Business Standard Smart Business Event in Association With BMA

The first Business Standard Smart Business event organised in Bhopal, in partnership with Bhopal Management Association, was a treat for the business fraternity in the city of lakes. Industry personnel, educationists, academicians and finance professionals discussed the importance of “stable governance” for sustained economic growth. 

All panelists concurred that stable government does not mean a majority government, and that good and stable governance should be the basic nature of every government, irrespective of the political party which is at the helm. Mangesh Tyagi, Principal Advisor of governance at the Atal Institute of Good Governance and Policy Analysis, Bhopal, said that most years of high growth have been achieved under coalition governments which maintained a record of good governance. 

Suneel Bhargava, an industrialist and co-chair, BMA, argued that corruption still remains the biggest roadblock that impedes the growth of stable governance. He said that at least 15 to 16 officials have to be dealt with for a business proposal to see successful operation. 

Saying that structural reform helps maintain smart governance, R G Dwivedi, regional director of PHD Chamber of Commerce based in Bhopal said that even after a year of implementation of the goods and services tax (GST), server problems are faced daily. But at the same time, there was a consensus amongst the panelists, that this short term pain will give way for long term gain. 

They maintained that petroleum products must come under GST soon, and that rates should be rationalised into one or two rates across goods and services. 

Technology was one aspect that will change the way businesses work, the way government will perform its functions and the nature of governance in itself, the panelists said. Subhash Vithaldas, chairman of the BMA said that though technology like the ability to process big data will help making good governance the mainstay, rapid changes in tech could be a risk for micro, small and medium enterprises (MSMEs). Only big corporates have the wherewithal to adapt to rising tech, and if small enterprise suffers in a complex economy, it might impact governance. 

Prashant Jain, India Pro-Chancellor of SAGE group of institutions in Bhopal said that skills are vitally important in the future economy, for employability of the youth. Bhargava said that about 70 per cent of India is under 35, which makes skill development inevitable. However, Tyagi admitted that the tech-enabled future is asking us to adapt to newer skills, and older skills and trades might become outdated in coming years, which holds a lesson for maintaining stable governance in the future. 

Dwivedi underlined the importance of infrastucture by stating a fact, that Bhopal still has air connectivity to only two cities, Delhi and Mumbai, severely restricting its ability to trade with other industrial and consumer states of India. 

Making a point that the proportion of women enterpreneurs should rise, treasurer, BMA, Manoj Jha concluded the discussion with a vote of thanks.