The graduating batch of the Indian Institute of Management-Bangalore (IIM-B) on Friday took home lessons other than the ones already learnt during their stint at the institute. Addressing the graduating batch of 570 students at IIM-B, Dr D Subbarao, governor, Reserve Bank of India, said one of the biggest changes between his time and now is globalisation.
Calling it a double-edged sword, he said: “No matter what career you pursue or where you choose to work, you will have to learn to manage globalisation in ways that will maximise its benefits and minimise its costs. With degrees in hand today, you will be entering a world that is more globalised than the one I had spent my career in.”
While globalisation offers students opportunities, it also poses ruthless challenges. “Nothing illustrates this better than the global financial crisis of 2008-09,” he said.
He presented students with a picture of the economic challenges and the dilemmas faced by the RBI in formulating policies that have to reckon with global developments. He told students that the challenge of this generation will be to accelerate India’s growth rate and make that growth inclusive.
“You will need to manage that challenge in an increasingly globalising India. I am sure you will find being a part of that endeavour intellectually exciting and emotionally fulfilling,” he said.
Pankaj Chandra, director of the IIM-B, said the ministry of human resource development has come forward to provide additional support to the institute and to strengthen the fellows’ programme in research to give thrust to research around the country.
Mukesh Ambani, chairman, board of governors, IIM-B, said India had immense opportunity and potential for growth and students should explore it.
“We have to pursue our passion relentlessly to succeed,” he said.
