National Seminar on Family Business: Managing in the Global Economy

The two day long National Seminar on Family Business: Managing in the Global Economy organized by International School of Informatics & Management in collaboration with Association of Indian Management Scholars (AIMS) and Federation of Rajasthan Handicraft Exporters (FORHEX) was inaugurated on August 10, 2007 by Shri .K.L.Jain, Honorable Secretary, Rajasthan Chamber of Commerce & Industry, Jaipur and Ms. Seema Mahajan, Chairperson, Narsee Monjee Institute of Management, Mumbai. 

Dr. Ashok Gupta, Director, ISIM, welcomed the guests and appraised them with the institute’s progress. Sir acquainted the participants with the anatomy of family businesses with their special management concerns like succession, family practices and governance, power struggles, squeeze outs etc. 

Dr. K.L. Jain, Secretary General, RCCI, Jaipur was the key note speaker for the inaugural ceremony enlightened the participants with the relevance of implementing ethical approaches in the business. Sir also asserted upon for espousal of information technology for optimal   utilization of resources and to excel in globalised world.  Sir concluded ceremony with a verse from “Kathopnishad”.  

Technical Session 1

Prof. Seema Mahajan, Chairperson Family Business, Narsee Monjee Institute of Management Studies, Mumbai is an eminent academician with vast experience in the field of family business and recipient of ‘Excellence in Teaching Award’ from NMIMS University. She has successfully executed market –plans, with national and international companies- Lakme, BPL, Dreamwork Entertainment and software, Triveni McFin India Limited, Greyworldwide, Britannia and Drilcoseco to name a few. 

Prof. Seema Mahajan during her enriching session on “Business Killers...  Keeping Business Alive for Generations” initiated with a film on Incredible India. She categorized  India from the view point of  business into two: - Developed India and Developing India. She highlighted that in developing India there is a need to explore the unlimited potential and recognize possibilities whereas in developed India it is a challenge to keep India energized.  

She also explicated about the challenges in building brand for family business.

Prof. Mahajan also opines about the difference in practices of family business of India with the North Europe. The session was interactive and ended with her best wishes for the participants.

 Technical Session 2 

Mr. Tarun Chaturvedi, Associate Professor in the area of Finance and Taxation, Management Development Institute, Gurgoan. Sir has published various books and cases on Taxation. Sir during his highly informative session on ‘Financing Family Business: Implications of Interest Rate Fluctuations’ elucidated the audience with the existing structure of rate of interest in Indian economy.

Prof. Chaturvedi also elaborated about the interest rate as risk component and its impact on business cycles. He presented Cyclicality of the interest rate in emerging economies in a very simple, lucid yet informative manner with the help of various real corporate examples.

In the end of the session, Prof. Chaturvedi contented the inquisitiveness of the audience by answering the queries raised by them.

Day 2

Technical Session 3 

A renowned personality in the field of International Business Prof. Jiban K. Mukhopadhyay, Professor, S.P.Jain Institute of Management and Research, Mumbai and former Chief Economic Advisor of the Tata Group was the moderator for the panel discussion on “Role of Family Business in Emerging Economy”.

The Panel of experts comprised Dr. Rajesh Kothari, Dean & Director, R.A. Poddar Institute of Management, Jaipur, Prof. J.K. Tandon, Department of EAFM, University of Rajasthan, Dr. Somdev, Professor, EAFM Department, University of Rajasthan and Mr. B.K. Bhargava a renowned Consultant.

Prof. Jiban elucidated that family business provides vast empowerment and is a substantial foreign exchange earner along with being the second largest employment sector. There is no doubt that the sector has potential of leaving an impressive mark on the world market but there is a requirement of strategic planning and action so that strengths are consolidated, weaknesses corrected, opportunities exploited and threats tackled.

Prof. Somdev remarked that Family Business is the oldest form of organization and more than 80% of family businesses are still practicing the old traditions. Sir also asserted that these organizations must welcome latest technology and present practices which is a demand of Indian Economy.

Prof Rajesh Kothari expressed that the families that are successful in family business are those only who espousal transparency and molded their practices as per the emerging trends in globalised economy.

Mr. B.K.Bhargava being associated with Handicraft Business for more than a decade stressed that in context of liberalization, privatization and globalization family business needs tremendous modification to match with existing structure of Indian economy.   Sir opined that government must encourage and support family businesses to curtail unemployment in India.

Prof. J.K. Tondon expressed that this sector is also not untouched with the changing scenario of economical and financial trends of India. He also highlighted that there are family Businesses like Reliance, Bharati Telecom, Infosys, Wipro, Aditya Birla Group etc that preceded various multinational companies in the world.

It was a highly enriching and interactive session. The participants enthusiastically raised various queries at the end of the session which were answered very impressively by the panel.
 

Valediction  

Chief Guest Prof. Jiban K. Mukhopadhyay, Professor, S.P.Jain Institute of Management and Research, Mumbai initiated his session on “Economic Imperatives for Indian Economy” explicated about the History of India's economic growth. He expressed his views about the impact of business cycles on real exchange rate fluctuations and techniques to prevent India from becoming a poor counterpart of European Union.

He also emphasized on the various measures to curtail India from being positioned as a predominantly trading economy. The interactive and informative session concluded with Prof. Mukhopadhyay’s skillful handling of the participants' queries. 

Prof. Prakash G. Apte, Director, Indian Institute of Management, Bangalore was the key note speaker for the valediction ceremony. Sir has published various books, papers and cases on International Financial Business.  

Prof. Apte during his highly enriching and interactive session on “Strategic Initiatives in FOREX Risk Management” elucidated the audience about Effective FOREX management in the present business scenario. Sir also elaborated about the various risks involved in FOREX trading and role of International Exchanges in Hedging Exchange Rate Risk  

The impact of Prof. Prakash G. Apte’s session could be judged from the enthusiastic and intelligent queries put up by the participants during the session. 

The popularity level of colloquium could be well judged by the enthusiastic participation of various corporate companies and around 25 management institutes from all over  with MNIT, Maharishi Arvind Institute of Engineering and Technology, Gyan Vihar Universe, Jaipur Engineering College and Research Centre, Apex Institute of Management, Banasthali Vidyapeeth, International College for Girls, Global Institute of Technology, Subodh Institute of Management & Computer Studies, Commerce College, JNIT, Indian Institute of Rural Management to name a few.  

The two day long learning programme was concluded by effective feedback from the participants and distribution of certificates. The seminar was well appreciated both in terms of Intellectual and quality content. The programme accomplished its objectives well and was a grand success.