Amity College of Commerce & Finance (ACCF) in association with Small Industries Development Bank of India (SIDBI) organized 4th International Conference ‘ICACCF-2020’ on Advancements in Commerce, Management and Entrepreneurship: Paradigm Shift in Industry 4.0 at University Campus, Sector 125 Noida.
Welcoming the gathering, Dr. (Prof.) Balvinder Shukla, Vice- Chancellor, Amity University Uttar Pradesh said that the world has witnessed many industrial revolution over a period of time and now the industry is transforming at a rapid speed due to technological advancements but many sectors are still not prepared for it. She mentioned that for growth of the sectors and economy, the Government is leveraging on youth by promoting entrepreneurship and establishing technology innovation hubs. Dr. Shukla apprised that the vision of Amity is in sync with the Government to nurture entrepreneurs in every sector possible. She further added that the industry now requires different skill set i.e high cognitive skills and it is the responsibility of educational institutions to prepare the budding professionals to be future ready.
Addressing the gathering, Mr Khitish Pandya, CEO, Eco-Tasar Silk Pvt Ltd said, “Technology has made the world a different place and has also impacted the ways businesses operate.” He pointed out that several new fortune 500 companies are a result of technological growth and were not in existence, even 10 years ago. He urged the students to develop the ability to identify the opportunities and grab them. Mr. Pandya averred that technology is just a facilitator, it is vital for companies to have relevant products and services which customers need. Talking about changing paradigms in entrepreneurship ecosystem, Mr. Pandya pointed out that the concept of start-up funding is different than before, there are many investors who are ready to fund big on a viable idea. He stressed upon social entrepreneurship and encouraged the students to explore areas that address the current issues pertaining to social and environmental concerns.
Dr Mohamed Nurullah, Professor Head of Accounting, Finance and Informatics Kingston Business School, Kingston University, London talked about the roles of government, higher educational institutions and employers in industrial transformation. He mentioned that the government, economists and other policy makers’ ultimate desire is to achieve the full employment so that the government can get higher tax from the employers and employees and at the same time, can minimize its financial burden. While, the private sector provides the bulk of the country’s employment, therefore, there is a need for a close interaction between education providers and employers. “The role of the government is to facilitate between the industry and education institutions to maximize the employable graduates.” he opines. Dr. Nurullah further briefed about the road to the advancement in commerce and management in 21st century and said that artificial intelligence, machine learning, big data analytics, block chain, bitcoin, crypto-currency, FinTech and open banking were some of the key developments behind 3rd and 4th industrial revolution. He shared that with industrial revolutions, the world GDP grew from 50 trillion USD to 75 trillion USD. According to experts, the artificial technology advancement could further increase the GDP to 15.7 trillion USD by 2030.
Dr. Nurullah also spoke about new business models and paradigm shift in entrepreneurship and said that the investment in start-ups is not limited to traditional bank lending. There are P2P lending, venture investors, crowd funding etc.
Speaking on the occasion, Mr. Ashit Ranjan, General Manager, WNS Global Services Pvt Ltd stressed that adaptability as per changing times is critical for every professional. He remarked that it is not just the business models but also professionals which need to transform in accordance to industrial revolutions.
During the day, a panel discussion was held on Impact of FINTECH in Digital Banking wherein eminent industrialists, Mr. Chanchal Sahu, Manager, SIDBI; Dr. Vipin Jain, Vice President, Yes Bank; Mr. Vikram Singh, Account Director, L & T Finance; Ms. Haneet Vohra, Marketing Director, KSB Designs; Dr Mohammad Nurullah, Professor Head of Accounting, Finance and Informatics Kingston Business School, Kingston University, London and Mr. Pankaj Garg, CFO, Sleepwell Group.