Seasonal Magazine - Hiranandani Cover Story by John Antony

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VOLUME 17 ISSUE 12 DECEMBER 2018

MAGAZINE

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High Time to Focus Only on Inclusive Growth

Managing Editor Jason D Pavorattikaran Editor John Antony Director (Finance) Ceena Associate Editor Carl Jaison Senior Editorial Coordinator Jacob Deva Senior Correspondent Bina Menon Creative Visualizer Bijohns Varghese Photographer Anish Aloysious Office Assistant Alby CG Correspondents Bombay: Rashmi Prakash Delhi: Anurag Dixit Director (Technical) John Antony Publisher Jason D Pavorattikaran

Last time crude dipped India experimented with demonetization and GST. This time when crude has started dipping, India’s hands are full with the aftermath of the IL&FS crisis. Here is a look at the impact on various sectors, and on why India should focus only on totally inclusive growth. Fortune is smiling at the world as well as at India again. The demand-supply fight between producers and consumers of crude oil is once again tipping in favour of consumers like India and most nations of the world, with crude losing more than 30% from its peak within the last six weeks. Oil trade pundits who were harping on $100 per barrel oil is discussing about $50 per barrel oil, once again.

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The opportunity is unprecedented not because it hasn’t happened before, but because the Government missed the bus the first time it happened due to demonetization and GST, and because no one expected crude to significantly correct so fast after what seemed like a strong and sustained rally. The second anniversary of demonetisation passed off without much fanfare with even Prime Minister Modi choosing not to speak about it. However, some celebrity economists didn’t spare the opportunity to attack the controversial step.

India’s former economist PM, Dr. Manmohan Singh had this much to say, “The

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For Indian Government, this is an unprecedented opportunity to get its act together once again. Both Moodys and India Ratings have already warned that India may grow slower and that it may miss its deficit target. Rupee too had slipped to record levels, only to recoup some of the losses due to the recent crude fall.

Former RBI Governor Dr.Raghuram Rajan had this much to say recently about the move - "The two successive shocks of demonetisation and the GST had a serious impact on growth in India. Growth has fallen off interestingly at a time when growth in the global economy has been peaking up. What happened in 2017 is that even as the world picked up, India went down. That reflects the fact that these blows (demonetisation and GST) have been really really hard blows. Because of these headwinds we have been held back,” he said.

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EDITORIAL

Of course, the Modi Government has acted swiftly and tried to contain the situation by taking over the company and appointing a new Board. But sadly, this is nothing more than what the Manmohan Singh Government did after the Satyam fiasco. They too acted swiftly, and had replaced the Satyam Board, which finally resulted in Tech Mahindra taking it over. The really sad part is that nothing much has changed. Governments, regulators and bankers are ‘unable’ to detect the fraud when it is happening in broad daylight over the years, but the moment a scam surfaces after it becomes too big to hide, governments act swiftly. deeper ramifications of notebandi are still unravelling. Small and medium businesses that are the cornerstone of India’s economy are yet to recover from the demonetisation shock. The financial markets are volatile as the liquidity crisis wrought by demonetisation is taking its eventual toll on infrastructure lenders and non-banking financial services firms. The full impact of demonetisation is yet to be understood and experienced.” Some others like Dr.Amit Mitra, West Bengal’s economist Finance Minister was more vocal with the numbers, saying, "How much GDP has been lost to India due to demonetisation and GST? It is Rs 4.75 lakh crore. Economic growth has slowed down from 2015-16 onwards and to achieve that high level of growth, India would need at least four years.” While the views of economists like Dr.Rajan, Dr.Singh and Dr.Mitra can be countered by the ruling BJP citing their political differences with Modi Government, it is another fact that their learned views cannot be dismissed outright. For to its credit, the Modi Government has indeed some major achievements to speak about. The net market capitalization of India Inc has surged since Modi assumed power and has remained high despite recent moderation. Secondly, under Modi Government, India has stayed on in the game to emerge as the world’s fastest growing large economy, making good the slowdown in China. Will Modi Government be able to make use of the second opportunity it has got by way of dipping crude prices to grow India at a much faster pace as she requires? This Government can do this, if it steers clear of debacles like its hasty GST implementation and the ill-advised demonetisation drive. But unfortunately for India, the country is already facing a strong headwind in the aftermath of IL&FS going belly up. Once deemed to be too-big-to-fail, the diversified financial services major with its hand in most pies except for banking, built up an infrastructure financing empire on nearly 1 lakh crore of debt using a few hundreds of subsidiaries!

Today, the effort is on to find out who all orchestrated the scam inside of IL&FS. But what should also be investigated is up to what extent did the promoters of IL&FS know about the fraudulent and high-risk activities of their child. And they are no ordinary promoters, being India’s largest life insurer, LIC; India’s largest bank, SBI and one of India’s largest NBFCs, HDFC. Eerily, some of the most concerned players in this issue as well as in the rescue team including Vineet Nayyar are the same in Satyam and IL&FS. Obviously, the powers that be know how to protect their best interests first. However what is starkly different from Satyam and IL&FS is that the former never had the potential to be a contagion whereas IL&FS has already proven that it can unleash the strongest contagion effect in the market as many many banks and many many NBFCs have either direct exposure to IL&FS or indirect exposure through IL&FS projects. Here is a look at how different sectors are experiencing the current business environment, especially due to the impact of the IL&FS crisis: Banking Sector Both public sector and private sector banks have significant exposure to IL&FS directly or indirectly. But the situation is graver for public sector banks as they were already reeling under the nearly ten year old NPA crisis. Credit growth had already moderated significantly in these banks over the last several years, and the IL&FS debacle will make the banks even more circumspect before giving corporate loans and in participating in infrastructure projects. Another reason why public sector banks are likely to feel more heat is that traditionally in India they have been the major players extending corporate credit whereas private banks are more of retail SEASONAL MAGAZINE

banks. The IL&FS crisis is likely to deepen the NPA crisis for both public and private sector banks and recently Dr.Raghuram Rajan had opined that India still doesn’t have the bad debt instruments to tackle the NPA crisis. It is noteworthy that Dr.Rajan was conveniently shunted out while he was in the process of formulating and delivering such bitter medicine to erring corporates.

NBFC Sector IL&FS’ largest operation being its flagship NBFC arm, nonbanking financial companies indeed bore the maximum brunt when this scam unveiled itself. They fell in market value across the board and most of them haven’t regained valuations even after Government took over IL&FS. However, the retail focused NBFCs like in home loans, auto loans, gold loans and consumer durable financing have regained part of their market valuation as they have little exposure to IL&FS or other infrastructure projects, besides having a strong retail franchise. That said, all NBFCs are keeping their fingers crossed as most of them have upcoming redemptions for their commercial papers in these months and any default would spell literal doom for their operations. Home loan providers are feeling the heat, and some developers at least are divulging that some home loan providers are delaying in deliveries of the EMIs collected from homebuyers. Infra NBFCs like IL&FS are experiencing the greatest pain and it is likely to continue until the clouds of uncertainties clear. There is a liquidity crunch across the board, and NBFCs are feeling the most of it.

Real Estate & Infrastructure Sector Infrastructure Development is going to have a lasting impact and lingering slowdown from the crisis. This is because IL&FS has been one of the largest financiers for the sector, and they in serious trouble by funding many infra projects, all lenders from banks to NBFCs are already curtailing the loans to this sector. Fewer projects are likely to sail through in this environment. In the real estate development sector, for the time being most developers are claiming that they are yet to feel any liquidity crunch. But then, these are the biggest players, while most smaller players are likely to be already experiencing moderate to severe liquidity crunch. Even

some of the bigger players have flagged the market that they are watching the situation closely, and that some home financiers are already delaying payments received from homebuyers and due to them. If the NBFC redemptions throw up any kind of surprises, it need not be said that realty would be one of the first sectors to be affected. Already, the liquidity crunch is affecting the sale of luxury or premium apartment sales as much of it is still speculation driven and as such a function of the economy. To counter this, most large developers are opting to build luxury projects outside India in destinations like UAE and UK, and focusing on affordable apartments back here in India.

Higher Education & Employment If India doesn’t contain the current crisis using emerging tailwinds like falling crude prices, the greatest hit will be on the spiralling unemployment which will result in social unrest. Unemployment levels have risen in the last two years, reaching to 30 million unemployed youth alone, and with India adding 1 million job seekers to the pool every month, things can get out of hand if something innovative and dramatic is not done fast. And universities and colleges are already feeling the heat, with hundreds of engineering colleges going belly-up each year.

Central and State Governments The Central Government has been trying to inject liquidity into the market using some unconventional methods including tapping the huge reserves with India’s Central Bank, the RBI. However, this has met with stiff resistance from RBI top brass as it is a contingency reserve rarely used up and if at all it is to be used, RBI’s priority is to use it for the recapitalization of public sector banks. On the states front, incumbent governments in states going for elections are feeling the heat due to the rising unemployment on one hand and inadequate revenues from the new GST mechanism. India should do well by capitalizing maximum on the fall in crude and use this window to kick-start growth, not in the conventional sense, but for the masses. The first thing to be addressed in this regard is to focus on significantly reducing the rising income inequalities. Recent international studies point out that with each passing year, income inequality is getting worse in India, with the top 1% getting even more richer, followed by the next 9%, while the remaining 90% is getting poorer in comparison. What the second most populous nation in this world is not just GDP growth, but highly equitable growth for the majority of its people.

John Antony

CONTENTS

HIRANANDANI GROUP

DOMINATING REALTY, SURGING IN OIL & GAS, ENTERING WAREHOUSING For those who know Mumbai realty up-close, there are no doubts about who was the developer who took the city's realty projects to world-class stature. If one mega project had achieved this feat, it was undoubtedly Hiranandani Gardens of Powai. Decades have passed since then, and the Hiranandani Group led by Niranjan Hiranandani has accelerated like never before doing more business during the last 3 years than they have done in the last 14 years. The group has impressively diversified into Oil & Gas, and is soon set to make a major push into warehousing, logistics and industrial parks. Seasonal Magazine caught up with Niranjan Hiranandani for the latest updates from the group.

CAN OPEN-MINDEDNESS BE ACHIEVED THROUGH INTELLECTUAL HUMILITY? Shane Show looks at the attributes necessary for having an open-minded approach, concluding that intellectual humility is a key variable in measuring someone’s propensity to accept that one need not always be right.

HOW TO MAKE KINDNESS CONTAGIOUS IN BUSINESS SPACES Author Bill Taylor highlights the effectiveness of kindness and how corporate leaders had to convince dealers and their staffers to join a grassroots “movement” that treated kindness like a contagion.

INDIAN CLASSROOMS AND BLACKBOARDS: FOR HOW LONG? Classrooms the world over are increasingly turning futuristic, with the latest gadgets and technology replacing chalk-andboard teaching. The process is on in India, too, albeit only in pockets.

STUDY ARGUES INDIANS MOST DEPRIVED OF VACATIONS Travel agency Expedia’s annual Vacation Deprivation Report 2018 has ranked India as the most vacation deprived country globally. The report has shown that over 75%

FEDERAL BANK

“WE ARE PUNCHING WAY ABOVE OUR WEIGHT” Federal Bank controls 1% of India’s credit market, but it controls 2.5% of all new credit in India which makes Shyam Srinivasan confidently state that “We are punching way above our weight.” Seasonal Magazine in conversation with MD & CEO of Federal Bank Ltd.

WHERE DID INDIA GO WRONG WITH ITS FOREIGN POLICY?

INDIAN CLASSROOMS AND BLACKBOARDS: FOR HOW LONG?

India’s foreign policy position has been widely touted as being ‘reactionary’ or lacking a grand strategy. From India’s first Prime Minister Jawaharlal Nehru to current PM Narendra Modi, India’s foreign policy

Classrooms the world over are increasingly turning futuristic, with the latest gadgets and technology replacing chalk-andboard teaching. The process is on in India, too, albeit only in pockets.

AMAZON TAKES TO THE ANDAMANS: THE PROSPECTS FOR ONLINE DELIVERY IN REMOTE LOCATIONS Amazon, the globe’s biggest ecommerce platform, is redefining the space in innovative ways. The main focus however remains the same: offering its customers with sweet deals and entering newer markets. Interestingly, the Andaman islands has been the latest in the Amazon bandwagon.

THE CARS SAVJI DHOLAKIA HAS GIFTED SO FAR Renowned business tycoon Savji Dholakia has done it yet again! The diamond trader and the owner of Shri Hari Krishna Exports has gifted 600 cars as Diwali bonus to his employees. Here we have compiled all cars gifted by Savji to his employees till date.

ARE INDIANS GENERALLY WIRED TO BECOME GOOD MANAGERS?

WHY LEAVING THE TRIBES ALONE MAKES SENSE The death of American missionary John Chau at the hands of the tribals of North Sentinel island has brought the spotlight back on the ancient community that has remain isolated for decades. Due to their dwindling numbers, the Indian government has restricted access to these tribes.

GAMIFICATION IN INDIAN ELECTIONS: CAN THE YOUNG CROP OF INDIA’S LEADERS TAP THIS POTENTIAL?

Is there really something about managers coming from a certain cultural context? Authors R Gopalkrishnan and Ranjan Banerjee argue that there is a secret sauce that makes Indians likely to be good managers.

WhatsApp, Twitter, and Facebook are nothing new to Indian politics. But now, a young third-generation politician in the northern state of Haryana has gone a step further, and

MEXICAN CITIZENS INCREASINGLY EMPLOYED BY INDIAN FIRMS IN US AFTER H-1B ISSUES Indian IT outsourcing companies have begun to feel the pinch of the Donald Trump regime’s tough visa stance.

CONTENTS

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DELHI AIRPORT FIRST IN COUNTRY TO HAVE FOUR RUNWAYS THE CARS SAVJI DHOLAKIA HAS GIFTED SO FAR

Renowned business tycoon Savji Dholakia has done it yet again! The diamond trader and the owner of Shri Hari Krishna Exports has gifted 600 cars as

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The airport expansion work will be carried out on both, air as well as terminal sides. Interestingly, a fourth runway will be

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DELHI CHOKES ON TOXIC AIR

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INSIDE GOVERNMENT'S FIGHT WITH RBI UNEXPECTED CAUSES OF DIABETES

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Finance Minister Arun Jaitley and RBI governor Urjit Patel came faceto-face at a meeting of a financial stability body today amid tension after Mr Patel's deputy made a strong call for autonomy for the central bank in a speech on Friday. The government asked RBI or the

WHERE WERE LIC, SBI & HDFC WHEN THEIR IL&FS CREATED 347 SUBSIDIARIES AND 91,000 CRORE DEBT?

In the second-largest deal in industry history, IBM is buying Red Hat Inc., a seller of software and services based on the opensource Linux operating system. International Business Machines Corp. Chief Executive Officer Ginni Rometty has staked her legacy on a $33 billion acquisition designed to save the

A revival plan presented by Infrastructure Leasing & Financial Services Ltd. was accepted by the National Company Law Tribunal today, paving the way for resolution of the debt-laden

WITH METRO EXPANSION, DELHI IN PREMIUM LEAGUE OF CITIES CHINESE LED BY XIAOMI DOMINATE INDIAN MOBILE SALES Xiaomi ships 12 million phones in latest quarter and leads Indian mobile phone market in Q3; Vivo, Oppo also in top five.

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WHY IS IBM BUYING RED HAT?

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Delhi Metro network has now expanded to nearly 314 km with 229 stations with the operationalisation of the new corridor

Automotive industry has had its fair share of comebacks every now and then, latest being the launch of the Santro by Hyundai. Today, we bring you five names which will make a comeback in the Indian car scene soon.

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MARUTI SUZUKI UNVEILS ERTIGA AT INTRODUCTORY PRICE OF RS 7.44 LAKH Maruti Suzuki, today, revealed the highly anticipated Next-Gen Ertiga which promises to level up the MPV segment in India with its all-new design, enhanced space and the revolutionary Powerful K15 Smart Hybrid Petrol Engine for a powerful performance. The Next-Gen Ertiga is all set to establish new benchmarks in aspects of technology, comfort, and performance.

THOSE WORKING WITH CHINA COMPROMISE VALUES: ALPHABET CHAIRMAN Google parent Alphabet's Chairman John Hennessy has said, "Anybody who does business in China compromises some of their core values." Adding that it includes "every single company", Hennessy also said that it's "because the laws in China are quite a bit different than they are in our own (the US) country". Notably, Google pulled out of mainland China in 2010.

TRAIN DERAILS AFTER HITTING ELEPHANT IN ASSAM An elephant was killed on Wednesday morning when an express train hit a herd crossing the railway track in Assam's Jorhat district, the police said. A coach of the express train derailed following the incident, but there were no casualties as the train was travelling at a slow speed, the police added. Train services were affected for three hours.

KENNEDY GOT 1,200 CIGARS BEFORE ORDERING TRADE EMBARGO ON CUBA President John F Kennedy got 1,200 Cuban cigars for himself before he ordered a trade embargo on the communist country in 1962. Kennedy's Press Secretary Pierre Salinger had managed to secure 1,200 cigars for Kennedy after the US President asked him to buy as many H Upmann Cuban cigars as he could find. Kennedy was assassinated on November 22, 1963.

14-YR-OLD 'STRANGER THINGS' ACTRESS NAMED YOUNGEST UNICEF ENVOY Millie Bobby Brown, who stars in the Netflix series 'Stranger Things', has been named as the UNICEF's youngest-ever Goodwill Ambassador. The 14-year-old actress said that she will use the platform to highlight children's rights and issues. "(T)o be the youngest-ever Goodwill Ambassador for UNICEF is more than an honour. It's a powerful privilege," the actress said.

UK MAN JAILED FOR LIFE FOR SPYING IN UAE AFTER 5-MINUTE TRIAL British academic Matthew Hedges has been jailed for life in the UAE on charges of spying for the UK government, following a trial that lasted for five minutes, his family said. Hedges' family added that his lawyer was not present during the hearing. Hedges' wife has claimed that he was in the UAE to conduct research for his doctoral thesis.

RBI BOARD'S DECISIONS WILL BE POSITIVE FOR ECONOMY: UDAY KOTAK

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VENUS SETTLES LAWSUIT WITH FAMILY OF 78-YR-OLD WHO DIED IN CRASH American tennis player Venus Williams reached a settlement in the wrongful death lawsuit filed by the family of Jerome Barson, a 78-year-old man killed in a Florida car crash last year. Venus was involved in the collision on June 9, 2017, that sent Barson to the hospital. Venus and Barson's wife, who was driving the car, were both previously cleared.

PV SINDHU, ANIL KUMBLE ATTEND DEEPIKA-RANVEER'S BENGALURU RECEPTION

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AUS WOMAN STUCK IN DESERT SURVIVES ON URINE, WIPER FLUID FOR 6 DAYS Brooke Phillips, a 40-year-old Australian woman, survived for six days in the desert by drinking her own urine, pasta sauce, and fluid from her car's windscreen wiper container. Phillips got stuck after she took a wrong turn and drank all the water she had on her first night. She was found by her 16-year-old daughter during the search operation. SEASONAL MAGAZINE

ANDHRA CM'S 3-YR-OLD GRANDSON 6 TIMES RICHER THAN HIM AT RS 18 CRORE

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MERCEDES-BENZ INDIA LAUNCHES CLS 300 D, PRICE STARTS AT RS 84.70 LAKH Mercedes-Benz India launched the CLS 300 d, the dynamic and elegant four-door coupe, now in its third generation. Powered by BS VI diesel engine, the CLS generates 180kW power and has a peak torque of 500Nm. Presented with new design idiom, the coupe comes with Multibeam LED headlamps, Burmester surround sound system, new 18-inch alloys and an electric sliding sunroof.

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VIACOM18 COO RAJ NAYAK QUITS AFTER SEVEN YEARS AT THE COMPANY Viacom18 Chief Operating Officer Raj Nayak has resigned from his post at the entertainment network. He joined the network in 2011 as CEO of its general entertainment channel Colors and was elevated to COO of Viacom18 in May 2017. Nayak, who has over 25 years of experience in the media industry, founded media consulting company Aidem Ventures before joining Viacom18.

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COVER STORY

HIRANANDANI GROUP

DOMINATING REALTY, SURGING IN OIL & GAS,

ENTERING WAREHOUSING For those who know Mumbai realty up-close, there are no doubts about who was the developer who took the city's realty projects to world-class stature. If one mega project had achieved this feat, it was undoubtedly Hiranandani Gardens of Powai. Decades have passed since then, and the Hiranandani Group led by Niranjan Hiranandani has accelerated like never before doing more business during the last 3 years than they have done in the last 14 years. The group has impressively diversified into Oil & Gas, and is soon set to make a major push into warehousing, logistics and industrial parks. Seasonal Magazine caught up with Niranjan Hiranandani for the latest updates from the group.

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NIRANJAN HIRANANDANI SEASONAL MAGAZINE

t was in 1978 that a young Chartered Accountant decided to break free from his family’s expectations and decided to get into business. He was then working as a teacher of accounting, and by 1981 he had set up a textile weaving unit in Mumbai. It was not an easy decision for then 28-year old Niranjan, as he came from a family of renowned professionals, with his dad being Padma Bhushan Dr. LH Hiranandani, one of India’s most celebrated ENT surgeons with even surgical procedures named after him. Niranjan’s elder brother, Dr. Navin Hiranandani was also an acclaimed ENT surgeon. However, within a few years of starting out as a textile entrepreneur, Niranjan Hiranandani found a better calling in real estate development. He started out with a first project in Andheri, but his heart was always racing to do something rare and spectacular. And by the mid of 1980s, he and his younger brother and partner Surendra Hiranandani crafted a plan that can’t be called anything but audacious even now. In 1986, the Hiranandani Group signed a tripartite agreement with Maharashtra Government and Mumbai Metropolitan Region Development Authority (MMRDA) for developing around 250 acres of barren land in a village called Powai in North-East Mumbai for a township, mainly for housing purposes. The plan was outrageous because the area lacked even basic infrastructure like roads, sewer lines, water or even electrical connections. To add to the woes, some of the barren land was hilly and some marshy due to the

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adjoining Powai lake. Construction started in 1989 and the first focus of Niranjan was to develop the basic infrastructure like roads, water and electric connections. But together with it, Hiranandani did something that would change the landscape and destiny of Powai forever. They also planted saplings for 1,00,000 trees, staying true to the name they had given to this township on barren land – Hiranandani Gardens. It is this kind of foresight that has always placed Hiranandani laps ahead of competitors in the real estate development business. By the early 1990s, the first batch of apartments in Hiranandani Gardens was ready and the timing could not have been more perfect. India was opening up her unprecedented economic liberalization program and on one hand MNC companies were making a beeline to India and on the other new Indian companies were sprouting up in every sector, especially in information technology and banking. Hiranandani Gardens also had business towers and slowly some of these MNCs and new-generation Indian companies started setting shop here. Today, Hiranandani Gardens is an amazing township having 42 residential towers and 23 commercial buildings, with every necessary infrastructure built in, including roads, shopping mall, hospital, schools, gardens, community centre, sports club, banks, shopping malls, film studio, bus garage, hotels, restaurants, pubs and swimming pools. All built around a neo-classical architecture that changed Mumbai’s skyline forever. Within the next few years, Niranjan and Surendra would

repeat this feat in Thane, an emerging city near Mumbai. Hiranandani Estate is today Thane’s largest and most prestigious township that balances nature, luxuries and conveniences across 250 acres. Home to more than 5000 families who occupy its more than 100 fully occupied towers, with more being developed to accommodate the many families who seek to be a part of this prestigious address. When most developers started offering rainwater harvesting and sewerage recycling plants after they became mandatory in the new millennium. Hiranandani had it as a standard feature from 1989 onward. And when other developers speak about developing gardens, Niranjan speaks about developing forests in his sprawling properties. Hiranandani would again repeat the feat of turning useless land into the most premium township by developing a defunct and abandoned rolling mill in Thane into a sprawling 40-acres township – Hiranandani Meadows, which is a more premium offering from the group. Apart from Hiranandani

Meadows and Hiranandani Estate, the city of Thane also houses three other projects from the Group, and it also has a project in Kandivali. On the commercial side, it has Hiranandani Business Parks in both Powai and Thane, with it being home to renowned MNCs, new generation Indian majors and quite a few successful startups. In recent years, the pace of growth has accelerated like never before at Hiranandani. Last year it sold 4.5 million sq ft in one go to Canada's Brookefield Asset Management, in what was India’s largest such realty deal. The Group is also diversifying impressively. Hiranandani Group firm H-Energy with an investment plan of Rs. 3500 crore is already a big player in Oil & Gas, with revenues likely to surpass group's realty revenue in next 5 years. With a massive land bank of 2000 acres across India, Hiranandani is now also entering industrial warehousing and logistics by investing Rs.2500 crore. SEASONAL MAGAZINE

SEASONAL MAGAZINE IN CONVERSATION WITH NIRANJAN HIRANANDANI, CO FOUNDER & MD, HIRANANDANI GROUP: Last year Hiranandani had concluded one of the largest realty deals in India with Brookefield Asset Management of Canada. Can you mention how this deal came about and what all were the salient features of this deal? Do you foresee more such deals? As you know, we are a family owned company. There are no other shareholders besides our family members. When the family expanded to the next generation, we needed to add on lots of things, for one example, more liquidity. At the same time, we wanted to ensure that the company remained privately held. So, we looked at some of our assets, and some we have been holding on for 14 years. We sold some of these assets to Brookefield to ensure that Hiranandani remains privately held and to ensure that we are enabled to grow at a much faster pace than before. You had recently mentioned that Hiranandani had done more business during the last three years than you had done in the last 14 years. Is this driven more by commercial space or residential or both? Yes, that is true. We could do more

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WE ARE ALSO LOOKING AT STARTING LARGE INDUSTRIAL PARKS AT THREE KEY INDUSTRIAL CITIES, PUNE, NASHIK AND CHENNAI. sales during the last three years than during the last 14 years, which is when one of our largest township projects started becoming available. Both residential and commercial space have witnessed strong sales, however this dramatic increase in business during the last three years has been more fuelled by commercial space. In commercial space, since leasing has attained greater momentum than outright sale, are you offering more commercial space under lease model now? You are right, leasing is in more demand now. Earlier, only MNC companies preferred a lease model. But since the last few years, even many Indian companies are preferring to lease out spaces, rather than buy outright. At Hiranandani too,

predominantly more space is going under lease as per customer demand, than going under sale. However, we still do have some space under the sale model. Approximately, it is only 10%, while lease accounts for the rest 90% of the commercial space. Hiranandani has a land bank of around 2000 acres across India. Which all are the cities and states with the largest chunks of land? Our 2000 acres of land bank is mainly in Western and Southern India. In Western India, it is dominated by Maharashtra and then in Gujarat in the Ahmedabad region. Our South Indian land bank is mainly in Tamil Nadu, where we have around 500 acres, most of it in Chennai region. Do you have a sizeable land bank in Karnataka, in Bengaluru region? Please note that this 2000 acres that I mentioned is for my group, that is Niranjan Hiranandani Group. My brother Surendra Hiranandaniâ&#x20AC;&#x2122;s company has a separate and sizeable land bank and they have land in Bengaluru and Karnataka. From running a highly branded, quality conscious and customer-

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facing business like premium real estate for several decades, Hiranandani has successfully branched out into a commodity infrastructure business like oil & gas pipelines. What prompted this switch apart from your son's deep interest in this field? Mainly this was prompted by our desire to get into alternative lines of business. My son, Darshan Hiranandani, is also quite active in our company and our real estate development. It was under his leadership that we did our first Dubai project, which is a landmark even in that sprawling city. But we all, especially Darshan, wanted to try new things too and that is how he got into oil and gas through H-Energy. This company has achieved some remarkable landmarks including the setting up of the first floating LNG Terminal in India, at Jaigarh in

Maharashtra. This has also become operational.

“OUR 23 MARINA PROJECT IN DUBAI, IS THE WORLD’S SECOND TALLEST RESIDENTIAL TOWER AND AS SUCH A PROMINENT LANDMARK IN DUBAI. “ SEASONAL MAGAZINE

You have recently mentioned that H-Energy's revenues are growing at such a pace that it can outgrow the group's realty revenues in the next few years. How does these businesses compare by way of net profit margins? The emerging opportunity in oil and gas is indeed very huge. At H-Energy, Darshan and his team are planning and executing well, and we are expecting growth which matches this huge opportunity. However, these are all based on projections and if things pan out as he is anticipating, I think this can grow bigger than our development business. About H-Energy’s net profit margin, I don’t have ready figures with me now. You had constructed a successful project in Dubai, and are you planning more such projects in any overseas destinations?

Yes, it is the 23 Marina project in Dubai, which is the world’s second tallest residential tower and as such a prominent landmark in Dubai. He has also brought a few properties in Dubai which are fit for development. We may develop some of these in the future, but not in the near future. Are you planning to take Hiranandani public either through an IPO or REIT IPO? We are not looking at an Initial Public Offer at the company level. But we may look at forming a Real Estate Investment Trust (REIT) and go for its IPO at a later stage. We are not planning to have an REIT IPO in the next 18 to 24 months. After that, we may take a call on it. Hiranandani is now betting big on warehousing with possible smart logistics services too. But with some of the largest multi-modal logistics companies in India struggling, where do you think

Hiranandani can add value? We are sure we can add value to the warehousing business. This is because, until now, no major real estate developer has entered this business. We are entering in a big way and we will bring scale to this business. As a developer of huge townships, some things come naturally to us like access roads, electricity, gas, water etc, that will make these warehouses into complete solutions. Even more importantly, we are planning to deliver smart logistics services for smooth operations of these warehouses. We are also looking at starting large industrial parks at three key industrial cities, Pune, Nashik and Chennai. Since you and brother Surendra Hiranandani work together as well as in separately owned companies, in the same line of business, how do you eliminate competing with each other, or is there friendly competition? Can you briefly

WE ARE ENTERING IN A BIG WAY AND WE WILL BRING SCALE TO THE WAREHOUSING BUSINESS AS WELL AS INTRODUCE SMART LOGISTICS. mention the focus of the joint company and your separate company and their approximate revenues? Our joint company still holds our two largest and earliest township projects. They are Hiranandani Gardens at Powai and Hiranandani Estate at Thane. These are huge townships with the Powai project spanning 250 acres and the Thane project built on 350 acres. Though we also hold some other assets together, these two are the main properties coming under the original joint company. Together, they may be assets worth around Rs. SEASONAL MAGAZINE

10,000 crore and it may take more than a decade to partition them, if at all. However, our separate operations are poised to be much bigger in the future, as my company alone holds 2000 acres of land bank and his company also holds to a similar scale. These are the companies in which much of the current action is happening, as well as much of future activities will happen. We are happy to be together in business and we are also happy to do our separate businesses. Do you have plans to get into midincome and low-income housing, given that these segments are projected to grow at a faster pace? We are already quite active in midincome housing in cities like Panvel near Mumbai and in Chennai. We are also doing some low-income housing in some of our newer projects. These segments are definitely poised to grow faster and we have definitive plans to have significant presence in these segments, with our high quality offerings. You have recently mentioned that real estate is all set to grow 35% annually for the next five years. With the RERA guidelines in place and most developers stretching construction times from 2 or 3 years to 5 or 6 years, how is this possible? Our Prime Minister has already given the direction for housing to be available for all by 2022. Even if we

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grow at 35% annually till then, only around 50% of that target would be achievable. I am confident for achieving this level as government is funding this growth through subsidies. Recently the concerned Minister and Secretary have announced that 50% fund availability for the target is already being rolled out. Even with the Real Estate Regulation & Development Act (RERA) in place and the resultant stretch in construction times, 35% growth is achievable as the opportunity is huge and market is competitive. All major developers will execute fast. As a pioneering developer of modern India, how all are Hiranandaniâ&#x20AC;&#x2122;s homes and offices different?

We were the first developer in India to build huge townships that redefined living standards. We add character and quality to our buildings, starting from the design stage, through execution, handing over and maintenance. When a family buys a Hiranandani home, it is not just a luxury apartment, but something designed to elevate their quality of life to the top end. Because, apart from the highest quality design and construction, each Hiranandani project comes with supporting infrastructure like roads, retail stores, gardens, even forests, as well as quick access to schools, colleges, hospitals etc. We really take care of everything and that is what makes a Hiranandani property different.

FINANCE

INSIDE GOVERNMENT'S FIGHT WITH RBI

US STANDS WITH PEOPLE OF INDIA: TRUMP ON 10TH ANNIVERSARY OF 26/11

On the 10th anniversary of the 26/11 Mumbai terror attacks on Monday, US President Donald Trump said, "The US stands with the people of India in their quest for justice...We will never let terrorists win." Earlier, the US announced a reward of up to $5 million for information leading to arrest or conviction of any individual involved in the attacks.

Finance Minister Arun Jaitley and RBI governor Urjit Patel came face-to-face at a meeting of a financial stability body today amid tension after Mr Patel's deputy made a strong call for autonomy for the central bank in a speech on Friday. The government asked RBI or the Reserve Bank of India for an assurance that any liquidity crisis faced by non-bank lenders should not have a spillover effect or escalate. The bank reportedly assured that it was keeping a close watch on the financial sector. Herere are the main points of contention between the two:

he exchange took place at a meeting of the Financial Stability and Development Council chaired by Arun Jaitley, which Urjit Patel attended as chief of the RBI or Reserve Bank of India. The rift between the government and the RBI surfaced after the central bank's deputy governor Viral Acharya's candid speech on Friday warning that undermining the RBI's independence could be "potentially catastrophic". "Governments that do not respect central bank independence will sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined an important regulatory institution," Mr Acharya had said in the speech that was widely shared on social media. Mr Acharya also made it a point to thank Governor Patel for his "suggestion to explore this theme for a speech", leaving no doubt that his boss was on board with the sharp message to the government. In what was widely viewed as a retort, the finance minister today criticized RBI and accused it of failing to prevent bad loans. "The central bank looked the other way when banks gave loans indiscriminately during 2008 to 2014," Mr Jaitley said. News agency Reuters quoted sources in

Prime Minister Narendra Modi's Office as saying that government officials were upset with the RBI for going public with its criticism. Officials were worried that such a rift could tarnish the country's image among investors, the sources were quoted as saying. The financial stability committee meets as the government tackles the aftermath of the IL&FS crisis, in which the shadow lender defaulted on its debt payments. The crisis has provoked fear of contagion with a longer shadow on Asia's third-largest economy. The RBI reportedly told the government there is "no liquidity crunch" and no sign of stress in Non-Banking Finance Companies. The government reportedly urged the central bank to ensure that the situation ""did not worsen".

WHATSAPP BUSINESS HEAD NEERAJ ARORA QUITS AFTER 7 YEARS WhatsApp's Chief Business Officer Neeraj Arora has announced he'd be quitting the messaging platform "to recharge and spend time with family". Arora joined WhatsApp in 2011 from Google and was rumoured to be WhatsApp's next CEO after Co-founder Jan Koum's departure in April. "Time flies for sure but not memories...deeply indebted to (Co-founders) Jan and Brian," the IIT-Delhi graduate wrote.

Government officials have recently called for the RBI to relax its lending restrictions on some banks. The government has also been trying to trim the RBI's regulatory powers by setting up a new regulator for the country's payments system. The Modi government has also been pushing RBI to part with some of its Rs. 3.6 trillion surplus to help bridge the fiscal deficit and finance its welfare programmes. SEASONAL MAGAZINE

ENVIRONMENT at that time. "It is dangerous to venture out and especially for pregnant women and children, and persons with chronic heart and lung diseases, or those asthmatic should be more cautious," he said.

DELHI CHOKES ON TOXIC AIR The overall air quality index of Delhi was recorded on Wednesday at 366 by the Central Pollution Control Board (CPCB), which falls in the 'very poor' category.

elhi hospitals are seeing a rise in footfall of patients suffering from respiratory and breathing complications due to pollution, with doctors advising them, especially the elderly, to stay indoors as much as possible. The overall air quality index of Delhi was recorded on Wednesday at 366 by the Central Pollution Control Board (CPCB), which falls in the 'very poor' category. Anil Sachdeva, a pulmonologist and pediatrician at the Sir Ganga Ram Hospital said, "I am seeing about 20 patients a day, and seven out of 10 are complaining of some sort of allergy, cough or respiratory problem, an even watery eyes. Fifty per cent of them are fresh cases."

count increased. On Wednesday, PM2.5 was recorded at 215. Fine particulates can be a matter of more serious health concern than PM10. The PM10 level (particles in the air with a diameter of less than 10 micrometres) in Delhi stood at 370, according to the CPCB data. Sachdeva said patients are coming to him complaining of allergy, breathing complications, chest congestion, and worse cases of breathlessness, from both persons who have a history of such ailments to fresh cases. Vivek Nangia, pulmonologist and head, Lung Center at Fortis hospital in Vasant Kunj, said his OPD is also seeing a "sudden increase" in footfall in the last few weeks, about 15-20 per cent.

He said he has advised parents to keep their children indoors as much as possible until the air quality improves. "I am in fact writing it on prescriptions now â&#x20AC;&#x201D; 'please don't move outdoor', and I feel bad, as children need to go out and play, but the air isn't just good for them. So, I have asked the parents to ensure children don't go out in the morning and evening, and wear masks on way to school," Sachdeva said.

"We are recommending that a person's mobility out of home should be restricted as much as possible. People should not use their own vehicles, but take public transport, more so metro services, as the they are mostly underground," he said.

A day after recording "severe" pollution, Delhi's air quality improved slightly to 'very poor' category Wednesday after wind speed picked up and dispersed pollutants even though the stubble fire

"We are recommending that a person's mobility out of home should be restricted as much as possible.

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The Fortis doctor also advised morning joggers to keep of the streets for a while as pollutant level is higher and more toxic

On masks, both the doctors advised to use N91 or N95 masks to help keep particulates out. "Surgical masks do not serve any purpose, really so these specialised masks should be used. People, especially children when they move out should either wear a mask or put a wet piece of cloth over their mouth," Nangia said. He also advised use of air purifiers at home or at office and other indoor public places can help curb the ill-effect of pollution and added having plants indoor can also help in doing that. Doctors at AIIMS, RML Hospital and Safdarjung Hospital also said they were getting such cases. Rajesh Chawla, Senior Consultant (Critical care, Pulmonary and Sleep disorders), Indraprastha Apollo Hospitals here, said the numbers of patients have "definitely increased in the last week or so, almost 1.5 times". "Many asthmatic patients, particularly the COPD (Chronic Obstructive Pulmonary Disease) patients, are coming in with acute attacks, or some other problems such as acute breathlessness. This is being witnessed in all age groups," he said. "Children shouldn't go outside to exercise or play. Right now, it is better to indulge in indoor games. People should not venture out as much as possible. Window panes should be kept rolled up in a car, and morning and evening walks should be avoided as of now," he added. Cardiologist K K Aggarwal said several studies have demonstrated the association of poor air quality with diseases such as respiratory and heart ailments, making it a major public health concern. "Children below five years of age and adults older than 50 years are most at risk," he said. The Supreme Court-appointed Environment Pollution Control Authority has urged Delhiites to use public transport for the first 10 days of November when the air quality of the national capital is likely to further deteriorate.

AUTO

NEW TOYOTA CAMRY HYBRID TO ARRIVE SOON

THE ENTRY LEVEL VARIANT IS POWERED BY A 2.0-LITER FOURCYLINDER DIRECT-INJECTION PETROL MOTOR THAT DEVELOPS 167 PS AND 199 NM OF TORQUE.

THE LATEST ITERATION OF THE TOYOTA CAMRY HAS BEEN LAUNCHED IN THAILAND WITH PRICES RANGING FROM 1,445,000 BAHT (AROUND INR 31.99 LAKHS) TO 1,799,000 BAHT (AROUND INR 39.82 LAKHS). THE ENTRY D SEGMENT PREMIUM SEDAN IS AVAILABLE IN FOUR VARIANTS, OFFERING TWO POWERTRAIN OPTIONS.

he new gen Toyota Camry for Europe and Asia adopts a sportier design language that is derived from the US-spec version. The sedan is based on the TNGA (Toyota New Global Architecture) and has a wheelbase which is longer than its predecessor by a good 50 mm. The new model is 35 mm longer, 15 mm wider and 25 mm wider. The rich equipment list includes LED headlights, 18-inch alloy wheels (higher variants), sunroof, twin exhaust, 8-way electrically adjustable and ventilated front seats, leather upholstery, touchscreen infotainment system, keyless entry with push button start, MID, triple zone climate control, touch sensitive AC controls in rear armrest, JBL audio system, HUD, etc,. The safety equipment includes 7 SEASONAL MAGAZINE

airbags on base variant (9 on top-end variant), rear cross traffic alert, blind spot monitor, VSC, ABS, EBD, BA, Hill Start Assist and so on. The entry level variant is powered by a 2.0-liter four-cylinder direct-injection petrol motor that develops 167 PS and 199 Nm of torque. Transmission is a 6-speed automatic unit. The second variant is powered by the new 2.5-liter Dynamic Force Engine (petrol) which is good enough for 209 PS and 150 Nm of torque. This mill is mated to a 8-speed automatic transmission. The fully loaded variant also receives a comprehensive ADAS package called THE TOYOTA CAMRY HAS CARVED A NICHE FOR ITSELF IN THE INDIAN LUXURY CAR SEGMENT, THANKS TO ITS UNDERSTATED APPEAL AND A PEACEFUL OWNERSHIP EXPERIENCE.

Toyota Safety Sense. The remaining two variants employ the same 2.5-liter petrol engine but benefit from a hybrid system. In the hybrid avatar, the IC engine produces 178 PS and 221 Nm of torque while an electric motor pitches in with 120 PS and 202 Nm of torque. The combined system outputs stand at 211 PS. Called as the Toyota Hybrid System II, it is supported by a 6.5 Ah nickel-metal hydride battery pack and an E-CVT. The Toyota Camry has carved a niche for itself in the Indian luxury car segment, thanks to its understated appeal and a peaceful ownership experience. The latest version has already been spotted testing in India. We expect it to be launched soon. Here it will rival the likes of Honda Accord Hybrid and Skoda Superb.

WHY CAR MAKERS ARE BETTING ON OLD BRANDS

AUTOMOTIVE INDUSTRY HAS HAD ITS FAIR SHARE OF COMEBACKS EVERY NOW AND THEN, LATEST BEING THE LAUNCH OF THE SANTRO BY HYUNDAI. TODAY, WE BRING YOU FIVE NAMES WHICH WILL MAKE A COMEBACK IN THE INDIAN CAR SCENE SOON.

SsangYong G4 Rexton The SsangYong Rexton was a full size SUV launched in India after Mahindra acquired the Korean brand. It was a good SUV with value for money prospects attached. However, with the likes of Fortuner and Endeavour as rivals, the Rexton fared bitterly in the market. Mahindra is now set to bring back the Rexton, albeit with a new name. The upcoming Mahindra XUV700 is basically a SsangYong G4 Rexton that will be rebadged. This is because of the failure of the Rexton brand name, which if continued on the new model could affect sales. The new car will be powered by a 2.2-litre diesel engine that powers the Rexton G4 in the international markets. The engine produces a maximum of 187 Bhp at 4,000 rpm and 420 Nm peak torque. The interiors and safety will be highly specced as this is the most premium car the company has ever released in India.

Honda Civic The Honda Civic was an iconic car for India. The wide, ground hugging stanced car is still a hot favorite among enthusiasts and modifiers alike. The car has been discontinued by Honda since quite a long time in India and the previous generation model never made it here despite wide speculations. However, now the company has planned to bring down the latest tenth generation Civic to our shores in the first quarter of 2019. It is expected to come powered by petrol powertrain but a diesel could be on card as well. The international variant is quite stylish and ticks almost all the right boxes. Despite some cost cuttings which the company might make before bringing the car to India, it will be a stellar package for sure.

Hyundai Santa Fe The first generation Santa Fe to come to India was never a big commercial success for the company. There was an updated model launched sometime later too with Hyundai fluidic design scheme but it failed to capture the buyers eyes. With sales dropping to 1015 units a month, it was sacked out of the companyâ&#x20AC;&#x2122;s portfolio. The new Santa Fe is expected to be launched by Hyundai in the second half of 2019. It now features the new design philosophy of the company with cascading honeycomb grille, sleek headlamps and macho overall look. The seven seater SUV will get updated interiors as well and regulars like touch infotainment system, leather upholstery will make an appearance on it. The international models come with a choice of three engines. A 2.4-litre GDI and the 2.0-litre turbocharged unit. The former produces 185 BHP, the latter is good for 232 BHP. The diesel engine is the new 2.2-litre unit. It is capable of churning out 200 BHP.

Maruti Suzuki Zen

Nissan X-Trail The X-Trail was a quirky looking SUV from Nissan that posed challenge to the likes of Fortuner and the Endeavour. However, the car never did very well for the company despite being a compelling buy. Some credit that to the odd ball style of the SUV. The newer model of the X-Trail will have a more conventional design and will be loaded to brim with features. It is built on a new platform and most probably, Indian models would be brought in via CKD route. Speculations are rife that the company will launch the car with two engine options of 2.0 litre and 2.5 litre displacement capacity. Expect the pricing to be in 32-35 lakh ballpark.

The iconic Zen too is slated for a new launch which will happen sometime late into 2019. However, thereâ&#x20AC;&#x2122;s a catch. The Zen name is being given to a compact SUV this time which can be heartbreaking for many fans. Codenamed the Y1K, it is based upon the Concept Vision S showcased by Maruti during the Delhi Auto Expo. The current trend in the small car market is inclining more towards compact SUVs and Maruti Suzuki wants to cash into that. The micro SUV would be slotted below the Vitara Brezza upon its launch and will provide competition to many premium hatchbacks. The new Zen could be powered by a 1.0-litre petrol engine. An AMT option, apart from a regular 5-speed manual transmission, could be on the cards as well. SEASONAL MAGAZINE

IN-FOCUS

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KALYAN JEWELLERS

THE GROWTH

LEADER IN GOLD With more than 100 showrooms in India, spread across all major states and metro cities, and over 30 showrooms abroad, mainly in Middle East, Kalyan Jewellers is one of the fastest growing jewellery chains in India. Headquartered in Thrissur of Kerala, Kalyan is growing its footprint of showrooms by around 10% annually. It has also forayed successfully into online selling through its own portal Candere. Kalyan Jewellers recorded a turnover of Rs. 10,000 crore during last fiscal.

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he more precious a product, more are the expectations from customers regarding the quality and reliability of it. Jewellery, much like cars and apartments, has thus come to symbolize this exacting demand from customers. However, it is also another story that much like car manufacturers and real estate developers, many jewellers too have failed to live up to such expectations from customers. Here is where the pedigree of the jeweller comes into play. Kalyan Jewellers is celebrating 25 years of its existence in 2018. Started in Thrissur in 1993 as a large single showroom, today it spans India and GCC countries with 135

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KALYAN JEWELLERS IS CELEBRATING 25 YEARS OF ITS EXISTENCE IN 2018. STARTED IN THRISSUR IN 1993 AS A LARGE SINGLE SHOWROOM, TODAY IT SPANS INDIA AND GCC COUNTRIES WITH 135 SHOWROOMS.

showrooms. While this is an achievement in itself, its pedigree as a business house runs back much longer. TS Kalyanaraman, founder of Kalyan Jewellers, has been in business since he was in his early teens. How can he be otherwise, as he hails from a noble business family that was established around 110 years back,

much before Indiaâ&#x20AC;&#x2122;s Independence and even before the First World War. The group which had its mainstay in textiles, grew from strength to strength through the decades, surviving tumultuous changes that kept happening in its home state of Kerala, based on a singular focus of earning and keeping customersâ&#x20AC;&#x2122; trust. But in the early 90s when India was ushering in a new era of economic liberalization, family scion TS Kalyanaraman decided to chart out a new path into the gold retailing business, leveraging on the same trustworthiness it enjoyed among its traditional customers in Thrissur and neighbouring districts. While it was new to gold and diamonds back then, they knew their

APART FROM THESE BRAND COLLECTIONS, KALYAN HAS AN EXCLUSIVE WEDDING JEWELLERY BRAND, MUHURAT, WHICH COMES WITH DIFFERENT COLLECTIONS FOR DIFFERENT STATES.

customers up-close. They had excellent ties with customers belonging to different communities in Kerala and knew their fashion tastes deeply. But the success of Kalyan Jewellers during the 25 years since then is a saga of applying this kind of hyperlocal knowledge into different cities and districts of various states across India. Kalyan has found out that even in the same state, jewellery tastes varies from district to district. Kalyan also have many sub brands

under the parent brand. They are Mudhra for handcrafted antique jewellery; Nimah for timeless heritage jewellery; Anokhi for uncut diamonds; Rang for precious stones; Vedha for heritage jewellery with uncut diamonds; Tejasvi for polka diamonds; Apoorva for diamonds for special occasions; Ziah for handpicked diamond necklaces; Laya for natural uncut diamonds; Glo for dancing diamonds; Hera for everyday diamonds; and Candere for online shopping services. Apart from these brand collections,

Kalyan has an exclusive wedding jewellery brand, Muhurat, which comes with different collections for different states. Kalyan Jewellers also has one of the most dazzling array of celebrity brand ambassadors, for addressing all of its core markets in India and the Indian diaspora in the Middle East. They include Amitabh Bachchan, Jaya Bachchan, Katrina Kaif, PrabhuGanesan, Nagarjuna, Shiva Rajkumar and ManjuWarrier. Apart from their celebrity status, Kalyan has taken care to select SEASONAL MAGAZINE

ambassadors who come from renowned and well-networked families in each state. Since the last several years, under the additional guidance and youthful energy of its Executive Directors, Rajesh Kalyanaraman and Ramesh Kalyanaraman, the Group has been stepping on the accelerator and growing at an impressive pace. While smaller jewellery groups speak about increasing sales or profits, Kalyan is often seen speaking about its growth in showroom footprint. Currently, it has been delivering an admirable annual growth of 10% in the number of showrooms across India and Middle East. It’s next five year growth plan is to increase the showrooms from the current 135 to 250, including in India and overseas markets. This will allow Kalyan to scale its sales from Rs. 10,500 crore currently to Rs. 25,000 crores. As much as possible and true to its conservative values and roots, Kalyan’s expansions are funded mainly through internal accruals. This year alone, Kalyan is investing around Rs. 1000 crores to start 20 new showrooms. While the average cost of establishing a typical Kalyan

KALYAN’S OVERSEAS PRESENCE IS MAINLY NOW IN MIDDLE EAST, ESPECIALLY THE GCC COUNTRIES. BUT IT HAS DEFINITIVE PLANS TO ADDRESS ALL LUCRATIVE MARKETS, INCLUDING USA WHERE IT IS IN ADVANCED STAGES OF AN ENTRY.

showroom is around Rs. 50 crores, it can go beyond Rs. 100 crores for its flagship showrooms for each metros. Recently, Kalyan launched two such flagship showrooms in Mumbai and Delhi, with its brand ambassadors Amitabh Bachchan and Jaya Bachchan inaugurating them respectively. During the recent festive season of Diwali, while many jewellers and even one of their associations were complaining about lacklustre sales due to the liquidity crunch in the market, Kalyan had no issues and is expected to report robust sales. Kalyan has also been an early mover in e-commerce sales. While many Kalyan products are available from Indiaâ&#x20AC;&#x2122;s e-commerce leader, Amazon, the Group has also started its own ecommerce portal, Candere. Once known more among the Keralite diaspora in India and Middle East, Kalyan has successfully shed that image to serve almost ethnic groups in India. The Group has been paying great attention to growing both its South Indian and North

ONCE KNOWN MORE AMONG THE KERALITE DIASPORA IN INDIA AND MIDDLE EAST, KALYAN HAS SUCCESSFULLY SHED THAT IMAGE TO SERVE ALMOST ETHNIC GROUPS IN INDIA. Indian businesses by way of correctly identifying cities for starting new showrooms. A force to reckon with in the diamonds business, Kalyan has steadily grown this segment so that now its gold to diamond / studded businesses stands at an impressive ratio of 70% to 30%. Kalyanâ&#x20AC;&#x2122;s overseas presence is mainly now in Middle East, especially the GCC countries. But it has definitive plans to address all lucrative markets, including USA where it is in advanced stages of an entry. Currently, Kalyan derives 80% of its revenues from India, with the rest 20% coming from its overseas showrooms.

ECONOMY

WILL URJIT PATEL QUIT IF SECTION 7 IS IMPOSED? THE FINANCE MINISTRY, LOCATED IN THE NORTH BLOCK HERE, HAS CITED THE NEVERBEFORE-USED POWER OF ISSUING DIRECTIONS TO RBI GOVERNOR TO SEEK A RESOLUTION TO DIFFERENCES WITH THE CENTRAL BANK, SOURCES SAID.

Last year, former RBI Governor D Subbarao had stated that Section 7 has never been used in more than 80 years history of the central bank.

he Section 7 of the RBI Act has been hogging the headlines following the reported differences between the central bank and the finance ministry. Being called an extreme step, it empowers the government to issue directions to the Reserve Bank in â&#x20AC;&#x153;public interestâ&#x20AC;?. The Section 7 (1) of the Reserve Bank of India Act, 1934, however, has never been invoked by the government so far. It is being speculated that RBI Governor Urjit Patel may choose to resign if a specific direction is issued under this section. The Finance Ministry, located in the North Block here, has cited the neverbefore-used power of issuing directions to RBI Governor to seek a resolution to differences with the central bank, sources with knowledge of the development said. Section 7 pertains to management. "The Central Government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interest," says Section 7(1) of the RBI Act, 1934. Further, Section 7 (2) gives the government powers to entrust the running of the RBI to its Central Board of Directors. Subject to any such directions, the general superintendence and direction of the affairs and business of the Bank shall be entrusted to a Central Board of Directors which may exercise all powers and do all acts and things which may be exercised or done by the Bank," it says. Sources said the Finance Ministry wrote three separate letters in the past few SEASONAL MAGAZINE

weeks to the RBI on issues ranging from Prompt Corrective Action (PCA) framework to liquidity management and sought consultation under Section 7 of the RBI Act. However, sources insisted that the government has not taken any action of issuing any specific direction and has only initiated consultations with the central bank on unresolved issues. Differences between the government and the RBI have cropped up over various issues, including the central bank's handling of weak public sector banks under the PCA framework and ways to resolve bad loans in the power sector. There are also apparent differences between them over tight liquidity and setting up of an independent payments regulator. The government wants RBI to carve out exemption for power companies under the PCA framework that outlines triggers for declaring a loan account as stressed

or NPA, sources said. One of the letters pertained to use of the RBI's capital reserves for providing liquidity to the market and another was for relaxing constraints on banks for loans to small and medium enterprises (SMEs). Last year, former RBI Governor D Subbarao had stated that Section 7 has never been used in more than 80 years history of the central bank. The RBI Act also empowers the central government to remove Governor, Deputy Governor or any other Director. The RBI Governor and the four Deputy Governors are appointed by Prime Minister headed Appointments Committee of the Cabinet (ACC). The ACC also appoints independent directors on the RBI's Central Board. It had recently named RSS ideologue S Gurumurthy and cooperative movement veteran S K Marathe.

L U X U R Y STEPHEN HAWKING'S PERSONAL ITEMS TO BE AUCTIONED BY CHRISTIE'S A brilliant mind whose discoveries have shaped our understanding of the universe, Stephen Hawking, who died on March 14 this year, is one of the most well regarded physicists of all time. Christie’s is set to present a remarkable selection of 22 lots from the legendary physicist’s estate during an online sale entitled ‘On the Shoulders of Giants’, taking place between October 31 – November 8. The lots featured in Christie’s online sale range from the offprints (the scientist’s own printed copies) of his most important papers, including his seminal ‘Black hole explosions’ of 1974, to a selection of his medals and awards, a copy of his best-selling ‘A Brief History of Time’ (1988) signed with a thumbprint, a bomber jacket, and the script for one of his appearances on The Simpsons. Estimates in this auction start as low as £100. The last lot of the sale, one of Hawking’s iconic wheelchairs, will be sold to benefit the Stephen Hawking Foundation and the Motor Neurone Disease Association. Thomas Venning, Head of the Books and Manuscripts department, Christie’s London comments, “It has been a huge privilege for Christie’s to work on this selection of objects from the estate of one of the most brilliant minds of the last half-century. The lots selected for sale highlight Professor Hawking’s remarkable achievements in science alongside his unique personality and inspirational life story.”

FINOLHU LAUNCHES LUXURY 'BEACH BUBBLE' TENT IN MALDIVES

Finolhu, a luxury resort island in Maldives, unveiled a stunning new ‘Beach Bubble’ tent - the first of its kind in the archipelago - on a secluded stretch of its famed Fish & Crab Shack sandbank. Conceived and custom-designed by Eye In The Sky, the transparent inflatable bubble is a unique, inspiring environment where guests can enjoy an incredible, closer-to-nature experience without compromising on high-spec design and luxurious creature comforts.

Constructed using super-strong, high tech polyester fabric, the Bubble Tent provides a UV-protected, fully waterproof, climate-controlled cocoon that offers guests a uniquely immersive nature experience. The Bubble is an exclusive worldwide patented Precontraint Serge Ferrari technology and has distinctive properties in terms of resistance, dimensional stability and light weight, eliminating deformation due to load and offering a longer useful life. The interiors feature custom-fitted wooden floors and bespoke furnishings, and a separate adjoining bubble bathroom with WC and shower.

such as coconut sorbet instead of cream or syrup. Ory Signature Drinks includes playful creations like the Royal Hawaiian, a traditional tiki cocktail of gin, almond, lemon and pineapple, refined with a roasted almond and Tonka orgeat and topped off with champagne. Ory Apero is a creative and light-hearted aperitif menu and Ory Highballs completes the quartet with refreshing versions of Gin and Tonic and other old-style favourites.

Ory's drinks menu is divided into four categories: Ory Classics features newly interpreted versions of famous cocktails, using different textures, SEASONAL MAGAZINE

AUTO

TATA HARRIER

5 UPCOMING SUVS

CAR MANUFACTURERS ARE WORKING HARD TO CATER TO ONE OF THE FASTEST GROWING SEGMENTS ACROSS PRICE POINTS - SUVS. THESE SIX SUVS ARE COMING SOON!

The Tata Harrier will be the company’s new flagship SUV. It is set to be launched in early 2019 - most probably January. We know that the Harrier will be priced from Rs 16 lakh to Rs 21 lakh (on-road), which puts its squarely against the very popular Jeep Compass. While Tata has confirmed that the Harrier will be powered by a 2.0-litre, 4-cylinder turbodiesel ‘Kryotec’ engine, its performance specifications are yet to be revealed. Check out the images and other details of the Harrier here.

HYUNDAI KONA EV

HYUNDAI CARLINO

Hyundai’s foray into the electric mobility segment in India will be spearheaded by the Kona EV. It will be launched sometime in 2019. Prices will be kept in check thanks to it being assembled from knocked-down kits, but don’t expect it to compete against traditional 5-seat SUVs like the Jeep Compass or the upcoming Tata Harrier. It will be sold in limited numbers - with Hyundai stating that it would be available in select metros like Delhi and Mumbai where charging infrastructure should be easier to setup. A 39.2kWh battery pack should give the Kona a realistic range of around 250km on a single charge. What’s more, it can be recharged to 80 per cent charge in 54 minutes if connected to a 100kW DC fast charger. It is not known if a fast charger will be offered to customers in India from the get-go.

While Hyundai’s SUV onslaught will begin with the Kona EV in 2019, it also has two other SUVs in its pipeline. One of them is the much anticipated rival to the Maruti Suzuki Vitara Brezza rival. Codenamed the Qxi, it will be based on the Carlino concept that was unveiled at the 2016 Auto Expo. The SUV has been spied testing in India and from what we’ve seen, it has little resemblance to the boxy Carlino concept. Instead, it seems like shrunken version of the Kona with lower placed headlamps, Hyundai’s signature ‘cascading’ grille and a Creta-like roofline. The Carlino may borrow engines from the Elite i20, which means it should get a 1.2-litre, naturallyaspirated motor and a 1.4-litre, 4cylinder, turbo-diesel. However, this could change closer to the launch date, which is yet to be revealed.

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ROLLS-ROYCE CULLINAN The Phantom may be the ultimate luxury saloon, but it can’t traverse off the beaten path. That’s where the Rolls-Royce Cullinan comes in. The Cullinan, apart from being the firstever 4WD civilian vehicle by the British marque, is the first vehicle in its range to get all-digital instrumentation. Powered by a 6.75litre V12, the Cullinan is no slouch. This mammoth belts out 571PS of maximum power and 850Nm of peak torque. But it is not designed to be a speed demon, the power reserve should make the Cullinan a gentle cruiser. And with an intelligent AWD system and trick air suspension, it should be able to do so over varied surfaces as well. The Rolls-Royce Cullinan should make its official debut in India in 2019.

NISSAN KICKS The Nissan Kicks will slot above the Terrano and will be the company’s new flagship SUV. A competitor to the Hyundai Creta, upcoming Kia SP Concept-based SUV, the Renault Captur and the Maruti Suzuki S-Cross, the Kicks is based on a heavily modified version of the Renault Duster’s B0 platform. Nissan has only unveiled the dimensions of the Kicks, and it is one of the bigger SUVs in the segment. We also know that the top-spec variants will be shod with 215/60 R17 tyres. A surprising feature at the exterior unveil was the presence of cameras for a surround-view parking system. Check out the details here.

HEALTH

SIGNS AND CURES FOR VITAMIN D DEFICIENCY Also known as sunshine vitamin, vitamin D is produced in your skin in response to sunlight. Vitamin D deficiency can wreak havoc on your health. We tell you some important signs and symptoms of vitamin D deficiency that you need to look out for.

centage of pollution. Spending more time indoors. Not eating vitamin D-rich foods. Living in buildings that block sunlight. Signs and symptoms of vitamin D deficiency

itamin D is an extremely important vitamin that is known to have powerful effects on several systems throughout our body. Critical to our dental, bone and overall health, vitamin D is responsible for the absorption of crucial minerals like calcium, magnesium and phosphate, and other biological effects. Also known as sunshine vitamin, vitamin D is produced in your skin in response to sunlight. It is a fat-soluble vitamin that includes vitamins D-1, D2 and D-3. This vitamin is most vital for facilitating normal immune system function and is important for normal growth and development of bones and teeth, as well as improved resistance against diseases. Moreover, it is known to boost weight loss, reduce symptoms of depression, and keeps the body's functionality in check. However, if not

taken care of, vitamin D deficiency can wreak havoc on your health. We tell you some important signs and symptoms of vitamin D deficiency that you need to look out for. Vitamin D deficiency is one of the most common health problems faced. According to the NCBI, vitamin D deficiency affects almost 50 percent of the population worldwide. An average daily intake of 10-20 micrograms is adequate for individuals, as suggested by the US Institute of Medicine.

There are many factors that can lead to vitamin D deficiency: Using excess of sunscreen and blocking the sunlight to reach your skin. Residing in an area that has high per-

Tiredness, aches and pain and general sense of not feeling too well. Severe pain in the bone and muscles or general weakness that may cause difficulty in climbing the stairs or getting up from the floor or a low-chair or something as simple as walking till a stretch. In severe cases, fracture, especially in your thighs, pelvis and hips. Excessive hair loss. Wounds that take a lot of time to heal. Depression symptoms. Having digestive issues.

Vitamin D-Rich Foods While one can get vitamin D by being exposed to sunlight, there are certain foods that are said to be rich in vitamin D and calcium. We list out some essential vitamin D-rich foods that you should definitely add in your diet. Fatty fish like tuna, mackerel, salmon, egg yolks, soy milk, dairy products milk, curd, mushrooms, cereals, cheese, orange juice, cocoa. Make sure you have enough vitamin Drich foods in order to lead a healthy life. Consult a doctor if you see these symptoms to ensure proper medications and advice. SEASONAL MAGAZINE

HOUSING

WHY RENTING INSTEAD OF BUYING MAKES SENSE

Say for example, you stay in a rented apartment. At the rate of Rs 15,000 per month you will end up paying Rs 36,00,000 to the land lord in 20years. (This amount may go up slightly over a period of time as landlords revise the rent almost after every 2 years in DelhiNCR.) By taking a home loan, the final sum you were to pay the bank was Rs 67,34,871. This means, by living in a rented house, you could have saved, Rs 67,34,871-Rs 36,00,000= Rs 31,34,871. There are several safe investment options that can help you grow this amount up to four times. By living in a rented house, you can get richer by over Rs 1 crore and also get tax break on at least Rs 1,50,000 per year as per the Income Tax Act (Rs 30 lakh in 20 years!).

een through rent or buy dilemma? If you are young and earning, this question must have come to your mind at least once. Persistent calls for home loans from telecallers may have also tempted you a number of times to say 'yes' and buy your dream home. If you are earning a lot of money, or you already have a lot of disposable income, it will be easy for you to do so. But for youths, who are dependent on their monthly salary, taking a home loan on EMIs could become a massive, endless trap! Yes! Economically also, buying a home on EMIs may not make sense in the long run. In fact, the numbers may shock you as well. The underlying assumption here is that your monthly salary is in the Rs 50,000-Rs 60,000 bracket. You are living in a rented apartment that costs you Rs 15,000/month in Delhi-NCR. The best home loan rates being offered by several banks right now are in the bracket of 8.5 to 9.9%. In Delhi-NCR, the average minimum price at which middle income groups can buy a 2 BHK flat is around Rs 30 lakh. Add to this, costs like stamp duty, registration, municipal taxes and maintenance. The extra cost would likely be at least 10% SEASONAL MAGAZINE

of the price of the home. Now, if you take a home loan of Rs 30 lakh on an EMI extending up to 20 years, you will have to pay Rs 28,062 every month till the end of the tenure at an interest rate of 9.55% being offered by, let us say, SBI now. This means, you will end up paying around Rs 28,062 x 12x20 = Rs 67,34,871 to the bank. This is more than double the price at which you have purchased the house. Two strong arguments, apart from many, bank representatives make to persuade customers to buy a home on EMI are: First, home loan principal and interest repayment fetch attractive tax breaks. Second, amount paid to the landlord doesn't earn any interest. These are true but there are other financial instruments available for tax breaks and earn interest. There is a counter to the second argument also.

You can put your money in Public Provident Fund and Fixed Deposits. If you are interested in getting regular money after retirement, you can invest in National Pension System.

It is possible that the value of your home may grow over four times in 20 years. But considering the prevalent middleincome population of the country, would you be able to find a buyer interested in your home at such an inflated cost whenever you want? If you move to another place after a few years, you may like to put the house on rent. The rent money you will receive would compensate for your own rent but you will still be paying to the bank! You can put your money in Public Provident Fund and Fixed Deposits. If you are interested in getting regular money after retirement, you can invest in National Pension System. By investing just Rs 20,000/month in mutual funds, you can become a crorepati in just 15 years, according to experts. So, Buy or rent? The ultimate answer would be yours. But before making any purchase, it is advisable to do full research. One way you can end up paying less to the bank in lieu of home loan is to have a reduced loan tenure. This will increase the EMI. Post loan sanction, you can get the tenure reduced by paying more that just EMIs. In the initial few years, if you manage to give all your additional income to the bank against the home loan, you may manage to reduce the tenure by a few years. But still, you will pay a good amount to the bank.

HEALTH

UNEXPECTED CAUSES OF DIABETES FROM HOW MUCH TIME YOU SPEND AT WORK, TO THE TYPE OF OIL YOU COOK WITH.

hen it comes to diabetes, the figures are alarming – in Australia alone, an estimated 1.2 million people have the disease. That’s around 6 per cent of the population, and that number is steadily increasing. With one in 10 adults worldwide predicted to have diabetes by 2040 (that’s 640 million people!), scientists are eager to learn more about it. Diabetes affects how your body regulates blood sugar (glucose). In healthy people, insulin – a hormone created by beta cells in the pancreas – converts glucose into energy. Without that process, glucose builds up, which can lead to serious health complications. Type 1 diabetes is an auto immune disease whereby the body doesn’t produce insulin. It cannot be prevented and is managed medically. In type 2 diabetes, the pancreas either doesn’t produce enough insulin or the body doesn’t respond to the insulin being produced (insulin resistance). Type 2 diabetes is often brought on by certain lifestyle or environmental factors and can be prevented, or at least its onset delayed. Type 2 diabetes makes up 85-90 percent of all diabetes cases diagnosed and, while it used to occur mainly in older people, it is now common in younger adults and even teenagers. According to Diabetes Australia spokeswoman Cheryl Steele, “There is no one cause or trigger of type 2 diabetes.” While some risk factors, such as obesity, unhealthy eating, a sedentary lifestyle and a family history of the condition, are well known, “there are a number of other factors that can contribute to type 2 diabetes but are much less well known”, she explains.

Here are some of the more surprising culprits…

1. Working long hours Canadian researchers have found that as little as an extra hour a day at work can significantly increase a woman’s risk of type 2 diabetes. The research tracked 7065 Canadians over 12 years and found that the women who worked 45 hours or more a week had a 63 per cent greater risk of diabetes compared to those who worked 35 to 40 hours a week. What’s perhaps most surprising is that this correlation mainly affects women. The researchers believe this is because in addition to their paid work, women also spend more non-office hours doing household chores and caring for children, which in turn ups their stress levels and negatively impacts on overall health. For this reason, Steele says maintaining a healthy work-life balance is crucial for managing or preventing type 2 diabetes. “This could include sharing household responsibilities with a partner to avoid burnout,” she suggests.

2. Eating soybean oil Oil and its effect on cholesterol and cardiovascular health has long been a

topic of debate. But it seems that oil, specifically soybean oil, has implications for diabetes, too. Scientists at the University of California, Riverside have found that compared to a diet high in fructose (a sugar found in processed foods and soft drinks), a diet rich in soybean oil results in more instances of obesity and symptoms of diabetes – in mice, at least. Which is not to say one should err on the side of sugar, it’s more that both should be avoided. “This was a major surprise for us – that soybean oil is causing more obesity and diabetes than fructose – especially when you see headlines about the potential role of sugar consumption on obesity,” says researcher Poonamjot Deol.

3. Poor Air Quality When it comes to preventing and managing diabetes, the focus is usually on what we eat. But what about the air we breathe? It’s becoming increasingly important that the urban environment plays an emerging role here. In a US study that followed 1.7 million people for an average of eight-and-a-half years, researchers found that even at what were deemed safe levels, air pollution SEASONAL MAGAZINE

and increased risk of diabetes went hand in hand. The study concluded that air pollution contributed to 14 per cent of all new cases of diabetes globally in 2016 – that’s 3.2 million cases! It’s thought that pollution reduces insulin production and triggers inflammation, preventing the body from converting blood glucose into energy.

4. Being Depressed While it’s easy to see how the symptoms and constant levels of management demanded by diabetes could lead to depression, the opposite is also true. “People usually think of these as two isolated conditions, but there is growing evidence that they are linked, behaviourally and biologically,” says researcher Dr Frank Hu, from the Harvard School of Public Health. He explains that people who are depressed have elevated levels of stress hormones, such as cortisol, which can lead to problems with glucose or blood-sugar metabolism, increased insulin resistance and the accumulation of belly fat, all of which are diabetes risk factors. In his study, Hu found that women who were depressed were 17 per cent more likely to develop diabetes, even after the researchers adjusted for other risk factors such as weight and lack of regular exercise. Steele agrees that itis an important correlation to consider. “Recognising and seeking help with depression, anxiety and poor mental health is difficult for some people but vital to overall health and wellbeing,” she says. The bottom line Focus on the risk factors for diabetes you can change, says Steele. “Sometimes, as an individual, we can’t control the quality of the air or the food available to us, but being aware of the risks to our health help us to make informed decisions.” SEASONAL MAGAZINE

Why Zinc for Diabetes WHILE IT IS COMMONLY KNOWN THAT DIABETES SHOULD STEER CLEAR OF SUGARY GOODS AND EAT MORE OF FIBRE-RICH FOODS, DID YOU KNOW INCLUDING FOODS THAT ARE RICH IN ZINC MAY ALSO PLAY A FRUITFUL ROLE IN MANAGING DIABETES?

Diabetes management is no cakewalk. The limitations and restrictions in a diabetic diet may get a tad too overwhelming at times; which is why it is important to have a clear knowledge of the foods and range of options that one can have in a diabetic diet plan. While it is commonly known that diabetes should steer clear of sugary goods and eat more of fibre-rich foods, did you know including foods that are rich in zinc may also play a fruitful role in managing diabetes? Here's why zinc is important for diabetes management: According to the book, '101 Weight Loss Tips' by Dr. Shikha Sharma, "Including zinc in your diet helps sensitise tissues to insulin. Moreover, it also helps minimise sugar cravings. There are many studies that have shown that zinc acts like insulin when administered to insulin-sensitive tissue and that it seems to stimulate insulin action." Zinc can bind to insulin receptors and activates insulin-signalling pathways. Insulin is a hormone made by the pancreas that allows your body to use sugar (glucose). Impaired insulin activity can hamper the way your cells respond to the glucose produced, which can cause fluctuations. The mineral is also vital in ensuring correct processing, storage, and secretion of insulin; a key factor to ensure in diabetes management. Additionally, zinc also has antioxidant effects. People with diabetes often see immense oxidative damage. This mineral may help prevent oxidative stress induced by diabetes. Zinc-rich foods you may want to include in your diabetes diet: 1. Sesame seeds or Til 2. Pumpkin seeds 3. Legumes 4. Almonds 5. Pine nuts 6. Milk 7. Cheese 8. Whole grains

FINANCE

WHY ARE NBFCS ON THE EDGE? 1 LAKH CRORE WORTH OF COMMERCIAL PAPER COMING UP FOR REDEMPTION IN MID NOVEMBER.

ith commercial papers (CPs) worth Rs 1 lakh crore coming up for redemption by midNovember, non-banking finance companies (NBFCs) and micro-finance institutions (MFIs) are in a quandary on how to tide over the liquidity crisis. The estimate is from two bankers who did not wish to be quoted. While large lenders are sitting on comfortable liquidity, it is the mid and small NBFCs and MFIs that are likely to face the crunch. Banks and mutual funds are the main sources of funding for housing finance companies and other NBFCs. While banks contribute about 40% of the funding, MFs contribute 30%. According to estimates, 55% of NBFC papers with mutual funds have less than 90 days maturity, which could lead to redemption pressures.

Anticipating liquidity pressure, microfinance institutions are meeting their lenders on November 1 to discuss ways to tide over the liquidity crunch. Close to 30 lenders and rating agencies will attend the meeting, which is convened by the Micro Finance Institutions Network (MFIN). Lack of cash would impact business growth for MFIs in the festive season when loan demand is typically high. While large MFIs have access to bank

BANKS AND MUTUAL FUNDS ARE THE MAIN SOURCES OF FUNDING FOR HOUSING FINANCE COMPANIES AND OTHER NBFCS. WHILE BANKS CONTRIBUTE ABOUT 40% OF THE FUNDING, MFS CONTRIBUTE 30%.

finance, the mid-sized and smaller ones depend on funds from NBFCs. If NBFCs face cash crunch, then that will have a cascading effect on the MFI sector. “The small and medium MFIs are facing a bit of a liquidity crunch. They primarily borrow from large NBFCs. So, we have called all the lenders to MFIs to hear their specific concerns and expectation like whether they will charge higher interest rates,” said a top industry official. “Officials from credit rating agencies will also be there to provide their outlook on the sector,” the official said. Anticipating liquidity crunch, the RBI has announced ?40,000-crore liquidity infusion in November through open market operations. The liquidity deficit in last fortnight was about ?1 lakh crore on an average. On some days, the deficit spiked to ?1.5 lakh crore. SEASONAL MAGAZINE

BUSINESS

WHY IS IBM BUYING RED HAT?

n the second-largest deal in industry history, IBM is buying Red Hat Inc., a seller of software and services based on the open-source Linux operating system. International Business Machines Corp. Chief Executive Officer Ginni Rometty has staked her legacy on a $33 billion acquisition designed to save the century-old company from irrelevancy in a business led by younger tech giants like Amazon.com Inc.

to investors.

In the second-largest deal in industry history, IBM is buying Red Hat Inc., a seller of software and services based on the open-source Linux operating system. The move is an admission that IBM’s current cloud strategy isn’t working— and some analysts doubt Red Hat is the solution.

Until now, Rometty’s tenure had been defined by falling revenue and massive cost cuts. Now the CEO has a chance to re-focus the company and its investors on the new challenge of hybrid cloud.

“This is not a game changer in the way that Ginni has claimed,” said Lydia Leong, an analyst at research firm Gartner Inc. Shares of IBM fell 4.1% on Monday to $119.64, the lowest closing price since early 2016. Red Hat stock ended the day more than 10% below the $190 a share acquisition price, signalling some investors are sceptical the deal will get done. Financed largely by debt, the deal already drew a downgrade of IBM’s credit rating from S&P Global Ratings. Red Hat will improve IBM profit margins, and gets the company further into an emerging part of the business known as hybrid cloud. But the deal won’t make IBM a dominant player in the public cloud—the lucrative business of running software over the internet in remote data centres rather than on a company’s own computers, Leong said. The public cloud market will grow to $83.5 billion by 2021, from $30 billion last year, according to Gartner. IBM mostly missed that revolution under Rometty’s predecessor, Sam Palmisano, who dismissed Amazon’s strategy of spending heavily on massive data centres to handle other companies’ computing tasks. Rometty tried to break SEASONAL MAGAZINE

Instead, Red Hat gives Rometty a shot at the next wave: hybrid cloud. This is where companies run software programs and store data on a combination of their own servers and public cloud services. IBM and Red Hat aim to oversee this for large organizations that don’t want to simply outsource work to Amazon, Microsoft or Google. Red Hat already operates successfully in this space.

into the market with the $2 billion acquisition of SoftLayer Technologies Inc. in 2013, but by then Amazon, Microsoft Corp. and even Google already had a head start. “One of the most important takeaways from the Red Hat acquisition is the admission that IBM’s public cloud efforts are effectively dead,” tech analyst Ben Thompson wrote in his Stratechery blog. Having large data centres to spread the cost of handling vast quantities of data and computing workloads is one of the most important elements of cloud computing, and Red Hat doesn’t provide that, according to Timothy Horan, an analyst with Oppenheimer & Co. “They still have a long way to go before they can compete with Microsoft and Amazon in cloud,” he wrote in a note

MICROSOFT ALREADY HAS THE HUGE DATA CENTRES TO MAKE MONEY FROM THIS, WHILE IBM WILL HAVE TO “PAY RENT” TO THE PUBLIC CLOUD PROVIDERS, HE ADDED.

“This does open up an opportunity for a combined IBM/Red Hat to enter the market with a new service,” Oppenheimer’s Horan said. Still, Amazon, Microsoft and Google all provide this type of service too. “The problem for IBM is that they are not building solutions for clueless IT departments bewildered by a dizzying array of open technologies,” Thompson wrote. “Instead they are building on top of three cloud providers, one of which (Microsoft) is specializing in precisely the sort of hybrid solutions that IBM is targeting.” Microsoft already has the huge data centres to make money from this, while IBM will have to “pay rent” to the public cloud providers, he added. Rometty won the CEO job in 2012 largely because of her success integrating another major acquisition. More than 15 years ago, she ran IBM’s consulting business when it swallowed PricewaterhouseCoopers’ management consulting arm for $3.5 billion. In a call with analysts on Monday, Rometty reminded them of her past experience. “PWC was the only successful integration of a services company and I personally did it,” she said. “I am very confident that the IBM company and I personally know how to make that kind of an integration work.”

GADGET

CHINESE LED BY XIAOMI DOMINATE INDIAN MOBILE SALES Xiaomi ships 12 million phones in latest quarter and leads Indian mobile phone market in Q3; Vivo, Oppo also in top five.

hinese mobile phone companies, which have taken a big share of India's mobile phone sector, showed no signs of weakness in the third quarter despite a market contraction. Experts noted on Wednesday that India, with its competitive market and ample consumer demand, still offers a promising future to Chinese mobile phone companies. The experts' comments come as several Chinese mobile phone brands reported good business performances in the Indian market in the third quarter, statistics from Canalys, a Singapore-based technology market analyst firm, showed on Tuesday. Xiaomi shipped more than 12 million smartphones in India in the third quarter, growing by 32 percent on a yearly basis, making it the largest smartphone vendor in India.

According to a statement from Canalys, Xiaomi took pole position for the fourth quarter in a row, further cementing its lead in the country. A Chinese investor surnamed Wang, who focuses on cross-border investment between China and India, told the Global Times that he thinks the biggest reason for Xiaomi's popularity in India is because they are relatively cheap. A Chinese telecommunications expert attributed Xiaomi's success in India to the fact that its "geek" image is welcomed by local consumers. "Xiaomi's localization strategies, such as adding tailored designs for local consumers in their products, as well as doing local promotion, work well in India," Liu Xingliang, head of the DCCI Internet research institute, told the Global Times on Wednesday. Chinese mobile phone brands Vivo and

Oppo shipped 4.5 million and 3.6 million units, respectively, in India in the third quarter, up by 12 percent and down by 2 percent, making them the third- and fourth-largest phone vendors in the country. Shipments by South Korean brand Samsung slipped by 2 percent, but the company still managed to be the second-largest phone vendor in the country. Chinese mobile phones are swimming against the tide, though, as the mobile phone sector is declining in India. In the third quarter, India's mobile phone sector contracted by 1 percent on a yearly basis, the Canalys data showed. Liu said that India - which has a big population - is still a promising market for Chinese mobile phone vendors. He also pointed out that competition among Chinese brands in India is good for China's mobile industry. SEASONAL MAGAZINE

Pete Jaison

START-UPS

INVESTORS, INCUBATORS AND VCS Ever since the start-up craze gripped the country, Investors, Incubators and venture capitalists have been grinding and striving to spot the next ‘big one’. Here, we take a look at the most interesting investors in the country and their top investments.

Sam Subramaniam, CEO, Brand Capital

BRAND CAPITAL : The strategic investing extension of the Times groupis the busiest Investor in India. With an investment portfolio of around 360 Indian companies, including the likes of some unicorns like Flipkart, Snapdeal, Quikretc, Brand capital is second to no-one. Brand Capital specializes in branding expertise and intellectual capital that helps entrepreneurs with the intricacies of the advertising business – helping them to plan and build effective corporate branding strategies that ultimately leads to both growth and value creation for the enterprise. The invested value till date, stands at a whooping USD $3 billion and a majority of their brands are clear market leaders in their respective sectors.

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INDIAN ANGEL NETWORK:

The IAN is a network of Angel investors who are always looking to invest in early stage businesses which have potential to create disproportionate value. The members of this network are leaders in the entrepreneurial ecosystem due to their strong operational experience as CEOs or a background of creating successful ventures. They have invested in just more than a hundred Indian companies including some names like Stayzilla, Unbxd, Fareye etc. Their most recent investment was hardly a month back in FarmersFZ, a Cochin based online marketplace for groceries.

SEQUOIA CAPITAL: Perhaps, the most popular name when it comes to investments in the Indian e-commerce space. Sequoia capital, one the most influential venture capitalist firms in the world has funded some powerhouses like Uber and Alibaba and has an investment portfolio of more than a thousand global companies. In India, they have invested in some nowhousehold names like Ola, Oyo, Zomato etc. Recently, SC has split their Indian investment team into growth and venture verticals, a strategy they follow only in the US and China. ‘The line between consumer, healthcare and technology companies continues to blur,’ Sequoia Capital India managing director, Shailendra Singh told. ‘Tech companies for example, in online retail have physical stores now and consumer/healthcare companies are becoming increasingly digital and reliant on heavy tech’. Singh added that India as a market has evolved into a point where there is enough depth in the equity capital market.

Y Combinator: The Silicon Valley based, YC is the most prestigious seed accelerator in the world. The founders of the invested Startups move to Silicon Valley for 3 months of intensive work to mold companies into the best possible shape. Each workshop culminates in a ‘Demo Day’, when the startups present their companies to a carefully selected, invite-only audience. Stripe, Airbnb, Dropbox are some of the YC invested global companies. YC’s investments in India has been a little stingy as compared to the ones in other emerging markets. To date, they have invested in only about 36 companies in the country including names like Cleartax, Razorpay and Meesho. YC’s principle revolves around ‘funding in batches’. They feel that this is a much better model and benefits everyone. It is far more efficient for them as well as being very effective for these funded startups, who end up helping one another at least as much as they help them.

BIRAC: BIRACorthe Biotechnology Industry Research Assistance Council (BIRAC) is a not-for-profit PSE, set up by Department of Biotechnology (DBT), Government of India as an Interface Agency to provide support to emerging Biotech enterprises to undertake strategic innovation, addressing nationally relevant product developmental needs. BIRAC’s sole focus is to play a crucial role in building a USD $ 100 billion bioeconomy in the country. They have a wide variety of investing programs like basic incubation, equity funding, strategic research funding, social innovation funding etc. BIRAC has close to 300 companies in their portfolio kitty and has invested in some big names in the health care/bio tech sector like Syngene, Privi, Mitra biotech etc.

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L U X U R Y BONHAMS AUCTIONS CHAMELEON DIAMONDS IN HONG KONG

An important set of Chameleon diamonds will be presented at the forthcoming Rare Jewels and Jadeite sale at Bonhams Hong Kong on November 25. The exquisite diamond necklace features nine Chameleon diamonds weighing 13.87 carats total and is expected to fetch between HK$1,600,000 and HK$3,000,000. "Chameleon diamonds are amongst the rarest and most mysterious of coloured diamonds. Depending on temperature and light conditions, the diamond's colour transforms from "olive" green to a mesmerising brownish yellow or yellow," explains Bonhams Asia Director of Jewellery, Graeme Thompson. "Due to their rarity, little gemmological information exists on Chameleon diamonds and scientists have yet to confirm the mechanism that causes their colourchanging behaviour."

A. LANGE & SOHNE DATOGRAPH UP/DOWN LUMEN

CHRISTIAN LOUBOUTIN PRESENTS LOUBIGRAF COLLECTION

As the streetwear mania captures the luxury world more and more, Christian Louboutin, the French luxury accessories brand, has presented Loubigraf, a collection of astounding shoes and handbags. Christian Louboutin has always represented freedom and style, this time, with a wild graffiti inspired collection. With Loubigraf, Christian Louboutin aims to celebrate artistic energy.

German watchmaker A. Lange & Söhne has launched a limited edition, Datograph Up/Down “Lumen” which is capable of showing time even in darkness, thanks to its semi-transparent dial and luminous displays. What strikes the eye at first sight of the Datograph Up/Down is its vibrant yet harmoniously balanced dial design. The characteristic outsize-date display in the framed double aperture marks the tip of an equilateral triangle. Its baseline is defined by the two subsidiary dials for the seconds and the precisely jumping minute counter.

Loubigraf Sneaker for men by Christian LouboutinThe collection has a wide imprint of graphic patterns with strong hues and audacious line experimentations, that displays a communicative enthusiasm. The Rantus Orlato sneakers combine three prints and a black and white piping pushes the boundaries to an oh-so-daring stage, while the Marimalus pump is everything but well-behaved.

The first ever noctilucent chronograph by Lange, the outstanding luminosity is achieved with a semi-transparent dial and a luminous compound that causes all displays to glow in the darkness – with a distinctive green hue that the human eye perceives as particularly pleasant.

MANDARIN ORIENTAL MUNICH UNVEILS CHIC COCKTAIL BAR, ORY Mandarin Oriental, Munich has opened Ory, a chic new cocktail bar serving avant-garde drinks in a contemporary setting. Conceptualised by gastronome Maximilian Gradl, Ory is operated by his company Barschaft B17 GmbH. Ory has been designed by acclaimed architect Özgür Keles and his studio, Selektiv. Within Ory's eye-catching dark green and gold interiors, featuring brass fixtures, wood panels, red velvet seating and large potted-plants, guests will find a welcoming yet sophisticated atmosphere. Gelato containers at the bar and a filtered water fountain in the centre of the room are among Ory's distinctive features. Ory's drinks menu is divided into four categories: Ory Classics features newly interpreted versions of famous cocktails, using different textures, such as coconut sorbet instead of cream or syrup. Ory Signature Drinks includes playful creations like the Royal Hawaiian, a traditional tiki cocktail of gin, almond, lemon and pineapple, refined with a roasted almond and Tonka orgeat and topped off with champagne. SEASONAL MAGAZINE

L U X U R Y LLADRO LAUNCHES NEW LIGHTING COLLECTION INSPIRED FROM JAZZ LladrĂł, the Spanish brand, has come up with the Jamz collection, a lighting collection inspired by jazz music to shape a unique selection of hanging, floor and reading lamps. The combination of metals with porcelain screens, with three different models to choose from, portrays the shape of jazz instruments. The customization of the lamps symbolizes the free essence of this music, allowing improvisation for spontaneous creations. Jamz Collection offers lamps of refined forms in white porcelain with metals in gold, silver or black in which light and craftsmanship come together to create different atmospheres. The entire collection is available on their official

BMW LAUNCHES FIRST-EVER 8 SERIES CONVERTIBLE German luxury automobile company BMW has introduced their first-ever BMW 8 Series Convertible. The soft-top, four-seat BMW M850i xDrive Convertible combines immense power and torque delivery from its updated 4.4L 8cylinder turbocharged engine with tenacious grip and peerless poise from the advanced chassis, luxurious comfort and state-of-the-art innovations in technology, driver assistance and connectivity. The exterior design of the BMW 8 Series Convertible exudes a very modern form of sporting appeal, beautifully blended, with an air of exclusiveness and sensual allure. The BMW 8 Series Convertible features a standard automatically activated rollover protection system. The system activates the moment that data analysed by the central safety electronics indicate a risk of a roll-over. The luxurious side of the first-ever BMW 8 Series Convertibleâ&#x20AC;&#x2122;s character is shown with the help of a wide array of distinctive optional extras. Newly designed climate seats for driver and front passenger are available as an upgrade to the standard heated seats. SEASONAL MAGAZINE

L U X U R Y CFB LAUNCHES THE HERITAGE TOURBILLON DOUBLE PERIPHERAL WATCH

Luxury Swiss watch brand Carl F. Bucherer has launched The Heritage Tourbillon Double Peripheral time piece in New York in the presence of Pascal Ravessoud of Fondation de la Haute Horlogerie (FHH) – the brand’s new partner. The launch of this timepiece marks one of many highlights in the company's 130th anniversary year. Limited to only 88 watches, the special-edition masterpiece also marks the start of a new product range set to carry on Carl F. Bucherer's legacy: the Heritage collection. The Heritage Tourbillon Double Peripheral is made with the CFB T3000 manufacture caliber, is chronometer with a diameter of 36.50 mm, height 4.60 mm, encrusted with 32 sapphires, and a power reserve of 65 hours. It is hand-engraved with 18k white gold bridge and a 22k rose gold rotor.

BOBBI BROWN LAUNCHES CAMO LUXE COLLECTION Make-up brand Bobbi Brown has introduced the Camo Luxe collection, where inside the camo-patterned packaging you’ll find a fashion forward range of rich hues, metallic moments and dramatic details. Earthy eye shadows range from velvety matte to sparkle-infused, along with a gorgeous skin-warming version of their Highlighting Powder. Along with this are chromatic shadows, cool nail polish hues, and richly-pigmented lip colors. The new camo luxe eye and cheek palette is a mix of eye shadows and highlighting powder with a formula that glides on smoothly and blends easily, is densely pigmented, keeps its colour and can be layered for greater shade intensity. Formulated with a clear base and highly-reflective pearl pigments, the Highlighting Powder creates a radiant yet flattering glow.

BREITLING & BENTLEY RENEW PARTNERSHIP WITH NEW CHRONOGRAPH Breitling, the Swiss watchmaking company and Bentley, the British luxury automobile company, have collaborated once again for the B01 Chronograph 42 Bentley British Racing Green. The two great brands have worked together since 2003, when Breitling became the first watchmaker entrusted to design an onboard clock for Bentley's flagship model, the Continental GT. The new chornograph is distinguished by its striking British racing green dial and is available with a choice of a stainlesssteel bracelet or a British racing green leather strap that matches the dial. Contrasting sub dials are positioned at 3 and 9 o'clock, and a date window is found at 6 o'clock. In announcing the renewal of its longstanding partnership with Bentley, Breitling said that it would be integrating special Bentley editions into its core product offering rather than in a separate Breitling for Bentley collection.

HERITAGE AUCTIONS OFFERS RARE TIMEPIECES AT HONG KONG SALE A highly desirable contemporary Patek Philippe watche is expected to vie for toplot honours in Heritage Auctions' December 10 Hong Kong Timepieces Auction. Preauction estimates indicate the auction could eclipse $1 million. "This auction represents an extraordinary opportunity to launch collectible timepieces at Heritage Week – Hong Kong," Heritage Auctions Watches & Fine Timepieces Director Jim Wolf said. The Patek Philippe, Unused Single Sealed, Gold Chronograph With Perpetual Calendar, Moon Phases, Tachometer and 24 Hour Indication (reserve: $100,000) is the last Patek Philippe Perpetual Calendar ChronoSEASONAL MAGAZINE

graph powered by the legendary Lemania movement, which is visible through the back of the case. The yellow gold version offered in this auction is considered the rarest of this extraordinary reference. A Patek Philippe, Fine and Rare Twenty4 White Gold And Pave Diamond Ladies Wristwatch Circa 2002 (reserve: $55,000) is a dazzling piece with more than 1,400 diamonds with a combined weight of a little more than 8 carats. Apart from these rare timepieces, a number of rather unique and important pieces like a Bovet à Fleurier, a Rolex, a Daniel Roth "Classique" Diamond & Sapphire White Gold Watch and a Piaget, Protocole XXL, Fine and Very Rare 18k White Gold and Diamond Square Bracelet Watch, circa 2000s will be part of the auction.

Carl Jaison

WHERE DID INDIA GO WRONG WITH ITS FOREIGN POLICY? India’s foreign policy position has been widely touted as being ‘reactionary’ or lacking a grand strategy. From India’s first Prime Minister Jawaharlal Nehru to current PM Narendra Modi, India’s foreign policy continues to be viewed from a lens of strategic autonomy, where the country shies away from military alliances with others and is concerned with securing core interests in its immediate neighbourhood. While diplomatic and territorial issues with Pakistan and China have dominated the bulk of assignments for the foreign policy establishment for much of post-independence history, there are new and challenging trends that have affected India’s strategic impulses. This article looks at some of the questionable decisions made by India at the international level during the course of its history, based on the extent to which it impacted its national security considerations and foreign policy priorities.

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1. NEHRU’S FORWARD POLICY In 1962, India initiated a ‘Forward Policy’ in a bid to neutralize any encroachment by China on its territory. Except that this decision by then Prime Minister Jawaharlal Nehru and the Indian Army was widely seen as a provocative act that eventually culminated in the war that left a deepl psychological wound on Indian strategic thinking in the succeeding decades. The ‘Forward Policy’ involved raising of military outposts in areas claimed by China and launching of aggressive patrols, which according to journalist Neville Maxwell increased the chances of conflict. India’s defeat in the 1962 war was attributed to its military unpreparedness and this was evident in the complacency of the Indian Army in its flawed assumption that China would not launch a military offensive as a response. However, others argue that Nehru’s decision to provide asylum to the Dalai Lama in 1959 had already instigated the Chinese and the latter was engaged in military build-up ever since. Since Indian foreign policy was considered to be strategically defensive and committed to non-alignment, Nehru’s policy seemed overly reckless and unnecessary. The ‘Forward Policy’ was carried out with little thought behind the strategic consequences for India’s territorial borders and has bemused foreign policy analysts ever since.

2. VOTE ON ISRAEL India has historically favoured a two-state solution and remains ever committed to Palestinian statehood. However, when it comes to a vote or resolution in the United Nations on Israel, India has taken the ‘tried-and-tested’ path rather than one than reflects its foreign policy priorities in the current times. When the US had decided to move its embassy to Jerusalem amid widespread protests from the Muslim world, some Arab states had tabled a resolution condemning the move. If taking the

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side of the USA and Israel in a largely symbolic UNGA vote would have seemed inconsequential, India did not accrue any tangible benefits from voting against the resolution when a mere abstention would have been more reasonable and in line with India’s notion of strategic autonomy. As Iyer-Mitra argues, by voting against the embassy move, India potentially threatened to irk a US President who has been hell bent on penalizing countries that go against US’ interests and jeopardize its ties with Israel, a country that has recently been cosying to the Modi government. This move (and every vote against Israel) has raised eyebrows in some circles as Israel has always supported India’s stand on Kashmir while Palestine through the Organization of Islamic Cooperation (OIC) has only done the opposite.

3. MILITARY INTERVENTION IN SRI LANKA In the 1970s, India had gained some credibility and an equal measure of scepticism after its military intervention in East Bengal (present-day Bangladesh) had helped in the liberation of that country from her bitter rival Pakistan. However, in the case of Sri Lanka, there was much to be lost as the island nation was in the midst of a violent civil war between the Sinhalamajority government and the ethnic Tamils. Given that the Southern Indian state of Tamil Nadu had sentimental stakes in the conflict, India’s decision to send peace-keeping forces (IPKF) to defeat the Prabhakaran-led insurgent group LTTE baffled many who felt that appearing neutral or even pushing the Sri Lankan government to agree for a political settlement would have been more pragmatic. However, the intervention failed to annihilate the LTTE leadership and led to a prolonged civil war that ravaged the nation in the years to come. It is widely believed that Rajiv Gandhi’ decision to send boots on the ground, albeit for peace-keeping operations on the request of the Sri Lankan government, instigated the Tamil people and led to his shock assassination by LTTE suicide bombers. As it represented a deviation from India’s usual reliance on diplomatic posturing, the strategic miscalculations of the intervention continues to haunt Indian policy in its neighbourhood.

critics back home and the current government has not taken any decision to review the MFN status to Pakistan so far. Pakistan still permits only 137 products to be exported from India through the Wagah/Attari border land route.

5. THE 1972 SIMLA AGREEMENT

4. MOST FAVORED NATION STATUS TO PAKISTAN In 1996, India granted MFN status to Pakistan. This meant that India was willing to provide Pakistan with nondiscriminatory trade status like it does with all the other WTO members and that the latter would not be in a disadvantageous situation compared to the former’s other trade partners. On the other hand, Pakistan was supposed to lift its trade barriers and decrease tariffs and open up the market for free flow of Indian goods. However, the domestic industry in Pakistan weren’t too keen as it would impact their competitiveness and increase their vulnerability. Pakistan still hasn’t handed India with the same status while instead wanted both countries to sign the NonDiscriminatory Market Access (NDMA) which according to Kanishka Singh signalled the political mistrust felt on the side of Pakistan. While India felt obligated to offer the MFN status to Pakistan based on WTO rules, it did not receive the same treatment from Pakistan due to obvious political reasons. This received immense backlash from

After India militarily decimated the Pakistani army in East Bengal in 1971, it possessed a crucial bargaining chip that it never had with its arch rival since the bloody Partition of 1947: the capture of Pakistani POW (prisoners of war) and troop presence on the Pakistani side of the border. With Pakistan’s morale severely depleted, it was an opportune moment to reach a final boundary settlement on the Kashmir issue using the above two bargaining chips. However, India fluctuated between an aggressive diplomatic measure to an accommodative negotiating tactic, without capitalizing on the realist objective of getting Pakistan to remove discussion over Kashmir from any future bilateral talks. As argued by Zorawar Daulet Singh, Indira Gandhi wanted to make a gesture that India’s military triumph in East Pakistan was not just a show of strength but to arrive at a genuine peace agreement. While India had hoped for a domestic transformation in Pakistan to a more modern secular ideology from Islamism, there was an evident tension at the highest level between wanting to seek immediate security gains and hold out for a more durable regional order. Eventually, as one of the then PMO advisor P.N Dhar stated ‘the overriding consideration for India was to put an end to its adversarial relations with Pakistan and forge an instrument that would help build a structure of durable peace in the subcontinent’.

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E-COMMERCE

AMAZON TAKES TO THE ANDAMANS: THE PROSPECTS FOR ONLINE DELIVERY IN REMOTE LOCATIONS AMAZON, THE GLOBE’S BIGGEST E-COMMERCE PLATFORM, IS REDEFINING THE SPACE IN INNOVATIVE WAYS. THE MAIN FOCUS HOWEVER REMAINS THE SAME: OFFERING ITS CUSTOMERS WITH SWEET DEALS AND ENTERING NEWER MARKETS. INTERESTINGLY, THE ANDAMAN ISLANDS HAS BEEN THE LATEST IN THE AMAZON BANDWAGON.

efore any Amazon parcel arrives at Sahiba Ashraf’s creaky wooden balcony on Havelock Island, it undertakes an extraordinary journey by road, air, and sea. The trip begins, like any other Amazon delivery, from inside a cavernous warehouse, where the item is picked up and transported by road and then by air to Port Blair, the capital of the Andaman and Nicobar Islands. It travels by truck to a small, two-room Amazon delivery centre, where it is carefully sorted and bundled into a large white delivery bag. Then, at a roadside wharf at the other end of Port Blair, the bag, stuffed with Ashraf and others’ parcels destined for the island, is carried onto a small, wooden fishing boat. Half-a-world away from autonomous warehouse robots and complex algorithms, the boat, open to the elements and powered by a noisy, ancient engine, travels 70 kilometres in five hours across the Andaman Sea. On a beach at Havelock Island, home to less than 20,000 people, the Amazon bag is unloaded, its contents sorted at a small office, and the parcel is finally taken by scooter to the scuba diving centre where Ashraf is an accountant. “The first thing I ordered on Amazon was a camera. It came in good condition, and it came in four days,” said the 31-yearold. “The product came in four days from the mainland to Andamans,” she emphasised incredulously on her experience from a few years ago. “And at the same price.” Before Amazon arrived on tiny

Havelock, best known for its pristine beaches and breathtaking scuba diving, it could take weeks or even months to get hold of something from the mainland, and usually at double the price. Most e-commerce sites would deliver only up till Port Blair, the capital, an hour-and-a-half away by the fastest ferry. “In Havelock, you only get tourist items, like swimwear and shells,” Ashraf explained. But why on earth would the world’s largest e-commerce company be interested in serving a tiny island in the Andaman Sea?

A CONTEST LIKE NO OTHER Amazon set up shop in India five years ago. Despite being a late entrant—local rival Flipkart was launched in 2007—the US behemoth is now among the top two ecommerce companies in the country. Its founder and CEO, Jeff Bezos, has committed $5 billion towards investment in India. Why the interest? Because India has one of the world’s fastest growing ecommerce markets, slated to expand fourfold to $150 billion by 2022.

Already, the country is a pretty big deal for Amazon. The exact numbers are hard to discern, but there are some clear indicators. During the June-September period this year, for example, the company announced that its international sales growth dropped to 13%, compared to 30% a year ago. Much of it was because Diwali, a Hindu festival that marks the peak sale season in India, fell on a later date this year. It’s not that Amazon has had a free run in India. It fought tooth and nail with homegrown players, including Flipkart and Snapdeal, to corner a significant slice of the market, and the contest is showing no signs of abating. In May this year, US retailer Walmart spent $16 billion to buy a 77% stake in Flipkart. “Walmart’s entry does incrementally make it difficult for Amazon compared to what it was when Flipkart was just Flipkart,” said Yugal Joshi, vicepresident at Texas-based consulting and research firm Everest Group. “It is not just about Walmart’s money. It has a lot to do with the know-how, expertise, and technology optimisation capabilities that Walmart has. Among other things, Walmart is known to run very evolved supply chains and they will bring that to India.”

FIXING THE FUNDAMENTALS On a February morning in Gauribidanur, a small town some 75 kilometres from India’s tech hub of Bengaluru, Naveen Kumar is manning his StoreKing outlet, complete with a laptop and flat screen TV. StoreKing is one of the retail chains in the hinterlands that Amazon has partnered with for its assisted shopping service, Amazon Easy. Launched in 2015, and codenamed “Project Udaan,” Amazon Easy is focused on getting the next 100 million Indians, with little or no experience of online shopping, to buy on Amazon. Partners at these stores help potential customers navigate the Amazon website, place orders, and sometimes even coordinate deliveries. Amazon Easy is currently available at over 14,000 stores in 21 states.

Sales have been brisk for around six months since Kumar started, especially during the big nationwide discount sale, but there is a pile of opened Amazon boxes in one corner of his store. “I don’t know how to return these items,” the 30-year-old said. “There are shoes and clothes that people ordered and they don’t fit them. So they have left them at the shop and I have been trying to find a way to send them back.” He has put some such items for overthe-counter sale at his store, including a defective mixer-grinder that Kumar got repaired locally, spending his own money. But this isn’t quite how Amazon Easy is supposed to work—the partner is supposed to hand over items for returns during the next round of deliveries—underlining the challenge of involving local store owners in last-mile delivery. Six months later and 2,200 kilometres away, BanveetKawatra is manning his father’s Amazon Easy store in the heart of Ludhiana, Punjab. It opened in May this year after senior Kawatra was told about the opportunity to partner with the online retailer by former telecom executives. Sales have been solid so far. For instance, in just a week during a discount period earlier this year, the 19year-old says he sold mobile phones worth Rs19 lakh. “The biggest challenge from offline to online is being able to give them maximum discount, so they feel things can be bought within their budget,” he explained. “The common person wants maximum savings, so wherever they can get it cheaper, they’ll buy from there.”

FAR AND WIDE Amazon understands that price matters, which is why it continues to offer discounts even at the cost of bludgeoning its balance-sheet. But there’s a lot more that goes into its strategy. “We do a lot of research in India to figure out what the barriers are. There are language barriers, trust barriers, comprehension barriers,” Kishore Thota, director for marketing and customer experience at Amazon India, told Quartz. “Geographic distribution is a barrier.”

Amazon, in fact, has a team called “Reach” that works on expanding the retailer’s reach across the length and breadth of the country. Besides just expanding its delivery capabilities—it now has over 50 fulfilment centres across 13 states with a total storage capacity of 20 million cubic feet— Amazon has forged partnerships that could help it meet this ambition. In 2013, it partnered with the Indian postal services, the largest in the world, for deliveries. Then, in 2015, it launched “I Have Space” under which kirana shops can store Amazon’s packages and, for a fee, deliver to customers within a two-to fourkilometre radius. Now it can send packages to all of India’s deliverable pin codes, just like rival Flipkart. “Amazon is doing reasonably well at localising to meet Indian needs,” Joshi of Everest Group said. “My thinking is that they have identified areas they want to work on in the future. And they have the cash to sustain any such efforts.” SabihaMulla, a PhD graduate from Mumbai University, is likely part of the plan. In 2015, the former travel industry professional wrote to Amazon asking for their help to start delivery operations in the Andamans, where she moved after getting married. She had surveyed the market, anticipated demand, and hoped to hit about 50 packages a day after three months. In the summer of 2015, Mulla and her business partner, Manzoor Ahmed, began operations as Amazon’s service partner. From a 200-square-feet office and with two delivery boys, they breezed through their target in a hurry. “I’m not even sure when…we were so focused on the service,” Mulla admitted. On most days, Mulla and her team now handle 30 times their initial goal, with 20 delivery boys, out of a 1,500-squarefeet office. During peak season, the volumes go even higher. Some of that demand comes from Havelock Island and shoppers like Ashraf. “It’s not impulsive buying,” said Mulla. “It’s essential buying that happens on Amazon, especially here in the Andamans.”

MANAGEMENT

ARE INDIANS GENERALLY WIRED TO BECOME GOOD MANAGERS? IS THERE REALLY SOMETHING ABOUT MANAGERS COMING FROM A CERTAIN CULTURAL CONTEXT? AUTHORS R GOPALKRISHNAN AND RANJAN BANERJEE ARGUE THAT THERE IS A SECRET SAUCE THAT MAKES INDIANS LIKELY TO BE GOOD MANAGERS.

What do Satya Nadella (Microsoft), Sundar Pichai (Google), Indra Nooyi (formerly PepsiCo), Shantanu Narayen (Adobe), Nitin Nohria (Harvard Business School)—to cite just a few well-known names—have in common? To begin with, they are successful leaders of globally renowned institutions that significantly impact the world we live in. Further, they are leaders who have had a significant component of their early upbringing, living experiences, and education in India. They are “made-in-India managers.” A year back, R Gopalakrishnan and I began discussing this phenomenon. We spoke to many people whom we had studied with during our MBA and

engineering days who were in leadershippositions in global organisations across the world. “How,” we asked, “if at all, did being ‘madein-India’ help you get where you are today?” It is not unusual to find successful nonresident Indians being disparaging of India and some of the things that Indians are unable to get right (a criticism that is made sometimes with just cause). However, our experience from these conversations was quitedifferent. The answers surprised us. To the man and woman, everybody we spoke to agreed that the experience of growing up in India had shaped them positively in fundamental ways. It must be said at the outset that while the factors enumerated below play an important role, none of these factors in themselves are unique to Indian managers. Many of the factors are present in different measure in citizens

of other developing countries. But wetalk in the book (The Made-in-India Manager, Hachette India) of a concept called “emergence.” It is a concept from systems theory that in its essence states that the beauty of a flower cannot be understood by aggregating the beauty of the individual petals or the other parts of the flower—it comes from the way these components come together to create something of greater beauty, which is an emergent property of the flower. Competitive intensity The premier management institutes we are associated with (IIM Calcutta and SPJIMR) regularly host many students from premier business schools in Europe. SPJIMR annually welcomes exchange students from some of the best business schools in Europe. Recently, we conducted an informal focus group with ten such students to understand their perceptions of management education in India. One of the consistent themes that emerged through the interviews was their perception of Indian students as industrious and diligent. “They are much more focused,” they said. “It is very important for Indian students that they do well. We have become more hard-working by being around them. They are very competitive.” The foreign students in question were themselves top students from the best business schools in their respective countries. Person for person, they felt that Indian students were more determined, more focused, and very hard-working. And so they must be, given the intense competition they have to overcome at every step. Statistics bear this out. Currently, 1.2 million students take the entrance examination to the IITs, which have fostered a number of luminaries. As per a newspaper report in the Hindustan Times in 2017, only 11,000 students were admitted to the IITs in 2017, an admit ratio of less than 1 in 100. India’s foremost business school, IIM Ahmedabad, admits one student for every 400 applications. The State Bank of India, India’s premier public sector bank, recently advertised for entry-level probationary officers. It received, on average, 550 applications for every position available (Times of India, May 2018). This demonstrates

that intense competition is not only for elite academic institutions. Competitive intensity implies that “made-in-India managers” have survived a high level of competition to get where they are, and this has taught them focus, self-analysis, the importance of practice, and the experience that difficult-looking odds can be overcome. Diversity and inclusion Diversity and inclusion are internalised early by many, and this stands us in good stead later, when adjusting to a different or a variety of cultural environments. Such exposure begins early in life. It is not unusual in school to share lunch with people from different states—a vast variety of cuisine is shared, understood, and appreciated. Similarly, it is not unusual to sing Christian hymns at school and pray to a Hindu god at night. Dealing with ambiguity From the vagaries of the weather, to the unreliability of infrastructure—we learn to deal with a lot of things that are uncertain, and develop the ability to quickly assess situations and help ourselves without waiting for the system to help us. A friend argued that even in an everyday activity like commuting on extremely crowded local trains and getting to work on time, students and working executives develop resilience, the ability to adapt to systems that don’t work, and the intensity to confront and overcome obstacles on a day-to-day basis. Family values The percentage of India-made leaders citing a family member as an influential role model is significantly higher than for their Western counterparts. The formative role of the family in shaping values through demonstration, stressing the value of education, and proving an “always there” support provides a strong value core that builds resilience. Both IndraNooyi, the former chairman and CEO of PepsiCo, and SatyaNadella, the CEO of Microsoft, talk about the strong influence that their mothers have had on their upbringing, aspirations, and values. The Indian middle class student has typically grown up in an extremely stable family environment, which has in turn encouraged high aspirations and deep self-confidence. SatyaNadella says of his mother, “My

mother cared deeply about my being happy, confident and living in the moment without regret.” IndraNooyi talks about the things her mother did to help her daughters believe that they could “become whoever they wanted to be.” In a specific instance, Nooyi talks about how her mother would ask both her daughters to make a presentation at the dinner table on what they would do if they were a particular world leader. She would then declare a winner. This kind of role-playing left a lasting impression on Nooyi. Self-confidence is built by achievement in the face of obstacles. Often, a building block is early and unconditional caring in the immediate environment. Achievements in the student phase builds self-confidence in academic domains, and a relative lack of self-awareness in others. The managerial workplace has a new set of rules—and early failures, coupled with a supportive culture, helps managers to understand themselves, understand failure and, through experience, realise that learning from yesterday’s failure builds today’s success. They then develop a deeper confidence. It is a quiet self-belief, a feeling that says, “If I am interested in something and want to make a difference, and I am willing to give it all my effort, there is very little that I cannot prima facie achieve.” It does not need to be stated—it is a quiet determination and the ability to stay steadfast when short-term outcomes do not align with your expectations. It is not a common quality, and we do not think this is inborn. Our managers typically achieve this in a mid-career phase, and those who get there earlier are often early leaders. And so we return to the concept of emergence. The strengths of the madein-India manager emerge from the coming together of multiple, interlinked features with the ability to “think in English.” We believe that as Indian sportsmen, companies and leaders make their mark on a global stage, tomorrow’s made-in-India manager will grow up in a more inherently confident and assured India and consequently will themselves reflect these qualities. In that sense, it is likely that the soft power represented by “made-in-India managers” will grow further in the years to come.

STRANGE

WHY LEAVING THE TRIBES ALONE MAKES SENSE THE DEATH OF AMERICAN MISSIONARY JOHN CHAU AT THE HANDS OF THE TRIBALS OF NORTH SENTINEL ISLAND HAS BROUGHT THE SPOTLIGHT BACK ON THE ANCIENT COMMUNITY THAT HAS REMAIN ISOLATED FOR DECADES. DUE TO THEIR DWINDLING NUMBERS, THE INDIAN GOVERNMENT HAS RESTRICTED ACCESS TO THESE TRIBES.

he tribals of North Sentinel island—part of the Andaman archipelago in the Bay of Bengal—don’t seem to like outsiders. One of the world’s most obscure communities, their isolation is accentuated by the Indian government’s 5km restriction preventing anyone from venturing near their home territory. But that didn’t stop the American John Chau from trying to “declare Jesus” to them. Now authorities are trying to recover his body after he was reportedly killed by the tribals’ arrows. This wasn’t the first time that the Sentinelese, an ancient people believed to be part of the earliest migratory wave out of Africa to Asia, have violently resisted intrusions. Following the devastating 2004 tsunami, an Indian Coast Guard helicopter surveying the island for survivors encountered tribals trying to bring it down with spears and arrows. In 2006, two Indian fishermen were axed by the tribals after their boat accidentally drifted near the island. Yet, there have also been instances when the Sentinelese, unexpectedly, welcomed contact with the outside world. On Jan. 08, 1991, after over two decades of unsuccessful expeditions to the island, with gifts such as coconuts and bananas, a government-led team made the first friendly contact with the tribe. A newspaper report from that time, quoted in The American Scholar, says that unarmed Sentinelese indicated to the visitors that they wanted gifts, and swam into the water to claim the coconuts on offer. The following month, anthropologist TN Pandit, who had been part of previous such government expeditions,

set out again. This time, the Sentinelese reportedly climbed onto the government’s dinghy toclaim more gifts. There’s a spectacular photo of Pandit in the water, offering a coconut to one of the Sentinelese as at least four others nearby gesture for more.

In an interview with The American Scholar in 2000, Pandit described his mixed feelings following the encounter, thrilled that the tribals wanted to make contact, yet sad to see the end of an era in history. The Indian government stopped making contact with the islanders in 1997. The 2011 census estimated that there are now only about 15 Sentinelese—12 men and three women—left. This is downsignificantly from the 117 estimated in 1901 by the British, PankajSekhsaria, a researcher, wrote in his book Islands in Flux. But in September this year, Pandit told that his estimate is between 80 and 100. As part of the Anthropological Survey of India, Pandit wrote the only book on them, The Sentinelese, which is sadly out of print today. However, in interviews, he’s revealed interesting

information about the elusive community, including the small huts they live in and the kinds of food—wild fruits and fish—he saw them cooking. Though the Sentinelese, like other ancient tribal societies, survive on hunting and fishing with basic weapons, their society isn’t primitive, Pandit has argued, and they aren’t really deprived by a lack of contact with the modern world. After all, the fate of the three other tribes in the Andamans—the Great Andamanese, Onge, and the Jarawas—are a cautionary tale of the potential risks that ancient and distinctive societies may face following outside contact. After Independence, the Indian government encouraged settlement in the Andaman & Nicobar Islands and thousands made the move from the mainland, rapidly outnumbering the indigenous tribals. The expansion of logging activities destroyed large tracts of forests, and it’s the tribals who suffered the consequences. Both the Great Andamanese and the Onge have seen their numbers dwindle significantly over the years. As for the Jarawas, increasing contact with outsiders has quickly changed their way of life, and Pandit and other researchers have bemoaned the loss of their unique identity, besides the forest land they called home. “Over the years, we have not been able to get the Jarawa any benefits…Their food supply like honey, crab and fish are being taken away in exchange for biscuits. They don’t need biscuits. They have learned to smoke and drink,” Pandit said. So barring outsiders from North Sentinel island is essential to protect a unique ancient society from disappearing for good.

Developers TO FOCUS ON SOBHA GROUP

WINNING IN INDIA, WINNING IN MIDDLE EAST

Dipping per square feet realization levels, lack of a significant commercial space and leasing business, and the impact of Kerala floods are challenges that Sobha needs to surmount in the near future.

iddle East and India based Sobha Group led by billionaire real estate developer PNC Menon is growing rapidly in both markets. While the RERA led consolidation in the Indian market is clearly benefiting large developers like Sobha Ltd in India, which is led by his son Ravi Menon as Chairman, the Middle East operations, recently rebranded as Sobha Realty, and directly led by PNC Menon is raring to go international by planning projects in UK, Africa and Indonesia. PNC Menon has also announced a succession plan and professionalized the Board and executive management of Sobha Realty, while under Ravi Menon's dynamic leadership, Sobha Ltd is entering more destinations like GIFT City and new sectors like affordable housing, leveraging its well-suited land bank and expertise. Sobha Ltd has posted an excellent Q2 performance, but

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amidst sluggish demand and tough competition in India, Sobha's per square feet realisation has come down and the developer is relying heavily on toned down 1000 sq ft affordable homes to maintain growth. Kerala, which is a key market for Sobha after Bengaluru has been severely hit post the devastating flood. While Sobha has

a construction contracting business which is doing quite well, it doesn't have a significant presence in the booming commercial space and leasing business. Due to the tough business environment in Middle East, Sobha Realty may also go slow on its plans for a dual-listing IPO in London and Dubai.

Developers TO FOCUS ON AJMERA GROUP

50 YEARS BEHIND IT, CAN AJMERA BREAK INTO THE BIG LEAGUE? To beat the downturn in conventional luxury projects in India, Ajmera is offering apartments starting at 400 sq ft in Bengaluru, while for luxury projects it is pursuing joint ventures in UK and Bahrain.

orldwide, few companies have survived 100 years. In India, few have survived 50. If you check in realty sector, the numbers would fit just one hand. But Mumbai based Ajmera Group has done this, banking on traditional and conservative values. Despite having delivered 25 million sq ft and 42,000 homes, and despite the flagship firm Ajmera Realty and Infrastructure being listed, the group is yet to break into the big league of pan-India developers. But having branched out to Bengaluru and Bahrain and with the next generation of Ajmera family scions in action now, the Group is making industry-led moves. Most real estate developers have been experiencing a lull in demand for their conventional luxury projects. Some of them had branched out to developed overseas markets like UAE and UK as only customers there can really afford the kind of luxury projects produced by these developers. Some other developers have toned down their offerings to meet real market demand in India, which is for affordable homes. Ajmera is trying both strategies to shake off the multi-year downturn in Indian realty. They are doing four joint venture projects in London, UK, and one joint venture project in Bahrain. In both countries Ajmera has selected local partners for their expertise and reach. At the same time, they are also getting into affordable housing in Bengaluru, by offering 400-700 sq ft single bedroom and double bedroom apartments, again in partnership with a local developer. SEASONAL MAGAZINE

Developers TO FOCUS ON BRIGADE ENTERPRISES

LEADING WITH DIFFERENTIATION

While the Bengaluru based developer is working hard, its EBITDA margin and realization have slipped YoY in Q2 and reasonable occupancy may take more than a year in its GIFT City project.

esidential property sales has climbed 15% year-on-year in key Indian cities in the second quarter, led by Bengaluru, and listed player Brigade Enterprises is a clear beneficiary. Also driving the sales at Brigade are the highly quality conscious NRIs, especially from Middle East, as rupee has substantially moved down in comparison to dirham. Brigade's plans for the

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immediate future are also impressive with 13 million sq ft of launches, comprising of 8 million sq ft of residential and 5 million sq ft of commercial, apart from two new hotels with 300 keys. Unlike most of its peers, and despite Brigade projected to have Rs. 3700 crore lease revenue by FY'20, the company is also betting big on the resurgent trend in ownership offices as it offers corporate clients 8-9% return on investments. On the financial performance side, during Q2 the company delivered a mixed bag. Brigade Enterprises Ltdâ&#x20AC;&#x2122;s Q2 profit on a consolidated basis is up 8 percent at Rs.68 as against Rs.63 crore recorded in the same period last year. The companyâ&#x20AC;&#x2122;s income from operations is also higher by 19 percent to Rs.844 crore as against Rs.708 crore in the same period last year. However, Brigade's EBIDTA margin has decreased 119bps YoY to 26.5%. Realization per sq ft in the real estate business was muted at Rs.5,719, which is a reduction of 3% YoY. Brigade Enterprises seems to be facing a headwind in momentum in its GIFT city project. Analysts have noted that it could take more than 12 months to reach a reasonable occupancy.

Developers TO FOCUS ON PRESTIGE ESTATES PROJECTS

FINDING THE WINNING MIX IN REALTY Prestige has recorded excellent performance in almost all growth metrics in Q2, but to contain its ballooning debt it needs to monetize its growing ready unsold inventory or strike a new stake sale deal as it has called off the GIC deal.

he implementation of RERA guidelines is finally separating the strongest companies in real estate from the rest of the pack. And there are no marks for guessing where Bengaluru based Prestige Estates Projects stands. This listed major in the realty sector of South India has been working hard to launch the 10 million sq ft promised for 2019. Based on its unparalleled experience and expertise in serving thousands of most discerning homebuyers and corporates, Prestige has crafted one of the best growth models for a realty company with the right mix of sale and lease rentals, apart from its ample and premium land bank. Prestige is also experiencing heightened interest from international PE funds for forming separate joint ventures in both its commercial and residential real estate businesses. However, Prestige recently called off such a deal announced in February with Singapore's sovereign

wealth fund, GIC, to sell 40% stake in its office portfolio for Rs.2000 crores. This could have come in handy for the developer as its debt has been ballooning, to emerge as an overhang on the stock. Prestige Estate has recorded an excellent Q2 performance, but its ready but unsold inventory has increased by Rs.900 crore to reach Rs.2700 crores now, and monetization of this inventory would be key to its performance. Known more for its luxury homes, Prestige has however been experiencing more demand from the low and mid income groups.

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Developers TO FOCUS ON

EMBASSY GROUP

10 WAYS EMBASSY MAINTAINS LEADERSHIP

For over the last three decades, Embassy Group has gone on to be admired by its customers as well as peers. While clients for its office spaces include finest international organizations like IBM, Microsoft, Fidelity, TCS, Rolls Royce, Mercedes Benz, Yahoo, Goldman Sachs and Swiss Re, its residential customers are among the most discerning homebuyers. A leader in IT and ITES office spaces, Embassy Group, under the visionary leadership of Chairman and Managing Director, Jitu Virwani has also successfully diversified into co working spaces, hospitality, branded private residences, mid-income housing, renewable power, industrial parks, international schooling and equestrian sport. Seasonal Magazine brings several unique traits that have enabled Embassy to be an admired leader in all the sectors that it operates in.

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TRAVEL

STUD Y ARGUE S INDIANS MO ST STUDY ARGUES MOS DEPRIVED OF VA CATIONS VAC

Travel agency Expedia’s annual Vacation Deprivation Report 2018 has ranked India as the most vacation deprived country globally. The report has shown that over 75% Indians feel vacation deprived as work dominates.

ndia has been ranked as the most vacation deprived country globally with 75% of Indians reporting they don’t travel enough up from 60% last year, according to a survey by Expedia, a US based travel agency. According to Expedia’s annual Vacation Deprivation Report 2018 as reported by Financial Express, nearly 41% of Indians wished to go on a vacation but haven’t been on a holiday in last six months due to workload. Only 3% took a vacation every month while over onethird said they go without a vacation for six months to a year. After India, South Korea and Hong Kong were the most vacation deprived at 72% and 69% respectively. The survey was conducted across 19 SEASONAL MAGAZINE

countries surveying over 11,000 employed adults above 18 years of age. It was conducted online from 19-28 September across Asia-Pacific, Europe, North America and South America. The survey showed that about 24% Indians can’t afford a holiday while have many a preference for a longer holiday. ’S EXPEDIA ING TO ACCORD ACATION V 18 AS ANNUAL ION REPORT 20 T DEPRIVA BY FINANCIAL ED F REPORT NEARLY 41% O A , N S O S E O R G TO EXP WISHED EN’T BEEN S N IA D V IN A N BUT H IX VACATIO AY IN LAST S D. ID L OA O L H K A R ON O WO S DUE T H T N O M

The results reflect the prevailing perception for many Indians (18%) is that professionally successful people don’t take vacations, said the report citing Manmeet Ahluwalia, Marketing Head, Expedia. While 25% of employed adults feel they might miss out on an important work decision if they avail their full vacation. However, more than half the Indians strongly feel that taking a break is actually effective and should be considered seriously as it improves productivity and has health benefits. The survey also reported that Indian workers were bothered by their coworkers and other staff, and sidetracked by work obligations even while they were on vacation. In terms of occupations, workers in the food & beverages, heath, and retail industries were found to be most vacation deprived while those employed in the real estate sector were least deprived.

POLITICS

GAMIFICATION IN INDIAN ELECTIONS: CAN THE YOUNG CROP OF INDIA’S LEADERS TAP THIS POTENTIAL? WhatsApp, Twitter, and Facebook are nothing new to Indian politics. But now, a young third-generation politician in the northern state of Haryana has gone a step further, and completely gamified his digital campaign.

Team Bhavya is an Android mobile app for supporters of 25-year-old BhavyaBishnoi, who aims to nab a Congress party ticket for the first time from Hisar, Haryana, in India’s 2019 general election. Users of the app can see recent posts from his Facebook and Twitter pages, and are awarded points for liking and sharing them on those platforms. They can also share the posts on WhatsApp. Users who score the most points are rewarded with closer access to Bishnoi and his father, the politician and former parliamentarian KuldeepBishnoi, whose Facebook and Twitter posts also appear in the app. (Bhavya Bishnoi comes from a political family: his grandfather, BhajanLal, was a threetime chief minister of Haryana, and his mother, RenukaBishnoi, is a member of the legislative assembly in the state.) Every month, the 10 users with the most points on the app are invited to lunch at the Bishnoi family home. The tech team that manages the app also periodically gives BhavyaBishnoi a list of strong performers to call on the phone and thank for their efforts. Gamification has been used in Indian politics before. For example, in the BharatiyaJanata Party’s (BJP) campaign for the 2014 general election, NaMoNumber was an initiative that rewarded volunteers based on how many SMS-based pledges of support they could solicit from voters in their constituency. The inspiration for Team Bhavya, however, came from outside politics. In 2016, Bishnoi helped coordinate

traditional worker base and expand your reach.” On the day the app was launched, Bishnoi’s team saw a three-fold increase in social media activity, Shiv Dravid, CEO of ConnectHub, the company that developed and manages the app, told Quartz. The app’s initial downloads happened mostly at a large meeting of over 1,000 party workers, but Bishnoi says the downloads since then have happened more organically, with news of the app spreading by word of mouth.

Global Citizen, an initiative in which people could earn tickets to a concert in Mumbai by the British rock band Coldplay by performing charitable acts. “People respond to incentives, and so I wanted to incentivise our social media volunteers to work more effectively,” Bishnoi told Quartz. “This idea had worked exceptionally well when we had set up Global Citizen India in 2016. So we developed a social media app that gamifies the entire process of social media activity.” “Gamification really works,” said a political consultant who has worked with national parties. “You have a traditional party worker base, which are the guys who go door-to-door, the guys who’ll come to your meetings. But this really helps you to tap into a non-

The app, launched over two months ago and with around 4,000 users—of which around 1,000 are active daily—has so far helped boost Bishnoi’s social media presence. It has also helped his campaign keep closer tabs on its volunteers by analysing their digital footprints.

User experience Many of the app’s users have been social media foot-soldiers for the Bishnois much before Team Bhavya. Kuldeep Vats, a young engineer from Sonipat and one such long-time Bishnoi backer, said sharing party content was much more laborious earlier. “Before, we had to go to Facebook and find Kuldeepji’s page. Then we had to go to Bhavyaji’s page. Then we had to do the same for their different Twitter accounts,” he said. “Now, all the posts from the four profiles are in one place. You can just open the app and share everything.” The app has made life much simpler for many of the volunteers, especially the SEASONAL MAGAZINE

passionate about Bishnoi’s message, Dravid said. “That doesn’t have to be commercial in nature, because when it becomes commercial in nature, it’s like a paid base. When you stop compensating, the base will go away.”

less digitally literate ones. “To bring in other volunteers from outside the core volunteer team was hard because there was a lot of training required,” Dravid said. “That required a certain amount of in-person time and investment—and even then, you were not sure whether that person will be able to do it correctly.” Vats was one of the app’s top 10 performers in September and October, and has had lunch twice with the Bishnois. So was ParveenRohaj, another party volunteer from Hisar, the district where the campaign is focusing its push to gain users for the app. “Many people share content all across Haryana. It was an honour to be called for lunch with our leader out of all of them,” he said. The key to racking up points, Vats and Rohaj said, is to check the app often. The content disappears every 48 hours in order to incentivise quick sharing. Vats estimates he spends about 15 minutes sharing posts each morning, and then periodically checks the app through the day.

The back-end Team Bhavya has helped Bishnoi’s campaign team gain insights into who their most active volunteers are, helping them give the most dedicated ones opportunities. “You may claim you have 100,000 volunteers—but how much information you have about those volunteers is very important, because a lot of them become active for a while but then become inactive,” Dravid said. The campaign claims that the app has also helped make volunteers more active on social media. “It holds our volunteers accountable for their work since we can track their performance through the back-end,” Bishnoi said. Bishnoi’s team is also having certain high-performing volunteers visit others to collect information in order to “get to know our workers in a very deep way,” Dravid said. The information they gather, including data points such as occupation, native village, education, and employment status, is coupled with the digital behaviour of the app users in order to determine who is sharing what kind of content.

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Ground results? It is too soon to say what the actual impact of Team Bhavya will be in 2019.

This, Dravid believes, will help boost the campaign’s ability to craft targeted messaging. One immediate goal for the app is to get at least one active user per voting booth in Hisar, of which there are around 1,600. Team Bhavya has also changed significantly since its launch, with the campaign team and its developers progressively tweaking the app according to the users’ quirks. For instance, the decision to make posts disappear after 48 hours was taken when they noticed users trying to gain points by liking many old posts. They also recently decided to not provide points to users for sharing WhatsApp posts any more. “WhatsApp, as you see, is a completely private platform,” said SathishNagarajan, technology head at ConnectHub. “We do not know whether it has reached the right people or not.” One part that isn’t likely to change, however, is the rewards system: access to the Bishnois and it’s non-monetary nature. The campaign team is trying to create a community of people who are

TEAM BHAVYA HAS ALSO CHANGED SIGNIFICANTLY SINCE ITS LAUNCH, WITH THE CAMPAIGN TEAM AND ITS DEVELOPERS PROGRESSIVELY TWEAKING THE APP ACCORDING TO THE USERS’ QUIRKS.

The political consultant who has worked with national parties said that gamification, as previous instances have shown, “helps in getting new volunteers. It helps in people doing something to be associated with the candidates.” But, he added, as for “Whether it helps in winning elections—most probably not. It depends on the kind of constituency you’re in. In anything less than a 70%, 80% urban constituency, it probably doesn’t.” In largely rural Hisar, it’s possible that social media’s overall impact will be limited.

CONNECTHUB Hartosh Singh Bal, political editor at The Caravan magazine, said that one potential advantage of the app could be that it would allow Bishnoi “to reach out into his own network in ways that weren’t available before. People who are tweeting out, helping him in his campaign, are not necessarily people who’ve risen through the ranks by pleasing the party.” By the same token, Bal cautions, the app might also cause friction as “older party workers who are not digitally literate” see “upstarts taking positions they feel they’ve worked on for 10 or 15 years, just because some people are able to do social media better.” But all this just may be part of shifting political tides. “Mostly in the parliamentary elections, you rarely see candidates who are below 40-45 (years) in age. Most of them are hardly digitally literate,” Bal said. “So I think this kind of experiment would be at the vanguard of what you’re likely to see much more of in the future.”

EMPATHY

How To Make Kindness Contagious in Business Spaces Author Bill Taylor highlights the effectiveness of kindness and how corporate leaders had to convince dealers and their staffers to join a grassroots “movement” that treated kindness like a contagion. Scan the newspaper headlines, or switch on cable news for a few minutes, and it’s easy to conclude that we are living through harsh, mean, divisive times. But a recent column in the Washington Post reminded me of a truth that is even easier to overlook: Just as bad behavior tends to spread, so too does good behavior. Kindness, it turns out, is contagious. The column highlighted the work of Stanford psychologist Jamil Zaki, who documents what he calls “positive conformity.” In his research, “participants who believed others were more generous became more generous themselves.” This suggests that “kindness is contagious, and that it can cascade across people, taking on new forms along the way.” Zaki’s insight is vital for improving society, but it applies to companies too. Almost every leader I know wants his or her colleagues to go above and beyond normal standards of service, to impress customers with their kindness. Many of these leaders also believe that achieving this goal is largely a matter of policies and procedures — kindness as a directive. Actually, the way to unleash kindness in your organization is to treat it like a contagion, and to create the conditions under which everybody catches it. Consider one instructive case study. I recently immersed myself in the customer-service transformation of Mercedes-Benz USA, the sales-andservice arm of the German automaker. When Stephen Cannon became president and CEO of Mercedes-Benz USA, he recognized that success was about more than just his vehicles. It was about how much the people who sold and serviced the cars cared and how

generously they behaved. “Every encounter with the brand,” he declared, “must be as extraordinary as the machine itself.” And almost every encounter with the brand, he understood, came down to a personal encounter with a human being in a dealership who could either act in ways that were memorable, or could act the rote way most people in most dealerships act. Cannon also understood that if he wanted to influence the behavior of more than 23,000 employees at Mercedes dealerships, there was no rule book he could write to engineer a culture of connection and compassion. Instead, he had to convince dealers and their staffers to join a grassroots “movement” that treated kindness like a contagion. “There is no scientific process, no algorithm, to inspire a salesperson or a service person to do something extraordinary,” Cannon told me. “The only way you get there is to educate people, excite them, incite them. Give them permission to rise to the occasion

when the occasion to do something arises. This is not about following instructions. It’s about taking a leap of faith.” Over the last few years, this leap of faith unleashed all sorts of everyday acts of kindness. There was one dealer who’d closed a sale and noticed from the documents that it was the customer’s birthday. So he ordered a cake, and when the customer came in to pick up the car, had a celebration. Thenthere was the customer who got a flat tire on the way to her son’s graduation. She pulled into a Mercedes dealership in a panic and explained the problem. Unfortunately, there were no replacement tires in stock for her model. The service manager ran to the showroom, jacked up a new car, removed one of its tires, and sent the mother on her way. “We have so many stories like this,” Cannon says. “They’re about people going out of their way because they care enough to do something special.” There was another ingredient to the Mercedes-Benz contagion. It’s more SEASONAL MAGAZINE

SELF-HELF natural for front-line employees to show kindness towards customers, it turns out, if they are motivated by genuine pride in what they do. Harry Hynekamp, a 15-year veteran of Mercedes-Benz USA, became the first-ever general manager for customer experience. As Hynekamp and his team traveled across the country, they discovered that “pride in the brand was not quite as strong as we thought, the level of engagement with the work not as deep as we thought.” What really shocked them is that nearly 70 percent of front-line employees had never driven one of the cars outside the dealership lot. They’d repaired them, ordered parts for them, but they’d never been behind the wheel on the open road. How could people take genuine pride in the brand, Hynekamp wondered, if they’d never themselves experienced the thrill of driving a Mercedes-Benz vehicle? So he created a program through which all 23,000 dealership employees got to drive a new Mercedes-Benz for 48 hours. The company put close to 800 cars in the field, at a cost of millions of dollars. Employees often timed their turns behind the wheel to correspond with important events — picking up grandma on her 90th birthday, driving a daughter and her friends to a Sweet 16, bringing a newborn baby home from the hospital. The participants took photos, made videos, and in one case, even wrote a rap song, to chronicle their 48 hours. “The reactions were out of this world,” Hynekamp told me. He created an internal website to collect and share the stories. “Sure, people got to know the cars very well. But the biggest piece was the pride piece.” This bottom-up, peer-to-peer commitment to customers at Mercedes-Benz USA is a powerful case study in service transformation. It’s also a reminder for leaders in all sorts of field: You can’t order people to be kind, but you can spark a kindness contagion.

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Benjamin Franklin knew he was smart — smarter than most of his peers — but he was also intelligent enough to understand that he couldn’t be right about everything. That’s why he said that whenever he was about to make an argument, he would open with something along the lines of, “I could be wrong, but…” Saying this put people at ease and helped them to take disagreements less personally. But it also helped him to psychologically prime himself to be open to new ideas. History shows that we tend to choose political and business leaders who are stoic, predictable, and unflinching, but research indicates that the leadership we need is characterized by the opposite: creativity and flexibility. We need people who can be like Franklin — that is, smart and strong-willed enough to persuade people to do great things, but flexible enough to think differently, admit when they’re wrong, and adapt to dynamic conditions. Changing our methods and minds is hard, but it’s important in an era where threats of disruption are always on the horizon. In popular culture, we might call this kind of cognitive flexibility, “open-mindedness.” And with

growing divisions in society, the survival of our businesses and communities may very well depend on our leaders having that flexibility — from Congress to the CSuite. Unfortunately, for decades academics

have argued in circles about the definition of open-mindedness, and what might make a person become less or more openminded, in part because there’s been no reliable way to measure these things. Recently, however, psychologists have given us a better way to think about openmindedness — and quantify it. The breakthrough happened when researchers started playing with a concept from religion called “intellectual humility.” Philosophers had been studying why some people stubbornly cling to spiritual beliefs even when presented with evidence that they should abandon them, and why others will instead quickly adopt new beliefs. Intellectual humility, the philosophers said, is the virtue that sits between those two excesses; it’s the willingness to change, plus the wisdom to know when you shouldn’t. A few years ago, scientists from various universities started porting this idea into the realm of everyday psychology. Then in 2016, professors from Pepperdine University broke the concept of intellectual humility down into four

components and published an assessment to measure them: 1.

Having respect for other viewpoints

Not being overconfident

Separating one’s ego from one’s intellect

Willingness to revise one’s own viewpoint

intellectually

An intellectually humble person will score high on all of these counts. But by breaking it down like this, the Pepperdine professors came up with a clever way to help pinpoint what gets in the way when we’re not acting very open-minded. (I, for example, scored low on separating my ego from my intellect — ouch!) Still, philosophers focused on these concepts think there is one more piece to the puzzle. “I’m fussy about this,” explains Jason Baehr of Loyola Marymount University. He defines openmindedness as the characteristic of being “willing and within limits able to transcend a default cognitive standpoint in order to take up seriously the merits of a distinct cognitive standpoint.” His point is that you can be intellectually humble (open to changing your mind about things), but if you’re never curious enough to listen to other viewpoints, you aren’t really that open-minded. There is however, Dr.Baehr points out, a trait from the time-tested Big 5 Personality Assessment that helps fill in that gap. The trait is “openness to experience,” or a willingness to try new things or take in new information. If openness to experience means you’re willing to try pickle-flavored ice cream, intellectual humility means you’re willing to admit you like it, even if you initially thought you wouldn’t. A person who scores high on both of these will be likely to listen to people, no matter who they are, and have a kind of Ben Franklin-like cognitive flexibility after listening. For my recent book, Dream Teams, I combined these two assessments — the Pepperdine Intellectual Humility test and the Big 5 Openness to Experience test — and conducted a series of studies of

thousands of American workers with it to find correlations between open-minded people and the way they live and work. You can take that assessment here. The results indicated that most people overestimate themselves: 95 percent of people rated themselves as more openminded than average, which, of course, cannot be true! But this suggests that most leaders don’t know how much of a blind spot intellectual humility is in their work. My studies showed that certain activities generally correlate with higher intellectual humility across the board. Traveling a lot — or, even better, living for extended periods in foreign cultures — tends to make us more willing to revise our viewpoints. After all, if we know that it is perfectly valid to live a different way than we do, it makes sense that our brains would be better at accepting new approaches to problems at work. This aligns with recent research on the neuroscience of how storytelling helps us build empathy for other people. Fiction readers tend to score higher in intellectual humility, perhaps because their brains are a little bit better trained to seek out stories that vary from their own, and see characters’ experiences and opinions as potentially valid. Preliminary research is also showing us that practicing mindfulness meditation, learning about the ins and outs of your own ego using a framework like the Enneagram, and learning about Moral Foundations Theory through programs like Open Mind Platform can each help us operate with more intellectual humility. There’s a lot more work to be done exploring ways to increase our intellectual humility — including research on how to definitively increase scores on each of the factors — but in the meantime, Ben Franklin demonstrated at least one hack we can all use right away: Because he wanted to learn and grow, he worked to deflate his own intellectual confidence. That trick of saying, “I could be wrong, but…” wasn’t just a way to get his conversational opponents to be less defensive; it was also a way of forcing himself to be open to changing his mind. After all, if someone countered his argument and won, he could still say, “See! I was right! I said, ‘I could be wrong,’ and I was!” SEASONAL MAGAZINE

TREND

ME XIC AN CITIZENS MEXIC XICAN INCRE ASINGL Y EMPL OYED INCREA SINGLY EMPLO BY INDIAN FIRMS IN U S US AFTER H-1B IS SUE S ISSUE SUES Indian IT outsourcing companies have begun to feel the pinch of the Donald Trump regime’s tough visa stance. During the July-September quarter this year, most Indian tech majors saw a significant year-on-year rise in the share of revenue spent on subcontracting, according to an analysts’ note from Kotak Institutional Equities Research released on November 20. “Subcontracting is employed by IT companies as a short-term measure to fill gaps in supply intended to be filled through H-1B workers or offshoring, to avoid drag on margins,” KawaljeetSaluja and Sathish Kumar wrote in the note. They expect “elevated subcontracting levels in the short to medium term” as companies find other ways to offset the supply gap due to the H-1B worker shortage. Over the past year, the US government’s H-1B visa programme,

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used extensively by Indian firms, has come under the scanner. Already, it has tightened the criteria for granting H-1B visas, increased the paperwork involved, and rejected more applications. The Trump government has also kicked up efforts to dig up H1B visa fraud and abuse. A more permanent solution While Indian IT companies have ramped up local hiring as a more permanent solution to their problems, it’s easier said than done. At senior levels, local talent is sparse and that is leading to a poaching war, the note said. This is reflected in higher attrition numbers, further compounding the problem. “Entry-level talent is available but cannot be used for

knowledge transfer phase or initiation of projects,” it said So companies are increasingly recruiting from the US’s neighbourhood. Those with a presence in Mexico and Canada – which is all the firms mentioned in the Kotak note – can leverage the TN visa category to send workers to the US. “Unlike H-1B visas, TN visas have no application timeline, are quicker and cheaper to process, have no annual quota and can be renewed indefinitely,” Saluja and Kumar wrote. The TN-1visa allows citizens of Canada and Mexico, considered NAFTA professionals, to work in the United States. Already, the number of TN visas issued to Mexican nationals has spiked over the last year, “suggesting a possibility of IT companies using this route to satisfy demand requirements onsite (in the US),” the note said. Mid-sized IT firm Hexaware, for instance, is treading this path. “We already have 500 people there [in Mexico] and one option is to source talent locally and move them to the US if required,” R Srikrishna, CEO of the Mumbai-based IT-BPO company told.

BANKING

FEDERAL BANK

“WE ARE PUNCHING WAY ABOVE OUR WEIGHT”

FEDERAL BANK CONTROLS 1% OF INDIA’S CREDIT MARKET, BUT IT CONTROLS 2.5% OF ALL NEW CREDIT IN INDIA WHICH MAKES SHYAM SRINIVASAN CONFIDENTLY STATE THAT “WE ARE PUNCHING WAY ABOVE OUR WEIGHT.” SEASONAL MAGAZINE IN CONVERSATION WITH MD & CEO OF FEDERAL BANK LTD.

he unprecedented flood in Kerala has thrown a spanner in the growth prospects of Kerala headquartered lenders, including Federal Bank. The bank is trading at only two-thirds of the market value it had around 12 months back. Yet, Shyam Srinivasan is an India bull. And he is not just an India bull on sentiment, but an India bull based on undeniable facts and figures. As the Managing Director & CEO of Federal Bank since 2010, he is witness to some unique insights into what drives the Indian economy as well as the economy of Federal Bank’s home state. For instance, Federal Bank which controls 1% of India’s credit market, is much bigger when it comes to attracting overseas remittances of Non Resident Keralites and Non Resident Indians from across the world. Under Shyam Srinivasan’s strategies during the last 8 years, Federal Bank’s overseas remittances have grown seven fold, with it controlling 15% of all remittances coming into India. He says this business has much more room to grow as not many developed nations are growing as fast as India on one hand, and on the other hand India has to keep growing as there is no other option before its leaders to ensure that employment generation is lagging. That is why even while he unequivocally makes it clear that he is against the current penchant of politicians for offering massive farm loan waivers, he is not one to crib about it, as this veteran banker feels that despite such missteps, there is SEASONAL MAGAZINE

enough growth opportunities surfacing across the country for banks. But he is swift to add a caveat. The concerned bank should have the appetite for growth, which incidentally is something that he has been literally forcing the entire Federal Bank team to focus upon. And how he has gone about achieving this is quite holistic. He made a conscious decision to bring down the average age of its employees significantly. Today it has come down to 36 from the 48 it was when he joined. In its newer branches outside Kerala, Federal is keeping it even lower at 33. The logic is simple. Recruit talents when they are much younger so that they challenge the entire organization to grow faster. This has resulted in some spectacular results for Federal Bank in recent years. Even while achieving the milestone of controlling 1% of India’s credit market is a remarkable achievement, the bank fares much better when it comes to new credit, where it controls 2.5% of the Indian market. In his own articulate words, “We are punching way above our weight.” Federal Bank achieves this through focusing on high quality growth by bundling various products with superior features. For instance, its Fed e-Biz is a unique electronic cash management solution which very few banks in India have. Apart from offering branch, digital and relationship management solutions for savings, investments, transactions & loans, Federal has also made many key tie-ups to offer auto insurance, health

insurance, life insurance and wealth management solutions to its clients. Through Fedfina, its NBFC subsidiary, Federal is filling gaps in lending that it directly doesn’t want to address. Fedfina has recently attracted a major investment from TrueNorth. The bank is also getting into investment banking by picking up a significant stake in noted player in the field, Equirus. While he is not satisfied by the bank’s current market valuations, he is sure that it will pick up if the Bank does what it is supposed to do consistently, which is grow quarter upon quarter in a healthy way. In his own Rupee has seen a deep loss in value against other major currencies. As a leading player in remittances, has the bank benefited and to what scale? Well, whether or not the rupee was getting devalued, we have been materially gaining on the remittances front. I say this way because, rupee losing its value benefits all banks active in remittances, not just Federal Bank. Just a small stat would make this clear to you. Between 2011 and 2018, our overseas remittances have grown seven fold. In FY’17, India received overseas remittances to the

tune of $69 billion. Our remittance has increased from $4.5 billion to $9 billion, with our share of the pie moving from 6% to 15%. The loss in value helped to an extent, but of greater impact has been from our conscious efforts. This kind of growth is never an accident. Federal Bank is materially benefitting not just because more is coming in to India, but because we are getting more of what is coming in. This we achieved by enlarging our footprint of coverage in the catchment geographies. Traditionally Middle-East > Kerala has been our mainstay, and it continues to be the largest, but we have been successfully growing three other geographies – Middle-East –> Non-Kerala, Non-MiddleEast -> Kerala and Non-Middle-East –> Non-Kerala. We could do this by focusing on three aspects – technology, people and exchange tie-ups which now stand at 108 partnerships. This is a big business and digital technology is driving it, and if India continues to grow faster than other countries I think this is going to be a long story. And in future, players like Federal Bank can achieve much higher growth in remittances as technology is enabling more direct business without the need for intermediaries. NBFC sector as a whole has taken a beating, and was

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this something Federal Bank expected? As a major creditor to NBFCs, how are you impacted? What I would like to say in this regard is that this NBFC correction has been an overreaction. Agreed that one large infra player had serious issues and it triggered a chain of events in the markets. When a sector corrects in the market it pulls down all the players, even the good ones. It is important to distinguish between a real crisis and market reaction. So, if you see now, all the retail NBFCs with good governance are stabilizing. These include the home loan players, the gold loan players and such NBFCs. Marketâ&#x20AC;&#x2122;s confidence regarding them has come back. Bulk of our lending is to such retail players with good credit rating. However, the pain may continue for some large infra and construction focused NBFCs, but they too may stabilize in the coming months. But there is need to watch out as this November December period is crucial for most NBFCs due to the huge number of redemptions due. However, as of now I am confident as this is not a solvency issue but a liquidity issue, and key entities including RBI and some PSUs are trying to inject the required liquidity in the market. I am betting that the worst part is over. Microfinance has been making a resurgence. Is the bank active in either urban or rural microfinance, or are there plans to get into or expand into this sector? If you see, around 65% of Federal Bankâ&#x20AC;&#x2122;s branches are in the semi-urban and rural areas. And as such, some of the credit we extend to customers here belong to the quasi-microfinance domain. We lend through mechanisms like SHGs and this is mainly in states like Kerala and Tamil Nadu. There is organic growth in this segment, but it is still only a small component compared to our overall credit. We are not trying to grow it substantially as it requires a different skillset. Instead our plan is to grow it inorganically. We SEASONAL MAGAZINE

have various options before us like buying microfinance portfolios or an MF franchise itself. We are evaluating some of these that are available in the market. One thing we are very particular is that any such acquisition shouldnâ&#x20AC;&#x2122;t be dilutive to our current returns position, but accretive to it. Then there are other issues like pricing to look into. We are evaluating, but as of now, there is nothing in our hands. Banking services largely becoming a commodity business, how does Federal Bank differentiate itself in a crowded market? I agree that retail banking at the branch level has become homogenous, but other domains like SME, mid-market and corporate are not at all homogenous, but very differentiated and very segmented. This is because these markets are very sensitive to pricing, and pricing has become the main driver. It is like if you have a CIBIL score of 850, you are not willing to pay me anything more than my base rate. So, I have to create ten reasons why my offering works out better for you. This is what we are doing and this makes us very differentiated in the market with offerings for commercial customers like Fed e-Biz, which is a smart cash management solution, which only very few banks have. Alternatively, we can afford giving you better rates if we can give you more types of loans. For example, earlier a Federal Bank customer for home loan would be taking a car loan from HDFC Bank, a personal loan from Citibank and a credit card from some other bank. But now, we are trying to provide all kinds of products to each customer. This strategy has delivered handsomely for us. For instance, two years back, we were just 3% of Keralaâ&#x20AC;&#x2122;s car loan market. Today, 20% of all new car loans in Kerala are financed by Federal Bank.

products. On the banking side, we have all products in the four domains of savings, investments, transactions and loans. And we offer all banking modes in each of these domains including branch, relationship management or digital, or even all these if the customer so desires. On the non-banking side, we have life insurance from IDBI Federal, and for health and vehicle insurance we have tie-ups with three general insurance companies. We have recently invested

in Equirus through which we are offering wealth management solutions. So, we have become a front-end that has full service offerings on the financial services side. Do you think loan growth, especially MSME and agrarian credit, has fully recovered from the impact of demonetisation and farm loan waivers? With more farm loan waivers being promised by all political parties, how do you assess

Are you offering only banking products or even non-banking products as part of these bundled offerings? Yes, we do offer both kinds of SEASONAL MAGAZINE

the emerging scenario? First of all, let me make it very clear, I am against all loan waivers. Because, it produces wrong behaviour as good and bad customers are equated. A good customer who is willing and able for repayment might be diligently doing it, while a bad customer who is willing and able for repayment may not be doing it. With you offer farm loan waivers, you make them both bad, as they will be expecting it the next time. Not only has the good customer any incentive for his diligence so far, but you are teaching him to be a bad customer. But having said that, despite farm loan waivers and other speed-breakers, growth has been fairly robust for a bank like us with the appetite to grow. For the past 12 quarters, we have been growing at the rate of 20-25% year-on-year. But in some geographies we have been consciously growing slower as we don’t want to be a part of any potential problem in the future. But the good news is that we are decisively gaining market share. Today, we are 1% of India’s credit market. SBI is around 23%. So, in comparison we are doing pretty well. But in reality, we are doing much better than that because for new credit in the market we have a 2.5% share. So, we are punching way above our weight. Our total business has crossed Rs. 2,19,000 crores. Our advances has crossed Rs. 1,02,000 crores. During the past few years, Federal Bank’s credit book has grown 2.5 times of the overall sector. And with regard to the impact of demonetisation? I think the impact of demonetisation is reasonably toning down. But having said that, I think the growth rates going forward will be abnormally higher and misleading, as it is on a lower base brought about by demonetisation. What do you think about the controversies in the GDP calculation? Well, there are hundreds of interpretations possible and nobody knows which is absolutely correct. SEASONAL MAGAZINE

Thankfully, I hear that they are going to restate a past 5 or 7 year period using the current calculation. That should help us all to assess the situation in a relative perspective. However, the most important point is that as Dr. Raghuram Rajan has said, India needs to grow in near double digits for many years to be even a middle-income country. Because, if there is no growth, there is no employment and that would be a big problem. But I remain an India bull and think that near double digit growth is possible for India. Are there any chances that the Kerala flood impact would throw in more surprises than Federal Bank has already guided for? Are you concerned about any specific lag in economic recovery in Kerala post the flood? I hope there are no surprises. The post flood pick-up has not been uniform. Consumption and automotive sectors are showing robust pick-up, while construction and infrastructure are definitely lagging. We are hoping that in the next six months, most of these issues will be sorted out. As a bank thirsting and planning for growth, whom do you compete with more these days? Is it other traditional private sector banks, or PSU banks, or new generation private sector banks or the latest specialized banks or even NBFCs? I would like to put it in another way. We are winning because we are getting better. I say this because we are fighting with all kinds of banks and even NBFCs. For some sectors and

“OUR DIGITAL PRODUCTS ARE TODAY COMPARABLE TO THE BEST IN THE MARKET, BE IT CORPORATE, RETAIL OR NRI CUSTOMERS. 80% OF OUR NEW ACCOUNTS ARE DIGITAL, WHILE 71% OF OUR TRANSACTIONS ARE DIGITAL. THE NEXT ROUND OF GROWTH WILL COME FROM OUR OFFERS THROUGH THESE DIGITAL CHANNELS.”

some accounts we may be fighting with the likes of SBI, but in some other we may be fighting with new generation private sector banks. We win some battles, we lose some battles. But the important fact is that we are fully equipped to compete with any bank. Having said this, there is no doubt that the slowdown in PSU banks is creating a remarkable opportunity for us. But still we need to compete with other private sector banks to get such business. Thankfully, the market is too big and can accommodate all banks with appetite. The only caveats are the rate and quality of growth. Has the average age of Federal Bank employees come down? It has crashed in fact. When I joined in 2010, the average age was 48. Now it is 36. For the 600 odd new branches which are mostly outside Kerala, the average age is 33. This is because our new recruitments since 2010 has been taking in mainly 22 year olds. When I joined, my assistant was 54. We later assigned him a senior role in the bank, and got a 38 year old to assist me. Now, my assistant is even younger, at 29 years. I want a younger guy to challenge me, and I want a generation of younger guys and girls to challenge the system. Federal Bank has an NBFC Fedfina which has attracted a major investment from TrueNorth. Can you briefly mention the financial and strategic aspects of this deal? We founded Fedfina as an NBFC doing

distribution of our various products. We started it with Rs. 200 crores of capital. Soon they started originating business on their own, getting into areas where we weren’t active including gold loans, construction finance and structured finance. Today they have 120 branches across Tamil Nadu, Karnataka, Andhra and Maharashtra. They have been doubling their loan book each year. But at Rs. 1500 crores, it is still small. Since it became clear that they need more capital, we scouted for potential partners and zeroed in on TrueNorth. They are picking up 26% stake of which 17% have recently come in at Rs. 169 crores. They are also a strategic partner, and Fedfina will continue to be a Board managed company with participation of TrueNorth representatives too. We are expecting new talents to be roped in too. We see a potential of growing the loan book to Rs. 10,000 crore within the next few years. You have been passionate about adopting the latest technologies. What all are the latest innovations from the bank in this regard? Our digital products are today comparable to the best in the market, be it corporate, retail or NRI customers. 80% of our new accounts are digital, while 71% of our transactions are digital. The next round of growth will come from our offers through these digital channels. The dynamic offers for customers have to be new, fresh and different. Like privileges for ecommerce customers and so on. We are currently focusing on this. For corporate customers with large cash management functions, we have introduced Fed e-Biz so that it can be electronically managed with no loss in transit and high transparency. We have a head-start over most other banks in this, as only very few players have implemented this solution. We are also evaluating new solutions based on blockchain, AI, robotics etc and hope to announce a blockchain based technology in association with a Middle East exchange group. You have made an investment in

Equirus which is into investment banking among other things. What prompted this move? As you know, our expertise has been in commercial banking. We wanted to get into investment banking and one option was to do it organically by employing one hundred experts. We opted for the other route of identifying investment banks which were looking for partners, and we chose Equirus. We have taken a 19.99% stake in this company. They are also into IPOs and they have a mandate for an IPO from a Kerala based company which is planning for their IPO next year. Federal Bank had recently attracted a penalty from RBI for some incomplete submissions. Can you mention what led to such a situation? The regulator identified some gaps in our disclosures and this was with regard to some of our older customers who had been with us for decades. We tried explaining the situation but they were not convinced and this penalty was imposed. We are not alone in this and quite a few banks are getting fined by RBI. The lesson is that the regulator is making sure no mistake is acceptable. With Kerala remaining your most significant market, do you think the lack of proper economic growth in Kerala would be a dampener for growth for Federal Bank? How is the bank growing in other territories? We look at this in another way. 55% of our deposits are from Kerala. 80% of our credit is outside Kerala. This is not fully by design as Kerala is only 3% of India’s GDP. Because of this, and because Kerala is our home market, Kerala will always be important for us. In fact, Kerala is part of our 4D strategy – Dominate home market, Double outside business, Digital ahead and Delight shareholders. I think we can deliver with Kerala as capital is fungible and what investors are looking for is returns. Today we have 16% market share in Kerala.

You have recently obtained approval for an operations company. What is this about? We are starting a full-fledged operations company based in Kochi and Vizag, which is a 100% subsidiary of Federal Bank. There will be new staff there and also some home-grown staff will be assigned there. We also have several small vendors on contract basis and all eligible and interested among them will be employed there. Only a few banks have attempted this, and we hope this will increase our efficiencies. Earlier you have been bullish on funding start-ups. What is the position now? We have graduated to funding the startup funds. Doing this directly is much more taxing as we don’t have the skillset in assessing which start-up will succeed among one hundred players. It is basically a bet on a person. So, we are partnering with IIM-Ahmedabad, Birla and TVS and funding their startup funds. We have put in close to Rs. 100 crores into this business. How do you plan to bridge the valuation gap Federal Bank is suffering from vis-à-vis some of its peers? I would love to have better valuations from the market for all our shareholders. But market has its own reasoning, momentum and timing. You cannot control that. Our job is to perform consistently. And every time we perform, market applauds that. But when adversities happen like the Kerala floods recently, market reacts. We can’t control that. So I tell my team always to not worry about the market, keep our head down and perform. As long as we are performing, we can’t be punished for long. As stock is to be evaluated on the basis of the franchise strength, sector and quality governance including growth performance. We score fully in all three. words, “We can’t be punished for long if we are doing all things correctly.” Seasonal Magazine in conversation with Shyam Srinivasa, MD & CEO of Federal Bank Ltd. SEASONAL MAGAZINE

EDUCATION

INDIAN CLASSROOMS AND BLACKBOARDS: FOR HOW LONG? CLASSROOMS THE WORLD OVER ARE INCREASINGLY TURNING FUTURISTIC, WITH THE LATEST GADGETS AND TECHNOLOGY REPLACING CHALK-AND-BOARD TEACHING. THE PROCESS IS ON IN INDIA, TOO, ALBEIT ONLY IN POCKETS.

Mohammed Fazil, who teaches grades four to eight in a government school in the southern Indian city of Bengaluru, uses augmented reality to trigger computergenerated images around his classroom. He uses Google Cardboard, a virtual reality platform, and Google’s Expeditions app to take students on virtual field trips. Fazil also uses motion-sensing technology with a Microsoft Kinect device to play math games. Elsewhere, in Solapur, Maharashtra, in western India, another government school teacher, RanjitsinhDisale, is creating quick response (QR) codes in textbooks that link out to online materials—a good hack to extend learning outside the classroom, check absenteeism through engagement, and keep in touch with parents. These are anecdotes mentioned in a January 2017 report “Teaching and Technology: Case Studies from India” by the Central Square Foundation, a venture philanthropy fund and policy think tank based in New Delhi. Having realised their potential, especially in rural areas, the Indian government is setting up hundreds of virtual classrooms. Likewise, girls from one of the world’s SEASONAL MAGAZINE

largest slums, Dharavi in Mumbai, are learning to code courtesy the non-profit Dharavi Diary. Yet, these are only exceptions, a recent survey by Cambridge Assessment International Education, a not-for-profit arm of the Cambridge University, has found. If one zooms out and looks at the bigger picture, India’s classrooms are by and large outdated. Most Indian classrooms lag in incorporating smartphones, tablets, or even the simple whiteboard. Blackboard nation Globally, just over a third of students say blackboards and chalk are used during lessons, according to the study. India, though, has yet to let go of the archaic teaching tools: Over two-thirds of the respondents from India still experience the blackboard-and-chalk combo—higher than any other country. The education group polled over 20,000 teachers and students from around the world between March and May 2018. The sample included 4,453 teachers and 3,927 students from India. Meanwhile, nowhere in the world have new technologies superseded traditional

tools completely. “…most schools use a blend of teaching tools, with pens, paper and blackboards being used alongside interactive smartboards or tablets,” the study noted. But there is more to technology-enabled education than just handing over devices to students, previous research has shown. For instance, the “One Laptop Per Child” programme announced in Peru back in 2005 increased the ratio of computers to students in schools, but its impact on test scores in math and language was negligible (pdf). A similar 2018 study of 15-year-olds in Europe revealed that giving laptops, iPads, and even e-books was associated with significantly lower educational performance. But in the hands of teachers, the technology can be put to better use. Technology has been known to increase engagement as well as the retention of knowledge. Eventually, if there is mass adoption of tech tools in the classroom, the hope is that learning will become more interactive and personalised. But before all of this, India first has to overcome the dearth of digital basics— power, computers, and internet access— plaguing its schools.

THE CARS SAVJI DHOLAKIA HAS GIFTED SO FAR

Renowned business tycoon Savji Dholakia has done it yet again! The diamond trader and the owner of Shri Hari Krishna Exports has gifted 600 cars as Diwali bonus to his employees. Here we have compiled all cars gifted by Savji to his employees till date.

avji Dholakia, the renowned diamond trader from Gujarat is into the headlines once again for an obvious reason. The owner of Shri Hari Krishna Exports has gifted 600 cars to his employees on the occasion of Diwali. This is not the first time that Savji has gifted such a massive Diwali bonus to his employees. The Gujarat businessman started appearing in the news and gathering attention since the year 2016. Savji says that he loves gifting cars to his employees and by getting such a gift, an employee feels motivated and at the same time, feels a lot more confident and looks for a long association with the company. Here is what all cars Savji has gifted to his employees till date and how many employees have got lucky till date.

Renault Kwid And Maruti Suzuki Celerio This Diwali, Savji Dholakia has gifted 600 cars to his employees as Diwali bonus. 1,500 employees have been selected under the loyalty programme by the company out of which 600 have opted for cars while 900 will be handed over fixed deposit certificates. Dholakia said that for the first time, the employees of his company will be receiving certificates and car keys from the hands of the PM. According to Dholakiya, the company will pay gifts worth close to Rs 50 crore under the loyalty programme this year.

Mercedes-Benz GLS 350d Last month, Dholakia gifted three Mercedes-Benz GLS SUVs to his employees upon their completion of 25 years of association with the company. The on road price of the Mercedes Benz GLS SUV in Surat is presently close to Rs 1 crore. The Mercedes-Benz GLS 350d gifted by Savji Dholakia to his employees gets features like panoramic sunroof, three-zone climate control system, rear seat entertainment system, full LED lights and more.

Datsun Redi-GO Savji Dholakia gifted 1200 units of the Datsun redi-GO cars to his employees out of which 650 cars were delivered by Datsun on a single day. The brand new cars were gifted to those employees who had not received any incentives in the past year. However, there is a catch to it. All cars were purchased on downpayment by the company with a

SAVJI DHOLAKIYA GIFTED 1260 CARS TO HIS EMPLOYEES ON DIWALI 2016 AND THE MARUTI SUZUKI ALTO CONSTITUTED THE MAJOR PART OF THE FLEET.

five year EMI plan that was to be fulfilled by the company. In case an employee parts ways with the company, the remaining EMIs was to be submitted by him. The Datsun redi-GO was also a part of the 1260 cars that Savji gifted to his employees on Diwali in 2016.

Maruti Suzuki Alto Savji Dholakiya gifted 1260 cars to his employees on Diwali 2016 and the Maruti Suzuki Alto constituted the major part of the fleet. Apart from gifting 1260 cars, the business tycoon also 400 flats to his employees as Diwali bonus. The company had revealed that it has offered Diwali bonus worth Rs 51 crores to the employees in the said year.

Fiat Punto On the occasion of Diwali in the year 2014, Savji Dholakiya gifted 500 Fiat Punto cars to his employees. A total of close to 1200 employees were selected under the loyalty programme under which they were asked to choose between a brand new car, jewellery and a flat. While gifting Diwali bonus to his workers, Savji that all his dreams have come true through his workers. He also added that his company is the first in the world to offer Rs 3.60 lakh worth incentives to each of 1200 diamond workers. SEASONAL MAGAZINE

SPORTS

THE MOST INFLUENTIAL ATHLETES OVER THE LAST 20 YEARS As Seasonal Magazine inches closer to our 17th year anniversary, we take a walk down memory lane and wonder who the most influentialathletes over the last two decades have been and their contributions to society.

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COLIN KAEPERNICK (AMERICAN FOOTBALL):

Though Colin Kaepernick rose to fame over the last few years, it is important to understand his impact over professional sports and the ongoing anti-racism movement. It’s been just over two years since Kaepernick opted to kneel for the national anthem a decision that sparked both a powerful movement and intense backlash. Colin’s motive was as honest and simple as it could get. ‘I am not going to stand up to show pride in a flag for a country that oppresses black people and people of color,’said Kaepernick about the move afterwards. ‘To me, this is bigger than

football and it would be selfish on my part to look the other way,’ he continued. ‘I have to stand up for people that are oppressed. If they take football away, my endorsements from me I know that I stood up for what is right.’ The National football league (NFL) condemned his action and he was banned from playing the sport he loves. A few weeks ago, the athlete was revealed as a new face of Nike’s hugely popular campaign: a black and white close-up picture of Kaepernick’s face with the superimposed words – ‘Believe in something, even if it means sacrificing everything.’

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ALEX RODRIGUEZ

Alex Rodriguez (Baseball): A-Rod as he is popularly known, was one of the most hated professional athletes in America, or even the world. The former Yankee, infamously known for his me-first attitude and poor sportsmanship shocked the world when he admitted having used performance enhancing drugs, resulting in a season long ban in 2014. Things looked bleak for Rodriguez, but if SEASONAL MAGAZINE

there’s one thing A-Rod knows how to do, it’s making a comeback. Today, he is a business mogul, a sports analyst and the CEO of A-Rod Corp., while being a shark investor in the popular show ‘Shark Tank’, helping budding businesses grow. A-Rod’s efforts off the pitch has elevated him to be one of the most influential baseballer of our generation.

Lebron James (Basketball):There is no surprise seeing Lebron’s name on this list when he’s still in the news for his on-court and off-court contributions. Lebron’s professional career love-hate trajectory is somewhat similar to Rodriguez’s. Post his maligned move from his hometown team, Cleveland Cavaliers, Lebron was widely hated for architecting one of the most popularized exit. Fans in Cleveland torched his jersey and this animosity seeped in through the entire NBA.

LEBRON JAMES

Fast forward a few years from then. Lebron has not only returned to Cleveland to win his team their first championship but has opened a USD $ 8 million public school for at-risk kids in his hometown state of Ohio. Lebron has also been very vocal against the Trump presidency and started the popular ‘More than an athlete’ campaign.

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ROGER FEDERER Roger Federer (Tennis): Roger Federer isnâ&#x20AC;&#x2122;t just the best tennis player in history. Heâ&#x20AC;&#x2122;s the president and face of a philanthropic foundation he founded back in 2003. The foundation, now called as the Roger Federer foundation, heads several educational projects for African and Swiss children at risk of social marginalisation. Since its establishment, the foundation has spent 28.5 million francs (about 26 million euros) and works in collaboration with 16 local organisations, involving1,555 primary schools, 7,600 teachers and 650,000 children. He is a UNICEF Goodwill Ambassador and starred in a 2007 World AIDS Day public service announcement to raise awareness about the transmission of HIV from mothers to their children. Though, the world knows him for his record high Wimbledon trophies and never-ending rivalry with Rafael Nadal, Federer prides himself the most with being related to his foundation.

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USAIN BOLT

Usain Bolt (Sprinting): The 9-time Olympic medalist will go down as arguably, the greatest athlete of all time, barring Mohammed Ali. But his philanthropic contributions are often overlooked in the wake of his greatness. His support of Africaâ&#x20AC;&#x2122;s wildlife conservation efforts is surpassed by his charitable work closer to home - the Usain Bolt Foundation, which works to benefit local youngsters, through sporting provisions, improving community structures, and funding talented Jamaicans to excel in their chosen disciplines. He ensured that his sponsorship deal with Puma, not only benefited him but also his hometown; every year Puma sends sporting goods to his old high school, to help others follow in the footsteps of their most famous alumni. He is also insistent that whenever he is featured on an advertisement, it should be filmed in his country, Jamaica, by a Jamaican production crew, in an attempt to boost local enterprise and gain exposure for the country. His influence in the world of sports is unparalleled. SEASONAL MAGAZINE

LIONEL MESSI

Lionel Messi (Football): The Barcelona star often makes headline when he’s on the pitch, but off it he’s just as great. Messi’s charitable work is often targeted towards helping children, which is due to the hardships he suffered when he was a child like medical complications and growth deficiency. His desire to do more charitable work increased in 2007 after visiting a hospital for terminally ill children. From this visit, Messi decided to set up his own foundation the Lionel Messi Foundation, which has since gone onto help with medical research and fund medical centresall around the globe.

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CRISTIANO RONALDO Cristiano Ronaldo (Football): It is impossible to talk about Messi without mentioning Portugalâ&#x20AC;&#x2122;s Cristiano Ronaldo. Ronaldo, who is widely considered to be the one of the greatest footballer of his generation, along with Messi, proudly holds a list of charitable contributions which is as extensive as his portfolio of sponsorships. Hedonated USD$ 5 million to Nepal in 2015, after the country was hit by devastating earthquakes claiming the lives of thousands. Ronaldoâ&#x20AC;&#x2122;s charity work also includes his donation of 165000 USD to build a cancer centre, 1.5 million for the construction and rehabilitation of the schools in Gaza and Palestine and frequent contributions for various causes and needs.

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MICHAEL PHELPS (Swimming):Theworld probably knows Michael Phelps as the 14-time Olymipic gold medalist but his initial struggles with mental health issues weren’t much popularized. Phelps established the Michael Phelps foundationwith the USD $1 million bonus he received for winning eight gold medals at the 2008 Beijing Games. The Foundation, in partnership with KidsHealth and the Michael Phelps Swim School has developed and launched the ‘IM program’ which has reached over 15,000 Boys & Girls Club members and Special Olympics athletes with lifesaving programming. They have also established the Level Field Fund-Swimming, a grant giving program that provides funding to uniquely talented swimmers in need of financial assistance.

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SACHIN TENDULKAR (Cricket):In a country like India, riven by divisions along the lines of caste, creed, sex and race, it definitely takes someone special to bring everyone together.Sachin Ramesh Tendulkar, or the ‘God of Indian cricket’, as he is fondly referred to, did just that. His charitable efforts are a mountain in itself, similar to the mountain of runs he has amassed in his career. Tendulkar sponsors about 200 underprivileged children each year through Apnalaya, an NGO which is very close to his mother-in-law. He has also featured in countless ‘No to alcohol and cigarette’ endorsements and has supported two villages in his hometown state of Maharashtra by building basic amenity infrastructures. He is a true hero on and off the field and his efforts, given his standing, are sure to set a great example for others, both the cricketcrazy and otherwise, to emulate.

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CASE AGAINST AMAZON INDIA HEAD AFTER DELIVERING SOAP INSTEAD OF PHONE An FIR has been registered against Amazon India head Amit Agrawal, logistics firm Darshita Pvt Ltd directors Pradeep Kumar and Ravish Agrawal and delivery boy Anil, police said

RAILWAYS HIKES FREIGHT RATES BY 9%

he railways has effected a 8.75-percent increase in freight rates for major commodities such as coal, steel, iron ore, and raw materials for steel plants, according to an official statement on Wednesday.

"The decision to rationalise freight rates will The freight rates for food result in additional revenue grains, flours, pulses, generation for Indian Railways fertilisers, salt and sugar to the tune of Rs 3,344 crore. have not been increased, The additional revenue will keeping in mind farmers further help enhance various and the common man. aspects of Railways including safety, service, punctuality," the statement said.

mazon’s India head and three other persons have been booked after a customer claimed to have received a soap instead of a mobile phone that he had ordered from the e-commerce giant, police said Tuesday. The case was registered at the Bisrakh police station in Greater Noida Monday, they said. The company, however, said it takes all incidents of frauds seriously and was extending cooperation to police. “A matter has been reported from Bisrakh police station area. The complainant said he had ordered a mobile phone through Amazon website. When he got the delivery on 27 October and opened the parcel, he found a soap instead of the phone in it,” Circle Officer at Bisrakh Nishank Sharma said. Based on a complaint from

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The freight rates for food grains, flours, pulses, fertilisers, salt and sugar have not been increased, keeping in mind farmers and the common man. Freight rates for cement and petroleum products, including diesel, have also not been increased. the man, an FIR has been registered against Amazon’s country head Amit Agrawal, logistics firm Darshita Pvt Ltd directors Pradeep Kumar and Ravish Agrawal and delivery boy Anil, police said.

Haulage charges for containers have been increased by 5 percent and freight rates of other small goods have been increased by 8.75 percent.

They have been booked under Indian Penal Code sections 420 (cheating and dishonesty), 406 (criminal breach of trust) and 120B (party to criminal conspiracy), according to police. Sharma said legal proceedings have been initiated in the case. When contacted, Amazon confirmed the incident and said they have processed the refund to the complainant. “As India’s most trusted online marketplace, we take incidents of fraud seriously. A case has been reported at the Bisrakh police station in Greater Noida. Local police have taken charge and we are extending all support or information that they need,” it told PTI.

NO COUNTRY HAS DONE WHAT PAK HAS DONE IN WAR AGAINST TERROR: IMRAN Pakistan Prime Minister Imran Khan has said, "No other country or armed forces have done what Pakistan and its armed forces have done in war against terrorism." Khan further said, "We have fought an imposed war inside our country at a very heavy cost of sweat, blood and economy," adding that Pakistan shall not fight any such war again.

feel uneasy due to the high altitude. He informed that these will be like the pressurised cabins, which are used by aircraft to maintain the oxygen levels inside.

FOR WORLD'S HIGHEST RAIL LINE, INDIA PLANS AIRPLANE LIKE COACHES To ensure that passengers donâ&#x20AC;&#x2122;t face breathing difficulties on board, Indian Railways is planning to use aircraft-like pressurised coaches in its trains for the Bilaspur-Manali-Leh line that will be built along the India-China border. The Bilaspur-Manali-Leh rail line will become the highest railway track in the world. The 465-km strategically significant line with a height of 5,360 metres above the sea level, is being built at a cost of Rs 83,360 crore. As the air is very thin at the altitude where planes fly, aircraft cabins are pressurised. Thus, in order to prevent complications, the cabins of many aircraft are adjusted to near sea-level pressure, which makes breathing ease almost the same as at sea level. Interestingly, the Bilaspur-Manali-Leh rail line will be the first Indian Railways line to have pressurised coaches which at present, are only used in the Quinghay-Tibet railway line in China. Chief Engineer (Construction), Northern Railway, D R Gupta was quoted in a PTI report saying that special pressurised rolling stock in order to deal with lack of oxygen will have to be used in these trains as passengers might

The Chief Engineer further elaborated that in the Tibet train, two types of systems are used in order to maintain oxygen levels â&#x20AC;&#x201C; one of the systems is through the main controls which handles standard oxygen levels and gets switched on at high altitude areas, while the other system is through oxygen ports that are equipped for each passenger to use when they feel that they lack oxygen. However, it is still not clear if these train coaches will be manufactured in India or will be procured from outside. Once the project is completed, the railway line will connect many crucial locations between Bilaspur and Leh such as Manali, Sundernagar, Mandi, Koksar, Keylong, Darcha, Upshi and Karu as well as other important towns of Jammu and Kashmir and Himachal Pradesh en route. According to the first phase of the survey, the project will include as many as 74 tunnels, 124 major bridges and 396 minor bridges. Currently, the final location survey for the railway project is underway.

RICHEST GUY BEZOS SETS RECORD FOR LOSING MONEY He is left with $128.1 billion. Jeff Bezos, founder and CEO of Amazon, lost $19.2 billion over two trading days this week, making it the largest loss of wealth ever recorded in that time, according to the Bloomberg Billionaires Index. While in July, Facebook's Mark Zuckerberg held the previous record when he lost $16.5 billion in net worth after the social-media giant's shares tumbled. Bezos, who is the largest shareholder of Amazon and the world's richest person, is left with $128.1 billion, down from a peak of $167.7 billion early last month. Stocks of tech companies led declines earlier this week, with the Nasdaq Composite Index sliding to its lowest since April. Shares of Amazon tumbled 6.3 per cent. The report also said that even af-

ter the massive loss of wealth, Bezos still remains the world's richest person but has now moved lot closer to Bill Gates, world number two. Gates, the Microsoft Corp. co-founder, lost $558.3 million and is now worth $92.8 billion. The report states that $8.2 billion hit Bezos took on Monday was the biggest by far on the Bloomberg ranking of the world's 500 richest people. While Mexican telecom tycoon Carlos Slim's $2.5 billion drop was the day's second-largest.

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DELHI AIRPORT FIRST IN COUNTRY TO HAVE FOUR RUNWAYS THE AIRPORT EXPANSION WORK WILL BE CARRIED OUT ON BOTH, AIR AS WELL AS TERMINAL SIDES. INTERESTINGLY, A FOURTH RUNWAY WILL BE INTRODUCED BY 2022, MAKING IGI AIRPORT, THE FIRST ONE IN THE COUNTRY TO COME UP WITH FOUR RUNWAYS.

o boost the IGI airport’s capacity to 100 million passengers per annum, Delhi International Airport (DIAL) will invest Rs 9,000 crore by 2022.

The Indira Gandhi International (IGI) airport in Delhi, which is now among the 20 busiest airports in the world and is one of the fastest growing major airports over the last four years is all set for a major expansion. Recently, I Prabhakar Rao, Executive Director, GMR Airports stated that the expansion of T1 and T3 terminals will be carried out besides adding new taxiways in the next three years. The airport expansion work will be carried out on both, air as well as terminal sides. Interestingly, a fourth runway will be introduced by 2022, making IGI airport, the first one in the country to come up with four runways. The construction work for this is likely to start from February 2019. Moreover, SEASONAL MAGAZINE

this move is also likely to increase the capacity from 75 flights to 105 flights an hour. The expansion of the IGI airport is likely to take place in three phases – first, phase 3A from 2018 to 2021, second, phase 3B from 2021 to 2025 and the

Recently, a senior company executive said that to boost the IGI airport’s capacity to 100 million passengers per annum, Delhi International Airport (DIAL) will invest Rs 9,000 crore by 2022. third, phase 4 from 2026 onwards. According to the expansion proposal for the airport, the departure terminal 1D and arrival terminal 1C will be combined together and will be expanded to accommodate 40 million passengers per year.

Last year, a revamped T2 had been opened to make way for expansion work at T1. Once the expansion of T1 is over, T2 will be demolished in order to make space for world-class T4. Recently, a senior company executive said that to boost the IGI airport’s capacity to 100 million passengers per annum, Delhi International Airport (DIAL) will invest Rs 9,000 crore by 2022. The Delhi airport, which has a terminal capacity of 75 million passengers per annum, handled 66 million passengers in 2017-2018. According to the data based from Airports Council International (ACI), the IGI airport’s compound annual growth rate (CAGR) from 2014 to 2017 is 14.3%. It is the highest among airports that are handling minimum 40 million passengers per annum, leaving behind popular airports like Incheon airport in South Korea, Pudong Shanghai airport in China and Dubai airport in UAE.

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O.P JINDAL GLOBAL UNIVERSITY Key People Founding Chancellor Naveen Jindal Founding VC Professor (Dr.) C. Raj Kumar Streams – Law, Business, International Affairs, Liberal Arts and Humanities, Journalism, Banking and Finance, Art and Architecture

KALASALINGAM ACADEMY OF RESEARCH AND EDUCATION

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KARUNYA INSTITUTE OF TECHNOLOGY & SCIENCES DEEMED-TO-BE-UNIVERSITY

DELIVERING COMPASSION THROUGH HIGHER EDUCATION

Key People Founder and Chairman Thiru T. Kalasalingam Chancellor - Dr. K. Sridharan VC - Prof.Nagaraj R Streams – Engineering, Liberal Arts, Business, Architecture, Agriculture and Processing

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Key People Chancellor – Dr.Khageswar Pradhan VC – Dr. Amit Banerjee Registrar – Prof.BibhutiBhusan Pradhan Streams – Engineering, Management Sciences, Dental Sciences, Agricultural Sciences, Medical Sciences, Nursing, Hospitality and Tourist Management, Law

LNM INSTITUTE OF INFORMATION TECHNOLOGY Key People Director (VC) – Prof. Rahul Banerjee Dean (Academic Affairs) Prof. Ravi Prakash Gorthi Streams – Computer Science, Engineering, Mathematics, Physics, Humanities

LOVELY PROFESSIONAL UNIVERSITY Key People Chancellor – Ashok Mittal Pro-Chancellor – Rashmi Mittal VC – Ramesh Kanwar Streams – Engineering, Liberal Arts, Humanities, Management, Law

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Karunya stands for compassion, and many may wonder where does compassion come in higher education. But Karunya University's founders had indeed meant compassion itself while naming the university, since one of the core objectives of the university is to deliver compassion to the society through its professional graduates and postgraduates who are intensely trained to be not just competent professionals in their chosen field, but to be compassionate leaders delivering service to the society around them. Towards this, Karunya runs facilities like Centres of Excellence in chosen domains, Innovation & Incubation Cell, Centre for Placement & Training etc and has full-fledged initiatives for IPR, IQAC, IAESTE etc. The university which has several MoUs with overseas institutions, offers Choice Based Credit System and values based education, while the campus is noted for its high level of digitization. In Karunya University's School of Engineering and Technology, programmes in Civil, Computer Science, EEE, ECE, and Mechanical are offered along with modern, cutting-edge and high-tech courses such as Aerospace Engineering, Biomedical Engineering, Robotics and Automation and Mechatronics. The School of Agriculture and Biosciences offers health related courses such as Biotechnology, which provide the integration of engineering and science, extending the spectrum of engineering applications in the vital thrust areas of human health and biology, eventually culminating in the traditional technologies. Moreover, Karunya distinguishes itself from its counterparts by launching a unique set of agriculture programme such as B.Sc. (Hons.) Agriculture, B.Sc. (Hons.) Horticulture and B.Tech Agricultural Engineering. The School of Sciences, Arts, Media and Management

encompasses the departments of Nanoscience and Information Technology. By the introduction of Media Courses such as M.A Media & Communications and B.Tech Electronics & Media Technology, KITS has proven itself to be a haven for the country’s most unique and distinctive courses. In order to cater to the inherent and disparate interests of the students, new courses such as B.A Criminology, B. Sc. and M.Sc. Information Security and Digital Forensics are offered by the institution. Furthermore, programmes in basic sciences such as Physics, English, Chemistry and Mathematics are offered at the postgraduate degree levels. The MBA course is one of the highlights of the institution. Likewise, the institution hosts courses in the domains of commerce and computers such as B.B.A, B.C.A, B.Com. Professional Accounting, B.Com. Computer Applications and B.Sc. IT. Karunya has carved a niche for itself by introducing a wide array of interdisciplinary and departmentspecific postgraduate programmes, such as Advanced Manufacturing Technology, Biotechnology, Biomedical Instrumentation, Communication Systems, Computer Science and Engineering, Embedded System, Engineering Design, Environmental and Water Resources Engineering, Food Processing and Engineering, Network Engineering, Renewable Energy Engineering Technology, Structural Engineering, Thermal Engineering, VLSI Design, Geotechnical Engineering etc. The institution possesses of a variety of facilities intended to achieve its mission. First and foremost, the excellent infrastructure of the institution proves to be an abode of wide and spacious departmental buildings with smart classrooms, with modern teaching aids and resources with the inclusion of excellent laboratory facilities with the required machinery, instruments and devices for equipping the students with practical competence in addition to their strong theoretical expertise,

thereby aiding them to apply their previously acquired knowledge in the practical arena to experience the thrill of application oriented learning. Moreover, the laboratories not only fill the gap in learning technology and practicing engineering, but also prove to be the ultimate starting point of freethinking and widen their scope of learning and fostering their innovation, creativity and expertise in their respective fields. The institute also takes immense pride in its faculty and non-teaching staff, as they are its major assets. The faculty comprises of learned academicians, eminent scientists and inspiring teachers. Most of the faculty in KITS are doctoral degree holders who continue to undertake research in their respective fields and transform the institute from being a centre of learning to a centre of research and change. Such faculty members are indeed a great boon for the student community, as their wholesome knowledge coupled with their zeal and motivation help to uplift and enhance education to inspire each and every individual, intellectually, psychologically and spiritually.

CENTRES OF EXCELLENCE: The institute has established Centres of Excellence in collaboration with SIEMENS, CISCO, NOVELL, IBM, SALZER and LANCET. These centres bridge the gap between the academic world and industry.

the faculty members to share knowledge and clarify their doubts. The industry – oriented curriculum is a great boon for students who dream of entering the industrial and corporate world.

VALUES BASED EDUCATON: The Department of Value Education, more commonly known as DOVE, plays a vital role in shaping and chiselling the individual’s overall personality by focusing on the moral, social and cultural development, culminating in his/her personality development.

IQAC: The IQAC of Karunya Institute of Technology and Sciences ensures the quality sustenance stipulated by the National Assessment and Accreditation Council. The primary aim of the IQAC is to develop the system for concise, consistent and catalytic action to improve the academic and administrative performance of the institution.

IPR: Karunya Institute of Technology and Sciences encourages, facilitates, promotes and safeguards scientific investigations and research. The IPR

CHOICE-BASED CREDIT SYSTEM: The Choice Based Credit System enables the students to take up subjects and specialize in their field of interest; this also helps in International Credit Transfer. Selected students have obtained dual degree by twinning programs. Moreover, L e a r n i n g Management System is of great help to the students, as it allows SEASONAL MAGAZINE

MoUs with institutes and universities such as Ben Gurion University (Israel), Technion - Israel Institute of Technology (Israel), RWTH Aachen University (Germany), University of Wisconsin (Milwaukee,USA), University of West England (UK), Hebrew University (Israel) and BarIlan University (Israel).

policy of Karunya Institute of Technology and Sciences provides guidelines for filing patents by faculty members, students and those who work in the industries.

IAESTE: IAESTE or The International Association for the Exchange of Students for Technical Experience helps Karunya students to bag foreign internships with stipends to sharpen and experiment their technical skills acquired in their degree programmes. This association offers the student fraternity with top-notch technical exposure in their fields, together with the advantages of acquiring a global outlook both in their career and life.

KARUNYA INNOVATION & INCUBATION CELL (KIIC): The cell enriches the innovative minds and offers support in their endeavours to pave way for themselves, and for bringing their ideas into the mainstream industry / market. At Karunya, the students are exposed to the Innovation & Incubation Cell, thereby encouraging them to soar high with their dreams, which would otherwise have been impossible.

CENTRE FOR PLACEMENT & TRAINING: SEASONAL MAGAZINE

Due to the strong corporate connections, students are annually placed in top companies, both nationally and internationally, with high salary packages. Three engineering students have procured international placement in a leading German Automotive Industry with the highest salary package of Rs.32 lakh per annum during the current year. Top recruiters comprise some of the renowned and prestigious companies such as Accenture, Infosys, Wipro, KPIT, Cognizant, Tech Mahindra, IBM, Nokia, Jasmin Infotech, Renault Nissan, NetApp, Samsung, Newage, HGS, HDB, Everest HCL, BOSCH, Amazon etc. The institution offers training programs with the intention of providing them information, advice, guidance and support in their pursuit towards securing jobs in the global market. The institute has signed a MoU with Infosys Technologies Ltd., Bangalore under Infosys Campus Connect Soft-skills Program to provide training to the prefinal year students and to place the final year students. Moreover, coaching classes for IAS, GRE, TOEFL, IELTS, GATE, CAT, SSC, LIC, RRB, CAPF, NABARD, NIACL&NICL are also provided in the campus.

MoUs: The institution has numerous collaborations and has signed MoUs with academic institutions by signing

For research and development to be in tune with the global research fraternity, Karunya Institute of Technology and Sciences has signed a Letter Of Intent (LOI) with Agriculture Research Organization (ARO),Government of Israel for facilitating cooperation in the fields of micro-irrigation, precision farming, biological control, plant biotechnology, food processing and waste water reuse.

FESTS IN KARUNYA: Mindkraft is an Annual TechnoManagement Fest conducted by the students of Karunya Institute of Technology and Sciences (Deemed to be University), each year with a unique theme of global significance paving a new platform where engineering expertise meets creativity. In addition to this event, the Christmas Mega Play with cultural highlights and KEMT - Karunya Evangeline Memorial Tournament take place every year.

DIGITIZATION: As part of the Digital India initiatives, all financial transactions of the University have been made cashless through digital modes of payment. The institution has a well-equipped library with digital resources for catering to the diverse educational and research needs of the students and faculty. Admissions for the year 2018 are open for Engineering, Management, Agriculture, Arts, Science, Commerce and Media. Moreover, Scholarships to the tune of Rs.5 crore are bestowed on meritorious and needy students.

ALLIANCE UNIVERSITY Key People Chancellor – Sudhir G Angur VC - Dr.Pavana Dibbur Pro-VC - Dr.Anubha Singh Streams Business, Engineering, Law, Commerce

GALGOTIAS UNIVERSITY Key People Chancellor – Mr SuneelGalgotia CEO – Mr DhruvGalgotia VC – Dr RenuLuthra Pro-VC (Academics) Prof.JayasankarVariyar Streams – Engineering and Technology, Business, Law, Medical and Allied Sciences, Nursing, Hospitality, Media, Liberal Arts

M.S RAMAIAH UNIVERSITY OF APPLIED SCIENCES Key People Chancellor - Dr. M. R. Jayaram Pro-VC - Prof.Govind R. Kadambi Registrar & CFO CA. N. C. Shekar Streams – Engineering and Technology, Art and Design, Management, Physical Sciences, Dental Sciences, Pharmacy, Hospitality

INVERTIS UNIVERSITY Key People Chancellor – Dr Umesh Gautam Pro-Chancellor – Sanjeev Gautam VC - Dr. YDS Arya Streams – Engineering and Technology, Biotechnology, Management, Computer Applications, Legal Studies, Mass Communication, Science

POORNIMA UNIVERSITY Key People President Dr. K.K.S. Bhatia Chairperson Ar. Shashikant Singhi Pro-President (I/C) Dr. Manoj Gupta Registrar Dr.Chandni Kriplani Streams – SEASONAL MAGAZINE

MOST Preferred UNIVERSITIES

ASSAM DOWN DOWN UNIVERSITY

DELIVERING EXPERT TRAINING IN TRADITIONAL & SUNRISE SECTORS Over the years, ADTU has progressed to offer powerful courses in traditional domains as well as sunrise sectors. There is also an emphasis on designing special courses on new age topics like Cyber security, Cloud Technology, and Animation. Assam Down Town University recently conducted a national conference on Translational Drug Discovery: Current Trends and Future Interventions. Held in association with the Society of Biological Chemists India, the conference was organised by the Faculty of Sciences at Assam Down Town University campus. Renowned participants from different regions of the country took part in the conference. One of the leading universities in the northeast, ADTU is built over a sprawling 80 acres of land, offering its students a unique amalgamation of professional and academic excellence. With students from over 20 Indian states and 5 countries, it is one of the most culturally diverse universities in the vicinity of the beautiful city – Guwahati. Established in the year 2010, Assam Down Town University offers multi-disciplinary programs at Graduate, Post Graduate and Doctorate levels apart from several skill-oriented certificates and diploma programs. Along with the Faculty of Engineering & Technology, Faculty of Pharmaceutical Sciences, Faculty of Nursing, Faculty of Paramedical Sciences,Faculty of Sciences, Faculty of Commerce, Management, Humanities and Social Sciences; ADTU also focuses on unique programs like Trauma & Disaster management, Radiography Technology, and Dialysis Technology in addition to skill oriented programs in Hotel Management, Dietary Sciences, Biotechnology, Microbiology, Biochemistry, Social Work etc.

more than 3000 people from across the North East Region. Industry Minister, Government of Assam, Sri Chandra Mohan Patowary attended the closing ceremony as the Chief Guest. ADTU had conducted the placement drive successfully for the past three consecutive years and this was the fourth edition. Around 1,400 candidates were selected by 59 companies in 2017 placement drive.

When it comes to choosing a private university in the North Eastern region, Guwahati based Assam Down Town University is surpassing its position every year, providing all the nourishment needed for a studentâ&#x20AC;&#x2122;s overall growth and therefore manifests itself as one of the best universities to choose from. Spreading over 80 acres with all the modern educational infrastructure as well as facilities for extracurricular activities, ADTU is also a powerhouse when it comes to campus placements. Major organizations recruiting from ADTU include Axis Bank, IndusInd Bank, Oberoi Group, Cipla, Sun Pharmaceuticals, Taj Group, Accor Hotels, Lemon Tree Hotels, Indigo, Spice Jet, Patanjali, Genpact, NH Hospitals, Asian Heart Institute, HCL etc. And more than that, ADTU has been facilitating all students in North East by conducting what is perhaps the largest and most successful job fairs in the region for four years in a row now. Known equally for catering to traditional courses that are still in demand like engineering and MBA, as well as for emerging sunrise courses like in cybersecurity, ADTU has always been innovating on forming industry-ready courses, the latest of which is a specialized MBA. Recently, Assam Down Town University in association with National Career Service organized a two-day long Campus Placement Drive. It was one of the largest placement drives with 72 national and international companies participating, and recording a footfall of

The placement drive is open not just for ADTU students, but for the students of the entire North East region. The USP of the placement drive was that it was not just for the experience holders but also for fresher candidates. With each passing year, the number of companies and number of placements are rising for this noted event. The venue for the placement drive was the Campus of Assam Down Town University at Sankar Madhab Path, Gandhi Nagar, Panikhaiti, Guwahati, Assam. Due to the huge demand from both recruiters and candidates witnessed at the event, ADTU is now planning to make this mega event a regular feature.

ADTU has recently entered into a new strategic academic partnership with Timespro, a leader in banking and finance sector education. This collaboration will bring forth a specialized MBA program by ADTU, with an additional certification of Post Graduate Diploma in Banking Management (PGDBM) by Timespro, for the benefit of banking and finance career aspirants. Recently the Banking industry has gone through a radical transformation. Demonetization, government policies and reforms have ushered a new era in banking and financial services. While this economic scenario would pose a few challenges to the industry, it also brings along a flood of opportunities for those interested in making it big in banking and finance. Through this 2 year full-time MBA course by ADTU with specialized skill enhancement programmes in the field of Banking and Finance by TimesPro, students will not just be able to acquire the skills required in the sector but will also be equipped with the tools and techniques, and most importantly develop the practical and sharp mind set of a banker. The program has been conceptualized in a manner that makes one ready for a rewarding career in the industry, as the industry needs professionals who understand the practical aspect of banking and can grasp the regulatory dynamics of the system. The BFSI industry consistently needs good professionals who understand the banking ecosystem thoroughly and in that respect the PGDBM with its unique course content effortlessly achieves that. The program fully equips students to address this knowledge and expertise gap. The program curriculum, which has been specially, designed by TimesPro and Assam Down Town University, fast tracks your career as a banking professional. It is conceptualized in such a manner to give a holistic learning experience through both classroom expositions and case focused approach. Mr. Joutishman Dutta, Managing Trustee SEASONAL MAGAZINE

of Down Town Charity Trust says, "The program is a unique industryoriented MBA program that is being offered by us with additional Certification from TimesPro. For the first time in this region, students will be exposed to practical banking and finance concepts. Students must choose this program for its unique course content and industry-specific approach which prepares them as thorough banking professionals." While this program has been designed by TimesPro, the industry integration of such professional training programs with universities and educational institutes of repute is being conceptualized and facilitated by N K Das foundation. The N K Das foundation has been relentlessly working to impart skill enhancement and employability based training programs across North East. Students who have successfully completed their graduation level examinations without any gaps and through regular mode of education may apply for the program. They will have to appear for the TAP test and Personal Interview by an Ex-banker. After successful short listing of candidates, beyond this point they will go ahead with the training over four semesters at regular intervals which would act like periodic interventions for skill enhancement. With an excellent track record in placement, students can be assured of interview opportunities at some of India's top banking, non-banking and financial institutions after successfully completing the program. Today’s global workplace, a deciding factor for success how professional degree holders can work together with colleagues from various cultures. One of the leading universities in the northeast, ADTU is built over a sprawling 80 acres of land, offering its students a unique amalgamation of professional and academic excellence. With students from over 20 Indian states and 5 countries, it is one of the SEASONAL MAGAZINE

most culturally diverse universities in the vicinity of the beautiful city – Guwahati. Established in the year 2010, it offers multi-disciplinary programs at Graduate, Post Graduate and Doctorate levels apart from several skill-oriented certificates and diploma programs. Over the years, ADTU has progressed to offer powerful courses in traditional domains as well as sunrise sectors. Along with the Faculty of Engineering & Technology, Faculty of Pharmaceutical Sciences, Faculty of Nursing, Faculty of Paramedical Sciences,Faculty of Sciences, Faculty of Commerce, Management, Humanities and Social Sciences; it also focuses on unique programs like Trauma & Disaster management, Radiography Technology, and Dialysis Technology in addition to skill oriented programs in Hotel Management, Dietary Sciences, Biotechnology, Microbiology, Biochemistry, Social Work etc. There is also an emphasis on designing special courses on new age topics like Cyber security, Cloud Technology, and Animation. No modern university is worth the mention without the best educational infrastructure and facilities for extracurricular activities. ADTU embraces a sound infrastructure in addition to the courses and faculty. Besides a well-stocked library, wellbuilt seminar rooms, and excellent

laboratories; the University provides services like an on-campus ATM, seamless WiFi network, and a reliable transport and security system. To ensure all round development, it has various sporting facilities, gym, and a swimming pool. AdtU’s weekend curriculum is unique. Saturdays are reserved for various activities for the students and faculty, ranging from dance classes to music lessons and yoga. Further, the university has several clubs for the students to pursue their areas of interest. Major organizations recruiting from ADTU include Axis Bank, IndusInd Bank, Oberoi Group, Cipla, Sun Pharmaceuticals, Taj Group, Accor Hotels, Lemon Tree Hotels, Indigo, Spice Jet, Patanjali, Genpact, NH Hospitals, Asian Heart Institute, HCL etc. ADTU also offers the largest scholarship program in the region. Every year 100 students are selected for free education by the University, where the required hostel facilities and any other additional financial support are borne by the University to enable students to pursue higher education. Scholarships are issued on the basis of merit depending on marks obtained during entrance examinations and also for meritorious students who top University examinations.

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SYMBIOSIS INTERNATIONAL UNIVERSITY Key People Chancellor – Prof.Dr. S.B Mujumdar Pro Chancellor and Director Dr VidyaYeravdekar VC – Dr.Rajani R Gupte Streams – Humanities, Liberal Arts, Management, Media, Engineering, Health and Biological Sciences, Computer Studies, Law

JSS ACADEMY OF HIGHER EDUCATION AND RESEARCH, MYSURU Key People

MOST Preferred UNIVERSITIES

NITTE (DEEMED TO BE UNIVERSITY)

CREATING WELL ROUNDED PROFESSIONALS

Chancellor - His Holiness Jagadguru Sri Shivarathri DeshikendraMahaswamiji Vice-Chancellor and Chairperson Dr. B Suresh Registrar - Dr. B. Manjunatha Director (Academics) – Dr.Kushalappa P.A Streams – MBBS, Medical UG and PG courses

SASTRA DEEMED UNIVERSITY, THANJAVUR Key People VC – Prof. R Sethuraman Registrar – Dr. G Balachandran Streams – Engineering, Commerce, Physical Sciences, Management

ETERNAL UNIVERSITY Key People Vice Chancellor and Chairman Dr H.S Dhaliwal Registrar – Dr Davinder Singh Streams – Arts and Social Sciences, Engineering and Technology, Basic Sciences, Management, Business

INTEGRAL UNIVERSITY Key People Chancellor - Prof. S. W. Akhtar VICE CHANCELLOR (ACTING) - Prof.Aqil Ahmad Streams – Business, Computer, Engineering, Medicine, Pharmacy, Arts

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Nitte (Deemed to be University) has been ranked 77th by NIRF and awarded A Grade by NAAC. The Nitte Gulabi Shetty Memorial Institute of Pharmaceutical Sciences has been ranked 25th by NIRF and the AB Shetty Memorial Institute of Dental Sciences ranks among the top 10 private dental colleges in the country. The university continues to push the frontiers of excellence by a combination of knowledge creation and dissemination, community outreach and social work, and facilitation for overall development of students. Nitte University continues to host impressive scientific conferences and workshops. A one day workshop on Digital Droplet Third Generation PCR in clinical applications was recently held at Nitte University Centre for Science Education and Research. Prof Indrani Karunasagar, director- R & D, welcomed the gathering and highlighted the urgent need to be aware of the latest advances world over in rapid diagnostics. The workshop was inaugurated by the chief guest, Dr Krishna Prasad, chief medical oncologist, Mangalore Institute of Oncology. He recognized and appreciated the need for this advanced technique as it is not available in the coastal belt of Goa, Karnataka and north Kerala and explained how it would benefit those suffering from conditions like cancer and certain infections. If detected early through non-invasive method like Liquid biopsy it would make the suffering less and also help in prognosis to monitor the treatment effect. In fact, all constituent institutes of Nitte University takes care to host such conferences in their domains. Nitte Institute of Communication recently organized a media conference at its campus in Deralakatte. The two-day event had talks and

of the best public universities in US like University of Minnesota, to further student and faculty exchange.

discussions with eminent academicians and media persons, and a cartoon exhibition by internationally acclaimed political cartoonist Satish Acharya. He also conducted a one-day cartooning workshop. Nitte University goes full length to ensure that their students remain comfortable. When it is about infrastructure, Nitte offers nothing but the best. Clean and comfortable hostels, college buses which offer free pick-up and drop from the city, Medicare facilities at the multispecialty KS Hegde Hospital, mentor-mentee programmes and trained counsellors on campus are only some of these. A strict vigil against ragging is maintained in all the campuses. All round development of students including their physical and mental fitness are also catered to. Sports and extra-curricular activities have always been encouraged at Nitte. The BC Alva sports complex measures 14,000 sq ft and has badminton courts, a basketball court, multi-gym, work-out stations for power lifting and weight lifting and much more. The basketball court at Nitte is of NBA standards and compares with the best in the country. The university wants not to just churn out graduates, but for them to be productive for the community around them. Hence, another feature that is a Nitte hallmark is the emphasis on social responsibility. With 21 rural health centers which provide free medical and dental services to the rural poor, students at the medical college, the

Nitteâ&#x20AC;&#x2122;s various arms like its Management Institute and Medical College are doing their level best to stay relevant and influential in the industry and community, by furthering causes like MSME growth and community medicine.

dental college and the department of Public Health, get to work at these centers and understand the problems of rural healthcare. A rural psychiatric centre, the first-of-itskind in coastal Karnataka, addresses the sensitive issue of mental health and provides counseling, medication and rehabilitation, completely free of cost. Free denture camps are frequently held and the dental college also conducts free cleft lip and cleft palate surgeries for those who can ill afford it. Nitte University is focusing on integrated research programs, promotion of innovation, and focus on sunrise knowledge sectors like stemcell research. It is collaborating with multiple arms of Indian Government like DST, NITI Aayog etc, as well as with foreign governments like that of Belgium. NITI Aayog has already selected a Nitte institution as a startup district with innovation hub along with the prestigious NIT Suratkal. Nitte University has also tied up with some

Nitte University has always been a stalwart in the research and development arena. In fact, the university has a specially designated Dean for R&D activities, who looks into quality checks in the research literature leading to PhD degrees. At the funding level, the institution is involved in sponsored research. It has been obtaining funding from VTU, DST and AICTE for carrying out sponsored research and also for developing research facilities. The faculty members of the institution have about 250 research papers published in research journals and subsequently presented in national and international conferences held in India and abroad. The S. W. Akhtaruniversity looks poised to strengthen its research capability further and the presence of a strong research culture should help the institute to redefine its curriculum to suit the demands of quality, cutting-edge research work. Always known to be a major influencer in the scientific field, Nitte University continues its outstanding contribution in stem cell research through various initiatives including hosting conferences on this sunrise domain. Nitte (Deemed to be University) is also one of the select few higher education institutions in India to be selected by the Department of Science and Technology (DST), Government of India for support under bilateral cooperation with Ghent University, Belgium, within the framework of DST-BELSPO (Belgian Federal Science Policy Office) IndoBelgian Research and Technology Cooperation. Nitte (Deemed to be University) also offers Syndicate Bankâ&#x20AC;&#x2122;s one year Post Graduate Diploma programme in Banking and Finance course. SEASONAL MAGAZINE

RABINDRANATH TAGORE UNIVERSITY Key People Chancellor - Mr. Santosh Kumar Choubey VC – Professor Ashok Kumar Gwal Registrar – Dr Vijay Singh Streams – Arts, Commerce, Computer Science and IT, Engineering, Law, Management, Science, Nursing, Paramedical

MANAVRACHNA INTERNATIONAL INSTITUTE OF RESEARCH AND STUDIES Key People VC - Dr N.C. Wadhwa, IAS (Retd) Pro-VC - Prof. (Dr.) M.K.Soni Vice President – Dr Amit Bhalla Dean – Academics – Dr Naresh Grover Streams – Engineering and Technology, Commerce and Business Studies, Law, Dental Surgery, Media, Management, Liberal Arts, Social Sciences

SCSVMV University

Key People Chancellor – Prof.Dr.S.Jayarama Reddy VC - Prof.Dr.V.S.Vishnu Potty Registrar - Prof.Dr.G. Srinivasu Chief Adm. Officer & PRO - Sri G.Ramachandran Streams – Engineering, Management, Science, Arts and Humanities, Ayurvedic, Sanskrit and Indian Culture

JKLU Key People President/Vice Chancellor, JKLU - Dr. R.L Raina Streams – Engineering and Technology, Management, Design

MOST Preferred UNIVERSITIES

AMITY UNIVERSITY

A HIGHER MOMENTUM THAT BENEFITS STUDENTS It is a different momentum with which Amity University operates. The leading private university group recently held its Convocation 2018, not on a single day, but across three days. Thousands of students of Amity of class 2018 enrolled under Science, Engineering & Technology received their degrees and diplomas during the three-day ‘Convocation 2018’ of Amity University Uttar Pradesh. The convocation commenced at the University Campus in Noida where 2409 students from over 30 Institutions from different parts of the country received their degrees and diplomas. 65 Gold Medals, 64 Silver Medals, 37 Bronze Medals and 73 PhDs were awarded to the meritorious students and 47 students were awarded Baljit Shastri Award and 12 were awarded best All Round Student Trophies. Amity also continues to further its initiatives in furthering knowledge creation and employability. A National Workshop on vertical farming was organized by Amity in collaboration with the Indian Council of Agricultural Research (ICAR). The university also signed an MoU with India Tourism Development Corporation Ltd (ITDC), the PSU hospitality major for starting various job oriented courses. Amity is not just one university, but a group of private universities in different Indian states with 11 campuses, 11 B-Schools, and 8 international campuses, to name just the three largest entities within the Group. The Amity campuses are spread across 1000 acres and have a built-up area of 4.5 million sq ft. Amity’s size is mindboggling as it student strength is over 1,25,000. Even the faculty strength of Amity institutions – at over 4500 – is more than the student strength of many private universities in the country. Amity professors are known for their knowledge, having authored over 500 scholarly books. When it comes to tie-ups with overseas academic institutions, Amity is the de facto leader in India, with effective tie-ups with over 100 world-class universities and institutions of repute. Founder President of Amity Dr. Ashok K Chauhan

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Students are also spoilt for choices at all levels – from undergraduate to PhD – as there are over 300 programs to choose from. And many of these course are simple to offer, as is evident from the over 300 labs Amity has established for mature course delivery. Amity B-Schools on the other hand thrive on case studies, and is home to over 1300 case studies, like how the best B-Schools in the developed world deliver management intelligence. Even the Indian government and various state governments of India are taking Amity’s thrust on research seriously. Amity scholars are now undertaking around 300 Government funded research programs.

has formerly been an NRI technopreneur and industrialist from the European Union. Chancellors of Amity University, Dr. Atul Chauhan and Dr. Aseem Chauhan lead from the frontline Amity University’s expansion in India as well as into Middle East, Europe, Asia and Africa. Various factors reveal the thrust Amity University has on research. Amity faculty members have over 950 filed patents, which should easily be a record in the private higher education space in India. Between them and Amity’s research scholars, the university has published over 6000 papers in national and international research journals.

Corporates have been favouring Amity campuses for some years now, and each year Amity places more than 30,000 students with companies in different sectors. Amity has one of the largest scholarship programs in the private space. Amity estimates that over 25,000 students have benefited from this fair practice, as is followed in the West. Since starting full scale operations in 2003, the Amity University chain has opened campuses in major higher education destinations like England, China, South Africa and five other countries. The Amity chain offers bachelor’s and graduate degrees in a range of fields, from art to engineering. With a penchant for setting up world-class cam-

puses at home and attracting talent cutting across national boundaries, it is a no-brainer as to why the Amity network wishes to leave a footprint on the global stage. The sports scholarship and grants program have also gone a long way in supporting budding sporting talent and it is a further testimony to the university's quest for all-round excellence. The university has also organized numerous conferences and seminars over the past year. These events have ensured the convergence of the leading practitioners in a particular field, much to the benefit of the student community at Amity. Seminar topics have ranged from cybersecurity, big data, cloud computing, IoT, intellectual property rights to climate change, biodiversity, sustainable development, agriculture, best HR practices to physical education, legal systems, art and sculpture, just to mention a few. Through such initiatives, Amity has attained prime standing in India's and the world's most relevant fields of inquiry and research. Amity has been getting ranked among world-class universities owing to its high-end research and innovation, increasing number of PhD faculty members, innovative teaching methodologies, international outlook and industry outcome in terms of knowledge transfer - all markers of an excellencedriven university that sets its bar high each time. SEASONAL MAGAZINE

KALINGA INSTITUTE OF INDUSTRIAL TECHNOLOGY

DON BOSCO UNIVERSITY

Key People Chancellor – Prof Ved Prakash VC - Prof.HrushikeshaMohanty Pro-Chancellor - Prof. (Dr.) Subrata Kumar Acharya Registrar and Director, Admissions Prof.SasmitaSamanta Streams – Engineering, Biotechnology, Computer application, Management, Medicine, Humanities, Mass Communication, Law, Fashion Technology, Film

Key People VC - Fr (Dr) Stephen Mavely Pro Vice Chancellor (Ex Officio) Fr Joseph Nellanatt Secretary – Registrar (Ex Officio) Basil Koikara Streams – Technology, Commerce and Management, Humanities, Social Sciences

MODY UNIVERSITY OF SCIENCE & TECHNOLOGY Key People Chairman - Shri Rajendra Prasad Mody President - Dr. (Prof.) M.K.Madaan Professor & Director Academics DR. M. VENU GOPALA RAO Streams – Allied Health Sciences, Architecture, Engineering, Law, Arts and Humanities, Management

NIRMA UNIVERSITY Key People Director –General – Dr Anup Singh Vice President – Shri K.K Patel Streams– Technology, Law, Management, Architecture, Commerce, International Relations, Pharmacy

MOST Preferred UNIVERSITIES

VELLORE INSTITUTE OF TECHNOLOGY

WINNING ON A DIFFERENT SCALE

VIT University plans and executes initiatives at a different scale than most of its peers. Recently VIT conducted a two-day international conference on Science, Engineering and Technology (SET). While over 1,000 research papers were submitted for presentation in this annual conference, over 2,000 scientists, young researchers, academicians, experts and students from different parts of the world took part in the conference. Ambassador of Ecuador to India, Hector Cueva Jacome was a special invitee. Vellore Institute Of Technology is also shining on the placements front. It has set a record in their placements this year. Microsoft has offered a CTC package of Rs 39 lakh each to 14 students at VIT. This is a record placement offer made by any company at VIT. There were more winners worth mentioning. Consultancy firm Deloitte recruited 191 students with a CTC of Rs 6.5 lakh; followed by Wipro Design offering 160 offers with Rs 6.5 lakh; TCS Digital offering 82 offers with CTC of Rs 7 lakh and Bank of America offering 108 offers with CTC of ?6 lakh. VIT was established under Section 3 of the University Grants Commission (UGC) Act, 1956, and was founded in 1984 as a self-financing institution called the Vellore Engineering College. The Union Ministry of Human Resources Development conferred University status on Vellore Engineering College in 2001. The University is headed by its founder and Chancellor, Dr. G. Viswanathan, a former Parliamentarian and Minister in the Tamil Nadu Government. Leadership in entrance examination standards, campus placements, research outlook, scholarships and start-up

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these tie-ups to break new ground in innovation. For instance, VIT has forged a strong partnership with Purdue University, Indiana, USA on the technology and artificial intelligence sectors, to develop an app called the Chat Analysis Triage Tool (CATT), which aims to detect the mental state of the people who think of sexually abusing children, emphasizing the growing importance of data analysis and artificial intelligence.

incubation have ensured that VIT University is the benchmark to beat when it comes to private sector engineering institutions in the country. No wonder then that UGC granted graded autonomy to VIT based on its high NAAC Score, while NIRF has given it 16th rank among universities as well as engineering colleges in India. The students who are able to clear the entrance examination VITEEE will be granted admissions to courses offered at VIT's four campuses - VIT Vellore campus, Chennai campus, VIT-Bhopal campus and VIT-Andhra Pradesh campus. Even in these difficult days for engineering education, how is VIT University able to attract so much interest for its BTech programs? There are several answers to this riddle. Firstly, VIT University excels when it coming to campus placements. Even while jobs growth is down in India, and most engineering institutions have trouble in placing most of their students, VIT just goes on to break new records in campus placements, year after year. VIT has been featured in the Limca Book of Records thrice for the highest number of campus placements done from a single Institution by a single company. How this has been possible is by staying industry relevant by regularly updating its course content or curriculum in

consultation with industry experts, academic scholars and even bright students who keep abreast of the next generation of technologies. Secondly, VIT University excels in research outlook, and is a de facto leader in research accomplishments among the private sector universities of India. In fact, it is ambitious enough to compete with leading public universities whose research is funded by government. Thirdly, VIT University has one of the most sophisticated as well as pragmatic start-up incubator programs that has already accelerated the development of many student projects into start-up companies.

The tool would help the law enforcement wing filter out and focus on sex offenders most likely to set up face-to-face meetings with child victims. Lastly, VIT University is the undisputed leader when it comes to student scholarships. While most universities in the private sector are waxing eloquent about their scholarship programs, only a handful of them have come forward with transparent numbers. VIT became prominent among them, when it disbursed over Rs.12 crores in scholarships to 4187 of its deserving students in a public function. VIT Students here also get to participate in the best conferences like the recent 16th International Conference on Science, Engineering and Technology (ICSET) hosted by VIT.

The university also excels in not only forging tie-ups with reputed foreign varsities, but making practical use of

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SCAM

WHERE WERE LIC, SBI & HDFC WHEN THEIR IL&FS CREATED 347 SUBSIDIARIES AND 91,000 CRORE DEBT?

that, according to the new board, was the lack of a central financial control function or a bank repository to maintain records of information at the group level. That made extracting data and consolidating outputs difficult as “the data has been stored in different formats and different ERP systems across the IL&FS Group,” the report said.

A revival plan presented by Infrastructure Leasing & Financial Services Ltd. was accepted by the National Company Law Tribunal today, paving the way for resolution of the debt-laden conglomerate’s problems.

The report also stated examples of IL&FS Financial Services Ltd. which had outstanding loans and investments worth Rs 5,728 crore, Rs. 5,127 crore,

uring the hearing which was presided over by NCLT officials VP Singh and Ravikumar Duraisamy the revival plan was laid out along with insights and steps taken by the conglomerate’s new board. The representative from Ministry of Corporate Affairs told the court that defaults within the IL&FS group and its 347 subsidiaries as of Oct. 8 was Rs 4,776 crore, including defaulted principal amounts and interest payments. The new board at the IL&FS group, chaired by Uday Kotak, laid out “a universe of options” for deleveraging of the firm’s existing debt, which may be combined to work out the final resolution. The suggested plan is threetiered and includes steps such as capital infusion (either from existing or new investors), asset monetisation and resolution with the creditors, considering the complex structure and scale of the group. At the group level, the board will consider capital infusion from a credible and financially strong investor to ensure continuity of operations and employees at the subsidiaries. At the business vertical or platform level, the board will seek private equity and strategic players, which have focused interests in roads, renewables, real estate and thermal power subsidiaries. Asset-level resolution, the third option, includes asset-by-asset solution explored through asset monetisation and as a last resort, through liquidation of assets. The new board intends to implement the complete resolution process in stages, after getting a go-ahead from the central SEASONAL MAGAZINE

Ravi Parthasarathy bank, markets regulator and Competition Commission of India, within six to nine months, according to an exchange filing. The next hearing of the matter is scheduled on Dec. 3. During its assessment of the group’s financials, the board found that because IL&FS and its subsidiaries operated as a single enterprise with “no boundaries of legal entities and separate managements”, it led to the contagion impact on its creditors. Even as the financial records of the group revealed several irregularities, the report said that the board was unable to validate whether due processes were followed by the earlier management for various asset monetisation activities due to inadequate reasoning and lack of supporting data. One of the reasons for AT THE BUSINESS VERTICAL OR PLATFORM LEVEL, THE BOARD WILL SEEK PRIVATE EQUITY AND STRATEGIC PLAYERS, WHICH HAVE FOCUSED INTERESTS IN ROADS, RENEWABLES, REAL ESTATE AND THERMAL POWER SUBSIDIARIES.

and Rs. 5,490 crore in the fiscal years 2016, 2017 and 2018, respectively— leading to a negative capital adequacy in the last three years, against the regulatory requirement of 10 percent capital to risk weighted assets ratio for systemically important non-deposit taking non-banking finance company (NBFC-ND-SI). Also, borrowings of over Rs 900 crore from other companies within the group such as to Hill County Properties Ltd. and IL&FS Employee Welfare Trust were not consolidated into the accounts as they were recognised as "internal debt" by the erstwhile management. A study of financial records of the company also revealed that the IL&FS Group had routed over Rs 1,500 crore through circuitous transactions through eight of its subsidiaries, in order to circumvent regulatory prescriptions. There were also concerns on how 55 of IL&FS’ retired employees of the company were hired as consultants at an annual cost of Rs 16.5 crore. Six properties, with total monthly lease rent of Rs 15.1 lakh and with a deposit of Rs

NASA INSIGHT LANDS ON MARS 7 MONTHS AFTER LAUNCH, SHARES 1ST PIC

Uday Kotak

Vineet Nayyar

2.26 crore, were also found to be owned by select employees (or their relatives) as guest houses of group companies.

retained as resolution consultants to evolve resolution plans and advise on the resolution process.

While resolution seemed distant, the government-appointed board at the IL&FS Group had already begun taking corrective measures. The report highlighted a few of them, such as: Control of cash flows, as all material payments over one crore rupees must be approved by the Vineet Nayyar, who was appointed as the vice chairman and managing director of the group.

IL&FS was taken over by the government after it defaulted on debt payments multiple times, sparking fears of a contagion in India’s financial markets. The new board, chaired by Uday Kotak, found that the group, with a debt of about Rs 91,000 crore, is far more complex than expected with a maze of 347 subsidiaries and associate companies. The Serious Fraud Investigation Office is also investigating IL&FS and its subsidiaries amid concerns of financial irregularities.

All future material contractual commitments being executed have been put on a standstill. Sitting fees of board members and its committees was lowered, along with a 10 percent reduction of employee salaries with packages of Rs 50 lakh and above. 69 retired employees who were hired as consultants were discontinued. Even the maximum limit for companyowned cars was cut to half to Rs 25 lakh and Diwali gifts distribution was discontinued. Complete audit of financial statements of the group and some of its subsidiaries was also conducted by the statutory auditors for six months ended Sept. 30. A special audit of past management actions is also being considered. The board had also appointed nominee directors for eight subsidiaries within the group in its Oct. 18 board meeting. The board also appointed Arpwood Capital Pvt. Ltd. and JM Financial Services Ltd. as joint financial and transaction advisors, while Alvarez & Marsal were CONTROL OF CASH FLOWS, AS ALL MATERIAL PAYMENTS OVER ONE CRORE RUPEES MUST BE APPROVED BY THE VINEET NAYYAR, WHO WAS APPOINTED AS THE VICE CHAIRMAN AND MANAGING DIRECTOR OF THE GROUP.

Troubles at the group had been intensifying since July, when company founder Ravi Parthasarathy stepped down, citing health reasons. The defaults began in August, adding to pressure on corporate bond yields and sparking a sell-off in the stock market. IL&FS’ investors include Life Insurance Corp., India’s largest life insurer; State Bank of India, its largest bank; and Housing Development Finance Corp, its largest mortgage lender. Japan’s Orix Corp. is the company’s second-largest shareholder.

NASA's InSight spacecraft landed on Mars after nearly a seven-month, 458-million-kilometre journey, and a 6.5-minute parachuted descent through the Red Planet's atmosphere. The 360-kg lander also shared its first photo from Mars, showing an area called Elysium Planitia, where it will dig five metres below the surface. The $993-million mission will measure the Mars' internal heat and study quakes.

WE'VE A LARGE ARMY, WE'RE PREPARED: PUNJAB CM WARNS PAKISTAN Punjab Chief Minister Captain Amarinder Singh, while criticising Pakistan Army Chief Qamar Javed Bajwa over the terror attacks in India that emanated from Pakistanibacking, said, "We've a large army and we are prepared." "This shouldn't happen as nobody wants war. We all want to carry out development [peacefully]," he added. Singh's statement comes after the Amritsar grenade attack.

Fixing the liquidity crisis at IL&FS is crucial for reviving confidence in the country debt markets especially when the economy is already grappling with rising global crude oil prices and a falling rupee.

MY FATHER WAS AN ATHEIST: AMUL FOUNDER VERGHESE KURIEN'S DAUGHTER

Earlier today, IL&FS withdrew its application that was filed under Section 230 of the Companies Act, 2013. The previous board had filed an application under this section, seeking restructuring of the company’s operations. Section 230 empowers the National Company Law Tribunal to make an order that allows a company and its creditors to arrive at a compromise or arrangement.

Speaking after an event marking late Amul Founder Dr Verghese Kurien's birth anniversary on Monday, his daughter Nirmala Kurien rubbished claims that her father diverted Amul's profit to fund religious conversions in the country. "My father was an atheist and, despite being a Christian, he was cremated as per his wishes. So was my mother after her death," she added. SEASONAL MAGAZINE

TRANSPORT

WITH METRO EXPANSION, DELHI IN PREMIUM LEAGUE OF CITIES DELHI METRO NETWORK HAS NOW EXPANDED TO NEARLY 314 KM WITH 229 STATIONS WITH THE OPERATIONALISATION OF THE NEW CORRIDOR

he 17.8-km Shiv ViharTrilokpuri Sanjay Lake section of the Pink Line was opened to public Wednesday, putting Delhi among a select group of cities such as London and Shanghai that have an operational metro network of over 300-km.

tions on the new corridor are -Trilokpuri Sanjay Lake, East Vinod Nagar-Mayur Vihar-II , Mandawali-West Vinod Nagar, IP Extension, Anand Vihar ISBT, Karkardooma, Karkardooma Court, Krishna Nagar, East Azad Nagar, Welcome, Jaffrabad, Maujpur-Babarpur, Gokulpuri, Johri Enclave and Shiv Vihar.

The Delhi Metro network has now expanded to nearly 314 km with 229 stations with the operationalisation of the new corridor.

After the opening of this line, the Delhi Metro will be running 4,749 trips a day, the “highest ever” so far, officials said.

The new Anand Vihar metro station on this stretch, an interchange facility with an existing eponymous station on the Blue Line, has turned the area into a major transport hub, with a railway station and an Inter-State Bus Terminus (ISBT) already present. The main highlight of this section is the presence of three interchange stations - Anand Vihar (with Blue Line), Karkardooma (with Blue Line) and Welcome (with Red Line). With its opening, the Delhi Metro also joined the league of top metro networks around the world which have an operational length of over 300 km, like those in London, Beijing, Shanghai and New York, Delhi Metro officials said. Addressing a gathering at the inauguration function held at the Metro Bhawan early in the day, union housing and urban affairs minister Hardeep Singh Puri said, “The journey that started in 2002 has passed the 300 km-mark today to reach 314 km. The metro project in Delhi is a global success.” The 15 sta-

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However, due to infrastructure constraints, trains on the Trilokpuri Sanjay Lake-IP Extension section on this corridor will ply on a single route with a frequency of a little 15 minutes and 36 seconds, officials had said on Monday. A bottleneck near Trilokpuri station has arisen due to multiple issues, including land acquisition, resulting in a portion of metro segment, about few kilometres remaining incomplete, rendering the Trilokpuri Sanjay Lake station, a terminus. Also, only every third train will go to Trilokpuri station from IP Extension due to the single line operation on down line due to non-availability of cross-over facility at Trilokpuri, executive director, corporate communications at DMRC, Anuj Dayal said. The train services between IP Extension

AFTER THE OPENING OF THIS LINE, THE DELHI METRO WILL BE RUNNING 4,749 TRIPS A DAY

and Shiv Vihar section will be run as per normal practice on both the lines at a peak hour frequency of 5 minutes and 12 seconds, officials said. “However, passengers heading towards Trilokpuri or Shiv Vihar will be required to change the trains at the platform level itself at Maujpur-Babarpur station. “This interchange is necessitated since Maujpur-Babarpur is designed to meet Phase-IV requirement as an interchange station with four platforms,” Dayal said. The train services between IP Extension and Shiv Vihar section will be run as per normal practice on both the lines at a peak hour frequency of 5 minutes and 12 seconds, officials said. In construction of this section, the Delhi Metro has achieved a rare feat in metro construction by crossing over its existing operational line (Blue Line) at the Karkardooma Metro Station (old one) at a record height of 21 m above the ground, making it the second highest structure in the network. The highest point in the metro lies in Dhaula Kuan area, between Mayapuri and South Campus metro stations of the Pink Line, at a height of 23.6 m – as high as a seven-storey building. Also, the metro has constructed a double-decker train depot at Vinod Nagar, Dayal said. “We had a land constraint, so we built a double-decker structure for parking, which is quite unusual. Besides, this facility, some of the trains would be stabled elsewhere,” he said.