Events on Second Day of Confluence 2008 Center Around Unifying Theme "Wheel of Fortune"

Events on Second Day of Confluence 2008 Center Around Unifying Theme "Wheel of Fortune"

Ms. Reddy said, "We must develop a more holistic wealth measurement system that takes into account factors such as Human Development Index (HDI), health care and relevant social parameters." Talking about the status of the health care sector in India, she pointed out

that in spite of having a good quality health care, the poor in the country do not have access to affordable healthcare.

Speaking about wealth creation, she said, "Wealth creation must be humane and ethical. It should help us create affordable healthcare and good civic amenities." Answering a question about cost of health insurance, Ms. Reddy said, "Cost of healthcare can be reduced by spending money on the health infrastructure and by improving processes so that consumer affordability is enhanced."

Dr. Indiresan talked about PURA (Provide Urban Amenities in Rural Areas) as an instrument for enriching the rural villages. Dr. Indiresan commented, "Wealth is something permanent." He also presented a plan wherein the rural connectivity would help in creating viable economic units in the rural areas. Talking about the ways in which civic amenities can be provided for the poor people, he averred, "Rich people can pay the full capital costs associated with the social and civil amenities and the marginalised sections of the society can be asked to pay the marginal costs." He also stressed upon the need for creating jobs in the rural areas to fight the problems such as rural desertification and rural poverty. Talking about creating wealth in the rural areas, he said, "Civic amenities and good economic opportunities must be provided in the rural areas so that even the rich can be attracted to the rural areas."

Panel Discussion

Confluence 2008 continued through the afternoon with the first panel discussion titled "The Dimensions of Wealth". The session was chaired by Prof. G. Raghuram of the Indian Institute of Management, Ahmedabad. The eminent speakers on the panel included Mr. Hasit Joshipura, Managing Director, GSK Pharmaceuticals, Mr. Bhushan Punani, Founder & Executive Director, Blind People’s Association, Mr. Arvind Sharma, Chairman, Leo Burnett and Mr. Ashank Desai, Chairman, Mastek.

Prof. Raghuram initiated the proceedings and set out the order for the discussion, choosing to give the speakers a good deal of freedom in deciding the dimensions of wealth. Mr. Joshipura, while recounting his own experiences in different corporations stated, "... for any sustainable value creation, innovation, efficiency and inclusiveness are the prime drivers." He highlighted the need for inclusive growth citing the example of USA where growth in the last 15 years has bypassed the middle class.

Mr. Ashank Desai illustrated how the IT industry has added a different dimension to the adage ‘wealth is the health of the shareholder’ by creating wealth for its customers as well as employees. He stressed the need for more entrepreneurs who are leaders in upholding cultural values and who can push the government to make things happen by saying "the wealth creation process has its foundation in entrepreneurship."

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* Contributed by -
Pratik Ved,
Secretary - Media Cell,
IIMA Confluence 2008,
Indian Institute of Management, Ahmedabad.

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