LMA organised discussion on Roadmap for development of Industry in Punjab

Ludhiana, April 2, 2016 Ludhiana Management Association (LMA) organized Panel discussion on Road map for development of Industries in Punjab at Hotel Radisson Blu, MBD Mall, Ludhiana. In the discussion eminent Industrialist and entrepreneurs of Punjab were invited to discuss various challenges and opportunities in industries of Punjab. Eminent panelist included the Past Presidents of LMA Mr. D.L.Sharma, MD, Vardhman, Mr. Anil Kumar, ED, Shreyan’s Industries Ltd, Mr. Mahesh Munjal, MD Hero Majestic autos, Mr. V.K.Goyal, ED, Saluja Industries ltd . The discussion was moderated by Dr. K.N.S. Kang, President, LMA. Panel discussion was followed by Interactive session by Mr Viney Kaushal, Former MD, Accenture, USA on Key Learning’s from culture differences in various Continents & its impact on doing business. The meeting was attended by eminent industrialists, academicians and members of Ludhiana Management Association.
Dr. K.N.S. Kang President LMA started the discussion with current state of industry in Punjab which is far behind other states in terms of GDP Growth rate, Per Capita Income and economic freedom ranking. He also showed concern on why the business houses and entrepreneurs of Punjab are moving out of Punjab and setting up their units and business in other states. He asked lot of questions to panelist on how to improve and bring Punjab on top in industrial arena.
In the discussion panelist concluded that Higher VAT rates, Lack of transparency in governance, Less Incentives to industries as compared to other states, costly electricity, cost un competitiveness, higher Logistic costs, high Land Prices are some of challenges which need to be addressed to attract more industry and business in Punjab. Govt need to collaborate with industry and build a Industrial attractive environment where initiatives such as single window clearances for new business units, Tax benefits, less costly but good quality electricity, better access to services such as transportation, supply of raw material need to be addressed. Panelist also said that world class Industrial clusters should be developed in Punjab which can attract investments. We also need to create markets (B2B and B2C for the business, because a businessman will make investment only if he get returns from those investment said one of the panelist. Panelist also strongly advocated this point that rather than traditional industries Punjab should also focus on opportunities in new industries such as Knowledge Management, Biotechnology, R&D, Agro processing Industries, renewable energy industry, Logistic Industry, technology Industry etc. They said that Punjab has huge reservoir of Talent and Knowledge in their state which can be used effectively in development of business. They also said that Living standard and law and order in the state in comparatively much better as compared to other states and can provide healthy environment for industry to grow and expand.
Mr. Vinay Kaushal while delivering his lecture said that today’s world is global world and you can address challenges of cultural differences by sticking to your values and heritage . He said that we need to learn discipline, commitment and focus from western world, efficiency and quality from Japan, and aggressiveness of china to make our business and personal world class.