Gone are the days when population was considered a deterrent for development of a country. Today, the most populous countries like India and China are benefiting a lot from their population strength, noted Dr Ramachandra Galla, Chairman and Managing Director of Amara Raja Group of Industries.
He said this while inaugurating a two-day International Conference on Emerging Trends and Issues in Management (ICEMIM 2013) organised by the VIT business school on Friday.
In the next 10 to 15 years, India would emerge as a strong country with the highest youth population in the world. By making use of the youth power, “our country would prosper economically”, Galla said and added that the youngsters must create good opportunities in order to achieve this. Innovation, entrepreneurship, experience, responsibility, skill and talent were the most needed qualities for youngsters to give a boost to industrial development, he added.
India was stronger and leading in the services sector and it was the right time to strengthen the manufacturing sector, following footsteps of China, VIT Chancellor G Viswanathan said in his presidential address.
He said many private sector companies in India expect a huge margin return of aroud 20 to 25 per cent for their investments, whereas in other countries, the expectation was only four to five per cent. This was due to the fact that several subsidies on tax and electricity were being provided to the industries in other countries while in India, the expectation of margin was high due to various factors like high bank rates and non-availability of subsidies from the government, he noted.
Viswanathan appealed to the students of management to study the geography and history of various countries and learn about the diverse demands of other countries to make India prosperous in the industrial sector.