Mangaluru: A day-long national symposium on 'Globalisation of the Business Environment' was recently organized at AIMIT, School of Business Management, St Aloysius College (autonomous), Beeri to enlighten the students to develop a strong and fundamental understanding on globalisation, protectionism and its impact on India’s youth.

The inauguration of the programme began with lighting of the lamp by the dignitaries Dr Joseph Rasquinha, resource person, Dr Rowena Wright (dean academics), Dr Beena Dias, faculty co-ordinator and Ashwil Lobo, management secretary.

Dr Joseph Rasquinha, CEO and co-founder of Blueleaf Cyberspace and Prof Lionel Aranha, chartered accountant, visiting professor at IIM, Indore were the speakers for the day.

During the first two sessions Dr Joseph Rasquinha spoke on the overview of 'Globalization and Protectionism: Its impact on Indian Youth' and his experience of 'Business Environment in India and its impact on the World'.

'Correct', 'connect' and 'compete' were the buzz words resounding and revolving around the sessions which paved the path for rethinking about world economy and its long lasting implications on the job market. He emphasized the importance of delving deep into the concept of protectionism and globalization to get into the nerve of the global business scenario. The time has now arrived wherein the younger generation will have to broaden their horizon to look at the challenges and opportunities off shore. As globalization has shrunk the distance and increased the proximity, it also carries along its own benefits and losses. Today we live in a world which is driven by the philosophy of 'Survival of the Competent'. All the narrow domestic walls have been razed to dust by opening the doors of free market. Hence one needs to correct the existing conventional understating that our competition is only at local level. This understanding will enable us to connect with the global world and explore the ample opportunities available in the job market. The search will automatically drive us into the ambit of competition in order to sustain in the job market.

He related the topic to his own experiences on being an entrepreneur. He spoke on how globalisation is having both positive and negative impact on the economy. "The Indian economy is open to the global markets and global trades. This has made the Indian economy grow leaps and bounds, thanks to globalization. But looking at the recent development in the world trade, the trade wars between America and China and some other countries, will international business be more connected by free flow of ideas, people and trade; or will we see the drawbridges of protectionism being erected?

"Protectionism could lead to crisis in trade sector (imports and exports) which would in turn adversely affect the employment of the youth (jobs) and the business environment as a whole."

He also focused on the business environment in India and its impact on the world. He spoke on skill development, average state GDP growth, Indian e-commerce market, demonetisation and many other important topics. Dr Joseph challenged the students to not merely be satisfied with the jobs available but to take risks and prosper in
business.

Prof Lionel Aranha on the other hand spoke on 'Insolvency and Bankruptcy Code in India'. He shared his experience as a chartered accountant and as someone who has years of working experience with the banks. The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. He began his session by giving an in-depth insight on the non-performing assets (NPA’s) and its current scenario in the Indian banking sector. He shared his ideas on Insolvency and Bankruptcy code and its objectives and how it could help banks in the ease of doing business. He also explained the various factors that lead to the rise in NPA’s.

The whole symposium gave an opportunity for students to open up their minds to the present realities that affect the business world. The students interacted and responded to the challenges thrown by the speakers in a very positive way.

The students are indebted to AIMIT for organising such a symposium which helped them to open their eyes to the realities of the business world.