NMIMS School of Business Management (SBM) hosted a delegation from Faculty of Management, Dalhousie University, Canada, on 10th May. The delegation for the two-week study visit to India was led by Dr. Hamed Aghakhani, Professor of Marketing and Dr. Binod Sundarajan, Director & Professor of Management, both from the Faculty of Management. NMIMS SBM & Dept of International Linkages provided a platform for participants to learn about the Indian Fintech Industry, Indian Economy and doing business in India to broaden their knowledge about various aspects of the rapidly globalizing Indian Economy.
The morning session featured two eminent Industry speakers Mr. Achal Mittal, Co-founder of Luquiloans and Mr Satyam Manohar, Dabur-Business PnL Head – West and earlier VP Business at Paytm. Mr Mittal talked about the use of technology to match borrowers and lenders making borrowing cheaper and providing a more lucrative investment opportunity as compared to traditional investment avenues. Mr Manohar provided an overview of the Fintech industry. The afternoon session was led by NMIMS SBM Faculty Dr Chandrima Sikdar, Associate Dean and Professor who shared insights on Indian Economy the second fastest growing market in Asia and how the Indian market with its one billion plus population, presents lucrative and diverse opportunities for Canadian businesses. Prof Papiya De Communications Area Chairperson, talked about India being multilingual, multi-ethnic society, with notable cultural differences across the 28 states and how business is rooted in building long-term relationship. She spiced up her session with several examples and videos.
Dr. Hamed Aghakhani, Professor of Marketing, Rowe School of Business, said, “I would like to express my gratitude for this opportunity. During our visit, we were deeply impressed by the advancements in India’s fintech industry. In comparison to the countries I’ve explored, India’s payment infrastructure stands out as exemplary. In Canada, we mostly use credit and physical cards, and the QR code system is not as prevalent. Currently, in Canada, vendors have to pay 2-3% transaction fees to the banks or service providers, which is a burden both to the vendors and eventually the customers. One aspect of the UPI infrastructure is that payment processing can be much simpler and more accessible to a wide range of vendors and clients. We are aware of the developments in India, such as the UPI system, and aspire to have a similar technology to enhance our financial systems.”
The delegation’s visit to India was a part of an international experience course, ‘Doing Business in Emerging Markets’, offered by the Rowe School of Business. The course aims to provide students with an understanding of the traditional challenges and opportunities Canadian businesses face when expanding their business to emerging markets, including those in Africa, Asia, Latin America, and Eastern and Central Europe. The group consisted of 12 students from their Bachelor of Commerce, Bachelor of Management, and Corporate Residency Master of Business Administration (CRMBA) programs.
Rachel Hammond, an MBA student at Dalhousie University, said her biggest takeaway from her visit to NMIMS Mumbai was, “Being here and learning about fintech, it is so clear how advanced India is, and how much we as students and Canadians have to learn about India, the UPI system and its other advancements in fintech. It is also impressive to see the partnership between the government and private industries in making things like the UPI system possible. I really admire that about India. I think that coming home with this understanding and realising what’s possible is remarkable, and that’s my biggest takeaway.”