Business Goa January 2022

JANUARY 2022

VOL 8 ISSUE 1 PANAJI GOA

GOA’S ONLY BUSINESS MAGAZINE

RNI No.: GOAENG/2015/59955

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

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INDUSTRY DOSSIER

IRON ORE DUMPS POLICY FOCUS GOA

GOOGLE CODE TO LEARN ACCOLADES

COPPERLEAF PANAJI BON APPÉTIT

SARIKA VARSHNEI LADY POWER

60 YEARS OF GOA’S INDUSTRY Free Goa’s diamond jubilee provides an opportunity to look at the growth of industry and size up the challenges that lie ahead

NEWS VIEWS ARTICLES INTERVIEWS PROFILES FOCUS ANALYSIS OPINIONS EVENTS FEATURES

60 YEARS OF GOA’S INDUSTRY

CONTENTS

Cover Story 14

Former President of Goa Chamber of Commerce and Industry MANGUIRISH PAI RAIKER walks down memory lane to list out the highlights of Goa’s tryst with industry in the postLiberation era

Focus Goa / Taxation 20

The writer explains the important financial and tax changes to look out for in the New Year

14

Focus / Mining 22

The Goa cabinet approved a policy to permit the export of iron ore dumps, which will allow the resumption of mining activity in the State for the next four to five years

Accolades 24

Venkatesh Dempo and Viraj Marathe make Goa proud by winning the national level Google Code To Learn Contest

28

36

26

Interview 26

Pravin Satardekar, Chairman of Institute of Company Secretaries of India, Goa Chapter speaks on his plans as Chairman and challenges faced in the realm of corporate governance in Goa

Organisation 28

With Jayesh Raikar at the helm, Yi Goa was able to achieve its objectives of Youth Leadership, Nation Building and Thought Leadership in 2021

24

22

46

34

Professional Dossier 34

Dr Sujoy Das, a laparoscopic surgeon speaks about his profession and the future of surgery in Goa

Lady Power 36

A vital part of an industry that has made a name for itself in the craft beer market, the story of Sarika Varshnei who believes in herself and wants to leave a permanent mark on the world

Bon Appétit 46 COLUMNS

Copperleaf-Panaji, promises you a feast for the taste buds with their variety of cuisines

40 Corporate Citizen

43 Invest Right

41 Cabbages and Queen

44 Beyond Classroom

Daniel Albuquerque has chosen for the year 2022 the recently legislated and promulgated Labour Code consisting of four laws

Nandini Vaidyanathan speaks about EMF and its importance in the corporate context

42 Wise Words

CA Santosh Kenkre explains two important ratios that a business owners should focus on for measuring operating efficiency

08 Editorial 10 Corpo Scan 30 New Biz 32 Campus 33 BookShelf 38 Biz Bytes 48 Goa Buzz 50 Newsmakers 50 BG Quiz 06 | BUSINESS GOA INDUSTRY DOSSIER | JANUARY 2022

Mahesh Pai writes about spending one’s money wisely and prioritising needs over wants

Dr. Pradeep Salgaonkar discusses technological developments with regards to brand recommendations and how businesses can use technology to push their products

COVER ILLUSTRATION

GOVIT MORAJKAR

Shree Mahalakshmi Damodar Prasanna

EDITORIAL Goa caught napping JANUARY 2022 Group Director Urvija Bhatkuly Publisher & Editor Harshvardhan Bhatkuly Business Head Annalise Gouveia Chief Reporter Sybil Rodrigues Accounts & Admin Ashok Kolvekar Circulation Mayur Santineskar Contributors in this Issue CA. Rohan Bhandare Daniel Albuquerque Dr. Pradeep Salgaonkar Mahesh Pai Manguirish Pai Raiker Nandini Vaidyanathan CA. Santosh Kenkre Sweta Sharma 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.

“Still working through a lot of challenges with the government.” Earlier this month, Elon Musk responded to a tweet on the dismal condition of doing business in India, and all hell broke loose.

Few Indian politicians thought to turn this into an opportunity for their respective States.

KT Rama Rao, the progressive minister of Telangana, made the pitch to Musk. “Hey Elon, I am the Industry & Commerce Minister of Telangana State in India. Will be happy to partner Tesla in working through the challenges to set shop in India/Telangana.”

Similar offers poured in from Navjot Singh Sidhu (Congress President, Punjab), Jayant Patil (Water Resources Minister, Maharashtra), Md Ghulam Rabbani (Minority Affairs Minister, West Bengal), all imploring Musk to choose their State to set up the Tesla plant.

A Goan friend based in Mumbai messaged me the next morning wondering why our State does not feel the need to invite path-breaking and green energy businesses to our shores.

The lack of direction, will, competence and the overall lackadaisical attitude towards trade, commerce and industry can be a deeply frustrating and demoralising sentiment, if you are gung-ho about doing business in Goa. I guess this was bound to happen. We have allowed things to come to such a pass that the State’s power elite are living off whichever golden geese comes their way – restaurants, shacks, events held in Goa, mining, or casinos – none of which require creation of any infrastructure or deep thought on behalf of the State.

One does not need to engage thought leaders or make pitches at business events. All one needs is to ensure a channel to feed off the gravy train. Sadly, that is all that has been happening. Look at every sector of business – mining, tourism, services, even trade – there

Harshvardhan Bhatkuly

are existential issues staring at us in the face; and there are no solutions on board.

Let us ponder and glean through our public and media narratives over the last couple of months.

Everyone and their aunt know that the Government has been drumming up a fairy tale around restarting mining when the legal or legislative remedy is an elusive dream.

Worse are the assurances that the mining corporation will swish its magic wand, and all will be right again.

Goa’s political class is so engrossed with the upcoming elections – in either bagging party tickets or joining the startup parties that have descended in Goa – that good old economics and industry are ignored.

It is amply evident that the government – present or future – has zero plans to reboot the economic platform for Goa. Often, I feel that Covid is a convenient blanket to camouflage inadequacies in planning, talent and will in making Goa relevant to industry.

Recently a delegation is said to have showcased Goa’s industry potential at the Dubai Expo. These tourism picnic / jaunts that our state sponsors do not help it and only line the pockets of the organisers and those who hand them these plum assignments.

Goa’s economic problems are just springboards for election, to be bandied in manifestoes. Lack of business, unemployment and a corrupt grey market that sells jobs and opportunities is a ticking time bomb, about to burst anytime on our social canvas.

Although there is a sense of despair and resignation, it is my ardent call to industry to be real and vociferous in its demands, and to keep political match-fixers out of industry bodies and decision making.

Goa is walking on thin ice. It is time to mean business

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

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CORPO SCAN

@businessgoa

Goa Dairy earns net profit of `2.25 crore

Goa Dairy chairman Durgesh Shirodkar announced that the Dairy had earned a net profit of around `2.25 crore for the financial year 202021. Shirodkar stated that the three-member administrative committee, appointed by the government, had managed to bring Goa Diary’s business back into profit from its last financial year’s loss of around `6.41 crore.

This was only possible because the administrative committee ensured steps to control ‘milk leakages’ during the transportation, while handling factory matters, thereby saving huge amounts of money.

Further, Shirodkar stated that the Dairy also kept a strict watch on the payments and other systems to avoid any misappropriation.

According to him, during the period March 2020 to April 2021, Goa Dairy earned a profit of around `3.75 crore out of which `1.50 crore had been given back to the farmers as a price difference.

Shirodkar also informed that Goa Diary’s cattle feed plant, which used to run into losses for the past many years, had managed to make profit every month of the last financial year

CREDAI pitches for affordable housing tax rebates in Budget 2022 With an aim of stimulating the Centre’s vision of affordable housing and housing for all, the Centre must increase the interest deduction for homebuyers in the tax rebate and redefine the meaning of affordable housing, stated the Confederation of Real Estate Developers’ Associations of India (CREDAI).

Relaxations for the housing sector will not only boost sales but also aid faster economic recovery, said president of the real estate body who further added that CREDAI expects the Union Budget to give a much-needed impetus to infrastructure development and housing

NIO links MoU for petroleum exploration

The Department of Information and Technology sanctioned `25 lakh as seed capital for three startups in Goa while further approving `30.6 lakh as incentives to 10 Goan startups under the Goa Startups Policy 2021.

The approval was granted at the seventh high-powered committee meeting headed by the Chief Minister Pramod Sawant. Chief Secretary Parimal Rai, IT secretary Sanjay Kumar and IT director

Ankita Anand were present.

Jeniffer Monserrate stated that `25 lakh seed capital has been approved as incentives to three Goan startups namely Brunchbites, Asier Solutions and Fitkout. In December, Goa Technology Association had met the CM and urged him to convene the highpowered committee to clear the pending applications for policy benefits before the Model Code of Conduct is imposed

The National Institute of Oceanography (NIO) in Goa and the Keshava Deva Malaviya Institute of Petroleum Exploration KDMIPE-ONGC, located in Dehradun, recently signed a Memorandum of Understanding (MoU) to work on a long-term joint working agreement.

The two centers will work closely together on issues concerning the configuration and evolution of the Indian continental margins and the adjacent deep ocean basins, leading to the development of a new plate tectonic reconstruction

A permanent pictorial cancellation on the endangered Grizzled Squirrel was recently released as a part of the Goa@60 celebrations by the Department of Posts, Goa Division.

This squirrel species is found in the Bondla Wildlife Sanctuary. President of the Goa Philately and Numismatics Society, R Ramesh Kumar stated that these kinds of pictorial cancellations bring about

awareness on the importance of wildlife as well as possibilities of tourism of places like the Bondla Wildlife Sanctuary. The Department of Posts, Goa Division has brought several facets of birds, endangered birds, butterflies and moths diversity in Goa through picture postcards.

Kumar stated that these are important philatelic collectibles for philatelists all over India and Goa in particular

Superintending Engineer of the water division, stated that two banks have responded to the Public Works Department (PWD) to provide Unified Payments Interface (UPI) mode for payment of water bills, and soon the payment will be problem free.

As plenty of consumers were facing difficulties in

STATE GOVERNMENT SANCTIONS `25 LAKH SEED CAPITAL FOR 3 STARTUPS

with Union Finance Minister Nirmala Sitharaman expected to introduce various amendments, relaxations and extensions for the real estate sector.

Real estate developers want the limit of tax deduction given to home loan borrowers to be increased from the current `2 lakh to `5 lakh. CREDAI has also asked the Centre to consider extending the timelines to avail the benefits of the creditlinked subsidy scheme (CLSS) for middle income groups.

CREDAI has requested the Centre to extend the eligibility for affordable projects till March 31, 2023

model. In addition, these organisations will carry out joint research in the area of unconventional hydrocarbon sources, including gas hydrate exploration and production as well as field validation.

Sunil Kumar Singh, CEO of NIO, and SN Chitnis, CEO of KDMIPE, officially signed the deal. Also present were other officials from the NIO and KDMIPE-ONGC

paying their water bills through the online portal, PWD has considered allowing payments through the UPI system

Postal Department unveils cancellation Now pay water bills on UPI platforms on endangered squirrel Amar Vazirani,

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CORPO SCAN

business-goa

ILLEGAL SAND MINING: HIGH COURT SEEKS REPORT IN 2 WEEKS

The High Court of Bombay at Goa has called for reports from the nodal officers designated to keep a check on illegal sand mining. The Goa Rivers Sand Protectors Network submitted to the court a list of complaints made to nodal officers on illegal excavation of sand in the entire month of December but the nodal officers have not submitted any report yet. The division bench comprising Justices Sadhana S Jadhav and Manish Pitale stated that the nodal officers shall file a report as to whether cognizance is taken of each

and every complaint filed.

Advocate General Devidas Pangam asked for two weeks time to file an affidavit. The court also granted the nodal officers two weeks time to file their reports on the complaints received.

Four months ago, the High Court had passed comprehensive directions to the government for keeping a

CII presents wish list to political parties

Office bearers of Confederation of Indian Industry, Atul Jadhav (Chairman) and Swati Salgaocar (Vice Chairperson), CII Goa State Council met and discussed the ‘Agenda for Development of Industry and the State’ with political parties contesting in the upcoming elections scheduled on 14 February 2022. The CII Office bearers met Sadanand Shet Tanavade, President BJP, Goa Pradesh; Girish Chodankar, President GPCC; former Union Finance Minister Yashwant Sinha, Vice President, All India Trinamool Congress; and Valmiki Naik, Vice President, AAP Goa and presented a

detailed presentation with regards to Development of Industry and the State.

CII Goa presented various aspects and sectors which should be included in their manifesto’s scope for implementation towards development in near future.

The Agenda for Development for Goa included Ease of Doing Business, Manufacturing & MSMEs, IT, Start-Ups & Entrepreneurship, IT & ITeS, Mining, Agri and Food Processing, Education & Skills Development, Infrastructure, Healthcare, Tourism, Media & Entertainment and Environmental Sustainability are captured in the presentation report

Election Code of Conduct dampens Government attempts to restart mining With the election code coming into force, the over 3 lakh mining dependants in eight constituencies of the State will have to wait for at least another three months to see a new ray of hope as far as resumption of mining is concerned. With the code of conduct for the elections coming into effect, the state Government’s attempts to restart mining have come to a standstill. A senior Government officer said that with the code in force, the Government cannot

take any decision regarding resumption of mining. The State Government has taken various initiatives to restart mining in Goa, but not a single initiative has reached the logical conclusion. Initially, the State Government tried to bring a legislative cure to restart mining activities in consultation with the Union government. A number of committees were formed under various central ministers but they did not manage to restart mining in Goa

12 | BUSINESS GOA INDUSTRY DOSSIER | JANUARY 2022

check on illegal sand mining.

They included stopping every truck carrying sand and deputing police personnel round-the-clock at sites where violations are rampant. The High Court listed four sites in all-below the Amona Bridge, Amona and Candola (PWD property), one at Bhati and one at Oxel-Siolim (Fisheries Department property) where complaints of illegal sand mining were received. Despite several orders, illegal sand mining activities continue in North Goa, the High

Court had observed stating that authorities, who were duty-bound to prevent this sand mining, do not appear to be seriously interested in implementing the orders made by the high court.

The High Court had stated that the responsibility of complying with its directions would be that of the Captain of Ports (CoP). It directed the CoP to file a compliance report within a maximum period of seven days from the date of order, along with photographs and details

IMA Goa opens paid Covid care centre

The Indian Medical Association (IMA) Goa State Branch has announced the starting of paid covid care centres for asymptomatic and mildly symptomatic covid positive patients. The facility has been opened at Hotel Ocean Residency located at Colva. Patients will be given a kit consisting of essential medicines and antibiotics.

IMA doctors will also provide tele-consultation to admitted patients free of charge roundthe-clock. The cost per room for a single patient will be `2800 per day and the cost for a double room for two patients shall be `4500 per day where 12% GST will be applicable. The charges are inclusive of all meals. Inpatients will be provided

with a digital thermometer and oximetre which will be on a returnable basis. IMA Goa shall also install on-site oxygen concentrators and electric steamers for use of patients free of cost, stated Dr Rufino Monteiro, President of IMA-Goa. He further said that covid positive patients will be kept in the centre for a total of seven days, as per the central government guidelines. Patients will be issued a signed certification for successful completion of the quarantine period. The service will be available to medical professionals at a concession of 25% on room rates. Dr A Samuel, past president of IMA-Goa is the designated in-charge of the project

EOI invited for supply upkeep of e-vehicles

Kadamba Transport Corporation (KTC), Imagine Panaji Smart City Development Limited (IPSCDL) and Goa Tourism Development Corporation (GTDC) have invited an expression of interest (EOI) for supply, operation and maintenance of electric buses in Goa, along with allied infrastructure in Panaji and surrounding areas on a hybrid net cost contract basis. Agencies interested in participating in the EOI have been invited to submit their queries, feedback and

suggestions towards a preNIT conference. The last date for receipt of written queries, feedback and suggestions via e-mail is January 24, up to 3.30 p.m. The detailed EOI document is available on the Goa tourism website

Former President of Goa Chamber of Commerce and Industry, MANGUIRISH PAI RAIKER walks down memory lane to list out the highlights of Goa’s tryst with industry in the post-Liberation era

60 YEARS OF GOA’S INDUSTRY

E

ntering the diamond jubilee year since its liberation from Portuguese colonial rule, Goa takes pride in showcasing its industrial progress till date.

Taking this opportunity to list and analyse the assets as well as liabilities that have become a part of this region, helps to unfold the industrial history.

Goa was the last territory to join mainstream India, nearly fourteen years after its independence.

The stocktaking also becomes pertinent as it provides a graph of the progress made by this region, first as a Union Territory and then a fullfledged State.

Though sixty years may be too small a time in the life of a region, so as to derive its achievements, nonetheless it certainly makes one aware of the direction – right or wrong

– in which it is heading.

Last off the Block A land which was forcefully ruled by the Portuguese for over 450 years, first as its colony and then as an overseas province, was a totally backward and undeveloped region until its liberation from the colonial regime on December 19, 1961, when the Indian Army commenced with ‘Operation Vijay’ resulting in the annexation of

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ILLUSTRATION: GOVIT MORAJKAR

COVER STORY

The newly liberated Goa also made a quick foray into the industrial sector by inviting investments @businessgoa from major companies. The industrialization of the region began with the Birlas setting up Zuari Agro Chemicals, manufacturing chemical fertilizers; besides other prestigious companies like Madras Rubber Factory (MRF) and the then Ciba-Geigy establishing their factories

Image courtesy: Zuari Agro Chemicals

Goa, Daman and Diu into the Indian Union.

In the pre-Liberation era, Goa had an agrarian society with almost eighty six percent population dependent on it.

Mining had just about begun to take shape and very few got employed in that sector. Goa had neither an industrial set up, nor any avenues for jobs except for traditional skills like carpentry, blacksmith, bakery and seasonal brewing of cashew and coconut feni; and of course, fishing – in the traditional, un-mechanised format, which was one of the principle occupations.

14 years Economic Benefits of Goa Liberation The Portuguese dominated region provided few opportunities for basic education, and virtually no opportunities for higher education. It had neither industrial set up, nor any avenues for jobs. The life of the common man was at the mercy of the then existing feudal economy mostly toiling in the farms or fields. Breaking free from the shackles of slavery, Goa, which along with Daman and Diu was made into a centrally administered Union Territory of India, needed to stand on its feet, become a self-sustained region and compete with other States of the country that had already achieved independence 14 years earlier. The task became economically far more daunting as Goa had lost out on two Five-Year Plans that had provided the rest of the country a valuable lead in

economic growth. However, this smallest region in the country by way of area, took up the gauntlet, and proved its mettle in the next six decades, with successive governments ensuring that the common man – the toddy tapper, the farmer, the fisherman and the coconut plucker among others – was the centre of focus of their governance.

The gates, albeit, opened for the growth and development of the region.

Education: Game Changer The Liberation of Goa took education to the doorsteps of the people, with schools opened in virtually every village, in every taluka.

The number of government schools in the primary sector has presently reached 938, while there are 176 government-aided primary schools. In the upper primary category, there are 130 government schools and 291 government-aided schools. A number of higher education colleges imparting education in almost every discipline and a university also came up in the State immediately after Liberation.

Thus providing facility to complete graduation studies, post-graduation and research in various faculties, within the State. The government further ensured that every taluka had at least one

Manguirish Pai Raiker is associated with many associations in Goa, some of which he has led with great success. His way of taking all stakeholders along and treating each one with respect and dignity is the mark of his leadership quality. He was the President of Goa Chamber of Commerce and Industry (2011-13), Chairman of Goa Management Association (200810); Green Triangle Society, Ex-NCC Cadets Association, Bharat Scouts and Guides and many more. He has had the privilege of being nominated as the vice chairman of MSSIDC in Maharashtra and endeared himself to the business fraternity in the neighbouring state, as well.

A first generation entrepreneur who committed himself to hard work and with disciplined life style made a mark for himself in the manufacturing sector. He rose to the national level being today a senior managing committee member of both FICCI and ASSOCHAM, which are prestigious industry and trade associations. He also chairs the National MSME Council and the Goa State Council of ASSOCHAM. He seats on several central committees including National Board for MSME and empowerment committee for MSME at RBI. He was awarded National Award for Excellence in Entrepreneurship in 1988 and Manager of the year Award in 2002 besides hosts of awards from various other organisations.

He has served as member of State Sales Tax Advisory Committee, State Labour Advisory Committee, Labour Welfare Board, Sports Authority of Goa, Entertainment Society of Goa and various other boards. He is also associated with sports, educational and cultural organizations and is one of the main promoters of Indian Spastic Society, Goa Chapter and also on the Vice Chairman of India Red Cross Society, Goa Chapter. He is an acclaimed trainer and has unique distinction of being an Indian to conduct training for SAARC academy in Sri Lanka.

He started the first school of agriculture and then a community college (Ramanata Crisna Pai Raikar School Of Agriculture), at Savoi-Verem, which provided opportunity for the Goan youth to gain knowledge of agriculture free of cost

degree college. Furthermore, professional colleges in engineering, architecture and dentistry were established, while the existing medical and pharmacy colleges were upgraded. Education in Goa took a new turn when the region progressed from being the post-graduate Centre of Bombay University to its very own Goa University, which came into being established in 1985. The circle is complete with the State being now chosen to set up the National Institute of Technology campus as well as IIT-Goa campus. Goa already has a BITS Pilani extension campus.

Industry Beckons The newly liberated Goa also made a quick foray into the industrial sector by inviting investments from major companies. The industrialisation of the region began with the Birlas setting up Zuari Agro Chemicals, manufacturing chemical fertilizers. Soon after, other prestigious companies like Madras Rubber Factory (MRF) and the then CibaGeigy established their factories. Presently, Goa has over 7000 small scale industrial units as well as 150 large and medium scale industries employing over 55,000 people. The State has also developed 20 industrial estates; some of them established at Verna, Kundaim, Corlim, Tivim, Honda, Madkai, Sancoale, attracting leading companies to set up their shops. The farsightedness of

JANUARY 2022 | BUSINESS GOA INDUSTRY DOSSIER | 15

COVER STORY

@businessgoamagazine

EODB is a major hurdle which has affected industrial investment in Goa: Ralph de Sousa Goa attained freedom on 19th December 1961. The initial years went towards stabilisation and aligning with mainstream India.

At a time when the entire country was driven by Nehru’s vision of investments in industries and higher education as an apparatus of development, Goa, through Dayanand Bandodkar’s governance, prioritised human developments through schooling and health.

He did promote certain Industries with the two major Zuari Agro plant coming up in 1970 and MRF in 1971, followed by CIBA Geigy in Corlim, Old Goa. All along, Bandodkar’s focus remained steadfast on human development.

This prescient approach, which persisted right until statehood in 1987, is barely understood and even less acknowledged in the rest of India. Nonetheless, it laid the foundation for the State’s contemporary successes in human development, which underlines its vaunted quality of life.

Things changed rapidly after 2000. The famously idyllic coastline unexpectedly became one of the most

the government and special income tax exemption scheme also resulted in attracting pharmaceutical investments in Goa, with over 80 reputed companies in this environment-friendly sector, presently generating a total revenue of over `2,400 crore, and constituting roughly 12 per cent of the total drug production in the country.

Nearly seventy percent of the production is exported and thirty percent consumed in the domestic market.

Besides these, other sectors including light engineering, machinery manufacturing, food processing, automobile

RALPH DE SOUSA

President, Goa Chamber of Commerce and Industry

highly sought after New Year’s destinations in the world.

Goa’s tourism brand soared to global renown, then crashed once again when the State started becoming paralyzed beyond capacity during high season. From 2010, if the government figures are to be believed, the total number of visitors spiked past two million, it has been a madhouse: three million in 2013, four in 2015, five in 2016, and both 2018 and 2019 crossed an eye-watering eight million!

Mining was the most lucrative sector which peaked during 2005-2010, but was badly affected due to mismanagement, both on ancillaries, bus body building etc. are also functioning in Goa. Service Sector & Logistics Hub: The New Horizon Service industry is also taking shape in Goa, now.

The IT industry, which was in a nascent stage so far, has started growing wings as more and more budding entrepreneurs have come forward with innovative ideas and launched their startup ventures with great degree of success. Incubation centres in the State has also helped the establishment and growth of this sector.

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the Government front and the influx of fly-by-night operators. Mining stopped in 2012 with a trickle over the years and has badly hit the core Goan economy.

The Government has done practically nothing to re-start with hollow promises and on paper solutions, which are not practical.

The saving grace for Goan industry came through the pharma sector today, which accounts for almost 12% of India’s pharma exports.

Currently, EODB is a major hurdle which has affected industrial investment in Goa and sustaining current industrial operations. The statutory governance was badly lost with the Late Chief Minister Manohar Parrikar shifting to the Centre and thereafter down with health issues. His successors were unable to sustain the speed of industrial development which is down to a trickle.

Sluggish pace of decision making, projects that take too long to fructify, presence of industrial units that burden the environment, slow generation of local employment, are some of the issues cited that has gone against the State becoming

a manufacturing or service hub.

Light engineering, electronics, automobile value chain, food processing, Information Technology, Goa as an education hub are sectors that should be promoted.

Goa cannot develop as a manufacturing hub as neither does it have the raw material nor the market.

The production has to go out of the State. There is a huge scope for EOU units with the MOPA airport coming up.

The Government (Central) has supported with state-of-the-art infrastructure but it has left to the local Government to promote industrial growth. The Goa Investment Promotion and Faclitation Board is trying its best to attract investments, but it needs support in terms of land allotment, power and other infrastructural facilities.

It is pertinent to note that we are still far away from what was envisaged for Goa in 1961. It is time we look back at the opportunities missed and draw up a ‘Vision for Goan Industrial Sector’ for the next 10 years, considering sustainable industries in terms of economy as well as the environment

Besides this, logistics also started taking shape. Since Goa is blessed with a port, airport, railway and road network, connecting other parts of the country is easier and hence it requires a good strategic planning and implementation for this sector to develop. Logistics has great employment potential and the local population is in tune for these jobs. Warehousing is a big business and has good scope for development in the State.

Marine waterways transport can be developed to connect coastal States like Gujarat, Maharashtra,

Karnataka and Goa, facilitating the trade from the hinterlands. This will help ease the pressure on the roads and also save fuel through this cheaper mode of transport.

Service industry has great potential for growth.

The Sun & Sand Advantage Tourism, forming a major backbone of the Goan economy, saw major hotel industry brands like Taj setting up their hospitality projects in the State. Currently, every major resort property brand on the international circuit has its presence in Goa. The number of tourists annually

COVER STORY

@businessgoa

Goa should opt for sustainable development: Robert Mendonsa We congratulate the people of our Goa for not only winning its freedom, 60 years ago, but converting the rich resources of our land to its advantage for posterity.

Mother Nature’s bounty can be experienced all around, the red brown soil for mining, from which evolves a cross country flow of scenic greenery, the beaches for attracting tourism, supported by an excellent airport, with an array of globally aligned hotels and resorts.

In the midst of all of this natural beauty are our numerous industrial zones, that manufacture for varied business segments. visiting the state has touched upwards of three million, with more than thousand direct charter flights landing in Goa. This facilitates direct entry of tourists from different parts of the world, with Goa being known as one of the leading tourism centres on the international circuit. Tourism, so far, has been developed only along the coastal areas.

There is treemendous scope for promoting hinterlands to the visitors thereby also helping local folk art, agriproducts and handicrafts to find market.

Art and culture has always been the pride of Goa, and successive governments never once let this fact go out of their sight. Kala Academy, the premier art and culture institution in the State provides a number of platforms to those engaging in performing arts. It also provides training in dance, music and drama to desiring students. The Goa College of Music widened the scope for acquiring knowledge in various facets of music. Goa, which has been blessed by a number of beautiful temples, churches and mosques, received the providential blessing whenever it faced any eventuality, and the situation

I am an ardent reader of Business Goa, and though sitting in Mumbai at our HQ, I am able to keep abreast of all the latest developments being undertaken by the private sector and Government of Goa. Let us not rest on our laurels, I hope the warmth of the Goan community and their love for the land and culture, along with the NGOs of Goa, will stay vigilant and ensure that my ‘Home State’ is developed by keeping the Sustainable Developmental Goals of 2050 at the fore and always in mind

ROBERT MENDONSA

Chairman and Managing Director, Lawrence & Mayo Group

turned in favour of Goa. Struggle for Identity The Opinion Poll fought for the very existence of Goa in 1967, not only ensured that Goa maintained its individual identity, but also helped Goa to evolve as a part of India with a unique culture. When Goa faced yet another threat in the form of language agitation in 1986, the event not only resulted in getting Konkani the status of an Official State Language, but ensured that the region with its own language was declared as the 25th State of the country. In the year 1992, Konkani was included in the VIIIth Schedule of the Indian Constitution.

Lights, Camera, Action Since 2004, Goa made a mark on the international level by becoming the permanent venue for hosting the

18 | BUSINESS GOA INDUSTRY DOSSIER | JANUARY 2022

IFFI has upped Goa’s profile

prestigious International Film Festival of India. Goa being blessed with natural beauty has inherent strengths too, there are artists, directors, film editors, musicians of national and international repute who can contribute to this industry. This has also helped Goa to be a destination for national and international cinema shootings. Cinema industry as well as producing programs for the smaller screens is gaining a foothold in Goa. This also has given opportunity to start a film city in the State; as well as ancillaries like sound, editing, dubbing studios – enabling ease in the process of film making.

The Road Ahead Liberation also saw massive improvement in infrastructure such as roads, electricity and water supply; arrival of Konkan Railway in the State; and improvement in a number of sectors including transport, aviation, port, irrigation, fishery, health and finally literacy, which has crossed the 88 percent mark in the State.

The road ahead is long but not difficult. Goa is all set to have a new Regional Plan, a sports city, a film

city, a sea-link bridge and an international airport at Mopa, North Goa. The Government is willing to provide more and more facilities to Goans, so that the life of a common man is no different from that of a rich and influential person.

Six decades later, what appeared like a distant dream on December 19, 1961, has become a pleasant reality. The government and the people together have successfully attained this goal, while preserving the strong, secular fabric of the Goan society.

The stage is set for the State to move on in the next 40 years, and the only way it can go is up, higher up to become number one State in the country and be hailed as a model State. In doing so, it is also expected to meet the aspirations of the next generation and at the same time preserve the fragile ecology, bountiful nature and our charming heritage structures. We need to pass on to the next generation what we inherited from our predecessors, while also planning sustainable development in order to be in sync with the new world order www.businessgoa.in

FOCUS GOA / TAXATION

business-goa

Staying Ahead of the Finance Curve in 2022 The writer explains the important financial and tax changes to look out for in the New Year

By CA. ROHAN BHANDARE

A

lthough the start of the new year is the best time for resolutions and goal settings, businesses usually save their planning for the start of the financial year.

One business resolution which is sometimes carried forward year on year is to finalise the books of accounts much before the timelines. To help achieve this resolution, let us break down this large resolution into mini resolutions and stay ahead of the curve. Here are certain important finance and tax changes to look out for in the year 2022 along with the resolutions: A. Changes in Goods and Services Tax w.e.f. 1st January 2022 Revision in GST Rates: Just like many of us were working on our Income Tax Return filings on 31st December, the GST Council was also in business on the last day of the year, deferring the much debated GST rate hike of textiles. However, the hike in GST rates for the footwear sector, e-commerce sector and government sector have taken place as notified w.e.f.

1st January 2022.

GSTR-1 filing allowed only after filing preceding month GSTR-3B: Upto 31st December 2021, taxpayers (suppliers) were not able to file GSTR-1 if they had pending GSTR-3B filings for the past two months. From 1st January 2022, taxpayers cannot file the GSTR-1 if the preceding month’s GSTR-3B is not filed. Example: If the supplier does not file GSTR1 for the month of January 2022, he shall not be allowed to file GSTR-3B for the month of February 2022.

Self-Assessed Tax: A new explanation to Section 75(12) has been inserted to the effect

that the output tax relating to any invoices which are reported in GSTR-1 but not included in GSTR-3B shall be considered to be self-assessed tax for the purposes of section 75. The aforesaid amendment shall allow the Department to directly initiate recovery in respect of the said selfassessed tax.

Input Tax Credit: The taxpayer had been allowed to claim input tax credit (ITC) based on the four conditions mentioned in Section 16 of the CGST Act. However, a fifth condition by way of clause (aa) to Section 16(2) had been inserted by the government, wherein the eligibility of the ITC shall be contingent upon the vendors furnishing the invoice/debit note details in their GSTR-1 and such details are communicated to the recipient. From 01.01.2022, the current 5% provisional ITC benefit has also been withdrawn, and the ITC in respect of invoice/debit note can be claimed only if the details of the same are reflected in GSTR-2B. Resolution: Gone are the days where accounting was like the police in old Bollywood filmsalways arriving much later than the actual transaction. GST has ensured that the sales and purchases/ expenditures are not only booked correctly but timely as well. Changes in GST rates do not only take place in yearly Union Budgets, but need to be tracked regularly.

With no concept of revising returns in GST, any mismatch not only affects your finances but affects your relationship with your valued customers, as well. With the GST training wheels coming off, businesses will have to invest in adequate accounting resources and review the GST compliance levels of their suppliers.

20 | BUSINESS GOA INDUSTRY DOSSIER | JANUARY 2022

B. Income Tax Compliances The newly launched Annual Information Statement (AIS) / Taxpayer Information Summary (TIS) have already given us a glimpse of the data mining prowess of the Income Tax Department.

The extensive Annual Information Statement captures information beyond the TDS, TCS and tax payment and includes additional details relating to savings bank interest income, dividend, securities transactions, mutual fund transactions, foreign remittances. The new Income Tax portal will also release additional features to make tax filing simpler and easier.

The Faceless Assessments and the recently notified Faceless Appeals Scheme could be at full throttle in the Year 2022.

Resolution: With interactions with Income Tax offices increasingly becoming faceless, businesses would need to maintain robust documentation and hone their drafting skills for clearer representations. Since assessments are becoming speedier and time bound, businesses would also need to invest in technology to avoid spending unnecessary energies on the reconciliations of amounts disclosed under direct and indirect tax laws.

C. Audit Trail for Companies For the financial years commencing on or after 1st April 2022, it is mandatory for companies (irrespective of the amount of paid-up capital or turnover) to use accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility. This amendment is a substantial change in the manner of accounting transactions, and will ensure transparency and stronger internal control systems.

Resolution: Companies would need to consult their software vendors to add this feature to their accounting software.

Further, companies would also need to ensure that the audit trail feature cannot be disabled during the year.

D. New Schedule III Format for Companies The Ministry of Corporate Affairs has amended the Schedule III of the Companies Act, 2013, which particularly pertains to the Companies’ financial statements ending March 2022 (irrespective of the amount of paid up capital or turnover).

Reports which earlier only formed part of your MIS and review meetings may now form part of your signed financial statements.

Companies now have to disclose the Ageing Schedules of Trade Receivables, Trade Payables, and Capital Work in Progress in their Financial Statements.

There are 11 types of ratios which would form part of the Financial Statements, including net profit ratio, return on equity ratio, trade receivables turnover ratio, and inventory turnover ratio.

Where the Company has borrowings from banks or financial institutions on the basis of security of current assets, it shall disclose whether the quarterly returns or statements of current assets filed by the Company with such banks or financial institutions are in agreement with the books of accounts.

Even details of crypto currency or virtual currency have to be separately disclosed in the financial statements.

Resolution: Companies could start working on the disclosures and ratios with the amounts finalised for F.Y. 2020-21 right away, since companies would need to disclose previous year ratios as CONTINUED ON PAGE 22>

FOCUS GOA / MINING

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Cabinet approves policy for regulating iron ore Goa cabinet approved a policy to permit the export of iron ore dumps, which will allow the dumps The resumption of mining activity in the State for the next four to five years

By SYBIL RODRIGUES

W

ith an eye on the upcoming Assembly Elections in the State, the Goa cabinet approved a Policy to permit the export of iron ore dumps, which will allow the resumption of mining activity in the State for the next four to five years.

After chairing a cabinet meeting at the Secratariat, Chief Minister Pramod Sawant stated that 10 to 20 million metric tonnes of the low-grade iron ore was lying at different locations outside the mining leases, which can be exported as part of the policy, so as to restart mining activities.

“Goa has enough ore to sustain the mining activity for the next four to five years.

This ore is lying across the State at different places. The State Government’s policy will regularise mining dumps on government and private lands,” he said.

“The cabinet decision approving the Policy for handling iron ore dumps lying outside leases in private and government land will help in resumption of the mining activities. Around 10 to 20 million tonne below threshold ore, which presently lies dumped outside the mining

leases, will be permitted to be exported,” he explained.

The Chief Minister further said that in the past, the State Land Revenue Code had empowered the State Government to impose fines in case of where the land is used for dumping mining rejects or similar materials without the permission.

“We have collected fines to the tune of `200 crore in 2013-14 from people who had dumped the ore outside the mining leases. Those who have paid the fines will be allowed to move the dumps after taking permission from the Indian Bureau of Mines and paying royalty payment as per the Policy,” he said.

Sawant said that the dumps are allowed to be exported through the recent amendment to Minerals

“Goa has enough ore to sustain the mining activity for the next four to five years.

This ore is lying across the State at different places. The State Government’s policy will regularise mining dumps on government and private lands”

PRAMOD SAWANT Chief Minister, Goa

(Other than Atomic and Hydro Carbons Energy Mineral) Concession (Amendment) Rules, 2021 that came into force from November 12, 2021.

As per the Central rule, the State Government can permit the lessee to dispose of the mineral by taking permission from the Indian Bureau of Mines and paying the royalty to the State Government, while additional environmental clearances will not be required, Sawant explained.

The ore, which was overburdened, waste rock or below the threshold value generated during the course of mining or beneficiation of the minerals, can be exported, the Chief Minister added.

The cabinet also finalised the rate for e-auctioning of the iron ore.

“The second ore e-auctioning will take place within the next 15 days. The process of auctioning of iron ore blocks will start soon, as the government has already initiated talks with the State Bank of India,” he added.

Mining activities came to a standstill in Goa in March 2018 after the Supreme Court quashed 88 leases and banned extraction of iron ore

<CONTINUED FROM PAGE 20

well as give an explanation in case the ratio has changed by more than 25% as compared to the previous year.

The ageing reports and borrowing disclosure would also help banks in their compliance checks and could save time on anyreconciliation.

prominence of environmental, social, and governance (ESG) parameters in the times to come. The new report will compel organisations to holistically engage with stakeholders and go beyond regulatory compliance in terms of business measures and reporting.

E. Business Responsibility and Sustainability Report (BRSR) Although this report is mandatory only for the top 1,000 listed companies by market capitalisation from FY 2022-23, it is a sign of the

Resolution: The ESG parameters could prove to be major factors at the time of fund raising, credit rating, and mergers / acquisitions in the years to come. It could be a roadmap for smaller businesses and startups to

22 | BUSINESS GOA INDUSTRY DOSSIER | JANUARY 2022

be more agile and adapt themselves to the ever changing world.

The Way Forward Listed entities generally signed off their financial statements ending 31st March by the succeeding months of April and May, while other businesses traditionally took a longer time to finalise their books of accounts.

However, the game changing direct and indirect tax provisions have compelled other businesses to keep up to date.

If businesses embrace

digitalisation and put adequate internal control systems in place at the start of the year 2022 and leverage the emergence of stricter GST norms, a comprehensive annual information statement and revised disclosures for companies under Schedule III, they would not only tick off this long pending resolution, but could turn this resolution into a habit The writer is a Chartered Accountant and elected member of Goa Management Association’s Executive Commitee. He also chairs the Taxation Committee of Goa Chamber of Commerce and Industry.

Email: rohanbhandare@gmail.com

ACCOLADES

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Dempo & Marathe win Google’s Coding Contest Venkatesh Dempo and Viraj Marathe make Goa proud by winning the Google Code To Learn Contest

G

oa has no dearth of talent when it comes to the younger generation. Recently, two young boys won the National level ‘Google Code To Learn Contest 2021,’ where Venkatesh Dempo was declared the winner for his app ‘Tourism De Goa’ and Viraj Marathe’s app ‘Covi companion’ was among the shortlisted 10 apps.

Venkatesh is a sixth standard student of Sharada Mandir School and says that the idea of the app came up when Goa saw a drop in tourist activity due to the pandemic.

To make it easier for tourists, Venkatesh designed the mobile application using MIT App Inventor. It has a wide variety of features which guides a tourist to different areas such as temples, museums, beaches, hotels and has information about Goan culture and cuisines.

Venkatesh says, “Goa is the tourism capital of India and many tourists visit this beautiful place every year.”

He plans to improvise on the app by making a couple of modifications and then launch it on Playstore.

Venkatesh developed an interest in coding around two years ago when he attended

Venkatesh Dempo

Viraj Marathe

a workshop with his friend, where he was introduced to robotics and coding – this compelled him to take it up.

Venkatesh attributes his success to Ashwin Labs of Robo Fun Lab, where through an online course, he learnt to build apps and used that knowledge to work on ‘Tourism De Goa.’ He says that the exposure to the competition on a national level helped him learn new codes, use new extensions and overcome bugs.

Venkatesh has plans of becoming an engineer from IIT and wants to open his own company to teach children

for free. His YouTube channel Dempo Robotics Academy Goa displays his work.

The app ‘Covi companion’ was developed by Viraj Marathe, a sixth standard student from Dr K B Hedgewar Vidyamandir, Sakhali, using the MIT app inventor. Viraj approached his parents who are both doctors to learn more about covid and treatment of the virus. He explains that the app helps patients who have tested positive for covid to keep a check on their parameters during the isolation/ quarantine period of 15 days.

The App has inbuilt features

24 | BUSINESS GOA INDUSTRY DOSSIER | JANUARY 2022

like Daily check, Pedometer, Covid-19 info, Cowin info, and a graph that helps the doctor and patient keep track of the progress.

Viraj says that the advantage of the app is that it is user friendly and allows the patient to share data with the doctor remotely. It took around ten days to finish working on the app and Viraj adds that he has built apps in the past and created websites in the last few years.

Apart from coding, Viraj spends his time writing, playing music, photography and playing badminton and plans on getting into a career in programming.

This is a feat that has made Goa proud. This is not the first achievement by these two students. LegoGoa students have emerged victorious in such types of competitions where they compete with the best talent in the country.

The group has been steadily making a name for themselves not only in India but even at global competitions like the annual World Robotics Olympiad, National level championship.

This is only the beginning of their success and achievements

INTERVIEW

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PRAVIN SATARDEKAR | CHAIRMAN, INSTITUTE OF COMPANY SECRETARIES OF INDIA, GOA CHAPTER

“ICSI will channel efforts to accentuate the scope available for CS professionals due to changes in the business environment and the impact of globalisation”

Pravin Satardekar, recently elected Chairman of Institute of Company Secretaries of India, Goa Chapter, speaks on his plans for his tenure and lists out challenges faced in the realm of corporate governance in Goa

As Chairman of Goa Chapter of ICSI, what will be your focus areas?

The kind of programs that we conduct for our members, as well as other professionals, is of high quality, despite Goa being the smallest chapter of ICSI across India. Conducting more qualitative programs would be the key focus for me and the team.

We would like to channel our resources and efforts to accentuate the scope available for company secretary professionals due to changes in the business environment and the impact of globalisation. The Board of Directors, business owners, CEOs look up to the crucial advice and consultation from company secretaries to ensure that the business dealings/ transactions are in line with the regulatory requirements and conducted ethically.

There are many other areas where we can commence work as a chapter and build a good brand for our professionals to perform and exhibit their skill-set to resolve industry issues. The Chapter is also responsible for developing the next generation of skilled and ethical professionals. We wish to conduct various events and program for students with a focus to hone their skills and make them future-ready.

What have been the various initiatives of ICSI in the last few terms?

The Institute of Company Secretaries of India (ICSI) is a premier national professional body constituted under an Act of Parliament i.e., the Company Secretaries Act, 1980 to regulate and develop the profession of Company Secretaries. The Goa Chapter

of ICSI is one of the Chapters falling under the Western India Region of ICSI and was established in February 1978.

From the perspective of the ICSI and awareness about CS as a profession, the Chapter has conducted various successful events and activities where many influential heads of State Government Departments have participated in the seminars organised by the Goa Chapter of ICSI. The former Chief Minister of Goa has also addressed student conferences and annual regional conferences of GoaICSI. The Goa Chapter has organised various successful events such as national conventions and student conferences over the years.

The ICSI Annual Regional Conference was conducted in the year 2000, 2017, and 2021 For all these programmes, the Chapter has enjoyed a lot of support from local corporate houses from time to time.

Currently, the Goa chapter is graded as a Silver chapter with over 150 zestful members and 500 plus students. The Chapter has entered into academic collaborations with colleges in Goa and organises webinars for students where we explain and guide them about the curriculum of the course. In the previous year, Goa Chapter has conducted around 25 plus career awareness programs and webinars. On the social front, we organised a blood

26 | BUSINESS GOA INDUSTRY DOSSIER | JANUARY 2022

Pravin Satardekar

donation drive, entered into an MoU with Wockhardt Hospital for special medical treatment of our members and students, tree plantation drive, and planted more than 100 trees in collaboration with the plant nursery, Roopkesari Vatika. In line with the ICSI guidelines, Goa Chapter has implemented an exceptional ‘Shaheed ki Beti’ concept whereby the corpus generated out of this scheme is used for providing financial support to the girl child of army martyrs for her higher education.

Tell us about your team and what they bring to the table?

I am glad to have a wonderful team with me on this journey. That makes my stint more enjoyable and full of excitement. My team includes CS Priya Chimulkar, ViceChairman; CS Swapnil Dixit, Secretary; CS Narendra Shirodkar, Treasurer; CS Divya S. Pai Vernekar, Member; CS Abhijit Gaonkar, Member; and CS Abhijit Rane, Member. With a balanced mix of professionals from employment and practice, collectively the team brings in a wide range

of industry experience and expertise. Advocate Rama S. Ramarao, Faculty, and Career Councillor has been a great support to the Chapter and has spearheaded career counselling and other student related programs very effectively. I am sure that with all of my committee colleagues and Vasant Kerkar and Neha Gawas from the office staff, we as a team will be able to add value to the chapter activities and be of service to our members and the industry.

There has been a lot of changes to the Companies Act. How do you plan to sensitise industry to these changes?

Yes, the ways and practices in which the businesses operate have undergone a sea change. Globalisation has added further pressure on it, demanding the implementation of international standards and regulations in the compliance systems. No doubt, more than the 50 years old Companies Act was also finally revamped by the Government of India in 2013. The new Act posed mammoth compliance issues like addressing related party transactions, appointment, and terms of independent directors, increased roles, and responsibilities of directors, appointment of Statutory Auditors, Mandatory Secretarial Audits, etc. On a larger scale, the data of corporates are being synchronised with that of Income-tax (direct tax) and GST (indirect tax).

The emphasis from the regulator is on ‘disclosure’ and ‘compliance’, which welltrained CS professionals could ensure for the corporates.

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You may know that the Proxy Advisory Institutions provide advisory services to the investors recommending to them the effect of their vote in their shareholding and other corporate decisions. Having a qualified CS professional to study all such intricate corporate matters and adopting the best governance approach would certainly pay off in the long run.

The ICSI plays a key role by prescribing its standards/advisories while addressing such issues.

Various programs preferably held jointly with regulatory bodies are conducted for professionals and business executives to understand the legal requirements and how to ensure compliance.

The Chapter/ICSI can act as a link between the industry and regulators. On many occasions, representations

are made by the ICSI to the Ministry of Corporate Affairs or such other regulators explaining the ground difficulties faced by the industries and have availed the necessary reliefs for corporates like extension in filing returns, conducting of Board or Shareholders Meeting, etc.

What challenges do you foresee in the realm of corporate governance in Goa? What is ICSI’s plan to mitigate these challenges?

Unfortunately, ‘Corporate Governance’ has just remained a buzzword and is followed by a very few in its true spirit. The organisations which has understood this have been reaping benefits in terms of investors’ trust, better corporate image, public faith, and government support. Goa has witnessed less industrialisation as

compared to other States, that too concentrated only in a few select areas like tourism, agriculture, shipbuilding, mining, etc. However, it is worth noting that those prominent business houses in Goa which could integrate best governance practices into their business are still afloat despite facing many challenges and continuously scaling some greater heights.

Corporate Governance is not a static phenomenon.

It is ever-evolving and that is where there is a need for professionals who can drive the business organisation towards the balanced betterment of all stakeholders.

What initiatives have you planned to bring industry closer to the ICSI Goa chapter?

I am of the firm belief that there is a lot of potential for CS professionals in the industry and they can

genuinely contribute in more areas than just in the company law compliance.

The chapter cannot afford to function in isolation. It needs to have onboard Goan industrialists while being able to understand their views, expectations, and plan accordingly to deliver what is in demand. Our courses, study materials, industrial training everything shall be in sync with the industry requirements. We would like to invite business people and industry experts from all diverse areas to interact with our members/students, so that the bond grows stronger.

We need to join hands with more professional bodies like GCCI, CII, GMA, GIM, and other industrial forums where industry people interact regularly to draw more synergies between these institutions and offer the best skill-sets to the industry

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ORGANISATION / Yi GOA

Leading by Example

Y

Jayesh Raikar

oung Indians (Yi) is a movement for Indian Youth to converge, lead, cocreate and influence India’s future. Yi, formed in 2002 as an integral part of the Confederation of Indian Industry (CII), has created a platform for young Indians to work towards realising a dream of a developed nation. Yi has an inclusive membership across its pan-India 55 city chapters network comprising over 3900 direct members, who represent young progressive Indians between the age group of 21-45 years comprising entrepreneurs, professionals, and achievers from different walks of life and Yi stakeholders which include 30,000 YUVA college students, 2,80,000+ school children and 92 rural communities across the country. Through thousands of impactful projects and activities divided primarily into three areas namely youth leadership, nation building and thought leadership, Yi aims to emerge as the premier

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With Jayesh Raikar at the helm (2021), Yi Goa was able to achieve its objectives of Youth Leadership, Nation Building and Thought Leadership

Yi Goa Learning Session ‘Carving Your Role in the Family Business’ by Sunil Dias, Director, CDI Global India & Partner, IV Advisors

Indian youth organisation having a voice on relevant platforms that work on solving India’s problems.

Jayesh Raikar, whose term as Chairman of Yi Goa Chapter ended in December 2021, stated that their vision for 2021 was to undertake activities and projects benefitting the rural youth and the population with special needs. “We started the year 2021 on the right note and executed impactful projects under the rural initiatives vertical. Under the covid relief initiative, Yi Goa supported a vaccination drive and also distributed pulse oximeters to several institutions. Even in difficult situations, our members did not stop from engaging with the youth, as we conducted several workshops in Yuva colleges and signed MOUs with two new colleges. The year 2021 required tenacity to withstand new challenges. I express my sincere thanks to the executive council for their never ending support, to the past chairs for the constant

guidance and to the members for their participation.”

During Raikar’s term, membership learning events conducted were relevant to member interests and saw participation from Yuva students imparting value added education. Some of the highlights of these events were: Yi Goa Annual Session: With the changing policy paradigm and a focus on improving ease of doing business to develop core strengths in the economy, Goa is emerging as an attractive destination for green field investments.

The CII Young Indians (Yi) Goa, organised a Session on ‘Enabling Inclusive Growth through Social Engagement’ on its Annual Day. This session saw deliberations by Shrinivas V Dempo, Past Chairman, CII (Western Region) and Chairman, Dempo Group, highlighting the importance of leading his business organisation with ethics and a caring attitude towards the employees during the toughest times and tiding

over all adversaries. Shekhar Sardesai was the key note speaker and elaborated on how his organisation achieved growth over the years and the ground-breaking leadership attributes adopted to channelise a social impact Yi Goa Pathfinder 2021: Yi Goa Chapter organised its Annual Pathfinder 2021 an initiative led by the chapter officer bearers where the Executive Council of the chapter for the year was structured along with a broad agenda for the year and various activities planned and deliberated across various verticals.

Learning Session on ‘IOT and Cloud: A Major Disruptor: A learning session was held for the Yi Goa Chapter members on ‘IOT & Cloud’: A Major Disruptor by Rohin Parker, Co-Founder and CEO, Mrinq Technologies.

Learning Session on carving your role in Family Business: A session on carving your role in family business was conducted by Sunil Dias, Director, CDI Global India and Partner, IV Advisors.

Yi Goa Annual Session 2021 chaired by Shrinivas Dempo; keynote speaker Shekhar Sardessai (Kineco Group); Release of the activity book for the term of outgoing Chair (2020), Anirudh Dempo

28 | BUSINESS GOA INDUSTRY DOSSIER | JANUARY 2022

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YUVA Orientation Session for students of Goa College of Home Science

Yi Goa Tree Sapling Plantation on World Environment Day

Learning Session and site Visit to Dr Kurade’s – Tropical Mushrooms Goa Pvt. Ltd.: A Learning Session and site visit to Dr Kurade’s mushroom farm at Usgao, Ponda was organised wherein Yi Members visited the farm witnessed the manufacturing setup of cultivating world class button mushrooms which initially started off from a 100 kg/day production facility to the one currently producing 7000 kg/day.

Learning Session on Motivated T.E.A.M.S. - Together Everyone Achieves More Success: Yi Goa Chapter organised a halfday game-based experiential teambuilding workshop ‘Motivated T.E.A.M.S. -Together Everyone Achieves More Success’ for the Goa chapter members.

Membership Engagement Visit to Savoi Plantation: Yi Goa Chapter organised a membership engagement session for all Chapter Members to Savoi Plantation.

Membership Engagement with families on the occasion of Children’s Day: On the Occasion of Children’s Day Yi Goa Chapter organised a day out for members and their families at a popular resort on Divar Island Goa. Membership Engagement Sunset Yacht Cruise: Yi Goa organised a sunset yacht cruise as part of membership engagement.

• Donation of pulse oximeters to Matruchaya Orphanage, Sneha Mandir Old Age Home and Sanjeevan Old Age Home, Ponda.

• Session on side effects of lockdowns on children.

• Awareness on safe touch and unsafe touch for school children in government primary schools in Goa.

YUVA Various programs and events were conducted under the YUVA vertical some of which are listed below: • Session on Entrepreneurial Mindset for

YUVA students of Narayan Zantye College of Commerce, Bicholim Goa. • Yi Goa Chapter distributed MS Office 365 licenses to colleges.

• Signing of YUVA MoU with Colleges: Yi Goa Chapter signed YUVA MoU’s with four colleges during the year.

• YUVA orientation session for students of Goa College of Home Science.

• Session on innovative tips and approaches for a Professional Career in an Era of Industry 4.0 for YUVA Students.

• Yi the future youth conclave 2021.

• Career job placement drives at YUVA Colleges.

• Learning Session on ‘Unleash Your Potential’ for YUVA students.

• Awareness about kidney health and kidney organ donation.

GIFT AN ORGAN The topic of organ donation was highlighted by Yi Goa. • Awareness about kidney health and kidney donation.

• Yi Goa motivating slogans on gift an organ.

• Session on ‘Life is Gift, Pass it On’.

• Walk / run on organ donation.

• Yi Goa video clip on importance of organ donation.

COVID RELIEF INITIATIVES The Yi Goa Chapter undertook varied covid relief initiatives such as: • Covid-19 vaccination drive with Kundaim Industrial Estate Industries Association.

RURAL INITIATIVES Yi Goa Chapter was thrilled to explore the rural youth talent and witness their out-of-the box ideas.

• CII-Young Indians Goa Chapter handed over a road bike to an upcoming talent at the 5th Edition of XAXTI 100.

• GDP TALKS - Talking Talukas - Rural Youth Rising.

• Donation of projectors under Smart School Project.

ROAD SAFETY Various road safety programs were held during the year for adults and children.

• Road Safety Awareness at Maruti Chowgule Industries Ltd. • CII-Young Indians Goa Chapter partnered with Xaxti Riders for the 5th Edition of XAXTI 100 for creating awareness and promoting Road safety.

• Yi Goa Treasure Hunt.

• Yi Essay Writing Competition on Road Safety.

• Buckle Up for My Family: A Yi Road Safety initiative.

• Yi Goa video on basic rules of Road safety in association with Goa Institute of Management.

CLIMATE CHANGE Another topic touched upon by Yi Goa was Climate

Change.

• Tree Sapling Plantation on World Environment Day. • Awareness on Climate Change Action Week.

ENTREPRENEURSHIP AND INNOVATION Career counselling session for Students of Government High School, Kumbharjua.

Yi Goa Chapter organised a Career Counseling Workshop for the students of Std. X, of Government High School, Kumbharjua, Goa on 07 January 2021. Erle Brito, Past Chair, Young Indians Goa Chapter was the resource person for the workshop.

ACCESSIBILTY Accessibility, having a holistic perspective also includes senior citizens who require assistance in their daily living.

Yi Goa identified the need to contribute in this area and executed two flagship projects under the Accessibility Vertical.

• Session on mental health issues in children and adults.

• Dedicated parking slots for specially abled persons at Mall de Goa. • Donation of Fowler beds.

• Yi Goa video clip on the importance of accessibility.

OTHER INITIATIVES • ‘Give Goa Project’ in association with Goa Institute of Management.

• Olympics Awareness Run. With nineteen years of a glorious past and decades ahead with promise and belief, Yi is evolving as an ever growing movement of young people with a conviction in ‘We Can, We Will’

JANUARY 2022 | BUSINESS GOA INDUSTRY DOSSIER | 29

NEW BIZ

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TATA STARBUCKS OPENS ITS FIRST STORE IN GOA AT MAGSONS TOWERS MIRAMAR

T

ata Starbucks Private Limited has launched its first store in Goa. Located at the plush Magsons Towers on D B Road, Miramar, Panaji, the store offers Starbucks signature beverages and food options and a warm and welcoming ‘Third Place’ for all.

“Goa is known for its hospitality, and we are glad to extend our premium Starbucks experience to the people of Goa. Our aim is to deliver an iconic coffee house experience to all our customers and create a welcoming ‘Third Place’ for the communities we serve.” said Sushant Dash, CEO, Tata Starbucks Pvt. Ltd. The store design takes inspiration from the architecture of the Fontainhas streets – the Latin Quarter of Goa, with its vibrant and colourful rhythm of facades and windows which is translated into the store through the rhythm of wall panels and mouldings. A large, commissioned mural by a young emerging Goan local artist – Osheen, depicts an empowered Siren image that complements the design,

serving as a backdrop for the café area while adding an extra layer of storytelling about the Starbucks heritage.

Another artwork that takes centre stage is inspired by the bio diversities (Quetzal bird, Elephant, Tiger) that are found in coffee origins, as well as the depiction of coffee botanicals. The artwork serves as an introduction for Starbucks new customers to the world of coffee, while celebrating the Portuguese influences.

In addition, customers are able to select from a range of Starbucks beverages including

the all-time favourites such as Java Chip Frappuccino®, Cafe Mocha, Signature Hot Chocolate and Caramel Macchiato. Customers can also enjoy the winter offerings such as Smoked Butterscotch Latte, Chocolate Truffle Cold Brew and Cocoa Chai Almond Latte. As an accompaniment to the array of coffee offerings, customers can choose from a range of food items such as Egg White & Chicken in Multigrain Croissant, Dutch Truffle Gateau, Red Velvet & Orange Cake, Chilli Cheese Toast, Basil Tomato & Mozzarella Cheese Sandwich,

“Goa is known for its hospitality, and we are glad to extend our premium Starbucks experience to the people of Goa. Our aim is to deliver an iconic coffee house experience to all our customers and create a welcoming ‘Third Place’ for the communities we serve” SUSHANT DASH

30 | BUSINESS GOA INDUSTRY DOSSIER | JANUARY 2022

CEO, Tata Starbucks Pvt Ltd

Butter Croissant, Kakori Kebab Wrap etc.

Starbucks will also bring My Starbucks Rewards™ loyalty program to the city, which provides members with rewards and personalised benefits as they make Starbucks a part of their daily lives. Starbucks merchandise and free Wi-Fi is available at the store.

Starbucks stores across the country have re-opened for dine-in and takeaways in line with the guidelines issued for the respective cities. With safety being of utmost priority, Tata Starbucks continues to observe round-the-clock cleaning, sanitizing, and additional precautions such as floor markers for social distancing in waiting areas, temperature checks for all partners and customers, and facial coverings and gloves for delivery executives and partners. Tata Starbucks has also introduced contactless order and payment methods, such as Mobile Order and Pay through the Starbucks India mobile application, so customers can enjoy a safe, familiar, and convenient Starbucks Experience

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CAMPUS

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VMSIIHE set to introduce ingenious B.Sc. Course in Culinary Arts Exemplifying its one-ofa-kind stride in the league of culinary pursuits, the prestigious V. M. Salgaocar Institute of International Hospitality Education (VMSIIHE), Goa, has announced the initiation of an internationally sound, highly personalised, and actively hands on program, the B.Sc. Culinary Arts. The incredibly immersive and practically oriented three year degree program is set to commence with much gusto from August 2022.

“This B.Sc. course synthesises in-depth exposure to diverse cuisines and gastronomic intricacies with state-of-the-art amenities and support services, striving to enable students to establish and evolve their very own culinary concept,” explained Prof Irfan Mirza, Director/ Principal of the institute.

The curriculum offers strong skilled based modules

V. M. Salgaocar Institute of International Hospitality Education campus

and management experience with all the elements of Food Production and Food Beverage & Service operations. An internship of six months at starred hotels in India has to be undertaken as a part of this program.

Explained Chef Sebastian Breitinger, Professor of Culinary Arts at VMSIIHE, “From learning how to source and select the choicest of ingredients and kitchen products to exploring and mastering the myriads of

methods in cooking, this course is customized to appeal to the zeal of every culinary connoisseur in the making.

Spanning across six semesters, this program has a total of 142 credits; on the culmination of which, a Bachelor of Science degree in Culinary Arts from the Goa University will be awarded to students.

Besides rigour in the course content and placement priorities through this program, the quintessential

VMSIIHE experience offers flamboyant recreational opportunities along with hostel facilities. Moreover, a congenial eligibility criteria coupled with a hassle-free academic environment culminates in a truly wholesome experience.

Addressing the multifaceted nature of this course, Prof. Mirza ascertains that it meets the aspirational needs of ambitious students seeking to make it big in the realm of hospitality.

With ultra-modern training kitchens and professional internships at renowned hotels and MNCs, students will stand to gain the best of both worlds.

A fantastic fusion of academia and industry, customary and contemporary, this program presents an avant-garde approach to the tried and tested patterns, thereby permitting it to become one of its kinds

Government of Goa, GIM upskills 400-plus ITI staffers via unique training programme

In a sterling example of collaboration between public and private sectors, over 400 employees of the Goa government’s Industrial Technical Institute (ITI), including instructors, nonteaching staff and senior officials, were upskilled in communication, pedagogy, innovation, life-skills, stress management and other critical aspects, as part of a unique training programme conducted jointly by the State Government’s Directorate of Skill Development (DSDE), and Goa Institute of

Management (GIM).

The training programme which was designed in 2019 was aimed at enhancing the capability of ITIs in Goa to enhance knowledge, skill and capability of teachers, sensitising the institute’s leaders on institutional development and positively developing the attitude of the institute’s non-teaching staffers.

The 400-plus employees were drawn from a cross-section of hierarchies of 10 ITIs in the State and was hosted at the GIM campus at Sanquelim recently

32 | BUSINESS GOA INDUSTRY DOSSIER | JANUARY 2022

BOOKSHELF

www.businessgoa.in

AUTHOR: DR MUKESH BATRA PUBLISHER: HARPER BUSINESS

THE NATION’S HOMEOPATH

HOW DR BATRA’S® BECAME THE WORLD’S LARGEST CHAIN OF HOMEOPATHY CLINICS

The journey of an icon that revolutionised and pinned the word ‘homeopathy’ on the global map.

If you think of homeopathy in India, one name springs to mind – Dr Batra’s®. From humble beginnings with a clinic in Chowpatty, Bombay in 1982, Dr Mukesh Batra put homeopathy on the world map by starting over 200 clinics in seven countries and in 150 cities of India in the next four decades.

The Nation’s Homeopath is an unusual tale of entrepreneurship, risk appetite, resilience and selfbelief. In the early 1980s when India was still a decade away from liberalisation, and loans were not readily available, Dr Batra borrowed money at a staggering interest rate of 36 per cent per annum.

All based on the strong conviction that his business would work out. Not only did the business succeed, Dr Batra’s® became a household name. Dr Batra’s life has been eventful. For decades, he has treated celebrities, including presidents, prime ministers, actors, sportsmen, artists, among others, as well as the common man without discrimination. Along the way, he has defied death on multiple occasions, has known love and heartache and has experienced failure in some business ventures. Part memoir, part guidebook for

entrepreneurs, Dr Batra’s life has lessons that would benefit readers from any sphere of activity.

Dr Mukesh Batra is a homeopath of international repute and Founder and Chairman Emeritus of Dr Batra’s® group of companies –which encompasses the largest chain of homeopathy clinics, day-care aesthetic centres and health and wellness products. He has authored six bestselling books on homeopathy. He has also published several research papers in journals and chaired scientific sessions at homeopathic conferences, nationally and internationally.

Dr Batra has been honoured with the Padma Shri for Medicine (Homeopathy) in 2012 by the President of India for his contribution towards the field of homeopathy.

Dr Mukesh Batra, says, “The Nation’s Homeopath is the story of my personal experiences as a medical professional and an entrepreneur. The reader will get a ringside seat of the mistakes that I have made; and how I converted challenges into opportunities and failures into success.

This book tracks not only my journey as a homeopath in India, but the experiences that I have encountered while setting up a multi-national medical conglomerate from ground up. It will also teach budding entrepreneurs lessons that they won’t find in any text book or management degree.”

Sachin Sharma, Senior Commissioning Editor, Harper Collins India, says, “A thoroughly gripping read, that is honest, witty and a guide for the budding entrepreneur.

It proves that one does not need to have completed a fancy management degree, but that self-belief, foresight and sheer determination can lead you to success

JANUARY 2022 | BUSINESS GOA INDUSTRY DOSSIER | 33

PROFESSIONAL DOSSIER

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DR SUJOY DAS

“Learning new things is exciting” Dr Sujoy Das, a laparoscopic surgeon, speaks about his profession and the future of surgery in Goa

D

By SYBIL RODRIGUES

r Sujoy Das is a practicing laparoscopic and bariatric surgeon. Dr Sujoy and his team were one of the first to start laparoscopic surgery in Goa in 1999.

His centre is the only one in Goa which routinely does single incision key hole surgery also called single port or SILS surgery wherein just a single hole is made for performing the entire surgery.

Dr Sujoy is known for performing the bariatric surgery which is a surgery for obese people wherein through key holes the stomach is reduced in size which is called a sleeve gastrectomy or a gastric bypass surgery where in again through key holes a small stomach pouch is made and joined to a loop of intestine.

He is a life member of the Association of Minimally Invasive Surgeons of India and also a life member of the Indian Association of Gastrointestinal Surgeons.

Dr Sujoy completed his schooling from Regina Mundi High School, Vasco, and later went to MES College.

He attained his MBBS from Goa Medical College and his Masters in Surgery. He later went to Bombay where he did his specialization in surgery from Grant Medical College.

His father was a physician who inspired Dr Sujoy to follow in his footsteps and become a doctor himself.

Dr Sujoy worked for a few years in Bombay as a lecturer and then went abroad. He always enjoyed learning about medicine, working in hospitals, dealing with various people; and treating them gave him a sense of satisfaction.

Dr Sujoy commenced his practice as a laparoscopic surgeon performing such surgeries on pediatric and adult patients. He along with his wife, Dr Judith Da Costa,

Dr Sujoy Das

who were practicing privately, were the first to perform laparoscopic surgeries in 2000 and were the pioneers in Goa, as visiting surgeons from Bombay used to come and do a few such surgeries in Goa. Laparoscopic surgery was very primitive in those days with equipment being rudimentary and doing an appendectomy or a cholecystectomy was considered as an advanced surgical procedure Dr Sujoy has performed all types of laparoscopic surgeries like gall bladder surgeries, appendectomies, hernia surgery, hiatus hernia surgery for gastro-esophageal reflux, laparoscopic cancer surgery for cancer of colon, rectum, and stomach as well as laparoscopic surgery in children for all types of congenital anomalies.

The most challenging part about his profession Dr Sujoy says is the change and advancement of technology.

“Every time new equipment or new kinds of medicine

34 | BUSINESS GOA INDUSTRY DOSSIER | JANUARY 2022

comes out in the market, one has to get accustomed to working with it and it is a never ending learning process. Nowadays surgeries have come a long way. When I started practicing, there was no such thing as laparoscopic surgeries in GMC. It came to Goa much later and it is only recently that GMC has begun undertaking such laparoscopic procedures.

I began performing laparoscopic surgeries in 2001 and since then I have learnt various new lessons along the way. You have to keep up with technology and knowledge, re-train yourself, learn about new surgical procedures and I feel this is the most challenging part about modern medicine.”

As far as minimally invasive surgeries and its advancement is concerned, especially in Goa Dr Sujoy says that the State is keeping up with the times. “At one point of time Goa didn’t have many doctors. But today a lot of doctors have gone abroad

or out of the State and have come back to set up their own practice or are practicing at various hospitals in Goa. Today, Goa has excellent doctors as compared to fifteen or twenty years ago where people had to go to Bombay or Belgaum to get a major procedure done. We have most of the facilities in Goa today and we have come a long way as far as medicine is concerned. As far as the future of surgeries is concerned, surgery is very technologically dependent.

New procedures, medicines as well as gene therapy have entered the medical market.

Surgery will always be there but incisions will become smaller, procedures will get modified, machines will become smaller, time taken for surgeries will be a lot lesser and various procedures will become safer than what they are now. This is what I call as progress.”

Learning new things about the medical world is what keeps Dr Sujoy excited.

“My profession requires me to un-learn and re-learn a lot of things and that is something I find exciting and interesting.”

Apart from a busy professional life, Dr Sujoy is also an avid cyclist and one of the founder members of Xaxti Riders, the largest cycling club in Goa. He is also an ardent tri-athlete and takes part in many events taking place in Goa and aspires to be an ironman in the coming years.

Dr Sujoy’s wife, Dr Judith is his greatest support. His friends who have studied and worked with him, in India as well as abroad, are his constant source of support and he says that he has learnt a lot from them.

Regarding his future plans Dr Sujoy intends on practicing for another ten years and then retire from the field that gives him much joy and hope

LADY POWER

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SARIKA VARSHNEI

“Be Unique, Be You”

A vital part of an industry that has made a name for itself in the craft beer market, the story of a lady who believes in herself and wants to leave a permanent mark on the world

S

By SWETA SHARMA

arika Varshnei is the Chief Growth Officer at Latambarcem Brewers Pvt Ltd, the largest industrial craft brewery in India. Famous for developing and making beers which have never been brewed in India, the company is making a difference in the consumption pattern of alcoholic as well as nonalcoholic beverages in the country.

Sarika’s journey didn’t quite begin with the beer and beverage industry. Hailing from the city of Kolkata, she completed her graduation in political science from St. Xavier’s College. Right after, at the young age of 21, she married into an industrialist family which was one of the pioneers of the glass industry in India.

In a family where the idea of a woman working and having a career was initially frowned upon, Sarika entered the family business in Baroda, Gujarat, 1996.

She went on to start a bakery called Crispy Cream in 2003 and owing to its success and popularity later added it to her restaurant Machu Pichu.

She ran the restaurant for nine years and then shifted it to her boutique hotel in 2011.

The construction and design of the hotel was single-handedly managed

by Sarika. Thus, each room was uniquely designed with a blend of contemporary art and architecture, and adorned with antique furniture.

Sarika arrived on the Goan hospitality scene in 2016 with the installation of her very own beach club called Voca Loca in Goa. She operated it successfully for a couple of years before joining her son Aditya Ishan Varshnei, co-founder and CEO, Latambarcem Brewers Pvt Ltd, at the brewery.

Sarika Varshnei

When her family decided to enter the craft beer market, her involvement was crucial in the process of creating brands like Maka di and Borecha. Customer involvement and satisfaction is a vital aspect in the growth of any company. Thus, Sarika’s communication skills and her experience in the world of hospitality were well employed in the enterprise.

She took up the position of Chief Growth Officer at Latambarcem, a role which encompassed sales, marketing, planning, and enhancing the overall revenue of the establishment.

The most important role, according to her, was that of an advisor to her sons and the young employees of the startup that make up around 97 per cent of the staff.

Sarika speaks enthusiastically about the products manufactured at the brewery. About Maka di, a one of its kind craft beer brand in India, she says, “The moment a person sees the attractive packaging of a Maka di beer, they want to

36 | BUSINESS GOA INDUSTRY DOSSIER | JANUARY 2022

grab a bottle. We intentionally focus on the special artwork displayed on every label of the can. It entices people, makes them curious. They start wondering about the product which eventually works in our favour.”

Kombucha – said to be of Japanese origin – is a sweet, non-alcoholic, tea-based fizzy drink fermented by bacteria, yeast, and sugar. It is an alternative to sugary, carbonated beverages filled with preservatives that have a high calorie count and provide no health benefits. Borecha was developed in order to provide the customers with a tasty drink which would encourage them to adopt a healthier lifestyle.

The customers’ feedbacks and support greatly helped the company in making these game-changing beverages.

Though their first priority was just beer making, the success of Borecha Kombucha and its rising popularity convinced them that people are ready to move away from unnatural sugary beverages to natural products.

When asked how she, along with the company, coped up with the pandemic, Sarika says, “Our brand grew exponentially during the pandemic. It was all thanks to social media and our website. People approached us through various social media platforms primarily because they could not move about as they normally did.

Social media is one of the tools that genuinely helped us in expanding our distribution network.”

People face a lot of challenges when they set out to achieve a goal, many a times women more than men. Sarika acknowledges the gender-stereotypes that are prevalent in the corporate sector and the world in

general. Irrespective of how hard one works, the mindsets of a patriarchal society permeate in all workspaces.

Being a woman is by itself the toughest challenge which one faces. People still believe that a woman’s life should be limited only to her family and its welfare. It wouldn’t be completely absurd to say that candidates in workplaces are still chosen not on the potential that they have but on the basis of their gender.

She talks about her own experience in regard to this.

“Over the past 30 years, as an entrepreneur, I expected things to change but sadly they haven’t. Even with the restaurant and hotel, there were many people who doubted my abilities. The people would often prefer to talk to my husband instead – ironic because I was the one who was actually running those businesses. I still have to fight that battle sometimes.”

The family, which is often thought to be at stake when a woman starts her own career, was never really the struggle it was thought to be for Varshnei. “When it came to family, I never had any problems. My children were lovely and my husband – although opposed to me working in the beginning due to family pressure – is very supportive. Each one of us has managed beautifully.”

It is due to her charm, charisma, intelligence, and hard work that she has gotten to the point where she is now.

The qualities and strength she possesses as a woman has been an integral part of her successful journey.

To other aspiring ladies Sarika says, “You have to be strong and courageous; have self control and determination to do what you want and get what you want” www.businessgoa.in

BIZ BYTES

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TURAKHIA OPTICIANS NOW IN PANAJI Goa Management Association’s Certified Management Programme launched

Turakhia Opticians, a trusted name in the eyewear industry since 1940, which is backed by eight decades of profound experience and a family business being carried forward for over four generations, is a name to reckon with.

Margao’s most trusted Optician, Turakhia Opticians, is now in Panaji, with their third outlet in the State, to cater and serve the people across all strata. The store was inaugurated by Hiten M. Turakhia and his family.

Turakhia Opticians has eyewear, spectacle lenses, and prescription sunglasses across a wide variety of prescription and colours.

In terms of eyecare, comprehensive eye test from history-taking to refraction (power testing) to detection for diagnosis of eye diseases is their forte by qualified

optometrist. Contact lenses from soft to semi soft to specialty lenses for dry eyes and keratoconus, PMD, post corneal transplants, clinical complications of the cornea etc are their specialties.

They also help in managing dry eyes and ocular muscle imbalances in the form of providing eye exercises and a holistic approach.

Designer labels such as Rayban, Oakley, Vogue, Carrera, Hugo Boss, Tommy Hilfiger, Calvin Klein, etc are available in a variety of shapes and colours. Premium and luxury brands such as Silhouette, Mont Blanc, Coach, Gucci, Prada, Cartier, Moscot are available in a gamut of colours and style for the fashion conscious consumer wanting world class products, value for money and great service

Goa Management Association (GMA) inaugurated ‘Certified Management Programme’, a unique skill development program, at the hands of Pallavi Dempo, Chairperson of Dempo Charities Trust, and Executive Director of Dempo Industries Ltd. Pallavi complimented GMA for bringing this executive programme for the benefit of industry trade and commerce which is a must today for aspiring young executives.

Amin Ladak, Chairman of the GMA welcomed the participants and dignitaries present and said that in a professional’s career ‘Life Long Learning’ is the mantra.

Dr. Saidas Khorjuekar, the Course Coordinator of the program briefed about the program and said that the program will not only help the participants to enhance their managerial skill but will also help industries to improve their productivity and performance.

Blaise Costabir, President of GMA spoke on the occasion and said that GMA has been launching programs

which cater to industry needs and conveyed his best wishes.

Dempo College has been the venue partner for the Certified Management Programme and Dr. Radhika Nayak, Principal of S S Dempo College of Commerce & Economics has extended support for this skill development program.

The Certified Management Program has been designed by stalwarts and veterans from industries and academics.

The Education Committee comprises of Dr. Prita Mallya, Principal of VVM’s Damodar College of Commerce & Economics; Dr. R K Gopal, General Manager of Dempo Group of Companies; Dr. Pradeep B Salgaonkar, Director, Saldot Academy; Dr. Venkatesh Naga, Professor of Goa Institute of Management; and Dr. Saidas Khorjuekar, Vice President, Purchase and Production of Pandurang Timblo Group

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Diary CAFE REAL

CORPORATE CITIZEN / DANIEL ALBUQUERQUE

New Labour Code (Law), 2020 The author has chosen for the year 2022 the recently legislated and promulgated Labour Code consisting of four laws, which comprehensively include a plethora of laws of independent India in a systematic manner. The purpose is to enable and solve the problems of wages, industrial relations, social security and industrial safety. In this very first submission the author highlights, with a labour case of 1978, a fitting background for an insightful perspective

T

he inevitability of codes, laws, rules laws – social, economic, political – is the mark of human civilisation. India is one of the oldest civilisations of the world that underwent innumerable systems and numerous rulers. For our purpose we will begin with the modern legacy of Common Law, also known as British Common Wealth laws which were directed at the British Colonies across the British Empire. For India, it is meant as under the British Crown or direct rule from 1858 to 1947. The postindependence era marked laws legislated by the Indian Parliament under the newly formulated Constitution. The Constitution of India came into full force on 26 January 1950. However, the legislation from 1947 remains a landmark law and is able to spell out the difficulties in the seven and a half decades of labour law legislation.

Section 33C(2) in The Industrial Disputes Act, 1947 ‘(2) Where any workman is entitled to receive from the employer any money or any benefit which is capable of being computed in terms of money and if any question arises as to the amount of money due or as to the amount at which such benefit should be computed, then the question may, subject to any rules that may be made under this Act, be decided by such Labour Court as may be specified in this behalf by the appropriate Government.’

The Defining Case Bangalore Water Supply Sewerage Board versus Rajappa and Others (21.02.1978 SC; AIR 548) brought out the definition of industry in case law. A seven bench court of the Supreme Court of India showed the seriousness with which the judiciary viewed this case, for the credibility of the law depended upon it. The facts of the case that brought up the dispute are as follows: The Case: A certain number of employees working at the Bangalore Water Supply and Sewerage Board were dismissed.

These laid off employees filed claims under Section 33 C (2) of the Industrial Disputes Act, 1947.

“Labour is priceless”, said Mahatma Gandhi, the father of the Nation.

Amidst all the schemes big and small, government and governance, laws and implementation let us not forget the people who collectively build India They alleged that the retrenchment was in violation of the principles of natural justice. The Bangalore Water Supply and Sewerage Board raised objections before the Labour Court. It said that it is a statutory body providing the basic amenities to the citizens. It further stated that it is not an industry as per Section 2 (j) of the Industrial Disputes Act, 1947. Therefore the employees were not workmen and hence it followed that the Labour Court could not exercise its jurisdiction over them.

The above claims by the Board were overruled. It filed two writ petitions in the Karnataka High Court, Bangalore.

This Court, too, dismissed the petitions and upheld the adjudication set by the Labour Court as valid and that the Board was indeed running an industry in accordance with Section 2 (i) of the Industrial Disputes Act, 1947.

As the petitioner, the Board challenged the verdict and filed a special leave petition in the Apex Court, it took a very serious stand to define industry in order to settle the universal confusion in its understanding. Points of clarification or criteria for defining industry are as follows: 1. Industry means any systematic activity carried on by co-operation between an employer and his workmen (whether such workmen are employed by such employer directly or by or through any agency, including a contractor) for the production, supply or distribution of goods or services with a view to satisfy human wants or wishes.

2. There is capital investment for the activity undertaken 3. There is the motive to gain or making profit 4. There is activity of sales promotion 5. Industrial dispute means any dispute

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

between employer and the employee, whether called so or workman.

All those establishments which fulfil the above criteria are ‘industry’ in meaning and application. Apart from agriculture, a philanthropic and religious activity wherever there is an employer-employee relationship and computation of the value of service in terms of monetary value, industry is established definitively. The Apex Court also confirmed the authority of the parliament to make laws and other agencies of the government to make rules and regulation as per law prescribed.

The Two Important Definitions The Industrial Disputes Act, 1947 defines industry under Section 2 (j) as any business, trade, undertaking, manufacture or calling of employers and includes any calling, service, employment, handicraft, or industrial occupation or avocation of workmen.

Section 2 (k) defines industrial dispute as any dispute or difference between employers and employers, or between employers and workmen, or between workmen and workmen, which is connected with the employment or non-employment or the terms of employment or with the conditions of labour, of any persons. The significance of what is said above lies in the fact that the understanding of the simple common terms before the law is the corner stone of claiming and delivering justice.

Labour Code In a highly ambitious move in 2019 the Government of India began to legislate the 40 major labour laws and scores of state laws and the multiplicities of amendments into a Labour Code consisting of only four laws. They were categorised as Wage Code, Industrial Relations, Social Security and Industrial Safety and Welfare. By 2021, the laws were passed by the parliament, secured the President of India’s assent; and the Government is seeking to implement the same by 2023. Towards this end it is negotiating with the State Governments.

India has a burgeoning population of 1.3 billion and counting. By rough

CABBAGES AND QUEEN / NANDINI VAIDYANATHAN

EMF: The New Corporate Order The writer speaks about EMF and its importance in the corporate context

O

n my LinkedIn feed a couple of days ago, I saw an incredible video of Captain Shashank Shandilya, a retired military officer, doing gravity-defying exercises. Believe you me when I say this, these were HIIT of a different level altogether, more in the manner of special forces in the military who are trained for death-defying missions. I am one of those who browse exercise videos with the same frequency and intensity as those who browse porn. Because I am fitness obsessed. Maybe when you are a single parent, this obsession overtakes your whole life because you not only want to be physically present for your child, but you want to be present in the pink of health.

So with each passing year, I try and push myself intellectually to challenge myself physically. I hate the packaged training regimen peddled by gym instructors, especially to women. They have no clue of women’s bodies, even lesser clue as to what works for us and zilch on what women need.

To me a good regimen is one that builds endurance, mobility and flexibility.

Not necessarily in any particular order, let me hasten to add, as each of them is important as a standalone and in conjunction with the others.

As I started writing this, it made me wonder. Aren’t organisations too like the human body? Shouldn’t they be trained in endurance, mobility and flexibility?

Let’s see with examples, what each of them means in a corporate context.

Endurance: The simplest definition is power to last. Look at Xerox. They had everything going for them with their copiers. How come they couldn’t endure? The organisation was not built

When the rest of the world was moving towards energy drinks, Coke remained stubbornly a cola company. Gatorade had originally approached Coke and when Coke turned it down, it went to Pepsi. And seeing Pepsi’s success with Gatorade (both in top line and bottom-line, but more so the latter, as margins were huge in the energy drinks space), Coke bought Glaceau, although a trifle late in the day to last obviously.

And seeing Pepsi’s success with Gatorade (both in top line and bottom-line, but more so the latter as margins were huge in the energy drinks space), Coke bought Glaceau, although a trifle late in the day.

As you can see, there is no hierarchy of primacy here. Each is important in itself and combined with others. Organisations can’t endure without mobility and flexibility. If there is no mobility, they can’t last. If there is no flexibility, they can’t be upwardly mobile. See what I mean?

IMF was an institution that was created after the two world wars to stabilise international currency. I like to think EMF (Endurance, Mobility, Flexibility) should be the new order so we can take better care of our bodies and the body corporate. The vision statement of organisations should stop focusing on customers, employees and profits. Instead it should focus on how to endure, grow and be flexible. By doing this, wily nily, it will have a positive impact on customers, employees and profits

Mobility: It refers to an upward spiral. If they settle into their comfort zones (read taking customer loyalty for granted), their journey ends where they are, and the upper reaches don’t even come on their radar. Look at Kodak. This was a brand which had category ownership.

Quite like Xerox. Kodak refused to see that digital was the next upward spiral and filing for bankruptcy was the result of this tragic myopia.

Flexibility: For what? Obviously to manage change. The bigger the organisation, the more lugubrious it is on its feet and therefore the most resistant to change. Look at Coca Cola.

When the rest of the world was moving towards energy drinks, Coke remained stubbornly a cola company. Gatorade had originally approached Coke and when Coke turned it down, it went to Pepsi.

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

estimates around 600 million is the workforce of India, very little percentage of it is in the organised sector, or insured; negligible percentage belong to the trade unions.

Millions come under skilled or semiskilled and unskilled class. Added to it the daily wagers, child labour, bonded labour all of who are beyond the graph of the researchers.

The cited case above from 1978 reveals the core problems. The dream of the new Labour Code is to do away with the multiplicity of definitions and authorities, ensure payment of wages on time, incentives to set up national enterprise through more opportunities and less government interference, more facilitation of workers

and entrepreneurs.

Conclusion The enormity of the task for these columns during 2022 is daunting. Apart from the issues which these laws may create, we need to consider other important aspects such as compliance with the International Labour Organisation (ILO),

International Conventions, Pacts, Treaties, multinational workforce, international arbitration institutions, et al.

“Labour is priceless”, said Mahatma Gandhi, the Father of the Nation. Amidst all the schemes big and small, government and governance, laws and implementation let us not forget the people who collectively build India

JANUARY 2022 | BUSINESS GOA INDUSTRY DOSSIER | 41

WISE WORDS / SANTOSH KENKRE

Evaluate Performance of Your Business The writer explains two important ratios that a business owner should focus on for measuring operating efficiency

B

usinesses, as well as professions have been run for years or ages. They can be run well or be run as a routine activity. Two business communities are well known in India for being hardcore businessmen (for obvious reasons I cannot name them here). If I were to single out one reason for their success, I’d say they are ‘very serious’ about their business. They are serious about every rupee which comes in or goes out and constantly see how they can improve ‘sales’, ‘profit’ and control costs.

Is this not similar to what MNCs do?

May be MNCs do it in a sophisticated and scientific manner.

This brings us to ‘performance’ of a business. Managements, shareholders (owners) and employees are rewarded based on ‘performance’ of the business.

Further, bankers and suppliers may not prefer to do business with a badly performing business. Thus performance assumes paramount significance. It is simply a case of ‘Perform or Perish’.

In my humble view, every businessman/professional should evaluate his business at least once in a year (ideally on quarterly basis). For this, there are a multiple ratios which one can use. Even the Ministry of Corporate Affairs now expects companies to disclose 11 (eleven) different ratios in the annual accounts and further, explain more than 25% variation over the previous year!

I am mindful that majority of the

I. GROSS PROFIT TO SALES RATIO: (For traders, distributors/supermarkets, etc.)

No

Particulars

Rs

1

Sales (net of GST)

200

2

Add: Closing stock 31st march 2022

20

3

Less: Purchases (net of GST/freight, etc.)

160

4

Less: Opening stock 1st April 2021

18

5

= Gross Profit

42

6

Ratio of Gross Profit to sales (5÷1x100) = Rs.42÷Rs.200x100

21%

readers of this article are business owners. Hence, I will delve upon only two important ratios for measuring operating efficiency. One ratio is for traders (including distributors/super markets) and the other is for manufacturers.

For other businesses, similar ratios can be easily devised by improvisation (see later in this article). I have tried to keep the ratios as simple as possible for the purpose of easy understanding by business leaders.

The above ratio reveals how much gross profit the business has made, which is basically sales price (-) purchase price.

Naturally, this ratio has to be compared from year to year.

By using this ratio, you can try to increase your sales price (if market permits) and/or bargain with your supplier to reduce his price and/or reduce logistics cost/structure.

II. RATIO OF RAW MATERIALS CONSUMPTION TO PRODUCTION (For manufacturers and similar businesses using materials and machines) No

Particulars

1

Opening Stock of Raw Materials (R. M.) on 1st April 2021

2

Add: Purchases of R. M.(Note 1)

3

Less: Closing stock of R.M. on 31st March 2022

4

Subtotal of 1 to 3 = R.M. consumed

5

Sales (net of sales returns, GST)

6

Add / deduct: Increase OR decrease in stock of Finished Goods / WIP (Note 2)

7

Subtotal of (5 + 6) = Production figure (simplified)

8

Ratio of R.M. consumed to production: 4÷7x100

Rs

Notes to above: 1. Purchases of R. M.: (Net of: returns/ Sales of R. M. and Sales of scrap of R. M., etc.) (Net of GST if recoverable) 2. Year end stock of Finished goods and WIP (-) stock of finished goods & WIP at the beginning of the year

Obviously this ratio will differ for different goods or even from place to place. Only when a businessman can protect his gross profit, he will be able to absorb his overheads and make satisfactory profit.

I have tried to keep the above ratio, as simple as possible.

Although the above ratio mentions ‘raw materials’ (which is normally 40% to 60% of the total cost), consumption of even other crucial materials eg. consumables, spares and components, maintenance items, lubricants, etc. can also be thus evaluated. This ratio has to be compared from year to year.

This ratio will guide the businessman to increase his sales price (if market permits) and/or to bargain with his suppliers for price reduction and/or to change the logistic costs/structure.

It will be clear that this ratio deals chiefly with manufacturing efficiencies.

OTHER INDUSTRIES: Can improvise their own ‘top 3’ ratios for performance evaluation eg. (i) Banks/credit societies/Financial Institutions/NBFCs etc.: Net Interest Margin and Net Interest Income. (ii) Hospitality Industry: Net room rate realised; season-wise occupancy; salaries as a percentage of sales, F & B cost as a percentage of F & B sales, housekeeping/ repairs and maintenance as a percentage of sales. (iii) Startups/software: Salaries to sales; R & D expenses to sales; cost of funds to sales. (iv) Real Estate Developers: Cost of construction per sq. meter: Compare this project-wise and year-wise.

Net sales price realised per sq. meter:

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 | JANUARY 2022

INVEST RIGHT / MAHESH PAI

Everyone teaches how to save but do you know how to spend?

The writer speaks about spending one’s money wisely and prioritising needs over wants

T

o live a significant life, one must have the knowledge and power of money. The way you handle money is primarily driven by your mental attitude towards it. The way you think about money determines a lot of your financial decisions. If you feel money is evil, then it will be evil to you but if you consider it as a blessing then it will bring wonders to you so that you can help yourself and the others who need it. Your perspective plays a huge role in the decisions you take and there is a difference between being transparent about difficulties and complaining about them.

Everyone teaches how to earn and save more money, but the real question is do you know how to spend your money wisely? Or do you know whether you are spending your money on the right things? Well, there is a simple way of understanding this. People have ‘needs’ and ‘desires’. Knowing the difference between needs and desires is the basis of personal finance literacy. The first step is to learn to differentiate and every time that you to want to purchase an expensive item, try to think whether it is a need or a desire, if you are buying something to please someone else then it is not your need.

Recognising that you must prioritise your needs over your wants is the cornerstone of basic budgeting. Needs are minimum but desires are forever growing; but you must set a boundary on the spending. If you buy all the unnecessary things that you don’t need today, then tomorrow you may have to sell the things that are necessary. Having a big house doesn’t determine your wealth but the figures in your bank account and

Another way to make wise choices would be by asking yourself these five powerful questions before buying anything.

1. Can I live without that item?

2. Can I afford it based on my current financial situation?

3. Will I actually use it?

4. Do I have the space for it?

5. How will I feel after buy it?

investments determine it. Your assets come to use during troubled times and not your liabilities. Don’t pay EMI’s on goods which will degrade after six months but rather pay EMIs on goods that will appreciate over the period of time, like investment plans and virtual assets etc.

Purchasing ‘desire’ goods will be wrong until your needs are met, secure yourself before taking the risk of liabilities (EMIs).

A wise man once said, if you can’t buy it twice, you can’t afford it.

How to fulfil desires when needs are not taken care of?

Firstly, having desires aren’t wrong but fulfilling them at the right time is the key; a small trick to fulfilling ‘desires and needs’ would be by creating a ‘D- Fund’ (desire fund).

Under this you can invest any amount daily, weekly, or monthly, so that whenever you have a desire you can use the funds from this account and utilise it without hampering your regular cashflow. There are various financial products for the same that will give you the flexibility to do so.

Cashflow and Debt Whenever you go for a huge expense like business expansion, new home, luxurious car etc, you need to keep in mind about your cashflow and debt capacity. Your cashflow and debt capacity are co-related, It is ironic that we are dealing with the problem of ‘have money can’t spend’ these days and it is because most people are asset rich and cash poor.

So whenever you go for new loan try to analyse your repaying capacity, will you be able to repay the loan with ease or will you start living with a cash crunch. One wrong financial decision and the entire edifice can come crashing down.

Consulting financial professionals help in the long way, they understand your finances, earnings, investments, your income protection responsibility, assets, liabilities and guide you so that you can lead a peaceful life even while you have huge debts and cash crunch.

Knowing how to spend your savings or your income plays a crucial role while taking financial decisions, it may sound very easy but the biggest businessmen and families have collapsed because they weren’t financially literate and consulted the wrong people.

Be wise, spend wisely

The writer is an investment consultant and business coach. Email: mahesh@maheshpai.in

compare this project-wise and year-wise. (v) Professionals: Debtors outstanding amount and age thereof.

NOTE: Don’t get cluttered (hence confused) with too many ratios. You may very well monitor maximum 3 to 5 ratios per month.

MUST: Along with the above evaluation, the businessman should also compare his costs, products, services with that of his competitors.

Thereafter, he should take corrective steps in the light of ‘evaluation’ as above

Every businessman/ professional should evaluate his business at least once in a year (ideally on quarterly basis). For this, there are a multiple ratios which one can use. Even the Ministry of Corporate Affairs now expects companies to disclose 11(eleven) different ratios in the annual accounts and further, explain variation of more than 25% variation over the previous year

and his assessment of his competitors.

This step is a must in order to survive and thrive.

Needless to say, this article attempts to help MSMEs, who may not afford high level finance people to check multiple ratios (which are complex) in a sophisticated manner.

Only the businessman who evaluates his performance and take corrective action will survive in today’s competitive world. Rest can be seriously affected, today or tomorrow

JANUARY 2022 | BUSINESS GOA INDUSTRY DOSSIER | 43

BEYOND CLASSROOM / DR. PRADEEP SALGAONKAR

Branding via Word-of-Mouse

The writer speaks on technological developments with regards to brand recommendations and how businesses can use technology to push their products

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hough I am not a regular social media user, one post on Facebook from a colleague of mine from the academic circle, caught my attention for some specific reasons. The post was an open complaint and frustration resulting from the concerned company’s apathy not to attend to the faulty product supplied by them and this customer being left helpless.

The post describes the ordeal that the customer went through for believing in the brand and buying it, without knowing that the after sales dealings would be so pathetic and traumatic. What does this sort of a post on social media mean for a brand? Do they mar the brand image?

On the flipside, we come across host of posts and comments from people praising their brands and giving strong recommendations. Interestingly, this same colleague of mine, in another post is praising aloud another service business and very strongly recommends others to experience the service products of this business. Probably he loves the brand and has an affectionate bond with the same.

So, what does this type of posts mean to a brand? Do they positively reinforce the brand image? The answers are ‘yes’ to both the brand image related questions.

Traditionally this sort of communication happened face-to-face. Today, it happens online via social media.

through email, company review sites or in the comment sections of web pages and articles etc. All these efforts by companies to encourage customers respond to their communication is in the direction of customer co-creation and engagement. It is part of enhancement of digital communities and forums.

People develop networks of relationships online, and presence of brand messages in communications between people means rapid dispersion of that message.

In general, companies strive to cultivate a positive reputation online to promote good ‘word-of-mouse’. And, the belief behind using word-of-mouse as a tool for branding is that ‘every customer is a marketer’.

Word-of-Mouse The traditional and most powerful tool of marketing the ‘Word-of-Mouth’ is indisputably one of the most effective means of building strong brands with huge brand loyalty. However, with technological developments and the advent and mass usage of social media the form of Word-of-Mouth has got transformed from face-to-face exchange of thoughts and recommendations to online, digitally spreading opinions, recommendations and other messages about a company or product (or anything else), especially via social media and that’s called as the ‘Word-of-Mouse’.

These communications are mostly to the masses, happen via some of the social media platforms, are cheap, and have the potential of spreading very fast across the population.

Word-of-Mouse happens in many other ways, as well. People send messages

Importance of Word-of-Mouse If we look around at the various brands that we use, then we would realise that most of those brands are the ones that have been either recommended to us by a friend or an acquaintance, or are influenced by them in some way or the other.

The significance of Word-of-Mouse is high because people trust the opinions of their friends and known people, or other customers, more than the company representatives, when it comes to making a brand choice. Published research on consumer behaviour shows that that 90% of customers trust opinions and recommendations from people they know, and 70% trust consumer reviews posted online. Likewise, the millennials and Gen Z consumers trust online reviews more than the opinions of friends and family.

Similarly, my research on consumer

Give your consumers a reason to tell a story about you and your brand, and strike the emotional connect with them

buying behaviour in the healthcare sector shows that a customer availing services due to recommendation coming from an existing customer has much higher impact on the loyalty of that customer towards the service provider, than the customers coming through other sources.

It is evident that Word-of-Mouse is very important for businesses, as all customers can be heavily influenced through Wordof-Mouse communications and reviews, either positive or negative. Satisfied and happy customers will spread positive words, whereas disgruntled customers will pass on negative messages.

Thus, businesses need to be vigilant and watchful for all the communication coming from customers and manage the same with speed and agility. Negative and bad reviews circulated online need to be avoided or addressed immediately before it creates any damage to the brand.

Ignoring online reviews and social media posts, especially if it is a negative wordof-mouse, is one of the worst things to happen, and could be ruin the brand’s image.

Lessons for Branding How do customers, specially the younger tech savvy generation, find about brands today and seek information. It is the social media info which they rely and make their buying decisions based on the reviews and influences spread via Wordof-Mouse. For marketers and branding professionals it is a challenge to make your ‘customers sell your brand’. But how does one do this? The best way is by way of constant engagement with customers on online platforms.

Just having your brand’s presence

The writer is a Founder Director, Saldots Academy, Corporate Trainer and Facilitator, Former Chairman, Goa Management Association. Email: pradeepsalgaonkar@gmail.com 44 | BUSINESS GOA INDUSTRY DOSSIER | JANUARY 2022

www.businessgoa.in

on all possible platforms is not sufficient; companies have to communicate continuously with customers. They have to be proactive in responding to comments and reviews online instantly, across all possible platforms. Any negative reviews need to be handled sensitively and with care. Having a robust mechanism and tools to listen, learn, and respond to customers round the clock is essential to engage with customers and make them believe in your brand, and once the belief is established, rest is magic of Word-ofMouse.

Give your consumers a reason to tell a story about you and your brand, and strike the emotional connect with them, so that they are motivated to share the brand story onwards via Word-of-Mouse to their network.

Exploit the marketing funnel fully.

Get moving the customers downwards to become loyalists and advocates for your brand so that automatically they speak for, and sell the brand. Let them become brand ambassadors, who indirectly own the brand and thus grow the brand.

READ GOA’S ONLY MAGAZINE FOCUSSED ON BUSINESS & INDUSTRY

Have a robust mechanism and tools to listen, learn, and respond to customers instantly. Build a strong culture around the brand of delivering on the promise of trust and the promise of customer service. Do whatever it takes to get your customers speak and sell your brand, provide them what they seek to get, but persuade them to spread a positive Word-of-Mouse about the brand Have a robust mechanism and tools to listen, learn, and respond to customers instantly. Build a strong culture around the brand of delivering on the promise of trust and the promise of customer service. Do whatever it takes to get your customers speak and sell your brand, provide them what they seek to get, but persuade them to spread a positive Word-of-Mouse about the brand

The Voice of Business in Goa 409, Citicentre, EDC Patto Plaza, Panaji Email: businessgoa.media@gmail.com

JANUARY 2022 | BUSINESS GOA INDUSTRY DOSSIER | 45

BON APPÉTIT

@businessgoamagazine

COPPERLEAF-PANAJI

Celebrating Flavours and Taste

Copperleaf-Panaji promises you a feast for the taste buds with their variety of cuisines

Pics: SHANICE D'SOUZA

Prawns Masala Fried and coated in Recheado masala

Squids Golden Fried

C

By SYBIL RODRIGUES

opperleaf at Porvorim has always been synonymous with good food where friends and family come together to have a grand time and delight their taste buds. The owners, Shreekant V Pai Bir, Sachin S Pai Bir and Vishwanath S Pai Bir, decided to offer the best of their rich, culinary offerings to people in Panaji and thus Copperleaf-Panaji, opened its doors to patrons in October 2021.

This is one of the biggest restaurants in the area with a 300 seater set up and spread across 10,000 sq.ft, consisting of the ground and first floor. Situated on the outskirts of Panjim on the St. InezTaleigao route, this beautiful restaurant gives one a feeling of entering the tropics.

It has multiple choices when it comes to dining areas, and two dining areas called Cilantro and Citrus on the ground floor, done up in a beautiful tropical theme, with plants hanging around, and stepping in this place is like entering an oasis.

On the first floor, they have a seating area called Infinity, the Bellini Bar with a seating area and Solitaire which is an exclusive private space.

Each section has a different feel and ambience, offering amenities like its own bar and washrooms. Copperleaf is the ideal location for a corporate get-together, celebrations, groups and families. The restaurant has a wheelchair accessible entrance, wheelchair accessible washrooms with grab bars which makes it disabled-friendly. It is also equipped with splendid international standard washrooms with diaper changing stations and other amenities which one would find in a 5- star.

The Copperleaf team Alok, Milan, and Chef Kashish greeted us and the chef explained about the restaurant with the varied options available. The head 46 | BUSINESS GOA INDUSTRY DOSSIER | JANUARY 2022

Cafreal Chicken

server, Ananda, seated us comfortably and promised to make our time there an enjoyable one.

We were started off with a round of mocktails and were served a Mint Fizz, which is a mix of blue curação, lime juice, ginger ale garnished with a sprig of mint and green chilli. The Sunshine meanwhile was a concoction of orange juice, grenadine syrup, ice and garnished with a cherry and orange slices. Both drinks were refreshing and perfect for a hot summer’s day.

The chef then brought out different kinds of starters for us, as he wanted us to taste a little bit of everything, he and his team had put together. First was the dragon chicken, which were pieces of chicken dipped in batter, wrapped in noodles and deep friend to perfection, served alongside some schezwan sauce.

Crunchy and soft at the same time is how we would describe the dish. The next was squids golden fried with a serving of tartar sauce, which was perfectly crunchy and went well with the sharp flavour of tartar.

As part of the starters, Chef Kashish served us his signature dish; Pudina crusted kebabs, which is not on the menu. Boneless pieces of chicken, cooked in a tandoor and then crusted with mint leaves, this is a take on the famous herb crusted chicken. With just the right blend of spices and flavours, it is easy to see why this dish is the chef ’s signature.

Next up we were presented with the Vegetarian Kebab Platter consisting of Palak Cheese Kadak Kebabs, Veg Seekh Kebabs, Cheese Stuffed Mushrooms, Paneer Malai Tikka and Tandoori Gobi.

Each of these appetisers were done to perfection, with my favourites being the cheese stuffed mushrooms; which were cheesy with just a hint of spice and the

paneer malai tikka which was melt-inthe mouth, creamy goodness.

The chef then sent out his Goan specialties which were prawns masala fried and coated in recheado masala and the famous cafreal chicken. The prawns were an absolute hit with just the right amount of spice while the cafreal was tender with the perfect coating of masala.

For the main course, we were presented with chicken peshawari which is boneless pieces of chicken in two different kinds of gravies and served on a bed of omelette.

The yellow gravy is onion based which is on the sweeter side while the red gravy was tomato based and had a lovely hint of spice. The chicken chunks were tender and juicy and were beautifully coated in the gravy.

Next up was paneer pasanda, a steak of paneer stuffed with crumbs of more paneer, fried onions and dry fruit, coated in rich gravy made with cream and cashew nut paste. One bite of the stuffed paneer and we were transported to gastronomic heaven. People who love something sweet for the main course can pick up this winner.

The main course was served with a bread basket consisting of six different kinds of breads like Lachcha Paratha, Cheese Garlic Naan, Butter Naan, Butter Kulcha, Misi Roti, which is gluten-free and the Plain Tandoori Roti.

Copperleaf is famous for their different kinds of Fish Thali starting from `180/- onwards. The kingfish thali comes with a serving of rice, prawn curry, crab masala, tisreo sukhem, prawn kismoor, a vegetable, sol kadi, a huge slice of kingfish and dessert.

Having stuffed ourselves with the starters and main course we took a break and decided to stroll around the restaurant. The restaurant has beautiful

@businessgoa Gajar ka Halwa

décor and curios along its shelves and on the wall.

No meal is complete without the sweet finale.

For dessert we were served Gadbad ice cream and Gajar ka Halwa. The Gadbad was served in a tall glass and had a scoop of mango, blackcurrant ice cream, a layer of jelly, and vanilla ice cream, with bits of fruit at the bottom.

Each spoonful was a delight and those who love a good Gadbad ice cream, should

Paneer Pasanda

definitely visit this place.

The star though was the Gajar ka Halwa.

Served warm, this is Chef Kashish’s mother’s recipe which is a winter specialty in his hometown. The chef explained that the halwa is made up of red carrots, which is a seasonal produce, and simmered in milk for four hours along with generous helpings of ghee and other ingredients. People, if you have a sweet tooth, go here

Vegetarian Kebab Platter

just for the Gajar ka Halwa.

Apart from these, they have various other delicious desserts to offer like Gulab Jamun with or without vanilla ice cream, Matka Kulfi, Serradura, Caramel Pudding, Fruits Salad and varied flavours of ice-cream.

This place is a must visit if one wants a good meal. Their menu boasts of a variety of dishes, from the humblest of snacks to the finest Goan, Indian, Chinese and Tandoor

cuisine. Their bar menu has fine cocktails, mocktails, wines, and liquors available.

Chef Kashish was kind and helpful when it came to explaining about the dishes served. The service was excellent and Ananda made sure we had a relaxed and enjoyable time there.

Amazing food, a beautiful ambience, polite and helpful staff, makes this place a must visit. Do go there and thank us later

JANUARY 2022 | BUSINESS GOA INDUSTRY DOSSIER | 47

GOA BUZZ

business-goa

CII-YOUNG INDIANS (YI) ANNUAL DAY HELD

The CII Young Indians (Yi) annual day was held at Taj Vivanta.Vaikunth S Dempo was elected as Chairman while Dr Pratiksha Khalap took over as co-chair. The theme of the event was “Goa Going Global: Redefining the Horizon”. Arjun Gadre, Managing Director of Gadre Marine Export Pvt Ltd was the keynote speaker for the function, where he spoke on his journey in the business world and taking his venture to an international platform.

In his acceptance speech, Vaikunth thanked Immediate Past Chairman, Jayesh Raikar for all the work done under his leadership in the previous year.

Vaikunth further said that he plans on continuing the good work done by his predecessors. His main focus areas will include climate change, entrepreneurship while having active members who will be involved and in tune with nation building and leadership activities. “As India turns 75, we will look at having state-wide events marking 75 years of Independence”, he says

Mohan Raikar

Arjun Gadre

Jayesh Raikar

Dr Priyanka Raikar

Vaikunth Dempo

Swati Salgaocar Harshvardhan Bhatkuly

Rajesh & Bhakti Dempo

Sujata Dempo

Subhash Dempo

Vikram Verlekar

Sweta Verlekar

P F X D’Lima

Atul Jadhav

Nitin Desai

Harsh Rajani

Anirudh Agrawal

Atreya Sawant

Tanvi Doshy Sawant

Dhruv Rajani

Stuti Rajani

Caleb Fernandez Omkar Kamat Sambary

Tulasidas Pai

Bharat Kamat

Jennifer Lewis Kamat Madhana Ratnavel

Pratiksha Khalap

Sairaj Dhond

Vartan Mathais

Nikhil Khalap

48 | BUSINESS GOA INDUSTRY DOSSIER | JANUARY 2022

Rupesh Gauns

Erle Britto

Samidha & Yogesh Khandeparkar

NEWSMAKERS Puneet Goel is Goa’s new Chief Secretary

The Government of India has appointed Secretary Puneet Kumar Goel as Goa's new Chief Secretary, following superannuation of present Chief Secretary Parimal Rai. Goel, a 1991-batch IAS officer will assume the new charge with effect from February this year, states the order issued by the Ministry of Home Affairs (MHA), New Delhi.

Currently Goel is the Principal Secretary holding Finance, Town and Country Planning (TCP) and few other departments. Goel has completed his B.Tech (electrical engineering) from IIT Kanpur, M.Tech (power systems) from IIT Delhi, MBA (Finance), MS (computer networking) from the University of Southern California, and Ph.D (renewable energy) from IIT Delhi.

He has held various positions in the government, including Director (thermal), Ministry of Power; Secretary (power), Relief Commissioner, Andaman and Nicobar Islands; Development Commissioner, Transport, Delhi and Director, Delhi Jal Board

Mahesh Patil heads Pollution Control Board Mahesh Patil has been appointed as the new chairman of Goa State Pollution Control Board (GSPCB) for a term of three years.

Patil is an expert member of the Goa Coastal Zone Management Authority (GCZMA), as is the Founder and Managing Director at NV Ecofarm, Goa. An order issued by the Union Ministry for Environment, Forest and Climate Change (MoEF&CC) appointed Principal Chief Conservator of Forest, Director Panchayats, Director Tourism, Director Industries, Chief Engineer Water Resources Department and Chief Engineer of Public Works Department as government members, with the Director Environment, being the member secretary.

Savio Correia, Flaviano Miranda, Mahesh Patil and Sujeetkumar Dongre are expert members, while Shrirang Jambhale, representing NGO Gram Vikas Kendra from SavoiVerm, is a non-government organisation member

Devika James joins The Westin Goa as Director of Sales and Marketing

Devika James, a seasoned and accomplished professional, joins The Westin Goa with 15 years of adept experience in the hospitality industry. She will implement sales and marketing strategies for the hotel.

Devika joins the hotel from Sheraton Grand Chennai Resort & Spa and has a proven track record in planning and implementing effective business development strategies, forming revenue enhancement tactics along with managing staff and developing skills.

Devika started her journey as an Events Coordinator, at the Renaissance Hotel and Convention Centre, Mumbai, post which she joined JW Marriott Hotel, Pune as Assistant Sales Manager and grew to become Director of Catering Sales at the same property 50 | BUSINESS GOA INDUSTRY DOSSIER | JANUARY 2022

www.businessgoa.in

Dr. Rufino Monteiro is President of Indian Medical Association, Goa

Panaji-based medical practitioner Dr Rufino Monteiro took over as president of the Goa state unit of the Indian Medical Association (IMA) and has said that he will cooperate with all the authorities at the Directorate of Health Services, Goa Medical College (GMC) and various other agencies to ensure that they work in co-ordination.

Dr. Rufino specialises as a general physician and has an overall experience of 37 years. He has taken over the office of President of IMA, Goa from Dr Vinayak Buvaji

Sandesh Prabhudesai releases new book, Ajeeb Goa’s Gajab Politics

Senior journalist, Sandesh Prabhudesai released his new book Ajeeb Goa’s Gajab Politics, which offers a perspective on Goan elections. The book was released on the 191st birth anniversary of social revolutionary Savitribai Phule.

The book was released at the hands of Chief Justice (Retd) Allahabad High Court and former MLA of Goa (1977), Justice Ferdino Rebello, in the presence of former director of the Indian Institute of Advanced Study (IIAS) Dr Peter Ronald De Souza; and advocate Cleofato Coutinho. Prabhudesai says that the book is not primarily for politicians or political activists but for voters to rethink before casting their vote. Expressing his views on the book, De Souza, who has written the foreword, said that the book has something for everybody. He further said that Sandesh has started a new tradition of “chronicling history of Goa, of contemporary politics,” he said hoping that the book will be the beginning of a new public debate. Justice Rebello spoke on some of the concepts of the book from his own personal experiences, both in the field of politics, and the judiciary, pointing out that democracy is facing a major crisis in Goa 151 1. Launched in 1964 as Fiat 1100 Delight, this four-seat saloon car was rebranded in 1974 as 2. Ryan Roslansky is the CEO of which business networking website?

3. In 1885, millionaire Leland and his wife Jane founded this American university 4. Earle Dickson is credited for having invented which medical product?

5. Which former chief of Lintas, the advertising agency, also headed Bombay First, a social trust?

6. In 1914, which British car company was started by Lionel Martin and Robert Bamford?

7. In 1668, which city was transferred to the East India Company by Charles II, for an annual rental of 10 pounds?

8. Which Hollywood studio did Coca Cola acquire on 22 June 1982 for $750 million?

9. Identify this newsmaker head of Indian PSU Answers to BG Quiz 150: 1.Murugappa Group 2.Closeup 3.Aditya Birla Fashion & Retail Ltd 4.Zee 5.Blackeberrys 6.Apollo Tyres 7.Jack Daniel’s 8. Juggernaut Email your answers to businessgoa.media@gmail.com First all correct entry will get 1 year’s subscription to Business Goa

BEST SELLING AUTHOR | HOSPITALITY MANAGEMENT CONSULTANT | SALES STRATEGIST | CERTIFIED COACH

PRASHANT KUMAR

3 REASONS WHY HOTELIERS FAIL TO MAKE PROFITS

To achieve the desired ROI, high occupancy rates, integrating world-class amenities and going an

extra mile are not the only aspects to consider. Also consider these aspects that are costing you money:

DEARTH OF DIRECT BOOKINGS | HIGH OPERATIONAL COSTS | POOR MANAGEMENT SYSTEMS If you are a HOTELIER wanting to increase your ROI, then get to know how to decrease your costs and lead a happy and stress-free life. Discover the HOTEL SUCCESS FORMULA

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Success Formula It is a proven system to help you manage your hotel property more effectively and efficiently. As a direct result of implementing this system, you will: lIncrease your profits and ROI lBuild a highly inspired & better performing team lConvert more customers into loyal ones lDevelop your brand into a more promising and popular one, which in turn will trigger higher ratings Call NOW or Email to Book a free discovery session to learn more:

0091-7972249945, connect@prashantk.in, www.prashantk.in

Testimonial

A tailor-made formula to suit the business needs of La Cabana Beach and Spa Resort was done by Prashant. He carefully understands the operations and designs his Hotel Success formula which caters to all departments of the resort including the Spa and the restaurant Palasha. The format is easy to use, they have an excellent support system and offer training to the staff members.

Post-implementation our team performance has greatly improved and each department is accountable. It is easy to monitor daily occupancy, inventory, sales, stocks, etc. All relevant information is easily accessible, avoiding duplication of tasks. As a result, our sales and service have improved, and operational costs have been reduced. The best part is that I can track what is happening inside the resort anytime, anywhere. A wonderful system, highly recommended for the hotel industry!

SUPRIYA RANE

Owner & Executive Director of La-Cabana Beach Resort & Spa. Goa

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