Econs – The Economics Club | IIM Kashipur

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Econs – the Economics Club of IIM Kashipur is one of the seven academic clubs of IIM Kashipur. Econs bears the responsibility of increasing awareness, generating inquisitiveness, and fostering passion among the students and faculty in the field of economics. 

The economics club was founded in the year 2019 as an interest-based club to impart knowledge, invoke discussions and conversations pertaining to economics, and highlight its importance and linkages to different business domains. Late American scholar Warren Bennis said that “Success in management requires learning as fast as the world is changing”. Keeping up with this notion, the club has found it extremely pertinent for aspiring managers to be aware of “Economics” affecting their daily lives and make them better prepared to tackle business situations efficiently. Since its inception, Econs has gradually attained the status of a core academic club and has carried out a plethora of activities in this direction.

Image may contain: 1 person, sitting, text that says "Budget Highlights the current fiscal. For FY21, Rs 4.99 lakh crore; FY20 fiscal deficit revised .8% from 3.3% fiscal deficit ena 3.5% Net market borrowing for FY20 crore. Nominal GDP growth 2020-21 estimateda 10% Receipts 2020-2 estimated Rs 22.46 lakh crore. Expenditure the year 2020-2 Rs 30.42 lakh crore. FY21 it's pegged"

In the first year of its functioning, the club conducted ‘Arthashastra’, the flagship event of Econs, during Agnitraya 2019, which saw participation by around 450 teams from various B-schools across India. In this competition, different teams designed a feasible economic policy of their choice that resonated with India’s ultimate goal of achieving a five trillion-dollar economy. Along with that, Econs also conducted an ‘Infographics Making Competition’ covering topics like the future of banking, green Economy, and the effects of immigration on the Indian Economy. Econs also conducted the ‘Union Budget Prediction Competition’ wherein the participants had to guess highlights of the Union Budget and the participant with the closest prediction took away the prices. The event was welcomed with utmost enthusiasm.

The club makes the students aware of the domain by posting short articles bi-weekly through its social media handles on Twitter, Instagram, Facebook, and LinkedIn. For the academic year 2019-20, the posts have covered topics like RBI monetary policy highlights, US elections impact on the Economy, and Atmanirbhar Bharat 3.0 to name a few. Along with the weekly posts, social media handles also feature monthly newsletters. The club shared this academic year’s first newsletter for the month of October 2020. The comprehensive issue featured the fragile state of the NBFC sector in India along with articles on comparing the Chinese Economy with the Indian Economy and giving a brief about the economic aspect of “Stubble Burning”. With an objective to inculcate the interest in reading in the field of economics, the newsletter also featured a review of a famous book ” Of Counsel-The Challenges of the Modi-Jaitley Economy” written by our former Chief Economic Adviser, Government of India, Mr Arvind Subramanian. Along with these, the newsletter had lighter sections like “Jargons” and “Current Affairs” too.

The club provides a platform for all the people to discuss, debate, and design on the current economic developments and government or regulatory policies and announcements. Throughout the year members of the club also conduct knowledge sharing sessions through case studies, quizzes, and games to instil and fuel a growing interest among students to understand and analyze their theoretical concepts towards practical applications.

Image may contain: one or more people, text that says "Conscientia 2020 27 SEP Dhiraj Nayyar Director, Economics & Policy Vedanta Resources Limited Former- Officer Special Duty Head, Economics, Finance Trade, NITI Aayog 4 PM LEADERSHIP TALK SERIES ECONS IIM KASHIPUR vedanta transforming elements MKASHIPUR KASHIPUR"

On the corporate front, the club extensively interacts with experts and industrial stalwarts in the field of business and economics to share insights regarding the latest happenings through a seminar or a lecture. Econs became the first academic club in IIM Kashipur to conduct a guest lecture in Conscientia 2020 leadership talk series. The eminent speaker of the guest lecture was Mr Dhiraj Nayyar, the Chief Economist of Vedanta Group and a former member of NITI Ayog, who delivered an insightful session on the relevance of economics for the managers.

Through its numerous strides in continuously highlighting different aspects of economics, Econs has achieved a distinct recognition in keeping up with its mission and being a forerunner for the same. The aim is to increase awareness about Economics among students. Our mission is to inculcate interest among the students of IIM Kashipur in economics and help them understand how economics is interlinked with various fields. We work to bring together all the economics and business enthusiasts inside and outside the campus together to discuss and debate the major economic events of the world to foster new ideas for the future.

Consilium - the Consulting and Strategy Club | IIM Kashipur

Opportunities! “Consultants must find newer opportunities. If you can’t find one, create one.” This is precisely what Consilium strives to do – creating opportunities!

Consilium, the academic club of IIM Kashipur deals with Strategy and Consulting aspects of  Management. Since its inception, Consilium is determined to assist the students with preparation, comprehension and expertise in this domain. The club continuously collects and updates relevant resources to enhance the knowledge of the community. With the changing business dynamics across the globe and shift in the recent global order, Consilium ensures that the students are equipped with the latest trends and have hands-on learning experience throughout the academic year.

Established with the vision of nurturing students to become the future leaders in the domain of consulting and business strategy, Consilium has been consistently working in this direction by conducting case study competitions, knowledge sharing seminars, guesstimate workshops and the most anticipated-industry interactions.

The Domain

“Without strategy, execution is aimless. Without execution, strategy is useless.” – Morris Chang

Consultants often find themselves interacting with different verticals and domains of the business. It requires solving problems not just through single domain optimization but via a collective approach encompassing all domains. The problems can be visualized with say an example where an organization wishes to analyze the pros and cons of venturing into a new market, which will require an understanding of marketing, finance, supply chain, operations, and a fair knowledge of relevance between all of these. That is where strategy comes into play. The methodology does not limit to one vertical but through a broader lens for looking at multiple domains.

Roadmap

The journey with Consilium starts with the very first month in the MBA curriculum at IIM Kashipur, where students are provided with the introduction to Strategy Frameworks, Consulting interview questions and reference materials. These resources assist students not just to gain a perspective in the domain, but also to comprehend highlights of the practices that are used in further stages.

Moving forward, Consilium provides a variety of hands-on opportunities through case competitions, business simulations, questionnaires and industry connections. The club is managed by Executive members who have demonstrated the knowledge and expertise at National level having a flavour of participating and winning reputed B-school and corporate case study competitions like Flipkart Wired, Thoucentric Bottoms Up, etc.

Consilium Insider

Consilium’s monthly newsletter shares the best practices, strategies and changing dynamics from different industries ranging from sports, FMCG, Petrochemical to latest Industry 4.0. Further, the newsletter comprises frameworks and their usage in real-life business problems from these industries. The club also ensures that the resources are not just limited to a monthly basis, and provide consistent updates through our social media channels.

The theme for the November Newsletter had been Covid-19 impact on business strategies covering the impact on the Sports and Oil industry along with the role of Digital trends in business expansion.

ForeSight Series

“It’s not about money or connections – it’s the willingness to outwork and outlearn everyone…And if it fails, you learn from what happened and do a better job next time.” – Mark Cuban

In Foresight Series, the academic experience in consulting and strategy is tested through gamified quizzes, guesstimates and infographics. Foresight comprises three events throughout the year, offering a constant opportunity to compete with peers and test their mettle in solving real-world problems. Due to pandemic, Foresight 4.1 was conducted online with a mix of quiz to cover domain knowledge and guesstimates problems to prepare students for interviews.

Industry Connect

Consilium brings together experience from industry leaders in the consulting and strategy domain. Students get to explore from real-life experiences of consultants and explore insights from the challenges they face, the thought process behind critical decisions taken and the key takeaways from years of experience in the domain.

EndGame

EndGame is a national level simulation designed on a business scenario wherein the students walk the consultants’ shoes and apply their knowledge to compete with peers from other B-schools. It involves the application of academic knowledge from various facets of decision making, marketing and economics. It also tests the strategic forecasting and understanding of competitive dynamics in real-life situations. Further, the event demonstrates the presence of zero-sum game, to create similarity with as much real-world dynamics as possible.

Consulting Knights and Ranbhoomi

Consulting Knights and Ranbhoomi provides a diverse and enriching experience in solving cases at Pan-India level. Students utilize their knowledge of all disciplines to prepare strategies for business cases in teams. This event is organized in collaboration with various organizations like Havish M Consulting, to get an essence of existing business problems.

Consilium Conversations

In the academic year 2020-21, the club initiated a strategy-talk series “Consilium Conversations” wherein it invites budding entrepreneurs and industry stalwarts from various domains for a conversational interview. It focusses on unearthing the strategies that go behind creating a successful business or project. The motive behind the series is to inspire the students to develop strong critical-thinking skills required in strategy & consulting roles and learn about the latest developments in the industry. With each initiative, Consilium creates a robust environment for the students to learn and challenge themselves in the field of consulting and strategy.

A traveler of time- by Mohib Ahmed

These are lines written by me as I was pondering what it would be like to travel time. I wanted to go against the established Romanticism around traveling time, the exploration and discovery and what I really wanted was to shun the idea of using it as a plot device.
What I set out to accomplish, was to understand and explore how psychedelic it would be to travel time, how one might lose track of what’s happening as everything, at least to his or her mind, is happening at once as he or she can see time, not as a moment in which he or she is, but stretched out, all moments combined.
I wanted to explore what toll it would take on one’s body and mind.
The poem is in free verse, so it goes against common notions of poems as being rhythmic.
For those who do not know what free verse is, its a form of poetry devoid of rhythm, meter or any musical pattern. I like that form because it is raw and I believe that though putting words in a rhythm is an art in and of itself, much of the intimacy and urgency is lost in trying to write your thoughts while figuring out a rhythm for them.

A traveler of time

Lost in time, shattered reality.
Confusion, apprehension, panic
Like bare live wire, megawatts of
Electricity, explosions, illuminate
The insides of the brain.

Vestiges of fading memories,
Interposed one between another,
A negative on a negative on a negative,
Inverted hues, inside out,
Unfamiliar, ethereal, images amalgamated.

Past swallowed by the future,
Future becomes the present.
Few moments stretched over an eternity.
A rubber band stretched for light years,
Your consciousness thins

Reality bleeds of color,
Drained black and white, gaunt face
Looking into gaunt eyes, the mirror
Reflections, lost to the ripples of
The horizon-less sea, infinite

This poem is created by Mohib Ahmed, Batch of 2018-20, IIM Kashipur

Indian Youth Delegation- My experience in China

The People’s Republic of China is something that rises out of the mist of culture, cradle, and communism in the mind of every history buff. A constant hurdle imposer to India in the global political framework but a close ally in the rally of “Make Asia Great Again”, I received the opportunity to represent my country among the youth of this country- People’s Republic of China.

I was among the chosen 200 students across India who arrived in China, all decked and dressed, to unfold the extraordinary learning experience of our lives. Being a part of such a huge diverse contingent, I was mesmerized by the level of knowledge the youth of India possesses. Before arriving in China, we were advised to learn about Chinese culture. I read books, blogs, anything, and everything to make myself well versed but no amount of reading can match the experience which I had when I actually visited those sites.

We were told about the history of China and how Beijing became the capital of China. On 1st October 1949 Peking, the former name of Beijing became the capital of China. In the Mandarin language, Bei means north and Jing means Capital. Beijing has a rich history of over 3000 years. Beijing can be termed as both modern and ancient capital of China. Beijing has the highest number of UNESCO World Heritage sites consisting of 7. Beijing has a population of 23 million people. Beijing experiences 4 seasons in a year- summer, winter, autumn and rainy season. The city is surrounded by Hills and mountains from 3 sides.

While traveling, the delegates were in awe of the infrastructure and the cleanliness of the roads of the city. I was amazed to see how lane discipline was followed and how proper spacing was maintained by the drivers of vehicles.

Later, we were taken to the Forbidden City. It is a palace constructed by the Ming Dynasty. Its construction started in 1406 and took 14 years to get the full completion. The Forbidden City is a UNESCO Heritage site. Here the infusion of Culture and Architecture can be witnessed at the best.

 

China is very rich in cultural heritage and having the privilege to observe it so closely is something I’ll cherish throughout my life. The Chinese National Museum gave a glimpse of all the major events that shaped the history and future of the People’s Republic of China.

Amidst all the explorations of the city, we received a lecture by the Professor Yang Xiaoping of the National Institute of International Strategy Chinese Academy of Social Sciences.

The theme of the lecture was- “Building a community with a shared future for Mankind and cooperation between India & China.” In the lecture, Mr.Yang ushered about the era of New Socialism in China also referred to the new guiding ideology of Xi Jingping that coined “Chinese Dream” an equal challenge to the concept of American Dream.

The lecture provided a deep insight into how with the guiding principles of classical Marxism fissioned with the New Era of Socialism and thoughts of Mao Zedong has changed the fortune of Economy of China.

During the delegation, we visited OFO Headquarters in Beijing. One of the amazing things which I found there was, the sleeping rooms. If any of the employees feel the need to take a rest, he can take a nap in the sleeping room. Sleeping pods are put in place there. The major catch here is that one has to work for 8 hours a day with flexible timings i.e. the employee has to put in 8 billable hours at the office.

From art and culture to the technology, China is a country where explorations and awestruck experiences have no ends. While The Great Wall of China is a testament of what human endeavor could achieve, Hubei Provincial Museum hosts the archaeological artifacts of the Chinese emperors and gives the taste of how royalty looked like at this place in the past.

While talking about the technology, nothing could be more mesmerizing than the cars displayed at the Dongfeng Motor Corporation. Dongfeng is a pioneer in manufacturing Hybrid car models. From SUV’s to Multipurpose Utility Vehicles, the needs of all age group have been accommodated. Dongfeng’s self-brand cars are also available which is mainly popular in China. Apart from cars, Dongfeng has its presence in the arms manufacturing industry.

After the visit of the Dongfeng Motor Corporation, we approached the Wuhan Citizens Home. It is basically a Museum that covers the Past, Present and Future aspects of the Wuhan City. The first gallery carries various historical events associated with Wuhan city. One can see all the modern infrastructural development of the Wuhan city through a series of colorful portraits. Timeline for the same is also available therein. Above all the major attraction was the artificial strategic planning center of Wuhan. It is an artificial city model of the Wuhan city located in a large hall type auditorium of the museum.

One thing which I noticed in my interaction with people was that the Chinese keep their culture very close to their heart. One of the fascinating things we noticed was the teapots used by the Kings. It was all made from bronze and silver. Ancient Refrigerator was another one. Besides all such attractions, the musical instruments of those periods were the show stealer. We also got the opportunity to watch a Cultural performance which in a way resembles the concert. There the artists produced enormous musical sounds by using various instruments which we had seen in the museum. The show lasted for near about 30 minutes.

We later got the opportunity to explore Shanghai, the city which is considered as China’s showpiece of the prosperity. In my explorations, I feel the most magnificent structure of the Shanghai city was the Oriental Pearl Radio & TV tower of Shanghai. The tower has fifteen observatory levels. The highest (known as the Space Module) is at 350 m. The lower levels are at 263 m (Sightseeing Floor) and at 90 m (Space City). There is a revolving restaurant at the 267 m level. The project also contains exhibition facilities and a small shopping center.

My major takeaways from the Indian Youth Exchange program to China 2018 are diversity at the workplace is very important, it is Okay to fail, always think as a group, thinking out of the box is important and discipline is key to success. Success is no accident. It is hard work, perseverance, learning, studying, sacrifice and most of all, love of what you are doing or learning to do and this is attitude is quite visible in the Chinese population. I believe experiencing and seeing closely everything as enhanced my learning exponentially and has made me understand the country’s culture to a large extent. In the end, I would like to conclude with the famous Chinese proverb, “Tell me, I forget. Show me, I remember. Involve me, I understand”.

This article is written by S.K. Murshed, PGP Batch 2017-19, IIMKashipur

Never Give Up: From an Average Guy to an Inventor!

It is a true story of mine.

(I had just graduated from my college. The company, I was about to join, had deferred my joining due to the ongoing adverse business conditions. It was very sad & distressing. I needed money. I looked for some other opportunities & with the help of a friend of mine, I secured a temporary role at PepsiCo R&D Center for about 2 months)

July 16, 2015. DLF Cyber City, Gurugram, India. (My First Day at Pepsico, GVIC)

There was a cluster of tall buildings all around. I was not exactly a city boy. I could sense the hustle & bustle of city (read corporate) life, the very moment I came out of Metro Rail. I was literally amazed. Sun shining bright in early morning & reflection of sun-rays from all around by glass panes. I had dreamt of living this life, It was coming true.

Before I could walk further, the sole of my shoe got broken, it was already in withered condition and I had also misplaced my foot over the pavement.

Somehow, I managed & as per the directions received by security guards, I reached the final venue. I was interviewed by a Senior Analyst at the company. He told me, that I had to come up with some solution for the problem, that one of their products was struggling with. Then & Then only, I could join the position, as I was told by him.

I said to myself, What?

I was not able to understand the problem properly & he was asking me to come up with a solution. Also, the problem was a bit related to Electronics & I was a Mechanical Engineer.

I asked myself, what other options did I have?

Answer Came: None.

Then, within a fraction of second, I replied with a big Yes.

Back then, my English Speaking skills were not good. But, it was the first time that I wasn’t afraid to try. I tried. I did better than my expectation & phobia of English speaking.

But then the real struggle started.

I come from a very weak economic background. I had only two shirts & two pants, which I had to wear on alternate days. The office location was around 65 Km from my home. I could use public transportation only. It took 5 hours a day for both ways journey.

My typical day was:

5:00 AM: Leave the Bed | 6:05 AM: Local Train | 7:20 Am: Delhi Metro | 8:20 AM: Sikandarpur | 8:50 AM: Reached Office

6:00 PM Left Office | Same way Back to home, around 9:30 PM & 11:00 PM: To bed.

I had to walk 8 Km in between to save some 40 Rupees a day.

It was frustrating sometimes, I used to cry during rainy nights & blame my conditions and the struggle that I had faced since childhood. But my Mother always supported me and I never gave up. I kept pushing myself.

I didn’t even take a single day leave when I was allowed to take 3 per month.

I made sure, I completed the task given.

Not only did I come up with a solution in 2 months but also prepared a white paper for PepsiCo. Then, It was sent for Patent Approval. During this period, I also undertook many tasks which I was not supposed to do. But I excelled in them also & came up with excellent results.

Yes, I blamed many things but when I worked, I made sure nothing to come in between me & my work.

Giving up was never an option & will never be.

Interesting Part: What did I get in return in this short period of 2.5 months?

(I received this mail a few days back that the white paper (which I filed back then) has been successfully published as a Patent & is listed on the Google Patent’s Site. I just can not express the emotions I underwent. I was smiling. I was all in tears. It was the result of all those hours that I had put in. Every single second, that I traveled to and fro. I hope you can relate to me.)

~ Now, I’m also awarded a title: Inventor!

~ I’m not an intelligent person. I’m an average guy. But, what makes me unique is: I never give up, I work hard. That’s all.

I’m still an average guy! 🙂

~ VST

This article is written by Vishvendra Singh Tomar, PGP Batch 2018-20, IIM Kashipur