Seasonal Magazine - JSSAHER Cover Story by John Antony

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John Antony

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INNOVATIVE WAYS IN WHICH INDIA CAN FOCUS MORE ON PER CAPITA INCOME

India’s emerging leadership in GDP is assured as of now, based onstable political leadership under PM Narendra Modi, balanced economic policies and its unassailable population size resulting in an unbeatable demographic dividend. India will surely march on to become the third largest economy overtaking Japan and Germany, as those developed countries are now within striking distance. While overtaking these long-term leaders is commendable, our real focus should now shift more on improving our per capita GDP as only then will our per capita income increase substantially.

As per IMF estimates for 2025, India ranks only 119 in per capita GDP among all nations. But we should not be discouraged by this metric, as many nations ahead of us are too small in population and with too high resources like oil, to be of any meaningful comparison with a huge nation like ours. The perfect example is the 11th largest oil producer Norway with less than 1/250th of our population! But we should be concerned about another list, which is the list of the world’s top economies by absolute or nominal GDP. This is the list where we now occupy a place of pride of 5th rank, and now on the cusp of overtaking Japan and then Germany, to reach the 3rd rank. But in this list, despite our current 5th rank, countries with ranks up to the 34th position rank much higher than us when it comes to per capita GDP.

This is why India, with its vast population and a dynamic economy, is now standing at a crucial juncture, facing formidable challenges in enhancing its per capita GDP and income. The headwinds include the need for an even higher economic growth to match our population, global economic slowdown, inflationary pressures, stubbornly high interest rates, and now AI driven disruptions, as well as reciprocal tariffs from our major trading partner, the United States. To counter these challenges and achieve long-term economic prosperity for its vast population, India can adopt many innovative, unconventional, and creative approaches in key sectors. Here are 5 of them:

1) Tackle Reciprocal Tariffs

Most nations including India and China will have to modify their import tariffs, owing to the pressure from President Trump. In many sectors, this may be beneficial too for India, especially where the optics of unnecessarily high tariffs (70-100% or more) harmed us rather than benefited us. But in other sectors, especially where our import tariffs are internationally competitive (but maybe higher than that of the US), we should remind the US that higher import tariffs in developing economies vis-a-vis developed nations, has never been a charity, but a sustainable way for the whole world to be developed, which would only benefit the US immensely and not harm it a bit. At the same time, we should also be rationalizing our import tariffs to be at least globally competitive. India has already kickstarted this process. The strategy should be to align ourselves with tariffs in comparable countries, so that we will remain a competitive destination for global commerce.

2) Strengthen Bilateral Agreements

Many people think the US President is unduly worried about BRICS nations creating a currency of their own. Why should he be worried over something that even the EU couldn’t pull off with the Euro, despite earnest efforts? In fact, he is not worrying as much as he should in this regard. Huge bilateral agreements between major countries are surely threatening US supremacy in trade. The best example is how India deftly manoeuvred necessary trading arrangements with Russia and Iran. China too is doing the same with more nations and at a much larger scale. This is why former US President Biden remarked that the BRICS nations have placed a gun on America’s head. President Trump is too macho to concede that, and claims that he is the one who has now placed a barrel on BRICS - 100% tariff if they even think of dedollarization. But the fact of the matter is de-dollarization is already happening in a big way, by not promoting an alternative to the dollar, but by forging huge bilateral deals. This focus should be strengthened at any cost.

3) Health is Wealth, Really

The healthcare world is witnessing a tumultuous shift - from reactive treatments to proactive prevention. Major global studies done in this regard estimate that by 2040, preventive healthcare industry would have overtaken reactive healthcare industry (the current medical setup) 60% to 40%. Preventive healthcare bases itself on healthy lifestyle modifications across diet, exercise, sleep, stress management etc, and is perfected by tools like genetic testing. If there is one nation that can claim to be the ancient capital of preventive medicine, it is none other than India. We can prove that a healthy nation is the really wealthy nation. This is the land of Ayurveda and Yoga, which pioneered the supreme importance of lifestyle (pathya), the gut microbiome, the science of breathing (pranayama) )and the importance of

physical and mental discipline. But we need to move faster for the clinical validation of such ancient sciences, as well as in growing India as the ultimate preventive medicine destination.

4) Remove Bottlenecks

India is not only the world’s most populous, but its largest democracy too. This twin advantage can however also play to our disadvantage by creating bottlenecks in everything from traffic to logistics to environment to governance. For instance, a robust public transportation system can unlock billions in economic gains through reduced congestion, lower fuel consumption, and enhanced worker productivity. Investing in cutting-edge transportation systems like high speed trains and hyperloop can revolutionize long-distance travel, reducing travel time, business inefficiencies, fuel wastage and carbon emissions, thereby indirectly boosting productivity and GDP. Even more is the impact of removing bottlenecks in the logistics sector, which can help everyone from farmers to consumers to corporates. Bottlenecks in the environmental sector contribute to environmental degradation which has economic consequences, from healthcare costs to reduced worker productivity. Removal of such bottlenecks will transform air and water quality into serious economic catalysts. A cleaner environment can surely translate into economic growth.

5) Leveraging AI, the Right Way

As things stand now, AI may evaporate lakhs of existing jobs across the world, including in India too. But what if it can create millions of new, higher paying, socially transformative jobs? This is possible only if AI is leveraged the right way by using it to address our pressing problems first - in education, in healthcare, in transportation, in logistics, in environmental protection and more. For example, the next generation of AI, often called Agentic AI in contrast to the current Generative AI, will be capable of teaching and training students and employees at all levels, in a truly personalized way. Different students may face varied difficulties in grasping a particular topic, but what if an Agentic AI program can generate educational content on the go, finetuning itself to the needs of each student for each topic? Millions of students and workforces across the world would be customers to such AI based online EdTech. India with its massive software engineering talent pool is holding a massive advantage in creating such tools that can prove to be India’s unique resource to usher in prosperity.

John Antony

TOP UNIVERSITIES IN 2025 FOR LAUNCHING REWARDING CAREERS

JSSAHER IS LEAVING COMPETITION FAR BEHIND

STUDY AT KARUNYA CAMPUS, WHICH THE WORLD HAS TAKEN NOTE OF

IFHE CLIMBS THE LADDERS OF RANKS AND PLACEMENTS

ICFAI Foundation for Higher Education (IFHE), the Hyderabad based flagship deemed university of the ICFAI Group is steadily improving its performance on all counts, especially in academic rankings and placements performance. Home to ICFAI Business School (IBS), whose MBA/PGDM is now ranked 39th nationally, the quantity and quality of IFHE’s placements too across its Schools in Management, Engineering, Law, Architecture and Social Sciences are rising year upon year with MNC recruiters

BANK OF INDIA ON A STRONG WICKET

Bank of India’s strong performance in the recently announced third quarter reflects its strategic focus under its MD & CEO Rajneesh Karnatak on

HOW TO UNDERSTAND THINGS

True intelligence isn’t just about raw ability - it’s about the discipline to investigate things creatively and directly rather than settling for shallow explanations. In this essay,

HOW COCHIN SHIPYARD LTD HAS EMERGED AS A NATIONAL TREASURE

If the world knows Cochin Shipyard Ltd best for building India’s first ever indigenous aircraft carrier, INS Vikrant, the investing world knows it best for one more feat - for multiplying investor wealth by over 10X during the last 12 months! To put this feat in

VINEGAR CAN HELP COMBAT DEPRESSION, STUDY FINDS

Researchers have discovered that a daily dose of vinegar could improve symptoms of depression, pointing to the possibility that future treatments might come with a few spoonfuls of sour.

THE ULTRA PROCESSED FOOD THAT CAN KILL YOU EARLY

I’m Eliza Cheng and come from a Blue Zone where people often live 10 years longer than average. This is the No. 1 ultraprocessed food I always avoid.

PRODUCT & GEOGRAPHIC DIVERSIFICATIONS TO STABILISE SKM EGG PRODUCTS’ GROWTH

The Russian invasion of Ukraine and the resultant surge in maize prices during much of FY24 might have thrown a spanner in SKM Egg Products’ growth march, but under its Founder, MD & CEO SKM Shree Shivkumar’s strategic

6 NUTRIENTS FOR PEAK EYE HEALTH, AND THE BEST SOURCES FOR THEM

Make sure you’re getting enough of these eye-friendly nutrients for protecting your vision. Did you know that your diet is one of the most important factors in determining your eye health? These are the vitamins and

INDIAN BANK’S THIRD QUARTER HEALTHY, AS A NEW MD & CEO ASSUMES OFFICE

Indian Bank has a new MD & CEO in Binod Kumar, a banking industry veteran, even while this leading Chennai based PSU lender reported a

KERALA IN GLOBAL SPOTLIGHT

CAN SINGING A SONG IMPROVE HEART DISEASE?

Singing ‘Amazing Grace’ for just ten minutes a day could help reverse the effects of heart disease, according to a new study.

WHY SOCIAL LEARNING IS THE BEST WAY TO LEARN ANYTHING NEW

Brain science called it: This is the best way to learn anything new. When done right, social learning activates crucial networks of the brain that deepen understanding and ease of recall, and enable the development of new behaviors.

A GLOBAL CONVERGENCE TO TRANSFORM MADHYA PRADESH

Madhya Pradesh, the heartland of India, is gearing up to host the 8th edition of its prestigious biennial event, the Global Investors Summit 2025, on February 24-25 in Bhopal. It will witness a global convergence of ideas, innovation, and opportunities in this uniquely positioned and huge state. Organized under the

HERE IS SOMEONE WHO LEARNED CODING IN HIS 50s

Andrew Smith,a writer with no technical background recounts his incredible journey into the realm of coding and the invaluable lesson it taught him about the modern world.

A NEW SIMPLE, POSITIVE PSYCHOTHERAPY HOLDS HOPE AGAINST DEPRESSION & ANXIETY

New psychotherapies like PAT and ADEPT that focus on positive experiences can help people with depression and anxiety find joy in life. What is more, elements of such psychology can be selfpracticed too by patients.

SEASONAL MAGAZINE

THE ULTRA PROCESSED FOOD THAT CAN KILL YOU EARLY

I’M

ELIZA CHENG AND COME FROM A BLUE ZONE WHERE PEOPLE OFTEN LIVE 10 YEARS LONGER THAN AVERAGE. THIS IS THE NO. 1 ULTRA-PROCESSED FOOD I ALWAYS AVOID.

’m from Loma Linda, California, a small city known as the only Blue Zone in America. Studies have shown that residents live up to around a decade longer than the rest of the United States.

Today, much of my work is informed by my upbringing, and the strong emphasis my community in Loma Linda put on on health and nutrition.

Based on principles of longevity and research from Blue Zones, I encourage my clients to focus on balanced nutrition, regular joyful movement, developing healthy coping mechanisms for stress management and adequate sleep.

My ultimate goal is to encourage my clients to pay attention to the foods that give them energy — and help them avoid foods that are ultraprocessed and lack key nutrients.

Now on to why I never consume energy drinks. Energy drinks have become popularized through social media over the years. They’re often marketed as quick solutions for boosting energy, fueling during a preworkout and enhancing alertness.

As a dietitian, though, here’s why I advise caution:

1. Energy drinks can disrupt your sleep and your appetite

One of the main ingredients in many energy drinks is caffeine. While it can improve alertness and concentration, excessive consumption of it can lead to adverse effects such as increased heart rate, high blood pressure and anxiety. It can disrupt sleep patterns, which can lead to fatigue and further reliance on these beverages. Caffeine is known to have appetite-suppressing properties. Many of my clients have reported a reduced desire for meals

after consuming caffeinated drinks. While an energy drink may provide temporary fullness, it is not a meal and should not be used as a replacement for one.

2. Energy drinks can spike blood sugar and increase inflammation

A typical can of an energy drink often contains up to 30 grams of sugar per serving. Too much sugar can contribute to various health issues, including increased inflammation and dental problems. In addition to caffeine and sugar, energy drinks may include other stimulants such as guarana and taurine. While these ingredients are generally recognized as safe, their combined effects with caffeine are not as well-researched and may pose additional health risks.

3. Energy drinks can affect your physical and mental health

Frequent consumption of energy drinks is associated with increased symptoms of anxiety, depression and stress, studies have shown, and with a substantial increase in norepinephrine, a stress hormone that could potentially lead to increased heart rate and blood pressure. Individual responses to energy drinks can vary significantly. Factors such as age, medication use and underlying health conditions can influence how your body reacts to these beverages.

Knowing that, it is important to consult with a physician before consuming energy drinks regularly, especially if you have any pre-existing health concerns. For my clients, I always recommend water, green tea, herbal teas, coconut water and kombucha as great alternatives for energy drinks.

If you find yourself constantly needing energy boosts, my best advice is to consider discussing your lifestyle and eating patterns with a registered dietitian. That can help you identify a healthier and more sustainable relationship with food and your body.

VINEGAR CAN HELP COMBAT DEPRESSION, STUDY FINDS

team led by Arizona State University not only tested the effects of regular vinegar consumption but also looked at metabolic activity – the chemical processes that convert food into energy and other biological materials – to look for reasons for the benefits seen with vinegar.

A significant 86 percent boost in the levels of nicotinamide (a form of vitamin B3) was noticed across the study participants who took liquid vinegar each day. The nutrient has previously been linked to anti-inflammatory effects.

“This data provides additional support that daily vinegar ingestion over four weeks can improve self-reported depression symptomology in generally healthy adults and that alterations in [vitamin B3] metabolism may factor into this improvement,” write Arizona State University dietician Haley Barrong and colleagues in their published paper.

The trial was completed by a total of 28 overweight but otherwise healthy adults, who were split into two groups: one group taking two tablespoons of red wine vinegar twice daily, and the other group taking a daily pill with a very small amount of vinegar in it.

Across the course of the four-week experiment, the participants were asked to answer questions across two standard mental health surveys: the Center for Epidemiological Studies Depression (CES-D) questionnaire, and the Patient Health Questionnaire (PHQ-9).

Although there was no significant difference between the groups on the CES-D, on the PH9-Q, there was an

RESEARCHERS HAVE DISCOVERED THAT A DAILY DOSE OF VINEGAR COULD IMPROVE SYMPTOMS OF DEPRESSION, POINTING TO THE POSSIBILITY THAT FUTURE TREATMENTS MIGHT COME WITH A FEW SPOONFULS OF SOUR.

average drop of 42 percent in depressive symptoms for the high vinegar level group compared with 18 percent for the control group taking the vinegar pill.

There are some limitations: it was a small sample size, the patients had low-level depression to begin with, and the improvements in PHQ-9 symptoms were not significant in a secondary analysis that adjusted for baseline survey scores. But Barrong and her team say the findings warrant a closer look at the relationship.

“Depressive disorders are the most prevalent mental health conditions in the world,” write the researchers.

“The commonly prescribed antidepressant medications can have serious side effects, and their efficacy varies widely. Thus, simple, effective adjunct therapies are needed.”

Studies continue to make progress in better understanding what depression is and all the different factors that can potentially play into it – from sleep quality to body temperature.

What’s clear is that depression varies a lot between individuals, and that’s where having a wider range of potential treatments can be so useful.

“Future research examining the effects of vinegar administration in clinically depressed or at-risk populations, and those on antidepressant medications, is warranted,” write the authors. “A focus on mechanisms and large patient samples will strengthen the science and provide the evidence to more firmly demonstrate vinegar’s role in health promotion.”

WHY SOCIAL LEARNING IS THE BEST WAY TO LEARN ANYTHING NEW

BRAIN SCIENCE CALLED IT: THIS IS THE BEST WAY TO LEARN ANYTHING NEW. WHEN DONE RIGHT, SOCIAL LEARNING ACTIVATES CRUCIAL NETWORKS OF THE BRAIN THAT DEEPEN UNDERSTANDING AND EASE OF RECALL, AND ENABLE THE DEVELOPMENT OF NEW BEHAVIORS.

The social side of work is in short supply these days. Postpandemic, many organizations have turned to some form of a hybrid approach: employees splitting their time between remote work and commuting into the office. Instead of everyone interacting together in person, people largely work in isolation, through virtual meetings with their cameras off. What’s gotten lost in this new world of work is how companies upskill their employees. Most leaders now feel their current learning and development efforts are a waste of time, perhaps because those efforts aren’t as effective as leaders would hope. They rely mostly on content libraries or selfguided courses, even if those approaches have known limitations for long-term retention and behavior change.

In reality, leaders who want to rapidly develop their employees should harness the benefits of social learning, regardless of whether their culture is mostly virtual or in person. When done right, social learning activates crucial networks of the brain that deepen understanding and ease of recall, and enable the development of new behaviors.

Social learning is the practice of learning material in the company of others. It can be in person or a rich virtual environment, but the core insight is that when we learn something with other people—be it a college study group, a cooking class, or workplace learning— we encode the information more robustly in the brain and feel more motivated to act.

One explanation for this is that humans

and emotion. (The fourth component, spacing— that is, putting time between learning sessions—is a separate condition that must be met regardless of the learning approach.)

Attention involves focusing closely on the material without distraction. Generation involves linking new information to existing knowledge and sparking insights. Emotion involves having slightly positive or negative feelings that enhance recall. Social learning enhances these three elements, like turning up the volume dial on a

have evolved to encode social information automatically because it’s always been essential to our survival. The more we feel connected to the group, the greater our chances of staying safe— and so over time, our brains have become more responsive to what we learn in the presence of a group.

With social learning, we remember how we felt during the lesson and how others felt, which creates a more robust web of memories. We remember more information with less effort because the social network is the default network used for memory storage. Interestingly, when individuals learn together, their brain activity becomes more synchronized, increasing overall understanding and ultimately predicting better learning.

Social learning heightens three of the four components of learning in The AGES Model™: attention, generation,

stereo. Without a social component, learners won’t pay as much attention, generate connections to past learning, or feel emotions around the material as deeply.

An important area of future research is how much social interaction is needed for optimal learning. It stands to reason that some interaction is better than none and that different kinds are stronger than others: in-person being the strongest, followed by virtual with cameras on (live video enhances social cues), then virtual with cameras off, and lastly, in writing.

In addition to creating high AGES, social learning helps to embed the information into more networks in the brain, which essentially means there are more hooks for the memories and learning to hang onto. When we recall one part of the network—say, a memory of a joke someone made during the lesson—we can more easily recall the whole network.

In addition to these two benefits— encoding more deeply and recalling more easily—social learning also helps us do something with that knowledge. It lets us act more often.

The networks in the brain responsible for storing the information also prompt us to pursue a new and better course of action, often influenced by the social pressure of knowing what others expect of us and not wanting to look bad in front of the group. In other words, social learning doesn’t just help us know better; it helps us do better.

For example, let’s say your team is going through a social learning experience around unconscious bias. If done properly, the learning will: 1) help people encode the information on how bias works more deeply; 2) allow them to recall that information more easily in the moment when they need it; and 3) prompt them to act more often, in real time, in ways that lead to less-biased decision-making.

If each person had learned this material on their own, research suggests they’d be less likely to unconsciously monitor the presence of bias and do something about it. Social learning, by contrast, is an animating presence for teams. It doesn’t just deepen understanding; it enables new behaviors.

Teams of any size and function can use social learning to support culture You Will Live Longer If You Are Flexible

The more flexible you are as you age, the longer you’re likely to live. That’s the conclusion of a new study that associated increased flexibility in middle age with a lower odds of

THE NETWORKS IN THE BRAIN RESPONSIBLE FOR STORING THE INFORMATION ALSO PROMPT US TO PURSUE A NEW AND BETTER COURSE OF ACTION, OFTEN INFLUENCED BY THE SOCIAL PRESSURE OF KNOWING WHAT OTHERS EXPECT OF US AND NOT WANTING TO LOOK BAD IN FRONT OF THE GROUP.

mortality over the next dozen or so years.

The prospective cohort study, which evaluated the flexibility of more than 3100 men and women in Brazil, found body flexibility was strongly and inversely associated with mortality risk over a 13-year follow-up period.

Claudio Gil Araújo, MD, PhD, the research director of the Exercise Medicine Clinic-CLINIMEX in Rio de Janeiro, who led the study, said his group was not surprised by the results. “We found what we expected. Reduced flexibility was related to poor survival,” he said.

The findings, published recently in the Scandinavian Journal of Medicine & Science in Sports, used data from 2087 men and 1052 women who underwent a medical-functional evaluation at CLINIMEX. They received a body flexibility score, called the Flexindex, based on range of motion in 20 movements in seven joints, with a minimum score of 0 and a maximum score of 80.

Among the 3139 participants, there were 302 deaths (9.6%) during a mean follow-up of 12.9 years with

cardiovascular diseases and cancer the most common underlying causes in men and women, respectively.

“The probability of death during nearly 13 years of follow-up was close to 1% when Flexindex scores exceed 49 for men and 56 for women,” Araújo told Medscape Medical News. “On the other hand, for men and women placed in the lower 10th percent of Flexindex scores, death rates were, respectively, 26.9% and 18.2%.”

Barry Franklin, PhD, director of preventive cardiology and cardiac rehabilitation at Corewell Health William Beaumont University Hospital in Royal Oak, Michigan, and a coauthor of the new study, said men with the poorest flexibility were nearly twice as likely to die over the follow-up period than men with high flexibility. Women with the poorest flexibility were almost five times more likely to die than those with high flexibility.

Araújo opened CLINIMEX in 1994, and since then, its staff of five physicians have evaluated more than 10,000 individuals using the Flexitest. Araújo has published two previous studies on flexibility. The first showed that the ability to rise from a sitting position on the floor is a strong predictor of longevity, and the second demonstrated that the inability to stand on one leg for at least 10 seconds is linked to an increased risk for death over 7 years.

Araújo and his colleagues believe the current study is the first to assess the association between levels of body flexibility and mortality. But the observational analysis was unable to establish causality, and therefore, they could not show a definitive mechanism to explain the association between low levels of flexibility and premature mortality.

The authors noted several limitations of their study. The participants were primarily affluent Whites, and the researchers did not control for the time of day flexibility was measured or for variables such as diet and physical activity. They also acknowledged reduced flexibility may be a consequence of poor lifestyle habits rather than a causal risk factor for mortality.

Jonathan Bonnet, MD, MPH, an exercise

expert at the Stanford Center on Longevity Lifestyle Medicine in California, said the researchers used a more robust evaluation of flexibility than a traditional sit-and-reach test.

However, he expressed concern that the primary comparisons were of the upper and lower 10% of performers and that the average differences in Flexindex scores between people who died and those who survived were only a handful of points in an 80-point test.

“People who are not flexible probably have other health-related issues that limit their mobility and those who are very flexible are either genetically different from inflexible individuals or are doing something to maintain or increase their flexibility to a high level,”

Bonnet said. “Not knowing how active or inactive people are at baseline when flexibility was assessed or over the duration of the study limits how confident we can be that flexibility is the cause of mortality.”

Bonnet, a member of the American College of Lifestyle Medicine, noted that the latest guidelines on physical activity from the US Department of Health and Human Services do not include recommendations on stretching, given the lack of data demonstrating its specific health benefits. While maintaining mobility and range of motion in joints is important for long-term health, he said the new study does not provide sufficient evidence to recommend stretching as a way to reduce mortality.

“Until there are more data that can show a cause-and-effect relationship with stretching and health outcomes, time is better spent doing aerobic and muscle-strengthening activities,” Bonnet said.

Franklin said future studies could better account for missing potential confounders like physical activity and whether individuals were taking protective medications, such as aspirin, cholesterol-lowering drugs, or beta-blockers. Studies also are needed to assess whether traininginduced gains in flexibility are specifically related to increases in survival and whether their findings apply to people over the age of 65, he said.

CAN SINGING A SONG IMPROVE HEART DISEASE?

Singing ‘Amazing Grace’ for just ten minutes a day could help reverse the effects of heart disease, according to a new study.

Researchers at the Medical College of Wisconsin investigated how singing various songs impacted the blood vessels of older individuals with heart disease.

The findings revealed that those who regularly sang ‘Amazing Grace,’ a hymn penned by clergyman and poet John Newton in 1772, experienced the most significant improvements in endothelial function—a key indicator of the health of blood vessels surrounding the heart.

The 1968 release ‘Hey Jude’ brought about smaller improvements, as did Dolly Parton’s 1976 hit ‘Jolene’. However, the US folk classic ‘This Land Is Your Land,’ recorded by Woody Guthrie in 1940, showed little impact.

The group recruited 65 participants, mostly in their 60s, who were being treated for heart issues or had previously had a heart attack. Under a

singing coach’s guidance, they sang four songs while researchers measured changes in blood flow, an important indicator of heart vessel health.

The study found that 22 per cent of volunteers improved blood flow while singing ‘Amazing Grace,’ compared to just ten per cent when singing ‘This Land Is Your Land’.

The research concluded: “Singing along to a pre-recorded instructional video for 30 minutes improved microvascular, but not macrovascular, endothelial function, in older patients with known CAD. Singing should be considered as an accessible and safe therapeutic intervention in an older population who otherwise may have physical or orthopaedic limitations hindering participation in traditional exercise. Future studies should explore the sustained vascular response to singing over weeks to months and explore the potential for “earworm” effects between visits.”

HOW TO UNDERSTAND THINGS

TRUE INTELLIGENCE ISN’T JUST ABOUT RAW ABILITY - IT’S ABOUT THE DISCIPLINE TO INVESTIGATE THINGS CREATIVELY AND DIRECTLY RATHER THAN SETTLING FOR SHALLOW EXPLANATIONS. IN THIS ESSAY, WRITER, ENTREPRENEUR AND POLYMATH NABEEL S. QURESHI EXPLORES HOW GREAT THINKERS DEVELOPED THEIR INSIGHTS BY TESTING IDEAS FROM MULTIPLE ANGLES, REFUSING TO FOOL THEMSELVES, AND BEING UNAFRAID TO LOOK STUPID. IN THIS RECENT MASTERFUL ESSAY ON HIS SUBSTACK, QURESHI GUIDES YOU TO HABITS THAT SEPARATE DEEP UNDERSTANDING FROM SUPERFICIAL KNOWLEDGE — AND HOW TO CULTIVATE THEM. A MUST READ FOR STUDENTS, TEACHERS, RESEARCHERS, PROFESSIONALS, BUSINESSMEN, EVERYONE.

The smartest person I’ve ever known had a habit that, as a teenager, I found striking. After he’d prove a theorem, or solve a problem, he’d go back and continue thinking about the problem and try to figure out different proofs of the same thing. Sometimes he’d spend hours on a

problem he’d already solved.

I had the opposite tendency: as soon as I’d reached the end of the proof, I’d stop since I’d “gotten the answer.”

Afterwards, he’d come out with three or four proofs of the same thing, plus some explanation of why each proof is connected somehow.

In this way, he got a much deeper understanding of things than I did. I concluded that what we call “intelligence” is as much about virtues such as honesty, integrity, and bravery, as it is about “raw intellect.”

Intelligent people simply aren’t willing to accept answers that they don’t understand — no matter how

NABEEL S. QURESHI

many other people try to convince them of it, or how many other people believe it, if they aren’t able to convince themselves of it, they won’t accept it.

Importantly, this is a “software” trait and is independent of more “hardware” traits such as processing speed, working memory, and other such things.

Moreover, I have noticed that these “hardware” traits vary greatly in the smartest people I know — some are remarkably quick thinkers, calculators, and readers, whereas others are “slow.” The “software” traits, though, they all have in common — and can, with effort, be learned.

What this means is that you can internalize good intellectual habits that, in effect, “increase your intelligence.” “Intelligence” is not fixed.

This quality of “not stopping at an unsatisfactory answer” deserves some examination.

One component of it is energy: thinking hard takes effort, and it’s much easier to just stop at an answer that seems to make sense than to pursue everything that you don’t quite understand down an endless, and rapidly proliferating, series of rabbit holes.

It’s also so easy to think you understand something when you actually don’t. So even figuring out whether you understand something or not requires you to attack the thing from multiple angles and test your own understanding.

This requires a lot of intrinsic motivation because it’s so hard; most people simply don’t do it.

The Nobel Prize winner William Shockley was fond of talking about “the will to think”:

Motivation is at least as important as method for the serious thinker, Shockley believed…the essential

element for successful work in any field was “the will to think”. This was a phrase he learned from the nuclear physicist Enrico Fermi and never forgot. “In these four words,” Shockley wrote later, “[Fermi] distilled the essence of a very significant insight: A competent thinker will be reluctant to commit himself to the effort that tedious and precise thinking demands — he will lack ‘the will to think’ — unless he has the conviction that something worthwhile will be done with the results of his efforts.” The discipline of competent thinking is important throughout life.

But it’s not just energy. You have to be able to motivate yourself to spend large quantities of energy on a problem, which means on some level that not understanding something — or having a bug in your thinking — bothers you a lot. You have the drive, the will to know.

Related to this is honesty, or integrity: a sort of compulsive unwillingness, or inability, to lie to yourself. The theoretical physicist Richard Feynman said that the first rule of science is that “you must not fool yourself — and you are the easiest person to fool.” It is uniquely easy to lie to yourself because there is no external force keeping you

honest; only you can run the constant loop of asking, “Do I really understand this?”

This is why writing is important. It’s harder to fool yourself that you understand something when you sit down to write about it and it comes out all disjointed and confused. Writing forces clarity.

The physicist Michael Faraday believed nothing without being able to experimentally demonstrate it himself, no matter how tedious the demonstration.

Simply hearing or reading of such things was never enough for Faraday. When assessing the work of others, he always had to repeat, and perhaps extend, their experiments. It became a lifelong habit—his way of establishing ownership over an idea.

Just as he did countless times later in other settings, he set out to demonstrate this new phenomenon to his own satisfaction. When he had saved enough money to buy the materials, he made a battery from seven copper halfpennies and seven discs cut from a sheet of zinc, interleaved with pieces of paper soaked in salt water. He fixed a copper wire to each end plate, dipped the other ends of the wires in a solution of Epsom salts (magnesium sulfate), and watched.

Understanding something really deeply is connected to our physical intuition. A simple “words-based” understanding can only go so far. Visualizing something, in three dimensions, can help you with a concrete “hook” that your brain can grasp onto and use as a model; understanding then has a physical context that it can “take place in.”

This is why Jesus speaks in parables throughout the New Testament — in ways that stick with you long after you’ve read them — rather than just stating the abstract principle. “Are not two sparrows sold for a cent? And yet not one of them will fall to the ground apart from your Father” can stick with you forever in a way that “God watches over all living beings” will not.

Faraday, again, had this quality in spades — the above-mentioned book makes clear that this is partly because he was bad at mathematics and thus understood everything through the medium of experiments, and contrasts this with the French scientists (such as Ampere) who understood everything in a highly abstract way.

But Faraday’s physical intuition led him to some of the most crucial discoveries in all of science:

Much as he admired Ampère’s work, Faraday began to develop his own views on the nature of the force between a current-carrying wire and the magnetic needle it deflected. Ampère’s mathematics (which he had no reason to doubt) showed that the motion of the magnetic needle was the result of repulsions and attractions between it and the wire. But, to Faraday, this seemed wrong, or, at least, the wrong way around. What happened, he felt, was that the wire induced a circular force in the space around itself, and that everything else followed from this. The next step beautifully illustrates Faraday’s genius.

Taking Sarah’s fourteen-year-old

brother George with him down to the laboratory, he stuck an iron bar magnet into hot wax in the bottom of a basin and, when the wax had hardened, filled the basin with mercury until only the top of the magnet was exposed. He dangled a short length of wire from an insulated stand so that its bottom end dipped in the mercury, and then he connected one terminal of a battery to the top end of the wire and the other to the mercury. The wire and the mercury now formed part of a circuit that would remain unbroken even if the bottom end of the wire moved. And move it did—in rapid circles around the magnet! (source)

Being able to generate these concrete examples, even when you’re not physically doing experiments, is important.

Another quality I have noticed in very intelligent people is being unafraid to look stupid.

Malcolm Gladwell on his father:

Malcolm on father: Malcolm Gladwell on his father: Malcolm on father:

My father has zero intellectual insecurities… It has never crossed his mind to be concerned that the world thinks he’s an idiot. He’s not in that game. So if he doesn’t understand something, he just asks you. He doesn’t care if he sounds foolish. He will ask the most obvious question without any sort of concern about it… So he asks lots and lots of dumb, in the best sense of that word, questions. He’ll say to someone, ‘I don’t understand. Explain that to me.’ He’ll just keep asking questions until he gets it right, and I grew up listening to him do this in every conceivable setting. If my father had met Bernie Madoff, he would never have invested money with him because he would have said, ‘I don’t understand’ a hundred times. ‘I don’t understand how that works’, in this kind of dumb, slow voice. ‘I don’t understand, sir. What is going on?’

Most people are not willing to do this — looking stupid takes courage, and

sometimes it’s easier to just let things slide. It is striking how many situations I am in where I start asking basic questions, feel guilty for slowing the group down, and it turns out that nobody understood what was going on to begin with (often people message me privately saying that they’re relieved I asked), but I was the only one who actually spoke up and asked about it.

This is a habit. It’s easy to pick up. And it makes you smarter.

I remember being taught calculus at school and getting stuck on the “dy/ dx” notation (aka Leibniz notation) for calculus.

Michael Faraday

The “dy/dx” just looked like a fraction, it looked like we were doing division, but we weren’t actually doing division. “dy/dx” doesn’t mean “dy” divided by “dx” — it means “the value of an infinitesimal change in y with respect to an infinitesimal change in x,” and I didn’t see how you could break this thing apart as though it was simple division.

At one point the proof of the fundamental theorem of calculus involved multiplying out a polynomial, and along the way you could cancel out “dy*dx” because “both of these quantities are infinitesimal, so in effect this can be canceled out.” This reasoning did not make sense.

The proof had this line - dz/dx = dz/ dy * dy/dx. Amusingly, you can even get correct results using invalid mathematics, like this. Even though this is clearly invalid, it doesn’t feel far off the “valid” proof of the chain rule I was taught.

It turns out that my misgivings were right, that the Leibniz notation is basically just a convenient shorthand, and that you more or less can treat those things “as if” they are fractions, but the proof is super complicated, etc. Moreover, the Leibniz shorthand is actually far more powerful and easier to work with than Newton’s

functions-based shorthand, which is why mainland Europe got way ahead of England (which stuck with Newton’s notation) in calculus. And then all of the logical problems didn’t really get sorted out until Riemann came along 200 years later and formulated calculus in terms of limits. But all of that went over my head in high school.

At the time, I was infuriated by these inadequate proofs, but I was under time pressure to just learn the operations so that I could answer exam questions because the class needed to move on to the next thing.

And since you actually can answer the exam questions and mechanically perform calculus operations without ever deeply understanding calculus, it’s much easier to just get by and do the exam without really questioning the concepts deeply — which is in fact what happens for most people. (See my essay on education.)

How many people actually go back and try to understand this, or other such topics, in a deeper way? Very few. Moreover, the “meta” lesson is: don’t question it too deeply, you’ll fall behind. Just learn the algorithm, plug in the numbers, and pass your exams. Speed is of the essence. In this way, school kills the “will to understanding” in people.

My countervailing advice to people trying to understand something is: go slow. Read slowly, think slowly, really spend time pondering the thing. Start by thinking about the question yourself before reading a bunch of stuff about it. A week or a month of continuous pondering about a question will get you surprisingly far.

And you’ll have a semantic mental “framework” in your brain on which to then hang all the great things you learn from your reading, which makes it more likely that you’ll retain that

Albert Einstein

stuff as well. I read somewhere that Bill Gates structures his famous “reading weeks” around an outline of important questions he’s thought about and broken down into pieces. For example, he’ll think about “water scarcity” and then break it down into questions like, “how much water is there in the world?”, “where does existing drinking water come from?”, “how do you turn ocean water into drinking water”, etc., and only then will he pick reading to address those questions.

This method is far more effective than just reading random things and letting them pass through you.

The best thing I have read on really understanding things is the Sequences, especially the section “Noticing Confusion.”

There are some mantra-like questions that can be helpful to ask as you’re thinking through things. Some examples:

But what exactly is X? What is it? Why must X be true? Why does this have to be the case? What is the single, fundamental reason?

Do I really believe that this is true, deep down? Would I bet a large amount of money on it with a friend?

Two parables: Two parables: Two

First, Ezra Pound’s parable of Agassiz, from his ABC of Reading (incidentally one of the most underrated books about literature).

I’ve preserved his quirky formatting: No man is equipped for modern thinking until he has understood the anecdote of Agassiz and the fish: A post-graduate student equipped with honours and diplomas went to Agassiz to receive the final and finishing touches.

The great man offered him a small fish and told him to describe it.

Post-Graduate Student: “That’s only a sun-fish”

Agassiz: “I know that. Write a description of it.”

After a few minutes the student returned with the description of the Ichthus Heliodiplodokus, or whatever term is used to conceal the common sunfish from vulgar knowledge, family of Heliichterinkus, etc., as found in textbooks of the subject.

Agassiz again told the student to describe the fish. The student produced a four-page essay.

Agassiz then told him to look at the fish. At the end of the three weeks the fish was in an advanced state of decomposition, but the student knew something about it.

The second, one of my favorite passages from Zen and the Art of Motorcycle Maintenance:

He’d been having trouble with students who had nothing to say. At first he thought it was laziness but later it became apparent that it wasn’t. They just couldn’t think of anything to say.

One of them, a girl with strong-lensed glasses, wanted to write a fivehundredword essay about the United States. He was used to the sinking feeling that comes from statements like this, and suggested without disparagement that she narrow it

THE PHOTOGRAPHER ROBERT CAPA ADVISED BEGINNING PHOTOGRAPHERS:

“IF YOUR PICTURES AREN’T GOOD ENOUGH, YOU’RE NOT CLOSE ENOUGH.”

down to just Bozeman.

When the paper came due she didn’t have it and was quite upset. She had tried and tried but she just couldn’t think of anything to say.

He had already discussed her with her previous instructors and they’d confirmed his impressions of her. She was very serious, disciplined and hardworking, but extremely dull. Not a spark of creativity in her anywhere. Her eyes, behind the thick-lensed glasses, were the eyes of a drudge. She wasn’t bluffing him, she really couldn’t think of anything to say, and was upset by her inability to do as she was told.

It just stumped him. Now he couldn’t think of anything to say. A silence occurred, and then a peculiar answer: “Narrow it down to the main street of Bozeman.” It was a stroke of insight.

She nodded dutifully and went out. But just before her next class she came back in real distress, tears this time, distress that had obviously been there for a long time. She still couldn’t think of anything to say, and couldn’t understand why, if she couldn’t think of anything about all of Bozeman, she should be able to think of something about just one street.

He was furious. “You’re not looking!” he said. A memory came back of his own dismissal from the University for having too much to say. For every fact there is an infinity of hypotheses. The more you look the more you see. She really wasn’t looking and yet

Robert Capa

somehow didn’t understand this. He told her angrily, “Narrow it down to the front of one building on the main street of Bozeman. The Opera House. Start with the upper left-hand brick.”

Her eyes, behind the thick-lensed glasses, opened wide. She came in the next class with a puzzled look and handed him a five- thousand-word essay on the front of the Opera House on the main street of Bozeman, Montana. “I sat in the hamburger stand across the street,” she said, “and started writing about the first brick, and the second brick, and then by the

third brick it all started to come and I couldn’t stop. They thought I was crazy, and they kept kidding me, but here it all is. I don’t understand it.”

Neither did he, but on long walks through the streets of town he thought about it and concluded she was evidently stopped with the same kind of blockage that had paralyzed him on his first day of teaching. She was blocked because she was trying to repeat, in her writing, things she had already heard, just as on the first day he had tried to repeat things he had already decided to say. She couldn’t think of anything to write about Bozeman because she couldn’t recall anything she had heard worth repeating. She was strangely unaware that she could look and see freshly for herself, as she wrote, without primary regard for what had been said before. The narrowing down to one brick destroyed the blockage because it was so obvious she had to do some original and direct seeing.

The point of both of these parables: nothing beats direct experience. Get the data yourself. This is why I wanted

to analyze the coronavirus genome directly, for example. You develop some basis in reality by getting some first-hand data, and reasoning up from there, versus starting with somebody else’s lossy compression of a messy, evolving phenomenon and then wondering why events keep surprising you.

People who have not experienced the thing are unlikely to be generating truth. More likely, they’re resurfacing cached thoughts and narratives. Reading popular science books or news articles is not a substitute for understanding, and may make you stupider, by filling your mind with narratives and stories that don’t represent your own synthesis.

Even if you can’t experience the thing directly, try going for informationdense sources with high amounts of detail and facts, and then reason up from those facts. On foreign policy, read books published by university presses — not The Atlantic or The Economist or whatever. You can read those after you’ve developed a model of the thing yourself, against which you can judge the popular narratives.

Another thing the parable about the bricks tells us: understanding is not a binary “yes/no.” It has layers of depth. My friend understood Pythagoras’s theorem far more deeply than I did; he could prove it six different ways and had simply thought about it for longer.

The simplest things can reward close study. Michael Nielsen has a nice example of this — the equals sign:

I first really appreciated this after reading an essay by the mathematician Andrey Kolmogorov. You might suppose a great mathematician such as Kolmogorov would be writing about some very complicated piece of mathematics, but his subject was the humble equals sign: what made it a good piece of notation, and what its deficiencies were. Kolmogorov discussed this in loving detail, and made many beautiful points along the way, e.g., that the invention of the equals sign helped make possible notions such as equations (and algebraic manipulations of equations).

Prior to reading the essay I thought I understood the equals sign. Indeed, I would have been offended by the suggestion that I did not. But the essay showed convincingly that I could understand the equals sign much more deeply. (link)

The photographer Robert Capa advised beginning photographers: “If your pictures aren’t good enough, you’re not close enough.” (This is good fiction writing advice, by the way.)

It is also good advice for understanding things. When in doubt, go closer.

TOP UNIVERSITIES IN 2025 FOR LAUNCHING REWARDING CAREERS TOP UNIVERSITIES IN 2025 FOR LAUNCHING REWARDING CAREERS

If you thought Generative AI like ChatGPT was disruptive enough in 2024, wait till you witness the next revolution in the making - Agentic AI - unfold sometime soon in 2025. Agentic AI is what its name suggests, an AI program as a standalone entity, that when once unleashed in a corporate network, will do the job entrusted to it much like a super trained professional, but without any fatigue or stop, and also learning and perfecting itself along the way! But wait, if you thought this would evaporate jobs, you are slightly wrong; it will evaporate many jobs,

but will create numerous new jobshopefully more than it replaces - as the world scrambles to create Agentic AI programs for every task out there, during the next several years. And if you thought this will only be an opportunity for software engineers, you are again slightly wrong; it will demand almost anyone to play a dual role - of being a Subject Matter Expert (SME) as well as a coder, but without formal languages like Python, but by natural English language processing, and hopefully by Indian languages too! This is the near future in which India aspires to become a global

education hub, and now you will be able to appreciate the role of private and deemed universities in the times to come. They already have an edge in multidisciplinary education, employability, and research. But only a handful of such universities are focusing on strategic measures to enhance the value they provide to global standards. These measures include integration of AI, industry ready programs, comprehensive placements training, fostering research, strengthening public-private partnerships, promoting global integration, and expanding their

Institutions like JSS AHER, OP Jindal Global University (JGU), VIT, SRM University, Manav Rachna University, Symbiosis International University, Alliance University, Sathyabama University, Galgotias University, Karunya University, ICFAI University, Nitte University and more have redefined academic standards in India.

outreach activities. Here is a compilation of such a select group of private and deemed universities delivering high on their promises to students.

India, with its burgeoning population and evolving economy, has emerged as a global hub for education and talent development. In this transformative landscape, private universities and deemed-to-be universities play a pivotal role in shaping the future workforce. In the backdrop of the AI revolution, as the demand for quality education and industry-relevant skills intensifies,

these institutions have stepped up, blending innovation, technology, and traditional academic rigor to prepare students for rewarding careers.

The establishment of private universities and deemed-to-be universities in India began as a response to the limitations of public universities in meeting the surging demand for higher education. While the Central Government under the aegis of the University Grants Commission (UGC) regulates the deemed universities, the various State Governments under appropriate legislations regulate private universities. These regulations allow select institutions to innovate and expand their academic offerings beyond the rigid structures of public universities.

Private universities gained prominence in recent years, driven by liberalization policies and an increasing recognition of the role private players could play in filling educational gaps. Today, India boasts over 400 private universities and 130 deemed-to-be universities, offering programs ranging from engineering and medicine to liberal arts and entrepreneurship.

Institutions like JSS AHER, OP Jindal Global University (JGU), VIT, SRM University, Manav Rachna University, Symbiosis International University, Alliance University, Sathyabama University, Galgotias

SEASONAL MAGAZINE

University, Karunya University, ICFAI University, Nitte University and more have redefined academic standards in India. These universities focus on interdisciplinary education, global exposure, and fostering critical thinking. Many of them have carved niches in specialized fields like medical sciences, engineering, law, management, governance and information technology.

Their focus on quality infrastructure, student-centric pedagogy, and partnerships with global institutions ensures students receive a holistic education. Some of them have established overseas campuses too, especially in the Middle East, catering

to international students. Many of them are renowned for their emphasis on liberal arts education too.

The hallmark of private and deemed universities lies in their ability to align education with industry needs. These institutions collaborate extensively with corporations to design curricula, provide internships, and facilitate placements. The result is an education system that equips students with job-ready skills. For example, many of them emphasize on placement training that has consistently led to high employability rates, with top recruiters like

Microsoft, TCS, and Deloitte hiring graduates.

Private and deemed universities are at the forefront of pedagogical innovation too. Leveraging technology, they have introduced hybrid learning models, online courses, and AI-driven platforms to enhance the learning experience. The COVID-19 pandemic acted as a

catalyst for many of these institutions to adopt cutting-edge digital tools, ensuring continuity and quality in education.

While private and deemed universities have achieved significant milestones, they face challenges that require strategic interventions, too. Maintaining affordability remains a challenge as high tuition fees at many institutions make education inaccessible to a large segment of the population. Also, while urban students benefit significantly from these institutions, rural and underprivileged students often miss out due to a lack of awareness and resources. Some of the best run

institutions are tackling this through scholarships, fellowships and financial aid, to make education more inclusive.

Assurance of quality is also a big headache for parents and students with the proliferation of private institutions, and many of them struggling to maintain consistent quality, which should be a nonnegotiable. Regulatory bodies like NAAC, ranking mechanisms like NIRF and entrance infrastructure like CUET / NEET / JEE etc must fine tune accreditation, admission and monitoring processes further without hindering innovation at these institutions.

Unlike earlier, a small and select group of private and deemed universities from India like JSS AHER, JGU, VIT etc have broken into global rankings like THE and QS in recent years. However, despite this progress, it is a fact that many Indian private and deemed universities struggle to secure high ranks in global university rankings. This necessitates a stronger emphasis on research output and international collaborations.

There are several measures that private and deemed universities should take to elevate their value among students. Firstly, they need to update all their professional curricula - and not just software engineering

courses - to integrate AI into it. Secondly, increased investment in research infrastructure and funding is essential to enhance global competitiveness. Thirdly, the need to expand their outreach programs. Institutions should establish satellite campuses and outreach programs in rural areas to bridge the accessibility gap.

They also need to strengthen PublicPrivate Partnerships (PPP) collaborations with public universities, public institutions like PSUs and government bodies that can lead to resource sharing and joint initiatives. And lastly, promoting global integration is a must by encouraging student and faculty exchange programs, dual degree offerings, and international partnerships can elevate global standing.

Private and deemed universities in India represent a bright ray of hope in the country’s quest for educational excellence and economic growth. By fostering innovation, emphasizing employability, and ensuring quality education, they are pivotal in shaping the leaders of tomorrow. As the education landscape continues to evolve, these institutions must navigate challenges with resilience and foresight, ensuring they remain at the forefront of launching rewarding careers. SEASONAL MAGAZINE

JSSAHER IS LEAVING COMPETITION FAR BEHIND

The JSS Academy of Higher Education and Research (JSS AHER), nestled in the vibrant city of Mysuru, has carved distinctive leadership in India’s educational landscape. Renowned for its commitment to academic excellence, innovative research, and community engagement, the institution stands as a testament to the vision of its founders and the tireless efforts of its faculty and students. With numerous accolades and a global footprint, JSS AHER has become a model to emulate in the higher education and research sector in India and beyond. JSS AHER’s remarkable journey is guided by its visionary leaders including its Chancellor His Holiness Jagadguru Sri Shivarathri Deshikendra Mahaswamiji of Suttur Math, its Pro-Chancellor Dr. B. Suresh and its new Vice Chancellor Dr. H. Basavanagowdappa.

Recently, JSS AHER celebrated its 15th Convocation, which proved to be a significant milestone in its illustrious journey. Held at the JSS Medical College campus, the event was graced by esteemed dignitaries, including His Holiness Jagadguru Sri Shivarathri Deshikendra Mahaswamiji, the Chancellor of JSS AHER, and Justice Dhananjaya Y. Chandrachud, former Chief Justice of India, who delivered an inspiring convocation address.

The ceremony witnessed the conferment of degrees to 2,795 graduates, including 1,660 women. A record-breaking 104 scholars were awarded PhD degrees, of which 63 were women, underscoring the institution’s emphasis on gender equity in academia. Among the medal winners, women outshone their male counterparts, with 43 of the 56 medal recipients being female. Notably, Subhradeep Dhar and SM Tejashree emerged as top achievers, each bagging four medals.

Vice-Chancellor Dr. H. Basavana Gowdappa highlighted the institution’s remarkable progress.

“We are nearing a 100% placement rate across various disciplines, reflecting the growing interest of companies in our graduates,” he stated. The university’s outstanding

placement record and its commitment to fostering industryready professionals continue to elevate its reputation.

Research forms the cornerstone of JSS AHER’s academic framework. In 2024, the university obtained 311 research projects worth INR 26 crore, significantly contributing to its impressive portfolio of 13,008 publications, including 1,150 added in the same year. With a Scopus H-index of 117, JSS AHER’s research output

reflects its focus on quality and impact.

The university’s efforts extend beyond academia to practical applications, with numerous patents and innovations emerging from its research labs. The introduction of specialized programs, such as the MSc in Health Technologies and Data Sciences and the Master of Occupational Therapy, showcases its commitment to addressing contemporary challenges in health and safety. This focus on specialized education aligns with JSS AHER’s aim to equip students with skills

that meet the demands of a rapidly evolving world.

JSS AHER’s academic and research excellence has been recognized through prestigious rankings and accreditations. The institution’s NAAC A++ grade, which is the highest grading, with an impressive score of 3.61, places it among the top universities in India. Additionally, it secured the 24th position among universities in the National Institutional Ranking Framework

(NIRF) for 2024.

On the global stage, JSS AHER’s performance in the Times Higher Education Impact Rankings 2024 was exemplary. The university was ranked first worldwide for Sustainable Development Goal (SDG) 3: Good Health and Well-Being, reflecting its contributions to healthcare, medical research, and community wellness initiatives. It also achieved top rankings in other SDGs, including Affordable and Clean Energy (ranked 12th), Ending Poverty (ranked 21st), and Life on Land (ranked 49th).

Under SDG 6, focusing on access to clean water and sanitation, JSS AHER was ranked 60th globally, and it earned the 78th position under SDG 12 for responsible production and consumption. These rankings highlight the university’s commitment to sustainability and its impactful contributions across a range of critical areas. The institution’s achievements in these rankings are a testament to its dedication to addressing global challenges through education, research, and community initiatives.

Looking ahead, JSS AHER’s ambitious plans include the establishment of a global campus in Varuna, Mysuru. Spread across 101 acres and developed at an estimated cost of INR 1,200 crore, the campus is set to open by 2027.

The innovative campus will integrate education, research, and development in engineering and healthcare, with a focus on future health technologies. It will house over 15,000 students, 2,000 teaching faculty, and 4,000 research scholars, fostering an environment of academic and research excellence. “We are expecting research scholars from across the globe,” remarked Dr. B. Suresh, Pro-Chancellor of JSS AHER.

The global campus will feature stateof-the-art facilities, including an integrated research center, incubation

hubs for startups in health technologies, and advanced infrastructure for clinical and translational research. By fostering innovation and entrepreneurship, the campus aims to bridge the gap between academia and industry, ensuring students are well-prepared to tackle real-world challenges.

JSS AHER’s remarkable journey is guided by visionary leaders like Dr. B. Suresh. As the Founder Vice Chancellor and current ProChancellor, Dr. Suresh has been instrumental in shaping the institution’s global reputation, fostering collaborations, and driving interdisciplinary research. His tenure has seen JSS AHER achieve unprecedented milestones, including its recognition among the top 500 universities worldwide by the Times Higher Education rankings by 2019 itself.

Dr. Suresh’s legacy extends beyond JSS AHER. As President of the Pharmacy Council of India for a record four times, he has played a pivotal role in transforming pharmacy

Dr. H. Basavanagowdappa Vice-Chancellor

Dr. C.G. Betsurmath

Executive Secretary JSS MVP

education and profession in the country. His leadership in the Indian Pharmacopoeia Commission has further cemented his status as a trailblazer in pharmaceutical sciences.

Dr. H. Basavanagowdappa, a veteran of JSS AHER and who recently assumed office as Vice-Chancellor, brings over three decades of experience in medical education and healthcare. Under his leadership, the institution continues to scale new heights in education, research, and community engagement.

Dr. Basavanagowdappa’s dedication to teaching, mentoring, and compassionate patient care has made him a respected figure in the academic and medical community.

JSS AHER’s commitment to societal well-being is evident in its community outreach programs. Initiatives like the Yusuf Hamied Chemistry Camp, organized in collaboration with the Royal Society of Chemistry, aim to ignite young minds and foster interest in science.

The camp introduces Class 9 students from government schools across Karnataka to advanced chemistry concepts through hands-on experiments, demonstrations, and expert interactions. Such initiatives

not only enhance scientific literacy but also inspire students to pursue careers in STEM fields.

Additionally, the university’s tribal health outreach programs, affordable healthcare services, and

environmental conservation efforts underscore its dedication to inclusive growth and sustainable development.

JSS AHER’s focus on biodiversity preservation and sustainable land management has earned it global recognition, further reinforcing its role as a socially responsible institution.

JSS AHER continually evolves its curriculum to stay ahead of the curve. The introduction of five new specialized programs in 2024, including courses in digital health technologies and hospital management, reflects its proactive approach to addressing emerging industry needs. By integrating technology with traditional healthcare education, the university prepares its students for the challenges of the future.

The emphasis on interdisciplinary learning is another hallmark of JSS

HOW DR. SURESH & JSSAHER BETTERED HEALTHCARE BY REDEFINING CLINICAL PHARMACIST ROLE

Dr. B. Suresh, the Pro-Chancellor of JSS Academy of Higher Education and Research (JSS AHER) and the longrunning former President of the Pharmacy Council of India (PCI), from 2003-2021 has been a transformative figure in India’s pharmacy education landscape. His visionary efforts have not only introduced the Doctor of Pharmacy (PharmD) program but have also redefined the role of clinical pharmacists in the nation’s healthcare system.

When Dr. B Suresh took up the role of the President of the Pharmacy Council of India for the first time in 2003, he was quick to notice the gaps in both India’s clinical pharmacy services as well as pharmacy education. India had a thriving pharma industry back then too, and most of the postgraduate and graduate pharmacists were preferring to work in the drug industry, as their roles as clinical pharmacists in

hospitals were limited, often only to meet statutory requirements.

But as an ace pharmacy scholar who had seen the world, Dr Suresh knew that the Indian situation was not the norm but the exception, especially in comparison with the developed world, where clinical pharmacists were playing effective roles as partners to physicians in making healthcare services better. But change was not easy, as many of his peers in the Pharmacy Council were skeptical whether such an elevated role for pharmacists was possible in India.

So, Dr. Suresh took them to developed countries to make them convinced, and then the next challenge was convincing the physician community who needed to be assured that clinical pharmacists were not their competitors but partners with specialized knowledge in drugs. Under Dr. Suresh’s vision and outreach, the Pharmacy Council could play this role effectively. But Dr. Suresh also realized that for Clinical Pharmacists to be effective, they needed a new advanced degree.

Dr. Suresh then worked tirelessly to emulate the gold standard PharmD course in India, which is an integrated six-year program that covers undergraduate, postgraduate and doctoral level studies in pharmacy. This required much convincing to be done with various government agencies, and fortunately for Dr. Suresh, his personal friendship with the then Indian President Dr. APJ Abdul Kalam helped a lot. Dr. Kalam believed in Dr. Suresh’s dream and facilitated it to become a reality.

Still, there was a major challenge to overcome - convincing the best pharmacy colleges to start offering the PharmD program. Many pharmacy colleges were put off by the Pharmacy

Council’s stringent quality standard that they will have to tie-up with at least a 300-bedded hospital. JSS AHER, where Dr. Suresh was working as Vice Chancellor back then, came forward quickly to pioneer this course in India, and so did a few other institutions, and thus began in 2008 a new revolution.

As it was a 6-year course, the first PharmD batch came out only in 2014, but when these students became rapidly absorbed in clinical pharmacist roles in hospitals, then there was no looking back. What began as a trickle, soon became a deluge, with over 400 institutions in India offering the PharmD course now. Dr. Suresh takes special pride in the ripple effect this created, as each of these institutions had to tie up with a 300 bedded hospital, thereby making the clinical pharmacist role noted.

The ripple effect proved to be even more, as since then till now, 10 batches of PharmD graduates have came out and went on to be employed in clinical pharmacist roles in hospitals across India and the world, partnering with thousands of physicians in bettering the healthcare services offered to lakhs of patients. Dr. Suresh, now Pro VC of JSS AHER continues to dream on, with his eyes now set on making the upcoming Varuna campus of JSS AHER a global academic, research and clinical practice destination for the full gamut of health services.

Dr. B. Suresh, Pro-Chancellor

AHER’s educational philosophy. Programs that combine clinical research with technological advancements enable students to develop a holistic understanding of their fields. This approach not only enhances employability but also equips graduates with the skills needed to drive innovation in their respective domains.

JSS AHER’s sprawling campus is a hub of activity, supported by a robust infrastructure that includes advanced laboratories, research centers, and libraries. The institution’s commitment to providing a conducive learning environment is evident in its state-of-the-art facilities and a healthy staff-student ratio, with over 767 teaching faculty and 530 non-teaching staff catering to a student body of around 9,000.

The upcoming global campus in Varuna will further enhance these capabilities, offering world-class

amenities and fostering a culture of academic excellence. With facilities designed to support interdisciplinary research and innovation, the campus will serve as a model for future educational institutions.

JSS AHER’s journey is a narrative of relentless pursuit of excellence, innovation, and service to society. From its humble beginnings to its current status as a globally recognized institution, the academy has consistently upheld its mission of providing high-quality education and research opportunities.

As it prepares to embark on its next phase of growth with the global campus, JSS AHER stands poised to redefine the landscape of higher education and research, not just in India but across the world. Its achievements serve as an inspiration to institutions worldwide, demonstrating the transformative power of education and innovation.

In the words of Chancellor His Holiness Jagadguru Sri Shivarathri Deshikendra Mahaswamiji, “The spirit of innovation, compassion, and sustainable stewardship should continue to illuminate the path ahead, inspiring generations to strive for excellence in service to society and the world at large.”

Dr. B. Manjunatha, Registrar

IFHE CLIMBS THE

RANKS AND PLAC

ICFAI FOUNDATION FOR HIGHER EDUCATION (IFHE), THE HYDERABAD BASED FLAGSHIP DEEMED UNIVERSITY OF THE ICFAI GROUP IS STEADILY IMPROVING ITS PERFORMANCE ON ALL COUNTS, ESPECIALLY IN ACADEMIC RANKINGS AND PLACEMENTS PERFORMANCE. HOME TO ICFAI BUSINESS SCHOOL (IBS), WHOSE MBA/PGDM IS NOW RANKED 39TH NATIONALLY, THE QUANTITY AND QUALITY OF IFHE’S PLACEMENTS TOO ACROSS ITS SCHOOLS IN MANAGEMENT, ENGINEERING, LAW, ARCHITECTURE AND SOCIAL SCIENCES ARE RISING YEAR UPON YEAR WITH MNC RECRUITERS LIKE COGNIZANT, DELOITTE, AMAZON, CISCO AND MORE. IFHE IS ACCREDITED BY NAAC AT THE HIGHEST A++ GRADE AND IS RECOGNIZED BY UGC AS A CATEGORY-1 INSTITUTION.

LADDERS OF EMENTS

B B B B B

Both the educational and industrial landscapes in India and the world are changing rapidly with the advent of AI, but the latest rankings and placement statistics of ICFAI Foundation for Higher Education’s constituents like ICFAI Business School (IBS), IcfaiTech, and its other Schools underscore their unwavering commitment to academic excellence, industry relevance, and student success. IFHE’s various Schools have strong industry linkages and are dedicated to providing students with the knowledge, skills and opportunities to launch successful careers in their chosen fields.

The ICFAI Foundation for Higher Education (IFHE) in Hyderabad is a multidisciplinary institution that encompasses several schools beyond its renowned ICFAI Business School (IBS). Notably, IFHE includes the Faculty of Science and Technology (IcfaiTech), the Faculty of Law (ICFAI Law School), ICFAI School of Architecture (ISArch), and ICFAI School of Social Sciences (ISoSS), each offering a range of programs designed to equip students with the knowledge and skills required in today’s competitive landscape. The placement records of IFHE, IBS, IcfaiTech and others for the year 2024 showcase the institutions’ effectiveness in bridging the gap between academia and industry.

Demonstrating a robust placement performance, IBS Hyderabad achieved a 94% placement rate in 2024. The highest domestic salary package offered was ¹ 21,00,000 per annum, while the average salary package was ¹ 9,71,000 per annum. A total of 170 recruiters participated in the placement drive, with the financial services sector emerging as the top recruiter, accounting for 30% of the placements. IBS recruiters include Deloitte, Google, Ernst & Young, Oracle, KPMG, HCL Technologies, Tata Capita, Wipro, ICICI Bank, PricewaterhouseCoopers (PwC), and more.

Dr. C. Rangarajan Chancellor

Apart from IBS too, IFHE reported a high placement rate, with a significant percentage of students securing positions in top-tier companies across various sectors. The median salary package for undergraduate courses stood at ¹ 6,00,000, reflecting the institution’s strong industry connections and the employability of its graduates. These placements at IFHE were led by its various Schools, especially its Faculty of Science and Technology, IcfaiTech. Notable MNC recruiters for its BTech graduates include Cognizant, Deloitte, HCL Technologies, Accenture, Amazon, Capgemini, Tata Consultancy Services (TCS), Wipro, Mahindra and quite a few such majors.

IcfaiTech is dedicated to providing high-quality education in engineering and technology. The school offers undergraduate and postgraduate programs aimed at fostering innovation and technical expertise. Courses offered include Bachelor of Technology (B.Tech) with specializations including Computer Science & Engineering, Electronics and Communication Engineering, Mechanical Engineering, and Data Science & Artificial Intelligence. It also offers a Master of Technology (M.Tech) course, with several advanced specializations in various engineering disciplines designed to deepen technical knowledge and research capabilities.

The wide array of recruiters and the diversity of sectors represented in the placement drives highlight the IFHE Schools’ strong industry linkages and the versatility of their academic programs. Students have secured roles in sectors such as financial services, consulting, technology, media, research, and e-commerce, among many others. This diversity not only reflects the comprehensive nature of the curriculum but also the institutions’ commitment to preparing students for the dynamic and evolving industry landscapes.

In NIRF 2024, IFHE Hyderabad achieved a commendable position, reflecting its dedication to providing quality education and fostering research initiatives. This ranking places IFHE among the top institutions in India, highlighting its academic rigor and comprehensive curriculum. IBS Hyderabad garnered significant recognition, with 39th position in the NIRF 2024 Management category, underscoring its prominence among India’s leading business schools. This ranking is a testimony to IBS Hyderabad’s innovative teaching methodologies, industry-aligned programs, and a strong emphasis on research and development. IFHE is also accredited by NAAC at the highest A++ grade and is recognized by UGC as a Category-1 institution.

Another highflying constituent of IFHE, the ICFAI Law School is committed to delivering quality legal

Prof. (Dr.) L. S. Ganesh Vice Chancellor

education and promoting research in the field of law. The school offers integrated undergraduate programs and postgraduate courses that blend theoretical knowledge with practical application. Courses offered include BBALLB (Hons.) and BA-LLB (Hons.), which are five-year integrated programs that combine management or arts studies with legal education. It also offers a Master of Laws (LL.M), a one-year program with specializations in Corporate, Commercial and Tax Laws.

The ICFAI Law School has secured notable ranks in leading law school rankings reflecting its growing reputation in the legal education sector. The law school boasts a dedicated placement cell that facilitates internships and placements in reputed law firms, corporate houses, and non-governmental organizations. Graduates have successfully secured positions in leading legal establishments, underscoring the school’s

Dr. K.S. Venu Gopal Rao, Director, ICFAI Business School

Dr. K. L. Narayana Director, ICFAI Tech School

Dr. P. Ravisekhara Raju Director, ICFAI Law School

Prof. Ar. Munavar Pasha Mohammad Principal, ICFAI School of Architecture.

effectiveness in preparing students for the legal profession.

The success and growth of IFHE and its constituent schools can be attributed to its visionary promoter group, comprising of pioneering academicians, as well as its current leadership. Dr. C. Rangarajan, one of India’s most renowned economists, has been leading IFHE as its Chancellor since 2015 and has guided the institution overall, lending it immense strategic advantage. Vice Chancellor Prof. Dr. LS Ganesh and Pro Vice-Chancellor Prof. Dr. Muddu Vinay lead the university’s academic and administrative functions, ensuring that IFHE maintains its standards of excellence across all faculties.

Distinguished academician Prof. Venu Gopal Rao KS heads ICFAI Business School as its Director, leading the business school, and steering its strategic initiatives, academic programs, and industry collaborations to uphold its status as a premier business education destination.

Prof. KL Narayana, Director, ICFAI Tech, heads the academic leadership of the Faculty of Science and Technology, fostering an environment that encourages

innovation and research among students and faculty, while Dr. P. Ravisekhara Raju, Director, ICFAI Law School, guides its academic policies, curriculum development, and research activities to ensure the delivery of quality legal education.

Prof. Ar. Munavar Pasha Mohammad, Principal, ICFAI School of Architecture (ISArch), along with Dr. Ar. Massimo Vianello, its Advisor and Professor, guides a dedicated architecture faculty, playing a pivotal role in ensuring that ISArch continues to provide holistic and industry-relevant education to its students. Noted academicians Prof (Dr) C S Shylajan, heads ICFAI School of Social Sciences (ISoSS) as its Director, while Prof (Dr) Tamma Koti Reddy serves as its Dean.

STUDY AT KARUNYA CAMPUS, WHICH THE WORLD HAS TAKEN NOTE OF

When Indian universities feel the need to tie-up with US universities, they visit the US campuses. When US Universities feel the need to tie-up with Karunya Institute of Technology & Sciences, they visit the Karunya campus, as it happened last year with delegations from 18 US universities visiting it together. Under Chancellor Dr. Paul Dhinakaran, Karunya ranks top in the domestic NIRF and the QS Asia rankings. For students seeking an institution that prioritizes academic rigor, ethical grounding, and a spirit of service, Karunya University emerges as a compelling choice.

Dr. Paul Dhinakaran Chancellor

Karunya’s sprawling 720-acre campus is equipped with modern facilities that not only enhance the learning experience, but equips students to be productive in their jobs from day one or with just minimal on-the-job training at the leading corporates that are known to place them, including TCS, Amazon, Wipro, Sony, Samsung R&D, Biocon, Nestle, Tata Consulting Engineers and more. Many such MNC giants are also providing live wire internships and project facilities to Karunya students.

Established in 1986 by educational visionaries DGS Dhinakaran and his son Dr. Paul Dhinakaran, Karunya is also known for its value based education in a green and sustainable campus. Nestled amidst the serene landscapes of Coimbatore, Tamil Nadu, Karunya Institute of Technology and Sciences, formerly known as Karunya University, stands as a destination for academic excellence, research prowess, international tie-ups and holistic development.

The institution has evolved from a modest engineering college in the 80s into a distinguished deemed university in the new millennia, accredited with the top-most ‘A++’ grade by the National Assessment and Accreditation Council (NAAC) in 2022. The university offers a wide array of undergraduate, postgraduate, and doctoral programs across various disciplines including engineering, sciences, management, agricultural sciences, arts, media studies and more.

Karunya continually updates its curriculum to meet the evolving demands of the industry. The university has beaten many of its peers in introducing programs in Artificial Intelligence, Data Science, Cybersecurity, and Renewable Energy, a few years back itself. These

courses are designed in collaboration with industry experts to ensure that graduates are job-ready and equipped with the latest skills. Various BTech and MTech degrees are available in these sunrise sectors.

Karunya also offers B.Tech and M.Tech programs in traditional disciplines such as Computer Science, Mechanical, Civil, Electrical, and Electronics Engineering. B.Sc & M.Sc courses are available in Physics, Chemistry, Mathematics, and Biotechnology. Karunya’s agricultural programs focus on modern practices and research. It offers MBA programs with all popular specializations, while the campus is also home to courses in visual communication, journalism, and digital media.

Research is a fundamental objective of Karunya’s mission. However, rather than pursuing just scientific research or applied research for the industries, the university has made it a focal point to facilitate research that is also socially relevant and conforming to the broader Sustainable Development Goals (SDGs) outlined by the UN. The university has thus been playing a nation building role in areas like water conservation, medical research and in gamechanger technologies.

Towards this, Karuna has established several centers of excellence, including its Water Institute which is focused on sustainable water management solutions; its Stem Cell Research Center that is advancing studies in regenerative medicine; and its Centers for emerging technologies like VLSI Design, IoT, and Cloud Computing. Though many of them are relatively young, they already have impressive achievements to speak about.

These centers foster interdisciplinary research, encouraging students and faculty to collaborate on projects that address real-world challenges. The

Dr. G. Prince Arulraj Vice Chancellor

university’s research initiatives have attracted funding from prestigious organizations such as the Defense Research and Development Organization (DRDO), the Indian Space Research Organization (ISRO), the Department of Science and Technology (DST), and the Indian Council of Medical Research (ICMR).

Karunya has been a trailblazer when it comes to global collaborations. Some months back, it had hogged international limelight for signing MoUs with 18 US Universities which came visiting to the Karunya campus as a single delegation. Other renowned universities and institutions with which Karunya has already forged ties include Harvard Medical School; Ben-Gurion University Israel for joint research initiatives; and Technion – Israel Institute of Technology for exchange programs.

It would be an understatement to say that Karunya has state-of-the-art facilities. These include excellent libraries well-stocked with a vast collection of books, journals, and digital resources, and advanced laboratories for various disciplines, providing hands-on experience with the latest equipment. Its hostels are known for comfortable and secure accommodations with all necessary amenities, while its sports complex offers facilities for various sports and fitness pursuits.

Karunya’s commitment to student success is evident in its robust placement records. The university’s dedicated placement cell works tirelessly to connect students with leading companies across various sectors. Companies also prefer Karunya campus, as their students lead in

industry-readiness. Moreover, the deemed university has been coming on top in various domestic and national rankings, including NIRF, QS I-GAUGE and Times Higher Education World University Rankings 2024.

Beyond academics, Karunya under the visionary leadership of its Chancellor Dr. Paul Dhinakaran emphasizes the importance of community service and ethical values. Karunya takes on societal challenges, ensuring that graduates are not only skilled professionals but also responsible citizens destined to make a positive impact. Karunya stands out as a university that blends tradition with innovation, providing students with the skills, knowledge, and values necessary to excel in a dynamic world.

Dr.E.J.James Pro Vice Chancellor (Strategy, Innovation & Research)

Dr. Ridling Margaret Waller Pro-Vice Chancellor (Quality Standards)

Dr. R. Elijah Blessing Pro-Vice Chancellor (Academics and Industry Collaborations)

BANK OF INDIA ON A STRONG WICKET

BANK OF INDIA’S STRONG PERFORMANCE IN THE RECENTLY ANNOUNCED THIRD QUARTER REFLECTS ITS STRATEGIC FOCUS UNDER ITS MD & CEO RAJNEESH KARNATAK ON VARIOUS FRONTS INCLUDING INCOME GROWTH, STEADY PROFITABILITY, ASSET QUALITY IMPROVEMENT, GLOBAL BUSINESS GROWTH AND EFFECTIVE RISK MANAGEMENT. PROJECTING A STRONG OUTLOOK, THE BANK IS STICKING TO ITS FY25 PROFIT GUIDANCE OF RS 8000 CRORE, AND A REBOUND IN THE NET INTEREST MARGIN TO 2.85 - 2.89%.

Bank of India (BoI), one of the country’s leading public sector banks, has reported a robust performance in the third quarter of the fiscal year 2024-25, reflecting its strategic initiatives and resilience in the banking sector. In the quarter ending December 31, 2024, BoI’s net profit surged by nearly 35% year-on-year to Rs 2,517 crore, up from Rs 1,870 crore in the same period the previous year. This impressive growth is attributed to a combination of increased income and improved asset quality. Sequentially, the Mumbai-based lender’s net profit rose by 6% from Rs 2,374 crore in September quarter of 2024, showing the steadiness of its profitability. The profit growth in Q3 reflects contributions from its core operations. Net Interest Income (NII) as well as commissions, cross-selling profits,

and gains from the sale of investments, all looked up in Q3. Bringing good cheer to its investors, the bank is maintaining its guidance for a net profit of Rs 8,000 crore for the current financial year (FY25). NII rose 11% YoY to Rs 6,070 crore in Q3FY25 compared to Rs 5,463 crore in the same quarter of the previous year. However, the net interest margin (NIM) moderated slightly to 2.80% in Q3FY25 from 2.85% in Q3FY24. However, the bank is confident of correcting this, and has guided for NIMs to be in the range of 2.85 - 2.89% for FY25. Non interest income, including fees, commissions, treasury revenues, and recoveries, surged by 46% YoY to Rs 1,746 crore. Among these, the most noted was recovery from written-off accounts, which increased by 16% YoY to Rs 391 crore. BoI has made

notable strides in enhancing its asset quality. The bank’s gross non-performing assets (NPAs) declined, leading to a reduction in provisions for bad loans. This improvement underscores the bank’s effective risk management and recovery strategies. Provisions for non-performing assets (NPAs) declined to Rs 602.5 crore in Q3FY25 compared to Rs 612.0 crore in Q3FY24. The asset quality metrics improved, with gross NPAs declining to 3.69% in December 2024 from 5.35% in December 2023. Net NPAs also declined to 0.85% in December 2024 from 1.41% in December 2023. The provision coverage ratio (PCR), including written-off accounts, stood at 92.48% in December 2024, compared to 89.95% a year ago, signalling the continued prudence from the bank’s management. BoI’s loan growth too was robust with advances growing by over

15% YoY to Rs 5,65,000 crore in Q3FY25. Of this, retail advances grew even better, by over 21% YoY to Rs 1,27,000 crore in December 2024. Beating the industry trend, Bank of India’s total deposits increased by over 12% YoY to Rs 7,07,000 crore. However, the share of the low-cost CASA deposits declined to a little over 41%, reflecting the intense fight in the market for such deposits.

The bank’s total income rose to Rs 19,957 crore during the third quarter, compared to Rs 16,411 crore in the corresponding quarter of the previous fiscal year. The bank’s capital adequacy stood at an adequate 16%, with Common Equity Tier-1 (CET-1) near 13%. Bank of India, which has a significant and growing global business, saw it expanding by 13.62% in Q3 FY25, with global deposits achieving a 12.28% increase, while global gross advances grew by 15.31%.

INDIAN BANK’S THIRD QUARTER HEALTHY,

AS A NEW MD & CEO ASSUMES

OFFICE

Indian Bank has a new MD & CEO in Binod Kumar, a banking industry veteran, even while this leading Chennai based PSU lender reported a healthy set of business updates for the recently concluded third quarter. Deposits, advances and total business have all grown remarkably during this quarter.

Total deposits for the December quarter at Indian Bank experienced a healthy growth of 7.3% year-onyear, even amidst heightened competition among peer banks in the deposits business. As of December 31, 2024, Indian Bank’s total deposits were recorded at ¹ 7.02 lakh crore, as against the ¹ 6.54 lakh crore it was during Q3 of last fiscal. Its advances grew at a faster clip, with gross advances growing 9.6% per cent YoY in the December quarter. In absolute numbers, the gross advances

which reached Rs 6,194 crore, driven also by higher recoveries from bad loans. Non-interest income also showed a robust 27% YoY growth, supported by enhanced fee-based operations. Indian Bank’s focus on efficient cost management has bolstered its profitability, leading to an impressive performance . The bank also achieved a marked improvement in asset quality during the quarter. Gross non-performing assets (GNPA) ratio declined significantly to 3.48%, compared to 4.97% a year ago, while net NPA (NNPA)

came in at ¹ 5.59 lakh crore for this period, as against ¹ 5.10 lakh crore during the same period last year. The public sector lender’s total business came in at ¹ 12.6 lakh crore in Q3, which is an 8.3% rise from the ¹ 11.64 lakh crore it was during Q3 of last fiscal. Indian Bank is yet to announce its formal Q3 results. Earlier, it had delivered a noteworthy performance in the second quarter of fiscal year 2024-25, reporting a 36% year-on-year rise in net profit to Rs 2,707 crore. This substantial growth highlights the bank’s robust operational efficiency, improved credit management, and a significant reduction in stressed assets, under the strategic leadership of its MD & CEO SL Jain who has been heading a transformational journey in the bank for the last three years. The new MD & CEO Binod Kumar, is likely to take the bank to an even higher orbit, as he has been an Executive Director at the bigger peer, Punjab National Bank. While there was a 36% year-on-year rise in net profit to Rs 2,707 crore in Q2, the bank’s total income for Q2 FY25 rose to Rs 17,770 crore, up from Rs 15,736 crore in the same period last year. A key contributor to this was the 8% increase in net interest income (NII),

ratio dropped to 0.27% from 0.60%. This reflects the bank’s proactive measures in credit risk management and recovery efforts. The provision coverage ratio (PCR) also increased to 97.6%, further solidifying the bank’s financial health . The bank’s capital adequacy ratio stood at a healthy 16.55%, above the regulatory requirement, including a Tier-I capital of 14.01%, providing Indian Bank with the strength to sustain growth and meet emerging opportunities in the immediate future . In Q2, the bank reported a 12% YoY growth in advances, which reached Rs 5,50,000 crore, supported by a strong growth in retail, agriculture, and MSME (RAM) segments. Q2 Deposits also grew by 8% to Rs 6,93,000 crore, although the share of low-cost current and savings account (CASA) deposits slightly declined to 38.86% from 40.11% a year earlier, reflecting the intense competition for such attractive deposits among banks. The bank is aiming to restore its CASA ratio to 40% while continuing to grow deposits by 8-10% in FY25 . Indian Bank remains optimistic about maintaining the positive momentum achieved so far. It has guided the market about sustaining a net interest margin (NIM) of around 3.41% for FY25. The focus will rema…

K K K K K

A NEW SIMPLE, POSITIVE PSYCHOTHERAPY HOLDS HOPE AGAINST

DEPRESSION & ANXIETY

NEW PSYCHOTHERAPIES LIKE PAT AND ADEPT THAT FOCUS ON POSITIVE EXPERIENCES CAN HELP PEOPLE WITH DEPRESSION AND ANXIETY FIND JOY IN LIFE. WHAT IS MORE, ELEMENTS OF SUCH PSYCHOLOGY CAN BE SELF-PRACTICED TOO BY PATIENTS.

atie, a 40-year-old woman in the county of Devon in England, has battled depression most of her life. She’s received lots of treatment, including with cognitive-behavioral therapy (CBT). The latter approach did help, she says. “I am prone to catastrophizing, and CBT helped me reduce those fears and some selfharming behaviors,” Katie adds, “But I never felt joy.”

CBT is the gold standard therapy for treating depression and anxiety, one or both of which will afflict around 20 percent of people during their lifetime. It may be the best remedy we have, a growing number of scientists say, but it doesn’t help everyone. Research shows that only half of patients benefit and that only half of those who do benefit do so long-term. CBT does reduce symptoms such as low mood and fearfulness. For many, however, it doesn’t restore positive feelings such as happiness or excitement.

“We had always assumed that by reducing negative emotions—anger, fear, anxiety, sadness—the natural consequence would be for positive emotions to rise on their own,” says clinical psychologist Michelle Craske of the University of California, Los Angeles. “And they don’t—well, not reliably.”

Feeling the pressing need to do better, Craske and other scientists are developing new treatments to fill this gap. They are using elements of CBT but turning it on its head. Instead of working to reduce patients’ unrealistic worries or self-defeating beliefs, the researchers focus on helping them identify and enlarge their positive emotions, no matter how transient or tiny. These new

approaches are now being tested in large-scale clinical trials in the U.S. and the U.K. and are showing great promise.

One of the largest efforts underway involves a technique called positive affect treatment (PAT),which was developed by Craske, clinical psychologist Alicia Meuret of Southern Methodist University and their colleagues. The researchers are now conducting their third National Institute of Health–funded clinical trial of PAT. In the two trials published so far, they compare the results of 15 weeks of PAT against the same time frame for a version of CBT, which they call negative affect treatment (NAT). The participants, who have been randomly assigned to a treatment, have all been diagnosed with depression and/or anxiety. Most have also suffered from anhedonia, a reduced ability to feel positive emotions.

Craske’s team based PAT on decades of research that has showed that people with limited ability to feel pleasurable emotions were likelier to develop anxiety or depression. Brain research revealed that people whose neural circuits did not show

activation in the region that registers “reward” correlated with those who experienced depression and anxiety. Craske and her colleagues hypothesized that targeting this mechanism for reward sensitivity could help strengthen affected people’s ability to feel positive emotions. Getting the mind and brain to process rewards consists of three parts: anticipation, consumption and learning—or, in plainer English, wanting, enjoying and learning. Imagine a teenage girl who hears Taylor Swift is coming to town and offers to clean the house for a month if her parents will buy tickets. That’s wanting. At the concert she’s euphoric. That’s enjoyment. She notices the cheaper seats are almost as good, and that might make it easier to go next time. That’s learning. Someone with depression and anxiety may fall short on any or all of these measures. For instance, let’s say a woman with these conditions tells her therapist that she used to love lunching with a friend, but lately, even when she was able to make herself go, she felt numb when there and worse afterward. The therapist then assigns this patient to schedule

a lunch date, and she does so but feels down afterward. Her friend had to leave early, and she’s sure that she was boring, that her friend won’t want to see her again, and that she’ll end up friendless and alone.

In typical CBT, the therapist would help this woman assess her beliefs and show her they’re faulty. The therapist would also examine her catastrophic fears and scale them down to realistic and manageable size. If the patient hyperventilated, she might be taught breathing techniques to gain calm.

In PAT, the therapist would ask this patient to identify anything enjoyable about her lunch date, however tiny. Let’s say that the patient offers that the fragrances from the kitchen made her hungry, that her friend laughed at an anecdote she told and that, at the end, her friend gave her a hug. The therapist then asks her to savor those “silver linings,” to stay with them in all their sensory and emotional dimensions—the scents, her friend’s laugh, the warmth of the hug—and to imagine having these experiences in the future. PAT also incorporates elements such as practicing gratitude and generosity. Trial results showed that PAT was significantly more effective than NAT for those with anhedonia, moderate to severe depression and anxiety.

Another therapy called augmented depression therapy (ADepT) overlaps with PAT, says clinical psychologist Barney Dunn of the University of Exeter in England, who developed the treatment with his colleagues. It includes identifying and savoring positive experiences. But it goes further. “ADepT focuses on both positive and negative affect in a pragmatic, solution-focused way,” Dunn says. For example, it helps patients identify and change patterns of thought and behavior that interfere with achieving their goals in life. If someone who was about to give a talk felt like an imposter, he says, CBT would test the validity of that feeling. “ADepT,” he says, “would instead ask what thought might be

useful and try this on for size: ‘I know enough about this topic and will do an okay job.’”

In the first clinical trial for ADepT, it was more effective than CBT at reducing symptoms of depression and anxiety and improving overall well-being, including by making people feel more pleasure and function better in life. Eighty percent of the ADepT participants showed reduced symptoms compared with 60 percent of the CBT group. Significantly, a year later, 60 percent of those who had improved with ADepT stayed well compared with 50 percent of those who had done so with CBT. “So we’re getting more people better, and they’re staying better for longer by choosing to turn toward the positive,” Dunn says.

A challenge to focusing patients on the positive is that many fear happiness. Some believe it is fleeting and will be followed by a terrible fall. Others feel they don’t deserve to be happy. “People with depression do a whole set of behaviors to snuff out the joy because it’s so weird and uncomfortable,” Dunn says. For that reason, he says, it’s necessary to help them accept happiness in very small steps. “If someone’s afraid of spiders, you don’t stick a tarantula in their face.”

Many anxiety sufferers believe that worrying prevents bad things from happening. They’re certain that expecting the worst protects them from one of their biggest fears: letting themselves feel happy and then being felled by the gut punch of a horrible event. Experts call this fear contrast avoidance. To circumvent it, anxious people apply killjoy thinking to any

glimmer of glee.

One new tool to target contrast avoidance is an experimental phone counseling app called SkillJoy. Created by Skidmore College psychologist Lucas LaFreniere and Pennsylvania State University psychologist Michelle Newman, the app prompts users to notice and savor positive experiences throughout the day and, despite discomfort, to stay with the good feelings as long as possible. In a randomized clinical trial that compared the tool against an app that did not encourage savoring, SkillJoy significantly reduced contrast avoidance.

Other examples of such “positive therapies” are emerging: among them are amplification of positivity treatment, which was designed to improve social connectedness, and behavioral activation therapy, which has been used to treat anhedonia. Such positive-psychology-focused therapy may, some argue, eventually become the treatment of choice for a certain kind of patient, or it could become a key element in a hybrid therapy that will become the new gold standard. When these techniques are used in psychotherapy with private patients, Craske says, they will be adapted to the individual. A patient whose priority is getting rid of panic attacks should probably start with CBT, she says. A depressed patient who most wants to feel a sense of contentment and joy should probably go for a positive therapy. Katie, the English woman who yearned to feel pleasure, is finding it with the help of an AdepT therapist. She’s been able to identify things she loves such as swimming in the ocean. Whether taking her regular dip along her local Devon coastline or reliving her vacation plunge into the frigid waters off Iceland, she experiences a joy that permeates her life and makes the hard things easier to handle. “Capturing these moments and building on them has been transformative,” she says. “I feel like I am starting to live for the first time.”

6 NUTRIENTS FOR PEAK EYE HEALTH, AND THE BEST SOURCES FOR THEM

MAKE SURE YOU’RE GETTING ENOUGH OF THESE EYE-FRIENDLY NUTRIENTS FOR PROTECTING YOUR VISION.

DID YOU KNOW THAT YOUR DIET IS ONE OF THE MOST IMPORTANT FACTORS IN DETERMINING YOUR EYE HEALTH? THESE ARE THE VITAMINS AND NUTRIENTS YOU NEED PLENTY OF TO ENSURE YOUR EYES ARE AS HEALTHY AS POSSIBLE.

Vitamin A

Vitamin A supports your vision, immune system, heart, lungs and overall growth and development. Specifically, vitamin A helps you see a full spectrum of light, as the vitamin produces pigments in the retina. It can also keep your eyes from drying out. You can find vitamin A in foods such as salmon, broccoli, eggs, carrots and fortified breakfast cereals. You have probably heard of the magic of carrots. Yes, it’s true: Carrots are great for your eyes. Carrots (and other vividly colored fruits and

vegetables) are high in beta-carotene, which is a compound that your body uses to make vitamin A.

outside and under the sun, the greater the risk for damage. According to the American Academy of Ophthalmology, too long in the sun can cause irreversible damage. Vitamin C can also lower your risk of cataracts, a disease that causes the lens of your eyes to become cloudy. In addition to getting enough vitamin C, avoid tanning beds, and if you are outside, wear sunglasses and a hat to protect your eyes.

Foods with vitamin A

Salmon

Broccoli

Carrots

Eggs

Fortified breakfast cereals

Vitamin C

Vitamin C is like sunscreen for your eyes: It helps protect them from UV damage. The more time you spend

progression of age-related macular degeneration.

Foods with vitamin E with vitamin Foods with vitamin E with vitamin

Sunflower seeds

Almonds

Peanuts

Collared greens

Red bell peppers

Mangoes

Avocados

to retinas. These carotenoids can also slow the progression of age-related macular degeneration.

Foods with lutein and zeaxanthin

Kale

Spinach

Peas

Broccoli

Orange juice

Red peppers

Honeydew melons

Foods with vitamin C

Foods vitamin C

Foods

Kale

Broccoli

Oranges

Lemons

Strawberries

Brussels sprouts

Omega-3s

Optometrists regularly recommend their patients consume foods containing omega-3s, especially if they aren’t getting enough of these fatty acids in their diet. Omega-3s are mainly found in fatty fish such as tuna, salmon, mackerel or herring and some nuts and seeds. Omega-3s is a nutrient that can slow the progress of age-related macular degeneration. Studies have also found that they can help prevent dry eye disease. These nutrients are great for both conditions due to their antiinflammatory effects.

Foods with omega-3s Foods with omega-3s Foods with omega-3s Foods with omega-3s

Tuna

Salmon

Herring

Mackerel

Chia seeds

Flaxseed

Walnuts

Vitamin E

Another powerful antioxidant, vitamin E is vital to all our cells and cell functions. It helps to protect our bodies from cancer-causing free radicals and plays an important role in vision. Studies have shown that vitamin E can help protect the retinas from free radicals that can cause eye disease. Vitamin E can also slow the

Zinc

Zinc is found in almost all multivitamins because it is such an essential nutrient to the body. It is used to boost the immune system and help the body heal from wounds quickly. Zinc also aids in eye health. Zinc helps vitamin A create melanin (a pigment that protects the eyes) and may shield the eyes from age-related macular degeneration.

Foods with zinc with zinc

Meat

Shellfish

Chickpeas

Lentils

Pumpkin seeds

Cashews

Almonds

Eggs

Cheese

Milk

Lutein and zeaxanthin

Lutein and zeaxanthin are known to be important to our eyes. Lutein and zeaxanthin are carotenoids found in red and yellowish fruits and vegetables, as these compounds give the produce their vibrant colors. Carotenoids, also powerful antioxidants, are vital to eye health. They protect the eyes from free radicals that can cause damage. Lutein and zeaxanthin, specifically, have been found to prevent damage

Grapes

EYE HEALTH TIPS

In addition to the best vitamins and supplements for eye health, there are other ways you can protect your eyes and preserve your vision health:

Wear sunglasses: sunglasses: sunglasses: Sunglasses block harmful UV light, decreasing your risk of cataracts, eye cancer and sunburn.

Screen breaks: Follow the 20-2020 rule, which states that every 20 minutes, you look away from your screen at something 20 feet away for 20 seconds.

Physical activity: Physical Physical activity: Physical A study has found a solid correlation between exercise and eye damage prevention.

Avoid smoking: Avoid smoking: Avoid smoking: Avoid smoking: Smoking cigarettes can lead to eye diseases that result in vision loss and blindness.

Remove your makeup: your makeup:

Remove your makeup: your makeup: makeup: Before bed, always remove your makeup to prevent eye irritation and inflammation.

SEASONAL MAGAZINE

MP GLOBAL INVESTORS SUMMIT 2025:

A GLOBAL CONVERGENCE TO TRANSFORM MADHYA PRADESH

Modi, this summit promises to be a game-changer, showcasing the state’s thriving industrial climate, unparalleled opportunities, and robust infrastructure. CM Yadav has left no stone unturned for the success of this summit, and during the run up to this event itself he has made it a point to visit almost all key industrial cities including Bengaluru, Kolkata and Coimbatore, meeting investors, as well as organizing several regional level summits which have been huge success stories. His message to global investors is simple yet profound - Madhya Pradesh awaits you with open arms and endless possibilities.

This two-day summit will serve as a melting pot for global leaders, industry stalwarts, policy-makers, and innovators to exchange insights on emerging trends and markets. With an anticipated attendance of over 10,000 entrepreneurs and investors, the summit aims to spark collaborations and innovations that will drive Madhya Pradesh’s economy into a new era.

The venue, the Indira Gandhi Rashtriya Manav Sangrahalaya in Bhopal, will set the stage for the grand convergence of ideas, deals, and partnerships. From thematic sessions to sectoral summits, the event’s agenda has been meticulously designed to cater to a wide array of industries and interests.

Madhya Pradesh’s allure lies in its central location, robust connectivity, and business-friendly policies. The state boasts an extensive road network of 58,423 kilometers and seamless rail connectivity to major cities and ports, making it a logistical powerhouse. Moreover, the DelhiMumbai Industrial Corridor (DMIC), passing through 10 districts of the state, enhances access to key domestic and international markets.

The state’s industrial policies have been instrumental in creating a conducive environment for businesses. Offering a range of incentives, Madhya Pradesh has become a preferred destination for investments in sectors such as textiles, IT, pharmaceuticals, renewable energy, and logistics.

Madhya Pradesh is home to specialized industrial parks tailored for textiles, footwear, medical devices, plastics, and renewable energy. These hubs are designed to foster innovation and attract global investments, and include the PM MITRA Park for textiles, the Manufacturing Zone for Renewable Energy Equipment, the Mega Footwear and Accessories Cluster, the DMIC Vikram Udyogpuri Limited within the Delhi-Mumbai industrial corridor and catering to high-tech manufacturing, the Medical Devices

Park, and the Plastic Park, which is a comprehensive ecosystem for the plastic manufacturing sector.

The summit’s agenda is designed to offer a mix of knowledge sharing, networking, and cultural experiences. Key features include, Thematic and Sectoral Summits covering domains like IT, infrastructure, tourism, MSMEs, and mining, with these sessions providing deep dives into government policies and emerging opportunities in these sectors. One-on-One Meetings are also planned for investors where they can

engage directly with the Chief Minister and other top government representatives.

The Summit will also feature Exhibitions and Expos with the MP Mobility Expo and the Central India Fabric & Fashion Expo all set to showcase the state’s industrial prowess in these domains. Also on the schedule is a Cultural Evening, an immersive experience of Madhya Pradesh’s rich heritage and traditions for the esteemed global invitees.

The summit’s thematic sessions reflect Madhya Pradesh’s commitment to fostering human capital and driving innovation. Some of them include, ‘Investing in Human Capital’, which is a session on strategies for building a skilled workforce; ‘Seed to Shelf’, about opportunities in food processing and horticulture provided by MP; and ‘Local to Global’, for empowering small-scale industries and promoting the ODOP (One District One Product) scheme.

Other thematic sessions include ‘Weaving a New Era’, which is about accelerating growth in the textile and apparel sectors, and ‘Molecules to Machines’, which is all about Madhya Pradesh’s rise in pharmaceuticals and MedTech.

Madhya Pradesh’s MP Invest Portal is a testament to the state’s commitment to ease of doing business. Integrated with India’s National Single Window System, this platform simplifies approvals, offers GIS-based land allotment, and facilitates incentive applications. With provisions like

deemed approvals and quick processing of land allotments, the portal underscores the state’s investor-first approach.

The Madhya Pradesh Start-Up Policy and Implementation Plan-2022 was designed to nurture innovation and entrepreneurship, and it has been adequately updated since then. By providing institutional support, infrastructure, and fiscal incentives, the policy aims to make the state a hub for productbased start-ups. Special emphasis is placed on encouraging innovation among students and fostering a culture of entrepreneurship from an early age.

This huge state by land area and resources will utilize the summit to highlight its diverse investment opportunities, including in Aerospace and Defense, leveraging its strategic location and robust infrastructure; and in Renewable Energy by harnessing the state’s natural potential in solar and wind energy.

Other sectoral highlights will be on Agriculture and Food Processing, capitalizing on Madhya Pradesh’s huge land mass and other agricultural strengths; on EV and Automobile sector, by also building an ecosystem for electric vehicles and auto components; and on the Pharmaceuticals and Healthcare domain by enabling advancements in medical devices and biotechnology.

Madhya Pradeh’s vision for sustainable growth is evident in its focus on renewable energy, clean manufacturing practices, and eco-friendly industrial parks, during this summit. The state’s proactive measures ensure that economic progress goes hand in hand with environmental conservation, and this is vital for the state and India as it is home to a treasure trove of wildlifeboth flora and fauna.

The Global Investors Summit 2025 is a strategic move to position Madhya Pradesh as a global investment hub. With its investor-friendly policies, strategic initiatives, and focus on innovation, the state is set to chart a new trajectory of growth and development, with this Global Investors Summit acting as a launchpad for it. For global and domestic investors, entrepreneurs and industry leaders, this summit offers a unique opportunity to be part of this transformative journey.

KERALA IN GLOBAL SPOTLIGHT

As the picturesque state of Kerala gears up for the Invest Kerala Global Summit 2025, a wave of anticipation and excitement sweeps across the region. Scheduled to be held on February 21 and 22 at the Lulu Grand Hyatt International Convention Centre in Bolgatty, Kochi, this event promises to set new benchmarks for innovation, investment, and sustainable growth in India’s business landscape. The brainchild of Kerala’s visionary Chief Minister Shri. Pinarayi Vijayan, and organized by the Kerala State Industrial Development Corporation (KSIDC) under the Department of Industry and Commerce, the summit aims to catalyze partnerships and transform Kerala into a global hub for enterprises. As the state prepares for the Invest Kerala Global Summit (IKGS) 2025, the prelude events and initiatives have already laid the groundwork for a transformative investment climate, under the strategic leadership of Industries Minister P Rajeev. Several follow-up initiatives are also being planned including designating 2025 as the ‘Year of Investments’.

“O “O “O “O “O

ur aim is to build a thriving economy that uplifts every sector and community,” states Chief Minister Pinarayi Vijayan, emphasizing the summit’s inclusive vision. Echoing this sentiment, Industries Minister P Rajeev highlights Kerala’s unique position as a state committed to balancing economic growth with ecological preservation. These goals resonate deeply with Kerala’s historical commitment to quality of life, innovation, and sustainability.

Kerala’s numerous accolades underscore its potential as an investment destination. Firstly, Kerala is renowned for its unmatched quality of life. The state consistently leads India’s Sustainable Development Goals (SDG) rankings and boasts the highest Human Development Index (HDI) in the nation. With clean air, top-notch healthcare, and a literacy rate of 94%, the state exemplifies holistic development.

Under Chief Minister Vijayan’s and Industries Minister Rajeev’s initiatives, the state has also come up higher in Ease of Doing Business. The state’s reforms during the last few years in governance and infrastructure have earned it a top achiever status in India’s Ease of Doing Business rankings. A dedicated single-window clearance system ensures swift approvals, while centralized inspection protocols simplify regulatory compliance.

The state is also a leader in sustainability. From Cochin International Airport - the world’s first fully solar-powered international airport - to its ambitious Renewable Energy Policy, Kerala’s commitment to green energy is unparalleled. By 2040, the state aims to rely entirely on renewable energy, paving the way for a net-zero carbon economy by 2050.

Utilizing its strategic location in the southernmost region of India, as well as its long coastline, Kerala has also emerged as a leader in connectivity and transport infrastructure. With

four operational international airports (and a fifth under development), two major seaports, extensive national highways, and a burgeoning water metro system, Kerala’s logistics infrastructure is among the best in the country.

Kerala has also been a pioneer in promoting sector specific industrial parks. Despite its relatively small land area, the state boasts of 140 industrial parks, including sector-specific ones like the Life Sciences Park and Rubber Park, thus ensuring targeted support for specialized industries.

Under KSIDC’s expertise, several focus areas have been identified and facilitated for the Invest Kerala Global Summit (IKGS 2025). Prime among them is the promotion of sustainable technologies. Kerala’s focus on sustainability is exemplified by its achievements in renewable energy and electric vehicle adoption. With initiatives like floating solar projects and an integrated Electric Manufacturing Park, the state is a leader in green innovation.

Secondly, IKGS 2025 will have Innovation and Industry 4.0 as a focus area. Kerala’s status as a tech hub is bolstered by projects like the Kerala Fibre Optic Network (KFON) and cutting-edge AI research. The state’s tech ecosystem supports over 5,000 startups, making it a hotspot for digital innovation.

Strategic industries from a national perspective is another focus area of IKGS 2025. From aerospace and defense, to biotechnology and robotics, Kerala’s focus on high-tech industries is reshaping its economic landscape. Noteworthy initiatives in this regard include the Defense Park in Palakkad and the Space Park in Thiruvananthapuram.

The state is already a leader in attracting medical tourists, both for modern medicine and its natural forte of ayurveda. Kerala’s ayurveda sector is renowned as most authentic and is a global leader, drawing medical tourists from the world

SEASONAL MAGAZINE

over and fostering innovation. Plans for the Global Ayurveda Village aim to integrate traditional medicine with modern healthcare practices.

Known as ‘God’s Own Country’, Kerala’s tourism sector is a significant GDP contributor. It has always been a cornerstone of Kerala’s economy, and the state is now exploring new dimensions to enrich this sector. Under the visionary leadership of its young and dynamic tourism minister PA Mohammed Riyas, this new focus now includes eco-tourism, wellness tourism, and cultural tourism, and IKGS 2025 will further the sustainable practices to preserve Kerala’s natural and cultural heritage.

Kerala is a leader in food processing industries, especially spices and seafood. The state is known as the spice hub of India, and over 75% of EU certified seafood exporting units of the country are in Kerala. IKGS 2025 will expand this leadership to other food processing sectors too, including vegetables, fruits, beverages and other agricultural produce.

In preparation for IKGS 2025, the state’s Department of Industry and Commerce has prepared several investor benefits. Investors attending the summit can explore an array of opportunities, supported by a robust policy framework. Prime among them is the unified industrial land regulations, which ensures simplified access to land and infrastructure.

The state is also providing generous incentives including financial subsidies, reduced interest rates, and tax exemptions. Supportive ecosystems have also been set up like the Mission 1000 for MSMEs and the Kerala StartUp Mission which has already made the state a major hub for start-ups.

The state government is leaving no stone unturned to make sure the summit is not merely an event, but a movement aimed at fostering enduring partnerships. Roadshows and sector-specific preevents are setting the stage for collaborative innovation, ensuring Kerala’s future as a global investment magnet.

With its unique blend of natural beauty, cultural richness, and progressive governance, Kerala is poised to welcome the world to an unparalleled investment destination. As the dates draw closer, Invest Kerala Global Summit 2025 stands as a beacon of hope and opportunity, promising to shape the future of Kerala and beyond.

The prelude events and initiatives have already laid the groundwork for a transformative investment climate. Among these is the announcement of the ‘Year of Investments,’ set to launch right after the summit. Minister for Industries P Rajeev emphasized this initiative during the Startup Conclave, highlighting the synergy between Kerala’s vibrant startup ecosystem and its skilled workforce.

Kerala’s thriving startup environment, supported by the Kerala State Industrial Development Corporation (KSIDC) and

Kerala is renowned for its unmatched quality of life, with leadership in India’s Sustainable Development Goals (SDG) rankings and boasts the highest Human Development Index (HDI) in the nation.

the Kerala Start-Up Mission (KSUM), will take center stage at IKGS 2025. An Emerging Technology Hub (ETH) focusing on space tech, agritech, health tech, and immersive media technologies like AVGC-XR, is under development.

IKGS 2025 will also invite 200 startups to the summit, offering them scaling support through redeemable cumulative preference share capital investment. This will enable Kerala’s ability to foster collaboration between startups, investors, and policymakers, and amplify the state’s commitment to sustainable innovation, a theme that resonates strongly with the ethos of IKGS 2025.

The host city of IKGS 2025, Kochi, is already on a roll, having attracted several projects from global tech leaders. IBM has launched its Generative AI (GenAI) Innovation Centre at the Kochi Infopark. The facility, inaugurated by Minister Rajeev, is projected to create 5,000 new jobs, bolstering Kerala’s reputation as a global leader in AI and technology-driven enterprises.

IBM’s GenAI Innovation Centre not only focuses on research and prototyping but also provides academic institutions with access to its path breaking WatsonX AI platform, fostering a robust academiaindustry collaboration.

During IKGS 2025, the state will also promote a forward-thinking ‘Work from Kerala’ policy, which leverages the state’s pristine environment, sustainable

infrastructure, and vibrant cultural backdrop to attract global talent.

In a sectoral meeting organized by KSIDC, Minister Rajeev had highlighted the transformative potential of AI in the retail sector. With Kerala’s high purchasing power offering a fertile ground for consumer markets, the integration of AI and machine learning promises to revolutionize customer experiences and operational efficiency.

The meeting also served as a platform to unveil the New Industrial Policy, designed to address challenges in the retail sector and harness emerging opportunities. Discussions among industry leaders emphasized publicprivate partnerships, local brand accreditation, and strategies to resolve GST disparities, all aimed at fostering a robust retail ecosystem.

Similarly, during a sectoral meeting on Tourism & Hospitality, leaders deliberated on strategies to establish Kerala as a global tourism hub. These initiatives align with Kerala’s Responsible Tourism Mission, the brainchild of state’s tourism minister PA Mohammed Riyas, which aims to balance economic growth with environmental sustainability. Enhanced infrastructure and connectivity will further attract global travelers, cementing Kerala’s position as a top-tier destination.

Agriculture and the rubber industry have been focal points for Kerala’s industrial growth. In a sectoral meeting on ‘Hi-Tech Farming & Value-Added Rubber’, experts discussed advanced techniques to boost productivity and sustainability. Kerala, already

Industries Minister P Rajeev, who has been leading several sectoral conferences as a prelude to the event, says IKGS 2025 will highlight Kerala’s unique position as a state committed to balancing economic growth with ecological preservation.

accounting for over 70% of India’s rubber production, aims to integrate technology into its plantation sectors, driving innovation and long-term growth.

The state’s focus on hi-tech farming also signals a commitment to modernizing its agricultural landscape, ensuring food security, and supporting rural livelihoods.

Kerala’s global reputation as a hub for Ayurveda and pharmaceuticals took

Under the visionary leadership of its young and dynamic tourism minister

PA Mohammed Riyas, the state’s tourism focus now includes eco-tourism, wellness tourism, and cultural tourism, and IKGS 2025 will further these sustainable practices.

center stage at another sectoral meeting. The discussions revolved around enhancing research and development in traditional medicine and creating regulatory frameworks to boost exports. The proposed Global Ayurveda Village and Pharma Park in Kochi stand as testaments to Kerala’s strategic vision for these industries.

The Kerala Automotive Technology Summit (KATS 2025), scheduled for February 5-6 in Thiruvananthapuram, aims to position the state as a global hub for electric and software-defined vehicles (SDVs). The event, organized by KSIDC in collaboration with the Confederation of Indian Industry (CII), will showcase Kerala’s Electric Vehicle Research and Industrial Park and its potential to attract investments in EV components. Kerala is committed to driving innovation in mobility and fostering collaborations with global OEMs and Tier-1 suppliers.

With such multipronged initiatives, the Invest Kerala Global Summit 2025 is proving to be the culmination of ongoing efforts to build a sustainable, inclusive, and innovative economy. The pre-summit initiatives and sectoral meetings have already charted a path forward, addressing key challenges and harnessing emerging opportunities across diverse industries. As the state gears up to host global investors in February, Kerala stands at the cusp of a new era, ready to redefine its identity as a hub for innovation, investment, and sustainability.

HOW COCHIN SHIPYARD LTD HAS EMERGED AS A NATIONAL TREASURE

IF THE WORLD KNOWS COCHIN SHIPYARD LTD BEST FOR BUILDING INDIA’S FIRST EVER INDIGENOUS AIRCRAFT CARRIER, INS VIKRANT, THE INVESTING WORLD KNOWS IT BEST FOR ONE MORE FEAT - FOR MULTIPLYING INVESTOR WEALTH BY OVER 10X DURING THE LAST 12 MONTHS! TO PUT THIS FEAT IN PERSPECTIVE, IT MADE COCHIN SHIPYARD (CSL), THE KOCHI, KERALA BASED CENTRAL PUBLIC SECTOR UNDERTAKING IN SHIP BUILDING AND MAINTENANCE, RACE PAST 99% OF LISTED COMPANIES AND ENTER THE TOP 1% OF WEALTH CREATORS IN THE COUNTRY DURING THE PAST 12 MONTHS. WHAT IS DRIVING THIS UNPARALLELED MOMENTUM IN COCHIN SHIPYARD? IS IT THE NEW DRY DOCK, WHICH IS INDIA’S LARGEST AND THE WORLD’S LARGEST STEPPED DRY DOCK? OR IS IT THE NEW INTERNATIONAL SHIP REPAIR FACILITY (ISRF)? OR IS IT THE PROSPECT OF WINNING A SECOND MAMMOTH ORDER FOR BUILDING INDIA’S SECOND INDIGENOUS AIRCRAFT CARRIER? IN ANY CASE, UNDER CHAIRMAN & MANAGING DIRECTOR MADHU S NAIR’S STRATEGIC VISION, AND THE EFFORTS OF THE WHOLE CSL TEAM, THE COMPANY HAS EMERGED AS A NATIONAL TREASURE.

o put Cochin Shipyard Ltd’s (CSL) stock market performance during the past 12 months in absolute terms, barely 50 companies out of the 5000 odd companies listed in India fared better than CSL. Many of them are penny stocks that have surged senselessly, and there is not even one more PSU company in this Top 50 list of gainers. Even more impressively, Cochin Shipyard with its current market capitalization at around Rs 75,000 crore is the largest among these 50 companies by market cap - by a huge difference - which implies that most probably CSL is the largest wealth creator among these 50 firms in absolute terms.

What was the miracle behind this amazing turnaround in a public sector enterprise that was listed in 2017 and traded flat to negative to its IPO price till mid 2022? Was it a case of fundamental improvement in its business, or a rerating by way of price-multiples, or both? It was clearly a case of both. Cochin Shipyard, which had a quarterly profit run rate of Rs 39 crore in the March 2023 quarter, steadily improved it across the next four quarters to clock a profit run rate of Rs 258 crore - a 6.61 times surge - by the March 2024 quarter.

The whole Cochin Shipyard team led by its visionary Chairman & Managing Director, Madhu S Nair, can be proud of this remarkable turnaround and steady acceleration in its performance. Madhu S Nair, a veteran of Cochin Shipyard with a 36 year old stint behind him, had taken over as CMD in 2016 beginning, had led its IPO and listing in 2017, and now this remarkable turnaround. The CMD has been helped in this daunting responsibility by his core executive team led by Director (Technical) Bijoy Bhasker, Director (Finance) Jose VJ, and Director (Operations) Sreejith K Narayanan.

Market never fails to note such turnaround fundamental performances, and that is what happened to the Cochin Shipyard stock during the last 12 months. From 52-Week Lows of sub Rs 300 levels to recent 52-Week Highs near Rs 3000 levels, the Cochin Shipyard stock has done a more than 10X surge within the past 12 months. Obviously, this surge was due to the soaring earnings-per-share (EPS), but it was not all. The market steadily rerated the CSL stock over the past 12 months from a P/E ratio of just around 12 times to an unbelievable 96 times now, both being on a Trailing Twelve Months (TTM) basis.

In other words, as institutional and public investors made a beeline for the stock, Cochin Shipyard’s price-earnings multiple moved from PSU or heavy manufacturing territory to blue-chip or high-growth private sector territory. Why are the Indian market participants, that includes foreign institutional investors, so gung-ho about this PSU player, awarding its top-of-the-line valuations? Before finding answers to this question, one clarification is warranted. A cursory look at Cochin Shipyard’s shareholding patterns

during these past 12 months, indeed reveals that many institutions including domestic mutual funds and FIIs have made wrong calls in the counter, often selling a couple of quarters earlier and now coming back at higher levels. In contrast, the ‘public’ category of investors, comprising noninstitutional and retail investors, seems to have made better calls in the Cochin Shipyard counter, staying on for the full might of the rally.

Coming back to our core question of why investors are now collectively and superlatively bullish about Cochin Shipyard, another note too is warranted. Is Cochin Shipyard really overrated? It is a fact that high growth stocks often appear overrated in TTM terms. For instance, the world’s largest company by market cap now, the fast growing AI chipmaker Nvidia now trades at a TTM P/E of 79 times. So going by that standard, we will have to admit that Cochin Shipyard is overrated, at least for argument’s sake.

The reason why such high-growth companies trade at lofty valuations is simple - the market is just forecasting higher earnings for the next couple of fiscals and pricing it in. Taking Nvidia’s case itself, its forward P/E for the next 12 months is a much more digestible 51 times only. But in the case of Cochin Shipyard, forward P/Es and price targets are hard to come by. Not because there aren’t enough analysts covering the stock - there are around four to five research houses covering it on a fundamental basis - but because all of their targets have been broken long back. What remains is only technical analysts, who continue to

see great promise in the stock based on its momentum.

What has made Cochin Shipyard enter into such an unchartered territory? Let us first look at the well defined factors, and then move on to the not so well defined factors. Firstly, Cochin Shipyard is sitting on an order book of around Rs 22,000 crore, which is quite robust given that its annual revenue for FY24 is Rs 3,830 crore, making the order book enough for the next 5 to 6 years, even with execution not being linear across the years.

However, while such an order book position is strong, in comparison with its current market cap, it is relatively small, which means the stock has run up way too fast, compared with peers like GRSE and Mazagon Dock. But there is more to Cochin Shipyard’s order book than meets the eye. For instance, it has an additional pipeline of highly probable projects amounting to Rs 10,000 crore. And in addition to even this highly probable pipeline, Cochin Shipyard is competing for Rs 50,000 crore of projects that are under various tendering stages now like RFI, mid stage etc.

The quality of Cochin Shipyard’s order book is also telling. It arises from the nature of its promoter, and also how CMD Madhu S Nair and team have cultivated this pedigree over the years. Though many investors and analysts mention Cochin Shipyard as a defence company or defence stock, it is technically incorrect, as its promoter is

not India’s Ministry of Defence, but its Ministry of Ports, Shipping & Waterways. This has always made Cochin Shipyard look beyond defence orders for growing its business. At the same time, such an approach didn’t deter this civilian shipyard from bagging the biggest defence order of them allfor building INS Vikrant, India’s first indigenously built aircraft carrier.

This is readily reflected in its current core order book of Rs 22,000 crore, where around 27% is made up by the commercial shipbuilding segment, with the rest 73% being its mainstay of defence. Even this significant commercial segment is diversified with over 73% of it being export orders, with the rest 27% being domestic commercial orders. Cochin Shipyard’s commercial segment - especially its export sub-segment - is also gathering pace, going forward. For instance, in its Rs 10,000 crore of projects in pipeline, around 85% is commercial, of which over 76% is for manufacturing commercial vessels to overseas clients. This not only makes Cochin Shipyard enjoy better margins than its peers, but also gives it a second engine for growth, even if defence orders were to slow down in the future.

Cochin Shipyard is also a very technologically advanced facility, with proven abilities and leadership in the newly emerging green vessels that use environment friendly energy sources. CSL’s leadership in this regard is evident from the fact that out of its current order

book for commercial vessels, around 59% is for green vessels like electric hybrid and hydrogen fuel cell vessels. In fact, India’s first indigenously built Hydrogen Fuel Cell Vessel is from Cochin Shipyard, which was completed in February 2024.

Orders have been flowing in for Cochin Shipyard from India and overseas. In January, CSL had signed a contract with a European Client for the design and construction of a Hybrid Service Operation Vessel (Hybrid SOV). In May, CSL also bagged another order from the same client for the design and construction of a second Hybrid SOV with an option for two more such vessels. All these orders are expected to be completed by the end of 2026. In February, CSL also entered into a contract with the Indian Navy for undertaking Medium Refits of Two Indian Naval Vessels. Cochin Shipyard’s execution also continues to be strong

with work on nearly 28 vessels in various stages now. These include 8 numbers of ASW SWC Corvette for Indian Navy; 9 more numbers of Hybrid Electric Catamaran Hull Vessels for KMRL (after delivering 14 such vessels already); 8 numbers of Multipurpose Vessels for European Clients; Commissioning of 2 Service Operation Vessels; and 1 number of 12000 Cu. M. Trailer Suction Hopper Dredger. Cochin Shipyard is geographically diversified too, with its two subsidiaries - Hooghly Cochin Shipyard Limited (HCSL) at Howrah, West Bengal, and Udupi Cochin Shipyard Limited (UCSL) at Malpe, Karnataka. Both the Hooghly and Udupi units have been winning notable orders from Indian and overseas clients and carrying out impressive shipbuilding works. In March 2024, HCSL had secured an order for construction of 2 numbers of 40T Bollard Pull ASD Tugs for Industrial Handling Pvt. Ltd, while in April and May, UCSL had secured orders for 1 number of 70T Bollard Pull Tugs for Polestar Maritime Limited and 3 numbers of 70T Bollard Pull Tugs for Ocean Sparkle Limited. April 2024 also witnessed at UCSL the keel laying of 1 number of New Generation Diesel Electric 3800 DWT General Cargo vessel being built for Wilson Shipowning AS, Norway. Apart from such order book and execution strengths, Cochin Shipyard is currently undertaking a major capex in both ship building and repair facilities, which is a prime reason why the stock has been booming without limits. There are two projects basically - a new Dry

Dock at its core Ravipuram campus in Kochi and an International Ship Repair Facility (ISRF) at Willingdon Island near Kochi, which will complement each other. The new Dry Dock, which will be Cochin Shipyard’s third dry dock and India’s largest dry dock till date, is the larger of these two projects, and is being built at a cost of Rs 1,799 crore. This is suitable for both building and repairing large ships like LNG vessels, Aircraft Carriers, Jack-up Rigs, Drill Ships, Large Tankers & Merchant Vessels. It was inaugurated by Prime Minister Narendra Modi in January of this year, and is expected to be operational by August. It is also the world’s first stepped dry dock enabling it to repair vessels of various sizes simultaneously. The new dry dock can also function as an important strategic asset for India, which can handle critical naval assets and commercial ships in the event of an emergency.

The International Ship Repair Facility (ISRF) being built at a cost of Rs 970 crore at Willingdon Island is also a huge affair spanning a land area of 16.25 hectares and a marine area of 16.15 hectares. This too was inaugurated by PM Modi in January, and is expected to be operationalised in August. CSL is now seeking a global partner who is expected to not only market the facility globally, but establish a supply chain and service provider chain for ISRF like how major repair facilities in Singapore & Middle East operate. This will make Kochi a maritime hub in the years to come. The ISRF and the third dry dock, when fully operational, will boost Cochin Shipyard’s revenue from repair and maintenance works significantly, which will come in handy when shipbuilding orders slow down. The company is already eyeing a big boost in this business, as it has signed a Master Ship Repair Agreement (MSRA) with the United States Navy, in April. This will facilitate the repair of US Naval vessels under their Military Sealift Command in Cochin Shipyard.

Under CMD Madhu S Nair’s strategic vision, Cochin Shipyard has also been moving fast in utilizing its natural and unique advantage as the only shipyard coming under India’s Ministry of Ports,

Shipping & Waterways. For instance, Cochin Shipyard had utilised its shared pedigree with the Ports Wing of the Ministry to start the ISRF in land leased from Cochin Port Trust. Similarly, Cochin Shipyard (CSL) has also started three facilities in association with Mumbai Port, Kolkata Port and Port Blair in Andamans. These units are the CSL Mumbai Ship Repair Unit (CMSRU) at Mumbai Port; the CSL Kolkata Ship Repair Unit (CKSRU) at Syama Prasad Mookerjee Port, Kolkata; and the CSL Andaman & Nicobar Ship Repair Unit (CANSRU) at Marine Dockyard, Port Blair. With such facilities, along with its Udupi and Hooghly subsidiaries, Cochin Shipyard has ensured that it has strong ship repairing and maintenance facilities for national and international vessels traversing along India’s west, south and east coasts.

While such comprehensive facilities for the upcoming boom in ship repairing business is a major reason why the market is valuing Cochin Shipyard richly, that is not all. An even bigger reason is the prospect of Cochin Shipyard eventually bagging a repeat mammoth order for India’s second indigenous aircraft carrier after INS Vikrant which it had built successfully. In fact, the reason why Cochin Shipyard went in for building India’s largest dry dock and the world’s largest stepped dry dock is speculated to be for better positioning when this tendering comes up.

But does this all mean that Cochin Shipyard’s stock will only move up and up? Of course not, as in all overheated counters, healthy corrections which can go up to 10-25% will occur every now and then in CSL stock too. Shipbuilding business is especially prone to such corrections as the complex execution of building a huge vessel is never linear. But as and when its ship repairing facilities gather momentum, Cochin Shipyard is likely to stabilise its earnings across years.

HERE IS SOMEONE WHO LEARNED CODING IN HIS 50s

ANDREW SMITH,A WRITER WITH NO TECHNICAL BACKGROUND RECOUNTS HIS INCREDIBLE JOURNEY INTO THE REALM OF CODING AND THE INVALUABLE LESSON IT TAUGHT HIM ABOUT THE MODERN WORLD.

ne day in 2017 I had a realisation that seems obvious now but had the power to shock back then: almost everything I did was being mediated by computer code. And as the trickle of code into my world became a flood, that world seemed to be getting not better but worse in approximate proportion. I began to wonder why.

Two possibilities sprang immediately to mind. One was the people who wrote the code – coders – long depicted in pop culture as a clan of vaguely comic, Tolkien-worshipping misfits. Another was the uber-capitalist system within which many worked, exemplified by the profoundly weird Silicon Valley. Were one or both using code to recast the human environment as something more amenable to them?

There was also a third possibility, one I barely dared contemplate because the prospect of it was so appalling. What if there was something about the way we compute that was at odds with the way humans are? I’d never heard anyone suggest such a possibility, but in theory, at least, it was there. Slowly, it became clear that the only way to find out would be to climb inside the machine by

learning to code myself.

Each language has its own distinct ethos and followers, parlayed into subcultures as passionate and complete as youth subcultures

As a writer in my 50s with no technical background, I knew almost nothing about how code worked. But I had come across – and been intrigued by –coders when writing a magazine feature about bitcoin a few years before. The cryptocurrency’s pseudonymous creator, Satoshi Nakamoto, had left few clues as to his identity before vanishing. Yet he had left 100,000 lines of code, which I found his peers reading like literature. I learned that there were thousands of programming languages used to communicate with the machines, including a few dozen big ones whose names tended to suggest either roses or unconscionably strong cleaning products (Perl, Ruby, Cobol, Go), and that each had its own distinct ethos and cultish band of followers, parlayed into subcultures as passionate and complete as the youth subcultures – punks, mods, goths, skinheads – I grew up with.

It seemed there could be rivalry, even mild animosity, between these tribes, a

friction coders half-jokingly referred to as “religious wars” on the grounds that no one was ever going to change their mind. Suddenly, the coder’s realm looked rich and intriguing. Later, I spoke to a theoretical physicist who had been studying “high frequency trading” on the stock market, wherein algorithms working outside human control fight to fool one another as to the market’s state. I was aghast but fascinated when he referred to this cosmos of code as “the first truly human-made ecosystem”. His team’s study was published, not in a physics or computing journal, but in Nature.

A residue of curiosity was all I had on my side as I set out to learn in a domain that proved quirkier – and often funnier – than I would have dared imagine. As with all code naifs, my first task was to choose a language. But on what basis?

At length, I found an extraordinary website called freeCodeCamp, where I learned there was a classic trio of languages behind most websites and that many learners started with these. HTML, for Hypertext Markup Language, was created at the dawn of the world wide web by Tim Berners-Lee and is used to define the structure of a webpage, while CSS (Cascading Style Sheets) allows for the styling of HTML elements. Optionally, JavaScript could be used to animate those elements. I enjoyed the first two, working through my first code crisis and experiencing the joy of seeing the machine do something I’d intended. Until someone pointed out that I probably liked HTML and CSS because they weren’t “algorithmic”: I was just moving stuff around. This was coding, in other words, but not programming.

Some swearing happened then. Yet in my heart I knew my choice hadn’t been random. Algorithms are slippery and hard to control in an essentially binary, alien and unforgiving environment, where a misplaced comma can cause a plane to crash or a satellite to explode. Obviously, part of me had wanted to avoid them. Then I looked at JavaScript, the powerfully algorithmic pillar of the web triad – and hated it.

At root, algorithms are simple things, mostly consisting of “if” statements (if “x” happens, do “y”; else do “z”) and “while loops” (so long as “x” applies, keep doing “y”; when “x” no longer applies, stop doing “y”). So by their nature,

algorithms concentrate and reinforce what they are given. In principle, if those things are good, the world gets better; if they are bad, the world gets worse. In fact, it’s not so simple. My dismay at JavaScript was about more than discomfort with algorithms, though. Strange as it seemed for what I’d always thought of as a hyperrational realm, the primary problem was aesthetic. Emotional. Just looking at JavaScript, with its ugly flights of brackets and braces and unnecessary-seeming reams of semicolons, made me miserable. There also seemed to be 25 different ways to accomplish every task and these were constantly changing, turning the language into a kind of coding wild west. The more time I spent with it, the more I thought: “I can’t do this; coding’s not for me – I don’t have the right kind of mind (and never liked Star Wars).”

My first day at the Python coders’ conference was less like the stiff gathering of my imagining than the first day back at Hogwarts

At this low ebb, I had a stroke of luck when a pro-coder friend of a friend suggested I try another language before giving up. He put me in touch with a man called Nicholas Tollervey, who was prominent within the Python language community. Before calling Tollervey, I looked at Python and instantly felt more at home with it. The first thing I noticed was the spare simplicity of its syntax, which used indentation rather than ugly symbols to delineate instructions to the machine. The language was designed by a naturally collaborative Dutchman named Guido van Rossum, who prized communication, community and concern for how his language would behave in the wild – in other words, empathy – above all else. He named his language Python after Monty Python, a whimsical, human touch that seemed promising. When Tollervey suggested I travel to Cleveland, Ohio, to experience the 4,000-strong PyCon conference, I found myself agreeing, with no idea what I was agreeing to.

The first day was less like the stiff gathering of my imagining than the first day back at Hogwarts. I met up with Tollervey, who graduated from the Royal College of Music as a tuba player before pivoting to code – the kind of backstory I’d hear often at PyCon. I learned that Python first appeared in the early 1990s but took the better part of

two decades to catch on: Van Rossum tells of calling a meet-up at a large computing conference early this century, to find only a handful of enthusiasts turning up. Yet, as programs grew in size and complexity, his priorities for the language began to tell. When I asked the then Python Software Foundation chair Naomi Ceder how Guido – to “Pythonistas”, he is always just Guido – had foreseen the way the coding environment would change, she said he didn’t.

“No one could! This may sound weird coming from a coder, but I think what Guido brings is an aesthetic sense… his strong attention to the aesthetics of the language gave it a form and structure amenable to adaptation and scaling, like a classical building.”

The values and assumptions in programming languages inform the software that’s written with them and change the world accordingly

This may sound unremarkable in the outside world but in code it is not. Larry Wall, the fascinating polymath who created Perl – which seemed to be eclipsing Python and most of its peers in the 1990s – specifically defined his language in opposition to Python. The latter, he said, was a modernist creation, imposing its own aesthetic and limiting freedom of choice or interpretation, deprioritising the individual. Perl, he claimed, was explicitly postmodern, providing the individual with as many options as possible and leaving them to decide what to use. I think Wall is right on both counts, even if this is a discussion I never expected to have in connection with code. There is a serious point, though, which I started to glimpse at PyCon: that the values and assumptions contained in programming languages inform the software that’s written with them and change the world accordingly.

I was surprised how much fun I had with the Pythonistas. Coding has a gender

and race problem, with only about 5% of professionals identifying as women or either Black, African or Caribbean. It would take me several years to get to the bottom of why this is. But strenuous efforts were being made to address the problem within Python communities around the world, notably in Africa. One organisation trying to reverse this imbalance is PyLadies, which traditionally holds a fundraising auction on the Saturday night of conference. I scored a ticket and got a first real sense, in microcosm, of a community that, while still too narrow in terms of gender and race, is easily the most culturally and neurologically diverse group I’ve ever seen.

The auction highlight for me involved a painting by one of the younger PyLadies. The auctioneer explained how, the previous year, Lynn had suffered a severe burnout – common in a field where small actions can have massive effects. She’d retreated from code and started painting watercolours in her search for peace. The other PyLadies had worked hard to persuade her to offer a painting of her cats, but from where I sat I could see she was shaking with anxiety, clinging to a colleague behind the scenes. The painting had meant so much to her, but what could it mean to others?

I watched in wonder as bidding started slowly then accelerated to a peak of $1,410, as the young coder dissolved into tears then floods of tears with the visceral release of a cliff crumbling into the sea, and I went away thinking this was one of the most beautiful things I had ever seen; knowing this was a community I wanted to get to know better.

Two years later I would be writing my first nervy Python as a volunteer in the San Francisco brigade of Code for America, the nonprofit coding equivalent of the Peace Corps, working on a pandemic dashboard for the Bay Area and feeling like the world’s unlikeliest convert to code culture.

Even so, as I burrowed deeper into Silicon Valley and what I came to think of as the “microcosmos”, I did find a hidden wrinkle in the way we compute, something intrinsic to the code itself, which is at odds with the way we’ve evolved to be. Something that has been concentrating power, abrading society and casting an algorithmic spell over us as a species – and will continue to do so until we bring it under control. Just when I thought my work was done, it was about to begin in earnest.

(Credit: The Guardian) SEASONAL

ARE YOU BORN TO RUN OR DO YOGA?

ARE ATHLETES BORN OR MADE? A NEW STUDY REVEALS WHICH FITNESS TRAITS ARE PRIMARILY GENETIC. IF YOU FEEL LIKE YOUR ATHLETIC PERFORMANCE IS FALLING SHORT, THIS NEW RESEARCH MIGHT EXPLAIN WHY

Iran elementary school cross country for the first time when I was in third grade. The main thing I remember about our practices was that we spent a lot of time trying to touch our toes, and I was terrible at it. Years later, that would become a reassuring memory, because as a teen and adult runner I spent hours each week stretching and yet remained absurdly inflexible. I even have a kindergarten class photo where all the other kids are sitting happily crosslegged while I’m clearly uncomfortable, my knees nearly touching my chin. This is a fitness affliction shaped by my genetics, not a reflection of my laziness and hate of stretching.

So it’s no shock to me that a new study finds that, of all fitness domains, flexibility is the one most determined by your genes. The study, which is published in Medicine & Science in Sports & Exercise, uses data from twin pairs to tease out the respective contributions of genes and environment—talent and training, you might say—for fifteen different fitness tests. Overall, the results support the notion that picking your parents well is a crucial step on the road to athletic stardom, but they also reveal some surprising nuances about how nature and nurture interact.

An international team of researchers led by Karri Silventoinen of the University of Helsinki tested a group of 198 pairs of twins between the ages of 6 and 18 in the Portuguese archipelago of Madeira. All the twins completed a battery of 15 fitness tests, and the results were analyzed to figure out how much of the variation between individuals was determined by their genes versus

their environment.

The key point is that 78 of the twin pairs were identical, meaning that they share exactly the same DNA, while the rest were fraternal (or sororal), meaning that they share on average half of their DNA. If the results of a given test are more similar within identical twin pairs than fraternal pairs, that indicates that there’s a genetic influence.

You can split the role of the environment into two components. There are shared environmental factors, like the neighborhood you grow up in, your socioeconomic status, the opportunities available to you to play sports, and so on. And there are unique environmental factors, which reflect your particular path through life: whether you joined a sports team or

broke your ankle or had a great gym teacher. Surprisingly, in contrast to some earlier data, the effects of shared environmental factors appeared to be negligible in the new study, so the analysis focused only on genetic and unique environmental factors. The 15 fitness tests came from two different standardized testing batteries. Eurofit involved the flamingo test (balancing on one leg), plate tapping (moving your hand back and forth between two plates as quickly as possible to test reaction time and quickness), sit-and-reach (touching your toes from a sitting position), standing long jump, handgrip, sit-ups, bent arm hang (holding the top position of a pullup for as long as possible), shuttle run of 10 times 5 meters, and 12-minute run/walk. Fitnessgram involved sit-and-

reach separately on the right and left sides, trunk lift (lying on the floor and lifting your stomach and upper body as high as possible off the ground), curl up (a partial sit-up), push up, and 20-meter shuttle run (better known as the Beep Test, where you have to cover the 20 meters faster and faster until you can no longer keep pace with the beeps).

Overall, genes played a big role in the results, with genetic contributions ranging from a low of 52 percent for the standing long jump to 79 percent for the sit-and-reach flexibility test. According to the researchers, that range of heritability is similar or slightly lower than for height and childhood BMI; on the other hand, it’s higher than the heritability of adult personality and other psychological traits.

One of the most interesting questions is the degree to which performance in one test predicted performance in other tests. After all, why do a ninecomponent fitness test if the same people do well in all of the components? Overall, the correlation between different tests was “modest to moderate”—that is, far from perfect. In fact, they found very little redundancy between tests (other than the three versions of the sit-and-reach test, which were measuring essentially the same thing).

The test that was most uncorrelated with the others was the trunk lift. This seems to be a skill that’s separate from, say,

how fast you can run or how far you can jump. At the other extreme, the three exercises that were most correlated with the rest of the tests were push-ups, standing long jump, and the Beep Test. If you want a simple and quick way of assessing someone’s overall physical fitness, these three tests are your best bet.

If I’d had to guess, I would have said that sprinting and explosive power abilities would be far more heritable than aerobic endurance. We’ve all heard stories about “talentless” grinders who’ve spent years putting in miles until they blossom into great marathoners. Less common, at least as far as I know, are slow, uncoordinated stumblers who put in long hours of plyometrics and weighted-sled pulls and emerge as champion sprinters. The results here don’t back up that assumption, though. Standing long jump is probably the best measure of explosive power among these tests, and it had the lowest genetic contribution.

This may be a function, in part, of the distinction between two facets of talent: untrained performance level, and trainability. This is an idea that David Epstein discussed in his 2013 book, The Sports Gene, and that has been expanded on in long-running debates about the nature of talent. Life in the 21st century being what it is, we can probably assume that the vast majority

of these twin pairs were untrained, at least in a formal sense. Standing long jump performance may reflect the explosive properties of their muscles, along with the degree of coordination that they’ve developed from active (or inactive) childhoods. But it doesn’t reflect a concerted effort to train.

Similarly, the high heritability of the 12minute results don’t reflect the effects of, say, 100-mile weeks. All these estimates of heritability reflect our starting points, but don’t tell us much about where, with sufficient hard work, we might end up. Trainability, too, is partly dictated by our genes—but for the most part, it’s dictated by different genes than your untrained performance level. There’s one final point to make. Digging into the data, you see that flexibility (as measured by the sit-andreach test) and aerobic fitness (as measured by the 12-minute run/walk) have some of the highest genetic contributions. It’s not necessarily the same genes, though! Those who are naturally good at one fitness domain may be terrible at another, and vice versa. And that’s not always a bad thing. In fact, there’s solid evidence that people who are less flexible tend to be more efficient runners. My pathetic inborn flexibility, it turns out, was a superpower all along.

(Credit: Alex Hutchinson for Outside)

SEASONAL MAGAZINE

PRODUCT & GEOGRAPHIC DIVERSIFICATIONS TO STABILISE SKM EGG PRODUCTS’ GROWTH

THE RUSSIAN INVASION OF UKRAINE AND THE RESULTANT SURGE IN MAIZE PRICES DURING MUCH OF FY24 MIGHT HAVE THROWN A SPANNER IN SKM EGG PRODUCTS’ GROWTH MARCH, BUT UNDER ITS FOUNDER, MD & CEO SKM SHREE SHIVKUMAR’S STRATEGIC VISION, THIS LEADING EGG PROCESSOR OF ASIA IS EYEING A TURNOVER OF RS 1000 CRORE EVENTUALLY AND MUCH MORE STABLE MARGINS VIA PRODUCT & GEOGRAPHIC DIVERSIFICATIONS. WITH SKM ALREADY PROCESSING 18 LAKH EGGS A DAY AND WITH ITS PRODUCTS REACHING 23 COUNTRIES, ALL THE WHILE MAINTAINING PRUDENT RETURN RATIOS AND DEBT LEVELS, MARKETS ARE BOUND TO WAIT OUT THE LULL BROUGHT ABOUT BY A SURGE IN INPUT PRICES.

SKM Shree Shivkumar

he stock of SKM Egg Products Export (India) Ltd is at crossroads now, after having done a nearly 10X growth in FY23 and then falling by around 60% in FY24. Just like how many investors missed the bus in FY23, many existing investors were caught off guard in FY24 when it dived down. However, from a fundamental perspective, SKM Egg Products’ performance is much above its historical averages, and this kind of price volatility is not peculiar to SKM, but typical in agro and food processing industries. For instance, most of its peers in the poultry and hatchery businesses experienced this kind of volatility in business, especially in their bottomlines.

SKM Egg Products had achieved a 2.6X surge in its annual revenue run rate from Rs 269 crore in FY21 to Rs 701 crore in FY24. Its bottomline performance was even more impressive due to operational leverage kicking in, with its annual profit run rate expanding from Rs 15 crore in 2021 to Rs 75 crore by FY23 end itself.

But its bottomline growth started faltering from the first quarter of FY24 itself, with sequential or QoQ performance dipping with each quarter. Still, under the visionary leadership of its dynamic Founder,

Managing Director & CEO SKM Shree Shivkumar, the company managed to grow its annual net profit marginally in FY24 too.

SKM Egg Products is a finely run business with its FY24 Return on Equity (RoE) being nearly 31%, much above many of its peers, even though it was a fall from the sky high 39% it was during the previous year. One of Asia’s largest egg processors, SKM is also noted for its prudent debt management with the debt-equity ratio in FY24 showing only a modest rise to 0.53 from the 0.45 it was the previous year.

That is why the market is still largely positive about SKM, and willing to wait out the crisis in the poultry business that started last year. While many factors contributed to this hit on profitability, the main factor was the soaring maize prices due to Russia’s sudden invasion of Ukraine. Maize is the largest input that goes into poultry feed, amounting to around 60% of the input costs of companies like SKM Egg Products.

Market is also appreciative of Shivkumar’s tireless initiatives that has seen SKM acquire unbelievable capacities and capabilities in this business. SKM’s state-of-the-art egg processing plant at Erode, Tamil Nadu, processes 18 lakh eggs per day to achieve an annual production of 6500 tonnes of egg powder and other processed egg products like liquid eggs in tetra packs and frozen egg white cubes which look and feel like paneer.

The 1300 member strong SKM team which started off with the Japanese market, and made a big move by

winning export orders from Russia, now regularly exports to 23 countries across the world including Far East Asia, Southeast Asia, Middle East and Singapore.

While around 80% of the eggs that it processes daily comes from its own farms which includes a 75 acre mega farm in Karur, the rest is sourced from leased farms. The Karur farm is ISO 22000 certified, and maintains high biosecurity measures to comply with the European Union standards, so much so that the eggs are pesticide free, with the six lakh hens being fed a vegetarian diet.

These high quality eggs have also hit Indian supermarkets under the SKM Best Eggs brand. Originally a 100% Export Oriented Unit (EOU), SKM today has a

Rs 50 crore business in the domestic market too, which it plans to scale up, as customers get attracted to better produced and better packed ready-touse products that offer high convenience and extra long shelf life. Shivkumar’s wife Kumutaavalli too is an entrepreneur who leads the group firm SKM Siddha and Ayurveda Company, while their son Sharath Ram has recently joined the Group as Executive Director after completing his post-graduation from King’s College, London.

SKM Group was founded by Shivkumar’s father SKM Maeilanandhan who had set up SKM Animal Feeds and Foods in Erode, decades back. Under Shivkumar’s watchful eyes, SKM Egg Products is now eyeing an annual turnover of Rs 1000 crore, with the various diverse product lines expected to stabilise the bottomline in the coming quarters.

Shivkumar with his father SKM Maeilanandhan

HIGHER EDUCATION

WHY HAVE LONG TERM INVESTORS IN CUB LARGELY MISSED INDIA’S GREATEST BULL MARKET?

AS CITY UNION BANK DELIVERS YET ANOTHER QUARTER OF MODEST YEAR-ON-YEAR GROWTH AND FLAT SEQUENTIAL GROWTH IN Q1, THE BANKING SECTOR ITSELF IS COMING OUT FROM A FIVE YEAR BOOM PERIOD IN INCOME, PROFITS & STOCK MARKET GROWTH, THAT CITY UNION BANK HAS LARGELY MISSED. NOW, WHEN THE BANKING SECTOR IS ONCE AGAIN STARTING TO FACE ASSET QUALITY STRESS IN SOME KEY SEGMENTS AS WELL AS MOUNTING STRESS IN ATTRACTING LOW COST DEPOSITS, THE CHALLENGES BEFORE CUB’S MD & CEO DR N KAMAKODI ARE ALSO HIGHER.

India’s key banking index, the Nifty Bank, had fallen sharply in reaction to the unprecedented Covid pandemic in the third quarter of FY20, but had swiftly recuperated all its losses and made a fresh All Time High (ATH) as early as the third quarter of FY21. And ever since then, the Nifty Bank has surged on and on, making All Time Highs again and again, with the latest ATH coming during the last month.

In many ways this has been a nobrainer, as the Nifty Bank couldn’t have done otherwise, as almost all businesses from India’s largest conglomerates to its

MSMEs emerged stronger and hungrier for growth, driving banking sector’s credit growth and its valuations, as what is perhaps India’s largest ever bull market unfolded.

This period also witnessed an additional advantage in that almost all the banks became finally equipped to tackle NPAs in an effective manner, backed by the support of Government and RBI, and using tools like stressed asset sales to Asset Reconstruction Companies, which made their balance sheets clean and sent their profits surging as provisions started reversing.

But long term investors who got into the City Union Bank counter just before Covid struck were in for a rude shock. The stock of this traditional private sector bank has never recovered enough to make an All Time High since then. When December 2024 arrives, just one quarter from now, City Union Bank (CUB) stock would have completed five years of lost opportunity for its investors.

Mind you, it was no ordinary five years, but a period when Nifty Bank surged nearly 3 times from sub 19,000 levels during FY20 end, to over 52,000 levels recently. The lost opportunity for CUB investors is even more striking when compared with another similar-sized traditional private sector bank from Tamil Nadu itself, whose stock went up

THIS KIND OF SLUGGISH GROWTH HAS CONTINUED IN CUB DURING ALMOST ALL OF FY23 AND FY24, TWO OF THE VERY BEST YEARS FOR THE INDIAN STOCK MARKET AND ITS LISTED ENTITIES INCLUDING BANKS.

by 10X during these same 5 years.

This bank’s performance is no anomaly either as three comparable traditional private sector banks in the neighbouring state of Kerala had surged by over 10X, 7X & 4X during this five year period, even when City Union Bank struggled to reach anywhere near to the All Time High it had set in December 2019. In fact, CUB’s current 52-Week High is still over 40% away from this All Time High.

Just a cursory glance at CUB’s balance sheet during these 5 years is enough to understand its market underperformance to a staggering degree vis-a-vis many of its comparable peers. CUB’s annual revenue run rate grew by just over 26% during these five years, while its annual profit run rate just doubled in the same period, whereas for some comparable banks the profit run rate went up by 7 times or more.

This kind of sluggish growth has continued in CUB during almost all of FY23 and FY24, two of the very

best years for the Indian stock market and its listed entities including banks. Even in its latest quarterly numbers, CUB is exhibiting this trend of minimal growth. While its total income and net profit for Q1 has grown by 8% and 16% respectively on a YoY basis, on a sequential or QoQ basis both income and profit growth are nearly flat.

This pattern of modest YoY growth and flat QoQ growth was visible throughout the quarters of FY24, which were among the best for many other comparable banks. Is this a case of CUB being a late bloomer in this post-Covid cycle? Even if this is the case, this may present higher challenges before CUB, going forward.

Because, an overheated stock market that is driven by surging domestic inflows by way of mutual fund SIPs, is presenting a unique problem for banks, as they are struggling to garner enough low cost liabilities like Current Accounts & Savings Accounts

DR N KAMAKODI, MD & CEO

(CASA) deposits. This may squeeze a late bloomer like CUB further.

The Kumbakonam, Tamil Nadu, headquartered City Union Bank has long been led by its MD & CEO Dr N Kamakodi. A CUB veteran since 2003, Dr Kamakodi was elevated to the post of MD & CEO in 2011. Despite the gross underperformance of the bank since FY20, the Director Board and shareholders of this 120year old bank reaffirmed its faith in Dr Kamakodi’s leadership last year, by recommending him for reappointment as MD & CEO for another 3 years, which the RBI also approved.

Of course, it goes to his credit that from FY12 to FY20, the bank had performed exceedingly well, with its stock surging by 7 times within 9 years. The CUB family is seemingly placing all their bets on this past track record. But only time would be able to tell the outcome, as Indian banking once again enters choppy waters after a five-year boom that CUB seems to have largely missed.

GARDEN REACH TRIPLES IN VALUE, STILL MARKET CAP ONLY 70% OF ORDER BOOK

Garden Reach Shipbuilders & Engineers’ (GRSE) recent achievements, financial performance, and strategic partnerships demonstrate its commitment to innovation and growth in the shipbuilding industry. Under the visionary leadership of its Chairman & Managing Director, Cmde PR Hari, IN (Retd.), the GRSE stock has more than tripled in value, but still has a long way to go with its market cap only Rs 15,686 crore, which is only 70% of its current order book of Rs 22,653 crores.

Kolkata based defence sector shipbuilder, Garden Reach Shipbuilders & Engineers (GRSE), has crossed the crucial Rs 1000 crore quarterly revenue run rate for the first time in Q4, while its EBITDA has tripled and its net profit has doubled to reach Rs 112 crore on a year-on-year basis. Investors had cheered GRSE’s Q4 results announcement with the stock price soaring over 18% after the results were published, and taking the stock to a new all time high. The GRSE stock has had a stellar run in the bourses during Q4, rising over 70% during the past three months. On a yearly basis too, the stock has seen remarkable growth, having more than tripled in value from its 52-week low which was recorded in May 2023. But going forward, the PSU firm should achieve major order wins for this momentum to continue, which the company is confident of,

at this stage. Reflecting GRSE’s commitment to excellence in shipbuilding and engineering, major manufacturing orders and maintenance works have been pouring in from its main two clients, Indian Navy and the Indian Coast Guard. Apart from in-house designed warships, such orders have so far included in-house designed AntiSubmarine Warfare Shallow Water Crafts (ASWSWCs), Survey Vessels and Patrol Vessels for the Indian Navy and Coast Guard. However, in recent quarters, GRSE has also been proactively signing MoUs with foreign companies to develop hydrogen fuel cell ferries as well as to provide sales and service of medium-speed engines. As on March 31, 2024, GRSE’s order book stood at Rs 22,653 crores. This order book primarily comprises orders from the shipbuilding sector, including key projects like P-17 Alpha, Survey Vessel Large Project, ASWSWCs, and

Ocean Going Patrol Vessels. The P17 Alpha Project involves the construction of three warships. While all three ships have been launched, the first ship is currently at 70% physical progress, the second ship at 60% progress, and the third ship at 47%. GRSE aims to deliver the first ship by mid-2025 and complete the entire P-17 Alpha Project by August 2026. GRSE’s Survey Vessel Large Project on the other hand is a fourship project, with the first ship already delivered to the Indian Navy. The ship was commissioned during Q4 on February 21, 2024, and is now fully operational. The Anti-Submarine Shallow Water Craft Project has been a key one for GRSE since the past few years and is valued at Rs 4,886 crores. Similarly, the Next Generation Ocean Going Patrol Vessel Project that GRSE is executing is valued at Rs 3,359 crores. The current fiscal of FY’25 is key for GRSE as the firm is expected to complete as many as five major vessels in this year. While the GRSE stock is now richly valued at nearly 44 P/E and 10 P/BV, this is a reflection of the high growth trajectory the company is in. But what most investors may miss is the crucial fact that GRSE has a long way to go with its market cap still in small cap territory at just Rs 15,686 crore, which is only 70% of its current order book of Rs 22,653 crores. The stock also has a reasonable dividend yield of 1.30% which may remain steady or even go up in the future due to its PSU nature.

IN-FOCUS

HOW MOIL IS A ZERO DEBT PROXY PLAY IN STEEL INDUSTRY

UNDER ITS VISIONARY CHAIRMAN & MANAGING DIRECTOR, AJIT KUMAR SAXENA, THE ENTIRE TEAM AT MOIL IS MAKING SURE THAT IT IS A HIGH QUALITY PROXY PLAY IN STEEL, WITH ZERO DEBT AND HIGH RETURN ON CAPITAL EMPLOYED, EVEN WHILE DELIVERING ITS IMMENSE RESPONSIBILITIES IN NATION BUILDING BY CONTRIBUTING TO THE CORE INFRASTRUCTURE AND INDUSTRIAL SECTORS.

In the PSU universe where most stocks are already too hot to touch, Nagpur headquartered MOIL Ltd stands as a rare exception. Despite a 3X rally this year, and despite trading within 10% of its All Time High level, this leader in manganese mining and sales is still available at relatively reasonable valuations. Manganese being a critical metal essential in steel production, MOIL is a proxy play in the high growth steel industry. MOIL Ltd. is promoted by the Government of India’s Ministry of Steels. The manganese mined and sold by MOIL finds diverse applications in products like steel, dry batteries, fertilizers etc. MOIL was listed in 2011 through its IPO, and had gone below and stayed below its IPO price for long, but since 2023, has been on a major upswing. Its current price is Rs. 529, while its 52-Week Low is Rs 182 and its recent 52-Week High is Rs 588, which is a wealth multiplication of over 3 times this year. From its All Time Low of Rs 86, its recent All Time High of Rs 588 is a wealth multiplication of nearly 7 times. MOIL’s strengths include a strong promoter and its potential as a proxy play in the vital steel sector. At the same time,

unlike large steel firms, it is a zero debt company. It has a visionary Chairman & Managing Director in Ajit Kumar Saxena, who is a graduate engineer and a postgraduate in business administration, as well as a trained professional with a 36-year stint in metal industries including in steel major SAIL. Last Q4 was a turnaround quarter for MOIL with net profit up by 14% year-on-year and 69% quarter-on-quarter. As per its latest quarterly update for the recent Q1, MOIL has followed this up with record sales which is up by nearly 15% year-on-year and record production that is up by nearly 8% year-on-year. MOIL also excels in its core return ratios with its Return on Capital Employed being 15.27% and Return on Equity being 11.95%. MOIL also has a Dividend Yield of 1.14% as of today’s price. The company stock is in high momentum now, with it being just 10% away from its All Time High of Rs 588. On the valuation front, MOIL is trading at a priceto-earnings multiple of 36.75 times and a priceto-book of 4.41 times, which shows rich valuation, but reasonable in comparison with some of its peers. The MOIL stock has a face value of Rs 10, with a current market cap of Rs 10,767 crores.

WORK NEEDS REST, AND REST TAKES WORK

MODERN LIFE CAN BE EXHAUSTING. PSYCHOLOGIST, AUTHOR AND FATIGUE EXPERT VINCENT DEARY SAYS THE ANSWER IS TO LEARN HOW TO REST.

incent Deary, psychologist, fatigue specialist and author, has been telling me what an “anxious creature” he is. He barely slept last night. The hotel room was unfamiliar and noisy. Worse, the prospect of an interview and of meeting someone new made his arrhythmic heart race.

It’s racing now as we sit together in a London hotel. We’re here to discuss his new book, How We Break: Navigating the Wear and Tear of Living, an exploration of our varying responses to the corrosive pressures of daily life, especially work, and an assertion of the vital necessity of rest, recovery and the lost art of convalescence. The book is the second in a trilogy by Deary, a professor of psychology at Northumbria University and a clinical fatigue specialist at the Cresta Fatigue Clinic, a role from which he has just retired. The NHS clinic, which is closing later this year was unique in the UK for its trans-diagnostic multi-disciplinary approach to disabling fatigue in patients with various diagnoses such as auto-immune conditions, liver disease or post-cancer fatigue. It excluded people with a primary diagnosis of CFS/ME as there were existing clinics for them. Deary goes on to share something else with me: he dreads the intimacy of dinner parties and hates surprises, before adding that his partner of 10 years recently threw a surprise party for his 60th birthday – and he loved it. Proof, it seems, that people can change.

Well yes and no. Deary believes we can make changes, if circumstances allow, and we can adapt, but we can’t

fundamentally change the self we were born with. First, there’s our genetic makeup. Then, he says, there’s our constitution, which is encoded with memories of previous generations and sometimes by intergenerational trauma; the body remembers, it keeps score. Deary offers himself up as a good example of this, and there are three other case histories in the book, including that of his late mother.

When he hit 40, long since amicably divorced, Deary left his job as an NHS therapist, sold up in London, moved back to Scotland, and corralled material for the first book. Five years later, he

became a single parent when his 16year-old daughter came to live with him. The finished book cowered in a drawer, Deary lacking the confidence to seek publication. How to Live, the first book in the trilogy, was finally published when he was 50. Now he was an author, too, an acclaimed one. Lots of changes there then.

But who he is, fundamentally, has not changed, he says. “I still have social anxiety.” What he has managed to change is his relationship with this anxiety: “I recognise that it is part of me, that it’s going to show up, so I now literally bring it along with me as a

companion. And that’s OK. It might mean I am hyper and talk a lot, but that can be quite useful.”

For Deary, arriving at this place of selfacceptance and self-love has been a project, it’s been work and that’s also OK, because we each have to work on the self we are born with in order to survive, or thrive. Some, like Deary, won’t be a good fit for their environment, which means “some of us are harder work for ourselves than others”. We “tremble” as we encounter the turbulence of life, including the changes we have to navigate but, again, some of us tremble more than others. In turn, holding steady in the face of change, what’s known as the allostatic load, becomes too much, “There’s no wriggle room and we break,” as Deary himself did while writing his new book.

As part of his work on himself, Deary has traced the reach and roots of his anxiety, as he does for his patients in the fatigue clinic. Early on, he “meets” an effeminate child growing up in a working-class culture on the west coast of Scotland and sees what “a misfit” he was. He ran with the “rejects and the freaks”.

“I was visibly different from my peers,” he tells me, “very gentle, soft-spoken. I was little and timorous by nature. That’s not necessarily great in a working-class comprehensive in the 70s in Scotland. There was bullying. I was called either snobby or poofy. I was neither.” He had a big nose and was called Concorde. “My body remembers the early threats; I am still easily frightened.”

So was his mother. Gentle and openminded, she had a punitive upbringing and, like her son, had an “anxious constitution”. Deary was an “unexpected pregnancy,” he writes, his mother already dealing with a large family and the wear and tear of poverty and a difficult marriage. “I was born alarmed,” he writes. But home was good. “I had quite an exceptional mother,” he says, “and an exceptional home life. We were enculturated into art, literature, theatre very early on and so that marked us out as different. I did not come from a typical west coast Scottish family.”

He shares his story in the book, not “to say I had a really difficult time, but because I wanted people to find resonance – I wanted them to see that when you don’t fit in, you’re given back to yourself as work because you need to learn to manage that not fitting. You need to learn to manage the difficult feelings coming out of that and you need to learn to manage yourself.”

Key to that self-management is not only understanding and self-love, but rest. Deary has a mantra: work needs rest and rest takes work. We need to take time out to rest in order to heal from extreme exhaustion, chronic illness, or unexpected life events, what Deary terms “biographical disruption”. We also need to take a rest from work and free ourselves from an “audit culture” that pushes us, sometimes to breaking point. But first, we need to learn how to rest. “It’s a skill,” he says, one that nowadays has to be acquired.

“One of the things I noticed in the fatigue clinic is that tired people can often do the things they need to do, but a lot of them really struggle with switching off. We often associate our worth and our value in terms of productivity and output. Both within academia and the NHS there are whole mini-industries dedicated to evaluating your productivity and your output, often telling you that you could do better and, actually, could you do better with less, please. It’s very easy to buy into that narrative that your work equals your productivity. So, for people who are exhausted and can’t be productive, it’s very easy to go, I don’t deserve to rest, I am worthless, I have done nothing to earn this. skip past newsletter promotion

“But we need to allow ourselves to rest, to nap, to enjoy, to deliberately switch on to joy and nourishment and the stuff that actually fills the tank. I wrote this book to understand myself, but also because, in the last few years, I saw friends, family, colleagues, society, to an extent, just become overwhelmed, or exhausted, or hopeless or joyless. Ordinary people going through ordinary suffering. Some of them crossed the clinical line into physical or mental

health systems, but most of them were just struggling to get on with life. Often the first casualty of stress is joy. Deliberately leaning into that joy and finding out the stuff that restores you is really key to recovery.”

Some GPs have started handing out joy as a “social prescription”. But how do we identify what brings us joy? “The clue is in our everyday language: ‘That really lifted my spirits,’ or ‘I got a lot out of that.’ It’s the stuff that cheers us up or energises us.” A meal with loved ones is often high up on the list. Deary’s academic research looks at the challenges faced by head and neck cancer survivors. “It’s not the food they miss,” he says, “it’s the sharing. They were mourning the connection. It’s what we call commensality: that social magic which comes when you’re sharing food. Our research with food and head and neck cancer and other conditions highlighted that pleasure is a necessity; being deprived of it is literally depressing and demoralising.”

One day, halfway through writing How We Break, Deary discovered this for himself. He woke up “in a state of exhaustion. I had no real ability to get out of bed. When I finally took myself for a walk, I was wiped out the next day. I was in a state of hopeless exhaustion. My mood went down as well. I was completely disengaged from life. It was a very difficult time.”

To recover he did “what I help people in the fatigue clinic do, which is, gradually get back into things at my own pace and do a combination of physical and emotional rehab. Incremental engagement with life. I think that is what true convalescence is. It’s not just rest and it’s not just activity, it’s that mixture of both: it’s acknowledging that there is a deep need for rest and recovery. It’s like Thomas Mann’s Magic Mountain where they are all sitting about in the sanatorium: there’s the beauty, there’s the connection, there’s the food. There’s the joy” – even in an interview. “A joyful encounter!” was Deary’s verdict, glad that he came, proud of himself and proof that a little self-love goes a long way to ease the wear and tear of life.

(Genevieve Fox for The Guardian)

SEASONAL MAGAZINE

Seasonal Magazine - JSSAHER Cover Story

Seasonal

INNOVATIVE WAYS IN WHICH INDIA CAN FOCUS MORE ON PER CAPITA INCOME

1) Tackle Reciprocal Tariffs

2) Strengthen Bilateral Agreements

3) Health is Wealth, Really

4) Remove Bottlenecks

5) Leveraging AI, the Right Way

CONTENTS

TOP UNIVERSITIES IN 2025 FOR LAUNCHING REWARDING CAREERS

JSSAHER IS LEAVING COMPETITION FAR BEHIND

STUDY AT KARUNYA CAMPUS, WHICH THE WORLD HAS TAKEN NOTE OF

IFHE CLIMBS THE LADDERS OF RANKS AND PLACEMENTS

BANK OF INDIA ON A STRONG WICKET

HOW TO UNDERSTAND THINGS

HOW COCHIN SHIPYARD LTD HAS EMERGED AS A NATIONAL TREASURE

VINEGAR CAN HELP COMBAT DEPRESSION, STUDY FINDS

THE ULTRA PROCESSED FOOD THAT CAN KILL YOU EARLY

PRODUCT & GEOGRAPHIC DIVERSIFICATIONS TO STABILISE SKM EGG PRODUCTS’ GROWTH

6 NUTRIENTS FOR PEAK EYE HEALTH, AND THE BEST SOURCES FOR THEM

INDIAN BANK’S THIRD QUARTER HEALTHY, AS A NEW MD & CEO ASSUMES OFFICE

KERALA IN GLOBAL SPOTLIGHT

CAN SINGING A SONG IMPROVE HEART DISEASE?

WHY SOCIAL LEARNING IS THE BEST WAY TO LEARN ANYTHING NEW

A GLOBAL CONVERGENCE TO TRANSFORM MADHYA PRADESH

HERE IS SOMEONE WHO LEARNED CODING IN HIS 50s

A NEW SIMPLE, POSITIVE PSYCHOTHERAPY HOLDS HOPE AGAINST DEPRESSION & ANXIETY

THE ULTRA PROCESSED FOOD THAT CAN KILL YOU EARLY

ELIZA CHENG AND COME FROM A BLUE ZONE WHERE PEOPLE OFTEN LIVE 10 YEARS LONGER THAN AVERAGE. THIS IS THE NO. 1 ULTRA-PROCESSED FOOD I ALWAYS AVOID.

VINEGAR CAN HELP COMBAT DEPRESSION, STUDY FINDS

WHY SOCIAL LEARNING IS THE BEST WAY TO LEARN ANYTHING NEW

THE NETWORKS IN THE BRAIN RESPONSIBLE FOR STORING THE INFORMATION ALSO PROMPT US TO PURSUE A NEW AND BETTER COURSE OF ACTION, OFTEN INFLUENCED BY THE SOCIAL PRESSURE OF KNOWING WHAT OTHERS EXPECT OF US AND NOT WANTING TO LOOK BAD IN FRONT OF THE GROUP.

CAN SINGING A SONG IMPROVE HEART DISEASE?

HOW TO UNDERSTAND THINGS

THE PHOTOGRAPHER ROBERT CAPA ADVISED BEGINNING PHOTOGRAPHERS:

TOP UNIVERSITIES IN 2025 FOR LAUNCHING REWARDING CAREERS TOP UNIVERSITIES IN 2025 FOR LAUNCHING REWARDING CAREERS

JSSAHER IS LEAVING COMPETITION FAR BEHIND

HOW DR. SURESH & JSSAHER BETTERED HEALTHCARE BY REDEFINING CLINICAL PHARMACIST ROLE

IFHE CLIMBS THE

RANKS AND PLAC

LADDERS OF EMENTS

STUDY AT KARUNYA CAMPUS, WHICH THE WORLD HAS TAKEN NOTE OF

BANK OF INDIA ON A STRONG WICKET

INDIAN BANK’S THIRD QUARTER HEALTHY,

AS A NEW MD & CEO ASSUMES

OFFICE

A NEW SIMPLE, POSITIVE PSYCHOTHERAPY HOLDS HOPE AGAINST

DEPRESSION & ANXIETY

6 NUTRIENTS FOR PEAK EYE HEALTH, AND THE BEST SOURCES FOR THEM

Vitamin A

Omega-3s

Vitamin E

Zinc

Lutein and zeaxanthin

EYE HEALTH TIPS

A GLOBAL CONVERGENCE TO TRANSFORM MADHYA PRADESH

KERALA IN GLOBAL SPOTLIGHT

“O “O “O “O “O

Under the visionary leadership of its young and dynamic tourism minister

HOW COCHIN SHIPYARD LTD HAS EMERGED AS A NATIONAL TREASURE

HERE IS SOMEONE WHO LEARNED CODING IN HIS 50s

ANDREW SMITH,A WRITER WITH NO TECHNICAL BACKGROUND RECOUNTS HIS INCREDIBLE JOURNEY INTO THE REALM OF CODING AND THE INVALUABLE LESSON IT TAUGHT HIM ABOUT THE MODERN WORLD.

ARE YOU BORN TO RUN OR DO YOGA?

ARE ATHLETES BORN OR MADE? A NEW STUDY REVEALS WHICH FITNESS TRAITS ARE PRIMARILY GENETIC. IF YOU FEEL LIKE YOUR ATHLETIC PERFORMANCE IS FALLING SHORT, THIS NEW RESEARCH MIGHT EXPLAIN WHY

PRODUCT & GEOGRAPHIC DIVERSIFICATIONS TO STABILISE SKM EGG PRODUCTS’ GROWTH

HIGHER EDUCATION

WHY HAVE LONG TERM INVESTORS IN CUB LARGELY MISSED INDIA’S GREATEST BULL MARKET?

GARDEN REACH TRIPLES IN VALUE, STILL MARKET CAP ONLY 70% OF ORDER BOOK

HOW MOIL IS A ZERO DEBT PROXY PLAY IN STEEL INDUSTRY

HOW MOIL IS A ZERO DEBT PROXY PLAY IN STEEL INDUSTRY

WORK NEEDS REST, AND REST TAKES WORK

MODERN LIFE CAN BE EXHAUSTING. PSYCHOLOGIST, AUTHOR AND FATIGUE EXPERT VINCENT DEARY SAYS THE ANSWER IS TO LEARN HOW TO REST.