Industrial Recession and Sustainability

At the Business Standard Smart Business panel discussion on 'Industrial Recession and Sustainability' held recently at Rajkot in association with Rajkot Engineering Association (REA) and protection partner Birla Sun Life Insurance, the panellists spoke on the recession scenario in India and the necessary steps to be taken for sustainability in recession. Issues such as the global economy and the impact of China and other economies on the recession in India were also discussed.

Lalit Chande, Director, Win Plus Plus Academy, Rajkot, was of the view that sustainable development with a focus on product and skill development would help SMEs fight external factors.

Ram Kumar Yadav, Deputy General Manager, NSIC, Rajkot, advised SMEs to get more prompt in responding to queries from original equipment manufacturers (OEMs) in this highly competitive environment.

Suvidh Shah, Deputy Director, DGFT, Rajkot, said that SMEs need to make the most of the first mover advantage in order to sustain their business during recessionary times.

Chaitanya Bavda, Senior Industries Inspector, DIC, Rajkot, opined that small industries usually were unaware of government policies, a pertinent issue in tackling recession.

Suman Biswas, Head - Direct Marketing, Birla Sun Life Insurance, stated that the recession was also an opportunity for SMEs to focus on wealth protection, apart from wealth creation.