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Subhrakant Panda On The Need For Better Utilization Of Labor In India’s Growth

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IMFA MD Subhrakant Panda re-elected ICDA

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Demographic advantage, Indian economy’s sweet spot

Budget 2024: Prioritising inclusivity and fiscal prudence

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Budget 2024: A boost to manufacturing

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IMFA predicts firmer ferrochrome prices this quarter

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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. 

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

The most profound business challenge we face today is how to build organizations that can transform as fast as change itself. 

 There is no doubt that organizations must constantly evolve to stay competitive and relevant in today’s market. Organizations are fighting to keep pace with rapid rate of transformation and disruption around. On their transformation journeys they cannot afford to count only on the technological novelties because novelty is a result of something deeper – mindset, behavioral fabricates, leadership and culture. The great companies of tomorrow are renovating from the mindset of the so-called “conventional way” of working. This transformation influences many areas of the business from vision, strategy, and mission to the structure and management of the organization. 

 Altogether, enabling mindset shifts for organizational transformation demands a commitment from everyone involved, initiating with the leader. To attain success, leaders must seek to create an environment of trust, provide resources and training avenues, and be open to discussing the hows and whys of the change. With adequate determination & effort, Organizations should be able to effectively embrace change when the time comes. Without the support of the leadership, the organizational transformation cannot be successful because the entire organization will not be aligned with the strategy. Leaders must establish effective lines of communication with employees at all levels and show personal dedication to change by modeling it. 

 Organization transformation necessitates more than just changes in products, services, or processes; it needs an alignment of beliefs, values and long-term approaches which influence the ways employees act & work. Mindset shifts are vital to this process so that organizations are better equipped to manage changed scenarios that may arise in the future. Additionally, it nurtures an environment of innovation, where employees are encouraged & able to think in a different way, take risks, and explore new approaches in their work. 

 A mindset shift happens when people drift away from an outdated way of thinking & ideas and switch it with fresh new perspectives & approaches. This could include expanding current views on what is possible or challenging present beliefs to consider alternative options. 

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The most profound business challenge is building organisations that can transform as fast as change itself, including mindset shifts as part of transformation.

Blog | Mindset Shift for Organizational Transformation

Mindset shift for organizational transformation

Digital transformation has revolutionized our lives, changing how we connect and conduct business. This shift brings both incredible opportunities and challenges. Digital transformation is more than just using software, tools, etc. It involves a shift in mindset, culture, and processes.  

In the digital transformation journey, businesses need to assess their current processes, systems, and goals. This helps them understand what they are good at, where they need improvement, and what they want to achieve. By doing this, organizations can create a roadmap that suits their needs. It's important to set clear objectives and key performance indicators (KPIs) to measure progress effectively. Digital transformation helps businesses understand and meet the current vis-a-vis future needs. It is a never-ending process that needs constant change, new ideas, and careful planning. To compete in the digital world, organizations must use new technologies, encourage innovation, and put employees first. This needs to adopt an agile mindset, a culture of feedback & innovation that helps organizations quickly adapt and take advantage of new opportunities.  

Leading in digital transformation is about driving an organization's evolution to effectively leverage digital technologies, data, and processes to adapt to the rapidly changing business landscape. Here are some key principles and strategies for effectively leading digital transformation: 


We need to comprehend that digital transformation is an ongoing journey, not a one-time project. It requires continuous learning, adaptation, and a willingness to embrace new opportunities and challenges in the digital age. 

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Businesses in a digital transformation journey bring in more incredible opportunities and challenges. It involves a shift in mindset, culture, and processes.

Blog | Leading in Digital Transformation

Riding the next wave of enablement: Leading in digital transformation

In an era marked by rapid technological advancements and shifting market dynamics due to global uncertainties, resilience has become a cornerstone for organizational success, especially in the last 4 years. 

Organizational resilience is the ability to anticipate, prepare for, respond, and adapt to incremental change and sudden disruptions. It's not just about surviving; it's about thriving amidst challenges. For businesses, this resilience is pivotal for sustained growth and stability. 

Building resilience is no small feat. It involves navigating complex challenges like market fluctuations and technological disruptions. Leadership is at the forefront of fostering resilience. It involves creating a culture that values adaptability, innovation, and continuous learning. At IMFA, we are investing in cutting-edge technology and innovation, aligning our strategic initiatives with the goal of building a robust and resilient organization. 

As the CFO and Chief of GCS at IMFA, my firm belief in the power of financial resilience guides our approach. This resilience is rooted in proactive risk management, strategic diversification, and comprehensive contingency planning. Our position today, with a debt-free balance sheet, is not merely a fortunate circumstance but the result of a deliberate and strategic journey. This significant achievement stems from a series of meticulously planned actions, carefully executed to fortify our financial resilience and solidify our standing in the market. 

The future holds both challenges and opportunities. By cultivating a mindset of continuous learning and adaptability, organizations can not only withstand future shocks but also capitalize on emerging opportunities. At IMFA, our roadmap is geared towards embracing change and ensuring long-term resilience, by adopting a growth mindset. In the last 3 years, we as an organization have embarked on various transformations from time to time that help us remain resilient and keep up with changing times. 

We understand that resilience is an ongoing journey, not a destination. We encourage all employees to embrace change and adapt for a future that, while uncertain, is full of potential. Together, we can build businesses that are not just resilient but also thriving and forward-looking. 

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In rapid technological advancements & uncertainties, organisation resilience is the ability to anticipate, prepare, respond, & adapt to change. Tap & Read.

Blog | Embracing Change and Adapting for the Future

The resilient organization: Embracing change and adapting for the future

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In an era marked by rapid technological advancements and shifting market dynamics due to global uncertainties, resilience has become a cornerstone for organizational success, especially in the last 4 years. 

Organizational resilience is the ability to anticipate, prepare for, respond, and adapt to incremental change and sudden disruptions. It's not just about surviving; it's about thriving amidst challenges. For businesses, this resilience is pivotal for sustained growth and stability.

Building resilience is no small feat. It involves navigating complex challenges like market fluctuations and technological disruptions. Leadership is at the forefront of fostering resilience. It involves creating a culture that values adaptability, innovation, and continuous learning. At IMFA, we are investing in cutting-edge technology and innovation, aligning our strategic initiatives with the goal of building a robust and resilient organization.

As the CFO and Chief of GCS at IMFA, my firm belief in the power of financial resilience guides our approach. This resilience is rooted in proactive risk management, strategic diversification, and comprehensive contingency planning. Our position today, with a debt-free balance sheet, is not merely a fortunate circumstance but the result of a deliberate and strategic journey. This significant achievement stems from a series of meticulously planned actions, carefully executed to fortify our financial resilience and solidify our standing in the market.

The future holds both challenges and opportunities. By cultivating a mindset of continuous learning and adaptability, organizations can not only withstand future shocks but also capitalize on emerging opportunities. At IMFA, our roadmap is geared towards embracing change and ensuring long-term resilience, by adopting a growth mindset. In the last 3 years, we as an organization have embarked on various transformations from time to time that help us remain resilient and keep up with changing times. 

We understand that resilience is an ongoing journey, not a destination. We encourage all employees to embrace change and adapt for a future that, while uncertain, is full of potential. Together, we can build businesses that are not just resilient but also thriving and forward-looking.

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