A day long Management Seminar titled “Impact of Legislation and Technology on Business” was organized at the RIMS Campus on 2nd of November, 2017. The sub-themes of the seminar were Demonetization, GST and Job Creation in a Digital World. The inaugural address was delivered by Dr.Giridhar, an alumnus of Harvard and an accomplished academician. Prof. Giridhar’s speech was focused on the word ‘impact’. He put the meaning of impact as- a long lasting and strong influence or effect on something or somebody. He talked about systematic learning which would help us think about impact before starting anything.He stated that ‘nothing is carved in stone’ and hence change or flexibility is often necessary for successful implementation of goals but also warned that frequent or drastic changes is not advisable. The second speaker of the day was Prof Lucas of RIMS. He spoke about “Job creation in a digital world”, an eye opening topic which was a reality check for students. The topic was more about the rapid technological growth seen in India as well as the world and also Artificial Intelligence, which is the most innovative invention of mankind.According to Prof Lucas, AI will not only take away certain jobs but also will create new jobs. It will take away the lower and middle level repetitive jobs but it will also create jobs related to AI.It has a dual effect on the Indian employability and employees need to up-skill themselves to cope with AI. The speaker in the post lunch session was Mr. KiranGaikwad, a partner of a leading tax consulting firm and he spoke on GST a topic that is hotly discussed and debated today. Mr. Gaikwad started with the introduction of what is GST and how it can impact the Indian economy. Goods & Services Tax is a comprehensive, multi-stage, destination-based tax.In simple words, GST is an indirect tax levied on the supply of goods and services. GST has replaced many indirect tax laws that previously existed in India.
After the basic introduction the speaker went on to explain the different components of GST in India – CGST, SGST & IGST. The last speaker of the day was Mr. PrabhudevAradhya, a Chartered Accountant and an advisory board member of RIMS. He explainedthe meaning of demonetization and saidthat demonetization is a process of making legal tender invalid. He said that the main motto behind demonetization was to get rid of the practice of using money for unfair means in the society and meet the objective of demonetization such as: To eliminate counterfeit currency, stoppage of terror funding, eliminating black money, strengthening the Indian banking system, increasing tax collection, handling deflation, to achieve price cut in real estate sector, strengthening the Indian Rupee, and acting as a speed breaker for corruption. Further he gave the details about RBI’s outlook &the economist’s view on demonetization, with some statistics about rise in GDP, annual money supply, stocks, gold &jobs. He concluded his talk by discussing the impact of demonetization on a few sectors like Real Estate, Auto & Hospitality Industry, Energy & Metal, and PSU Banks.