IMS Ghaziabad Organized a Seminar on Brexit

IMS Ghaziabad organized a seminar on “Brexit: Implications for Global & Indian Economy”, delivered by Mr. Anup Mudgal (IFS) & Former India High Commissioner to Mauritius, as part of the Special Seminar Series on July 27, 2016.

Mr. Anup Mudgal (IFS), a Career Diplomat with an illustrious career spanning over 30 years of enriched experience, was the “Guest of Honour” for the “Special Seminar Series”. Mr. Mudgal has served Government of India abroad in different capacities. He joined coveted Indian Foreign Service(IFS) in 1984 and held various assignments in different countries abroad- Mexico, Lima(Peru), Belgrade(Yugoslavia), Brussels(Belgium), Mexico City(Mexico), Vienna(Austria), Munich (Germany) etc. His last stint was as Indian High Commissioner to Port Louis (Mauritius) in 2014.

The “Special seminar Series” was initiated under the stewardship of Director IMS, Prof. J. P. Sharma. Prof. Sharma in his inaugural address eulogized Mr. Mudgal for his deep involvement with policy matters. He also acknowledged Mr. Mudgal to be a member of “Governing Council of IMS”.

In his “Seminal Lecture”, Mr. Mudgal explored the genesis of ‘European Union”. First time 6 countries, including Germany, France, Italy - jointly formed “Common Coal & Steel Community”, and as a “Supra-National Authority” tried to manage their interests. Later on, the membership swelled to 28, under the garb of “European Union”. Creation of such political, economic and monetary entity, allowed free movement of people, goods, services, and finance. In his opinion, internal trade was totally free within 28 countries. The European Union (EU) with its 500 million population and $18 Trillion GDP, emerged as one of the great the economy in the world. He further emphasized that EU is the largest trading partner for India in terms of technology, services, and professionals from India. The European Union has an elaborate structure. It has EU Secretariat at Brussels, EU Court, EU Parliament and EU President. It has also its currency named ‘Euro’, prevalent in 18 countries. The ‘Central Bank’ is controlled by ‘Economic stability pact’, and deals with ‘Exchange Rate’. The major issue of ‘Security & Foreign Policy’ is taken up by EU Council.

The UK moved to a referendum. But, the Article 50 of ‘Lisbon Treaty’ exclusively deals with countries’ exiting from EU. In his opinion, if Article 50 is revoked, then manufacturers will suffer a jolt. It will lead to a dampening effect on investments. The currency may lose its value. Since Chinese have invested heavily, so their currency “Yuan” will also be affected. There are prospects of changed “Geopolitics in Europe”. The EU is the largest trading partner of India hence there are very high stakes. India has already negotiated “Free Trade Agreement (FTA)”. Mr. Mudgal further speculated that downfall of Euro, Pound and Yuan can have the cumulative downfall of the economy worldwide. It meant India would have a tough time in the trade. However, he cautioned that his assertions are quite ‘speculative’ in nature and India should not be caught napping. The session was followed by ‘Question & Answer Session’

The Chairperson of “Special Seminar Series”- Dr. S.K. Dube, expressed “Vote of Thanks”, on behalf of IMS Fraternity to the ‘Guest of Honour’- Mr. Anup Mudgal (IFS) and to august gathering. He also thanked the PGDM students for being a patient listener and observing discipline.