India, being democratic, poised to overtake China

Report by India Education bureau, New Delhi: Inaugurating 2nd Global Leadership Research Conference (GLRC-2017) on the theme ‘Innovation, Sustainability & Change: Emerging Challenges and Solutions” at Amity University, Dr. Thomas Mathew, IAS, Additional Secretary to the President of India, stressed optimistically that today’s youth is living in a great era with lot of opportunities and they need not to be threatened by China. India is poised to overtake China in future since India is a Democracy and the greatest impulse of democracy is freedom of choice.”

Elaborating on the theme of the workshop, Dr. Mathew stated that no research is useless and it all depends upon how it is being applied. He remarked that Innovation brings about change and the end product of the change has to be sustainable. “The sustainability of any Innovation needs to have a benchmark and that benchmark should be that an innovation should always make the society of today better for tomorrow,” he opined. He remarked that Innovation is just not about Science but it could be virtually in any field of life such as Social Innovation, Scientific Innovation, Economic Innovation and others. “In life there are no limits or boundaries, there are just self-imposed restrictions that hold back an individual. Impossible is most often not tried and the seemingly impossible things bear the best fruits in life”, averred Dr. Mathew. Motivating the students, he stressed that only change is constant in the world and called upon them to think out of the box and become change agents in the society.

This Conference aims to provide broad coverage and dissemination of foundation research and to bring together researchers from Academia, Industry and Practitioners to share ideas, problems and solutions relating to the multifaceted aspect of “Innovation, Sustainability & Change: Emerging Challenges and Solutions”.

Welcoming the distinguished gathering, Dr. Sanjeev Bansal- Director, Amity Business School and Dean, Faculty of Management Studies shared that during the two day Conference, over 248 Research Papers will be presented in five domains – Finance, HR, Entrepreneurship, IT and Travel & Tourism. He stressed that research needs no basic qualification and the two requisites for pursuing research are curiosity and passion. He remarked that change is inevitable and continuous and it is only through innovation in systems, processes, production and management that long term sustainability could be achieved.

Prof. (Dr.) Sanjay Kaushik, Honorary Director, ICSSR – NWRC, Panjab University appreciated the relevantly themed Conference and stated that Innovation, Change and Sustainability are inter- related and one is not possible without other. He stated that employees lack enthusiasm and encouragement from within and outside in the organization to innovate and remarked that companies need to change with time and build a culture of Innovation otherwise they would have to languish in anonymity. He shared that India has climbed 15 spots, from 81 to 66 in the Global Innovation Index (GII) in 2016 but countries like Japan, Germany, China, South Korea and even Syria are ahead of us because they spend more percentage of their GDP on research and Innovation. Giving solution, he opined that educational Institutions need to collaborate with Government and Industry to motivate the youth of the country to pick up career in research.

Mr. Rajesh Yadav, Additional District Magistrate (Finance & Revenue), Ghaziabad outlined the innovative ways through which various ponds, which were encroached upon by builders and farmers during last 30 years in Gautam Buddh Nagar were revived by District Administration. He called upon the students to use their research for the betterment of human beings and society.

Addressing the gathering, Mr. Rahul Chakravarty- Director, FICCI stressed that Innovation is a special instrument of entrepreneurship with a capacity to create wealth. He opined that “Innovate in India” should go along with “Make in India” and to facilitate the same Government needs to create specific innovation infrastructure, promote a culture of entrepreneurship in the country and holistically strengthen the education system in the country with more vocational centres aiming at skill development in the youth. He averred that India is at the threshold of startup boom and is the third fastest growing start up ecosystem in the world and with its abundant talent and resources; India is bound to become next Google.

Capt. Pavan Kumar Kaul, Director, Container Corporation India Ltd stressed that youth are the leaders of tomorrow and will herald the much needed innovation, aiming at rapid and inclusive development. He stressed that innovation is needed in the area of food security and to enhance the output of resources and achieve the productivity of scale without hurting the environment. Need of the hour is change in thought and action and encouraged students to go out, empowering others to innovate and spearhead the growth of Indian economy.

Also present during the inauguration were Mr. Indranil Roy- eminent Journalist and Dr. B Shukla- Vice Chancellor, Amity University.

During the inauguration, International Journal of Control Theory and Application, International Journal of Applied Business & Economic Research and an Abstract Book of the Conference were released by the distinguished luminaries.

During the day, over 85 Research Papers were presented in the domain of “Entrepreneurship & General Management”, “Marketing and Retail”, “Human Resource”, “Finance” and “Computer Science and Information Technology”.

Ms. Priya R Desai- Management Scholar, L.N Welingkar Institute of Management Development and Research, Mumbai while presenting her paper on “The Next Financial Crisis- Made in China”, highlighted that The People’s Republic of China has been flaunting growth rate many nations would envy, despite of the Debt Crisis of Europe and the Credit Crisis of the US. China has been aggressively pushing to achieve its growth targets by over borrowing both internally and externally as a result; it has accumulated too much debt in a short time and is facing a financial crisis like situation. She shared that China has estimated 281% debt to its GDP with a total of 28 Trillion dollars of debt, leading to problem of deflation and falling stock prices. Adding to the grim situation is aged population of China and shrinking of world trade. She suggested initiating organic growth driven by consumption and not artificially spiked investments in order to reduce overall national debt of China.

The research papers presented during the day included “Significance of Creativity and Innovation for the development of Entrepreneurship” by Dr. Sandeep Kumar Institute of Science and Management, Ranchi, “Roles of Entrepreneurs in Economic Growth and Development in India” by Dr. Falguni Satsangi DEI, Agra, “Crowd funding: An Answer to Entrepreneurial Dilemma for Capital” by Mr. Amandeep Dhaliwal and Dr. Arunaditya Sahay Birla Institute of Technology Management, G. Noida, “Transforming Adversities into an Opportunity – An Entrepreneurial SME Sector Case Study of Psychotropic India Ltd.” by Prof. Amit Seth, Manav Rachna University, Faridabad and others.