Creating a Trillion Dollar Digital Economy – Shri Ravi Shankar Prasad on Digital India

Shri Ravi Shankar Prasad, Minister of Law and Justice; Electronics and Information Technology, Government of India addressing AIMA's Diamond Jubilee National Management Convention (NMC) 2017

Shri Ravi Shankar Prasad, Minister of Law and Justice; Electronics and Information Technology, Government of India addressing AIMA’s Diamond Jubilee National Management Convention (NMC) 2017

Shri Ravi Shankar Prasad, Minister of Law and Justice; Electronics and Information Technology, Government of India sharing his thoughts on Digitisation, #Digital Economy, and #Digitalindia at #AIMA‘s Diamond Jubilee National Management Convention (#NMC) 2017. Read excerpts –

Ladies and gentlemen, I have 20 minutes left, I’ll try to be as brief and as bullet points as possible. You know whenever you come with an Idea, certain hiccups are there. I remember when I was the minister in Vajpayee Government, the National Highway Program was started and Vajpayee was men of few words, sitting in a meeting and there was a lot of opposition “Jamin kaha se ayegi, Kashmir se Kanyakumari, Silchar se Surat 4 lane 6 lane highway kaise banega, kisan pareshan honge”. Vajpayee ji kept on listening and lastly uttered one word “Karna hai” that’s all. The Boss said enough is enough. About 10 months ago I had gone to Kanyakumari in a function. And I was told Kashmir to Kanyakumari 6 lane highway ends just adjacent to the area where the function was held… I said “Let me drive on this highway, I will not get time to drive all the way from Kashmir to Kanyakumari but let me have a feel. That if there is an idea, there is a commitment, results happen.

To speak about digitization today, when the computer came what was the objection? “Naukri chali jayegi computer aa gya” many of our own party people were also having the problem but today computer, leave aside killing jobs, became one of the biggest generators of jobs. Why I am speaking all this to you today is “1. Trust the potential of India’s talent, 2. Have faith in the innovative spirit of Indians, 3. Share the sheer optimism which young India is seeking to propel”. These three things I would like to highlight at the very outset.

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Vice President of India, Shri Hamid Ansari addressing AIMA JRD Tata Award

Shri Hamid Ansari, the (then) Vice President of India, addressing AIMA – JRD Tata Corporate Leadership Award ceremony. 

Shri Hamid Ansari, Vice President of India addressing AIMA JRD Tata Award Ceremony

Shri Hamid Ansari, Vice President of India addressing AIMA JRD Tata Award Ceremony

Shri Sunil Munjal, Shri Chandrashekhar, Shri Mohandas Pal, Shri Nikhil Swahney, Shri Sanjay Kirloskar, Miss Rekha Sethi, distinguished guests, ladies, and gentlemen. Some years back two management gurus had postulated that in a complex and dynamic global competitive environment adaptive capability is the key to survival and growth and that Indian businesses will find themselves on the road to rapid growth when they learn to think and act adaptively. The challenge before the Indian corporate sector today in the face of continuing low level of global growth and rapid changes in the technology of production and preferences of the end consumers is how to sustain their growth in times of recession that endangers protectionist regimes while competing in a fast evolving technological landscape.

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How to attain Sustainable Competitive Advantage – Mr. Arunabh Das Sharma – President, Bennett Coleman

Mr. Arunabh Das Sharma – President, Bennett Coleman

The concept of competitive advantage is slightly outvoted concept today.  What it means today and what it meant in 90’s is vastly different. In this age of dramatic & disruptive technology how can we manage the product life cycle is the main question. I have been fortunate to be associated with brands which have managed it successfully.  I have been fortunate to be a part of the journey of brands like Coke, Whirlpool & Times of India which are more that 100 yr old brands .According to me, the concept of product life cycle is dead. I think more and more people are trying to manage the brand life cycle as oppose to the product life cycle today. Because products that constitute the brand can come & go but the brand value will stay forever.

Product life cycle is an inverse s shaped curve, where you would start slow and then there’s rapid growth and then you start slowing down and at the end it would decline. Let’s take an example of Colgate dental cream. It is probably a 65 – 70 year old brand and yet it continues to be the leader primarily in same form & fashion. It is a very successful brand & product. I would however argue that the reason why Colgate dental cream is so successful is because the company has managed to figure out that there is a core set of consumers & there is a peripheral set of consumers & Colgate has been successful in focusing on both these categories by launching different products under same mother brand of Colgate, for e.g.:  Colgate total, Colgate sensitive & Colgate whitening. Continue reading

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