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Subhrakant Panda, Managing Director of Indian Metals & Ferro Alloys Limited, says positive reforms such as the Insolvency and Bankruptcy Code (IBC) have encouraged companies to be more disciplined about their investments 

Private investment is taking place in the country, but is concentrated in a few sectors and has been exhibiting a “stop-start” effect since the COVID-19 pandemic, according to Subhrakant Panda, Managing Director of Indian Metals & Ferro Alloys Limited and former President of the Federation of Indian Chambers of Commerce & Industry (FICCI). 

While some of the reasons behind this — global uncertainty and adequate current capacity — are more well known, Mr. Panda also points out that recent positive reforms such as the Insolvency and Bankruptcy Code (IBC) have encouraged companies to be more disciplined about their investments. 

“It’s not as if there is no investment across the board,” Mr. Panda told The Hindu in an interview. “There is a reasonable amount of investment that is happening. Money will flow where there is opportunity.”  

“I think there are sectors that are more in focus and are therefore getting investments,” he added. “It’s not surprising that a lot of investment is going into renewables, a lot of investment is going into logistics-related infrastructure. No doubt, a bulk of the heavy lifting is being done by the government, but private sector investment is coming in there as well.” 

One of the less-talked-about factors that has slowed investment activity as compared to previous years is increased discipline by investors, Mr. Panda pointed out. 

“I think the IBC is one of the most major reforms that the government has enacted, a very good reform,” he explained. “But the flip side of the reform is that, today, if a capex decision goes wrong, there are consequences. So there is that added layer of ‘let me be sure before I go ahead’.” 

IBC has brought about additional discipline in companies by instilling the notion that, if they take on debt and invest that into expansion, there are consequences if that does not play out the way they anticipated. 

“I don’t want to go down the path of saying what was happening earlier, but I think a better way of putting it is to say that today there are consequences for a wrong call and therefore it is important to be absolutely sure before you invest,” Mr. Panda added. “Does that add a slight hesitation to an investment decision? Perhaps!” 

He did clarify that it was not as if the private sector players operated as if there were no consequences earlier, but that these consequences are now “more stark”. 

Notably, Mr. Panda also pointed out that the IBC might actually be resulting in an undercounting of private investment. “The other interesting aspect of IBC is that a lot of money has gone into reviving dead assets or underutilised assets,” he explained. “I am not sure if an investment to acquire an asset under IBC is also being counted as private capex or not, but the fact is that is also money that is going into enhancing productive capacity.” 

Mr. Panda explained that the years before the pandemic were not very much better in terms of global uncertainty. Then, too, it was the Donald Trump effect. 

“In the pre-COVID years, if we were to extrapolate based on our experience in our industry, 2018 and 2019 were two very tough years because of all the trade disputes between the U.S. and China, particularly, which were creating turmoil throughout global markets,” he said. 

He added that, while this uncertainty was definitely felt by the metals and alloys sector, it was fair to assume that this was the case for most of the Indian economy, barring a few exceptions. 

“There was uncertainty due to all the tariff disputes in Trump 1.0,” Mr. Panda asserted. Now, geopolitical issues including tariff uncertainties brought on by Mr. Trump are playing spoilsport again, he added. 

“If you look at private investment from 2021-22 onwards, the data shows that every alternate year, capex has grown,” Mr. Panda explained. “FY25 saw the highest growth of about 55-60%, in investment intentions.” 

This “stop-start” has a lot to do with the continuing uncertainties around the world, he said. When the economy emerged from COVID, companies took about 18-24 months to gauge the scenario before committing to major investments. 

“What has also happened in the last few years is that you have had a panoply of geopolitical issues, whether it is the conflicts, whether it is several other issues and now, of course, trade disputes in the form of reciprocal tariffs again coming up,” he said. “So, I think all of that has had an input.” 

Mr. Panda pointed out that the capacity utilisation of the private sector — a measure of how intensively it was using existing capacity — stood at about 75% at an aggregate level. This, he explained, was not high enough to encourage fresh investments. 

“When we were coming out of COVID, capacity utilisation inched up from the high 60s to the high 70s,” he explained. But initially it was very disproportional, where certain sectors such as auto, paper, etc., were 90% plus and certain sectors, which were below the average. Now it’s a lot more secular growth, if I can put it that way.” 

“But the general principle is that unless you cross 80% capacity utilisation, you generally don’t look at replacements,” he said. “So, that is where it is.”  

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Subhrakant Panda, Managing Director of Indian Metals & Ferro Alloys Limited, says positive reforms such as the Insolvency and Bankruptcy Code (IBC) have encouraged companies to be more disciplined about their investment 

Blog | Private investment happening, but Trump effect and increased discipline is creating a ‘stop-start’ effect: ex-FICCI president 

Private investment happening, but Trump effect and increased discipline is creating a ‘stop-start’ effect: ex-FICCI president 

To achieve long-term success, businesses must recognize the profound impact of engaged and contented employees on the overall performance and growth of the organization. The success of a business is intricately tied to its team members' collective efforts and commitment. When employees are motivated, satisfied, and fulfilled in their roles, they are more likely to go the extra mile, consistently perform at their best, and actively contribute to the organization's success. This article outlines some strategies organizations can use to build a strong company culture and engage employees effectively. 

Starting with a clear mission and values:

 Establishing a strong company culture requires a clear mission and values. The mission statement expresses the company's purpose, while values guide its business practices. Defining and articulating mission and values is the first step in building a strong company culture that can bring absolute engagement.  

 To align everyone with organizational goals, prioritize clear and transparent communication, organizations must embrace feedback and ideas from employees. At the same time, investing in training and development builds a culture of learning, resulting in higher satisfaction, retention, and a skilled, productive workforce. Inappropriate communication may lead to discontentment among team members.  

Promoting Diversity and Inclusion in the company:

 Diversity and inclusion are now an integral part of any organization. It is vital to attract the best talents and also to promote a higher level of employee engagement. A strong company culture & thriving employee engagement requires promoting innovation, respect, and inclusivity. Encouraging diverse viewpoints allow people to be themselves and embrace everyone, irrespective of gender, heritage or ethnic background thus creating a successful and fulfilling workplace. 

Having a Positive Approach to the work environment:

 A happy work environment is vital for employee engagement and satisfaction. To achieve this, an organization needs to promote open communication, build a sense of community, encourage feedback and collaboration, support work-life balance, and address toxic behaviors. A positive workplace culture reduces stress levels and improves mental wellbeing, which helps in enhancing productivity and retaining top talent. 

 Supporting employees' work-life balance is crucial. Offering wellness programs, proper work schedules, and time off for personal commitments increases the engagement level across organization.  

 Sound leadership is crucial for a positive work environment and employee investment.  It is important to lead by example, modeling desired behaviors and values. Holding self and others accountable, communicating openly and honestly, aligning actions with words are crucial to build a strong company culture. 

Building a successful & progressive organization necessitates happy employees and a strong company culture that can foster trust and dignity. This is accomplished through a clear mission and values, effective communication and collaboration, investment in employee development, recognition of contributions, embracing diversity and inclusion, promoting work-life balance, etc. By creating an inspiring and motivating culture, the organization can thrive and build a competitive advantage in today’s marketplace. 

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The blog outlines some strategies organizations can use to build a strong company culture engage employees effectively and achieve long-term success.

Blog | Building a Company Culture & Employee Engagement

Building a strong company culture and drivers of employee engagement

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