IIM Lucknow (NOIDA Campus) Hosts "IIM-L Alumni Gala Meet 2008"

IIM-L Alumni Gala Meet 2008 Brings Together IPMX Students With IIM-L Alumni
Post-event Press-release

A gala event for IIM Lucknow Alumni was hosted by the IPMX students of IIM Lucknow (Noida Campus) on 23rd November 2008. The event, the first one of its kind at the new campus, aimed at bringing together the alumni and the IPMX students for a rich learning experience.

As the students plan to take up challenging roles, this interaction with the alumni would help them keep in touch with the industry. The day provided an excellent opportunity for the alumni and their families to see the new campus, share professional experiences, and catch-up with fellow alumni in a relaxing atmosphere. The itinerary, that included fun and games for family members, started with key note by the Dean, Prof. Punam Sahgal, IIM-L Noida Campus.

A key item in the Alumni Gala Meet was the panel discussion on the current global financial meltdown. The panel included IIM-L alumnus, Mr. Kamlesh Varshney, Director (Tax Policy & Legislation), Central Board of Direct Taxes, Mr. Paritosh Gupta, CEO, PDCOR Ltd. and current IPMX student, Mr. Sanjay Sethi.

Mr. Varshney contended that though the current economic crisis is wide-spread and truly global in its reach, it is not as bad as it has been painted out to be. In his opinion, India' economic fundamentals were strong and it was only a matter of time before the market sentiments and fears subsided and the growth rate picked up. Mr. Gupta's perspective was that the crisis was indeed real and much more than an irrational reaction. He added that the economic boom that preceded the current situation was a product of the aggressive speculation that had beset the market then. On the positive side, he averred that the Indian economy at worst should see a slowdown, but definitely not enter recession. Mr. Sethi was broadly of the opinion that the current situation would take at least 3-4 years to correct.

To a question on whether the current downturn would reverse liberalized trade policies and be witness to an era of increased protectionism, the panel agreed that such would be the case. To this effect, the panel pointed out that for the foreseeable future, the main thrust of every affected country would be to stimulate growth of the domestic economy to balance threats of growing unemployment. One very relevant outcome from an Indian view-point would be the definite and substantial reduction in outsourcing affecting the services sector.

To a question on the approach business schools should adopt in this era, the panel strongly felt that the top B-schools in India, such as the IIMs, should contemporize their curriculum with inputs from the industry.

To a question on whether the Indian government was doing enough, the panel felt that the current government had, among its ministers and other policy-makers, some of the finest minds in the area of finance and economics. The panel added that the government had done the right thing by taking a cautious approach and undertaking a plan to implement initiatives in a phased manner.

The programme ended with an entertainment session designed and enacted by the IPMX students.

Concluded.

Contributed by -
G. V. P. Rajan,
Member - PR Committee,
IPMX, Batch of 2008-09,
IIM Lucknow.

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