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New Delhi : Veteran Parliamentarian and former Prime Minister Atal Bihari Vajpayee, founder member of BJP who is held in high esteem across the political spectrum, was conferred with Bharat Ratna, the country's highest civilian award, by President Pranab Mukherjee In a departure from protocol, Mukherjee drove to Vajpayee's residence at Krishna
New Delhi : Finance Minister Arun Jaitley said a higher wage cost in China presents the best opportunity for India to turn into a global manufacturing hub. “Wages in China have gone up. That part of the world is now becoming costlier. Can we, therefore, create a world-class infrastructure in India,” he said while addressing the Annual Day celebrations at the Shri Ram College of Commerce (SRCC) here. India is already armed with good human resources and institutions of various
Memon marg in Lutyens' Delhi and presented to the ailing BJP leader the prestigious award, the country's highest civilian honour. The event, which was attended by Vice President Hamid Ansari, Prime Minister Narendra Modi and Home Minister Rajnath Singh along with some close family members, was kept away from the media glare.
kinds, making the cost of capital reasonable, he added. “Can the cost of our capital not be reasonable... all these issues of efficiency, quality improvement, that's where the opportunity awaits us in creating mass jobs and that is the best possibility of India (in) removing poverty,” he said. The Government has launched the 'Make in India' initiative to increase manufacturing in the country. At present, the share of manufacturing in GDP is very less as compared to developed nations.
Leadership is a potent combination of strategy and character. But if you must be without one, be without the strategy. – Norman Schwarzkopf
Indore : Summer special trains from Indore to Kochuveli, Patna, Pune, Jammu Tawi, Jaipur and Sealdah may start running next month. A meeting was held recently in Delhi between Railways minister Suresh Prabhu and Lok Sabha speaker and Indore MP Sumitra Mahajan. "Ratlam division had sent a proposal for seven summer special trains, and Indore-Kochuveli, Indore-Patna and Indore Sealdah trains are likely to get a nod," said zonal railway users consultative committee (ZRUCC)
member Nagesh Namjoshi, who was also present during the meeting. "Prabhu assured Mahajan that all the pending projects of Indore would be completed soon," he added. "Lok Sabha speaker apprised the minister of pending work of gauge conversion of Indore to Laxmibai Nagar station along with Indore - Tihi, Mhow - Khandwa, Indore - Dahod and Dhar - Chota Udaipur on which Prabhu asked railway officials to complete the pending works in three months," said Namjoshi.
EDITORIAL
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here is no doubt that the Indian households' declining affinity for financial savings was cause for concern. With savings in recent years flowing mainly into illiquid physical assets such as real estate and gold, the corporate sector has been deprived of capital. This problem needed to be tackled without micro-managing the portfolio choices and risk preferences of individual savers. Yet this is exactly what the Budget has done. Tax deductions for health insurance premiums have been sharply hiked, but these are in reality not investments at all, as savers earn no returns from them. The Sukanya Samriddhi scheme has been added to the menu under the already crowded section 80C. But it obviously cannot be used at all by savers without a girl child. Tax deductions for contributions to the NPS have been sharply hiked. As retirement options go, the NPS is better than most other avenues, as it is low-cost and flexible. But it is by no means perfect, with withdrawals attracting income tax and investors forced to use 40 per cent of the NPS proceeds to buy an annuity plan. Therefore, why should the Centre disincentivise the PPF and promote the NPS? Wooing retail investors into products
Pratibha Shrivastava through tax sops isn't a great longterm solution to the problem of dwindling financial savings. Take equities, which the Centre has been trying to promote through this method for many years now. Equity mutual funds attracted hardly any inflows for six years when the markets were moribund, but have received record inflows in the last fiscal after posting high double-digit returns. This shows that retail investors make their asset allocation decisions based on their risk appetite and return experience from an asset class. Thus, allowing them a large menu of products with the freedom to switch between them appears to be the best way to promote financial instruments. This apart, the many ponzi schemes unearthed by regulators have shown that most Indian savers avoid regulated products due to their complexity and lack of accessibility.
Indore : For safety of women in urban areas, Madhya Pradesh government is planning to introduce Nirbhaya Express, a low cost taxi service, on private public partnership (PPP). These vehicles, which will be driven by women, will be a part of 'Jan Taxi' service to be launched in Indore and Bhopal on pilot basis. "After completing technocommercial feasibility survey, the state government is planning to launch low-cost taxi service in Indore and Bhopal," said Kamal Nagar, OSD (officer on special duty), Transport in U r b a n Administration Development (UAD) ministry here. Nirbhaya express will be one of the services of 'Jan Taxi' which will provide safe and secure private transport facility to women. He said the proposed Jan Taxi will be for common man and this transport services will compliment metro and city bus services.
"The driver will be owner of vehicles and entire proceedings will be managed and controlled by a government agency," said Nagar adding that licence of vehicles will be cancelled if there are reports of over charging and misbehaviour. "There will be a pre-paid booth at airport, railway station and bus stops for Jan Taxi and one can also book a taxi through phone," said Nagar adding that there will be no waiting and stoppage charge, and no hidden charges. The taxi service is aimed at providing end-toend affordable transport solution to the public. It will operate on feeder routes and colonies and areas that do not have any transport facility. "Depending on the response of people and its success Jan Taxi service will be implemented in other urban areas in future," said Nagar adding that cities such as Indore, where state is working on constructing light metro, also needs service like Jan Taxi.
Fixing these problems and tightening the investor protection framework as recommended by the Indian Financial Code would have been a far better way to step up financial savings.
Dear Readers, As you must be aware GSN is a newly launched Business Monthly, releasing from Indore (M.P.), our team request you to send your suggestions feedback, Stories related to our columns & article’s. Your views are valuable to us. Please write mail to us at : globalstandardnews@gmail.com or call : 98930-98803 or visit us : globalstandardnews.in You must be the change you wish to see in the world. – Mahatma Gandhi
Mumbai : Encouraging more women to start and run new business ventures was the dominant theme among investors and entrepreneurs at a daylong event organised by Businessworld to launch its BW Accelerate programme for women. BW|Businessworld unveiled BW|ACCELERATE|Women, a multi-city initiative, focused on networking, mentor ship, skillbuilding, and education of female entrepreneurs. It aims to support women's entrepreneurship through initiatives designed to link aspiring and existing women entrepreneurs. Anurag Batra, editor-in-chief of Businessworld, said a separate forum was needed to foster collaboration, provide mentor ship and encourage women's entrepreneurship in India. Meenakshi Lekhi, a BJP member of Parliament and spokesperson, talked about the larger issue of safety and security for women at workplace. "Once you give them safety and security, and you nurture their talent, they will manage everything in life," she said. "If economy needs a boost, this creative force needs to take a centre stage. And until and unless this creative force takes the centre stage, the economy cannot really get the boost we are looking for," Lekhi said. The discussion on "India's New
Generation Entrepreneurs", moderated by Avani Parekh, founder of lovedoctor.in and lead evangelist at BW|ACCELERATE|Women, had successful entrepreneurs talking about the aspirations behind their ventures. LimeRoad founder and CEO Suchi Mukherjee, author Ira Trivedi, POPxo cofounder and CEO Namrata Bostrom, Tattva SpaElements Wellness director Shipra Sharma and Diva Restaurant owner Ritu Dalmia shared their inspiring stories. The participants felt that women are becoming more economically independent and are better able to use opportunities available to them nowadays. Pahwa was of the view that women in India would be able to accomplish "anything and everything" by 2025.Evaldesign founder and CEO Akanksha Bapna, Fab Alley cofounder Shivani Poddar, Sakha Cabs CEO Deepali Bhardwaj, My Dala founder and CEO Anisha Singh, and Pooja Mukul, consultant physician with the Jaipur Foot Project, discussed how women can create and run businesses that would have a social impact. The session conducted by Digital Market Asia editor Noor Fathima Warsia discussed how women could do more to support women's entrepreneurship in India
Bhopal : After the Madhya Pradesh government told the central bench of the National Green Tribunal (NGT) that it has not been able to take any decision on banning poly bags, the tribunal directed it to file an affidavit regarding the deliberations on the issue. NGT has also directed three states, Madhya Pradesh, Rajasthan and Chhattisgarh, to inform it about what steps they have taken on its suggestion to explore the possibility of introducing use of biodegradable carry bags as opposed to poly/plastic carry bags. NGT said Chhattisgarh informed it that it had banned the manufacture of plastic carry bags in December 2014, while Rajasthan told the bench that a ban had already been in force under the notification of 2010 in the state. NGT in its order said MP government has still not been able to take a decision with regard to imposition of ban. MP is directed to file an affidavit by an officer not below the rank of secretary to the state government as to what consideration has taken place in the government on this matter (banning poly bags) and the issues which the government is deliberating
upon based on the file notings and the dates on which such deliberations have taken place. The Tribunal was hearing a case filed by Sandeep Lahariya. The next hearing in the case is on April 20. In an earlier hearing, the NGT noted that the matter regarding banning poly bags was under consideration before the Supreme Court in a case in which all the states have been issued notices for considering a total ban on all poly carry bags (not restricted to 40 microns). NGT also directed polycarry bags manufacturing association to submit an affidavit regarding what steps they have taken individually for the recovery of such products (polybags), the quantity they were selling every month and the quantity that they were recovering every month. They were also asked to inform the tribunal why it was not possible for them to switch over from manufacturing of plastic carry bags to manufacturing of bio-degradable or compos table carry bags. NGT also directed the state Pollution Control Board to verify such registered units manufacturing plastic carry bags and get their details.
New Delhi : Sher Singh, a farmer from Rajasthan, prays to Varuna, the Hindu god of water, for a bountiful harvest. Now, he is also looking to the heavens for satellite imaging to boost his crop. Prime Minister Narendra Modi wants to promote a "per drop, more crop" approach to farming to make better use of scarce water, and aims to have a new satellite crop monitoring system working in time for the peak of this year's monsoon in July. Using remote analysis to assess soil moisture and crop development has the potential to cut input costs and raise yields, say experts, in a country of 1.25 billion where half of workers make a living from agriculture. Under the scheme, farmers would be able to access advisories on their mobile phones to help them to choose seed varieties, apply the right fertilisers or time irrigation 'shots', though some are sceptical about how effective the plan will be given natural or other obstacles. "I hope to cut at least a tenth of input cost with the help of the 'satellite god'," said Singh, 55, who farms less than a hectare of rapeseed and hopes to use savings to educate his two grandchildren. By his own admission, Singh doesn't know how much to water his crops, the right fertiliser mix - or even the right crop to plant given the land's soil type. After last year's landslide poll victory, Modi's
government rolled out a national Soil Health Card scheme modelled on an initiative he launched as chief minister of Gujarat to help farmers plant crops suited to their farmland. In addition, satellite analysis can assess vegetation cover down to field level, helping to determine how a crop is developing and whether it has been harmed by pests or needs more water. "The idea is to integrate information under the Soil Health Card with satellite images to raise productivity," said N. Chattopadhyay, a weather department official who is involved in the project. The approach seeks to apply 'precision' farming methods pioneered in North America that use geo-location technology to help farmers micro-manage exactly how much seed, fertiliser or pesticide they apply to their fields. In countries such as the United States and Canada unmanned aerial vehicles, or drones, are also used to overfly farms to map soil and crops accurately. The next-best option is satellite analysis, more affordable for India, that uses a method c a l l e d N o r m a l i z e d Ve g e t a t i o n Difference Index assess how well a crop is developing. Chattopadhyay said the analysis can be provided to farmers on a near real-time basis and could also be used for impact assessment after natural hazards like floods. India can use its own geostationary satellites, but
some see obstacles to its plans including a need to check findings on the ground or the risk of cloud obscuring images. "Don't be under any illusion that the remote sensing based crop mapping technique will be a penance for all problems in the farm sector," said B.C. Barah, a New Delhi-based agriculture economist. India's top bureaucrat Ajit Seth has urged wider use of remote sensing to benefit farmers, many of whom live a precarious existence on tiny plots of land. Just over half of India's nearly 200 million hectares of arable land is rainfed, leaving farmers at the mercy of an often uncertain the monsoon. The remaining arable is under irrigation, which the government plans to expand by a tenth over three years. The loss of more than half of a crop can trigger government payments to farmers, of $72 per hectare for rainfed areas and $144 for irrigated lands. India is also preparing to use satellite based crop forecasts to develop insurance for farmers. Currently, insurance products cover primarily crop loans and exclude farm activities.
New Delhi : The government has lifted curbs on making 20 items that had been exclusively meant for micro and small enterprises, dropping one of the last remaining industrial production controls and opening the way for their manufacture on a large scale. In keeping with the various ease-of-doing business measures, the government said the move will encourage greater investment to upgrade technology and standards towards enhancing competition .Now big companies can now produce bread, pickles and chutneys, wooden furniture, fireworks, glass bangles and other things that had been reserved for small units. The items freed for manufacture include mustard oil, groundnut oil, exercise books and registers, wax candles, laundry soap, safety matches, fireworks, agarbattis
and steel almirahs, the government said in a statement. "The reservation of items discouraged small enterprises from transforming into medium or large enterprises for fear of losing out on the right to manufacture these items. They could not even access foreign investment to get technology for production, which will be allowed now," said a Confederation of Indian Industry official. "It is a progressive move by the government," said the official who did not want to be identified. The department of industrial policy and promotion said in the statement that the move was taken in line with an advisory committee decision in October last year, which had allowed the import of these items. "Thus, there is no prima facie justification for continuation of
reservation of manufacturing in the MSE sector since such reservation may inhibit the possibilities based on technologies, economy of scale, etc. vis-a-vis the imported items," DIPP said. The step can be seen in conjunction with the government launching the Micro Units Development Refinance Agency (MUDRA) Bank to extend credit to small and medium enterprises. The scheme with funding of Rs 20,000 crore, can lend between. 50,000 and 10 lakh to small entrepreneurs. India has about 35 million micro, small and medium enterprises, with 95% of them employing less than 10 people and the rest employing between 10 and 100 people. This had often discouraged the adoption of new technology and increase in scale.
You only have to do a very few things right in your life so long as you don’t do too many things wrong. – Warren Buffett
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ow undisbursed EPF money can be received by its actual account holders as Government of India has provided online facility to transfer EPF amount of old accounts to new accounts. Many employees don’t transfer their employee provident fund account when they shift jobs, primarily for f two reasons. One, it might require follow up with the existing employer and two, most feel the process is cumbersome. As a result, many of these accounts become dormant and inoperative. As of the last financial year, Rs 26,496 crore of PF money was with the Employees’ Provident Fund Organisation (EPFO) in inoperative accounts. Since 2011, the government b o d y h a s s t o p p e d crediting interest to accounts that do not receive contributions for 36 months continuously, classifying these inoperative. One problem many face is a lack of awareness about the procedure to follow for transferring money from the previous account to the new one. For example, people don’t know the forms to fill, where to send these and the documentation needed from the previous employer. This might change soon. From January, the organisation has launched a drive to help such account holders. EPFO has asked field offices to identify the beneficiaries of inoperative PF accounts and settle those by making payments or transferring money to their active accounts. To quicken the process, EPFO has an online help desk. The facility is meant to help members trace their PF numbers or find the total fund accumulated. The biggest problem with subscribers is that they don’t remember their account numbers, said financial planners.
All you need to do now is log onto EPFO’s website www.epfindia.com. Under the section ‘for employees’, there’s a link to ‘Inoperative A/C Help desk System’. First, the subscriber needs to key in the problem he or she is facing and then fill details such as the name of the employer, date of joining and leaving the company, personal details and so on. Once these are done, you will receive a reference number. Make sure to make a note of it as it’s not communicated through email or mobile. If the details are traced, the help desk will communicate the further procedure to subscribers. Account holders can withdraw money by filling the claim form. For transfers to a new account, EPFO recently launched a web facility. According to financial planners, account holders should immediately act. PF is the key to retirement planning. “Even if a person has not earned interest for a year or two, it can drastically impact the retirement corpus,” said Suresh Sadagopan, a certified financial planner. He also suggested it’s better to transfer the balance to a new account than withdrawing it. For example, you had Rs 2 lakh in an old PF account that stopped receiving interest since 2011. In four years, the money would have grown to about Rs 2.8 lakh. This means, you lose Rs 80,000. It’s not only about losing interest and, consequently, not benefitting from power of compounding. Dormant accounts can be the targets of scams. Two years ago, EPFO discovered fraudsters had siphoned off money from inactive PF accounts by forging documents. This was prominent in establishments that had closed down and where remittances had not been received for many years by EPFO.
O Mumbai : Left to himself, Hemant Oberoi usually makes do with a dalchawal. That would count as a rare luxury though, for Oberoi is the man behind the food at some of the Taj Group's renowned restaurants. Currently grand executive chef at the Taj Mahal Palace in Mumbai and corporate chef for the Taj luxury division, he's set to retire in a few weeks after 41 years with the Tataowned group. But that doesn't mean he's about to get out of the kitchen anytime soon. It's more like the next course of a rich and satisfying meal. For one thing, there's the consultancy with the Taj that could continue for a bit. The dream project, however, is a signature restaurant in Mumbai "Hopefully, the restaurant will happen soon. I have not yet given it any shape, but I know it will have fresh produce and no fixed menu. Every day will be different and I would like to serve what I feel like cooking that day. The cuisine would most likely be global and fusion. Both my sons would join me as I believe the legacy must be carried on," Oberoi, 60.
Oberoi has played a key role in setting up some of the Taj's most valued restaurant brands —Varq, Masala Kraft, Wasabi and, of course, Zodiac Grill. So, while he's looking forward, he can also be persuaded to look back a little for anecdotes about all the famous people he has served in the last four decades. "Food is all about passion, whether it is cooking it or serving it and there are so many people -- who I do talk about?" said the man who's served both JRD Tata and Ratan Tata. While JRD preferred French cuisine, Ratan Tata likes Lobster Thermidor, creme brulee, sushi, seafood and, not to forget, a great scrambled egg for breakfast. .. Still, Oberoi's favourite guests all have one quality. "While Mr Ratan Tata is very particular about his food, he is one of the most humble people I have served," Oberoi said. He's understandably a bit hesitant about naming people but he has fond memories of his first big wedding reception, which was that of Kumar Mangalam and Neerja Birla in 1989. Rajashree Birla and Nitin and Jyoti
There’s no shortage of remarkable ideas, what’s missing is the will to execute them. – Seth Godin
Kasliwal (the bride's parents) were meticulous in their planning and generous with praise for efforts of Oberoi and his team. "We served a 900-people sit-down thali dinner, which we did in 45 minutes. All rooms were occupied, from the Ball Room to Crystal Room, at Taj Palace Mumbai and this was all vegetarian fare," he said. Other big weddings were those of Sahara chief Subrata Roy's sons in Lucknow — three days and 5,000 people everyday — and the Bachchan son and daughter. Former British Prime Minister John Major liked the Dum Ka Zaffrani Ghost (lamb curry) so much that he sent Oberoi a note from the UK. The recipe was sent to the Bombay Brasserie restaurant in London so it could be made and dispatched to No. 10 Downing Street whenever there was a request from the occupant. It used to be called "the John Major Curry", Oberoi said with a chuckle. Major's illustrious predecessor Margaret Thatcher too was a fan, as are the Obamas. "They really take the pain to thank ..
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hen Reliance Industries announced last year it had inducted Nita Ambani,wife of RIL Chairman Mukesh Ambani, as a director, there was much consternation. The decision was denounced as a bad corporate governance practice. The common refrain was that RIL could have invited any seasoned woman professional to join the board. This was not the first time Nita Ambani was appointed to a board. She has been an RIL nominee on the board of EIH Ltd, the company that owns and manages Oberoi Hotels, since October 2011. Reliance is invested in EIH. Relying on family: Nita Ambani, wife of
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egislating board positions for women was first initiated when a bill to amend the Companies Act was introduced in the Rajya Sabha in 2003. That bill contained several proposals that India Inc found unacceptable and had to be eventually withdrawn. Vinod Dhall, who was the secretary to the corporate affairs ministry at the time, says the intent of the proposal was to increase the presence of women on the boards of companies. "We felt that the proposal would promote gender diversity and that women could bring greater sensitivity in addressing certain types of issues in board deliberations. I believe this is a progressive measure," he adds. Not many promoters are used to having women in their boardrooms, and so resistance has been high. Some say meritorious women would anyway find their way to the boards, and that they do not need crutches to get there. But even in advanced countries, where women
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his is the rags-to-riches success story of a little Indian boy who made it big in life. Even while working as a laborer for the paltry sum of SR600 per month in one of the Gulf states, Dr. K. T. Rabiullah, managing director of Shifa Al Jazeera Medical Group, told that he was not one to accept misery as his destiny. He was to write his own fate; so he has done that, and that, too, in golden letters. The Saudi-based Indian billionaire, received the highest award given to non-resident Indians by the New Delhi government for their exceptional and meritorious contributions in their chosen fields or profession. It is called “Pravasi Bharatiya Samman.” He also received another commendation known as 'Shashtri Award of India' last year. Rabiullah, after receiving the award, said: “Nothing is impossible … If you really believe in Allah and in yourself, then your hard work will fetch success for sure.” In the interview, Rabiullah, at the very outset, disclosed an ambitious plan to build a huge multi-million riyal hospital in Jeddah on the pattern of the US-based Mayo Clinic, which is globally known for innovative and effective treatment for difficult cases and chronic ailments. “I also have plans to recruit some 300 Saudi youngsters, mainly medical professionals and technicians, in a staggered schedule during the next five years,” said Rabiullah, who has been conferred several doctorates including a doctorate from a reputed American institution. Rabiullah, who owns and operates
15 April 2015
Reliance Industries Chairman Mukesh Ambani, was recently inducted into the company's board. But Ambani has to prove she has earned the two board positions, and that she is not there only because she is the wife of the country's richest man. Ambani's appointment is not unique. Since regulatory changes came into effect - a new Companies Act and amended Clause 49 of the Securities and Exchange Board of India's Listing Agreement - stipulating appointment of women to boards of companies, many promoter-run firms have inducted female family members as directors. All listed companies and all public companies with paid up share capital of at least Rs 100 crore or turnover of Rs 300 crore are required to have a woman director. And so, wives, daughters and daughters-in-law of promoters find they have a new calling card. Bina Modi, wife of K.K. Modi, is now an additionaldirector at Godfrey Phillips India. Nawaz Gautam Singhania, wife of Gautam Singhania, is a non-executive
director at Raymond. Others who have joined the boards of companies their families run in the past few months include Amrita Amar Vakil (Asian Paints), Deepshika Khaitan (Cera Sanitaryware), Gauri Kirloskar (Kirloskar Oil Engines) and Juhi Chawla (Gujarat Sidhee Cement). It is not unusual for promoters to appoint female family members to the boards to meet the legal stipulation and to keep control within the family. It goes back to the era when no one spoke about corporate governance or protecting the interest of minority shareholders. It did not matter whether family members attended board meetings. On paper, their presence was marked. However, the rules of the game have changed now with stricter regulations and emphasis on good corporate governance practices. Data compiled by indianboards.com, a joint initiative of PRIME Database and the National Stock Exchange, show about 175 women from promoter groups are on boards as executive directors and about 100 as non-executive directors.
These include women who set up their own businesses as well as younger generation of well-qualified women who have executive as well as board roles. "If sons can be inducted on boards, why shouldn't qualified wives and daughters be? Why should they be deprived of board positions?" asks Pallavi Shroff, Senior Partner at law firm Amarchand Mangaldas and board member of four companies. Many women directors are well-educated and capable individuals, she adds. About 35 per cent women directors from promoter groups are engineers, doctors, lawyers or postgraduates and another 45 per cent are graduates, according to the data compiled by indianboards.com. Manisha Girotra, CEO of investment bank Moelis & Company India and a director of a couple of companies, says diversity on boards is important. "Even if a woman gets inducted on the board for the wrong reason, she must do a good job," she says. "If you are frivolous in the boardroom, you do disservice to your position."
form a large part of the workforce, they remain under-represented on boards until legislation makes induction of w o m e n d i r e c t o r s c o m p u l s o r y. According to Women on Boards, a study
PUNCHING ABOVE THEIR WEIGHT Haigreve Khaitan, Managing Partner at law firm Khaitan and Co, admits he was initially apprehensive about how the
by Biz Divas and Khaitan and Co, a fifth of world's 200 largest companies still do not have a woman on their boards. In India, about 850 NSE-listed companies have all-men boards, indianboards.com estimates.
legislation requiring appointment of women on boards would play out. He finds those concerns misplaced now. "Women have brought fresh perspective into the boardrooms. They have made boards more open with the questions
they ask," he says. Khaitan finds women come better prepared for meetings than male directors and are not embarrassed to ask questions. "Their questions are very sensible and logical." Priya Chetty Rajagopal, Executive Director, Leadership and Board Practice at executive search firm RGF and who is also on the boards of a few companies, concurs. "Women don't want to wing it," she says. She felt that professionals like her join boards where they feel they can contribute to the growth of the company and also enhance their learning. What also helps is that glass ceilings largely disappear in boardrooms. "Being on boards make women feel liberated to ask difficult questions and raise uncomfortable issues, which they may not even in top executive positions," says Padmaja Alaganandan, Executive D i r e c t o r, P e o p l e a n d C h a n g e Consulting at PwC India. "Questions on how this may impact future career progression etc become irrelevant."
about 50 hospitals and clinics across the Gulf states, including 12 medical centers in Saudi Arabia, said that “plans are afoot to open several new hospitals, pharmacies and clinics in different parts of the six-nation Gulf Cooperation Council (GCC).” He shared his highly optimistic vision on the growth prospects of the health sector and the need for building quality health institutions in Saudi Arabia and the Gulf states as well as in India. Currently, more than 700 doctors and a b o u t 1 0 , 0 0 0 s t a ff i n c l u d i n g paramedical staffers are working under the Shifa Group. This is in addition to 35 world-class pharmacies and 17 optical centers currently operational under the Shifa Group in different GCC countries. “I have personally selected some locations and…also the designs of the hospitals are being carried out under my supervision, as I want everything to be world-class,” he said, referring to his future plans. Rabibullah talked about his commitment to bring down healthcare costs in the Gulf countries in a big way, and said that Shifa Al Jazeera Group was a pioneer professional private sector group in the healthcare sector of the Middle East. Asked about his success story and how he amassed so much wealth, Rabiullah admits that “the little sum which I used to earn during the days of my struggle did make me very happy, but not to the extent of quenching my total thirst. In fact, it motivated me to pursue my career more intensely and make a mark of my own. Financial constraints failed to deter me from pursuing education,
acquiring know-how and entrepreneurial skills.” He had entrepreneurial yearnings since the day he landed in Saudi Arabia. Hence, he eventually went ahead with scripting a brilliant success story, establishing his own business only a few years back. Founded by visionary Rabiullah, the Shifa Al Jazeerah Group is today a big conglomerate with hospitals, clinics, pharmacies and optical shops in different parts of the GCC and in India. The latest feather in Rabiullahi's cap was the Pravasi Bharatiya Samman conferred by the I n d i a n g o v e r n m e n t . Describing it as just another height attained in his career, but not the pinnacle, Rabiullah says, “There's a long way to go.” Asked about future plans, the Shifa chief said that he is very happy the way things are turning out and now looks forward to pursuing the idea of making this world a better place to live in. In this regard, it is important to note that he has already adopted his native village, where he wants to “make a difference.” He lends all kinds of support to that village. He has launched a scheme under which he grants monetary assistance to the needy people of that village on a monthly basis. He said that through his enterprise known as Shifa Al Jazeera Group he wants “to be closer to the common people by providing affordable and the best medical facilities”. He also wants to institute an annual award for outstanding personalities in the field of social, education, medical, art and culture.
“I want to remain close to the working class and poor people and address their needs…this gives me the kind of satisfaction I look for,” he said. Asked about the projects undertaken by him under the Shifa Group's corporate social responsibility program, he said that he believed in helping the needy and the weaker sections, which is the most important service one can do in his lifetime. “Islam teaches us to help and share whatever you have with the needy,” he said. Apart from his busy business involvement, Rabiullah believes that corporate social responsibility is a commitment to improve community well being through discretionary business practices and contribution of corporate resources. On several past occasions, Rabiullah has made substantial donations or contributed generously to relief and rehabilitation efforts globally. He donated generously to the victims following the tsunami in Asia. He extended aid to the victims of Latur earthquake and Gujarat earthquake (India). He was also the first to help the rehabilitation of the victims of Calicut fire in India. He donated about SR150,000 to secure the release of a poor Indian worker, who was languishing in a Saudi jail for the last few years.
The great accomplishments of man have resulted from the transmission of ideas of enthusiasm. – Thomas J. Watson
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hile women want to be on boards, and are accepting challenging roles, most women directors find it distasteful when calls come more because of their gender and less because of their achievements, adds Alaganandan. But that is how it is. "Clients send out briefs, sometimes a single line, asking us to find women directors," says Radhika Vivek, Executive Director at Sheffield Haworth, an executive search firm. With the September-end deadline for listed companies fast approaching, many are scrambling to find a woman director. No search firm would want to place just any woman on any board; it would be disastrous for the board and the woman if they don't complement each other. "We ask companies to identify gaps in the board that an independent director can fill and then proceed to find a candidate who fits that profile," she adds. The idea is to bring on board a woman director who also has deep experience and hence can add value in specific areas. Appointing women on boards not only brings diversity to board composition but also makes corporate decisions more sensitive and inclusive. "Women bring more world into the boardroom and they bring heart into decision," sums up Rajagopal.
Mumbai : The Reserve Bank of India (RBI) has proposed to lower the ceiling on how much a bank can lend to a single corporate group, in a move to curb risks in the banking sector at a time when bad loans are on the rise. Under the proposal, banks would only be allowed to lend up to 25 per cent of their core capital, down from the earlier ceiling of up to 55 per cent, starting Jan. 1, 2019. The central bank also said late on Friday it would consider setting a minimum percentage of capital requirements that companies must raise from corporate bond and commercial paper markets,
saying the corporate sector had become too dependent on banks for their financial needs. The RBI requested feedback on its proposals by April 30. The central bank regularly issues discussion papers on proposals, which are not final measures. The RBI had said earlier that it planned to review the lending cap to companies to gradually align it with a 25 per cent ceiling set by global standard-setter Basel Committee on Banking Supervision. Analysts have said in the past that this was more of a prudential measure, as banks typically do not breach current caps.
Naypyidaw : Myanmar has witnessed the launch of its first ever online Multi Commodity Exchange in honorary presence of Mr. Khin Han, Chairman, Yangon Commodity Exchange, Ms. Daw Myint Myint Thaung, MD, Pyi Hein Thar Rice & Paddy Co. Ltd; Mr. Than Htaik, Director, Shwe War Thie Ha Co. Ltd. According to the letter of the Ministry of National Planning and Economic development of the Government of Myanmar granted permission for establishing international standard commodity center in Myanmar. It's world first 23 x 7 exchange. According to Mr. Sumit Garg, Chairman, Pearl Group, Myanmar International Commodity Exchange Ltd. (MICEx) is the first multi commodity exchange of Myanmar. It is a Pearl Group initiative (headed by Vice Chairman Mr. Sumit Garg & Director Mr. Wali-ul-Maroof Matin, presently MD of Chittagong Stock Exchange, Bangladesh),having more than 2 decades experience in equity, commodity, and currency markets in South East Asian countries like; Bhutan, Brunei, Bangladesh, India, Indonesia, Nepal, Thailand, Sri Lanka, Vietnam. Pearl group specializes in total exchange solutions which include technology, education, exchange management & advisory. It endeavors to transform and
revolutionize commodity trading in Myanmar by its robust technology, which offers platform for online trading, clearing and settlement of trades and its risk management, said Mr. Sumit Garg. MICEx happens to be the best platform for the entire value chain participants: farmers, traders, processors, exporters, importers, arbitrageurs, investors and other stakeholders pertaining to commodity procurement, storage, marketing, warehouse receipt financing, etc. MICEx offers trading in varied commodity contracts across segments with initial focus on pulses and gold. The Exchange focuses on providing commodity value chain participants with neutral, secure and transparent trade mechanisms, and formulating quality parameters and trade regulations, in conformity with the regulatory framework of Myanmar. The shareholders of MICEx comprises of large national level organization and foreign organization with experienced and professional management dealing in the field of commodity market. Mr. Sumit Garg Director Pearl Group, added MICEx has introduced its trading terminal functioning on Pearl Traders version 7.0.0 which gives surety and security of trade, order matching protocol version of FIX 4.2
having enhancement of the capacity of better support exchange. It provides end to end solution for entire trade life cycle of pre trade, trade and post trade processing. Speaking on the occasion MICEx Chairman Mr. Sein Win Hlaing said “This is a proud moment for us, we see the first ever commodity exchange of the country. It is an important move as it will strengthen the economy of Myanmar and will encourage sector as well as building links to complement non-agricultural activities. Through this, we look forward to meet the changing demand and market opportunities which can lead to greater returns”. Myanmar Paddy Producer Association (MPPA) is a national level paddy federation of Myanmar. MPPA regulates all functioning of the Exchange on day to day basis, which will boost the confidence of the participants in Myanmar. MICEx has also sign MOU with United Amara Bank of Myanmar for facilitating its members and clients for banking operations. The ceremony was led by honourable dignitaries from the Government of Myanmar and Trade fraternity
Hyderabad : Amrit Kaur Bakshi, a middle-aged Patiala housewife, runs a 'bottoms' shop in the city. She would procure custom-made 'bottoms' and other women's wear from local tailors to sell them to her customers, mostly based on word-of-mouth advertisiment. She has just expanded her market across the country with the launch of her 'e-commerce' window. Her nine-year-old son Kuljot Singh has built a site for her using Microsoft's Azure offerings. While most of his Class 4 mates are busy preparing for their final exams, Kuljot Singh Bakshi was listening to experts talking about the cloud and the fastchanging technology landscape at the two-day Microsoft Azure Conference in Pune. Accompanied by his father Prabhjot, the nine-year-old techie has literally lost sleep, telling techies how he used Azure to build the 'e-commerce' website www.patialabottom.com for his mother. "He was awake the whole night participating in the Azure night and made a presentation on his work at 3 a.m. He was awake till 6 in the morning, hit the bed for a while and got ready for the keynote at 9.30 a.m.," Prabhjot, a web technologies trainer, told Business Line.
Bengaluru : It is a widely known fact that we Indians have close attachment to our families. We have close bonds with our loved ones and don't hesitate to invest for their wellbeing. Now, a new study has revealed that more and more Indians are buying health insurance for their entire family. Not only this trend has witnessed a sharp increase but also the buyers (average age 32 years) are starting young. The findings were published in the Max Bupa Health Insurance Pulse 2015. This first of its kind multi city study was conducted to understand how health insurance is perceived, bought and utilized in India. The study conducted among 1500 plus respondents in leading metros like Delhi, Mumbai, Chennai and tier 1 and 2 centres like Hyderabad, Punjab and Rajasthan states that 6 out of 10 Indians prefer family health cover as against 4 out of 10 for individual cover. 40 per cent people buy Health Insurance due to rising healthcare costs and over 30 per cent feel that their employer provided health cover is insufficient. Further, comprehensive coverage for multiple diseases and protection against lifestyle and critical illnesses are the key reasons for purchase, affordability is the least important. 32 per cent of the respondents admitted they have not read their policy documents; trust on agent
Kuljot means business. He pops up a business card which says he is a Web D e v e l o p e r f o r t h e sitePatialabottom.com. "I would like to continue my passion in web-based technologies," Kuljot says. He says he helps his tech-illiterate mother put the latest models in WhatsApp and also on the website. As orders started trickling in from beyond her traditional market of Patiala, Amrit tied up with a courier firm to start sales based on the 'cashon-delivery' model. Is he worried about the upcoming exams? He nodded 'yes' like any other student his age. His father is not too worried. "We are letting him do whatever he wants to do," he says.
cited as the key reason for not reading terms and conditions. Among the metros, Mumbai demonstrates better understanding of Health Insurance with 66 per cent Mumbaikars aware of the distinction between life and Health Insurance, as against 36 per cent Delhiites and 39 per cent people in Chennai. Doctor's advice triggers Health Insurance purchase for 46 per cent respondents in metros as well as tier 1 and 2 cities. "Health Insurance consumers are evolving from being price conscious to being value conscious with majority of them preferring family health plans over individual coverage and opting for a sum insured of is Rs 6-7 lakh. Also the average age of Health Insurance owners has reduced to 32 years across metros and non-metros. Most of the owners still feel inadequately protected as cost of hospitalization and incidence of illnesses across age groups is on the rise," said Anika Agarwal, Head, Marketing, Max Bupa. In terms of gender related findings, an increasing number of women are becoming the sole decision makers in buying Health Insurance (55 per cent), however almost two third of them are not aware that new born and in-laws can be covered under Health Insurance.
98930-98803 Change is not a threat, it’s an opportunity. Survival is not the goal, transformative success is. – Seth Godin
Hyderabad : Sania Mirza added another feather in her decorated cap by scaling the ranking peak in the doubles but the Indian star says there is never enough and she wants to win more Grand Slam titles before hanging her racquet. Sania, who recently became world number one, is a winner of three mixed doubles Grand Slam titles. "I love playing tennis. I love practicing and working hard. I love competing. Until I keep enjoying, I keep playing. I want to achieve. Obviously, there is never enough. If Roger Federer can still play today, everybody should play. I want to win some Slams before I retire. We have some big tournaments coming," Sania told reporters. "I am going to Stuttgart on Sunday night," she said on the sidelines of the Fed Cup, where she is leading India as playing captain. Replying to a query, she said she would continue to partner with Martina Hingis with whom she had a
Mumbai : Tata Group Chairman emeritus Ratan Tata has bought minority stake in debt vehicle of micro financial advisory firm Grameen Capital India, a nonbanking financial company. Tata, along with Goa-based Dempo group promoter Shrinivas Demo, former top Credit Suisse investment banker Vikram Gandhi, Patni group promoters Amit Patni and Arihant Patni, has invested in the NBFC that focuses on the social impact segment. Grameen Capital plans to raise close to $10 million (about Rs. 50 crore) in the initial round, the company said in a statement. The NBFC, which focuses on agriculture, affordable health and
affordable education, is also in advanced discussions with two institutional investors to raise additional equity capital for the debt vehicle, the statement added. Grameen Capital expects to commence lending from the new vehicle in the next quarter. Tata, who recently invested in Swasth, a healthcare service provider to lowincome group, has been building a portfolio of investments in the social impact and e-commerce sectors. The septuagenarian's previous consumer internet investments include Snapdeal, Paytm, Urban Ladder, Bluestone and CarDekho.
successful partnership. She said her decision to get married in 2010 and shifting to doubles are the two most important decisions in her career. "In 2010, I thought my career was over. My wrist was bad and I was not even able to comb my hair. At that time, my tennis was out of question. So, one of my decisions was to get married. It took lot of things off me. I was happy in my life. Six months later, me and my husband were having a conversation and he said, 'why don't you try to play again'. I went to Wimbledon and I won couple of rounds there. My wrist was better. That was, probably, one of the best decisions I made. "Secondly, when I moved to doubles. It was a tough decision for me at that point. Because I had surgeries. So, I was not playing tennis at all or choosing one format. I think I would not have been able to get to the number one in the world if I was still playing singles," she said. She complemented India's girl players like Ankita Raina who
comprehensively defeated their rivals in the ongoing Fed Cup here. She said she is honoured to be the captain of the side in the Fed Cup. She said she would play in Fed Cup when it is needed and "there was no need now". Noting that it is a huge coincidence that she and star shuttler Saina Nehwal have achieved the number one ranks in two different sports, she wished Saina best for her future.
New Delhi : First Indian women shuttler to achieve world number one ranking, Saina Nehwal clinched her maiden India Open Super Series title after notching up a dominating straight game victory against former world champion Ratchanok Intanon of Thailand in the summit clash here last month. The London Olympic bronze medalist played like a champion to get the better off a Intanon 21-16 2114 in a battle that kept the crowd hooked from the first point to the last at the Siri Sports Complex here. Coming into the match with a 5-3 overall advantage over her rival, Saina was not tested much as the Indian was prepared for Intanon's deceptive game. Saina encountered her rival with her better movements and powerful and accurate smashes to eventually wrest her second title of the season. The girl from Hyderabad, who has been on a roll ever since her victory at the China Open, played like a champion as she anticipated her opponent's moves and caught her on the wrong foot during rallies. Intanon, seeded third, seemed to be affected by her marathon semifinal match against Carolina Marin of Spain which lasted for close to an hour and and half yesterday. The energy-sapping clash seemed to have made her movements slow on the court as she struggled with her returns. The deafening cheers of the near-packed house crowd which chanted 'India India' and 'lets go Saina lets go', seemed to disrupt Intanon's concentration as nothing went for her in the match. Saina used her powerful smashes and rode on her opponent's unforced
Mumbai : Grasim Industries has ventured into retailing women garments made of viscose staple fibre. The company's subsidiary, Birla Cellulose, on Friday, launched the garment brand Liva, which will be available at 1,000 outlets across 50 cities. The launch comes as the company completed the last phase of its greenfield VSF plant of 1.20 lakh tonnes a year at Vilayat (Gujarat) earlier this month. It has an overall VSF capacity of 4.98 lakh tonnes a year across three plants at Nagda in Madhya Pradesh, Kharach in Gujarat and Harihar in Karnataka. Grasim commands 20 per cent of the world's VSF market with an investment of over Rs.4,300 crore in its pulp and fibre business. In order to complete the value chain process from VSF to garment, the company has tied up with 250 partners including processors, spinners, weavers and garment-makers under Liva Accredited Partner Forum. The Liva garments, targeting highend young consumers, will be available at retail outlets of Van Even if you are on the right track, You’ll get run over if you just sit there. – Will Rogers
errors to lead 11-5 early on. She was up for the deceptive drops and half smashes which Intanon used to trouble the Indian. After the break, Intanon gave a glimpse of her superb game as she engaged in a long rally with the Indian and her wristy dribbles to narrow the gap to 10-12. However, Saina didn't allow the Thai to threaten her as she anticipated well and retrieved everything that was thrown at her end. She closed the points with a smash whenever there was a chance. Intanon had no answer to Saina's accurate and powerful strokes as she ended up sending them wide and long or at net to allow Saina gain a massive nine game point advantage at 20-12. Intanon saved four game points before Saina sealed the opening game when the Thai girl hit long. The change of side didn't alter anything as Saina once again rushed to a 5-0 lead. Intanon gained a few points with her half smashes and deceptive strokes but the Indian still managed to zoom into the break with a 11-6 lead. After the break, Intanon caught Saina a few times at the forecourt but those were few as Saina raced to a 17-11 lead. Intanon reduced the gap to 18-14 but the Thai girl once again hit out twice to first give Saina the match point and then the title. Saina won the Syed Modi Grand Prix Gold in Lucknow in January, before becoming the first Indian women to reach the final of the All England Championships. She achieved her dream of becoming the world number one yesterday after Carolina Marin lost in the semifinals.
Heusen women, Allen Solly women, Global Desi, Chemistry, F-109, Pantaloons and Lifestyle. Kumar Mangalam Birla, Chairman, Birla Group, in a statement, said that the Group believes in a customercentric approach for all its brands and these brands contribute a turnover of over Rs.60,000 crore, larger than that of many leading consumer brands put together. “In the viscose fibre business, customers were several steps away from our operations. With brand Liva, our endeavour is to establish the same connect with the end-consumer and while doing that take the entire value chain along with us,” he added. KK Maheshwari, Managing Director, Grasim Industries, said the company intends to invest Rs. 150 crore next fiscal and incurred expenses of Rs.150-170 crore in the last two years in R&D and establishing the value chain.
New Delhi : The Central government's ambitious plan to have mega food parks across the country took a big stride forward with 17 such parks awarded to State government bodies as well as private sector units. These parks are expected to draw investments of ? 6,000 crore, including ? 850 crore grants from the Centre. Expected to generate a turnover of ? 8,000 crore annually, they could provide jobs to 80,000 people and benefit 5 lakh farmers. Out of these 17, Tamil Nadu, Te l a n g a n a , K e r a l a , P u n j a b , Maharashtra and Haryana will have two parks each, while Andhra Pradesh, Odisha, Gujarat, Bihar and Madhya Pradesh have got one each. Seven have gone to State Government entities, and the rest to private players, including Adani Ports & Special Economic Zone, Jain A g r o , Continental Warehousing , among others.
“Almost all of them have land and most of them have CLU (change of land use) permission,” Food Processing Minister Harsimrat Kaur Badal told reporters here. This means availability of land will not be a problem. Projects have to be completed within 30 months. With the latest award, total number of projects approved has gone up to 42. The mega parks are meant to link agricultural production to the market by bringing together farmers, processors and retailers to ensure maximising value addition, minimising wastages, increasing farmers' income and creating employment opportunities, particularly in the rural sector. Currently, projects in Haridwar (Uttarakhand), Chittoor (Andhra Pradesh), Tumkur (Karnataka) and Fazilka (Punjab) have already became operational, while projects one each in Jangipur (West Bengal) and Khargone (Madhya Pradesh), are expected to start soon. The scheme aims to facilitate the establishment of a strong food processing industry backed by an efficient supply chain, which includes collection centres, primary processing centres, central processing centre and cold chain Infrastructure. The Ministry believes that such mega food park will help curb wastage of perishable items such as fruits and vegetables. Citing a study, Badal said that the wastage was between 6 per cent and 18 per cent in cereals, perishables etc. which meant a loss of Rs.44,000 crore (based on 2009 wholesale prices) annually. Now 22 States have got Mega Food Parks. Badal said that her ultimate aim is to ensure that each of the States should have at least 2-3 parks in future. “This will play catalyst role in bringing down inflation and providing nutritious food to common man,” she assured.
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