Leaders Perspective

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 IMFA, talks about the stop-start effect since the COVID-19 pandemic and also on the positive reforms such as IBC.

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 post talks about how to build company culture and better employee engagement with clear communication, promoting diversity in company etc.

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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Leaders should enable mindset shifts for organizational transformation. They must  create an environment of trust and provide resources & training avenues.

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: 

 Developing a clear and compelling vision for digital transformation that aligns with your organization's overall goals and creating a comprehensive strategy that outlines how digital technologies will be integrated across various functions and departments. 

 Fostering a culture of innovation, agility, and continuous learning. Encouraging employees to embrace change, experiment with new technologies, and be open to new ways of working. 

Collaboration and Cross-Functional Teams:

 Breaking down silos and promoting collaboration & adopting agile practices to enable faster development, testing, and deployment of digital solutions across departments.  

 Investing in training and upskilling the workforce to equip them with the digital skills needed to thrive in the digital age. Hiring and retaining talent with expertise in areas such as data science, artificial intelligence, and cybersecurity, etc. 

 Defining key performance indicators (KPIs) and metrics to measure the success of the digital transformation initiatives.  


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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IMFA blog talks about digital transformation, where businesses need to assess their current processes and goals and set key performance indicators (KPIs).

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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Organizational resilience is the ability to anticipate, respond, and adapt to incremental change and sudden disruptions. It's about thriving amidst challenges. 

Blog | Embracing Change and Adapting for the Future

The resilient organization: Embracing change and adapting for the future

In the rapidly evolving business environment, leadership dynamics are undergoing a crucial transformation. Where traditional leadership models often favored a top-down, singular approach, there's a rising emphasis on inclusive leadership. This modern-day strategy places a keen emphasis on embracing diversity, ensuring equity, and fostering an inclusive environment. But why is this necessary in today's milieu?    

The Need for Diversity, Equity, and Inclusion    

Diverse teams are not just a moral imperative or a societal expectation; they're a business necessity. With diversity comes a plethora of perspectives that ignite creativity and drive innovation. Think about it, when people from different backgrounds, experiences, and thought processes collaborate, they challenge each other, leading to out-of-the-box solutions and ideas. Equity, on the other hand, is about ensuring fairness. It's about making sure that every employee, regardless of their background or starting point, has an equal shot at success. It's about leveling the playing field and eliminating systemic barriers.   Inclusion, the third pillar, ensures that every individual feels valued, respected, and importantly, heard. An inclusive environment is one where diverse talent thrives, innovations sprout, and employees feel a strong sense of belonging.    

To foster diversity, equity, and inclusion, it's not enough to merely adopt them as values. They must be deeply ingrained in our leadership approach. So, how does one cultivate an inclusive leadership style? It begins with awareness. Leaders must recognize and challenge their biases. They must embrace empathy – truly listening and understanding the stories and experiences that each team member brings to the table. Courage is equally crucial; leaders must sometimes take unpopular decisions to ensure inclusivity. Lastly, collaboration lies at the heart of inclusive leadership. Decisions made with diverse input are often richer and more holistic.    

 isn't just about ticking boxes. We've been around for 62 years, a testament to our adaptability and forward-thinking. Our dedication to inclusivity extends beyond gender. We're proud to have multiple generations, from the tech-savvy GenZ to the experienced and seasoned GenX, working in harmony, enriching our company with a blend of youthful energy and seasoned expertise. Geographically, while we have strong roots in Odisha, our branches reach out across various states in India. This rich tapestry of diversity enriches our company culture, making us resilient, adaptable, and innovative. Inclusive leadership isn't a mere trend; it's the very fabric of a successful, forward-thinking company. At IMFA, we're committed to this journey, and looking forward to a future defined by inclusive growth.

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How does one cultivate an inclusive leadership style? Leaders must recognize and challenge their biases. At IMFA, inclusivity extends beyond gender & generation

Blog | The Key to Inclusive Leadership

The key to inclusive leadership

The Leaders Perspective section covers the quotes and views of the top leadership of IMFA. Visit this page to know more about our leaders. 