structural defect which needs to be addressed by the Government. And announcing the booster package was something like windfall and it can be termed as helicopter money for improving the conditions of the ailing economy. He also added that the stock markets will also have positive impact on the investors and they should remain invested fundamentally good stocks with a long term perspective.                                                                                              

Moderator CA. Julfesh Shah, said that stimulus in the form of corporate fiscal package will restore confidence amongst both domestic and foreign investors and will reassure them that the Indian Government is committed for promoting the private enterprises and make them robust driving force in the economic growth of the country. He remark that this bold step has laid the foundation for taking the economy to higher growth trajectory. Open forum was conducted after the panel discussion. Earlier Principal of Raisoni College Dr.Preeti Bajaj, made welcome remarks and welcomed the dignitaries and panellists. Dr.Priti Rai, proposed formal vote of thanks. Prominently present were Mr. Amar Vazalwar, S. M. Patwardhan, Pranay Ambaselkar, Anant Kamthikar, Dr. Milind Khanapurkar, Prof. Sanjiv Kumar, Dr. Kaustav Mukherjee, M. P. Morey, A. S. Radke and large number of Entrepreneurs, Faculties and Students.

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