Business Goa February 2022 by Business Goa

FEBRUARY 2022

VOL 8 ISSUE 2 PANAJI GOA

GOA’S ONLY BUSINESS MAGAZINE

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POSTAL LICENSE No.: G-2/RNP/Monthly/Goa-19/2021-23

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INDUSTRY DOSSIER

DRAFT MSME POLICY

UNION BUDGET 2022

RAJNISH KUMAR’S BOOK

INDUSTRY WISH-LIST FROM NEW GOVT

Goa’s Global Biotech Bet Tulip Diagnostics (P) Ltd., headed by DEEPAK G. TRIPATHI, is one of the largest manufacturers of in-vitro diagnostic reagents and kits in India. The company has its footprints globally with exports to about 80 countries

TURAKHIA OPTICIANS ENTERPRISE

AJIT DALVI INTERVIEW

THE ARK COMFORTS HOSPITALITY

GREENPOD LABS STARTUP

NEWS VIEWS ARTICLES INTERVIEWS PROFILES FOCUS ANALYSIS OPINIONS EVENTS FEATURES

CONTENTS Cover Story 12

Tulip Diagnostics (P) Ltd., headed by DEEPAK G. TRIPATHI, is one of the largest manufacturers of in-vitro diagnostic reagents and kits in India. The company has its footprints globally with exports to about 80 countries

National Focus / Union Budget 16

Economist Satyendra Nayak emphasises on all the important aspects of the Union Budget 2022

Focus Goa / Industry 20

Ralph de Sousa elaborates on the problems faced by the industry in Goa and their expectations from the new Government

Focus Goa / MSME 22

Manguirish Pai Raiker deconstructs the new draft policy for MSMEs and the analyses the objective behind it

Enterprise 24 24

Tête-à-tête with Apurva Hiten Turakhia and Divya Apurva Turakhia on their family business, Turakhia Opticians

Goan Brand 26

Four Feni enthusiasts come together to create AaniEk, infusing this artisanal drink with flavours, that heightens it essence

Interview 28 32

Ajit Dalvi, Senior Vice President – Retail Branch Banking, HDFC Bank, discusses in detail how HDFC Bank has been making a difference in Goa through its various initiatives and its future plans for the region

Lady Power 32

Dr. Pratiksha Khalap, Vice chair of Yi-Goa, elaborates on her journey as a homeopathic doctor, a clinical researcher and the varied organisations that she is part of

Bon Appétit 46

The best of Goan Saraswat cuisine is on offer at Kokum Curry

38 Beyond Classroom

COLUMNS

Dr. Pradeep Salgaonkar elaborates on the concept of push marketing and why one shouldn’t be over doing it

40 Corporate Citizen

Daniel Albuquerque delves carefully into the term ‘Wages’ and presents a very detailed analysis

41 Cabbages and Queen

Nandini Vaidyanathan shares her experience on Instagram shopping, and how the app empowers brands and customers

04 | BUSINESS GOA INDUSTRY DOSSIER | FEBRUARY 2022

42 Wise Words

CA Santosh Kenkre lists out his top four requirements to achieve success in entrepreneurship

44 Invest Right

Mahesh Pai explains the importance of hiring a good financial consultant

06 Editorial 08 Corpo Scan 30 Campus 30 BookShelf 34 StartUp 36 Biz Bytes 45 Hospitality 48 Goa Buzz 50 Newsmakers 50 BG Quiz Cover Pic: ALISTON DIAS

Shree Mahalakshmi Damodar Prasanna

EDITORIAL Game-changer leadership needed FEBRUARY 2022 Group Director Urvija Bhatkuly Publisher & Editor Harshvardhan Bhatkuly Business Head Annalise Gouveia Chief Reporter Sybil Rodrigues Cover Pic Aliston Dias Circulation Mayur Santineskar Contributors in this Issue Daniel Albuquerque Mahesh Pai Manguirish Pai Raikar Nandini Vaidyanathan Dr. Pradeep Salgaonkar Ralph de Sousa Santosh Kenkre Satyendra Nayak PRESENTED BY

Editorial, Advertising & Administrative Office

Business Goa

409, Citicentre, EDC Patto Plaza, Panaji, 403001 Goa India Tel.: +91 9834340633 Email: businessgoa.media@gmail.com Unsolicited material may not be returned. The opinions in columns and other stories expressed in Business Goa Industry Dossier are not necessarily that of the publishers and the Publisher/Editor shall not be held liable for any inaccuracy or otherwise. While great care is being taken to ensure accuracy of information, the publishers are not responsible for omissions or incorrect information. No part of this publication may be reproduced without the permission of the publishers.

The recent assembly elections witnessed a vicious campaign by all political parties in their quest to conquer the state. Local parties played on the flavour of Goan-ness. Non-local parties underplayed their ‘outsider’ tags, citing their serious intentions about Goa. However, both parties brought very little to the table for the business community. As someone who has keenly observed the socio-political and economic transition of Goa from a sleepy village to a cosmopolitan citystate, I feel there are a few systemic challenges that inhibit the rise of the state to match global best practices. Let us begin with leadership. Goa has seen flashes of brilliance in leadership, in the social and economic order. However, sustained and consistent leadership has been missing for some time in the state. It is a leader’s mandate to groom succession, and the state has missed many opportunities with leaders retaining control and not delegating effectively. A state’s vision is carved considering its assets and drawbacks. Goa’s challenge with its growth has been a lopsided vision or the lack of one that accounts for Goa’s ethos, unique culture, geography, size and its people’s passion to conserve ecology and the environment. Recently, the state’s Investment and Promotion Facilitation Board has gone out in search of a consultant to draft a fresh investment policy. Industry insiders are questioning the intent of this move as the old policy itself was never rolled as per its vision or intent. The search for a consultant when the state’s elections are underway is pretty much putting the cart before the horse. Administration in the state has been following the much-feared ‘Peter Principle’; which says that everyone rises to their level of incompetence. What else can one say when the administration is unable to drive ideas for

Harshvardhan Bhatkuly change and when the fabled ‘single window’ is still an elusive dream? Entrepreneurs are left frustrated when bureaucratic hurdles and inaptitude pose bigger roadblocks to their growth rather than market forces. Stakeholders and industry bodies should also draft a vision – and not just an electionfocussed wish list – and share it with the political class and executives. It is worth the trouble to sensitise the decision-makers and the media so that the vision and pain points of the industry reach a larger audience, and the problems of entrepreneurs do not get confined to boardrooms infested with political brokers scuttling a broader debate. In fact, it would not be out of place if industry bodies, just like political parties, address the press at regular intervals – creating a brand for their organisations – by appointing dedicated spokespersons to address issues faced by the industry. With social media, the angst and troubles of the industry can reach a wider audience and the ensuing discussions could accelerate action and problem resolution. Let us now focus on the not-so-famous work ethic or the lack of it, which has been a bane of the industry and the workforce, alike. It is no use lamenting that Goan jobs are grabbed by ‘outsiders.’ If there is a vacuum, forces of all kinds will move to fill it up. Special drives – at a joint government-industry initiative – are needed to shake the Goan youth up from their slumber and get them ready to participate in the private sector, rather than wait for nonworking, state-sponsored jobs to land in their laps. It does not take a visionary to predict that Goa is precariously placed. The idea is to thread the right vision, administration, leadership, stakeholders and work ethic together to take Goa ahead on its road

Printed, published and owned by Harshvardhan V. Bhatkuly and printed at Elegant Offset Printers, D2-31, Tivim Industrial Estate, Karaswada, Mapusa Goa 403526 and published at 409, Citicentre, EDC Patto Plaza, Panaji, Goa 403001. Editor: Harshvardhan V. Bhatkuly

06 | BUSINESS GOA INDUSTRY DOSSIER | FEBRUARY 2022

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Decline in Kazakh charters, disappointing for tourism industry

The tourism industry, still reeling from the effects of the pandemic, is in for another disappointment, as the number of flights from Kazakhstan have reduced from three a week to just one last month, due to internal disturbances in the central Asian country. The season had commenced on an optimistic note, what with charters arriving from Russia and Kazakhstan after the Indian government permitted charters in December. Due to the turmoil in Kazakhstan, charters were stopped from January 5th onwards and though operations were resumed after 15 days, there is only a single flight coming in, instead of three. A single charter a week bringing in around 150 travellers will continue till mid-April. The state has also been receiving a single charter once in ten days from Russia, and these operations are likely to continue till mid-

May. Goa, during the prepandemic period had been receiving the highest number of charters from various Russian locations. The state received around 2-2.5 lakh charter tourists a season, half of which came from Russia, till the pandemic hit. With the charter season coming to a close, no charters from new destinations can be expected this season. Nilesh Shah, president, Travel and Tourism Association of Goa said that Goa may get some free independent travelers in the following months, now that the government of India has removed restrictions for international travelers. International travelers arriving from at-risk countries no longer need to quarantine or get tested on arrival

Mopa Airport’s first phase by August 15

The ongoing infrastructural work of the Mopa Greenfield International Airport being constructed in North Goa is 60% complete as on January 2022, and the first phase of the project is expected to be commissioned as per the August 15, 2022 deadline. Coming out with this information, Director of Civil Aviation, Suresh Shanbhogue said that the work of the airport terminal building expansion is going on in full swing, while the runways and taxiways of the airport are

almost complete, with final coats to be given to them. He also informed that a group of 30 trainees in the area of baggage screening – a highlytechnical job – have been sent to Hyderabad, and would be trained for three months by a recognised institute. Shanbhogue said that initial project cost for the airport, which stood at `1,900 crore, has now been revised to `2,615 crore, due to the cost and time overrun caused by environment-related court matters and the ongoing pandemic. He also informed that more than 3,500 workers are now working in two shifts, to complete the airport project as per the deadline. The airport construction work was delayed by 634 days due to restraints by various courts and further faced a 90-day delay due to the pandemic

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CII-Goa Council bats for nautical tourism in Goa The Confederation of Indian Industry (CII) – Goa Council, has said that the state needs a comprehensive roadmap that focusses on infrastructure creation, skill development, employment generation and standardisation in nautical tourism. CII-Goa, in a report submitted to the outgoing government, said that the state also needs sustainable environment policies to govern nautical tourism. The CII-Goa panel on tourism listed a set of recommendations that could help diversify its tourism and harness the revenue and employment potential of nautical tourism. Hemant Arondekar, Convener, CII’s panel on tourism, briefed Tourism Secretary J Ashok Kumar, who agreed with the panel’s recommendations. “The report presented various recommendations which CII-Goa aims to pursue with the state and the Centre so that the sunrise sector of nautical tourism can truly

transform Goa’s tourism sector,” said Arondekar. He further stated that Goa needs a boat docking facility with some basic infrastructure for refuelling, minor repairs and replenishment of supplies to benefit the yacht owners and operators. CII-Goa pointed out that most pleasure-boats and yachts currently operate from floating jetties which are small and can be unsafe. Goa has a wide scope of maritime tourism activities ranging from traditional fishing to international cruise vessels. Given that inland waterways is a state subject, the Centre and the Goa government need to adopt uniform rules and regulations that make it simpler to operate pleasure boats

GCZMA begins proceedings in vegetation clearing plaint A citizen’s group from Calangute has complained to the Goa Coastal Zone Management Authority (GCZMA) that beach vegetation is being illegally cleared by a private company at Khobra Vaddo in Calangute. The violation is taking place within 100 m of the high tide line and within the ‘no development zone’ of CRZ, destroying biodiversity and environment. Based on this complaint, GCZMA began proceedings against the alleged violator and a show cause notice was issued. During the hearing, GCZMA member secretary brought to the notice of the authority that the High Court of Bombay at Goa had already taken suo motu cognizance of news reports about the violation. GCZMA feels that the matter should be settled at the earliest and carried out

a site inspection. However at the hearing, the alleged violator raised objections to the inspection report stating that no expert member was present. This led GCZMA to order a fresh site inspection with the presence of an expert member of the authority. The Calngute Citizens’ Forum had also written to the deputy collector and Calangute police inspector about the cutting of beach vegetation. Villagers had said that vegetation is being cleared in broad daylight and even after numerous complaints the authorities are turning a blind eye to the violation

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Indo-American Chamber of Commerce to identify issues affecting Goa

The Indo-American Chamber of Commerce (IACC) has decided to capture the pain points and suggestions to improve ‘ease of doing business’ in Goa. The feedback from the industry will be collated and submitted to the new government after the February 14 elections, so that the government can prepare a roadmap to help local businesses. The industry body will also submit a list of reforms that need to be

Santosh Kenkre

implemented to promote industrial activity and private investment. IACC Chairman, CA Santosh Kenkre said

Revamp of SEZ Act piques curiosity amongst Goa’s industry stakeholders

Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman’s announcement that the Special Economic Zones Act, 2005, (SEZ Act) will be revamped to enable states to partner in industrial hubs, has aroused the curiosity of several local industrialists. Many in Goa are eager to see the new legislation when it comes. As part of the ‘PM Gati Shakti’ master plan, Sitharaman proposed 50-year, interest-free loans of `1 lakh

crore to states to help them attract investments in the financial year 2022-23. Local industrialists said that if Goa could attract some of these funds, it could help improve infrastructure and bring in private investments. Manguirish Pai Raiker, Chairman, MSME National Council, ASSOCHAM, said that projects under Gati Shakti can be planned and logistics be promoted in a big way in Goa. Meanwhile GSIA President, Damodar Kochkar said that Goa should explore to see if the new legislation covers the inclusion of the Tuem electronic manufacturing cluster and the maritime cluster. CII stated that the new act will help consolidate all the existing facilities at the state level to promote manufacturing and exports

that the new government will get first hand inputs on the problems faced by the industry and provide inputs to improve the ease of doing business. Amongst the various factors being assessed, IACC has asked local businessmen about the reforms that they envision, the timelines that they expect for government services, redundant processes and compliances that need to be done away with and services expected from

HAL to service engines of choppers at Honda Union Defence Minister of State Shripad Naik stated that within the subsequent six months, Hindustan Aeronautics Restricted (HAL) will begin the upkeep, restore and overhaul of helicopter engines at Honda. Naik stated that when he was in the defence ministry, he tried to deliver the HAL mission in Goa; however, it had not yet commenced. He additionally stated that land has been handed over to HAL and such initiatives will be ongoing within Goa. HAL, Bengaluru, and French firm Safran Helicopter Engines entered into a three way partnership – Helicopter Engine MRO Non-public Restricted in 2016. This was done to arrange the helicopter upkeep plant, which might initially give attention to upkeep and overhaul of chopper engines. The HAL-Safran three

way partnerships will help helicopter engines operated by nationwide and worldwide operators from a 1,000 sq m workplace and a 3,800 sq m store facility at Honda. This new centre will present upkeep restore and overhaul (MRO) providers for Safran TM333 and HAL Shakti engines put in on HAL-built helicopters. These are the Cheetah and Chetak helicopters which stay in service with the Indian Navy, Indian Coast Guard and the Indian Air Force

however they are among the most threatened ecosystems. He stated that there’s a huge scope to optimise the fish yield in Goa’s wetlands and rivers, which might present dietary and livelihood safety within the state. Sreekanth added that

to sustainably develop the freshwater fish, useful resource mitigation measures are required, like desiltation of wetlands, opening and widening of linkage channels, sensitisation of stakeholders, and built-in method in wetland administration. As per the Nationwide Inexperienced Tribunal’s instructions, the river rejuvenation committee is working to arrange a motion plan to revive polluted river stretches in Goa

Experts identify 84 fish species in Goa’s wetlands For the first time ever, knowledge of freshwater fish species discovered within the state’s rivers and wetlands was launched on World Wetland Day. Sreekanth G B, an ICAR-CCARI scientist, stated that 84 species have been recognised in rivers and four of the seven recently-notified wetlands. Sreekanth, stated that 18 of the 84 have been recognised for the primary time. Moreover, 15 crustacean

species have been additionally collected and catalogued. Out of the species recognised, five fall within the susceptible class, whereas four are close to threatened, as per the IUCN standards. Sreekanth stated that Goa’s rivers and wetlands produce round 150 tonnes of fish per year. He further said that wetlands contribute to food and livelihoods, apart from different ecosystem items and companies;

10 | BUSINESS GOA INDUSTRY DOSSIER | FEBRUARY 2022

government departments. IACC Ease of Doing Business Committee Head, Pravin Kakode stated that all the suggestions from the industry will be summarised as a report and submitted to the new government which will be sworn in after the assembly elections in Goa. Till date, the IACC has received inputs from 40 industry players and is looking to collect more information through the survey

Shripad Naik

Pic: Aliston Dias

COVER STORY

12 | BUSINESS GOA INDUSTRY DOSSIER | FEBRUARY 2022

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ulip Diagnostics (P) Ltd., headquartered at Goa, India has emerged as one of the largest manufacturers of in-vitro diagnostic reagents and kits in India. From its humble beginnings in the year 1990, the company has grown to be one of the largest employers in the State of Goa and has its footprints not only pan India but also globally with exports to about 80 countries. Editor-in-Chief of Business Goa, HARSHVARDHAN BHATKULY, sat down with the President of Tulip Diagnostics (P) Ltd., DEEPAK G. TRIPATHI to understand and chart out his entrepreneurial journey. Tripathi lives in Goa since the last thirty years and has a family side of business that is managed by his wife Namita and sons, Chiraag and Ujjwal. The company is into services, food and retailing businesses and has created multiple Goan brands such as WhiteCloud laundry, Tinto Supermarket, Nanbai Bakery and Sweet Nation, Palm Air Hotel, to name a few. How would you describe your childhood, schooling and early life at work? I was born in Kanpur. My father was working with Reserve Bank of India and the job was transferable. This took us to Chennai, Nagpur and Mumbai. Most of my schooling was done in these cities. Fortunately, the last posting in Mumbai lasted over two decades so I could finish my higher studies in Mumbai. I graduated in Chemistry with post-graduation in Management from Bombay University. Sports were an important part of my childhood with basketball being an important preoccupation, where I represented my school at the State level tournaments. Sadly, after entering Junior college and relocating to Mumbai, sports had to be kept aside with focus only on

scholastics. After finishing my PG in management, I was picked up by Hoechst India Ltd, a German Pharma Company where my corporate journey began. The company had a robust management training programme, covering all aspects and functions of the company’s functioning and provided a fabulous learning ground and insight into the company’s business organisation. I left Hoechst India Ltd and the pharmaceutical finished formulation business. Subsequently, I joined Ranbaxy India Ltd as an Export Sales Manager, based at Delhi and was responsible for the East African markets, selling bulk drugs to various formulation companies. The Ranbaxy exposure was great as it introduced me to an entrepreneurship driven fast paced corporate culture. Later, I relocated to Mumbai and joined Johnson & Johnson in their diagnostics division. This was my first brush with in-vitro diagnostics and here I gained tremendous insights into IVD / laboratory sciences business. J&J was a great company to work for. For those who were hungry to perform, it provided a wonderful platform to serve, lead and grow. I tremendously enjoyed the opportunity that the company provided. After about two and a half years at J&J, I started to feel a little restless and was yearning for freedom to do something on my own. India, at that time, required many diagnostic Tulip has played a huge role in creating testing kits for Covid-19

products and offerings that were not exactly the priority of a global multinational. The disease patterns and problems of emerging market like India did not exactly score high on a multinational international vision. This was the time when the excitement and urge to do something concrete was taking shape in my mind and it was clear that it could only be done, independently. I was around 27 years old then. How did the initiation into business and entrepreneurship happen? Coincidentally, Dr. V.K. Naik who was at that time heading the QA & R&D at J&J and N. Sriram whom I had earlier met during my tenure with Hoechst India Ltd shared the same sentiment. We used to meet often at Mumbai to crystallise our thoughts and after much deliberation, we decided to form our first IVD company namely Tulip Diagnostics (P) Ltd., at Mumbai. We were first generation entrepreneurs who came from service class backgrounds. However, the pull and magnetic appeal of making it happen on our own was extremely exciting and strong and we took the plunge to start on this uncharted journey. The great thing was that we were like minded and had a reasonably clear goal as to what we wished to do. It is said that entrepreneurs are those, who jump from a cliff and are hopeful to grow wings on the way, for a soft landing. In 1990, it was decided to shift our base to Goa which could afford us comfortable

life and lots of time to devote to our business, unhindered by distances, time loss in traffic and hustle and bustle of metro life. In 1990 we put up a small 200 sq.mtrs laboratory at Old Goa. What were the initial challenges faced? How did you overcome these hurdles as an entrepreneur? Considering our modest background and being first generation entrepreneurs, ‘capital’ was a major challenge. Availability of capital for capex, team, building, salaries and expenses etc. – the list is endless. The banks were extremely conservative in lending and ‘wary’ if I may say so. We overcame this to some extent by manufacturing and import substituting some materials and would sell the same to other IVD companies. This helped us to raise money and also invest in our own sales team and manufacturing capabilities and R&D. From 1990 to 1998 we struggled a lot to keep our head above water. The funding shortfalls were met through unsecured advances from distributors at exorbitant interest rates or temporary overdrafts from banks. Post 1998, the fruits of our research started yielding a steady stream of new products. The company started to grow in revenues and bottom line and we could then focus on growth and strategic issues and were relieved somewhat of the constant financial pressures. Tell us about your partnership. How did you cement your business in Goa? The great thing about our partnership was that we brought to the table a diversity of expertise and experience that was complementary. This created a technocratic board that was seized with the nitty-gritties of the diagnostic business, end to end. The interdependence created a strong bond and a unique work culture amongst the

FEBRUARY 2022 | BUSINESS GOA INDUSTRY DOSSIER | 13

COVER STORY

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partners who could trust each other for their designated deliverances and insights. The high trust environment amongst the partners was responsible for taking on the next phase of growth and challenges. Till 2001, the company was present mainly in the blood banking sector, immunology, coagulation and rapid testing. By 2005, the company had diversified into clinical biochemistry, microbiology and disinfectants. During this phase, four new manufacturing plants were built and sales team and distribution expanded. The company’s malaria products were being exported to global buyers for their healthcare programmes and the domestic and international sales growth was robust. By 2006, the company was debt free and most expansions thereon were self-funded. Today we have grown to be one of the largest IVD companies in India with eleven manufacturing plants that are GMP compliant, about 2000 team members nationally and distributors of our products in over 80 countries, globally including advanced economies. The company today manufactures over 500 products and SKUs. About 30,000 customers are in our monthly contact programmes that are fed through a distribution chain of 800 strong distributors.

a better manner. We have had a stable sales force that is bound by the belief in our value systems and continues to deliver great performance year after year. We have now started to add boots on the ground in South East Asia and Africa to grow our service levels and customer support in international markets. It could be said that we have been able to anticipate trends and tried to be ready with answers about the time they are required in terms of appropriate products. An integrated and consultative a p p r o a c h between R&D, manufacturing, sales and marketing has been the highlight of our business process and strategy, which is customer centric.

What were the highlights of the growth stage of your business? True to the initial idea, the company’s products and technologies continue to be home grown. This affords the company a significant control over the product quality, performance and consistency end to end. This also affords us the capability to design our products from scratch so as to meet customer requirements. This also allows us to be cost competitive as well as to conserve our margins in

How did the company make a huge impact in the International market? In our vision for Tulip, we were bent upon making our brands popular in the international market, apart from dominating the domestic one. In the international market, the competition was essentially from well entrenched European and US based companies that dominated this sector. In the early 1990s, at the start of

The secret is to keep the company priorities well above personal ones. Only this can ensure that the company continues to be adequately funded and adequate time spent on its affairs. At the end of the day “More for less” is the mantra for any business

14 | BUSINESS GOA INDUSTRY DOSSIER | FEBRUARY 2022

our export journey, Indian biotech products were not exactly associated with high quality or performance, and Indian origin products were viewed in a dim light. Earlier experiences with few Indian companies by users internationally was not an extremely happy experience. Not only did the products suffer in terms of deliverance of quality but also lack of service and technical support. It must be remembered that it was a pre-internet, email and mobile scenario! We promised to change this perception by building our products and promotion by tailoring the performance, packaging and service and technical support to achieve equivalence to international offerings. I was personally engaged in international travel to meet buyers and distributors on a one on one basis in their home markets, holding

seminars and one to one meetings with the users and decision makers, both in the private laboratories, hospitals and relevant ministries. I must admit that it was a backbreaking travel yet exciting to build a network of committed users and distributor relationships across South East Asia, South Asia, Latin America, Europe, Russia, Middle East, Africa and CIS countries. I have personally travelled around over ninety countries and have built a strong user and trade relationship in each country. These relations have served the test of time. This has also helped the company to emerge as a strong, reliable manufacturer and supplier of biotech based laboratory science products internationally. All these elements put together made an impact for Tulip in the international markets. Today about 30% of our revenues come from exports. Tulip has been the No. 1 exporter of IVD products out of India continuously for over three decades. What is the product portfolio of Tulip today? The company today covers almost all areas of laboratory science such as Immuno-hematology, Biochemistry, Immunology, I m m u n o t u r b i d i m e t r y, Im mu n o c h e m i s t r y, Hematology, Clinical biochemistry, Microbiology, Disinfection, Bacteriology etc and products built on these essential platforms including biomedical instrumentation. What are your ideas of marketing for your brand?

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Our brands are essentially sold to laboratories and hospitals and are the tools based on which patient results are derived. They become the basis for objective and informed diagnosis of disease and disorders based on which therapeutic or surgical decisions are taken. ‘Reliability’ is the cornerstone based on which ‘good products’ are perceived by the users. Reliability encompasses accuracy, precision and consistency. It is our endeavour to build these attributes in our products so that the products are perceived in this light by the users. This is definitely not a day’s work but a very hard and disciplined journey, undertaken every day to reach the goal of a preferred brand. Tulip pursues this goal relentlessly by upgrading and improving continuously our products and processes to stay ahead of the competition. What has been the innovative streak of your company? The biotech dependent IVD products are research intensive and have a relatively short life cycle. Before a better and more efficient technology is introduced and competes with your existing offering, there is a constant struggle to invent and innovate across products in terms of improvement in performance and reliability. It is an ongoing and continuous endeavour

supportive family is a prerequisite to sail through the work pressure and the time deficit that affects the availability of family time. Lastly, a high level of self-discipline is required to engage with important priorities and disengage with distractions.

across our offerings. This is at the heart of what we do and why we succeed by inventing, innovating and commercialising continuously. How do you look at the growth of your company in the next 5 years? What plans are on the board that you are at liberty to share with our readers? In 2017, the company was acquired by PERKINELMER INC, a large listed global IVD and analytical science company based in USA. Since the acquisition, the company has doubled in size and added four more manufacturing plants in Goa and Mumbai and expanded its operations in Rudrapur (Uttarakhand), too. In the last two years, we have added a new portfolio of

Tripathi, with team members promoting Tulip at a trade show

ELISA and CHEMIE based immunoassays including antigen and antibody tests for covid-19. Two more plants are being constructed in Goa to fulfill the increased demand and accommodate backward integration into biomaterials like antigens and antibodies that are used to manufacture our products. The outlook for the next five years look strong and we expect to continue to grow at a fast pace organically and wherever required inorganically. What business advice has been of help in your journey? ‘Engage in customer centric work’ is perhaps the best advice ever received during the journey. What attributes, in your opinion, should an entrepreneur possess? An entrepreneur must be a ‘lifetime student’ engaging and absorbing a myriad of concepts and information in this ever-changing world. He or she must walk the talk and as they say, ‘Do what you say and say what you do’. They should be able to demonstrate trust worthy behaviors with both internal and external stakeholders in order to be able to assemble a high performance team around them. Entrepreneurship puts high pressure and time demands on the leadership. An understanding and

What is the secret for making a business financially strong and viable? Usually in the initial stages of the companies that are underfinanced, the struggle keeps the entrepreneurs grounded and intense. As the financial success starts, the first instinct is to utilise the overflows for personal gratification. This often leads to expansion programme of the company to be underfunded and compromised. Diminishing of commitment of the founders toward the business is another problem. The secret is to keep the company priorities well above personal ones. Only this can ensure that the company continues to be adequately funded and adequate time spent on its affairs. At the end of the day ‘More for less’ is the mantra for any business e.g. more income at lesser costs. When this mantra of ‘more for less’ applied to each and every aspect of the business functions, viability and financial strength of the business can be ensured. A viable business can only be created when all stakeholders within and outside the company are able to fulfill their aspirations and expectations associating with the company. Any leadership is duty bound to deliver this. This is a snapshot of my entrepreneurial journey and I would like to take this opportunity through your medium to thank my family, partners, associates and team members, for making this journey possible and enjoyable www.businessgoa.in

FEBRUARY 2022 | BUSINESS GOA INDUSTRY DOSSIER | 15

NATIONAL FOCUS / UNION BUDGET

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Budget: Strategic shift and ushering in digital currency The writer-economist emphasises on all the important aspects of the Budget for the year 2022-23

By SATYENDRA NAYAK

he Central Government Budget is one of the most important and most awaited events in the country every year, due to the perspective on growth and policy for the unfolding year. The Budget is nearly one fifth of the economy, and hence its size and direction has a significant impact in shaping economic activities. Its taxation policy aims to collect revenue optimally without discouraging productive capacity of the economy. The expenditure budget intends to allocate resources for efficient administration and vital sectors like education, health, defense, power, water and irrigation and other industrial and social infrastructure to promote growth in agriculture, industries, services and household sectors. Post covid, the Indian economy has shown remarkable resilience and smart recovery from the severe negative impact which the pandemic brought. India registered record and globally highest GDP growth of 9.4% in 2021 against the decline of 8% in the earlier year. The Budget is targeting 8-8.5% GDP growth in 202223, again ranking India as the world’s fastest growing economy. IMF forecasts higher growth at 9%. With the buoyancy in agriculture, and sharp double digit growth in manufacturing and services in quick response to large pent up consumer demand, the economy is poised to

move into sustainable high growth trajectory. High corporate earnings growth, and rising savings and deposit growth in banking system bodes well for growth potential of the economy. Given economic potential of natural resources, skilled and unskilled labour supply and available financial resources, if the private investment and bank credit growth accelerates, the economy

crores. • PM Gati Shakti National Master Plan to integrate roads, railways, airports, ports, mass transport, waterways, logistic infrastructure for ensuring effective multi-nodal connectivity. • Under PM Awas Yojana 80 lakh houses to be built at the cost of `48,000 crores. • Production Linked Incentive scheme in 14 sectors to create 60 new lakh jobs.

would surpass 10% growth rate. This year’s Budget aims to do exactly that; to kick start private investment by giving a big boost to Government spending on infrastructure of the economy. Under the most compelling and unprecedented circumstances and pressures on the Government finances and resources, the Government Budget deficit had reached the record high of 9.3% of GDP in 2020-21, when the pandemic had caused sharp and the worst economic deceleration of 9% in the economy. With the record economic recovery, the Budget deficit in 2021-22 is down to 6.9%. This marks as the sharpest fiscal consolidation in the budgetary history of India. The 2022-23 budget is aiming to spend `39.45 lakh crores; with a lower deficit of 6.4% of GDP.

• Emergency Credit Line Guarantee scheme limit for SMES raised to `500,000 with allocation of `50,000 crores to tourism and hospitality sector badly affected by the pandemic. • National Highways network to be expanded by 25,000 km. • Promoting chemical free River Ganga. • PM eVidya to be expanded with setting up of world class Digital University. • 3.8 crore households to be provided water with allocation of `60,000 crores. • Introducing Digital Rupee.

The key highlights of Union Budget 2022 • Infrastructure Capex to increase by 36.5% to `7.5 lakh

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No Sops for Taxpayers in Difficult Fiscal Times This is not a populist budget despite the forthcoming election. In every budget the Finance Minister gives some relief to the individual tax payers in the form of several exemptions, increase in taxable limit, lowering the tax rates. In the light of the difficult fiscal position, the Government has refrained

from giving any relief to the individual tax payers. Neither is there any change in the corporate taxes and indirect taxes. Although this goes in line with policy to have stable tax structure, the compulsions of keeping the revenue intact has forced the Government to maintain status quo on the Tax front. The only change is the capping of surcharge on capital gains at 15%. Government Capex is the Trigger This year’s Budget is a sharp departure from the Government’s earlier Budgets. Despite the forthcoming elections, the Budget has refrained from giving sops to tax payers and doles to masses to boost consumption. In the last few budgets, the Government has consistently introduced several welfare measures and schemes, specifically directed to the population at the bottom of the pyramid, to increase their consumption and living standards. We have seen the result of such consumption boost that has driven the record growth last year. However, the corporate investment is still lackluster and weak. Further, the consumption growth is not adequately met by supply due to supply side bottlenecks caused by covid-19 after effects; which has not yet restored the production cycle to the pre-pandemic level. This is beginning to be inflationary with consumer prices rise crossing 5% level. Hence, the budget had to shift its focus on growth from consumption to investments, and infrastructure spending boost was the right area which can bring multiplier effect on incomes and consumption and also accelerate private investment. Further, Capex creates assets, while consumption financing does not do so.

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It was preferred strategy as against expenditure directly to consumers for the demand boost. Although economists are divided on the policy of raising government expenditure through direct transfer to consumers’ versus capital expenditure, in the current situation thrust on investment by Government seems a better and more effective option. It is to be seen how this strategy works in creating more jobs, employment and growth. The redeeming feature of the Budget is focus on infrastructure investment at `7.5 lakh crores., an increase of 36.5%. It is intended to not only bring multiplier effect on GDP growth, but also pump prime and accelerate private sector investment and thereby give greater momentum to the economy from the private sector. The major sectors where the thrust is laid are Information Technology; Telecom; and Road and Highway Transportation with total investment of `5,34,000 crores. Investment in IT is trebled, while telecom investment will increase by 10% and transport by 20%. Budget is a financial plan, and in several government projects, it finances the implementation which is crucial in ensuring its success. The fast execution of plans and projects at central, state and district levels is critical. Government’s implementation on road transport and highways has been so far very expeditious and effective. Buoyant Revenue On the revenue side, the growth has been heartening. Robust corporate tax and income tax collections have overshot the budget estimates and helped in keeping the budget deficit near the target. The burgeoning tax revenue collection also reflects the buoyancy of the economy, its formalisation

Internet banking and payments bank applications have already built the digitalisation of banking. The Digital Rupee will be one step further in this direction and tax compliance. GST collections have been robust with highest monthly collection `1.45 crores. And the state governments hardly have any complaints. Privatisation, disinvestment or asset monetisation has been a supplementary source of revenue that cushions the budget deficit. During 2021-22, the budget targeted `1.75 lakh crores., but has lowered the realisation to `78,000 crores. Divestment of Air India has been an accomplishment and LIC public issue is expected in March. The list of future divestments includes MTNL, Shipping Corporation, Coal India, Pawan Hans, but the target has been lowered to `65,000 crores. Taxing the Crypto Assets Crypto currency trading and investment has, over the years, invited attention from Governments and central banks the world over. Over the last one year, several trading channels and applications have emerged on the internet and mobile phones in India at retail level for trading and investment in crypto currencies. This has been a matter of concern for Governments which are looking for regulation of this techno-financial phenomenon to ensure the security of financial system and its stake holders. Crypto currencies and digital currency units or tokens issued and transacted on block-chain technology, which is based

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on decentralised ledger, have grown phenomenally over the years to the valuation level crossing $1 trillion globally. China and Russia have banned crypto currency trading and investments. The Western nations are looking into regulation of these new digital monetary/financial vehicles, but have clarified to treat these holdings as investments, with gains therein to be taxed as the investment gain. Going on same line, the Government has now announced the Digital Assets like crypto currency income to be taxed at 30% without any deduction for expenses and set off for losses. Additionally, there is also 1% TDS on any transfer made in the asset. Government is yet to come out with any regulation or legislation on crypto currency activities, and also its legality or illegality. However, in light of a sharp rise in crypto currency transactions in India with larger number of investors entering this sector, the Government thought it best for investors to comply with the declaration of these transactions and pay tax on the income/gains there from. India is now estimated to have nearly 20 million investors in crypto assets, a very large exposure in numbers globally. Gains on crypto assets have been treated like horse racing or lottery gains and taxed accordingly. The Government move is intended to deter the savers from investment in these speculative assets. Move to Digital Rupee

In light of the digital currency revolution in the private sector globally, the central banks world over have been looking into its regulation and the issue of their own digital currencies. Federal Reserve, European Central Bank, Bank of England, Canada and Australia are already engaged in this technological innovation. So is India now. The Government has given green signal to the RBI to issue the Digital Rupee using the block chain and other technologies. Currency issue is a prerogative and monopoly of a Central Bank of every country backed by the legislation of Currency Act passed by the Legislature. Crypto currency unit cannot legally perform the role of a legal tender, but it can always be available as internet vehicle which can acquire trust that is absolutely essential in any digital vehicle being traded. Cryptos units or tokens gain trust firstly, because of its decentralised nature of issue and its anonymity, and secondly, due to its scarcity causing the trend of its rising prices in terms of normal currencies. Digital Rupee by RBI, Central Bank Digital Currency (CBDC) is the step in the digital transformation of the payments system. Internet banking and payments bank applications have already built the digitalisation of banking. The Digital Rupee will be one step further in this direction. It is to be considered that Blockchain technology for crypto currency units or CBDC is still at a nascent stage. Its decentralised ledger structure makes it devoid of clearing house or intermediary mechanism for payments and makes it anonymous. It is argued that the blockchain technology is more efficient and cheaper and cost effective than the conventional digital technology on which current banking and payments techno infrastructure like, CHIPs,

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RTGS and NPCI exist. For one thing, it is sure that the block chain technology works well, but it takes high power consumption. Further, the block chains currently are handling relatively smaller volumes and its scalability to be the national and international payments infrastructure is still in testing mode. For this reason, Bank of China recently introduced and launched Digital Yuan in only two districts to check its functioning effectiveness, reliability, security, speed and scalability, and finally the cost effectiveness and viability. Digital Rupee, like a Central Bank Digital Currency (CBDC), will be stable crypto digital unit of money or stable digital coin and will also be a legal tender, which the crypto currencies are not and they are also not stable digital coins. Several questions arise currently. Will the digital

rupee use blockchain or other conventional technology? Since it will be a Rupee account with RBI what form will it take? If scalability, viability, security and efficiency are proven, it will reduce the use of physical currency. RBI’s cost of printing new currency in 2016-17 when 500 and 1000 rupee notes were demonetised was about `8000 crores, and came down to `5000 crores. in 201718. RBI’s cost printing notes ranges from `1 for 10 rupee note to `4.18 for 2000 rupee note. Currency or cash in circulation now is `28 lakh crores, 17% higher than the earlier year due to higher demand for currency during pandemic. Digital Rupee would reduce note printing cost of RBI which will have to establish and service digital techno infrastructure for digitalisation of currency www.businessgoa.in

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FOCUS GOA / INDUSTRY

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Industry expectations from the New Government

The writer elaborates on the problems faced by the industry in Goa and their expectations from the new Government

By RALPH DE SOUSA President, Goa Chamber of Commerce & Industry

oa went to polls on 14th February 2022 which was the 13th Assembly Election, commemorating 60 years celebration of liberation from the colonial rule. The results of the elections are eagerly awaited as there will be a new government in place soon. Agriculture: The agriculture sector has been put to the test since the introduction of the Agriculture Tenancy Act, 1964. Successive governments have failed to effectively implement the Act throughout the state. The numerous litigations over the land ownership disputes pending in the lower courts for decades have only hampered the chances of increasing agricultural output of Goa. The Governments have faced this predicament and are unsuccessful to help the small farmers to benefit from the legislations. The farmers too, have not played their role to make the primary sector robust and prosperous, but have used the paddy fields to construct their dwelling houses and inspite of the law; a sizeable quantum of agriculture land has been sold by the farmers for the purpose of construction. Mining The Mining sector is the other core industry of Goa which was largely contributing to its GDP and made the state economically strong, marching towards prosperity since mid 1940s.

The huge surge in the mining output and exports that was witnessed from 2010 to 2012, led to the intervention of many environmentalists and NGOs putting a halt to the mining operations through the Supreme Court. Again, the failure of the governments to come up with a legislative solution to restart mining has led to the total paralysis of the mining activities in the state. The shutdown of mining and the recession faced by the hospitality sector for last three years has reduced the state revenues to a trickle and the burden has now fallen on the shoulders of the manufacturing sector. Manufacturing: Although Goa has been maintaining a good level of per capita GDP as compared to other Indian states, the manufacturing sector which is the largest contributor to Goa’s prosperity is neglected by most of the Governments. The economy of the state has to shoulder an arduous history, especially with various legislations being introduced for reasons such as appeasement of the electorate, ignorance of the legislators in gauging the utility of reforms while replicating the same from other neighbouring states, and unstable Governments for long period pre-2002 era. From this secondary sector, the manufacturing industry has been the prime contributor to the economy. However, the industry has not received the support from the Government to solve many a issues that plague this sector, which include large industry as well as the MSME and startups. It is the responsibility of the state government to provide the industry with high quality infrastructure which includes water, electricity, well defined and industry friendly,

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trouble-free industrial estates. Proper industrial policies and delivery is lacking, not only resulting in hardships to the present industrialists, but discouraging fresh investments from flowing in to Goa The multiplicity of licenses required for the erection and operation of industrial projects are again a stumbling block coming in the way of the operations and expansions in the industrial sector. Although Goa is a small state with a limited quantity of land masses, huge land parcels, which were earmarked for SEZ are locked in because of legal issues. The same have to be addressed at the earliest so that these lands can be allocated to prospective investors to locate their manufacturing activities in the state. Some of the short-term issues expected for quick resolve are: Ease of Doing Business (EODB): sluggish pace of decision making, difficulty in obtaining necessary approvals for projects to start and remain in operation is a major drawback of the Government. EODB should be the prime focus of the new Government. Key Industry Appointments: Professionals and apolitical persons should be appointed to head Government Corporations. Their term should be a minimum of five years to allow them enough time to bring in sustainable reforms. GIDC has had no stable MD in the last five years and they are transferred on a regular basis. The appointment of the Corporate Head should be on a full time basis. Government gives multiple charges to one person which affects their performance. Non-interference: There should be no ministerial interventions in statutory matters like referral of files.

E-Governance: should be extended to all aspects of public service delivery. Single window clearances are one way of encouraging the youth towards entrepreneurship for today’s ‘One Click Generation’ where everything from head to toe is available at the one click on a common portal. Licensing: All licensing procedures need to be streamlined on a single platform and duplication of paperwork needs to be eliminated. The validity period of licenses also must be for a minimum period of five years to avoid unnecessary hassles of performing the same routine paperwork repeatedly every year and save time Retail Policy: Goa Chamber has submitted a proposal on Retail Policy after taking inputs from the academic as well as industry players from the retail sector. The Central Government has proposed a centralised retail policy which is close to finalisation. This is the right time for Goa to come up with a Goa State Retail policy, the inputs of which are already submitted by the Goa Chamber of Commerce and Industry. Industrial Estates Developments: Goa has 20 odd industrial estates across the state, which need infrastructure development such as public facilitation counters, taxi/bus/truck terminals with proper facilities, inter campus travelling vehicles, industries directory with updated records of all industries present, introducing renewable energy powered devices/machinery for the industry, Wi-Fi connected GIDC offices and GPS mapping of all industrial estates on a Google map, and upgradation and improving the quality of the present pathetic infrastructure in the Continued on page 23

FOCUS GOA / MSME

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DRAFT POLICY FOR MSME

By MANGUIRISH PAI RAIKER Chairman, National MSME Council and Goa State Council, ASSOCHAM

SME is described as the driver of the growth engine of the country. MSME promotes inclusive growth by providing employment opportunities in rural as well as urban areas with minimum investment. These enterprises are the backbone of any developing economy and are supported by the Government through various subsidies, schemes and incentives. The MSME Act helps to promote and protect the MSMEs in the country. The new definition of micro, small and medium enterprises has encompassed almost every industry both in manufacturing and service sector. Units with investment limit up to one crore and turnover of up to five crores are classified as micro enterprises. Units with investment up to ten crores and turnover of up to fifty crores come under small enterprises and with investment limit of fifty crores and turnover of not more than two hundred and fifty crores are termed as medium enterprises. Both manufacturing and service units come under this classification. Recently, trading – both retail and wholesale has been added in the definition. India today has about 63 million MSMEs registered and almost 98% of which are micro enterprises. MSME contributes about 30% to the GDP and are accountable for almost one third of India’s manufacturing output, employing more than 11 crore people.

It is a proven fact that development of this sector enables the nation’s growth and helps in creating employment opportunities for the skilled and unskilled youth from the surrounding areas. Government therefore, always thinks of new initiatives to promote new enterprises with innovative products assisting in overall economic development of that area. These initiatives are brought through policy guidelines indicating the future outlook of the vision of the Government. What should be the effective and futuristic MSME policy of India? First and foremost, it should also be aligned with MSME policies of the State Governments of India and take into account the progressive policies in the Western as well as the Eastern Hemispheres. Our MSME Policy must encourage establishment and growth of our units. It should give impetus to the new generation to venture into entrepreneurship with innovative ideas. Like other sectors, MSME also has been adversely affected in terms of productivity during covid-19. Accordingly, the efficiency and productivity of MSME assumes further significance to achieve overall objectives of economic development and a smooth early recovery of the Indian economy. Many initiatives were taken by the Government to help and assist this sector during the pandemic. This included

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The writer deconstructs the new draft policy for MSMEs and the objective behind it

revised definition, access to easy finance particularly during the pandemic, competitive SME policy themes, digitalisation support for SMEs, Skill development of SMEs to improve and retain competencies, and protecting start-up and scale-ups. The new draft policy document on MSME is in continuation with measures

“The draft policy is a MSME wish list. The concept of production firstpermission later, as is followed in Gujarat, has appealed to me as a perfect EODB measure for new units. Good initiatives for marketing and finance have been worked upon; but the final process needs to be simple. Happy that the states too will be coming up with state policy in alignment with the central one. Extremely excited and looking forward to not only the policy but the implementation in the right spirit” RAJKUMAR KAMAT

Founder & Managing Director, EP Kamat Group

stated earlier to promote competitiveness, technology upgradation, infrastructure, cluster development, dedicated credit, procurement of products and financial assistance to MSME. The purpose is to bring together a comprehensive frame-work of strategies and actions for suitable adaptation and inclusion in the state-level policies. The objective of this new draft policy is to facilitate and build a vibrant eco-system for the rapid growth of the MSME sector, identify and sensitise stakeholders to promote MSMEs to the best of their potential, create physical infrastructure and linkages (backward and forward), amenable to MSMEs, ensure access to credit, risk capital, raw material and marketing facilities for MSMEs, develop a framework for accessible and affordable technology upgradation and capacity building for MSMEs as well as harnessing the potential of technological advancement to deliver services to stakeholders especially MSMEs, promote a conducive business environment covering ‘Ease of Doing Business’ (EoDB) and suitable exit code by developing appropriate dispute resolution mechanism. In order to achieve the vision of stimulating efficiency and productivity of MSME sector to generate income, employment and becoming part of domestic and global value chains, together with meeting with the objectives, it is suggested to concentrate on the specific action areas which need deliberations for a national policy to guide, motivate, and handhold states. Whereas intergovernmental actions define potential actions, the sectoral issues provide scope of work in respective areas to be taken up by various stakeholders.

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These are intergovernmental roles and responsibility, legislation and regulatory framework for MSMEs in India, access to finance/financial assistance for MSMEs, technology upgradation/ adaptation, skill development and knowledge management, ease of doing business, development of MSME Code and exit code. There is a lack of convergence and synergy among various stakeholders to enhance MSME productivity to the best of their ability. Proper mobilisation, awareness and objective oriented actions need to be identified. Legislative and regulatory framework for MSMEs in India is quite complex and varies from state to state. It is largely mixed with industry as a whole and only a couple of states have an exclusive framework of codes, regulations and other rules. Further, access to soft loans, risk mitigation funds, easy access to raw material and marketing facilities, and existing methods of dispute resolution are not industry friendly. The purpose of the draft policy is to bring together a comprehensive frame-work of strategies and actions for suitable adaptation and inclusion in the state level policies. The credit quality of micro, small and medium enterprises availing loans from private sector banks and NBFCs is significantly doing better, as per the draft Continued from page 20

industrial estate is also the need of the hour. Transparency in GIDC operations: There needs to be full transparency in all the Goa Industrial Development Corporation related operations necessary for smooth functioning of the industrial sector. The current pace of the administration of these industrial estates is to be looked into. Over the years the grey areas that have developed and which

The specificity of the draft policy on MSME to “build a vibrant eco-system” for the rapid growth of the MSME sector is indeed precise and encouraging and will definitely go a long way to accelerate the economic expansion. The most critical work that needs to be done is changing the work culture and approach of the government system from being controllers to being cheerleaders of business. There should be transition from letter to spirit of the draft on the ground” PRAVIN KAKODE

Managing Director, Upgrade Enterprises Pvt Ltd

policy; but RBI in its report has suggested that need based quality credit should be made available without delay. Following are some of the key highlights from the draft policy: A special cell should be created in DIC/DLMFC to coordinate with DAY NULM (National Urban Livelihood Mission) and National Rural Livelihood Mission (NRLM) engulf the estates in clouds of uncertainties have to be sorted out. It is heartening that of late the state government has appointed IAS officers at the helms of the affairs of the GIDC Ltd., this has given the industrial estates a ray of hope. Unlocking of SEZ lands: Identifying and releasing the vacant plots in Industrial Development Corporation to new investors. Long-Term measures:

with local governments in urban and rural areas. Micro enterprises should be given special attention and due representation in DLMFC/ LLMFC. Each state should have its own regulatory system exclusively for MSMEs. Composition of the facilitation council must be reviewed to widen its outreach and access to all stakeholders. Most of the states have one facilitation council (FC) at the state level, which is not adequate to deal with the number of cases being filed with delay and pendency are common features. To deal with the situation there is a need for establishing more FCs and if possible and feasible, an FC should be set up in each district. The ambit of the Facilitation Council needs to be extended to medium enterprises also. Promote awareness on ‘Samadhaan’ among MSE borrowers. Under the Insolvency and Bankruptcy Code, 2016 MSME dues should be given priority over all other unsecured payments after settling dues of employees, when a company goes into liquidation or approaches NCLT. Decide disputed cases within 90 days to improve liquidity of MSMEs and minimise the incidence of NPA. Many states have different laws / ordinances to regulate and promote MSMEs. There is no uniformity in these State Laws. The Central Government may prepare

a model law and circulate among states. The adoption of the model law by the state will bring uniformity among all states. The policy makers are of the opinion that the document needs wider dissemination, debate and feedback from stakeholders to firm up a national policy for follow up at intergovernmental level. Various committees were involved and have forwarded a range of issues for suitable resolution, although recent actions have tried to address many of them through notifications from time to time and follow up actions, as mentioned in the tentative document. However, it is recognised in the draft policy that there is a need to systematically look into these issues to form a dynamic policy by Government of India to take actions and promote follow up at state level to address specific barriers in the growth of MSMEs. The draft policy also recommends development of State Policy on MSME in line with the National Policy on MSME. There is a need to have threadbare discussion across the country by involving the stakeholders, especially the SME organisations and an effective, progressive, hassle free, easy to implement with proper centre state coordination policy be put in place for the welfare of MSMEs

‘Logistic Policy’ in purview of making Goa a multi-modal logistic hub. Introducing concept of ‘Green Industrial Estates’ to augment renewable energy sources. Introducing Vertical Industrial estates: Multistorey industrial facilities illustrate innovative strategies for areas with a constrained supply of land. In recent years, there is a sharp increase in the cost of land and building construction in the country.

MSEs (Micro and Small Enterprises), having very limited financial resources, find it difficult to start their units. Warehousing for e-commerce, incubation centers, IT companies may play a big part in this. Industrial Cluster formation: Goa can come up with clusters such as food processing and engineering goods, thereby focusing on our strengths and move towards making a prosperous Goa

FEBRUARY 2022 | BUSINESS GOA INDUSTRY DOSSIER | 23

ENTERPRISE

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TURAKHIA OPTICIANS

For your eyes only T

In tête-à-tête with Apurva Hiten Turakhia and Divya Apurva Turakhia on their family business, TURAKHIA OPTICIANS

By SYBIL RODRIGUES

urakhia is synonymous with eyewear in the optical industry. Backed by decades of profound optical knowhow, Turakhia has now over eight decades recorded a loyal customer base. The passion to deliver exceptional products and service to their patients and clients is a part of their DNA. Apurva Turakhia and his wife Divya, are the fourth generation to carry forward the legacy of the familyowned business. How did the business and brand start and expand to where it stands today? Apurva: The business was established in Chennai by my great grandfather Himmatlal M. Turakhia, who then brought in his brother Jagjivandas in the business. Later, Himmatlal shifted base to Bombay and the younger brother took over the operations in Chennai and expanded further into retail operations and the later generations made it what it is today. H.M. Turakhia’s elder son, my grandfather, Manharlal H. Turakhia, being enterprising and dynamic in nature, ventured into Goa in 1961 and set up a manufacturing base for spectacle frames, after successfully setting up manufacturing units in Mumbai and Gujarat, as well. The factory was based in Kakora Industrial estate and named as M/s. Vita Industries which was the first small scale industry registered with GCCI, post liberation. Later, my father, Hiten M. Turakhia, who completed his industrial training from Germany, took over the manufacturing reins in the early 1980s. We would export frames to the EMEA (Europe, Middle East and Africa) region and Russia. We used to manufacture eyewear according to European and Hong Kong standards; which were and are even today

Showroom in Panjim

considered the benchmark for manufacturing eyewear in terms of great quality. We were into manufacturing frames full time and then in 1994 my father, ventured into retail and opened our first store in Margao. The factory was shut down in 2004, due to the influx of low cost, high volume Chinese goods and increase in import duties. The retail showroom was the first of its kind optical store which was designed, keeping the comfort of the customer in mind. We were able to provide exclusive frames at competitive prices, due to which we received an excellent response to products. This in turn made us venture and start the second store in Margao at Osia Mall in 2009, exhibiting designer labels from across the world and providing professional optometry and eyecare related services, as operations were handled by me. I had entered the business in 2008 after completing my Bachelors in Clinical Optometry from Bharati Vidyapeeth School of Optometry, Pune followed by internship from the world renowned L. V. Prasad Eye Institute, Hyderabad. What made the company venture and expand operations in Panjim? Divya: We felt what we offer in Margao has helped build our reputation over the years and we had many clients

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coming in from Panjim. We make sure to deliver the best of service when it comes to lenses and prescriptions, given that Apurva and I are qualified optometrists. Plus, our loyal customer base in Panjim had been asking us as to when we would open up a store in the city, so it was about time we took that leap. Apurva: All our three outlets in Goa, are stocked with frames starting from `500 to `90,000. We believe in providing eyecare and eyewear to the people who need them the most, to provide good vision to all. We have nine stores in Mumbai, three stores in Goa and six stores in Chennai. It is a huge family tree managed by different generations of uncles and cousins and we go by the same name. Turakhia was the first to bring Essilor lenses into India. In Chennai, my uncle had a surfacing lab, where they prepare the lenses. The lab was then sold to Essilor for strategic partnership. As far as marketing strategies are concerned, Turakhia primarily goes by word of mouth. Turakhia is a brand in itself, because we handle every piece of eyewear, whether it is an entry level spectacle frame or an expensive one, with equal passion and finesse. It is just not about selling glasses, but providing the right recommendation depending on every individual’s prescription, visual needs, lifestyle and hobbies.

Everyone has a different set of demands for their visual needs. If you were to go to Margao we are the number one choice amongst most of the doctors, for dispensing prescription glasses. Divya: If people are underprivileged, be it health wise or for monetary reasons and they need a test done at home, we facilitate that. We do home visits on a prior appointment basis and we deliver everything at home right on the doorstep of the customer.” Apurva: Being optometrists, it is about the art of dispensing and not only about sales of the eyewear. “We deal in eye wear, sunglasses, and contact lenses, along with having eye exercises for children having a squint or lazy eye. We also provide low vision devices where in you need magnifiers or telescopes. I would say it is a full umbrella where a host of services are provided. We also have contact lenses for pathological or clinical conditions, where regular lenses do not work. We provide prosthetic contact lenses wherein scarring is cosmetically or aesthetically visible, can be covered.” What were the difficulties faced in business due to covid-19? Divya: One was the delay of almost eight months in opening the new outlet at Panjim. Apurva: As far as our Margao stores go, we had decent footfall as being allied health professionals, people did need

to get eyewear and eye test and other related services, spectacles being an essential item; especially with the WFH culture setting in. What are your future plans? Apurva: We try to consolidate our resources in one place, have our resources and processes set up fully and carry on from there. Our staff is trained well by us and we like to give personal attention to our customers. The personal rapport that both of us and our staff share with each of our clients and patients is what makes this special. Divya: This profession needs our attention and expertise. We can guide our patients on how to go about things related to what is best for them – whether it is frames, lenses or any other queries which they may have. The store has some of the

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Apurva and Divya Turakhia

best brands when it comes to sunglasses like Ray-Ban, Oakley, Hugo Boss, Emporio Armani, Maui Jim, Gucci, Mont Blanc, and high end brands like Cartier, Maybach, Moscot, Bolon, Jimmy Choo, Balenciaga, can be made available if a customer wants them. Right now, we are testing the demands and needs of their walk-ins and planning to bring in further brands and add more services accordingly. What sets you apart from your competitors and what is the USP of your brand? Apurva: It is not easy to be in industry and carry on

for eight decades and over four generations in a familyowned business. We have been able to do so purely because we have evolved with times and made sure to maintain the ethos and ethics of our company instilled in us since the business was started by our forefathers. The mantra is – the final choice rests with the customer. We do not believe in pushy sales talk and do not force our customers into buying something that they won’t be happy with. And also, we see to it that the same percolates down to our colleagues and staff as well on a constant basis.

What atrributes of business and entrepreneurship inspire you? Divya: One has to be patient. Patience is the key to success in any business. You have to sit and work hard for whatever you want in life. Hard work is something that we have always been proud of doing and I think that what you sow is what you reap. Be a voracious reader; keep up with trends in your industry and outside your industry as well. Expand one’s horizons and mindset for a broader outlook of the market. Apurva: Along with hard work, perseverance is also very important. Do not give up half way. Have the will power to push on, day in and day out. Get out of bed, show up at work, on time, every time. No one will come and motivate you. Self-motivation is the key. And lastly, just be yourself and conquer www.businessgoa.in

FEBRUARY 2022 | BUSINESS GOA INDUSTRY DOSSIER | 25

GOAN BRAND AANIEK

Cheers to One More

Four Feni enthusiasts come together to create AaniEk, infusing this artisanal drink with flavours, that heightens it essence

By SYBIL RODRIGUES

f there is one thing that is synonymous with Goa, it is Feni, the unique distilled spirit of Goa. A true blue Goan would know that feni is an intrinsic part of our lives. AaniEk, a set of artisanal infused fenis, is the brainchild of Clement DeSylva. An architect by profession, Clement loved feni the first time he tasted it. He feels that a lot of people looked down on feni and it was never given the respect that was due to it. The older generation valued it a lot more than people do now and always had bottles kept at home, aged and served on special occasions, which took preference over fine wines or single malts. On holiday in Italy he happened to taste a drink called limoncello. He liked it so much that he decided to create something similar, but with feni. Around ten years ago he began experimenting with something called the feni-cello, where he infused feni with lemons but more as a liqueur. All his friends loved it and later Clement began experimenting with other infusions. “Feni is such a great drink by itself and what we are doing is just facilitating the joy of this drink,” he adds. Later, he came up with two more flavours, Honey Cinnamon and Chilli. Once when serving his unique creations to two of his friends Jill D’Souza and Karlyle Gomes, both of whom were

Honey cinnamon infused feni

Corks

blown away by the taste of the drinks, that Jill promptly named it AaniEk (one more in Konkanni). He invited Jill who has a social media agency (Punk Lemon) to come on board as a partner and to her also goes the full credit for the name ‘AaniEk.’ They decided to go commercial, so that others too could take part in the joy of these drinks. Her husband Karlyle who runs Under One Roof, a digital marketing agency also came on board for the sales and marketing. Clement says, “We were looking at packaging and designing the labels. I went to meet Pritesh Desai, the industrialist who is founder of Fabrizzio International, Royal Aqua Bottled water and also Royal Spirits one of Goa’s largest liquor distributors, a true blue Goan. We went to him when considering a guala type bottle closure (which he manufactures under the Fabrizzio brand) He was very interested to know what was going into the bottles. We had a tasting in his board room the next day for him and a few of his friends. At the end of the

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tasting, Pritesh expressed his interest in coming on board as a partner. Khuxi Spirits LLP the parent company to the AaniEk brand was born. Our plan was to originally sell 500 bottles a month but Pritesh decided to go for higher stakes and came on board as a majority stakeholder of the company, infusing the required capital and also bringing to the table his distribution network.” As of now there are three expressions; HoneyCinnamon, Limon and Chilli. Khuxi Spirits plans on coming up with more expressions of AaniEk as they go along to keep the tribe of feni aficionados growing. “So far, honey cinnamon has been the best seller and we would describe it as a Christmas apple pie in a glass. To say nothing of the health benefits that feni honey and cinnamon bring”, says the team. All the ingredients are locally sourced and AaniEk is as Goan as it can get. “The response from people who have tried our feni has been excellent. As far as marketing strategies are concerned, it is

all brand awareness, which is secondary. The first is to have a really good product. We have been doing private tastings, inviting bar tenders to try our drinks at parties more on the lines of test marketing. We have set up our own factory in Pernem. Pritesh has a family house there and that is where we have set up our factory. Right now we are in the final stages of acquiring our license and soon you will have AaniEk on the shelves,” says the AaniEk team. All of the ingredients barring the honey used in these drinks are locally sourced. “We use local limes and the zest of 25 limes goes into each bottle of our Limon Feni. The chillies are from Pernem and the cinnamon is grown on the spice plantations of Goa. Only the honey has been sourced from outside the State as we have not been able to source steady supply of honey locally. We hope to change that as soon as possible and stick to the motto of Vocal for Local.” Another unique thing about this enterprise is their zero waste policy. The chillies which are infused in the feni are later bottled and used for cooking which they plan on selling under the brand name, Mrs Patrao. The lemons will be used to make organic floor cleaner, while cinnamon will be used to make their own range of bitters. The only roadblocks faced

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Clement DeSylva

so far have been sourcing the materials in the face of covid and various lockdowns. “The corks that we use came from China, as there is nobody here making corks. There used to be a cork factory in Assagao for wine bottles, but sadly they and all other Goan cork factories have all shut down. We then tried sourcing them from Delhi but those were natural corks and there was breakage and shrinkage which led to a loss of flavour. Finally we placed an order from China, but due to the lockdown the consignment came in very late. We wanted to sell a complete product

Jill D’Souza

without making any excuses. That has been the only issue faced so far and other that we are lucky, everything else was smooth sailing,” says Team AaaniEk. “Feni right up from Terekhol in the north to Poinguinnim in the South comes to our factory. We do the infusions. These are our suppliers for the raw material. We blend the feni we received from all these suppliers together so that there is no variation in taste. We then do our infusions – a month long process, filter it, bottle it and it is good to go.” Clement feels that Goan

Karlyle Gomes

authorities shouldn’t issue bar and restaurant licenses to anybody without having a clause that feni is on the menu. “Feni is not a cheap drink whose sole purpose is intoxication. It is gold, and has been that in the pure form that most Goans, who maintained a few ‘garrafãos’ at home, know. He notes that you find in feni expressions that are unique and cannot be replicated for love or money in any other spirit. What is also needed is a feni standard, a rating system so that to the un-inititated there is a realisation that there are fenis and there are fenis. And not

Pritesh Desai

all fenis are equal,” he adds. As far as future plans are concerned, Clement says that he and his team would like to have it on the shelves of Goa first. “Then we would like to promote it amongst the Goan diaspora in Canada, New Zealand, Portugal, Australia and the US. People won’t have to worry about carrying feni back with them after their vacation.” Clement signs off with a message to budding entrepreneurs. “Start your dream project. The right people come your way. Saude!” www.businessgoa.in

on Goa a Bookshelf The finest books and writings on Goa... all under one roof. At Goa’s biggest book store. Celebrate the joy of reading.

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INTERVIEW

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AJIT DALVI SENIOR VICE PRESIDENT, RETAIL BRANCH BANKING, HDFC BANK

HDFC Bank: Goa’s go-to bank

Goa is not just about sun, sea, and sand. Goa has the highest per capita income among all Indian states and union territories, making it one of the richest states in the country. With a ratio of 2,178 people per commercial bank branch as against the national average of 9,280; Goa certainly has one of the best banking services in the country. Among banks, HDFC Bank has been at the forefront transforming millions of lives and supporting businesses, both big and small, across Goa. In an exclusive interview, HARSHVARDHAN BHATKULY spoke at length with Ajit Dalvi, Senior Vice President – Retail Branch Banking, HDFC Bank. He discussed in detail how the bank has been making a difference in Goa through its various initiatives and its future plans for the region. Edited excerpts: Over the last 24 months, the pandemic has hurt both lives and livelihoods. How has HDFC Bank responded and supported its customers during this period of pandemic? There is an old saying, with great leadership comes great responsibility. As India’s largest private sector lender HDFC Bank has been catering to the needs of its customers with great empathy. The pandemic has forced individuals and companies to change how they live and work. Social distancing and work from home have become the new normal. Hence, we redesigned our products that not only met their banking needs but also helped them stay safe. For instance, our ‘Insta Accounts’ allowed our customers to open a savings account with HDFC Bank instantly through a digital application process from the comfort and safety of their homes. Likewise, our ‘Insta Credit Cards’ initiative allowed select customers to receive credit cards instantly through e-mail. We also allowed our customers to pay lower EMI in the initial period of the loan to reduce their burden during the pandemic period. This stepup EMI was available on personal loans and auto loans. We also helped a number of businesses stay afloat by offering them an emergency credit line facility. These apart HDFC as a group contributed to the PM Cares Fund and supported the government’s initiatives in fighting the pandemic situation. HDFC Bank has also emerged as Goa’s go-to bank. What are the reasons why the local residents prefer to bank with you?

which offers the convenience of getting an asset product completely online. If a customer is banking with us and wants a personal loan, they can apply online without having to come into a branch. All they need to do is fill in the required details; and can get a loan approval within just 10 seconds.

Ajit Dalvi

The love and support received from our customers in Goa have been amazing. I believe our customer centricity, bouquet of world class banking products, coupled with best-in-class service offerings by highly skilled and well-trained workforce have contributed to our success. We firmly believe that we should help our customers enjoy life by offering them products and services that meet their every banking need. So, whether you want to buy a car, build a home, start a business, save, or invest, HDFC Bank is always there to help. What about non-resident Goans? What offerings do you have for them? Non-Resident Goans form a sizeable and growing clientele base for HDFC Bank. We ensure that we cater to this

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What also works to our advantage is that our mobile banking facility is a lighter version that also works on low network. While our young clients are definitely net savvy, even the older ones are now opening up to using digital banking services in a secure environment segment by offering them a wide range of banking facilities. We are one of the preferred banking partners for NRGs. We focus not only on single NRG accounts but on family accounts so that all their needs are covered. This segment is more digital banking savvy, and we utilise straight through processing,

Tell us about HDFC Bank’s journey in Goa? How many branches do you have in the state? The blue and red coloured logo grid of HDFC Bank is a popular sight. The Bank has its presence spread across the length and breadth of the state with a network of 68 branches and over 150 ATMs. The bank started its Goa operations way back in 1998 with a fivemember branch in Margao. Having tasted success with the launch of its initial branch in 1998, HDFC undertook a rapid expansion drive in the following years. Over the years, HDFC Bank has steadily charted a vibrant success story and is today, a household name when it comes to banking requirements. While initially we only dealt in liability and deposit mobilisation, today we are a full-fledged bank offering the entire gamut of banking facilities including working capital and various types of loans like retail, business, term and personal. HDFC Bank today boasts a presence in all the talukas of Goa. And how is the digital banking experience? With the internet powering an increasing number of business and services across the globe, one of the biggest

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beneficiaries has been the banking industry. With the ease and convenience that internet banking offers, digital banking initiatives are on the rise. HDFC Bank has been at the forefront of the digital banking revolution and apart from internet banking, we have focused on making our mark on the mobile banking platform. From our current customer base we are seeing an increasing number transacting online. This has further increased during the past two years of lockdown. Also, we are constantly focused on educating people on the ease and convenience of digital banking. What also works to our advantage is that our mobile banking facility is a lighter version that also works on low network. While our young clients are definitely net savvy, even the older ones are now opening up to using digital banking services in a secure environment. This is especially in cases of paying bills online, as digital banking ensures that they do not have to endure long, unending queues. We even extend this facility to customers who do not have an internet connection at home or on their mobile by offering them the services at the bank’s branch. What are your advances and deposits in Goa? We continue to have a healthy mix of loans and deposits in Goa. Our total advances at the end of September 30, 2021 were more than `2,600 crore, while our deposits were over `9,300 crore. Our total business in the state stood at over `12,000 crore at the end of the first half of this financial year. HDFC Bank is also the largest issuer of credit cards in India. What is your offering for Goa? As far as card payments are concerned, we are the market leader in Goa in terms of issuance of both debit and

Under the Sustainable Livelihood Initiative, the bank has launched Financial Inclusion Branches at Zuarinagar in Vasco and Canca in Mapusa, which are focused on providing sustainable livelihoods through banking credit cards. We have our best-in-class range of cards from mass-market to high end such as Infinia Metal, Diners, Regalia. We also have dedicated platforms like Smart Buy and Payzapp for our customers to avail these benefits. What has been the nature of your engagement as bankers for the state government? The state government has been extremely supportive and has been encouraging banks to expand their business across the state and offer services to the financially excluded. We have also been fortunate to have been selected by the government for several services. For instance, the Directorate of Transport has availed HDFC Bank’s customised solution for collecting various transport fees. The bank has also offered payment gateway / POS facility to Goa’s electricity department across 34 locations. Out of the total 191 gram panchayats across Goa, HDFC Bank maintains a relationship of 130 gram panchayat accounts. The bank also services the Goa Tourism Development Corporation Limited, Department of Forest, the State Registration Department, Municipal Councils and Corporations. At HDFC Bank, we are always looking for innovative ways to make banking easier and more convenient for our

customers. We have therefore partnered with government for e-payment facility, which has been purposebuilt for various municipal corporations. Through the e-payment gateways, residents of Goa are able to use any debit and credit card to make various tax payments. The card details travel in a secure channel and customers get online confirmation of the transaction. Consumers prefer the comfort and convenience of dealing directly through their own bank. Customers of multiple banks – not just ours – can now pay taxes online through netbanking in addition to debit and credit cards. It lends flexibility, builds convenience, saves time, and is very simple. Is HDFC Bank undertaking any other initiatives for the community? Apart from our definitive focus of providing banking facilities to every individual in the state, HDFC Bank has also undertaken a social responsibility of uplifting some of the poorer sections of society via their Sustainable Livelihood Initiative (SLI). The Sustainable Livelihood Initiative is a business model that has helped empower thousands of people, particularly women, in rural parts of India. Through this initiative, the Bank intends to reach out to the un-banked and under-banked segment of the population, and in doing so, help as many people as possible at the bottom of the pyramid by providing them with livelihood finance. It involves a holistic approach – from offering training and enhancing occupation skills to providing credit counseling, financial literacy and market linkages – which financially empowers people and brings them into the banking fold. This goes hand-in-hand with banking activities. Through SLI, participants, particularly women, have

availed of credit and utilised it for occupations like tailoring, designing jewellery, grocery shop, grazing livestock etc. Further, the women enrolled under SLI have also availed of services such as credit counselling, training for occupation skills enhancement and also market linkages, under this initiative. Under SLI, the bank has launched Financial Inclusion Branches at Zuarinagar in Vasco and Canca in Mapusa which are focused on providing sustainable livelihoods through banking. The SLI approach of providing credit to the weaker segment eliminates middle men or the money lenders, allowing clients to get the full disbursed loan amount, which they can put to productive use. The Bank also conducts pre and post credit counseling sessions to impart financial literacy. This initiative helps to create awareness and educate consumers handling finances. Here, the importance of inculcating a habit of savings, through micro-recurring deposits, is communicated to them. Building savings can help them tide over during crisis situations like medical emergency, children education etc. A large portion of our population is engaged in agricultural and dairy activities which is their sole source of income. Hence, providing credit to such clients helps them improve their businesses and further augment the income. What would be your message for your customers in Goa? I would like to place on record our sincere appreciation for the support we have been receiving from our customers in Goa. We are committed to offer them an excellent experience for their banking needs. We are confident that we will continue to be Goa’s go-to bank

FEBRUARY 2022 | BUSINESS GOA INDUSTRY DOSSIER | 29

CAMPUS VMSIIHE HOSTS SESSION WITH INDUSTRY LEADER RANJU ALEX

V. M. Salgaocar Institute of International Hospitality Education recently hosted an online knowledge session with Ranju Alex, Market Vice President West India, Marriott International, as part of the institute’s industryconnect series. The hour-long session had Ranju Alex, a proud recipient of the ‘Women of the Decade in Business & Leadership’ award at the Women Economic Forum, UK in conversation with Ashrafali Nizari, Managing Director, Nizmar Hotels Pvt. Ltd., along with Melba Vaz, Principal, Mount Mary Higher Secondary School, where the duo had a candid conversation with Ranju on her journey from a student to the boardrooms of the Marriott Hotel group, in an effort to inspire students of hospitality. Taking centre stage Ranju Alex went on to speak to students about challenges that she faced in her youth with regards to her health, sensitivity towards her appearance and her overall journey to become the person that she is today. She laid emphasis on how she continued to work

on personality, grooming standards and communication skills. She advised students that personality is far more than your skin colour and the height that you carry or are born with. When speaking about the industry she goes on to take the captive audience on the evolution of the industry over the past three decades. She spoke about how little to none avenues existed before and how the industry has grown exponentially. She advised, “Today the travel industry contributes to 6 percent of the GDP. Always join an industry which has the capacity to fuel your personal growth and this is the industry to do that right now’’. While responding to a query she told students that the industry looks for attitude and values while hiring resources and that skill can be taught and enhanced. She explained, “Every company has different styles of operations and reports to generate. When we look to hire people the key factor is the individual’s attitude. If the attitude is positive we know that people will pick up the skills that the company is looking forward to”

BOOKSHELF

@businessgoamagazine

AUTHOR: MORGAN HOUSE PUBLISHER: JAICO PUBLISHING HOUSE

THE PSYCHOLOGY OF MONEY

In this book, Morgan Housel shares 19 stories exploring the strange ways people think about money. It covers observations on our relationship with money and tells us how our thinking towards finances drives the critical decisions of our life. The premise of this book is that – doing well with money has little to do with how smart you are and a lot to do with how you behave. It inspires you to live a wealthy life by making smart decisions. The Psychology of Money talented writer who weaves is one of the few books you’ll these tones together smoothly. read back to front, In book parlance, this multiple times and is ‘unputdownable’ which covers how one The Psychology of should think about Money is an essential one’s money and read for anyone who wealth. wants to make wiser Housel explores decisions or live a Morgan Housel these topics with a richer life. It is a fastthoughtful mix of anecdotes, paced, engaging read that research, and advice for will leave you with both the the reader. If you want to knowledge to understand succeed in business or simply why we make bad financial hope to gain insight into decisions and the tools to the human mind, this book make better ones. Morgan has something to offer you. Housel is a partner at The The first takeaway is that Collaborative Fund and a everyone is different and has former columnist at The fascinating stories about the Motley Fool and The Wall perils of greed. This book has Street Journal. something for everyone. For He is a two-time winner some, the most interesting of the Best in Business Award lessons may be on greed and from the Society of American excess. For others, this can Business Editors and Writers, be a tool to make one a more winner of the New York Times intelligent investor. Sidney Award, and a two-time In some chapters, it reads finalist for the Gerald Loeb like a pure business book. In Award for Distinguished others, it feels more like a selfBusiness and Financial help project. But Housel is a Journalism

Certificate courses in Portuguese language at Parvatibai Chowgule College of Arts and Science In continuation of its efforts to promote international languages and cultures, certificate courses in Portuguese Language are offered by Parvatibai Chowgule College of Arts and Science (Autonomous), Margao through its Centre for Portuguese Language and Culture (CPLC) in collaboration with Camões,

Centro de Língua Portuguesa, Panjim. The next courses, beginning in March 2022, are offered at three levels i.e. Basic Level (A1), Elementary Level (A2) and Intermediate Level (B1) in conformity with the Common European Framework Reference of Learning (CEFR). Each level involves a commitment of 120 hours (six hours per

30 | BUSINESS GOA INDUSTRY DOSSIER | FEBRUARY 2022

week). The course is presently taught by Tolentino Colaço, a trained and renowned faculty member. Portuguese is a culturally and historically significant language in Goa. With an increase in demand for Portuguese language translators and experts, Parvatibai Chowgule College has started with these courses which offer an incredible

option for Portuguese enthusiasts to engage and learn from erudite experts. The superb infrastructure and conducive learning space in the college, along with a voluminous library, a Portuguese Film Club and other related activities that are undertaken by the college, promises a dynamic atmosphere for learners

LADY POWER

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DR. PRATIKSHA KHALAP

“I feel there is nothing impossible for women”

Dr. Pratiksha Khalap Vice Chair of Yi-Goa, elaborates on her journey as a homeopathic doctor, a clinical researcher and the varied organisations that she is part of

By SYBIL RODRIGUES

r. Pratiksha Khalap has her fingers in many pies. Apart from being a homeopathic doctor, she is also President of the Rotary Club of Mhapsa Elite and cochair of Young Indians (Yi), Goa Chapter. Dr. Pratiksha was brought up in a liberal home where her mother was always supportive towards her and her three other sisters. Her father is a lawyer and her mother was a nurse at a government hospital. Dr. Pratiksha’s mother wanted her and her sisters to concentrate on their studies while also making it a point to see that they indulged in other cocurricular activities too. As a child Dr. Pratiksha was enrolled in dance classes and she also learnt classical music, playing the harmonium till her tenth standard. She also played hockey and has represented Goa at the national level, twice in Delhi, once in Chennai and West Bengal. Her schooling was at St. Francis Xavier School and she completed her 12th from St. Xavier’s, both in Mapusa. After her 12th she moved to Shiroda to complete her graduation from Shri. Kamaxidevi Homoeopathic Medical College and Hospital. Dr. Pratiksha’s interest in biology and medicine took root thanks to her mother, who always encouraged her, being a nurse herself. “I thought of doing something that would excite me and when I learnt about homeopathy and its holistic way of treatment and healing is when I decided to take up this branch of medicine. I did learn about allopathic medicines and forensic sciences along with internships at Asilo and Hospicio. I wanted to opt for medicine and I chose

Dr. Pratiksha Khalap

homeopathy after doing a lot of research and understanding what it is about.” When in Homeopathy College, she received the all rounder student of the year award and stood out from the rest when it came to cultural activities. Dr. Pratiksha loves mixing with people, social interactions and networking is her forte. After her graduation she worked for a year as a RMO at Mapusa Clinic Hospital and later did her post-graduation in clinical research from Mumbai. She lived there for two years and got a job through campus placement at Cognizant. But Dr. Pratiksha wanted a career in writing medical reports and analysis which made her take up a job at Vedic Life Sciences in Mumbai. She started as a trainee with medical writing and then moved on to another organisation, Sciformix Technologies Pvt. Ltd. (now acquired by Laboratory Corporation of America Holdings, more commonly

32 | BUSINESS GOA INDUSTRY DOSSIER | FEBRUARY 2022

“Women are always looking for ways to strike a balance between home and a career. I feel there is nothing that is impossible for a woman if she really decides to chase her goals” known as Labcorp). Dr. Pratiksha has worked for this company for ten years and moved on to become the Lead Safety Science Specialist. Currently, she is helping her husband with his hospitality business as a director. She is also the Administrator of Mandre College of Commerce, Economics and Management which is a college run by Vikas Parishad Mandre Trust, which was established by her father-inlaw Adv. Ramakant Khalap in the year 1978. This trust runs schools, a higher secondary and a college in Mandrem

and other cultural and sports academies. Dr. Pratiksha is the cochair at Yi Goa and her aim right now is to support the current chair in whatever possible way she can. “This year’s chair Vaikunth Dempo has a particular plan of action and I am helping him execute the plans and vision that he has for this year. My task is to support him and understand how things function at Yi so that when I take over next year I will be accustomed to the workings of this chapter. This year, we look to strengthen our social media presence and broadcast our activities of nation building to the youth and increase our membership. We have added a new vertical “Vocal for Local” to support our Goan entrepreneurs in whatever way we can.” Dr. Pratiksha credits her success to the excellent support of her family. “My husband, Nikhilchandra Khalap is a former chair at Yi and he has been my biggest cheerleader. My parents have always encouraged me to follow my heart and my in-laws have been very encouraging right up from day one. I am part of several organisations and without the support of my family it would have been very difficult.” She concludes with a message to aspiring women leaders. “Women are always looking for ways to strike a balance between home and a career. I feel there is nothing that is impossible for a woman if she really decides to chase her goals. When you are clear with your ambitions and decisions, you can work your way around it. You need to believe in yourself that you are capable of chasing your dreams and achieving them. Believe in yourself and there will be nothing to hold you back”

STARTUP

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GREENPOD LABS

Goan agri-biotech startup raises `4.3 crore funding

GreenPod Labs, an agri-biotech startup, has raised `4.3 crore investments through a pre-seed round from investors including the Indian Angel Network and Rockstart

By SYBIL RODRIGUES

reenPod Labs an agribiotech startup, has raised `4.3 crore investments through a pre-seed round from investors including the Indian angel network and Rockstart. GreenPod Labs offers packaging which enhances the shelf-life of fruits and vegetables and is incubated at the Forum for Innovation Incubation Research & Entrepreneurship (FiiRE), Goa. Founded in 2019 by Deepak Rajmohan and Vijay Anand, GreenPod Labs intends to minimise fresh produce loss and the fresh infusion of funds will be used for research and development as well as scaling up operations. FiiRE had sanctioned `7.5 lakh to GreenPod Labs under the Startup India Seed Fund Scheme (SISFS). FiiRE is listed as an incubator and is supported by the Centre. GreenPod Labs has developed biotech-based sachets as a cost-effective post-harvest customised packing solution for fruits and vegetables, said chief executive officer of FiiRE, D S Prashant. “This biotech solution not only increases the shelf-life of fresh fruits and vegetables but also reduces the huge expenditure on cold storage and supply chains. The startup aims to cater to farmers, distributors, retailers, and e-commerce platforms,” said Prashant. FiiRE was launched in 2018 at Don Bosco College of Engineering; and the Margaobased technology business incubator was picked in July 2021 under the Startup India Seed Fund scheme to disburse funds to startups. GreenPod Labs has developed biotech-based

The startup aims to utilise the investment to strengthen its R&D foundation and commercially scale product portfolio. The funding will also be directed towards expanding the R&D and operations team

Deepak Rajmohan (L) and Vijay Anand

packaging sachets that extend the shelf-life of fruits and vegetables by eliminating the need for cold storage and cold supply chains. The startup targets farmers, distributors, retailers, and eCommerce platforms with crop-specific solutions that increase their shelf life at ambient temperatures. The product comprises natural plant extracts that can activate a defense mechanism within a fruit or vegetable to slow down the ripening rate and minimise the microbial attack at ambient temperatures. When the volatile active ingredient is released, it slows down the ethylene bio-synthesis pathway and restricts microbial growth of fresh produce without any expensive technologies (refrigeration) and harmful chemicals (toxic). The product has been tested by NABL certified labs to prove that there is zero residue of the product on the crop after use and does not impact the nutrition in any negative form. The startup is working with more than 25+ customers to run product trials and validations for the

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“This biotech solution not only increases the shelflife of fresh fruits and vegetables but also reduces the huge expenditure on cold storage and supply chains. The startup aims to cater to farmers, distributors, retailers, and e-commerce platforms” D S PRASHANT CEO, FiiRE

last six months. Speaking on the funding, Deepak Rajmohan, CoFounder, GreenPod Labs, said, “Even after being the second-largest producer of fruits and vegetables, India losses over 40% of

the fresh produce before it reaches the consumers. Each year, the country bears an economic loss ranging over $12 billion due to the lack of proper storage facilities. At GreenPod Labs, we are committed to solving this issue by developing costeffective storage solutions. Our core objective is to create sustainable packaging products to minimize agricultural food wastage in India. With the recent funding, we plan to bolster our R&D foundation, both for biotech products and data science platforms. Also, we look forward to commercially scaling our three core products this year.” “The startup aims to utilise the investment to strengthen its R&D foundation and commercially scale product portfolio. The funding will also be directed towards expanding the R&D and operations team,” added Rajmohan. Providing customisable biotech packaging sachets, GreenPod Labs is looking forward to launching products for three crops. The startup is also working on developing four more products this year

BIZ BYTES

www.businessgoa.in

LAUNCH OF BUSINESS DIVA 2022 COMPETITION, 3RD EDITION Goa Chamber of Commerce and Industry (GCCI) Women’s Wing was established in 2005 with the purpose of empowering women entrepreneurs, selfhelp groups and professionals. It conducts various programs and workshops to empower women entrepreneurs. Forum for Innovation Incubation Research and Entrepreneurship (FiiRE) is a Technology Business Incubator established with the support of Department of Science and Technology, Government of India and is hosted at the Don Bosco College of Engineering, Fatorda, Goa. FiiRE supports early stage technology ventures which work towards innovation, development or improvement of products, processes or services with a scalable business model. It offers incubation support, co-working space, testing

laboratory, training halls and other facilities to its incubatees and entrepreneurs. Geno Foundation is a trust managed by Geno Pharmaceutical Pvt Ltd, a renowned pharmaceuticals company based at Goa. Geno Foundation mainly focuses on empowering women, promoting national sports and social welfare. To achieve their objective of promoting innovation and entrepreneurial specific environment, GCCI Women’s Wing in association with FiiRE had jointly organised ‘Business Diva’ competition 2020 powered

by Geno Foundation. The overwhelming response and positive feedback received for the programme convinced them to make it into an annual event. The event is a business idea competition for women and would mainly focus on innovative solutions to women-centric issues and problems. The aim of ‘Business Diva’ Competition 2022 is to reach a wider audience and positively impact and uplift more women entrepreneurs during these trying times. The event will be coordinated by Ashlesha de Noronha (FiiRE), Pallavi

Salgaocar (Chairperson, GCCI Women’s Wing) and Poonam Shirsat (Co-Chair, GCCI Women’s Wing) and supported by other staff from FiiRE and members of GCCI Women’s Wing. The last date for applications is 9th March, 2022. Women above the age of 18 with innovative businesses can participate. There will be three categories under which participants can apply:1) Category I: Businesses in operation for less than two years (starting up). 2) Category II: Businesses in operation for more than two years (scaling up). 3) Category III: Self Help Groups. The winners of the competition will be awarded cash prizes along with support from FiiRE, mentoring by industry veterans, networking opportunities and access to funding opportunities

Spintly wins the ‘THREAD GROUP INNOVATION ENABLER’ Award Spintly Inc., a leading developer of access control solutions for commercial buildings, based on cloud and wireless mesh technology, announced that it has been named as the winner of the ‘Thread Group Innovation Enabler’ Award. Launched in 2015, the Thread Innovation Enabler Award recognizes early-stage companies from around the world, for their innovative approach to solving IoT challenges using the Thread protocol. The award supports the creative possibilities that smaller companies can bring to the IoT ecosystem by giving them access to the resources and network within the Thread Group. “Startups can be instrumental in solving challenges plaguing connected homes and buildings. However, they often lack the funds to join consortiums and work on protocols that govern the ecosystem,” said Sujata

Malcolm Dsouza, Joann Fernandes, Vaibhavi and Rohin Parkar

Neidig, VP of Marketing for The Thread Group and Director of Marketing i.MX Processors Software and Customer Programs for NXP Semiconductors. “We selected Spintly because the potential value that its access management system could deliver to commercial real estate warrants further exploration.” Thread is a low-power wireless mesh networking protocol built on open and proven IETF and IEEE standards aimed at simplifying and standardising IoT solutions. The Thread protocol enables direct, end-

36 | BUSINESS GOA INDUSTRY DOSSIER | FEBRUARY 2022

to-end, secure, and scalable connectivity between IoT devices, mobile devices, and the internet. “Spintly now offers the world’s first fully wireless mesh access control solution with Thread, Bluetooth LE, NFC and contactless technologies,” said Rohin Parkar, cofounder, president and CEO of Spintly™. “We are excited to receive this award, as Thread technology aligns tightly with our product and market vision for an end-to-end, secure, IP-based approach for access control. This award paves the path to certification for our products’ compliance

and interoperability with the Thread protocol, which will expand Spintly’s sales pipeline. We are actively collaborating within the Thread Group to develop the standard for access control.” Spintly’s Thread-enabled access control products will be available in 2H 2022. ISC News estimates the access control market is approximately $70B globally evolving from wired onpremise applications to wireless cloud solutions. Capitalising on this trend, Spintly is transforming the security industry with its fully wireless, cloud-based access management system that removes the complexity of deploying the typical hardline access control solution. Operators of co-working spaces, corporate offices, and other commercial properties can improve their customer’s experience without the cost of expensive controllers, wiring, and cabling

LUKE COUTINHO advocates balanced lifestyle to Yi Goa

Sanjana Dempo, Chair, YUVA; Vaikunth Dempo, Chair, Yi Goa Chapter; Luke Coutinho; Dr. Pratiksha Khalap, Co-Chair, Yi Goa Chapter; and Ms Devki Talekar, Chair, Healthcare Vertical

Luke Coutinho addressed members of CII Young Indians (Yi) on adopting a balanced lifestyle on 4th February 2022, as part of the Yi Goa Membership Learning Session. Luke Coutinho, is a globally renowned holistic lifestyle coach in the field of Integrative Medicine. He is the founder of ‘Luke Coutinho Holistic Healing System’ a multi-million dollar company that focuses on integrative medicine, disease, preventive medicine, and coaching. Luke talked about the significance of diet, nutrition, sleep, emotional wellbeing, immunity, meditation, and exercise in well-being

of an individual. He also mentioned that mindfulness and awareness is a key to stating happy and healthy. 4th February being the World Cancer Day, Luke also mentioned about the lifestyle changes one should undertake to keep diseases like cancer at bay. The session was moderated by Vaikunth Dempo, Chair, Yi Goa Chapter and Sanjana Dempo, Chair, YUVA. While Devki Talekar Chair, Healthcare vertical introduced Luke Coutinho to the members present; and the vote of thanks was proposed by Dr. Pratiksha Khalap, Co-Chair, Yi Goa

Joint meeting of Belgaum Chamber and GCCI leadership held in Goa Goa Chamber hosted a delegation from Belgaum Chamber of Commerce & Industry. President Ralph de Sousa welcomed BCCI President Rohan Juvali and other managing committee members. GCCI Managing Committee members Chandrakant Gawas, Ashutosh Kharangate, Chairman, Agriculture & Food Processing Committee Orlando Rodrigues, Chaiman, Membership Development committee K. Sasindran Nair, Director Sanjay Amonkar, Asst. Director Ambika Dhakhenkar and other GCCI members were also present. Around 50 participants representing both sides attended the meeting.

The members had a very detailed discussion on various issues related to the trade between the two cities. President Juvali assured to provide necessary support to various trade enquiries put forward by the GCCI members. The enquiries were from different types of trade and industrial sectors such as logistics, agricultural & food processing, hydraulics, electronics parts, industrial paints, automobile parts etc. There was also a discussion on the disruption of the highway connectivity route between Goa-Belgaum via Anmod. To address this issue both the chambers have decided to make a joint representation to Union Minister Nitin Gadkari

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BEYOND CLASSROOM / DR. PRADEEP SALGAONKAR

Don’t overdo Push Marketing The writer elaborates on the concept of push marketing and why one shouldn’t be over doing it

e all, sometime or the other, have experienced the nuisance caused by unwanted phone calls, spamming our mail boxes, text messages etc. It is a belief among everyone who is involved in marketing and selling something that they have to be in constant touch with their customers and that they have to keep reminding the customer about their offerings. That may be true, but what is the optimum level of ‘being in touch’ and moreover how it is done, needs to be understood by marketers. Anything that is overdone is bad and so is push marketing, via direct contact through various means causing irritation and subtle development of hatred towards the brand/organisation. Legislative Assembly elections in Goa just concluded and it was the season for political activism and experimenting innovative ways to market political parties and candidates. Instead every political party was involved in push marketing themselves. In addition to the mass marketing that was done via advertisements, banners, hoardings, pamphlet distribution, social media promotions etc., the parties were vociferously involved in individual targeting via text messages, WhatsApp posts, recorded phone call messages, phone calls, personalised video messages, among others. They used different phone numbers to reach out to people. Even if one blocked a particular number, the calls continued from other numbers. I myself have blocked about 25 different numbers in one week’s time and still the phone calls continued. That is the harassment I suffered. One of my close friends is involved in direct marketing of a category of financial products. He strongly believes in the idea that he has to continuously keep educating his customers on every development that happens in the financial markets. Similarly, he also strongly believes in the fact that he should be in the minds of his customers regularly as he subscribes to the famous quote in sales ‘Jo Dikhta Hai, Woh Bikta Hai’. And as such, he is actively involved in marketing via WhatsApp. He has a broadcast group where all his existing customers plus prospects are added. On a daily basis, he pushes two to three posts, on an average, including pictures of newspaper articles, videos of

experts, his own opinions and very often advertisements and recommendations to buy financial products. He believes he is educating his customers and that most of them read and enjoy his forwards and content. The reality is the reverse – people who receive these posts, really do not consume them; secondly, it is nothing more than the news items that also come through various other sources, and most important is the fact that constant push to buy products, and telling the same things over and over again causes irritation to customers leading to their slowly developing a dislike towards the person or the brand. Many people must have had similar experiences with vehicle servicing, whereby the dealers are involved in push marketing their services. Often in order to lure customers, they come up with schemes and offers or certain services as free etc. In reality, this is an eyewash; as ultimately the customer pays for everything insome way or the other. In the name of informing customers about these schemes, continuous phone calls are made to customers, text messages and WhatsApp posts are sent regularly. And if one does not respond to certain numbers then a different number is used to call the customer. These calls are a real source of irritation as they cause undue disturbance. So does that mean push marketing is bad? It is not all that bad. If done properly and in an optimum manner the results are as expected. However, it may have negative consequences if one is overdoing or over pushing the products onto customers. Push marketing A push marketing strategy or push promotional strategy is one where marketers attempt to literally ‘push’ their products onto customers. The goal of push marketing is to use various marketing techniques available to push their products to be seen and considered by customers. Customers are introduced to, or reminded of, the product by using big advertisements and attentiongrabbing claims to attract attention so that the products are registered into the minds of customers. The main objective of push marketing is to create quick

awareness and generate immediate sales i.e. to reduce to as minimum as possible the time that elapses between the customer seeing a product and making a purchase decision to buy the product. Push marketing strategies are often used by marketers to create awareness of their product. This is done especially in case of newly introduced products, though it could be used effectively for existing products, as well. It relies mainly upon traditional marketing techniques, such as print advertisements, hoardings, television advertisements, direct mail, telephonic calls, SMS, WhatsApp messages, video messages, social media etc. The main goal is to make as many customers as possible aware of the product, its benefits, and value to customers. The marketers involved in push marketing strategy, continually push their products on to the customers trying to persuade them to take purchase action. In general, every company’s marketing efforts are aimed at working towards building long term relationships and fostering customer loyalty. However, push marketing is more concerned with gaining an immediate sale than with fostering relationships that create brand loyalty. It focuses only on pushing products towards customers under various pretexts, with no concern for loyalty or branding. This overdoing of pushing the products continually on customers is viewed as a pain and irritation by most customers and many may develop natural hatred towards these products or people. Push marketing is an accepted marketing strategy among marketers, provided it is done optimally. It works fine for short term, as gains may be good. However, the long term impact on customers and customer relationships may be negative thereby causing grave damage to the brand. Thus, it is sensible not to overdo push marketing or push products so very forcefully on to customers that the customers feel the irritation, pain and mental harassment; and as a result they start taking actions to avoid or mentally (and physically) block push marketers forever. So, one needs to be careful in the implementation of push marketing strategy to ensure that it is not overdone

The writer is a Founder Director, Saldots Academy, Corporate Trainer and Facilitator, Former Chairman, Goa Management Association. Email: pradeepsalgaonkar@gmail.com 38 | BUSINESS GOA INDUSTRY DOSSIER | FEBRUARY 2022

CORPORATE CITIZEN / DANIEL ALBUQUERQUE

Code on Wages, 2019: Definition

The author delves carefully into the term ‘Wages’ and presents a very complex portrait. Just by trying to define this single term in the new Law on Wages or Code on Wages, 2019, as it has been titled, the author reveals how difficult it is to understand the word ‘Wages’. The very text of the definition of wages is reproduced verbatim to make our business leaders aware of it before they surrender it to the experts

he concept of wages is highly challenging. It implicitly and explicitly, directly and indirectly, assumingly and unassumingly involves all the factors of production – land, labour, capital and entrepreneurship. Land – the premises, infrastructure, etc., – earns rent; wages is what the labour (worker) earns; capital is what the entrepreneur invests from the earnings on the enterprise; the entrepreneur then looks forward for the returns on the investment and the surplus as profit. This recurrent process of the factors of production ultimately determine who earns what and to what extent. The problems arising from these relationships are not mechanically determined, but by law (justice), human behaviour (ethical/moral) and economic (fiscal viability). Background The text below is the definition of wages in the Code on Wages, 2019. The complexity which this definition presents itself is the most critical problem. Questions such as whether this definition would be acceptable as the case law develops in the courts with each case and its journey from the lowest towards the Apex Court of the land will be judged is a matter of time. Experts are already perplexed with the innumerable caveats presented. The contentious issues will press for umpteen amendments. While the wage definition involves just the three variables – (i) basic pay; (ii) dearness allowance; and (iii) retaining allowance, – the exceptions involve eleven variables which the employer has to pay, if not all, yet quite a number of them which are not considered as part of the wages! Thus while a wage earner earns his legal dues, why this definition is such a huge problem is the fact as to what happens to the wage expenses of an employer? There are also several other problems with the definition as there is no acceptable universal definition of the concept visà-vis , for instance, International Labour Organization (ILO), various international conventions, pacts and treatises. Further the definition should express the basis of its theory. But for now it is important to train our attention on the text of the law

“It is not the employer who pays the wages. Employers only handle the money. It is the customer who pays the wages” HENRY FORD itself. The following is the actual text of the definition, Chapter I, Section 2, clause ‘y’ and its sub-clauses. Definition of Wages: (y) ‘wages’ means all remuneration whether by way of salaries, allowances or otherwise, expressed in terms of money or capable of being so expressed which would, if the terms of employment, express or implied, were fulfilled, be payable to a person employed in respect of his employment or of work done in such employment, and includes,– (i) basic pay; (ii) dearness allowance; and (iii) retaining allowance, if any, but does not include – (a) any bonus payable under any law for the time being in force, which does not form part of the remuneration payable under the terms of employment; (b) the value of any house-accommodation, or of the supply of light, water, medical attendance or other amenity or of any service excluded from the computation of wages by a general or special order of the appropriate Government; (c) any contribution paid by the employer to any pension or provident fund, and the interest which may have accrued thereon; (d) any conveyance allowance or the value of any travelling concession; (e) any sum paid to the employed person to defray

The columnist is a writer with Oxford University Press and a published author. Email: albuquerque.daniel@gmail.com 40 | BUSINESS GOA INDUSTRY DOSSIER | FEBRUARY 2022

special expenses entailed on him by the nature of his employment; (f) house rent allowance; (g) remuneration payable under any award or settlement between the parties or order of a court or Tribunal; (h) any overtime allowance; (i) any commission payable to the employee; (j) any gratuity payable on the termination of employment; (k) any retrenchment compensation or other retirement benefit payable to the employee or any ex gratia payment made to him on the termination of employment: Provided that, for calculating the wages under this clause, if payments made by the employer to the employee under clauses (a) to (i) exceeds one-half, or such other per cent as may be notified by the Central Government, of the all remuneration calculated under this clause, the amount which exceeds such14 of 1947.42 of 2005 one-half, or the per cent so notified, shall be deemed as remuneration and shall be accordingly added in wages under this clause: Provided further that for the purpose of equal wages to all genders and for the purpose of payment of wages, the emoluments specified in clauses (d), (f), (g) and (h) shall be taken for computation of wage. Explanation – Where an employee is given in lieu of the whole or part of the wages payable to him, any remuneration in kind by his employer, the value of such remuneration in kind which does not exceed fifteen per cent of the total wages payable to him, shall be deemed to form part of the wages of such employee; What follows hereafter this semicolon is sub clause (z) on the definition of worker. Analysis To assert that the very daunting formulation would not discourage legal fraternity, the labour union experts, counsels, et al would be untrue. The reason why the definition on wages is reproduced verbatim is that most of the people consider it as the job of the experts. In jurisprudence, however, no one is considered innocent of the law or the law does not considers that every citizen bears liability under the law. The legal principle states: Ignorantia legis non excusat (Ignorance of law is no excuse). It Continued on page 43

CABBAGES AND QUEEN / NANDINI VAIDYANATHAN

Long live Instagram Shopping! The writer is gung-ho about Instagram shopping, and how the app empowers the brand and customer

have always prided myself on not being weak, as in; no addiction of any kind can get to me. In the last one year, I have to shamefacedly admit that I am as weak as the next person. I am hopelessly addicted to Instagram Shopping. Until we started Concoctions, our IndoFrench eatery in Jaipur, Instagram was just another social media platform for me and I kind of kept track of it by hearsay. I remember in November 2019, when my daughter and I did a long road trip through Tamil Nadu, she tried initiating me into the wonders of Instagram for documenting our travelogue. Barring a few sunrise pictures and some inane videos I doubt I posted anything useful and regular. When we started Concoctions, we realised how we could engage with our customers – both existing and potential – on Instagram; and I started spending more time on the app. Somewhere along the way, I discovered the Shop Now button on some of the brand messaging. In the early days, it was all genuine curiosity to know more about the brands and what they were selling, as nearly all of them were unknown names. Increasingly, I found that this foray would lead me to discover quaint products, usually not mainlined on regular online platforms. By quaint I mean this, and I have mentioned brand names that I remember in brackets: a beautiful handcrafted coin purse with a rope sling (Sanskriti). A corduroy short dress that looked totally redcarpet wear without costing red-carpet price (seams friendly). A simple coffeefrother which was extremely utilitarian in a restaurant like

ours (I don’t remember the brand name). Funky pants which didn’t look like pants (Evalaxy). And shorts which had more alphabet in their name than cloth in them (Whats down)! And OMG, handcrafted Patola shoes (Pair Patole) from Gujarat and the sexiest boxers from god-knows where (Bummer)! For a while I did resist from buying. I would just look. Then one day I saw beautiful fairy lights which I thought were just perfect for our lawns at Concoctions. When I went to the payment page, it didn’t give me the option of cash on delivery. I exited the site but the pull of those swirling fairly lights was too strong, I paid 1800 bucks and made my first purchase on Insta. A couple of days later when I tried going back to the website, it said, under construction. Till date, the product hasn’t been delivered. So now I had a new metric. I would look, and only buy if it showed CoD option. I have been shopping safely ever since. CoD is cool because when the delivery happens; if you are at home to receive it you make the payment on their QR code. If you are not, the delivery person calls you and you can transfer on Paytm to the number he gives you. How come a picture posting site like Instagram became such a popular lead generating shopping

site? Instagram launched Messenger API in June 2021. Initially, as the name suggests, it was supposed to enable brands to engage in real-time communication with their customers. It was a brilliant move especially because we were in the thick of the pandemic and both small and large businesses were taking a beating from significantly reduced customer footfalls. The Messenger app ensured that the brands remained top-ofthe-mind and with involved messaging, the brands could even induce a purchase activity, online. Very soon brands discovered value in integrating their own online channels with this app so that active booking of appointments, sale of products and even after sales service could be rendered seamlessly and efficiently. Even fuddyduddy banks are using the Messenger app on Insta to educate their customers about their own apps! So much so, any product that is looking for reach can set up a store on Insta today with minimal effort and a skeletal back-end team. No more spending on real estate for a store, no more fancy marketing budgets, no more sky-rocketing customer acquisition costs! I have realised that all the products that I have regularly bought on Insta in the last few months are small businesses which

now have the opportunity of remaining boutique, yet profitable, thanks to Insta! I also discovered what I thought was just another mom-and-pop store. So for the longest time, I did only CoD. Then one day, I discovered it was a large and serious brand. They have the world’s worst customer service (from the templated replies I get from them, I am very certain their order fulfillment happens from their factory somewhere in China), but their AI is absolutely on the mark in sussing out my weaknesses! Interestingly, many startups have sprung in this space offering conversational APIs like Gupshup, Amplify and the like, that not just do routine integration with CRM but are building bots and providing a complete end-to-end commercial transaction experience on Insta Messaging. The Insta experience has now gone beyond the realm of posting selfies. The road from discovery to order fulfillment is filled with to and fro messaging between brands and their customers. Once upon a time this road was long, arduous and frustrating for the customers, as brands generally were bad-ass. Now the brands don’t have to be, as Instagram empowers both brands and their customers alike. The one thing common to all the brands that I have bought on Instagram is evocative messaging (text and photography) and phenomenal product placement that breakthrough all the clutter of celebrity hype, in-your-face promotion of self through near-nudity or inane gyrations and a plethora of food pictures. I hope Instagram is here to stay for all our sakes

The columnist has commenced her fourth professional avatar with her bakery and restaurant business in Jaipur (www.concoctions.fr) with her French Michelin-star chef life partner. Email: nandini@carmaconnect.in FEBRUARY 2022 | BUSINESS GOA INDUSTRY DOSSIER | 41

WISE WORDS / SANTOSH KENKRE

Four top requirements for success in business The writer lists out his top four requirements to achieve success in business

usiness is difficult. Also difficult is listing out top four requirements for success in business. I have had 37 years of experience in practice as a Chartered Accountant; and 10 years at EDC Ltd., besides vast reading. With this experience of observing different businesses, I will stick my neck out and list such four requirements. 1. QUALITY: First and foremost is quality of your products and/or services. If the quality is sub-standard, you cannot survive even in the short run, such is the competition today. The litmus test is that, the customer should be ‘satisfied’ with your quality. What does quality mean to the customer? The short answer is: quality of materials, taste, workmanship, technology; less repairs and more life of your products; resale value (in case of machines); more/ multiple use of your product; ease of storage and handling, etc. High value of automation and latest technology will ensure higher quality but one should see cost thereof, apart from marketability of the high quality product. A trained and motivated staff uplifts the quality. Of course, quality of the raw materials is fundamental. Quality of services: Pre-sale services and after sales service must be customer oriented e.g. repairs maintenance (including AMC), replacement, (of product/parts), payment facility and terms, delivery, installation and commissioning. Ultimate service would be that, after a few years, buy back, or replace your old products (in the nature of machines/equipment etc.) with the products with latest technology. How courteous, prompt, effective your services are, will also count. In short, the services should be comprehensive with a class. Once, Jack Welch (former Chairman of General Electric, USA), was asked how to compete with China. He replied that you should give such classy services that the buyer does not think of China’s cheaper products. 2. COST Optimum cost is the mantra, since ‘minimum’ cost may result in poor quality. The cost should be such that when compared to the prevailing market price of your products, you are left with

6,500 in December, Musk wants such cost to be USD 3,800 by April! His company plots the costs and analyses them every month.

“The only big companies that succeed will be those that obsolete their own products before somebody else does” BILL GATES a reasonable margin. Such margin is firstly gross margin (sales price (-) raw materials cost) and also net profit, which is what all businesses work for. To optimise the cost, one needs to consider materials cost, labour cost, power, AMC, manufacturing overheads, interest, depreciation (and possibility of your machines getting outdated), admin/selling overheads, etc. Zero based budgeting approach can be introduced, which questions every single cost from zero level. Introducing budgetary controls and cost-benefit ratio for each strategic business unit (SBU), can help. Constant Automation Outsourcing your non-core production processes can significantly reduce cost, (outsourcing production to outside partner helped Apple to solve one of its biggest problems: inventory). Production incentives to labour; monitoring wastages, pilferages, spoilages, storing/handling methods, logistics can help. Trying to understand the costing, methods, materials, technology of your competitors helps. Scout for alternate cheaper raw materials Elon Musk, in my view, is the greatest entrepreneur the world has seen. He has an unimaginable flair for cost reduction: If a raw material e.g. motor costs USD

3. INNOVATION / R&D (Research and Development) Each business should be constantly looking for innovation and improvement in their product, services and operations. Innovation in the product is chiefly achieved by R&D and also following best practices in the industry. The R&D effort may be big or small, but must be there. Internet too provides lot of info on product improvement etc. I know of a big manufacturing company in Goa which doubled its production merely by shifting from ‘batch production’ to ‘line production’. Innovation helps in reducing cost, increasing product quality/longevity, enhancing utility of the product and ultimately results in you being most innovative and competitive. Customers prefer an innovative supplier. Nokia did not do anything seriously wrong, but it moved slowly, whereas the competitors moved fast. In 1997, Wal-Mart reduced its expenses by 2 billion USD through innovative inventory management. These days, technology changes rapidly and the one to first embrace latest technology can have huge advantage in terms of market share. The most relevant example of this is iPhone from Apple. They add better features to the phone and do away with shortcomings of its earlier model, on a regular basis. To quote Bill Gates: “The only big companies that succeed will be those that obsolete their own products before somebody else does”. Innovation in operations/working can be facilitated by seeking suggestions from staff. I had visited the Toyota plant near Bangalore, where they had a robust scheme of rewarding best suggestions. Wal-Mart says that they get the best suggestions from lower level staff e.g. stores clerks, etc. So encourage such staff to suggest and remunerate them for their ideas. Any operation is worth innovation – logistics, sourcing, maintenance, inventory, warehousing/storage, handling/transport, marketing,

The columnist is a senior chartered accountant. He is Chairman of Indo-American Chamber of Commerce, Goa; and Director of EDC, Goa. Email: srkgoa@gmail.com 42 | BUSINESS GOA INDUSTRY DOSSIER | FEBRUARY 2022

www.businessgoa.in

accounts/finance, etc. Covid-19 has given rise to so many innovations e.g. WFH, video conferencing, etc. Best innovation is automation/computerisation of your machines, production processes and technology. Take for instance, if the machine can produce more quantity, better quality, more range, better features, less cost etc. then your profit can multiply. At Google, some people talk about ‘10Xing their job’. This remark is inspired by the company’s innovative attitude of ‘shooting for the moon’. Bill Gates says “Be prepared to experiment with new processes and technology solutions”. He adds “Complexity is the death of all engineering projects especially that involve technology”. My personal experience in Goa has been that, quite often, businesses have complex processes/requirements which put off genuine people, whilst the bureaucratic type enjoy these. Bill Gates feels that “Customer complaints can be your best source of significant quality improvements”. So, we need to encourage and seek ‘customer complaints’. The ultimate innovation which I have ever read about is incidentally in ‘marketing’: Primus Hotels in Tennessee Continued from page 40

is therefore expected that the readers of this column read it! One of the important factors about the definition of wages is that it is not done so in isolation. It is always qualified by phrases such a ‘minimum wages’, ‘real wages’, ‘living wages’, ‘family wages’, etc. Nevertheless, we must admit that the Act defines minimum wage under Section 6. Several problems arise. In India the parameters upon which wages are paid change from employer to employer, e.g., government employees and the employees in private

are high but cost too is high: Uncompetitive. If your cost is optimum, quality etc. is optimum but after sales service and parts availability is poor: Uncompetitive. Remember, the customer will evaluate each aspect of your product and decide. With internet, at a click of the button he can Google your product as well as other competitive products. You need to constantly watch the competitors and immediately ‘copy’ the innovation they do, at any

point of time. Jack Welch narrates a story in his book, Straight from the Gut, about competition: GE thought that a new aircraft engine to meet requirement of 90,000 capacity thrust engine would easily beat their nearest competitor. But, eventually, the competitor delivered 94,000! Jack Welch advises us never to underestimate the competitor. About your service, for these to be competitive, it should be: timely, comprehensive, cost effective. In Straight from the Gut, Jack Welch tackles the issue of competition, quite comprehensively. I would recommend entrepreneurs to read this portion from the book unfailingly. • What are you most afraid your competitors might do in the next 2 years to change the competitive landscape? He concludes in the book “At GE, we tried like hell to look at every new product plan in the context of what the smartest competitor could do to trump us” Note: I have listed the four requirements as above for business success, assuming that some other vital aspects are well taken care of e.g. finance, marketing, HR, etc. I urge all readers to reflect duly on my above submissions. Your feedback is welcome

single law, subsuming the labour laws since Indian independence is ideally very attractive and the authors of the law have very clearly referred to such laws both in the text as well as on the margins. The purpose that the law is a facilitator is admirable which is further confirmed by the appointment of a ‘facilitator inspector’. However, the greater purpose must be aimed at the empowerment to prosperity. The employers in our country change their perspective and rise above the ambit of the law in their ‘corporate social responsibility’ by emulating

Henry Ford (1863-1947), the pioneer of the most renowned Ford automobile industry who revolutionised mere day labourers into the strongest middle class of the United States of America. He not only doubled the wages of his workers, but empowered them in all other spheres of life. Let his famous saying enlighten our employers: “It is not the employer who pays the wages. Employers only handle the money. It is the customer who pays the wages.” This is the best way to ensure the economic and social development of India

Jack Welch advises us never to underestimate the competitor. About your service, for these to be competitive, it should be: timely, comprehensive, cost effective. In Straight from the Gut, Jack Welch tackles the issue of competition, in great detail was the first hotel chain (way back 1999) to guarantee ‘no charge for your current visit if you have any complaint about your stay’! 4. COMPETITIVE This is the acid test: Whatever you may do with your product/services, always be competitive. Be it your cost or quality or prices or terms of sale/payment or service, if the same are not competitive, you can lose business e.g. If your cost is less but quality/features too are poor: Uncompetitive If your quality/features sector. India also has a very large scale of skilled, partially skilled and unskilled wage earners. Further, there is a very large unorganised sector, grey sector, informal sector, social sector of physically challenged wage earners, child labour, gender inequality, and prejudiced classes such as scavengers etc. In India, we must also consider regions, urban, semi urban and so on. Hence, how does one define wages for all these categories under one definition?! Conclusion To be fair to the idea of a

FEBRUARY 2022 | BUSINESS GOA INDUSTRY DOSSIER | 43

INVEST RIGHT / MAHESH PAI

When do you approach a Financial Consultant? The writer explains the importance of hiring a good financial consultant

hoosing a financial consultant is as important as choosing the right investments. A skilled planner can help you figure out your financial goals and bring them to reality. However, few people feel that they do not need a financial consultant but they actually do and may not realise it. A timely professional intervention can help in achieving the goals on time instead of missing them and regretting later. Lack of personal finance knowledge costs a lot for every one. Finding a good financial consultant can help you avoid these costs and focus on your goals. The cost of being ‘financially wrong’ is very high these days. The two reasons for being ‘financially wrong’ are 1. Taking advice from the wrong people or wrong professionals. 2. Not taking advice at all. Most Indians believe that the financial advice should either be free or is not needed at all. In fact, it is quite common when people ask why they need financial advice from anyone when they can do everything by themselves. They see their parents taking their own financial decisions and feel what they did was the right thing. And even when they need to take advice why take it from a consultant and pay for it while it’s available for free on the internet. Why choose a consultant over when the internet provides free financial advice? There is no denial that there is plenty of free financial advice available on the internet, which is full of good financial resources but also has alot of wrong content created by influencers pretending to be financial advisors. And if you actually take their advice you can get financially hurt. Another disadvantage of free internet advice is that you might never get to see the complete picture; you can never find the hidden conditions when you don’t understand finance itself. How will you know that you didn’t miss out on anything on a topic that you have no clue about? This is called as a doubleblind spot. Signs that You Need a Professional consultant The best time to visit a consultant is today! Don’t wait for the time when

your financial health starts deteriorating and you get overburdened with debts. If you are procrastinating unnecessarily and trying to sort everything your way then give yourself a deadline. But even if after that you are unable to do anything concrete, then please seek professional financial help. At times, a good investment advisor is exactly what is needed to help you get going. Many times, people earn well for years. But somehow, they have nothing in terms of savings, assets and investments to show for their years of hard work. Why does this happen? They lack the discipline to save. It is just not investing but consistent investing that helps you generate wealth. If you aren’t being able to generate wealth, then you must definitely take advice from a consultant. Sometimes people don’t have time or interest in learning about managing their personal finances. Personal finance is not difficult but if it is not your thing, then outsource it rather than not dealing with it at all. There are also a few people who also invest just to save taxes and they take this to the extreme. If you have been doing the same for years and still don’t have good returns to show for it, then it is time you accept that tax planning is not investment planning. It is time to let professionals deal with it. If you are investing without a goal and simply just adding your surplus money into random funds without understanding the purpose, then get a financial planner or investment advisor to help you. Consistently losing money here and there every year is not normal. And it is not right to blame the markets. If you always end up making bad investment decisions, then a good advisor can see what wrongs you have been repeating for years and help you rectify them. You need to think in terms of saving for real life goals and not in terms of trying to beat

The writer is an investment consultant and business coach. Email: mahesh@maheshpai.in 44 | BUSINESS GOA INDUSTRY DOSSIER | FEBRUARY 2022

the markets. A good advisor can chart out a goal-based financial plan that will tell you exactly how much to invest for different goals. If you and your spouse have trouble agreeing on financial matters, then an external person can help. While a man takes his financial or investment decisions it is very essential for his wife to be in the know and understand the same. You two can speak more freely when a consultant is there to guide and understand the real issues. These are just a few signs that you may need help with investments and your money life in general. When you find a good investment consultant, they will listen to you and ask a lot of questions and you need to be honest with them on where you stand and where you wish to stand. Based on this, they will be able to create a customised financial plan for you that addresses various goals and aspects of your financial life with proper tools, methods, and strategies. A good investment advisor doesn’t come free. But the cost of having a poor financial product (due to taking free or no advice) is much higher than the cost of professional investment advice. When you take advices from the nonprofessionals it can derail your financial goals and make it very difficult to catch up with your financial needs in later years. Financial consultants aren’t just for rich people – working with a consultant is a great choice for anyone who wants to get their personal finances on track and set long-term objectives. The best financial planner is the one who can help you chart a course for all your financial needs. This can cover investment advice for retirement planning, debt repayment, insurance product suggestions to protect yourself and your family, and estate planning. Take a wise decision today and start getting your finances on track before it is too late

HOSPITALITY THE ARK COMFORTS

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Press Escape

Harshvardhan Bhatkuly spends a weekend overlooking the crystal clear sea at The Ark Comforts, Colomb village in Canacona – in search of some quiet

The resort overlooks a crystal clear cove of blue water

t’s a set straight out of a film – a sleepy village, narrow winding streets, fishermen hauling the catch of the day, a few dogs ambling around. I leave Panjim in search of quiet. And I am told that I can find it in an enchanting cove by the seaside tucked in the village of Colomb, just off the Canacona highway. The two-hour drive is made bearable by the new over-bridges and link roads. For a weekend, the traffic is not so bad. But then one has to trade off some comforts if one is in search of tranquility. As I park and walk the narrow path, I come to see a picture perfect ensemble of five wooden cottages (9 suites) that look even better than what the website showed me. Coloured with rainbow hues (blue, green, yellow maroon and purple), the cottages are named after human emotions (calm, peace, faith, hope, joy, happiness, love, affection and kindness) – and trust you me that once you give in to the charms of the nature that abounds The Ark Comforts, you can catch up with various

emotions that have been bottled inside you due to the pressures of work and city life. I overhear a much-in-love couple murmur to themselves “we came here for the sunset, na… thank god that it lived up to what we thought.” My first impression about this little resort was pretty much the same – the reason why we all love #Goa… breath taking view from @ arkcomforts. There I pushed the pic that I clicked from the room on my Instagram handle. As expected, the likes and comments reinforced my sentiments. How often do we experience the crashing waves of the Arabian Sea on our feet? How often do we experience sun rise and sun downers in the comforts of a crystal clear sea clad cove? How often do we live the Goa life? All boxes get ticked at The Ark Comforts. Add to those boxes that you ticked neat rooms with large beds. Some rooms even have a Jacuzzi fit in them. There is also a nice little restaurant that serves exceptional grills and multi-cuisine. The staff is

well-trained and extremely courteous. I grab the phone and dial Caeser Fernandes, the man who dreamed the resort. Caesar is known all over Goa for the signature wooden homes that abound the beach side of the state, designed and crafted by his company. “We have provided hundreds of wooden cottages that have added to the charm of Goa’s tourism map. However, I was looking for the perfect place to start my own resort. When I landed here, I did not need to think twice to make The Ark Comforts happen.” The neatly designed cottages were up and running in five months flat and the resort opened in October, last. A stream of Goaphiles has been making a steady beeline since then to partake in this extremely authentic experience of sun and sand. I took a ride on a motorized dinghy to the ‘monkey island’ on the other side of Palolem. The sea was just warming up and the cruise was smooth. But what would catch anybody’s attention are the hundreds of kayaks rowing in the

warm waters. The boatman mentioned that these kayaks are a huge hit with travellers (`400 for an hour, he said) who drop their anchor at Palolem – the adjoining beach to Colomb and also the more popular one. Besides the in-house multi-cuisine delights, there are loads of charming restaurants serving Goan, Indian and international fare in the vicinity of the resort, to make it more appealing for the traveller. How does Caesar see The Ark? “This is a great place to unwind. Even better for a small group of friends to come and share their happiness for a special occasion or even to catch up. The pandemic has been harsh on people who enjoyed socializing. The Ark Comforts, with all covid protocols and a small team in place, could help you get over your pandemic blues in the company of loved ones.” After a weekend of lazing and feasting on sea food, I reluctantly leave the resort and find my way 68 kms north – back to the grind, reflecting on the beauty of Goa that we often take for granted

FEBRUARY 2022 | BUSINESS GOA INDUSTRY DOSSIER | 45

BON APPÉTIT

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The Taste Of Goa Non-Veg Thaali

Kokum Curry has quickly gained a reputation for serving delicious Goan Saraswat cuisine Tisreanché daangar

Prawns Masala Fry

By SYBIL RODRIGUES

okum Curry is situated on a busy street in Candolim, above Delfino’s Hymart and is a passion project of Sapna Sardessai in collaboration with Prakash Pereira and the Armacar Group, who originally conceptualised a place that would be dedicated exclusively to Goan Saraswat cuisine, which is something this place boasts of. Saraswat cuisine originated from the Konkan region on the western coast of India and is believed to have been introduced by the 96 Saraswat families that migrated from the Saraswati River basin. The food served here is not something one would get to savour in other restaurants across the state, but is very much a part of the everyday Goan Hindu cuisine. The décor is typically Goan with a matted cane roof and little bamboo basket lamps hanging from the ceiling as one enters. The restaurant is spacious with a laterite stone wall providing a backdrop to a few kokum plants, symbolically planted in earthen pots. The stone flooring and the greenery around give you the feel of a garden restaurant – airy and eco-friendly. Their USP is also the fact that this is a pet-friendly place. Sapna says that all the dishes at Kokum curry are made using local produce like coconut, coconut oil (khobrel tel), tamarind (amtaan), kokum (solam), asafoetida (Shankarchhap hing) and schezwan pepper (teffla). Chef Anjali Walawalkar and Sapna Sardessai who have curated the menu use strictly traditional techniques of cooking to maintain the authenticity of the food. The bar menu has a selection of White Wines, Breezers, Whisky, Scotch, Bourbon, Rum, Wines, both domestic and imported along with other beverages. Their mocktails and cocktails are typically Goan with names like Goan Dry Day, Virgin Kokum Mojito, Goan Sunrise, Goan Weekend, Kokum Mojito with kokum syrup used as the main ingredient. We were served the Kokum

46 | BUSINESS GOA INDUSTRY DOSSIER | FEBRUARY 2022

Voddiachi kismoor

Mojito which was a heady mix of kokum juice, mint, white rum and soda which is a very refreshing drink to have on a hot summer day. Kokum Curry boasts of a wide variety of starters. Right up from the humble masala papads to prawn cutlets, from generous fillets of fried fish, mussels, crabs and squids to the Churchurit Bombil (dried Bombay duck fried to a crisp with coconut oil). We tried the Tisreanché Daangar which is delicately spiced clam cutlets, shallow fried on a skillet and served on a bed of onion rings. The cutlets were done to perfection with the right hint of spice. They have different kinds of Foddi which are banana, brinjal, sweet potato, lady fingers, maadi or any other seasonal vegetables which are shallow fried on a griddle and served with a dip. We were served the Myndoli banana foddi which are ripe Moira banana slices coated in a spicy masala and pan fried with semolina. An excellent starter to go along with drinks of your choice. We were then served some Voddiachi Kismoor which is a crisp salad made with sundried ashgourd chips that have been dried and crushed. We had the Prawns Masala Fry, prawns coated in the chef ’s special fiery spices and pan fried. This dish is a bestseller with its perfect coating of masala and hit all the right notes on the palate. Kokum Curry is the perfect name for a place that is famed for its Kokum Curries. They have six kinds of Kadis which is the Khutti Kadi (kokum-pink digestive, with green chilies, fresh coriander and Shankarchhap hing), Vovyachi Sola Kadi (coconut milk-kokum digestive with aniseed/ajwain), Miriachi Sola Kadi (coconut-milk kokum digestive with black pepper and red chilli), Losnichi Sola Kadi (coconut-milk kokum digestive with garlic and green chili), Harvya Mirsangechi Sola Kadi (coconutmilk kokum digestive with green chili) and Phannachi Sola Kadi (coconut-milk

kokum digestive with green chilli and a tempering of mustard seeds in coconut oil). All of these curries or kadis as they are called, have a unique flavour of their own and is a must try when here. The menu boasts of a wide variety of breads, a Vegetable Pulav, a Sungtacho or Tisreancho Pulav, varied combo meals, a vegetarian platter as well as a Goan seafood platter. They have Karatheacho Kunvoll, Ansachi Karamm and Ambadeache Saasav for sides which are rare and vanishing recipes. They also have a vegetarian and a non-vegetarian thaali. Sapna suggested we try out the non vegetarian thaali which consisted of rice, prawn curry, dry vegetable, tisrea suké, chicken shagoti, a large slice of fried kingfish, dry prawn kismoor, cucumber koshimbir, chapati, sola kadi and manganné, which is a dessert. Every item on the thaali was lip smacking with something for every palate. The manganné which is a traditional sweet made from gram dal and sago pearls cooked in coconut milk and jaggery with nuts and infused with the flavour of cardamom was the perfect ending to a lovely meal. Apart from their thaalis, Kokum Curry has their signature dishes like Bharilli Vainggi with Taandlachi Bhaakri, Bharillé Bangddé, Bangdeaché/Sungatché Lonché with Poee, Mutton Suké with Wadé, and Talillyo Kulliyo. The desserts section features traditional Goan sweet dishes like Sakharbaat, Pais, Sukurundé, Myndoli Kelleacho Haalwo and Shirvolyo served with Choon and Goad Ros. The staff was polite, friendly and only too eager to explain the specialties and what each dish is about. This place is one of a kind and a must visit if you want to try out Goan Saraswat cuisine. Do make sure to ask for Sapna Sardessai when you visit; she will go out of her way to make you feel welcome and show off the culture and heritage of the cuisine that gives her so much happiness

Pics: Shanice D’Souza

KOKUM CURRY

GOA BUZZ

business-goa

Rajnish Kumar’s The Custodian of Trust released at Taj Resort and Convention Centre, Goa

Suhel Seth, Puneet Kumar Goel and author Rajnish Kumar

Ritu Kumar Seth

Shrinivas Dempo

Harshvardhan Bhatkuly

Vincent Ramos

Oshrit Birvadekar

Ajit Dalvi

Amin Ladak

Ayesha Barretto

The Indian Hotels Company Limited (IHCL) recently hosted the book release of The Custodian of Trust: A Banker’s Memoir by Rajnish Kumar, former Chairman, State Bank of India (SBI) at Taj Resort & Convention Centre, Dona Paula. The event commenced with Kumar in conversation with Suhel Seth, founder and managing director of Counselage India, followed by the book release at the hands of Puneet Kumar Goel, Chief Secretary of Goa. In his memoir, Kumar narrates his journey as a banker, from joining India’s largest commercial bank as a probationary officer in 1980 to becoming Chairman of the company in 2017. The book mentions many significant moments in the Indian banking sector that has greatly impacted the country and its economy during the span of his career, including the challenges faced in post-demonetisation, Yes Bank crisis and the collapse of Jet Airways, among others Speaking on India’s economy and the role of the tourism industry, Vincent Ramos, Area Director – IHCL, Goa, and General Manager – Taj Resort & Convention Centre, Goa said, “India is evidently among the fastest growing economies in the world. In the service sector, the travel and tourism industry is a major engine of growth contributing to a significant number of the total employment in the country. With the recent Government initiatives Auduth Timblo to boost the tourism and hospitality sector, the market size is expected to grow exponentially in the coming years”

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WAKE UP TO A BRAND NEW DAY CAFE REAL

NEWSMAKERS Divya Singhal features on ThinklistImpact curated by University of Bath, UK

Dr. Divya Singhal, Professor of General Management and Chairperson of the Centre for Social Sensitivity and Action (CSSA) at the Goa Institute of Management (GIM) has been listed in the prestigious ThinklistImpact which features 20 inspirational academicians and scholars globally who have made a positive social impact and ‘influence practice’ curated by the University of Bath, UK. Dr. Divya Singhal is one among twenty eminent academics from around the globe to make it to this illustrious list. With scholars and professors hailing from, Canada, USA, UK, and France, this list presents Dr. Singhal as a trailblazer in the global academic scene. A competent criterion was observed in the process of curating the final list based on public nominations, with the use of social media to discuss, amplify, disseminate, or create impact reigning in its primacy. A major pre-requisite – having impact in the field of responsible and sustainable business, is projected by Dr. Singhal’s spirited Twitter profile

V B Prabhu Verlekar releases new book, 360 Degree Guide for Seniors Senior Chartered Accountant, V B Prabhu Verlekar has released a new book 360 Degree Guide for Seniors, which is an empowering book for senior citizens to lead a meaningful, independent and balanced retired life with good health, wealth, and loving relationships. This book is based on deep research, experience, and practice. Written in a direct and easy-to-read style by Prabhu Verlekar, the book offers its readers simple mantras for living with grace and joy. V B Prabhu Verlekar is a renowned professional from Goa. His zest for life inspires every person he interacts with. His enthusiasm for sharing his in-depth knowledge has led to him be a writer of several books on taxation and also regular columns and articles in newspapers and journals

Bhupesh Bandekar acts in a Hindi comedy thriller released on Netflix Lawyer turned actor, Bhupesh Bandekar did full justice to his role as inspector David Colaco, in the Hindi comedy thriller, Loop Lapeta which released on Netflix, earlier this month. Bhupesh shared screen space with Taapsee Pannu and Tahir Raj Bhasin. He has always wanted to work in the Hindi film industry and has acted in ten short films, plenty of advertisements, corporate ads and three movies. The film shot in Goa is a remake of the German film, Run Lola, Run. Bhupesh was also an assistant director and is known for the movies A Night Long Nirvana (2014) and Jhalki (2019). Currently residing in Mumbai, Bhupesh is a Goan at heart who loves his fish, curry, rice 50 | BUSINESS GOA INDUSTRY DOSSIER | FEBRUARY 2022

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Sairaj Dhond pitches his brand, Wakao Foods, on Shark Tank India

Sairaj Dhond and his food brand, Wakao Foods appeared on Shark Tank India Season 1, Episode 29. This brand was conceptualised during the pandemic, former lawyer turned entrepreneur Sairaj, dug into his childhood memories to build ‘Wakao Foods’ that makes ready to cook 100% natural mock meat using the superfruit, Jackfruit. With a shelf life of 12 months that requires no refrigeration, India’s first Jackfruit Vegan meat brand, Wakao foods brings to you everything from burger patties to tikkas in the form meat made up of Jackfruit, without any preservatives. Giving a healthy option with a varied taste palate for the vegetarian and vegans, as well as those who want to try something hatke, ‘Wakao Foods’ is not only rising in popularity with the citizens of Goa but has also become a favourite for premium hotel chains. Sairaj had requested for `75 lakhs in exchange for 5% of his company share in Shark Tank India and managed to bag the deal

Priyanka Row to coach at the Abhinav Bindra Foundation

With an aim to help promising athletes, Abhinav Bindra Foundation has brought on board, mind coach Priyanka Row, who will be guiding these sports people during stressful times. Priyanka has served and coached over 5500 clients across 32 cities and 4 countries with a mission to transform mindsets, to be self-sufficient, and live without dependence – emotionally and mentally. As a mind coach, she offers India’s first personalised Mind Coaching Program, which blends tools from ancient Vedic wisdom and contemporary western sciences of neuro-linguistic programming, energy psychology, energy medicine, belief clearing and subconscious mind programming 152 1. Which luxury sports car manufacturer based in Maranello, Italy? 2. What did the perfumer Ernest Beaux create for the fashion brand Chanel, in 1921? 3. Ariel, Gillette and Pampers are brands manufactured by which MNC? 4. In May 2000, to which French IT company did Ernst & Young sell its consulting arm? 5. ‘The Hard Thing About Hard Things’ is a book authored by 6. In 1987, he co-founded The Stanford Review, a conservative campus newspaper? 7. What was launched by the Indian Railways in association with Rajasthan Tourism Development Corporation in 1982? 8. Which Goan industrialist’s birth centenary was marked on 15 January, this year? 9. Identify this newsmaker Answers to BG Quiz 151: 1.Premier Padmini 2.LinkedIn 3.Stanford 4.BandAid 5.Gerson da Cunha 6.Aston Martin 7.Bombay 8.Columbia Pictures 9.Alka Mittal Email your answers to businessgoa.media@gmail.com First all correct entry will get 1 year’s subscription to Business Goa

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