Indian Institute of Finance hosted the 4th IIF Webinar series on “Essence of Life and Growth” by Mohd. Haleem Khan (former Secretary to GOI, Ministry of Finance, GOI). The Webinar was moderated by Prof. Aman Agarwal Professor of Finance & Dean (IR) Indian Institute of Finance (www.iif.edu) and Executive Editor, Finance India (www.financeindia.org). The Webinar was attended by over 58 global participants from UAE, Germany, Hungary, India and others.
Mr. Khan said that the government is doing a good balancing act between fiscal and monetary measures to keep the economy on high growth track. He feels that a strong and stable government not beset by eminent elections is a happy coincidence. Working together among ourselves with strong interlock with economies of the World is the need of the hour. India is blessed with immense goodwill globally thanks to the reservoir of positive contributions made by Indians and Indian Diaspora. If dealt properly it would give a huge boost of confidence for our countrymen and induce growth with happy living for all.
India has always performed at its best when under pressure. The government should proactively come up with positive stories to overcome the negative environment so as to give confidence to all and enhance positivity in general. A right kind of socio psychological ambience creation and financial package in a structured manner will help navigate the country well in the current pandemic turbulence. We ought to concentrate on the needs of the country looking beyond oneself said Mr. Khan.
“Excel and help other Excel” should be the mantra. Live and let live has become obsolete. The current generation is blessed to have an opportunity to leave its mark for ever. In the new paradigm of 21st century it has to work with love, compassion and to build capacities to work together. The youth should concentrate on contributing in economic development and shoul not lose focus that India’s demographic dividend is available for next 35-40 years only.
Mr. Khan listed few positives that are going to come out of the current COVID-19 crisis: (a) Human face of the Police and the professional tenacity of the health personnel and care givers. The recognition and honour and the positive vibes in the hearts of all Indians for these set of public servants; (b) technology intensive teaching, webinars like these and research discourse is going to gather pace very quickly because of its enriching nature and saving in cost and time (c) the role Media is playing to connect people globally to overcome crisis and debunk false stories and negative scenarios from within. Crisis gives us an opportunity to find out and test our Positivity, Love, Compassion and re-learn and enhance our ingrained capabilities and competencies to work together. He re-iterated that he sees no reason as to why India will not march out stronger of the current scenario as it has done numerous times in millennia of its existence with the love and support of the people of the country and the strong leadership which we happen to have.
To let the economy recover fast, the government should hold back corporate tax sacrifice announced in the Budget 2020 for a year at least, deliberated Mr. Khan. Fiscal sacrifice, if any should be focussed on enhancing consumption by calibrated adjustment in GST regime. He feels and believes that there is great opportunities for mergers and acquisitions both domestic and global. India should take steps to let Indian business buy globally high tech and small businesses worldwide. India should play proactive facilitator for companies willing to relocate in India.
The prime objective of the IIF Webinar Series on “Essence of Life and Growth” is to bring forth positivity of life based on the life experiences one has gained over 3-4 decades of personal life experiences, professional life, the nation, the economy and the world at large, having seen different colours of life based on ups and downs one has witnessed.