Guest Lecture by Dr.Omkar Goswami at IMI on 11th november 2011


EconIMI with the help of professor Rajat Kathuria and Arindam Banik organized a guest lecture today at 6:00p.m.

Guets lecturer was Dr.Omkar Goswami, he delivered a lecture on ‘Ethical Standards and Corporate Governance’

For 18 years Dr.Omkar Goswami taught and researched Economics at Oxford, the Delhi School of Economics, Harvard, Tufts, Jawaharlal Nehru University, Rutgers University and the Indian Statistical Institute, Delhi. In March 1997 he left academics to become the Editor of Business India, magazine.
Dr. Goswami also serves as a Director on the boards of Forbes, Infosys, Dr. Reddy’s Laboratories, DSP Merrill Lynch Fund Managers Limited, Infrastructure Development and Finance Company Limited, Crompton Greaves Limited, Sona Koyo Steering Systems Limited, Ambuja Cements Limited and Cairn India Limited. He is the Founder and Chairman of CERG Advisory Private Limited (CERG -Corporate and Economic Research Group).
He has held the position of Chief Economist with the Indian business association Confederation of Indian Industry from August 1998 up to March 2004.

Hope students found the lecture knowledgable and enlightening on the subject.

Articles invited for Ecosynthesis



Ecosynthesis- Magazine of EconIMI

The yearly magazine will be soon launched this year.The theme that we have decided is Global Financial Instability which has been affecting the whole world from a last few years.

Theme

Financial instability occurs when shocks to the financial system interfere with information flows so that the financial system can no longer do its job of channeling funds to those with productive investment opportunities. Indeed, if the financial instability is severe enough and is spread across the globe, it can lead to almost a complete breakdown in the functioning of financial markets across the entire world, a

situation which is then classified as a global financial crisis. Indeed this global financial crisis can be attributed as the reason for the world wide recession.

The global financial instability could be felt when the global economic crisis begun in July 2007 with the credit crunch, when a loss of confidence by US investors in the value of sub-prime mortgages caused a liquidity crisis and had a ripple effect around the world.

Recovery from the global recession was underway, when S&P lowered US credit rating to one notch below AAA to AA+. Adding to the difficulties is the concern that the downgrade is only one of the many issues roiling global markets. The European debt crisis is spreading, with Italy and Spain coming under the gun after Greece, apart from the fact that the current   U.S. economy is weaker than many investors had thought and all this have led to fears of another recession as all the economies of the world including India dependent heavily on the world superpower i.e. US . The major concern here is “Are the developing countries still developed”?

 

Another serious concern affecting the world economy is economic disparity or global surplus. At the heart of global imbalances is a mismatch between saving and investment. Deficit countries do not save enough relative to their investments, and surplus countries do not invest enough given their high savings. Thus capital will flow to the country that is most profitable as investors want to invest their capital in the country that would give them maximum return. Thus the key question that arises is “Where to invest?”

Amidst the above explanation, it is clear that Innovation could be one of the major factors that could lead to a sustainable economy. Innovation is one of the keys to survival, adaptability, and responsiveness in times of change and uncertainty. Innovation matters across the economic spectrum, to the for-profit sector, to nonprofits, for academic and educational institutions at all levels, and for government. Thus we can safely say that Innovation is essential to the future economic prosperity and quality of life.

So in the light of above scenario we have chosen theme for our magazine as prevailing ‘Global Financial Instability’ which will cover articles on ‘are developed countries still developed ?’, ‘global surplus’, ‘where to invest ?’ and ‘sustainability through innovation’

Topics

For the article writing competition topics are as discussed above:

  1. Global financial instability
  2. Global surplus
  3. Are developed countries still developed?
  4. Sustainability through innovation

Points to be noted

  • Please maintain a word limit of 1500-2000 words.
  • Articles should be completely original and devoid of plagiarism. Mention the references at the end of the article.
  • Article can be written by an individual or in a team of two.
  • Please write in font size of 12, Times New Roman and 1 line spacing
  • Mention your Institute name, Year and course at the end of document.
  • Save you word document as Name_Collegename.doc or Name_College name.docx
  • Send your articles at econimi.soc@gmail.com with subject as

‘Ecosynthesis4_Article_College name_ your name’

  • Last date for sending articles is 6th October 2011, 11:59 p.m.

What you get?

  • Top 3 articles will be published in the magazine and on our blog https://econimi.wordpress.com/
  • Best article will get a prize money of Rs 3000/-
  • All the published articles will get a certificate of recognition.
  • Best article shall get a special mention in the magazine

so what are you waiting for????grab your pen and write down your thoughts to us.

Tete-e`-tete: Economics Style! : EconIMI’s online online dialogue writing competition during Kritva 2010.



Winning Team: Speakonomics from SPJIMR (Prasad Vaidya and Piyush Guliani)

Life, as we know it, is a balance sheet. Full of assets of individual self and liabilities for the society, most of which are firmly parked in the balance sheet of the mind, life breathes and lives economics with an authority only Adam Smith can wield! Together with the emotional investment and psychological instruments, a more skewed case of economic dynamism is hard to find!

So here goes the story of a SEC A household in the economic hub of India, Mumbai. The location is a home in the vibrant area of very high market potential value, Andheri and the characters in the story are:

 

Housewife: Maya

 

Husband: Moneysh

[Time: 7 p.m. Enter Maya]

Maya: Hark! My life-long MOU with my husband seems to be under fire of an exponential Indifference Curve! What seemed to be a perfectly synergized JV of two equal partners in the beginning, my marriage has been giving only diminishing marginal returns day by day. Really, the Incremental Capital Output Ratio of my emotional investment in this alliance is on a decline.

[Enter Moneysh]

 

Moneysh: Maya, here I come! Your sublime sight brings to me the same kind of exuberance as monsoons do to Montek Singh Ahluwalia and his team.

Maya: Huh! You are always late, just like the Indian IIP numbers.

Moneysh: Sorry Maya. My bureaucratic boss and overstretched infrastructure have proved to be bottlenecks in our family growth story.

Maya: Leave it! You are just as unreliable as a hot infusion of funds by FIIs in Indian Equity. All you do is cook up numbers in account books in the office and false stories at home. Your credit worthiness rating is worse than a junk bond!

Moneysh: Why do you always overheat with rage? This kind of behavior would only lead to sterilization of domestic peace. Let us not get into a debate again. Our arguments will continue like the complex deadlock at the WTO summits.

Where are our children, Yen and Yuan?

Maya: Now you will remember them! In today’s age, when economies are opening up and Indian companies are going abroad, what is stopping my children to go out and play base-ball?

Moneysh: Opening up of economies comes with its own troubles. The age of protectionism has come back. Call them home! After 7 p.m., it should be a closed door policy at our residence.

Maya: Your thinking is still very orthodox and conservative. Prepare to embrace the idea of a global village. Today, we could not go for shopping only because you were late!

Moneysh: Shopping!! A fad coming from the western developed economies of the world! You know that our current account balance is in the red and all our transactions are running on capital account at present. Do you want to put ourselves in the subprime bracket of borrowers by straining our scarce resources further?

Maya: Oh no! Depressing sentiments always give sad results, as evident from everyday SENSEX. It is because of people like you that recessionary attitudes are set in the society.

Moneysh: What do you know about the imbalance of payments that I have to face at the end of every month? I have to take strict action for our domestic fiscal policy and put stringent regulations on your inappropriate expenses.

Maya: Do not tell me about your screwed up financials. We already have a large enough cash reserve ratio that goes into the fixed deposit every month. We also keep enough funds reserved for the priority sectors of education, food and healthcare. It is because of your ‘other expenses’ that the balance of payment if not balancing.

Moneysh: My ‘other expenses’? Do I now need to give attach explanatory notes for every extraneous expense that happens?

Maya: Did I say so? I wonder why our increased purchasing power is not reflecting in the improved standard of life at home.

Moneysh: Do not worry Maya. But there are many invisibles in our family expenses that constrain our resources.

Maya: Hmm true. So I have to delay my plans of buying jewellery further just like the delay in introduction of GST.

Moneysh: Let it be so. Investing in our children will only help them drive their personal and economic growth in future. Look at the demographic dividend that they will be giving to the society. Yen and Yuan will definitely script India growth story 2020!

Maya & Moneysh [Together]:

Yes!

Economy is the engine

That drives the family growth story,

Many factors playing a role

Just one of them being Money!

 

 

 

 

‘John Maynard Keynes’ — He is back..!!


 
This was a competition based on role play.
ROLE PLAY CATEGORIES:
Role play category 1: The politics of IPL
There is a lot of hue and cry about the new player retention policy and auction system of IPL which is making franchisee management team members revisit Game theory learnt in their B
school days. Enters Lalit Modi .This apparently is his last chance to make a come back...
Situation 1: Whether BCCI president Shasank Manohar decides to defend the policies or come out with a new policy so that Modi does not get a chance to prove himself.
Situation 2: What franchisee owners should do? Release players expecting  other will also release quality players so that they get a chance to buy them? Or retain them losing a bulk share
of the money they could have used in auction?
Role play category 2: Delhi’s CWG : Common Wealth or Conquer Wealth?!
Fake inventory and manipulated price list of fixtures ,fittings, hired from foreign markets shows drastic anomalies and massive difference thus no scope left ,but to define only a SCAM , as
whole bidding process for selecting foreign firms is too under scanner . A scandal that amounts to more than 4.50 Lakh pounds.
Who exactly is responsible for such delays in work, massive scams and frauds and more people involved in corruption?
Assume the roles of the chief minister and the organizing committee  chairman respectively, in teams of 2, and enact what would you have done!
Role play category 3: The Greek crisis
Situation 1: You are European Commissioner for Economic and Monetary Affairs: Mr. Joaquin Almunia European Union officials insist there won't be a bailout for Greece. Such a bailout would be
unprecedented for a euro-zone country as they have no bail policy. But European Union can't let any member sink into crisis without it affecting other members. It is rumored that Greece will
ask the International Monetary Fund for help  which might be seen as an embarrassing sign of weakness for the bloc's institutions.
What will you do to take a decision?
Situation 2: You are Greece’s Prime Minister. 
You have three options:Take help of IMF.Ask EU to help them by giving loans at a cheap rate.You are Greece’s Prime Minister and have issued bonds in market to repay the debts. But
market perception about Greek bond is not good and market has already rejected earlier bonds i.e. their face value has decreased. What would you do now to bail out Greece.

Role play category 4: Can Obama pull America out of its troubles?
The United States of America has been going through a lot of turmoil over the past few years.Economic recession, financial crisis , growing levels of unemployment are some of the
calamities that have severely hit the country. However America needs to do something to come out of this gloomy scenario and be the rising power yet again.
Situation: Assume you are Barack Obama , what will you do to pull America out of its troubles.The prime focus may be the issue of double dip recession, and how to prevent America from
sliding into it. Both team mates may assume the role of Obama and contest each other’s solutions.

RULES AND REGULATIONS:
Preliminary Round:
1) The document should not exceed 1500 words.
2) It should clearly state the problem identified and the possible solutions culminating with
the best solution of all.
3) The parameters for the judgment would be:
a. Structure and style
b. Contentc. Innovativeness
d. Logical reasoning
e. Concepts of economics, strategy and business sense
4) Font: Times New Roman , Font size: 12
5) Participation has to be in a team of 2.
6) No limit to the number of entries from same institute.
7) No individual can be a member of more than 1 team.
8) You need to mail your entries to econimi.soc@gmail.com
9) The entries should be either in word.doc or pdf format labeled as  John Maynard
Keynes_TeamName_Institute Name.
10) No personal information should be mentioned anywhere other than the front page that
should carry the Team’s Name, Participant’s Name, Email-ids and Contact Numbers.
11) Last date for sending your entries was 12th October 2010 , 11:59:59 pm.

Final Round:
The best 4 teams shall enact their solutions in the form of a role play on IMI  campus on
between 28th and 30th October 2010 before a panel of judges and the best team shall win!!

Prizes: 1stPrize: Rs 10000 
 2ndPrize: Rs 5000.