Dean of Great Lakes Institute of Management speaks on Wal-Mart etc
PUDUKOTTAI: If the entry of Wal-Mart, the US retail sector giant, is permitted now, it will prove a doom for Indian retail sector. It is necessary to prepare a level playing field for Indian companies before the entry of multi-national companies, said Bala V. Balachandran, Padmashri awardee and Dean of Great Lakes Institute of Management (GLIM), Chennai.
Even a well-developed economy like Canada has not allowed Wal-Mart in retail sector. Since no eternal protection can be guaranteed, Indian retail trade should develop fast and make a network among themselves to meet global competition, Dr. Balachandran said while addressing students of Sudharsan Engineering College, Sathyamangalam near here on Thursday. He was speaking on 'Current Trends in Employment Opportunities.'
Cost, customer factors
With respect to the market scenario, Dr. Balachandran, an eminent management expert, said the prices are coming down due to technological developments, but the costs are rising due to customer expectations. To succeed in business, great attention is to be paid to the cost content vis-à-vis customer profiles, and variable costs need a lot of attention.
To the students, Dr.Balachandran's advice was that engineering education is a strong foundation to achieve many successes later in life. The students should study well, take up a job, work hard and learn many things about the business world. In view of tremendous opportunities available now, a student can later become an employer by starting his own venture. Instead of merely being a job seeker, he should become a job-creator, he said.
Answering questions fielded to him, Dr. Balachandran said the major difference between Indian and the US students is that Indians develop capability in technical and analytical skills, but lack communication and interpersonal skills. If Indian students improve on this front, they can sell their products and skills successfully in the global market, he said.