Global economy looks weak and directionless

Government is generally correct in its economic and political process

Create wealth with integrity

Speaking at a 108^th Annual General Meeting of the Indian Merchants Chamber and a function to bestow lifetime achievement award to Mr Azim Premji,  Mr Rahul Bajaj, the Chief Guest, said that the overall direction of the government in economic and political process was generally correct. The country was poised for good growth path in wake of good monsoon which will spur rural demand. The governments’ spending on power and infrastructure was in the right direction and will lead to employment generation in a big manner . He however opined that the relationship between business and society is not satisfactory and for the economy to prosper greater cohesion and confidence measures are required between these two components of the Indian society. He said India needs private enterprises to prosper, reduce the inequality gap and take country to growth with social justice. On the international front he said the global economy looks weak and directionless and the recent issue of migrants crisis in Middle East, slow down of Chinese economy, the political developments in US and Europe – all  are dampening factors. Added to it, is the shock of Brexit, which will put low sails of the world economy.

He complimented the business associations like IMC  for helping the smaller enterprises  with liasioning and putting their views across to the government. He appreciated IMC of being a credible institution for societal good.

Earlier welcoming Mr Azim Premji, Chairman, WIPRO , Mr S Ramdorai the Guest of Honour and Chairman National Skill Development Authority,  spoke about the virtues of integrity to stay ahead in business and personal life.  He stressed the need to develop skills in organized and unorganized sectors as engine for growth and entrepreneurship. 

Mr Azim Premji, Head Wipro group, credited the Team Wipro and the Wipro Foundation for taking the company to greater heights by doing business in an ethical manner and imbibing the virtue of  integrity as a corner stone.  He informed the various developmental efforts being undertaken by WIPRO in improving the quality of education at school and university level through interactions and dialogues with the government. He said that the philanthropy activities of his group revolved around the theme of poverty alleviation, and creating skills for better governance for the deprived and vulnerable sections of the society.

In his welcome address Mr Dilip Piramal, President IMC, observed that the current times are creating a need for knowledge based economy and thus the need to develop skill sets to meet the growing aspirations of people in the job market.  He mentioned the challenging times where the country and the world are facing uneven economic growth coupled with geo political disturbances.

The Century old Indian Merchants’ Chamber compliments the government and the entire business community of the country for contributing to robust economic growth. The optimistic outlook for FY17 and beyond is strengthened by the government’s growth-oriented policies in addition of course to favourable demographics and natural endowments.