The Hindu Business Line : Meet suggests ways to survive global meltdown

Nitte (Udupi), Nov. 16 Suggestions ranging from investment in infrastructure to diversification of the IT market base were discussed at the day-long seminar on ‘Strategies on Surviving the Global Meltdown’ at the Justice K.S. Hegde Institute of Management at Nitte in Udupi district on Saturday.

Presiding over the seminar, Dr N.K. Thingalaya, Chairman of the Academic Council of the institute, said that the time is ripe to invest in infrastructure development in the country. Apart from providing employment to many people during the economic slowdown, investments in infrastructure development will generate demand for various raw materials.

Making a mention about the impact of global slowdown on the textile industry in the Tirupur region, he said they should diversify into the domestic market, rather than depending entirely on exports. They could supply uniforms to school children, and the Government could extend financial support for this, he said.

Nationalisation plus

The Indian banking system is safe because of nationalisation of banks, as the public sector banks hold a major share in the total banking system in the country. However, Dr Thingalaya stressed the need for regulation of the microfinance sector as some of the institutions are levying heavy interests on loans.

Delivering the keynote address at the seminar, Dr Jagadish Shettigar, economist, suggested that it is time for the IT sector to review the market base. The sector should diversify and focus on the non-financial market base for growth.

He advised banks to review their policies towards aggressive banking practices. Rather than infusing liquidity into the system, the Government should also explore the tax and non-tax measures to tackle the slowdown in the economy.

Need for confidence

He opined that the slowdown is likely to linger for a minimum of one year. Inaugurating the seminar, Mr S. Gopakumar, Head (Perambra Plant), Apollo Tyres Ltd, stressed the need for confidence-building measures during the hour of crisis. Focus should also be on maximising the core competence of the companies concerned.

Those experienced should use their experience to tackle the situation. The younger generation, which may not have experienced such a situation, should learn to tackle similar circumstances in future.

Dr M.S. Moodithaya, Director of Justice K.S. Hegde Institute of Management, Nitte, welcomed the gathering.

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