Seasonal Magazine - February 2015 by John Antony

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VOLUME 14 ISSUE 2 FEBRUARY 2015

Editorial MAGAZINE

Seasonal www.seasonalmagazine.com

The Middle Path Between Domination and Consensus

Managing Editor Jason D Pavorattikaran Editor John Antony Director (Finance) Ceena Senior Editorial Coordinator Jacob Deva Senior Correspondent Bina Menon Creative Visualizer Bijohns Varghese Photographer Anish Aloysious Correspondents Bombay: Rashmi Prakash Hyderabad: Iqbal Siddiqui Delhi: Anurag Dixit Director (Technical) John Antony Publisher Jason D Pavorattikaran

Last time, Jaitley had an excuse of too little time. This time the FM knows that there would be no excuses in his favour. The international media has rightly dubbed it as India’s make-orbreak budget.

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Forget the results, the run-up to the Delhi elections in itself proved that the Narendra Modi - Amit Shah combine is not strategically failproof. Not that it needed any proof, as even amidst the euphoria of Modi-led BJP’s emphatic win in 2014, there were several large pockets like Tamilnadu, Odisha, & Kerala, where there were no takers for BJP’s ideologies. But Modi being an astute learner, is sure to learn from the Delhi challenge, and apply course corrections. However, the problem is that Rajya Sabha domination

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Where everyone expected a pre-budget rally, the market has seen more than a week of continuous downtrend. Is the honeymoon period finally over, is the unsaid doubt inside the minds of all market participants.

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is getting pushed further away, which is bad news for lightning-fast reforms. Or is it? Why are we so particular that reforms need complete domination by a political party? History doesn’t support such a view. Narasimha Rao, perhaps the man who ushered in the greatest economic reforms India has ever seen, was forever battling the formidable numbers of his opponents both within and outside the Congress party. Still, he prevailed, and left his mark forever in India’s history. On the other hand, history also proves that complete domination by a party can be disastrous to the nation as well as itself. The best example remains Rajiv Gandhi storming to power with a record number of seats in 1984, only to wither away by the end of his first full term. The clamour for a single-party domination that was heard throughout the 2014 election season, however, was due to the hopeless way in which the UPA coalition floundered in its second

term, especially during its last two years. The culprit was the search by Dr. Manmohan Singh for a difficult consensus - among redoubtable allies - in everything his government did. While consensus remained and remains an utopia, it shouldn’t mean that a single party’s domination is the answer. Lord Acton’s maxim that, “Power corrupts; absolute power corrupts absolutely,” is something that no admirer of any leader should forget. In hindsight, BJP wouldn’t have sweated out so much in Delhi, if Modi had been more emphatic in containing the actions of some extreme right-wing elements across the country, after he assumed the prime office. Modi’s swift recourse to ordinances,

proves that he is a man of action. That, given a chance to dominate Rajya Sabha too, he will act emphatically to accelerate development. But that shouldn’t mean that he should get that power or else he won’t or can’t perform. He too needs to work at consensus, to arrive at acceptable solutions by most, if not all parliamentarians.

They will be remembered for not playing spoilsport, but for aiding all development efforts, and most importantly for ensuring that all development is equitable for all Indians.

This is where the role of a responsible Opposition too comes into play. Let all Opposition parties, starting with the Congress, realize that it is their duty too to develop this nation holistically and urgently, at any cost. Though BJP and its NDA allies used to continuously stall parliament during UPA rule, as it has never happened before, this is not the time or age to repay tit-for-tat.

Despite Modi’s, Jaitley’s, and Rajan’s best efforts, the economy is taking its sweet time to turnaround. If the health of the banks are any indicator, it will take even more time than a couple of quarters. But there is no doubt whatsoever that Indian economy will turn around eventually, emphatically, sooner than later.

With each passing day, the role of media is getting more and more shared by social media. And what that means is millions of Indians are not only consuming opinions, but shaping it like never before. That is why even a single bad move by Modi or BJP will be immediately flagged by many, than it has happened with any other outfit. The time for partisan politics is over. It was long over, but now the influence of instant and contributive social media is ensuring that those parties following partisan politics will be the losers if they stand in the way of development. Congress and allies, beware.

No wonder then that Pranab Mukherjee too exhorted both the Government and Oppositon to make an end to the Ordinance Raj.

The global commodity fall, led by deep rationalization in oil prices, will ensure that India will be one of the chief beneficiaries, even with minimum governance. The demographic dividend and the resultant market size is too much of a success factor to negate. Indian political parties - whether they are in the Treasury or Opposition benches now - just need to recognize this great opportunity and start acting in a non-partisan way to just facilitate development. We, the whole of India, are watching you. John An Anttony

Contents

Is Elon Musk Destined to be the Greatest Entrepreneur Ever?

How to Invest for Your Child's Education

His entrepreneurial ventures include impossibilities like online payment pioneer PayPal and electric car major Tesla Motors. Elon Reeve Musk is a South Africa-born, Canadian-American entrepreneur, inventor, engineer and investor. He is the CEO and CTO of SpaceX, CEO and chief product architect

Around the World in a Solar Plane

Why Small Private Banks May Go for Mergers

A solar-powered plane is preparing for a 35,000km trip around the world without using a single drop of fossil fuel. Its 12 stops include two in India.

The Kotak - ING Vysya merger shows why more smaller banks would act like ING Vysya and opt to be merged with a larger bank. Faced with emerging stiff competition, rising NPA levels, and daunting capital raising

Daily Wagerâ&#x20AC;&#x2122;s Son Wins National Education Policy Logo Competition He has won the national logo design competition for the Centreâ&#x20AC;&#x2122;s new education policy, but may as well be its brand ambassador. For, Nawaj Shaikh, 33, is the son of a daily wage

E-commerce Sales Booming in India, To Touch $7.69 bn in 2015 Retail e-commerce sales in India are expected to grow by 45 per cent to USD 7.69 billion this year, research firm eMarketer said.

HCL Tech Rewards Employees with Mercedes Cars

It's not just about higher remuneration. Perks in India Inc seem to be getting more innovative too.

Contents HOMESCHOOLING GROWING TO BE A RAGE IN USA “Do It Yourself” is a familiar credo in the tech industry-think of the hobbyists of the Homebrew Computing Club hacking together the personal computer, Mark Zuckerberg building the next great communications medium from his Harvard dorm room, or Palmer Lucky soldering together the Oculus Rift from spare parts in his garage. Progressive education is another leitmotif that runs through tech history - Larry Page and Sergey Brin have attributed much of their success to the fact that they attended a Montessori school.

Authors and Bookworms Throng to Pink City As ZEE Jaipur Literature Festival got over with record footfalls, the touch of Rajasthan’s heritage and culture was also very evident.

12 Years, 12 Lessons In 12 years, my wife and I have covered a lot of ground. 12 years later, at least 12 things have been clarified for us in our marriage.

Smriti Irani has Her Hands Full in 2015

Human Resource Development Minister (HDR) Smriti Irani may be the youngest minister in Prime Minister Narendra Modi’s Cabinet, but she is probably carrying one of..

Why Residential Sales are Down Across Cities? Residential sales declined by approximately 30% year-on-year by the end of 2014 in the seven leading cities of the country, largely due to.. high price points, sticky interest

How Sanjay Shah Made His Millions 46-year-old Shah founded software company Vistex, a pioneer in “Go-toMarket” programs.

REPCO BANK:

Creating Wealth Through Equitable Growth Think housing finance, and the instant names you recall are the likes of HDFC, LIC Housing, Indiabulls,..

What Indian President Wants Central Universities' Vice-Chancellors to Execute President Pranab Mukherjee opened a two-day conference of vice chancellors of Central Universities..

2014 Hottest, How will 2015 Fare? Experts say human-driven climate change is the main reason for last year being the most scorching on record.

When India Sees Gold as a Burden, China See It as a Huge Opportunity India is burdened by its love for gold. Our position as the one of world’s top gold consumers has become a..

Inside Unnat Bharat Abhiyaan or UBA The Government of India has recently launched a programme named ‘Unnat Bharat Abhiyaan’ (UBA), under which the higher education institutions would be encouraged to take part in..

Climate Change

2014 Hottest, How will 2015 Fare? Experts say human-driven climate change is the main reason for last year being the most scorching on record. ast year the global temperature was 0.27°C above the average for 1981 to 2000. This makes it the hottest year ever recorded, according to the Japan Meteorological Agency, which has records dating back to 1891. This week the agency released its data, which shows that the 10 hottest years on record have all been mapped since 1998. The World Meteorological Organisation has said that last year was the 38th consecutive year of aboveaverage temperatures. This is despite 2014 having all the conditions that should have made it colder than usual. The world is in a period of lower solar activity, which has traditionally had a dampening effect on temperatures. There was also no El Niño effect, which drives up temperatures in the Pacific Ocean and, consequently, in large parts of the world. The main drivers of the 2014 high were record temperatures in the Pacific, Atlantic and Indian oceans. The World Meteorological Organisation said global sea temperatures were 0.45°C hotter than what their average should be, and that the world had warmed by an average of 1.1°C since the Industrial Revolution in the late 1700s. The temperature record for last year is a blow for climate change sceptics, who regularly cite the unusually warm 1998 – and the fact that no subsequent year Seasonal Magazine 10

had been warmer – as proof that the planet is not getting hotter. The Intergovernmental Panel on Climate Change, the United Nations body tasked with assessing climate science, says 1998’s high was caused mainly by the strong El Niño that affected ocean temperatures that year.

irreversible”. By the end of the century, average temperatures in Africa would exceed 2°C and could be closer to 6°C, it said.

The panel’s latest report on climate change, released last year, said there is a 95% “certainty” that humans are driving climate change. This is mainly because of human activity and the burning of fossil fuels. These release greenhouse gases that create a blanket around the earth, warming it.

Negotiators representing the continent at the UN’s annual Congress of the Parties climate change gathering in December demanded that carbon emissions be kept at a level that would cause the global temperature to increase by only 1.5°C this century. An agreement to tackle climate change is to be signed off at its 21st meeting in Paris at the end of this year. It will seek to keep the concentration of carbon in the atmosphere below 450 parts per million. This level was 250 parts per million before the Industrial Revolution and it passed 400 parts per million last year.

The report warned that if emissions were not curbed, the impact of climate change would be “severe, pervasive and

“Africa as a whole is one of the most vulnerable continents due to its high exposure and low adaptive capacity,” it said.

South Africa experienced record hail storms, droughts and floods in 2014. These phenomena are linked to projections that local weather patterns will become more extreme and unpredictable. The general shift this century is expected to be in the northeast of the country, which will become wetter as the rest of the country becomes drier. The data was released this week and the three other major temperature monitoring stations around the world are expected to release findings this month.

Innovation

Is Elon Musk Destined to be the Greatest Entrepreneur Ever? His entrepreneurial ventures include impossibilities like online payment pioneer PayPal and electric car major Tesla Motors. Elon Reeve Musk is a South Africa-born, Canadian-American entrepreneur, inventor, engineer and investor. He is the CEO and CTO of SpaceX, CEO and chief product architect of Tesla Motors, and chairman of SolarCity. SpaceX is a private company delivering satellite/rocket launching facilities to organizations like NASA. He has also envisioned a conceptual high-speed transportation system known as the Hyperloop. Now, Elon Musk is all set to reveal Details of Mars Colonial Transporter (MCT) before the end of 2015. According to Elon Musk, CEO and CTO of SpaceX, the space transport services company has been planning to soon release details of their mission to send humans to Mars. ELON REEVE MUSK

Seasonal Magazine 12

uring 'Ask Me Anything' on social networking service and news website, Reddit, Musk answered questions related to his company, SpaceX, and his plans to reach the Red Planet. According to Musk, the company will provide details about Mars mission later this year. Musk said that Falcon and Dragon have helped the company to improve its mission plans and have provided much needed direction for the future Mars mission. The company uses its Falcon 9 rocket and Dragon space capsule to send cargo to the International Space Station (ISS). Earlier, SpaceX had revealed its floating ocean platform that the company will use to catch rocket safely. According to Musk, there is a strong chance that the floating platform will get successful in the mission. Some people on Reddit asked Musk whether SpaceX was thinking to make space elevators or rockets similar to what the European Space Agency (ESA) has been trying to develop. Musk answered that to get to orbit or beyond that, one should go with pure rockets. In an interview, Musk had shown his interest in making human colonies on Mars. He said that his ultimate objective is to make humanity a multi-planet species. According to him, after about three decades, there will be a base on the moon and the Red Planet. While giving answer on Reddit, Musk stated that he will reveal plans for the Mars Colonial Transporter (MCT) before the end of 2015. He said, "The Mars transport system will be a completely new architecture. I am hoping to present that towards the end of this year. Good thing we didn't do it sooner, as we have learned a huge amount from Falcon and Dragon". According to reports, MCT will be an interplanetary spacecraft that could carry about 100 people at a time.

Success

SANJAY SHAH

How Sanjay Shah Made His Millions hat made Shah capable of executing the priciest residential real estate transaction in Chicago's history? In other words, how did he make his millions? Mumbai-born Shah arrived in the United States 27 years ago to study at Lehigh University in Pennsylvania. After getting his MBA, he started off as an accountant at PricewaterhouseCoopers, then moved on to General Motors in Canada, and then to Germany to work for software giant SAP. Armed with this software industry experience, he ventured out on his own by launching a company. Today, the 46year-old businessman is known as the founder and CEO of software company Vistex, which he started in February 1999. He is credited with creating a category of business software called “Go-to-Market” programs. His company is approaching almost $200 million in revenue each year. Last Seasonal Magazine 14

year, he acquired four companies in London, South Africa, Colombia, and Seattle. Sanjay Shah's long-term vision is to one day take Vistex public. He lives in Chicago with his wife and two daughters, and bought the sprawling 89th floor apartment after two years of negotiation with American businessman Donald Trump - and almost halved the initial cost of the place. Calling it a "good deal", Shah told that the apartment was originally priced at $32 million. It took "two years and a lot of patience to beat down the Trump," he said. The 14,260-square-foot unit with five bedrooms and a 360-degree view of Chicago, is a far cry from the 1200-square foot apartment Shah grew up in Mumbai.

"You can view every single landmark the city has. I think that's what appealed to me most about it."

46-year-old Shah founded software company Vistex, a pioneer in “Go-toMarket” programs.

"I've traveled all around the world, but just in terms of the architecture, even if you go to New York, there are other highrises, but nothing quite as exotic as this," Shah told. "You can view every single landmark the city has. I think that's what appealed to me most about it." This would be the second-highest cost residence in the western hemisphere. Shah plans to use the penthouse as a second residence, as his present 10,000 square feet apartment in Illinois' wealthy suburb South Barrington is barely a couple of minutes away from his work place. The penthouse apartment in downtown Chicago, about 50 kilometers from where he lives now, would be a 45 minute commute to his office. So instead of moving there, Shah is planning to use it as a place to host important business clients, and even conduct charity events there. The millionaire also owns a home in Germany, and another one in India.

Makeover Magic

Celebrities Who Came Up From Nothing Stressing the dignity of labour, Human Resource Development Minister Smriti Irani recently told a conference of state education ministers in New Delhi that she had washed utensils 15 years ago at a hotel in Mumbai. While she, as well as PM Modi who takes pride in the fact that he was once a tea vendor, are not alone in such feats, they have definitely put the spotlight on such achievers. Here are a few of them:

Mamata Banerjee: The first woman Chief Minister of West Bengal, Mamata Banerjee's rise to power was not an easy one. She was born in Calcutta to a lower-middle class family. Interested in politics from a young age, Banerjee joined the Congress in the 1970s. From an unknown worker pasting anti-CPM posters to General Secretary of the Congress' youth wing, Banerjee had a meteoric rise in the Congress. She first contested elections in 1984. Later in 1997 she broke away from the Congress and started her own party - the Trinamool Congress. Despite her rise to fame Banerjee still lives an austere life and is only seen in cotton sarees and rubber chappals.

Seasonal Magazine 16

Rajinikanth:

Nawazuddin Siddiqui:

Born Shivaji Rao Gaekwad, the actor had to see much struggle during his initial years as an actor. At the start of his career, he took up a number of odd jobs including being a carpenter and a coolie. He was later employed by Bangalore Transport Service (BTS), where he worked as a bus conductor. He also used to take part in many stage plays where he was noticed by Tamil film director K Balachander, and the rest, as goes the popular saying, is history.

Irfan and Yusuf Pathan:

Before starring in critically acclaimed films like Gangs of Wasseypur and Kahaani, and also bagging a national award for his role in Talaash, Siddiqui had worked as a watchman and a chemist. He was born to a farmer in Uttar Pradesh's Bhudana village.His earliest memories are of waking up at 4 am to help his father on the farm before going to school. He studied science in college and briefly worked as a chemist in a petrochemical company. The boredom of the job brought him to Delhi where he drifted towards theatre, obsessively watching plays for a year and sustaining himself as a watchman in an office.

The brothers were born to a poor family and grew up in a mosque in Vadodara, Gujarat. Their father was a muezzin, who is the person appointed at a mosque to lead, and recite the call to prayer. While Irfan made his debut for India in the 2003/04 Border-Gavaskar Trophy, Yusuf made his debut in first-class cricket in 2001/02. Irfan Pathan's father Mehboob Khan was once quoted in an interview as saying, "In India, even the sons of billionaires play cricket, but they don't get into the national team. What did I have? Nothing but a broom. Destiny is rewarding me."

MC Mary Kom: The first Indian woman boxer to win a medal in the Olympics, Mary grew up helping raise her siblings and farming apart from studying and playing sports. Inspired by Manipuri boxer Dingko Singhâ&#x20AC;&#x2122;s gold at the 1998 Asian Games, Mary Kom moved to Imphal, the Manipur capital, to train in athletics. Dressed in torn, shabby clothes, the teenager approached coach K Kosana Meitei at the Sports Authority of India there and asked to be given a chance. Now she is a celebrity with a film that was based on her life. 17 Seasonal Magazine

Economy

When India Sees Gold as a Burden, China See It as a Huge Opportunity India is burdened by its love for gold. Our position as the one of world’s top gold consumers has become a cross round our neck. But need it be so? Not if China’s success is any indicator. China has single-handedly tilted the balance of power in world gold market from West to East. hina is the most important player in the world gold market. It accumulates gold for its monetary value and in anticipation of a new monetary system. In 2013, China emerged as the world’s largest producer and consumer of gold. In 2014, it effectively sealed this dominance with a unique mix of marketsavvy strategies. The first one was to encourage its people to start holding gold. In 1950, communist China prohibited private ownership of bullion and put the gold industry under state control. Fifty years later the People’s Bank of China abandoned its monopoly on the purchase, allocation and pricing of gold. In 2004, for the first time since 1950, private persons were permitted to own and trade gold. Gold demand in China could not have flourished as it has without the blessing of the authorities. The World Gold Council’s recent report, China Gold Market: Progress and Prospects, says, “China’s leaders regard the public’s gold holdings as part of the nation’s reserves that could be called upon in an emergency”. China should accumulate 8,500 tonnes Seasonal Magazine 18

in official gold reserves, more than the US, according to Song Xin, President of the China Gold Association, General Manager of the China National Gold Group Corporation and Party Secretary. Investment in gold has benefited also from the limited selection of alternative forms of savings in China. Today China is the world’s largest market for gold bars. This demand will only accelerate in future. And it will be a fundamental factor supporting the flow of gold from West to East. The second aspect of the strategy is to consolidate its pole position as largest producer of gold in the world. Gold’s big three (South Africa, the United States, and Australia) were the big three for a long time. In 2007, China overtook them. Gold production over the last decade has more than doubled. Interestingly, the major source of China’s big increase in production is thousands of new smallerscale mines. With labour and materials cheap, coupled with a generally lax regulatory system, it’s not too difficult to develop a mining operation. Foreign expansion will be a growing priority for Chinese mining companies. Australia, Peru, Canada, Colombia and

the United States are all attractive destinations for investment. Growing political ties between China and Africa will also spur the development of projects in Ghana and Congo. China’s central bank recently circulated a draft plan to ease restrictions on gold imports by local miners. The third strategy is the internationalization of its gold market. Until recently, China’s gold market was closed. Now Chinese regulators are pushing to open up the country’s gold trade and lure foreign investors as part of its broader effort to link the mainland to global markets. In September, it began offering international institutions access to yuandenominated gold contracts in Shanghai’s free-trade zone through the International Board of SGE. The core business of the SGEI is to facilitate offshore gold trading in RMB. International customers can only deposit and withdrawal gold into and from IB Certified Vaults. This way international banks or investors trading IB physical products cannot drain physical gold from China mainland. The first transactions were put through by a diverse group comprising HSBC, MKS (Switzerland), and the Chinese banks, ICBC, Bank of China and Bank of Communications. MKS is the Geneva headquartered precious metals trading group that also owns the large PAMP refinery in Switzerland. International bullion banks who have already announced their participation include ANZ, Standard Chartered and HSBC. The presence of international refineries within SGEI trading should help it become a serious competitor to the gold price discovery in the London and New York markets. Since there is a lot of physical gold flowing through the exchange, price discovery is not just based on mostly unallocated gold as in London or paper gold as in New York. There is also a larger game plan here. The world price of gold is dollar-priced

Since 2007, China has emerged as the largest producer of gold in the world, overtaking Gold's Big Three - South Africa, USA, & Australia - by developing thousands of new small mines.

and fluctuates with the US dollar. With the shaky status of the US dollar as the international reserve currency, China wants a new global currency setup. China has established a free trade yuandenominated spot gold trading platform and a corresponding settlement system to increase China’s influence over global bullion prices. The fourth, and related, development has been the closer relationship between Hong Kong, Singapore, and Shanghai gold markets. The Hong Kong-based Chinese Gold and Silver Society recently announced that they plan to build a massive new precious metals vault in Qianhai in Shenzhen. Its real purpose is to support a CGSE gold trading platform in Shenzhen and allow this new Shenzhen gold exchange to link up with the Shanghai Gold Exchange. Singapore has also introduced a physical gold contract this year in tandem with SGE, highlighting a push in the biggest consuming region to establish new price benchmarks as demand shifts east. In the past, the world’s gold supply was

channeled through London. Now a majority of refiners are in Switzerland and they are increasingly producing the 1 kg bar destined for Asia. With China opening up gold importing to bullion banks to channel gold directly to Shanghai, the supply through London is falling. So the ability of London to reflect a price that accounts for the bulk of global demand/ supply is diminishing. Soon global gold suppliers and buyers will flock to do business in Shanghai rather than in London. In short, China is purposefully changing the structure of the world gold market. China’s moves show that some governments believe gold will return to its role as an international currency. That gold can fill the vacuum created by the flailing ruble, dollar and the euro. India, as the other engine of the demand pull from the East, can equally easily take advantage of this shift. But that will only happen when we stop seeing gold as a burden, or as merely raw material for the jewellery sector, and fit it into our broader strategic and financial imperatives. (Credit: Nidhi Nath Srinivas for ET)

Within the last decade, China has also become a huge market for gold, with it currently being the world's largest market for gold bars. China’s moves show that it believes gold will return to its role as an international currency in the face of failing ones like Euro & Rouble, and as a counterweight to Dollar.

19 Seasonal Magazine

M&A Deals

WHY SMALL PRIVATE BANKS MAY GO FOR MERGERS The Kotak - ING Vysya merger shows why more smaller banks would act like ING Vysya and opt to be merged with a larger bank. Faced with emerging stiff competition, rising NPA levels, and daunting capital raising requirements, it would be prudent to be part of a larger bank, which in turn benefits from the smaller bank's geographic reach and customer base. his was despite resentment from a section of the shareholders of ING Vysya regarding the merger swap ratio and the future prospects of employees of the target bank in the post-merged entity. The merger, executed through an all-stock deal with a swap rate of 725:1000 (725 Kotak shares for every 1000 shares held by ING Vysya shareholders), will make Kotak the fourth largest private bank with combined assets of Rs1,60,012 crore (replacing Yes Bank, which had total assets of Rs1,16,231 crore as of September) and total branches of 1,214. It is a win-win deal for both banks. The combined entity will have total deposits of Rs 1,12,755 crore and advances of Rs 1,00,506 crore. Whichever way one looks at it, the deal will be a win-win situation for both Kotak and ING Vysya. For Kotak, which has long been looking for a target to acquire, an acquisition Seasonal Magazine 20

will change its image as a small niche bank and become one of the private big ones, besides giving access to cheaper deposits of ING Vysya and its strong franchise in the southern states. For ING too the merger has come as an exit opportunity. The group had increased the stake in the Bangalorebased Vysya Bank in 2002 to 44 percent. As per the terms of the deal, ING group will have a lock-in period of one year. Pre-merger, the ING group has 42.73 percent in the bank. The stake was owned by ING Mauritius Holdings and ING Mauritius Investments. In the new entity, the ING group will be the second largest shareholder with a stake holding of 6.5 percent The deal works in Uday Kotak's favour too as it will help bring down the promoter stake in the bank. The RBI has been piling up pressure on a host of private banks to bring down

the promoter holding in phases to about 10 percent. These banks include DCB Bank Ltd (promoter Aga Khan Fund which holds 18.42 percent), Catholic Syrian Bank (single largest shareholder Sura Chansrichawla holds over 10 percent and IndusInd Bank (Hindujas together hold 15.13 percent). Given that Uday Kotak and family, promoters of Kotak Mahindra Bank, currently hold 40.07 percent, post merger, on the expanded share base, the promotersâ&#x20AC;&#x2122; holding in the resultant entity will come down to 34 percent. This is something critical for Kotak given that there is an RBI deadline for Kotakâ&#x20AC;&#x2122;s promoters to bring down promoter stake to 30 percent by December 2016 and 20 percent by March 2018. Kotak has been trying to bring down his stake in the bank over years. In May this year, Kotak had sold 3.24 percent. On the other hand, ING too has been trying to exit the bank. It had increased the stake in the Bangalore-based Vysya

competition when the new banks enter the industry and significant capital requirements arise. These lenders will have to raise considerable amount of capital to meet the Basel-III requirements (by March 2019) and if stress on their books worsen further. It may not be easy for weaker banks to attract investments to stay afloat. The ability to raise capital and seek fresh investments will be critical for their survival. To be sure, the stress asset scenario of these lenders isnâ&#x20AC;&#x2122;t alarming at this stage except in the case of Dhanlaxmi Bank. Dhanlaxmi bank has seen stressed assets rising significantly on its books in recent years. As of end September, its gross non-performing assets stood at 7.27 percent. Two, when the differentiated banking regime kicks in, it would be difficult for smaller banks to rival their peers that focus on specific segments and deeppockets. Bank in 2002 to 44 percent. As per the terms of the deal, the ING group will have a lock-in period of one year. The Kotak-ING merger is different from some of the acquisitions among private banks happened in the past such as the ICICI-Bank of Rajasthan and HDFC BankCenturion bank merger, since in this case both banks are financially sound. ING has gross non-performing assets (NPAs) of less than 2 percent and has a capital adequacy ratio of over 14 percent. Kotak too have maintained its gross NPA levels consistently at less than 2 percent. The remaining smaller banks in the private sector could take a lesson or two from the Kotak-ING Vysya deal for the following reasons: One, it makes immense sense for those banks, which arenâ&#x20AC;&#x2122;t quite doing well, to consolidate and become strong entities especially in the face of expected tough

The combined entity will have total deposits of Rs 1,12,755 crore and advances of Rs 1,00,506 crore. Whichever way one looks at it, the deal will be a win-win situation for both Kotak and ING Vysya.

For instance, the proposed small finance banks, by definition, are permitted to operate only among lowincome customers and small to medium-sized companies to push financial inclusion. This will put up stiff completion for existing banks in those segments. Same can be the case with banks, which are solely into infrastructure financing or funding of SMEs. Smaller banks will then be forced to find their niche areas and prove their strength to stay relevant, besides managing to attract sufficient investments with clean balance sheets. If not, they will have to eventually merge with stronger banks. Also, these banks can fetch good valuations when their balance sheets are still in good shape.

When the differentiated banking regime kicks in, it would be difficult for smaller banks to rival their peers that focus on specific segments and deeppockets.

The Kotak-ING Vysya merger, in that sense, is a perfect case they could study closely. 21 Seasonal Magazine

Trend

E-commerce Sales Booming in India, To Touch $7.69 bn in 2015 Retail e-commerce sales in India are expected to grow by 45 per cent to USD 7.69 billion this year, research firm eMarketer said. he country had witnessed retail e-commerce sales of USD 5.3 billion last year, according to eMarketer estimates of digital and brick-and-mortar retail sales around the world.

storm and has shown potential to grow further with the Indian government, firms and investors trying to capitalise on its popularity.

Retail e-commerce sales, including all products ordered over the Internet except travel, will grow 45.2 per cent to USD 7.69 billion this year, it added.

Last year saw big investors from India and abroad putting their money on various e-commerce ventures, which got funds to the tune of USD 3 billion from individuals, companies and private equity firms.

E-commerce has taken India by a

The industry players expect the fund

Seasonal Magazine 22

inflows to continue, or may be get stronger in 2015 as well. A report by consulting firm Technopak pegs the USD 2.3 billion e-tailing market to reach USD 32 billion by 2020. Another report by consultancy firm PwC and industry body Assocham suggests that eCommerce firms are expected to spend up to USD 1.9 billion by 2017-2020 on infrastructure, logistics and warehousing.

Perks

HCL Tech Rewards Employees with Mercedes Cars IT'S NOT JUST ABOUT HIGHER REMUNERATION. PERKS IN INDIA INC SEEM TO BE GETTING MORE INNOVATIVE TOO. T-major HCL Tech has rewarded 130 top performing employees with a Mercedes or an allexpenses-paid holiday abroad as a token of appreciation for their contribution to the company. "The 70 odd people who received their Mercedes (then there was no option of all expense-paid holiday) for their performance in 2013 were the first to be part of the CEO Club, a coterie that HCL Technologies started to recognise high performing individuals in functional leadership roles at or above the group manager/associate general manager level of responsibility", the company said. In a bid to retain talent in a resurging job market, corporates are going out of their way and are thinking out of the box to reward key talent, apart from offering higher compensation and doling out hefty annual bonuses.

financial planning and ability to buy/ sell annual leaves in India. Another survey by Glassdoor shows that 76 percent of employees consider medical coverage as the most important benefit followed by time-off from work. Retirement benefits, dental insurance, training and tuition benefits are all attractive employee benefits as well. A growing number of corporates are also offering flexible leave as part of their effort to help employees maintain a healthy work-life balance. So, while companies cannot significantly increase the number of days of leave employees

get, they are allowing employees to take breaks based on their preferences and requirements. Gurgaon-based business process outsourcing company Genpact also permits employees to go on sabbatical ranging from three months to a year to acquire new skills or pursue higher education, while at Apollo Munich Health Insurance, employees can also donate leaves to a 'leave bank' that will then help co-workers avail this facility in emergency situations such as hospitalisation of a family member or an accident. Shiv Nadar

While technology is a huge hit with employees, several companies are now doling out gifts like the iPhones or online vouchers, while in some instances the title of a company-owned flat has also been transferred to a senior executive as a retention tool. Last year, 1,201 employees of the Rs 6,000-crore Hare Krishna Exports in Surat were rewarded with cars, jewellery and flats. The company spent around Rs 45 crore on these gifts. According to a 2014 study by Tower Watson, employers are innovating in their benefit strategy. One-third of employers offer or propose to offer nontraditional benefits such as gym memberships, child care benefits, 23 Seasonal Magazine

Breakthrough

Around the World in a Solar Plane A solar-powered plane is preparing for a 35,000km trip around the world without using a single drop of fossil fuel. Its 12 stops include two in India. The airplane is the upgraded model of the solar-powered Solar Impulse prototype - a plane which has collected eight world records, including the longest solar powered flight, the first solar plane to fly between two continents and the first solar plane to fly through the night. The Solar Impulse 2, the team claims, will be able to fly continuously for five days and nights without fuel. The 2,300 kilogram (5,070lb) plane is

fitted with 17,248 solar cells across its 72-metre (236ft) wingspan, fuselage and tailplane. These collect up to 340kWh per day form solar energy and supply it to four 17.5 horsepower electric motors, while simultaneously charging 633kg of lithium polymer batteries so that the plane can fly at night. This means the plane can only fly at speeds of between 36 kph and 140 kph (22 mph and 87mph) - around the equivalent of a car. The trip is going to take several months, as opposed to the several days a round-the-world trip would take in a commercial airliner, with a total flight time of around 500 hours. For this reason, the plane will have two pilots, Bertrand Piccard and AndrĂŠ Borschberg, who will take turns flying the plane for alternating legs of the journey. The 3.8-metre-cubed cockpit - which is unpressurised, to save weight - has also been adapted as a living space so

Seasonal Magazine 24

that pilots can spend up to five or six days at a time in the air. The seat reclines to double as a bed, so that the pilot can rest. It also triples as a toilet. There's also enough space for spare oxygen, food and survival equipment, and both pilots have been trained with self-hypnosis and meditation techniques to maintain focus. A mission control centre will monitor the flight and provide support. There are 12 stops planned for the Solar Impulse 2's journey, which starts from Abu Dhabi.. "Muscat, Oman; Ahmedabad and Varanasi, India; Mandalay, Myanmar; and Chongqing and Nanjing, China. After crossing the Pacific Ocean via Hawaii, Solar Impulse 2 will fly across the Continental USA, stopping in three locations - Phoenix, and New York City at JFK. A location in the Midwest will be decided dependent on weather conditions. After crossing the Atlantic, the final legs include a stop-over in Southern Europe or North Africa before arriving back in Abu Dhabi."

Trivia

English, Desi Style Did you know, that there are English phrases used only by Indians which the native English speaking world knows nothing about! 1. What is your good name? One of the most common of mistakes, this term simply means, 'What's your name?'. This is often a direct, word by word translation of the same phrase in Hindi, "Aapka shubh naam?". Shubh translates to good and most Indians translate the phrase without bothering to make alterations.

2. I have a doubt. While in the rest of the English world, to harbour a doubt is generally associated with doubting someone's ability, in India, to have a doubt means you have a question about something.

3. Passing out of college The normal world uses 'graduation' or

'convocation'. Indian English makes it, "I passed out of my college." If you pass out in the US or Australia or the UK, you would probably be rushed to a hospital, not lauded.

4. First-Class! Indians refer to anything they like or that is really good as being 'firstclass'. So anything from a movie to a pani-puri could be 'first-class' in the country.

5. Do one thing. Once again, literally translated from 'ek kaam kar', the term is used by Indians whenever they want someone to take up their advice and act in a particular way. Eg: Do one thing, cook cabbage soup for lunch today.

6. Out of station. Out of station = out of town. I'm out of station means I'm on a vacation or not in town. It does not mean you are out of a particular station or inside a particular station, like Harry Potter on Platform 9 3/4

7. Prepone. What do you do when you do not want to postpone a meeting but reschedule it ahead of it's intended time? Simple. You prepone it! Literally using the antonym for post-, Indians derived this simple way of stating something will happen ahead of time.

8. Mother promise, father promise, God promise. Used mostly by youngsters, these phrases offer a convenient way out of any tricky situation where the speaker does not really want to put himself/herself in danger by 'crossing his heart and dying'.

9. Doing the needful. We will do the needful. Only and only the needful. Nothing more, nothing less. 'Please do the needful' is a common request which simply asks the person to finish the task.

10. Like that only. We might be punny or phunny but we are like that only! We only add only at the end of sentences. Or at the start of them. Or anywhere we want. So we will talk like this only. Problem much? (By Rutu Ladage) 25 Seasonal Magazine

Personal Finance

How to Invest for Your Child's Education

Children's education is an important financial goal for Indians. Inflation may be down but a major expense of the average Indian household is growing at a fast clip. The cost of higher education is already high and rising at 10-12% a year. Children's education is one of the biggest cash outflows that families must plan for. four-year engineering course costs roughly `6 lakh right now. In six years, the cost is likely to touch `12 lakh. By 2027, it would cost `24 lakh to get an engineering degree. Lifestyle inflation, too, has affected the cost of children's education. "As your standard of living rises, it affects the decision about where you send your children for higher education," says Vishal Dhawan, chief financial planner, Plan Ahead Wealth Advisors. The question worrying Indian parents is: will they be able to fund their children's higher education? They can, if they plan ahead and take the right steps. We look at the challenges parents face while saving for their child's education and how they can be overcome. One obvious solution is to start saving early. The individual will not only be able to amass a larger sum, but the money will also gain from the power of compounding. A corpus of `1 crore may seem daunting, but it's possible to save this amount with an SIP of `9,000 for 18 years in an equity fund that gives a 15% return. "Since the rate of education inflation is so high, you need compounding to work for you over a longer period," says Vidya Bala, Head of Research at Fundsindia.com. A delayed start not only yields a smaller corpus but can also jeopardise other financial goals. If you start investing for your child's education in your 40s, you are likely to fall short of the required amount. Often, parents dip into their retirement savings to fill the gap, but this can be a risky move. Parents must also invest right to get optimum resturns. Equity mutual funds, for instance, have delivered average annualised returns of 16.5% in the past Seasonal Magazine 26

10 years. However, equity investment is not everybody's cup of tea. This year's DSP BlackRock Investor Pulse survey shows that though Indians have a high propensity to save and invest, they still seek safety. Almost 52% of the 1,500 respondents said they wanted guaranteed returns from investments. However, if you have 15-18 years left before your child starts college, equity funds should be the preferred invest ment for you. Over such a long period, the volatility in returns is flattened out.If you have the risk appetite, your allocation to equities can be as high as 75%. The balance 2530% of the portfolio can be in safer options like the PPF, bank deposits and tax-free bonds. If you have a time horizon of less than five years, you will have to rely primarily on fixed income instruments, which are likely to offer a lower rate of return. However, these offer guaranteed returns and safety of capital. In the short term,

these factors become very important. Once your portfolio is in place, you need to review it at least once a year.You should also check whether the amount required for meeting the goal has changed. "Education goal has two components: tuition fee and cost of living. Any of these could rise faster than anticipated. You need to find out whether the 12% inflation rate that you have assumed is realistic," says Dhawan. Next, check whether your portfolio is on track to meet the goal. Bala suggests using step-up SIPs. "Raise the amount invested in line with your salary increments," she suggests. If a fund is lagging, do not sell it immediately. Stop your SIP in that fund and start it in another better performing fund. Watch the performance of the laggard for 3-4 quarters and only then decide to sell it. Rebalance your portfolio at the end of each year. Rebalancing essentially entails selling an outperforming asset and investing the proceeds in one that is underperforming. By doing so, you curtail the risk that your portfolio could face due to over-exposure to a particular asset class. Approaching the goal The investment process is never static.We have suggested equity funds for those with an investment horizon of over 12-15 years. However, five years before your goal, you should start shifting money out of equities to the safety of debt. Start a systematic transfer plan from your equity fund to a short-term debt fund (average maturity of 1-3 years). Keep in mind that the date of your child's admission to college is fixed.You can't let a downturn in the stock markets jeopardize your child's college education. (Credit: ToI)

Family By: Justin Ricklefs

12 Years, 12 Lessons

In 12 years, my wife and I have covered a lot of ground. 12 years later, at least 12 things have been clarified for us in our marriage. e were married before I graduated college. Pregnant with our first child shortly after. I finished college. New baby. Two miscarriages. Four more children. When the youngest was born, we had five children under 8 years old.

Owned four homes. Rented a house and an apartment somewhere in between. Five different jobs with four different companies. Lived in four cities. In many ways, life has been on fast-forward. We've been drinking from a fire hose. In the course of these 12 years, we've learned a great deal. About ourselves. About each other. About the importance of marriage. And why it's worth fighting for. We were young, in love, and ready for marriage when we said yes in our early twenties. But that doesn't necessarily mean we were prepared. 12 years later, here are 12 things that have been clarified for us in our marriage:

1. 50/50 EXPECTATIONS LEAD TO DISAPPOINTMENT. For a season, we viewed marriage like it

Seasonal Magazine 28

was a game. A competition. If I do this, you should do that. Meet me in the middle here, do a little more there. If you do 20 things, I'll do 20. That sort of game. But the true work is done when one of you can't get to the middle. When it's up to the other to go the extra mile. Maybe that ratio is 90/10 for a season if a spouse is sick, stressed, even depressed. Don't view marriage as a scorecard, someone always loses that way.

2. KEEP ADVENTURE ALIVE. In my early days of dating Brooke, I pulled out all the stops. We went on long hikes, I made her candlelit dinners, I worked hard at the chase. When the years and responsibilities piled up, I let that fire die too many times. Fighting to keep adventure alive doesn't have to look like a trip to Paris; it could be a last-minute trip to a local hotel, a surprise baby sitter for the evening or even a simple handwritten note. Inject your marriage with adventure.

3. KISS EACH OTHER FIRST. I'm imperfect at this, but I try to kiss Brooke first when I get home from work. Before I kiss our five kids. It's a small thing that points to a much bigger reality. For me to be a great dad, I have to be a great husband first. Otherwise, we'll become roommates who are collectively raising our kids.

4. GRIT IS OFTEN THE BEST DESCRIPTION OF LOVE. It was easy to love Brooke when we were newlyweds. Easy for her to love me during seasons of comfort. But it's much more difficult to fight for love when you lose a baby. Or have a huge financial setback. Or confess a really ugly secret about yourself. Fairy tales are great for movies, but real life is more often confusing, chaotic and messy. Dig in when it gets hard. 5. REAL LIFE HAPPENS IN THE MUNDANE. Huge promotions, babies being born, buying the dream house. The peaks of marriage are great. However, most days are mundane. I've been guilty of missing the little moments while I work to make the big ones happen. I'm realizing that life happens in those little moments. I'm learning to love the journey every bit as much as the destination.

6. PROXIMITY DOESN'T EQUAL PRESENCE. Getting home from work early, getting a sitter for a date and even taking a vacation alone are all great things. But physically being close isn't the same as being close emotionally. For me, most of the time that looks like staring at my iPhone instead of looking my wife in the eye. Being more concerned with my Twitter or Instagram feed than I am about hearing my wife's heart. When you have the ability to be together physically, be there emotionally as well.

7. COMPARISON WILL KILL YOUR JOY. In an age of edited facades of other people's lives on Facebook and other outlets, it's easy to feel like your 29 Seasonal Magazine

..12 Years, 12 Lessons marriage sucks. Like you're getting lapped by the Jones family. When I begin to compare our money, house, kids' performance, and marriage to others through a distant lens, I'm the one that loses. It robs my joy. There will always be others with more; don't play that game. 8. YOU'LL EACH HAVE THE TO THROW IT AWAY. We all know the marriages that end in pain instead of celebration. Divorce instead of dancing at the 50th anniversary party. Brooke and I

are realizing that some days it's far easier to give up than keep fighting. But each day, we keep choosing each other. We continue to be honest about where we fail each other. Because it's worth it.

9. TAKE INITIATIVE FOR THE BENEFIT OF THE OTHER. We talk often in our family about whether we're being givers or takers. Are we giving and serving? Or are we only taking and using? I'd argue that life is best lived when you're giving

Author Justin Ricklefs with Brooke, their 4 daughters, and son copy

yourself away for the benefit of another.

10. LIVE IN COMMUNITY. Marriage is hard and messy, but also beautiful and redeeming. Lived in isolation, you may be tempted to give up. But when surrounded with friends and family that know your strengths as well as your struggles, you realize you have support and encouragement.

11. WILL YOU FORGIVE ME? Let's face it; in marriage, we fail each other more often than we'd like to admit. We tell a white lie, we forget a huge appointment, we get angry. There are a million other examples. Instead of shifting blame or dodging responsibility, marriages get stronger when you start to say "will you forgive me?" Even more than an "I'm sorry," this question leads to restoration and healing.

12. LOVE WINS. This list could be a mile long. I didn't touch on things like honesty, making time for dates and speaking highly of your spouse. But all the lists in the world won't keep your marriage strong if it lacks love. In the end, love wins. It conquers all. It removes doubt. It pushes through fear. It invites deeper purpose. Love wins

Seasonal Magazine 30

Development

UN Says India's Focus Should be Poverty and Education India has made notable progress towards achieving the Millennium Development Goals (MDGs) set for 2015, but much needs to be done on the fronts of poverty and education, a UN report said. Though India has made notable progress towards reaching the MDGs, achievements across the goals vary, according to the report titled "India and the MDGs". The report said India has already achieved the target for reducing poverty by half by official estimates and was close to doing so by international estimates. However, the progress was uneven. "Over 270 million people in India in 2012 still remained trapped in extreme poverty making the post-2015 goal of eliminating extreme poverty by 2030 challenging but feasible," the report said. Similarly, though India has achieved gender parity in primary school enrolment, latest data suggests that India is off-track on targets to achieve

universal enrolment and completion. "Large number of children still remain out of school and fail to complete primary education. The quality of education is also a major concern," it said. India, the study said, was set to achieve the targets of reducing hunger by half, maternal mortality by three quarters and has halved the proportion of population without access to clean drinking water. Shamshad Akhtar, UN under-secretary general and executive secretary of the UN Economic and Social Commission for Asia, said: "Over the years, the MDGs have pushed governments around the world to mainstream poverty reduction, gender parity, education and health and such basic needs as water and sanitation in their development agenda."

"India's achievements towards the MDGs are beyond doubt considerable... yet the progress has been uneven across goals and across states, and inequalities have risen," she said. "The key message is not to leave anyone behind." The MDGs are eight international development goals that were established following the millennium summit of the UN in 2000. All 189 UN member states at the time (there are 193 currently), and at least 23 international organisations, committed to help achieve the goals by 2015. Srinath Reddy, president of the Public Health Foundation of India (PHFI), said: "There was a problem with MDGs as they had aggregate indicators and they did not have gender and income segregation."

31 Seasonal Magazine

Leadership

Smriti Irani has Her Hands Full in 2015

Human Resource Development Minister (HDR) Smriti Irani may be the youngest minister in Prime Minister Narendra Modiâ&#x20AC;&#x2122;s Cabinet, but she is probably carrying one of the heaviest weights on her shoulders - that of educating millions of Indian students and in turn changing the country's destiny. he has also probably been one of the most controversial ministers in the NDA government. From the scrapping of the German language in the Kendriya Vidyalayas to the celebration of December 25 as the Governance Day, controversies have dogged her right from the time she joined office. But as the country heads into the year 2015, it will not be an overestimation to say that Irani needs to shed the baggage of the past and get down to the basics. The responsibilities that fall under the HRD Ministry are humongous - it has two departments of higher and school education and oversees more than 40 central universities. It also oversees multiple IITs, IIMs and National Institutes of Technology. Add to it, more than a million schools and one can gauge the challenge that is confronting the HRD minister. Education empowers an individual to seek a better future for himself and his family. And education and employability go hand in hand. But one just needs to visit the hinterland of India to see the standard of primary education in the country, mainly in government-run schools and realise that education is not leading to empowerment and employment. The infrastructure is not something that one expects to see in Seasonal Magazine 32

schools and the teaching is below standard. For example, there was this story reported in the media last year about a teacher in Bihar who said that Pratibha Patil was the President of India and Smriti Irani was the Governor of the state. This one off story is reflective of the bigger malaise that is confronting the countryâ&#x20AC;&#x2122;s education system.

As per the latest report released by NGO Pratham, (the 10th Annual Status of Education Report (ASER 2014), which is the largest annual household survey of children in rural India that focuses on the status of schooling and basic learning), overall situation continues to be extremely discouraging in India. As much as 25 percent of class 8 students cannot read a class 2 level text and in

class 3 only a fourth of all children can read a class 2 text fluently. This number rises to just under half in class 5. Among other findings was one which said that mathematics continued to be a major source of concern with all India (rural) figures for basic arithmetic remaining virtually unchanged over the last few years. Only 26.3 percent of class 3 children could do two-digit subtractions in 2012 and this number is at 25.3 percent in 2014, plus the percentage of children in class 2 who still cannot recognize numbers up to nine has increased from 11.3 percent in 2009 to 19.5 percent in 2014. These are just some statistics; so one can quite imagine the uphill task that the HRD minister is faced with. Undertrained teachers who sometimes get jobs by means of fake certificates are common knowledge. Worse still is that many children join school only because they get the so-called free mid-day meal, thereby showing an increase in overall enrolment at times. When one comes to higher education, then reports after reports have said that premier institutions such as IITs and IIMs have shown an increase in faculty vacancies. What is also worrying is the fact that top Indian institutions are nowhere in the world’s top 200 varsities, even though India’s higher education is third largest in the world. According to the Quacquarelli Symonds (QS) World University Rankings released in last September, which factors in research, teaching, employability and internationalization, not a single Indian university featured in the top 200 rankings, with the top-placed Indian institution – IIT-Bombay - placed at 222 in the world. Just for the record, University of Delhi was at number 430. Everyone knows of the number of committees and commissions that are set up to improve the quality of education in the country, like the National Knowledge Commission and

the Yashpal Committee, but everyone also knows that the implementation of the recommendations of these commissions happens at snail's pace. Lack of quality education being provided by the government, both at school and higher levels, and lack of enough space to accommodate everyone has resulted in proliferation of private institutions. Some are of a certain standard but expensive on the pocket, with not everyone being able to afford them, while others at times take students for a ride by giving them degrees which are not recognized. The HRD minister has to look at these grey areas in order to secure the future of the young generation. She also has to take on the challenge of skill development. Not everyone can or needs to go in for higher education if he or she is not willing to or does not have the aptitude for it. In such a scenario, they can pursue what they are good at, at an early age, and this means providing them technical know-how and right institutions to do so. People with degrees but no job has been the bane of India for long.

Corporation (NSDC). Such niggles need to be done away soon. The HRD minister has set up various committees to look into the functioning of the UGC, National Council of Technical Education, AICTE and others and has announced a new National Policy for Education with the “aim to specifically target those students who are living in villages and could not continue their education due to lack of exposure and unavailability of resources.” But with more than six months of her government being over, she has to be in a rush mode. Maybe schemes like Sarva Siksha Abhiyan and Right to Education Act need to be revisited. Another aspect that needs to be addressed on an urgent basis is the education of the girl child. The programme ‘Udaan’, wherein girl students will be given engineering study modules and other things to help them make it to technical institutions, launched by Irani, is a welcome step. But things like toilets, which PM Modi talked about in his Independence Day speech, must also be fast-tracked so that dropout rates of girls from schools lessen.

Skill development should also be high on Irani’s agenda if PM Modi’s dream of ‘Make in India’ has to take off. Modi has often talked of how demographically India has an upper hand than so many other nations in the world. But then one does not need rocket science to understand that demographic advantage can only give the country dividend if right education policy is put in place and implemented with urgency.

Nation-wide assessments to improve the quality of education, investing more in developing good teachers, which includes good training institutes, improving the state of government schools, among others needs to be taken up urgently. Also, maybe incentives for those taking up teaching, mainly in schools, should be looked at, so that the profession can attract best talent.

For example, a centrally-sponsored scheme of vocationalisation of secondary and higher education (CSSVSHE) aimed at helping students get easy placements was launched in 2012 and thousands of students are part of the scheme. But the CBSE board students cannot reap its benefit as of now as a MoU has not been signed with the National Skills Development

Thus, if India has to become a world power and embark on the path of development, then it has to provide quality education to its children and improve its literacy rate (one in 10 households still doesn't have even a single literate member, as per the 2011 Census ). There is simply no other option.

(By Manisha Singh for Zee News) 33 Seasonal Magazine

Opportunity

Indian Education Market Worth Rs 5.9 Trillion Hrishi Parthasarathy, Director, Channels, Avaya, speaks about the booming education market in India and the opportunities for channel partners in this Rs 5.9 trillion segment.

an effective tool for distance learning. There are many students living in remote areas who are deprived of good quality education due to lack of appropriate faculty and resources. These solutions have been recognized as a powerful learning tool empowering institutes to engage remote students in a video enhanced learning experience. One such example in India is the Liberty Career Academy which is providing educational

he Indian education market is predicted to be worth Rs 590,000 crore in FY201415 as reported by India Rating & Research and The India Vision 2020 document by the Planning Commission of India, which lays a huge emphasis on higher education. Digital India, which will be implemented in a phased manner by 2019 at an estimated cost of about Rs 1,13,000 crore, will provide accelerated access to digital education and learning. With the new government in place in the country, the emphasis on digital education in India has increased tremendously. Digital India, which promises to transform India into a connected knowledge economy offering world class services at the click of a mouse, will be implemented in a phased manner by 2019 at an estimated cost of about Rs 1,13,000 crore. It promises to change the life of rural India by providing accelerated infrastructure to support better access to services, including learning. Colleges and universities are under pressure. They are looking for an edge that will enhance student and faculty services, and create a more collaborative learning environment while contending with continual budget pressures. Many institutions are turning to cloud-based applications for a modern suite of collaborative services for a seamless campus-wide unified communications approach. Educational institutions have become Seasonal Magazine 34

more receptive to the implementation of hi-tech learning components. The advent of technology has enabled multi-modal training, varying curriculum spawning several forms of online research and associations. The effective incorporation and execution of technologies such as interactive white boards, simulations, games and social media is vital to ensure that the tools make a difference in the educational pattern. With the need to impart education across tier-2 and -3 cities, institutions are looking at adopting smart technologies to reach to a wider audience. Cloud too is playing a massive role in delivering higher education by being an innovative platform for classroom lectures, using streaming on the Web. Many institutions are turning to cloudbased applications for a modern suite of collaborative services for a seamless campus-wide unified communications approach. Video conferencing has proved itself as

access via VC to underserved communities across Gujarat. The adoption of the smart solutions by education institutions is determined by various factors. The lack of scalable technologies in the country can be a major hindrance to the adoption of smart technologies. Traditional transmission technology should be extended to support multipoint-tomultipoint delivery in multiple classroom scenarios. The adoption of smart technologies in India is still relatively new. The new government and its policies aim to create a sustainable environment for the incorporation of the smart technology ecosystem. Integrating an immersive HD video learning experience with unified communications, in order to expand course offerings and hence, enhancing the learning experience, and serve more students in a cost-effective manner is another challenge we are helping many organisations to overcome.

Initiative

Inside Unnat Bharat Abhiyaan or UBA

The Government of India has recently launched a programme named ‘Unnat Bharat Abhiyaan’ (UBA), under which the higher education institutions would be encouraged to take part in solving problems related to rural India like sanitation and hygiene, water, health and education through the help of technology. BA can transform the scenario of the rural India and if the technologies are ‘relevant, robust and affordable’, considerable change could get registered. The Unnat Bharat Abhiyaan was launched on 11 November 2014 on National Education Day, which was done to mark the birth anniversary of Maulana Abul Kalam Azad, who was the first education minister of India. Under the UBA programme there are 18 institutions that are currently roped in. These institutes include IITs of Bombay, Delhi, Gandhinagar, Bhubaneswar, Guwahati, Hyderabad, Indore, Jodhpur, Kanpur, Madras, Kharagpur, Mandi, Patna, Roorkee and Ropar, BHU Varanasi and also Indian Institute of Science Education and Research, Bhopal and Malviya National Institute of Technology, Jaipur. If UBA’s is believed, almost 70 percent of India’s population still lives in rural areas, who are associated with mainly agrarian economy. The workforce associated with agriculture is almost 51% but it accounts to only 17% of the GDP. Under the programme each institute would adopt certain villages where they would work. IIT Delhi has adopted 32 villages across Haryana, Rajasthan, Uttar Pradesh and Madhya Pradesh. Likewise, IIT Bombay has adopted 27 villages and IIT Madras 11 villages till now. The Unnat Bharat Abhiyaan Cell ( UBAC) IIT Delhi co-coordinator S.K. Saha said that the main aim is to take already developed solutions to the rural people and how to create links with them so

that problems faced by them can be taken up by the IIT community as their academic problems or otherwise. The villages were selected based on earlier interactions with some of the faculty members of IIT Delhi. It is emphasized here that the technical solutions whenever available with any IIT will be taken to a village or a cluster of villages that have similar requirements or demands. The whole programme could turn out to be very useful on grounds that it would

include linking of knowledge to the field, and technology development could get linked to help small technical problems of rural artisans. It could help rural people in the field of education, health, irrigation and agricultural innovations alike. According to HRD Minister Smriti Irani, “Unnat Bharat Abhiyaan will connect our institutions of higher education to develop technical solutions to address challenges in rural India.” 35 Seasonal Magazine

Vision

WHAT INDIAN PRESIDENT WANTS CENTRAL UNIVERSITIES' VICE-CHANCELLORS TO EXECUTE President Pranab Mukherjee opened a two-day conference of vice chancellors of Central Universities (CUs) at Rashtrapati Bhavan recently. This is the third such conference convened by the President since his assumption of office. Vice-Chancellors of 40 central universities to which the President is the visitor are attending it. peaking on the occasion, President Mukherjee said it is important to recognise emerging global trends which are likely to bring sweeping changes in higher education worldwide. Rising costs of higher education and the changing profile of education seekers, aided by technological innovation are leading to the creation of alternative models of knowledge dispensation. Central universities have the responsibility to lead the transformative processes of India's higher education system. He said students passing out from the Indian higher education system will have to compete with the best in the world. There is a need to imbue young minds with competitive spirit and a sense of pride in their alma mater. In addition to international rankings, the universities should attempt ratings on a National Ranking Framework which needs to be expeditiously developed. He said the vacancy position in Central Universities remains alarmingly high - in terms of percentage, vacancies have increased from 37.3 percent as on March 31, 2013 to only 38.4 percent as on December 1, 2014. Non-availability of visitor's nominees in the selection committee of faculty has been addressed. Each Central University will now have a panel of five names of Seasonal Magazine 36

nominees who can be called as per extant instructions. Efforts aimed at engagement of central universities with industry and alumni need far greater focus and direction than at present. Only four universities have so far established centres of excellence while another five are working towards these. The President said during his visit to Norway and Finland, he called upon academicians and experts to come and teach in India. Under the Global Initiative of Academic Networks (GIAN), the HRD Ministry has asked Central Universities for a list of eminent scholars and researchers for inviting them as guest speakers or scholars. An e-platform needs to be developed to facilitate scholars from within and outside the country to log in their details.

An Oxford University Study predicts automation of 47 percent occupations in the next few decades. As innovation eliminates certain job types, changes others and creates new ones, the workforce will have to engage in life-long learning to up-grade and refine their skills and capabilities.

It shall, in due course, lead to creation of a robust database of global experts for the Indian higher education system. The recently launched 'Pandit Madan Mohan Malviya National Mission on Teachers and Teaching' will set performance standards and create world-class facilities for innovative teaching. The president said Visitor's Awards for 'Best University', 'Innovation' and 'Research' will become a driving force in promoting research and innovation in our universities in future. There is an urgent need to put ICT Networks to effective use. Through the videoconferencing facility of NKN, he interacted with faculty and students of Universities three times. When he delivered his New Year Message 120 institutions of higher learning were connected through the National Knowledge Network and another 900 locations through web-cast. He urged the Ministry and all leaders in research and education institutions to use NKN's reach to transform the quality of higher education system. The President said because of the diversities in evaluation systems, students have suffered in the acceptance of their credentials across the university system and in accessing employment opportunities. The initiative of Choice Based Credit System (CBCS) will ensure seamless mobility of students

across higher education institutions in the country as well as abroad. The credits earned by students can be transferred and would be of great value to them in the event of their seeking migration from one institution to the other. 23 central universities have already implemented CBCS. He urged remaining universities to consider implementing this system from next academic year. He called upon Central Universities to start working with at least five villages each under SAGY to transform them into model villages. The President said due to limitations of public funding, costs of creation of physical infrastructure and academic facilities get transferred to students in terms of higher fees. Whereas universities earlier used to educate fresh scholars, they now have the added responsibility of training and re-training

workers throughout their careers. An Oxford University Study predicts automation of 47 percent occupations in the next few decades. As innovation eliminates certain job types, changes others and creates new ones, the workforce will have to engage in lifelong learning to up-grade and refine their skills and capabilities. The twin compulsions of increasing expenditure and dynamic demand can be addressed through extensive use of e-enabled learning. Massive Open Online Courses (MOOCs), which first began in 2008, allow students to hear lectures and read course material on-line, and earn a degree at a fraction of the cost of a brick and mortar education. Both SWAYAM (Study Web of Active Learning for Young Aspiring Minds) and MOOCs could pave the way for speed, scale and efficiency for teaching in the higher

education system. The Ministry of HRD and institutes of higher learning should develop eco-systems for deriving maximum benefits from applying technology to learning. Online instruction supplemented by periodic classroom interaction or blended MOOCs, could provide a solution for retaining the essential elements of traditional pedagogy. The President said particular emphasis has to be provided by our higher learning institutions on the inculcation of core values in our students. Our civilisation has championed patriotism, pluralism, tolerance, honesty and discipline. Our democracy has thrived on these values. The next generation must learn to recognise our diversity, inclusiveness and assimilative capacities as inherent sources of strength.

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Revolution By Jason Tanz for Wired

Homeschooling Growing to be a Rage in USA “Do It Yourself” is a familiar credo in the tech industry-think of the hobbyists of the Homebrew Computing Club hacking together the personal computer, Mark Zuckerberg building the next great communications medium from his Harvard dorm room, or Palmer Lucky soldering together the Oculus Rift from spare parts in his garage. Progressive education is another leitmotif that runs through tech history-Larry Page and Sergey Brin have attributed much of their success to the fact that they attended a Montessori school. In recent years, Peter Thiel has launched a broadside against higher education, and Sir Ken Robinson’s lecture, “How Schools Kill Creativity,” has become the most popular TED Talk of all-time, with 31 million views. Now, all those strains are coming together to create a new phenomenon: the techie homeschooler.

Seasonal Magazine 38

couple of weeks ago, I wandered into the hills north of the UC Berkeley campus and showed up at the door of a shambling Tudor that was filled with lumber and construction equipment. Samantha Matalone Cook, a work-athome mom in flowing black pants and a nose ring, showed me around. Cook and her family had moved into the house in April and were in the middle of an ambitious renovation. “Sorry,” Cook said, “I didn’t tell you we were in a construction zone.” A construction zone, it turns out, that doubles as a classroom. We walked into the living room where Cook’s two sons, Parker and Simon, were sitting on the couch, silently scribbling. The boys, aged 12 and 10, had the air of young Zuckerbergs-in-training. Babyfaced and freshly scrubbed, they spoke with a somewhat awkward and adenoidal lilt and wore sweatshirts with the hoods flipped up and no shoes. The room around them was chaos—piles of art supplies were stacked around the floor and paint samples were smeared next to the doorways. The family’s two dogs, Dakota and Kaylee, wrestled loudly over a chew toy. The sound of pounding construction equipment drifted in from the basement. And yet the boys were focused on what I soon learned were math workbooks—prealgebra for Parker, a collection of monster-themed word problems for Simon. The Cook boys are homeschooled, have been ever since their parents opted not to put them in kindergarten. Samantha’s husband Chris never liked school himself; as a boy, he preferred fiddling on his dad’s IBM PC to sitting in a classroom. After three attempts at college, he found himself unable to care about required classes like organic chemistry and dropped out to pursue a career in computers. It paid off; today he is the lead systems administrator at Pandora. Samantha is similarly independentminded—she blogs about feminism, parenting, art technology, and education reform and has started a network of hackerspaces for kids. So when it came time to educate their own children, they weren’t in any hurry to slot them into a traditional school. “The world is changing. It’s looking for

people who are creative and entrepreneurial, and that’s not going to happen in a system that tells kids what to do all day,” Samantha says. “So how do you do that? Well if the system won’t allow it, as the saying goes: If you want something done right, do it yourself.”

Teach Different “Do It Yourself” is a familiar credo in the tech industry—think of the hobbyists of the Homebrew Computing Club hacking together the personal computer, Mark Zuckerberg building the next great communications medium from his Harvard dorm room, or Palmer Lucky soldering together the Oculus Rift from spare parts in his garage. Progressive education is another leitmotif that runs through tech history—Larry Page and Sergey Brin have attributed much of their success to the fact that they attended a Montessori school. In recent years, Peter Thiel has launched a broadside against higher education, and Sir Ken Robinson’s lecture, “How Schools Kill Creativity,” has become the most popular TED Talk of all-time, with 31 million views. Now, all those strains are coming together to create a new phenomenon: the techie homeschooler. This may come as a shock to those of us who still associate homeschooling with fundamentalists eager to shelter their kids from the evils of the secular state. But it turns out that homeschooling has grown more mainstream over the last few years. According to the most recent statistics, the share of school-age kids who were homeschooled doubled between 1999 and 2012, from 1.7 to 3.4 percent. And many of those new homeschoolers come from the tech community. When homeschooling expert Diane Flynn Keith held a sold-out workshop in Redwood City, California, last month, fully half of the parents worked in the tech industry. Jens Peter de Pedro, an app designer in Brooklyn, says that five of the 10 fathers in his homeschooling group work in tech, as do two of the eight mothers. And Samantha Cook says that her local hackerspace is often filled with techsavvy homeschoolers. “There is a way of thinking within the tech and startup community where you

look at the world and go, ‘Is the way we do things now really the best way to do it?’” de Pedro says. “If you look at schools with this mentality, really the only possible conclusion is ‘Heck, I could do this better myself out of my garage!’” Lisa Betts-LaCroix personifies this attitude pretty well. She is no stranger to the various obsessions of the tech world—she leads the Silicon Valley chapter of Quantified Self, the personal tracking movement; her husband Joe has helmed a variety of computer and biotech startups. She has homeschooled her kids for the last nine years (though she prefers the term “independent learning”). When she started, it was seen as unusual. Now, she says, there are more than 500 families in her homeschooling group—a growing number of them tech entrepreneurs like her husband. She sees it as the latest expression of the industry’s push toward disintermediation. “We are going direct to learning,” she says. “We don’t need to hold to this old paradigm of top-down, someone tells me what to do.” Perhaps it’s not surprising that the tech community—a group not known for mastering the delicate social mores of adolescence—might pursue an unconventional approach to schooling. “I never really fit in,” says Flickr and Hunch co-founder Caterina Fake, who has homeschooled three kids (two of whom have since moved on to public school) along with her partner, serial entrepreneur Jyri Engestrom. “I grew up not watching any TV, excluded from pop culture, sitting around reading T.S. Eliot and playing classical music. But those things benefited me so much! I felt different in a good way—like I had secret superpowers.”

A World Apart Feel free to roll your eyes at this point. There’s something inherently maddening about a privileged group of forwardthinkers removing their children from the social structures that have defined American childhood for more than a century under the presumption that they know better. (And if you want to see how antiauthoritarian distrust can combine malevolently with parental concern, look no further than the 39 Seasonal Magazine

Disneyland measles outbreak caused by the anti-vaccine crowd.) I hear you. As a proud recipient of a great public school education, I harbor the same misgivings. And yet, as I talked to more of these homeschoolers, I found it harder to dismiss what they were saying. My son is in kindergarten, and I fear that his natural curiosity won’t withstand 12 years of standardized tests, underfunded and overcrowded classrooms, and constant performance anxiety. The Internet has already overturned the way we connect with friends, meet potential paramours, buy and sell products, produce and consume media, and manufacture and deliver goods. Every one of those processes has become more intimate, more personal, and more meaningful. Maybe education can work the same way. “It used to be you had to go to a special institution to get information about a subject, but we live in the technology age and you can find anything you need on your phone,” says Jeremy Stuart, a documentary filmmaker, who, along with Dustin Woodard made a movie about homeschooling called Class Dismissed . “The whole paradigm has shifted. It’s no longer about how to access information, it’s about how to use the information, how to sift through it to determine how to apply it to your life. That’s incredibly empowering, and schools are not doing that.” “The Internet does a great job of providing access to learning,” says Albert Wenger, a partner at New York’s Union Square Ventures, whose three children are being homeschooled. “Pretty much everything you want to learn, you’ll be able to find out there. So that puts a premium on, Is this something you care about? Is this something you want to learn?”

In Session If you’re a parent who wants to homeschool your kids, there are a bunch of resources at your disposal. You can buy workbooks and textbooks. Many museums have special programs for homeschoolers. (San Francisco’s Exploratorium, for instance, leads science workshops; Boston’s Museum of Fine Arts offers an “artful adventures” Seasonal Magazine 40

program; and the Cleveland Museum of Natural History hosts classes for homeschool groups.) You can join a group of local homeschoolers and share ideas and projects. You can download a curriculum from a website like Teachers Pay Teachers, or cadge a syllabus from MIT or Stanford. Or you can access online tutorials from places like Codecademy or Khan Academy. But at 11:30, after her kids are done with their workbooks, Samantha Cook is trying something new. Last week, she asked them to come up with an idea for a new business, and now she wants them to write a more formal plan. First, she asks them to write down their idea. Immediately, Parker starts whining. “I need another piece of paper,” he says. “Just write it on the back of that one,” Samantha urges. “Does Simon have to use proper grammar?” “You both have to use proper grammar.” “Does that mean Simon can’t use all caps?” “Don’t focus on Simon, focus on your own work.” At this point, Simon interjects: “How do you spell restaurant?”

Simon: I’m thinking my restaurant will have…. Karaoke. After a few minutes, Parker hands his paper back to his mother. It reads “Genetically enhanced frogs that we turn into Pokemon.” “OK,” Samantha replies matter-of-factly. “I want you to list the resources you’re going to need. You’re going to need a lab.” Simon interrupts. “Did I spell that right?”

“Ooh, I like it!” Samantha says. “What kind?”

Samantha: There’s an extra E at the end of ‘employees,’ but otherwise yes, OK. Is there anything else that you think you’re going to need?

“Hmmm,” Simon says.

Simon: Tables and chairs?

Parker hands her his piece of paper, on which he has written “Real Live Pokemon.”

Samantha: Yep!

“OK,” Samantha says, “and then maybe a brief description, one sentence of what the experience would be.” Simon, meanwhile, has written “Mexican.” Samantha: I’ll be your first customer! OK, one sentence: What makes your Mexican restaurant different from any other? Is it going to be vegan? Are you going to fuse it with another kind of food? Is it the atmosphere?

Simon: I’ll just write ‘furniture.’ I sneak a peek at Parker’s paper. It reads “a lab, a fission reactor.” Samantha says, “Next you’re going to have to think about whether you’re going to need any government grants.” “Well, a fission reactor is going to cost quite a lot,” Parker says, stroking his chin. “Yes, it is,” Samantha responds. She turns to Simon. “Is there anything else, or is this like what you feel you need to start?”

Parker: How do you spell genetically?

Simon: Yes.

Samantha: I want you to try first.

Samantha: OK, so next to the things you feel you need to start, go ahead and estimate what you think they will cost.

Simon: Wait, are you going to…? Samantha: He’s going to make genetically modified Pokemon, I think.

Simon: For the furniture, I think that

Parker (shouting into his phone): THANK YOU, SIRI! An Individualized Solution to a Social Need

would cost, about— Samantha: Let’s go with Ikea grade. Simon: How much are round tables and chairs? Samantha: I saw a set of table and four chairs for $120 for one set. Simon: And we would need about three or four of them. Samantha: Mm hmm. So if it’s $120 each, let’s overestimate and say we want five sets. Simon: OK Samantha: So for five sets, that would equal what? Five times 120? Simon: I’m thinking. Parker: How do you spell centrifuge? Simon: Parker, what are you doing?! Samantha: Try. You did well on the other. Parker: But I knew how to spell fission reactor! Samantha: Break it into parts. Parker: [looking at his paper, holding his head in his hands] That’s not how you spell centrifuge! Samantha: Let me see. How would you find out if I wasn’t sitting here? Parker: I would ask Siri, How do you spell centrifuge? (He picks up his iPhone and shouts into it) SIRI, HOW DO YOU SPELL CENTRIFUGE? Samantha (to Simon): So, for the building, will you just rent space? Parker: I spelled it correctly! Samantha: See? Do you feel validated?

The Cook family are not just homeschoolers but unschoolers. They don’t prefer homeschooling simply because they find most schools too testobsessed or underfunded or otherwise ineffective. They believe that the very philosophical underpinnings of modern education are flawed. Unschoolers believe that children are natural learners; with a little support, they will explore and experiment and learn about the world in a way that is appropriate to their abilities and interests. Problems arise, the thinking goes, when kids are pushed into an educational model that treats everyone the same—gives them the same lessons and homework, sets the same expectations, and covers the same subjects. The solution, then, is to come up with exercises and activities that will help each kid flesh out the themes and subjects to which they are naturally drawn. All of which sounds great. But, to put this in tech terms, it’s an approach that doesn’t scale very well. It seemed exhausting enough for Samantha to help her two sons write one-sentence business plans; it’s hard to imagine anyone offering the same kind of energy and attention to each student in a 20person classroom. Indeed, that’s precisely why schools adopt a one-sizefits-all model. Unlike the Cooks, they don’t have the luxury of tailoring an entire lesson plan to the needs and proclivities of one or two students. They have to balance the needs of individual students against the needs of the class as a whole—including kids who come into school with different interests, skills, and abilities. That’s why so many teachers aim for the middle of the bell curve— hoping to have the maximum impact on the largest number of students, even as they risk losing the outliers on either end of the chart. Of course, there are plenty of private schools, charters, or gifted programs pursuing some version of what’s called student-directed learning. But most unschoolers told me that even these schools were still too focused on

traditional standards of achievement. (To be fair, it’s hard to imagine that even the most enlightened private school would be able to stay in business if it couldn’t demonstrate to parents that it was teaching their children how to read or add.) Unless every family homeschools their children—a prospect that even homeschooling advocates say is untenable—it will remain an individualized solution to a social need. And this is where technologists see a great opportunity—to provide differentiated, individualized education in a classroom setting. There’s a lot of excitement around Khan Academy because it steps in to handle a teacher’s least personalized duties—delivering lectures, administering and grading quizzes—freeing up time for one-on-one tutoring. Last year, Khan Academy launched the Khan Lab School, an offshoot that will create “a working model of Khan Academy’s philosophy of learning in a physical school environment.” AltSchool, a startup created by a former Googler, has launched a series of “micro-schools” in which teachers help students create their own individualized lesson plans. Jyri Engestrom, Caterina Fake’s partner, signed up with AltSchool this year. The couple had been homeschooling for a couple of years, an experiment that gradually expanded into a 10-student “microschool” called Sesat School. This year, his students started attending AltSchool part-time, in what he calls a “hybrid” approach. He says it’s just one example of how a new crop of startups could use technology to create new educational models, somewhere between homeschooling and traditional school. He foresees a day when the same forces that have upended everything from the entertainment industry to transportation wreak havoc on our current model of education, when you can hire a teacher by the hour, just as you would hire a TaskRabbit to assemble your Ikea furniture. “I’m feeling like something is brewing right now,” Engestrom says. “The cost of starting a company has gone down because there are online tools you can use for free. I can see that happening with school. So much of that stuff is just up for grabs.” 41 Seasonal Magazine

Achiever

Daily Wager’s Son Wins National Education Policy Logo Competition He has won the national logo design competition for the Centre’s new education policy, but may as well be its brand ambassador. For, Nawaj Shaikh, 33, is the son of a daily wage labourer who studied in a zilla parishad school in a village in Solapur district, went on to do his Masters in Medical Microbiology, and is now pursuing his PhD while working as a “technical officer” at the National AIDS Research Institute (NARI) in Pune. have always believed that education is the greatest leveller in India. A person can dream of becoming almost anything and can even achieve the dream, provided he gets proper education,” said Shaikh.

Nawaj Shaikh

Najir now works at his brother’s farm whenever required. “I have told him not to work but he insists on working. Old habits die hard,” said Shaikh.

“I developed an interest in logo design software, and started designing logos whenever any competition was announced. Although I have submitted logos for many competitions, this is my first award,” he said. Shaikh hails from Shindewadi village in Solapur district of Maharashtra. His father worked at a local garage for Rs 10 per day, and his mother is a housewife. “Right from the beginning, my parents always encouraged education. We went to a zilla parishad school where we studied really hard. I did my Masters in Medical Microbiology from BJ Medical College in Pune. I am now pursuing my PhD in immunology from the Maharashtra University of Health Sciences along with my job at NARI,” said Shaikh. “We were very poor, and because we were poor, my brother and I concentrated on our studies to better our situation. My brother is now in the Mumbai Police. All this was possible because of a school that gave us free education and parents who supported us rather than sending us off to work,” he said. Seasonal Magazine 42

education. So I made sure that Nawaj never missed a class. There were times when I could not even provide a packet of biscuits. Both our sons have made us proud,” he said.

His father, Najir Shaikh, 55, is a proud man today. “I dropped out of school when I was four years old and started working in a hotel. Then I got married and worked at a garage for Rs 10 per day. We went through some very rough times, but I knew the importance of good

“We were very poor, and because we were poor, my brother and I concentrated on our studies to better our situation. “

Although Shaikh can now afford to send his son to a “renowned” English medium school in Pune, he has opted for the same zilla parishad school in his village where he studied. And he has a word of advice for the government as it frames its new education policy. “It is high time that at least educated people stopped making a business out of education. The new education policy should concentrate on making the local schools better. Majority of India still lives in villages and they should benefit from the education policy, because rich people can always avail the best services… If the government has to truly become ‘meri sarkar’, then it has to make sure that all its policies make the life of the poorest Indian in villages better,” he said. Meanwhile, Vinod Kumar Maheshwari of Rewari, Haryana, has won the slogan competition, while Vipitha Devi of Paravur, Kerala, has won the tagline competition. All the three winners will get Rs 10,000 each.

Event

Authors and Bookworms Throng to Pink City As ZEE Jaipur Literature Festival got over with record footfalls, the touch of Rajasthanâ&#x20AC;&#x2122;s heritage and culture was also very evident. By Anubha Agarwal The ZEE Jaipur Literature Festival brings together some of the greatest thinkers and writers from across South Asia and the world. From Nobel laureates to local language writers, Man Booker prize winners to debut novelists, every January the most remarkable, witty, sensitive and brilliant collection of authors come together for five days of readings, debates and discussions at the beautiful Diggi Palace in the Rajasthani capital. JLF, which began in 2006, was part of a bigger Jaipur Virasat (heritage) Festival and it was only in 2008 that it became an independent entity. It is now regarded as a cultural catalyst within India and around the world,

exposing audiences to a constant flow of ideas. Featuring live music sessions and interactive workshops, the Festival provides a space to dare, dream and imagine. Today when people come in large numbers to attend the ZEE Jaipur Literature Festival, they not only meet the best of literary minds but also get immersed in the heritage and culture of Rajasthan. The ZEE Jaipur Literature festival innovates with its ambience every year. This year, on Royal Mughal theme the dĂŠcor show cased the rich and diverse culture of India through patterns such as the paisleys, the peacock from Rajasthan, the geometrical pattern of Punjab through a mĂŠlange of different patterns of Mughal motif. Not only Diggi

Palce but Music Stage at Hotel Clarks Amer, Jaipur Bookmark at Narayan Niwas, two special sessions supported by Rajasthan tourism department at Amer Fort and famous Hawamahal were also a great attraction for the tourists and visitors. This was the 8th year of World famous Jaipur Literature Festival held from 2125 jan. in Jaipur. The festival garnered interest from all four corners of the country with cities such as Mumbai, Delhi, Bengaluru, Pune, Chennai, Goa and Kolkata. With growing popularity year on year the numbers of international visitors are increasing enormously for the festival. The largest carnival of the mind is not

43 Seasonal Magazine

the only attraction for the tourist but many other tourist places of Jaipur also fascinate them like a world renowned heritage with numerous forts and palaces, a paradise for shopping fanatics, and irresistible delicacies including specialties like daal baati churma apart from the plenty other unique adventure activities. This time more than 300 national and international WRITERS, THINKERS and around 140 MUSICIANS visited Jaipur for this festival. Guests from 50 countries attended, from as far afield as South Africa, Hong Kong, Ukraine and the US to name but a few, as well as regional guests from Pakistan, Bangladesh, Sri Lanka, Vietnam and beyond. The festival was inaugurated by honorable Chief Minister of Rajasthan Smt. Vasundhara Raje in Jaipur. At the inauguration ceremony she said that Jaipur Literature Festival (JLF) draws people associated with literary and creative activities across the globe. Smt Raje said that inspired by the success of this literary festival, the state government was thinking over organizing some other festivals of international repute to provide platform to various forms of music”. This time in a very unique style instead of flowers Tulsi tree was gifted as a symbol of honor to the dignitaries. The 'tulsi' plant or Indian basil is an important symbol in the Hindu religious tradition and treated as a symbol of Deity. Instead of disposable glasses mud glasses were used to follow the Rajasthani tradition. Like every year this time as well ZEE Jaipur Literature Festival had witnessed book launches, award ceremonies and many literary with interactive sessions of eminent writers and thinkers. Former President APJ Abdul Kalam and Nobel Laureate VS Naipaul took the centre stage due to jampacked sessions at the festival. Former President of India Dr APJ Abdul Kalam inspired aspiring India. Kalam addressed a packed audience at JLF and talked about his vision and about his books - VISION 2020 and Beyond 2020. He said India Vision 2020 is a plan proposed to make India a developed country by 2020 and gave full hope to the Nation. Seasonal Magazine 44

Naipaul also broke down twice during the festival after listening to travel writer Paul Theroux, with whom he had reportedly his first public reunion in 19 years and as he shared the journey of him being a struggling writer to a Nobel Laureate.

be on Lord Ram. In a first, unique satellite events were planned at historic Amer Fort and Hawa Mahal. While actor Naseerudin Shah recited poetry of Manto at Amer on the opening day, Shabana Azmi recited poetry on Day 2 at the Hawa Mahal.

Paul Theroux, the father of contemporary travel writing, read an excerpt from an unpublished work, describing India as a land where the past is never dead and “history is alive,” a place of celebrations and harmony. He spoke about how Indians have a supreme relationship to their own country, which is the very thing that makes him come back again and again. When distinguishing writing travel literature from 3 works of fiction, Theroux said that with travel writing, one has no clue where it?s going to end, whereas the opposite is usually the case with fiction.

Other highlights were the teacher student duo of Girish Karnad and Naseeruddin Shah shared their memories when Naseer was the Former?s student at film and television institute of India in Pune and Girish the then director of FTII. Girish said Naseer is the most distinguished actor I have ever produced. But since I never took his classes, let me say that he?s the most distinguished student FTII has ever produced. Naseer shared that how his looks affected the commercial success of his films.

Congress MP Shashi Tharoor took on Prime Minister Narendra Modi for maintaining "silence" on his ministers? comments on controversial issues and conversion campaign by groups like the VHP. The "Shiva" trilogy fame author Amish Tripathi announced at the festival that his next series for which had signed a whooping Rs 5 crore deal last year, will

The interactive session of eminent writer Shobhaa De on the subject of “Dance like a man: Refiguring Masculinity”. Mukul Deva, Christos Tsiolkas and Shobhaa De were in conversation with Ashok Ferrey. They discussed traditional male values and roles, the pressures of „masculine stress? and the changing power dynamics between the sexes. Launch of the Murty Classical Library of India book series, which will make some

of India?s greatest classics available to the world for the first time. On the last day of the event huge young crowd was gathered at Diggi Palace to hear the session of eminent Indian writer Chetan Bhagat at ZEE JLF. Mr. Bhagat is a publishing powerhouse. His novels sell massively and get place on the front shelves of bookstores across India. He is the preferred reading material and an inspiration for countless young minds. 4 At Zee JLF Bhagat style was sober and serious. He was dressed in a black velvet suit. About his experience visiting to JLF he answered that after 3 years he has come again for JLF and the festival has grown a lot. He has an amazing experience. He said that if anybody reads well he will definitely writes well. He also told that his book is read by everybody from mass to class. Mr. Bhagat says he measures his impact not in book sales, but in the conversations his writings generate. “A lot of political leadership reacts to them. If nothing else, they say, „A lot of youth follows him”. When asked what he preferred Bollywood or writing books -- Bhagat said: "Books are the love of my life; but Bollywood is my 'Half Girlfriend'! Anupama Chopra new book 'The Fro n t Row : Co n v e rs at i o n s o n C i n e m a ' w a s re l e a s e d by f i l m

actress Sonam Kapoor at ZEEJLF. JhumpaLahiri has been announced as the winner of the widely acclaimed DSC Prize for South Asian Literature 2015 for her book The Lowland at the ZEE Jaipur Literature Festival. She was awarded with US $50,000 DSC Prize along with a unique trophy. The Khushwant Singh Memorial Prize for Poetry was won by poet Arundhathi Subramaniam for her work When God is a Traveller. Winners of the Ojas Art Award, Bhajju Shyam and Venkat Raman Singh Shyam were celebrated at the Festival. The Ojas

Art Award was founded last year and explores tribal and traditional art forms, this year focusing on Gond Art. The festival also celebrated surprise session on creative freedom of expression with live cartoon drawing by well-loved illustrator DNA's Chief Cartoonist, Manjul. The vastness, youth and enthusiasm of the crowd is the most distinctive thing about the Jaipur festival. It was a much younger, livelier, Crazy and more euphoric crowd than literary festivals usually attract. This year not only writers and thinkers but Bollywood stars, celebrity lawyers, politicians, artists, musicians, economists were also present, and many of the debates, in conversations-with, poetry readings and diatribes were worth hearing. JhumpaLahiri has been announced as the winner of the widely acclaimed DSC Prize for South Asian Literature 2015.5 The world?s largest free literary festival, ended on a high with record number of visitors. As the festival announced 2, 45,000 recorded footfalls over the five days - a record number for the Festival, which is completely free and open to all. Sanjoy Roy Managing Director of Teamwork Arts, Producer of the Festival informedthat it had been fabulous 5 days with loads of people coming across the World and India for ZEE JLF. The festival continues throughout this year. There is set to be two further editions of JLF across the world at the Southbank Centre in London this May, and then a third JLF festival in Boulder, Colorado, US in the autumn 45 Seasonal Magazine

Future

Bitcoin Stack will revive the movement. Mobile pa ymen paymen ymentts are early today, but will soon skyrocket In late 2013, just 6% of US adults said they had made a payment in a store by scanning or tapping their smartphone at a payment terminal. It will go up to 8% this year. Apple's introduction of the Apple Pay will be the key factor that will drive this percentage up. Mobile payments are already gaining traction. Nearly 15% of Starbucks customers already pay with their phones. And, 60% of consumers use their smartphones to pay because of loyalty benefits.

Technology Trends for the Next Two Years Here are 16 technology trends that will shape not only technology, not even businesses, but how we will work, play, and live. e s saging apps like Whatsapp have become the new social media, and replace Facebook like offerings emphatically. Chine se innovation is going to disrupt Chinese the US from the outside in and the inside out. From being a manufacturer for US brands, Chinese brands like Xiaomi are proving that they can be equally powerful as Apple or Samsung. The In Intterne ernett of Things is now a hot and beautiful mess but it will become the Internet of Everything By 2020, when the number of devices connected to the Internet is expected to exceed 40 billion. Though wearables are now struggling to find their place in everyday life, the Apple watch will start create a rising tide. Wearables are all over CES, but most are single purpose, redundant, cute or just plain useless. They are waiting for their killer app. Seasonal Magazine 46

Vir tual reality experiments with killer irtual apps for consumer and vertical markets will increasingly become commonplace. Focus will be on the kids. Generation Z is the first mobile first and the mobile only and they’re nothing like Millennials. Youtube outube,, Vine, etc. represent a new Hollywood. Youtubers and Viners and the financial ecosystem emerging to support them is reminiscent of Hollywood in the early 1900s. More kids can name online celebrities than they can traditional movie and music stars.

The Sharing Economy is really about renting or borrowing. Everything will become “on-demand.” New supply will stimulate new demand. Mobile platforms combined with geoloco will continue to bring everyday people and businesses together to do interact with trust and efficiency serving as facilitators. Ne w en New entterprise drone management platforms change the game for logistics, starting with Amazon’s automated drone based home delivery Your priv ac privac acyy is gone: It was traded for perceived security and also better customer experiences.

Cr owd funding and capitalization will Cro accelerate disruption everywhere.

Big da datt a and beacons provide businesses with endless opportunities to collect massive amounts of untapped data, such as the number of beacon hits and customer dwell time at a particular location within a specified time and date range, busiest hours throughout the day or week, number of people who walk by a location each day, etc. Retailers can then make improvements to products, staff allocation in various departments and services, and so on.

Ther e are 163 crypto-currencies in here circulation. Bitcoin is widely known. Though its market cap is down, the

Webr ooming becomes more common ebrooming than showrooming, 69% to 46% respectively.

Wall Str ee Stree eett will become influential again forcing brands to trump customer experience for revenue.

Homebuying

he decline was particularly steep in the Delhi NCR (National Capital Region). The slowdown was reported in the premium / luxury as well as the high-end / midend housing segments. The general slackness in residential sales was primarily triggered by the Affordability Index going down in certain cities. Housing sales remained muted even during the festive season, as a cautious buyer sentiment rode over discounts and attractive marketing offers. "This is perhaps a signal that prevailing high property prices need to be rationalized in tune with average per capita income rates of Indian home buyers," it said. Many developers in major markets abstained from launching new projects, and instead directed their focus towards reducing the existing inventory pile-up. Consequently, new supply addition declined by approximately 25% y-o-y, with a strong rationalization reported during the second half of the year. This was particularly prevalent in the markets of Delhi NCR, Bangalore, Chennai, and Pune. Despite the decline in new project launches, tier I cities continued to dominate the housing landscape, with Delhi NCR, Mumbai, and Bangalore accounting for about 70% of the entire supply addition reported during the year. "Residential sales across most major

housing markets witnessed a slowdown during the latter part of the year, which was particularly noticeable in the premium / luxury and mid-end / highend segments. On a bi-annual basis, all major markets witnessed a slowdown in sales with the exception of Mumbai

Residential sales across most major housing markets witnessed a slowdown during the latter part of the year, which was particularly noticeable in the premium / luxury and mid-end / high-end segments.

The city saw residential sales inch up marginally by about 7% over H1 2014 albeit a decline of about 2% on an annual basis," said Anshuman Magazine, CMD, CBRE South Asia. New project launches were largely concentrated in the mid-end / affordable housing segments. Prominent locations that saw residential supply addition during the second half of 2014 included Noida Extension, Gurgaon and Noida in the Delhi NCR; Borivali, Kandivali, Chembur and Powai in Mumbai; Whitefield, Kanakpura Main Road and Hebbal in Bangalore; Southern and Western locations of Chennai; and Baner, Viman Nagar and Pimple Nilakh in Pune. 47 Seasonal Magazine

Spotlight - Personal Finance

Before Taking a Personal Loan… Feroze Azeez, Director - Products, Anand Rathi Private Wealth Management highlighted four points to remember before taking loan against personal credibility. When one is trying to contemplate between dipping into his investments or probably taking a loan against his personal credibility, there are some things which need to be kept in mind.

Indian Consumer Loans Set to Reach Rs. 75 Lakh Crore

Credit Suisse estimates that Indian consumer loans are all set to grow in a steady, profitable manner to reach $1.2 trillion or Rs. 75 lakh crore within the next 5 years. India’s consumer finance market is expected to grow at a compounded rate of 18 percent and become a USD 1.2 trillion opportunity by 2020, says brokerage house Credit Suisse. “While the experience of the last consumer loan cycle (2004-07) was bitter, we believe that a number of structural changes in the market could allow for a steady, profitable growth in the next few years. In addition, the expected fall in rates should spur growth in rate-sensitive segments such as mortgages and auto loans,” said the Credit Suisse note to clients. “While the market still remains underpenetrated (70 percent + of households have no liabilities of any sort), the organised players (banks + NBFCs) have developed diverse products targeted at all segments of the income pyramid, across multiple secured/unsecured loan types,” the note said. Credit Suisse sees players with established track records across cycles and leadership positions as being best positioned to capture the expected growth in consumer lending. Seasonal Magazine 48

Therefore, I will highlight four of them which are very important. First and the most important criteria is to figure out whether one need to take a loan or dip into investments and the fact that the ratio between how much is the period of investment and how much time do he need the money for. Let us assume that one has a fixed deposit (FD) for five years and one needs the liquidity or money for about six months then one knows that one needs it for six months but one would not disturb a five year FD. As long as the time frame of requirement of the money is 25 percent or less one should avail a loan. Secondly, if one has a possibility of taking an overdraft then never take a loan because loan will come at a price, for example 15 percent or 14 percent and even if one has an overdraft at 14 percent – if one manages ones cash flow properly then he will be able to bring down his effective cost of borrowing to almost about 10-11 percent. Therefore, always choose an overdraft as against the loan because effective cost of borrowing comes down dramatically. When one is trying to borrow, always try and chose to borrow secured and not unsecured. If one has assets, pledge those assets and borrow because the cost of borrowing comes down dramatically. Never venture into a personal loan if one has a fixed deposit (FD) to borrow against and if one has mutual fund unit to borrow against. So, always take a secured loan. The cost of secured loan is at least 300 basis points lesser, that is 3 percent lesser than what an unsecured loan can cost. Whenever one is borrowing against an instrument then he should make sure that he is borrowing against an instrument which is a high yielding instrument, borrowing against FD might not make too much sense because 9

percent is the rate of FD and he is borrowing at 13-14 percent. So, these are the four things that one needs to keep in mind. Always be conscious of not disturbing your investments for the fact that reinitiating them is a big task and a challenge and so don’t do that. Even if one borrows for one fourth the period the dilution on his return, if he is doing in systematic investment plan (SIP) is about half a percent which is not as significant and keeps his probability of meeting the goals as high as they are. These are few points which need to be kept in mind before you take a decision on this.

The second element is the cost of use and maintenance of the product; if one has a car then it’s going to incur cost such as fuel cost, servicing, maintenance. With respect to property; there is a regular property tax to be paid, one has to pay for the upkeep of the property and pay for the maintenance part of it. Third part is what is going to be the future value; when we consider a house, for instance, it typically rise in value, and when we consider car or any other electronics, they are highly depreciating assets. So, the entire cost that one incurs is appropriated towards the use of the product. Therefore, now one has to evaluate how urgently he needs a particular product. Can he wait and collect money for it or he need to put it to use immediately and so take a loan.

Is Your Loan Good or Bad? Any product has three elements – utility, value of the product in future, and cost of use and maintenance of the product, says personal finance expert, Harshvardhan Roongta of Roongta Securities. Loans too are similar he says. When one buys any product there are basically three elements - (1) utility (2) value of the product in future, we could typically say it’s a resale value and (3) cost of use and maintenance of the product. In the utility segment, what use is one going to put that product to? A car would be used for commuting; a television for entertainment; and in respect with house the first house would be for self consumption and second would be categorised as investment.

If one considers a house, for instance, it increases in value, it has a potential to increase in value and to that extent it will recover the cost of finance that one has taken and the other expenses that one incur towards the cost of use and so it would be categorised typically as a good loan. Whereas in terms car and electronics as I have mentioned at the end of the life of the product there is negligible resale value that a person can get and on top of it one also incur a finance cost. Therefore, putting all these factors evaluate the urgency of the product and then match it with the other factors that we just considered and one would probably be able to fit into whether it was a good loan he is taking, a productive loan or whether it is a bad loan. Utility in this context has a very crucial role, for an individual a car is for self consumption but if one look at as a rent-a-car company then the car is a business asset. So, in spite of all the other factors, high cost of maintenance and low resale value, it is a good loan for that particular rent-a-car company. 49 Seasonal Magazine

In-Focus

REPCO HOME FINANCE LTD.

CREATING WEALTH

THROUGH EQUITABLE GROWTH

Think housing finance, and the instant names you recall are the likes of HDFC, LIC Housing, Indiabulls, or Dewan. More recently, public and private banks have become even more active than such dedicated Housing Finance Companies (HFCs), in this sector. Every bank from SBI and ICICI to even the smallest of the banking lot are trying to grow their home loan portfolios aggressively. But even amidst this tough competition, a relatively small company has performed well in comparison to its mighty peers, clocking a steady loan book growth of 25-30%. No wonder then that Repco Home Finance, which was listed only in April 2013, has outperformed many of its peers, in the bourses too, with a 4X return within the last 21 months. he Chennai based HFC promoted by Repco Bank, which is promoted by Government of India together with Governments of Tamil Nadu, Andhra Pradesh, Kerala, & Karnataka. The Repatriates Co Operative Finance & Development Bank Ltd, as it is formally called, Repco Bank was founded way back in 1969, for the sole aim of promoting rehabilitation of repatriates from neighbouring countries especially Sri Lanka and Burma. But with such repatriate flow ceasing after civil wars in those countries ended, Repco Bank Seasonal Magazine 50

diversified into being a more mainstream bank. Coming under the administrative control of Ministry of Home Affairs, Government of India, the Repco Bank and its subsidiary Repco Home Finance Ltd got a new lease of life after R Varadarajan was appointed as the Managing Director of both institutions in 2010. An experienced banker with 23 years of service in state-run Syndicate Bank, Varadarajan had joined Repco Bank in 2000, and was made its Executive Director in 2006. Thus while taking over as MD of Repco institutions in 2010, he had also become a veteran in Repco

Group. The brightest feather in his cap has been the successful listing of Repco Home Finance in the stock market in 2013, within just 3 years of his taking charge as MD. Despite being a relatively small company, the IPO had high-profile anchor investors like Goldman Sachs, Birla Sun Life, Reliance Capital, Nomura, Citigroup, Sundaram, ICICI Prudential, and Franklin Templeton. Though some of them have exited or part-sold their stakes due to a 4X rise in the share price since the IPO, more institutional investors entered the stock like Smallcap World Fund, DSP BlackRock, GMO, and SBI Magnum. Seasonal Magazine interviews R Varadarajan, MD, to unravel the secrets behind Repco Home Financeâ&#x20AC;&#x2122;s outperformance. Repc o Home FFinanc inanc e ha epco inance hass been a buzzing HF C o ou ha HFC off la latte. Y You havve been gr owing a er clip ccompar ompar ed with gro att a ffa ster ompared ast many o our peer s. Ho w do yyou ou off yyour peers. How manage tto o do it? Firstly, we are a rural focussed housing finance company. Over 75% of our business are in rural areas. As you know, in rural areas of India, salaried employees are much less and most people are selfemployed like in shopkeeping, small trading etc., Mainstream housing finance companies are not interested in lending to such customers, and they tend to service mainly salaried customers in

urban areas. So, we have a huge market to tap, with relatively lower competition, which enables us to clock higher than average growth. e such lo w le Ho w do yyou ou ensur off How ensure low levvels o NP A de spit e lending t o the non-salaried NPA despit spite to ? or unor ganiz ed sec unorganiz ganized secttor or? We go that extra mile to really understand our potential customers and their personal finances. A lot of our customers are self-employed, running small shops or tiny manufacturing setups etc. We have a policy by which we don’t proceed with a loan unless and otherwise an officer visits the customer’s premises - both his shop as

well as office - and gets convinced. Still, the se ar e no these are nott normal salaried cust omer s f or whom a CIBIL sc or e and customer omers for scor ore all w ould be a v ailable . So , ho w do yyou ou would available. So, how appr aise risk? appraise Yes, it is true that they won’t be having a credit score and all. Many of them wouldn’t be so large for their businesses to have even a simple balance sheet. So, what we do is we collect relevant financial information from them, and create an authentic but simple balance sheet for them. Most of them will be keeping simple ledgers and from that our officers create the balance sheet. And once such reliable

“We go that extra mile to really understand our potential customers and their personal finances. A lot of our customers are self-employed, running small shops or tiny manufacturing setups etc.”

R. VARADARAJAN, MD, REPCO HOME FINANCE LTD. 51 Seasonal Magazine

financial documents are created, it passes through the normal credit appraisal rigour. That is how we manage risk. Tha epc inance hatt means R Repc epco o Home FFinanc inanc e officials ha o do much mor ew ork… havve tto more work… Yes, we do much more work per loan than the average HFC. But that gives us our unique success - which is above average growth - even while limiting the NPAs to a very manageable degree. Wha epc o’s bene fit ffor or doing tha Whatt is R Repc epco’s benefit thatt aw ork? Ar e yyour our mar gins be tra work? Are margins bettter er,, due extr to higher in est rra ate on loans ? intter ere loans? The main benefit is that we are addressing a huge market, which is growing at a brisk pace, but which doesn’t have too much competition. Coming to interest rates, they are definitely better, to offset the higher risk we undertake, but it is not as high as what many private players are charging. Our rates range from as low as 10.85% to only as high as 12.5%, depending upon each customer’s credit appraisal. Coming to margins, yes, there is a benefit, as our Net Interest Margin (NIM) is highest in the industry at 4.4%. You men tioned the cr edit appr aisal mentioned credit appraisal ame work. But this ccan’t an’t be a normal frame amew fr one ba sed on CIBIL sc or es eettc. So based scor ore So,, do em ffor or the you ha havve an in-house ssyyst stem cr edit appr aisal ttoo oo ? credit appraisal oo? Yes, of course. In fact, we have a very advanced and comprehensive credit appraisal system that is fully computerised. We developed it on our own, and it is tailor-made for our kind of non-salaried customers from the unorganized sector. Wha our a Whatt ha hass been yyour ass se sess smen smentt ding the cr edit wor thine egarding credit editw orthine thinesss o off the regar rur al homebuy er rural homebuyer erss vis-a-vis the salaried cust omer customer omerss? I would say our rural customers are as creditworthy as salaried customers, if not more. Most of them have limited ambitions, like, they would not aim to own a house they can’t basically afford. Though they are not as educated as salaried customers, most of them follow prudent financial discipline. They are also quite honest and transparent. But having said that, we do have to do an extra amount of work to do their credit Seasonal Magazine 52

appraisals, to be on the safer side. It is unfortunate that other mainstream HFCs are not taking this market seriously, due to the additional work required or the perceived poorer asset quality, which is simply not true. It is unfortunate because this is a huge market that needs to be served. Wha ould be the a age tick et-siz e Whatt w would avver erage ticke t-size of yyour our housing loans ? Also loans? Also,, wha whatt is the age ttenur enur e, and ar e ther e signific an aver erage enure are there significan antt pr e-pa ymen pre-pa e-paymen ymentts? The average ticket size for new loans should be between 12 – 15 lakhs. The average tenure on book is around 15 years, but many pre-pay and close the loan by the 8th or 9th year. This is another aspect that is quite different from urban customers, which is that the rural customers don’t like to carry debt if they can help it, which reduces their risk and our risk. With the rremaining emaining 25% o our off yyour br anche oming in citie owns, branche anchess ccoming citiess and tto wha epc o Home FFinanc inanc e’s urban whatt is R Repc epco inance’s str ategy ? stra egy? We provide loans to all cross-sections of customers in urban areas, but here also our focus is more on the non-salaried homebuyers working in the informal

“At Repco Home Finance, we have been fulfilling a major social need - of delivering reliable and affordable home loans to the rural and informal sectors. There are not many players who are doing it, due to the hard work and the higher risk involved. So, at the end of the day, it is a great feeling that you are not only doing business, but being a critical part of social and national development. Secondly, at Repco, we have been able to do this in a reasonably profitable and sustainable way, so that our shareholders and employees could be rewarded.”

sectors, to whom conventional HFCs or banks won’t lend. Loan a atttrition ha hass been a major headache ffor or many smaller HF Cs, with HFC bank essiv e in ttaking aking o bankss ge gettting aggr aggre sive ovver home loans. Bank e said tto o enjo Bankss ar are enjoyy e ac tiv e lo wer ccost ost o efor low off funds, and ther there ore activ tive in ttaking aking o w doe epc o ovver loans. Ho How doess R Repc epco d? Home FFinanc inanc e ffar ar e in this rregar egar inance are egard? Though banks have a clear edge over HFCs, we too get funds at reasonable cost, from National Housing Bank schemes etc, especially as we cater to the affordable segment. I don’t think loan attrition is much of a concern for Repco as of now. I am not denying it, it is very much there, banks are trying to poach customers of HFCs, but Repco is still growing at a faster clip outperforming even this attrition. Apar om rre etail loans tto o homebuy er s, Apartt fr from homebuyer ers, de devv eloper financing ha hass been an additional busine or many HF Cs. Is HFC businesss ffor Repc o ac tiv e in this field? epco activ tive No, not at all. We don’t give loans to developers, and remain a pure retail player, supporting only homebuyers. In fact, this is one of our unique strengths, as it enables us to avoid large NPA possibilities, and we take pride in that. HFCs normally do developer loans to boost loan book and margins, but we have been growing above industry-average without resorting to developer loans. Wha e yyour our eexpansion xpansion plans ? Whatt ar are plans? For company like RHFL that is focused more on the rural sector expansion will invariably entail the branch network expansion.We would endeavour to embark upon a branch expansion strategy depending on the prevailing economic scenario. Ho w sa tis fied w er e yyou ou with the Q2 How satis tisfied wer ere re sult sultss? There is no room for much dissatisfaction, as we are continuing to grow the loan book between 25-30%. In our business, that is the core metric to watch out for. Secondly, our NPAs are firmly under control, with Gross NPAs around 1.50%, and Net NPAs around 0.90%. So, I am more than satisfied with our performance in Q2. I expect to continue with this

performance in the remaining half of this fiscal, as well as in the coming fiscal. The only concern this time was slightly higher operational cost, and the creation of an NHB mandated deferred tax liability reserve, which is applicable to all HFCs. epc o Home FFinanc inanc e st ock ha The R inance stock hass Repc epco been a ttop op per se s. perfformer in the bour bourse ses. Ho w do yyou ou vie w it? TTher her e ha How view here hass been high FII churn, and yyour our FDI limit ha hass been upped rrec ec en tly … ecen ently tly… Yes, our stock has been performing well in the bourses, ever since our listing in April 2013. From the offer price of Rs.172, the stock had hit its all-time high of Rs.663/- recently. But apart from mentioning that, it is not proper on my part to comment on the stock’s performance. Regarding the FII churn, it is to be expected as some of the early institutional investors made 2X-4X returns within months. But for every institution that exited or sold partially, there have been new institutional entrants. In fact, the FII interest is so strong that RBI allowed us to hike our foreign shareholding to 49% during October.

At the end o es yyou ou off the da dayy wha whatt giv give deep sa tis tion? action? satis tisffac At Repco Home Finance, we have been fulfilling a major social need - of delivering reliable and affordable home loans to the rural and informal sectors. There are not many players who are doing it, due to the hard work and the higher risk involved. So, at the end of the day, it is a great feeling that you are not only doing business, but being a critical part of social and national development. Secondly, at Repco, we have been able to do this in a reasonably profitable and sustainable way, so that our shareholders and employees could be rewarded. As you know, apart from our public investors like FIIs/DIIs and retail investors, even our promoter group Repco Bank’s ownership is uniquely structured with around 75% owned by Government of India and the Governments of Tamilnadu, Andhra, Kerala, & Karnataka, and the remaining 25% owned by repatriates. So, our success is touching a lot more lives, than just our customers. 53 Seasonal Magazine

LUXURY JEANRICHARD LAUNCHES TERRASCOPE IN A NEW 39MM SIZE Jeanrichard has developed its Terrascope in a second 39 mm diameter ideally suited for any wrist. This new face for the brand's iconic model has several striking versions, including some flagship feminine watches. The Terrascope 39 mm keeps the same original case with a cushion-shaped middle part and the round bezel, while reinterpreting it to experience new dimensions. Using varied materials and finishes of different elements, each model gets a different personality, thus meeting the tastes of all. A new feature of these innovative models is also the see-through caseback now implemented for this whole collection. Made of sapphire glass, the back of the watch gives insight on the black oscillating weight of the self-winding mechanical movement.

Visconti’s Gold Limited Edition Pays Tribute to the Last Grand Master of the Knights Mightier than a blood thirsty sword, the latest invention by Visconti is a throwback to a revered crusader from almost 700 years ago. This Jacques de Molay Templar fountain pen infuses the life history of the last Grand Master of the Order of the Knights Templar which was found 1118 years ago. Mak e and FFinish inish Make

Ermenegildo Zegna introduces Peruvian Ambrette fragrance Ermenegildo Zegna Parfums has introduced Peruvian Ambrette fragrance to its exclusive Essenze Collection. The signature raw material, ambrette, comes from a very small yield of tiny seeds and a multi-step process, making it one of perfumery’s most expensive and rarest ingredients. Derived from the San Martín region of Peru’s Amazonian rainforest, the seed produces a fragrant essential oil, a sweet rich musk with nutty undertones, which is considered the only natural non-animal musk ingredient in the fragrance industry.

Fashioned out of ivory-hued precious resin, the limited edition fountain pen infuses intricate filigree work on its offwhite body which draws inspiration from the Templar’s white surcoat embossed with a red cross.

MANDARIN ORIENTAL HYDE PARK LONDON PARTNERS WITH FASHION BRAND CHLOE Luxury hotel Mandarin Oriental Hyde Park, London has announced an exclusive partnership with French high end luxury Maison Chloé, as the Spring/ Summer 2015 collections arrive in stores, commencing February 12, 2015. In celebration of London Fashion Week, Mandarin Oriental Hyde Park is offering a special package in luxurious accommodation, with the opportunity to own the Drew bag ahead of London Fashion Week.

S.T Dupont Unveils The White Night Limited Edition Collection The French luxury brand, S.T. Dupont has once again launched its annual limited edition pen collection comprising 515 pieces of ball point and fountain pens. Mak e and FFinish inish Make Each fountain pen and roller ball pen in the collection is delicately engraved with the royal ceremonial armours worn by knights during the Renaissance Seasonal Magazine 54

period. Staying true to the knights theme, a decorative helmet glorifies the pen. In recognition of being master lacquerers, fine hand guilding adorns each of them. The pen clip is studded with gorgeous flamboyant rubies and black jasper. Str ength and Bea ut Strength Beaut utyy The collection is crafted to perfection, based on the theme of knights. The pens are bold and make a powerful impact.

CHANEL LAUNCHES A LIMITED EDITION COFFRET WITH COCO MADEMOISELLE PARFUM

GUCCI APPOINTS ALESSANDRO MICHELE AS CREATIVE DIRECTOR As we reported on our Twitter profile, Gucci and Kering have announced the appointment of Alessandro Michele as Gucci's new Creative Director, who has total creative responsibility for all of Gucci's collections and its brand image. Mr Michele’s first collection will be for Women’s ready-to-wear for Autumn/ Winter 2015-16 to be presented on February 25. Mr Michele, 42, studied at Academia di Costume

Packaging its Coco Mademoiselle parfum in quite a useful way, Chanel is launching a limited edition Coffret which includes the 50 ml iconic bottle of Coco Mademoiselle and a purse spray (7.5 ml) with three refills for a perfect way to revive your fragrance throughout the day. The oriental fragrance has a strong character and surprising freshness, thus cultivating the art of paradoxes. The vibrant, sparkling freshness of orange immediately awakens the

senses, before giving way to a clear and transparent heart with an unexpectedly delicate floral bouquet of Rose and Jasmine. A bold sensuality emerges in the base underscored by pure patchouli and vetiver. The Coffret will be launched on March 1, 2015, and will be available at only four Chanel stores across India, at Palladium Mall (Mumbai), Phoenix Market City (Chennai), Select City Walk (New Delhi), and at The Imperial New Delhi.

VICHY BI-WHITE RANGE COMPLETES WITH BIWHITE MED EYES Vichy, a leading French dermo-cosmetic brand and pioneer in the field of skin care, has added Bi-White MED Eyes to its Bi-White range. Bi-White MED Eyes is an illuminating concentrate for an instant and lasting eye look transformation. The deep action of a whitening essence, associated with the immediate enlightening power provided by illuminating nacres, corrects eye contour complexion flaws. Bi-White MED Eyes is as deep an essence that comes with the most powerful whitening ingredients (Vitamine CG, B3, Caffine) and liquid light technology blended in the formula. The texture is light, refreshing fluid and is suitable for all skin types. It works around eye area and treats dark spots, dark circles, shadows and puffiness.

e di Moda in Rome and joined Fendi as Senior Accessories Designer. He moved to Gucci in 2002, assuming responsibilities in the Creative Department until he was promoted to the role of Associate to the Creative Director Frida Giannini in May 2011. In September 2014, he took on the additional responsibility as Creative Director of Richard Ginori, the renowned Italian fine porcelain brand that Gucci acquired in June 2013.

CLINIQUE COLLABORATES WITH SINGER MEGHAN TRAINOR TO LAUNCH LIMITED EDITION MAKEUP BAG Clinique, a leading prestige beauty brands, has partnered with Meghan Trainor, Grammy nominated artist of hit song 'All About That Bass' to create a limited edition makeup bag inspired by her 'Lips Are Movin' video. The bag will be available exclusively online in the UK and US. Additionally, she has also chosen her favourite Clinique lip products from the brand's lip collection. "I love Clinique products and it was an honor to curate my favourites from the brand! Designing the cosmetic bag was a fun process and I hope my fans enjoy it!" said Ms Trainor. Her favourite Clinique lip products includes a variety of shades from Clinique’s Long Last Glosswear and Soft Matte Lipstick ranges. 55 Seasonal Magazine

LUXUR Y URY CELEBRATED COLLECTIONS & IMPORTANT DIAMONDS DRIVE SOTHEBY'S NEW YORK AUCTION OF MAGNIFICENT JEWELS A combination of important stones and jewels from the collections of Helen Hay Whitney, Estée Lauder, Evelyn H. Lauder, Grand Duchess Vladimir of Russia and more led the auction of Magnificent Jewels at Sotheby’s New York to achieve $44,151,251. This figure raises the total for Sotheby’s worldwide jewelry auctions in 2014 to $597.5 million thus far. The auction was led by a Magnificent Platinum-Topped Gold and Diamond Necklace presented to Helen Hay on her marriage to Payne Whitney in 1902 – a famous society event. Featuring four diamonds ranging from F to H color, and weighing 27.48, 15.53, 13.08 and 8.91 carats respectively, the necklace sold for $3,189,000. Jewels from the collections of Mrs. Estée Lauder and Mrs. Evelyn H.

BELVEDERE VODKA PARTNERS WITH SPECTRE, THE 24TH JAMES BOND ADVENTURE Belvedere, the luxury vodka, has collaborated with Albert R. Broccoli’s EON Productions, Metro-Goldwyn-Mayer Studios, and Sony Pictures Entertainment to promote Spectre, the 24th installment of the James Bond series, due for global release on November 6, 2015. Belvedere will release two custom made and limited editions to celebrate Bond’s vodka martini ‘Shaken not Stirred’, and its partnership with the 24th Bond adventure. In an

BRITISH POLO DAY IN INDIA SUPPORTED BY JAEGER-LECOULTRE British Polo Day returned to Jodhpur in December 2014, at The Jodhpur Polo and Equestrian Institute, for a weekend of fastpaced polo. Jaeger-LeCoultre is the official watch partner of the British Polo Day Global Series held not only in India but also in Abu-Dhabi, Dubai, China, USA, Australia, Mexico, Morocco and Russia. Hosted by His Highness Gaj Singh II, the Maharaja of Marwar-Jodhpur, The Jodhpur Polo and Equestrian Institute welcomed The British Army, President’s Bodyguard, Sahara Warriors, Eton, Mayo, Oxford and Jodhpur Polo teams for an exhilarating three-day competition. Actively involved in all the highlights of the event, JaegerLeCoultre awarded HH Maharaja Seasonal Magazine 56

unprecedented move, Belvedere has replaced the iconic Belvedere Palace with the famous MI6 headquarters. Belvedere’s signature blue palette will be switched for a distinctive green, mirroring the secret spy agency’s ink of choice, creating a truly memorable collector’s edition of 100 bottles. A 007 twist will also be applied to Belvedere’s iconic Silver Saber bottles, known for their cutting edge, metallic aesthetic and illuminating technology. Padmananbh Singh of Jaipur – the 16-year old son of the royal family of Jaipur, who represented Mayo College - with the “Most Valuable Player” prize, by presenting him a Jaeger-LeCoultre Atmos Classique clock.

Lauder together achieved $3.9 million in the auction. Thirty-two jewels from the collection of Evelyn H. Lauder – sold to benefit The Breast Cancer Research Foundation – were led by a rare ‘Tutti Frutti’ Bracelet by Cartier circa 1928. Seven bidders battled for the iconic jewel, driving the final price to $2,165,000 and marking a new world auction record for any ‘Tutti Frutti’ bracelet by Cartier. Ten pieces from Estée Lauder’s collection – sold to benefit the Alzheimer’s Drug Discovery Foundation – were led by a pair of Fancy Brown-Yellow Diamond and Diamond Earclips by Van Cleef & Arpels that fetched $233,000.

ROKA AKOR CHICAGO GIVES FINE DINING OPTIONS TO CELEBRATE 2015 Rok or Chic ago is pulling out all the st ops ttoo okaa Ak Akor Chicago stops celebr ear with special elebraate the ffeestiv stivee time ooff yyear pr omo tions, prix-fix promo omotions, prix-fixee menus, eexxclusiv clusivee wine pairings and mor his Dec ember 24, RRok ok moree. TThis December okaa Ak or’s Che ving gue st Akor’s Cheff CCee Bian is ser serving guest stss an our-c our se ttaasting menu ($75/gue st), exquisit quisitee, ffour-c our-cour ourse ($75/guest), which include oba includess dishe dishess lik likee RRoba obatta Grilled ur a; W cr epper Sc allops with TTruf ruf fled Ik ura; Waater ercr creess, PPepper epperss Scallops ruffled Ikur & King TTrumpe rumpe ooms; Crisp ried LLemon emon rumpett Mushr Mushrooms; Crispyy FFried Sole with Chili PPonzu onzu & Smok ed Sea Salt; Sak Smoked Sakee St eamed Mus sels with Wild Mushr ooms & Steamed Mussels Mushrooms Se same PPanc anc ak e; RRoba oba oa st Duck with Ume Sesame ancak ake; obatta RRoa oast Sancho Glaz oo Glazee & LLootus RRoo oott Salad; and Choc ola ak eam & Mix ed Chocola olatte CCak akee with Ube Ic Icee Cr Cream Mixed Berrie s. Ring in 20 15 aatt RRok ok or Chic ago Berries. 2015 okaa Ak Akor Chicago wo ttaasting menus ffea ea turing fiv with one ooff ttw eaturing fivee suc culen our se succulen culentt ccour ourse sess made with fr freesh sea seaffood and

selec eak. Be st an stick their cutler selectt cut cutss ooff prime st steak. Bettween 5pm and 7:30pm, gue guest stss ccan cutleryy in Goma inaigr ak ed emongr inaigreette; Grilled TTak akoo Salad with Charr Charred emongraass VVinaigr Salmon TTaataki with Cucumber and LLemongr er Maki; Madaga sc an TTiger iger Pr Toma s, Micr ob ster Madagasc scan Praawns omattoe oes, Microo Herb Herbss and Ginger Shallo Shallott Dr Dreessing; LLob obst st ak with YYuzu uzu KKosho osho Chili PPaast e; and Choc ola eam. ste; Chocola olatte LLaayer CCak akee with Homemade Mochi Ic Icee Cr Cream.

NIRAV MODI LAUNCHES LUMINANCE COLLECTION Inspired from the different intensities of light that create beautiful depths and patterns, jeweler Nirav Modi’s new Luminance Collection aims to generate brilliance through different diamond cuts, sizes and shapes. Composed of carefully selected white diamonds, it takes a great deal of patience and time to select exactly the right kind of diamonds that will complement each other to bring a piece to life. The diamonds are chosen to be perfectly proportionate and modulated to create visual movement. Pear and marquise shaped diamonds in full cut, old mine cut, re faceted rose cut and rose cuts are arranged in gracefully flowing floral or cluster arrangements. Each diamond is set with fine melee tips adding another dimension of light further accentuating the negative space between

design elements. In keeping with the brand’s philosophy of minimum metal and maximum brilliance, the diamonds are ingeniously linked by handcrafted knife edge connectors. The collection comprises bracelets, necklaces, earrings, rings and pendants.

SALVATORE FERRAGAMO LAUNCHES INCANTO AMITY FRAGRANCE Taking ahead from its predecessors, Incanto Amity is the fresh, new and enchanting fragrance by Salvatore Ferragamo. The charmingly feminine essence of this delicate fragrance interprets a sweet emotion and its soft and silky trace upon the skin. Juicy notes of the satsuma mandarin and yubari melon lead to an intense floral bouquet of jasmine flowers and lotus blossoms. This lovely composition is wrapped in a sophisticated blend of white cedar and white musk revealing a surprisingly different scent. A floral, fruity scent, you can hardly go wrong with Salvatore Ferragamo. 57 Seasonal Magazine

LUXUR Y URY ESTEE LAUDER INTRODUCES NEW ENLIGHTEN SKINTONE CORRECTION COLLECTION

GUCCI PRESENTS ITS MEN'S PREFALL 2015 COLLECTION

Estee Lauder has launched the new Enlighten Skintone Correcting Collection, a skincare regimen with an “enlightened” approach to luminous, naturally beautiful skin. Estée Lauder scientists leveraged new research that shows daytime damage leads to proliferation of pigmentation each night. Formulated with Estée Lauder’s intensive, comprehensive skintone correcting technology, new Enlighten’s potent formulas work night and day to help break the cycle of daily assaults and irritation that lead to hyper pigmentation and dark spots, revealing naturally glowing, even-toned skin. Each night, New Enlighten infuses skin with Estée Lauder’s advanced spot-correcting and brightening technology to help address skin’s nighttime pigmentation response while helping correct the look of existing imperfections. In day time, this new regimen helps defend skin against damage that contributes to spots, uneven pigmentation and other imperfections. It defends against UV, the visible irritation effects of pollution and against free radicals.

Taking inspiration from its equestrian heritage and love for other rich sports, Gucci’s Prefall 2015 Collection plays a key role in a season where sartorial style and jet-set attire seamlessly come together. Layered outfitting gives a complete look to the gentleman moving outdoors for that match of horse riding. A retro fox-hunting look characterizes the red coat in tricotine, while jersey peacoats take inspiration from country quilts for subtle mélange stripes.

LEGENDARY ACTRESS LAUREN BACALL'S JEWELRY COLLECTION TO BE AUCTIONED Lauren Bacall, a legendary Hollywood actress with taste, elegance and glamour, has always created her own unique style. Her beloved collection of jewellery will now be offered at auction by Bonhams New York on March 31 and April 1, 2015. A selection of more than 30 items of the late actress’ jewellery will be part of the extensive 700-lot auction of the Lauren Bacall Collection. The collection of jewellery includes rings, bracelets and earrings by Chanel, Cartier and Tiffany, and reflects Bacall’s exquisite taste and remarkable life as one of the world’s most significant actresses of the stage and screen.

LONGINES OPENS A NEW BOUTIQUE IN MUMBAI Longines has opened a new boutique in Mumbai on the premium high street of Linking Road. On the occasion, the Swiss watch brand also presented Conquest Classic, a collection dedicated to horse lovers. Longines Ambassador of Elegance, Aishwarya Rai Bachchan, inaugurated the shop. The new boutique, true to Longines’ design philosophy, provides an elegant and contemporary environment. The shop, much like the ones all over the world, perfectly embodies the DNA of the brand and offers a perfect setting for the Longines timepieces. Mrs Rai Bachchan commented, “I always felt that just one boutique could not do justice to the thriving needs of this city. Seasonal Magazine 58

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Stay Tuned! Students, Teachers, Parents, & Campus Recruiters!

Seasonal Magazine

SEASONAL MAGAZINE IS GETTING READY TO PRESENT OUR FIRST ANNUAL PRIVATE UNIVERSITY RANKINGS IN OUR NEXT ISSUE FOR THE BENEFIT OF STUDENTS SEEKING ADMISSIONS FOR 201516 ACADEMIC YEAR. IN THIS PRE-RANKING ISSUE, WE PRESENT THE LEADING 50 CONTENDERS FOR THE VARIOUS AWARDS TO BE PUBLISHED IN THE NEXT ISSUE. TOP PRIVATE UNIVERSITIES WILL BE SELECTED IN DIFFERENT CATEGORIES, DIFFERENT STREAMS, AND DIFFERENT GEOGRAPHIES. GOING A STEP BEYOND CONVENTIONAL MEDIA RATINGS, SEASONAL MAGAZINE WILL BE HIGHLIGHTING SEVERAL NICHE ASPECTS FOR AWARDS THAT ARE INCREASINGLY ON THE LOOKOUT OF ASPIRING STUDENTS TODAY. APART FROM FEATURING THE TOP 50 CONTENDERS, THE CURRENT ISSUE ALSO NAMES THE PRESTIGIOUS AWARDS THAT ARE UP FOR GRABS IN THE NEXT ISSUE.

fter almost a dec ade ooff limitle decade limitlesss er sitie gr groowth priv privaate univ univer ersitie sitiess ar aree f acing stric egula tion bbyy strictt er rregula egulation various st staate go govvernmen ernmentts aass the theyy mo movve in ademic yyear ear 20 15-16. intto ac academic 2015-16.

the st se ccen en tr al staate go govvernmen ernmentt nor the these entr tral agencie agenciess ac actt ed against the thess e univ er sitie s, un til the rregula egula univer ersitie sities, until egulattor w waas se sett up with enough ttee ee th ttoo ttak ak tion eeth akee ac action ba sed on the se same ccen en tr al norms. based these entr tral

Academic yyear ear 20 14-15 is de stined ttoo 2014-15 destined or priv notte ffor privaate end on a tumultuous no univ er sitie groowth during the ersitie sities. univer s. Unbridled gr ac pa st ffeew yyear ear past earss w waas sur suree ttoo aatttr trac actt stric strictter regula tion, and it is finally arriving. egulation,

T h i s i s n oott ttoo m e a n t h aatt p r i vvaa t e u n i vvee rrss i t i e s h aavv e n ’ t d o n e t h e i r de signa ole en tir ely designa signatt ed social rrole entir tirely ely.. One hin hintt for their eeff fec tiv ene ome ectiv tivene eness s ccome omess fr from om the dr ama tic shif or rreesear ch drama amatic shiftt in demand ffor search g rraa nntt s rree ccee i vvee d by C Cee nntt rraa l Go t’s Depar tmen Govvernmen ernment’s Departmen tmentt ooff Scienc Sciencee & TTechnology echnology (D ST). (DS

Wha ar Whatt st star artted oofff aass a simple mo movve bbyy Himachal go t, ttoo se govv ernmen ernment, sett up a r egula or the sec egulatt or ffor sectt or or,, ha hass been a d o pptt ed bbyy a ffee w oother ther st staa t e go oo . W e st Bengal w a s govvernmen ernmentts ttoo oo. We wa ne nexxt in line ttoo appoin t a Monit oring C ell ffor or Cell appoint Monitoring a s suring tha t priv a t e univ er sitie s ar e univer ersitie sities are that priva keeping their w or ds ttoo bo th the studen wor ords both studentts as w ell aass the Go t. well Govvernmen ernment. No w, the need ffor or such a rregula egula Now egulattor is being ffelt elt in Punjab ttoo oo s, oo,, with legisla legislattor ors, cut ting acr os s, clamouring ffor or osss par partty line cutting acros lines, a po wer ful rregula egula ein in priv pow erful egulattor ttoo rrein privaate univ er sitie ell aass priv ollege s. univer ersitie sitiess aass w well privaate ccollege olleges. The St eady rreesponded hass alr already Staate’s CM ha by in tr oducing the Punjab EEduc duc intr troducing ducaational Institut egula uthorit Institutee R Regula egulattor oryy A Authorit uthorityy Bill in the St Staate A Asssembly sembly.. Legisla er en tly alarmed aatt egislattor orss w wer eree appar apparen ently the situa tion in Punjab situation Punjab,, wher wheree ther theree ar aree alr eady 22 Priv er sitie s, and 2 already Privaate Univ Univer ersitie sities, mor ome up soon. moree ar aree all se sett ttoo ccome Mean while Meanwhile while,, in the st staa t e wher wheree the tion st regula ar egula egulattor oryy ac action star artted, the rregula egulattor or,, the Himachal Pr sh Priv Praa d eesh Privaa t e E duc egula ducaa tional Institutions R Regula egulatt or oryy Commis sion ha ec en tly ccanc anc elled 1,000 ommission hass rrec ecen ently ancelled sea arious str eams in se al seatt s ooff vvarious streams sevv er eral priv er sitie orking in the st privaate univ univer ersitie sitiess w working staate. The se sea er ea hese seatts w wer eree cr crea eatted bbyy flouting the TE, & NC TE, but no UGC,, AIC AICTE, NCTE, nott norms ooff UGC

While ear While,, eevv en a ffee w yyear earss earlier earlier,, the er oposals w proposals wer eree domina dominatted bbyy the lik likees pr of IIT s, IISc w ar ound 50% ooff IITs, IISc,, NIT NITss eettc, no now around the pr oposals ar om priv proposals aree fr from privaate institut institutees. Though priv ollege ollegess privaate or self-financing ccollege too ar aree included in this 50%, ther theree is no doub en doubtt tha thatt it is the adv adven entt ooff high-pr high-proofile priv er sitie univer ersitie sitiess tha thatt ha havve changed privaate univ the rreesear ch landsc ape search landscape ape.. Many priv er sitie an privaate univ univer ersitie sitiess w wan antt ttoo pr proove a poin st pointt about their qualit qualityy, and wha whatt be best way than rreesear ch ttoo do it? D ST rreesear ch search DS search gr an ous, aatt lea st gran antt s ar aree quit quitee gener generous, least ac ding ttoo Indian st andar ds, rranging anging acccor ording standar andards, fr om R s. 30 lakh ttoo R s. 30 cr or or a from Rs. Rs. cror oree ffor ojec t. single appr approoved pr projec oject. The ffocus ocus and ccompe ompe tition on rreesear ch ompetition search ac tivitie finit ely impr activitie tivitiess ar aree de definit finitely improoving in the coun tr ountr tryy, but the sad par partt is tha thatt Indian higher educ or educaation is still no ma matt ch ffor e v en BRIC S s ttaa n d a rrds, ds, le BRICS lett alone de oun trie s’ st andar ds. standar andards. devveloped ccoun ountrie tries’ In the rrec ec en tly published study he TTime ime ecen ently study,, TThe imess Higher EEduc duc S and Emer ging ducaation BRIC BRICS Emerging Economie ankings 20 15, which giv onomiess R Rankings 2015, givees compr ehensiv se omprehensiv ehensivee da datta and analy analyse sess on 100 univ er sitie ging ec onomie univer ersitie sitiess in 18 emer emerging economie onomiess ooff the w orld, Indian univ er sitie ollege world, univer ersitie sitiess and ccollege ollegess ar wher aree no nowher wheree.

The rreesult wn tha sultss ha havve sho shown thatt out ooff the top 10 univ er sitie s, 3 ar om China, 3 univer ersitie sities, aree fr from om TTaiw aiw an, 1 is ar om TTurk urk from aiwan, aree fr from urkeey, 1 is fr fr om Rus sia, 1 fr om Br azil, and 1 fr om from Russia, from Brazil, from South A fric a. TTher her Afric frica. heree is no nott a single Indian univ er sit op 20 univ er sitie s. univer ersit sityy in eevven the ttop univer ersitie sities. Only the Indian Institut Institutee ooff Scienc Sciencee , Bangalor ank Bangaloree, rrank ankss 25 on the list. With the st emier institut staate ooff our pr premier institutees ch being such, one ccan an imagine the rreesear search st andar ds aatt priv er sitie standar andards privaat e univ univer ersitie sitiess and s, and ho w much the college how theyy ha havve ttoo olleges, impr improove. One positiv or priv positivee de devvelopmen elopmentt ffor privaate st yyear ear ha univer ersitie sitiess during the pa past hass univ er sitie been the se settting up ooff a dedic dedicaated fund for financing them bbyy a list ed ccompany ompany listed ompany.. Mor Cs ar xpec ollo w suit Moree NBF NBFC aree eexpec xpectted ttoo ffollo ollow e y eing this emer ging lucr lucraa tiv tivee emerging oppor tunit elie opportunit elieff ttoo the ccaashtunityy, bringing rrelie str apped self-financing sec strapped secttor or.. Those eligible ffor or pr emium sub sidiz ed premium subsidiz sidized ely ttoo cconsider onsider educ aree highly unlik unlikely educaation ar either priv er sitie privaa t e univ univer ersitie sitiess or priv privaa t e college st choic ving selfollegess aass a fir first choicee, lea leaving financing ccollege ollege er sitie ollegess and univ univer ersitie sitiess ttoo c o m p eett e with each oother ther ffoo r t h e remaining lar ge pool ooff studen large studentts. B ooth th priv ollege privaa t e ccollege ollegess and priv privaa t e univ er sitie tiv os & univer ersitie sitiess ha havve their rreespec spectiv tivee pr pros cons. While priv ollege st about privaate ccollege ollegess boa boast affilia tion ttoo a rreput eput ed public univ er sit filiation eputed univer ersit sityy an ademic and the rree sult sultan antt higher ac academic sitie ak benchmarking, priv er univer ersitie sitiess st stak akee privaate univ their main claims on ne wer and be new bettter in fr tur ell aass on ac ademic infr fraastruc structur turee aass w well academic aut onomy rreesulting in upda utonomy updatted curricula. No w, w Now wee ar aree oofff ttoo name the TTop op 50 or the vvarious arious aaw war ds in this onttender enderss ffor ards Con pr e-r anking is sue or ge pre-r e-ranking issue sue.. Don’t ffor orge gett ttoo also ha war ds havve a look aatt the pr preestigious aaw ards tha sue thatt ar aree ttoo be pr preesen sentted in the ne nexxt is issue sue.. 63

Seasonal Magazine

Alliance University, Bangalore, Karnataka

The Leaderâ&#x20AC;&#x2122;s Vision Makes the Difference Alliance University is one of the rare private universities promoted by a thoroughbred educationist of international repute. Dr. Madhukar G Angur scaled the pinnacle of his career with the Lifetime Achievement Award of David M French Distinguished Professorship at University of Michiganâ&#x20AC;&#x2DC;s Flint School of Management. Not only that, Dr. Angur is a noted international corporate consultant on strategy as well as a successful entrepreneur. While Alliance University offers a broad range of courses, its main hallmark has been rigorously updated and modern curriculum across all the streams. AU is also noted for its impressive academic infrastructure, like its 50,000 sq ft Central Library. Its students across engineering, management, sciences, law etc also benefit from AUâ&#x20AC;&#x2122;s strategic academic alliances with many reputed universities worldwide.

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Dr. Madhukar G Angur

Nirma university was founded by one of Indiaâ&#x20AC;&#x2122;s most illustrious entrepreneurs, Karsanbhai Patel, who founded Nirma Group. While Karsanbhai Patel serves as NU's President, it is professionally run by its Vice President Ambhubhai Patel, a veteran banker, and academically by Dr. Anup K Singh, Director-General and Chairman of Academic Council as well as Finance Committee. Dr. Singh has been trained at University of Allahabad, University of Michigan, Northwestern University, and Harvard University, and has taught at leading B-Schools, and done corporate training for several leading corporates and organizations including ONGC, IOC, Bharti, L&T, New Holland, Nirma, British Council, Cadila etc. Among many other achievements, this oldest private university in Gujarat, is noted for grooming start-ups and entrepreneurs, like Printajoy and Abhijit Karnik. Nirma University also brings great innovators like Mansukbhai Patel to its campus to teach students basics of innovation. Seasonal Magazine 66

Nirma University of Science & Technology, Ahmedabad, Gujarat

Designed for Promoting Innovation Dr. Karsanbhai Patel

SASTRA University, Thanjavur, Tamilnadu

Quality in Admissions to Placements Prof. R Sethuraman

Tamilnadu based Sastra University has differentiated itself from the rest of the deemed and private universities, starting from a uniquely transparent admission process, which is the brainchild of Prof. R Sethuraman, ViceChancellor. Unlike almost all of its peers, SASTRA University runs no entrance test of its own, but bases its admission on a combination of the nationally benchmarked JEEMain exam and plus-two marks, which is a very transparent process. The Thanjavur based deemed university has not grown its admission intake mindlessly, unlike most of its peers. Even now, SASTRA is home to only around 10,000 students indicating that it is not a money-making enterprise alone. This is despite having a commendable infrastructure of 30 lakh sq ft of built-up space, and over 700 staff. Industry too is taking SASTRA seriously, with one example being the Microsoft Technical Services Lab inside the SASTRA campus by the software major. On the placements front, SASTRA is quite successful, with the likes of TCS favouring the institutionâ&#x20AC;&#x2122;s candidates year after year. During last placement season, Sastra saw companies like Amazon, PayPal, Microsoft, Zoho, Freshdesk, MuSigma and Bosch recruiting its students even before the bulk recruitment season started.

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Assam Don Bosco University, Azara, Assam

Global Pedigree, Local Leadership Assam Don Bosco University is perhaps the only private university operating in India, whose promoting group runs 16 universities worldwide. Leveraging that strength, ADBU has rapidly grown to a leadership position in India’s North East. Due to the global Salesian organization’s contributions in setting up this university, ADBU’s fee structure is reasonable in comparison with its peers. The university is structured around three core schools School of Engineering & Technology, School of Management & Commerce, and School of Humanities & Social Sciences. While undergraduate engineering is its largest program, ADBU is also noted for its innovative courses in philosophy and convergent media. The university has a fulltime Director of Research, and is ably led by its Vice-Chancellor & President, Fr. (Dr.) Stephen Mavely, a noted educationist having 40 years of experience in North East.

Fr. (Dr.) Stephen Mavely

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Manav Rachna International University, Faridabad, Haryana

A Wide Portfolio of Subjects to Choose From Promoted by late Dr. OP Bhalla according to his unique philosophy of Vidyantariksha, which means â&#x20AC;&#x153;inner vision as root of all knowledgeâ&#x20AC;?, Manav Rachna International University (MRIU) is one of the larger self-financing universities in Haryana as well as NCR. Dr. OP Bhalla was a medical doctor turned realty developer turned edupreneur, who became most successful in his last domain of higher education. Today, under the leadership of his son Dr. Prashant Bhalla as President, and Dr. Amit Bhalla as Vice President, MRIU is carrying on that flame of success their father lighted, by offering one of the broadest portfolios including engineering, management, applied sciences, media, computer applications, commerce, humanities, and architecture. MRIU also promotes entrepreneurship development and is noted for its large PhD program.

Dr. Prashant Bhalla

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Dr. Amit Bhalla

Noida International University, Gautam Buddh Nagar, UP

Young, Fresh, & Custom Designed Noida International University is one of the youngest and freshest universities in India, for more reasons than one. Though it has been a recent entrant into the higher education space of India, its custombuilt campus near the F1 Circuit proves that it is here for the long haul. NIUâ&#x20AC;&#x2122;s greatest claim to fame is its Chancellor, Dr. Arvind Kumar Singh, who is now just 26 years of age, and was said to be the youngest Chancellor of a university anywhere in the world, when he assumed office in 2010. He is also a Lok Sabha MP for BSP, again the youngest MP in the 2014 batch, and under this University of Leeds postgraduate in International Relations, NIU is planning big in all its diverse streams that include engineering, management, law, nursing, liberal arts, mass communication etc. Dr. Arvind Kumar Singh

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SRM University, Kancheepuram, Tamilnadu

Differentiating by its Size and Scale SRMâ&#x20AC;&#x2122;s Founder and Chancellor TR Pachamuthu has transformed a simple self-financing SRM Engineering College in Tamilnaduâ&#x20AC;&#x2122;s Kancheepuram District and affiliated to Anna University, into todayâ&#x20AC;&#x2122;s sprawling SRM University with five ultra-modern campuses. With five campuses, 1500 faculty, and 20,000 students, not many private universities are likely to come close to SRM in size. If tallied also by the breadth of professional or science/arts streams offered, SRM should come in the first tier. It offers everything under the sun, from evergreen professional pursuits like engineering, medicine, & management, to almost all in-demand science and humanities including mathematics, biotechnology, bioinformatics, computer applications, languages, political science, commerce, economics, media studies, hotel management, education, and many more. No effort has been spared to create one of the most extensive educational infrastructures. Its main Kattankulathur Campus in Kancheepuram near Chennai is a 250 acres affair.

TR Pachamuthu

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Symbiosis International University, Pune

Four Decades of Experience Pune headquartered Symbiosis International University is one of the oldest and largest self-financing higher education setups in the country. Tracing its roots back to 1971, this is perhaps the oldest group of self-financing institutes that turned into a deemed university. Most other self-financing private universities or deemed universities (or their previous avatars) canâ&#x20AC;&#x2122;t be more than 43 years old. SIU is mind-boggling in its size too - with 9 campuses, 7 faculties, 43 institutes, and 107 programmes. Despite the early mover advantage, and despite the breadth as well as reach, Symbiosis has resisted the urge to grow student strength in geometric progression, which was the strategy employed by relatively newer self-financing universities. SIU is the brainchild of Dr. SB Mujumdar and is run under the able leadership of Dr. Vidya Yeravdekar.

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Dr. SB Mujumdar

Dr. Vidya Yeravdekar.

Sharda University, Greater Noida, UP

Different by Infrastructure Greater Noida based Sharda University is one of the larger private universities in the country, and one of the largest in Uttar Pradesh. Founded by edupreneur Pradeep Kumar Gupta, Sharda University belongs to the large Sharda Group of Institutions (SGI) which has a claim to be the largest educational group in UP. Sharda University stands as the pinnacle of achievement for the Group, with its world-class infrastructure, compared with the rest of the Group colleges. SU provides quality by way of infrastructure like modern classrooms, labs, & libraries.The faculty has some eminent teachers from IIT/NIT backgrounds.

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Pradeep Kumar Gupta

JSS University, Mysore, Karnataka

An Exclusive Private Medical University

Mysore based JSS University is one among a handful of self-financing medical universities in the country. JSS University is promoted by JSS Mahavidyapeetha, arguably one of the largest educational groups in the nation. JSS Mahavidyapeetha is an initiative of Sri Veerasimhasana Math at Srikshetra, Suttur, near Mysore, and its 24th pontiff His Holiness Jagadguru Sri Shivarathri Deshikendra Mahaswamiji. With more than 300 educational institutions under its fold, ranging from nurseries, schools and polytechnics to colleges. JSS Mahavidyapeetha counts among its visiting faculty, Dr. APJ Abdul Kalam, which is a rare honour. JSS University, being an exclusive medical university, is the height of achievement for JSS Mahavidyapeetha. Sri Shivarathri Deshikendra Mahaswamiji takes personal care in the well-being of JSS University and is also its Chancellor. BN Betkerur IAS (Retd.), Executive Secretary of the entire JSS Mahavidyapeetha empire is also the Pro Chancellor of JSS University. While these two leaders are from the sponsoring society, JSS University in itself has an array of professional leaders including Dr. B Suresh as Vice-Chancellor. Apart from the medical and dental colleges in Mysore, JSS University has two more constituent colleges, which are both pharmacy colleges, one in Mysore itself and the other in Ooty.

His Holiness Jagadguru Sri Shivarathri Deshikendra Mahaswamiji.

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Baddi University, Baddi, Himachal Pradesh

The Focus is on High Quality BTech

Though Baddi University, promoted by CASE Society, offers management as well as pharmacy programs, the core focus remains on engineering, especially on the BTech course. Baddi University in fact has a lofty ambition of being the best engineering institution for BTech in North India. Led by Chairman Ram Prasad Agarwala, Baddi takes care that quality of admissions is ensured at one end, and that pre-placement training is provided at the other end.

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VIT University, Vellore, Tamilnadu

A Leader in Engineering Courses VIT has two campuses at Vellore and Chennai, and its Bangalore campus fast racing to completion. Despite being a Deemedto-be University for some years now, VIT University is more famous for its graduate engineering program. An estimated 1.93 lakh students had registered to write last yearâ&#x20AC;&#x2122;s engineering entrance test. They competed for just 4197 seats, but counselling was there for ranks up to 20,000. VIT success is largely attributed to the vision of its founder G Viswanathan, its Chancellor and a former noted politician in Tamilnadu. Superior infrastructure is one area where VIT excels. VIT has a famed library, and it also ranks high in placements with the likes of TCS taking in many from VIT each year.

Dr. G Viswanathan

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Amity University, Multiple Cities

Vast and Modern Campuses Amity University is clearly a leader in the self-financing higher education scene, with one thousand acres of campuses across 5 cities.It has 600 Mbps WiFi broadband connectivity, and amphitheatre style, air-conditioned classroom. Amityâ&#x20AC;&#x2122;s infrastructure of 4.5 million sq. ft. of built up area, has been created in a purpose-built manner in a state-of-the-art style. Amity also excels in placements, with near 100% placements in most disciplines. Founder President Dr. Ashok K Chauhan and Chancellor & President Atul Chauhan have spearheaded this hard work that sets Amity apart.

Dr. Ashok K Chauhan

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Lovely Professional University, Jalandhar, Punjab

Designed and Built Larger-than-life

Ashok Mittal

Lovely Professional University (LPU) has rapidly become the largest single-campus private university in the country. The university is also noted for its breadth and variety of courses, as well as one of the most modern campuses. Chancellor Ashok Mittalâ&#x20AC;&#x2122;s vision is thinking big and he wants LPU to become one among the Top-200 universities worldwide, by the year 2020. LPUâ&#x20AC;&#x2122;s strategies to reach there include recruiting heavily from IITs for improving the faculty standards. The strategies also include unique pool-campus initiatives that goes much beyond campus placements. LPU even invited students from other universities to take part in such pool-campus placements. Also deserving mention among the strategies is LPUâ&#x20AC;&#x2122;s sharp focus on following a single-campus model, unlike most comparable peers. And the strategies also include one of the largest scholarships programs in the sector.

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OP Jindal Global University, Sonipat, Haryana

Global Tie-ups to Make a Difference Created by the Jindal Organization in memory of their renowned industrialist founder OP Jindal, this private university is unique in other ways too. Its Chancellor is Naveen Jindal, who is a former MP and also the Chairman of the groupâ&#x20AC;&#x2122;s flagship Jindal Steel & Power, which is the third-largest steel producer of the country behind SAIL and Tata Steel. An alumnus of University of Texas at Dallas, (which has renamed its Business School after him), Naveen Jindal has used his network effectively to forge tie-ups for OP Jindal University with international heavyweights like Harvard, Yale, Oxford, & Cambridge. Due to its focus on non-engineering streams, the student strength of the university is relatively smaller than larger private universities.

Naveen Jindal

ITM University, Gwalior, Madhya Pradesh

A University Excelling in Seminars and Conferences If you love attending professional conferences and seminars, ITM University of Gwalior is the place to be. Though sharing the same name, this private university is not connected to ITM University of Gurgaon or ITM University of Raipur. Founded by Rama Shankar Singh as Chairman, this selffinancing university is run by Samata Lok Sansthan Trust. Academically run by Dr. Yogesh Upadhyay as Vice Chancellor, ITM University offers a wide variety of courses in not only engineering and management, but in selective disciplines like physical education, agriculture, and fashion design. The university has a welldesigned training and placement cell that takes the help of national and international agencies to groom their students. Seasonal Magazine 84

Rama Shankar Singh

Sir Padampat Singhania University, Udaipur, Rajasthan

For a Vibrant University Life Sir Padampat Singhania University, located in the historic city of Udaipur in Rajasthan, has been created in the memory of late Indian industrialist Sir Padampat Singhania, who was Chairman of JK Mills, as well as a member of the Indian Constituent Assembly. Starting off with its core BTech course in 2011, SPSU today has programs in management too. The university is noted for its vibrant student life, thanks to the various clubs of interest. Led professionally by its President Ashok Ghosh,, SPSU has an effective placement cell, with students getting multiple offer letters. Recruiters include IBM and McKinsey.

AKS University, Satna, Madhya Pradesh

In an Industrial City, With Full Industry Focus AKS University, promoted by Rajiv Gandhi Group of Institutions, is noted for its 45 acres beautiful campus that is fully Wi-Fi connected. Led by its Chancellor, BP Soni, this group has a heritage of nearly two decades in higher education. Located in Satna, rightly called as the Cement Capital of India, AKS University is noted for its successful placements, both from the conventional industries as well from sunrise sectors like E-Commerce. Crafted on the unique AKS philosophy of â&#x20AC;&#x2DC;Think Global, Act Localâ&#x20AC;&#x2122;, the university breathes industry exposure in everything it does, and it even has an entrepreneurship development cell. Seasonal Magazine 86

BP Soni

Ganpat University, Mehsana, Gujarat

Urban Yet Green Campus Ganpat University, promoted by Mehsana District Education Foundation, is noted for its sprawling 300 acres campus at Kherva, in Mehsana. Despite located in an urban locale, the campus is home to over 50,000 trees, making it one of the greenest campuses among all private universities in India. Ganpat University is also noted for its wide variety of courses including engineering, management, computer applications, pharmacy etc. It also runs a renowned polytechnic.

Mewar University, Chittorgarh, Rajasthan

Grooming Winners Who are Also Spiritually Fit

Dr. Ashok Kumar Gadiya

Mewar University, promoted by Mewar Education Society, is renowned for instilling Indian values in its students, apart from educational achievements. Promoted by Dr. Ashok Kumar Gadiya, this private university has extensive facilities for yoga and meditation classes, so that the spiritual fitness of students are taken care of. The campus at Gangrar on NH-79 is also serene and built according to Indian architecture. Apart from its core engineering and management programs, Mewar University offers various degree courses in applied sciences, education, and law.It also has a few doctoral and post-doctoral programs. Seasonal Magazine 88

Galgotias University, Greater Noida, UP

The Edge is Academic & Industrial Linkages Greater Noida based Galgotias University has created a sound framework to emerge as a winner delivering productive education for its students. Chancellor Suneel Galgotia, CEO Dhruv Galgotia, and Vice Chancellor Dr. BV Babu have left no stones unturned in their pursuit to attract better quality of faculty and students and provide them with one of the best academic facilities in India. The excellence strategies at Galgotias University include significant scholarship programs, co-designed degree/PG courses by IBM, KPMG etc; grooming programs by Toyota, Infosys etc; and exchange programs with international academic giants like Purdue, Goethe, Georgia Tech etc. Within the restrictions of being a self-financing institution, Chancellor Suneel has pursued one of the most pragmatic quality policies ever seen in this sector. Central to Galgotiasâ&#x20AC;&#x2122; quality policy is the fact that admissions are solely based on merit. GU empowers its students to pursue a multidisciplinary approach from the undergraduate level onward. It is one of the few universities to have implemented the Flexible Credit System (FCS) for undergraduate programs in engineering. Chancellor Suneel Galgotia and CEO Dhruv Galgotia have also worked hard to forge several MoUs and student/faculty exchange programs with some of the most renowned universities in North America, Europe, & Australia.

Suneel Galgotia , Dhruv Galgotia

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Chitkara University, Rajpura, Punjab

A University by Academicians, Spanning Two States Chitkara University is really two universities by the same management, in two neighbouring states, Punjab and Himachal Pradesh. Founded by the educationalist duo of Dr. Ashok Chitkara and Dr. Madhu Chitkara, the university is one of the larger ones in these states, together home to over 10,000 students. Apart from core engineering and management courses, Chitkara University delivers courses in Mass Communications, Hospitality, Teacher Training etc. The older Punjab campus spans 50 acres and is at Rajpura on ChandigarhPatiala highway, and houses a modern museum too. The newer Himachal campus is at Barotiwala, and spans 17 acres.

Dr. Ashok Chitkara, Dr. Madhu Chitkara

Eternal University, Baru Sahib, Himachal Pradesh

Learn in the Beautiful Himalayan Valley Located in the breathtaking Baru Sahib, in the lap of mighty Himalayas, this state private university was founded in 2008 by Baba Iqbal Singh Ji, who is also its Chancellor. Run by the Kalgidhar Trust, the university as its name implies give great Dr. HS Dhaliwal

focus on developing holistic professionals. Led by Dr. HS Dhaliwal, Eternal University offers a wide variety of courses apart from its core engineering, science, and humanities subjects. These include music, nursing, agriculture, and food technology. While BTech admission is through JEE Main, Eternal also has own entrance exams for other courses.

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Integral University, Lucknow, Uttar Pradesh

Variety of Streams to Choose From Founded in 2004, Integral University of Lucknow has grown to a remarkable size steadily, with even full-fledged medical and paramedical courses. Run by Islamic Council of Productive Education, this self-financing state private university is professionally led by Chancellor Dr. SR Azmi Nadvi and ViceChancellor Prof. SW Akhtar. For its core undergraduate engineering stream of BTech, admission is through Integral University Admission Test (IUET). Separate residential facilities are available for boys and girls, and the campus recruiters include TCS, Bosch, & HDFC Bank. Dr. SR Azmi Nadvi

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ICFAI University Group

A University in 11 States ICFAI University Group consists of a Deemed University approved by Government of India, and a group of 10 private universities approved by various state governments. ICFAI University Group is promoted by Institute of Chartered Financial Analysts of India (ICFAI), the organization that confers the Charter, Indian CFA, to eligible candidates. The Groupâ&#x20AC;&#x2122;s Deemed University is ICFAI Foundation for Higher Education (IFHE), Hyderabad. Its 10 other private universities are in the states of Uttarakhand (Dehradun), Tripura, Sikkim, Meghalaya, Mizoram, Nagaland, Jharkand, Chattisgarh (Raipur), Rajasthan (Jaipur), & Himachal Pradesh. Though its roots belongs to financial education, todayâ&#x20AC;&#x2122;s ICFAI University Group offers almost all professional courses including engineering, management, and law.

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DA-IICT, Gandhinagar, Gujarat

Super Specializing in ICT

Dhirubhai Ambani Institute of Information & Communications Technology (DAIICT) has a sharp focus not just on engineering, but on a super-specialization of engineering like Information & Communication Technology (ICT). Crafted in an expansive green campus, DA-IICT is run by Dhirubhai Ambani Foundation promoted by Anil Dhirubhai Ambani Group. Though its name doesnâ&#x20AC;&#x2122;t carry the university tag, DA-IICT is a state private university that offers BTech and MTech courses in streams like computer science, IT, & ICT. Anil Ambani lends his name as President of DA-IICT, which admits most students through JEE Main marks. The self-financing university is led by Prof. Dr. R. Nagaraj. Anil Ambani

Christ University, Bangalore, Karnataka

Traditional and Disciplined Christ University of Bangalore has steadily evolved through various stages since its start as Christ College in 1969. Promoted by Carmelites of Mary Immaculate (CMI), a Syrian Catholic congregation, Christ College was initially affiliated to Bangalore University. It was the first institution in Karnataka to be accredited by NAAC. In 2004, UGC granted autonomy to Christ College. In 2005, the college was re-accredited by NAAC at A+ (another state first) and in 2006, UGC identified it as an Institution with Potential for Excellence. It was in 2008 that Union Government conferred Deemed to be University status to the institution. CU is noted for ensuring a high degree of discipline among students. 93 Seasonal Magazine

AZIM PREMJI UNIVERSITY, BANGALORE, KARNATAKA

Growing to a Wider Focus

Azim Premji

Unlike most other private universities in the country, Azim Premji University has a sharp focus on only a couple of core sectors like education and development. In fact, when it started out in 2010, these were the only two streams available, and only postgraduate programs were offered by this self-financing university. Promoted by Azim Premji Foundation set up by billionaire businessman Azim Premji of soap-to-software major Wipro, the university has evolved from the deep experience of his foundation in running teachersâ&#x20AC;&#x2122; training programs for years. However, in 2015, the university is finally shedding its narrow focus and launching undergraduate programs in sciences and humanities, as well as a postgraduate program in Public Policy & Governance.

Apeejay Stya University, Sohna, Haryana

Differentiating Through Innovation Promoted by Apeejay Stya Group, one of the noted business conglomerates in NCR, Apeejay Stya University is quite young, having started only in 2010. But some of the constituent institutions have richer experience behind them. This private self-financing university in Gurgaon District of Haryana, has been differentiating itself through some innovations like Liberal Arts and Trans Disciplinary Research. Apart from its core engineering and management programs, ASU offers courses in journalism, education, pharmacy, biosciences, and design / visual arts. This private university is led by Sushma Berlia as Chancellor, and Aditya Berlia as Pro-Chancellor.

Sushma Berlia

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MATS University, Raipur, Chattisgarh

Locally Large, Globally Ambitious Mahaveer Academy of Technology & Science (MATS) University is a minority university based in Raipur of Chattisgarh. Though it is not located in any metro city of the country, MATS is an ambitious university that believes it can eventually be a globally recognised centre of excellence. MATS University is all about the dream of a visionary, Gajraj Pagaria, who is a well-known industrialist in Chattisgarh in areas like realty, infrastructure, gems, entertainment etc. The self-financing university is professionally run under the leadership of its Vice Chancellor Dr. SK Singh. The university is noted for its large size and breadth of courses that includes core streams like science, humanities, engineering, and management, as well as niche areas like education, law, fashion designing, physical education etc.

Gajraj Pagaria

Martin Luther Christian University, Shillong, Meghalaya

Focus is on Developing North Eastâ&#x20AC;&#x2122;s Human Resources Martin Luther Christian University is completing its first decade of operations this year. A state private university of Meghalaya, MLCU has campuses at Shillong, Tura, & Jowai. Its core courses include UG & PG in various allied health sciences, and programs in commerce and management. However, it also has rarer streams like peace studies, information sciences, social work, counselling psychology, fine arts, environment, ecosystems etc. MLCU also offers doctoral level research. The selffinancing university is promoted by United Evangelical Lutheran Church of India, and is led by its Chancellor Dr. KM Shyamprasad, and its Vice-Chancellor Dr. Glenn C Kharkongor. Noted leaders including Dalai Lama has visited the campus and interacted with students. Dr. KM Shyamprasad Seasonal Magazine 96

Tarsem Garg

Maharishi Markandeshwar University, Mullana, Haryana

Study and Live in a University Township Maharishi Markandeshwar University at Mullana, near Ambala, has a modern campus on 180 acres of land on the banks of Markanday River. This mammoth size and prime location have ensured that this medical and engineering university, founded by Maharishi Markandeshwar Ji, has already developed into a township with all amenities for students and faculty. Led by Chancellor Tarsem Garg, and run by MM Education Trust, the university is noted for maximum accreditations by state, national, and international bodies, as well as placements by TCS, ICICI Bank, Airtel, Cipla etc.

Mody University, Sikar, Rajasthan

A University for Girls and Rare Subjects Mody University is a deemed university that has been set up exclusively for girl students. Founded by RP Mody, who also serves as its Chancellor, this self-financing university has a wide variety of subjects and courses to choose from, including relatively rare ones like architecture, fashion design, and law. Mody University also offers courses ranging from undergraduate degree to doctoral level. Led professionally by Vice-Chancellor Dr. Vishwanath Prasad, the university is noted for following public entrances like JEE for admission and attracts recruiters like IBM, Deutsche Bank, & IFB Industries.

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RK University, Rajkot, Gujarat

Fostering Rigour, Self-Development, & Independence RK University located at RajkotBhavnagar Highway in Gujarat has a modern and architecturally pleasant campus spanning 40 acres. Starting

its life as RK Group of Colleges, ten years back, it was converted to a state private university in 2011. RKU’s pioneering streams were management and Khodidasbhai S Patel

physiotherapy, but it successfully branched out soon to engineering, sciences, computer science, pharmacy etc. Run by Shamjibhai Harjibhai Talavia Charitable Trust, and headed by Khodidasbhai S Patel as its Chairman, this self-financing university’s vision is to foster in its students three core qualities of Abhayasam (rigour), Samuldradham (self-development), and Swadhinam (independent thought).

Chandigarh University, Mohali, Punjab

Successful in Attracting Placements Satnam Singh Sandhu

Chandigarh University is one of the larger private universities in Punjab, with student strength going over 17000 in recent years. CU also has a large contingent of international students. Working from a modern campus on the Chandigarh-Ludhiana NH 95, CU’s campus is in the Greater Mohali area of the district. It has forged several tieups and affiliations with internationally renowned academic alliances, and CU also fares well in placements with over

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250 reputed companies visiting its campus during the past few years. Promoted by noted edupreneur Satnam Singh Sandhu as its Chancellor, the university is professionally led by renowned academicians like Dr. RS Bawa as Vice Chancellor and Dr. BS Sohi as Pro VC. Chandigarh University students also benefit from the success of group institutions like Chandigarh Group of Colleges, with one example being the Joint Placement Program with CGC.

AISECT University, Raisen, Madhya Pradesh

Promoter’s Credentials Make the Difference AISECT University, though only one among hundreds of private universities in the country, has some unique credentials. Promoted by AISECT, which is arguably the largest rural ICT training organization in India with over 12,000 centres, the university strives to make a difference, starting with its better qualified faculty. AISECT University has several PhD holders from IITs and NITs in their teaching staff. Its parent AISECT having developed its own core competencies in ICT based learning systems, such unique models are also employed at AISECT University. This selffinancing university’s Chancellor is none other than noted social entrepreneur and AISECT founder Santosh K Choubey. An award-winning visionary who

forfeited his IAS and IES careers to create a social platform like AISECT, the university’s students also benefit from the parent organization’s achievements in employability skills development, placement networks, e-governance etc.

Santosh K Choubey

Hindustan University, Chennai, Tamilnadu

A Specialization in Wheels & Wings Hindustan University has a long tradition in engineering education in South India. Founded in 1985 by late Dr. KCG Verghese, as Hindustan College of Engineering, this institution was more noted for its relatively rare branches like Aeronautical Engineering and Automobile Engineering. In 2008 it was converted into a deemed-to-be university of name Hindustan University. However, it also uses the alternate name of Hindustan Institute of Technology & Science. Today, HITS is led by its Chancellor Dr. Elizabeth Verghese and its Pro-Chancellor Dr. Anand Jacob Verghese. Though Dr. KCG Verghese is no more, the self-financing Hindustan University is carrying on with his love for wheels and wings. HITS offers BTech in Aeronautical and Automobile, as well as in seven other conventional branches. HITS/HU also offers Diploma, PG, Evening, Integrated, & Research programs.

Dr. Elizabeth Verghese

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Jaypee University of Engineering & Technology, Guna, Madhya Pradesh

An Updated, Self-Contained Campus Manoj Gaur

Jaypee University of Engineering & Technology (JUET), at Raghogarh, in Guna District of Madhya Pradesh, is as its name implies, promoted by Jaypee Group, arguably one of India’s largest infrastructure, construction, & cement conglomerates. Led by its Pro Chancellor Manoj Gaur who is also the Executive Chairman of Jaypee Group, this selffinancing university has one of the most modern and self-contained campuses in the country. With its sharp focus being engineering education and research, JUET offers BTech in five branches, MTech in eight specializations, and PhD in two disciplines. True to its roots in the construction industry, it also offers a diploma program in building materials and cement technology.

Maharishi University of Management & Technology, Bilaspur, Chhattisgarh

Learn Management or Tech in a Vedic Setting Maharishi University of Management & Technology (MUMT) has four campuses in Bilaspur, Raipur, Rajgarh, & Durg. Promoted by Maharishi Mahesh Yogi’s worldwide organization, the university’s focus is on popular streams like management and engineering, but MUMT draws upon its Guru’s ideas like Maharishi Vedic Management and Maharishi Vedic Science, to deliver these courses. Led by Brahmachari Girish as Chancellor and Brig. BS Mehta (Retd.) as Vice-Chancellor, this self-financing state private university also implements ideals from Maharishi Mahesh Yogi’s Transcendental Meditation techniques and Consciousness Based Education.

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Brahmachari Girish

SGT University, Gurgaon, Haryana

Medical Education Near a National Park Shree Guru Gobind Singh Tricentenary (SGT) University, is located in the vicinity of Sultanpur National Park, one of the most renowned bird parks of India. The focus of SGT is undoubtedly on the medical side with core courses being MBBS, BDS, BPharm, BSc Nursing, BPT, BAMS etc, as well as courses in allied healthcare. However, it also delivers niche streams like mass communication, hotel management, law, & behavioural health sciences, as well as conventional streams like engineering, management, commerce, social sciences and basic sciences. Dashmesh Educational Charitable Trust has set up this university inspired by the message of Shree Guru Gobind Singh Ji, a great philosopher and social reformer. While MMS Chawla of

the Trust heads the university, it is academically led by Dr. TD Dogra as Vice-Chancellor, who was formerly Director of AIIMS, New Delhi.

Singhania University, Jhunjhunu, Rajasthan

Noted for its Breadth & Growth Singhania University based at Pacheri Bari of Jhunjhunu District is the brainchild of one of Indiaâ&#x20AC;&#x2122;s most renowned lawyers, DC Singhania. Founded by him in 2007, in memory and inspiration of his mother Narmada Devi Singhania, this state private university of Rajasthan is a comprehensive facility offering courses in medicine, engineering, applied sciences, education, management, law etc. This self-financing university is noted for its huge breadth of offerings, that number over 200 programs across 50 disciplines. This includes programs ranging from undergraduate diplomas to doctoral programs. Chancellor DC Singhania is a specialist lawyer in arbitration, and is nationally and internationally renowned in this field. He is the Founding Member of legal firm Singhania & Co LLP, based in New Delhi and having branches in eight metro cities of India.

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Dr. TD Dogra

Rama University, NCR & Kanpur

A Modern, Comprehensive University Rama University has three campuses, one in Ghaziabad of Delfi-NCR, and two in Kanpur. Rama University is promoted by Rama Group, a diversified conglomerate operating in infrastructure development, software exports, and

higher education. Rama Group as well as Rama University are the brainchildren of Dr. Suraj Singh. A young dental surgeon turned entrepreneur, Dr. Suraj has started successful ventures like infra major SV Megastructures Ltd, and

software exporter RCS Global Ltd. Rama University is a comprehensive private university in that it also includes a medical college. RU also has three teaching hospitals under its fold. Apart from medical and para-medical courses, Rama University also offers popular streams like engineering, management, humanities, sciences, commerce etc.

RKDF University, Bhopal, Madhya Pradesh

The Pedigree Makes the Difference RKDF University based in Bhopal is promoted by one of the largest educational groups in Central India - the RKDF Group that runs 140 colleges across 7 campuses and 4 cities. Spanning 5 million sq ft of built-up area, RKDF Group is home to 40,000 students at a time. The Group started its own university in 2012 in a beautiful 55 acres of green campus in Bhopal. RKDF Group has its roots in Association for the Welfare of the Handicapped, and RKDF University is sponsored by Ayushmati Education & Social Society. Apart from core streams like engineering, management, science, humanities, as well as rarer streams like architecture, law, library science etc. RKDF University is led by its Chancellor Dr. Sadhna Kapoor and Vice-Chancellor Dr. VK Sethi.

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MS Ramaiah University, Bangalore, Karnataka

A Reputation in Higher Education MS Ramaiah needs no introduction in South Indiaâ&#x20AC;&#x2122;s higher education landscape. Chancellor and MS Ramaiahâ&#x20AC;&#x2122;s son, Dr. MR Jayaram has been leading the group's foray into private university space. Unlike many upstart private universities, MS Ramaiah University of Applied Sciences (MSRUAS) has burst on to the scene with much momentum, as it was created by the coming together of MS Ramaiah School of Advanced Studies (started in 1999), MS Ramaiah College of Hotel Management (started in 1993), MS Ramaiah College of Pharmacy (started in 1992), MS Ramaiah Dental College (started in 1991) and the MS Ramaiah Advanced Learning Centre (started in 2012) - all full-fledged and reputed institutions of their own merit. The result is multiple state-of-the-art campuses, as well as a faculty strength of 250 professors/lecturers to start with. Almost all most popular undergraduate programs like BTech, BDes, BHM, BPharm, PharmD, BDS etc and postgraduate programs including MTech, MDes, MBA, MHA, MPharm, MHM, MDS, MCom, Msc etc are available. Dr. MR Jayaram

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KR Mangalam University, Gurgaon, Haryana

A Sound Background in Education KR Mangalam University on Sohna Road in NCR, is a private university that has evolved from the expertise of the KR Mangalam Group in running educational institutions for many years, especially premium international schools. KR Mangalam Group was traditionally a garments exporter with over Rs. 2000 crore annual turnover before they ventured

into premium schooling and higher education institutes. KR Mangalam University was set up in 2006 as a state private university of Haryana, and it offers undergraduate and postgraduate courses in all popular streams like engineering, management, law, applied sciences etc. Like its more popular KR Mangalam World Schools in Delhi-

Yash Dev Gupta

NCR, KR Mangalam University too is on track to carve its own niche in the higher education space. KRMU is promoted by Yash Dev Gupta as Chairman, and academically led by Prof. KK Aggarwal as Chancellor and Prof. KN Tripathi as Vice Chancellor.

Jaypee University of Information Technology, Solan, Himachal Pradesh

Learn IT in the Lap of Himalayas Jaypee University of Information Technology (JUIT) is another private university from the Jaypee Group stable. JUIT is set on the beautiful Waknaghat hills in Himalayas, in a generous 25 acres campus. As its name implies, the focus of this university is IT related branches of engineering like Computer Science, Information Technology, Electronics & Communication, and Bioinformatics. However, this self-financing university also offers Civil Engineering, probably reflecting Jaypee Groupâ&#x20AC;&#x2122;s roots in construction and infrastructure. JUIT also offers BPharm and MPharm, and PG & PhD programs in many engineering branches. Pro-Chancellor of the University is Manoj Gaur, Executive Chairman of Jaypee Group, and it is academically led by its Vice-Chancellor Prof. Shiban Kishen Kak.

Prof. Shiban Kishen Kak

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Top Private University for STARTUP INCUBATION Top Private University for LAB FACILITIES Top Private University for LIBRARY FACILITIES Top Private University for ICT IMPLEMENTATION Top Private University for INTERNATIONAL STUDENTS Seasonal Magazine 120

Top Private University for SEMINARS

Top Private University for GIRLS

Top Private University for QUALITY OF VISITING FACULTY

Top Private University for COMPUTER SCIENCE

Top Private University for ACADEMIC PLACEMENTS

Top Private University for DISCIPLINE

Top Private University for INFRASTRUCTURE

Top Private University for IN-HOUSE AMENITIES

Top Private University OFFERING VALUE FOR MONEY

Top Private University for FOR OVERALL FREEDOM

Top Private University for HOSTEL FACILITIES

Top Private University for EXTRA CURRICULAR ACTIVITIES

Top Private University for NO-RAGGING RECORD

Top Private University for ILLUSTRIOUS ALUMNI

Top Private University for STUDENTS:FACULTY RATIO

Top Private University for SPORTING FACILITIES

Top Private University for BOYS:GIRLS RATIO

Top Private University for ARTS ACHIEVEMENTS 121 Seasonal Magazine

Seasonal Magazine 122

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