MindRush 2016 sets the agenda for India Inc, government
Team BT December 18, 2016
The fourth edition of BT MindRush was a spectacular success, brainstorming challenges before corporate India, felicitating the best CEOs, and much, much more.
All roads led to New Delhi's Taj Mansingh hotel on December 17 for Business Today's annual brainstorming event, MindRush. As usual, a virtual who's who made it a point to be a part of the conclave. What followed was an animated discussion on a host of burning issues before the world of business.
The day began with a bang. Reknowned cardiac surgeon Dr. Naresh Trehan, Chairman and Managing Director of Medanta Hospitals, took the stage for the morning lecture at the 'Wakeup Call' session. Trehan asserted that discipline and control over the quantum and frequency of your food intake can make a world of difference to your health, helping you combat deadly diseases like diabetes. "If you have knowledge of your body, you can add ten physically-strong years to your life," he said, adding that 50 per cent diseases prevalant in India are non-communicable. "India is the capital of coronary artery disease, and one-tenth of India's population is either diabetic or prone to diabetes. And diabetes spares no organ," he said.
In a stimulating session, Amitabh Kant, CEO of Niti Aayog argued that for India to become a 10-trillion dollar economy and grow at 9-10 per cent, it was imperative for the government to take some bold steps like demonetisation. It'll help the country move towards a cash-less digital economy. According to Kant, economic growth might be hit for two quarters, but India is not a corporate entity that has to just go by quarterly growths. "India is a nation and a nation must have a long-term view... look at where will India be 30 years from now" and the short-term pain is worth the long-term gain. The banks are getting healthier, inflation will slide and tax rates shall go down, according to him. "It will take India to a new normal."
And then came the Marquee Keynote address by Jimmy Wales, Wikipedia founder and Internet entrepreneur. Speaking on 'Why Positive Deviance Works', Wales declared that despite the increasing incidence of fake news sites across the world, Wikipedia has not been impacted. The onus of this, he said, is on Wikipedia's community of volunteers who vigilantly write and edit the content. While it has a pool of 80,000 volunteers, the real content comes from 3,000-5,000 people only, who act as Wikipedia's gatekeeper.
Contrary to what people think, he said, Wikipedia does not work on the crowdsourcing model. "I hate the word crowdsourcing," he said, adding that the idea of this word comes from outsourcing; finding cheaper labour in another country to get work done at a reduced cost. Reminding the audience about the 'bigger motive' of Wikipedia, he said, "Imagine a world in which every single person on the planet is given free access to the sum of all human knowledge." The platform was global, right from the time it started, and is free to be accessed by all, and free to be distributed and repurposed, he pointed out.
In the next session,
Professor Deepak Malhotra, Eli Goldston Professor of Business
Administration, Harvard Business School, illustrated two essential
skills that a negotiator must cultivate -- the ability to create value,
which he said was one of the largest leverages one can have and, two,
focus on what happens to the other party if there is no deal. He was
speaking on 'Negotiating The Impossible'. The professor's speech,
replete with interesting anecdotes and stories, also highlighted the
importance of the right mindset. "You need one mindset - a learning
mindset," he told the packed house. Key to the learning midset is to
treat your opponent as a partner. Even those who hurt you.
In a panel discussion that
followed, four Dalal Street veterans gave their wisdom on "How to
survive stock market in 2017". The advise: stay invested for the
long-term. Ridham Desai, Managing Director, Morgan Stanley India, said
that the markets are in the midst of an earnings recovery. "That story
would have built up nicely in the next two quarters but because of
demonetisation it has been pushed back," says Desai. Agreed Nilesh Shah,
MD, Kotak Mahindra Asset Management Company: "We are looking at three
to six months of delayed recovery." Rashesh Shah, Chairman and CEO of
Edelweiss Group believes that the move was just not an economic
experiment but a social experiment. "It's an experiment that has a lot
of benefits with an increased flow of informal funds into the formal
system," he says. Bharat Shah, Executive Director, ASK Group, pointed
out that there could be a shift from physical assets to financial assets
because of demonetisation.
C. P. Gurnani, CEO
& MD of Tech Mahindra said that the workplace of tomorrow can be
anywhere in the world. "Workplace of tomorrow will be distributed.
Technology will continuously change, and workplace will evolve.
Technology will keep creating new productivity tools. But we will still
require human intervention. I don't visualize a workplace with no manual
intervention," he said.
"Narendra Modi has not become PM for the sake of cutting ribbons. He has got this massive mandate to transform India," he emphasised.
The curtain came down on the show with the winners being felicitated. Venu Srinivasan was the Champion of Champions while Nishi Vasudeva was the Best CEO (Super Large Companies). Other category winners included Sunil Mittal, Sunil Duggal, among others.