The conference discussed wealth creation at the macro national level and micro individual level.
Mumbai / Chennai, 28th February 2023: Great Lakes Institute of Management, Chennai organised its 13th Great Lakes – Union Bank Annual Finance conference on Wealth creation in the VUCA world.
Gautam Chikermane – Vice President at Observer Research Foundation & author of ‘Reform Nation’ and ‘India 2030’, addressed 400+ students, staff, and faculty of Great Lakes.
In his keynote address, Gautam Chikermane, focused on the Rise of India in a world of disruptions and elaborated on the three parts of Disruption – Technology, Geopolitics and Setting a Narrative. In geopolitics as a disruptor, he insisted that, “Indian Entrepreneurs must rise to the occasion with world-class facilities. There is governance happening on social media-both dissemination and exchange,” he said. He insisted on the need to have ‘Made in India’ social media platforms to ensure the voice of India is showcased all over the world.
He said, “Ability to study, understand, engage with, influence, and decode public policy is an important skill. It is no longer the domain of those who are elected and selected. Policy making is now a very rooted affair.”
Vidya Mahambare, Professor of Economics at Great Lakes and noted economist, setting context for how individuals should look at personal finance, added, “India is playing a key role in shaping the global growth, aided by domestic economic and financial sector reform which need to continue. India’s skilled young workforce would be the major driver and the beneficiary of India’s rising prosperity. It is important for today’s young to understand that there is no shortcut to becoming rich, and long-term wealth creation requires discipline and a sound investment plan.”
In the second session of the event, Monika Halan discussed how the Investment attributes for the VUCA world are long-term inflation and tax plus returns, low cost and low maintenance.
“Of course, savings or investments may start as a residue of income over expenditure, but the eventual goal for all individuals must be to make such savings a target rather than a residue,” she added.
She also said that “Away from the glam and glitz of investing in derivatives and other complex financial products where 90% of the retail investors lose money, investing in index funds leads to great wealth creation, dwarfing returns from other products.”
Ms. Halan encouraged women to take charge of their finances. “Women tend to give control to their fathers, brothers, and husbands. Do not give that power away.”
The conference paved the way for the students to interact with industry experts.