Seasonal Magazine July-August 2016 Issue by John Antony

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VOLUME 15 ISSUE 8 JULY-AUGUST 2016

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EDITORIAL MAGAZINE

Seasonal www.seasonalmagazine.com

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

If there is one desire shared by all Indians, it is to see a prosperous India. Not just for ourselves, but for all around us. And if there is one strategy shared by all Indians about how to achieve this prosperity, it is spelled…g.r.o.w.t.h. We are hungry for growth. After being taunted for three decades for following the infamous ‘Hindu rate of growth’, we decided that enough is enough, and went in for the kill.

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STOP OBSESSING ABOUT GDP GROWTH, START OBSESSING ABOUT EQUITABLE GROWTH

Ironically, the ‘Hindu rate of growth’ of 3.5% from 1950s to 1980s had nothing to do with Hinduism as projected by Raj Krishna an Indian economist, who coined it, and Robert McNamara who popularized it when he was President of World Bank. It is said that Raj Krishna coined the term postulating that traditional Indian philosophies of ‘fatalism’ and ‘contentedness’ had resulted in such a low growth rate, even while peers like South Korea and Taiwan outpaced India to become developed countries during those three decades. Krishna was obviously wrong, or maybe he didn’t mean it at all, and it is also hypothesized that it was McNamara who did that connection with fatalism and contentedness by using the term mockingly against Indian philosophies. What is even more ironical is that, ‘Hindu rate of growth’ had everything to do with democratic socialism as espoused by Nehru, and followed diligently by Shastri, Indira, Morarji, Rajiv, VP Singh, & Chandrasekhar. Following the Balance of Payments crisis of 1991 during Chandrasekhar’s rule, precipitated by Iraq’s invasion of Kuwait, which required airlifting of India’s entire gold reserves overseas to get a $2.2 billion IMF loan, the next government led by PV Narasimha Rao

took revolutionary steps to take India out of the so-called ‘Hindu rate of growth’. Enter Dr. Manmohan Singh, India’s first economist Prime Minister, with his economic liberalization agenda, and on many counts, India

hasn’t looked back ever since, growing from strength to strength at high single digits or even double digits briefly. The stock markets too boomed and even Indians started reminiscing about ‘Hindu rate of growth’ in a disparaging way. Governments have changed many times since then, including from BJP, Congress, Janata Dal, and even a Left backed Congress regime – but none had the intelligence to assess and modify what Rao-Singh combine had unleashed for India. Because, statistics showed that each year of high single digit growth was taking hundreds of millions out of India’s abysmal poverty into its burgeoning middle-class. But then, why are we cribbing about interest rates and inflation, sitting in 2016? Oil is at historical lows and staying there, and gold too has not breached its all-time highs. Not too long back, India’s inflation was said to be all

imported, driven by oil and gold, among other commodities. Even most commodities we import have crashed, and isn’t it a shame that we still crib about inflation and interest rates? We need to be ashamed, but it is not about this cribbing; will come back to it soon. What we need NOT be ashamed about is our interest rates. Otherwise, we should be able to identify a nation that is growing as fast as us and having a lower interest rate. There are no such

nations on the globe. Simply put, it is just not possible. Get it straight, growth is really spelled as i.n.f.l.a.t.i.o.n, and interest rate is only a side-effect of inflation. Whenever there is high inflation, you can’t have low interest rate. Period. But, first, a look into why high growth invariably causes high inflation. Simply put, what drives high growth is rising money supply and rising credit in the system. Every entity, be it governments, companies, families, or individuals, need to take debt to grow to the next level, and there is nothing that fuels overall inflation higher and higher than rising credit in the system. This is because the credit business or the banking business has a money multiplier effect. All the long-term deposits coming into the banks, except for what is set aside as Cash Reserve Ratio (CRR), gets multiplied through each cycle of credit. That is why reducing the CRR rate has had an

enormous effect on the liquidity in the system, in recent years. At the current rate of 4%, an approximate calculation is that funds from long-term deposits have the potential to multiply by 25 times in the system, if there is brisk credit growth. So if we need growth, we need to put up with high inflation, but to ensure that inflation doesn’t keep on rising to dangerous levels like in peer countries like Russia or Brazil, we need higher interest rates.

But we could have allowed slightly higher inflation rates and slightly lower interest rates than now, only if we had done a few things properly. And here is where we have a lot to be ashamed about as a nation. For all its merits, economic liberalization as practiced in India since 1991, has been very much skewed. We did the easy part like opening up our economy and attracting foreign investments, and we continue to do that even now, thereby exploding aggregate demand of our population, but did little to equally grow the supply side. 50% of our Consumer Price Index (CPI) that decides inflation is made up of food items, and as the nation destined to be the most populous in the world sooner rather than latter, how could we have overlooked supply side concerns is beyond comprehension. How every leader from Narasimha Rao to Vajpayee to Manmohan Singh to Narendra Modi have overlooked this crucial factor, is mind-boggling to say the least.

So, while incomes have grown in India post liberalization, so have inflation which negates the effect. Thankfully, after Dr. Raghuram Rajan coming in, there has been some containment of inflation, but due to the inflationary expectations caused by a robust monsoon, it is again inching up. RBI has only one basic tool in its arsenal – the interest rate – and it is unrealistic to expect that this tool will suffice to battle inflation. This is where we need to be ashamed for a second time. Even

with our poor supply side growth, we could have done much better if we had invested heavily in world-class warehousing and rapid logistics. But the biggest shame is reserved for our continued inability to check the middlemen involved in jacking up the prices of essential food items multiple times a year by simple hoarding mechanisms. They plunder everyone, the whole of India - farmers, consumers, and governments. It would do India a lot of good to start acting big on the supply side in a comprehensive fashion – by modernizing farming, by creating warehousing & logistics infra, and by eliminating middlemen - which will have a multiplier effect on the nation’s well-being as 50% of our population are still rural and depending on agricultural income, and only their well-being will be the nation’s wellbeing, directly as well as indirectly. John Antony SEASONAL MAGAZINE

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CONTENTS WHAT MAKES GREAT COMPANIES

Next great Indian company? A million dollar question or a billion dollar question depending on whether you are a retail or institutional investor. Some of the best emerging market investors of the foreign institutional kind have filtered through more than thirty countries to zero in on India. Screening more than one hundred sectors come next. Still, the next step, picking great companies for investment is inherently tough as it demands multi-dimensional research across two dozen fundamental metrics. 99% of what we are bombarded with in financial media is nothing but noise. That is why looking beyond the obvious is lesson number one of the game. How neat it would have been if someone would filter out the noise for us, crunch the numbers, and condense the disparate data into –one single recommendation - an actionable idea that empowers. The challenge is formidable as the only enabler is deep domain knowledge.

DID CRONY CAPITALISTS CAUSE DR. RAJAN’S EXIT? Award-winning journalist Barkha Dutt, Consulting Editor with NDTV feels so, after interviewing Rajan personally and after contemplating about the conduct of various actors in this drama.

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SHEILA IS HEROINE IN KISHOR'S SCRIPT By choosing Sheila Dikshit as its face in UP, Congress shows that it's playing by Prashant Kishor's script. Master strategist had advised party to name a Brahmin as its chief ministerial candidate to lure uppercaste vote away from BJP. Poll strategist Prashant Kishor has finally had his way. Following the script prepared by him, the..

WHY INDIA IS PAYING RS. 4 LAKH CRORE TO AN AMERICAN CORPORATION FOR 6 NUCLEAR REACTORS Suvrat Raju, a physicist with Tata Institute of Fundamental Research and an activist with the Coalition for Nuclear Disarmament and Peace, explains why India’s decision to go for six nuclear reactors from beleagured American firm, Westinghouse, for a whopping Rs. 4 Lakh Crore, is fundamentally flawed...

FEDERAL BANK

BULLISH ON SMEs, DIGITAL, AND STARTUPS “We cannot solve our problems with the same thinking we used when we created them,” wrote Albert Einstein wryly more than six decades back, and nowhere is it more relevant today than in the plight the world economy finds itself in. The run-up to the global financial crisis of 2008-09 was accompanied by one of the largest and simultaneous bull runs in real estate, housing, commodities, and stocks, driven by easy liquidity of money triggered by various Central Banks as well as the sophisticated but risky debt products by some of the world’s largest private financial conglomerates, to capitalize on it.

6 WAYS FAMILIES HELP YOUR HEALTH Healthcare major Abbott is spearheading a survey project that is asking one million people how they live a full life, and the majority is replying that ‘family’ is the most critical part of living ..

IIT-KHARAGPUR TO START CENTRE FOR SCIENCE OF HAPPINESS ‘Rekhi Centre for Science of Happiness’, is named after its alumnus Satinder Singh Rekhi. It aims to promote “happiness and positive psychology” among its students..

NEW TAX BENEFITS FOR HOME PURCHASE AND RENT PAID The Finance Act 2016, has certain provisions, which will benefit individual tax payers, vis-à-vis home loan interest and rent paid.

AUTO SALES REVEAL CHINA AND INDIA ARE STILL POLES APART

India's thirst for gasoline - the fuel most used by passenger vehicles has soared 12.6 percent in the first six months of the year from 2015, growing at more than double the..

BUYING A SMARTPHONE IN 2016? UNDERSTAND THESE 12 LATEST FEATURES If you’re shopping for a new smartphone in 2016, you might feel like you need a geek-to-English dictionary just to understand the lingo. Megapixel this, gigahertz ..

EVEN 30 MINUTES NAP CAN REVERSE SLEEP DEPRIVATION DAMAGE Even after only sleeping for two hours a night, a half an hour nap can restore your protein and hormone levels to normal, a study has found.

LESSONS FROM INDIA'S FAILED STARTUPS Often forgotten is this fact anywhere between 6-7 of every 10 startups will fail; some entrepreneurs in fact argue that failure rate is as high as 90%.

SMALL CHANGES, BIG RESULTS

Small habits don’t require significant change, but can make a disproportionate impact on the performance of organizations.

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DIPLOMACY

Why India is Paying Rs. 4 Lakh Crore to an American Corporation for 6 Nuclear Reactors Suvrat Raju, a physicist with Tata Institute of Fundamental Research and an activist with the Coalition for Nuclear Disarmament and Peace, explains why India’s decision to go for six nuclear reactors from beleagured American firm, Westinghouse, for a whopping Rs. 4 Lakh Crore, is fundamentally flawed. Raju studied at St. Stephen’s and did his PhD from Harvard University.

he government’s decision to let Westinghouse build six nuclear reactors in India smacks not only of arbitrary use of executive authority but is also financially imprudent. In their recent joint statement, Prime Minister Narendra Modi and President Barack Obama “welcomed the start of preparatory work… in India for six AP1000 reactors to be built by Westinghouse…”. Judging by the cost of similar reactors under construction in the U.S., these six reactors may cost as much as Rs. 4 lakh crore. This makes the deal potentially the largest commercial contract in the offing between the SEASONAL MAGAZINE

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two countries. There are several disturbing aspects to this agreement that deserve close public scrutiny. These include the arbitrary use of executive authority in selecting Westinghouse as a supplier, the international legal commitment made by the government to indemnify Westinghouse in the event of an accident, and the high expected cost of electricity from these reactors. When the United Progressive Alliance government announced its intention to start work on two reactors each from Westinghouse and General Electric (GE) in the 12th Plan period (2012-2017), it did little to pretend that these contracts made

sense on their own merits. Instead, as the former chairperson of the Atomic Energy Commission, Anil Kakodkar, explained, India had “to keep in mind the commercial interests of foreign countries and of the companies there” and was obliged to purchase these reactors in return for U.S. diplomatic support on other issues. Last year, GE backed out of this arrangement citing concerns about India’s liability law. This was good riddance; GE was offering India an untested design that it has not yet managed to sell anywhere in the world. But the government’s decision to deepen India’s investment in

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Westinghouse - even as negative news about the company has accumulated - makes little sense. In April, Toshiba, which acquired Westinghouse in 2006, announced a $2.3 billion write-down in its value, largely because of persistent concerns about the economic viability of Westinghouse’s AP1000 design. Of more than a dozen orders that Westinghouse expected from within the U.S. a decade ago, only four have materialised. Just last month, a utility called Florida Power and Light postponed its plans for two AP1000 reactors by at least four years. And in February, the Tennessee Valley Authority, a U.S. government company, cancelled its plans for two AP1000 reactors explaining that this was “the fiscally responsible action”. Likewise, the fiscally responsible action for India would be to cancel this deal. The two AP1000 reactors being built in the U.S. state of Georgia are now projected to cost Rs. 1.4 lakh crore, which translates into a capital cost of about Rs.70 crore per megawatt of capacity. Even indigenous Indian nuclear reactors, which have struggled to be economically competitive, have capital costs that are seven times lower at about Rs.10 crore per megawatt. A more detailed calculation indicates that with these capital costs, the first year tariff on electricity from these reactors could be as high as Rs. 25 per unit. In contrast, recent winning bids for solar power have projected tariffs of about Rs.5 per unit. The government claims that it can reduce construction costs in India by 25-30 per cent, but this is far from sufficient to make the AP1000 reactors costcompetitive. The joint statement suggested that these reactors would help India meet its commitments on climate change but this is misleading. Economists use a “price on carbon” to determine whether a given technology provides a cost-effective method of reducing greenhouse gas emissions; a commonly used European figure is about Rs.2 (0.03 euros) per kg of carbon dioxide. SEASONAL MAGAZINE

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Since coal plants, which produce most of India’s electricity, emit about 1 kg of carbon dioxide per unit of electricity, the AP1000 reactors may have been attractive from this point of view if their tariffs had been within Rs. 2 of the tariffs from coal-based plants. Since their projected tariffs are much higher than this, India could reduce greenhouse gas emissions more efficiently by investing the same resources in other green technologies. Nevertheless, the government has persisted in making concessions to Westinghouse. In February, it ratified the “Convention on Supplementary Compensation” (CSC) for Nuclear Damage that contradicts India’s domestic liability law and protects nuclear suppliers from liability for an accident. Now, in the event of a disaster, Indian courts may find it difficult to exercise jurisdiction over Westinghouse that is not based in India and could point to India’s international commitments under the CSC to block any potential claims against it. For example, Dow Chemicals has rebuffed attempts to make it contribute to a clean-up in Bhopal by arguing that Indian courts have “no jurisdiction over it”. And in a cautionary tale about how flawed international agreements can subvert the domestic legal system, in 2011, an international arbitration tribunal awarded White Industries Australia Ltd. AU$4 million under a bilateral investment treaty even as its dispute with the Indian government was sub judice in India’s Supreme Court.

In the joint statement, Mr. Obama “reaffirmed that India is ready for membership” of the Nuclear Suppliers Group (NSG). But India’s engagement with the NSG is irrelevant for its energy problems. A 2008 NSG waiver allowed India to purchase uranium for its indigenous civilian reactors but these account for less than 1 per cent of the country’s total electricity generating capacity. NSG membership may additionally allow India to acquire enrichment and reprocessing technology. However, since India’s indigenous heavy water reactors do not use enriched uranium and imported light water reactors come with associated fuel contracts, this technology has little significance for India’s electricity sector. In his address to the U.S. Congress, Mr. Modi explained that the Indo-U.S. “relationship has overcome the hesitations of history”. In light of this, it is important to take a sober look at the recent nuclear deal. The Indian government has offered to spend lakhs of crores of public money on a loss-making American corporation, and has put its citizens in a position where they might have to pay high costs for electricity and will not be able to hold this corporation accountable for an accident. In return, the U.S. President said some nice words about India. Is this the shape of the Indo-U.S. alliance to come?

(Credit: The Hindu)

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COVER STORY

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nothing but noise. That is why looking beyond the obvious is lesson number one of the game. How neat it would have been if someone would filter out the noise for us, crunch the numbers, and condense the disparate data into one single recommendation - an actionable idea that empowers. The challenge is formidable as the only enabler is deep domain knowledge. Tomorrow is already passĂŠ in this business, as timing is everything. Success here is staying ahead of the curve to capture the inflection points in time. Seasonal Magazine undertook this challenge with objectivity as our religion, and here is how we went about it. SEASONAL MAGAZINE

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hen we set out to identify Indiaâ&#x20AC;&#x2122;s great companies in the making, one thing was sure, we wanted it to be as inclusive of good values as possible. This was not to be about outperformance in any one metric like profit growth or zero debt or stock outperformance. Everything mattered including sustainable employment creation to meaningful corporate social responsibility programs. Having said that, we should also add that this is not an endeavor to find the largest charitable organizations or the greatest philanthropists around. Business, at its heart, is about making maximum profits that translates to maximum value to its promoters and investors. But we made sure that profit making is not of the mindless kind, but coupled with maximum value to all stakeholders including employees and smaller suppliers and associates, and, of course to the society around. Our research team started off with Respect for Equity, as it is one of the most fundamental values of an enterprise, but which is getting eroded rapidly thanks to the new principle of continuous equity dilution followed by large startups especially e-commerce firms. At its heart, Respect for Equity implies only a few things, but which

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are getting increasingly difficult to follow. Firstly, it accords value to how big an enterprise can be planned by how small an equity capital base. Many bigpocketed industry groups can fund many businesses from scratch and make them profitable brands, if they are determined to do it. But at what

The beauty of Tide Water Oil (maker of Veedol brand of lubricants) is that it was built with an equity capital of not even 1 crore rupees. cost is the issue. Take Tide Water Oil for instance. The maker of Veedol brand of automotive and industrial lubricants. Not a large company by any measure with an annual revenue run rate of around 1000 crores rupees and profit run rate of around 100 crores. Of more importance, perhaps is the fact that it is a noted brand among consumers with instant recognition across India in its sector.

The beauty of Tide Water Oil is that it was built with an equity capital of not even 1 crore rupees. Yes, until recently (when it went for a 1:1 bonus issue) its equity capital was just 85 lakh rupees! Such tiny equities translate to large earnings per share (EPS), which expands the share price like nothing else can. That is how investors in Tide Water Oil witnessed a nearly 40 times share price surge within the last 12 years. Incidentally, Tide Water Oil is a Joint Sector firm, with the Public Sector Undertaking Andrew Yule & Company being its promoter. But more such tiny equity wealth creation sagas can be found in the pure private sector than in PSUs, with ready examples being the likes of MRF, Eicher Motors, Bosch, Kitex etc. The second factor with regard to Respect for Equity is how reluctant is a business to expand its equity and therefore dilute its earnings per share. Businesses are always aiming for growth and the greatest temptation for any promoter is to invest so as to scale up. And what if there are large investors willing to invest huge funds into promising businesses? If the promoter is willing to dilute his holding for fresh money coming in, his existing public investors almost follow suit, and that is how this problematic culture of

scant respect for equity has developed in India. Dilution at the drop of a hat. But what if there is another way out to scale up without expanding the equity and causing dilution? Eicher Motors is a case study in this regard. During the last 10 long years, Eicher’s equity has remained a modest Rs. 27 odd crore rupees. Didn’t Eicher scale up reasonably within these 10 years? Forget the sales that shot up by six times and even the profits that shot up by 20 times, what was most impressive about Eicher’s scaling up was that it invested big time in three different ventures – Royal Enfield Bikes, Volvo Eicher Commercial Vehicles, and Eicher Polaris Utility Vehicles, without adding a rupee to the equity capital base! The strategy was most impressive as the rapid scaling up was also on negligibly small debt, and that is what sent the share price of Eicher soaring by a 100 times within the last ten years. How Eicher could do this is simple enough to understand, but difficult to practice for many companies. Without investing through equity or debt, Eicher ploughed back a significant portion of its earnings back into the company’s various divisions and joint ventures to fund expansion and drive growth. Also of note is the

fact that it raised funds by getting out of many businesses including its legacy tractor business, so that the money could be better utilized in promising divisions like Royal Enfield and Volvo Eicher. All the while, it also maintained its strategy of paying decent dividends, if not generous ones. While Respect for Equity directly

Indian market abounds with several tiny-equity wealth creation sagas like MRF, Eicher Motors, Bosch, etc. translates into steadily rising EPS (and thus stock prices) in growth phases, there is an added advantage to this simple strategy. During sluggish phases for growth, it delivers a level of comfort to the public investors that high levels of corporate governance (or transparency) as well as financial prudence is followed by such companies. Companies with Respect for Equity

also enjoy better valuations or rating in the market by way of higher P/E and P/BV multiples, while the reverse is true for serial diluters. While not a rule, it is generally observed that both transparency and financial prudence suffer in companies where there is little respect for equity. Such companies are often thought of as taking the easy way out in raising finances, and even worse as cutting corners when it comes to the transparent usage of funds. After considering Respect for Equity, our research team has considered the crucial Debt / Equity ratio. Once upon a time a D/E ratio of 0.5 was venerated as the optimum level to which companies can go on leveraging without getting into trouble. It was pure commonsense too, as what it meant was any company could take on significant debt, even up to half of their Networth or Book Value (Current Shareholders’ Equity), which is equity capital plus preference share capital plus reserves from past years’ profits. What this means is better explained with an example. GMR Infrastructure, during FY’15 end, had a Networth of Rs. 7894 crore. It could have raised debt of up to Rs. 4000 crore for all its ambitious projects, by adhering to a 0.5 Debt/Equity level. That is not a small sum for an infrastructure player that registered only Rs. 11,000 crore

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in sales during FY’15. But only if you are tracking GMR closely would you know what they did against this prudential limit of Rs. 4000 crore. By the end of FY’15, their total debt was over Rs. 42,200 crores! More than ten times the prudential limit, or a D/E of 5.35 times! Unsurprisingly, GMR’s FY’15 bottomline ended in a staggering loss of Rs. 2161 crores, driven by a senseless annual interest cost of over Rs. 4000 crores. The chain reaction is even more damaging. Such losses erode Networth even more, thereby inflating Debt/Equity figures further, and that is how companies end up with a risk of insolvency due to mounting debt. Now, there are fans of every such debtridden company, including GMR, who would project the kind of mammoth projects GMR has undertaken, and what turnarounds in a couple of such projects would mean to the company. True, GMR’s projects are quite impressive, including the two state-ofthe-art airports it has constructed in India, and turnarounds, stake sales, or IPOs of these SPVs can make a difference. But ‘when’ is the crucial question before its public shareholders. The stock price is already down from its life-time high of Rs. 131 during 2007

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to Rs. 12 now, a fatal loss of over 90%, and there is no respite in sight for investors, as the debt that the company once ambitiously took on is not going anywhere in a hurry. Massive debt takers can still be ‘great’ companies for some stakeholders like employees and associates, but they are seldom great companies for all stakeholders including their public investors. The reason is simple enough to understand.

By the end of FY’15 itself, GMR Infra's total debt was over Rs. 42,200 crores, which is more than ten times the prudential limit, or a D/E of 5.35 times! The propensity to take on debt, more debt, and still more debt doesn’t come naturally to all promoters or managements. Just like in the case of individuals taking personal loans, where everyone is not comfortable with the idea of taking personal loans that cross the limit of one’s total net worth, many promoters are wary and uncomfortable with such massive debt intake.

So, how do many companies end up in that way? Broadly speaking there are two kinds of promoters falling for this debt trap. One is the well-meaning type, who gets a little over-ambitious during bull runs and low-interest periods (those two phenomena happen almost always simultaneously!) and goes in for massive debt levels flouting the prudential limits for D/E like 0.5 or even 1.0. Then the lowinterest period ends, so does the bull run, and he starts getting into trouble. The other type of promoter going in for high debt is someone who has already figured out how to make personal gains by dipping his hand into the debt funds, and cooking the books to show that everything is neat and clean. He takes more and more debt whenever it is available, and steals more and more from it, as much as he can without upsetting the applecart that banks are supposedly funding to its safe destination. On the long term, he figures out that he can escape even if everything goes wrong and his limited liability company gets liquidated. However, the sad thing is that even the first-type or the well-meaning promoters too silently fall into stealing from the debt pool eventually, as there is no other go to keep the show running. The interest and penal interest

keep mounting, one debt restructuring leads to nothing but next round of restructuring, and there you have the vicious cycle of debt’s death grip. That is why RBI under Dr. Raghuram Rajan recently decided that enough is enough, and that the only way to save the banks as well as these companies is to divide their debt into two parts – serviceable and non-serviceable. Approximately speaking, an annual interest outgo that is lower than a company’s EBITDA (Earnings before Interest, Tax, Depreciation, & Amortization) signals fully serviceable debt, while anything above that signals that a component of the debt is unserviceable, and the new RBI norm encourages companies and banks to convert that unserviceable portion of debt (which should not be more than 50% of total debt) into an equity stake in the company favouring the bank. A further interesting observation with regard to Debt/Equity level and Respect for Equity is that companies that falter on one of these crucial metrics tend to falter on the other too. Of course, it should be a no brainer, as fresh money coming in at frequent intervals without much accountability is a lure hard to resist for such promoters. Often, the modus operandi is that fresh equity investments are sought from non-promoters via QIP,

stake sales etc to not only bring in funds via the equity route, but to jack up the Networth so that D/E levels can accommodate even more debt! And the reverse too is often attempted – i.e. to rationalize high debt, and to bring down D/E down, equity expansions are attempted whenever possible, under one pretext or other. What goes so wrong for stakeholders when norms like Respect for Equity

Most private sector banks like HDFC Bank, ICICI Bank, Federal Bank etc have zero or negligible promoter stake due to regulatory constraints, but in NBFCs where no such restriction is in place, a falling promoter stake is need for concern. and low D/E are flouted by companies? Well, in fact, nothing much goes wrong for many stakeholders like promoters, preference share capital holders, employees, suppliers, vendors, distributors, and even nothing goes wrong for its lenders. At least until the debt turns into an NPA, bankers

are gung-ho with such companies, because every bank loves big, performing credit. Unscrupulous bankers are even often seen encouraging bad practices like equity expansion so that more credit can be offloaded to such companies. The only stakeholder who does get hurt in this circus is the public investor who believes all these tall growth stories by the promoters and falls in love with the company and its stock. The strange thing is that public investors get hurt even when the party is going on fine for others like promoters, employees, and lenders. Needless to add, the party does finally end for all, especially the bankers, and that is when you hear them wondering aloud whether someone is a willful defaulter. Coming back to answering our question – what goes wrong for public investors when high D/E and low Respect for Equity are followed – it is pretty straightforward to understand. At the end of the day, everything has a price, or better put everything has a valuation. Every company out there, whether profit making or loss making, whether having little debt or massive debt, has something called an Enterprise Valuation (EV) which is basically the full price at which the

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entire company can be bought by say a competitor. While price-to-earnings (price / EPS) is preferred for valuing profit-making firms, it can’t be applied to loss-makers. However there are multiple ways to value both profit-making and even loss-making companies, like price-tosales (market-cap / sales) and EV to EBITDA. Even for heavily indebted companies, with heavily eroded market capitalizations, the Enterprise Value (EV) is impressive as it is nothing but market capitalization plus debt minus cash. Prudent companies slogging along the greatness path in a sector will have Enterprise Valuations dominated by market capitalizations, while serial diluters cum heavily indebted firms in the same sector would have comparable EVs dominated by debt. So, precisely speaking, what the second type of promoter is saying is only that, “no, we would rather expand the operations and our enterprise valuations through taking more and more debt and by expanding our equity because that is more ‘convenient’ to us because we get to handle all that money.” It is a far cry from the other model, the great company model, where the promoter is basically saying that, “no,

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we would scale up and make ourselves more valuable (higher enterprise value) only through minimum equity and growing market capitalization (soaring share price) because we are not interested in handling all that unnecessary, risky debt as well as bloated equity.” Mind you, from a ‘convenience’ point of view, the equity expansion and debt expansion route is highly attractive for

In Small Equity and Low Debt model, promoters need to be extremely cautious with paring their stakes, as the recent cases of Kaveri Seeds, VRL Logistics, Eicher Motors, and Page Industries prove. promoters or management as they get to handle all that money, whereas in the great company model, the promoter should sell a part stake through a prior publicized move to take advantage of the growth in share price which can’t be carried out often due to the negative sentiment attached to it, as can be seen from the recent cases of Kaveri Seeds and VRL

Logistics, and even in more respected wealth creators like Eicher Motors and Page Industries. While it is difficult for such prudent promoters to sell stake often, the same can’t be said of their public investors, who can always take advantage of the soaring share prices in such companies. In other words, growing Enterprise Valuations primarily through rising market capitalizations is a more democratic or equitable wealth creation route as public investors too benefit from it, whereas eyeing a higher EV through higher equity and higher debt is unadulterated selfishness by such promoters. Two other metrics that Seasonal Magazine is employing for identifying great companies, deserves special mention at this juncture, viz. Promoter Holding and Promoter Pledges. While internationally, and especially in developed markets, a high promoter holding is the exception rather than the rule, the reverse is true in a developing market like India dominated by family promoted businesses even in the listed sphere. Additionally, high promoter holding can even be looked upon as a negative in developed markets, whereas in India it is a definite positive factor to look out for. Emerging great companies in India

should ideally have promoter stakes upward of 50%, and even more importantly, the promoter stake should remain stable with no frequent down revisions. Drop in promoter stake happens through direct stake sales to institutional investors, or in open market to unidentified public investors, or through equity expansion/dilution routes like QIP. A steadily falling promoter stake even if it is from 6070% or more to lower levels, especially sub-50% levels is an early warning signal to watch out for. In other words, if the promoter thinks that a significant portion of his personal funds are better taken out from the company and invested elsewhere, it signifies that the management’s outlook for the business is poor. There are three caveats, however. One is that tiny stake sales by the promoter to meet his personal expenses should be ignored. Secondly, there are certain mature companies even in the Indian market that thrive for its public investors too, even with low, negligible, or zero promoter stakes. Famous examples include Infosys, L&T, ITC etc. But they should be treated as exceptions rather than rules; most other Indian companies are better off with a high and steady promoter stake. Thirdly, most private sector

banks like HDFC Bank, ICICI Bank, Federal Bank etc too have zero or negligible promoter stake due to regulatory constraints. Closely connected with the concept of Promoter Stake should be the lookout for Promoter Pledges. Since promoters can’t sell their stake to a great degree

Dr. Raghuram Rajan's latest proposal nicknamed S4A splits debt into serviceable and unserviceable parts (by comparing interest cost with EBITDA) with the unserviceable part being converted into equity favouring the lenders. and still retain control of their companies, lenders like banks, NBFCS, and certain market intermediaries offer them loans against stake pledges. While it appears

harmless at first looks, as a difficult-tomonetize asset is easily monetized under this route, the potential for huge harm lies in the fact that the asset under consideration – shares – is the most volatile asset that can be pledged. If share prices move up, everything is fine, but if share prices breach a certain threshold level, and the promoter doesn’t make good the loss of the lender by pledging more of his shares, the lenders are free to dump the collateral (shares) in the open market to try and recover their loan amount. It will cause a sharp fall in the share price, often breaching the 20% circuit limit and there have been instances where 50% of a stock’s value was eroded in a day! Promoters who pledge a significant portion of their shares (say, more than 25% of their stake), resort to it despite knowing everything about this risk, and expose themselves as having scant respect for their own stake as well as other investors’ money, which is a warning signal like no other. The only two caveats here are minor pledges by promoters to meet personal needs, and reasonable pledges some promoters undertake in favour of the company, to avail facilities like enhanced working capital. The next most important metric this

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Seasonal Magazine study has considered for identifying great companies is the Dividend Yield offered by them. It is perhaps the greatest irony of stock market that most investors who eventually switch from fixed income instruments like bank fixed deposits, bonds, and NCDs, into equities or mutual funds, seeking faster capital growth, disregard their core competence in assessing an instrument by its yield! To cut a long story short, what is the assurance that a public investor gets when he puts his hard earned money into a company’s stock? All other stakeholders in a company have assurances galore – employees have salaries, vendors have contracts, and promoters or management enjoy heavy remunerations. In contrast, a public investor in stock has no such assurance that the share price would keep rising. Even worse, it may not even hold at his investment level and may even slip considerably causing huge investment loss. Only one assurance remains for public investors, and that is spelled dividend. Even that is not a real assurance as companies can change dividend policy any day. But there are several companies that won’t change their dividend policy overnight for obvious reasons like upsetting the market, and for less obvious reasons like dividends being the primary source of remuneration for even the promoters.

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But when one looks at many great companies today, you won’t find great yields like 5% or more. However, there are many early investors in such companies that enjoy a yield of not 5% or 10%, but much much higher than that, as each investor’s yield is calculated at the stock price at which their investment happened. That is why, even today, one of the best strategies to identify emerging great companies – not current great

During the last 10 long years, when Eicher Motors' share price has grown by 100 times, it’s equity has remained a modest Rs. 27 odd crore rupees. companies per se – is to look at their dividend yield. When a company is willing to share real cash - your rightful share of the profits - with you on a regular basis, that is something to appreciate. Dividends also provide great cushion when a company’s growth enters cyclical downturns. When share prices of such dividend paying companies correct, their yields surge, and new investors come in who are specifically

looking to lock in to the investment at great yields that beat even bank FDs or bonds. So, eventually the share price too appreciates in the medium to long term. A recent example of this phenomenon has been the leading gold loan NBFC, Manappuram Finance. On 10th September 2015, when Manappuram stock had a 52-Week Low, its effective dividend yield was an astonishing 9%, which beats FDs squarely. Prudent investors started picking the stock steadily for this yield, and fortunately the business also turned around, and today such investors are enjoying a capital appreciation too of 3X within 10 months when the stock soared from 20 rupees to 60 rupees. But the real power of dividends can be seen from the fortunes of long-term investors in Manappuram who are getting Rs. 4 lakh as dividends alone each year for the 1 lakh they had invested in 2005. That is dividends alone, while the capital appreciation has been over 80 times during these 11 years. That is how dividends make great companies. Some of the other metrics that Seasonal Magazine has employed in identifying emerging great companies of India in this issue include FII & DII Holding, Growth in Margin, Price / Book Value, Price / Earnings, Profit Growth, Profit Margin, Return on Assets, RoCE, Return on Equity, and Sales Growth.

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South Indian Bank

SUCCESS AGAINST ALL ODDS WHAT MAKES SOUTH INDIAN BANK'S PERFORMANCE IMPRESSIVE

Equity Capital

Rs. 135 Crores Profit Growth

Growth in Margins

Return on Equity

Return on Assets

South Indian Bank has followed a good fiscal – FY’16 – with an excellent quarter, Q1 FY’17. In almost every performance metric, Q1 has seen commendable growth, even while asset quality remained stable on a sequential basis. On a YoY basis, deposits are up by nearly 11%, advances are up by over 8%, total business is up by nearly 10%, and most impressively, net profit is up by 46%. During FY’16, net profit was up by almost 8.50%, and compared with most of its traditional private sector peers, it was a commendable performance in a difficult year. More than that, FY’16 performance was powered by an excellent last quarter (Q4) performance which saw profits jumping four-fold on a YoY basis. Now, SIB has followed up that performance with an impressive Q1 on overall basis. The private lender also consistently excels in certain core metrics like Dividend Yield, Return on Asset, Respect for Equity, and FII / DII Holding. During the 5 years between 2009 and 2014, SIB stock was an excellent wealth creator, multiplying in value by nearly 8 times. Based on recent performances in Q4 & Q1, the stock will attempt to regain its glory, and it’s low valuation by P/BV makes it attractive.

0.52%

RETAIL FOCUS AND POWERFUL COMMUNICATIONS HAVE HELPED IT TO OUTPERFORM.

V.G. Mathew, Managing Director & CEO SEASONAL MAGAZINE

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Dividend Yield

2.26%

Price / Earnings

8 times

Price / Book Value

0.80 times

Stock Appreciation

8X in 5 Years

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WHAT MAKES MANAPPURAM FINANCE'S PERFORMANCE IMPRESSIVE

Equity Capital

Rs. 168 Crores

Revenue Growth

19%

Profit Growth

31%

Manappuram Finance

A RAPID TURNAROUND IN FORTUNES Only when strategy meets fortune, Manappuram type turnarounds happen. The result is also for its public investors to enjoy, as the stock has multiplied by over 4 times within the last 10 months and over 8 times within the last 3 years. Starting in FYâ&#x20AC;&#x2122;12, it was challenge after challenge for gold loan players like Manappuram, when new regulatory hurdles as well as falling gold prices hit them hard. But Manappuram kept its faith and laid the foundation for a diversified asset model by starting operations in housing finance, microfinance, commercial vehicle finance, SME finance etc. But just when the new strategy of asset diversification was getting into momentum with around 10% of the consolidated loan book getting to be non-gold, fortune has showered on Manappuram in the form of surging gold prices. FYâ&#x20AC;&#x2122;16 profit was up by 30%, and better growth is visible on the horizon due to improving gold prices post-Brexit vote, and all its newer lending businesses growing admirably with the added advantage of lower bases. Manappuram also fares well in core metrics like Dividend Yield, FII & DII Holding, & Return on Equity. Its market cap had recently breached the $1 billion mark.

V.P. Nandakumar, MD and CEO

Dividend Yield

2.44%

Price / Earnings

18 times

Stock Appreciation

8X in 3 Years SEASONAL MAGAZINE

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INNOVATIVE STRATEGIES PROVE TO BE THE GAME-CHANGER.

Page Industries Bajaj Finance

CREDIT SANS CREDIT CARD

Sanjiv Bajaj, Vice Chairman

FROM TVs TO E-COM TO NOW GROCERIES, EASY CREDIT IS THE DRIVER HERE. From a captive lender for Bajaj vehicles, this NBFC has transformed into one of the most strategically diversified players within a short span of around 7 years. The share price speaks for itself during this period surging by 125 times, on profits that multiplied 14 times. Bajaj Finance also scores high in other core metrics like Respect for Equity, Revenue Growth, Growth in Margins, Return on Equity, Return on Assets etc. The NBFC’s success is largely based on its selection of two underserved markets – consumer durables finance and SME loans – and the dramatic way in which it has grown these markets with customer-friendly policies like zero-interest loans in the appliances market and rapid disbursal in the case of SMEs. Recently, it has taken its pioneering zero-interest model to e-commerce market by tying up with market leader, Flipkart, and to household / grocery market through Future Group (Central Mall / Big Bazaar). It is also continually expanding its product portfolio to include financing of lifestyle products, life care processes etc. However, this high potential for growth has made the stock trade at a high valuation of over 7 times its book-value. FY’16 profit growth is over 42%.

A STRUGGLE WITH HIGHER EXPECTATIONS Growth at India’s licensee for Jockey innerwear has slowed from earlier highs, but the stock continues to be valued high due to the immense promise it holds. Also, FY’16 earnings growth of nearly 19% is not too low. The slowdown is attributed to various factors, including a larger base of revenue, a larger base of branded marketshare, and availability of imported Jockey products over certain e-commerce channels. Page Industries stock has run up by 50 times from 2009, but due to the moderated growth, it has not been able to surpass its all-time high of nearly Rs. 17,000 achieved in May 2015. Continuous reduction of promoter stake to even slightly less than 50% was also a concern, though it was executed with full disclosures. The company scores high in core metrics like Respect for Equity, Return on Equity, Return on Capital Employed, Low Debt / Equity, and Dividend Yield. Going forward, the fortunes of Page will be determined by how well it can grow its additional licensed markets for Jockey like UAE, how well it can compete with other imported brands available in India, and also on how quickly it can scale up its second brand of Speedo swimwear.

GROWTH HAS COME DOWN, AND WILL VALUATIONS FOLLOW SUIT? Sunder Genomal, MD

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FORCE MOTORS

THE GERMAN EDGE Force Motors has tried many vehicle lines and products during its many years of existence, of which only a few have been successful, but in those few it has been remarkably successful, like its Traveller range of LCVs, and its engine assembling facilities for German auto majors Mercedes and BMW. Stock price has surged by almost 69 times within the last 7 years. Still, Force Motors is not IF BENZ AND a very expensive stock, BMW WILL trading at 22 times its earnings, and market is GROW IN waiting for steadier INDIA, SO WILL growth, after the THEIR ENGINE Volkswagen fiasco’s ASSEMBLER. shadow over Benz & BMW, as well as India’s tough stance on larger diesel engines used by the German duo. However, Force is seeing higher opportunities in the horizon and has recently opened a new Rs. 100 crore engine and axle plant at Pune for Mercedes. Force Motors also scores high on Respect for Equity, Sales Growth, Growth in Margin, and Low Debt / Equity. FY’16 profit is up by almost 77%. After a blistering run, especially during 2014 and 2015, the stock is taking a breather in 2016 and trading range-bound. A breakout is possible as the low base effect will be in Force Motors’ favour for a long time to come.

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Prasan Firodia, Managing Director.

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Yes Bank

Romesh Sobti, MD & CEO

Yes Bank has been steadily growing its bottomline with profits doubling over the last 3 years. Even in FY’16 when growth stalled at some of its peers, profit has grown by nearly 27%. The bank’s biggest achievement has been how it steered clear of the NPA crisis that has been plaguing most lenders. Both its Net Profit Margin and Return on Equity have improved during the year and are in high teens now, thereby warranting a rerating during the past 12 months, doubling Yes Bank stock. The stock has grown almost 30 times since 2009.

ASSET QUALITY IMPROVEMENT WILL JUMP PERFORMANCE HERE.

SOLVING THE ONE ISSUE FACING ONE'S INDUSTRY IS THE RECIPE FOR SUCCESS. IndusInd Bank

Dr. Rana Kapoor, Co-founder, Managing Director & CEO

The outperformer among private lenders during the last four years has been IndusInd Bank which tripled its profits since FY’12. Even during FY’16, IndusInd has maintained its pace, growing at over 27%. While there are asset quality concerns remaining, the bank promoted by the Hindujas Group, has so far outgrown it by compensating performance. The share price has appreciated by over 25 times since 2009. Due to its steady growth pattern, the stock has also grown in valuations and is now trading at nearly 6.5 times its book-value. Shobhana Bhartia, Chairperson

Hindustan Media Ventures Print is dying, and Hindi print is long dead, right? Wrong, and Hindustan Media Ventures Ltd (HMVL) of the Hindustan Times stable proves that. Profit is up by 2.75 times within the last 4 years, and stock price is up by 3 times within the last 3 years. Hindustan Media Ventures’s flagship brand is ‘Hindustan’ which is not only one of the largest Hindi dailies, but a fast growing one. The balance sheet has only a small debt, and the company is cash rich too. HMVL proves every idea about media profitability wrong with its margin, RoE, & RoCE in high teens. SEASONAL MAGAZINE

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The cash reserve needs to be effectively utilized for growth.

BEST OF BOTH WORLDS WHAT MAKES CAN FIN HOMES' PERFORMANCE IMPRESSIVE Equity Capital

Rs. 27 Crores Revenue Growth

33% Profit Growth

82% Growth in Margins

37% Return on Equity

18%

Affordable home loan provider Can Fin Homes, promoted by public sector lender Canara Bank, has played the home loan business perfectly during the last 5 years, and is reaping rich dividends now. Share price has surged by almost 16 times within the last 4 years itself, driven by profit growth of 3.5 times within the same period. Can Fin Homes has fared excellently in core metrics like Asset Quality, Respect for Equity, Revenue Growth, Growth in Margins, Return on Equity, Return on Assets etc. Its NPAs are among the lowest in the home loan industry. Driving the asset quality is its robust loan underwriting policies and focus on conventional sector customers like government and PSU employees. Can Fin is known in the market for its proactive stance and rapid Turnaround Time (TAT). Legendary entrepreneur NR Narayana Murthy who co-founded Infosys is a major investor in the company through his Catamaran Ventures. Despitegetting re-rated significantly in recent years, and despite its continuing growth potential,Can Fin Homes stock remains reasonably priced, at priceto-book of 3.7 times against, say Gruh Financeâ&#x20AC;&#x2122;s 10.8 times. FYâ&#x20AC;&#x2122;16 profit growth is over 82%.

VERY FEW HFCs HAVE MIXED GROWTH AND ASSET QUALITY TO THIS EXTENT.

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Sarada Kumar Hota, MD & CEO

Return on Assets

1.45% Dividend Yield

0.82% Price / Earnings

21 times Price / Book Value

3.70 times Stock Appreciation

16X in 4 Years

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SOARING TO THE CLOUDS

CONDUCTING POWER ANYWHERE

The cloud services player’s stock has surged nearly 145 times from Rs. 18 in late 2012 to Rs. 2550 in late FY’16, stunning most market observers. The market cap expansion was justifiably on fundamental growth, when 8k Miles’ earnings soared by more than 11 times during these past 4 years. Still, the balance sheet remains small, and the base effect on the revenue side is still favourable for the Chennai based company whose operations are mainly in USA. The company also scores high in Respect for Equity, Profit Margin, and Return for Equity, among other metrics. However, 8k Miles is yet to provide dividends to investors, and the valuations are also steep for value investors to feel comfortable at this stage. There is a concern that the growth may be slowing down, but so far the company has been taking the right steps in USA for furthering its early mover advantage in cloud services. It has done a string of acquisitions overseas, and has also roped in an impressive panel of strategic advisors in its core market, which is surprising for its size. During FY’16, revenue has soared by 118% while net profit has surged by almost 109%.

Electrical cables manufacturer and electrical EPC contractor KEI Industries ranks among one of the best turnaround stories since 2013. Within less than 3 years, KEI stock has appreciated by almost 20 times, driven by an earnings expansion of nearly 2.5 times. This maker of all kinds of electrical wires and cables from household wires to Extra High Voltage (EHV) cables, and all products in between, ranks high in metrics like Respect for Equity, Growth in Margin, and Return on Equity. In recent years, KEI has successfully strengthened its products for the household through a major rebranding exercise that sought to make KEI a household name. During FY’16, earnings are up by nearly 83%. KEI’s margin expansion is driven by focus on higher-margin products like EHV cables, better integration of its products in its EPC projects, and better positioning for the household market. KEI operates on reasonable debt levels (approximately a D/E of 1), and as such market is watching for either the resultant operational leverage to kick in or for the company to pare the debt on a longer horizon. KEI has significant and growing sales in several countries of the Middle East and Africa.

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GROWTH IS BEING POWERED BY A STRING OF UNIQUE ACQUISITIONS IN USA.

Suresh Venkatachari, CEO

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}

{

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ANY VOLTAGE IS CARRIED AND EVEN IN MIDDLE EAST AND AFRICA.

Anil Gupta, Chairman & Managing Director

Price / Earnings WHAT MAKES V-GUARD INDUSTRIES' PERFORMANCE IMPRESSIVE

38 times Stock Appreciation

21X in 8 Years

Equity Capital

Rs. 30 Crores Profit Growth

58% Growth in Margin

48% Debt / Equity

0.02 times

V-Guard Industries

BACK IN A HIGH GROWTH TRAJECTORY After just one flat year in earnings, V-Guard has bounced back powerfully, recording nearly 58% growth on the bottomline in FY’16. The lull that was due to the unexpected crude price fall has been more than compensated with a profit growth that is bigger than in any of the preceding 5 fiscals. The market, ever ready to pounce on such opportunities, quickly took the V-Guard stock up by 45% post the annual numbers. This response is hardly surprising as except for the slowdown in growth during FY’15, V-Guard always had everything else going for it. The household electrical appliances and electrical cables maker scores high in several core metrics like Sales Growth, Growth in Margin, Debt / Equity, Respect for Equity, Return on Assets, Return on Equity, RoCE, and FII & DII Holding. It was that overall high-quality approach in management that made V-Guard stock multiply by nearly 21 times within a little over the last 8 years since its IPO. A 10:1 stock split has been recently announced. The firm is continually innovating on new products and solutions for the household and is most bullish about a solar solution for homes in Uttar Pradesh and eastern states.

Return on Assets

15.60% Return on Equity

24% Return on Capital Employed 22%

A PROFIT GROWTH THAT IS BIGGER THAN IN ANY OF THE PRECEDING 5 FISCALS, CHANGES FORTUNES.

Dividend Yield

0.50% Mithun K. Chittilappilly, MD SEASONAL MAGAZINE

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Avanti Feeds Limited

NICHE IS POWERFUL A very niche player in the market for shrimp feeds and shrimp manufacturing, Avanti has been an investor’s delight for the past 5 years, when its share price surged by nearly 106 times. Powering the market cap expansion was its earnings expansion that was nearly 5 times in 5 years. The Andhra and Telengana based firm is noted for its small equity and low-debt model, and growing nature of the aquaculture market in India, especially after the introduction of the vannamei shrimps, is ensuring that the base effect will favour Avanti Feeds for a long time to come. The company also comes across as strong in several other core metrics like Sales Growth, Return on Equity, RoCE, Dividend Yield etc. Still, the stock remains attractive for value investors, trading at a cheap price-earnings (P/E) valuation of less than 15 times. While part of this low-valuation is due to the potential for adverse weather and diseases affecting shrimps to impact the demand scenario significantly, Avanti has been battling these problems with better processes and stringent quality control systems. World’s largest seafood processor Thai Union is a major investor in Avanti. FY’16 profit growth was over 36%. A. INDRA KUMAR, CHAIRMAN AND MANAGING DIRECTOR

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SUPPORT OF WORLD’S LARGEST SEAFOOD PROCESSOR IS COMING IN HANDY.

Page 35

WHAT MAKES LIC HOUSING FINANCE'S PERFORMANCE IMPRESSIVE Equity Capital

Rs. 101 Crores Revenue Growth

16%

Profit Growth

20%

Return on Equity

18%

Price / Earnings

16 times

LIC HOUSING FINANCE

GROWING AGAINST BASE EFFECT The past 12-15 months haven’t been the best period for larger housing finance companies. While smaller HFCs caught up with biggies in market share as well as valuations, bigger players were hit by the large base effect to record significant growth. Still, LIC Housing Finance, one of India’s larger HFCs, has executed an impressive performance with FY’16 profit up by nearly 20%, on sales that was up by 16%. Such potential for outperformanceeven under challen ging situations, long understood by the market, was what had taken LIC HF’s stock price up by 3.5 times from 2013 to 2015.The housing finance major, promoted by Life Insurance Corporation of India, also scores high on a few metrics like Respect for Equity, Sales Growth, Profit Margin, Return on Assets, and Return on Equity. LIC Housing’s growth strategy to offset the large-base and grow has been to think outside of housing loans, and offer loans to secure entities like corporates, hospitals, professionals etc based on property collateral, cash flows, rental securitization etc. But the best is yet to come for LIC HF as India awaits a housing boom that will make large bases small.

Dividend Yield

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}

1.23%

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Return on Assets

EXPERTISE IN PROPERTY COLLATERALS HAS BEEN EXTENDED TO OTHER SECTORS.

Stock Appreciation

3.5X in 2 Years Price / Book Value

2.72 times Sunita Sharma, MD & CEO

GIC HOUSING FINANCE

WHAT MAKES GIC HOUSING FINANCE'S PERFORMANCE IMPRESSIVE Equity Capital

Rs. 54 Crores Revenue Growth

20% Profit Growth

21% Dividend Yield

1.55% Return on Assets

1.55% Stock Appreciation

9X in 7 Years Return on Equity

17%

VETERANS IN AFFORDABLE HOMES When housing finance stocks were on fire during the last couple of years, GIC Housing Finance stock participated only modestly. But when 2016 arrived, and most housing finance stocks turned weary, affordable home loan provider GIC Housing’s stock started performing admirably. On a longer duration, this joint sector home finance firm has been an outperformer with its stock price increasing 9 times within the last 7 years.Powering GIC’s market cap expansion was a high dividend yield that stood at nearly 11% around 7 years back, and is even now a decent 1.60%. The company fares excellently in Respect for Equity, Sales Growth, Dividend Yield, and Asset Quality. The positive re-rating in the stock which started in late February 2016 has taken the stock to a P/BV of 2.15, which still leaves room for significant price appreciation. The rerating has been triggered by a good performance in FY’16 that saw earnings expand by nearly 21%, aided by a strong Q4 where profit was up by nearly 35%. A core strength of GIC Housing’s operation is its decades’ old experience in serving suburban housing markets in Western India, nearby major metro cities like Mumbai.

Warendrea Sinha, MD & CEO

Price / Earnings

14 times Price / Book Value

2.38 times

THE FOCUS WAS ON AFFORDABLE, LONG BEFORE AFFORDABLE BECAME CHIC.

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Capital First

Gruh Finance When it comes to the affordable home segment, Gruh Finance continues to be the benchmark to beat. The niche home financier belonging to the HDFC stable continues to outperform, with profit doubling during the last 4 years, and stock price expanding by 8 times. Still, Gruh’s loan-book has still immense room for growth as the base effect is still very much in the company’s favour. Gruh is also a valuation leader when it comes to NBFCs, trading at over 43 times its earnings and over 11 times its book value. That is the premium any company gets for being a leader in its sector.

Pioneering Algorithmic Lending

VALUATIONS THAT ARE SHAREHOLDERS' PRIDE, PEER COMPANIES' ENVY. V. Vaidyanathan, Executive Chairman

THE POTENTIAL REMAINS HUGE IN TARGET SECTORS LIKE SMEs AND TWO-WHEELERS.

Sudhin Choksey, Managing Director & CEO SEASONAL MAGAZINE

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The market has been bullish on NBFC stocks for a while now, as they stand to gain maximum from the void left by banks in extending credit. Nowhere else is this most felt than in the SME sector, and that is why Capital First has been on a bull run, up by almost 6 times within the last 5 years. Formerly named Future Capital Holdings and belonging to the Future Group stable, the control was taken over by a team led by V Vaidyanathan who was a top performer in ICICI Bank, and financially backed by Warburg Pincus, one of the world’s largest PE firms. Once a wholesale credit player, Capital First has effectively transformed to a retail player during this period, with major operations in SME financing, two-wheeler loans, and consumer durables financing. The new generation NBFC is noted for its urban focus, as well as its tech-driven loan appraisals that have won recognition in the market. It uses detailed algorithms to assess a loan applicant’s repayment capabilities and attitudes, even when regular credit scores are not available, and is therefore enabled to deliver rapid Turnaround Times (TAT). FY’16 earnings were up by over 45%, and it scores high in Asset Quality.

Mayur Uniquoters Leather is great but challenging, and that is the reason why artificial leather use has been on the upswing, taking the fortunes of Mayur Uniquoters to a new orbit since the last four years. Profit is up by 2.5 times within this period, while stock has soared by over 13 times. Mayur has systematically penetrated all the sectors needing artificial leather like automotive, footwear, furnishing, leather goods, and leather fabrics, and not just in India, but abroad. Mayur Uniquoters supplies even to luxury auto majors in USA. A new plant coming up with improved products is a trigger.

SUCCESS OF THE NEW PLANT WILL BE A KEY DRIVER.

Suresh Kumar Poddar, CMD

SUCCESS IS ABOUT EXTENDING AND DOMINATING A NICHE.

Manish Goel, MD

Shilpi Cable Technologies The expertise was cables and it remains cables. But the masterful strategy was extending that expertise to any industry where cables are used, starting from telephone cables, to automotive cables, to networking cables, to electrical cables, to solar cables, to around 17 categories and several countries in the Middle East and Africa. Result is a profit growth of nearly 6 times in 4 years that drove stock price by 42 times within last 5 years. Now, the momentum is set to get better with a new $150 million plant in Abu Dhabi.

Strides Shasun Strides Arcolab has merged with Shasun Pharmaceuticals during the past year, and even when comparing with both their profits of last fiscal, the new company Strides Shasun has done well in FY’16. But more is yet to come, as the combined entity works on synergies and cost-cutting, as well as leveraging on Shasun’s pipeline in the US, and Strides’ growing African and Australian businesses. Strides has also done a string of strategic acquisitions in India and overseas, the benefits of which will appear in the coming years. Its Bengaluru plant has recently completed FDA inspection successfully.

Arun Kumar, Managing Director

Market is keenly watching whether the merger benefits will accrue as promised. SEASONAL MAGAZINE

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KITEX GARMENTS

EYEING A COMEBACK

Sabu M Jacob, Chairman & Managing Director

Globally leading infant-wear manufacturer, Kitex Garments’ stock had a dream run in the bourses from 2011 to mid of 2015, appreciating by over 28 times within 4 years, driven by nearly 5 times expansion in earnings. But since then it corrected by over 68%, on the performance breaking the guidance. Since then both the performance and the stock have been improving slowly but steadily. The stock is up by 58% from the fall, driven by FY’16 profit growth of 14% and Q4 FY’16 sales growth of 17%. Kitex Garments fares high in certain core metrics like Respect for Equity and Low Debt/Equity. A dividend paying company, and that too rising dividends, Kitex Garments’ yield will, however, come across as high only for investors who have been holding for long. A major breakthrough in the company’s fortunes might happen when a plan by the promoters to list Kitex Childrenswear Ltd (owned by promoters) and to merge it into Kitex Garments Ltd, fructify. While this may entail dilution for existing investors, in the long-term the combined entity will emerge stronger as one of the world’s largest infant-wear manufacturers. The recent textile policy by Indian Government is also positive for Kitex.

Market is watching whether the overseas funds are brought back and the debt cleared. SEASONAL MAGAZINE

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Tanla Solutions Tech companies rarely re-invent themselves to survive. Tanla has done just that, from a massive loss-making entity just 3 years back to a thriving operation that is growing its profits at a brisk pace. Once it was the leader in payment platforms for Nokia phones worldwide, and when Nokia failed, it reinvented itself within years to emerge as a leader in the booming A2P (Application to Person) messaging business. During the downturn too it maintained its Respect for Equity and Low Debt / Equity. FYâ&#x20AC;&#x2122;16 profit is up by 4.6 times over the previous year. Stock is up by 22 times within 3 years.

The company needs to find more new avenues like A2P. Dasari Uday Kumar Reddy, Founder

Mayank Singhal, MD & CEO

PI Industries Since monsoon 2016 is raining cats and dogs, the fortunes of PI are looking up, like most agrochemical industries. But the beauty of PI Industries is that it can grow reasonably even on bad monsoons due to its Contract Research and Custom Synthesis services for global chemical majors. That is how despite two bad monsoons straight, PI has grown its profit by 3 times within the last 4 years. The stock is up by nearly 10 times within the same period. While monsoon doing better than expected will be a boost, it also has a healthy overseas order-book in CRM to fall back upon.

A rare agri play with insurance against bad monsoon. Samkrg Pistons & Rings A good monsoon changes fortunes in rural India, and two-wheelers are destined to be rainâ&#x20AC;&#x2122;s biggest beneficiaries. While the stocks of two-wheeler biggies will move up, so will the stock of key parts suppliers like Samkrg Pistons & Rings, which supplies critical engine parts to large manufacturers like Bajaj, Honda, & TVS. Profit has nearly doubled during the last three years, while stock price has gone up over 6 times in the same period. Future growth will also be powered by diesel engine parts to Tata Motors, Force Motors, Piaggio, Greaves etc, as well as exports to over 15 countries.

IF BIKE SALES VROOOM, SO WILL THEIR PISTONS MAKER. S. D. M. Rao, CMD SEASONAL MAGAZINE

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Wonderla Holidays Limited

HYDERABAD PARK IS A GAME CHANGER WHAT MAKES WONDERLA HOLIDAYS' PERFORMANCE IMPRESSIVE Equity Capital

Rs. 57 Crores

Sales Growth

13%

Profit Growth

18%

Profit Margin

From India’s first imported reverselooping roller-coaster, to its 1 MW of solar power generation facility, to its cashless RFID based transactions, everything is next-gen at Wonderla’s latest Hyderabad amusement park. Built prudently on a Rs. 250 crore budget, the park which spans 50 acres, is the facility that will determine the medium-term fortunes of this dedicated amusement parks company. With two parks, its first one at Kochi and its second at Bengaluru, Wonderla had done well at the bourses, rising by 2.75 times its IPO price within just two years, on profits that were up by 50% over the same period. Wonderla also comes across as strong in core metrics like Respect for Equity, Sales Growth, Profit Margin, Growth in Margin, and Return on Assets. FY’16 revenue is up by nearly 13% while profit is up by over 18%. While margins are likely to be under pressure in the short-term, due to the recent capital expenditure, the stock is expected to take it in its stride on rising footfalls in Bengaluru and Hyderabad, as well as higher ticket-rates. NR Narayana Murthy’s Catamaran Ventures has recently upped its stake in Wonderla. The next park is being planned in Chennai.

Return on Assets

13% Return on Equity

14%

Return on Capital Employed

14%

Dividend Yield

0.38%

28% Fast and cost-effective execution of future parks will be the key.

Price / Earnings

38 times

Stock Appreciation

2.75X in 2 Years Arun Chittilappilly, MD SEASONAL MAGAZINE

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Glenmark Pharmaceuticals Glenmark continues to be one of the most promising mid-cap pharma promises in India, and not without reason. FY’16 consolidated net profit is up by nearly 52%. The stock had a dream run of 3.75 times within the last five years. During the past year, dullish sentiment regarding FDA actions on Indian pharma companies have affected the counter, but Glenmark Pharma is gearing up to make many fundamental improvements including fund raising, recent FDA approvals, and a further pipeline of expected approvals. Its small equity gives it enough room to raise funds.

Ramesh Kumar Poddar, Chairman

Siyaram Silk Mills From yarns to retail, and everything in between like fabrics, home furnishing, & ready-wear, Siyaram has come a long way in three decades. But what added value was the creation and deployment of 13 brands on which Siyaram crafts over 60 million meters of fabrics annually. Profit has grown nearly 7 times within the last 7 years, and the Siyaram stock has gone up by 28 times during the same period. The company is upping the premium brand play by bringing in Italian fashion label Cadini, and focusing on Exclusive Brand Outlets (EBOs) for driving growth.

NOW GETTING INTO A MORE PREMIUM BRAND PLAY.

Gearing up with fund raising and a pipeline of approvals.

Glenn Saldanha, CMD

Dheeraj G Hinduja, Chairman

Ashok Leyland From a loss-making giant two fiscals back on consolidated basis, Ashok Leyland has come back into the growth game in remarkable style. From a loss of Rs. 214 crore in FY’15, it has swung into an impressive profit of nearly Rs. 1100 crore in FY’16. India’s commercial vehicles space has turned around, and as one of its leading players, Ashok Leyland won’t look back again for many years to come. It is a leader when it comes to supply of buses to India’s various state transport corporations, and is all set to deliver 3600 buses. Stock is up by nearly 10 times within 3 years.

A remarkable turnaround to profits, and more is in the works.

SEASONAL MAGAZINE

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Rajesh Doraiswamy, Joint MD and CFO

NBCC (India) Post 2012, we haven’t seen any PSU company’s stock rising by nearly 14 times within 4 years. NBCC (India) went for its listing in 2012 at Rs. 20 a share, and has seen its price touch Rs. 267 recently. Profit has grown by 2.6 times within the last 6 years. Formerly known as National Buildings Construction Corporation, it does a turnover of nearly Rs. 6000 crores on a modest equity of Rs. 120 crores and zero debt. Spanning verticals like project management, realty, & EPS, its order book has been swelling steadily and stands at Rs. 36,000 crore as of March 2016. NBCC is a Navratna Enterprise of GoI Anoop Kumar Mittal, CMD

Remarkable performance for a PSU, but it needs to survive open competition too.

Salzer Electronics Focus on a niche brings success, and Salzer Electronics has proved it by focusing on switches. It is a leader in rotary switches, and has a marketing tie-up with L&T, which is also a former equity partner. The company also manufactures Automobile Switches, Limit Switches, Load Break Switches, Modular Switches, and Proximity Switches. Profit has jumped by over 42% in FY’16. Stock price has soared by over 9 times within the last 3 years. Salzer also manufactures Cable Channels, Electrical Relays, Energy Saving Devices, Switch Plates, Terminal Connectors, & Toroidal Transformers.

Fresh thinking to look beyond L&T's support is needed. Sintex Industries Sintex does a lot of things in a lot of industries, and it has been difficult for many analysts to get a grip on its operations and numbers. It has sizeable operations in three broad divisions – building products, custom moulding solutions, and textiles. In each of these divisions, it has numerous products and under its custom moulding division, it has sizeable operations in Europe and USA. In recent years, it has been most bullish on expanding its textiles division. Profit has doubled during the last 4 years, and stock is up by over 7 times in 3 years.

Rahul Patel, MD

Too many promising diversifications, but some need to be hived-off for unlocking value. SEASONAL MAGAZINE

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NIIT Technologies Among many mid-cap software companies, NIIT Technologies has proved to be an outperformer in recent years. Net profit has rebounded by 2.5 times in FY’16 from the temporary setback it had in FY’15. Revenue has been steadily inching up, up by 70% during the past four years. Stock is up by nearly 4 times within the last five years. Its performance has also helped its promoter company, NIIT Ltd which holds nearly 24% stake in the software firm. NIIT Technologies has a small equity, negligible debt, and offers a dividend yield of nearly 2%.

EICHER MOTORS

SHOOTING BULLETS OVERSEAS Siddhartha Lal , CEO

Soundly managed, what it needs is a niche to dominate. Rajendra S Pawar, Chairman and Co-Founder

ATTAINING TRACTION ABROAD WILL BE THE GAMECHANGER FROM NOW ON. Fortune continues its shower on Eicher Motors. Just when its Royal Enfield motorcycle division was showing the first signs of a slowdown from the astounding growth of the past 7 years, its commercial vehicles JV with Volvo has started showing improved growth. Share price is up by a shocking 94 times within the past 7 years, driven by earnings that expanded by 11 times. Eicher Motors comes across as strong in metrics like Respect for Equity, Low Debt/ Equity, Sales Growth, Growth in Margin, and Return on Equity. While tempering of growth in Bullet motorcycles is happening now, this growth is still way above any of its competitors, driven also by the low base effect which is still in RE’s favour. The division is betting big on a cautious and calibrated push into export markets which has started showing results in recent months. For the 12-month period ending March 2016, profit has grown by over 61% over the corresponding period. Despite continuing fundamental outperformance, the stock has become range-bound after 7 years of market-leading growth, due to high valuations. Promoter group has also sold a 4.2% stake for Rs. 2100 crore. SEASONAL MAGAZINE

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DIC India DIC India is one of the leaders in printing inks and allied materials in the country, and rightly so, as it is part of DIC Corporation of Japan, the world’s largest in this segment. DIC India serves the printing, publishing and packaging industries, and has grown along with these segments. Profit has more than doubled over the last two years, and stock price has gone up by 5 times within the last 3 years. DIC India is known for its clean balance sheet, with a tiny equity and near-zero debt. While printing was said to be in a slow demise, the success of DIC India shows print has few alternatives in many cases.

Consistency in performance would change fortunes here.

SKM Shree Shivkumar, MD & CEO

Growth has hit the roof, now time for a jump in capacity. SKM Egg Products

Vidhi Dyestuffs Colours can be manufactured by many, but colours that can be eaten are only the forte of a few companies. This is especially so if the food colours need to pass the stringent quality standards in the developed world like HACCP, not to mention religious conditions like Halal and Kosher. Vidhi Dyestuffs Manufacturing Ltd is a company that has mastered all that, and the results speak for itself. Profit is up by nearly 4.5 times within the last four years, while stock price has surged by nearly 35 times within 3 years. Vidhi’s manufacturing unit is US FDA audited, and its products are used in 80 countries.

The promise remains enormous, but consistency will be the key. SEASONAL MAGAZINE

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One of Asia’s largest egg powder and liquid egg processors, SKM Egg Products Export (India) Ltd, is almost a fully export-oriented unit catering to markets like Japan and Europe. A loss-making company five fiscals back, SKM swung into profits in FY’13 and has grown remarkably, with bottomline surging 25 times within 3 years. However, SKM is operating near to its capacities, and need to grow organically via capex, or do an acquisition to sustain this growth momentum. The stock which went up by 45 times since 2013 has recently corrected on this concern.

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AUTO

Auto Sales Reveal China and India are Still Poles Apart India's thirst for gasoline - the fuel most used by passenger vehicles - has soared 12.6 percent in the first six months of the year from 2015, growing at more than double the pace of China. However, its overall gasoline consumption at around 544,000 barrels per day is less than a fifth of China's 2.8 million bpd.

anjay Kumar is beaming with joy. The 23-year-old has just bought a used motor scooter, his first, for 30,000 rupees ($445), after years of saving together with his mother. He says the Maestro Scooter by Indian motorbike maker Hero will let him ferry his mother for shopping trips as well as navigate New Delhi's chaotic roads between part-time jobs. "We never had the kind of income to buy a vehicle. Now I can take my mother on my bike for local shopping, and work otherwise. I can easily cut down on my travel time and avoid congestions by using my scooter," he said. Sanjay is one of millions of new motor scooter riders who have helped push the pace of India's oil demand growth well past China's. Yet as long as this growth is driven by mopeds, not cars, the oil industry's hopes that India will become a pillar of oil demand to match the giant Chinese market are set to be disappointed. India's thirst for gasoline - the fuel most used by passenger vehicles - has soared 12.6 percent in the first six months of the year from 2015, growing at more than double the pace of China. However, its overall gasoline consumption at around 544,000 SEASONAL MAGAZINE

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barrels per day is less than a fifth of China's 2.8 million bpd. At the core of India's fuel consumption growth are small motorbikes. Some 16.5 million new units were sold in 2015/16, according to industry and manufacturing data, up from 11.8 million in 2010/2011, making it the world's second biggest sales market after China, which sold 24.6 million motorbikes last year. New motorbike sales in India are expected to reach 19 million by 2018, said Roy Kurian, vice president for sales and marketing at Yamaha Motor India Sales. But while India is catching China in motorbike sales, it lags far behind in cars, which use more petrol per journey. Modern motorbikes have a fuel efficiency of over 100 miles per gallon (mpg). Older models may only reach around 50 mpg, but that's still about twice as efficient as most cars. Sales of new four-wheeled passenger vehicles in China hit almost 25 million last year, double the volume in 2010. India's car sales are measly by comparison. New passenger vehicle sales have stagnated below 3 million a year since 2010. Monthly sales of less than 215,000 are well below their historic peak of just over 300,000 half

a decade ago. India's poor roads and choked cities favour bikes over cars, but the most important factor is price. India's average salary is less than onesixth of China's average salary, making motorbikes the default choice for the swelling number of young commuters. Small motorized two-wheelers cost 25,000 rupees to 50,000 rupees ($370 to $750) compared with 200,000 rupees to 500,000 rupees ($3,000 to $7,500) for the cheapest new cars. India-based credit rating agency ICRA says the income levels of average Indians have risen 8-9 percent a year for the past five years. In a population where 65 percent of people are under 35, and where financing options are improving, this has supported the twowheeler market. "Commuting is a basic necessity, (but) in metropolitan areas and cities we have a public transport system that is not good enough," said Yamaha's Kurian. "Two-wheelers have become an automatic choice because of the traffic chaos and parking issues in almost every city," he said, adding that a lack of public transport and poor roads outside cities were also boosting sales in rural India. (Credit: Reuters)

HEALTH

6 Ways Families Help Your Health Healthcare major Abbott is spearheading a survey project that is asking one million people how they live a full life, and the majority is replying that ‘family’ is the most critical part of living well. Here is a look at what science tells us about the power of family.

All You Need Is Love According to a study that’s lasted more than 70 years at Harvard Medical School, “Happiness equals love — full stop.” Psychiatrist George E. Vaillant, M.D., found that even when people have health and financial success, they aren’t happy without loving, supportive relationships as seen in families.

Family Dinners Create Family Winners

Recent research has shown that family dinners play an enormous role in a child’s success. Indeed, students who eat with their families are less likely to skip school, and Cornell University researchers found that family dinners were linked to lower levels of depression in children.

The More Generations the Merrier Living with family can also contribute

to the wellbeing of older people. According to a University of Southern California-conducted study in China, “Older parents living in threegeneration households had better psychological well-being than those living in single-generation households.”

Happy Marriage, Healthier Heart? A study at NYU Langone Medical Center of 3.5 million men and women found that — no matter what their age, gender or cardiovascular risk factors — married people were less likely to have any kind of cardiovascular disease than people who were single, divorced or widowed.

mong the benefits of a large family, according to this five-year study on family life satisfaction, were mutual support and far less boredom than smaller families.

More Children, the Better Dr. Bronwyn Harman of Australia’s Edith Cowan University found that parents with four or more children were the happiest of those surveyed. Among the benefits of a large family, according to this five-year study on family life satisfaction, were mutual support and far less boredom than smaller families. And, because older children help out with younger ones, they develop a good sense of responsibility at a young age.

The Need for Nurture

Historically, the family has formed the basis of almost every human society. But as the definition of family changes across different eras and cultures, one thing remains constant — the need for nurture. Psychologist Harry Harlow’s landmark experiments clearly demonstrated that physical closeness in infancy is crucial for mental and physical health. SEASONAL MAGAZINE

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INNOVATION

IIT-Kharagpur to Start Centre for Science of Happiness ‘Rekhi Centre for Science of Happiness’, is named after its alumnus Satinder Singh Rekhi. It aims to promote “happiness and positive psychology” among its students, and will cost $1 million to set up over a period of three years. ouldn't it be wonderful if happiness were an equation? A definite LHS = RHS, and presto you are happy? IIT-Kharagpur is setting out to do just that. Some 2,500 years after Socrates stunned Athenians by declaring that happiness can be "achieved" by human effort, India's oldest IIT is in pursuit of cracking the happiness code. Through its seat of excellence - 'Rekhi Centre for Science of Happiness', named after its alumnus Satinder Singh Rekhi - it aims to promote "happiness and positive psychology" among its students to begin with. And yes, you can do a certificate course here and take your CV a happy notch higher. "All human beings have one common goal - to live a happy and meaningful life. We live in a stressful world with a web of complexities where we are pushed to our emotional limits. The upcoming centre is a unique initiative that will research and help develop an ecosystem of happy and successful KGPians who become effective leaders, innovative engineers, caring employers, smarter and creative employees," Rekhi said. This feel-good factor will expand from KGPians to the people they touch, thus growing exponentially and improving society, he says. It was a conversation with IIT-Kgp director Partha Pratim Chakrabarti that inspired Rekhi to do something to "assess and improve students' sense of happiness". "This led to the idea of setting up a dedicated centre to promote science of happiness," said the IIT-Kgp director. "Research is needed to truly understand the underlying facets of this SEASONAL MAGAZINE

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The upcoming centre is a unique initiative that will research and help develop an ecosystem of happy and successful KGPians who become effective leaders, innovative engineers, caring employers, smarter and creative employees." Satinder Singh Rekhi

multidimensional domain through a convergence of psychologists, neuroscientists, cognitive scientists, management experts, sociologists, humanities scholars, engineers who measure various kinds of human signals as well as academics who wish to develop this into a holistic learning framework." In addition to sponsoring the centre, Rekhi will be its chairman. It will cost $1 million to set up the centre over a period of three years. Space for the centre has been marked out and construction will start soon, sources say. The first international workshop on the 'Science of Happiness' could be held as early as August 2016. The centre will pursue its goals through courses, research and ground activities on and off campus. (Credit: ToI)

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GADGET

BUYING A SMARTPHONE IN 2016?

Understand These 12 Latest Features IF YOU’RE SHOPPING FOR A NEW SMARTPHONE IN 2016, YOU MIGHT FEEL LIKE YOU NEED A GEEK-TO-ENGLISH DICTIONARY JUST TO UNDERSTAND THE LINGO. MEGAPIXEL THIS, GIGAHERTZ THAT, TERABYTE THIS. IT COULD MAKE YOUR HEAD SPIN. AM I RIGHT?

If you’re one of the many looking to upgrade your smartphone this year – but need a bit of help to understand what all the tech specs mean — look no further than this following glossary of popular mobile terms and acronyms.

4K: Many new smartphones have a rearfacing camera that can shoot “4K,” which refers to video with four times the resolution of 1080p HD. In other words, the video contains more than 8 million pixels (little dots) compared to roughly 2 million. You’ll best appreciate this bump up in detail when playing back the video on a 4K TV. Be aware, 4K takes up a lot more storage on your phone and uses up more battery power. SEASONAL MAGAZINE

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aptX: Regular Bluetooth is fine for handsfree calls, but subpar when it comes to streaming music to your headphones or speaker. This is because it’s difficult to send large files through a small “pipe” without sacrificing sound quality. Smartphones with aptX, however, can reduce the size of audio so they can easily flow through the wireless pipeline, delivering near CD-quality audio over Bluetooth.

Always-on Display: For added convenience and to help with battery preservation, a few Android smartphones today have an “Always-on display,” which shows you notifications on the screen – such as date and time, calendar appointments, text messages and emails, recent calls, and more — without needing to wake up the phone.

IP67/IP68: The Ingress Protection (IP) rating system shows you how much protection your tech has from the elements. Phones that are IP67certified means the device and connectors can withstand up to 3.2 feet of water for up to 30 minutes (and are dust-resistant, too). An IP68certified device can withstand “more than” 3.2 feet of water, but it varies by device. To err on the side of caution, consider these phones ideal for splashes, rain, sweat, and accidental submersion. Don’t go swimming with your phone.

LTE: Long-term evolution, or LTE, is an industry term that refers to higher data speeds – comparable to (or even faster than) your home’s broadband Internet connection. Sometimes referred to as 4G speeds, all major phone carriers offer LTE phones, tablets and Internet sticks or pucks, all of which grant you fast downloads, streaming and uploading in supported (mostly urban) areas.

the phone will last between charges. There are other variables that can affect battery performance, such as environmental conditions (such as heat), operating system and applications (software), processing power, and more. A rule of thumb: the bigger the number, such as 2800mAh compared to 1900mAh, the longer the phone’s battery will last.

Marshmallow: Android 6.0, or “Marshmallow,” introduces a number of improvements and new features tied to the overall user experience. A few highlights: tap and hold the Home button to activate “Now on Tap,” which provides contextually-relevant info and apps based on what you’re doing on the phone; a “Doze” feature automatically puts the device into a sleep state, but still takes calls and messages; use your fingertip or thumb to unlock your phone and shop on Google Play; new keyboard refinements; and more.

Popular among workers “in the field,” especially if they’re wearing protective gloves, PTT phones are almost exclusively Android-based, therefore iPhone fans can’t take advantage of this feature.

Super AMOLED: There are two major smartphone screen technologies on the market – AMOLED and IPS LCD – and each has their own benefits. With AMOLED, individual pixels are lit separately on top of a thin film transistor array that passes electricity through organic compounds; colors and bright and blacks are deep as portions of the screen can be turned off (like an LED TV). Super AMOLED reflects less sunlight than AMOLED, while IPS is said to show more accurate colors than AMOLED/Super AMOLED — but the latter excels in contrast (blacks), and energy efficiency.

Gorilla Glass: From Corning, Gorilla Glass is a tougher screen technology that can withstand the bumps and knocks of everyday life. With the latest version, Gorilla Glass 4, Corning says it could withstand 3-foot drops onto rough surfaces 80% of the time, which they claim is up to twice as good as competitive glass designs. It’s still a good idea to go with a case to protect the entire phone from accidental drops.

NFC: Near-field communication (NFC) is a short-range wireless technology that allows for two NFC-enabled devices to make a digital handshake, by simply placing them within 1.5 inches of one another. There are many applications, such as tapping your phone to make a payment on a retailer’s contactless terminal, quickly pairing a phone with NFC headphones, or two compatible phones quickly exchanging contact information.

Push-to-talk (PTT): mAh: Short for milliamp, this refers to the capacity of your smartphone’s battery. Generally speaking, the higher the milliamp (mAh), the longer

Wireless Charging: While the name is a little misleading as your phone isn’t charging up over airwaves (yet!), smartphones with a “wireless charging” feature can be powered up by placing it on top of a compatible base at home, in the car, at the office, in an airport, or at a restaurant. In other words, no USB cable is needed. Phone carriers often sell these small pucks to place the phone on top of to charge up, plus IKEA now sells furniture with this feature built in. A catch: you likely have to remove your case for this to work. (By Marc Saltzman, for USA TODAY)

Some phones today support push-totalk – which may be advertised as “PTT,” for short – which have a walkie-talkie-like button on the side that instantly connects you to a preprogrammed person or group. SEASONAL MAGAZINE

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TOP PRIVATE UNIVERSITIES IN INNOVATIONS, RESEARCH, & PLACEMENTS SCSVMV UNIVERSITY, KANCHIPURAM

A Unique Blend of Indian Wisdom and Modern Science Sri Chandrasekharendra Saraswathi Viswa Mahavidyalaya (SCSVMV University), Kanchipuram is unique in that it has designed its curriculum with emerging requirements in the market. Right now university is offering courses in 14 different disciplines including Engineering ( B.E - EEE, ECE, CSE, Mechanical, EIE, Mechatronics, Manufacturing, Civil, Civil & Structural and B.Tech I.T) both at Undergraduate and Post Graduate levels, Sanskrit, Ayurveda, Computer Applications, Management, Education, Science, Humanities and others. No wonder then that SCSVMV students are getting selected in various organizations like Dr. Reddy’s laboratory, Wipro, Aditya Birla, TCS, ICICI, Ramco, Shriram Group of institutions etc. But that is only one among the several factors that makes this university unique. Our ancient India is a treasure house of all arts and all varieties of education. If you look into education history of India, four places were recognised as wonderful universities – 1. Kanchipuram, 2.Nalanda, 3.Thakshasila, 4. Varanasi. Out of all these four places, Kanchipuram has got a very special significance. In case any professors in other universities gets a doubt, they used to come to Kanchi and write their doubts on palm leaves and use to keep these palm leaves in earthen pots in specified places. The professors of Kanchi used to write answers for the doubts as and when they are at leisure and used to put the answers in the same pots. That’s why people use to call the University of Kanchi as “Ghatikhasthan”. To establish a university in such a pious place is the vision of walking God Sri Sri Sri Chandrasekarendra Saraswathi Swamigal. He lived on the earth for 100 years and his vision was brought into reality by his disciple and present reigning pontiff of Sri Kanchi SEASONAL MAGAZINE

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Kama KotiPeedam Sri Jayendra Saraswathi Swamigal. Initially, this institution was started as law college in Sanskrit and gradually grown into deemed university in 1993 and is named after Sri Chandrasekarendra Saraswathi Swamigal. One can find variety of significant events in the progress of this university. The most significant characteristic of this university is providing education in the latest courses of engineering and technology which are absolutely necessary for modern generation along with ancient science, culture and values. In one way, it is a blend of sciences of modern and ancient times. The study imparted to a student in this university not only makes a student to concentrate on earning but also to learn Indian culture and values. So, the courses in this university were designed insuch a way that whoever enters in to the portals of this university have to learn Indian ethos, Culture and Sanskrit language. Based on the indication given by “Paramacharyal” that the ability of a student will enhance specially after prayers – the students of this University will go to classes after prayers every day. In ancient education system, education is not a commodity available in the shop. Without giving any concern and importance with the

financial position of a student, professors of olden days used to give education according to the interest and capability of the student. In keeping the same thought in view, without anticipating and expecting any profit, without taking any money in the form of capitation and donation and without making a student to have burden on his finances, university is collecting only a cost based fee and giving quality education. In future, University is aiming to give education even without collecting this much of fee and without compromising on standards. Here a student gets admission only through merit. There is no entrance examination except for MBA. Based on the marks secured in the qualifying examinations, a student will be selected for BE, B.TECH, MCA, etc.., and other related courses. Ayurveda, Shilpasasthra, Vasthusashtra, Vyakarana, Nyaya, Literature and Sanskrit are other ancient courses taught under the supervision of experienced and expert professors. Based on the merit of student, on the financial status of the student, and on the worth shown on sports by students, scholarships will be provided. Similarly preference to students who secured ranks in National level Examinations like AIEEE, TANCET, MAT, CAT etc at the

Prof.Dr.S.Jayarama Reddy, Chancellor

Prof.Dr.V.S.Vishnu Potty, Vice Chancellor

Prof.Dr.G. Srinivasu, Registrar

CHAKRA” and standing as a symbol of engineering excellence.

institutions etc. Based on the dedication, efficiency, excellence shown by our students in their workplace, organisations of repute are coming back to our University again and again to recruit our students.

time of admissions. SCSVMV University is giving importance to research. Along with all science subjects, research is taking place in Sanskrit in the form of fundamental and applied research. Another significant point of this university is protecting the books written on palm leaves. These books werecollected by Mahaswamy in 1000’s from different corners of the country and preserved. Presently these palm leaves are being protected continuously through chemical treatment and process of digitalization is in progress. Printing these ancient palm leaf literature in the form of books and giving it to future generation isone of the missions of University. To this mission National Manuscript Mission is giving a helping hand. To any university greatest treasure is books. In SCSVMVUniversity, international library contains several thousands of valuable books. This library is the biggest attraction for the University. This building is constructed in the shape of “SHREE

Services of placement and people involved in placement are doing a wonderful job for the benefit of students. Experts and eminent people selected from various disciplines both from national and international zones will interact with students through seminars, conferences, workshops and personality development programs. This experience is a beacon of light giving directions to students in selecting their career. Students are also getting an understanding how to conduct themselves in executing the assignments given and thereby shaping themselves in such a way that they are in no way lesser to the students from metros. Our students are getting selected in various organizations like Dr. Reddy’s laboratory, Wipro, Aditya Birla, TCS, ICICI, Ramco, Shriram Group of

Alumni who are staying in different places and workingin different organisations are continuing their association with the University. They are acting as a bridge between industry and University and bringing experts to the University. Not only that, they formed as an association and trying to help the students by providing projects, placements and scholarships. This University possess modern labs, internet facility, hostels for boys and girls separately, transport, play ground, and bank ATM etc. Aiming to become a premium institution of the country this University is employing all its efforts, in the right direction. SEASONAL MAGAZINE

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INFRASTRUCTURE

INDIA SEES 10-YEAR LOW IN PRIVATE PARTICIPATION IN INFRASTRUCTURE India recorded a 10-year low in investments in Private Participation in Infrastructure (PPI) in the year 2015, adding to the contraction that pulled down the global PPI investment to below its five-year average of USD 124.1 billion, the World Bank has said. its latest annual report, the World Bank said global PPI investment in 2015 decreased to USD 111.6 billion, below the five-year average of USD 124.1 billion from 2010 to 2014. “This contraction resulted from lower PPI investments in Brazil, China and India,” the Bank said in its latest report on Private Participation in Infrastructure Database. “India recorded a 10-year low in investments, as only six road projects, usually a rich source of PPI over the past 10 years, reached financial closure,” the World Bank said. In South Asia, there were 43 PPI deals for a combined total of USD 5.6 billion that closed in the region, representing 5 percent of the total investment, a decline of 82 percent from the five-year average of USD 30.5 billion. “Consistent with historical trends, India generated a majority of the PPI projects (36 out of 43); Pakistan had four; Nepal, two; and Bangladesh, one. Notably, 26 of the 36 projects in India, amounting to USD 2.0 billion, targeted renewable energy, while all of Pakistan’s projects, totalling USD 749.9 million, solely focussed on renewables,” the Bank said. Solar energy investments climbed 72 percent higher than the last five year average, while renewables attracted nearly two-thirds of investments with private participation, it said. SEASONAL MAGAZINE

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Global private infrastructure investment in 2015 mostly remained steady at USD 111.6 billion when compared to the previous year, it said. Among the most notable, PPI commitments in Brazil were only USD 4.5 billion in 2015 a sharp decline from USD 47.2 billion the previous year, reversing a trend of growing investments, it said. “PPI Investment in China also fell significantly below its 5, 10, and 20year averages, as the average transaction dropped to USD63 million,” it said. By number of projects, however, these three historical heavyweights took the lead, with 131 of the 300 global deals, or 44 percent of all PPI projects.

Still their combined investment of USD 11.6 billion only made up 10 percent of the global total, compared to 54 percent in 2014, which was also the annual average over the previous four years. According to the World Bank, global private infrastructure investment in 2015, though on par with the previous year, was 10 percent lower than the previous five-year average because of dwindling commitments in China, Brazil, and India. “The data finds that investments in other emerging economies increased rapidly to USD 99.9 billion, representing a 92 percent year-overyear increase,” said Clive Harris, Practice Manager, Public-Private Partnerships, World Bank Group.

HEALTH

NEW TAX BENEFITS FOR HOME PURCHASE AND RENT PAID THE FINANCE ACT 2016, HAS CERTAIN PROVISIONS, WHICH WILL BENEFIT INDIVIDUAL TAX PAYERS, VIS-Ă&#x20AC;-VIS HOME LOAN INTEREST AND RENT PAID.

ntil now, for a tax payer, who has borrowed money for an under-construction property for his own residence, was eligible to claim Rs two lakhs, beginning from the year in which construction was completed and possession taken. However, to claim this tax benefit on interest u/s 24(b), construction of the house was required to be completed within three years, from the end of the financial year in which the money was borrowed, failing which, the entitlement for interest for booking an under-construction property used for self-occupation was reduced to Rs 30,000. Owing to rampant delays in construction and handing over possession by developers, beyond the three years, many tax payers were unable to avail of the full benefits.

To mitigate such hardship to tax payers, the period for completion of construction, has been extended to five years, from three years. Under section 80EE, an individual who borrows money for the purpose of buying a house, will get an additional deduction of Rs 50,000 from his income, if certain conditions are satisfied. The first condition for claiming this benefit, is that the individual tax payer should not own any house on the date on which the home loan is sanctioned. Secondly, the amount of home loan should not exceed Rs 35 lakhs, for a house which does not cost more than Rs 50 lakhs. Moreover, the loan should be sanctioned between April 1, 2016 and March 31, 2017.

This additional deduction of Rs 50,000 is available in respect of an underconstruction property, even during its construction period, because the provision does not require that the construction of the house for which the loan is taken should be completed, unlike section 24(b) where you can start claiming the interest deduction, only from the year in which the construction is completed. This will be useful, for people who are buying a property for self-use and where the maximum allowable interest is restricted to Rs two lakhs, including the pre-EMI interest which you can claim in five equal annual instalments, beginning from the year of completion of construction. Section 80GG provides for tax relief to individuals who are salaried and are not in receipt of any house rent allowance (HRA) from their employers, or are self-employed, with respect to the rent paid for any accommodation occupied by them. The deduction is allowed, only if the tax payer, or the spouse, or minor child, do not own any residential accommodation in the place where he ordinarily resides. Moreover, the tax payer should not own a residential house at any other place, which is treated as selfoccupied for tax purposes. The amount of deduction available is the excess of rent paid over 10% of total income, subject to 25% of the total income. Earlier, the deduction was restricted to Rs 2,000 per month. This low limit failed to provide any major benefit for the tax payers, who were paying huge amounts as rent. The Finance Act 2016, has raised the ceiling from Rs 2,000 per month to Rs 5,000 per month. (Credit: Housing.com) SEASONAL MAGAZINE

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STATE-IN-FOCUS By Anubha Agarwal

As MSME Sector Booms, Small is the New Big in Rajasthan Government of India has declared an ease-of-doing-business index where Rajasthan is placed at number six. Once categorized as a backward state, clubbed with the infamous BIMARU states, securing 6th position in the new index is an achievement for Rajasthan. How Rajasthan has achieved this is by transforming itself as an emerging hub for Micro Small & Medium Enterprises (MSME) sector. orldwide, MSMEs have been accepted as the engine of economic growth and for promoting equitable development, especially in the developing world. In India, the Micro, Small, and Medium Enterprises (MSME) sector in India has been the second largest employer after agriculture. MSMEs are also credited with the highest employment growth rates and accounts for a major share of industrial production and exports. A substantial portion of the MSME employment in Rajasthan is from the rural workforce. Districts like Alwar, Jaipur, and Udaipur account for about 50% of investment in MSME sector while the districts of Jaipur, Alwar and Jodhpur employ about 45% of MSME workforce. The largest state of India by area, Rajasthan has always been a predominantly MSME led state with more than 90 percent of the industries falling in the MSME category. Hence MSME has been identified as one of the core sectors for attracting investments into the state, and MSME automatically takes the mantle of being the growth engine for further and higher industrialization of Rajasthan. There are about 4 lacs MSME units in Rajasthan which are registered with the Commissionerate of Industries. The total investment in MSME in the state is approximately Rs 29k crore. The challenge the state faces is to provide adequate employment to 24 lakh people, and all eyes are on the MSME sector to meet this challenge. Dr. KL Jain, Honorary Secretary General, Rajasthan Chamber of Commerce & Industry, says, “MSME SEASONAL MAGAZINE

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can be a fillip for large scale industries, even public sector undertakings, provided they have technical collaborations with small scale industries. It is basically backward integration in industrialization. For instance, in case of Maruti, more than 600 small scale industries are producing various components which are being assembled at the Maruti plant”. “Artisans too come in the bracket of micro enterprises. They need higher capital investment to transform themselves into Small Scale Industries. Similarly, small scale industries need to fulfill the desired criteria to transition into the bracket of medium and large industries,” Dr. Jain adds. The key MSME clusters of Rajasthan by business sectors are Auto Components (Alwar), Gems & Jewellery (Jaipur, Jodhpur), Handicrafts

(Dausa, Jaipur, Bagru), Potteries (Udaipur, Jaipur), Terracotta (Dungarpur, Rajsamand, Sirohi), Mineral Grinding (Barmer), and Textiles (Sikar, Jodhpur, Kota, Bikaner). The state has export levels of around Rs 40,000 crores, with an MSME share of 40% including all sectors. Around 20,000 agro processing units in the state are making agro-processing the largest sector under MSME. Rajasthan is a preferred tourist destination hence tourism contribution to the state’s GDP is 13.4%, much higher than the average of 9%. In order to develop the MSME sector, the state government is focusing on the twin roles of being a regulator as well as being a facilitator. However, the financing part still needs to be managed, and the subject always gets centrestage in the deliberations of the State Level Bankers Committee. The

target for financing to MSME is 26% with 10% mandatory share for micro industries.

Dr KL Jain

A worrying factor however is the sickness in the MSME sector. Quality controls, price controls, interaction with government, and dealing with large scale industries are the major factors affecting MSMEs’ growth. The Resurgent Rajasthan summit was an initiative by the Government of Rajasthan to attract more investments into the State. The summit saw proposed investments worth more than Rs. 3.21 lakh crores by leading national and multinational companies in various sectors. Dr KL Jain states that, “However, practically carrying out the MoUs is a very long process which takes time. Every proposal is examined by a high level committee headed by the Chief Secretary. Investment in MSMEs is roughly about 22% inclusive of all sub sectors.” Recently, Rajasthan’s MSME policy has been launched for providing more flexibility and improving the ease of doing business. The foremost features of the policy are amended labour laws, more facilitation centers, subsidy support, better incentives, and tax relaxations for industrial growth, easy land purchase, rehabilitation of sick MSME units, man power development, marketing support to sub sectors, quality improvement etc. Artisan colonies are being developed with allotment of shops or market place to sell the products of the artisans. According to Dr. K.L. Jain, “There are a few lacunae in the MSME policy. For instance, State Government should patronize small scale industries and mandate purchase up to 70% or desired level of the products manufactured by MSMEs by different government departments; the policy should help meet the requirement of adequate financing including meeting the shortage of working capital; facilitation committee should be given more powers as without the required authorities, the committee becomes a toothless committee.”

Today with so much of development needs, skilled labour remains a major problem. State and Central governments have taken initiatives in this direction with skills development and livelihoods programs. Most of the Industry Training Institutes (ITIs) have been given to private sectors so as to run their own need based courses. A prominent example can be seen in Bhilwara district’s textile industry. Skills development with employment generation remains the adjoining aspects which need proper attention. So after completing these courses instead of running for government jobs youth are absorbed more by the MSME industries. More than 50,000 boys and girls have successfully completed these vocational courses and are working successfully today. Dr. KL Jain states that “Like other ITIs, RCCI also offers a Tours and Travel management post graduate diploma course with 100% employment absorption. Through this course, many students have been appointed in good organizations, hotels and other tourism sector industries. RCCI’s role is also supplementary to State Government’s role. We facilitate the investors by providing useful information so far as social (education/housing/health) and industrial infrastructure are concerned through our various publications like Rajasthan at a Glance, Chamber Sandesh etc. We act as a mediator between the government and investors/industries. If there is a difference of opinion between the two,

we try to find out a midway.Promotion of industry friendly environment around MSME sector depends very largely on the availability of raw materials coupled with infrastructure of that place which automatically develops similar kind of industries at that particular place and transforms it into a hub.” The state is to have three international investment zones - South Korea is keen to develop a zone in the Neemrana segment which is emerging as a vital industrial hub as it is part of the DelhiMumbai industrial corridor. Japan, already has an industrial zone in Neemrana where several top notch Japanese groups have set up base, also triggering a real estate boom in the once sleepy town on the way to Jaipur. The Rajashtan government is set to give 500 acres for the second Japanese zone in Ghilot, which is around 1012km from the highway. DelhiMumbai Industrial Corridor Development Corporation has identified the Khushkhera-BhiwadiNeemrana (KBN) as the priority investment region with the development of an Aerotropolis near Jaipur, and a road link between Bhiwadi and Neemrana. A huge portion of the Dedicated Freight Corridor (DFC) would fall in Rajasthan that will create huge investment and business opportunities. Dedicated Freight Corridor’s 40% will pass through Rajasthan’s Phulera-AjmerMarwar segment. SEASONAL MAGAZINE

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HEALTH

EVEN 30 MINUTES NAP CAN REVERSE SLEEP DEPRIVATION DAMAGE Even after only sleeping for two hours a night, a half an hour nap can restore your protein and hormone levels to normal, a study has found. leep deprivation seems to become more and more common in recent times, due to the agitated and hectic schedule from our modern lives. Although in a minority of all cases, sleep deprivation actually improves overall mood and alertness, it is generally associated with weight gain, poor immunity and cardiovascular disease. Therefore, understanding its effects and how to fight it can help improve the lives of millions of people. According to a National Health Interview Survey, 30% of all adults sleep an average of 6 hours or less, and are suffering from either acute or chronic sleep deprivation. Now, a new study has found that a short sleep can do wonders for your health, if you’re not getting the recommended 7-9 hours of daily sleep. “Our data suggests a 30-minute nap can reverse the hormonal impact of a night of poor sleep,” said Brice Faraut from the Université Paris DescartesSorbonne Paris Cité in France, who was involved in the research. “This is the first study that found napping

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could restore biomarkers of neuroendocrine and immune health to normal levels.” The research analyzed 11 healthy men, aged between 25 and 32, who underwent testing in a sleep lab, where light and diet were both strictly controlled. Lack of sleep leads to an increase in levels of norepinephrine, a hormone and neurotransmitter involved in the body’s fight-or-flight response to stress. Norepinephrine increases heart rate, blood pressure and blood sugar.

Lack of sleep leads to an increase in levels of norepinephrine, a hormone and neurotransmitter involved in the body’s fight-or-flight response to stress.

However, after only a 30 minutes nap norepinephrine levels normalized. The same trend was observed with other hormones as well – napping restored the body’s normal levels. “Napping may offer a way to counter the damaging effects of sleep restriction by helping the immune and neuroendocrine systems to recover,” said Faraut. “The findings support the development of practical strategies for addressing chronically sleep-deprived populations, such as night and shift workers.” It seems that napping has major health benefits, especially if you’re not getting enough sleep. Previous research has shown that napping plays an important role in memory consolidation and restoring brain energy. Considering how much we’ve learned about the advantages at napping and with innovative companies opening napping rooms, this may catch up as a trend in the near future.

STARTUPS

Lessons From India's Failed Startups Often forgotten is this fact - anywhere between 6-7 of every 10 startups will fail; some entrepreneurs in fact argue that failure rate is as high as 90%. ake a long nap and a cold shower! This is my advice to everyone who asks me what they should do to become an entrepreneur," the founder of digital service provider Sulekha.com, Satya Prabhakar, tells me matter-of-factly. "It isn't easy and mega success isn't for everyone." Really? Can that be true in a country where it seems every other person (specially if you have an IIT or IIM label) has a billion-dollar start-up idea and promises to change the world. "Disruption" and "unicorn" are now uber-cool in our vocabulary and so totally aspirational. But often forgotten is this: anywhere between 6-7 of every 10 start-ups will fail; some in fact argue failure rate is as high as 90%. Ninety percent! Neil Patel writes in Forbes, "Entrepreneurs may even want to write their failure post-mortem before they launch their business." This, he says, prepares you for reality and hopefully also to work harder and smarter. And this may just be the year some will heed this advice. 2016 began on a stellar note for India's entrepreneurs: a dedicated day to "celebrate" start-ups which included government ministers led by the Prime Minister, top global entrepreneurs sharing their learnings, and lessons and bigger banner headlines devoted to them. But after a year of monstrous valuations, big acquisitions and bigger hype, 2016 was never going to be an easy year. The biggies like Flipkart and Zomato have struggled over valuations and there is pressure to perform, though perish, entrepreneurs argue, is never an option! When online grocery platform PepperTap shut down in April this year, the alarm bells rang loud. Its founder Navneet Singh wrote a candid, forthright

piece on what went wrong for a start-up that seemed to have ticked all the right boxes to become one of India's top three grocery delivery services, with some 20,000 orders delivered daily. The momentum at the top, he says, was intoxicating, but soon "losing cash on every order became a reality and the road to profitability was looking long (very long in fact) and arduous." If last year's headlines were "How I got funding and rode the wave", this year has been more around 'What wrapping up my start-up taught me." But despite the odds, many say "once an entrepreneur, always an entrepreneur" is spot on. Pardeep Goyal, who has set up companies like SchoolGennie, a school

management software, and currently works with a healthcare start-up writes in YourStory,"I have failed several times but I have never quit...I just realised that I got into the wrong business, at the wrong time, with some wrong people. So, I decided to take the financial and emotional hit of failure of the start-up. It was an epic failure. A case study, that has been published in Quartz and YourStory." But he adds, "Failure in my first business was the best thing that happened to my start-up career." He's not alone, I put the big F, Failure that is, last week to a panel of young entrepreneurs. They included those who were forced to abandon their

entrepreneurial dream and take up working to realise someone else's dream. They suffered setbacks, anxiety, unimaginable stress and endless sleepless nights, but insisted entrepreneurship was "in their blood." "It's a brief hiatus", they argued, "we will start up again, failure has been our best teacher." And this is perhaps what does distinguish entrepreneurs from the rest of the pack. Failure, for them, isn't a bad word, and they don't shy away from admitting mistakes. In fact, Albinder Dhindsa, co-founder of Grofers, an online demand delivery service and Ishan Gupta, founder of EduKart, a higher education enrollment platform, say in once voice that they prefer to hire a "failed" entrepreneur over all others, hoping to learn from their experiences and benefit from an entrepreneur's "hunger to succeed." That's not to say everyone is a forever entrepreneur. Many are once bitten, twice shy. Endless pressure, long hours with no worklife balance, and the constant challenge to stay ahead of the curve can be a real killer. And I haven't even factored in the struggle to get funding! Many quit, burnt out or just in some desperate need of a "regular" life. A perception-reality mismatch is often to blame. Despite the many misgivings and rough rides, India remains a Start-Up Nation; in fact, we now rank third globally in the number of start-ups, around 4,200 in October last year. Will they all succeed? Of course not, the majority will fail, and we may never hear of them either. But some will stay the course despite stumbling and may just be the next big thing. They will then hopefully talk about how they did it, and could well encourage another generation of entrepreneurs, underscoring my firm belief that falling is not the same as failing.

(Credit: Natasha Jog, NDTV.) SEASONAL MAGAZINE

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MANAGEMENT By Vikram Bhalla, Boston Consulting Group

Small Changes, Big Results Small habits donâ&#x20AC;&#x2122;t require significant change, but can make a disproportionate impact on the performance of organizations. veryday in the newspaper, you read about yet another company undertaking a large restructuring. This is done in the pursuit of higher performance. But even after such transformations, CEOs and employees remain dissatisfied with performances. Productivity of organisations has not risen fast. Employee engagement remains low. Leaders continue to fail, just as they did earlier. In fact, statistics say 70 per cent of transformations fail to deliver results. And they are disruptive (sometimes even traumatic) for organisations and employees. Yet, every CEO tends to launch at least one such transformation, in pursuit of high performance. But is there another, better and more effective way to create a high-performing organisation? In life, we look to sustain our health, happiness and productivity with a lot of good habits - small things we do every day that help us. The same applies to companies. In looking at large restructuring as a solution to performance challenges, quite often we overlook the small things that can really change the trajectory of a company. They are small habits that donâ&#x20AC;&#x2122;t require significant change but can make a disproportionate impact on performance. We call it the Good of Small Things. Here are a few such small things that companies have tried. One of the important rituals in any organisation is the business review. Every company has them, and most conduct them poorly. They are a very strong signal of the culture and priorities SEASONAL MAGAZINE

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Vikram Bhalla of a company. The questions you ask, the topics you spend time on and the issues you raise make a huge impact on how the organisation works. Most business reviews focus on understanding results and identifying who to hold to account in case results are not achieved, rather than designing for success. This creates many undesirable outcomes - people spend more time thinking about how to sandbag their targets and defend the results rather than plan ahead. No one jumps in to help anyone who is sinking in a review. What if you changed how reviews are run? What if we first asked questions like which customer did you meet and what can we do to serve them better? Who asked for help, and how could others

have helped her? One of our clients changed reviews to shift focus from people who missed their targets to people who failed to collaborate failure was not for missing the goal, but for not asking for help, or not helpingâ&#x20AC;Ś! This dramatically changed the behaviour of the whole organisation to really find solutions and to actively collaborate to win together in the market. Communicate to peers before and after you in the value chain is another aspect with room for improvement. One of the biggest challenges in any organisation is communication. So many internal issues can get addressed with good communication. Many organisations have tons of emails, newsletters, webcasts, etc. to communicate with

employees. But what gets lost is real, effective, day-to-day communication that makes real work happen. In one organisation, people would send emails to one another, copying many others, to communicate what was going on. But emails get lost in the clutter. Imagine a manager getting more than a 100 emails a day without any clarity on which ones are important and which aren’t. In another, all communication would move up the hierarchy till someone resolved the issue, and then move down again into another vertical - a very inefficient way to collaborate, cluttering top management agenda with operational issues. What if you brought about one small change in how you communicate? Every day or week, whichever is appropriate, pick up the phone or walk across to peer into the functions before and after you in the value chain and explain to them your function’s goals, priorities and constraints. Or, on a regular basis, ask people from a function to attend another function’s internal meetings, even as an observer. That’s it! What is important is to do it before you have an issue and to do this with peers, rather than only with

One of our clients changed reviews to shift focus from people who missed their targets to people who failed to collaborate - failure was not for missing the goal, but for not asking for help, or not helping…! This dramatically changed the behaviour of the whole organisation to really find solutions and to actively collaborate to win together in the market.

superiors - horizontal communication. This doesn’t even take much time. Companies that have tried this small step have found that they managed to address and overcome most of the operational issues that come in the way of out-performance, and managed to clear up the calendar of leaders to focus on more important things. In many companies, you find a proliferation of all kinds of things - too many meetings, too many MIS (management information system), too

many reviews, too many billboards, etc. Every time there is an initiative more things get added, leading to the overwhelming proliferation. All this leads to confusion and complexity in business, which has a real cost in time and productivity. What if you made a simple rule - every time you add something, stop something! If you want a new MIS report, stop some other previous format. If you want a new initiative, stop some other. If you want a new banner, take off some other. Not only does it help to keep things clear and uncomplicated, it also helps to ensure leaders are clear about what they want from their troops, leading to more clarity and productivity. These are just a few of the many small things that companies can do to dramatically change the way things work in the organisation. And there are many more ideas that may be relevant for different companies. Often these can replace the need for large transformations. The companies that have tried them have found significant benefits. It is time for others to try The Good of Small Things to drive high performance. (Credit: Business Standard)

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POLITICS

Sheila is Heroine in Kishor's Script By choosing Sheila Dikshit as its face in UP, Congress shows that it's playing by Prashant Kishor's script. Master strategist had advised party to name a Brahmin as its chief ministerial candidate to lure upper-caste vote away from BJP.

oll strategist Prashant Kishor has finally had his way. Following the script prepared by him, the Congress deviated from its rigid ways with a formal announcement recently that former Delhi Chief Minister Sheila Dikshit will be the party’s face in next year’s Uttar Pradesh assembly elections. Ever since he was entrusted with the responsibility of steering the Congress’s poll campaign in Uttar Pradesh, Kishor had been pressing the party leadership that it must project a chief ministerial face, preferably a Brahmin. Priyanka Gandhi Vadra was his first preference but Sheila Dikshit was next on his list. Predictably, there was strong resistance to this proposal since the Congress has always been coy about naming a chief ministerial candidate before an election as it fears that this could lead to further infighting in a state unit. When Ghulam Nabi Azad, Congress general secretary in charge of Uttar Pradesh, had announced two days ago that actor-turned politician Raj Babbar, will head the party’s state unit, it was believed that Kishor’s suggestion had been rejected. But the recent announcement about Sheila Dikshit shows that Kishor is calling the shots with regard to the Congress party’s poll strategy in the crucial state of Uttar Pradesh. The projection of a face is a key element in Kishor’s campaigns, which are built around an individual and not political parties. His campaign in the 2014 Lok Sabha polls revolved around Narendra SEASONAL MAGAZINE

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Sheila Dikshit

Prashant Kishor

Modi while last year’s Bihar assembly election focused entirely on Nitish Kumar.

Samajwadi Party and the Bahujan Samaj Party, the two key political players in Uttar Pradesh, enjoy the unstinted support of the Yadavs and the Jatavs, respectively. The Congress believes that if it succeeds in its outreach to the Brahmins, they will provide the necessary base vote that can enable the grand old party to convince the minorities that it is a serious contender in these polls.

In the case of Uttar Pradesh, Kishor zeroed in on Sheila Dikshit for two reasons. He was hunting for a Brahmin face in line with his proposal that the Congress should make a concerted effort to woo the 12% Brahmin population which was once its staunch supporter. Given the Congress party’s limited talent pool, Dikshit was seen to be the best choice as she had emerged as a brand name because of her three-term tenure as Delhi chief minister. In addition, she is the daughter-in-law of Uma Shankar Dikshit, well-known Brahmin leader of Uttar Pradesh. She had declared a few days ago, “I am a bahu of Uttar Pradesh.” The move to reach out to the Brahmins is based on the calculation that they are unhappy with the Bharatiya Janata Party, their first choice in the 2014 Lok Sabha polls. But since then, the BJP has been working to consolidate the non-Yadav backward classes and the non-Jatav scheduled castes. The

According to the Congress assessment, the Brahmins prefer a party that is willing to give them a prominent role. Hence, Dikshit’s projection as its chief ministerial candidate even though she is facing corruption charges in connection with a Rs 400-crore water tanker scam. Unmoved by the allegations, the Congress dismissed these as malicious propaganda. “This announcement will show that the Congress is serious about according prominence to the Brahmins. it will up the ante in the coming elections,” remarked a Congress leader from Uttar Pradesh. The move, he said, will energise the party workers as it sends out a message that the leadership is

serious about this election and is working to a plan. This is despite the fact that the Congress also has its fair share of sceptics who believe that age is against the 79-year-old Dikshit and that she will find it difficult to connect with the young voter. Nevertheless, the twin announcements on Raj Babbar and Sheila Dikshit will help ease the pressure on Priyanka Gandhi, who is being pressed by the Congress cadres to step out of the family strongholds of Rae Bareli and Amethi and campaign across the state. Undoubtedly, Priyanka Gandhi will be the focus of all attention if she does chose to play a larger role in the coming Uttar Pradesh election but she will escape all blame if the Congress fares poorly in the polls. The Congress made this mistake in the 2012 assembly polls when its vicepresident Rahul Gandhi chose to front the party’s campaign. His position was considerably undermined after the party came fourth with 28 seats. The Congress obviously does not want to go down the same road by pitching Priyanka Gandhi as its chief campaigner. In order to project the Uttar Pradesh election as a “collective effort” and not a “one man/woman show”, the Congress has gone out its way to assign important roles both to its senior and younger state leaders. The names have also been drawn up with an eye on caste equations. While RPN Singh has been named senior vice-president, another young face from Uttar Pradesh Jitin Prasad is among the four vicechairmen of the campaign committee which is being headed by Sanjay Singh, a Thakur and a former royal from Amethi. Rajya Sabha MP Pramod Tiwari, a senior Brahmin face from Uttar Pradesh, has been given charge of the party’s coordination committee which includes seniors like Mohsina Kidwai, Salman Khursheed, Sriprakash Jaiswal and Rita Bahuguna. “We have unveiled a bouquet of faces to counter our political opponents,” declared a Uttar Pradesh Congress leader. "Let’s see how it plays out." (Credit: Scroll)

Where Does Does India India Fare Fare Where in Interest Interest Rates? Rates? in Are interest rates in India among the highest in the world? While Indian interest rates - measured by the benchmark repo rate - are moderately high, they are nowhere among the highest in the comparable peer group.

Even as markets go into an overdrive speculating about who the next Reserve Bank of India Governor will be, a frequent criticism levelled at outgoing chief Raghuram Rajan was that the inflation-combating economist kept interest rates too high, to the detriment of the economy. Some analysts have even gone so far as to say that interest rates in India are among the highest in the world. Rajan's principle in keeping interest rates high flowed from the country facing persistently high inflation. In fact, emerging economies generally tend to have high inflation - and therefore high interest rates - due to high demand and structural issues on the supply side. But while Indian interest rates measured here by the benchmark repo rate - are moderately high, they are nowhere among the highest. Comparing India with the BRICS bloc, except for China, all others - Brazil, Russia, & South Africa, have higher interest rates than India. It is also very evident that developing nations that are growing fast have higher interest rates, while developed nations with poor growth metrics have lower interest rates. One problem in India, therefore, might be that our desire or need for high growth doesn't match our desire for low interest rates.

Argentina Venezuela Iran Brazil Nigeria Egypt Russia Turkey Colombia South Africa India Indonesia Pakistan China Mexico Malaysia Philippines Saudi Arabia Australia Poland Thailand Taiwan South Korea UAE Hong Kong United States UK Canada Norway Singapore Israel Euro Area Japan Sweden Denmark Switzerland

30.25 21.07 20.00 14.25 12.00 11.75 10.50 7.50 7.50 7.00 6.50 6.50 5.75 4.35 4.25 3.00 3.00 2.00 1.75 1.50 1.50 1.38 1.25 1.25 0.75 0.50 0.50 0.50 0.50 0.44 0.10 0.00 -0.10 -0.50 -0.65 -0.75

(Credit: Moneycontrol) SEASONAL MAGAZINE

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FEDERAL BANK

BULLISH ON SMEs, DIGITAL, AND STARTUPS {

SEASONAL MAGAZINE IN CONVERSATION WITH SHYAM SRINIVASAN, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER OF FEDERAL BANK:

}

e cannot solve our problems with the same thinking we used when we created them,” wrote Albert Einstein wryly more than six decades back, and nowhere is it more relevant today than in the plight the world economy finds itself in. The run-up to the global financial crisis of 2008-09 was accompanied by one of the largest and simultaneous bull runs in real estate, housing, commodities, and stocks, driven by easy liquidity of money triggered by various Central Banks as well as the sophisticated but risky debt products by some of the world’s largest private financial conglomerates, to capitalize on it. Post the crisis too, the economic and financial brains that allowed this crisis, if not caused it, had only one solution that Einstein mocked – which was the same solution that caused the problem, more liquidity. SEASONAL MAGAZINE

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Today after rounds after rounds of Quantitative Easing by all the Central Banks in the developed nations to contain the crisis in the short-term, the world is staring at not just sluggish growth, but a phenomenon never seen before - $13 trillion government bonds yielding negative returns, which the Central Bankers don’t know how to manage. India too was not spared the pain, and the global financial crisis reared its ugly head in the country as not just sluggish growth across the capital-intensive sectors, but by hitting the banking sector with its worst ever Non Performing Assets crisis driven by a rout in real estate, commodities, and overall demand. Thankfully for India, later into the crisis, in late 2013, a top-ranking economist rather than a bureaucrat was called in to head its Central Bank. Dr. Raghuram Rajan had the additional credential of warning about the world economic crisis in 2005 itself. But time proved that the former Chief Economist of IMF too didn’t have any magic wand. There were no easy solutions, only painful and protracted ones like Einstein had predicted. Dr. Rajan was at least smart enough to realize that. In late 2015, RBI announced the Asset Quality Review (AQR), and banks in both the public and private sectors utilized the mechanism to comply with the accelerated NPA recognition norms, which resulted in significantly more NPAs in the system getting recognized. $35 billion of new bad loans were recognized across Indian banks, pushing gross bad loans to 7.6% from the earlier 5.1%. As per some estimates, the Indian banking sector is saddled with $120 billion of sour loans, and overall stressed assets (also counting restructured assets) is estimated now at 11.5%. The fresh NPA recognitions and the resultant provisioning have affected bottomlines across the public and private sector, and Federal Bank too was no exception. Thankfully for Federal Bank, just two SEASONAL MAGAZINE

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For the last 4-5 years, Federal Bank has seen no dramatic growth in risky credit, and it was a conscious decision. Due to that cautious stance, now we are better placed than many of our peers.

years after the global financial crisis unfolded, in September of 2010, the shareholders led by its Board had decided to bring in a thorough banking professional with worldwide exposure, to lead the bank. At the time of joining, Shyam Srinivasan had two decades of experience in MNC banks, which included serving on Standard Chartered Bank's Global Executive Forum, comprising of its Top 100 Executives worldwide. He is an alumnus of IIM Kolkata and NIT Tiruchirapally, and has done a Leadership Development Program from the London Business School. Soon into his job, Shyam Srinivasan's touch was most evident in the under-

writing quality at every stage right from credit selection, which was based on his deep understanding of how the NPA crisis would evolve in the years to come. Leveraging his global exposure in customer-centric banking policies, as well in the required work culture improvement for achieving it, Federal Bank has come a long way since 2010, improving its presence and visibility across the nation and its diaspora worldwide. By fiscal 2015, his prudent policies had helped the traditional private sector bank to grow its net profit from Rs. 440 crores in FY’10 to Rs. 1012 crores in FY’15, which was a growth of over 130% within 5 years. Needless to say, it was far better a performance than many of its comparable peers, and all the more impressive as it was achieved during a tumultuous period for Indian banking. However, the impact of RBI mandated AQR has not spared any bank, and it shows in Federal Bank’s FY’16 numbers too. However, what comes across as impressive when we met Shyam Srinivasan for this interview is what Einstein had predicted. This CEO doesn’t believe that old solutions can solve the new crisis facing Indian banks, and he is not looking for new solutions either; rather he and his team

We have sharpened our SME distribution, and our strategy is to go miledeep rather than inchdeep in local markets. Earlier, SMEs were required to come to the bank, but now the bank is going to the SMEs.

are half-way into implementing them. Firstly, ever since he joined, and especially after realizing that the economic recovery would take longer than expected, Shyam Srinivasan has prevented the bank from growing any kind of risky credits. While this may have affected the credit growth, and even inflated the NPA ratio, at the end of the day he knew that only the quantum of the NPAs will matter. Secondly, this CEO has identified one of Federal Bank’s traditional strengths – SME business – and overhauled it entirely to address the new realities of today. The result is that from the earlier model of ‘SME coming to the bank’, the new model is ‘bank coming to the SME’. Due to their mounting bad loans, PSU banks have been slowing down on SME financing, and this has put Federal Bank in a sweet spot to address this burgeoning market, many segments of which are unaffected by the global slowdown. Thirdly, Shyam Srinivasan has rightly identified digital as the new means to compete with even players multi-times his size. According to him, digital is democratic and once again provides a level playing field for smaller banks. Federal Bank has constituted a digital team of hand-picked talents, and pioneered several products that have caught the nation’s attention like paperless selfie accounts, missed call phone recharges, and one of the best smartphone banking apps around. While selfie account has been copied

by larger banks since then, the missed call recharge product helped many who were stranded during Chennai floods. Next in line comes this CEO’s hunger to widen a business in which Federal Bank has always been a leader – overseas remittances. Here also, his approach of creative solution, is visible, with Federal Bank more bullish on growing remittances from South East Asian markets like Singapore & Malaysia, than pursuing further growth from traditional stronghold Middle East or reluctant markets for Indiaremittances like North America & Europe. Perhaps the most visible of all steps that Shyam Srinivasan has undertaken at Federal Bank has been a vastly improved work culture that has resulted in one of the best customer experiences in the sector. He has made the workforce constitution younger and cosmopolitan as well as trained them to put customers’ needs first. But overwhelming all these initiatives in future potential has been one of Shyam Srinivasan’s most passionate initiatives – incubating startups, and this is where he comes closest to Einstein’s solution framework as possible. Federal Bank has pioneered the concept of dedicated branches for

startups, branded as ‘Launchpad’. But more than a dedicated branch, Launchpad is an array of products and services through which Federal Bank will provide credit support, equity participation, and financial planning support to startups. Already, highprofile startups like 4TiGO, which is an Uber for trucks, have been assisted by Federal Bank. To come out of the current crisis in banking, this CEO realizes that out-ofthe-box thinking is essential, and what best way than to support budding and passionate entrepreneurs when they need that help the most! He confides in us his vision, when he says that many of today’s startups are going to define a new sector in the future, which he calls ‘service sector SMEs’.

Seasonal Magazine in conversation with Shyam Srinivasan, Managing Director and Chief Executive Officer of Federal Bank: A couple of years back, the NPA problem in the system was underestimated, but after much firefighting, as of now, do you think that the problem is getting overestimated by many observers? I think there was no serious underestimation back then, nor overestimation now. When such client payment stress starts initially, I agree SEASONAL MAGAZINE

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that there is always a denial tendency, and same might have happened. Anyway, as of now, post the Asset Quality Review, there is no overestimation and what we now have is better recognition or I would say a realistic estimation of the NPA problem. One issue with NPA is that it is a ratio, a numerator divided by a denominator, and even the denominator shrinking, i.e. credit growth slowing, can cause NPA to be amplified. So one has to look at the quantum of non-performing assets and not just at the ratio, and I feel that the quantum of NPA in the system is coming under control. Even a major player like SBI is now saying that the worst is over for them. With regard to Federal Bank specifically, how are you positioned to tackle the NPA problem, further? For the last 4-5 years, Federal Bank has seen no dramatic growth in risky credit, and it was a conscious decision. Due to that cautious stance, now we are better placed. We are confidently poised for quality growth. In which all sectors are Federal Bank’s thrust on credit growth happening currently? How bullish you are on the SME sector, as there

are reports that many banks are closing the taps on SMEs? SME credit has been our bread n’ butter business for many years now. There are many ways to classify SMEs, like by revenue, or by captive markets, or export-oriented model, or size of exposure, and such criteria. By revenue, we consider an exposure of Rs. 25 crore or less as an SME client. Captive SMEs to large upstream manufacturers, catering to local demand are in good shape, according to our assessment. Downturn has happened in specific sectors like steel,

Dr. Raghuram Rajan after being shown our various digital initiatives, opened his speech saying that, 'I have seen the future of banking at Federal Bank.' For a person with his caliber and exposure to international banking, to say that, is not easy.

infra, mining, and textiles. Our bias is towards captive and local SMEs. To better address them we have sharpened our distribution, and our strategy is to go ‘mile-deep’ rather than ‘inch-deep’ in local markets. Our officers comb such markets completely by leveraging local capabilities and we are always trying to address the whole ecosystem around a company. Earlier, SMEs were required to come to the bank, but now the bank is going to the SMEs. Your restructured book has been contained to a great degree in recent quarters, and your asset quality has become stable. Do you see it improving significantly from here, or will it require more time? There are two dimensions to this, one what is in our control and the other which is not in our control. As I told you, over the past few years, we were extremely cautious with regard to risky credit, and due to that we have made meaningful progress in asset quality and this momentum will continue. But that which is not in our control is with regard to the economy, whether the economic recovery will sustain and improve in the quarters and years to come. You have recently launched dedicated branches for start-ups. How has been the start-up ecosystem’s response to this initiative? Good that you asked this question, as this is the topic on which I can keep talking for 100 days! The response to our initiative has been tremendous. Every day we have 3 to 5 new proposals coming from startups. All want to succeed, and their energy is infectious. I think this is a revolution that is happening among our youngsters. From job-seekers they want to be entrepreneurs, job creators. I am surprised by their mindset which is fresh, and their attitude which is solution-oriented. Our Launchpad branches and initiatives for startups perfectly complement their energy and enthusiasm. Firstly, as a lender, we are open to extend them credit. Secondly, in promising startups we are open to provide equity support. Thirdly,

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Around 12.5% of all overseas remittances to India come through Federal Bank. We dominate in the Middle-East to Kerala remittances, and now wants to make inroads into remittances from South East Asian countries like Singapore, Malaysia, Thailand etc., and will also be offering portfolio management services.

whenever possible, we are sourcing some of their tech products for our own use. And lastly, and this is the most important, we are considering them as future SMEs. Until now SME sector has been dominated by manufacturing. But many of these startups are going to create a new category, which I call the service sector SMEs. Can you mention some specific startups that are assisted by Federal Bank? Well, there are quite a few of them, and even today two youngsters had walked in to share their startup idea and I see much promise in it. Another point I want to stress is that startups are not attempted by only youngsters, but by professionals in their mid-career or even later. Federal Bank is the banking partner for one such startup, 4TiGO, which is an Uber for trucks. It is promoted by Anjani Mandal and Vivek Malhotra, with IIT / IIM backgrounds and having over 25 years of experience in leading IT companies. They are supported by Indian Oil and have also won funding from Infosys cofounder Nandan Nilekani. Digital has been an area where Federal Bank has been quite

bullish, and some of your tools like missed-call recharges and selfie accounts have grabbed national attention. Where do you see the digitial initiatives leading the bank? Before answering you, I will share what Dr. Raghuram Rajan spoke in a meeting after being shown our various digital initiatives. He opened his speech saying that, “I have seen the future of banking at Federal Bank.” For a person with his caliber and exposure to international banking, to say that, is not easy. At Federal Bank, we are confident that our digital offerings are second to none in the Indian banking industry. Normally, it is not easy for a customer with a large bank to switch

One issue with NPA is that it is a ratio, a numerator divided by a denominator, and even the denominator shrinking, i.e. credit growth slowing, can cause NPA to be amplified.

to a much smaller bank. But digital is changing that. Digital is very democratic, is killing the brand bias, and is boundary-less. If our digital is better, there is a reason to switch, and this strategy is delivering for us. We have constituted a dedicated digital team to innovate continuously in this realm. But don’t you think some of the bank’s digital policies like a 24hour wait period for allowing a new beneficiary or payee, is still very constrictive? It is not a tech issue, but a policy issue. We can any day change this policy. Anyway, this is another dimension of the digital revolution, which is the potential for cyber fraud. We don’t want to expose our customers to that possibility. But I agree that a 24-hour wait period is constrictive. We have already changed that, and are now planning to offer three modes of security – like aggressive, moderate, and light – which the customer can choose for a specific time period like a day or a week. For example, if a customer has to make a lot of smaller payments during a specific week, he can switch to the ‘aggressive’ mode, and later return to the more secure ‘moderate’ mode. The bank has forayed into South East Asia, and what would be your SEASONAL MAGAZINE

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broad strategy over there? Will your target customers be largely NRIs there? Yes, and I will explain why. Federal Bank has a unique position in the remittance-from-overseas business. Around 12.5% of all remittances to India come through Federal Bank. If you analyze the annual global remittances into India by NRIs, there are several large chunks to it. One is the Middle East to Kerala remittance, where we naturally dominate. Another is the ‘Rest of World’ to ‘Rest of India’, which is a large chunk, where we are only a small player. In this too, there are several markets like North America and Europe which fares lower for remittances from NRIs, as they tend not to come back to India permanently but opt for citizenships there. Hence, our next focus is naturally South East Asian countries like Singapore, Malaysia, Thailand etc. We have tied up with Singapore based Philip Capital towards this, and we are also offering portfolio

Federal Bank is the banking partner for a startup, 4TiGO, which is an Uber for trucks. It is supported by Indian Oil and have also won funding from Infosys cofounder Nandan Nilekani.

Captive SMEs to large upstream manufacturers, catering to local demand are in good shape, according to our assessment, and our bias is towards them. management services to bring in capital from South East Asia. Is there a spike in remittances after the Brexit outcome? There is a slight spike due to the favourable exchange rates, but it is too early to tell whether this will sustain. The bigger point is that capital will chase returns, and we will be very competitive through our expertise in investments and portfolio management. Regarding Asset Quality Review (AQR) in banks, do you think this tool has been a bit harsh and hastily implemented? Or do you think this couldn’t be postponed? I am not sure much of a debate is required. It is already over. It is like treating a critically ill patient, and the doctor has to administer a painful and risky medicine to save the life. If the patient survives, all will appreciate the doctor and his medicine, but if the patient dies, the medicine and the doctor will be at fault. But the question

4TiGO founders with Shyam Srinivasan & Nandan Nilekani

is whether a responsible doctor can wait. I don’t think so, and that is what RBI did. It couldn’t be postponed and as I told you earlier, after the asset quality review, we have a realistic estimate of the NPAs in the system. Since Dr. Rajan is already leaving, how do you assess his legacy at RBI and in the monetary policy of India? Do you feel that it would have been better for India if he was offered and stayed on for a second term? Dr. Rajan is an outstanding professional and he has done exemplary work during his tenure. I think under him RBI has been very effective in its work. That legacy will continue, as a new policy framework has been established. Having said that, we should not be too worried about him not getting or opting for a second term, as RBI traditionally has a history of following a very professional and independent decision making process. But don’t you think that the rate cuts that Dr. Rajan did could have been a bit larger each time, to boost the sentiment? I don’t agree with the viewpoint that larger rate cuts could have made a meaningful difference to many of these large firms. Interest cost is only one element in the client’s decisionmaking process. There are numerous other issues like policy stalling, lengthy legal procedures, and so on. Then there are issues of gross miscalculations on the part of a few errant promoters who may have moved funds into other investments, and the value

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of which went down during the last few years. Businessmen, as far as I understand, are more concerned with the velocity or rotation of funds. And towards this, a 75 bps cut as against a 25 bps cut wouldn’t have made much of a difference. What do you think of RBI’s latest debt recast model S4 (Sustainable Structuring of Stressed Assets) that aims to convert part of the debt into equity? It is undoubtedly a good move, but as far as Federal Bank is concerned, we have very few accounts that might qualify for S4. Maybe only in the case of a couple of steel companies where we are part of the loan syndication. Anyway, as of now, I think such a call can be taken only in Q3. Federal Bank is noted among other things for the better work culture and staff attitude when compared with traditional private banks. How did you lead such a change? It is still a work in progress. Many targeted events that focus on learning and integration are under way. We have addressed the average age profile, geographical mix, ethnic background, gender mix etc. Today we have a large pool of talent whose average age is below 30 years. Also, around 50% of the staff is women now. When we started 400 new branches in newer geographies, we took care to recruit talent locally, and all together these policies have resulted in a more cosmopolitan work culture and is

Firstly, as a lender, we are open to extend startups with credit facilities. Secondly, in promising startups we are open to provide equity support. Thirdly, whenever possible, we are sourcing some of their tech products for our own use.

Finance Minister Arun Jaitley, along with Federal Bank MD & CEO Shyam Srinivasan, launching FedBook Selfie, the country’s first mobile app for bank account opening. contributing a more pan India thought process in the bank. How convinced are you on the Indian economic recovery that is said to be underway? Do you think the momentum accelerating, or are there any visible speed bumps on the way? I am an India bull, but not necessarily for the usual reasons. We are performing way below our potential even now. I don’t agree to the view that India is a large economy of the world as yet. We are still a relatively small economy. We are not even onetenth of USA, and even when compared with Chinese economy we are only one-third. Hence there is tremendous scope for growth. But as you rightly said, there will be enough speed bumps along the way. For instance, during the next 3 to 5 years, there will be a structural change in the world economy, led by Europe and Middle East, in which we will witness a more insular approach or deglobalization trend. Brexit is just the beginning. That will be a challenge for India too, but the Indian economy will overcome that speed bump too eventually. How bullish are you on the banking sector, and on Federal Bank’s prospects in the coming years?

Digital is very democratic, is killing the brand bias, and is boundary-less. If our digital is better, there is a reason for the customer to switch from even a bigger bank, and this strategy is delivering for us.

Now that there is a better grip on NPAs in the system, banking sector will only improve from here, but as I said earlier, it will also be dependent on the economic recovery of India. Having said that, for Federal Bank to grow, it is not a precondition. We are less than 1% of the Indian banking system. I always stress this point to our staff. Even if take market share from the biggies and become 1.5% or 2% of the industry, none of them are going to notice it even. With our digital offerings, our startup initiatives, our SME focus, and our leadership role in remittances, I would say that Federal Bank is in a sweet spot now, poised for growth. SEASONAL MAGAZINE

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ECONOMY

Did Crony Capitalists Cause Dr. Rajan’s Exit? AWARD-WINNING JOURNALIST BARKHA DUTT, CONSULTING EDITOR WITH NDTV FEELS SO, AFTER INTERVIEWING RAJAN PERSONALLY AND AFTER CONTEMPLATING ABOUT THE CONDUCT OF VARIOUS ACTORS IN THIS DRAMA. n the 8th of June I was shepherded into the Governor’s office at the Reserve Bank of India by its redoubtable but extremely anxious spokeswoman Alpana Killawala. “I hope you have seen the many mails I’ve sent you,” she said in a soft, persistent snarl more suited to an over-protective lioness watching over her ward. Since Raghuram Rajan’s office had confirmed time for what many believed could be his penultimate interview as RBI chief, his communications aide wanted me to focus “on policy, not personality,” perhaps understandably worried about how a contentious utterance in an already inflammable situation could throw the entire option of a second term up in flames. I told her I would be mindful of her concerns but that I also needed to be mindful of the news. Curiously, at his press conference the day before - right after he announced status quo on interest rates - no one prodded him on Subramanian Swamy’s open attacks. Alpana needn’t have worried. For one it’s now more than clear that the government had already decided to push Rajan out before a second term and what he said or didn’t say wasn’t going to change that. And two, Rajan himself came more than prepared. “I said - Oh no - when I saw it’s your interview,” he laughed, as he took his seat to be miked up, “I knew right away it wasn’t going to be a dull monetary policy interview.” You got that right, I said, joking back. “I reserve the right to be boring,” he said with elan and humour, as the cameras rolled. SEASONAL MAGAZINE

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Boring is the antonym for Raghuram Rajan’s tenure. Had he been either prosaic or pliable his second term would have been a sure shot. As only the second Governor since 1991 to not get the customary five years, the message that the Modi government has sent is that there is no space for public intellectuals who are independent-minded; the Sarkar will never let you forget that you are expected to be a supplicant. This is why you hear the orchestrated whispers that Rajan went beyond his remit. And that’s why Rajan must exit while a shyster like Pahlaj Nihalani gets to stay. One, a globally respected economist with unquestionable personal integrity who went after cronyism and bad bank loans; the

other a sycophantic, self-declared ‘chamcha’, so bumbling and dangerous that you have to hold your head in embarrassment and rage each time he speaks - yet it was ‘Udta’ Rajan and ‘Reh Gaya’ Pahlaj. That was just one of the striking contrasts of the Rexit week. The other of course was the brazenness of so called ‘proclaimed offender’ Vijay Mallya who cocked a snook at the government with his smugly defiant presence at a London book launch attended by an unsuspecting Indian High Commissioner among others. The fatcat cronyism that Mallya has come to symbolize is exactly where Raghuram Rajan’s clean-up of the banking sector

this simple envy or a crass reminder of who’s the boss? Was the irritation that Rajan’s public speeches underscored that free thinking was as critical as free markets? Or that the RBI governor was not congratulatory and gushing in the way that the BJP wanted him to be? Among the silliest things he was targeted for was his use of a colloquialism to describe the Indian economy as a ‘one-eyed King in the land of the blind.’ “I think it would be the wrong thing to jump up and beat our chest and say that we are the best in the world,” Rajan told me when I asked him about the comment, “Yes we have done a reasonable job and let’s look at the cup as half-full and say that we have to fill it some more.”

was directed. “Equity should be junior to debt and that was not respected, especially for the larger players,” Rajan told me, unflinching in his response to my questions about Mallya. While his detractors among BJP supporters have charged him with hurting the interests of small business by keeping interest rates high, they choose to ignore his intervention against the big boys who knew how to game the system. “We have draconian laws that worked quite well against the small guys,” he said, accepting that those who could manipulate the gaps in an “unfair system” would get away and that is what he was intent on changing. Confronted with the 1.14 lakh crores of bad loans written off by public sector banks over a period of just two years, Raghuram Rajan confirmed to me that he was readying to make public the list of wilful defaulters. Is this crackdown at least part of the reason his continued presence was a problem? The irony was glaring; Rajan’s exit was coincidentally confirmed on the same day Mallya reinforced his impunity in London. So the clown at the censor board would survive, the man who subverted Indian law would live it up in London but an industrious and searingly bright economist would be squeezed out; the message to accomplished Indians abroad was quite clear - don’t come home, the world is a better stage to shine a light on your talent. And if you still decide to come back, do know that you need to be a chamcha or cheerleader - not a self-respecting professional. Supporters of Rajan’s exit warn against placing individuals above institutions. But when individuals are targeted with ad hominem attacks - and there is barely a murmur of support from the government - it IS the independence of the institution that is weakened. In the last couple of days the truism that has been bandied about the most is that no one is indispensable. The triteness of that comment speaks for its own irrelevance to the debate.

Rajan’s departure is not routine or mundane or even voluntary; it has come against the backdrop of a concerted vilification campaign. And it has been mired in subterfuge and opacity. So we still don’t know - does the government agree with its MP Subramanian Swamy’s proclamation that the RBI governor’s green card made him less than Indian? Is this the most concrete proof yet that Swamy’s utterances are what the Prime Minister thinks but can’t say? Or did the government use Swamy’s shoulder to shoot from in a bid to get Rajan out for other more insidious reasons (corporate- bank-politico nexus)? Was Rajan just too opinionated and high profile for the comfort of the government? Did he take away media attention and credit from them? Was

While his detractors among BJP supporters have charged him with hurting the interests of small business by keeping interest rates high, they choose to ignore his intervention against the big boys who knew how to game the system.

When I met Raghuram Rajan it was clear that despite everything he was open to a second term. “A lot of people have been writing my obituary in the newspapers”, he laughed, “this gives me time to reflect on what remains to be done and work on that.” At the very least the government should own the decision to oust him instead of pretending it was his choice to make. The only moment I saw a shadow fall over Raghuram Rajan’s calm and confident visage was when I pressed him to react on how he was dealing with the vitriol directed against him. Yet, in an environment where antinational has become a lazy and commonplace slur used against almost anyone who is slightly non-conformist, the RBI chief was blunt as ever. Taking on Swamy’s description of him as “mentally not fully Indian,” he challenged the reductionist definitions of patriotism. “Look when you think about Indianness or the love for your country, it’s a very complicated thing and we tend to reduce it...For every person there is a different way to show respect for your country...My motherin-law always says ‘Karmayogi is the way to go, do your work and hope that it reflects your love for your country. That’s what I try to do.” Raghuram Rajan showed India respect and commitment. The tragedy is - he did not get the same in return. (Credit: NDTV) SEASONAL MAGAZINE

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TOP PRIVATE UNIVERSITIES IN INNOVATIONS, RESEARCH, & PLACEMENTS s a media house that keenly observes and encourages excellent practices in the private university sphere, Seasonal Magazine is taking this space to record that the past one year has been a mixed bag of performance for these self-financing institutions. While more number of such institutions across India failed to live up to the hype, due to falling admissions and increasing competition, some among them are also experiencing acute financial distress. But even amidst this generally gloomy scenario, it needs to be stressed that there were around ten private universities across India that survived all odds during this past year and thrived. The real irony perhaps is that they were not fighting for survival, but rather doing the groundwork to take on a higher competition – the

government and government-aided universities, colleges, & institutions – so that they can thrive as some of the most respectable higher education institutions in the country and beyond. The Founding Chancellors and current Vice-Chancellors of all these highperformance private universities took on the job holistically by emulating the best practices of best universities across the world. Thus came their focus on innovations and research. But in doing so, they inadvertently hit at the Achilles heel of publicly funded institutions in India, which was the absolute lack of innovations and research. Together with this dual focus, almost all these self-financing universities improved their placement performance, which was already an area where many government-funded institutions were not being proactive.

Today, when we assess the performance of these top private universities, it is heartening to note that they are not speaking about WiFi campuses, built up square feet, or amphitheaters; rather they have enough to be eloquent about their research citations, product patents, and impressive student projects that are tomorrow’s potential startups. Seasonal Magazine brings to you the achievements of ten high ranking private universities – (in alphabetical order) - Galgotias University, GD Goenka University, JSS University, LNM Institute of Information Technology, MS Ramaiah University of Applied Sciences, Nirma University, Nitte University, OP Jindal Global University, SRM University, and Symbiosis International University.

Galgotias University

GD Goenka University

JSS University

LNM Institute of Information Technology

MS Ramaiah University of Applied Sciences

Nirma University

Nitte University

OP Jindal Global University

SRM University

Symbiosis International University SEASONAL MAGAZINE

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TOP PRIVATE UNIVERSITIES IN INNOVATIONS, RESEARCH, & PLACEMENTS

MS RAMAIAH UNIVERSITY OF APPLIED SCIENCES

Applied Innovation Bangalore headquartered private varsity, MS Ramaiah University of Applied Sciences (MSRUAS), has eight core faculties including engineering & technology, art & design, management & commerce, hospitality& catering technology, dental sciences, pharmacy, science, and humanities. Why then is it named an “applied sciences” university, many may wonder. The answer lies in MSRUAS’ history as well as continued focus on delivering innovation that can be applied by the industry and society around. MSRUAS and its forerunner MS RamaiahSchool of Advanced Studies is the brainchild of its Chancellor MR Jayaram and Vice-Chancellor Prof. SR Shankapal. The institution is designed from the ground up to be an innovation university, “unlike any other”, and aspires to be a model for other universities. While its research projects are mindboggling for their complex achievements, the university also takes pride in the fact that even average students are groomed here for highly rewarding careers. ndian military and paramilitary forces, thanks to our long boundaries, belligerent neigh bours, and multiple insurgencies, often suffer serious injuries in battlefields. If left untreated for just the first 30 minutes, many of these injuries can turn fatal due to uncontrolled bleeding. Haemostatic drugs need to be administered intravenously as soon as possible to stop this, but it requires the soldier to be transferred to a battlefield hospital where a medical practitioner can carefully locate the vein to administer the drug. In most locations and situations, especially in non-urban encounters, this is not possible within SEASONAL MAGAZINE

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Dr. M. R. Jayaram Chancellor

the first half-an-hour and that explains why we lose many of our most valiant soldiers and commandos in combat. But what if,an automated, precise, and mobile equipment can be designed for locating the vein swiftly and administering this drug, very near to the battlefield itself? What if the equipment can be operated by a soldieritself without the help of a medical practitioner? A pipe dream perhaps? But a team of scholars at MSRUAS has designed and developed this very equipment – Automated Intravenous Haemostatic Drug Delivery System that works like a charm. Now, development of such a complex equipment is impossible for any single department of a university. It requires the coordinated research & development skills of doctors, mechanical engineers, computer scientists etc. And that is what the core

5-member team behind this applied innovation did at MSRUAS. The plight of amputees is another area where India is facing serious challenges. According to some estimates, the country is home to over 10 million people who have lost one of their limbs, and their staggering number puts them above the entire populations of countries like UAE, Sweden, or Hungary! In case anyone is searching for reasons, look no further than our high rate of serious road accidents, and high incidence of diabetes and vascular diseases. While the country has one indigenous innovation to its creditin this domain – the Jaipur Foot – nothing very modern has ever been used herehere except for costly imported prostheses.

Other successful R&D projects at MSRUAS include torque converter design software, futuristic monorail design, ragi dehusker, home automation system, battlefield communications system, optical flow based systems for unmanned vehicles, fluid thrust vectoring for combat aircraft, and various unmanned aerial vehicles including micro helicopter, quadcopter, fixed wing, and flapping wing drones.

The gold standard in prosthesis technology worldwide is currently the bionic limb, where actual brain signals are used to control a robotic arm or leg. While the amputees in developed countries like USA, UK, Germany, or Japan, have today access to sophisticated bionic arms, most Indians can’t afford it as it costs between Rs. 17 lakhs to Rs. 27 lakhs for just one such robotic arm. But a multi-disciplinary team of five researchers led by none other than its Vice-Chancellor Dr. SR Shankapal has developed a bionic arm system that can read the brain’s signals to the nonexisting limb and use it to move the robotic arm with a high degree of accuracy. The fact that they have developed it from the scratch and that too indigenously is giving high hopes that soon a low cost bionic arm can

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unmanned aerial and ground vehicles, fluid thrust vectoring for next generation combat aircraft that can do extreme maneuvers, unmanned micro helicopter, and various unmanned aerial vehicles including quadcopter, fixed wing, and flapping wing drones.

come to the aid of Indian hand amputees too. Meanwhile, for those with walking disabilities including the elderly, another team of MSRUAS researchers have pioneered the ‘EasyWalk’, a revolutionary ambulatory aid that can double up as a walker and chair, is lightweight, foldable, and can be used indoors as well as outdoors. The research and development behind ‘EasyWalk’ followed world-class product development protocols including market research and user feedback. Yet another innovation from MSRUAS research teams includean Unmanned Ground Vehicle (UGV) called Kainos for military and anti-terrorist activities. Equipped with self-decision making and self-navigation capabilities, Kainos which is a military robot also takes commands from its counterpart the Unmanned Aerial Vehicle, and is equipped with sophisticated cameras and transmitters to send back live video. In fact, there is no end to describing the multi-disciplinary research projects that have been developed successfully at MSRUAS in recent years. They include torque converter design software (for automatic gear shifts in cars – first time in India), futuristic monorail design, ragi de-husker, home automation system, helmet mounted soldier adhoc network for real time av communications in battlefield, optical flow based systems for navigating

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Very few private universities in India, that too as young as MS Ramaiah University of Applied Sciences, can dream of achieving these kind of projects.

Prof. S. R. Shankapal Vice Chancellor

A multi-disciplinary team of 5MSRUAS researchers led by its Vice-Chancellor Dr. SR Shankapal has developed a bionic arm system that can read the brain’s signals to the non-existing limb and use it to move the robotic arm with a high degree of accuracy.

But the real beauty of all these achievements is that this has been done without denying access to even average students for all its courses. In other words, even average students have participated and benefited from such development exercises in this private university. How is this possible? MSRUAS has done another innovation in this regard – the Centre for Learning Differences – aimed at helping out slow learners with extra coaching, during their first and second years of study at the undergraduate level. The Centre has 10 professors and lecturers from 10 departments, as coordinators, who are passionate about bringing up slow learners, and this system has worked wonders so far. The kind of transformation that MSRUAS can cause in even average students will come across as surprising to everyone. Very ordinary students from Diploma and ITI backgrounds, after doingthe university’s course in Product Design, are today employed in top automakers’ facilities like the GM Design Centre in Bangalore,

with salaries they couldn’t have imagined a few years back. The university also appeals to highly performing students, especially at the postgraduate level. One reason for this is the university’s focus on industry-specific PG courses. As of now eight companies are collaborating with MSRUAS to run these types of courses. For example, MSRUAS has an MTech course in Cyber Security and Information Assurance, designed by Paladion Networks. In some such programs, all the students are given by the specific company, whereas in some others a percentage of students are from outside, but they also get absorbed by the industry, as these are courses designed by the end user which is the specific industry itself. When it comes to placements, MSRUAS is very particular that each and every one of its graduates are able to do the professional work he or she was trained for. Towards this, industry requirements are kept in mind, starting from the curriculum design stage itself. Additionally, MSRUAS has deep connections with various industries as this private university is a leader in conducting training programs for various companies. Currently the university is doing such training programs for around 25 leading companies in India, in various sectors. MSRUAS takes its research initiatives seriously, and encourages faculty and PhD students to focus on applied research and get their study published in the best national and international journals. MSRUAS is also unique in that they provide the best research students with financial support, from what the faculty gets for their research work with institutions like the DRDO. The faculty here can’t continue with their static knowledge as, every year, at least 15 ofthe lecturers are send for overseas training at good

Prof. Govind R. Kadambi Pro-Vice Chancellor - Research

MSRUAS has an innovation for slow learners – the Centre for Learning Differences – aimed at helping them out with extra coaching, during their first and second years of study at the undergraduate level. The Centre has 10 professors and lecturers from 10 departments, as coordinators, who are passionate about bringing up slow learners, and this system has worked wonders so far.

CA. N. C. Shekar Registrar & CFO institutions. MSRUAS also makes sure that at least 6 professors from abroad come here for training the faculty every year. Apart from its historical tie-up with United Kingdom’s Coventry University, it has tie-ups with six universities in Russia, while in UK it has relations with two more institutions. The Undergraduate Programmes at MSRUAS are BTech, BDes, BHM, BPharm, PharmD, and BDS while its Postgraduate Programmes are MTech, MDes, MBA, MHA, MPharm, MDS, MCom, and MSc. It also offers Doctoral Programmes leading to PhD degree. MSRUAS also offers three superspecialized MBA programs - MBA (Innovation & Entrepreneurship), MBA (Pharma Business Management), and MBA (Hospitality Management).

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TOP PRIVATE UNIVERSITIES IN INNOVATIONS, RESEARCH, & PLACEMENTS

NIRMA UNIVERSITY

Staying Ahead of the Curve AS ONE OF INDIA’S OLDEST PRIVATE UNIVERSITIES, AND WITH A UNIQUE HERITAGE TO PRESERVE, NIRMA UNIVERSITY IS DOING EVERYTHING TO STAY AHEAD OF THE CURVE. NIRMA UNIVERSITY’S STRENGTHS INCLUDE ITS HIGH QUALITY TOP LEADERSHIP, ITS SCHOLARLY DEPARTMENT HEADS, AND ITS INNOVATIVE COURSES THAT ARE IN DEMAND BY THE INDUSTRY AND THE SOCIETY AROUND.

irma University is one of the oldest private universities in not only Gujarat, but in the whole of India. Founded by Dr. Karsanbhai K Patel, one of India’s most successful entrepreneurs, Nirma University has steadily built up its success on the early-mover advantage and this unique pedigree. Professionally managed by KK Patel as VP & CEO and Dr. Anup K Singh as Director General, Nirma University is structured as seven institutes, besides the Faculty of Doctoral Studies & Research, and the Centre for Continuing Education. Dr. Anup K Singh is a nationally and internationally renowned management expert and researcher who was a visiting scholar at JL Kellog Graduate School of Business Administration in USA. The seven core institutes at Nirma University are Institute of Technology, Institute of Management, Institute of

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Dr Karsanbhai K. Patel, President

NIRMA UNIVERSITY’S LAW COURSES ARE UNIQUE IN THAT IT IS PERHAPS THE ONLY INSTITUTION OFFERING 10 INTERNSHIPS CARRYING A TOTAL OF 22 CREDITS. THIS ENSURES THAT NIRMA LAW STUDENTS GET THE MAXIMUM PRACTICAL EXPOSURE EVEN WHILE THEY ARE STUDYING.

Pharmacy, Institute of Science, Institute of Law, Institute of Architecture & Planning, and Institute of Commerce. A notable strength of Nirma University is its longstanding and notable department heads like Dr. PurviPokhariyal who serves as the

Dean, Faculty of Law; and Dr. SomayajuluGarimella, Dean, Faculty of Management. For instance, under Dr. Purvi who has been the founding dean, Institute of Law ofNirma University (ILNU) has gone from strength to strength in recent years. Earlier this year, an ILNU team outclassed 45 other law university teams to emerge as winner in the 31st All India Inter-University Moot Court Competition by Bar Council of India.

Yet another noted department head at Nirma University is Prof. Utpal Sharma who serves as the Dean of Faculty of Architecture & Planning. Recently, under his guidance, the Institute of Architecture & Planning ofNirmaUniversity, has started a Bachelors in Planning (BPlan) course which is unique in that it has the approval of Institute of Town Planners India (ITPI). Admissions will open soon for the 60 seats of the first batch of BPlan.

Earlier, a Nirma team has outpaced 32 teams to win the top prize in NALSAR Justice Bodh Raj Sawhny Memorial Moot Court Competition too.

Even all the other department heads at Nirma University like Dr. PN Tekwani, Dean, Faculty of Technology & Engineering; Dr Manjunath Ghate, Dean, Faculty of Pharmacy;

ILNU law courses are unique in that it is perhaps the only institution offering 10 internships carrying a total of 22 credits. This ensures that Nirmalaw students get the maximum practical exposure even while they are studying. Admissions are currently open at ILNU and the institute is also unique in that it offers generous scholarships on both merit as well as merit-cummeans basis. Under Dr. SomayajuluGarimella, the Institute of Management ofNirma University (IMNU) too has been getting noticed on a national level. A noted author on management education, Dr. Somayajulu has often been seen giving accurate advice to aspiring students on why someone should aspire for an MBA or PGDM, and also why-not. K.K. Patel, Vice President

NIRMA UNIVERSITY IS INNOVATING NEW COURSES WHEREVER IT COMES ACROSS INDUSTRY DEMAND. THIS YEAR INSTITUTE OF COMMERCE OF NIRMA UNIVERSITY IS STARTING A BCOMHONOURS COURSE, WHILE THE INSTITUTE OF ARCHITECTURE & PLANNING IS STARTING A BACHELOR IN PLANNING (BPLAN) COURSE WHICH IS UNIQUE IN THAT IT HAS THE APPROVAL OF INSTITUTE OF TOWN PLANNERS INDIA (ITPI). Dr Anup K. Singh, Director General

and DrSarat Dalai, Dean, Faculty of Science, are all award-winning scholars with internationally recognized research work to their credit. At the university level too, under the expert vision of Dr. Karsanbhai Patel, KK Patel, and Dr. Anup K Singh, Nirma University is forever innovating in everything they do, to stay ahead of the curve. Recently Nirma University tied up with ISRO for research, under which the space agency will start a satellite communication receiver in the university campus and research scholars at Nirma will be able to study this data from this receiver in detail. This is part of ISROâ&#x20AC;&#x2122;s project to have our own global positioning system, rather than rely on the US sponsored GPS satellites. The university is also innovating on new courses wherever it comes across industry demand. This year Institute of Commerce ofNirma University is starting a BComHonours course. The course will commence in July and will have an initial year intake of 60 students. Next academic year, NU is planning to start a Bachelor in Design program with a batch size of 60. It will offer two specializations - graphic design and product design. Nirma University conducted its 21st Convocation recently, and unlike the common practice of inviting politicians, the university had an international educationalist, John Anderson Fry, President of Drexel University, Philadelphia, as the Chief Guest. Nirma University is also exploring various academic tie-ups with Drexel, including for the design course. Nirma University over the years has become a huge campus and operation to manage and two noted administrators, DP Chhaya, as Director (Academic & General Administration), and G Ramchandran Nair, as Executive Registrar, keeps Nirma Universityâ&#x20AC;&#x2122;s administration side nitty-gritty running smoothly. SEASONAL MAGAZINE

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TOP PRIVATE UNIVERSITIES IN INNOVATIONS, RESEARCH, & PLACEMENTS

SRM UNIVERSITY, NEAR CHENNAI, TAMILNADU

Leadership in Engineering Programs SRM University, home to over 55,000 students across its various campuses, offers a wide range of undergraduate, postgraduate and doctoral programs in Engineering, Management, Medicine / Health Sciences, Science, and Humanities. SRM University was accredited by NAAC with ‘A’ Grade in the year 2013, and it is also placed in ‘A’ category by MHRD.

cross its four main campuses, SRM has over 600 acres of developed infrastructure with facilities including state-of-the-art labs, libraries, Wi-Fi access, knowledge centre, 4000 capacity AC auditorium, over one hundred online smart classrooms, hostels with premium facilities, ATMs, bookstores, dining options, cafeterias, prayer halls, gym etc. This leading deemed university arranges for on-the-spot sanction of educational loans from banks during counseling, as well as scholarships and fee waivers for toppers in state board examinations, SRMEEE, JEE, AIEEE etc. SRM has a cosmopolitan culture as 80% of its students are from outside Tamil Nadu, with overseas students coming from even European nations. While almost all its academic departments are known to excel, its most famous department is perhaps its engineering school. There are several factors that go into making SRM’s engineering programs like BTech coveted among students. Firstly, SRM University is a leader in South India for campus placements, dominated by placements for its SEASONAL MAGAZINE

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Dr TR Pachamuthu chancellor, with Rathan Tata

BTech students. The past year, SRM’s Kattankulathur campus near Chennai attracted over 6000 placements on Day 1, led by IT giants Wipro, TCS, Cognizant, & Infosys. Secondly, SRM University has one of the best industry interaction practices in South India, with a dedicated Industry Institute Interaction Cell (IIIC) that ensures visiting faculty from industry, industry visits, industrial research & consultancy, industry-

Dr. P. Sathyanarayanan, President

institute exchanges, and continuing education for industry.

Dr. R. Shivakumar, Vice - President

Ravi Pachamoothoo, Chairman

Dr TR Pachamuthu chancellor, with Prime Minister Narendra

Thirdly, SRM University has one of the broadest ever international academic alliances that ensures that all its programs, especially its technology programs stay abreast of the latest developments. SRMâ&#x20AC;&#x2122;s academic advisory board and corporate advisory board are truly international, and it also has several foreign teachers on its rolls. Next comesSRM Universityâ&#x20AC;&#x2122;s global outreach that offers several programs for international exposure like its Semester Abroad, Twinning, & Dual Degrees, with some of the most prestigious institutions like Carnegie Mellon, UC Berkeley etc. Finally, SRM University is a leader in the private sector when it comes to research initiatives with extensive programs in both academic research and funded research by government initiatives, and has set up dedicated research institutes in cutting-edge domains like nanotechnology, environmental nuclear studies etc.

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TOP PRIVATE UNIVERSITIES IN INNOVATIONS, RESEARCH, & PLACEMENTS

JSS University

WALKING THE TALK Indian expectations from a university or college are pretty low. When the institution is not among the crème de la crème like IITs, IIMs, or AIIMS, the students’ expectations are even lower. A college or university degrades to a degree factory, or is at least thought about as such by the average student.However, this kind of low expectations have not prevented universities and colleges, especially from the

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private sector, from waxing eloquent about lofty ideals like international tie-ups, industry interactions, and, of course, research. Needless to say, very few institutions follow up these claims with actual practice.Here is where the value of a hardworking university like JSS University, headquartered at Mysuru, deserves special commendation. A deemed university in Karnataka from the private or self-financed sector, it is accredited by NAAC at A Grade and comes at leading positions in the NIRF ranking by MHRD. But that is not why JSS University deserves special accolades.

he world over, the very best universities are much more than just universities. In other words, they are not just places where degrees are awarded to those who study reasonably. More than that, such elite universities are places where future leaders or even future organizations are groomed, who go on to make lasting societal impact through their innovations, inventions, or entrepreneurship. This great ideal is achieved through not only an ongoing culture of knowledge creation or research, but by pursuing those knowledge creation pursuits that can be building blocks for the future society as well as industry. JSS University, despite its relatively young age compared with Indiaâ&#x20AC;&#x2122;s public universities, has bravely taken itself forward in this knowledge creation pursuit in tune with industry and society. It has been continually walking the talk when it comes to almost all facets of this knowledge creation â&#x20AC;&#x201C; be it meaningful international tie-ups, quality research outputs, transformational industry interactions, real life projects and consultancy works etc.

B. N. Betkerur, Pro-Chancellor

B. Suresh,Vice-Chancellor

While many private universities boast about international tie-ups, only a very few among them take the next step forward to ensure that it is beneficial for their students and faculty.

Nevada, USA; Long Island University, USA; AIMST University, Malaysia; Howard University, USA; University of Illinois, USA; National Institutes of Health, USA; and Oman Medical College, Oman.

JSS University on the other hand has not only tied up with several prestigious universities and institutes abroad, but leveraging it for the benefit of its students and faculty. The university or its constituent colleges have tie-ups with La Trobe University, Australia; KhonKaen University, Thailand; University of Southern

In 2015-16 alone, two lecturers and four interns from JSS have undergone specialized training in USA and Australia by utilizing these kind of tieups, whereas many overseas institutes have send their faculty, research scholars, and students to JSS University for training.

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JSS stands for Jagadguru Sri Shivarathreeshwara, and is promoted by JSS Mahavidyapeetha, one of Asia’s largest educational groups. Sri ShivarathriDeshikendraMahaswamiji serves as the Chancellor of the University, while BN Betkerur is Pro Chancellor, and Dr. B Suresh is the Vice Chancellor. When it comes to research initiatives, it is hard to find another health sciences university in the private sector that is as hardworking as JSS. In academic year 2015-16 alone, faculty and research students of the university have done 307 research publications, which is a feat in in itself! Of these, 51 were noted research articles in various national and international journals with the impact factor range of 0.74 - 3.34 by Thomson Reuters. JSS scholars also made 35 presentations, both oral and posters, in various national and international pharmacy conferences and seminars.

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In academic year 2015-16 alone, faculty and research students of the university have done 307 research publications, which is a feat in in itself!Of these, 51 were noted research articles in various national and international journals with the impact factor range of 0.74 3.34 by Thomson Reuters. The quality of the research output was also impressive. Three among the JSS fraternity of faculty and research scholars succeeded in filing patents. JSS University’s ambition and diligence in this regard is evident from the formation of a Patent Cell that oversees the dimension of Intellectual Property Rights (IPR), and a Patent Review

Committee that includes external experts from such leading public organizations like CSIR Institute of Genomics and Integrative Biology, and National Research Development Corporation, DSIR, Ministry of Science & Technology, Govt. of India. JSS University’s industry interaction initiatives also shine with MoUs signed with leading international and national firms like AlfaGene Biosciences, Colgate Palmolive, Alveus Pharmaceuticals, Apex Laborites, EticaClinpharm, Tablets India, Fourttts India, Waters India etc. Going beyond just MoUs, JSS University has already undertaken research, pre-clinical studies, consultancy, or employee training for these organizations. Leading experts also came in as guest lecturers from reputed organizations including Novartis, Biocon, and Himalaya, to JSS during the year. Going beyond industry, JSS University has also worked with cutting-edge

frontline research organizations like World Health Organization (WHO), Eurasian Federation of Oncology (EAFO), Indian Council for Medical Research (ICMR), Uppsala Monitoring Centre (UMC) etc, and renowned scientists from these institutes have graced JSS campus as guest lecturers. JSS postgraduate students have also undertaken their project works in leading corporations like Aurobindo, Biocon, Himalaya, Hindustan Unilever, Lupin, Micro Labs, Mylan Labs, Novo Nordisk, Orchid Healthcare, Philips etc. JSS University is home to a Centre of Excellence in Molecular Biology and Natural Products Research, which is spearheading the universityâ&#x20AC;&#x2122;s efforts in

JSS students have also excelled in career placements during the past year with students from its various streams getting absorbed by numerous organizations including Dr. Reddys Lab, Micro Labs, Himalaya Drugs, Mylan, Biocon, Cipla, Novartis, Unilever, Pfizer, Astra Zeneca Pharma, NarayanaHrudayalaya, Columbia Asia Hospital, and many more.

knowledge creation and dissemination of the same to the society around. JSS University, based on its success in research, is today in a position to attract research funding from various national and international bodies, and is also funding research projects on its own. This research culture has enabled it to attract renowned scholars as faculty members. Recently, Professor Dr. SK Kulkarni, MPharm, PhD, FAMS, FNASci, FIPA, a distinguished Pharmaceutical Scientist & Educationist and Former Pro-Vice Chancellor of Punjab University, Punjab has joined as Emeritus Professor at Department of Pharmacology, while Dr. SaravanaBabu Chidambaram, MPharm, PhD, FASc(AW), has joined as Associate Professor at Department of Pharmacology. JSS students have also excelled in career placements during the past year with students from its various streams getting absorbed by numerous organizations including Dr. Reddys Lab, Micro Labs, Himalaya Drugs, Mylan, Biocon, Cipla, Novartis, Unilever, Pfizer, Astra Zeneca Pharma, Narayana Hrudayalaya, Columbia Asia Hospital, and many more. JSS University offers programs ranging from Undergraduate Diploma to PhD level in various fields including medicine, dental, pharmacy, water &

health, health systems management, life sciences etc. The constituent colleges include JSS Medical College, JSS Dental College, and JSS College of Pharmacy, all at Mysore, and JSS College of Pharmacy atOoty. Courses offered include diploma, graduate, post graduate, post graduate diploma, MPhil and PhD programs. JSS is always innovating by launching new courses that are in demand by the industry and society around it. New courses launched recently include PG Diploma in Medical Devices; BPharm (Pharmacy Practice) and Residency Program in Oncology; Oral Health Care Certificate Programme for Nurses; Certificate Course in Maxillofacial Trauma; and Certificate Course in Dental Implantology. Todayâ&#x20AC;&#x2122;s JSS University attracts research scientists from overseas countries, while its faculty and students often get international travel grants. JSS has hosted 13 national level conferences, and its students are often coming first in attracting noted scholarships like the Tata Trust Scholarships. JSS has granted doctorates for 13 scholars during the past year, and many of its research papers have garnered the achievement of being the best paper in conferences. All in all, JSS University is growing along the fine international tradition of being much more than a university that just grants degrees. SEASONAL MAGAZINE

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TOP PRIVATE UNIVERSITIES IN INNOVATIONS, RESEARCH, & PLACEMENTS

Want to Make a Difference?

There are universities that disseminate existing knowledge, and there are universities that create new knowledge. The former type is content with just granting degrees and attempting placements. The knowledge creators, on the other hand, are often eager that they use this newly created knowledge for the benefit of the community around them. Nitte University, headquartered near Mangalore, Karnataka, belongs to the latter category. A deemed university in the private sector, accredited by NAAC and MHRD at A category, Nitte University is the place to be if you dream of making a difference to the community around you, or even the world around you, especially in the health sciences field. But even if your field is totally unconnected, say, mass communication, architecture, or banking, if you want to make a difference, come here, as even such non-medical courses too have the Nitte seal of innovation. Here you will rub shoulders with world-class researchers, passionate teachers, innovative app creators, fiery-yetkind doctors, and a benevolent management exemplified by N VinayHegde, Chancellor, who oversees the over thirty-year oldNitte Education Trust.

he acid test when it comes to the quality of research undertaken at any institution is whether the society around it is served by such research. Nitte University and its various constituent colleges and hospitals are taking extra care to ensure such service so that their research activities are meaningful. This deemed university in the private sector, recently got a shot in its arm when Dr. K Narayan Shetty, a renowned cardiologist based in Pittsburgh, USA, selected Nitte University to sponsor a world-class neurosciences research centre. The Rs. 10 crorefacility, one of its kind in Karnataka and neighbouring states, was recently inaugurated at KS Hegde Charitable Hospital, the attached teaching hospital of KS Hegde Medical Academy (KSHEMA), Deralakatte, a SEASONAL MAGAZINE

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KS Hegde Medical Academy

unit of Nitte University. Dr. Shetty who sponsored it in the name of his wife Leela Narayan Shetty, revealed during the launch that he had selected Nitte University as “it has become famous nationally and internationally due to its excellent service.” Nitte University Chancellor N. VinayHegde while explaining about the university’s passion for excellent service, revealed the real secret behind that success. According to him, their superlative service has everything to do with KSHEMA’s 280 postgraduate teachers across 23 superspecialities who treat 3000 patients per day in this charitable hospital. He admitted that almost all of them can make more money by opening up their own clinics in big cities, but had taken the conscious decision to serve this rural charitable hospital and its research-oriented medical college. Nitte University’s policies of continuous investment in latest technologies and all-out support for

research were attracting and encouraging these talented doctors.

N. Vinaya Hegde, Chancellor

The new neurosciences centre at KSHEMA will focus on neurological diseases, cancer, and early detection of certain neurological disorders that affect vision, much in tune with Nitte University’s focus on research that helps the community around it. Despite coming from a background of social service and entrepreneurship, it is remarkable how the Chancellor of Nitte University, N VinayHegde has grasped the crux of impactful research activities. Nowadays, a sought-after speaker on such issues, Chancellor Hegde recently delivered a noted lecture in Mangalore University on the topic ‘Innovation in the Emerging Education Scenario’. During the lecture, Hegde accurately diagnosed the current ills of higher education viz. degree-centric teaching / learning and institutions’ propensity to follow only one stream of knowledge be it medicine, engineering, or business. He urged all institutions to start delivering

education in maximum streams and help faculty and students in connecting between diverse streams like science, engineering, and commerce. Hegde also motivated teachers and students to focus on knowledge and its applications rather than just pursuing degrees. As a noted edupreneur himself, Chancellor Hegde has been walking this talk for many years now. Despite Nitte University primarily being a

Pennsylvania State University of USA recently tied up with Nitte University’s KS Hegde Medical Academy (KSHEMA) to jointly undertake research on Plasmodium vivax, one of the parasites causing malaria, once thought as less harmful, but now proving to be very damaging to humans.

health sciences university, VinayHegde had directed it to start non-health schools like Nitte Institute of Communication,Nitte Institute of Banking and Finance, and Nitte Institute of Architecture, all of which are performing quite well now. Among these, Nitte Institute of Architecture (NIA) has been the latest one, launched last year. From its ground up, NIA has been designed to deliver hands-on, practice-based architecture curriculum through mentoring by eminent Indian and international architects who will chip in as guest faculty. The institute is headed by Prof. VinodAranha, who is trained and qualified both from India and USA in architecture, urban planning, and sustainability. A differentiating point of NIA is that it will allow students to undertake discipline-related work through constant internships with experienced professional architects. NIA will also share Nitte’s passion for research in that it will have a Centre of Excellence in Tropical Architecture, covering the tropical belt globally. There will be opportunities for interaction with architects working in these regions around the world. However, Nitte University has an even bigger potential in pursuing multi-disciplinary research as its SEASONAL MAGAZINE

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parent, Nitte Education Trust is home to several other colleges and institutes apart from this deemed university. Today, the Nitte Education Trust comprises a medical college, a dental college, 5 paramedical colleges, a 720 bed specialty hospital, 2 engineering colleges, 2 MBA institutes, 2 MCA institutes, a college of hotel management, a 3-star hotel, an architecture institute, a communication institute, 2 technical training institutes, 2 first grade colleges, 2 pre-university colleges, and 5 schools – in all over 25 institutions with over 10,000 students, over 3,500 staff and nearly 20,000 alumni! Such prowess in education and research by Nitte is not lost on international institutions too. For instance, Pennsylvania State University of USA recently tied up with Nitte University’s KS Hegde Medical Academy (KSHEMA) to jointly undertake research on Plasmodium vivax, one of the parasites causing malaria, once thought as less harmful, but now proving to be very damaging to humans. The research will focus on Mangalore and surrounding areas and will fund the activities of four PhD students through sponsorship by US Government’s National Institutes of Health. The four research scholars will not only undertake their studies in India and Penn State University, but will be facilitated to transfer their knowledge to healthcare practitioners across the world. Mangalore and its surrounding areas are particularly prone to the prevalence of this malaria parasite, and Nitte University’s success in bagging this international tie-up will go a long way in its vision of pursuing research that is beneficial for the community around it. Earlier, researchers from Nitte University’s AB Shetty Memorial Institute of Dental Sciences, SEASONAL MAGAZINE

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A B Shetty Memorial Institute of Dental Sciences

hadundertaken a path-breaking fluoride mapping study with international experts which resulted in a spatial distribution map of drinking water fluoride levels in different zones across 29 districts of Karnataka. Flouride in drinking water is a doubleedged sword, as both deficit and excess of fluoride can cause health problems. While deficit of fluoride can cause dental caries, excess of fluoride (fluorosis) is more serious as it can cause muscle, bone, and kidney diseases. There is also the added concern that fluoride excess affects the poorest sections of the society.

Nitte University had co-funded and undertaken a research study to predict how global warming will affect the cultivation of various shellfishes like Green Mussels and Oysters in South West India, in the years to come. The partners to this study where Swedish Research Council, Swedish International Development Cooperation, Gothenburg Centre for Marine Research, University of Gothenburg, and College of Fisheries Mangalore.

The Nitte study successfully identified fluoride deficit areas in the state, which were mainly in South Karnataka, like Mangalore Municipal Corporation area; and more importantly, fluoride surplus areas, mainly in North Eastern parts of the state like Pavagada where fluorosis has become a serious health concern. The Nitte team led by Prof. ChittaranjanChoudhry not only did the fluoride mapping but suggested detailed solutions for both deficit and excess and communicated the same to state and local administrations for further follow up action. The study was so impressive that it was published by the noted UK based high-impact journal, ‘Perspectives in Public Health’. In fact, there is no end to the different initiatives by which Nitte University has been coordinating with various international agencies to further research that is beneficial to the society around it. Nitte University had co-funded and undertaken a research study to predict how global warming will affect the cultivation of various shellfishes like Green Mussels and Oysters in South West India, in the years to come. The partners to this study where Swedish Research Council, Swedish International Development Cooperation, Gothenburg Centre for Marine Research, University of Gothenburg,

Vishal Hegde, Trustee, Nitte Education Trust

Prof. (Dr.) Shantharam Shetty, Pro-Chancellor

Prof.(Dr.) S. Ramananda Shetty, Vice-Chancellor

and College of Fisheries Mangalore, and it was presented at the Society for Experimental Biology’s Annual Meeting last year.

International Diabetes Federation appreciated it. This is the fourth smartphone app by Dr. Baisil, and one of his earlier apps, ‘Let Me Hear Again’ for deaf people had won the prestigious Massachusetts Institute of Technology App Inventor’s ‘App of the Month’ award, making him only the second Indian to get it.

MPH (Master of Public Health), Medical Lab Technology , BDS, MDS, Ph.D, GNM, Post Basic B.Sc Nursing, B.Sc (Nursing), Post Basic Diploma in Critical Care Nursing, Post Basic Diploma in Orthopaedic and Rehabilitation Nursing, Post Basic Diploma in Operation Room Nursing, Post Graduate Diploma in Dialysis Nursing, M.Sc Nursing, B.Pharm, Pharm.D, M.Pharm, BPT and M.PT.

The study found that higher temperatures and lower salinity of sea water in these areas were encouraging toxic bacteria and plankton species to over grow causing potential damage to shellfish and humans which are further up the food chain, and came with a dire warning to central and state governments to take corrective measures now itself. An even more innovative step from Nitte University scholars, from the viewpoint of common public, had occurred recently in the form of a smartphone app. A group of doctors working with Nitte University, led by Dr. Sharon Basil, created the ‘Beat Diabetes’ android app which rapidly became the top free medical app in Google Play Store with over 1000 new users every day within its first week itself. The team wanted to do something very unique and productive for celebrating ‘World Health Day 2016’, and being community medicine specialists, this app was their contribution.Nitte’s ‘Beat Diabetes’ app also won critical acclaim, with a 4.6/5 rating by users, and won worldwide acclaim when

Nitte University’s popular health science courses include MBBS, MD/ MS, B.Sc (Medical Imaging Technology), B.Sc (Operation Theatre Technology), B.Sc (Bio-Medical Science), M.Sc (Bio-Medical Science), M. Sc. Food Safety & Biotechnology, M. Sc. Marine Biotechnology (MMB),

A group of doctors working with Nitte University, led by Dr. Sharon Baisil, created the ‘Beat Diabetes’ android app which rapidly became the top free medical app in Google Play Store with over 1000 new users every day within its first week itself.

For furthering research activities, Nitte University runs 5 Centres of Excellence in health sciences and science education. These are Centre for Advanced Neurological Research (CANR), Genetics Research Laboratory, Nitte University Centre for Animal Research and Experimentation (NUCARE), Nitte University Centre for Stem Cell Research & Regenerative Medicine (NUCSReM), , and Nitte University Center for Science Education and Research (NUCSER). They bring together collaborations with renowned universities like Oxford and Cambridge, and specialized institutes and researchers from developed nations like USA, Sweden, Japan, Korea, & United Kingdom. The focus of research at Nitte is mainly on how to benefit the Indian population by leveraging international expertise. SEASONAL MAGAZINE

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TOP PRIVATE UNIVERSITIES IN INNOVATIONS, RESEARCH, & PLACEMENTS OP JINDAL GLOBAL UNIVERSITY, SONIPAT, NCR-DELHI

LEADERSHIP IN GLOBAL LAW PROGRAMS AND BEYOND

OP JINDAL GLOBAL UNIVERSITY (JGU) HAS BEEN ESTABLISHED BY NAVEEN JINDAL, CHAIRMAN OF JINDAL STEEL & POWER LTD, AND TWO TIMES MEMBER OF PARLIAMENT. THE FOUNDING VICE-CHANCELLOR OF JGU IS DR. C RAJKUMAR, WHO HAS DONE HIS HIGHER EDUCATION FROM SOME OF THE WORLD’S BEST INSTITUTIONS INCLUDING OXFORD AND HARVARD.STARTING FROM LAST YEAR, JGU HAS ALSO BEEN ACCREDITED BY NAAC AT A GRADE.

tructured as five schools Jindal Global Law School, Jindal Global Business School, Jindal School of International Affairs, Jindal School of Government and Public Policy, and Jindal School of Liberal Arts & Humanities – this private university,spanning an 80-acres campus in Sonipat, Haryana, is most noted for its global academic and corporate alliances. Unlike most of its peers JGU also does a lot of specialized courses and services for its students, as well as for executives of various organizations including several governments in India as well as abroad. These services are delivered through five institutes viz. Jindal Institute of Behavioural Sciences, Jindal Institute of Global Studies Abroad, Jindal Institute of Leadership Development & Executive Education, International Institute for Higher Education Research & Capacity Building, and Jindal Centre for Social Innovation & Entrepreneurship. Starting from last year, JGU has also been accredited by NAAC at A Grade. While each of JGU’s five schools are working hard to be at the cutting-edge of academics and training, its most successful school so far is its innovative law school. It is a de facto SEASONAL MAGAZINE

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Naveen Jindal, Chairman

leader in delivering global law programs in the country, and it is interesting to note why this is so. To start with, OP Jindal Global University (JGU) had established its Jindal Global Law School (JGLS)with a lofty vision of crafting world-class law professionals who are equipped to practice, lead, or research anywhere in the world. Towards this, JGLS has entered into collaborations, exchange programs, and research partnerships with elite universities and institutions from across the globe. Secondly, JGLS has created one of the

WHILE EACH OF JGUâ&#x20AC;&#x2122;S FIVE SCHOOLS ARE WORKING HARD TO BE AT THE CUTTINGEDGE OF ACADEMICS AND TRAINING, ITS MOST SUCCESSFUL SCHOOL SO FAR IS ITS INNOVATIVE LAW SCHOOL.

most comprehensive and most international Law Libraries in the country through strategic collaborations with the Law Libraries of Ivy League institutions like Harvard Law School and Yale Law School, as well as other prestigious law institutions like the New York University School of Law. Thirdly, JGLS students are required to intern with top global law firms, leading lawyers, prominent judges, or a diverse collection of NGOs, either in India or abroad, thereby giving them the required skills to

Dr. C Rajkumar, Vice-Chancellor

succeed in diverse domains, be it in India or overseas. Next comes JGLS success in bringing together the most impressive team of Vice Deans and Associate Deans, drawn from across the world including North America and Europe, and includes legal luminaries like Susan R Lamb, VesselinPopovski, Ramin Jehanbegloo, and many similar leaders drawn from leading universities, law practicing firms, and international legal NGOs. Next factor is perhaps the most important, which is about its topmost leadership. The Dean of JGLS is the Founding Vice Chancellor of JGU itself, Dr. C Raj Kumar. A legal academician of international stature, Dr. Raj Kumar has studied at Oxford, Harvard, University of Hong Kong, and Delhi University. He is a noted speaker across the worldâ&#x20AC;&#x2122;s finest universities and his recent speeches wereat Harvard Law School and University of California at Davis School of Law. Finally, JGLS students benefit from the numerous on-campus seminars and conferences on legal issues led by eminent legal academicians and practitioners from across the world. In recent months such leaders or teams that have visited JGLS include organizations like Cornell Law School, Harvard Law School, University of New South Wales, Griffith University, Permanent Court of Arbitration (PCA) The Hague etc. SEASONAL MAGAZINE

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TOP PRIVATE UNIVERSITIES IN INNOVATIONS, RESEARCH, & PLACEMENTS

THE LNM INSTITUTE OF INFORMATION TECHNOLOGY

GROOMING FOUNDERS, CEOs, & PROs aipur based The LNM Institute of Information Technology (LNMIIT) has too many unique values to claim, just due to its pedigree. For one, it is the first Deemed University under the Public Private Partnership (PPP) model in Rajasthan, and one among only a handful of such institutions across India. Promoted by Government of Rajasthan and Lakshmi &Usha Mittal (LUM) Foundation, it started life in 200203 as an IT focused premier engineering college, and was converted to a Deemed University in 2006. It’s Founder and Governing Council Chairman is Lakshmi N Mittal, President & CEO of ArcelorMittal, world’s largest steel producer with annual sales of over $63 billion and annual profits of nearly $8 billion. A legendary entrepreneur and largely self-made billionaire, Lakshmi N Mittal has soared to this height within a lifetime dedicated to professional excellence and dreaming dramatically big. Spanning over 100 acres, on the outskirts of the Pink City, his educational dream, LNM Institute of Information Technology (LNMIIT), too is nothing less than impressive. While that is about the pedigree and infrastructure, LNMIIT would rather place its stress on its own real world achievements, which is even more compelling. In its relatively brief history

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Lakshmi N Mittal

While many private and public universities in the country pay lip service to next generation values like creating not job-seekers, but job-creators, LNMIIT is one institution that has created more startup entrepreneurs than most other institutions in the private sector. Noted startup founders and co-founders who are LNMIIT alumni include Vishal Jhalani and AnkitSinghavi (The ELITE Express), ViditPaliwal (Bigstep Technologies), Manu Yadav (Eunike Software), Saurabh Gupta (Nutrino IT Technologies), Utkarsh Jain (CodescapeCunsultant), and SanketModi (Lucideous).

static list. Every quarter or year, another LNMIIT alumnus is likely to be added to this list, as the university is a topper when it comes to new student startups currently looking for investors in Rajasthan, and even in the whole of India. When it comes to professional careers too, LNMIIT students have come on top, and are found handling interesting jobs at giants like Amazon, Microsoft, Royal Bank of Scotland, ST Microelectronics, Flipkart, Sapient, Adobe, Samsung, and many more such companies across the globe. Academic placements or higher education is another domain where LNMIITians have left their mark worldwide. Universities where they have undertaken postgraduation or research after studying at LNMIIT include, Hong Kong University of Science & Technology, Technical University of Munich, University of Minnesota, Aston University, MS

spanning less than one-and-a-half decades, LNMIIT has emerged as a leading engineering university in the country, not may be in quantity, but in the quality of its outgoing students. While BTech or MTech graduates bagging campus placements in private universities is no more a news these days, what differentiates LNMIIT is its sheer success in grooming leaders who have went on to call the shots in numerous domains. While many private and public universities in the country pay lip service to next generation values like creating not job-seekers, but job-creators, LNMIIT is one institution that has created more startup entrepreneurs than most other institutions in the private sector. Noted startup founders and co-founders who are LNMIIT alumni include Vishal Jhalani and AnkitSinghavi (The ELITE Express), ViditPaliwal (Bigstep Technologies), Manu Yadav (Eunike Software), Saurabh Gupta (Nutrino IT Technologies), Utkarsh Jain (CodescapeCunsultant), and SanketModi (Lucideous). And donâ&#x20AC;&#x2122;t ever think that this is a Prof. S. S. Gokhale Director University of Calgary, Technical University Darmstadt, MS Simon Fraser University, University of Illinois, University of Southampton, Nanyang Technological University of Singapore, University of California, University of Colorado, and many more such elite institutions across USA, Canada, Europe, Australia, & New Zealand. The fact that all these premier universities of the world have accepted LNMIIT graduates speak volumes about the educational standards followed here. It starts from a transparent admission process based purely on merit, and that too the JEE-MAIN score, with no management quota or capitation fees. Thus quality of input is assured, and they are then groomed by one of the best engineering faculty in the country, led by its Director Prof. SS Gokhale. Admissions to its various BTech programs are currently open and the last date to apply is 15th June 2016. LNMIIT also offers various MTech and PhD programs, including doctorate programs in humanities. SEASONAL MAGAZINE

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TOP PRIVATE UNIVERSITIES IN INNOVATIONS, RESEARCH, & PLACEMENTS

GD GOENKA UNIVERSITY

WHERE INTER-DISCIPLINARY LEARNING AND INTERNATIONAL ALLIANCES MAKE THE DIFFERENCE

FROM ITS INCEPTION ONWARD, GD GOENKA UNIVERSITY HAS BEEN NOTED FOR ITS FLEXIBLE, INTER-DISCIPLINARY, AND TRANS-DISCIPLINARY LEARNING SYSTEMS, WHICH ARE AREAS WHERE EVEN THE MOST PRESTIGIOUS INSTITUTES IN INDIA FALL SHORT. MOST OF THE KEY DEPARTMENTS OF GD GOENKA UNIVERSITY ALSO HAVE ROBUST ALLIANCES WITH WORLD-CLASS INSTITUTIONS THAT WILL PROVE LIFECHANGING TO ITS STUDENTS. GD GOENKA UNIVERSITY IS ACADEMICALLY LED BY ITS PRO VICE CHANCELLOR, PROF. DR. DEEPENDRA KUMAR JHA, A NOTED RESEARCHER AND ACADEMIC ADMINISTRATOR, WHO RECEIVED HIS DOCTOR OF ENGINEERING DEGREE IN ELECTRICAL ENGINEERING FROM HIROSHIMA UNIVERSITY, JAPAN. SEASONAL MAGAZINE

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education, the GD Goenka Group has a formidable reputation in running institutions spanning from kinder-garten level to doctorate level. Established in 1982, the education division is dominated by GD Goenka Public Schools, GD Goenka World School, GD Goenka Lá Petite Montessori Preschools, and GD Goenka Toddler House, apart from the GD Goenka University. The size of the Group is overwhelming, with its flagship GD Goenka Public Schools alone numbering more than 60. While there is no dearth of private universities in either NCR or Haryana, students as well as parents are starting to prefer not the noisiest institutions, but ones with strong roots and a larger vision, as well as the key leaders who are passionate to see to it that this vision is fulfilled in their students’ careers. Today that emerging niche in

NCR is dominated by institutions like GD Goenka University. Situated on Gurgaon-Sohna highway in the GD Goenka Education City, sprawling over 60 acres, this greenfield private university that came into existence in 2011 is noted for its strong roots as well as strong leadership. GD Goenka stands for Gayatri Devi Goenka in whose memorial the GD Goenka Group came into existence by the efforts of her sons AK Goenka who heads the educational institutions and BK Goenka who leads Welspun, the group’s industrial division which is a global leader in large diameter pipes and home furnishings. While Chairman AK Goenka is ably assisted in his educational initiatives by Renu Goenka as Vice-Chairperson and Nipun Goenka as Managing Director, the Group has early on realized that only visionary educationalists can effectively fructify their vision.

A.K. GOENKA, Chairman From its inception onward, GD Goenka University has been noted for its flexible, inter-disciplinary, and trans-disciplinary learning systems, which are areas where even the most prestigious institutes in India fall short. Most of the key departments of GD Goenka University also have robust alliances with world-class institutions that will prove life-changing to its students. For example the University’s School of Fashion & Design is in collaboration with the famous Politecnico Di Milano School of Italy; and its School of Hospitality is in collaboration with Le Cordon Bleu the world’s largest and most prestigious organization in hospitality education. Recently, GD Goenka University has signed a Memorandum of Understanding (MoU) with IBM to offer specializations in the area of Cloud Computing and Virtualisation, Business Analytics and Optimisation, Mainframe Technology, and Cyber Security & Forensics, for BTech Computer Science and Engineering program, to provide students with the needed skills and edge while seeking employment in the industry.

MRS. RENU GOENKA, Vice-Chairperson Japanese Government scholarship, Monbukagakusho, to pursue his postgraduate research (2006-10). He also received the honor ‘Man of the Year 2012’ for his distinctive accomplishments by the International Board of Research of the American Biographical Institute. A noted researcher, he holds patents, and has also published in leading international journals in the fields of power system planning and operation, renewable energy- technology, power system reliability, smart-grids etc. Dr. Jha has also received Excellent Researcher Award for two consecutive years (2008 and 2009) at Hiroshima University, Japan for his outstanding achievements. Dr. Jha brings the much-needed international perspective to the university as he has visited many countries including Switzerland, USA, Japan,

Thailand, India, Nepal, PR China, Canada, Sri Lanka, New Zealand, Hong Kong, Malaysia etc. to present research papers at various premier international conferences. Also an able academic administrator, he has handled equally challenging assignments at peer universities. He has served as the Founder Dean of the School of Engineering and Technology of Galgotias University and as senior faculty and IR (International Relation) Coordinator at VIT University Vellore. Prior to be appointed as Pro VC, he was Dean of School of Engineering & Dean Academics of GD Goenka University. GD Goenka University is structured as 9 Schools in Architecture & Planning, Communication, Engineering, Fashion & Design, Hospitality, Humanities & Social Science, Law, Management, and Education. Various undergraduate, postgraduate, and doctorate level programs are available from these departments. The university is also noted among the student community for its promotion of industry interactions, cultural activities, sports, and trendy hangouts and eateries.

A highlight of this program is that the computer science faculty of the university will also be trained by IBM. GD Goenka University is academically led by its Pro Vice Chancellor, Prof. Dr. Deependra Kumar Jha, who received his Doctor of Engineering degree in Electrical Engineering from Hiroshima University, Japan. Always outstanding in his academics he was the recipient of prestigious

MR. NIPUN GOENKA, Managing Director

Prof. Dr. Deependra Kumar Jha, Pro Vice Chancellor,

Despite its young age, the university has also excelled in career placements so far. Obviously, this achievement is only going to be better in the coming years, given the way in which GD Goenka University has been forging alliances with global majors in education and industry to create modern and industry-relevant programs in all its departments. SEASONAL MAGAZINE

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TOP PRIVATE UNIVERSITIES IN INNOVATIONS, RESEARCH, & PLACEMENTS

GALGOTIAS UNIVERSITY, GREATER NOIDA, NCR-DELHI

SMART MANAGEMENT, SMARTER FACULTY, SMARTEST STUDENTS The success of Galgotias University is a case study in how an innovative management led by Chancellor SuneelGalgotia and CEO DhruvGalgotia has been able to stitch together an impressive faculty team led by Vice Chancellor Dr. BV Babu, Pro VC Prof. Sham Tickoo, and Pro VC Admin Prof. (Dr.) RenuLuthra, which has inspired the students to progress and outperform their peers from other institutions. Galgotias Educational Institutions is today home to an innovation and incubation cell co-promoted by Ministry of Small & Medium Enterprises, various other Central Government arms, and the UP Government. Many GU students have developed innovative products like All Terrain Vehicle, Smartphone Apps, and Mall Automation System. The university also ranks high in campus placement performance. Industry workshops, seminars, guest lectures, and conferences are not exceptions but a regular occurrence over here that makes this private university campus vibrant. March, Galgotias University’s School of Computing Science & Engineering hosted a twoday workshop on ‘Big Data Hadoop’, one of the hottest new technologies in the IT world. The workshop was in collaboration with IIT Delhi, IEEE Student Branch, and training firm CETPA. While professionals from the industry with experience in Big Data and Hadoop trained the attendants, the top 3 attendees were specially honoured. This initiative by GU assumes special significance, on realizing that Hadoop is used by not only tech giants like Facebook and Yahoo extensively, but by more than half of all Fortune 50 companies. Designed by Apache Software Foundation, it is an opensource software framework for SEASONAL MAGAZINE

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distributed storage and distributed processing of very large data sets on computer clusters built from commodity hardware, and is offered by almost all cloud service majors like Amazon Web Services, Google Cloud, Microsoft Azure, IBM, and Oracle. Galgotias University’s School of Business has recently organized two guest lectures for MBA students. The first one was by AC Chaturvedi, head of Power Management Institute (PMI), and a former veteran of NTPC with 35 years of experience in policy formulation and implementation in the human resources domain, with deep knowledge and experience in HR’s emerging frontiers like corporate social responsibility, resettlement & rehabilitation, safety, and industrial relations.

The second guest lecture was by Sachin Kumar Sinha, an experienced Chartered Accountant and Lawyer, currently CFO at India Expo Mart, and having expertise in management accounting system, budgeting & planning, MIS, consolidation of financial statements, fund management, improvement in customization in accounting systems and processes, restructuring activities, statutory and legal compliances etc. GU students also fare high when it comes to innovation. Take the case of Naren, a 4th year Mechanical Engineering student here. He has already designed and built a robust All Terrain Vehicle (ATV), that has won over eyeballs at a national level engineering design competition. Starting from scratch, Naren feels that he could achieve it only due to the

Suneel Galgotia and Dhruv Galgotia

wholehearted support to the project, extended by GUâ&#x20AC;&#x2122;s management and faculty members. RohanGarg is another student innovator at GU, who designed a smartphone app for colleges that was so good that GUâ&#x20AC;&#x2122;s sister firm, Galgotias College of Engineering & Technology (GCET), implemented it as their official app. Rohan is a 3rd year Computer Science & Engineering student at GU, and this is his second app, and enables better integration between faculty and students, and among students themselves, and it also enables students to track metrics like attendance, academic performance etc. Rohan feels that apart from the support extended to him, there is generally a proactive attitude from the management and faculty towards allowing students time to pursue their innovative streaks. An even more innovative product, that may even end up being implemented across malls and supermarkets, is by Pashupati Mishra, who has reached only his second year of BTech at GU. Pashupatiâ&#x20AC;&#x2122;s software solves most of the time-consuming problems encountered in a supermarket or mall like finding the location of the precise item you need, comparing it with equivalent products, and even avoiding the queue with automated spot billing! Like Naren and Rohan, Pashupati too feels gratitude towards the GU management and faculty which have extended their support to his endeavour. Galgotias University which was always known for its overseas tie-ups is facilitating its students to make best use of such arrangements. For example, it had signed anMoU with European giant, Goethe University of Germany in 2012, under which various activities like student exchange, faculty exchange, research partnerships, joint programmesetc, apart from pursuing the setting up of a Joint Centre of Excellence are being explored. At the begining of each session, GU announces the student exchange opportunities, and for interested students, GU arranges for the mapping SEASONAL MAGAZINE

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of credit, course content, duration etc, and provides supporting documents for applying for visa. The exchange program comes with the facility to receive mark-sheet from the overseas university. Earlier in the year, Galgotias University held its first annual convocation and distributed degrees to 2912 graduate and post-graduate students. The students from thirteen different schools in engineering, law, business, pharmacy, hospitalityetc were awarded degrees. Javeed Ahmad, Director General of Police, Uttar Pradesh was the chief guest at the occasion. The Galgotias management has also started Galgotias Centre for Technical Innovation & Incubation (GCTII), a technology driven business incubator & entrepreneurship cell within the premises of GalgotiasCollege of Engineering &Technology (GCET). Co-promoted by Ministry of Small & Medium Enterprises, SIDBI, NSTEDB, DIT, DST, and UP State Government, GCTII is being run by a professional director board, chaired by Director of GCET Dr. SP Pandey and headed by Dr SK Verma. GCTII is a visionary project by Chairman Sunil Galgotia and CEO DhruvGalgotia, and their vision is to grow it into a world-class technology driven incubator. The story of GU’s success won’t be complete with the story of how this father-son duo has dreamed and executed a full-fledged university from the ground up within a short

span of a few years. For someone who arrived in Delhi with all of 500 bucks, nobody can argue this Chancellor’s credentials in dreaming. SuneelGalgotia had just graduated and had more ideas than joining his family’s bookstore business.

Delhi gave him his first job. But he had more plans for himself as well as for his new city. For someone who came from a book vending family, he decided to run up the stairs, two steps at a time, and became a successful book publisher in the academic world. The new millennium was arriving, and SuneelGalgotia knew that it would transform Delhi from a laidback bureaucratic city to a buzzing metropolis with plenty of jobs for the youngsters, especially the new engineers and MBAs. This time around SuneelGalgotia took a high-speed elevator, and got into the then nascent private higher education space. That was the start of Galgotias Educational Institutions (GEI), which today also includes the sprawling Galgotias University of Greater Noida. Anyone who has visited the two

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GCTII is a visionary project by Chairman Sunil Galgotia and CEO DhruvGalgotia, and their vision is to grow it into a world-class technology driven incubator. never an accident, and has beentheconscious efforts by the concerted actions of this father-son duo that complements each other with their unique experiences and new-age thinking. To illustrate, Founder and Chancellor SuneelGalgotia has played the seminal role in leveraging Galgotia’s unique academic heritage, as well as in ensuring better faculty standards and in developing own pedagogies.

campuses, however, would be quick to realize that this is not a university or professional college that has been designed only by a veteran edupreneur like SuneelGalgotia. Because, the campus has the fragrance of youth right from the inviting gates to every nook and corner of the green campus where boys and girls feel equally at home. That young brain is DhruvGalgotia, the Chancellor’s son, and for long GEI’s Chief Executive Officer. Unlike his father who came to Delhi in search of a job and a dream, Dhruv was born and brought up in Delhi, and as such somebody who could readily stand up for the fresh values and soaring aspirations of the new millennial kids of India’s capital city and its surrounding NCR. Success at the scale of Galgotias is

That Galgotias University is by one of India’s most reputed academic publishing houses, Galgotia Publications, has been a strength that Suneel rightly leveraged. That makes GU one of the rare private universities that is really born from an understanding of higher education, for decades, in diverse subjects. Interacting with higher educational institutions and universities of all types, the Galgotias had amassed a unique handle on university education in this country. This is precisely the kind of pedigree that is lacking in quite a few new generation private universities. From the ground up, Suneel has also recognized that any university is only as good as its faculty. That is why GU has been proactive in attracting one of the most impressive academic teams in any Indian university, let alone any private university. Creating own pedagogies has been another area where Suneel’s personal touch has been evident. The top

academic management as well as department heads at GU bring in diverse pedagogical inputs that shape up this private university’s integrated approach. Similarly, CEO DhruvGalgotia has brought in quite a few lasting changes at GU that has made it one of the leading higher educational institutions in the country. These include forging international tie-ups, as well as in creating a powerful learning environment and ensuring quality of peer group. While faculty quality is important, young DhruvGalgotia was quick to realize that what matters most at a university is the kind of peer group available for students. To ensure this, Dhruv created a framework by which admission is given only to meritorious and outstanding students as the minimum eligibility criteria set by Galgotias University is among the highest in the country among private universities and allows only the better students to have the privilege of taking admission in the University. The youthful touch of Dhruv is also evident in the campus as GU has undoubtedly one of the better and well-equipped campuses in the country. IT giant IBM has partnered Galgotias University’s CS programs in the domains of Cloud Computing & Virtualization, Open Source Software & Open Standards, Business Analytics, Telecom Informatics, and in Mainframe Technology. IBM has set up labs at Galgotias University and has co-created syllabi and pedagogies in addition to contributing to teaching processes and faculty training. Galgotia students have come as toppers in GATE 2015, and its placement performance last year too has been exemplary. Almost complete batches (98% to be precise) of its five CS-IBM programs were placed with over 120 top global corporates including Cognizant, Infosys, Wipro, and Tech Mahindra, with many receiving multiple offers. SEASONAL MAGAZINE

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TOP PRIVATE UNIVERSITIES IN INNOVATIONS, RESEARCH, & PLACEMENTS

SYMBIOSIS INTERNATIONAL UNIVERSITY

STAYING AT THE CUTTING EDGE Symbiosis International University, as one of the oldest private universities in India, has a lot at stake each year to stay at the cutting edge of high quality higher education. This, they have been achieving with Ã©lan year afteryear, through proactive ideas like conferences, innovations, guest speakers, celebrities, corporate tie-ups, and a carefully calibrated expansion program to new regions. Founder President of SIU Prof. SB Mujumdar, and Dr. VidyaYeravdekar, Principal Director, of Symbiosis Society, are guiding the university in the right direction.

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ndia is home to over 4500 management schools of every kind, and this proliferation has been the factor behind the academic gossip that MBA is losing shine and would soon follow MCA to a slow death. Yet, Symbiosis Institute of Business Management (SIBM), a constituent of Pune headquartered Symbiosis International University (SIU) received a record 52,000 applications this year against its modest 180 seats! So much so for the imminent death of MBA!

Padma Bhushan Dr. S. B. Mujumdar (M.Sc. Ph.D.) Chancellor

Dr. Vidya Yeravdekar, Principal Director

Well, many low quality MBA institutes may eventually bow out in the coming years, but good management programs like by SIBM are going stronger than ever. Not only in admissions, but in core metrics like placement quality, SIBM has been steadily improving its position.

with national and international leaders and this one on liberal education, is supported by Yale-NUS, Singapore, and Raman Research Institute, Bengaluru.

During the latest concluded placement round, SIBM students recorded an average salary of Rs. 14.45 lakhs, and the number of corporates visiting the campus too has shot up, often leaving the graduates spoilt for choices. One way that SIU continues to stay at the cutting edge of quality academics is by hosting a slew of national and international conferences. The latest in this series has been a conference on ‘Future of Liberal Arts and Science’ on May 16. Symbiosis usuallypartners

During the latest concluded placement round, Symbiosis Institute of Business Management (SIBM) students recorded an average salary of Rs. 14.45 lakhs, and the number of corporates visiting the campus too has shot up, often leaving the graduates spoilt for choices.

Key speakers includedShashiTharoor, MP, and FurqanQamar, Secretary General, Association of Indian Universities (AIU), besides speakers from Yale-NUS, Raman Research Institute, Carleton University, OP Jindal University, Manipal Global, Claremont McKenna College etc. Earlier, Symbiosis Institute of Health Sciences (SIHS), another constituent of SIU, had hosted the National Seminar in Hospital & Healthcare Management, Medico Legal Systems & Clinical Research, which wasac- credited by Maharashtra Medical Council. The keynote address at the event was by noted medical entrepreneur Thumbay Moideen, Founder President of Thumbay Group which runs the largest network of hospitals in theMiddle East. Also in attendance was ace lawyer Ram Jethmalani, besides several other dignitaries from the medical and legal sides. Another workshop that was recently held at SIU was ‘Make in India: Role of Industry- University Collaboration in Creating Value’, to coincide with theWorld Intellectual Property Day. Conducted by the Intellectual Property Cell of Symbiosis International SEASONAL MAGAZINE

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University, the workshop was an eyeopener on the various aspects of intellectual property law with various interesting examples, simulations, and a strategy game, with special emphasis on how the IPR policies are crucial to the success of ‘Make in India’ program. Noted corporates too are tying up with SIU for leveraging its expertise. For instance, Blue Dart, India’s most admired courier and logistics firm, and a part of the worldwide DHL Group, has tied up with Symbiosis to offer its employees an MBA program.

SYMBIOSIS IS BRANCHING OUT TO MADHYA PRADESH, WITH A CAMPUS IN INDORE, AND THE BRAND SYMBIOSIS CONTINUES TO BE A FAVOURED DESTINATION FOR TOP ACADEMICS WITH THE VC POST THERE GETTING OVER 500 APPLICATIONS.

In another development, SIU which is gearing up to take its research initiatives to the next level, has tied up with the software-to-SUV conglomerate Mahindra Group. Singapore Management University is also a part of this tie-up and will explore solutions to meet the next generation of automotive skilling needs.

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Celebrities who have visited SIU campus recentlyinclude Aamir Khan, who had shot a part of one of his movies there, and the noted actor who is also known for his social messages was all in praise of the life’s work of Dr. SB Mujumdar, SIU’s Founder. SIU units like SIBM also continue to innovate with great results. Their MBA with specialization in Innovation and Entrepreneurship is already a huge hit, and SIBM is now planning to focus on case studies and caselets, just like how Harvard Business School has made the concept famous.

Also, the IBM Research Grant in Predictive Analytics was given to SIBM this year, overcoming stiff competition from other B-Schools. In a separate development, Symbiosis

College of Arts and Commerce (SCAC) has become the only college in Pune to be conferred the status of ‘Colleges with Potential for Excellence’ (CPE) by the University Grants Commission in the recently declared list. While SCAC is not part of SIU, but affiliated to a state university, the development has come as further proof for the academic standards of Symbiosis Group.

Dr. Rajani R.Gupte Vice Chancellor

Symbiosis is branching out to Madhya Pradesh, with a campus in Indore, and the brand Symbiosis continues to be a favoured destination for top academics with the VC post there getting over 500 applications.

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PROMISED TURNAROUND, HALF FULL OR HALF EMPTY? 2 YEARS

IS MODI REGIME TURNING DEMOCRACY INTO A DEMAGOGIC MAJORITARIANISM? BY SHIV VISVANATHAN, FORMER VISITING PROFESSOR AT STANFORD, PROFESSOR AT OP JINDAL UNIVERSITY, AND COLUMNIST

wo years is a long time in politics and sometimes longer in the life of a country. Two years of a political regime cannot be merely domesticated into a report card or banalised into a set of development indicators. To understand a period where little happens but a lot develops requires a different kind of storytelling. At one level, the Narendra Modi regime is fast becoming a non-event at levels of overt policy. Yet, at a different level of culture, ecology, health and education, it has created ruptures that may take years to remedy. One sees this particularly in education where the BJP has played out its old wish list and created a cultural world that is like a Rorschach of its prejudices. There is a grammar to this juggling of educational categories that we must understand. First, deep within the Modi regime , whether it is by the RSS, BJP or the Bajrang Dal, there is an attempt to articulate a hyper-nationalist regime with a programme. The BJP sees itself as simultaneously traditional and modern. It articulates a position we can dub as techno-fundamentalist. It wants the latest in technology, whether in terms of weapons or energy, to evolve within a value frame of a "traditional culture". Its dream, as critics have put it, is to combine the best of Silicon Valley as a technological hub with Nalanda as a cultural tradition. In fact, it projects this postmodern combination on to a double, the NRI who is more patriotic and more of an Indian than any resident Indian. Second, it seeks to reform or reformulate India by creating its vision of the country around the fourfold nexus of cosmos, constitution, syllabus and community. It takes Hindu syncretic SEASONAL MAGAZINE

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philosophy and narrows it to a Hindutva ideology. In this process, it has emasculated democracy into a demagogic and threatening majoritarianism. After shrinking a worldview, it has redefined the politics of the Constitution by creating a new official vocabulary of patriotism. Today it has made dissent, especially in ecology or history, an act of sedition. By adopting the old colonial model of sedition, it has made citizenship a brittle affair. As a result the dissenter, the marginal, the radical and an array of minorities are no longer treated as genuine citizens. They have to first run the gauntlets of suspicion before they are even regarded as superficially legitimate. By creating a uniform development agenda, the BJP has threatened the plurality of Indian culture. In demanding a sense of everydayness, the Modi regime has decided to tinker with the syllabus. By altering the syllabus, the Modi regime has created new fictions around history. Its attempt to revive ancient science has ignored the creativity of traditional and local knowledge in agriculture, medicine, architecture. It also leads to idiotic claims where major scholarship in science and epistemology has been ignored. One wishes the BJP would re-read the work of the Gandhian historian Dharampal on Indian science in the eighteenth century.

SHIV VISVANATHAN

In fact, the Modi regime has been engaged not so much in syllabus reform but in the emasculation of cosmopolitan scholarship in history and science. Modi's comments on science often equate it to technology, turning a culture of play into an instrumental idea of paisa vasool accounting. The damage it has done to science by facilely equating it with technology has to be still unravelled. Modi's epidemic of syllabus reform is more a form of policing ideas and behaviour and of controlling the university, one of the most recalcitrant and pluralistic parts of civil society. Its taming of environmental groups is on grounds of security and official development, and of university, through its definitions of sedition and its officialism of syllabus reform. I wanted to state all this abstractly before looking at and listing all the scandals of a regime which talks of intellectual life and yet will not confront admission examination corruption which would make Dawood look modest. The role of the Bajrang Dal in violence and bullyboy operations across India must be emphasised and highlighted. If the RSS plays ideology, the Bajrang Dal and other associate groups unfold the brutality that accompanies the RSS ideologies of culture. Whether it is Rohit Vemula, JNU, the beef scandal, the murder of innocent Muslims or the the harassment of students holding hands on Manipal beach by self-styled cultural policeman, all these are symptoms of a deeper invasion and contamination of culture. The deeper disruption of culture, of the civilisational ideas of a pluralistic India, gets lost in the topical reports of the media. What one is witnessing is more than cultural McCarthyism . To the witch hunt, we are adding a cultural uprooting, inquisition-style. To the overt brutality of violence, one has to add the deeper violence of cultural disruption. All that Modi's cultural reform - through Make in India, syllabus reform and university downsizing - does is to hide the fact that it has little that is intellectual to offer. By stirring the cultural pot, the Modi regime has hidden its own mediocrity, temporarily. No government in recent times has had such an impoverished intellectual apparatus. In two years, the Modi regime has proved just how mediocre it is. (Credit: ET)

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WILL YOU CHOOSE THESE ? PRIVATE UNIVERSITIES

Career Point

How Career Point University Fares in this Admission Season or what is Kota of Rajasthan most known for, these days? Is it for recording the highest temperature in Rajasthan at 41.5 degrees, this season? Or, is it for recording the highest number of student suicides during the past year? While police records put teenage suicides in Kota during the past year at 24, unofficial tallies speak about 56 or more youngsters ending their lives in this remote tier-2 city, around 250 kms from Rajasthan’s capital Jaipur. Once famous for its engineering and medical entrance coaching centres, today the city is infamous for student suicides due to the reckless pressure exerted by these coaching centres on the IIT and All India Medical aspirants. Starting out in the 90s with just a couple of institutes, this laidback city

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has spawned over 300 institutes during the past two and a half decades on the lure of minting big time money on ‘coaching’ lakhs of students from all over India with no respect for their aptitude for entering IITs or Medical Colleges. However, the bulk or cream of the coaching business is cornered by the so-called Big-5 in the ‘industry’ - Allen, Bansal, Career Point, Resonance, and Vibrant – which charge higher fee for better ‘success rates’. And there are no refunds in this business for those who drop out, unable to withstand the pressure. While Career Point founded by ex-IITian Pramod Maheshwari, and Bansal were the pioneers in this unique business of Kota, more ‘successful’ players like Allen have surpassed them in recent years. Intense competition among all these big as well as

smaller players has ensured that students are often put through grueling regimens lasting 18 hours a day or more! While only the suicides in Kota grab the headlines, thousands of teenagers studying in Kota experience mental breakdowns and require months of treatment at psychiatrists and counseling centres to recover. Due to the tiny number of seats in IITs and leading Government Medical Colleges, compared with the huge number of aspirants studying in Kota alone, many students – between 40-45% - end up repeating the coaching classes, bringing in repeat business for these institutes. With billboards celebrating the success of each institute’s students adorning many vantage points in Kota, success in entrance becomes the only measure of success for both the institutes and students, and many institutes are known to shame and humiliate underperforming students, driving them to suicides or nervous breakdowns. After last year’s student suicides in Kota broke all records, the Kota District Collector took some action, and forced these institutes to conduct a screening test. However, most institutes have turned it into a mockery with a policy that even those who fail in the test would be offered coaching! When a promoter and an organization from this kind of coaching industry starts a private university, there are bound to be raised eyebrows. But Pramod Maheshwari who also serves as Chancellor of Career Point University (CPU) has so far tried to steer clear of such controversies by keeping the University a separate entity, and by not allowing the ‘coaching’ culture to seep in here. However, when one takes a walkthrough in CPU’s brochures and publicity materials, we can’t help but feel some elements of the ‘coaching’ culture. For instance, the university stresses on middle-school like values viz.

Dr. Mithilesh Dixit, Vice Chancellor

Pramod Maheshwari, Chancellor "determining one to one contact" and "relentlessly monitors progress of every student". Many private universities in Rajasthan are bleeding due to inadequate admissions, and Career Point University has implemented some unique policies to fight this challenge like early admission benefit, repetition of entrance test, and a special provision to apply for the entrance test even just two days in advance! And unlike many of its peers, it accommodates engineering diploma holders in its BTech programs in a big way. Career Point University offers courses in domains like engineering, management, law, agriculture etc. Among its 70 faculty members, only 7 have doctorate level degrees. CPU is not accredited by NAAC. Being a young university, CPU is only gradually coming up in the placements scene. While CPU claims to have achieved 79% placements in the past academic session, the quality of recruiters and quality of pay leave much to be desired. While many of India’s largest recruiters like TCS, Infosys, Cognizant, Accenture, IBM etc are missing, the list is dominated by second-rung or lower-rung companies, and many graduates and postgraduates have been recruited at very low CTCs ranging from Rs. 1.2 Lakhs Per Annum to Rs. 2.4 LPA. Career Point University may come up gradually due to the education and experience of its Chancellor Pramod Maheshwari and Vice Chancellor Dr. Mithilesh Dixit, but for now, the university may appeal more to students native to Kota. SEASONAL MAGAZINE

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WILL YOU CHOOSE THESE ? PRIVATE UNIVERSITIES

IEC UNIVERSITY

HOW IEC UNIVERSITY FARES IN THIS ADMISSION SEASON EC University Campus is at Solan District of Himachal Pradesh. The exact location is nearer to Kalka and Baddi, which are nearly 275 and 300 kms respectively from New Delhi along NH 1. The IEC campus location is a further 8 km from Kalka and around 10 km from Baddi, and as such, would appeal to those students who wish to study in remote locations. But donâ&#x20AC;&#x2122;t expect a sprawling campus despite the location being so remote. Maybe due to the hilly nature of the region, and most probably to cut down on the costs, the campus size is limited to

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just 14.5 acres, and would come across as a surprise to students who are familiar with 100+ acre university campuses even in less remote areas. IEC University has its roots in the informal computer institute franchising business, and later the group diversified to private professional colleges in Greater Noida, and still later into this private university in Himachal Pradesh. IEC Group of Institutions including IEC University was founded by RL Gupta, and Dr. Navin Gupta is currently serving as the Chancellor. The university is structured as 12 Schools, including

Dr. Navin Gupta, Chancellor

Dr. Mahavir Singh, Vice Chancellor popular ones like engineering, management, basic sciences, commerce etc. Like many of its peers, IEC University too claims to have a research focus. Around 8 members of the faculty, all doctorate holders, including the Vice Chancellor Prof. Mahavir Singh have some research citations. Three more lecturers too have some citations to back the research focus claim. But apart from these scholars, coming mainly from domains like physics, pharmacy, & engineering, IEC University doesn’t come across as a leading institution in research activities. Most notably, eight major departments of IEC don’t have a single PhD holder including their Heads of Department. These include Electrical Engineering, Civil Engineering, Computer Science & Engineering, Mechanical Engineering, English, Fashion Design, Allied Health Sciences, and Architecture departments. Coming to placements, in academic year 2015-16, IEC claims to have placed 542 students. However, apart from TCS taking up 100 graduates, the rest 442 students were taken up by 107 recruiters, making up an average of only 4 recruits per company, which hints about the challenges faced by IEC students in campus placements. Some of the recruiting companies also come across as second-rung, third-rung, or lower rung companies. IEC University takes discipline seriously, and it can be seen from its stern but superfluous instructions to even teachers, like “Never eat lunch in classrooms” and “Never get overly involved with students” etc. While there may be teachers, parents, and students who prefer such tough attitudes, more students are likely to be wary of such an overly disciplined environment. IEC University is not accredited by NAAC. On an overall basis, IEC University may appeal to students residing in Solan District or even neighbouring districts of Himachal as another private university to consider. SEASONAL MAGAZINE

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LUXURY ULYSSE NARDIN UNVEILS THE ROYAL PYTHON SKELETON TIMEPIECE

REVOLUTIONISE THE WAY YOU SERVE WINE WITH CORAVIN TWO ver imagined drinking wine without opening the bottle? Coravin Inc. turns your thoughts into reality with its advanced new Model Two wine system. It is a system that allows you to pour a glass of wine without going through the hassle of uncorking the bottle.

enowned Swiss watchmaker Ulysse Nardin has always surprised its patrons with eclectic designs; adding another feather to its cap is the latest Skeleton timepiece that was unveiled recently. The Ulysse Nardin Skeleton comes with a transparent dial that displays the movement which is more like a work of art. A fashion statement, its insides look like a beautiful maze, making it a rare timepiece. What adds to its beauty is the Royal Python Skeleton Tourbillon. It gives the watch a complete upgrade in terms of

elegance and style; it does and does not steal the attention from the beautiful belt at the same time. The transparency of the dial facilitates the free flow of the natural light which in return gives a radiant illumination the timepiece. Silicium technology and an in-house-developed flying tourbillion with a silicium balance spring, anchor and escapement wheel make up the mechanics of the chronograph. Hand-painted movement bridges dotted with rubies reveal the watch expertise of the makers. A Python strap finishes the look of this serpent-inspired Ulysse Nardin watch.

VACHERON CONSTANTIN PICKS THE BEST OF MEN'S WARDROBE IN A NEW WATCH COLLECTION Fine watchmaker, Vacheron Constantin celebrates masculine sartorialism with the novel Metiers d’Art Elegance Sartoriale line. Taking its own spin on men’s classical attires, Vacheron Constantin creates five new timepieces that bear the coveted Hallmark of Geneva. Flaunting the Maison’s masterful decorative techniques, the crescent-shaped dials, coated with translucent Grand Feu enamel, reproduces authentic color charts of the masculine wardrobe. They come in five distinct patterns – raspberry red Prince of Wales, lavender Harringbone, warm grey Windowpane, linen-colored Pin Stripes and a royal blue Tartan.

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The Coravin Model Two is compact and easy-to-use, easily fit in your kitchen drawer. It boasts of an improved and compatible needle which is inserted into the cork. Once the needle is removed, an accompanying gas capsule releases inert argon gas into the bottle. This gas inserted prevents oxygen from entering the bottle and the

Breitling's Galactic 29: A fine watch for strong women Breitling Galactic 29 2016May 5, 2016: Known for its masculine, aviationinspired creations, fine watchmaker, Breitling reveals its new feminine Galactic 29 model. The smallest Breitling watch to date, Galactic 29 charms with its 29mm case, which comes in three variations: steel with tungsten carbide bezel, steel with gemset bezel and 18-carat rose gold. It