NEWS
CONFERENCE
Continued from page 1A
the aging population is prepared to spend money.
Krishna Ramanathan, the director of Sara Lee
Apparel in India - which sells Hanes and Won-
derbra underwear, among other brands - did not
express concern over the destabilization that an
exploding young population might bring to India, but
rather focused on its potential as a new market.
"Although (young professional workers' wages)
are not high by American standards, they usu-
ally live with their parents, and their salary goes
towards food, clothes and entertainment."
Gopal Srinivasan, joint managing director of an
Indian supplier of automotive components, said a
conscious choice to be ethical and moral in the
the michigan daily
face of corruption has never caused a company
more than short-term problems, but has translated
into benefits in the medium and long term.
He added that many sectors in India - includ-
ing the biotechnology industry - do not get the
media coverage they deserve. India's biotechnolo-
gy sector is comprised of around 160 companies.
India's IT sector was discussed at the technol-
ogy panel Saturday.
Rajesh Hukku, managing director of the India-
based IT firm I-Flex Solutions, said Citibank's
initial investment of $400,000 in his company has
turned into $400 million dollars.
He stressed the need to dream big but have one's
feet on the ground.
"We started by buying the software that we were
planning on improving on for peanuts and selling
it to Africa. It was an improvement to what the
African banks had, and it helped us build brand
awareness while competing with European and
American Brands in a neutral territory."
Hukku offered advice to entrepreneurs attend-
ing the panel.
"Well, first you need to have a good idea, then
find someone who will give you the money. Hir-
ing the right people is the last thing I did."
He said he was determined to be profitable
from the beginning because unlike manufactur-
ing companies, which have industrial machinery,
IT firms have no equity.
China was mentioned in every panel and described
as very important to regional and global growth. But
almost everyone expressed concern about its political
stability as it grows economically.
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