The Hindu Business Line : P. Raju Iyer, Chairman, Coaching Committee, Southern India Regional Council, ICWAI; Abdul Hakeem Association of Management, Vellore

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P. Raju Iyer, Chairman, Coaching Committee, Southern India Regional Council, ICWAI; Abdul Hakeem Association of Management, Vellore

Mr P. Raju Iyer, Chairman, Coaching Committee, Southern India Regional Council, ICWAI, speaking at a BL Club event at Abdul Hakeem Association of Management, Vellore

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Chennai, Dec. 2 Management students should reinvent themselves, relearn tools and techniques to revisit business models by analysing the present scenario and formulate ‘strategy’. People, it has been said, can be placed in three classes — the few who makes things happen, the many who watch things happen and the overwhelming majority, who have no idea what happened. Management students should be in the first category, said Mr P. Raju Iyer, Chairman of the Coaching Committee of the Southern India Regional Council of the Institute of Cost and Works Accountants of India (ICWAI), addressing students at the Abdul Hakeem Association of Management (AHAM), Vellore, as part of a Business Line Club lecture (presenting sponsor being Indian Overseas Bank). Mr Iyer also spoke on the world economy, the sub-prime crisis, investors and the prospects for India.

He said America is a spending economy contrary to the saving economies of India, Japan, and so on. The financial markets have suffered multiple crises over the past two decades — the 1991 Gulf war, the 1997 Asian financial crisis, the 1998 collapse of long-term capital management, the dotcom bubble bursting, the 9/11 terrorist attacks, the Enron and Worldcom scandals, and the recent sub-prime crisis — which have led to stock markets falling and market liquidity declining. He likened the behaviour of most Indian investors to that of Abhimanyu in the Mahabharatha war, who knew how to enter the Chakravyuha but not extricate himself from it.

The liquidity crisis leads to reduced lending which leads to reduction in consumption, fall in the purchases of cars, homes and electronic items, among others. In India, due to the turbulent financial environment, deposits with post offices and banks have increased manifold, which is a good sign.

Mr Iyer said that as a management professional, one has to update and upgrade by reading financial newspapers. “It is not what happens to you; but how you handle what happens, that makes the difference,” he said. He added that professionals should identify the opportunity in everything. Successful business is about actively shaping the game you play and not just playing the game you find, he added.

Mr Ziauddin Ahmed Saheb, Chairman, Mr M. Abdul Latheef Saheb, Correspondent, and Dr S. Kayal Vizhi, Director of the management school, Abdul Hakeem College of Engineering, were present at the event. Mr Sharief, Assistant Regional Manager, The Hindu, apprised the students of the BL Club activities.

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