Growing Labour Force- Boon for India: In Conversation with Prof. Jasbir Matharu
Prof. Matharu shares with us his views on changing world of Finance and Economy, his take on recent trends in management education and a few words of wisdom to the future students of IMT-Nagpur.
“Indian workforce will grow to 90 crore strong by 2020 (in comparison to USA which has just under 16 crore strong workforce). A growing labour force is going to be a huge boon for India but at the same time, we have to train our workforce effectively and build the necessary infrastructure to help the economy flourish”
Q.1 How do you see the future of business/economy in India? In the world?
According to International Monetary Fund (IMF), India is projected to grow at 7.4% of its gross domestic product (GDP) in 2018, making it the fastest growing economy among emerging economies. One of the reasons could be that the Indian workforce will grow to 90 crore strong by 2020 (in comparison to USA which has just under 16 crore strong workforce). A growing labour force is going to be a huge boon for India but at the same time, we have to train our workforce effectively and build the necessary infrastructure to help the economy flourish. Private investment is expected to revive as the corporate sector adjusts to the GST, which over the medium term is expected to benefit economic activity, as per the World Bank. We are also looking at strong private consumption.
Q.2 Tell us about the book/books that you find inspiring and recommend as must reads.
I would recommend reading
- The Art of War by Sun Tzu
- The Intelligent Investor by Benjamin Graham
- In Search of Excellence: Lessons from America’s Best-Run Companies by Thomas Peters and Robert H Waterman
- How to Win Friends and Influence People by Dale Carnegie
- Business Sutra: A Very Indian Approach to Management by Devdutt Pattanaik
Q.3 Do you think that the world of Finance has changed significantly in past the decade?
We are seeing a lot of changes in the field of finance nowadays. Financing in India has come a long way from the typical funding being done by the banks and some financial institution to a whole new set of financiers. We are witnessing a huge amount of funding being done by private equity firms, venture capitalists and angel investors. We have also recently seen an increased interest in crowd-funding and peer to peer lending. These new sources have been a boon for various organizations especially the startup firms. Microfinance has also helped in availability of funds to the ‘financially excluded’.
Finance is also seeing an increased usage of technology. We hear of ‘fintech’ firms, which use financial technology, a term describing disruptive technologies in financial services. It is affecting all activities such as banking, payments, wealth management etc. We also hear of crypto-currencies, like Bitcoin, which use block chain technology, and have the potential to become the currency of the future. We are even seeing the emergence of digital advisors, who provide wealth management services online for a very low cost.
I think it is time to accept these changes which are shifting finance to a newer paradigm.
Q.4 Do you think the recent developments happening in the Institute for last few years are in alignment with these changes?
We have seen changes in the curriculum such as introduction of Lab courses in the field of Finance and Marketing. The Lab course in Finance gives the student managers an exposure to trading and investment in the stock markets. They have to take decisions to buy and sell using real time prices and with a strong reasoning and logic to support their decisions.
These developments are in tune with the recent trends to provide experiential learning to MBA students.
Q.5 What all challenges do you see for the future managers and business leaders?
One of the major challenges managers and business leaders would face is availability of huge amount of data and how to derive insights thereof. The other issue could be how to tackle the increasing unethical practices in business.
Q.6 What do you love about being a faculty in IMT-Nagpur?
I could mention two things. One is the serene environment and the other is the cordial relationship amongst the colleagues. These two things put together make IMT Nagpur a wonderful place to work.
Q.7 How would you differentiate between a good and a great student?
In my opinion a good student would have a lot of questions and a great student would go to any length to know their answers as well.
Q.8 What message would you like to convey to the future students of IMT-Nagpur?
It is essential to read business newspapers on a regular basis.
About the Faculty: Prof. Jasbir Singh Matharu has completed his Master of Business Administration degree from Griffith University in Australia. Before moving to IMT Nagpur, he was a faculty at International School of Business & Media at Kolkata. An avid listener of Sufi songs, he also has a strong interest in nature photography.