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Services drive growth: Narasimhan

THE INDIAN corporate sector has emerged as a phenomenon and the services sector was the real growth engine of economy, opined State Bank of Indore Managing Director C Narasimhan on Saturday.

india Updated: Feb 11, 2007 19:11 IST

THE INDIAN corporate sector has emerged as a phenomenon and the services sector was the real growth engine of economy, opined State Bank of Indore Managing Director C Narasimhan on Saturday.

Narasimhan was addressing the first session on the second day of Indore Management Association (IMA) National Management Convention 2007 on the topic ‘Emerging Contours in Banking’ at Abhay Prashal.

He said Indian banking was by and large the same as it was 50 years ago except that services had taken over in a bigger way. “Although the customer now walks into an air-conditioned, swanky building he still has to fill a voucher to carry out transactions and we need to work towards a system in which there is no delay,” he said.

Innovation, he said, was the key forward and banks, which did not metamorphose with technology, would lag behind. Narasimhan said industrial growth had shown a quantum jump and with big projects and overseas mergers and acquisitions, funding requirement had also increased. However, there was a huge untapped potential in the small and medium enterprises (SME) sector, he added.

NGO Maitri chairperson Winnie Singh, who spoke on ‘Rainbow of Innovation and Change’ said people did not need to be a genius and there was no age bar to be innovative. Giving an example, Winnie said the ‘Dandi March’ by Gandhiji was ‘as innovative as it gets’.

Sharing her experience during the time when her husband was posted as DGP Assam Rifles, Winnie said she visited different parts of Assam to spread awareness about HIV but found that people, even men, were reluctant to talk about sex. “We had to devise innovative ways to make people understand how to take preventive steps,” she said.

Vygon India CEO Pavan Choudhary, who spoke on ‘Winning through wisdom and creativity,’ said at every point of decision making a person has two options – conventional and creative – and one should always go for the latter.

Choudhary said people who achieve success in life get complacent and sometimes success goes to their head, but one should consider every achievement as a milestone and nothing more. “There are broadly two kinds of people, those for whom only the end matters and those who care about the means as well as the results,” he said adding that ideally one should have both wisdom and compassion.

Speaking on the topic ‘Innovation: Idea in service sector,’ Idea Cellular Chief Marketing Officer, Pradeep Shrivastava, said Idea was in the middle of telecom revolution in the country and was a fine example of what was happening in bringing such large-scale change in any capacity in this country. Shrivastava displayed some advertisements, which have stood out for its innovation and created a new market.