EE December2011

D E C EMB E R

2 011

The Entrepreneurs’

Express MONTHLY MAGAZINE OF THE E E--CELL, VNIT

Wedding Bazaar The big fat Indian Wedding

Analyzing Outsourcing What It Means For the Americans

Bangalored and Beyond The Life and Times of Narayana Murthy

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The Entrepreneurs’ Express Design Coordinator: Pratik Das Content Editor: Ankur Mathur Content Coordinator: Sanchit Agrawal Stock Market Analyst: Vedant Bang (Anish Kumar for Shadow)

The Entrepreneurship Cell VNIT, Nagpur is an initiative of some visionary students of India. It was established with a noble aim of reducing the industry-institution divide by making the rift, seem that lesser. Thus would be done by making the interaction between the two parties for viable through increased frequency and taking effective measures to continue to foster a healthy relationship between them.

Something AWESOME is happening at The Entrepreneurs’ Express. To find out, await the January 2012 Edition.

We are on the internet only!

Green environment, save money, live life!

Post you queries, comments, articles, and suggestions at : ee@consortiumvnit.com Cover Page: Creations for bride, prête prête--a-porter.

Facts contributed by: Sanchit Agrawal, Content Coordinator, EE

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The Wedding Bazaar…

The Editorial

Analyzing Outsourcing

Contents

Monthly Feature

Juggling Jargons………..

Cost Effective Analysis

Bangalored & Beyond..

Narayan Murthy

The Abstract Noun…….

‘Poor’ State Of Mind

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A Do It Yourself Test..

Harvard Business Review

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Feature

The Stock Souq………….

The Market Analysis

Express Times……………

E-Cell News 3

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r a a z a B g n i d d e W e h T

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- Ankur Mathur

Films have eulogized them and priests have solemnized them from ages – they have been ‗in‘ season all year round and found conjunction with ‗holy‘. Yes, this is matrimony! We Indians love our big fat weddings which start beautifully but end up almost sickeningly grandiose sometimes…actually, most of the times.

But, who‘s complaining so long as they keep the demand high and consumption going! Welcome to the Wedding Bazaar.

Economically, this means that there is more liquidity in the market as more transactions take place. Spending more will also improve the quantity of loans taken for marriages thereby leading to the conclusion that everyone linked with the industry gets paid better (trickle down effect) eventually driving consumption on all fronts. So long as the legs of consumerist capitalism spread, the giant of economy will rise. No longer are Tahilianyi‘s and Abu-Jani creations looked at with awe, buying demands have brought everything within reach. It‘s the credit card age, with availability restricted only by thought.

It has all that drives a nation – all industries find ample representation here. From food to fashion, lighting to logistics and gifts to grooming, there is not one thing lest out from the platter! And this is the time for it. As the year turns over a new leaf, several couples seal their bond of love, and The Eternal Bond of Love how!

But with inflation touching double-digits and the economy slowing down to the lowest in nine quarters, can the neo-Indian still afford high flying weddings? ―Of course, yes!‖ says the CII Board report.

Indians true to their blood seldom cut spending on three things, it says, ―marriages, food and school education, especially of the male child.‖ So, this is not no bubble! It‘s here to stay and grow. With ‗destination weddings‘ as the next thing on the cards, Indian wedding extravaganza is all set to hit the aviation and tourism sector out of a lull too! The maharaja finally gets a sigh of relief.

Statistics show that Indian consumer patterns are driven by such occasions like marriage and these days, outsourcing of marriages has become commonplace in places like Delhi, Mumbai and Bengaluru though Kolkatans are still to shed their cultural skin. This has led to the rise of a new element in weddings – the wedding planner. Part management, part passion and full fun, this business is on the rise and is contributing to a large chunk of investment in modern nuptials.

||Namo Namah||

AD 2012

Here‘s wishing all our readers and patrons, a very happy and prosperous New Year.

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Analyzing Outsourcing For The Americans -Akash Shembekar At the brink of dusk in the ‗East‘ people with a 9 – 5 job head home and a fresh set of employees enter the work space with the main operation base and the employer seated somewhere in the ‗West‘. This is outsourcing put at the simplest level of understanding. Even though globalization has given a great impetus to the pockets of American classes but is not having a fruitful effect on the masses.

others can largely be attributed to these operational units set up by these business magnates.

The consequences of the acts for professional interest of the corporate houses have to be borne by the working class. Since a large number of jobs are being shipped off, it is creating a dearth of employment opportunities and is hitting the American masses hard.

A BPO (Business Process Outsourcing) can be called the most successful venture in the outsourcing market. An American company launches a national product/service catering to the masses. After the launch of the product, the company‘s main objective shifts to the maintenance provision. A lot of money has already been pumped in for the setup, production and marketing of the product. At this point of time, if they have to chip in proportionate amount of cash for the maintenance then their net profit of the product is bound to dip and the output of the whole operation will be nil virtually.

Now, let us shift our focus to the technical aspect of outsourcing, i.e. how did it come into existence and more importantly effective usage? It won‘t be wrong to credit technological innovation for the stupendous growth of the outsourcing sector in a time frame of less than two decades. The development of technology is being carried out on a regular basis, but its orientation is only towards offshore investments and an economic output in this regard. If this scientific harvest can nurture a seed (a small city) into a large evergreen self-sustaining tree (a metropolis) then why can‘t proper channelization of these thoughts work wonders in the job sector?

WHAT‘S THE SOLUTION? - OUTSOURCING Locate a developing tech-savvy city, in our case ‗Bengaluru‘. Setup an operational base for long – term usage. Pump in a nominal amount of cash. The difference in the currency exchange rate plays a vital role here. A U.S. national rings up a call center here. The problem is worked upon and sorted out in a matter of few hours and in case of complications a few days. Even after accounting for all these investments, the company enjoys a large profit margin. Hence, they have no qualms in offshore investment. The meteoric rise of cities like Bengaluru, Noida, Shanghai, Guangzhou and many

This is illustrated by a recent paper by Michael Spence and Sandile Hlatshwayo, both of New York University.

The real problem for America is not its innovative capacity, but the fact that its benefits go to relatively few. They divided jobs among tradable and non-tradable sectors. Tradable sectors include manufacturing, commodities and services such as finance and engineering that compete globally. Value-added per person, a proxy for productivity rose sharply in this sector, but the number of jobs actually declined between 2000 and 2008. The opposite was true in the non-tradable services such as government 6

and health care. There real value-added rose only sluggishly, but employment expanded significantly. Behind this, says Mr. Spence, is the trend of American multinationals to keep the highest value-added activities at home while shifting lower value-added activities, such as manufacturing, abroad.

inevitable price of technological progress.

Now suppose you find out the guts of the software isn't an AI engine, but rather an office full of Indian chartered accountants in Bangalore. The cost savings is still real, and the fees now go to stimulate the developing Indian economy, rather than into the pocket of a software entrepreneur.

As the highest valueadded activities are retained for American nationals, it will benefit only a small number as the paycheck needs to be heavy, but what about the remaining large section that does not have any other avenue of income‌?

Why is this se-

So a natural thought instigated in the human intellect is that technological innovation is the key force which will cater to the job needs of the people and its primary initiative should be to subsidizing the cost in manufacturing so that a large section of the unemployed be accommodated here. But as every institution have various facets and this being no ex- cond outsourcing scenario any worse than the ception, it would be a necessity to consider it as first innovation scenario? Let us see why the well and in this regard I provide a case study. first situation will play well along with the curThis case study by Steve Hsu, Professor rent U.S. economic position. The AI which supof physics at the University of Oregon reflects ports the software is not absolute and will also on the mutual dependence of the two entities of require maintenance, improvement and restructuring. These will definitely open new job aveoutsourcing and innovation. nues and cover up for the loss of the jobs of few Imagine a new software product. A super individuals. So isn‘t it better in all contexts to -version of TurboTax, the software asks detailed root for innovation in America. questions via the Web and can prepare sophisticated returns - not just for individuals, but even All the facts accounted, lead to the sole solution for large corporations. The cost is a fraction of that innovation of technology is the only innowhat U.S. accounting firms would charge for the vative offering that can harbor the sinking service. Sounds great, right? Artificial Intelli- American job sector and push it on the path of gence lowers the cost of doing business. Compa- sustenance and provide the thrust to survive in nies can pass the savings on to consumers. the long run.

Some accountants lose their jobs, but that is the Best of luck, Mr. Obama!

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Juggling Jargons

COST EFFECTIVE ANALYSIS -SANCHIT AGRAWAL

As discussed in the earlier edition, Cost Benefit analysis compares the monetary values of costs and related outcomes of two or more courses of actions. This is the most commonly used form of economic analysis when the effects can be measured in terms of monetary values, but in cases when money cannot be the measure of effects, this technique is modified in a way to accommodate a different unit. The modified technique is known as cost effectiveness analysis.

chase price, but also for such factors as their operating radius, top speed, rate of fire, armor protection, and caliber and armor penetration of their guns. If a tank's performance in these areas is equal or even slightly inferior to its competitor, but substantially less expensive and easier to produce, military planners may select it as more cost effective than the competitor. Conversely, if the difference in price is near zero, but the more costly competitor would convey an enormous battlefield advantage through special ammunition, radar fire control and laser range finding, enabling it to destroy enemy tanks accurately at extreme ranges, military planners may choose it instead—based on the same cost effectiveness principle.

Cost-Effective Analysis is often used in the field of health services where it is inappropriate to monetize health effects. CEA is expressed in terms of a ratio where the denominator is the health effect (years of life, number of people inoculated, etc.) and the associated cost forms the numerator. The commonly used outcome meas- Cost effectiveness analysis is also applied to ure is Quality –Adjusted Life Years (QALY). many other areas of human activity, including Cost Effectiveness is applied to the planning the economics of automobile usage and pharand management of many types of organized maco-economics. Thus CEA is a very important activity. In acquisition of military tanks, com- economic analysis for various industries. peting designs are compared not only for pur-

By volume of pills produced, the Indian pharmaceutical industry is the world’s second largest after China.

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-Amit Pillai Ever wondered how India became a leader in the IT sector? It was due to the birth of IT giants like Infosys, Wipro and Satyam. Infosys Technologies in particular is one of the few Indian companies that have changed the way the world looks at India. No longer is India a land of snake charmers and beggars. It is now perceived as an economic giant to reckon with, bursting with brilliant software engineers and ambitious entrepreneurs. And Infosys is a symbol of India's information technology glory.

Raghavan's house in Matunga, north central Mumbai, was its registered office. It was then known as Infosys Consultants Pvt. Ltd. The front room of Murthy's home was Infosys' first office, although the registered office was Raghavan's home. Mr. Nandan Nilekani, Mr. N. S. Raghavan, Mr. S. Gopalakrishnan, Mr. S. D. Shibulal, Mr. K. Dinesh and Mr. Ashok Arora together with Murthy started and mentored Infosys.

In 1983, Infosys moved to Bangalore when it got its first client, Data Basics Corporation from the United States. There was no luxury, only struggle, day and night. They had no car, no phone. Murthy later recalled that it was not the luxuries of life, but the passion to create something new and innovative those made them keep going on and on and on. The first years of Infosys were not smooth. Infosys got its first joint venture partners in Kurt Salmon Associates. But the joint venture collapsed in 1989, leaving Infosys in the lurch. The company was on the verge of collapse. The founderpartners did not know what to do. But Murthy had the courage of conviction. 'If you all want to leave, you can. But I am going to stick (with it) and make it,' Murthy told them. The other partners decided to stay. And thus began to germinate the seeds of Infosys' enormous growth. Today, Infosys is the largest publicly traded IT services exporter in India. It was the first Indian company to list on the NASDAQ stock exchange in 1999. The company has over 53,000 employees worldwide. Today, Infosys is India's second largest software exporter.

Infosys was the ‗brain-child‘ of one of the most popular and successful business tycoons of India, Mr. N. R. Narayana Murthy. Nagavara Ramarao Narayana Murthy better known as N.R. Narayana Murthy is an Indian industrialist and software engineer. Mr. Murthy was born into a Kannada Madhwa Brahmin family in Mysore, Karnataka on August 20th, 1946. Mr. Murthy graduated with a degree in electrical engineering from the National Institute of Engineering, University of Mysore in 1967. He received his master's degree from IIT Kanpur in 1969.

Murthy then joined IIM Ahmedabad, where he worked as the chief systems programmer. However, the entrepreneur in Murthy stayed restless and in 1976, he started a company named ‗Softronics‘. The company never stabled and this failure was followed by Murthy joining Patni Computer Systems in Pune. It was in Pune that Murthy met his life partner, Mrs. Sudha Kulkarni (Sudha Murthy), an engineer at Tata Engineering and Locomotive Co. Ltd. (Telco) in Pune. Mr. Narayana Murthy tied the marital knot on February 10th, 1978. It was Sudha Murthy who provided the initial capital for the birth of Infosys. An amount of Rs.10000 served as the starting cost of building the giant company. The idea of Infosys was born on a morning in January 1981. Six months later, Infosys was registered as a private limited company on July 2, 1981. Infosys co-founder N S

N. R. Narayana Murthy founded Infosys in 1981. Under his leadership, Infosys was listed on NASDAQ in 1999. He is an IT advisor to several Asian countries. He serves on the boards of many well-known firms. He served as a member of the Unilever board between 2007 and 2010.

The Economist ranked Narayana Murthy among the ten most-admired global business 9

leaders in 2005. He topped the Economic Times list of India‘s most powerful CEOs for three consecutive years from 2004 to 2006. He has been awarded the Padma Vibhushan by the Government of India, the Légion d’honneur by the Government of France, and the CBE by the British government. He is the first Indian winner of the Ernst & Young World Entrepreneur of the Year award and the Max Schmidheiny Liberty prize. He is a Fellow of the Indian National Academy of Engineering and a foreign member of the US National Academy of Engineering. N. R. Narayana Murthy is synonymous with Infosys.

He served in various capacities within the organization and was for long perceived to be the driving force behind Infosys. In 2002, Murthy took on the role of Executive Chairman of the Board, giving way to Nandan Nilekani – a co-founder of Infosys – to become the CEO. In 2006, Murthy became non-executive Chairman of the Board and Chief Mentor at Infosys, before stepping down and becoming Chairman Emeritus in 2011. Murthy stepped down as the nonexecutive Chairman of Infosys in 2011, finally bringing to an end his 30 year long stint with the company. Murthy is now involved with a venture capital firm called Catamaran Invest-

ment Private Ltd. Murthy is much-admired for his simplicity and down-to-earth nature, besides being respected for his strong leadership skills. Father to Akshata and Rohan Murthy, Mr. Narayan Murthy today enjoys a successful married life. ―Murthy's dreams encompassed not only himself but a generation of people. It was about founding something worthy, exemplary and honorable. It was about creation and distribution of wealth. So, when I had to choose between Murthy's career and mine, I opted for what I thought was a right choice.‖ replied Sudha Murthy when asked about the reasons for sacrificing her ambitions for Murthy‘s. Mr. N. R. Murthy not only led Infosys to glory but created a new revolution in the IT sector in India. ―In conclusion, keep in mind two Sanskrit sentences: Sathyannasti Paro Dharma (there is no dharma greater than adherence to truth); and Satyameva Jayate (truth alone triumphs). Let these be your motto for good corporate leadership‖, says Narayana Murthy in The Essence of Leadership as it originally appeared in The Smart manager. Murthy observes, "LOVE YOUR JOB BUT NEVER FALL IN LOVE WITH YOUR COMPANY!"

Credit card numbers conform to the Luhn Algorithm , which is just a simple checksum test on the number. What you do is start from the right and double each second digit (1111 becomes 2121), then add them all together, and you should end with a number evenly divisible by ten. If it doesn’t, it’s not a valid credit card number.

There are only 5 currencies in the world that have unique symbol to represent them. These are US Dollar, Japanese Yen, Great British Pound, Euro and Indian Rupee . Of these, only the GB Pound sterling has its symbol printed on the notes.

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The Abstract Noun -Abhirup Lahiri

Poor State of Mind

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Poverty is a multi-faceted problem which has gripped the world today. It is most erroneously and ignorantly understood solely as a state of economic inconsistency which unfortunately vanquishes the living if not lives of the ill-fated few.

Economic inconsistency is understood as a possible inability to live a confident life where procuring bare necessities is also an arduous task.

The capitalist economy is an extremely egomaniacal system and poverty, though being a cause for grave concern, is not heeded to in an apt manner. It is perceived as a problem in economic terms only and humanitarian grounds are overlooked in the quest for profit-oriented economic growth. The humungous psychological turmoil that the deplorable, afflicted lot undergoes is much graver than their economic encumbrances. Even their meagre ambitions are crushed under the weight of the capitalists who are most capricious and parsimonious within their own interests. It is only the humane few who are concerned, but only a miniscule percentage of them are competent and accomplished enough to make a difference.

The second aspect of poverty is that it is a state of mind of the discontent individuals who yearn for the good rather than the useful and thereby perceive their income as capital. This prevents them from leading a radiant if not secure life. A persistent desire for more, more often than not the unachievable, has become commonplace among the urbanized neo-rich individuals. People compete with others in terms of economic prosperity and then with themselves, only to lead to poverty of the mind. Discontentment

leads to vexation and this stressed, exasperated mind travels inroads into the conscience and thus people eventually cross the barriers of honesty. Desire is their biggest sin and discontentment their form of poverty.

There is a third and final aspect of poverty which relates to philistinism and superstition.

Belief in the Almighty is common among the weak that are not presumptuous enough to tread the path of success. Blind faith in the Almighty about every aspect of life shows a certain weakness and meekness of character and lack of self-belief. The Almighty, in my opinion, can or should be beckoned only in case possibility pervades human capability. This kind of submission to fate is an evident fallout of illiteracy and unintelligence. These people who live in the gloom of submission are also gripped with poverty, that of lack of ideological dexterity and intrepidity of character.

Poverty is nothing less than a disease, a handicap, a disarmament which hampers clairvoyant ambition and is a major cause for economic and psychological frailty in the world today. In fact, if urgent measures are not eked out soon, the world today will never be able to tread the path of inclusive growth and a reclusive economy can never reach the zenith. Not only the first and most important one, but also the other two aspects of poverty need to be heeded to and the advent of communist ideologies is the only hope for a renaissance of human consideration as we step into the era of using income fuels. The world today is witnessing change and if the inhabitants don‘t live up to them, we are heading towards the fearful proposition of the Mayas, if not in 2012 but surely sooner than later.

The widely used ‘$’ symbol, which is used to represent US Dollar, doesn’t appear on US currency at all. And, you would have to double -fold it about 4,000 times before it would tear.

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Question Review 4 5

In this article taken from the Harvard Business What talents do you have that you Review, we try and give you tips to contemhaven’t developed? plate better on starting a new venture. Answer Please don‘t say none. these questions and look up for the aim behind Which of your skills are you most each one to understand their inherent improud of? portance and you could well be on your way to becoming the next big thing in the market.

This often reflects obstacles you‘ve overcome.

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Courtesy: Harvard Business Review.

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What are you best at doing?

It is amazing how many people spend years trying to get good at what they‘re bad at instead of getting better at what they‘re good at.

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What do you like to do the most?

What do others not as your greatest strength?

This question helps you identify skills you may not value because they seem easy to you.

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What have you gotten better at?

This gives an idea of where putting in additional effort can pay off.

What can you just not get better at no matter how hard you try?

This is not always the same as the previous question‘s answer. Unless it‘s illegal or bad This tells you where not to waste any more time. for you, do what you like to do. If it‘s also proWhat do you most dislike doing? ductive and useful, it ought to be your career.

Your answer here suggests what tasks you What do you wish you were better might want to delegate or hire out. at?

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Which skills do you need to deYour answer may guide you to a course you velop in order to perform better? should take or a mentor you should work with.

It may also indicate a task you should delegate. Your answer to this question might take you to a course, read a book, or work with a mentor or a coach.

The word Budget was derived from the French word, ‘bougette‘, which in turn is a diminutive of ‘bouge‘, meaning a leather bag.

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Overall, market moved in a positive direction with both SENSEX and NIFTY moving upwards; SENSEX from 16454 to 17450 and NIFTY from 4814 to 5287 due short coverings in IT, Refinery and Realty counters and no bad news from Eurozone. Also, the hike in interest rates by the RBI was a growth contributing factor.

As of now, the pullout of FIIs has rapidly affected the Rupee vs. Dollar exchange rate to a nadir of @ 52.2. This is definitely affecting in that the companies with high export value (Textiles, IT, Jewelry etc.) are benefitting while the import driven industries (crude oil, machineries, chemicals, electronics). Hence this does affect the choices of the investor. Although a general tip given to the Indian Investor is, to avoid investing too much on a company with a large percentage of shareholdings belonging to the FIIs as the FIIs can suddenly withdraw their investment and affect the market value of the share.

lowed by the government. Facing a wobbly Rupee and inflation the move was aimed to boost business confidence, increase employment and improve quality as well as increase competition among the supermarkets for the betterment of the consumer.

Now it is to be seen that while Britain might be heading towards another recession with the government struggling, a scrupled fiscal plan and an irate public sector. Moreover the unresolved Euro crisis may stall more as British banks have lent heavily in the Euro Zone‘s worst trouble spots. This will burden the British economy more. This causes deep concern in Indian investors and the market may tend to fall.

As the government cut the growth forecast for the current fiscal between 7% to 7.5%, the SENSEX extended losses as the market overreacted on the mid-year review of economic growth in India by the Finance Minister with The high inflation rate does come to mind when SENSEX losing out 634 points in a week thereinvesting in stocks and bonds. Although bonds after. Losses in major RIL were also reported. are a lower risk option, stocks carry bit more Current at December 9th SENSEX stands at protection if there is presence of insurance on 16213 which has fallen from the 17450 at 1st Ocequity of the company and will tend to outper- tober with NIFTY also fallen to 4867 at 9th Deform bonds as the returns of bonds are fixed cember 2011. The top gainers of November 2011 and inflation will cause losses to the bond in- in BSE are United Breweries, Indiabulls Fivestment. But the buying trend does decrease as nance, Ambuja Cements, and Jaiprakash Power the investor feels extremely cautious in invest- with IT sector being major gainer. Stocks of Reing in some company due to rising cost of living. tail, Teleservices and Construction sectors have Although fuel costs have been cut, it does not offer immediate large scale relief for the consumer and will not affect the market performance much. Another announcement from the government was the hike in the interest rate of PPF to 8.6% and investment limit to @1, 00,000

fallen with maximum fall in Pantaloons Retail, CESC, GMR Infrastructure, and Shree Renuka being the top losers. This is due to the high exchange rate of rupee vs. Dollar, fall in industrial output in the month of October and November and withdrawal of the decision for FDI in retail sector.

will cause some relief to investors who might The market will continue to be bearish on the invest in PPF bringing marginal relief.

Indian banking sector but will look to bounce An apparent buying spree was seen in the back in the later weeks of December as RBI is shares of Supermarket chains when much was 14expected to pause its rate tightening cycle with discussed when the FDI in retail sector was alNifty projected to reach around 5100.

Express Times V-MUN Gets United E-Cell VNIT Holds Nations’ Affiliation Workshop on WorkEE Bureau | 10th November ing of Stock Market The Model United Nations Conference planned as part of the Annual Management Festival of VNIT, CONSORTIUM‘12 has finally got affiliation from the United Nations Information Centre for India and Bhutan, a Asia-Pacific wing of the United Nations that coordinates work and provides research facilities in India and Bhutan through an extensive library. The event is slated to be held around mid—January, next year.

Ankit Kumar | 20 November

The Entrepreneurship Cell, VNIT conducted its first guest lecture on ―Basics and Working of the Stock Market‖ by Mr. Roshan Khemka, on 7th November in the Physics Assembly Hall of VNIT. Mr. Khemka is a broker from Motilal Oswal Financial service and is the owner of Pinnacle Investment which provides training and tips The Centre plays a major role in publicizing UN on investing strategies for the Stock Market and initiatives and pro- he has been a professional in providing finance grammes, engaging in a solutions to various clients. variety of activities like The interactive session that lasted for 2 hours, lectures, media briefings highlighted the basics of the Stock Market, BSE and press conferences, and NSE, the concept of Book-building and IPexhibitions, etc. It is also Os, different basic concepts related to the marnoteworthy that this ofket, the role of the SEBI and a brief history of fice of the UNO was the the Indian stock market. Terms such as bonds, first to be established by equity and inflation were discussed and various the UN in independent India. investing strategies were evaluated using nuThis year, as part of its initiatives, CONSORTI- merous case study examples making this sesUM‘12 is trying to strengthen the idea of free sion very interesting. thought and independent, unrestricted speech The audience, comprising students from VNIT, to further democratic principles. Being held for was enthusiastic in asking various questions on the first time in Nagpur, the organizers seemed the effect of FDI on the market, the effect of the excited about the proposition. With the affiliaUS economy on India while discussing the reation in hand, their confidence is vindicated. The sons for the economic recession and the comtopic of debate, called the ‗agenda‘, is one of parison between the banking models of USA economics and this too is a first, anywhere in and India. Involvement of the RBI was also disIndia. cussed.

Overall, this event is poised for success. Hope The Workshop concluded with everybody learnthe pillars of democracy and the wonders of ing a thing or two new and a satisfied speaker. management can run our Parliament too.

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