A Panel discussion organised by the IB Club of JIMS College, Sec-5, Rohini
On Monday, September 21, 2020, the International Business Club at JIMS, Rohini organised a panel discussion for PGDM- International Business students. The panel consisted of some of the top minds in the exporting and international business. The honourable guests were Ms. Rashmi Taneja, Asst. Director at Gems & Jewellery Export Promotion Council of India, Mr. Amit Budhiraja, CEO & Founder, M/S Utopia Freight Logistics Pvt. Ltd., Mr. Aminesh Saxena, MD at Neetee Clothing Pvt. Ltd. and Mr. Nitin Dewan, Head- International Business & Exhibitions, AVN Logistics who also moderated the panel discussion while being a part of the panel.
Mr. Nitin kicked off the discussion with his positive energy while Ms. Rashmi and Mr. Amit helped set the backdrop of India-China trade relations. The students were given an overview of the Chinese economy and Ms Rashmi very aptly described the journey of China from an isolated economy to a liberalised superpower.
The discussion was on India being a bilateral country in terms of trade with China and revolved around how Covid works in favour or against the Indian Trade. A historical perspective of India and China as traders from the beginning of the age was provided. Both the countries began at the same level in the 1940s, but the diversion in China began with the introduction of economic reforms when the economy was opened up for international trade in the 1970s. This led to the ever rising Chinese share in the manufacturing and merchandising sector around the globe, with Chinese share growing to almost 12% and India still struggling with almost around only 2% in the world export.
Mr. Amit weighed in his opinions and explained to the students the need to go ‘vocal for local’ and how the nation needs to seize the opportunity that has been created by the Covid-19 Pandemic. Manufacturing firms are disinvesting in the Chinese economy and are moving away to other Asiatic regions with a higher political stability and favorable global relations. This calls for India to prove to these companies and the world its manufacturing prowess and the avenue for businesses to create value while investing in the country.
With the introduction of schemes like Aatmanirbhar Bharat and Vocal for Local, Government is creating opportunities to diversify risk. Moreover, in such times, there is a need to sign up for more trade with intermediate countries and integrate into the Global Supply Chain which would not only diversify our risk in terms of growth basket but through that we will also be able to give strong competition to Chinese products without having them imported. The two major strategies which India needs to work upon were also highlighted as to how we need to boost our GDP and compete with China simultaneously by boosting our entrepreneurial incentives and reviewing where we stand as an economy as primary steps.
The panel further discussed the political and trade relations that our country shares with our neighboring nation China. The two countries political history was discussed as well as our roles in the World Trade Organization (WTO). The panel concluded with the emphasis on the need for our nation to get ahead in the global trade scenario and take the mantle of a manufacturing powerhouse. The panelists also brought attention to the relationship between India and China through a timeline, and how India and China had been working on strengthening the bilateral trade between them before Covid. They also talked about how the Indian domestic sector is boosting especially in the agricultural sector with the implication of special schemes for the farmers. A major strategy was stressed upon as to how we need to know first of all what we import from China and then strategize accordingly on what to produce and what to import from other alternative countries considering the available resources. The formulation of the sector specific strategy was emphasized upon, rather than the generic strategy, which further drew our attention towards the need to enhance our resources as an economy. Later on, it was discussed that in the given scenario where China doesn't seem to share smooth relations with the other countries, especially the USA, owing to Covid and its spread throughout the globe; can play a crucial role for India as a world trader by replacing China in various sectors such as gold and apparel. The session was concluded, with the panelists leaving many questions in the minds of the audience to think upon, being the consumers with respect to the boycott of Chinese products. Are we really boycotting Chinese Products and should we really boycott them? Is it more of an emotional value or are we seriously able do it when it comes to reality? As a country, we need sources to fill up the gap and start looking at other countries as alternatives to contribute for imports and exports in order to maintain a healthy economy in the given circumstances.
The students asked questions at the end and Dr. Yukti Ahuja, Dean, PGDM-IB gave the vote of thanks to the panelists.
The event succeeded in imbibing the students of IB with the highly relevant international and Sino-Indian bilateral trade relations in the global business environment.