Business Goa

JULY 2021

VOL 7 ISSUE 7 PANAJI GOA

RNI No.: GOAENG/2015/59955

GOA’S ONLY BUSINESS MAGAZINE

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

INDUSTRY DOSSIER

BOUNCE BACK Industry insiders share their thoughts and learnings from the pandemic to rejuvenate their ventures with new ideas and vigour

SPECIAL ISSUE

VIEWS ON GOA’S MINING CORPORATION IT INDUSTRY LOOKS FOR STATE SUPPORT

IFFI GOA FROM NOVEMBER 20

NEWS VIEWS ARTICLES INTERVIEWS PROFILES FOCUS ANALYSIS OPINIONS EVENTS FEATURES

India’s Premier Resort Built by Goa’s Elegant Developer

The Hilton Goa Resort is a proud statement by Sun Estates Developers

SUN ESTATES

CONTENTS Anniversary Special 14

Business Goa takes stock of the year gone by with stories of resilience during the pandemic

Cover Story 22

Industry insiders share their thoughts and learnings from the pandemic to rejuvenate their ventures with new ideas and vigour

Focus Goa: Information Technology 42

Goa Technology Association discusses various issues faced by the IT industry in Goa with Chief Minister Pramod Sawant

Focus Goa: Mining 44

22 44

While the State Government is all for a Mining Corporation, Goa’s mining companies think otherwise

Interview 46

President of Goa Mineral Ore Exporters’ Association, Ambar Timblo, in a no-holds-barred interview, expresses his views on the proposed Goa Mining Corporation

Starting Young 48

Ryan Menezes speaks about his entrepreneurial venture, Inferno Wings and his idea of getting into business at a young age

46 52

Goan Brand 50

48

With a vision to provide nourishing, healthy, and natural solutions using local produce, Nilisha Ferrao, founder of ‘Narla,’ the coconut company, is blazing new trails

Industry 52

‘Lakood’ is an entrepreneurial venture of architect couple Reshma and Ameet Sukhtankar, who believe in high precision interior design as their philosophy at work

Lady Power 56 50

54

42

Business Diva Competition 2021 hosted by GCCI’s Women Wing and Khairoo Andani’s new venture Smart Investments

Social Index 60

Immediate Past President of Rotary Club Panaji Riviera, Ryan Costa, speaks about lighting up 15 houses in the remote village of Keri, as the Club’s signature recent project

44

60 COVER ILLUSTRATION: GOVIT MORAJKAR

04 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

CONTENTS COLUMNISTS IN THIS ISSUE

SPECIAL ISSUE

61 Leader Speak

68 Balance Sheet

62 Money Matters

70 Beyond Classroom

63 Politically Correct

72 The Family Man

64 Perspective

74 Mediascan

65 Uncomplicate Business

76 Invest Right

66 Corporate Citizen

77 Love for Business

Ralph de Sousa discusses the postcovid scenario along with focusing on other issues important to Goa V B Prabhu Verlekar writes extensively on the MSME Act and the benefits available to small enterprises

Rohan Khaunte highlights the adverse effects of Covid on the economy and suggests for a slow and steady bounce back Swati Salgaocar explains how companies should plan their workplaces in the aftermath of the pandemic

Sunil Dias shares his ideas on bouncing back in a post-covidised world

Daniel Albuquerque deals with the London Court of International Arbitration (LCIA)

67 Cabbages and Queen

Nandini Vaidyanathan emphasises on how one can stay relevant by creating, communicating and delivering value

CA.Rohan Bhandare highlights various industry trends, which have undergone a change in light of the pandemic Dr. Pradeep Salgaonkar discusses the concept of ‘Customer Loyalty Programs’ and their benefits Dr Vivek Mendonsa highlights the importance of having a family business consultant and the value that they can add to one’s business Shailesh Amonkar writes on how the pandemic has affected the media; and new strategies to attract consumers and staying relevant Mahesh Pai emphasises on financial lessons that one can learn from the pandemic; and shares tips on investing wisely Swapnil Kamat and Arunima Kamat write about resilience and coping during these unprecedented times

08 Editorial 10 Corpo Scan 47 Viewpoint 54 Campus 54 BookShelf 55 Event 58 Business Next 78 Newsmakers 78 BG Quiz

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Mail this form along with payment to BUSINESS GOA 409, Citicentre, EDC Patto Plaza, Panaji 403001 Goa INDIA Tel.: 91-832-2437822 Email: businessgoa.media@gmail.com 82 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021 06

Shree Mahalakshmi Damodar Prasanna

EDITORIAL

Optimism Works JULY 2021 Publisher & Editor Harshvardhan Bhatkuly Group Head Urvija Bhatkuly Business Head Annalise Gouveia Chief Reporter Sybil Rodrigues Trainee Reporter Saachi Pai Kane Cover Illustration Govit Morajkar Photographer Aliston Dias Distribution & Logistics Mayur Santinezkar Contributors in this Issue

Arunima Kamat Daniel Albuquerque Mahesh Pai Nandini Vaidyanathan Dr Pradeep Salgaonkar Ralph de Sousa Rohan Bhandare Rohan Khaunte Shailesh Amonkar Sunil Dias Swapnil Kamat Swati Salgaocar V B Prabhu Verlekar Dr Vivek Mendonsa Editorial, Advertising & Administrative Office

Business Goa

409, Citicentre, EDC Patto Plaza, Panaji, 403001 Goa India Tel.: 0832-2437822 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.

By nature, my glass, which I seldom drink from, is half empty. But when it comes to things in the realm of entrepreneurship and business, my antennas are always looking for a signal. Some company launching a new product, a group tying up with another for better synergies, the stock market heading north, reading an exciting cover story, startups (underdog types) raising funds – all get me very excited. Reading about entrepreneurs and their journeys make my favourite reads. So in my mind’s movie, the entrepreneur always triumphs.

The coronavirus and the after effects of the pandemic on business and economy is actually a very sordid tale. Tens of thousands of businesses have shut shop, many of which after having laden their respective owners with financial liabilities of enormous proportions.

Many small businessmen are now looking for jobs that they had left a few years ago to fuel their entrepreneurial passion. Most media entities have been doing their bit on the impact of the pandemic and you get to read stories of people, who once enjoyed success in business, now been relegated to do menial chores – only to make ends meet. Goa has had its share of misfortune. Being a small state / market dependant on upcountry raw materials, things have been far from easy for businesses to spring up from the challenges inflicted by the first wave and later squashed by the second.

Being a tourism state, closure of hotels, restaurants, shacks and allied ventures like travel agencies has dealt a deadly blow to the businesses and the people dependant on them.

A global crisis like this had no precedent to look up and derive ideas to combat it.

This magazine has had divine blessings to see itself on the news-stands throughout the pandemic. No mean feat for a print product, I must say at the risk of self aggrandisement.

Over its twelve year long journey, this magazine has had its sombre moments. But what we have thrived on is the success of Goa’s entrepreneurs – small and big. And we have

Harshvardhan Bhatkuly had many moments to cheer, which have found generous space on our pages over the years.

I read this somewhere: Optimism is infectious. It is characterized as the persistent expectation for positive outcomes, interpreting negative events only as temporary setbacks. Anticipating a positive outcome is a key motivator for committing to a cause and can spur individuals to action and improve group performance. Because human motivation and action are products of what one believes, rather than the objective truth, optimism infused with a sense of personal efficacy can inspire the uninspired and help maintain hope through gloomy times.

Indeed, in these gloomy times, Business Goa has had a special eye for stories that can inspire confidence and lift up our sagging spirits. The tales of rough and tumble about the onslaught of the virus could help no one if they were eyeing to keep their businesses running. Yes, reading facts, however morbid is essential to know the weather condition of your neighbourhood, so to speak; but it can seldom help you reach for the stars. Thinking and talking about business hasn’t been on top of people’s list, for obvious reasons inflicted by the pandemic.

However, if we want jobs to be restored and the state kitty needs taxes, businesses have to crawl back from their dormancy.

Many of our readers have complimented us for carrying stories of businesses and sharing ideas for bouncing back in a desolate economy. I agree that these stories have also motivated us to stay afloat and thrive.

This being our 12th Anniversary Issue, it seemed apt to speak to some industry insiders and listen to their ideas of bouncing back.

Agreed that the coronavirus is far from being history. But by now our minds have to be geared for a bounce back.

Thanks for staying with us for 12 long years. Read on

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

08 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

CORPO SCAN

www.businessgoa.in

Environment Department to stick to deadline of August 31 for Draft Coastal Plans Officials in the Environment Department claimed that they would be sticking to the NGT deadline of August 31, for finalization of draft coastal plan; even though the Coastal Zone Management Plan (CZMP) will be completed soon.

Meanwhile the Department is yet to set up a committee comprising experts to carry out ‘ground-truthing’ exercise on each objection

including changes suggested in self-prepared village plans and incorporating them into the draft plan only after determining the technical parameters. Village panchayats and municipalities are unhappy with National Centre for Sustainable Coastal Management (NCSCM) for not incorporating changes recommended in self-prepared plans and continuing with the same

Goa gets `399.54 crore GST dues

draft filled with errors and omissions. This had resulted in uproar at the recently held public hearings from various sections of society demanding that the hearing should not be held any further until individual plans, submitted by local bodies and over 4,000 objections received, are compiled, compared, examined and recorded in the draft CZMP. They also said that the

purpose of the hearing is defeated unless the draft is prepared with proper physical survey and in consultation with the local communities.

According to local bodies, important features like land use of local fishing communities, hazard lines, fishing zones, fish breeding areas, heritage sites and identification of violations, as well as legal and illegal structures were left out

IFFI from November 20 to 28, this year

“Almost 50 per cent of the total shortfall for the entire year is released in a single instalment” NIRMALA SITHARAMAN

Finance Minister

Nirmala Sitharaman

The Union Finance Ministry released `399.54 crore to Goa as compensation for goods and service tax shortfall.

The Finance Ministry released `75,000 crore to the States and Union Territories as compensation for the GST shortfall.

The Ministry stated that release of funds as compensation was in addition to the normal GST compensation being released every two months out of the actual cess collection.

The Ministry in a statement said that the amount released is about half of the `1.59 lakh crore that was agreed to be borrowed in the current fiscal by the Centre and passed on to the States and UTs on a backto-back basis, to meet their resource gap.

The amount released is in addition to the normal GST compensation that is paid bimonthly to States out of the collections made from the levy of a cess on luxury and

sin goods.

“The Ministry of Finance has released `75,000 crore to the States and UTs with legislature under the backto-back loan facility in lieu of GST compensation. This release is in addition to normal GST compensation being released every two months out of actual cess collection,” the statement said. Finance Minister Nirmala Sitharaman in a tweet said, “Almost 50 per cent of the total shortfall for the entire year released in a single instalment”.

The Centre has estimated the shortfall in GST compensation payable to the States in the current fiscal at `2.59 lakh crore, of which about `1.59 lakh crore would have to be borrowed this year.

The Centre expects to collect over `1 lakh crore through cess on luxury, demerit and sin goods, which will be given to the States to compensate them for the shortfall in revenue arising out of the GST implementation.

Hence, the remaining `1.59 lakh crore would have to be borrowed to meet the promised compensation to States under the GST regime.

The Ministry said in the

10 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

Prakash Javadekar, then Minister for Information and Broadcasting unveiled the IFFI 2021 poster

The 52nd edition of the International Film Festival of India (IFFI) will be held in Goa from November 20, the Information and Broadcasting Ministry announced.

The Directorate of Film Festivals will organise the mega event in a hybrid format – virtual and physical – in collaboration with the Goa government and the Indian film industry, it said.

The film festival will conclude on November 28.

On the occasion of the birth centenary of the maestro of Indian cinema Satyajit Ray, the ministry said the Directorate of Films Festivals will pay tribute to him through a ‘Special Retrospective’ at the IFFI this year.

“Also, in recognition of the auteur’s legacy, the ‘Satyajit

Ray Lifetime Achievement Award for Excellence in Cinema’ has been instituted from this year to be given at the IFFI,” the ministry said.

The call for entries for participation in the competitive section of the 52nd edition of the IFFI will remain open till August 3, it said.

Earlier, then Information and Broadcasting Minister Prakash Javadekar released the regulations for this year’s film festival and also a poster.

The IFFI is reckoned as one of Asia’s oldest and India’’s biggest international film festivals.

The 52nd edition of the IFFI will be held in a hybrid format considering the success of the 51st edition in January 2021, the ministry said

May 28 GST Council meeting, it was decided that the Central Government would borrow `1.59 lakh crore and release it to States and UTs with the legislature on a back-to-back basis to meet the resource gap due to the short release of compensation on account of

the inadequate amount in the compensation fund.

All eligible States and UTs (with the legislature) have agreed to the arrangements for the funding of the compensation shortfall under the back-to-back loan facility, the Ministry said

CORPO SCAN

@business-goa

Industry unhappy with GIDC’s plan to increase lease rent Goa State Industries Association has reacted strongly to the decision of Goa Industrial Development Corporation to enhance the lease rent and said that such a move would hurt economic recovery of industries.

GSIA sent a letter across to GIDC stating that instead of taxing entrepreneurs, the corporation should recover pending dues from defaulters, including `7 crore from the Centre for infrastructure created for Def-Expo at Quitol-Quepem.

Damodar Kochkar, President, GSIA, stated that the GIDC can’t think of

Damodar Kochkar

burdening the industries every time in order to achieve financial stability and cover its financial mismanagement.

Further, he also pointed out that across the country,

Supreme Court dismisses Mining Review Petitions filed by State and Vedanta

The Supreme Court has dismissed the review petitions filed by Goa and Vedanta Limited against a 2018 order cancelling the state government’s move to renew 88 mining leases, citing the delay in filing them and a lack of cogent grounds for it.

It expressed displeasure over the timings of the pleas.

In February 2018, the Supreme Court had cancelled the renewals issued in 2015, saying that they were granted in haste and without application of mind. Goa filed its review pleas over a year later in late 2019. Vedanta followed suit in 2020. Goa’s review pleas came 650 days after the Supreme Court’s February 2018 order and that of Vedanta after 907 days.

“In accordance with

Rule 2 of Order XLVII of the Supreme Court Rules, 2013, an application for review of a judgement has to be filed within thirty days of the date of the judgement or order that is sought to be reviewed.

No cogent grounds have been furnished for the delay between 20 and 26 months by the two parties in filing their applications for review,” a bench of justices DY Chandrachud and MR Shah said in their order on July 9.

The Bench also reprimanded the Revisioners for their dilatory tactics in filing the reviews when it was pointed out that the review pleas were filed after the judges, Madan B Lokur and Deepak Gupta, who passed the original order, retired. “...Goa preferred (to file) its four review petitions in the month of November 2019, after Justice Madan B Lokur’s retirement, while Vedanta Limited preferred its four review petitions in the month of August 2020, right after Justice Deepak Gupta’s retirement. Such practice must be firmly disapproved to preserve the institutional sanctity of the decision making of this Court,” the Bench said

12 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

state governments and the Centre were working on schemes to support MSMEs affected by the pandemic, while the Goa Government was asking GIDC to become ‘atmanirbhar’ at the cost of industries.

GIDC, in a recent board meeting, proposed a hike in lease rent due to the ‘absence of any long-term policy on the financial sustainability’ of GIDC. Kochkar went on to state that any further increase in lease will be strongly opposed by the industries and it will vitiate the industrial climate in the State

NABARD raises Goa’s credit limit to `350 crore

Funds will help Goa create ‘good infra’, says CM The National Bank for Agriculture and Rural Development (NABARD) has agreed to increase the credit limit for Goa to `350 crore, Chief Minister Pramod Sawant said. Various projects are being implemented in the state in collaboration with NABARD. “NABARD has agreed to complete any kind of project that the government hands over to them. This cooperation from NABARD will help Goa create good infrastructure,” Sawant said.

Sawant was speaking after inaugurating a mobile ATM van at Sakhali, to mark the 40th anniversary of NABARD

Centre selects FiiRE as incubator for startups

DS Prashant

The Department for Promotion of Industry and Internal Trade (DPIIT), which reports to the Union Ministry of Commerce and Industry has selected the Forum for Innovation Incubation Research and Entrepreneurship (FiirRE) as one of the two incubators for the Startup India Seed Fund scheme, the other being Kerala’s IIM Kozhikode.

DS Prashant, CEO of FiiRE said, “Once the call for applications open for startup India seed fund portal, they will be recommended to us and then we will have to have an investment committee meeting to disburse seed funds to startups”.

The Centre commenced the Startup India Seed Fund Scheme (SISFS) to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialization with an outlay of `994 crore.

Further, Prashant said that FiiRe is getting many inquiries from startups from across the country.

Established with the support of the Centre’s Department of Science & Technology, FiiRE supports early stage technology ventures working on innovation, development or improvement of products.

Prashant also stated that FiiRE will handhold the interested startups through counseling and training, which would be initiated from this month onwards

Business Goa Braves Covid Business Goa survived two waves of Covid, a lockdown last year and a sort-off lockdown this year writes Chief Reporter SYBIL RODRIGUES

A

long with tourism, print media suffered the most in the vortex of the world’s largest health emergency in a hundred years. Breakdown of supply chains, a cut down in the number of printed copies and readers shifting to digital mediums along with the cutting down of advertisements by the advertisers which created financial problems, led to a lot of dailies shutting shop, along with a few magazines as well.

Most of our stories, since the past one year, have been on people surviving the pandemic, living on hope and of course, their perseverance, which helped them get through these tough times.

Our columns too, are on how to survive during a pandemic, be it financially, emotionally, physically and mentally.

Everyone is giving advice, do this, don’t do that, go here, don’t go there and so on.

We have learnt a lot from the pandemic is what everyone says and I suppose it holds true.

So how did we survive? Saying sheer hard work and dedication would not be entirely honest, but both of these, along with tons of luck, are what helped us sail through these turbulent times.

Here is how we do things differently at Business Goa: 1. Family matters more than we realise When I say family here, I mean our little family at work. We are a mixed bunch.

While some are over-enthusiastic about reporting to work, come hell or high water; or in this case, covid, lockdowns and curfews, the others would rather work from home. And who is caught in the middle? Bossman of course, having to hear the pros of working from home and cons of not coming to work.

Leaving us to deal with the issue, we manage to co-ordinate and get things done, no matter where we are, in office or working in our shorts from the comfort of our balcãos. Decisions are taken jointly, and no matter what happens, at the end of the day, work is done. So yes, we have problems like every family does, but sit down (far apart of course), discuss the issue at hand, and start working. Works like a charm.

2. Measure output and not hours Many businesses have been measuring productivity through the numbers of hours put in. We on the other hand, have the liberty to work with flexible

14 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

Pic: Aliston Dias

ANNIVERSARY SPECIAL SPECIAL ISSUE

timings. Excuses are varied (and bizarre too!!), ranging right up from taking a loved one to the doctors, the ozone in the air flattened my tires, to my cat is feeling depressed today and I can’t report to work. Thankfully, we are a monthly magazine and can bring out an issue before the fag of the month. Of course, this includes the mad rush before we send it in for print, endless cups of coffee, and a few expletives thrown here and there. The pandemic has taught us that it matters less how long it takes someone to do a task and more that they get the job done effectively.

3. There is always a solution to a problem You can always find a solution to a problem. As the media landscape changed throughout the year and we watched publishing houses go through layoffs, editorial priorities were changing constantly. The art of pivoting is invaluable. You need to have the ability to pivot and find a solution at any given moment.

4. Nurturing strong relationships If we were able to churn out issue after issue, even though we took it one day at a time, it wouldn’t be possible without our advertisers and subscribers. Their support didn’t come out of thin air. We have cultivated these relationships over the years, while maintaining consistency in our work. When it mattered most, these supporters stood by us, and

If we were able to churn out issue after issue, even though we took it one day at a time, it wouldn’t be possible without our advertisers and subscribers. Their support didn’t come out of thin air.

We have cultivated these relationships over the years, while maintaining consistency in our work.

When it mattered most, these supporters stood by us, and continue standing by us, till date. Now, we are stronger than we have ever been

Sybil Rodrigues

continue standing by us, till date. Now, we are stronger than we have ever been.

5. Communicating thoughtfully Communication is crucial, but it can also be the Achilles’ heel of any organisation.

Thanks to everyone’s different natures here (Scorpios, Aries, Capricorns and Geminis), we have our days when we sulk and make faces at one another.

Nothing beats sitting down and talking out a problem. We communicate clearly and honestly so others don’t need to guess and possibly fill voids with inaccurate information, which leads to misunderstandings. Have an issue? Talk it out.

6. Celebrating small wins Covid has taught us to celebrate every issue that comes out, no matter the number of pages. There are times when we are at a loss for content and decide on the articles at the last minute.

We have had to drop stories due to multiple reasons, which we accommodate in the next issue of course, but every month when we get the copy of Business Goa in our hands, it’s like a little victory for us.

7. Work and Play - Having fun Not a day goes by without having a laughing fit at least once during work hours. Be it playing catch with a pack of tissues, watching funny videos, doing karaoke, cracking all sorts of jokes or trying some idiotic dance step, the laughs help with improving resilience and optimism, especially during these difficult times.

After all, all work and no fun would make us dull BGians

ANNIVERSARY SPECIAL HONOURING ENTREPRENEURIAL CONTRIBUTION I am very happy that Business Goa has completed twelve years of unstinted success. I congratulate Harshvardhan Bhatkuly on this achievement.

It is with his commitment and sense of purpose that the magazine has reached to this position.

Business Goa magazine is a name synonymous with business in Goa. It is Goa’s first and only business magazine dedicated to industry, trade and commerce. The magazine has managed to capture the imagination of everyone who is connected to business in Goa and beyond.

Passion & Vision

Business Goa is a fine example of finding a niche and doing justice to it – with commitment, passion and vision. Twelve years on the trot, when many pulled down their shutters due to the pandemic, is by itself a measure of perseverence.

When I browse through Business Goa, it reflects an ear to the ground quality where there is a lot to read.

Starting with an insightful editorial that reflects Harshvardhan’s thought leadership and good wishes to Goa’s business community, the rest of the magazine does justice to entrepreneurs of all ages. I recollect a famous motivational quote that Harsh shared with my kids years ago. “It takes 10000 hours of intensive practice to achieve mastery of a skill”. I will say, “Heaven helps the man who helps himself ” and this has proved to be the case with Business Goa Mac Vaz

The magazine cares for improvement of local Goan lifestyle in business, startups, MSMEs, education, community development including health.

Our company has had a long association with Business Goa Awards – an event that recognises and felicitates entrepreneurial contribution; and excellence in the state.

I wish the Business Goa team all the very best and hope they continue to create great content, to keep us informed through the magazine

SPECIAL ISSUE

Showcasing new business ventures

Narayan Bandekar NRB Group

Promoting and Representing Industry Interests Goa’s only business magazine, Business Goa has had a big hand in promoting, representing and motivating Goa’s business fraternity with their magazine as well as the Awards. The magazine’s love for the business sector continues to remain strong, making it a treat to read as well as keep its readers informed of things going on and accomplishments in the entrepreneurial space. I wish

Business Goa all the best and more success to come Dr Sangam Kurade Dr. Kurade’s

SPOTLIGHT ON GOA’S ENTREPRENEURS

Business Goa has created a niche for itself in Goan

Madame Rosa Distillery

16 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

Dr Tejashree Colvalcar

IVF Angels Goa

Motivating Businesses

media for business and entrepreneurship.

Through his dynamic leadership skills and goodwill, Harshvardhan Bhatkuly has brought and continues to bring seasoned, young and innovative entrepreneurs into the spotlight Gaurish Dhond

Governor, Rotary Int’l District 3170

A Platform That Supports Entrepreneurs When people see Business Goa magazine, it’s more than that. It is a brand... a platform that builds entrepreneurs, motivates them and showcases their hidden talents from around Goa. I wish Business Goa the very best. The work of a writer and reporter never stops and on their corporate anniversary I wish them a long and prosperous journey

Hearty congratulations to Business Goa for completing their 12 year milestone! The magazine has given Goan businesses a great platform to showcase upcoming business ventures and startups and also bring to the fore the pinnacles attained by veteran business houses. Wishing the Business Goa team all the very best for the future

Prashant Kumar

Hospitality Consultant

Business Goa has been consistently providing information about businesses in and around Goa. The magazine has always been recognized as the best by the industry and entrepreneurs across Goa. ‘Business Goa Awards’ have been a great sense of motivation for businesses across the state Raghu Shetiye Chandan Groups

On the 30th Anniversary, We rededicate ourselves to our mission of

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ANNIVERSARY SPECIAL PERSISTENCE AND PERFECTION

Business Goa has become a name synonymous with persistence. 12 is believed to be a ‘number of perfection’. By its 12th anniversary, Business Goa has demonstrated both ‘persistence’ as well as ‘perfection’ in what it does best – focusing on the entrepreneurial canvas in Goa. On its 12th anniversary, Risara Properties congratulates Business Goa for being benchmark recognition for businesses in Goa. We wish you all the very best for a glorious future!

Gaurang Suctancar Risara Properties

Tenacity and Focus

Focus on small and medium entrepreneurs Business Goa’s singular contribution to Goa’s entrepreneurial ecosystem is that the magazine has brought to focus entrepreneurs who wouldn’t too often be in public gaze; much less be celebrated for their strides in their ventures.

The stories of their trials and tribulations have helped these small and medium enterprises to create a profile and voice in the business landscape of the state, all thanks to the magazine, which has been a steady and

consistent platform for Goa’s entrepreneurs for 12 years Sushant Tari

TPT Productions Pvt Ltd

A GLOBAL VOICE OF GOAN BUSINESS

Hearty congratulations to Business Goa team and Harshvardhan Bhatkuly and his family on the 12th Anniversary of the magazine.

Business Goa is not only a magazine but also an identity symbol of many business enterprises and organizations in Goa. There were and there are many businesses in Goa

since so many decades which we used to hear of since childhood, but now we know them better as Business Goa introduces them to us, not only in Goa but also in many other countries through its website and social media handles.

The concept of ‘Business Goa Awards’ is to boost, motivate and encourage businesses, whether a startup or an established business organization, including professionals from different streams.

I appreciate and applaud the founder of this magazine for his creative idea in adding great value not only to businesses but also to the lives of many people

Kirit Maganlal

Magsons Supercentre

In pandemic times many businesses have suspended operations.

In such

18 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2020

Voice of Business

Congratulations Business Goa for completing 12 years of publishing.

Harsh has displayed visionary entrepreneurial qualities when he decided to start a magazine dedicated to Goa’s business community.

The print quality and content of the magazine can be benchmarked against the best business magazines in the country. He has put many Goan industry captains, business houses, first gen entrepreneurs and Goa based startups on the covers of Business Goa, giving much needed exposure to young entrepreneurs. The magazine has also constantly highlighted the challenges faced by Goan businesses Anup Bhobe Duclo Bhobo

Consistent Quality Read

Dr Vinod Shirodkar Real Group of Companies

BUSINESS GOA IS THERE TO TELL THE STORY OF EVERY BUSINESS IN THE STATE Tenacity and focus to highlight and represent the voice of business and industry in Goa is what makes Business Goa stand out today. In an age where core businesses struggle to survive for even a decade, the perseverance of Harsh and his team to complete a dozen years and yet retain its shine is commendable. Our best wishes for the next dozen!

SPECIAL ISSUE

extraordinary circumstances, Business Goa has weathered the storm, which speaks highly of the people behind it. Congratulations Team Business Goa, Harsh and his resource group. They have continued to address to business houses that “we are there to reach out to the readers and tell your story.”

This keeps the Goan business community resilient.

Best wishes!

Congrats Business Goa, Harsh and team. 12 years of consistency and quality are some of the reasons why I look forward to reading this magazine every month.

Inspite of the pandemic, the Business Goa team has been churning out some awesome content, covering various topics, all related to the business ecosystem in the State. My best wishes for the future and achieving all the goals set by the magazine

Amin Ladak

Dinesh Sinari

Chairman, Goa Management Association

Parijat Traders

ANNIVERSARY SPECIAL

A CHALLENGING YEAR... AND TRIUMPH OF only business magazine was out on the news-stands despite PERSEVERENCE Goa’s the challenges thrown at us by the pandemic T

JULY 2020

AUGUST 2020

SEPTEMBER 2020

OCTOBER 2020

he eleventh anniversary issue in July 2020 focussed on the ‘7Cs of Leadership’ bringing to the fore leadership qualities that makes one stand out in the face of a pandemic.

Anil Counto’s ALCON made it to Goan Brand; while CEO of the Goa Startup Promotion Cell, Ankita Anand, featured in the Interview Section.

Dr Rahul Kakodkar, a well known liver surgeon featured as our Professional of the month; and Sumeet and Archana Bhobe spoke about social media and staying connected during a pademic in the Leisure section.

In August 2020, critical thinker and scientist Dr. Raghunath Mashelkar and his 5-point strategy to overcome the technology deficit in the country featured as our Cover Story. Starting Young showcased Divya Sinari and her venture, The Cleaning Crew, and Velvin Group with their eco-friendly work stations formed part of Goan Brand.

In September 2020 Ajai Chowdhry, founder of HCL graced our cover with an impassioned plea for India to up its technology game.

The issue also saw five focus stories, putting the spotlight on Real Estate, GST, Mining, Industry and Tourism.

Well known gynaecologist and obstetrician, Dr. Neha (Tarna) Khadpe spoke of her fascination for the medical field in Professional Dossier, while Radio Jockey, singer, compere and writer Ayesha Barretto elaborated on the myriad things that she loves doing in Lady Power.

October 2020 found the rainmaker, Rajkumar Kamat, speak of the success story of BNI Goa and the enterpreneurial ecosystem that it has harnessed in its 10 year span. The issue also saw Amey Pareskar and Rahul Kamat’s brand Fresh Patlo in the Goan Brand. The

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interview section witnessed Goa’s industry captains sit down and discuss Goa reopening after the lockdown; and Lady Power had Dr Suhani Mendonsa who outlined her journey from being a mehendi artist to juggling roles as a talk show host, social activist, mentor and guide.

November 2020 featured Suraj Morajkar and his most ambitious business offering, Hilton Goa Resort as our Cover Story. Focus Goa highlighted Goa’s environmental concerns, the need for a retail policy and industry heads coming together to request the Government to apply a waiver to MSMEs and small businesses. Luxury Brand displayed Ulhas Jewellers, a name synonymous with Goan Heritage, while Professional Dossier highlighted structural engineer Shirish Kamat. Bon Appetit focussed on Pranav Dhuri’s gastrobar, Petisco that combines good food, drinks and the perfect ambience.

December 2020, our festive issue saw our Cover Story celebrating Christmas amidst the pandemic by showcasing businesses who chose to make merry in the ‘new normal’. Architect Shefali Cordeiro and her Line and Dot Studio made it to Starting Young, and Sairaj Dhond’s Wakao Foods was featured as part of our Goan Brand for the month. Professional Dossier highlighted model, mother, chef and restaurateur, Sarah Todd; and Amin Ladak, Chairman of Goa Management Association, shared his plans for the organisation.

January 2021 heralded India’s 1000 crore-startup India seed fund in with a mission for its startups and unicorns to emerge as global giants, as part of our Cover Story. Aliston Dias, a video content creator featured

NOVEMBER 2020

DECEMBER 2020

JANUARY 2021

FEBRUARY 2021

SPECIAL ISSUE

BRAVING IT OUT

MARCH 2021

APRIL 2021

in Starting Young, while Gaurabh Quenim’s myriad ventures under his brand GNQ Hospitality, was our Goan Brand. Priyanka Row outlined her journey from a luxury hotelier to mind coach in Lady Power; and Jonathan Rodrigues made a pitch for mediation as a means of dispute resolution in Professional Dossier.

February 2021 brought us the story of Goa’s Fernandez brothers, Aaron, Judah and Caleb, with their IT Company Kilowott, as part of our Cover Story. Focus shed light on the Union Budget 2021, and the state of Goa’s finances. Parth Teli spoke about his company SkullzMedia in Starting Young; and Blaise Costabir, Chairman, CII Goa Council on how the organisation has made a a difference to business in the Interview section. Bon Appetit showcased Palasha at La Cabana; as well as Nolan Mascarenhas’ quest to rekindle the spark of Goa’s original bread makers with his endeavour ‘Poder Chronicles’.

The pandemic has impacted lives and businesses globally.

Goa was no exception. Print media, all over the world, faced severe brunt with lockdowns coupled with the fear of touching paper; and slashing of advertising budgets. I am happy to say that Business Goa could withstand the covid storm and came out with an issue every month. This was only to display our commitment to March 2021 saw Swati Salgaocar, a third generation entrepreneur, foraying into new territories and taking up causes espoused by organisations like CII, as our Cover Story. Focus Goa celebrated International Women’s Day, which feted the heroic women who are changing the world around them. Damodar Kochkar, President, Goa State Industries Association, spoke on the challenges faced by the industry post-covid, in the Interview section. Dr Kedar Padte elaborated on the surgical robot named Versius, in Health Care; and Café Caravela at Candolim, with their amazing breakfasts, made it to our Bon Appetit section.

April 2021 celebrated Goa Technology Association, under the leadership of Mangirish Salelkar, which has become the voice of IT entrepreneurs in Goa, in our Cover Story. Focus Goa explained the Goa Budget for the year 2021; and highlighted Vamona Navelcar, an artist who has lived, worked and expressed his art across three

the entrepreneurial ecosystem in Goa. I am even happier to inform that our long standing advertisers and readers have been the bulwark of the support from which our team could seek inspiration from. I would like to express my gratitude to our entire team, writers, columnists, advertisers, subscribers, readers... even critics... all who have shaped the journey of this magazine for 12 years.

I am reminded of the time when the magazine was launched and a senior industrialist accosted Harsh asking him who were the investors that are backing the magazine. “We have two investors...

Shree Mahalakshmi and Shree Damodar,” he said. You could call it luck or divine grace that has been backing this magazine! Stay with Business Goa, as you always have

www.businessgoa.in

MAY 2021

Urvija Bhatkuly

Group Head, Business Goa

continents. Starting Young displayed Delfino’s Taleigao, which ushers in a new generation of the Group in the retail sector; while Louise Remedios took us behind the scenes at Reynold Weddings in Enterprise. Rajesh Joshi, CEO of Atal Incubation Centre at GIM, featured in the Interview section; and Romesh Dhamija, a much sought after wedding photographer, was part of our Professional Dossier.

May 2020 profiled a few of Goa’s Covid heroes, who went all out to help those affected and their families, in different ways. Focus Goa highlighted the recommendations of the Supreme Court CEC’s recommendations against the three linear projects, to the Apex Court. Technology had Spintly, who has made giant strides in the physical security and smart business space, going on to win the confidence of Riso Capital.

Smitha Vijay was our entrepreneur for the month, with her venture Doorstep Goa, in our Enterprise section.

New Brand saw Stilldistilling Spirits launching their new

JUNE 2021

rum ‘Maka Zai’ which has been blended on Indian soil.

Global Goa unveiled the Goan Community Centre in Brampton, Canada, a place where the Goan Overseas Association can call it a home.

June 2020 had Ralph de Sousa, as part of our Cover Story, where he speaks about the various challenges before Goa’s economy; the fate of tourism in view of the pandemic and other issues faced by the State. Aakash Khaunte and his brand Vaum, an avant-garde brand of tonic water was our Goan Brand of the month. Siddharth Kerkar spoke about his range of clothing, which is based on the philosophy of sustainability in Starting Young; while Dr Sanat Bhatkar shared his journey on becoming a neurologist and conducting a non-invasive brain surgery on a young boy in Professional Dossier.

All in all, a year of trials and tribulations and eventual satisfaction of being in print without a pause

JULY 2021 | BUSINESS GOA INDUSTRY DOSSIER | 21

COVER STORY

BOUNCE BACK A

Industry insiders share their thoughts and learnings from the pandemic to rejuvenate their ventures with new ideas and vigour

Illustration: Govit Morajkar

s we crawl back to normalcy after the second wave of covid, faced with other societal challenges, leaders of various businesses, speak on their ability to lead, endure the long road ahead and build trust among all stakeholders One of the most popular topics in positive psychology is resilience.

Resilience can be defined as the ability and tendency to ‘bounce back.’

‘Bouncing back’ is what we do when we face disappointment, defeat, and failure; but instead of wallowing or letting things keep us down, we get back up and continue with our lives.

Globally, Covid is a public health emergency, which has hit countries all over the world. Health emergencies remain a constant threat to developing countries and local populations.

Just as Goa was recovering

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from the first wave of Covid, and the economy limping back to normalcy, the second wave hit us, more potent and terrifying than the first, which sent whatever little normalcy we had, flying out of the window.

As a State that depends on tourism, the travel restrictions in place meant tourism and allied industries were affected.

Businesses were not sufficiently prepared for the magnitude of the crisis that they would face and the impact it would have on their operations.

What does the road to recovery look like? Every industry has a different story, as will the businesses based on how each one of them operates.

Our Cover Story highlights various leaders from different sectors and how they have persevered during these difficult times, having to live on hope and work with sheer grit and determination in order to bounce back from the impact of the second wave.

The future of each organization, though, is not preordained. As resilient leaders, one of the most critical roles right now is to sustain: to sustain their people, many of whom are experiencing not only fatigue but more stresses than they ever have; to sustain their organizations in continuing to create value for all stakeholders; and to sustain society as it experiences multiple existential threats.

However, just as important, they must also sustain their own ability to lead so that they can continue to serve over the long journey ahead

COVER STORY

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“LOOK AT VALUE CREATION RATHER THAN ONLY PROFIT”

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he biggest challenge faced during Covid was the uncertainty, seeing people struggle coupled with the loss of livelihoods amidst a terrifying health scare.

Shrinivas says, “If there’s one thing that I learnt from the pandemic, is about how indomitable the human spirit can be. When things were falling apart, and everyone was in panic, there were many good Samaritans who pitched in to help in every way possible.” Be it home kitchens delivering food, creating a portal on social media to reach out to the people, arranging oxygen cylinders, are some wonderful examples of the varied acts of kindness, which came as a bright ray of hope to us in times of darkness. Due to the pandemic, businesses have to adjust to changes in the way they work. The work

from home culture have led companies to digitize at least some part of their business to protect employees and serve customers facing mobility restrictions as a result of the covid-19 crisis. “We have vaulted five years forward in consumer and business digital adoption in a matter of around eight weeks.

Banks have transitioned to remote sales and service teams and have launched digital outreach to customers to make flexible payment arrangements for loans and mortgages. Grocery stores have shifted to online ordering and delivery as their primary business. Schools in many locales have pivoted to 100 percent online learning and digital classrooms”, he added. As far as bouncing back in a covidised economy is concerned, “We have to

Shrinivas Dempo DEMPO GROUP OF COMPANIES look at businesses from a prism of a startup, be nimble footed, agile, more flexible and look at creation of value rather than only profit”. His

advice for budding entrepreneurs is, “Be of change, look at the picture and keep in with global trends”

young agents bigger touch

“THE NATURE OF BUSINESS AND THE DYNAMICS HAVE CHANGED. EVALUATE YOUR STEPS CAREFULLY”

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ouncing back isn’t a reaction that we can control, we can only react to a given situation, says Deepak Tripathi with regard to Tulip Diagnostics. The impact of covid-19 and the second wave has been a different experience for him, as well.

There was a spike in demand for covid related products but the issue lay in the fact that while the demand for covid related products did escalate, their other products such as tests for malaria, pregnancy or blood banks took a big hit.

“All the sales we lost with the routine sales products for the time being have been taken up by the covid related items.

But now that the covid related items rate has gone down and the demand for the routine products hasn’t picked up, maybe in the next few months we will have an excess sales

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Deepak Tripathi

Tulip Diagnostics Private Limited

and production capacity”, says Tripathi with regard to the effects of the second wave in Goa. “A big takeaway from the pandemic and these unpredictable times is that companies should minute cost control because demand is a little sloppy. We have to be protective about our spending, and we have to be careful and take care of the people who are exposed to the pandemic.” His advice to budding entrepreneurs is, “Don’t rush into projects, you should carefully evaluate what you are getting into because the nature of business and the dynamics have changed. You have to be mindful of your investments as to where you are going and how these pandemic related uncertainties, like the first and second wave, could impact your business

COVER STORY

“EVERY PROBLEM CREATES OPPORTUNITY”

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don’t think the third wave will come in. I don’t think people will let their guards down. We will have to be careful until at least 2024-25, I don’t see this virus going away. We have to have a very appropriate mechanism in place to counter the first signs of growing infections.

We have to see the first signs before it becomes a wave, it is something we will have to get used to”, says Atul Pai Kane, with optimism in regard to the third wave of covid-19.

After the passing of the first wave, most people let their guard down, we didn’t think about the second wave, or how it was coming. There was a lack of preparedness from the government as well as at a social level, but Atul doesn’t expect there to be third wave in Goa, “We’ve built up the medical facilities quite a lot now, and a lot of the

Atul Pai Kane PAI KANE GROUP Goan population have gotten vaccinated, and by September whoever are eligible will have the second dose which is why I believe that the wave will be controlled; but there will be infections.” In spite of being

a life threatening disease that’s lurking around in the shadows COVID-19 has created a lot of opportunities for entrepreneurs, “Young entrepreneurs should focus on the opportunities that are

caused due to the pandemic.

They should look at what service or products can improve the lives of people which could be affected because of COVID, like not traveling, not going out, not eating at restaurants, there are opportunities that every situation creates. We never had a food delivery system in Goa as efficient as the one today.” Every problem creates some opportunity. As entrepreneurs, we should look at what niche or collateral strength available to us meets that requirement. “They should focus on building up, in their SWOT analysis if they see any strength in their opportunity, they should focus on that and build upon it. I don’t think they should get into diversification at this point, the idea would be to build on their strengths”, affirms Atul

“ENTREPRENEURSHIP IS A LONG JOURNEY”

Shekhar Sardessai KINECO GROUP

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etting through the second wave was quite challenging and stressful, but Shekhar Sardessai powered through by keeping in mind that the positive energy you create within yourself comes back to you as positivity from the environment around you.

The second wave was an unseen enemy. A big concern for Shekhar during this time was the health of his employees. Social distancing

was in play but it is a hard task to conduct among 850 people working together, with staff quarters and shared dormitories used by employees. The second wave almost spread overnight but with quick reactions to the situation employees were evacuated and quarantined, containing the situation very well. Despite all of this, Shekhar truly believes that everything happens for the

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better, “We all must believe that there is a good reason for anything that happens, and once you start believing that anything good or bad happens for a greater good, you start thinking positively. That’s how I look at this covid situation.”

Having this optimistic attitude has allowed him to stay motivated and motivate others, turning things around at work and at home. Shekhar saw the pandemic pause to be a good thing, “Covid was a good pause that let us look at things in different perspectives.

We were running after everything in our life whether it is business, prosperity, enjoyment, we looked at it in a unidirectional way. The slow down during covid allowed us to pause and think about all the other things that we had been doing, looking at businesses in a different way, we had time to correct things that weren’t visible to us, things we never took a pause to think about.”

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Growth should always follow with a pause for us to digest and process the changes, it helps us create a sustainable trajectory for more growth in the future. Shekhar says, “Entrepreneurship is not something you get into to earn a little amount of money, I would call that as a business venture. In entrepreneurship, if you make money an instrument of your pursuit in your first few years, it is bound to fail at some point in time, because entrepreneurship is a long journey and you have to keep pursuing it.”

His single most important advice to entrepreneurs is very simple and clear, “Entrepreneurship is to create some value, once you create value, it will create wealth.

Value is something that can never be destroyed, wealth can be destroyed. If you create value, it can be encashed into wealth at an appropriate time, focus on creating that value”, he says

COVER STORY

“IF A BUSINESS HAS SURVIVED THE PANDEMIC, THEY WILL BE STRONGER IN THE FUTURE”

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rom traveling almost every week to taking just one flight in the past 15 months, Blaise Costabir’s biggest takeaway from this pandemic was his companies shift is to the online world. According to him, it was a crucial move to continue business. With all client meetings online, designers could join in to the meeting and what once was a long process of travel and stay, became something compact and accessible within the comfort and safety of his home and office. “The pandemic has shown that the fundamentals haven’t changed – quality, cost and delivery are a given. The way you do your business has to be right”, he says. When asked for advice for young

Blaise Costabir

GMI ZARHAK MOULDERS PVT LTD

SPECIAL ISSUE

budding entrepreneurs, Blaise highlights the importance of finance. “People should be looking at their business models and focus on their returns on investments”, he talks about how small businesses that start up and gain quick wealth go into a loss due to unnecessary purchases by the owners and heads. His advice to the youth would be to sustain their business, “A business should run for more than just a few months, they can’t be living hand to mouth. You need to sustain, there has to be some reserve.” If a company has gone through the pandemic and comes out on the other side, they will be stronger in the future

“WE HAVE TO BE PREPARED FOR ANYTHING IN LIFE”

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here is a big difference between being in control and being controlled, but making the most out of both these situations is an art and Satish Shinde has mastered it. The second wave did have quite a few setbacks – more people were affected by covid, strict lockdowns were instated and there was the fear within the employees about attending work and risking their health.

But SOPs were followed, factories were sanitized and distancing as much as possible were put in place. “We saw so many deaths happening in Goa, which was unlike the last time, during our peak last year. It was more of a fear psychosis among the people within our company. It had a major effect on our industry and sales for sure”, says Satish. They overcame this by vaccinating their employees.

With 3-4 units across Goa, they got all their staff and contract workers vaccinated.

They did lose a few days in the middle due to the side effects

Satish Shinde

ASTRA METAL SYSTEMS PVT.LTD. of the vaccines, the body ache and fever; but it made a big impact for them. The mental state of people improved after

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being vaccinated and knowing that their chances of being affected were less, creating a calmer environment for their

employees to work in.

“It’s a learning. You have to be prepared for anything. It’s not always the lack of business skill or equipment or having the right product, but the unforeseen circumstances of this pandemic is never considered by most entrepreneurs, and this is a big learning, that we have to be prepared for anything and everything in life as well as business”, says Satish with regard to what the pandemic has taught him. “This pandemic will go away, but I believe that if the entrepreneur is passionate about his work nothing will stop him. He has to put in that effort and focus, with total clarity on what they want to do and just work towards it”, concludes Satish.

His advice to young entrepreneurs is to get their hands dirty, having first hand experience during the pandemic will help them factor in a lot of challenges and be better prepared for the future

COVER STORY

T

he second wave has done much more psychological damage than the first. This time, several friends and acquaintances succumbed to the disease, “This reinforced my resolve to be more mindful and practice gratitude on an everyday basis,” says Sumeet Bhobe.

Keeping his 20-yearold business afloat was a big challenge, “Being totally rightbrained, I’m not good with money, so I had to navigate some really choppy financial waters,” he says. “This may sound fatalistic, but I believe that sometimes everything you do comes to naught. I remember a couple of years ago, my insurance consultant was telling me to take out a policy for loss of income for a paltry amount. I laughed it off. You get the point!” There’s a big churn happening, and an equal amount of good and evil will be part of that mix, call it naive, but Sumeet believes in always looking at the good side

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Sumeet Bhobe SNIP SALONS & SPAS

“I PRACTICE GRATITUDE ON A DAILY BASIS”

“FOR YOUNGSTERS, THIS IS A FANTASTIC TIME TO GET INTO ENTREPRENEURSHIP”

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here continues to be a stigma attached to covid-19 that affects people as individuals as well as parts of companies. With his company’s biggest asset being its employees, Vijay Thomas talks about embracing covid-19 to help kill the stigma attached to people getting affected by the virus. He, along with his team started celebrating the people who came back to work post their interaction with the disease, groups were created for people that got covid to help them out and overcome its fear within the company. “It was important to embrace it rather than be afraid of it and sweep it under the carpet”, says Vijay. His biggest challenge throughout was keeping the employees motivated and driven. During the pandemic

Vijay Thomas TANGENTIA

especially, people walked in and out of the doors instantly, to fulfil their own personal demands. “Trying to figure out how to keep them motivated and driven even in a work from home situation was a challenge, but we succeeded. We lost a

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couple of good people which might not have happened in a work environment but things change”, he says. ‘This is one of the best times in world history to be alive and be an entrepreneur’, says the CEO of Tangentia. There’s technology and so many different things

happening, a lot of the base technologies like the internet are going to revolutionize the way the world operates. “It’s almost like when electricity came in. As an entrepreneur you can use that electricity to build and do so many different things. The whole world is your canvas and for a lot of young people it is a fantastic time to get into entrepreneurship.”

Three learnings Vijay stresses upon are, firstly, geography is now history, there is no geography.

People can go anywhere in the world. Secondly, age is no bar, and thirdly, money is no bar.

If you have entrepreneurial smarts, the money will come to you. Vijay concluded by saying, “Just do it, don’t think about it too much. As you go on and jump into the pool you don’t need all the answers, you’ll figure them out”

COVER STORY

“EMBRACING AGILITY AT SCALE IS KEY”

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hinking on your feet and coping with uncertainties is something business people are well versed with. These are skills you pick up with experience and time. “To cope with uncertainty and not knowing what to expect was challenging. The pandemic situation is unprecedented and a once-in-a-century kind of experience.

All businesses are in unexplored territory and looking for ways to find their feet. Coping with this change and unpredictability has been the biggest challenge for us. It is still an ongoing situation, and we have to be on our toes and be flexible and adapt accordingly,” says Atreya Sawant.

We have learned a lot from the second wave, but to a large extent, we can safely say that a lot of the damage done was avoidable. We as a society have to fulfill

Atreya Sawant

MANDOVI DRYDOCKS the responsibility towards each other and do the bare

minimum that is needed.

After all, precaution is better

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than cure, he says. “There is a positive momentum that continues to build on the market and economic conditions. But there is a lot that has already changed and will continue to evolve, such as the world economic order. Businesses are still trying to grasp the new normal, which leads to the new ways of working,” adds Atreya. His mantra to cope with the change is to be agile and adaptable, “To thrive in this volatile, uncertain and complex market, embracing agility at scale is key. It is not just about adapting to survive but adapting to win in this new world. Rethinking and re-strategizing is the need of the hour.”

Lastly, Atreya suggests not to waste time and begin on your plans today – or as Walt Disney said, “The way to get started is to quit talking and begin doing”

“SYNERGY OF THE TEAM HELPS TO OVERCOME ODDS AND ATTAIN SUCCESS”

A

Goutam Raj MRF LTD

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ccepting change and explaining it to other people is not an easy take.

Being in a major industry with a significant employee base, Goutam Raj found it challenging to make his workforce understand the grave threats of the pandemic. “Despite this, the pandemic has helped the workforce adapt to new norms, protocols and as part of the management team, we consolidated this adaptive behaviour in the workplace.

The biggest takeaway is that we could redefine and better connect between employees to understand the business requirements in challenging times,” he said. The pandemic has brought a lot of unforeseen

expenditures while taking on new challenges, “To sustain the competition, one has to be cost-effective and utilise inherent capacities. Our renewed efforts have already shown results in terms of capacity utilisations jacking up from 89% to 95%, which is a new benchmark for a tyre industry,” says Goutam.

His advice is to treat the pandemic as a mock drill into facing real challenges. “Most challenges are unfamiliar, and with agility, we have to face and look for alternatives by taking things in our stride.

Our efforts should be to encourage the team all the time. It is the synergy of the team that helps to overcome odds and attain success”

COVER STORY SPECIAL ISSUE

“BE FLEXIBLE TO THE CHANGES AROUND YOU”

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ovid-19 has reminded us that a home is an essential need, and people will always need space to live in and conduct their business from, regardless of how the market is faring. However, according to Denzil Xavier, the biggest change is that doing things the old way has been rendered obsolete during this pandemic. The industry needs to come up with new ways to complete tasks. “We have come to terms with the fact that how exactly the events would unfold and what their implications would be is anyone’s guess. The best we can do for now is adapt to changes while on a roll,” Denzil says. Embracing new technology and leveraging new opportunities is essential.

One big change that the pandemic has brought about is accepting the work-from-

Denzil Xavier REAL ESTATE CONSULTANT

home model as a viable work model. “We have found that buyer’s enthusiasm to own a home is even higher compared to the last three months. Thus, we are extremely positive to achieve superior sale figures compared to earlier months,” he explains. The uncertainty, fear, and panic caused by covid led to an initial slump in demand. With lockdowns and curfews, site visits and normal business activity were thrown off track. Commercial Realty was severely hit and will take a while to regain lost ground, but you need to believe in yourself and face your fears.

He concludes by saying, “Be flexible to the changes around you and adapt and learn. Consistency is key for any business. You take care of your customer’s interest, and your business will take care of itself ”

“ACT FAST. STAY FOCUSSED ON YOUR GOALS”

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taying connected to any part of the world is not an issue today. Vikram Verlekar talks about how despite modern means of video calling and Zoom meetings are available.

Unforeseen conditions make it tough to stay connected with employees, friends, family, and customers. “Even in the tough times, we had to somehow keep our brand recall among our customers. It was challenging to understand the customer sentiment and the uncertainty of the market situation,” he says. The effects of the pandemic will continue to be a part of the new normal.

The challenge is to stay on course through this pandemic and further strategising to protect the company from unintended consequences from the virus. “Information is wealth at a time like this.

And communication is key.

During the second wave, we improved our communication with customers and society through various campaigns trying to lift the overall mood. Going digital has been one of the biggest takeaways, although at Ulhas, we believe in the presence of physical stores to give their customers a personal touch,” explained Vikram.

Business is tricky and always comes with risks.

But sometimes crises’ like these can be springboards to building successful companies.

“The 2008 recession gave the world some hugely successful businesses like Whatsapp, Uber that people can’t do without today.

My suggestion to young, budding entrepreneurs is to have a purpose behind doing a business other than mere profit and revenue. This itself could be a huge motivator.

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Secondly, act fast. The ability of an entrepreneur to act quickly in situations like these can make or break a company. During such times, one may think that everything is out of control, but one has to figure out what can be controlled and act swiftly. Every problem should be taken positively and should be turned into an opportunity.”

Staying focused on your goal even during the tough times is the key to success

Vikram Verlekar

ULHAS JEWELLERS

COVER STORY

“HUMAN RESILIENCE IS A BIG DISCOVERY”

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ecessity is the mother of invention; we are and will see a large number of innovations coming out of this catastrophe, says Pravin Kakode. Nobody was prepared for this abrupt disruption. We all were caught off-guard. Dealing with the loss of many near and dear ones, helplessness due to lack of adequate resources, and people’s suffering was the biggest pain. In the case of business, disruption of cash flow and supply chain was and is a huge challenge. Pravin says, “The biggest takeaway is the story of human resilience, the way the medical fraternity and many unsung heroes who, despite challenges and lack of resources, have stood up. It’s an absolute

Pravin Kakode UPGRADE

#ZaynaAsheKaiNa (Nothing is impossible).”

With the market already in transformation mode with new changes, Pravin stresses on the key role that digital technology will continue to play in the coming decades, “Methods of doing business are completely changing. We are at a cusp of change and are witnessing history in the making.” In the process of reinventing their company to suit current times, Pravin believes in the three pillars of transformation for his company to be people, process, and technology.

“Ideas are only the salt in the biryani; execution is the rest of it.” His formula to success is, (Assess + Accept + Adopt) x Agility = Success

“WE WILL SEE NEW BUSINESSES DISRUPTING CONVENTIONAL AND TRADITIONAL BUSINESSES”

S

witching from physically working within a work environment to working from home, with different distractions and poor connectivity issues, has been a challenge for businesses, especially with strict project delivery deadlines. The CEO of Umang Software and Immediate Past President of Goa Technology Association, Mangirish Salelkar, believes in adaptation and looking at change positively. “I think we have been able to adapt to this new normal. If we talk about health and the well-being of everyone, the second wave was more challenging than the first one. However, our newly introduced protocols have ensured smooth flow of work without disturbing much of the company’s business continuity planning,” he says.

A big part of looking at the positive side to situations is learning and being prepared for similar circumstances

in the future, “I think most importantly, we should be ready for the worse that could happen. We are blessed to be part of the IT industry where we are still in good shape compared to others, who had to do a complete or partial shutdown,” he says. With remote working becoming quite a popular trend, many companies are looking into the right communication tools and procedures to enhance online productivity.

Being part of the IT industry makes it easier, but each one reacts to change differently.

“It has been hard for startups, many have even shut down.

It might not be the most favourable time to start anything, no doubt that there is still huge scope for the IT industry. With new technologies, the demand is never going to stop. We will see new businesses disrupting conventional and traditional businesses,” concludes Mangirish

36 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

SPECIAL ISSUE

Mangirish Salelkar UMANG SOFTWARE TECHNOLOGIES

COVER STORY

“WATCH THE EMERGING TRENDS IN DEMAND AND CONSUMPTION”

E

mployees co-operating with the management and complying with safety protocols lead to safer working spaces, or as Yatin Kakodkar says, “Responsibility for safety lies with the people.” People must understand the importance of vaccinations. Vaccination for all is the only way for the economy to bounce back out of the pandemic.

For our business, we are encouraging our employees to vaccinate themselves and their family members. Both the workplace and home have to be safe from the Covid-19 virus. The pandemic has

exposed the vulnerabilities of governments worldwide, “The lesson for India is to increase the expenditure on healthcare from about 1-1.5% of GDP to about 3%. The corresponding figure for European countries is over 6-7%. In addition, institutions and the processes that deliver health care need to be strengthened for better impact of the money spent on healthcare,” Yatin says.

His advice to budding entrepreneurs is to be marketdriven and keep a watch on emerging trends in demand and consumption, whether in the bricks-and-mortar or digital economies

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Yatin Kakodkar APEX PACKING PRODUCTS PVT LTD

“BETTER BUSINESS SOLUTIONS ARE PRODUCED BY A MIND & SOUL WHICH IS IN EXPANSIVE MODE”

Rajkumar Kamat EP KAMAT GROUP / BNI GOA

P

ositive and solution focused culture and ownership mindset in the team can help you overcome any challenge, says Rajkumar Kamat. Even in challenging

situations, giving and supporting those who are more challenged or less fortunate helps in diluting the impact of your challenges, “Better solutions are

38 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

produced by a mind and soul which is in expansive mode,” he says.

Rajkumar believes that change is the only constant, “For every business keeping track of the market trends, not only your own market but your customer’s markets, as well, is important. Staying agile and nimble through collaboration and co-creation is extremely crucial. This happens very naturally in a collaborative atmosphere that BNI fosters. EP Kamat Group’s pan-India market expansion plans are the fulcrum around tie-ups with market leaders of complementary products in different regions of India.”

The post covid economy is not going to be the same.

We will be working within a new normal. The new normal will be highly productive as well as challenging, “Highly productive because with all of us getting used to virtual meetings, we will save so much of traveling time and money, as we use this mode often. Most of our activities are going to be in hybrid mode. We at EP Kamat Group

will have our products display in experience centers for touch and feel; and we will also have virtual showrooms.

For larger events, we would be able to have a few critical actors being physically present while thousands will be able to attend the event at fractions of the cost without moving out of their homes.”

And challenging because things are going to change very fast, and we need to be prepared. Rajkumar and EP Kamat Group have already embarked on the journey.

They have connected with potential customers in New Zealand and other countries, thanks to the BNI Network which he heads in Goa. “We are moving much faster without traveling, thanks to virtual meetings”, he says.

His advice is to identify your passion areas and shortlist those which can be monetized.

Do not worry about failures; taking risk, moving quickly and adapting as you move is very important, and above all, continuously pursue your entrepreneurial dream and help build a strong India

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COVER STORY

“FOLLOW YOUR DREAMS”

Suraj Morajkar SUN ESTATES DEVELOPERS

I

f there was one industry that was hit the hardest during the pandemic, it was tourism, along with its allied industries, that bore the brunt of the world’s biggest health emergency. Suraj Morakar says that seeing the entire

hospitality industry in a lockout, after opening a new hotel property, can be quite disconcerting. But it was also a blessing in disguise, in so far as his business was concerned. A brand new property and a spirited team

raring to serve the people of Goa couldn’t be deterred by the pandemic. The emergency credit line scheme extended by the Government came in handy to keep the workinhg capital requirements in place.

The entire hospitality sector seemed to be in the same boat, feels Suraj.

About the changes in the market in the near future, Suraj says, “Tourism in Goa will now focus more on Indian tourists; create ‘minications’ and ‘staycations’ which are in vogue in the State right now. People’s interest in travel has increased tremendously during the month with several expressing desire to start travel immediately to get over the period of relative immobility brought about by

SPECIAL ISSUE

the pandemic. The pandemic has made it clear that the future of tourism and the tourism of the future will undergo change. One of the sectors that has evolved the most since its inception, and which at the same time has been punished by the crisis, cannot remain stagnant while watching the storm pass. It is time to think about the next picture, which is getting increasingly closer.

About his plans of bouncing back, Suraj wants to continue creating a vibrant work culture, which induces and inspires one to do more business. He concludes with a message for budding young entrepreneurs, “Don’t let circumstances come in the way of your dreams”

“CHANGE BUSINESS MODELS TO STAY RELEVANT”

T

he way we do business has changed over time.

The economy is getting digitised, business life cycles have shortened, all this has been happening before the pandemic, but the pandemic has hastened the process,” says Dean Menezes while highlighting the fact that ups and downs within a business are pretty common, but the effect of covid-19 over these common challenges has made it harder to overcome.

“There is a lot of hardship and loss to some businesses, particularly restaurants, hotels, and other tourism and service businesses.

These may take a long time to come back to normal if they can recover. There are disruptive technologies that will challenge existing businesses, such as what we see in retail, banking, and the travel industry. Future disruptions will happen in electric vehicles, power generation, which will upset the incumbents in these industries,” adds Dean, who believes that business models will need to change to keep

Dean Menezes CMM PVT LTD

up with the current times and ones to come.

The biggest challenge was maintaining the safety and health of the people in the organization at the front lines. Maintaining a safe working environment by providing all the safety needs and training and monitoring of people who were infected till they fully recovered became a daily process within the organization.

40 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

Presently they are occupied to ensure that all their people are vaccinated with both doses, including buying vaccines that are not available for their employees.

“People who work for us are our strength, and we need to take care of them. Secondly, business and life will go on, and we will have to be flexible and learn to adapt and change.

And lastly, the economy and society will irreparably change

as a result of this pandemic.

We will reach a new level of normal which we will soon take as given,” he says. To help get ahead of the change, Dean said, “Building and acquiring talent has always been an important part of our growth, and this is an ongoing process. And we have devoted part of our capital to invest in the new economy businesses/ startups in areas where we can support them to grow.”

His advice to the young is, “This is a terrific time for young entrepreneurs.

The market is increasingly receptive to new ideas and technologies. Also, it has never been easier to raise money. We are moving into an idea’s economy where knowledge has value. If you have a product that fulfills a need or solves a problem 5X or 10X than the existing solution, there has never been a better time. There is tremendous value to be created either in businesses or as gig workers in the creative space. There is no better time than now to fulfill your dreams and passion”, he says

FOCUS GOA / INFORMATION TECHNOLOGY

@businessgoa

discusses various issues faced by the IT Making ‘IT’ Work in Goa GTA industry in Goa with Chief Minister Pramod Sawant G

By SYBIL RODRIGUES

oa Technology Association (GTA) recently organized a direct dialogue with Chief Minister Pramod Sawant regarding the challenges currently faced by the IT industry and his vision for the future of the industry.

The interview was conducted by the Founder President of GTA, Mangirish Salelkar.

During the first lockdown, majority of IT businesses in the state did not face challenges like other industries, because the IT industry could work from the comforts of their homes.

However, it is praiseworthy, to note that the IT companies handled the challenges of ensuring continuity of operations despite revenue loss, pandemic-related SOPs, travel restrictions, challenges with electricity and internet.

The Chief Minister was all praise for the IT industry and professionals, referring them as frontline warriors for their contribution during these tough times. Sawant appreciated these companies for not only saving jobs but also for creating new ones and providing employment to Goans. Sawant sees the IT sector flourishing with opportunities in the near future; and would like Goa to be at the forefront in this area of business.

Concerning the infrastructure, Sawant informed that the government is in talks with the Central Government to get the Bharat Broadband network project implemented in Goa, which will help cover rural areas and solve the connectivity issue.

While the industry in general is not happy with the internet and power connectivity in Goa, the recent cyclone made things worst wherein companies and professionals were hit the most, as internet and connectivity were disrupted all over the State.

However, the Chief

Minister feels that the cyclone was a one off occurence and it is not always possible to plan for a major disruption in the current situation. Regarding internet connectivity, while he feels that the Bharat Broadband Network project will solve connectivity issues, he wants private players to be accountable for ensuring uninterrupted connectivity.

While few benefits have been rolled out under the startup policy, IT companies have remained without any benefits so far. It was encouraging to hear from Sawant that the policy benefits will be approved to all certified companies in August this year.

Sawant questioned on why only 14 IT companies have registered with DoIT and felt the need to review the policy so that more companies could receive benefits. The industry feels that while the IT policy of Goa is very good; there is a huge gap on how it is designed and coded on the website, in order for companies to apply for certification and benefits.

While this is the key reason for delay, one hopes that this change will be sanctioned and the process simplified.

He also informed that the pending disbursements for startups will also approved by next month. One of the major requirements for an IT company is the availability of qualified and trained people to employ. However, of late, this has turned out to be a major business risk for the companies in Goa with Goan students wanting to move out of Goa or not many wanting to do technical or coding related jobs. This will force the companies to start hiring from out of Goa or even move out of the State where they are able to find the right kind of resources. This is also not a good parameter when one wants to attract new companies to start operations in Goa. Sawant acknowledged

42 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

Pramod Sawant

the importance of people and feels concerned with the drop in admission for technical as well as engineering courses. He believes that the recent initiatives on career counseling by the Department of Technical Education and introduction of programming and robotics at school level will help create interest amount the next generation and ensure strong and innovative workforce availability. New DG-Gift scheme was introduced recently by the Government.

The current MoU with IBM on skilling is also a step in the right direction.

As a short-term solution, Sawant has appealed to the GTA to work closely with Department of Technical Education and initiate training and skilling programs to ensure employability to Goa’s youth. On the question of outsourcing work to local IT companies and startups, Sawant has requested interested companies to be empanelled with ITG and that they would definitely be considered for outsourcing Government projects.

“Work will be given to the empanelled companies along with GEL. It is acknowledged that outsourcing jobs to local companies will help create jobs locally,” he said.

Ease of Doing Business is another popular phrase doing the rounds and the state has spent huge amounts of money on consultants over the years.

It was brought to the notice of the CM that GTA has worked with DoIT, understood the process, challenges and have offered practical and acceptable solutions, which by implementing under the direction of Director IT, they could simplify the registration process for the IT companies.

Sawant informed that there are no consultants involved currently and appreciated the DoIT staff for their efforts in managing the process. He also appreciated approach from the association in trying to solve the problem rather than complaining. Sawant has requested GTA to work closely with the Director of IT and Director of ITG to solve any such challenges.

Further, Sawant appreciated the role of GTA since its inception in policy formation, getting the industry together and efforts to pin Goa on the world IT map. Sawant has announced an IT conclave to be held in August or September in association with GTA. Sawant feels associations like GTA have played a perfect bridging role with the Government in solving problems and creating opportunities. Sawant stated that as a Chief Minister he is striving for ‘Antyodaya’ and ‘Swayampurna Goa’ and IT has a major role to play for him to achieve this vision.

Additionally Sawant had a few successes as far as Goa going digital is concerned.

He informed that the Gram Panchayats in Goa are already linked; and the Bharat Broadband network should soon be finalized. Electronic Manufacturing City project is on track. E-Governance was well explored during the pandemic. The focus would continue on IT infrastructure and skilled manpower development. Sawant assured that he is committed to build an IT culture and have Goa to be known as an IT state

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FOCUS GOA / MINING

@businessgoamagazine

Decks Cleared for Mining Corporation While the State Government is all for a Mining Corporation in the State, mining companies think otherwise

G

By SYBIL RODRIGUES

oa, being the smallest state, is blessed with an abundance of mineral deposits such as manganese ore, iron ore, bauxite, among other minor minerals. Along with tourism, mining has been the mainstay of Goa’s economy and a major source of livelihood for the locals.

Due to the mining stoppage, the State was already faced with the perilous problem of falling revenue and the same has been aggravated due to the Covid-19 pandemic and ensuing lockdowns, leading to Goa witnessing its worst economic crisis.

Mining has been a very important element in the economic history of modern Goa and has played an important role as a foreign exchange earner for the nation.

Mining operations have completely stopped in Goa from March 16, 2018, ever since the Supreme Court cancelled the second renewal of 88 mining leases in the State vide its order dated February 7, 2018.

This has led to a disruption in not only the mining sector, but also dependent industries, including individual truck owners, barge workers/ owners as well as equipment suppliers, machinery owners, port workers, small garage owners, tea and refreshment selling stall owners and so on.

The Supreme Court in its order asked the Goa government to issue fresh mining leases and not renew existing ones if mining is to restart in Goa. Chief Minister Pramod Sawant proposed to form Goa Mining Corporation to resume iron ore extraction and export activities, in his budget speech, earlier this year.

While the Chief Minister

didn’t elaborate on what role the proposed corporation would play towards the resumption of mining in the state, Sawant assured that the Bill to set up the Corporation would be introduced in the upcoming session of the Goa Legislative Assembly and that the state was “100 per cent committed to restarting of mining in the State at the earliest.”

Sawant had also stated that a Bill would be introduced in the Budget Session of the Legislative Assembly.

The session, however, was adjourned due to a surge in covid-19 cases.

The Corporation route – in which Goa’s mining leases will be handed over to a government-run Corporation, thus dispensing with the need to conduct auctions – was one of the options before the State government which has had to deal with stoppage in mining activity since March 2018.

The Goa Mineral Ore Exporters Association (GMOEA), has in a terse statement cautiously welcomed Sawant’s latest announcement.

“Resumption of mining operations in the state of Goa has always been the objective of the Association and its members. Resumption of mining operations have to

44 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

be as per prevailing laws and Acts, as well as in accordance with the matter before the Hon’ble Court,” the GMOEA press statement said.

Several mining-related cases in Goa are pending before the Supreme Court.

The most notable being a plea challenging the Central Government’s Act converting Goa’s mining concessions granted by the Portuguese into leases under the Mines and Minerals Development Act (MMDA); as well as a plea to retrospectively grant a 50year validity to Goa’s mining leases till 2037, which the mining companies contend that they are eligible for.

Meanwhile, Goa Foundation has welcomed the move calling it a step in the right direction.

“This is a welcome move.

If installed with sincerity, it means the government of Goa has decided to get rid of the old system with its in-built weaknesses which have facilitated unaccounted and illegal mining,” director of Goa Foundation, Claude Alvares, said.

“Though the setting up of a corporation is welcome, its management also needs to be completely professional.

Hitherto, the Directorate of Mines and Geology has handled mining, but with poor business sense, and

hardly any skills with the trade in minerals or their use.

The new Corporation should not be run by bureaucrats or politicians,” Alvares added.

“The very need to do illegal mining will come to a halt if the Corporation holds on to all leases, hands out extraction contracts to capable persons under bidding schemes, takes charge of the output and e-auctions it professionally.

Most of the wealth generated will accrue to the public exchequer. The best way to handle the revenue is to place it in the permanent fund, and distribute its investment gains to all citizens of Goa as a basic dividend, keeping the capital intact for coming generations,” he added.

The decision to form a Corporation is a welcome step, president of the Goa Mining People’s Front (GMPF) Puti Gaonkar said, adding that the Corporation should first help restore jobs of mining dependents.

The modalities of the Corporation are being worked out and will be declared soon by the State government, with timelines for restoring jobs and protecting the current employment, he said.

“If the government wants to create a Corporation, they should come out with how they are going to do it. Whether they are going to take over existing labour force, whether they are going to take over existing mine machinery... How are they going to do it?” he asked.

Gaonkar also pointed out at the delays on the part of the government for the formation of the Corporation and sought clarity from the State whether it would be “Corporation of 88 leases or the Corporation of entire (mines in) Goa.” When asked about the progress regarding the setting up of the Corporation, the

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Chief Minister stated that the process to form the State Mining Corporation had begun and was currently underway. The government, which had set a target of making the Corporation functional by May 31, failed to do so after the Law Department sought clarifications on the proposal.

The Government had envisaged promulgating an Ordinance for setting up the Corporation. However, there was delay in finalising the draft of the Ordinance due to various reasons.

Now, the State Government will introduce a Bill in the upcoming session of the State Legislative Assembly for setting up Goa Mining Development Corporation.

The Government will frame rules for functioning of the proposed Corporation once the Bill is passed in the Assembly.

Meanwhile, the Law

The Chief Minister has assured that the Bill to establish the Mining Corporation would be introduced in the upcoming session of the Goa Legislative Assembly and that his government was “100 per cent committed to restart mining in Goa at the earliest” Department has vetted a proposal to form a new Mining Corporation to restart the industry in the State.

This move has cleared the way for the introduction of the Bill in the forthcoming monsoon session of the Goa Legislative assembly.

A senior government official stated that the file, moved by the Directorate of Mines and Geology, has been cleared and sent to the chief minister. “As the Assembly has been summoned, the Bill will be introduced to form the Mining Corporation”

The State Mines Department had responded to all the explanations sought by the Law Department on the proposal. The State is

currently in the process of finalizing the date to sign a MoU with the Mineral Exploration Corporation Ltd, to identify iron ore reserves in mining leases.

However, it is learnt that mining companies in the State have begun lobbying with ministers, MLAs and government officials to stop the State government from forming a Mining Corporation.

The government seems firm on its plan of going ahead with the plan to create a Corporation to restart mining. Sources have said that the mining companies’ concerns is that if mining leases not held by companies are transferred to the

Corporation, there may be a demand from a section of society that the 88 mining leases (held by them) should also be transferred to the proposed Corporation.

The Mining Corporation Bill was scheduled to get Government approval on July 7th at the cabinet meeting, but it is rumoured that due to pressures from mining companies, the Bill did not come before the Cabinet.

Further, another source stated that if it so happens that the government transfers the 88 leases (after legal issues are resolved), the companies may not have right to those leases.

Since pre-Liberation days, mining leases have been the monopoly of the companies.

The state government through the Goa Mining Corporation has decided to open new iron ore mines, other than the 88 leases, which are a subject of litigation before the Supreme Court

JULY 2021 | BUSINESS GOA INDUSTRY DOSSIER | 45

INTERVIEW

The Government has no business to be in business: Ambar Timblo President of Goa Mineral Ore Exporters’ Association, in a no-holds-barred interview, expresses his views on the proposed Mining Corporation

“I can muster an opinion that the consideration of a Corporation is being pressed due to various stakeholders such as truck owners, barge owners and other ancillary parties suffering substantially and grossly due to the persistent shut downs being inflicted on the Goan mineral industry by the repetitive petitions filed by Goa Foundation” Ambar Timblo

F

irstly, let me clarify that I am not privy to any proposal with regard to the formation of a Mining Corporation in Goa. So, my response to this question is generic and constrained by facts known to me.

Various States in India have had Mining Corporations / State Mining Companies for decades.

The professionalism, competitiveness and thereby efficiency of these entities have been poor, at the very best.

As can be seen by the recent policies and directives of the Central Government, it is clear – ‘The Government has no business to be in business.’

Disinvestment in public undertakings has been expedited, thereby really confirming what has been evident thus far that to survive in an international market base, you need to be competitive and professional.

With respect to the State of Goa, I can muster an opinion that the consideration of a Corporation is being pressed due to various stakeholders such as truck owners, barge owners and other ancillary parties suffering substantially and grossly due to the persistent shut downs being 46 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

inflicted on the Goan mineral industry by the repetitive petitions of Goa Foundation.

I would, at this point, find it relevant to mention that the home page of the Goa Foundation website credits itself of having achieved their ultimate objective of ensuring end of mining in Goa. Being their mandate, then any approach or attempt to resume mining in Goa will be attempted to be thwarted by Goa Foundation.

I have seen certain statements

by Goa Foundation in favour of a Corporation and I see this as nothing but a smokescreen to placate themselves from the damage that they have inflicted on the State.

I take this opportunity to stress certain nuances and variables that will have a bearing on the mandate that any Corporation/State Undertaking may have: a) There are certain concessions / leases that are presently the subject matter of various Courts and forums and the rights to operate in these areas are still in the stage of being adjudicated and such position has been confirmed by

business-goa

the State and the Central Government before these forums. Therefore pending such adjudication of areas that are before these forums cannot be considered for allocation by any other means. b) Furthermore, under the new legislation brought in by the Central Government, a Mining Lease can only be given to a Corporation/State Undertaking once the process of auctioning of that particular area has failed. Only once it is failed can Corporation/State Government make an application to the Central Government to grant the Corporation a lease. The pre-requisite to any application is the ascertaining of: (i) are there any conflicting rights on the proposed area; and (ii) whether the proposed area has sufficient mineral to conduct economic enterprise (which will need to be done by a certified Geology expert).

Assuming that the area is cleared on both these aspects and the auctioning of the area has failed, only then can the Central Government entertain a State Corporation’s request for an application for a lease.

Assuming that the Central Government even permits the allocation of a lease to a Corporation after the failure of the auction, no mining operation can be conducted without an Environmental Clearance, approved Mining Plan and various other statutory compliances. Just because a public sector undertaking is granted mineral right does not absolve it from conducting the same without compliance of various Acts and laws.

It is quite conceivable and in all practicality it is advisable at this stage, that the Government of Goa, looks at areas that are not in conflict in the State for minerals including but not limited to iron ore and to see in what manner economic activity in the mining industry can be started (initiative); as any attempt to recommence over the last decade has been challenged by Goa Foundation.

As an industry, we welcome such an initiative and would support it in any way that we can. But it is imperative to understand all aspects, that will result is a sustainable enterprise; which was the case for over decades; but now the last 7 years has only created uncertainty and an attraction to knee-jerk solutions, that would only result in benefitting the legal practice and not the mineral or State economy

VIEWPOINT

www.businessgoa.in

Proposed Goa Mining Corporation

Prasun Kumar Mukherjee pens his thoughts on the proposed Mining Corporation

I

have no intention in being dragged into any debate on this proposal and my best wishes to this proposed Mining Corporation in Goa. However, my personal take about the previously mentioned proposal, in brief, are as under: 1. This proposal is doing rounds for several months and except for some media headlines – some are highly opinionated and over enthusiastic – I don’t find much tractions so far.

2. If mere formation takes so much time, one can guess when the outcome, i.e. mining, would start under the aegis of this Corporation, if at all it starts.

3. Even assuming that this proposal is the end result of all noble intentions and not a ploy to play to the gallery;

mining business in India and that too in Goa may not be that easy if one considers plethora of regulatory compliance requirements, vagaries of monsoon impact on open cast mining, market dynamics (and that too of international market), investments required for scientific (and sustainable) mining, etc.

4. Political interventions right from capital injection, appointment of personnel, criticism by the political opponents (both inside and outside the House), opposition by various vested interests including activists and few self acclaimed ‘resource saviour’ / ‘Goan friendly’ media houses, on each and every matter would be a concern area for the Corporation, after it’s formation.

PK Mukherjee, former MD of Sesa Goa

5. The whole world including the Indian Government firmly believes that Government has no business to be in business; while here in Goa, we are thinking just the opposite.

There are umpteen examples of government companies/ corporations bleeding for years together in spite of injection (and consequently drainage) of thousands of crores of public money simply because of political/ bureaucratic interference

in one form or other, and there are continuous efforts to divest such businesses to bridge the deficit in government budgets.

6. We are also aware what is the fate of auctioning of (ready to ship) ore by the government in the last 7 years, deployment (or diversion?) of Goa Permanent Fund and District Mineral Fund. These issues are seldom highlighted by the ‘visionary’/’innocent’ activists or over enthusiastic media.

7. In respect of auction for leases, one needs to draw a pragmatic timeline from the time of wishful thinking to the maiden hitting of shovel on the ground.

There may be lot of lessons to be learnt as to how many leases have been auctioned and what happened to auctioned leases during the last 5/6 years since the amended MMDR Act came into force in January 2015

JULY 2021 | BUSINESS GOA INDUSTRY DOSSIER | 47

STARTING YOUNG

@businessgoamagazine

RYAN MENEZES

Wings of Fire

Ryan Menezes speaks about his entrepreneurial venture, Inferno Wings and getting into business at a young age Smoky BBQ Burger, Peri Peri Fries and BBQ Chicken Tacos

Hot BBQ Wings

Ryan Menezes

T

By SAACHI PAI KANE

he young and ambitious owner of Goa’s Inferno Wings restaurant, Ryan Menezes, 19, is off to a great start as an entrepreneur and restaurateur. Having studied in Don Bosco High School; Panjim for most of his life, the commerce graduate took a gap year after completing his 12th to focus on his business.

Inferno means, a large fire that is dangerously out of control, “I wanted to create chicken wings that are super super super hot, like the hot wings challenge.

All my dishes are pretty spicy, which is why it’s branded Inferno Wings.”

It is hot and trendy within the youth today, through the process of Instagram marketing and word of mouth within the youngsters. Inferno Wings is the place to get your hands dirty with their spicy chicken wings, burgers, and tacos. “I am myself a huge chicken wing fan. Every time I go abroad, I want to go to Buffalo Wild Wings, Hooters and other such places, because we never had anything in Goa that specialized in chicken wings. I always hoped that one day it would come to Goa, but as the years went by my hopes faded”, says Ryan. His idea of adding tacos to the menu rose from the fact that not a lot of restaurants in Goa sell good quality tacos.

During the first 48 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

lockdown in Goa, with most restaurants coming to a halt and Swiggy and Zomato closed, Ryan had to learn how to make the food that he couldn’t order. He says the reason his business came to existence is mainly the pandemic. He did not know anything about cooking but back in June 2020, he started experimenting by cooking wings at home for himself.

“I gave some to my family members to try out and they really liked it and suggested starting a business, but at the time it didn’t sound like something I was interested in or wanted to invest in.” A few people started asking about his wings, so he started making them in small batches and giving it to them free of cost. At the same time, Ryan wanted to start working, but without a degree, there weren’t many job opportunities that satisfied him, so he decided to start home deliveries.

With restaurants closed, people didn’t have many options, which helped him with business. He started home deliveries around the month of July and then moved onto the restaurant format. Inferno Wings’ current target audience is mainly locals, from teenagers to adults in their late 20s. When asked about his jump into the restaurant and food industry, Ryan says, “At the beginning it was tough and I’m still learning and if Tangy Wings

there’s anything I’m bad at it’s organizing, but luckily my sister helps me out here and there, correcting me from doing anything wrong. My mom helped me keep track of my money. It’s always tough at the start but you start to learn slowly.”

Every successful restaurant has a few unsatisfied customers. Ryan believes in being patient with everyone because not everything goes according to plan, it’s the criticism and feedback that eventually makes one stronger, he feels.

Talking about his biggest challenge, Ryan says, “The first time the restaurant was packed, it was in the third month after opening and there was barely any staff. It was I and two other boys. In addition, I had to call both my sisters and ask them to help out to take orders. I had to refuse taking in more people because I couldn’t handle it. That’s when I realized that this is really not easy.”

Entering the restaurant business at a young age did give Ryan a lot of experience and exposure to how things run in the real world. If it has taught him anything, it is the fact that nothing comes easily, and if you take things lightly nothing will come your way. As most of his customers are from in and around Panjim, his next goal is to start a small joint there.

Although a little shy and quiet Mini Chilli Shell Tacos at first, Ryan swears by his hot barbecue wings.

The nineteen year old is currently doing his BBA from St. Xaviers College, Mapusa and cannot wait to do more and learn more with his business

GOAN BRAND

www.businessgoa.in

NARLA

It’s all Coconuts

A

By SAACHI PAI KANE

marketing graduate from Symbiosis University, Pune, Nilisha having worked at Godrej as a management trainee in Mumbai and quickly rose the ranks to become Senior Marketing Manager Brand and Communications.

Before leaving Mumbai, Nilisha gave her colleague a small bottle of homemade coconut oil, and she was soon enamoured by the effects of the excellent quality oil on her hair and skin. This is what drove Nilisha into the idea of working with coconut oil; the next thing you know, she was researching coldpressed virgin coconut oil and its benefits. “I traveled to Thailand and attended a conference on coconut oil as well and learned a lot which encouraged me to go into this line of business,” she says. “I wanted to create and build something. I believed in the potential of cold-pressed virgin coconut oil from Goa, and with that, I jumped headlong into entrepreneurship and

With a vision to provide nourishing, healthy, and natural solutions using local produce, Nilisha Ferrao, founder of ‘Narla,’ the coconut company, is blazing new trails

Founded Narla, The Coconut Company,” says Nilisha.

The Konkani name for coconuts is ‘Narl’, Nilisha wanted to represent the Goan origin of her product within the company. After ideation sessions with her family, they came up with ‘Narla.’

Narla started with the idea to highlight the health benefits of using local produce and making it accessible to the domestic market on par with international standards.

Inspite of the existing brands that sell coconut oil, Nilisha noticed that coldpressed virgin coconut oil from Goa was far superior and distinct in terms of aroma, taste, and texture. She wanted to create a Goan brand that exclusively used Goan Benaulim coconuts to create a unique product, “In today’s market, where adulteration is rampant, consumers want a trusted source for quality natural products. Measures such as tamper-proof sealing, sterilized glass bottles, and consistent packaging provide customers with the quality

50 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

they seek. “But today, we are so much more than just a coconut oil brand.” Besides coconut oil, Narla has various products like gluten-free coconut flour, desiccated coconut, Goan coconut vinegar, Goan coconut jaggery, handcrafted coconut oil soaps, and handmade coconut bowls. In 2020, due to the pandemic, there was a growing need for products to help improve immunity; this is when then introduced dry ginger powder (Soont).

With the digital world moving forward, Nilisha is mainly focused on digital, e-commerce, and social media as a means of marketing. They are trying to build engagement through their coconut community by collaborating with social media influencers, nutritionists and other wellness brands.

“Narla has grown over the last few years, continuously adding products and distribution. Currently, Narla products are sold at retail stores in Goa like Delfino’s, Saukhyam, Oscar’s Junction

(Majorda) and boutique outlets like Beanmeup (Anjuna), O.M.O. (Panaji), Goa Chitra (Benaulim).

We also retail in Kolkata, Bangalore, Mumbai, and Kashmir.

Narla’s online retail presence is growing as well,” said Nilisha. They are also available on Amazon and Flipkart and have their website. Keeping marketing in mind, Narla has unique packaging options for corporate gifts, wedding favours, travel giveaways, and personalized gifts. The brand is also present in 5-star hotels in Goa like Planet Hollywood and Cabo Serai.

A big challenge that Nilisha faced in the beginning, was logistics and distribution.

She said, “The pandemic taught us that we need to reassess our business and quickly pivot. Narla focused on marketing digitally. We introduced several new products like Goan coconut vinegar, Goan coconut jaggery and immunity boosting dried ginger powder. We also increased engagement with

@business-goa

our ‘coconut community’ through social media. All these efforts resulted in a 50% increase in sales approximately over last year.”

Nilisha bagged third place at the ‘Business Diva 2021’ competition hosted by the GCCI Women’s Wing. “The Business Diva Competition was held to identify and encourage women with innovative businesses or startup ideas. The competition was challenging.

With over 121 participants in two categories, we were narrowed down to 10 finalists in the scaling up category. I presented Narla, its journey, future-plans, and our scope of operation. We were judged on innovation, sustainability, employment, turnover, and scalability”, she said; it was a gratifying and enriching experience for her in terms of networking and interacting

“I wanted to create and build something.

I believed in the potential of coldpressed virgin coconut oil from Goa”

NILISHA FERRAO

Founder

with industry veterans and experienced mentors.

Looking into the future, Nilisha plans to expand to ‘Narla - Coconut and Spice’ and increase the product portfolio with a range of select spices from India, especially from Goa. She also plans to increase the brickand-mortar distribution by expanding their team, tying up with various distributors, and exploring the export market. She said, “We will be focusing on brandbuilding through engaging community activities and creating awareness amongst our customers on well-being which is the need of the hour.

Post the award, we also got a seed investment from a Singapore entity that shares our vision. We are seeking strategic investors who will help grow our business in the near future”

on Goa a Bookshelf The finest books and writings on Goa... all under one roof.

At Goa’s biggest book store. Celebrate the joy of reading.

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REFERENCE BOOKS

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JULY 2021 | BUSINESS GOA INDUSTRY DOSSIER | 51

INDUSTRY

@businessgoa

LAKOOD

Wooden Wonders

‘Lakood’ is an entrepreneurial venture of architect couple Reshma and Ameet Sukhtankar, who believe in high precision interior design as their philosophy at work

Malabar Palace Calicut - Hospitality Project for Rubber Soul Architects

By SAACHI PAI KANE

W

hat started as off an idea to improve the quality of wooden furniture in Goa grew into a professional, stable industry for local artisans, started by Ameet and Reshma Sukhthankar.

The power couple wanted to create a connection to their Konkan heritage and background with the help of their company. “Our goal is to provide an umbrella to our traditional artisans and make them understand the values of contemporary design through which we are able to say that a Goan product is at par with any product in the world,” said Ameet. One of their initial goals was to provide employment and work with traditional Goan carpenters. The couple found and managed to retain quite a few of them. Today, solely local Goans run a section of their company from Pernem, although maintaining the consistency throughout the pandemic was a challenge.

“For the last 20-22 years, we have been designing furniture for homes.

Essentially, a large part of the work gets done with timber,” says Ameet while talking about their close connection to wood. With hand tools and machinery available at their facility, it is easier for them to experiment with different ideas. Their products are

mainly composed of various forms of wood, “What used to happen earlier was that carpenters would use a lot of nails, not joineries. Over here, we have wooden parts that are fixed together with wood, like wooden dowels, so there’s no question of foreign pieces like metals to join the furniture”, said Reshma.

With design being an essential part of creating furniture, Ameet opens up on how designing completely new ideas each time is a long and cumbersome process.

“Design is an important part of what we do, and unfortunately in India, design has a very low value, which is why every time you build a house, people expect the architect to design a unique bed, but designing is very

Ameet and Reshma Sukhthankar

52 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

Art Deco Furniture

special as it takes a lot of time to design something, whether it’s a bed or a side table.” At Lakood, they try to see how one design can be used in various situations. They design contemporary ideas that can be personalised according to their client’s tastes, while the essential design component should remain constant, “The material, colours can vary according to a person’s taste.

But the heart of the piece is the same”, said Reshma. One of their goals is to allow their designer products to reach a more extensive Indian clientele. “Designer furniture should be accessible to one and all in our country. It shouldn’t be privileged to the elite few. There was a time when people couldn’t go to designers, but with this, you

don’t need to go to an Ikea.

With Lakood, one gets an affordable product, which is sustainable and sturdy for the long term. It is a complete value for design, pricing, and longevity”, said Reshma.

The dynamic duo launched their factory in November 2019, and despite the pandemic, Lakood continued to grow and excel.

Their friends and well-wishers were supportive and confident in assigning them projects.

“Interestingly, covid was a big boon for us. Because we were effectively completing the projects without carpenters on-site, many people realized that the social interaction was minimized. They didn’t need to get the carpenters working on their site. We convinced clients that we could get projects done in the factory and delivered to their doorstep with minimum interaction with people and during covid times, that was a very important thing,” says Ameet about taking up pan India projects. Learning within this ever-changing industry is a constant process, “We are still learning, learning is a continuous process, we started off on a blank page despite being in the industry for 20 years. When we started Lakood, we were as good as amateurs because everything had to be reconfigured.

We must have done a few hundred wardrobes, but when

it came to designing that first wardrobe, all that we learned had to be unlearnt and then re-learnt,” says Reshma.

When asked about why they thought of starting a company solely dedicated to wooden furniture, Ameet says, “The main reason we started Lakood was not to set up an enterprise. We realized that when you do furniture at the site, you don’t have the right environment for polishing; with dust all over, we couldn’t come to the level of the quality that we desired. We didn’t want to compromise on that.

If we started something today, tomorrow it can be managed by someone else, but at least we will have a facility where the furniture for our projects is made of the best quality possible.”

With the world moving forward at full throttle, architects must aim to improve the skill sets related

to the building industry in whatever way possible. “Today our carpenters have the best of accommodation, employee state insurance – things that they didn’t have before. They have also officially come into an organised industry, which is a good contribution to furniture making that can be done for anything in architecture”, adds Ameet, while encouraging architects to promote such practices.

As for Lakood’s future, “We are going to get into retail. Right now, we are doing our own projects designed at MSS Designs. We do mass customisation projects for other architects, and builders and product designs for other industry and hotel projects, as well; but soon we will be starting our retail line, where we want to go online and make it pan-India retail work,” says Reshma about their future goals

JULY 2021 | BUSINESS GOA INDUSTRY DOSSIER | 53

BOOKSHELF

CAMPUS

International Online Masterclass for Hospitality Students and Professionals on ‘Cheese’ by VMSIIHE V. M. Salgaocar Institute of International Hospitality Education (VMSIIHE), in collaboration with the prestigious César Ritz Colleges Switzerland is hosting an international online Masterclass on ‘cheese’, which is open to students from hospitality institutes and hospitality professionals. The Masterclass is free and will be held on the 20th of July at 5:30 pm IST In the Masterclass, Chef David Alvarez, an expert in gastronomy, will speak about cheese and Swiss cheese, while also introducing one to soft and hard local and regional Swiss cheese varieties known as canton valais straight from

Chef David Alvarez

the cheese maturation fridge at the food-inspired kitchen.

Chef David Alvarez is trained in French gastronomy, food, and beverage service in Paris. He was a member of the first ‘Mexican Gastronomic Forum as Humanity World Heritage’ committee in 2011

V M Salgaocar College of Law inks MoU with Goa State Biodiversity Board

L to R: Dr Shaber Ali, Dr Pradip Sarmokadam and Nilesh Cabral

V M Salgaocar College of Law, Miramar has entered into a Memorandum of Understanding with the Goa State Biodiversity Board.

The MoU was signed by Dr. Pradip Sarmokadam, Member Secretary, GSBB and Dr. G. Shaber Ali, Principal, V M Salgaocar College of Law in the presence of Nilesh Cabral, Minister for Environment, Government of Goa. The objective of the MoU is to create awareness of biodiversity and its importance among people, to conduct various training programmes, seminars,

workshops, awareness drives, rallies, street plays, logistic support, human resources and such other activities through its Biodiversity Cell and Legal Aid Cells functioning across the State of Goa. While, the GSBB will provide assistance, knowledge and expertise, in furtherance to assisting the faculty and students at VMSCL in conducting empirical research in the field of biodiversity, VMSCL will organise biodiversity programmes in its premises alongside other related programmes in respect of biodiversity

54 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

www.businessgoa.in

AUTHOR: HARISH BHAT | PUBLISHER: PENGUIN

#TATA STORIES

The Tatas have a legacy of nation-building for over 150 years. Dancing across this long arc of time are thousands of beautiful, astonishing stories, many of which can inspire and provoke us, even move us to meaningful action in our own lives.

A diamond twice as large as the famous Kohinoor pledged to survive a financial crisis; a meeting with a ‘relatively unknown young monk’ who later went on to be known as Swami Vivekananda; the fascinating story of the first-ever Indian team at the Olympics; the making of India’s first commercial airline and first indigenous car; how ‘OK TATA’ made its way to the backs of millions of trucks on Indian highways; a famous race that was both lost and won; and many more. #TataStories is a collection of little-known tales of individuals, events, and places from the Tata group that have shaped the India we live in today.

The writer, currently the brand custodian at Tata Sons, has held many roles in the Tata group over the past thirty-four years, including as managing director of Tata Global Beverages, and chief operating officer of

the watches and jewellery businesses of Titan.

Harish is an alumnus of BITS Pilani and the Indian Institute of Management Ahmedabad (IIM-A). He won the IIM-A gold medal for scholastic excellence, and later the British Chevening Scholarship for young managers. In 2017, he received the Distinguished Alumnus Award from BITS Pilani.

An avid marketer, he has helped create many successful Tata brands. Bhat writes extensively and is a columnist for The Hindu Business Line and Mint. In 2019, Linkedin selected him as one of their top voices in India

GIM among top 4 B-schools globally in the ‘Positive Impact’ Rating Edition 2021 Goa Institute of Management was recognized for its social impact and sustainability achievements at the announcement made at the United Nations Principles for Responsible Management Education Global Forum held virtually from New York.

The Positive Impact Rating (PIR) Report 2021 saw GIM emerge leaders and was one of 46 business schools from 21 countries worldwide that took part in the rating this year and achieved Level 5, making it a pioneering

school within the PIR. Only 4 B-schools globally made it to the top ranked ‘Pioneering’ list of which 3 hail from India.

The social impact levels of the 46 business schools were announced by Prof Thomas Dyllick of the Positive Impact Rating Association and Sophie Charrois, President of oikos International.

The PIR is a rating conducted by students and for students, who assessed their B-schools on how they perceive their positive impact in the world

EVENT

Virtual Conference on 30th July: ‘Emerging Opportunities for MSMEs in Shipbuilding & Defence’ The development of a mature shipbuilding industry is vital for the growth of any developing nation like India. It has a major impact on the overall economic development of the nation owing to enhancement of national security, fostering development of ancillary industry, besides promoting technological innovation and progress.

Confederation of Indian Industry (CII) and Goa Shipyard Limited (GSL) is organizing a virtual half-day Conference on 30 July 2021 to present the ‘Emerging Opportunities for MSMEs in Shipbuilding & Defence’.

Key speakers at the event are Cmde B B Nagpal, NM IN (Retd), Chairman & Managing Director, Goa

Shipyard Ltd; Surendra Prasad Yadav, Joint Secretary, Naval Systems, GoI; Cmde Mukesh Bhargava, Chairman, SIDM Marine Systems Sub Committee; Nidhi Bansal, Director, Technology Development Fund, DRDO; Cmde B K Munjal, (Retd), CEO GEM; and Mahesh Malkarnekar, Chief General Manager, Goa Shipyard Limited.

The conference is aimed at all those into shipbuilding and defence, whether companies or individuals; shipbuilding and defence related manufacturing or service providers; and MSMEs, large, ancillary component manufacturers, OEMs. For details email john. fernandes@cii.in or call 9822982979

JULY 2021 | BUSINESS GOA INDUSTRY DOSSIER | 55

LADY POWER

business-goa

Business Diva Competition 2021 hosted by GCCI’s Women’s Wing

Immediate Past President of Goa Chamber of Commerce & Industry, Manoj Caculo with organisers and awardees of Business Diva 2021

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usiness Diva competition 2021 organised by FiiRE (Forum for innovation, incubation, research and entrepreneurship) in association with GCCI Women’s Wing and powered

by Geno Foundation was held recently at the GCCI convention hall following all covid appropriate protocols.

The chief guest was then GCCI President Manoj Caculo.

‘Business Diva’ awards were conceptualised last year and this is the second edition. There were two categories: Category 1 (Start Up: less than 2 years in business) and Category 2

(Scale Up: more than 2 years in business). The purpose of organising ‘Business Diva’ was to encourage women entrepreneurs with innovative businesses and help entrepreneurs get structured incubation at FiiRE, mentoring by industry veterans, networking opportunities, access to funding, besides cash prizes to the winners. This competition aims to encourage more women – young, old, experienced or beginners to come forward and enter into the entrepreneurial world.

The winners in the Startup category were: Inner Apps

(Anamika Anand); Goenkart

by Digital World LLP (Rafina Shaikh and Sneha Bhagwat) and Gia Industries (Ria Patil).

In the Scale up category, the winners were Kamaxi Foods (Laxmi Kunkoliekar), AR Consulting Solutions (Rachna Deshpande); and Zesvida Natural Solutions Narla (Nilisha Ferrao).

The sponsors for the event were Geno Foundation, FiiRE (Forum for Innovation Incubation Research and Entrepreneurship), Bicholim Urban Co-operative Bank Ltd, Women and Child Care Director Deepali Naik, Vrushali Parsekar of

Smart Investments

K

hairoo Andani Khavtay and her venture, Smart Investments is a one stop shop for all your investment needs Khairoo Andani Khavtay has launched Smart Investments, a one-stop shop for insurance and investment needs for the entire family, an insurance mall of sorts. She has been a part of the insurance and finance industry for many years. She graduated from S.S. Dempo College and has a master’s degree in sociology.

Khairoo has acquired an executive MBA in Business Protection Planning and has completed her 3rd module of risk mitigation and legacy planning in Mumbai.

For the last 14 years she has continuously qualified for MDRT, COT, TOT and

Smart Investments inaugurated by Panaji Mayor Rohit Monserrate. Khairoo Andani Khavtay, Manosh Khavtay, Khaiman Khavtay and others also seen

travelled all over the world.

Khairoo is an active member of Goa Chamber of Commerce and Industry and Business Networking International (BNI) for the last 10 years.

Her core competency is Life and Health Insurance while simultaneously dealing with mediclaim policies, policies for various health issues as

56 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

well a mediclaim policy for senior citizens.

Khairoo’s husband Manosh Khavtay and son Khaiman Khavtay ably support her.

Khaiman joined Smart Investments and specializes in medical insurance for all ages.

Manosh entered the business and added another

Happy Investments, Sandra Fernandes of Menino Regency and Shreemi Panandikar of Silverline World.

Manoj Caculo, then President of GCCI applauded the Women’s Wing for the immense work done by them despite Covid restrictions and felicitated the Women’s Wing members present at the event.

GCCI Women’s Wing members present on the occasion were Chairperson Pallavi Salgaocar, Co Chairperson Poonam Shirsat, members Deepali Naik, Women & Child Department Director; Shreemi Panandikar and Vrushali Parsekar feather to the Smart Investments cap.

They have covered more than 65 corporates in the last one year of the pandemic for their fire liabilities and group policies.

They have competent people for handling their mutual funds and their largest claim for Covid was 22.75 lacs.

Smart Investments also develops, trains and mentors channel partners for life insurance and medical insurance policy.

Smart Investments was established in 1996 and had one vertical with Life Insurance Corporation. Now, Smart Investments has eight other companies to give every family member better and competitive quotes for car insurance, bike policy, fire policy, group mediclaim policy amongst others

BUSINESS NEXT

www.businessgoa.in

FOHO COIN

A cryptocurrency that will radically change the real estate industry is here

This cryptocurrency is built for the fractional real estate sharing economy of the future

F

By SYBIL RODRIGUES

OHO Holdings Inc., a Canada based company promoted by Tangentia, and the Tripvillas Group, announces the launch of FOHO Coin as the new revolution in the fractional crypto-real estate space. They are all set to innovate, disrupt and transform the game. The FOHO Coin IEO is set to launch on July 27, 2021 on Ascent, by Bitbns FOHO Coin provides the foundation of the FOHO sharing economy. It is, as the founders describe, the ‘Lifeblood’ of the FOHO Ecosystem. The ecosystem is based on fractional sharing of real estate rentals and experiences with fractional ownership of residential and commercial real estate.

The FOHO Ecosystem comprises the (1) FOHO Coin: a special crypto currency that is the lifeblood of the FOHO Ecosystem which is used to transact with FOHO marketplace participants and rewards early adopters and good ethical behaviour. (2) FOHO Haus: is the block chain-based residential real estate marketplace that allows users to buy and sell fractions of residential property. (3) FOHO Work: is similar to FOHO Haus but allows investors to buy and sell fractional portions of commercial assets like office spaces, warehouses, retail, hotels, wineries, farms and plantations. The usageonly portion of the FOHO Ecosystem is the (4) FOHO Club: which allows anyone to create a club where likeminded people join to share the usage of a real estate asset or experience.

These could be rentals of holiday homes from FOHO Haus or commercial properties from FOHO

Work or properties or experiences from outside the FOHO ecosystem. The FOHO Haus and FOHO Work marketplaces will allow traditional realtors, lenders as well as a few new market participants like deal sponsors to work together to allow fractional real estate participants to trade with confidence on a trusted platform. FOHO Club would be the first to launch followed

by FOHO Haus and FOHO Work, in the future.

The FOHO Coin is a utility token that can be used to purchase fractional interests in real properties or else to subscribe to usage clubs where the holders can use real assets. The FOHO Ecosystem mimics real world ownership of properties and owners can vote on key decisions change the manager of the property and vote to sell the property.

FOHO’s focus is to make participants accountable and to bring transparency and lower transaction costs on the platform. FOHO will shortly be announcing additions to

58 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

it’s advisory board.

FOHO aims to build a blockchain-based transparent and trust-incentivising system. The FOHO platform uses the wisdom of crowds to uncover deals, while holding sellers, sponsors, organisers, realtors, lenders and other market participants accountable.

FOHO is enabling the fractional real estate ecosystem of the future and the FOHO Coin is the first step to entering this shared economy.

Tangentia is a worldleading provider of digital transformation solutions headquartered in Toronto, Canada.

The company has helped 100s of entities including 13 Fortune 500 companies to simplify their business and make an impact using cutting-edge technologies, including Artificial Intelligence, Robotic Process Automation and Blockchain.

Tripvillas Group is one of Asia’s largest holiday homes rental companies headquartered in Singapore.

“When we started FOHO Haus in 2019 in Goa, we thought that we had a winning formula to democratise real estate investments globally”

VIJAY THOMAS Founder, FOHO Holdings

“FOHO will bridge the gap between the real world and crypto currencies”

ROSHAN DSILVA Founder, FOHO Holdings

Over the years, the group has complemented its core business with other arms to serve the Holiday Home industry in Asia FOHO was founded in 2019 in Goa and raised capital from Tangentia Ventures. It rapidly gained initial traction with deals in Goa and Sri Lanka. In 2021, it received further backing from Tripvillas – a leading manager of vacation home communities with over 5000 homes under direct management across Asia and Europe. New openings

by Tripvillas during the pandemic include Goa’s largest real estate development - Rio De Goa and Kenisha Holiday Homes, Khopoli.

In addition, Tripvillas also owns one of the largest repositories of intelligence on international real estate through its ownership of the Holiday Home Times.

According to Vijay Thomas, founder of FOHO Holdings, “When we started FOHO Haus in 2019 in Goa, we thought that we had a winning formula to democratise real estate Continued On Page 76

SOCIAL INDEX

@businessgoamagazine

Let There Be Light!

Immediate Past President of Rotary Club Panaji Riviera, Ryan Costa, speaks about the Club’s recent project, that saw a remote village in Keri lit up with solar-powered electricity Top view of Keri Village

K

Rotarians alongwith the team from Agrawal Renewable Energy Pvt Ltd. and the Keri villagers

“One of the things that the Club was looking at was to help out any remote village community. I came across an article on electricity not being available for many homes around Goa and that was the inspiration behind this project ”

By SAACHI PAI KANE

eri, a very remote village consisting of 15 households, is situated on the borders of Goa and Karnataka.

It falls in the middle of the Cotigao Wildlife Sanctuary, a beautiful village in the heart of nature, approximately 500 meters above sea level. The village closest to Keri village is Nadkem, which is a two hours trek and can only be reached on foot. The people of this village seem to live a fairytale life surrounded by nature, wildlife, and lush greenery, but the connection to and outside the town is relatively poor. They have weak mobile signals from across the Karnataka border, and the village itself is not connected to the electrical grid. The only source of light is through old solar panels and solar systems that have been used for around ten years now. Due to heavy rainfall and other climatic conditions, these solar devices would barely last for half an hour past sundown.

Rotary Club Panaji Riviera helped these people by lighting up 15 houses in Keri Village, “I was looking for ideas for projects to implement before my year started. One of the things that I was looking at was to

RYAN COSTA

Immediate Past President, Rotary Club Panaji Riviera

help out any remote village community. I came across an article on electricity not being available for many homes around Goa. I did a little digging into this issue and came across data from the electricity department indicating houses and their locations which have yet to be connected to the electrical grid. Based on that data, I picked the biggest clusters, and this ultimately led us to Keri Village,” he said. It was an experience to remember.

The beautiful trek up the hill, eating simple but delicious food with the villagers, and experiencing their happiness once the project was completed are a few things Ryan will always hold close to his heart.

A big challenge that

60 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

arose was transportation. The climb to Keri village is a steep uphill journey with multiple streams that must be crossed along the way. The equipment consisted of two solar panels, an inverter, and one battery for each household which was carried with the help of the villagers themselves. With the trek itself being so intense, taking such heavy and delicate equipment was quite tricky, along with the heavy rainfall.

The team from the Company ‘Agrawal Renewable Energy Pvt Ltd.’ who supplied all the components, spent five days up at Keri Village and installed all the systems. Each household has been provided with a system to support 5 LED bulbs, one ceiling fan, and a power-point that could power a television for about

2 hours every day. The same power-point could also be used to charge a mobile and run a food grinding mixer for about 5 minutes in a day.

While interacting with the women from the village, they communicated their issues about the long hours they spent in the kitchen, giving them less time to follow their jobs and interests. Listening to this, the members of the Rotary Club gave each of the households a Philips MixerGrinder, a gesture that the women of the village quite appreciated. They are also looking at giving each home a television set to keep them entertained and connected to the outside world. Ryan concluded by saying, “I would not say that it is something new, but it has increased my interest in trying to be helpful to those who at least materially have less than us.”

Along with the Rotary Club of Panaji Riviera, Ryan is very grateful to Dr. Gautam Daftary of Vallabh Welfare Foundation, Mumbai, who was very generous to sponsor the cost of this entire project.

And at the request of Dr. Daftary, the project has been dedicated to the memory of Late Peter Vaz, who was part of the Riviera family

LEADER SPEAK / RALPH DE SOUSA

Bouncing Back In A Covidised World

The writer speaks about the post-Covid scenario along with focusing on other issues important to the State

W

e are in the middle of this century’s worst health emergency, which over the last 18 months or so, has devastated businesses all across the world and has created one of the worst humanitarian crises. With the development and deployment of vaccines and massive upgradation of healthcare facilities across the country, we have been able to control the resurgence of the pandemic to some extent and still, we are already staring at the third wave and are not sure how things will pan out.

Though it is the immediate concern of the Governments, business communities and industry organisations to ensure a quick recovery of the economy, I have no illusions that the road to restoring prepandemic activity levels will not be easy.

In fact, I am convinced that hard times still lie ahead and that the effects of the pandemic will be long lasting.

We have many other issues like restarting of mining activity in the State, streamlining of our tourism industry, creation of world class infrastructure for the industry, improving connectivity for the growth of IT industry, creation of job opportunities for the state’s youth, prevention of environmental degradation etc.

For now, our collective goal must be to ensure good health and wellbeing of our fellow citizens. We have to concentrate on making sure that we have a strong economy that will provide jobs and business opportunities for all.

New businesses providing alternate opportunities of employment and income generation will have to be encouraged.

A conducive policy and a responsive administrative framework will have to be established in order to attract fresh investments, which will help in creation of good employment opportunities and revenue generation in the State.

At this juncture it is important that the Goa Chamber of Commerce and Industry assumes its leadership role in bringing back on track the State economy and stand by the Government to provide succour to those who have been affected.

We know that unless each and every employee/worker is vaccinated, the ghost of corona will continue to haunt most industrial/hospitality/construction/retail establishments, thus creating hurdles in the way of quick economic recovery.

Our aim must be to ensure that every

Besides hard infrastructure, we must ensure that we have adequate number of healthcare and frontline workers to tackle any influx of patients and we must take good care of the healthcare and frontline workers industrial and service sector employee should be vaccinated at the earliest.

We have to work together with other industry associations, TTAG, GPMA etc to lobby with the State Government to ensure regular supply and distribution of vaccines to industrial and service sector employees.

To be honest, we were not prepared for the onslaught of the second wave and when it came, our healthcare infrastructure was found lacking, resulting in large number of casualties.

Now that we know a third wave is likely, we should endeavour to make our health infrastructure robust enough to take care of any eventuality.

In addition to the hard infrastructure, we must also ensure that we have adequate number of healthcare and frontline workers to tackle any influx of patients and we must take good care of the healthcare and frontline workers.

Government did announce stimulus packages and other incentives to help the trade and industry to overcome the impact of the lockdowns. However, the

benefits have not reached everyone-the unorganised sector has been the worst sufferer and perhaps has received the least assistance. Traders, retailers, shop keepers and most small and medium businesses lack the financial capacity and liquidity to withstand shutdowns such as the prolonged lack of business last year.

We have to identify such establishments and ensure that there is special package given to them.

Frankly, we need to continue our efforts to rationalise the levies imposed by local authorities. Despite our repeated efforts all-local, state Government bodies, corporations, Municipalities and Panchayats are charging full fees/ charges to the establishments under their jurisdiction. No exemption or reduction is granted till date even during the lockdown and curfew periods. We will continue to pursue this matter further with the Government

GCCI TOP BRASS MEETS GOVERNOR

GCCI officer bearers called on Govermor P S Sreedharan Pillai.

From left: Ralph de Sousa, Shrinivas Dempo, Manoj Caculo, Pratima Dhond, Chandrakant Gawas and Kishore Shah

The writer is a senior travel and tourism entrepreneur and is President of Goa Chamber of Commerce & Industry Email: chairman@thedesouzagroup.com JULY 2021 | BUSINESS GOA INDUSTRY DOSSIER | 61

MONEY MATTERS / V B PRABHU VERLEKAR

MSMEs: Growth Engine Of The Nation

The writer speaks extensively on the MSME Act and the Government benefits available to small enterprises

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ndia is a country of wide-ranging entrepreneurs - from tiny enterprises of tea, vegetable, food vendors to multinational enterprises of Tata, Birla, Adani and Ambani. Every one of these contributes to growth and development of our country measured in terms of GDP (gross domestic product). In this, share of micro, small, medium enterprises numbering 6.30 crores is 28% and provides 40% employment numbering 11.1 crores. There are over 350 small scale specialised dedicated industry clusters throughout India, like leather goods at Agra and Calcutta, diamond cutting units in Surat, knitted garments at Tirupur, fieworks at Sivakasi, brassware at Jamnagar, truck building at Nirankal, contributing to about 60% of manufacturing done for exports. This sector is the second largest provider of employment after agriculture, at lower capital cost, works in the development of backward and rural areas, acts as an ancillary for large enterprises, and is the backbone of Indian economy. Due to this the MSME sector is called the ‘growth engine’ of the country.

Under the Industrial Development and Regulation Act, 1951, this tiny cottage and village industries and micro, small and medium industries were collectively termed as Small-Scale Enterprises (SSE).

For their growth, certain items were exclusively reserved for SSE sector. SSE was defined on the basis of investment in plant and machinery – upto 25 lacs for tiny, `5 crores for small and `10 crores for medium for manufacturing sector. They feared to expand for losing privileges in the reserve category, which retarded growth and competitiveness. Except for these two provisions, there was no other legal framework for this sector. Their growth was handicapped due to high cost of funds, low technology, insufficient infrastructure facilities in terms of communications, road, water, electricity, power, low skilled work force and delays in getting their dues for supplies made.

To address the issues of the MSME sector and to frame proper policies for its promotion, growth and enhancing competitiveness; Government of India has enacted the comprehensive The Micro, Small and Medium Enterprises Development Act, 2006. This Act covers classification of enterprises, measures for promotion, development and

The GDP share of MSMEs numbering 6.30 crores is 28% and provides 40% employment numbering 11.1 crores. There are over 350 small scale specialised dedicated industry clusters throughout India enhancement of competitiveness of MSMEs, and delayed payment to micro and small enterprises (not available for medium enterprises). A new ministry called Ministry of Micro, Small and Medium Enterprises was formed.

This Act allows all enterprises – proprietorships, HUFs, AOPs, cooperative societies, partnership firms, LLPs, companyies or any Undertakingfor registration. In addition, all service providers including chartered accountants, advocates can get registration under this Act. Trading and certain activities like fishing, poultry, processing of agricultural products etc. are not eligible for registration.

With effect from the 1st day of July 2020, an enterprise is classified as a micro, small, medium enterprise based on the following criteria, namely: 1. A micro enterprise, where the investment in plant and machinery or equipment does not exceed one crore rupees and turnover does not exceed five crore rupees; 2. A small enterprise, where the investment in plant and machinery or equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees; and 3. A medium enterprise, where the investment in plant and machinery or equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.

All units with GSTIN listed against the same Permanent Account Number (PAN) is collectively treated as one enterprise and for classification, combined turnover and investment figures of all such units will be aggregated

for considering the category. The distinction between the manufacturing and service enterprises has been removed by making the investment amount and annual turnover similar for enterprises engaged in both the sectors. For calculating turnover, exports of services and goods are excluded. Under the ‘Make in India’, initiative of the Government, many benefits are available to MSMEs for which registration on the Udyam portal is must. The Registration with this portal is free. Traders are not allowed to do MSME registration. Only manufacturing or service sector units can register with Udyam.

Following key benefits are available: • Priority sector lending under Credit Guarantee Trust Fund (CGTMSE) for overdraft interest rate concession of 1%.

• Collateral free loans to micro and small enterprise.

• Credit Linked Capital subsidy scheme (CLCSS) for purchasing machinery and technologies to start business.

• Export Promotion of Capital Goods (EPCG) to allow import of capital goods at zero duty to start business.

• 50% subsidy on patent registration and eligibility for industrial promotion scheme.

• Concessional rate of electricity tariff from few states electricity boards.

• Reimbursement of ISO certification charges.

• Protection against delayed payment and allowed to seek interest after 45 days.

• Newly introduced ‘SamadhaanSambandh-Sampark’ Scheme for empowerment.

• More than 30 Schemes are available online at www.champions.gov.in.

During the last decade MSMEs have shown impressive growth and has immense potential to grow to enable India to reach USD 5 trillion economy. There is an urgent need to create awareness about the above schemes offered for the benefits of business enterprises so that maximum entities can avail desired benefits.

The Covid pandemic has badly affected this sector with stringent lockdowns resulting in severe liquidity crisis affecting their survival.

To address these issues, Government has taken several measures to provide relief and support to MSME’s apart from recent additional `3,00,000/crore and further `1,50,000/crore under

The Columnist is a senior Chartered Accountant and has authored many books on accounting and taxation. Email: verlekar@bsnl.in 62 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

POLITICALLY CORRECT / ROHAN KHAUNTE

Bounce Back With Caution

The legislator highlights the adverse effects of Covid on world economies; and suggests for a slow and steady bounce back within the pandemic protocols

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conomies around the world are adversely hit by the Covid pandemic induced lockdowns and related slowdown of every small and big business activity.

Repeated virulent surges or waves are hindering a steady revival thus implying that continuity of standard pandemic restraints go hand-in-hand with achieving a sustained economic revival instead of repeatedly bouncing back and forth.

The Indian economy was just registering a revival after the first wave when the second wave hit us forcefully and so we are once again suffering from economic contraction and growth pangs.

Covid lockdowns have adversely impacted the previous and current financial year. Rural economy took a deeper hit this time which makes a quicker and balanced revival extremely challenging. The ubiquitous cottage industry livelihoods that survive on hand-to-mouth existence have little or no hope of bouncing back either due to death of the entrepreneur or dearth of finances for a revival. This scenario warrants a dedicated corpus for a steady financial impetus to grassroots economic activities that sustain the rural economy.

An employment roadmap prioritising rural economic revival and development should be implemented for the socioeconomic welfare of India’s rural populace.

Inflationary pressure is also causing a slowdown of the recovery process as rising fuel prices escalate transportation and raw material costs thus compounding the financial crisis with a cascading effect on home budgets and purchasing capacities.

Prioritising on recoupment of pandemic induced fiscal deficit will only create more deprivation. Infusing purchasing power

The revival of tourism in Goa should be guided by stringent pandemic standards; failing which, we shall again be forced into another lockdown with financial stimulus and stabilisation of levies will uplift consumer confidence and provide a boost to consumption, thus paving way for a bouncier market.

While we pride ourselves on India being a blooming economy with high foreign direct investment, the visible picture is that of a struggling population in the aftermath of a pandemic induced economic crisis. Welfare based economic revival should take priority over GDP ratios and international fuel market liabilities etc. Today, India’s majority needs an economic balm to the wounds of unemployment, hunger and adversities caused by the world pandemic. Rushing in to recoup lost ground with narrow focus on just the economic angle is not a prudent way to pacify a population affected by grief and financial deprivation. Wider focus based on welfare of the people should be the yardstick for a sustainable economic revival.

Covid’s third wave is an inevitable reality and the revival strategy should inclusively consider the imminent setbacks of another slowdown. Unlocking is already creating fertile ground for another super-spread in most States, thus dampening hopes of a full revival.

Aiming for a vigorous bounce

Khaunte is a former State Minister and represents Porvorim in the Goa Legislative Assembly. Email: rohan@pywt.in

without covid restraints will only invite a nosediving graph, hence a slower yet steady bounce within the constraints of pandemic protocols is the prudent path of economic revival. This also implies that the citizenry’s pandemic caution will determine the upward graph of economic revival and growth.

The Goan economy reflects the national crisis denting its medium and large scale manufacturing sector as well as the dependent small scale and cottage manufacturing sector. Bounce back is hurdled by high maintenance costs in reviving idled out machinery and related infrastructure. Tourism, the major contributor to Goa’s economy has taken a worst hit. From the motorcycle pilots and beach shacks to the hotel businesses, all are eagerly awaiting a bounce back.

The revival of tourism should be guided by stringent pandemic standards; failing which, we shall again be forced into another lockdown. Cautious unlocking is the mantra for a sustainable bounce back in every industry, be it tourism, manufacturing or any other economic activity.

For Goans, bouncing back also means revival of our commitments to nature and environmental concerns. Only then can we signal the true triumph of humanity over this pandemic adversity

Emergency Credit Line Guarantee Scheme for additional working capital finance with easy terms. In order to boost the tourism sector, loans to travel agencies and tourist guides, one-month free visa to first five lakh international tourists has been sanctioned. In addition, the release of pending payments by PSU’s, collateral free loans, subordinate debt for stressed MSMEs. Fiscal and monetary measures

MSMEs under service provider category.

However, what is going to bounce back the recovery of MSMEs sector is resilience and a strong fighting spirit of MSME entrepreneurs in India who have successfully weathered the storm of demonetization, GST implementation and many other challenges to the market.

The third covid wave being non-starter due to vaccine immunized India; great days are ahead for MSMEs

for credit availability, equity infusion; income tax refunds, reduction in import duties for inputs, increase in basic customs duties on products produced by MSMEs; extension of time limits under tax laws, waiver of additional fees under Companies Act, and facilitating ease of doing business.

Under recent notification issued by the Central Government, wholesalers and retailers are included for benefits as

JULY 2021 | BUSINESS GOA INDUSTRY DOSSIER | 63

PERSPECTIVE / SWATI SALGAOCAR

The Role Of The Office In A Post Pandemic World

The writer explains on how companies should plan their workplaces in the aftermath of the pandemic

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ince the onset of the pandemic, as most of the world went in and out of lockdowns, businesses in every country had no choice but to mandate that most of their workforce work from home. As weeks turned into months with no visibility on the re-opening of workplaces, there was much debate about the relevance of a physical office in several sectors. While it is unlikely that COVID-19 will lead to the demise of the office, it will certainly expedite its evolution. At various points over the past year, due to lockdowns and COVID surges, we were forced to abruptly vacate our workplaces and as a result, we lost the experiences that formed an integral part of our daily lives. While we were initially enamoured by new technologies that helped us stay connected, it was not long before virtual meeting fatigue set in. The absence of being able to work and interact in person highlighted the significance of face-to-face experiences and the role they play in our mental wellbeing and productivity.

COVID forced us to work from home with constraints of technology, connectivity and space, making us long for a return to a physical workplace to resume our professional lives with human interaction and collaboration. However, we all valued certain parts of our workfrom-home experience – the ability to do focussed work without the interruption of meetings or a daily commute, improved work-life balance, and the flexibility to manage our schedules to avoid the monotony of a 9 to 5 work week.

As we return to our offices, work and the workplace as we know it, will need to be redefined and redesigned such that measures to ensure the health and wellbeing of employees do not compromise productivity, functionality and creativity.

It is unlikely that the office will continue to be a space for administration, processing or individual tasks, which can all be successfully carried out remotely.

Instead, the office will become a hub for collaboration, innovation, social interaction, promotion of corporate culture as well as employee training and development – experiences that cannot be replicated at home or in remote locations. The office will continue to be the key location to drive sustained team performance, inter-personal experiences

and well-being. As we return to the office, a few key themes will influence how we plan offices for the future: De-centralisation of workspaces: Distributing employees in smaller clusters throughout a city or region into smaller workspaces increases the resilience of an organisation. It reduces the risk from having a single concentrated workplace especially in the event of any interruption as we recently saw in containment zones, but also previously caused by power outages, natural disasters, compromised infrastructure or traffic disruptions.

The additional benefit is that it saves employees commute time and allows them to have a better work-life balance.

There are also advantages from a business development perspective – it can bring organizations closer to their clients or customers and it opens up a much larger talent pool that was previously limited by location.

Hybridisation of work: One of the most significant phenomena of the last year has been the de-coupling of ‘work’ and ‘place’.

The realisation that there are distinct advantages to working from home and working at an office will require businesses to explore flexible working arrangements to arrive at a blend that best helps them achieve their goals. Ideally, companies would afford their employees the best of both worlds – structure and sociability in the office, combined with autonomy and flexibility to work from home. This is also a more inclusive future for work where individuals do not have to compromise on a career due to caregiving obligations.

The added environmental benefit is that the reduced days one needs to commute also lead to a reduction in our carbon footprint. All of this however will only be feasible with augmented technology to ensure that team members can stay connected whenever they need to.

People-centric design: Organisations will need to put the health, wellness and productivity of their employees first.

Cramped cubicles designed to maximise every last square inch of FSI will have to become a thing of the past, given the new norms of physical distancing. It is unlikely that screening and monitoring protocols, as well as improved standards

of cleanliness and hygiene that were put in place during the early days of the pandemic will be discontinued in the near future, so the sooner they are integrated into workplace design, the more seamless the functionality of the space will be.

Businesses will need to redesign their workspaces to have better ventilation, outdoor breakout spaces and safe places to gather. However, rather than just view this as an additional cost; businesses should look at these design changes as an investment in their employee wellbeing and performance, which will ultimately lead to a positive impact on the bottom line.

What does all this mean for Goa? With its inherent advantages of a cosmopolitan culture, liberal population, good air quality and abundance of green open spaces, Goa is poised to be an attractive location for businesses all over the country exploring the three concepts outlined above.

Goa is an attractive destination for decentralised clusters for that part of the workforce who craves a better quality of life without compromising on output.

The cost of living is lower here as is the relative cost of real estate. Technology will keep employees connected to teams at other locations while air/road/ rail connectivity allows for physical interactions when necessary. Design professionals have long been allured by Goa’s culture that is conducive to creative ideation and but one could argue that companies in sectors like consulting, media and research could benefit from some of their teams moving to Goa as well. As ‘work-from-home’ became ‘work-from-anywhere’, startups and entrepreneurs have been looking at Goa as a viable option for relocation. The increasing population of ‘digital nomads’– independent workers who embrace a location-agnostic, technology-enabled lifestyle that allows them to travel around the world and work remotely – could be another demographic that would find Goa attractive. Major travel industry players including Airbnb are already shifting their focus to ‘workations’.

Designing and building offices of the future will be much easier in Goa where the relatively low cost of real estate allows adaptive reuse and fresh construction

The writer is a third generation entrepreneur and director of Vimson Group. She is the Vice Chairperson of CII, Goa Council 64 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

UNCOMPLICATE BUSINESS / SUNIL DIAS

Bouncing Back Higher

The writer explains ways of bouncing back in a post-covidised world

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e have passed the worst of the second wave. Experts predict the third wave may have a lower impact.

There is a semblance of stability back in our lives; and everyone is talking about the need to bounce back. Where exactly do we bounce back to? If we bounce back to where we were before, it is quite possible we will fail. The world has changed. The way we work, and play is different. Customer requirements are different. What worked earlier to sell our goods and services, may not work any longer.

Cyber-fashion is representative of how much the world has changed. These are digital-only or virtual versions of clothes and accessories. Flaunt them on social media or on your next Zoom meeting. They don’t come cheap. A virtual Gucci handbag recently sold for $ 4000 on Roblox. Roblox is a platform where users play games created by other users. A user thought it worth it to pay a large sum of money for a bag sported by their game avatar!

To move forward in our professional lives, we need to bounce back higher. Or bounce somewhere new. How do we do that? This article has some pointers. #Think and work like a start-up The biggest learning from the pandemic?

We are significantly more flexible than we thought. We have learnt to conduct (fairly) efficient virtual meetings. We have learnt to manage remote teams. We have learnt new ways to communicate.

We have discovered new passions. We have discovered new things that make us happy. We have seen kids and elderly people take to technology as if they have been using it forever. In short, we lost our fear of trying something new.

Take this flexibility and dynamism to the workplace. Treat everything as new. Even the stuff, which you have been doing for ages; It’s a great time to revisit everything about your business.

And see if there is a better way to do things. Assume your business is a startup. Re-imagine everything. That could

even mean you change the reason your business exists. Then run it with the same nimble footedness of a start-up. #Target larger customers The pandemic has affected smaller businesses more than larger ones. That is affected businesses serving these smaller businesses. What has to be done? Target larger customers; Due to disruptions, large businesses are evaluating new goods and service providers. Talking to decision makers in large companies is easier than ever. It helps that anyone is a video meeting away. All decision makers are online and much more accessible. #Metricize work Work from home is here to stay. Most roles in most organizations are moving towards a hybrid-working model. In addition, some companies have even announced a remote-first model. The implications are enormous for every organisation. Geography is much less of a limiting factor for talent. Hence, getting access to local talent will become more difficult for businesses. That will drive more businesses to recruit remote employees. Gig work will increase.

The rise in remote and gig work means that businesses need to metricize their work. There needs to be clear job descriptions and a way to measure how much work is being done. That said, don’t try measuring every minute. That’s a sure way of pushing away talent. #Keep spending on technology Your business would have spent more

on technology in the last year than in most years before. With the pandemic receding, it’s tempting to stop further technology spends. Yet, digitalization is here to stay. Technology is going to be the differentiator between successful and failed businesses. You need to treat technology as the core of your organization.

That means continuing spending on technology. #Don’t resist change The pandemic has changed us. It has changed the way we work. We have been exposed to, and adapted to many changes already. Once we reopen, we will continue discovering new ways in which the world has changed. We shouldn’t resist that change. We should continue being adaptable and using the change to our advantage.

Closing thoughts We have had a lot of time to examine our priorities in this pandemic. And priorities have changed for many. There are some interesting repercussions. For instance, a dramatic increase in resignations across the world. Flexibility and the ability to be in control of our time now rate much higher in our quest for happiness.

Business owners have not been immune to these changes.

One implication has been a high number of businesses being sold in the last year. With more on the block. It helps that it is one of the best times to sell a business.

M&A activity is soaring. However, that isn’t the only way forward for smaller businesses. Many have made successful transformations over the last year.

And many others are in midst of the transformation process.

Don’t try to get your business to its pre-pandemic state. Instead, look to bounce back higher. Or to a different, better place. Happy bouncing!

The author runs iv-advisors, a consulting firm helping businesses become bigger and better. Email:sunildias@iv-advisors.com

of people-centric workplaces. As organisations look towards creating offices of the future to attract and retain millennials, Goa provides a blank canvas to start experimenting with these iterations, which will no doubt take some

time to perfect. Covid has ensured that work and the workplace will never be the same. While working remotely posed its challenges, we are not going to be satisfied returning to our pre-pandemic offices.

The question is, how soon can businesses

adapt to a trifecta of goals – ensure a work environment that is conducive to productivity without compromising on employee wellbeing while continuing to grow?

JULY 2021 | BUSINESS GOA INDUSTRY DOSSIER | 65

CORPORATE CITIZEN / DANIEL ALBUQUERQUE

The Unrivalled London Court of International Arbitration (LCIA)

The author deals with the London Court of International Arbitration (LCIA). He concludes by recommending a related book and ends it with the mention of India’s Panchayat as a mechanism for dispute resolution

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he Rule: Where any agreement, submission or reference howsoever made or evidenced in writing… provides in whatsoever manner for arbitration under the rules of or by the LCIA, the London Court of International Arbitration, …the parties thereto shall be taken to have agreed in writing that any arbitration between them shall be conducted in accordance with the LCIA Rules (LCIA Rules, Preamble) Context: To arrive at a status of unparalleled, unrivalled and unequalled institution it must possess a long enough record of uncompromised service, impeccable impartiality, and more.

Founded in 1883, and handed over by the City of London Corporation to the London Chamber of Commerce & Industry in the following year, it has crossed several names and milestones for a century and finally in 1981 named itself as the London Court International Arbitration (LCIA) (See: https://www. lcia.org). Its reliability and reputation has grown to an extent that its decisions and awards are trusted and accepted as final. If we could compare it to the traditional form of the game of cricket which also originated in Great Britain, its acceptability is ‘umpire’s decision is final.’

In short, rules are applied with the famed English common-sense (ad hoc), in a very practical manner, taking into account the commercial, contingencies rather than rigidity which helps to overcome procedural routine difficulties.

Case: Article 10.

Revocation of Arbitrator’s Appointment The Dispute: The dispute arose out of a joint venture framework agreement and a shareholders’ agreement, both governed by the English law. The agreements included LCIA with London as its seat and English as the language of conducting arbitration. The decision making bench consisted of three-member Division of the LCIA. What went wrong with the Arbitration Tribunal?

The decision of the tribunal was challenged on the grounds of LCIA Rule 10 whereby the claimant had charged the tribunal of leaking an email (10.2), accused the arbitrators of not being on

To attain a status of unparalleled, unrivalled and unequalled institution it must possess a long enough record of service and impartiality the job, thus delaying decision (10.3) and finally the confidentiality was breached (10.4). A three-member Division of LCIA deliberated the challenge. The following were its findings: a) the tribunal sought certain information from its secretary per email. This, although may not tantamount to influence the decision of the tribunal, yet the arbitration parties may justifiably express their reservations; b) the charge that one of the arbitrators was delaying the proceedings does not hold since it is parties to the arbitration, in spite of the repeated notices went unheeded, hence the charge of delay does not apply; c) the breach of confidentiality.

The Decision: First, the challenge was justified with regard to the sharing of the email with the secretary, although impartially taken into account the secretary is an integral part of working or operation of the arbitration panel, the fact that it evoked an impression of breach by the arbitration party, was partially accepted.

Second, concerning the undue delay, it was found out by checking the facts that even after several notices and adjustments, the challenger was in the wrong for all the effort made went unheeded. Third, it followed, as per records that there wasn’t a breach of confidentiality at any time of the proceedings.

It was declared that the challenge had failed, cumulatively. The costs were to be determined as part of the arbitral award.

Analysis Generally, at LCIA the challenge to the decision springs less from the ruling per se. It is often about a certain misgiving

The columnist is a writer with Oxford University Press and a published author. Email: albuquerque.daniel@gmail.com 66 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

about either the appointment of the arbitrator, or some suspected impartiality etc. In other words, it is Article 10 and its clauses of the LCIA rules that are evoked.

The LCIA Rules are not exceptional; these are the same as United Nations Commission on International Trade Law (UNCITRAL); however, the difference lies in their straightforward and honest implementation. Unlike the judges of a court there are mutually agreed arbitrators who after careful inquiry make the decision and determine the award. The LCIA does not publish the decisions. Thus it maintains the complete secrecy and confidentiality. The only exceptions are the listed companies who make it public in their Annual General Body Meeting (AGM), but not the LCIA. Further, if the decisions are challenged, the LCIA board appoints a single or more of its members as are necessary to review, as is with the case above. The database of these decisions is to be found on the LCIA’s website; however, neither the personal names nor the names of the companies are mentioned. The aggrieved party who challenges is the claimant and the opposite party is called the respondent. This is the reason why LCIA scores above every other commercial arbitration centre in the world.

Irrespective of the Covid-19 pandemic, LCIA has been the busiest arbitration centre. Its online services in no way hinder the normal functioning.

The annual report of 2020 corroborates this fact. (See: https://www.lcia.org/ LCIA/reports.aspx) LCIA India: It established its centre in 2009 in Delhi (See: http://www.lciaindia.org). At that time it was decided to establish into two wings: LCIA along with India specific rules and LCIA London rules. Eventually LCIA-India wing had to be closed due to lack of response to it. Since 2016, only the LCIA wing is in operation.

Spirit of Arbitration: LCIA’s independent, impeccable and impartial status is a boon to the increasingly expanding universe of commerce and trade. ‘Trust is gained when actions meet words,’ is a saying that is truly applicable to LCIA. Over the couple of the centuries it has established its trust network and companies find a

CABBAGES AND QUEEN / NANDINI VAIDYANATHAN

Staying Relevant, Employable And Productive In Post-Covid World

The writer emphasises on how one can stay relevant by creating, communicating and delivering value

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ankind was born under the shadow of a gigantic question mark: who are we? Now the question mark has become bigger as the seriousness of the question itself is becoming known to us: where are we going? In a post-Covid world, we seem to be going home, literally and figuratively.

Home from the hospital, Home after being fired by the organization. LinkedIn is full of profiles of people who are searching for jobs. But before taking the next step, it may be a good idea to take stock of ourselves, ruthlessly map the areas where we are wanting and concertedly design a program to upskill ourselves for the changed world.

Firstly we need to move from ‘focus’ to ‘perspective’. It was drilled into Arjuna that unwavering focus on his target was what would make him a marksman par excellence. So much so, he did not even see the bird he was supposed to shoot at, he only saw the eye. In today’s context, this kind of focus will buy you a oneway ticket home. What Arjuna needs today is internalizing the whole ambient environment and cross-pollinating that into giving him 100 percent control over his target. He has to move from ‘dhyana’ (single-minded focus) to ‘darshana’ (perspective), the ability to see, understand and use the context for a surer kill. And survival.

So how will you make this shift? First understand that your organization is in the throes of not just unpredictability but unmanageability. Check what the impact of Covid on your organization is.

Is it overload? And are the symptoms as under?

• Loss of external momentum • Crisis of relevance • Under-utilized or mis-utilized assets All of which has led to a serious internal dysfunction?

Or is your organization stalling? Has it become:

The answer is simple. First you will unlearn. You will unlearn that you are God’s gift to mankind. You will unlearn that what worked in the past will no longer work. And you will unlearn that your past laurels don’t make a good resting place • Rudderless and lost its vision?

• Disoriented and all over the place?

• Orchestrated denial of all acts of omission. And it has become habituated to knee jerk responses to new opportunities?

Or, has your organization gone into a free-fall nosedive, where it has absolutely no clue where it is likely to land?

Understand one thing. What your organization is, you are too. Stripped right down to your birthday suit in your locker-room, waiting to be handed the right gear. Except that in all likelihood, you are being called upon not to play in the team but to be guillotined. This is the right time for you to be sassy-on-the-fly and demonstrate to your team owner that you are the most indispensable and productive team member and not having you in the team will make the difference between winning and losing.

How will you do this? How will you start a conversation for intent with the decision-makers of your team and how will you convince them that it should lead to conversation for action, action being to retain/hire you on the team?

The answer is simple. First you will

unlearn. You will unlearn that you are God’s gift to mankind. You will unlearn that what worked in the past will no longer work. And you will unlearn that your past laurels don’t make a good resting place. Then you will learn. You will learn to deep dive, not just skim the surface. You will learn not to expect the same scene each time you dive. You will learn that in today’s times and climes, competitive advantage does not lie in operating as a silo, but in collaborating with competitors and jointly owning the customer. You will learn that comfort zone went out with your track pants when you did WFH. Now it is all about creating, communicating and delivering value by gaining and demonstrating perspective. But the most important lesson that you will learn is how to develop local solutions for home-grown problems. Cut-paste was pre-Covid.

Cross-pollinate is now. The more you cross-pollinate, the better you will understand your ambient environment and gain mastery over it. That will help you stay relevant, employable and significantly productive

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

reliable source to solve most complex commercial problems amidst political, cultural and social barriers.

Conclusion: To comprehend these complexities, I would recommend to all the companies, irrespective of the size of their businesses the work by Jerome T. Barrett and his son Joseph P. Barrett, A History of Alternative Dispute Resolution:

The Story of a Political, Cultural and Social Movement, published by Jossey-Bass, 2004, as an invaluable resource for every company to understand comprehensively the power of arbitration.

Gram Panchayat: Interestingly the book chooses India’s ancient institution, the Panchayat, and recognizes it as the arbitration and negotiation body since

500 BCE. Eschewing contemporary overload of political mass around this ancient, basic people’s assembly which consisted of five (pancha=five) village elders, it still serves as the only one Dispute Resolution mechanism. Even today, for most of India’s rural villages, panchayat plays the role of a mediator, arbitrator and the peace maker all rolled into one JULY 2021 | BUSINESS GOA INDUSTRY DOSSIER | 67

BALANCE SHEET / CA.ROHAN BHANDARE

The Butterfly Effect The writer highlights various industry trends, which have undergone a change in light of the pandemic

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he term ‘Butterfly Effect’ indicates a possibility that a tiny act of a butterfly flapping its wings at one location may result in an unpredictable event, such as a change in the weather conditions at another location.

Covid-19 has truly been devastating and has severely impaired lives as well as livelihoods. As we gradually recover, we can see that digitisation has accelerated the evolution of business models. The early examples of the rise of Zoom over Skype in the video conferencing segment and increased market share of F.A.N.G. and Jio are well documented.

However, a year into the post-covid era suggests that this was only a start to the Butterfly Effect. Technology is now acting as a catalyst to produce new and unlikely competitors in various industries.

Here are a few examples of industry trends, which have undergone a transformation.

Acquisitions of Established Players Historically we have seen traditionally larger companies acquiring its smaller competitors to gain market share.

However, in this new era, we see decades old players being acquired by new digital players.

Byju’s, the country’s largest online Ed-tech start-up, has acquired a 33-yearold brick-and-mortar coaching centre, Aakash Educational Services.

In the financial space, we have seen Bharatpe tying up with Centrum Financial Services to takeover PMC Bank; and a 5-year-old company, Groww acquiring the mutual fund business of IndiaBulls.

Apparels and Lifestyle We know about the competition between brick and mortar apparel stores and e-commerce. However, could you imagine that the businesses of innerwear would ever compete with formal/casual wear?

With Work from Home on the rise, the market segments of Page Industries (Jockey) and Rupa Industries are now competing with Raymond. Similarly, Relaxo chappals are now competing with Bata’s formal shoes.

The curious term ‘Revenge Shopping’ is also doing the rounds, which may again boost this sector.

The term ‘Butterfly Effect’ indicates a possibility that a tiny act of a butterfly flapping its wings at one location may result in an unpredictable event somewhere else

Health and Fitness We have all witnessed the classic competition of the Cola giants.

Unexpectedly, Cristiano Ronaldo ne ispe paani pher diya. With even a slight fever now being doubted as a covid infection, there has been a surge in demand for healthy and immunity boosting food.

Although gyms were temporarily shut down, we see that the online fitness industry is flexing its muscles. Players such as Cult.fit have begun an acquisition spree and in turn is attracting investment from the Tata Group.

Furniture and Home Decor Can you name the biggest competitor to Fevicol (Pidilite)? Even with such a luxurious market segment, the group has put its hat into the e-commerce ring with a stake in HomeLane and Pepperfry.

With even traditional industries like Godrej going digital, the online furniture space consisting of other captains such as Urban Ladder (recently acquired by Reliance) and IKEA will be the one to watch.

Pharmaceutical and Diagnostics Although the Pharma sector was always in the vaccine spotlight, the diagnostics industry has also undergone a drastic change by adopting self-monitoring devices, digital test reports and telemedicine. The recent acquisition

by PharmEasy – a unicorn startup, of Thyrocare, a listed company shows how prized this sector is.

With new variants of covid being found, the industries associated with genome sequencing are also booming.

E- Merging Platforms With no face to face meetings, companies such as Info Edge India Limited have done well to digitally hand hold youngsters, first with Naukri, then to finding a Jeevansathi and finally to 99 Acres. The B2B e-commerce space is also heating up with JustDial launching JD Mart to take on IndiaMart and Udaan.

Retail and Institutional Investors If you thought the big investment bankers are shielded from such competitions, then think again. Internationally, we only need to see the example of Gamestop, where multi-million dollar hedge funds competed with a group of Reddit users.

We are also witnessing a huge number of retail investors entering the Indian share market, ready to catch the falling knives and pump money back into the market.

It will be interesting to see the impact of crypto currencies and NFTs in the times to come as well.

The Hollywood movie ‘2012’ about the start of the apocalypse is a fun watch nine years on, but there is an interesting line at the end of the movie.

The lead character tells his kids that after the calamities, the Himalayas are no longer the roof of the world but it’s the less-than-half sized South African Drakensberg mountains on the other side of the planet.

Taking this cue, the economy and businesses would also always continue to ebb and flow at different times. All we need to do is learn, unlearn and relearn to catch this bounce!

The writer is a Chartered Accountant and elected member of Goa Management Association’s Executive Commitee. He also chairs the Taxation Committee of GCCI 68 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

BEYOND CLASSROOM / DR. PRADEEP SALGAONKAR

Customer Loyalty Programs The writer discusses the concept of Customer Loyalty Programs and their benefits

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oing digital and online payments was one of the initiatives that were given importance by the present government; and it has got a real fillip with the onset of pandemic and the number of lockdowns that we are experiencing.

A host of online payment platforms have made it very easy for customers to make online payments as small as one rupee. This has increased online business manifold and also has waged a competitive war among online retailers, so also the payment players, with many going ahead and implementing attractive Customer Loyalty Programs (CLP).

Google Pay, for instance, offers scratch cards to customers after a certain amount and number of transactions. The rewards being discount coupons or cash back of small amounts ranging from `3 to `8/- which are instantly credited to your linked bank account. Swiggy offers cash discounts of various amounts, especially for trying newer outlets. Retail chains award points which could be accumulated and redeemed later. Airlines run frequent flier programs to regular customers. Telecom companies offer attractive packages to get more volume.

Customer loyalty programs today are dime-a-dozen.

A Customer Loyalty Program (CLP) is a customer retention strategy that offers an incentive and motivates customers to continue buying from your brand instead of competitors, thus making them loyal customers by forming a habit in them.

A company’s most loyal customers are also its most profitable, and thus running effective CLPs makes much sense. Such customers are more likely than others to buy from a business whose CLP they belong to, they visit the outlet or website more frequently, and are more likely to download the company’s app, follow, share, refer, and may also engage with the business on social media, and most importantly, strongly recommend it to friends and family members. The ultimate benefit of CLP is more sales transactions and thus more revenue generation to the organization.

One important downside of loyalty programs is that sometimes CLPs boomerang, especially if customer care is badly handled. When customers, who are CLP members, encounter service failures like delayed deliveries, shipping

A Customer Loyalty Program is a customer retention strategy that offers an incentive and motivates customers to continue buying from your brand instead of competitors issues, problems with returns, stock-outs, rude behaviours etc., they get more upset and angry than customers who are not members of the program.

This is because they buy the brand more frequently and in larger quantities than non-members do, and thus they experience these problems more often.

Repeated episodes of failed service leaves these customers highly dissatisfied and may cause them to get hostile, and this may compound the company’s problem to the point where CLPs cause significant damage.

Well, there are two schools of thought about Customer Loyalty Programs. One believes and continues implementing creative CLPs, because they work. While the other school believes that CLPs really don’t work and sometimes boomerang, especially in present pandemic times.

That’s a point of debate and it may be true in selective cases and will largely depend on the CLP design and implementation; and focus on customer care delivery. However, the reality remains that many organizations run CLPs to retain customers and improve their bottom line and they find them very effective.

Some of the most common and popular types of Customer Loyalty Programs run by companies are: (a) Loyalty Points Program: Where loyalty points are awarded depending on the amount spent and frequency of shopping.

These points are accumulated and can be

redeemed later, or the customers become eligible for a gift or a coupon. (b) Cash Back Program: Customers receive instant cash back on the transactions done by them. Sometimes the cash back is after certain number of transactions or amount spent. (c) Punch Card Program: Physical cards are given to customers to avail instant discounts. (d) Tiered Loyalty Program: Customer moves up to higher tiers depending on spending and is eligible for better benefits as he moves up the tiers. (e) Paid Loyalty Programs: Customers are made members by charging an initial amount and benefits are given accordingly. The membership could also be at different levels offering varying benefits. (f) Referral Loyalty Programs: Referring a friend or another customer would fetch benefits under this program. (g) Hybrid programs: A combination of more than one types.

Value based program is most cost effective and beneficial program and one that is based on relationship management with each individual loyal customer, and can easily be implemented especially by small businesses without hassle.

Irrespective of which program one choses, it makes better business sense to run a cost effective and easy to implement CLP and retain happy customers, rather than do nothing and leave customers to wade off to the competition

The writer is Founder Director, Saldots Academy; corporate trainer and facilitator; past chairman of Goa Management Association. Email: pradeepsalgaonkar@gmail.com 70 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

THE FAMILY MAN / DR VIVEK MENDONSA

Family Business Consultants: Adding Value

The writer highlights the importance of having a family business consultant and the value that they bring to the table

F

amily business consultants do, in my opinion, add tremendous value.

More than 80% of businesses in India are owned and controlled by families, and are the greatest contributors to our GDP. However, we need to take care of one important aspect. The Letter ‘I’ is the most creative and biggest destroyer of a family business, as I will demonstrate with a simple arrangement of letters.

Running your family business successfully – is everyone’s ‘motto.’

But when the letter ‘I’ comes into force, ruining your family business becomes an option.

I = ego, I am the great doer and contributor, it should be my way, nothing runs if ‘I’ am not there.

Now let’s see what are the benefits if we succeed in eliminating this negative ‘I’.

A family business is a unique combination of the entrepreneurial and the spiritual.

Entrepreneurial – obviously, and there’s no need to elaborate on that.

But why spiritual? This is my unique understanding of it. In an age where many people, for many reasons, valid and otherwise, are changing jobs every two years on an average, the continuity with the past and the extension into the future that a well-established family business provides, gives us a glimpse into so many excellent facets of life – loyalty, commitment, distilled wisdom of the ages, and many more.

All these elements need to be preserved and encouraged in today’s world, where we are witnessing less and less of them. For the simple reason that these are fundamental attributes – attributes which do not just focus a business on the short-term, but position it to become a Tata, a Birla, a Mahindra, and so on.

Businesses with a legacy, businesses in touch with the past, businesses reaching out to the future, connecting the three periods that are known to man. Is this not the essence of spirituality?

Now, having established the importance of a family business, let us see what kind of assistance, they would need, to excel and move forward in a structured manner.

Family businesses usually have at least three generations involved in their leadership and management at any point

More than 80% of businesses in India are owned and controlled by families, and are the greatest contributors to our GDP of time.

All three generations have valuable things to contribute. The grandfather (if we can put it that way) gets along the knowledge of the roots and the culture and the philosophy of the founding days of the business. It is rightly said that without knowledge of the past, venturing into the future may be a bit muddled.

Then comes the next generation – let us call it the father. This is the generation, which is most likely currently in charge of the day-to-day decision making aspects of the business. The father is a bridge between the grandfather and the grandson.

Then we have the third generation, which we may call the grandson. Fast and furious, determined and enthusiastic, full of ideas and waiting to implement them along with having total faith in the power of technology.

All three generations – grandfather, father and grandson – come with their own strengths, and with their own shortcomings.

This is where the family business consultant steps in. He or she should ideally be a professional with a chartered accountancy, a law or an MBA degree, or

a combination of these. Preferably, he or she having run a business (successfully or not so successfully); for a period of at least ten years. Other qualities that are equally important is to be a good listener; unbiased in views; is willing to listen to all sides; cool-headed; not playing one family member against the other, but carrying all forward together; a person who can keep confidences and is reasonably well connected; having the ability to lead the discussion and prepare a practical business plan with at least a few alternatives.

How often should you meet with your family business consultant? At least twice a month, for at least 1.5 hours each. Meetings can ideally be with all generations of family members present together.

A white board or sheaves of paper, a calculator, plenty of pens, pencils are necessary to chalk out ideas and alternatives. There may be breakout sessions, where a few members are requested to leave the room and one-onone discussions are held. The consultant should ensure that no one takes offence to this.

‘Meeting Before the Meeting’: Always prep up the family business consultant days before or hours before a scheduled meeting; the agenda points must be deep rooted. Hindrances or irritants must be brought to the surface so fair and frank discussions can be held.

Where to meet?: This is most crucial. If you are meeting in your office conference room, no other calls must be put through; no other papers must be brought in for signatures. If you are meeting at home in your living room, see that the high tea and snacks don’t become the points of the agenda. Focus on the business agenda.

End the meeting with a quick practical summary of the task on hand.

The fees that need to be paid to these consultants can vary from a few thousand rupees per actual hour, and a six months retainer package can always be worked out. Finally, if the business does well, it is the family which does well. Hence taking support from external consultants, provided they have been selected with care and add value, is always helpful

The author is Director, Marketing of Lawrence and Mayo, a family owned business. He is a passionate entrepreneurial enthusiast and mentors various early stage businesses and mature family businesses. Email: vivekm@lawrenceandmayo.co.in 72 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

MEDIASCAN / SHAILESH AMONKAR

Media Facing A Tough Test

The writer speaks on how the pandemic has affected the media; and suggests new strategies to attract consumers and to stay relevant

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t is frequently stated that the media adores a crisis! A virus that began in November 2019 and was expected to run its course in a few months will soon celebrate its second anniversary, and all hopes are that by the end of this year or the first quarter of next calendar year, this crisis will be a distant memory, if not still very much a part of our lives.

We are all in uncharted ground during these challenging times. Anyone who claims to know what will happen to the corona virus outbreak, the global economy, or the media in the coming years is simply lying.

We can definitely anticipate and claim that digital transformation has gained traction in practically all industries and enterprises during the previous several years, and will continue to do so in the years ahead.

Media is an enormously vibrant sector that has always welcomed any challenge, whether it is content digitization, social media’s ascent, mobile consumption, or now this deadly corona virus. Even while for many firms’ starting lines will be the same, there are tremendous opportunities now, and how media organisations adapt and change at a rapid speed will have a substantial impact on future performance.

The role of the media in informing, educating, connecting, and entertaining society has been demonstrated to be successful. If a media ecosystem is to be financially effective and sustainable, it must be guided carefully.

Being at home has resulted in a significant increase in ‘at-home’ media consumption. Every day, new strategies to reach consumers are being developed.

One thing that has stayed constant is the media’s role in keeping us informed while also entertaining us.

Furthermore, consumers must determine who they can trust, which for many, means going to established media companies rather than social media buzz.

Because the internet has a global audience and low distribution costs, every publisher and distributor wants a piece of the advertising pie and the attention and the mind space of consumers. Consumers have become accustomed to paying

The media industry places a high emphasis on engagement, and media companies excel in this area. Given the abundance of content providers available today, it is not a surprise that customer engagement is strong. A large percentage of customers watch or listen to news and entertainment for twenty-four hours every week for items that they value, and media corporations have begun to benefit from premium content. This metric of paying consumers is critical to a company’s longterm viability.

Media companies have begun to pay attention to virtual events and conferences. There will certainly be additional obstacles to overcome, particularly in choosing the appropriate technology platform for these tasks.

There is a variety of choices for hosting these events nowadays, including wellknown communication tools like Skype and Google GChat to more sophisticated solutions such as Zoom, Webex, Shindig, etc.

Getting the technology right is crucial to holding these virtual events.

In terms of customers and businesses, social buying has been around for a while, and it is now crucial that sales professionals begin acquiring the critical skill set required to succeed in social selling.

The pandemic has brought the importance of social selling procedures and talents into sharp focus.

The media industry places a high emphasis on engagement, and media companies excel in this area.

Given the abundance of content providers available today, it is not a surprise that customer engagement is strong. A large percentage of customers watch or listen to news and entertainment for twenty-four hours every week.

Because many media firms recover their content production costs through advertising, the longer the disruption lasts, the more advertising revenue they will lose.

To achieve its financial goals and remain relevant in the future, the sector must constantly innovate and uncover new financial models to assist them in achieving their financial goals while also keeping consumers informed and engaged.

The media will emerge stronger than ever from this crisis

The Columnist is the CEO and Founder of Kemistry Media Solutions Pvt. Ltd. a media consulting company. Shailesh has an extensive media background in advertising sales, new product development, market research and new media. His passion for media selling, persistence, and close to 3 decades in revenue generation, profit centre management, experiential marketing and brand building at leading media conglomerates have nearly always resulted in double-digit growth by garnering millions of dollars in print and digital advertising sales 74 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

INVEST RIGHT / MAHESH PAI

Financial Lessons From The Pandemic

The writer jots down financial lessons that one can learn from the pandemic; and shares tips to invest wisely

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nvesting can be difficult but taking the right advice from professionals helps in the end. Don’t invest because everyone is investing, spend some time on research and understand what is needed and essential. Be wise and invest wisely: Personal budgeting is important We need to have a budget in place when it comes to our expenditure, as it is the most essential aspect while managing your finances. Many investors have a budget when it comes to their business but don’t have a personal budget and that is where they go wrong. The simple rule for personal budgeting is keeping not more than 40% of the total income towards it, which will be inclusive of your basic expenditure cost and lifestyle expenditure.

Reduce your spending Without tracking your spending, it is impossible to reduce your spending.

Many people are reluctant to cut down expenses as they feel it is too hard. As we get used to living in a certain way, cutting down a few completely normal things seems incomprehensible to many people.

Reducing your spending to achieve your financial goals shouldn’t be considered a sacrifice but as a necessity in order to take control of your money.

Consumer credit should be minimal Having an effective debt management plan is very crucial. When you take a loan, your EMI should not exceed 30% of your total income. Sometimes people take huge debts and then struggle to repay them as they have other expenses too which cannot be curtailed. Also living on credit cards should be avoided as much as possible; the best would be to put a freeze on them.

Savings awareness Everyone has understood the importance

of savings in this pandemic. All those who saved pre-covid were able to have a comfortable lifestyle during the lockdown but for those who did not save, they had to struggle a lot. However, it is never too late to start, always set aside 30% or more of the total income into savings. Half of the savings should be put aside for long-term goals and a half for a short term. With this simple method, nobody will face another cash crunch in the future.

Life insurance awareness After the death of a person in this pandemic, unfortunately, many families lost their main source of income. People started getting life insurance as they have seen what happens to the family when there is no income. A huge awareness has been created regarding the same, we must also educate and encourage other people especially the ones who have only one source of income and a huge debt.

Investment in health insurance is crucial With rising hospital bills and savings being wiped off, having sufficient health insurance has become crucial and mandatory. Having an adequate health insurance from the right company that will reimburse all the hospital bills is essential. People tend to make mistakes while buying the plan just by looking at the cheap price and not reading the terms and conditions. One must be careful and seek advice before any investment.

Passive income awareness A passive income is something that many business owners aspire to achieve. It is a regular form of income that requires little maintenance or effort on your behalf and not actively be involved on a daily or hourly basis.

As many people have lost their jobs and relied on their active income, they realised the importance of passive income. It bridges the gap when you get

unemployed or decide to stop working for a while. One must have a passive income coming in while he or she pursues their active job. Passive income gives you the extra security you need.

Guaranteed income awareness People and investors have understood that if they’re planning for retirement or any other fixed event like a child’s education, marriage – then the funds for the event must also be fixed/ guaranteed.

Most of the investors go wrong because they plan their guaranteed events with variable products. During this pandemic, the market crashed and many people lost their money that they had saved especially for their retirement.

Having an emergency fund is essential An emergency fund is essential and can be calculated by your monthly income multiplied by six months. Suppose there comes a situation where you lose your active income suddenly or you need funds for any uncertain expenses then the emergency funds come very handy.

A person can save their emergency funds in a plan or product, which can be liquidated easily without any penalty or so. An emergency fund is essential. These funds and your savings bank account funds should not be mixed, finding a debt instrument will be best.

Invest in companies with a strong background, good brand value and good reserves Lastly, financial lesson from covid is to invest in companies with a strong background, good brand value and good results. If the financial institution does not have good reserves or a strong background then one must definitely not invest. Be it shares, mutual funds, banks or insurance companies – one must check the background and the performance before investing

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

Continued From Page 58 investments globally. We were only dividing properties into 10-12 fractions each. In 2021, we have embraced Blockchain and Crypto and now the same properties can be fractionalized into 10,000 or more fractions easily and I stand corrected, now this is true 76 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

democratisation of global real estate investment and usage.”

Roshan Dsilva, founder of FOHO Holdings says, “FOHO will bridge the gap between the real world and crypto currencies and allow for a safer, more decentralised way to invest in hard assets.

Our focus is to ensure that the best deals come onto the platform. We believe that

both sellers and investors will see the value and FOHO will become the place to invest in properties.

We are happy to conclude our agreement with Bitbns to launch our initial exchange offering on their platform for Indian investors and will shortly announce subsequent listings elsewhere. ”

LOVE FOR BUSINESS / SWAPNIL KAMAT AND ARUNIMA KAMAT

Coping With Difficult Times

By Building Resilience

The writers speaks about resilience and coping with uncertainties during these unprecedented times

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od, grant me the serenity to accept the things I cannot change; the courage to change the things I can; and the wisdom to know the difference.

The past year was tough for all of us.

The global pandemic affected millions, bringing about dramatic changes to how we conduct our daily lives. No other disaster in recent history has had such a huge impact on humanity, in such a short period of time. As a result, we have had to deal with personal adversity, such as the loss of a loved one, unemployment, business losses and declining mental health. For most of us, this time of unprecedented struggle and upheaval has left us feeling helpless and overwhelmed by stress and anxiety.

While we must acknowledge that challenges, failure and change are inevitable, does this mean that there is nothing we can do when faced with hardships? Of course not. There are ways to smooth rough waters and regain a sense of control during difficult times.

This is where resilience plays a critical role.

Resilience is what made people like J.K Rowling, Oprah Winfrey, Walt Disney household names. It’s what helped people we know personally cope with setbacks, family problems, serious health issues and financial stressors. Resilience is what makes us better at rebounding from misfortune.

Anyone can develop the quality of resilience, regardless of age or circumstances. Here are some tips to help you build resilience and cope with tumultuous times.

1. Reach Out to Others No one said that you need to go through difficult times on your own. Withdrawing from others won’t help you, reaching out for help will. Talking to friends, family or loved ones about what you are going

J. K. Rowling

Oprah Winfrey

through can ease stress, boost your mood and even help make sense of the change and disruption. You can draw strength from having support, whether it is in the form of family, friends, co-workers, a therapist or a support group.

2. Invest in Self-Care Coping with adversity, can be both mentally and physically draining.

Moreover, the constant state of heightened stress can have a serious impact on your health. This is why prioritizing self-care is an important aspect of getting through distressing times. a) Get regular exercise: Stress can manifest as physical symptoms such as tense muscles, back or neck pain, headaches, insomnia, upset stomach, etc. Exercise not only releases powerful endorphins, which improve your mood, but also helps ease the tension in the body. b) Eat and sleep well: When things aren’t great, the little stuff often slips.

Living through hardship can cause one to ignore their health, lose sleep and skip meals. Enforce a healthy routine, which includes nutritious meals and good sleeping habits. This will provide you the energy and focus to tackle the challenges that you are facing. c) Make time for things you enjoy: In turbulent times, try not to cast aside activities that make you happy. Whether

Walt Disney

Resilience is what made people like J.K Rowling, Oprah Winfrey, Walt Disney household names. Resilience is what makes us better at rebounding from misfortune

it is playing a sport, painting, reading, listening to music, home improvement projects, gardening, etc., continuing to draw pleasure from these will add to your ability to cope with the stress of difficult times. They will also divert your attention for a while and give your mind and emotions a break.

3. Practice Gratitude Look to the things you have rather than the ones you don’t. Numerous studies have found that gratitude is the quickest pathway to happiness and peace of mind.

Every night before sleeping, spend 15 minutes writing down what you have to be grateful for. Remind yourself that there are people in the world who would trade their problems for yours in an instant.

If there is just one thing that will help you deal with whatever life throws at you – it is focusing on the things that you have control over, and accepting what you can’t change. Railing against the latter will only leave you feeling hopeless, while accepting your situation will free you up to focus your energy on positive action. Next time you find yourself in a dire situation, make a list of the things that are outside your control and give yourself permission to stop worrying about them. Instead, consider what action you can take. Lastly, remember that however tough and insurmountable things may seem, this too shall pass.

Don’t let it consume you

Arunima Kamat heads Learning Research at Work Better; Swapnil Kamat is Founder-CEO of Work Better Email: swapnil@workbetterindia.com

Jason Fernandes is an entrepreneur, speaker, well-known blockchain industry figure and advisor to FOHO Coin. He founded FinTech media outlet TokenJay. com, internet portal ZeoCities.com and co-invented the world’s first Internetbased DVR, RecordTV. Chandan Kumar has been a professional financial markets trader for

over 15 years and runs analgorithmic trading consultancy. He is a consultant with Bitbns – one of the largest cryptoexchanges in the world.

Floyd Tavares is an award-winning marketer. He co-founded Dranding Consulting and is an MBA in marketing with over 10 years of experience in building brands; both online and on-

ground. Dranding Consulting has successfully transformed many brands in gaming, hospitality, technology, education and engineering space.

With a strong backing and advisory board, FOHO Coin, which will run on the Ethereum block chain. While already making waves, it is set to democratize real estate ownership and usage worldwide JULY 2021 | BUSINESS GOA INDUSTRY DOSSIER | 77

NEWSMAKERS P S Sreedharan Pillai appointed new Governor of Goa

P. S. Sreedharan Pillai was appointed as the new Governor of Goa and sworn-in at Raj Bhavan in Dona Paula. Chief Justice of Bombay High Court Justice Dipankar Datta administered the oath of office to the new Governor.

Pillai was serving as Governor of Mizoram before being transferred to Goa. He has previously served as the president of the Kerala BJP state unit.

A lawyer by profession, Pillai graduated in 1978 from Government Law College, Calicut.

Governor Pillai has also been a prolific writer, with over 120 published books to his name. Writing both in English and Malayalam, Pillai has spanned across multitudinous subjects and themes which include law, politics, literature, sociology, and culture

Shripad Naik appointed Minister of State for Tourism; Port, Shipping and Waterways Following the Union cabinet reshuffle, five-time North Goa Member of Parliament and Union Minister Shripad Naik has been given new portfolios, including Minister of State for Tourism; and Port, Shipping and Waterways.

Naik stated that the assigning of the tourism portfolio will definitely benefit the sector in Goa and that his ministry will work towards promoting medical tourism in the state, and also try to get new tourism projects.

For the past seven years, Naik was the Minister of State with independent charge of the Ayush Ministry. He was the first Ayush Minister after the portfolio was formed in 2014 under the Narendra Modi-led government. In 2019, he was also appointed as Minister of State for Defence. Naik has represented the North Goa parliamentary seat since 1999. He first became Union Minister of State in Prime Minister Atal Bihari Vajpayeeled coalition government and has held various portfolios from finance to civil aviation

Aakash Khaunte is President of EO Goa

Aakash Khaunte has taken over as President of Entrepreneurs’ Organization (Goa).

EO is a peer-to-peer organisation for exchange of business ideas and networking. Aakash, who is director of Alcon Anil Counto Enterprise, takes over from Anirudh Agarwal.

Speaking on the sidelines of his appointment, Aakash feels that the pandemic has brought in unprecedented challenges in the entrepreneurial space and that EO Goa is poised to navigate the choppy waters with strong and sustainable business ideas.

Alcon Anil Counto Enterprise has diversified business interests spanning from real estate to hospitality and automobile dealerships to manufacturing of Ready Mix Concrete, besides other business ventures 78 | BUSINESS GOA INDUSTRY DOSSIER | JULY 2021

@businessgoamagazine

Rajendra Arlekar appointed Governor of Himachal Pradesh

Former Goa Speaker and senior BJP functionary Rajendra Arlekar has been appointed Governor of Himachal Pradesh.

Arlekar, a commerce graduate, has been associated with RSS since his childhood. He had worked closely with former Goa Chief Minister and Union Defence Minister, Manohar Parrikar in building Bharatiya Janata Party in the state. Arlekar is also a core committee member of BJP in Goa. Arlekar contested his first Assembly Elections in 2002 from the Vasco da Gama constituency, and won. In 2012, he was elected from Pernem constituency.

Arlekar said that BJP is a party that believes in its leaders, adding that the President, Prime Minister, Home Minister, and the party had faith in him.

“I started as a party worker, became MLA and state minister and state BJP chief. Now I am Governor. It shows the importance of leaders and leadership in BJP,” Arlekar said

Anirudha Borkar is president of ILA Goa

Adv Anirudha Sinai Borkar has been elected president of Indian Lawyers Association (ILA), Goa Chapter. Borkar has been in practice for nearly two decades. “ILA aims to provide lawyers and law students across the country a platform for networking and professional development opportunies, as well as to develop a network of pro bono services.

We presently have 400 chapters across India and are growing fast. As President of the Goa Chapter, I encourage lawyers in Goa, especially the younger members of the bar, to avail of the opportunities for networking and mentoring which a huge organization like this has to offer,” he said 145 1. Which auto company sports what is known as a ‘double chevron’ logo?

2. What is known as ‘World’s Oil City’ because the world’s biggest oil refineries, belonging to Reliance Industries and Nayara Energy, are here?

3. This brand name is derived from the region known to be cool due to its fresh taste of the mint 4. Which social networking website was founded by David Karp in 2007?

5. In 1987, which company started a ‘pace foundation’ at Chennai to harness fast bowlers in the country?

6. Viagra, Zoloft, and Lipitor are brands from which pharma major?

7. Which bank was started by a group of farmers led by A. B. Shetty on 23 October 1931?

8. In 1932, American inventor George G. Blaisdell founded this company 9. Identify this global CEO Answers to BG Quiz 144: 1.Zomato 2. Voltas 3. Hewlett Packard 4.Phil Knight 5.Renault 6.Herald 7.State Bank of India 8.bookmyshow.com 9.Whatsapp Email your answers to businessgoa.media@gmail.com First all correct entry will get 1 year’s subscription to Business Goa

Registered with Registrar of Newspapers of India under RNI No.: GOAENG/2015/59955 Date of Publication: 10th day of every month. Posted on or before 30th day of the month. POSTAL LICENSE No.: G-2/RNP/Monthly/Goa-19/2021-23