Seasonal Magazine - Latest Issue - Cover Story - Sobha Ltd. by John Antony

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VOLUME 18 ISSUE 12 DECEMBER 2020

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MAGAZINE

Seasonal www.seasonalmagazine.com

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

LET 2021 BE NOT THE YEAR OF JUST VACCINATION ALONE! If 2020 has been all about the once-in-a-century pandemic, 2021 is all set to be about a mammoth exercise never witnessed before by this generation or any generation before it. World is all set to roll out something it has never done before. A plan to vaccinate all human beings living on the face of the earth, against just one new infectious virus. There are tons of ambiguities involved in the whole process. Will it be effective as planned? Will it be safe as expected? Will an overwhelming majority of the world population agree to be vaccinated? Or will it run into unanticipated risks, which may even derail the global vaccination program?

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India has its own set of additional questions, beginning with who is going to pay for vaccinating over 138 crore citizens. The Government has indicated that it is considering free vaccination, but with major vaccine makers expecting prices ranging from $37 to $10 per dose, the country is staring at a bill of over Rs. 1 lakh crore, even at the lower end of the pricing spectrum. Another model to follow is what stalwarts like NR Narayana Murthy recently advocated, which is to encourage the major vaccine makers to supply the billions of doses without any profits, and for WHO to work with countries to find ways and means to compensate these vaccine makers later on. But with listed Big Pharma players like Pfizer, Moderna, Johnson & Johnson, AstraZeneca etc dominating the show, the supply of Covid-19 vaccine is likely to be on a profit basis itself. Leveraging its manufacturing capacity as the world’s largest vaccine maker, India had pre-ordered hundreds of millions of doses of the conventional vaccine by Oxford and AstraZeneca, but is now facing a dilemma as a new breed of vaccines called mRNA vaccine by Moderna, Pfizer & others is more likely to be mass produced and deployed across the world, as it is much easier and faster to mass produce. The effectiveness of the global vaccination program is also open for debate.

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EDITORIAL

lifestyle changes in diet, exercise, sleep, stress management etc as well as medicines when needed. Secondly, despite this overwhelming buzz about vaccines, as though it is the only way to acquire immunity against Covid-19, it shouldn’t be forgotten that hundreds of millions of healthy people across the world are already acquiring natural immunity to Covid-19 without getting seriously infected by it, through minimal exposure to the virus which happens for instance through interactions while wearing masks. That is what the global antibody tests reveal. None other than Bill Gates, who has been the largest donor to vaccine makers apart from world governments, has recently opined that global vaccination will succeed only if 99% of the world population is administered a vaccine which has 99% success rate. The billionaire philanthropist says such a scenario is not possible in many countries. While poor countries or its citizens can’t afford such an expensive program, in rich countries like his own USA, there is massive resistance to any mandatory vaccination program, with millions already thronging social media sites like Twitter to announce that they won’t be vaccinating themselves or their families! According to Gates, what this means is that Covid-19 would continue to survive and thrive in many pockets of the world, again spreading through global travel, thereby derailing the ambitious vaccination program itself. Based on this, the Microsoft co-founder has also predicted that he doesn’t expect the world to come back to the preCovid normal at all. Coming from someone who predicted that a respiratory pandemic like Covid-19 is a real possibility, years before it happened, his views are not to be taken lightly. What these all point to is a profound fact. While 2021 is going to be the year of vaccination, and governments are going to be seriously distracted by the economics and logistics of this never-before mammoth operation, mankind would be better served by not looking upon this vaccination program as its sole saviour from the current crisis. People should be made aware that much of Covid-19’s risk is coming from its co-morbidities like chronic inflammatory diseases, diabetes, high blood pressure, cardiovascular diseases, cancer, organ failure etc. And they should be encouraged by all means to take charge of their own health by preventing or managing these conditions as much as possible through fundamental

There is no doubt that Covid-19 is not just a flu-like respiratory disease with negligible risk, but a serious systemic disease which can kill or seriously disable many who are susceptible to its damaging mechanisms. As such, all exposure to it without masks, that would deliver a lethal viral load, should be strictly avoided. But it is also equally true that with masks on, people are slowly getting immunized naturally through exposure to tiny doses of the virus that get through the masks. This will eventually lead to herd immunity across the globe, especially in mask wearing countries. The global Covid-19 vaccination program is not a bad thing at all. Nor is it unnecessary. It will greatly aid in speeding up the natural process of acquiring herd immunity. But to think of the vaccination program as the only way out from this crisis, is not wise. Much wiser is to improve overall health of the population and to continue effective steps like the wearing of good quality masks. Government machineries are going to be seriously distracted in 2021, running behind this vaccination program. That is again not wise, especially in povertystricken countries like India, where lack of economic progress can be even more deadly for health than a lack in vaccination, as more people will succumb to poverty, malnutrition, diseases, social tensions, debt, suicides etc. It should never be forgotten that the world came out of the comparable Spanish Flu pandemic, around 100 years back, not through a global vaccination program, but through wearing of masks, treatment of affected patients, quarantines and eventual acquisition of herd immunity across the world. The Spanish Flu virus and its variants are still out there across our planet, and gather strength every year during its season, but it can never ever hope to be a pandemic again due to the collective herd immunity against it. So can mankind overcome Covid-19 eventually. John Antony SEASONAL MAGAZINE

CONTENTS

SOBHA LTD.

25 YEARS OF PASSION AT WORK Every premium real estate brand speaks about quality, and strives for reasonable quality, but at SOBHA, it has been a case of quality without limits. This is best exemplified by the fact that SOBHA is perhaps the only major real estate developer in the world that is fully backward integrated. Which means everything from ideation, to design, to manufacturing of core building materials, to craftsmanship, to interiors, to every minute detail, are done in-house by SOBHA’s various divisions. It is a model that is followed by SOBHA companies worldwide, including in the Middle East, and has catapulted the..

HOW WELL IS THE INDIAN ECONOMY RECOVERING?

HOW EXERCISE CHANGES OUR BRAIN DRAMATICALLY

It’s still too early to celebrate the recovery in the Indian economy. While some segments are witne ssing growth, others are still...

Regular exercise changes the structure of our bodies’ tissues in obvious ways, such as reducing the size of fat stores..

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THE PRIVATE SECTOR UNIVERSITIES MOVING UP DESPITE THE PANDEMIC It took only six months for the higher education landscape in India to change dramatically. The higher education sector began 2020 in a business-as-usual manner, but suddenly it became one of the most impacted sectors in the global pandemic. With universities and colleges closing indefinitely, economy crumbling, job losses mounting, and startups melting down, everything in higher education from admissions to placements became mired in endless confusions. To add to the challenges in the sector, the new National Education Policy (NEP) was also implemented. But for the most well-prepared private universities which had pursued lofty goals

PANDEMIC MAKES JSSAHER FLY HIGHER

NOW ON THE FRONT FOOT AND NO LOOKING BACK

It is only when a crisis hits, the resilience of universities is really known. JSS Academy of Higher Education & Research (JSSAHER), the Mysuru based leading deemed-to-be university has come out in flying colours in this regard during the pandemic..

At a time when universities struggle to conduct online classes and resume the new academic session smoothly, Nitte (deemed to be) university has gone one step ahead. Being one of the handful..

THE MAKING OF A WORLD CLASS UNIVERSITY

PROVING ITS UNIQUE CALIBRE EVEN IN A MOST DIFFICULT YEAR

Seasonal Magazine in conversation with Prof. VS Rao, Vice-Chancellor, SRM University, Andhra Pradesh.

BILL GATES PREDICTS WORLD MAY NOT RETURN TO PRECOVID NORMAL Billionaire Microsoft co-founder Bill Gates has become somewhat of a Covid-19 authority, with his philanthropic body, The Bill and Melinda Gates Foundation, investing billions into finding a vaccine for the deadly virus.

SASTRA Deemed University continues to lead its peers by launching online degree programs, by transparent merit-based admission processes, globally..

4 REASONS TO CHOOSE SCSVMV With the long-running admission season soon to conclude, the incoming batch of students increasingly need to adjust to the new COVID-19 reality. The hope is that university campuses would be allowed to open by the end of September, although these students are likely to undergo a new experience of classroom learning in the era of social..

ICFAI IN ACCELERATING MOMENTUM Hyderabad based ICFAI Foundation for Higher Education (IFHE), the flagship deemed university of the ICFAI Group, as well as ICFAI Business School (IBS Hyderabad) which is a constituent of IFHE, are unfazed by the pandemic and..

TAKING GIANT STRIDES, DESPITE THE PANDEMIC While many comparable private and deemed universities are struggling to adapt to the pandemic realities, Chancellor Dr Ashok K. Chitkara and ProChancellor Dr Madhu Chitkara are leading Chitkara University..

NEXT-GEN HONDA CIVIC PROTOTYPE UNVEILED The new-gen Civic will arrive in the second half of 2021, and Honda will first introduce the sedan version, which will be followed by the sporty Civic Hatchback, performance-focused Civic Si, and the ultimate high-

THE MIGHTY POWER OF POSITIVE THINKING IN BANKING

NO MORE PETROL / DIESEL CARS IN UK FROM 2030

WHO WILL GET VACCINE FIRST IN INDIA?

Britain will ban the sale of new gasoline and diesel cars by 2030, a decade earlier than its previous commitment, the Prime Minister said on November 17, 2020. Boris Johnson made the pledge as part of plans for a "green industrial revolution" that he claims could create up to 250,000 jobs in energy, transport and..

The National Expert Group on Vaccine Administration is in the process of drafting a time-bound scheme to ensure that people are vaccinated as soon as the vaccine is made available. As per the discussions, vaccine administration is likely to happen in phases and top priority is to be given to high-risk population groups that include frontline workers and the elderly.

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BUSINESS

RISE OF INDIAN AMERICANS AS GLOBAL BUSINESS LEADERS Indian Americans have done exceedingly well in almost all walks of life. However, their relative success took many years to catch the attention of the world. In todayâ&#x20AC;&#x2122;s climate, Indian-origin individuals are regarded as an integral part of American life. While the world is aware of the likes of Sundar Pichai (Google) and Satya Nadella (Microsoft) there are many more who have

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shown their exemplary traits in building businesses. A proud feat is the growing number of women business leaders, like for instance, Reshma Kewalramani (Vertex Pharmaceuticals) and Sonia Syngal (GAP Inc). This is an inspiration for the community’s next generation to achieve greater heights. Under the leadership of Indian Americans, these companies collectively employ more than 3.6 million worldwide and account for a combined USD $1 trillion in revenue and $4 trillion in market capitalization. The prestigious Indian American forum Indiaspora, in July 2020, published a list of business leaders of Indian Americans highlighting their contributions in business, government, philanthropy, academia and other areas.

uring my rise as a young business entrepreneur in the 1970s and beyond, this was scarcely imaginable. But I was always of the firm belief that with the right conditions and network, the Indian-origin entrepreneurs could turn the tide in their favour. In the 1990s, one could see the shifts in both the business and demographic landscapes. According to the U.S. Census Bureau, between 1990 and 2000, the Indian American population in the U.S. grew 130% – 10 times the national average of 13% while they comprised 16.4% of the AsianAmerican community. The community was not only providing its famed highskilled labour, but also showcased its prowess as a leading contributor to the development of American society. One of the ways in which the community made its mark was through social impact work, donations and fundraising for charities, the acute need for which precipitated the current COVID-19 struggle for communities. Over the past several years the IndianAmerican diaspora through philanthropic activities have had a tremendous impact on the American soil. The COVID-19 pandemic has further made a systemic call to the diaspora to extend their Philanthropic arms. Indiaspora in its 2020 report, ‘Indian Diaspora in Action- Tracking the Indian American Response to COVID19’, has mentioned the unique ways Indian American Diaspora has adopted to come together and show their dedication in assisting those in need during the COVID-19 pandemic. Highly qualified medical professionals like Dr. Ashish Jha, Director of the Harvard Global Health Institute, Former U.S. Surgeon General Vivek Murthy, Dr. Sanjay Gupta, and Seema Verma, Administrator of the Center for Medicare and Medicaid Services under the Trump Administration, along with many other doctors, nurses, researchers and other health professionals have been in the forefront of this crisis. Apart from contributing in the efforts of the medical sector, many philanthropic organisations have been contributing in some or the other way in the time of

pandemic. Sewa International has been championing in the efforts of providing masks and PPE kits to those in need and by far they have distributed more than 625,000 surgical masks made by over 1000 volunteers. Wadhwani Foundation, founded by Dr. Romesh Wadhwani- a Silicon Valley entrepreneur and philanthropist, has made a significant contribution during the pandemic. The foundation has committed $26 million to assist MSMEs and public health workers affected by the pandemic through its ‘Sahayata COVID-19 Skilling Program’. In terms of their political influence, Indian Americans in the early part of 1960s had limited representation. A notable exception was Dalip Singh Saund, Democratic Congressman from California who was also the first Indian American elected to public office. This was largely to do with the low political mobilization as the community did not regard itself as a voting bloc. There was not a single representative for almost three full decades before Bobby Jindal in 2005 became the second Indian American in Congress. Today, the veritable list includes the likes of Ami Bera (elected in 2013), Pramila Jayapal (2017), Ro Khanna (2017), Raja Krishnamoorthi (2017). Speaking to their Indian descent, Krishnamoorthi fondly refers to the quartet as the “Samosa Caucus”. But it is Democratic Vice Presidential nominee Kamala Harris, the first Indian American to be elected to the Senate, whose initial candidature for U.S. President made the community the cynosure of all eyes. When I look back at the time when the community remained largely neglected in the political realm, the current situation has been a remarkable turnaround. “Whenever I’m asked about Indians taking away our jobs, I want to say, you know what... they’ve just created 50,000 jobs,” former U.S. President Barack Obama had once quipped in reference to Indian Americans. This statement of validation, coming from a shrewd politician and master communicator like Obama, did not surprise me at the least. He could have SEASONAL MAGAZINE

played to the stereotypical and xenophobic narrative of “the outsider” stealing away American jobs. The reason he didn’t is borne by hard evidence. While India earned the reputation of being the “back-office of the world” (a reference to its highly skilled workforce engaged in outsourced activities on the payroll of global firms), Obama’s impassioned appeal was in the context of the unprecedented rise of Indian-origin CEOs in America’s leading corporations. Be it Pao Alto Network’s Nikesh Arora, IBM’s Arvind Krishna or Berkshire Hathaway’s Ajit Jain, the Indian American executive is at the forefront of America’s economic progress through job creation. However, the Indian American community’s outsized influence that came to fruition was not always destined to happen. Coincidentally, Bob Dylan’s famous track released in 1964 “The Times They Are a-Changin” perhaps captures the impending change in fortunes that was in store for Indian immigrants in the years to come. Indian immigration to the U.S. had its share of enablers – some organic and the other accidental. Then U.S. President Lyndon B Johnson’s landmark Immigration and Naturalization Act of 1965 heralded one of America’s biggest success stories of the Cold War era: the ability to attract skilled labour for the country’s famed corporations. It had put an end to the long-standing nationalorigin quotas that favoured Europeans over people of colour. It was somewhat coincidental that this period also marked a boom in technical and medical education in India as prolific graduates from reputed institutions like the Indian Institute of Technology (IIT) became attractive to global corporations and centres of excellence. In sum, the need for India’s highly skilled talent laid the foundations for today’s significant demographic shift in America that is emblematic of the community’s successful integration into a hitherto alien land.

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In the immediate decades following India’s independence, the movement of the country’s brightest minds to the farthest corners of the world including the “land of opportunity” underlined two things: firstly, the well-educated Indian was representative of the early globalization wave that broke cultural and geographical barriers and secondly, despite the need for a technically skilled workforce to drive the newbie nation’s growth, there was a perceptible lack of professional incentives that matched their talent capabilities. While Indians form a greater share of population in the UK (2.3%) as compared to the US (about 1%), however, the achievements of Indian Americans in businesses seem better as compared to others. The post World War II era enabled the U.S. to become a technological superpower and the growth of corporations acted as a magnet for Indian immigrants perhaps more than the U.K. which had a historical connection. On the other hand, the Indian diaspora in the Middle East constitutes approximately 9 million people and is one of the largest in the world in terms of immigrants. However, they mostly constitute low paid migrant workers in the oil fields and refineries. In the case of Africa, Indian-origin communities constitute 12.3% of the total population but are employed in relatively low-skilled sectors. The enabling environment for business opportunities provided by America is unmatched compared to these regions where the per capita income continues to remain low. Therefore, highly skilled

Indian immigrants graduating from institutes such as IITs favored the U.S. for its vibrancy and potential for growth. The relatively free environment to pursue employment and studies provided a perfect springboard for the community to achieve the success that we witness today. IITians have gone on to become CEOs of some of the top companies in the U.S. which shows that they are probably some of the most valuable imports by the U.S. from India. As a gutsy 22-year old, I was enthralled by the opportunities that a higher education degree in the U.S. would bring. The reputation of America’s great institutions left an imprint on me although my career trajectory was different from most who set foot on the land of opportunity. I decided to pursue a business career after completing a Masters degree in Operations Research in 1969 from Cornell University. I bucked the otherwise popular trend of desis who largely came here to continue their medical or engineering pursuits. I shall divulge my reasoning for this risky decision later in the article. The post-1965 wave witnessed the inflow of scientists, doctors and engineers (some still raw albeit armed with elite degrees along with seasoned practitioners, both lured by the common ideal of the American Dream) who went on to serve the country with utmost dedication. Fast forward to the present: Indian Americans have a critical role to play in America’s battle against COVID-19 with every 7th doctor supposedly of Indian-origin, a statistical

In another prestigious U.S. institution – NASA – the Indian connection stretches back to the time of 1983 Nobel Prize laureate Subrahmanyan Chandrasekhar, an eminent astrophysicist and nephew of the illustrious C.V Raman. A year later, a little known Kalpana Chawla completed her degree in Aerospace Engineering from the University of Texas at Arlington and applied to NASA’s famous Astronaut Corps in 1995. In the following year, she became the first woman of Indian-origin to travel into space.

enormity that would raise few eyebrows! A large number of scientists with Indian heritage are steadfastly working towards the development of the vaccine that earned special mention from the U.S. President. This is least surprising given that, almost a decade ago, as many as 12% scientists in the U.S. were Indians. Today, around 50,000 Indian-American physicians ply their trade while 10% of medical students are of Indian descent. Over the years, scientists and doctors of Indian-origin have been at the helm of America’s cutting-edge scientific and research institutes like the National Institutes of Health (NIH) and National Science Foundation (NSF). For instance Dr. Subra Suresh, one of the many beneficiaries of the 1965 immigration reform, came to the U.S. in 1979 to pursue his graduation and went on to become the first Asian-born scientist to lead the prestigious NSF from 20102013. Even first generation Indian Americans, like Dr. Vivek Murthy who served as the 19th Surgeon General and first of Indian-origin, have done exceedingly well in recent times. Perhaps the most famous of them all was Dr. Har Gobind Khorana, the pioneering biochemist and 1968 Nobel Prize winner who independently discovered that genetic information was stored in our DNA.

While the profiles and backgrounds of Indian Americans largely comprised of those in the highly skilled technical sectors, there was significant churning taking place in corporate America. Therefore, my professional career took a trajectory that may not resonate with many of my contemporaries of the time. A sizeable number of feisty and ambitious Indian Americans began to assume corporate roles in finance and marketing and some even pursued MBA at night schools. In my first job, I joined Scott Paper Company in 1969 as a scientific analysis manager. Unfortunately, the company went through a rough patch and eventually started to lay off employees. Being one of the newest employees, I feared that my job was in jeopardy. Then, I got my lucky break: I joined Rohm and Haas as a financial analyst that would commence my 39-year long association with the chemical manufacturing giant. Even though I was only one among the handful of Indian immigrants that took the gamble of a business career, there was a notable trailblazer from a decade ago who set the precedent. If you grew up in the 1980s and 1990s and heard sound blaring from an audio/speaker system, chances are that it was a product of the famous audio equipment

company, Bose Corporation. At a time when stethoscopes and seminars were preferred over profits and products, the Indian-origin founder of Bose Corporation stood out from the crowd! Founded by Dr. Amar G Bose in 1964, a former Professor at MIT, Bose Corporation was born with initial funding from angel investors and currently employs over 10,000 people with revenue upwards of $3 billion. This trend remains unchanged with Indian Americans regularly featured as top innovators in the technology segment, especially those under the 35 age bracket. Sonia Vallabh, Maithilee Kunda, Dinesh Bharadia and Jagdish Chaturvedi are the four Indian American innovators under 35 on the MIT Technology Review list. Suhas Patil, also with an MIT connection as a graduate and professor, founded the semi-conductor supplier Cirrus Logic in 1984. He was one of the co-founders of TiE (The IndUS Entrepreneurs), the renowned not-forprofit organization that mentors young entrepreneurs in Silicon Valley. Another Silicon Valley blue chip company, Sun Microsystems that was acquired by Oracle Corporation, was co-founded by Vinod Khosla in 1982 who then went on to become a leading venture capitalist. By the late 1980s, Indian American entrepreneurs and their companies started to acquire a household name in the tech arena. The likes of Sanjay Mehrotra (co-founder of SanDisk) and Pradeep Sindhu (cofounder of Juniper Networks) were among the many Indian-origin entrepreneurs who rose up the corporate ladder to lead global tech firms. Soon, Indian Americans established themselves in mid and senior-level leadership positions of companies mostly in the East Coast while a major chunk of the successful entrepreneurs and investors earned their reputation as leading voices in the West Coast. Today, Rajan Anandan, Nikesh Arora are among the many who provide support and guidance to the start-up ecosystem while the likes of Salil Deshpande (Bain Capital) and Sameer Gandhi (Accel Ventures) among many others who have reached top echelons of various investment arms. SEASONAL MAGAZINE

would, in fact, go to the extent of saying that a company’s long term performance is linked to the nature of diversity it offers. This requires the ability and fortitude to overcome biases about diversity. The Indian immigrants benefiting from the 1965 reforms formed a considerable knowledge bridge for later immigrants. The shared sense of community provided a social as well as professional bond that enabled valuable mentorship to successive generations of Indian Americans. My own climb to the top rungs of the Rohm and Haas corporate chain brought me to head the Asia-Pacific operations in 1993. Apart from Rajat Gupta’s appointment as Managing Director of McKinsey & Company in 1994 (he holds the distinction of being the first Indian-born CEO of an MNC), it was not until the latter half of the 1990s when we witnessed the rise of Indian Americans to CEO/executive positions. My own rise from being an assistant to the CEO to becoming CEO myself was a byproduct of the times. Between Hartford Insurance, US Airways Group, Rohm and Haas and Quest Labs, the common factor in each of these giant corporations was an Indian American at its helm. Heading a Global Fortune 300 company from 1999-2009, I realized the enabling level-playing field I was exposed to at Rohm & Haas. I was never made to feel that I had barriers to overcome and I can safely say that my distinguished compatriots in the industry felt the same. For the generation of Indian American leaders that rose to prominence in the succeeding decade, only the sky was the limit. The mid-2000s brought India and the U.S. to achieve close cooperation at the governmental level, culminating in the signing of the historic civil nuclear agreement. In business terms, a more accurate indicator of the growing clout of Indian-origin executives was their appointment as top honchos of some of America’s most profitable companies. Indra Nooyi (appointed CEO of PepsiCo in 2006), Francisco D’Souza (appointed President and CEO of Cognizant Technology Solutions in SEASONAL MAGAZINE

2007), Vikram Pandit (appointed CEO of Citigroup in 2007), Shantanu Narayen (appointed CEO of Adobe Systems in 2007), Sanjay Jha (appointed co-CEO of Motorola Inc in 2008), Deven Sharma (appointed President of Standard & Poor’s in 2010) and Ajaypal Banga (appointed President and CEO of MasterCard in 2010) catapulted the Indian American community into instant stardom. Today, 7% of Silicon Valley hi-tech firms have Indian CEOs. This broadly covers sectors ranging from finance to FMCG and technology to pharma. There is always something poignant yet compelling about the story of an Indian immigrant in the United States. Making the long voyage traversing thousands of miles, having to leave every cherished childhood memory behind, is no small effort. It was perhaps this disposition for making hard choices and unwavering sacrifice that shaped the archetypal Indian American of today. Indian Americans provide the clearest example of how the diversity factor needs to be an important consideration for companies. In my view, diversity is not just a moral imperative but a business goal in many ways. It provides the opportunity to draw from the broadest possible talent pool. Personally, working in diverse environments like Rohm & Haas expanded my notion of mentorship. I

The reason for success of Indian CEOs as compared to others such as Chinese and Jewish can be attributed due the availability of market relevant IT skills that enabled their growth in this sector. One of the personal attributes is the ability to communicate in English, where business leaders of Chineseorigin fall short, and the other is the ability to argue and debate ideas as a part of assertive communication which is an intrinsic aspect of American culture. As Nikki Haley, former U.S. Ambassador to the United Nations, says in her recent book With All Due Respect that ‘there are a number of reasons for Indian Americans’ success in the United States’. “But mostly, we’re just good at being Americans. And that says as much about America as it does about us,” she says. Indian-Americans now make up the largest PIO community anywhere in the world with estimates showing around 4 million live in the U.S at present. Additionally, the diaspora community is also one of the wealthiest sub-groups by income, a testament both to their relative success and the hallowed tenet of the American Dream. This makes the Indian American story one for the ages. However, this journey was not an easy one. The acts of sacrifice, resilience and kindness jointly contributed to our achievements. However, most importantly, my sense is that the authenticity of Indian Americans is what has put us in good stead despite all the challenges along the way. My hope is that the future generation of Indian Americans can similarly become an exemplar for the larger society they live in. It is this quality that marks the globally-recognised Indian American.

SOBHA LTD.

25 YEARS OF

PASSION AT WORK

EVERY PREMIUM REAL ESTATE BRAND SPEAKS ABOUT QUALITY, AND STRIVES FOR REASONABLE QUALITY, BUT AT SOBHA, IT HAS BEEN A CASE OF QUALITY WITHOUT LIMITS. THIS IS BEST EXEMPLIFIED BY THE FACT THAT SOBHA IS PERHAPS THE ONLY MAJOR REAL ESTATE DEVELOPER IN THE WORLD THAT IS FULLY BACKWARD INTEGRATED. WHICH MEANS EVERYTHING FROM IDEATION, TO DESIGN, TO MANUFACTURING OF CORE BUILDING MATERIALS, TO CRAFTSMANSHIP, TO INTERIORS, TO EVERY MINUTE DETAIL, ARE DONE IN-HOUSE BY SOBHA’S VARIOUS DIVISIONS. IT IS A MODEL THAT IS FOLLOWED BY SOBHA COMPANIES WORLDWIDE, INCLUDING IN THE MIDDLE EAST, AND HAS CATAPULTED THE SOBHA BRAND TO WORLDWIDE RECOGNITION AND BEING FEATURED AS A BUSINESS CASE STUDY AT HARVARD BUSINESS SCHOOL. THE BENGALURU HEADQUARTERED AND LISTED ENTITY, SOBHA LTD., ALSO EXCELS IN EVERY SPHERE OF BUSINESS, INCLUDING CORPORATE SOCIAL RESPONSIBILITY (CSR). SOBHA’S CSR PREDATES NOT ONLY INDIA’S MANDATORY RULE FOR CORPORATES, BUT THE VERY HISTORY OF SOBHA ITSELF, AS FOUNDER PNC MENON HAD STARTED THE CSR ARM ONE YEAR BEFORE SETTING UP THE INDIAN COMPANY ITSELF!

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SOBHA’s famed passion for quality homes and construction has its roots in Oman, where PNC Menon founded the brand as an interior designing firm in 1976. Menon’s passion for quality and the Middle East market’s demand for quality instantly clicked together, and the SOBHA brand continually bettered it over the years through backward integration. Today, SOBHA is a leading brand with developments and investments across several countries including UAE, Oman, Bahrain, Brunei and India. SOBHA’s growth had entered a new orbit when it started its Indian foray in 1995, by setting up SOBHA Ltd. in Bengaluru. This was not only due to the huge untapped size of the Indian market, but also because it enabled SOBHA to pursue its backward integration initiatives to its full potential. SOBHA has achieved unparalleled backward integration by significant manufacturing facilities for building materials spanning from concrete blocks to glazing to interiors and every aspect of design and craftsmanship. Such attention to detail won for SOBHA the contracts to build major offices for corporates in India. The massive yet unique Bengaluru and Mysuru offices of Infosys Ltd., stands as glowing testimonies to the brand’s construction prowess and attention to detail. From day one onward, SOBHA has also been a leader in Corporate Social Responsibility (CSR). In fact, from day zero itself, as SOBHA’s CSR arm Sri Kurumba Trust was founded in 1994, one year before the company itself was started. And the scale of operations of this CSR arm has grown in sync with SOBHA’s growth and has expanded to comprehensive adoption of villages, education of their children, dowry-less social weddings, old age homes and more.

Ravi PNC Menon, Chairman

Beating its own quality benchmarks for quarter of a century, is now enabling SOBHA to weather the pandemic storm healthily. Even without practically no new launches in Q1 & Q2 due to the pandemic, and even with its core market of Bengaluru subdued due to an extended lockdown, SOBHA has shown SEASONAL MAGAZINE

a resilient performance in the first half of this fiscal, with strong sequential improvement across most metrics. Realization per sq ft is now at a fivequarter high, and the 25 year old brand has ongoing projects to the tune of 26.81 million sq. ft in the Residential vertical and 9.48 million sq. ft in the Contractual vertical. SOBHA’s ongoing and completed inventory spans 9 cities now, with some of them like Gurugram and Kochi now playing major roles in its portfolio. That is why the market is betting that SOBHA will outperform its peers, as and when secular growth returns to the residential realty market. The stock is already up 2.6 times from April lows, and SOBHA is planning to launch 14.58 million sq ft of new launches within the next few quarters. Analysts have mostly been surprised by the resilience shown by SOBHA in the first and second quarters of this fiscal. There has been a steady sequential recovery in sales during this first half. This has come as a strong vindication

realty in its development business.

SOBHA HAS COMPLETED 25 YEARS THIS YEAR AND THE BRAND IS NOTED FOR ITS CONSISTENT BUILD AND SERVICE QUALITY ACROSS ALL PRODUCTS AND TERRITORIES.

for the long-term strategies and exceptional-quality homes of SOBHA, which is celebrating its 25th anniversary this year. There are several highlights in this listed major’s performance in H1, apart from recovery in sales. Realization per squarefeet stood at Rs. 7737 in Q2, which is a five-quarter high, and speaks volumes about the preference customers have for the SOBHA brand of homes, even in this most difficult economic situation. Unlike some of its peers, SOBHA is more focused on residential

JC Sharma, VC & MD

However, apart from such financial metrics, two other factors stand out in SOBHA’s performance in the first half of this financial year, and shed light on how this premium realty brand has survived and thrived for quarter of a century now. Firstly, the company’s home turf of Bengaluru has been one of the worst affected cities by Covid-19. While Q1 was mostly lost in the pandemic and lockdown, Bengaluru had an additional issue in Q2, as the lockdown was reimposed in the city due to high mortality, even while most of the restof-India started returning to normalcy. SOBHA’s performance, especially in Q2, was overcoming this challenge. One factor that helped SOBHA in this regard was the emerging trend of Work From Home (WFH) in Bengaluru and the major metros where the developer has significant presence. India’s Silicon Valley especially took to WFH on a massive scale, as the software and software services industries dominating the city’s industrial landscape, is quite adaptable to the Work From Home model. Employees in such sectors quickly realized the need for a bigger apartment, and a premium homebuilder like SOBHA became the natural preference. A second significant challenge that SOBHA overcame in H1 was even tougher. Usually, all major real estate developers rely on new launches in every quarter to boost quarterly sales. This is because, customers always make a beeline for new projects for the newness factor as well as better prices. But due to the extended lockdown in Bengaluru, SOBHA couldn’t do any new launches in Q1 & Q2, and the sales

SOBHA LTD. IS A PIONEER IN CSR ACTIVITIES, HAVING STARTED ITS CSR DIVISION ONE YEAR BEFORE STARTING UP THE COMPANY ITSELF.

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recovery witnessed in H1 has been despite this. How SOBHA could pull this off is due to two factors. One has been SOBHAâ&#x20AC;&#x2122;s strong performance in new launches, during the past few years. This has given the company, a sufficient completed and ongoing unsold inventory totalling 7.23 million sq ft, that came in handy during the lockdown. Secondly, the trust factor in the quality of the 25-year old SOBHA brand was enough to propel new sales even without new launches happening in this period. SOBHAâ&#x20AC;&#x2122;s overall performance in H1 and now going forward is also powered by its widening geographic spread. For a brand that was once active only in Bengaluru, the SOBHA brand of homes has been available across 9 more cities in India since several years now. These include Chennai, Coimbatore, Delhi NCR, GIFT City Gujarat, Kochi, Kozhikode, Mysuru, Pune & Thrissur. This has now resulted in lesser reliance on Bengaluru, as witnessed in H1. Interestingly, there has been volume increase in each one of these markets in Q2 for SOBHA, which is a feat not achieved by many developers. Kochi, SEASONAL MAGAZINE

FROM ITS HOME-TURF OF BENGALURU, SOBHA HAS SUCCESSFULLY EXPANDED TO 9 CITIES ACROSS INDIA, WITH GURUGRAM AND KOCHI FETCHING 9% AND 15% OF ITS SALES NOW.

Gurugram & Chennai have emerged as especially strong markets for the developer now. Kochi in Kerala, now contributes to 15% of SOBHA’s sales, thereby showing the strong mindshare the brand enjoys even in this discerning and price-conscious Tier-2 city.

DRIVEN BY STRONG RECOVERY IN SALES DURING Q1 & Q2, SOBHA’S STOCK IS ALREADY UP BY 170% FROM THE APRIL 2020 LOWS. SEASONAL MAGAZINE

However, going forward, another market – Gurugram in Delhi NCR – is poised to be SOBHA’s second largest market after Bengaluru. Though Gurugram, formerly Gurgaon, is now contributing only 9% of sales at SOBHA, this new-generation city already leads in the developer’s realizations per square feet. Despite the tough situation prevailing in Delhi-NCR due to the pandemic, SOBHA has witnessed volume growth in Gurugram too during H1. SOBHA is also a unique player in the industry in that it is a major in the contract construction domain, and as mentioned earlier, the only major backward integrated developer in the

NOT JUST A REALTY DEVELOPER, SOBHA LTD. IS ALSO A CONTRACT CONSTRUCTION MAJOR, HAVING CONSTRUCTED THE OFFICES OF MANY BLUE-CHIP COMPANIES, BOTH INDIAN & MNC.

square feet, across Bengaluru and a few of its other core markets, during the ongoing and upcoming quarters. The expected revival in the Bengaluru market also bodes well for the developer.

world. What this means is that, apart from the revenues from real estate development, SOBHA has significant revenues from constructing nextgeneration offices for blue-chip Indian and MNC companies, as well as from building materials & services like glazing, interiors, concrete blocks etc.

SOBHAâ&#x20AC;&#x2122;s wide portfolio of homes beginning from below Rs. 1 crore and which goes up above Rs. 2 crore, is perfectly fit for satisfying different kinds of customers. It also has significant leverage in undertaking niche or micro launches in ongoing projects. The launch of the ultra premium 4 BHK offering of Rajasthan-themed luxury development in SOBHA Royal Pavillion, Bengaluru, is the most recent example.

The ongoing second half is likely to be stronger for SOBHA due to various reasons. Firstly, it has guided that sales enquires are already back to pre-Covid levels. SOBHA is also gearing up for new launches spanning 14.58 million

With strong support from banks and financial institutions, the 25-year old developer is in a stable liquidity position, and is now working successfully in bringing down the cost of its funds. Not surprisingly, the stock

is already up by 170% from the April 2020 lows. Founder PNC Menon who is currently Chairman Emeritus of SOBHA Ltd., is known for his unique insights and has recently opined that there is still good demand for premium offerings. Indeed, it was on his passion for consistent quality that the SOBHA brand was built up during these past 25 years. The company is led by the vision of its Chairman Ravi PNC Menon, who is a graduate in civil engineering from Purdue University, USA, and with sixteen years of experience in all domains of the development and construction industries. SOBHAâ&#x20AC;&#x2122;s Vice Chairman & Managing Director, JC Sharma is a Chartered Accountant & Company Secretary and has been with the company for the past 19 years and spearheads its day-to-day operations from strength to strength. SEASONAL MAGAZINE

E-GOVERNANCE

THE WAY FORWARD FOR E-SERVICES MODEL IN INDIA

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As tech disruptions are set to rule the roost in the coming decades, India’s much touted digital transformation can’t wait any longer. Armed with the world’s second largest internet market, digital e-governance no longer seems a distant reality despite India’s somewhat late entry into this space. It is expected that India will witness an increase in the number of internet users to 800 million by 2023, driven by the increasing availability and decreasing cost of high-speed connectivity and smartphones. India’s growth story is now intrinsically linked to the relative welfare of its people in the digital age. This calls for a greater impetus towards an e-governance infrastructure that focuses on public service delivery in order to achieve the goals of last mile connectivity. The good news is that recent developments are a step in the right direction: induction of ICT in government functioning and digital adoption of end-user platforms has brought about marked improvement in efficiency. onsidered a potential solution to the issue of ‘big government’, countries like Estonia have built a model known as ‘government-as-a-service/platform’ (henceforth, GaaP) that offers a more organised, digital-based service delivery system. With the singular aim of improved digital governance, the Estonian model places the citizen or the end-user at the centre of its design system to provide positive outcomes. By offering a single ID/card for multiple services, the focus has been on building an e-governance ecosystem that removes bureaucratic hurdles for citizens. According to a recent report by Omidyar Network India and BCG, the timing could not be better for India to roll out the carpet for Open Digital Ecosystems (ODEs) where the government ‘creates the digital commons, enables interoperability between various stakeholders and leverages open source software, data, standards, licences and APIs in order to enhance citizen experience’. Towards this end, IndiaStack is a muchneeded open platform initiative that brings with it opportunities for collaborations with researchers, data scientists, non-profits and other technical experts. The goal of IndiaStack

INDIA IS IN THE STAGE WHERE DIGITAL & E-GOVERNANCE PLATFORMS ARE BEING INTEGRATED INTO GOVERNMENTRUN MEDIUMS SUCH AS VARIOUS DEPARTMENT WEBSITES, CENTRAL WELFARE SCHEMES, REPOSITORIES, DATABASES ETC.

is to ‘utilise an unique digital infrastructure to solve India’s hard problems towards presence-less, paperless, cash-less service delivery’. In the case of GaaP, the idea is both simple and novel: serving the needs of the people while minimising the need for government intervention in the process. For instance, the rollout of NDHM (National Digital Health Mission) that offers the creation of a unique health ID (linked to AADHAR) for every citizen is a potential game-changer. Estimates show that nearly 85 per cent of clinicians use digital platforms for consultations and interactions with patients. As a onestop destination for a user’s medical records, the NDHM is an example of a GaaP platform that reduces the need for paperwork. The COVID-19 period also unlocked potential in other government service delivery mechanisms. For example, in order to enhance ease of doing business for MSMEs, the government launched the Udyam registration portal and integrated it with the government’s ecommerce marketplace—GeM and the invoice-financing platform—TreDS. This portal allows MSMEs for paperless and free cost registration based on selfdeclaration, supports credit financing through the auction of trade receivables and offers competitive platform to showcase and sell their goods and services. India is in the stage where digital & egovernance platforms are being integrated into government-run mediums such as various department websites, central welfare schemes, repositories, databases etc. For instance, the Digital India initiative seeks to achieve the simplification of government processes through technology. NITI Aayog CEO, Amitabh SEASONAL MAGAZINE

UNDER THE CSC, THE GOVERNMENT HAS ALSO ENSURED THE CREATION OF A ‘DIGITAL CADET’ PLATFORM THAT WILL PROVIDE DOORSTEP ACCESS TO VARIOUS GOVERNMENT SERVICES THROUGH DELIVERY AGENTS.

Kant is boisterous about platform-based models like the National Health Stack and Aarogya Setu that could fundamentally transform the healthcare ecosystem. Perhaps the biggest promise towards a successful GaaP intervention is through Public-Private Partnerships (PPP). In the words of the NITI Aayog CEO, the ‘role of the government is to serve as a facilitator while the product development is achieved through private entrepreneurship’ thereby making India a ‘Tech Garage of the World’. In this context, a scheme like the PM-JAY (Ayushman Bharat Pradhan Mantri Jan Arogya Yojana) can provide affordable and accessible tertiary healthcare for the vulnerable sections with the help of the private sector through the development of tech products. However, it is important to focus on issues of transparency (public cloud with analytics), accessibility (available in regional languages) and security (open architecture through secure APIs). The end goal is for the private sector to provide a platform for seamless communication between citizens and government. An early example of this model was the DIGIT platform initiative developed by eGovernments Foundation that aims ‘to partner with city administrators in their efforts to leverage technology for better service delivery and enhanced productivity’. SEASONAL MAGAZINE

The advent of new technologies of the future—AI, Machine Learning—would fast track the adoption of service delivery applications that would boost India’s global competitiveness. It is estimated that AI-enabled platforms would add $957 billion to India’s GDP by 2035. Recently, the Ministry of Electronics and IT (MeitY) and national IT trade association NASSCOM jointly launched a dedicated artificial intelligence (AI) portal that promotes collaboration between departments and private sector in the areas of technology development. As customer touch points and channels are being digitized with AI powered automation, the sky is the limit for service quality especially in the realm of financial schemes. For instance, the relative success of digital account opening could pave the way for easier loan processing at a time when small businesses have been hard hit due to the COVID-19 pandemic. A NITI Aayog developed data-sharing framework-DEPA (Data Empowerment and Protection Architecture)-enables small businesses and individuals to secure banks loan based on online data without collateral. Through initiatives like e-KYC, cKYC and video KYC, a consumer-centric model and impetus for digital avenues could streamline public service delivery systems. Under the CSC, the government has also ensured the creation of a ‘Digital

Cadet’ platform that will provide doorstep access to various government services through delivery agents. The Common Service Centres Scheme (CSC) is a Special Purpose Vehicle of the Ministry of Electronics & Information Technology to provide a ‘large bouquet of e-services through a single delivery platform’. Along with AADHAR, the two flagship programmes are at the epicenter of the Central government’s Digital India. However, certain state governments have been well ahead of the curve in terms of e-governance. For instance, Odisha has announced a project for bringing all public services under a common unified portal (“Odisha One”) for the convenience of its citizens with the state mandating all departments to make identified services online. India is on the cusp of a governmentled, private enterprise-powered digital transformation. E-governance frame works not only promote greater transparency and prevent loss of resources and corruption, it empowers the citizenry with a fair and equitable say in the smooth functioning of democracy. This is made possible by the emphasis on the highest benchmarks of service quality and participation in a feedback mechanism that caters to the needs of the end user. With the advent of new technologies and initiatives, India’s quest to emulate the GaaP model will only accelerate going forward. With ever-improving technological capabilities at the hands of the private sector, the government could do well to implement similar models that provide a safe, affordable and efficient service delivery to the citizenry. Carl Jaison is co-founder of The Bridge Project and Sahil Deo is co-founder of CPC Analytics

By: Carl Jaison, Sahil Deo & Indraneel Chitale

FOREIGN POLICY

THREE WAYS THE QUAD CAN FOCUS ON TECHNOLOGY COOPERATION WITH EMERGING TECHNOLOGIES SET TO ADD 15 TRILLION USD TO THE GLOBAL ECONOMY BY 2030, THE WORLD’S ATTENTION TURNS TO AN EMERGING GROUPING THAT CAN PLAY BOTH A RESPONSIBLE AND SUSTAINABLE ROLE IN THE INDO-PACIFIC.

n the recently concluded Quad foreign ministers' meeting, there was a palpable sense that increased technology cooperation was a necessary prerequisite for the region’s growth. China’s increasing belligerence, both territorially and virtually, has accelerated the need for a more responsible and forward-thinking approach to regional partnerships. Here are three ways the Quad can focus on tech cooperation in the Indo-Pacific region: deliver on a regional AI stack, increase collaborations and capacity building on hi-tech, and promote digitalbased economies.

Regional AI stack Each of the countries’ combined strengths - India (data generator), U.S. (computing powerhouse), Japan (R&D) and Australia (PPP model) - can leverage the region’s AI stack. This is premised on a democratic technological model of AI governance. Although the four countries are well positioned to build complementary models of governance for the benefit of a region, China’s entrenched approach and the Quad’s disjointed vision thus SEASONAL MAGAZINE

far, make it a challenging prospect. Based on the model generated by Lowy Institute Asia Power Index 2020, an annual index that ranks countries in Asia based on generalisable parameters like economic and military capability, diplomatic influence and future resources, the Quad countries have their task cut out. This year, in the ‘High-tech exports’ category, Japan topped the rankings with the U.S. and China in the fifth and sixth positions respectively. When it comes to ‘Human resources in R&D’, that denotes the number of fulltime researchers available to a country, China leads the pack with a whopping 1,767,579 while the U.S. comes second with 1,371,290. For India, a sixth spot in this category appears commendable but taken together with its paltry thirteenth-place finish on the count of R&D spending suggests that government backing for cutting-edge, tech-based research

continues to remain weak. According to a joint report by Oxford Insights and International Development Research Centre, India ranks in the top 20 on AI readiness. However, the country ranks low on innovation and dynamism. This problem is compounded by the lack of skilled professionals who can develop platforms from emerging technologies. The lesson for the Quad countries is to develop their respective national level AI stacks, through the participation of private stakeholders that would provide the foundation for regional collaboration. Case in point: Bharti Airtel and Jio’s separate collaboration in the 5G arena with U.S. and Japanese firms.

Bilateral collaborations In recent times, the Quad members have

boosted bilateral initiatives amongst each other on the technology front, a necessary step towards increased multilateral engagements in the future. Take for instance, India and Australia’s joint agreement on cyber and critical technologies that was highlighted in a recent ASPI report. Earlier this month, India and Japan also inked an agreement to cooperate in 5G and digital technologies with an eye to expand cooperation into regions like ASEAN. The U.S-based National Security Commission on Artificial Intelligence, in its report, advocates for a coalition of democracies to further responsible AI innovation including the creation of a US-India Strategic Tech Alliance (UISTA). For all these bilateral initiatives to take root, it is vital that the Quad members agree to technology transfer and recognise data localisation concerns of individual members.

This not only helps build trust, but also promotes the individual country’s domestic capabilities and expands market opportunities. The real endgame for the Quad is to identify opportunities for democratising technology in the region in order to empower individuals, businesses and societies.

Digital Economies in the Indo Pacific The Indo-Pacific is a burgeoning space for technological innovation with countries in the region relatively younger and comfortable with using Internet and smartphones. A recent estimate by GSMA Intelligence suggested that the number of people in the region who are connected to mobile services is a whopping 2.8 billion — which makes up more than half of the global total. Rapid adoption of digital economies in the domestic context can be a way forward, which would offer consumers with high quality products and services while businesses can benefit from low-cost operational deployment. The U.S. is the undisputed leader in this aspect with its digital economy growing 3.7 times faster while India’s quest is to grow its digital economy to US$ 1 trillion by 2025. Australia’s digital economy strategy envisions long-term growth powered by technological innovations that would expand the GDP from 5 per cent to 7 per cent. Surprisingly, Japan needs to play catch-up on this front despite framing a digital strategy almost two decades ago. Cooperation on the military agenda is important, but is ultimately limited. The Quad members need to focus on the big picture of the civilian technology ecosystem along with the promise of sustainability. The dire need for responsible actors in the Indo-Pacific should elicit greater collaborations on AI and digital solutions. Such a vision would serve the larger purpose of the Quad — “a free, fair and inclusive” region. Source: Swarajya SEASONAL MAGAZINE

PANDEMIC

BILL GATES PREDICTS WORLD MAY NOT RETURN TO PRE-COVID NORMAL Billionaire Microsoft co-founder Bill Gates has become somewhat of a Covid-19 authority, with his philanthropic body, The Bill and Melinda Gates Foundation, investing billions into finding a vaccine for the deadly virus. BOTH COMPANIES HAVE BEEN WORKING ON MESSENGER RNA VACCINES, WHICH ARE DIFFERENT TO TRADITIONAL VACCINES IN THAT THEY DON’T PUT WEAK OR INACTIVATED DOSES OF A VIRUS INTO THE BODY TO MAKE THE IMMUNE SYSTEM PRODUCE ANTIBODIES. Fauci agreed with Gates’ predictions, adding that a vaccine will only be effective if people choose to be vaccinated.

ates has previously said we will likely see a Covid-19 vaccine out in circulation “early next year”, but has now revealed exactly when life will assume its pre-Covid normality. In the first episode of his new podcast, Bill Gates and Rashida Jones Ask Big Questions, Gates said even if Covid case numbers reduce, as long as the virus remains in the world, it’s unlikely we’ll ever see a pre-Covid “normal” again. “If we have the disease elsewhere in the world, it's not clear to me we can go back and do big sports events, or open up the bars, because you know, like Australia or South Korea, the risk of reinfection will be looming out there,” Gates said. “And so, as long as it's in the world, I'm not sure we'll be completely back to normal.” The billionaire actually sounded the alarm on Covid-19 back in 2015 in the aftermath of the Ebola outbreak, saying that was a wake up call for the world on pandemic preparedness. He reiterated his calls three years later, warning that a flu pandemic could wipe out as many as 33 million people around the world SEASONAL MAGAZINE

“If you have a vaccine… that's 99 per cent effective, and 99 per cent of the people take it, then you're in really good shape. But that is not going to happen.” in just six months. Now, Gates says many people are likely to remain quite conservative in their behavior, particularly if they associate with older people, or people whose risk of infection is high. “If it's still out in the world, you know, even the countries that have very little virus are mostly still being very careful about public events, because it could get into their country,” he said. Gates and Jones interviewed US infectious disease expert, Anthony Fauci, who said without major breakthroughs in testing or treatments, it’s unlikely we’ll see any kind of “normal”. “We have good therapies for people with advanced disease,” Fauci said. “What we don't have a lot of, is something you can give to someone early in the course of infection to prevent them from getting to the hospital. “This is important, not only, for example, in the United States and in the developed world, [but] also in the developing world, where you don't have the hospital capabilities of taking care of somebody who gets seriously ill.”

There have been some positive movements in the vaccine space overnight, with interim data from US biotech company Moderna Inc showing its experimental vaccine was 94.5 per cent effective in preventing Covid-19. The data was pulled during the company’s phase 3 trials of 30,000 participants in the US. Last week, it was also revealed that Pfizer Inc’s vaccine was 90 per cent effective, based on initial data from its phase 3 trial. Both companies have been working on messenger RNA vaccines, which are different to traditional vaccines in that they don’t put weak or inactivated doses of a virus into the body to make the immune system produce antibodies. Instead, messenger RNA vaccines introduce the virus into your body by giving it a genetic code, which tells it to replicate a particular protein that’s found within the virus. This in turn activates your immune system. It’s generally cheaper and quicker to produce this kind of vaccine, which is crucial to stopping this virus in its tracks.

GREEN ENERGY

NO MORE PETROL / DIESEL CARS IN UK FROM 2030 BRITAIN WILL BAN THE SALE OF NEW GASOLINE AND DIESEL CARS BY 2030, A DECADE EARLIER THAN ITS PREVIOUS COMMITMENT, THE PRIME MINISTER SAID ON NOVEMBER 17, 2020. BORIS JOHNSON MADE THE PLEDGE AS PART OF PLANS FOR A "GREEN INDUSTRIAL REVOLUTION" THAT HE CLAIMS COULD CREATE UP TO 250,000 JOBS IN ENERGY, TRANSPORT AND TECHNOLOGY. | PHOTO CREDIT: AP

UAE WOMAN TRAVELS TO ALL 7 CONTINENTS IN LESS THAN 87 HRS, SETS GUINNESS RECORD UAE's Dr Khawla AlRomaithi managed to break Guinness World Record for fastest time to travel to all seven continents in 3 days 14 hours 46 minutes 48 seconds. During her trip, which ended in Australia on February 13, AlRomaithi visited 208 countries and dependent territories. "[It] demanded...patience...in airports as well as having to deal with constant plane rides," she said.

COVID-19 MINK MUTATIONS DISCOVERED IN HUMANS IN 7 COUNTRIES utomakers have expressed concern about the target, saying the previous goal of 2040 was already ambitious. Britain will ban the sale of new gasoline and diesel cars by 2030, a decade earlier than its previous commitment, the Prime Minister said Tuesday. Boris Johnson made the pledge as part of plans for a green industrial revolution that he claims could create up to 250,000 jobs in energy, transport and technology. The government said sales of new gasoline and diesel cars and vans will end in 2030, though hybrid vehicles can be sold until 2035. Automakers have expressed concern about the target, saying the previous goal of 2040 was already ambitious. The government’s green plans also include investments in hydrogen energy and carbon capture technology, and an ambition to generate enough wind energy to power every home in the UK by 2030. To the chagrin of some environmentalists, plans also include a new generation of nuclear power plants. The environmental push is part of Mr. Johnson’s efforts to move beyond the tremors of the coronavirus pandemic and Britain’s divisive exit from the European Union, and to bring new jobs

to struggling former industrial regions of central and northern England. Although this year has taken a very different path to the one we expected, I haven’t lost sight of our ambitious plans to level up across the country, Mr. Johnson said in a statement. Our green industrial revolution will be powered by the wind turbines of Scotland and the North East, propelled by the electric vehicles made in the Midlands and advanced by the latest technologies developed in Wales, so we can look ahead to a more prosperous, greener future. Mr. Johnson also has made a shared commitment to fighting climate change part of his pitch to Joe Biden as he seeks to convince the U.S. President-elect he is not a carbon copy of Donald Trump, who has downplayed the threat posed by global warming. The UK is due to host the COP26 global climate conference next year, after a 12month delay because of the coronavirus pandemic. Britain has also pledged reduce its carbon emissions to net zero by 2050.

Denmark, the Netherlands, South Africa, Switzerland, the Faroe Islands, Russia and the US have reported mink-related novel coronavirus mutations in humans, according to new scientific analysis. Most of the cases were recorded in Denmark. Denmark launched a nationwide cull of its farmed mink after scientists said that a new strain among them posed a potential threat to COVID-19 vaccine efficacy.

CHANGE 'KARACHI SWEETS' TO SOMETHING IN MARATHI: SENA LEADER TO SHOP OWNER A video that shows Shiv Sena leader Nitin Nandgaonkar allegedly asking the owner of 'Karachi Sweets' in Mumbai to change the name of the shop has gone viral. In the video, Nandgaonkar purportedly says, "You have to do it, we are giving you time. Change 'Karachi' to something in Marathi."

Rebecca Newsom of Greenpeace UK said the landmark announcement was a big step forward, although she regretted the inclusion of speculative solutions, such as nuclear and hydrogen from fossil fuels, that will not be taking us to zero emissions anytime soon, if ever. SEASONAL MAGAZINE

AUTO

NEXT-GEN HONDA CIVIC PROTOTYPE UNVEILED

THE NEW-GEN CIVIC WILL ARRIVE IN THE SECOND HALF OF 2021, AND HONDA WILL FIRST INTRODUCE THE SEDAN VERSION, WHICH WILL BE FOLLOWED BY THE SPORTY CIVIC HATCHBACK, PERFORMANCE-FOCUSED CIVIC SI, AND THE ULTIMATE HIGH-PERFORMANCE CIVIC: TYPE R. bumper, and dual exhaust pipes in a glossy black housing. Unlike the exterior, Honda has only revealed a sketch rendering of the cabin, which gets an all-new design. The new Civic's cabin will come with clean and uncluttered lines featuring a sleek dashboard that comes with a freestanding infotainment display, and an extended design element that also houses the air-con vents. The car also comes with a large instrument cluster, which appears to be an all-digital unit. The cabin will also feature a new multifunctional steering wheel with a revised centre console, central armrest and new upholstery.

onda has finally unveiled the new Civic concept, giving us a preview of the next-generation 2022 Civic sedan. The new Honda Civic prototype was shown in a new Solar Flare Pearl colour, flaunting a sportier and more upmarket look. The upcoming 11th generation Honda Civic continues to come with the company's signature design language, with a low and wide stance, low beltline and clean character lines. The new-gen Civic will arrive in the second half of 2021, and Honda will first introduce the sedan version, which will be followed by the sporty Civic Hatchback, performance-focused Civic Si, and the ultimate high-performance Civic: Type R.

sedan version here. Visually, the Honda Civic Concept car comes with a very sleek design featuring a black grille flanked by sharp LED headlamps that together create the impression of one single unit. The headlamps also come with integrated LED daytime running lights, while the sculpted bumper comes with C-shaped brackets on either end, along with a large trapezoidal airdam, also finished in glossy black. The car runs on a set of sporty black twin-5spoke alloy wheels with low profile tyres, and it comes with a proper coupestyle sloping roofline. At the rear, the car comes with a sculpted boot with large, wraparound LED taillights that get a smoked effect, along with a muscular

The current generation model of the Honda Civic was introduced in 2015 and it has completed 5 years in the global market. However, India only got it 2019, so, we expect to get the car only sometime in late 2022, and like the 10th gen Honda Civic, we will only get the

THE CURRENT GENERATION MODEL OF THE HONDA CIVIC WAS INTRODUCED IN 2015 AND IT HAS COMPLETED 5 YEARS IN THE GLOBAL MARKET.

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In terms of safety equipment, Honda says that the new Civic will come with multiple new active and passive safety systems, including an upgraded suite of Honda Sensing safety and driverassistive technologies, and multiple airbags. Furthermore, the new Civic gets an advanced new version of Honda's Advanced Compatibility Engineering (ACE) body structure with both improved occupant and pedestrian collision protection. The new, more rigid body structure also will contribute to further advances in Civic's driving refinement, ride quality and sporty handling. The company hasn't revealed anything about powertrain options, however, the exiting model in India comes with a set of BS6 compliant petrol and diesel engines. The 1.8-litre i-VTEC petrol engine develops 139 bhp and 174 Nm of peak torque, while paired with only the CVT automatic. On the other hand, the 1.6-litre i-DTEC engine makes 118 bhp and 300 Nm of peak torque, while paired with only a 6-speed manual transmission.

COVID-19

WHO WILL GET VACCINE FIRST IN INDIA? The National Expert Group on Vaccine Administration is in the process of drafting a time-bound scheme to ensure that people are vaccinated as soon as the vaccine is made available. As per the discussions, vaccine administration is likely to happen in phases and top priority is to be given to high-risk population groups that include frontline workers and the elderly.

11 AK-47S RECOVERED, TERRORISTS WERE PLANNING SOMETHING BIG: J&K POLICE Eleven AK-47 rifles, 3 pistols, 29 grenades and other devices were recovered from the four terrorists who were killed in an encounter with security forces near Ban toll plaza in Nagrota, Jammu on Thursday. "It seems they had infiltrated with the intention of doing something big and were headed towards Kashmir Valley," stated Mukesh Singh, IG, Jammu Zone.

TN MAN LIVING IN DAMAGED HUT GETS NEW HOUSE AS GIFT FROM SCHOOL FRIENDS

ndia’s priority list of people identified to be given the anticoronavirus disease (Covid19) vaccine, as and when it is available for use, is likely to include elderly people who are 65 years old and above, according to government sources. “As per the discussions, vaccine administration is likely to happen in phases and top priority is to be given to high-risk population groups that include frontline workers, such as healthcare professionals and people from other departments working to manage the outbreak on ground, and the elderly who are at a greater risk of developing severe disease because of the low immunity and comorbidities,” said a senior government official in the know of things, requesting not to be identified. “The plan has not been finalised yet, and is still in the works,” the official added. The centre had constituted the National Expert Group on Vaccine Administration, chaired by Dr VK Paul and co-chaired by Union health secretary, Rajesh Bhushan, in August,

which is in the process of drafting a timebound scheme to ensure that people are vaccinated as soon as the vaccine is made available. “A document has been drafted regarding this, which is in its final stages of preparation, and has already been shared with state governments; their inputs have been taken. We are also in the process of finalising the databases of various priority population groups which will be administered the vaccine if and when it becomes available. We are in close collaboration with the state governments and with the other central ministries regarding the administration of vaccine as well,” said Bhushan during Tuesday’s press briefing on the Covid19 situation in the country. Also, according to a recent global analysis of advance market commitments (AMCs) for experimental vaccines till October 8, India has used its manufacturing capability to pre-order 600 million doses of anti-Covid-19 vaccine. It is negotiating for another 1 billion doses, which is enough to vaccinate at least half of its population.

A 44-year-old truck driver in Tamil Nadu's Pudukkottai, Muthukumar, who has been living in a hut damaged due to cyclone Gaja has received a new house as Diwali gift from his school friends. Muthukamar's school friend Nagendran decided to help him after they met recently. Nagendran and his friends got a new house constructed at a cost of Rs 1.5 lakh.

CENTRE CANNOT EXTEND CBI'S JURISDICTION WITHOUT STATE'S CONSENT: SC The Supreme Court on Wednesday ruled that the Centre cannot extend CBI's jurisdiction without permission from the states. "The law is in tune with the federal structure of the constitution," it said. The ruling comes as eight states including Rajasthan, West Bengal, Kerala and Maharashtra have revoked blanket consent given for the CBI to probe cases in their states.

SEASONAL MAGAZINE

GADGET

8 GB PHONES UNDER 25K Gone are the days when 8GB RAM came only in high-end Android phones. Now there are quite a few smartphone options available in the mid-range segment (under Rs 25,000) that pack 8GB RAM, in fact you can find some options under Rs 20,000 as well. Brands include Redmi, Samsung, Oppo, Realme, Vivo and Poco. So, here are 13 smartphones priced under Rs 25,000 that offer 8GB RAM.

OPPO RENO 3 PRO

Available at a starting price tag of Rs 25,990, the Oppo Reno 3 Pro packs 8GB RAM. The smartphone comes in two storage options-- 128GB and 256GB. The device is powered by an octa-core MediaTek Helio P95 processor and sports a 44MP selfie camera and four cameras at the back. It comes with VOOC Flash Charge 4.0.

SAMSUNG GALAXY M51 The big battery smartphone from Samsung also comes in 8GB RAM and 128GB internal storage option. Priced at Rs 24,999, the Samsung Galaxy M51 houses a massive 7,000 mAh battery with 25W fast charging. The smartphone runs Android 10 operating system and is powered by a Qualcomm Snapdragon 730G processor.

SAMSUNG GALAXY M31S Samsung Galaxy M31s packs 8GB RAM and 128GB internal storage and it can be purchased at Rs 20,499. The smartphone is powered by an octa-core Exynos 9611 processor and houses 6,000 mAh battery with 25W fast charging support.

OPPO F17 PRO

Priced at Rs 22,990, Oppo F17 Pro packs 8GB RAM and 128GB internal storage. The smartphone sports a 6.43-inch Full HD+ display and runs Android 10 operating system. Powered by MediaTek Helio P95 SoC, it comes with a 16MP selfie shooter and an in-display fingerprint sensor.

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POCO X3 Priced at Rs 19,999, the Poco X3 packs 8GB RAM. The handset is powered by an octa-core Qualcomm Snapdragon 732G processor and runs Android 10 operating system. It features a 6.67-inch full HD+ display with 120Hz refresh rate.

REALME 7 PRO

Realme 7 Pro packs 8GB RAM and 128GB internal storage and it can be bought at Rs 21,999. It is the only phone in this price range to offer 65W fast charging support. The device sports a 32MP selfie camera and runs Android 10 operating system.

REALME NARZO 20 PRO Realme Narzo 20 Pro is powered by MediaTek Helio G95 processor coupled with 8GB RAM and 128GB internal storage. The smartphone is priced at Rs 16,999 and houses a 4500 mAh battery. It comes with 4 cameras at the back and one 16MP selfie camera in the front.

REALME X3 SUPERZOOM Powered by Qualcomm Snapdragon 855+ processor,Realme X3 Superzoom is available at Rs 24,990. The smartphone packs 8GB RAM and 128Gb internal storage. It comes with a 64MP quad-rear camera setup and is backed by a 4,200 mAh battery.

VIVO V19

REDMI NOTE 9 PRO MAX The Redmi Note 9 Pro Max can be purchased at Rs 19,499 and is powered by a Qualcomm Snapdragon 720G processor paired with 8GB of RAM. The smartphone comes with a quadrear camera setup with 64MP main sensor. The device is backed by a 5,000 mAh battery.

Available at a starting price tag of Rs 24,990, this 8GB RAM smartphone comes in two storage variants -128GB and 256GB. V19 runs on Qualcomm Snapdragon 712 processor. It is equipped with an indisplay fingerprint sensor and sports a dual-front camera with 32MP main sensor and 8MP secondary sensor.

VIVO V20 REALME 7 Selling at Rs 16,999, theRealme 7 is one of the cheapest smartphone to offer 8GB RAM in our list. The smartphone is backed by 5,000 mAh battery with 30W Dart charge support. The handset sports a quad-rear camera setup and offers 16MP selfie shooter.

Vivo V20 comes at a starting price tag of Rs 24,990 and is powered by Qualcomm Snapdragon 720G processor. The device runs on Android 11 out of the box, comes with triple rear cameras and 33Watt charging. Its key highlight is its 44MP selfie camera.

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HEALTH

HOW EXERCISE CHANGES OUR BRAIN DRAMATICALLY REGULAR EXERCISE CHANGES THE STRUCTURE OF OUR BODIES’ TISSUES IN OBVIOUS WAYS, SUCH AS REDUCING THE SIZE OF FAT STORES AND INCREASING MUSCLE MASS. LESS VISIBLE, BUT PERHAPS EVEN MORE IMPORTANT, IS THE PROFOUND INFLUENCE EXERCISE HAS ON THE STRUCTURE OF OUR BRAINS – AN INFLUENCE THAT CAN PROTECT AND PRESERVE BRAIN HEALTH AND FUNCTION THROUGHOUT LIFE. IN FACT, SOME EXPERTS BELIEVE THAT THE HUMAN BRAIN MAY DEPEND ON REGULAR PHYSICAL ACTIVITY TO FUNCTION OPTIMALLY THROUGHOUT OUR LIFETIME. ere are just a few ways exercise changes the structure of our brain.

Many studies suggest that exercise can help protect our memory as we age. This is because exercise has been shown to prevent the loss of total brain volume (which can lead to lower cognitive function), as well as preventing shrinkage in specific brain regions associated with memory. For example, one magnetic resonance imaging (MRI) scan study revealed that in older adults, six months of exercise training increases brain volume. Another study showed that shrinkage of the hippocampus (a brain region essential for learning and memory) in older people can be reversed by regular walking. This change was accompanied by improved memory function and an increase of the protein brain-derived neutropic factor in the bloodstream.

very few brain regions – one of which is the hippocampus – and thus may be a central mechanism involved in learning and memory. Regular physical activity may protect memory in the long term by inducing neurogenesis via BDNF. While this link between exercise, BDNF, neurogenesis, and memory is very well described in animal models, experimental and ethical constraints mean that its importance to human brain function is not quite so clear. Nevertheless, exercise-induced neurogenesis is being actively researched as a potential therapy for neurological and psychiatric disorders, such as Alzheimer’s disease, Parkinson’s disease and depression.

BDNF is essential for healthy cognitive function due to its roles in cell survival, plasticity (the brain’s ability to change and adapt from experience) and function. Positive links between exercise, BDNF and memory have been widely investigated and have been demonstrated in young adults and older people.

The brain is highly dependent on blood flow, receiving approximately 15% of the body’s entire supply – despite being only 2-3% of our body’s total mass. This is because our nervous tissues need a constant supply of oxygen to function and survive. When neurons become more active, blood flow in the region where these neurons are located increases to meet demand. As such, maintaining a healthy brain depends on maintaining a healthy network of blood vessels.

BDNF is also one of several proteins linked with adult neurogenesis, the brain’s ability to modify its structure by developing new neurons throughout adulthood. Neurogenesis occurs only in

Regular exercise increases the growth of new blood vessels in the brain regions where neurogenesis occurs, providing the increased blood supply that supports the development of these new neurons.

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By Áine Kelly, Professor in Physiology, Trinity College Dublin

Exercise also improves the health and function of existing blood vessels, ensuring that brain tissue consistently receives adequate blood supply to meet its needs and preserve its function. Finally, regular exercise can prevent, and even treat, hypertension (high blood pressure), which is a risk factor for development of dementia. Exercise works in multiple ways to enhance the health and function of blood vessels in the brain. Recently, a growing body of research has centred on microglia, which are the resident immune cells of the brain. Their main function is to constantly check the brain for potential threats from microbes or dying or damaged cells, and to clear any damage they find. With age, normal immune function declines and chronic, low-level inflammation occurs in body organs, including the brain, where it increases risk of neurodegenerative disease, such as Alzheimer’s disease. As we age,

microglia become less efficient at clearing damage, and less able to prevent disease and inflammation. This means neuroinflammation can progress, impairing brain functions – including memory. But recently, we’ve shown that exercise can reprogramme these microglia in the aged brain. Exercise was shown to make the microglia more energy efficient and capable of counteracting neuroinflammatory changes that impair brain function. Exercise can also modulate neuroinflammation in degenerative conditions like Alzheimer’s disease and multiple sclerosis. This shows us the effects of physical activity on immune function may be an important target for therapy and disease prevention. So how can we ensure that we’re doing the right kind of exercise – or getting enough of it – to protect the brain? As yet, we don’t have robust enough evidence to develop specific guidelines

for brain health though findings to date suggest that the greatest benefits are to be gained by aerobic exercise – such as walking, running, or cycling. It’s recommended adults get a minimum of 150 minutes per week of moderate intensity aerobic exercise, combined with activities that maintain strength and flexibility, to maintain good general health. It must also be noted that researchers don’t always find exercise has beneficial effect on the brain in their studies – likely because different studies use different exercise training programmes and measures of cognitive function, making it difficult to directly compare studies and results. But regardless, plenty of research shows us that exercise is beneficial for many aspects of our health, so it’s important to make sure you’re getting enough. We need to be conscious of making time in our day to be active – our brains will thank us for it in years to come.

(Credit: The Conversation)

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INDIA

HOW WELL IS THE INDIAN ECONOMY RECOVERING? IT’S STILL TOO EARLY TO CELEBRATE THE RECOVERY IN THE INDIAN ECONOMY. WHILE SOME SEGMENTS ARE WITNESSING GROWTH, OTHERS ARE STILL LAGGING.

he Covid-19 outbreak and the ensuing lockdowns brought the Indian economy to a halt earlier this year. In June, the country’s economy – which was counted among the world’s fastest-growing not long ago – contracted 23.9%. But as the Narendra Modi government began unlocking commercial activity, there have been visible signs of improvement. In September and October, the country has seen growth in exports and factory output. However, experts warn that these figures should be taken with a shovel of salt. While some level of normalcy is getting restored, it is too early to predict that this trend will continue. Even as the supply of most goods has stabilised, demand continues to be a cause of concern. India’s exports grew year-on-year in September, for the first time since the lockdowns were announced in March. The good news is that the recovery is not just focused on essential goods, but is more broad-based. “It is the strongest in essential items (pharma, agri), followed by capital-intensive items like engineering goods and chemicals,” according to an October report by Edelweiss’ India equity research arm. What has been central to the pick-up in exports is the strong overseas demand fuelled by economic SEASONAL MAGAZINE

stimulus packages in the US and Europe. Also, China, which is one of the favourite export destinations for Indian companies, has recovered rapidly. But the fact that this demand is linked to economic stimulus, which raises concerns. “The quantum and nature of the fiscal stimulus in advanced economies also matter for export demand from emerging markets like India,” said Sreejith Balasubramanian, economist (fund management), at IDFC Asset Management Company. “The US, for example, is yet to decide on the second round of the stimulus package. The Covid infection rate there would also be equally important.” Balasubramanian also warned that, incrementally, a higher proportion of global layoffs could be more permanent in nature if the economic recovery loses steam or is not adequately supported. This means the export growth momentum may not be sustainable in the long-run. What worsens this uncertainty is the fact that back home, consumption is still fragile. In September, imports contracted by a staggering 20% year-on-year. There are several other indicators that show why it may be too early to celebrate the recovery in the Indian economy. Recovery in several sectors continues to be choppy with some segments

witnessing growth while others lagging. For instance, in the automobile industry, tractor sales grew year-on-year in October, however, other segments such as passenger vehicles, two-wheelers, threewheelers and commercial vehicles (small and big trucks) continued to contract. The rise of tractor sales is predominantly due to the government’s stimulus package and decision to increase the minimum support price for the Kharif crop. But this will not be enough in the long-run as rural India has been suffering from structural issues like lack of services and low-productivity. Similarly, the passenger vehicle segment had witnessed growth in September due to pent-up demand, people’s desire to avoid public transport, and the festival season that is considered auspicious for big-ticket purchases. With such cyclical factors and a low-base driving automobile sales, the turnaround did not last in October. The spike in some segments of auto sales has also been matched with an increase in the consumption of petrol and diesel. As more people prefer private mode of transport, petrol and diesel demand is going up. While the demand side is riddled with uncertainty, the supply-side has been recovering. The composite purchasing managers’ index for manufacturing and services, a popular reading released by London-based IHS Markit, hit a nine-year high of 58.6 in October – after expanding for the first time in September post lockdown. A purchasing managers’ index reading below 50 means contraction. These positive developments are partially echoed by Nomura India Business Resumption Index. While the index shows that there is a strong recovery, it also dips slightly in the last week of September and the first week of October. The index takes into account driving mobility from Apple, Google mobility data, labour force participation, and power demand. But the supply side uptrend has to be met with an equal rise in demand for the Indian economy to see a solid return to growth, experts said. “Currently, manufacturing from the supply side and rural from the demand side could be doing better but it needs to be seen if this sustains once pent up and festive demands wane off,” said Balasubramanian. “While government support is important, the path of the pandemic post the festive season would also be crucial.”

(Credit: Prathamesh Mulye, Quartz)

DIPLOMACY

RCEP COULD BE A MISSED OPPORTUNITY IN THE LONG RUN A DAY AFTER THE LANDMARK RCEP WAS SET UP BY 14 COUNTRIES INCLUDING CHINA, INDIA'S EXTERNAL AFFAIRS MINISTER S JAISHANKAR ONCE AGAIN DEFENDED THE GOVERNMENT'S DECISION TO PULL OUT OF NEGOTIATIONS LAST YEAR SAYING IT WOULD HAVE HAD 'IMMEDIATE NEGATIVE CONSEQUENCES ON THE ECONOMY'. HE ALSO POINTED OUT THAT THE NOW LARGEST TRADING BLOC IN THE WORLD DID NOT ADDRESS SOME OF INDIA'S KEY CONCERNS. WHILE INDIA'S ATMANIRBHAR BHARAT PUSH SEEKS TO BOOST DOMESTIC MANUFACTURING AND PRODUCTION, THE LONG-TERM CONSEQUENCES OF ITS NON-PARTICIPATION IN RCEP COULD BE DAMNING. MOREOVER, IT LEAVES INDIA'S POSITION ON THE ONGOING TRADE DEAL NEGOTIATIONS WITH THE U.S AND FTA WITH E.U ALL THE MORE VULNERABLE.

here does India stand in Asia? On the security front, the expansion of defence ties with Quad partners including the US and Australia signifies an important strategic role in the IndoPacific. But in the face of Sino-Indian and Sino-US rivalry, India’s weak economy and its absence from the Regional Comprehensive Economic Partnership (RCEP), which will be the world’s largest free trade area, raise questions about its role in Asia. China’s rapid progress, a contrast to that of slowcoach India, has empowered it to challenge the sovereignty of its

neighbours in Southeast and East Asia, and also to threaten India’s immediate Indian Ocean area. Unfortunately, India’s economic decline over the last few years led New Delhi to reduce defence spending. This, as June’s SinoIndian border clashes showed, was a bad idea that had to be shoved as India scurried to Russia and the US for more military gear. ‘China power’ has revealed that if it comes to the crunch, India can hold its own in its Himalayan border areas and Indian Ocean neighbourhood only by leaning on America’s superpower. India’s foreign policy looks somewhat

confused. It has subscribed to President Donald Trump’s concept of the IndoPacific, which defines China as America’s strategic and economic foe. But it simultaneously shies away from anti-China groupings. Understandably, the Indian Ocean neighbourhood is New Delhi’s priority. But Southeast Asia is the top Indo-Pacific priority of its partners in the Quad. The question arises what India would contribute to the defence of the IndoPacific, after going along with Washington’s concept, especially as its economic sluggishness makes it hard for it to boost its defence expenditure and

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capabilities. If viable economic policies explain China’s rise and growing clout, have the wrong policies kept India lagging behind China? Less than a decade ago, China’s GDP per capita was $4,500; India’s was $1,357. By 2019 China’s had zoomed to $10,586, India trailed behind at $2,104. This has now fallen to $1,877. The sad, hard fact is that much of India’s economic decline occurred even as China’s economically and strategically important Belt and Road Initiative, which started in 2013, went on to cover two-thirds of the world’s population within six years. Additionally, India’s corona suffering economy has contracted by 24% while China’s grew by nearly 5% between July and September this year. regional organisation that brings together disparate neighbours to address economic, security and political issues, is the pillar of India’s ‘Act East’ policy. Japan and South Korea are India’s friends in East Asia. But India has stronger trading ties with a hostile China than with any of these Asian friends. Before the corona outbreak, Sino-Indian trade had reached an all-time high of $95 billion. In contrast, in 2018-19 IndoJapanese trade totalled around $17 billion, and India’s trade with South Korea amounted to $20 billion. Last August, New Delhi expressed optimism that India-Asean trade could increase to $300 billion. Yet Asean was SEASONAL MAGAZINE

already China’s second-largest trading partner in 2019 with trade valued at $644 billion. In the first three months of 2020, it became China’s largest trading partner, surpassing both the EU and America.

lowering trade barriers to each other will lead to their collective prosperity. They will favour imports from other RCEP members. India’s exports will therefore find it harder to gain access to their markets.

India’s decision to stay out of RCEP stems from its economic failings. All Asean countries have joined RCEP. Myanmar and Cambodia are the only two RCEP members with a GDP per capita that is less than India’s – $1,407 and $1,643 respectively. Malaysia’s is $11, 414, Indonesia’s around $4,135, that of the Philippines $3,485 and ‘rising’ Vietnam’s $2,715. The last three countries have trade deficits with China, while Vietnam, Indonesia, the Philippines and prosperous Japan have maritime territorial disputes with China. But that has not stopped them from joining a regional trade pact in which China will play a major role. In an analogous security and economic situation why can’t India?

In the context of India’s no-show in any economic group that includes Southeast and East Asian countries and its inability to match China’s defence budget, those countries will give a cool reception to New Delhi’s advertising of India as a global manufacturing hub or power.

Moreover, India’s absence from the Asia-Pacific Economic Conference and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership rules out its influencing the blocs that will define Asia’s economic future – from which it will fail to isolate itself. At another level, New Delhi’s globalisation and business friendly rhetoric is at variance with its continually rising import tariffs. By contrast, the RCEP countries believe that

New Delhi must frame strategies to liberalise India’s economy and trade practices. Protectionism and labyrinthine bureaucratic regulations simultaneously disincentivise the domestic production of export-quality goods – and trade agreements with America, friendly Asian and European countries. Asean countries, Japan, South Korea and Australia show signs of economic advance despite the corona disaster and have come together in the world’s largest free trade pact – despite some strategic disputes with an economically and militarily strong China. Since most world trade is organised through large trading arrangements, India is out of sync with the rest of Asia. India’s absence from RCEP will keep it on the margins of the world economy and will not serve its economic or strategic interests in the long run.

MUSK GETS $15BN RICHER IN 2 HOURS, BECOMES WORLD'S 3RD RICHEST: BLOOMBERG

PM MODI'S MANN KI BAAT HELPED ALL INDIA RADIO GENERATE ?30 CRORE: RTI

UN SECURITY COUNCIL HAS BECOME AN IMPAIRED ORGAN: INDIA AT UNGA

Billionaire Elon Musk added $15 billion to his wealth in just two hours on Monday after his electric carmaker Tesla was named for inclusion in the S&P 500 index. Tesla's stock surged about 14% in extended trading, lifting Musk's fortune to $117.5 billion, making him the world's third-richest person, according to Bloomberg. His wealth has jumped $90 billion this year.

Prime Minister's Mann Ki Baat helped All India Radio generate four times the revenue the government spent on its advertisement, according to a Right to Information reply. As per the reply, the government spent Rs 7.29 crore for Mann Ki Baat's publicity while it helped AIR generate Rs 30.28 crore. The initiative by PM Modi was started in October 2014.

During the 75th session of UN General Assembly (UNGA), India said that today the Security Council has become an "impaired organ". It further said that the Security Council is "unable to act with credibility essentially due to its unrepresentative nature". "Because a handful of countries don't want us to proceed. They've stopped IGN (Intergovernmental Negotiations) from progressing," India added.

PART OF A CLIFF COLLAPSES ONTO A SPANISH BEACH, VIDEO GOES VIRAL

I'M GRATEFUL FOR THE HONOUR: SOOD ON BEING NAMED STATE ICON OF PUNJAB

LOVE THE STEEL DRUM GIFTED BY LARA, WINDIES TEAM ON RETIREMENT: SACHIN

A video capturing the moment when a part of a cliff collapsed onto a beach on a Spanish island has gone viral. The incident happened on Saturday and was watched by families in a bar on the seashore. An official issued a warning and said, “Although it seems stabilized, there are cracks, so the risk of repetition exists.”

Actor Sonu Sood, who has been appointed as the state icon of Punjab by the Election Commission of India, said, "I am overwhelmed and extremely grateful for this honour." The actor, who has been helping people amid the COVID-19 pandemic, added, "Having been born in Punjab, this means so much to me, emotionally."

On the seventh anniversary of his retirement from international cricket, Sachin Tendulkar revealed that he was presented a steel drum by Brian Lara and West Indies cricket team during his last Test. "To me this represents love and respect that you have had for me, and I reciprocate that. Thank you so very much for the special gift," Sachin said.

APPLE TESTING FOLDABLE IPHONES, COULD RELEASE IN 2022: REPORTS Apple has started sending foldable iPhones to its assembly partner Foxconn for testing purposes with a possible release in September 2022, reported Chinese media portal Economic Daily News. Apple has also reportedly asked Foxconn to perform over 1,00,000 opening and closing tests. The first foldable iPhone will reportedly offer 8GB RAM and 256GB storage, with prices starting at $1,499.

SEASONAL MAGAZINE

US ELECTION

By Robert Speel, Associate Professor of Political Science, Pennsylvania State University

CAN DONALD TRUMP COME BACK TO POWER IN 2024?

HAVING SERVED ONLY ONE TERM AS THE US PRESIDENT, DONALD TRUMP IS CONSTITUTIONALLY ELIGIBLE TO TRY FOR ANOTHER. IF HE DOES DECIDE TO RUN AGAIN AND IF HE WINS HE WILL BE IN RARE COMPANY. merican author F Scott Fitzgerald once wrote that “there are no second acts in American lives”. Yet it is already assumed Donald Trump will go on to a next act in one form or another. Will he start his own media company? Serve as a Grand Old Party kingmaker? There are even rumblings that he will decide to run again for president in 2024. Having served only one term, he is constitutionally eligible to try for another. If he does decide to run again and if he wins – he will be in rare company. Only one American president has lost reelection and then won back his office: Grover Cleveland. In the American elections course that I teach, students learn details about the long-term political impacts of these comeback efforts, most of which are exercises in futility. The late 19th-century political environment resembled today’s in many ways: tight polarised elections, strong regional patterns in national voting, relatively high voter turnout and negative campaigning. Cleveland, a Democrat, had been governor of New York for less than two years when his party nominated him for president in 1884. As governor, he had gained a reputation for fighting Tammany Hall corruption in New York City. During the 1884 campaign, in which Cleveland ran against Republican James Blaine, a scandal erupted when a New York woman named Maria Halpin accused Cleveland of raping and impregnating her. She was eventually institutionalized and forced to give up SEASONAL MAGAZINE

her child for adoption. Cleveland disputed some of the details of the story, and his supporters countered jeers of “Ma, ma, where is my pa?” with chants of “Gone to the White House, ha ha ha.” Cleveland ended up winning the national popular vote by a slim margin – 48.85% to 48.28% – and won 219 electoral votes to Blaine’s 182. Cleveland’s base of support was in the South and in his home state of New York, while Blaine did well in the rest of the North. Voter turnout was high, estimated at 77.5% of the voting-age population. During Cleveland’s term, tariffs became a divisive partisan issue in American politics. Republicans favoured higher tariffs to protect Northern manufacturing interests, while Democrats like Cleveland generally wanted lower tariffs to help the South’s agricultural exportoriented interests and to lower prices for consumers. When Cleveland ran for reelection in 1888, he faced off against Republican Benjamin Harrison. Cleveland again won the national popular vote by a tight margin but lost two states – Indiana and New York – that he had won in 1884. It was enough to flip the Electoral College and allow Harrison to be elected president. After losing the election, Cleveland returned to work as an attorney in New York. Under President Harrison, Congress approved the McKinley Tariff and the Sherman Silver Purchase Act, each of which were strongly opposed by Cleveland. In 1891, after two years of avoiding the public spotlight, Cleveland again became politically active and started to vocally oppose the economic policies of Harrison. Cleveland attracted some national attention that year with a public letter indicating his continuing support for the gold standard. As Cleveland met with party leaders and made some public speeches in 1892, national Democratic support for his presidential nomination began to grow. By the time the Democratic National Convention met in June that year, support for Cleveland had become overwhelming, and he secured the nomination. With Populist Party candidate James B

Weaver on the ballot pulling votes from both major party presidential candidates, Cleveland won the national popular vote for the third straight election, this time besting Harrison by a 46% to 43% margin and winning the Electoral College. While Cleveland has, thus far, been the only US president to lose reelection and then come back and win, other presidents have tried and failed. In 1840, Democratic President Martin Van Buren lost reelection. He attempted to be renominated by his party in 1844, but Democrats instead chose James Polk. By 1848, Van Buren joined with a group of disaffected Democrats and antislavery activists to become the nominee of the Free Soil Party, which opposed the extension of legal slavery to US territories. While Van Buren won 10% of the national popular vote and finished second in New York, Massachusetts and Vermont, he won no Electoral College votes. Van Buren is the only president other than Cleveland to be renominated by his party, lose reelection and then appear again on ballots as a presidential candidate. Three other presidents also made attempted comebacks to regain the presidency after leaving office. In 1852, President Millard Fillmore, who had ascended to the presidency after the death of Zachary Taylor, made a halfhearted attempt to win the Whig Party nomination for a full term. When he failed, he came back four years later as the presidential candidate of the American Party, better known as the “Know Nothings,” a political movement to restrict Catholic immigration to the United States. Fillmore won over 21% of the national popular vote, the secondbest performance by a third-party presidential candidate in American

VAN BUREN IS THE ONLY PRESIDENT OTHER THAN CLEVELAND TO BE RENOMINATED BY HIS PARTY, LOSE REELECTION AND THEN APPEAR AGAIN ON BALLOTS AS A PRESIDENTIAL CANDIDATE.

history and won Maryland’s electoral votes. The best performance by a thirdparty presidential candidate in American history was also by a former president, Theodore Roosevelt. In 1912, he ran for the Republican presidential nomination against his more conservative protege, President William Howard Taft. When Roosevelt failed to get his party’s nomination that year, he ran as the Progressive Party candidate. After being shot at a campaign rally during the month before the election and surviving, Roosevelt got 27% of the national popular vote and 88 electoral votes, finishing far ahead of Taft in both vote tallies – but well behind the winner, Woodrow Wilson. The last American president to lose reelection and attempt to run for president again was Herbert Hoover, who was unsuccessful in both 1936 and 1940 at persuading other Republicans to let him lead the party again after he lost in a landslide in 1932. Richard Nixon made a different kind of political comeback. He lost the presidential election of 1960 while serving as Dwight D Eisenhower’s vice president and then went on to lose the 1962 California gubernatorial election. After the two losses, Nixon famously told the press, “You won’t have Nixon to kick around anymore.” But the press did get another whack at Nixon when he ran for president a second time – and won – in 1968. After losing the 1962 California gubernatorial race, Nixon complained of his treatment by the press and hinted that he would retreat from public life. The last attempt at a political comeback by a defeated president was a very brief effort by Gerald Ford, who had lost reelection in 1976, to negotiate the possibility of being Ronald Reagan’s running mate during the 1980 Republican National Convention. The plan fell through, and Ford returned to private life. Once out of office, most expresidents stay out of the spotlight and avoid criticizing their successor. Whether or not President Trump attempts a political comeback in 2024, it is likely that he will not stay mum over the next four years. (Credit: The Conversation.) SEASONAL MAGAZINE

PRIVATE UNIVERSITIES

THE PRIVATE SECTOR UNIVERSITIES MOVING UP DESPITE THE PANDEMIC took only six months for the higher education landscape in India to change dramatically. The higher education sector began 2020 in a business-as-usual manner, but suddenly it became one of the most impacted sectors in the global pandemic. With universities and colleges closing indefinitely, economy crumbling, job losses mounting, and startups melting down, everything in higher education from admissions to placements became mired in endless confusions. To add to the challenges in the sector, the new National Education Policy (NEP) was also implemented. But for the most well-prepared private universities which had pursued lofty goals diligently throughout their young existence, the pandemic and NEP proved to be blessings in disguise. Within days into the lockdown, they got their act together and started rolling out the best in technology deployment for online classes, pandemic specific research initiatives, strategies to renew their candidatesâ&#x20AC;&#x2122; skills for the emerging tech-led workspace, and startup incubation for the new emerging world order. The gap between public universities and private sector universities has narrowed due to the latterâ&#x20AC;&#x2122;s proactive initiatives in dealing with the pandemic. And inside the private sector itself, a handful of universities have hogged national and international limelight due to their timely initiatives in furthering online education, vaccine trials, interdisciplinary patents and world-beating startup innovations. Seasonal Magazine identifies the traits that helped such private sector universities move up despite the pandemic. Also featured in this cover story are a handful of such select private sector universities.

SEASONAL MAGAZINE

EDGE IN UPDATED & INTERDISCIPLINARY EDUCATION

Prof. Ashok Jhunjhunwala, a renowned teacher at IIT Madras was asked about what all would be the hot jobs emerging in the coming years. Though he didn’t mention any specific jobs, his answer was telling regarding the relevance of interdisciplinary education. Says Prof. Jhunjhunwala, “If you are studying engineering, I’d tell you that the most important thing to learn is the power of being interdisciplinary. Because anything that you can do will require interdisciplinary knowledge.” And the reality is that the same truth applies to other higher education domains like management and even medicine, not to speak of research which has turned truly interdisciplinary in recent years. The pandemic has only driven up the need for interdisciplinary research, and it is also a core feature of NEP. While Prof. Jhunjhunwala didn’t speak about private universities, it is a known fact that many private universities are already focusing on updated and interdisciplinary education and research, as they have learned of its importance due to their better connectivity with international universities and corporate recruiters. While public universities take years or even decades to update their curriculum, even in fast emerging fields like technology, it is not uncommon for leading private universities to offer degrees in emerging fields like artificial intelligence, automation & data science. Apart from a handful of renowned IITs and similar such premium public institutions, most other conventional public universities and colleges tend to fare poorly in updated & interdisciplinary education as it is an unconventional step. This is not to say that all private universities excel in this field either, but that there are some private universities that hold an edge in updated & interdisciplinary education.

EDGE IN MEANINGFUL RESEARCH Prof. R Limbadri, Vice Chairman of State Higher Education Council of Telengana, is one academician who has already spoken about the public-private divide in research. He said that as private universities were being launched as competitors to government institutions and that if quality research was not taken up, there was a danger of government varsities losing their relevance. Now, such a warning from a public higher education official would not have happened ten years back. Because, most private and deemed universities had just started or started in their new avataars, and pursuing research was the last thing in their minds. But times have changed rapidly during this past decade, and with industry preferring more mature candidates with in-depth knowledge in their domain, and not just fresh BTechs and MBAs, many of these private universities have rapidly embraced SEASONAL MAGAZINE

research as one of their core focus areas. This is also immense common sense, as Prof. Limbadri pointed out, universities can become reputed and earn a good name by taking up research activities that benefit society. That is how all the most renowned universities in the world has advanced their global reputation, be it Harvard or Cambridge. While not all private and deemed universities excel in research, some of them have already made their mark, and have been winning research grants from various government agencies. Some of them have hogged national and international limelight in recent months by participating in clinical trials for Covid-19 vaccine and by developing innovations for the pandemic stricken world.

EDGE IN FACULTY-TOSTUDENT RATIO

This has been an edge that was always there in most reputed private and deemed universities, when compared with public universities and colleges. It is also getting formalized as All India Council for Technical Education (AICTE) has fixed 1:15 faculty-student ratio for deemed universities, autonomous colleges and accredited engineering colleges. And most notably, AICTE has a solid logic for implementing such a significant step. Says a senior AICTE official, “Deemed universities and autonomous colleges are not the same as other institutions. They were given special status for providing quality education. So, they need to ensure 1:15 faculty-students ratio.” For those deemed universities which had only a 1:20 faculty ratio as per earlier norms, this would amount to 25% additional recruitment of faculty. In any case, students in such private institutions are going to be the winners, as this will translate to smaller class strengths, and students learn better in smaller groups. This is because of more individual attention to students as well as better interaction between teacher and students as well as among themselves. Also, such a generous faculty-to-student ratio would mean that more dedicated faculty members would be available to assist students in various co-curricular activities including events, seminars, workshops, industry visit etc. And needless to say, if the pandemic and its social distancing norms drags on, institutions with smaller class strengths is going to cope much better in managing classes effectively.

EDGE IN GLOBAL MOBILITY OF STUDENTS With the emergence of worldwide challenges like global warming, forest fires spanning from Amazon to Australia to USA, and pandemics like Covid-19, just to name a few global problems, there is a growing concern across the world about the need to address issues jointly, across the borders. “If we are to tackle problems like climate change, global public health or even global inequality, we need to know how to do this across national borders,” said Nicholas Dirks, former chancellor of the University of SEASONAL MAGAZINE

California, Berkeley. “There is no wall, barrier or national agenda that can stop a pandemic or rising sea levels,” says Dr. Dirks. While the rapid dissemination of information across borders is helping in this digital age, much more is needed, for instance the dissemination of culture. This is why global mobility of students assumes paramount importance. This is another area where private and deemed universities hold a natural edge over their public counterparts. Many noted private universities tend to have effective student and faculty exchange programs. India Director for British Council, Barbara Wickham says that, “One ambition is to promote the mobility of students in both directions. We want to massively move young people here and in the UK to have international experiences.” She said that the British Council’s ‘Study in India’ programme, has received “overwhelming response from dozens of UK and Indian universities.” While the pandemic will temporarily affect global mobility of students, it is going to rebound to an even greater degree in the coming years due to its pressing need in the globalized environment.

EDGE IN BETTER INFRASTRUCTURE AND FACILITIES From day one, private and deemed universities had started competing with their public counterparts on the basis of better infrastructure and facilities. This was only natural as other strengths like faculty quality and student talent were not achievable overnight. Today, most private and deemed universities worth their name have distinctly better

infrastructure and facilities than their public peers. However, when the competition intensified between such private universities, there have been efforts to build and tout superlative facilities that are often unwanted by most students, but result in overcharging. Even though state and central governments have different mechanisms to sanction universities in the private sector, all such regulations explicitly forbid profiteering. However, in practice, the race for superior infrastructure is often resulting in not only overcharging but profiteering by at least some of the institutions. Touting of superior infrastructure has also caused a return of capitation fees in certain institutions. But the advent of the pandemic has ensured a more level playing field as what now matters is more of digital infrastructure and creativity in the teachinglearning process. This has come as a positive development for those private institutions that charge reasonably and steer clear of practices like capitation fees.

EDGE IN STARTUP INCUBATION As in most countries, Indiaâ&#x20AC;&#x2122;s startup revolution started just outside its college campuses, from fresh engineers and MBAs, and as the market matured, rapidly spread to inside the Indian campuses. In this initial spread, there is no doubt that IITs and IIMs stole the thunder, but gradually startup culture spread to NITs and reputed b-schools. Meanwhile, most private and deemed universities were just getting set up, and hence they could not focus on this revolution. But five to ten years down the lane, the scenario has changed drastically. Many private and deemed universities have effective startup programs, while some of them boast of specialized or even full-fledged

incubators. The proof of the pudding is in the eating, and today it is not uncommon to see many private and deemed universities confidently name the startups they have helped or incubated. Some such universities even report that some of their startups have scaled sufficiently that they had returned to the campus as recruiters in recent years, in a Silicon Valley like scenario where students get hired by their one-time seniors for their own companies. In the startup world, where global visibility is everything for attracting funds as well as markets, many Indian startups are winning global competitions for startups, and quite a few of them have been incubated by private or deemed universities. While it may be years before any private university incubated startup becomes a unicorn, they are definitely on track to attract serious investments from major players. At the same time, apart from the IITs, IIMs, NITs and the like, most other public universities and colleges are lagging far behind in startup promotion. This is in sharp contrast to the incubators of some private universities that have matured so much that they are official partners for the startup initiatives of various state governments.

EDGE IN ATTRACTIVE PLACEMENTS It is remarkable that by the time the first batches of most new private and deemed universities are coming out, these institutions have roped in enough corporate recruiters. It is a feat that many public universities and colleges have not achieved even after decades in operation. The reason is simple enough. While public universities and colleges always had their reputation to fall upon, private and deemed universities had nothing much but campus placements to offer as testimony. With this in mind, they roped in the necessary managerial talent to run dedicated placement centres, and where they might have lacked in reputation or student talent, they more than made it up by focusing on imparting soft skills and industry certifications. Even with things being so, in the initial years, the placements were more about quantity rather than quality. But a pack of private and deemed universities have broken out from this mould and are now leading recruiting grounds for IT majors like Amazon, Microsoft, Google, TCS, Infosys, Tech Mahindra, Cognizant, Wipro etc as well as financial giants like ICICI Bank, HDFC Bank, Axis Bank etc and majors in FMCG, healthcare etc. Today, some of these private and deemed universities even hold a distinct edge over their public peers due to their proactive liaisoning work with such corporate recruiters. It is not uncommon now to see private university candidates with multiple offers from blue-chip companies, that too at pay-scales at par or even better than public institutions, except for premium institutions like IITs and IIMs. The progress of private universities in this regard is evident from the fact that a few of them have become so confident in their ability to attract more than sufficient number of recruiters, that they are nowadays conducting not just campus placement drives, but job fairs that are open to students from all institutions, including public institutions! SEASONAL MAGAZINE

PRIVATE UNIVERSITIES

SRM UNIVERSITY, AMARAVATI, AP

THE MAKING OF A WORLD CLASS UNIVERSITY Seasonal Magazine in conversation with Prof. VS Rao, Vice-Chancellor, SRM University, Andhra Pradesh.

Prof. VS Rao, Vice-Chancellor

SRM, founded by educationalist and

Member of Parliament Dr. TR Paarivendhar in 1969, is one of the most accomplished educational groups in India. SRM’s flagship institution, SRM Institute of Science & Technology (SRMIST), a deemed university near Chennai, is one of the largest and most renowned universities in the private sector with over 50,000 students and over 3200 faculty, with one of the broadest portfolio of subjects including a medical college and hospital, which has attracted international eyeballs for their contribution in the testing of India’s Covid-19 vaccine. By 2015, SRM Group has also been home to two more private universities, SRM University Haryana and SRM University Sikkim. When such a Group ventured out into building its fourth SEASONAL MAGAZINE

university at Amaravati in Andhra Pradesh, what could be expected?

100% of the faculty having international exposure.

It would be anyway difficult to surpass the achievements of the massive SRMIST. Yet, the visionary he is, Dr. P Sathyanarayanan, Founder, Chairman & President of SRM University, AP, decided to build not one of India’s finest universities, but one of the world’s finest. Every policy taken and every stone laid at SRM AP is as per worldclass standards, nothing less. In a move unheard of in India, SRM AP commissioned UK & US based global executive search firms Perrett Laver and Society Search to recruit faculty for the new university. This was in Dr. Sathyanarayanan’s firm belief that, above all, faculty makes a university. The result speaks for itself. SRM AP is perhaps the only university in India with

It also resulted in SRM AP attracting one of the finest academicians in India, in the mission-critical executive post of Vice Chancellor, Prof. Vajja Sambasiva Rao, who studied at BITS-Pilani and University of Bielefeld, Germany, and who has served as the President of NIIT University and Acting Vice-Chancellor and Director at BITS-Pilani. The university also has two world-renowned academicians as Honorary Pro Chancellors – Dr. Nicholas B Dirks, former Chancellor of the University of California, Berkeley and Prof. Bertil Andersson, President Emeritus of Nanyang Technological University, Singapore and a former Chair of Nobel Foundation’s Chemistry Committee.

SRM AP also made a world-class move in infrastructure when it recruited Perkins + Will, world renowned American architectural firm, which has designed some of the leading universities in the world, including Cornell University, Duke University, Tufts University, University of Illinois, University of Pennsylvania, Texas A&M University, besides global corporate landmarks like Boeing International Headquarters. The grand result is a 200 acre custom designed campus well-built for luxuries like 10:1 students to faculty ratio. The vision of Dr. Sathyanarayanan is to scale up SRM AP to 20,000 students and 1500 faculty within its first 10 years, and above all to make a mark as the finest world-class university from India. SRM University AP's faculty have been at the forefront of research and innovation since the university's inception in 2017. Given his illustrious academic background, Vice-Chancellor Prof VS Rao wants to promote SRM AP as a world class research-intensive university. He has also rightly recognized the need for industryready graduates who can employ their knowledge & skills for 21st century jobs. This area is already being addressed by the university through its international collaborations with reputed institutions like MIT & UC Berkeley. The IDEA center established in collaboration with UC Berkeley has supported multiple student entrepreneurs and incubated their ideas. Students at SRM-AP also benefit from study abroad programs, research internships and placements. On the placements front, the inaugural batch has recently been landing top notch job offers that received personal praise from Chief Minister YS Jagan Mohan Reddy and State Education Minister Adimulapu Suresh. Seasonal Magazine's John Antony and Carl Jaison recently caught up with SRM University AP's Vice Chancellor, Prof VS Rao for this interview. You come from a long background of academic, research and managerial experience as both a former student and senior faculty at BITS-Pilani as well as experience as a scholar from University of Bielefeld, Germany. What are your first impressions of SRM AP? My association with BITS Pilani started

Dr. P Sathyanarayanan, Founder, Chairman & President, SRM University, AP

as a student and then went on to become its Vice-Chancellor. I held various administrative positions, including Deputy Director, Off-campus programme & Dean, Practice School Division, amongst others. My responsibilities included many, to name a few - student care and mentoring, managing Practice Schools in India and abroad, and Work Integrated Learning Programmes at BITS. I have played a crucial role in the establishment of BITS Pilani, Hyderabad campus in terms of strategy and conception. I have worked very closely with Dr Y S Rajasekhar Reddy, the then Chief Minister, in realising his vision of establishing BITS Pilani campus in Hyderabad, state-of-the-art campus with innovative ideas. I was credited with building a green campus within eighteen months replicating all the notable features of BITS Pilani with the help of the faculty, staff, alumni & students. As SRM University-AP embarks on an exciting period of development in an immensely challenging and competitive environment with an ambitious strategy that builds on the well-established reputation for ground-breaking research, innovation and cross-disciplinary academic activity, I feel SRM AP has demonstrated the capability to make a difference and provide quality education and will definitely evolve as a worldclass institution. I consider myself fortunate to have this opportunity to be part of such a worldclass institution in the sphere of higher education, that has been delivering

quality teaching and learning, and research relevant to the societal and national needs. We are creating an academic revolution led by SRM University-AP and striving to make better citizens for our country irrespective of the cultural and financial background who will contribute to the welfare of society and countryâ&#x20AC;&#x2122;s development. I would like to emphasise on our faculty members having PhDs from institutions of national and international repute. With their international experience/ exposure, they are able to give the best learning experience to students. The infrastructure is of international standards, with many research labs and state of the art facilities for academic and research activities. The unique collaboration with UC Berkeley provides an extraordinary opportunity for our students to study a semester there. Students also join the SCET (Sutardja Center for Entrepreneurship & Technology) Bootcamp. Students are involved in research projects, and during the last three years, 23 besttalented students were sponsored to study one semester at UCB. Students are given the opportunity to contribute to research and publish the papers. As the Vice-Chancellor of the University, I am looking forward to contributing to the internationally acclaimed SRM Group, through my best efforts. We at SRMAP would like to see that every student graduating from here would be industry-ready and get numerous opportunities during their career. What are your thoughts on the SEASONAL MAGAZINE

National Education Policy and its impact on higher education since the implementation directions are less clear as compared to the K-12 schooling system? The National Education Policy 2020 is full of provisions that may place India on the global map for the sought-after educational haven of the world. The National Education Policy 2020 supersedes the old education policy, framed in 1986 and ushering in an era of new educational reforms. As the Hon’ble Prime Minister, Shri Narendra Modi said, “The National Education Policy (NEP) 2020 laid the foundation for a ‘New India’. We can see that the new education policy is designed with several important factors to address the current challenges in the higher education sector. One of the main objectives of NEP is to create vibrant multidisciplinary institutions of high quality that increase the capacity of Higher Education in India and ensure equitable access. A significant objective of NEP is the move towards a more imaginative and broadbased liberal education as a foundation for the holistic development of all students with a rigorous specialisation in chosen disciplines and fields. NEP2020 allows the institutions and faculty with the autonomy to innovate curriculum, pedagogy, and assessment within a broad framework of higher education qualifications which will ensure consistency across institutions and programmes. Institutions can now integrate its academic plans into its comprehensive Institutional Development Plan (IDP), committing to the holistic development of students and create robust internal systems for supporting diversity among students in academic and social domains. NEP-2020 also strives to utilise Open and Distance Learning and online education to its full potential. ODL is being renewed through concerted, evidence-based efforts towards expansion while ensuring adherence to clearly articulated standards of quality. The Open and Distance Learning (ODL) programmes will aim to be equivaent to the highest quality in-class programmes available. Under the new policy regulations, better norms, SEASONAL MAGAZINE

standards, and guidelines for systemic development and accreditation of ODL will be prepared, and a framework for ensuring the quality of ODL will be recommendatory for all HEIs will be developed. MERUs (Multidisciplinary Education and Research Universities) is another essential aspect of the new pedagogical policy. With an aim to attain the highest global standards in quality education, MERU will also help the education sector to set the highest standards for multidisciplinary education across India. I am glad to mention here that we have established SRM University – AP as a multidisciplinary research-intensive University. I am also glad that in the year 2020, we have established the School of Management (SOM) at SRM –AP. Starting out in 2017, the first batch of SRM AP BTech students will be graduating in 2021. We hear that the initial round of placements has started and that it has been good for a first batch. Can you shed more light on this?

The campus recruitment drive has just begun for the inaugural batch of 2017 or Class 2021 with 13 toppers landing top-notch job offers. Our students are already being placed in top companies with the highest pay package of 39.5 lakhs so far. The students undergo sufficient and different training sessions/ programmes to help them receive jobs of their dreams. Career counselling is also done on a regular basis. I am confident that our B.Tech students will find their place of choice in reputed Software and Hardware Companies, Aerospace, Automotive, Robotic, CAD, Control and Instrumentation, Automobile, Electrical Companies, EPC Contractors, Petro Chemical Construction, Public Health,

Transportation, and Urban Planning companies of both India and abroad. Massive job opportunities are awaiting BBA and MBA graduates in the domains of Marketing, Finance and Human Resource Management, Banks, Financial Institutions and Insurance, E-Commerce Companies. A management degree along-with some years of work experience will surely take them to the leadership position in any organisation. Liberal Arts and Basic Sciences graduates will have the option to choose from various opportunities for employment in Government, Education Sectors, Research Laboratories, Industry, Hospitals, Banks, Insurance Companies, and Non-Profit Organisations. They can work as a Scientist, Teacher, Zoologist or Wildlife Biologist. Ample career options exist in the fields of Social Media Manager, Technical Writer, Public Relations Specialist, Counsellor, Librarian, Editor and Content Manager, Human Resources Specialist and the Civil Services. Despite its young age, SRM AP has taken some significant strides on the research front. Can you walk us through some of the highlights of the research achievements? The world-class faculty of SRM University-AP are widely engaged in research. Since its inception in 2017, the University has published 216 research papers in reputed journals with 51 as the highest impact factor. The number of funded projects at present in the University is 24 with an outlay of 13 crores of rupees. The total number of patents filed and published by the University is 13, of which one is a student patent. Quite recently, Dr Sutharsan Govindarajan, from the Department of Biology, has been

T. R. Paarivendhar, MP. Founder, SRM Group

awarded the prestigious ‘Early Career Fellowship’ grant by DBT/Wellcome Trust India Alliance, funded by the Department of Biotechnology (DBT) and the Wellcome Trust, United Kingdom. The fellowship supports outstanding young scientists to pursue high-quality research in the field of biomedical science and establish themselves as independent researchers in India. Dr Sutharsan sought a total research grant of 1.1 crores for a period of 5 years as a DBT/Wellcome Trust India Alliance Early career fellow. Our industrial research collaboration with Indian Railways, Amara Raja Batteries Ltd, Mahindra & Mahindra, Tanishq and Titan speak for the University’s hunger for quality research. SRMAP’s Meteorological Centre, another Centre of Excellence, is one of a kind. The consortium of SRM IST, SRM University AP and Integral Coach Factory, of the Ministry of Railways, Chennai is developing a prototype of Proton Exchange Membrane Fuel Cell (PEMFC) coupled with Lithium-ion batteries driven switcher for locomotive applications. SRM AP had made some impressive academic tie-ups with some of USA’s top universities. How are these tieups helping SRM AP students in bettering their vision and prospects? We have academic collaborations with world’s highly renowned universities such as Massachusetts Institute of Technology(MIT); The University of California, Berkeley; Illinois Institute of Technology; EFREI, Engineering School of Information and Digital Technology, Paris, France; The University of

Wisconsin-Madison. MIT provides us with licensed MITx courses to design our curriculum in a modernised and pragmatic way. They also support us in choosing ideal course contents and conducting design camps, learning activities, assessing particular degree objectives and accreditation standards. The MOUs with Illinois Institute of Technology, EFREI, Engineering School of Information and Digital Technology, Paris, France and the University of Wisconsin-Madison encourage visits by faculty from one University to the other for the purpose of engaging in research or other educational activities; facilitate the admission of qualified students from one University to the other for the purpose of enrolling in undergraduate and graduate programmes, and in the case of advanced graduate students, participating in research; foster the exchange of academic publications and scholarly information, and promote any other academic activities which enhance the above-mentioned goals. The Academic Bank of Credit (ABC) is a novel idea that has been introduced in the NEP where a student can accumulate credits across multiple HEIs to go with the multiple exit and entry options. However, do you think it is a case of putting the cart before the horse as the industry needs to be appraised and prepared for the eventuality of this new job market dynamic? A degree is not synonymous with education. Especially, in this era, it will be highly unwise to share an opinion like that. Academic Bank of Credit is indeed a novel and great idea that recognises and protects a student’s

struggles and endeavours. In my long career as an academician, I have seen many students who could not pursue their passion due to the difficulty of changing courses or personal problems and lost precious academic years. The credit bank is very much student-centric and certainly bears an important message that every bit of education is essential. Education cannot be contained within a specific time. SRM AP has plans to set up Centres of Excellence in some superspecialised areas of manufacturing and information technology. Can you explain these projects? In the next three to five years, we also have plans to establish Centres of Excellence – Centre for Additive Manufacturing, Centre for Cloud Computing, Centre for Internet of Things (IoTs), Centre for 5G Technologies, Centre for Artificial Intelligence & Machine Learning (AI & ML), Centre for Satellite Technology, Centre for Renewable Energy – Offshore Wind Farms, Centre for Blue Economy, Centre for Gene Editing – CRISPR, Centre for Materials Genome. We wish to establish Industrial Research Park at SRM University AP, to provide opportunities for the faculty members, research scholars and students to carry out research in front line, emerging technologies and also to cater to the future needs of the Industries. Students of SRM University AP, will have industrial exposure and industrial experience by working as interns in the research park. SRM AP plans to set up 20 such Laboratories in the next 5 years in association with some of the industries. In addition to these, we also have a plan to establish Space Work Center. SEASONAL MAGAZINE

PRIVATE UNIVERSITIES

ICFAI IN ACCELERATING MOMENTUM yderabad based ICFAI Foundation for Higher Education (IFHE), the flagship deemed university of the ICFAI Group, as well as ICFAI Business School (IBS Hyderabad) which is a constituent of IFHE, are unfazed by the pandemic and moving into higher orbits. Armed to the teeth now with the coveted AACSB accreditation, which is considered as the gold standard in management education worldwide, IBS Hyderabad, already a global leader in the Business Case Study approach, is now in a position to attract the best of students and faculty. Only 14 B-Schools in India have so far succeeded in getting this accreditation including some of the IIMs. Other constituents of IFHE like ICFAI Law School is also upping its game with several initiatives including a recent landmark MoU with Insolvency and Bankruptcy Board of India (IBBI), a unit of the Ministry of Corporate Affairs, Government of India, by which IBBI will become the deemed university’s knowledge partner in offering specialized LLMs and MBAs in Bankruptcy and Insolvency, which is now a sunrise sector in corporate law and management in the country. At the university level itself, IFHE is forging new strategic alliances with industry bodies, one of the most notable and recent ones being with ASSOCHAM for Green and Eco-Friendly Movement Sustainability Certification Programme. The deemed university and especially its B-School, IBS Hyderabad, excel on several fronts like updated and interdisciplinary education, meaningful research, global mobility of students, and ever improving placement metrics. Dramatic changes are being witnessed in the higher education landscape this year. The challenges brought forth by the pandemic as well as the opportunities unleashed by the implementation of National Education Policy (NEP 2020) have ensured that only universities with visionary minds at the helm would survive. Fortunately for IFHE, it is blessed with a stellar leadership team, led by Dr. C Rangarajan, renowned economist, former Governor of RBI and former Chairman of Prime Minister’s Economic Advisory Council under former PM Dr. Manmohan Singh as its Chancellor and renowned academician Prof. J Mahender Reddy as its Vice-Chancellor. NAAC, an autonomous body of University Grants Commission has accredited the IFHE with ‘A+’ Grade with an impressive score (institutional CGPA) of 3.43 out of 4. The Students come from all over India representing every state and the campus resembles like a mini India. The strength of the girls form about 40 percent of the student population. The various schools of IFHE - ICFAI Business School (IBS), IcfaiTech, ICFAI Law School and SEASONAL MAGAZINE

ICFAI School of Architecture - are all similarly led by visionary leaders and are thus well-placed to meet both the current and future requirements. With an excellent track-record in placements and with average CTC steadily rising, IBS Hyderabad has now become even more fighting fit with the highly coveted international accreditation from AACSB, which has elevated it into the top 5% league of worldwide institutions. Among other management programs, IBS, Hyderabad, offers a 3-year campus-based BBA program designed to enhance the skills and competencies of talented and ambitious young aspirants. IBS Hyderabad is a model to emulate for not only other ICFAI Business Schools, but for most other B-Schools in the country and even abroad. One prime reason is that IBS follows the business case study pedagogy, and is the world’s third largest creator of business case studies. Despite the acute challenges of online modes of education, ICFAI Business School (IBS) Hyderabad, through its e-Learning Department has taken rapid strides to provide blended online learning. Towards this, IBS had conducted a 10day capacity-building programme for 250 faculty

members in three cohorts to equip them with skills and knowledge required for online teaching. IBS also realised the need to integrate virtual meeting and learning platforms for the conduct of online classes and wasted no time in utilising platforms like YouTube, Moodle, Vimeo and its own in-house LMS software, â&#x20AC;&#x2DC;Quicforceâ&#x20AC;&#x2122;, to record and publish lectures for the benefit of students. Along with this, IBS made use of another in-house application that generates reports from the LMS to help track the activities of students and faculty. In this way, IBS Hyderabad adapted well to the circumstances and ensured that its stakeholders were adequately trained to meet these challenges as well. Certainly, a mark of a true high-achiever in the higher education sector. In fact, IBS Hyderabad had imbibed the basic tenets of the NEP 2020 much before it came into fruition, through its case study pedagogy that does away with rote learning. The world renowned IBS Case Research Centre is a state-of-the-art resource library with over 6500 cases, and provides online programs to B-

Schools from around the world. In a definite testament to the outstanding activities done by the IBS Case Research Centre, the institute recently topped a business case writing competition organised by EFMD, an accreditation agency for management schools. An IBS Professor was adjudged as the #1 bestselling case author for the year 2019-20 and also for the fifth consecutive year out of more than 8,000 case authors worldwide. The rankings are given by the UK based entity, The Case Centre, an independent assessor of the case method, which publishes the Top 40 Bestselling authors. IBS is also one of the first business schools in South Asia to receive the prestigious SAQS accreditation. IBS is a member of renowned international bodies like Accreditation Council for Business Schools and Programs (ACBSP) USA; The European Foundation for Management Development (EFMD); and the Association of Management Development Institutions in South Asia (AMDISA), India. IFHE has established The Center for Entrepreneurship Development which aims to foster the culture of

SEASONAL MAGAZINE

DR. C RANGARAJAN, CHANCELLOR

entrepreneurship among the students and epitomizes the power of innovation. IFHE also established the Center for Women Development, to conduct Business Training Programs for Rural Women Entrepreneurs.

UPDATED & INTERDISCIPLINARY EDUCATION ICFAI Foundation for Higher Education (IFHE) and its constituent, ICFAI Business School (IBS), regularly interact with industry experts to help frame the curriculum based on industry requirements. Unlike in many peer universities, IBS doesn’t wait for 3 to 5 years to update the courses, but updates it even every semester if needed. For example, since analytics and artificial intelligence are key components in industry jobs now, IBS is offering 11 analytics courses as well as modules in Artificial Intelligence. Interdisciplinary education is given great thrust, as IBS believes that it is essential for grooming versatile managers. IBS also takes feedback from industry through its alumni network and vast internship programs, where the faculty or mentors of the students interact with industry executives. All the best global knowledge resources are used, including those by Harvard Business School and other such globally renowned business schools. To ensure interdisciplinary knowledge and versatility, MBA students are offered electives like public policy, politics, governance, taxation & GST etc. This helps remove the one-dimensional nature of an MBA degree. Through 30 student clubs, IBS had organized around 975 guest lectures mainly by industry experts, last year, and helps to transform the ideas of students into actionable projects, for which it spends around Rs.1 crore annually.

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PROF. J MAHENDER REDDY, VICE-CHANCELLOR,

MEANINGFUL RESEARCH Research is not just one of the objectives at IFHE & IBS, but a top priority. Apart from the highly developed PhD programs available they offer, their research orientation permeates every dimension of the education it delivers. In the case of IBS, this research orientation is best demonstrated in its sharp focus on business case studies. It stems from IBS’ belief that research in management education is best exemplified by case studies and that a world-class business school shouldn’t be removed from the reality of industry trends. This focus has resulted in IBS’ Case Research Centre becoming the third-largest across the globe. In the first semester of its MBA, the case studies from this own research centre is used, whereas in the second semester IBS uses the case studies that are taught at Harvard Business School. IFHE and IBS are mature players in PhD programs too and are now looking into promoting inter-disciplinary PhDs. The institute looks to offer inter-disciplinary PhD programs and expand the pool of students who come from nonMBA backgrounds like M.Com, MSc etc so that they can be familiarized to conduct research on MBA subjects. Practicing professionals are also doing PhD at IFHE in advanced subjects, with one example being research in blockchain technology by professionals working in Accenture. All said and done, faculty members well accomplished in research is necessary to attract research scholars, and this is an area where IFHE and IBS excel. The faculty members here have published more than 500 research papers since 2014. Around 50 of the faculty members hold editorial positions in about 196 journals across the globe. They either work as consulting editors, reviewers or scientific advisory members. IBS faculty especially excels in inter-disciplinary research, as 15.43% of their total output is inter-disciplinary in nature; and over 50% of them have collaborated with other researchers, both from India and abroad. To emphasize on the inter-disciplinary nature of IBS’ work, for instance,

it is relevant to note that the economics faculty members teach finance courses especially those who are strong in the quantitative aspect. IBS conducts Doctoral Thesis conference every year to assist PhD aspirants who are in the initial stage of their program to present their proposals, to help them streamline research thoughts. Recently, the 13th edition of the conference was held virtually. During the conference papers were accepted from all over the world for presentation after review by an expert committee. The Faculty members of the IFHE are expected to present at least two Research papers in a year in the reputed journals.

GLOBAL MOBILITY OF STUDENTS While many of its peer universities and B-Schools are focusing on student exchange programs, IBS has gone several steps ahead and bagged the highly coveted international accreditation of Association to Advance Collegiate Schools of Business International (AACSB). While student exchange programs touch only a few students in a batch, the B-school itself getting this coveted global certification, greatly enhances the future global mobility of IBS students. With the AACSB accreditation, IBS has joined a select league of 874 universities across the globe, which is less than 5% of all the worldwide universities. Founded in 1916, AACSB is the oldest global accrediting body for management schools and is the largest business education network connecting students, educators and businesses worldwide. Only 14 B-Schools have achieved this status in India now, including some IIMs, and another ten management schools are now known to be in the fray. But it is not an easy process in any way, as on an average it may take 5

About ICFAI Group ICFAI Group is a pioneer in the field of education for over 35 years. It has carved a niche for itself in delivering quality education through its innovative and in-depth knowledge programs to the students enabling them to match with the best in the global arena. ICFAI Group is present across 16 states with 17 campuses. The group comprises of 11 ICFAI Universities, 9 ICFAI Business Schools (IBS), 7 ICFAI Tech Schools, 7 ICFAI Law Schools and an ICFAI School of Architecture. In all the programs offered across these units, the emphasis is on academic rigor and differentiated curriculum that bridges the industry – academia gap. The ICFAI Group’s culture of teaching and learning supports and fosters intellectual and personality development among its graduating students. The program as a whole is designed in a way that it makes the students DO and ACHIEVE and not just limit themselves to ivory tower thinking.

or more years to achieve this accreditation. At IBS too it was a challenging and long drawn out process, started in November 2013 with visits from global mentors from renowned institutions including Monash University and Bond University, and completed only recently. This accreditation has become the best calling card for a BSchool, before both students and faculty, as it is wellknown that an AACSB accredited school would have gone through a rigorous examination to acquire that stamp of approval. Much earlier to this too, IBS has been in the forefront of implementing international best practices so that global mobility of its students is facilitated. IBS was a pioneer in implementing the Choice Based Credit System (CBCS) way back in 1995 within the MBA program itself. This global culture continues even now with the institute’s proactive support given to students in doing Coursera courses and other Massively Open Online Course (MOOC) modules, which is the global trend for high

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achievers. IBS has also established networking with international academic institutions such as, Bentley University, MA, USA, Syracuse University, NY, USA, University of Toledo, Ohio, USA, Michigan State University, USA, Oklahoma State University, USA, University of South Memphis, Tennessee, USA, Macquirie University, Sydney, Australia, University of South Australia, Adelaide, Hong Kong Polytechnic University, Hong Kong, University of Delawara, USA, University of Newcastle, Australia.

POWERFUL PERFORMANCE IN PLACEMENTS IBS is one private sector B-School that has improved tremendously in placements during the last decade. IBS now has 2500 students, and the placement percentage is over 95%, with average package increasing to Rs. 8 lakhs. Placement opportunities are plentiful with the salary packages for the MBA graduates ranging from Rs. 7.42 lakhs to Rs. 11.52 lakhs. The broad sectors that recruit from IBS include: Banking, Consulting, E-Commerce, Education, Financial Services, FMCG / Retail, Insurance, Infra, Telecom, Real Estate, IT / ITES, Construction, Manufacturing, Media & Research, Healthcare etc. Some of the top national and international recruiters for IBS are - HDFC Bank, ICICI Bank, TCS, Deloitte, HCL, Capgemini, Maruti Suzuki, Amazon, Cognizant, Nestle, EY, Airtel, KPMG, JP Morgan Chase, Wipro, Oracle, Redington, Coca-Cola, PWC, ITC, Nielsen, S&P Global. The focus at IBS is not on quantity or profits but on the quality of the final outcome. The admission process is comprehensive in judging aptitude, transparent in ensuring fairness, and SEASONAL MAGAZINE

purely based on merit with no role for capitation or any such ills. IBS has well-designed processes to groom students and they are not just on paper, but in action from day one of new admissions. IBS first trains all management students for ELPT (English Language Proficiency Test) and soft skills for which it has highly experienced faculty members. And needless to say, when it comes to core management education, IBS students have a huge advantage as the institute delivers the case pedagogy approach. This takes the focus from the conventional 3R (Read, Repeat, Reproduce) approach to the highly effective PPL (Prepare, Participate and Learn) method in which students are enabled to see themselves as owners of their own learning instead of a conventional top-down approach. IBS also delivers on the crucial aspect of teaching values and ethics. An HR person is taught basic aspects about the company balance sheet and likewise a finance person is taught fundamentals of HR. Thus IBS succeeds in grooming well-rounded professionals who understand the often competing needs in their companies, and thus become coveted â&#x20AC;&#x2DC;servant leadersâ&#x20AC;&#x2122; whose first and foremost priority is to serve the cause of their work, which is a trait that recruiting companies have now come to appreciate about IBS.

PRIVATE UNIVERSITIES

4 Reasons to Choose SCSVMV ith the long-running admission season soon to conclude, the incoming batch of students increasingly need to adjust to the new COVID-19 reality. The hope is that university campuses would be allowed to open by the end of September, although these students are likely to undergo a new experience of classroom learning in the era of social distancing. However, universities like Sri Chandrasekharendra Saraswathi Viswa Mahavidyalaya (SCSVMV) are leaving no stone unturned in its quest to be fully prepared to meet the challenges of the prevailing situation. The SCSVMV community thrived even under the exceptional circumstances of the pandemic that led to the shutting down of campuses across the country. Even before the full brunt of the lockdown impacted higher education institutions, the Chennai and Kanchipuram-based varsity made a seamless shift to online learning through the adoption of Google Classroom, TCS iON, M-Tutor to name a few, thereby becoming one of the handful of universities well-equipped to deal with the disruption. Additionally, throughout the lockdown period, SCSVMV continued to impart its cutting-edge knowledge & expertise in its core disciplines like Engineering and Management via webinar sessions for the benefit of its prospective students. As a mark of their commitment to social service, the SCSVMV Kanchipuram alumni distributed essential groceries that include rice, dal, oil and vegetables to the needy community. They even collected more than two lakh rupees from the

SCSVMV community and distributed these packages to more than 225 families. Further, volunteers and representatives from the university raised awareness on COVID-19 as part of Unnat Bharat Abhiyan (a flagship scheme of MHRD, Govt. of India). Offering a wide variety of courses from Engineering & Technology; Management, HR, Commerce; Arts & Humanities; Science; Education; Health Science; Sanskrit and Indian Culture, SCSVMV is more than prepared to rise up to the challenge and provide its students with the appropriate skill-set through new and innovative methods of teaching. Being a stateof-the-art university teaching modern disciplines, even while it is committed to transmit Indiaâ&#x20AC;&#x2122;s ancient heritage and values to its students, SCSVMV is fully focused on its future trajectory. With the NEP 2020 giving a huge fillip to HEIs, universities like SCSVMV is sure to grab these growth opportunities and provide the best outcomes to its students, faculty and wider community. The deemed university with its two campuses at Kanchipuram and Chennai, has invested heavily in physical infrastructure as well as facilities like network backbone and digitization and is home to a large contingent of scholarly professors. Its researchers are doing groundbreaking research work funded by central government agencies, some of which are now in the marketing stage. The departments here compete with each other in staying industry connected through consultancy works and internships. The university is also steadily moving up in placements with many major recruiters in IT, Banking, Financial Services, Pharma etc, recruiting SCSVMV students. The university is led by its Chancellor, Prof. Dr. S Jayarama Reddy, its Vice-Chancellor Prof. Dr. SV Raghavan and its Registrar Prof. Dr. G Srinivasu.

SCSVMV’s EDGE IN BETTER INFRASTRUCTURE AND FACILITIES Everything about Sri Kanchi Kamakoti Peetam speaks volumes about the ancient wisdom of India. Yet, the deemed university started by its venerable seers, Sri Chandrasekharendra Saraswathi Viswa Mahavidyalaya (SCSVMV), even while dispensing the fundamental values of India, has taken immense care to offer state-of-the-art infrastructure and facilities. This is as per its unique focus on integrating traditional knowledge with modern and global scientific practices. Its main campus is located in a sprawling complex of 50 acres at Enathur, just 4 kilometers from Kanchipuram. SCSVMV also has a campus in the Chennai suburb of Poonamalle, housing its Ayurveda College, Research Centre and Hospital. The custom-designed and well-appointed main campus is a selfsufficient educational township with everything the students will need like gym, bank, medical centre, WiFi, transport facilities etc, as well as extensive hostels. The academic facilities too are top-notch at SCSVMV. For instance, the university’s IT Infrastructure & Solutions are comprehensive with 1 GB Internet connectivity through the National Knowledge Network, a campus-wide Optical Fibre Network, and WiFi access throughout. Apart from the Central Computing Facility, all academic labs and centres of the university are provided with ample computer hardware, software and services that enable teaching-learning, research and development. Long before the pandemic disrupted classroom teaching and lectures, SCSVMV had already entered into extensive arrangements with global software majors like Microsoft, Oracle & Amazon to ensure that there is seamless access to all professional software, both desktop and cloud based. Apart from such campuswide agreements, each department of SCVMV has its own software tie-ups with various niche partners for providing the latest development tools and software. There are multiple elearning facilities available including NPTEL lecture videos, Spoken Tutorial initiative, SWAYAM, Virtual Labs and SEASONAL MAGAZINE

other e-learning platforms. The university Library is comprehensive with an Online Public Access Catalog (OPAC) and access to over 1000 journals from the world over. There is a high degree of digitization in academics at the university, with the best examples being an automated tool for question bank preparation & a just-in-time question-paper generation system called “Prashna Manjusha”. There is also the digital valuation software, “Yantrankani”, which facilitates onscreen evaluation of answer scripts. Such innovations by SCSVMV make it amply clear that online teaching in the time of COVID-19 requires not just investment, but imagination. The foresight shown by the university management to equip the campus with the latest digital technologies would help SCSVMV achieve its long-term goals.

SCSVMV’s EDGE IN UPDATED & INTERDISCIPLINARY EDUCATION Next to its edge in infrastructure and facilities, come SCSVMV’s initiatives in promoting updated and interdisciplinary education. An updated curriculum is never possible without industry interactions, and there are several ways in which the university achieves this for its students and faculty. The university hosts national and international level conferences and workshops that are well attended by industry experts. It didn’t matter that a pandemic put a stop to these enriching exercises. Throughout the lockdown phase, SCSVMV conducted well-attended seminars and webinars to keep itself and

Prof.Dr.S.Jayarama Reddy, Chancellor

the industry abreast with the latest innovations and trends. Faculty Development Programs and Workshops are frequently conducted for the faculty to be updated in fledgling fields like Open Source and Big Data Analytics. Each department of the university, which has a scope for industry interaction, is forging ahead on their own in ensuring industry interactions, promoting internships, and doing consultancy work. Department of Computer Science & Engineering is, for instance, has been conducting events on contemporary topics like Internet of Things (IoT), Cloud Computing, R Programming, and lots more. It has impressive ongoing projects like in Image Processing and Android Customization for Sensors. The CSE Department is also quite active in promoting internships for its students in various industries. Its Department of Management Studies has done consultancy work for Indian and overseas companies, in both public and private sectors. It has a pool of Visiting Faculty members who are drawn from the industry, and from whom management students obtain a real understanding of what is happening in the management practice across various industries. SCSVMV’s Department of Physics is known for its consultancy work for industries using its good collection of scientific equipment. Its collection include Thin Film Coater, Brookfield Viscometer, Ultrasonic Interferometers for both liquids and solids, Sieve Shaker, Gaussian software etc. The Department of Chemistry also undertakes various consultancy projects for industries, as it is fully equipped to do so by way of equipment as well as experienced faculty. The student clubs are also very active in the university and is often sponsored and monitored by industries like in the case of Cognizant Student Club. Whenever needed, the various departments of SCSVMV collaborate with each other to bring out interdisciplinary work. At the doctoral level, interdisciplinary PhD programs are encouraged with the availability of supervisors for both major and minor courses to guide the research scholars. Sri Jayendra Saraswathi Ayurveda College and Hospital (SJSACH), a constituent of the university, also conducts workshops and camps for outreach.

SCSVMV’s EDGE IN MEANINGFUL RESEARCH SCSVMV offers part-time and full-time PhD programs in almost all its academic disciplines including Engineering, Physics, Chemistry, Computer Science / Applications, Ayurveda, Mathematics, Management Studies, Education, Library & Information Science, Sanskrit, Tamil, Hindi and English. In recent years, SCSVMV has been moving up steadily in the field of research, both fundamental and applied. This is no accident due to various initiatives by the management. The university has established four Centres of Research, which are Sri Jayendra Saraswathi Centre For Advanced Research (SJCAR), Sri Jayendra Saraswathi Centre For Advanced Computing (SJCAC), Advanced Management Research Centre (AMRC), and Centre For Advanced Manufacturing and Material Processing (CAMMP). Based on such infrastructure, the university’s researchers have been able to take up formidable projects funded by various central government agencies, which are cutting-edge research organizations in their own right. These include Government of India’s Department of Science & Technology (DST) and Defence Research & Development Organization (DRDO). One project SCSVMV did with DST funding even resulted in impressive import substitution. Many universities need scientific equipment called Differential Thermal Analyzer (DTA) for use by PG students, which was usually imported from developed nations until SCSVMV researchers developed an indigenous version. Based on the success of this project, an additional equipment to accompany DTA, called Differential Scanning Calorimeter (DSC) is also being developed by the university’s researchers. And under a DRDO funded program, researchers at SCSVMV are developing the electronics for the operation of a customized oxygen gas sensor. Apart from such externally funded projects, the university also funds many key projects. One such project that has been used by higher education labs is called Absorption Spectro-photometer. A student version of this equipment was successfully developed. An innovative design and fabrication method was used for this

resulting in much easier and cheaper mass production of this vital equipment. The product is now being launched in the market. Another university-funded project has been the development of a low-cost yet automated pH meter. The automatic operation of this product does away with the difficult manual operations of temperature correction and pH calibration. Other technologies developed by the university’s researchers include a multi-zone ventilation system for radiological facilities, and an automated precleaning system for used plates in industrial canteens and restaurants.

SCSVMV’s EDGE IN BETTER PLACEMENTS Campus placement is another domain where SCSVMV has been improving steadily over the years. The university has a dedicated Training & Placement Division that not only enhances institute-to-industry linkages, but equips students to be recruited by blue-chip organizations, both of Indian and overseas origin. Major recruiters including TCS, Infosys, Cognizant, Tech Mahindra, HCL, Amazon, Mphasis, CSS Corporation, NTT Data, Zoho, Bank of America, General Electric, Royal Bank of Scotland, Robert Bosch, IDBI Bank, HDFC Bank, HDFC Ergo, ICICI Bank, ICICI Prudential, Axis Bank, IndusInd Bank, Airtel, Godrej, Sutherland Global,

Prof. Dr. S.V. Raghavan, Vice Chancellor

Sify, Dr. Reddy’s, Syngene, Bata, City Union Bank, Exide Insurance, Indian Navy, Steel Authority of India, and lots more have recruited SCSVMV students through both on-campus and offcampus modes. The Training & Placement Division arranges for the campus visits as well as coordinates for off-campus drives. It has signed MoUs with several leading companies so that they visit the campus every placement season. These tie-ups have been possible, as SCSVMV has emerged as a mature player in placements, with these companies confident of the quality of the candidates coming from this deemed university. Quality in placements is a long drawn out affair as it starts from the quality of input students. This is an area where SCSVMV has carved out an edge for itself. The university operates in a geography where many engineering colleges and b-schools are finding it difficult to fill admissions, let alone induct quality students. How the university has achieved this is unique and impressive. Instead of the usual process of giving statutory advertisements for admissions and waiting for the students to come in, SCSVMV conducts an Admission Yatra that spanned 45 days last year. A high-level team of administrators and faculty members from the university visited 54 schools across Tamil Nadu and Andhra Pradesh, addressing approximately 10,000 students directly, and interacting with over 4000 students who were about to take their plus-two examination, and returned with expressions of interest from over 3800 students. Such proactive measures ensure that the input student quality is maintained. The rest is very well handled by the highly qualified and experienced faculty of SCSVMV, many of who are renowned research guides. And completing this process is the overall grooming of the students by this university in values based education, which is not something lost on the recruiters who are looking not just for academic brilliance but well-rounded personalities. SEASONAL MAGAZINE

PRIVATE UNIVERSITIES

NITTE (DEEMED TO BE) UNIVERSITY

NOW ON THE FRONT FOOT AND NO LOOKING BACK

At a time when universities struggle to conduct online classes and resume the new academic session smoothly, Nitte (deemed to be) university has gone one step ahead. Being one of the handful of universities to have completed their admission process well ahead of the scheduled resumption of classes from end September, Nitte (deemed to be) University once again witnessed a strong showing in the number of applicants for their premier courses. In spite of the COVID crisis hitting the education sector, for the likes of Nitte University, it was business as usual. After much preparation, Nitte university will now conduct its 10th annual convocation ceremony albeit on a virtual platform next month.

primarily health sciences university, it has also diversified impressively into science education, architecture and communication studies in recent years. Nitte (deemed to be) University is a group of eight premier institutes - K.S. Hegde Medical Academy, A.B. Shetty Memorial Institute of Dental Sciences, Nitte Usha Institute of Nursing Sciences, Nitte Gulabi Shetty Memorial Institute of Pharmaceutical Sciences, Nitte Institute of Physiotherapy, Nitte University Centre for Science Education and Research, Nitte Institute of Architecture, and Nitte Institute of Communication. For the fourth successive year, Nitte (Deemed to be) University has been ranked among the top 100 universities ( 74th spot) in the country by the National Institutional Ranking Framework (NIRF), an initiative of the Ministry for Human Resources Development, Government of India. The National Institutional Ranking Framework was launched in 2015 by the Ministry of Human Resource Development to rank higher educational institutions based on objective criteria. The rankings consider parameters like teaching-learning resources, research productivity, student outcomes, outreach, inclusivity and peer perception. Three of the constituent colleges of the university also feature amongst the top SEASONAL MAGAZINE

50 institutions in their respective disciplines— AB Shetty Memorial Institute of Dental Sciences has been ranked 5th among the dental colleges; KS Hegde Medical Academy has been ranked 36th in the country among medical colleges and Nitte Gulabi Shetty Memorial Institute of Pharmaceutical Sciences (NGMIPS) is ranked 49th among Pharmacy colleges. Based on the QS Asia University Rankings 2020, Nitte (deemed to be) University was ranked in the band of 451-500 in its very first year of participation. It finished within the 5560 band in the QS India University Rankings 2020 with a Diamond rating

K S Hegde Medical Academy

in the QS I-Gauge Indian Universities Rating. The varsity was also awarded the ‘ELEAD’ (E-Learning Excellence for Academic Digitisation) certification by QS I-GAUGE in recognition of its technological capabilities in support of online learning. Awarded by Union HRD Minister Ramesh Pokhriyal Nishank in an online event, Nitte is only one among the 12 institutions in the country to receive this recognition. In the times of COVID-19, Nitte (deemed to be) University has taken a proactive approach to develop e-learning capacity and also scale up its online reach. Students are sent e-learning modules both

for self-study and live online classes with regular teacher training sessions as well. Nitte (Deemed to be) University also did their bit to alleviate the suffering of those hit by the COVID-19 outbreak. In addition to the daily support provided to the underprivileged communities, the NITTE group contributed Rs. 1.25 crore out of which Rs. 75 lakhs was offered to Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) while the remaining 50 lakhs went to the Chief Minister's Relief Fund in the state. The institute also made significant contributions in the field of COVID-19 research with The Nitte University Centre for Science Education and Research (NUCSER) endowed with a grant to develop a test kit that would work equally well for nasal swab and saliva samples. The centre hopes to present the prototype to ICMR for validation in 6 months. Further, the Justice KS Hegde Charitable Hospital of Nitte (deemed-to-be) university at Deralakatte has started the Covid-19 RTPCR testing facility with NABLaccreditation and ICMR approval. The same hospital also obtained approval to open coastal Karnataka’s first plasma therapy unit with single donor platelet facilities. There were also two healthscience related patents recently published as the university looks to promote technology transfer. Towards this, the Department of Science and

Vinaya Hegde, Chancellor

Technology, Government of India, has sanctioned a Technology Enabling Centre at Nitte (deemed to be) University's Center for Science Education and Research. In addition to this, the Ministry of Science and Technology, Department of Biotechnology (DBT), Government of India has approved Nitte University Centre for Science Education and Research (NUCSER) to offer MSc in Marine Biotechnology. The DBT will award 10 students with a national fellowship of Rs. 5000 per month. The K S Hegde Medical Academy has also introduced a new 2-year Master of Hospital Administration & Health Systems Management (MHAHSM) programme. The objective of the course is to prepare job-ready graduates for the burgeoning hospital industry that is in

Vishal Hegde, Pro Chancellor

dire need of professionals in its management and administration functions. The medical college has been ranked 36th by the National Institutional Ranking Framework (NIRF) 2020, government of India, Ministry of Human Resource Development (MHRD). Few years ago, the varsity had introduced the following Master of Science programs: MSc in Anaesthesia & Operation Theatre Technology, MSc in Medical Imaging Technology and MSc in Medical Laboratory Technology (Haematology & Blood Transfusion). The results have been encouraging. These two-year master’s degrees equip candidates to work in teaching and technician posts in allied health sciences institutions and hospitals in the country and abroad. At hospitals, they will work as the assistants of surgeons and

A B Shetty Memorial Institute of Dental Sciences

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NITTE Usha Institute of Nursing Science

physicians and Nitte has carefully chosen these specializations so that these are in rising demand in the hospital sector. This is no surprise as Nitte (deemed to be) University continues to be a leader in introducing rare courses in emerging areas of high demand. Throughout the lockdown period, Nitte (Deemed-to-be) University was setting new benchmarks in the space of higher education through innovative tie-ups and industry partnerships. For instance, the AIC NITTE Incubation Centre, supported by NITI Aayog under the Atal Innovation Mission, was officially launched with the aim to promote entrepreneurship in the rural areas. Eleven promising startups and five mentors have already been onboarded as part of the initiative. Keeping true to their social service commitment, Vinaya Hegde, Chancellor, NITTE (deemed-tobe) University said that "it is important to provide these young students and budding innovators with an opportunity". NITTE has also been making giant strides as far as international partnerships are concerned. The institute entered into a MoU with Secretary of State for Environment, Food and Rural Affairs of the United Kingdom for scientific cooperation with the Center for Environment, Fisheries and Aquaculture Science (CEFAS), an EU Reference Laboratory for Biotoxins and FAO Reference Centre for Bivalve Molluscs. The Mangalore-based university also signed a MoU with the National Institute for Micro, Small and Medium Enterprises (NI-MSME) for the promotion of the sector through collaborative efforts such as conduct of executive education programmes, research, Nitte College of Pharmaceutical Science

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Nitte Institute of Physiotherapy

training etc. Its other international and national MoUs continue to be with the best institutions in their fields like Gothenburg University, Sweden and Bangalore Bioinnovation Council. On the academic side, NITTE deemedto-be university signed a MoU with i6TG, a leading human resource company headquartered in Japan for the benefit of its students who will be provided with training, internship and placement opportunities, soft-skill development programmes with a Japanese language component. The

varsity also inked an agreement with the St Marianna University School of Medicine for mutual cooperation on student and faculty exchanges and collaborative research. Earlier this year, one of its constituent colleges - Nitte Usha Institute of Nursing Sciences, jointly with International Skill Development Corporation, UK announced the roll-out of a 4-year integrated program on International Certification in Healthcare Practice to promote the career advancement and placement of the students in European countries.

PRIVATE UNIVERSITIES

PANDEMIC MAKES JSSAHER FLY HIGHER It is only when a crisis hits, the resilience of universities is really known. JSS Academy of Higher Education & Research (JSSAHER), the Mysuru based leading deemed-to-be university has come out in flying colours in this regard during the pandemic, by an outpouring of new initiatives that has further increased its leadership gap with peers. JSS Hospital has been one of the 17 prestigious institutions in India which has been selected by ICMR for under taking Oxford University's Covishield clinical trial. Despite the pandemic, the university continued its focus on Faculty Development Programs, Entrepreneurship Development Programs, creation and upgradation of specialized infrastructure, and creation of new sunrise sector courses. The university emerged on the forefront of combating Covid-19 by developing five innovative biomedical equipments that are vital in the fight against the pandemic. It also continued its focus on academics and research activities without much disruption and emerged as a national leader in this regard by conducting over 16,427 vir tual classes. JSSAHER is breaking new ground in attracting highquality students for graduate, postgraduate and research programs due to its distinct edges in updated and interdisciplinary curricula, meaningful research, better student-to-faculty ratio, global mobility of its students, and better infrastructure & facilities. No wonder then that JSSAHER has moved up one more notch in this yearâ&#x20AC;&#x2122;s

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NIRF rankings, and is now the 33rd topranked university from 1667 universities in India. The primarily health sciences oriented university is led by accomplished academicians like Dr. B Suresh as Pro Chancellor, Dr. Surinder Singh as Vice Chancellor and Dr. Manjunatha B as Registrar. Dr.B.Suresh, M.Pharm., Ph.D., D.Sc., is a renowned leader in medical and pharmacy education, and has been the President of Pharmacy Council of India for multiple terms. An internationally acknowledged expert in this field, Dr. Suresh is also the Chairman, Scientific Body, of Indian Pharmacopoeial Commission. Dr. Surinder Singh, MBBS, MD Microbiology, a renowned expert in biopharmaceuticals and vaccines, has been formerly Drugs Control General (India), Central Drugs Standard Control Organization (CDSCO), New Delhi, and Director, National Institute of Biologicals (NIB), Government of India.

JSSAHER’S EDGE IN COVID-19 MANAGEMENT Apart from its pivotal role as one of the 17 hospitals for testing the Oxford University vaccine for Covid-19, JSSAHER has achieved unparalleled success in innovating and implementing several pandemicmanagement projects. These include advanced biomedical devices for combating Covid-19. DentiSafe Dental Chair Sanitizer, Multimode Air Sanitizer, Isolation-ICU (I-ICU) on Wheels, Low Cost Ventilator, and Handheld UV Surface Sanitizer. JSSAHER achieved this through its own innovators in the faculty as well as through partnership with Mysuru based firm Ideas Unlimited. Dr. Balasubramaian S, Director (Research) of JSSAHER; Dr. Srinivasa Murthy, Professor, Department of Paediatrics, JSS Medical College; and Dr. B Nandlal, Professor, Department of Paediatric & Preventive Dentistry, JSS Dental College, were the main innovators from the university’s side in developing these path-breaking biomedical devices that are so essential for resuming the functioning of hospitals, dental clinics, colleges and companies, and for them to combat the pandemic effectively. Apart from these special achievements, a most noteworthy point about JSSAHER during the pandemic is that it made sure that its regular activities of teaching and research were least affected. The university conducted 16,427 virtual classes, 2820 internal assessments, and 61 webinars. Almost all examinations including PG, Fellowship, & PhD exams including viva voce were conducted either online or in regular mode with adequate protections. No wonder then that JSSAHER bagged the QS I-Gauge’s ‘E-Learning Excellence for Academic Digitization’ certification. On the research side, projects worth Rs. 2 crore were submitted including the 5 biomedical devices developed, and JSSAHER scholars published 50 research papers during this period.

Dr. B Suresh as Pro Chancellor

JSSAHER’S EDGE IN MEANINGFUL RESEARCH The selection of each of the 17 institutions in India for the clinical trial of Covishield vaccine was after a detailed inspection of the infrastructure and clinical research facilities. The vaccine has been developed by Oxford University, manufactured by India’s Serum Institute and marketed by MNC pharma major AstraZeneca. Being an issue of national and international importance, Indian Council for Medical Research (ICMR) is directly supervising the trials, and when ICMR selected JSSAHER for this crucial trial, it became one among 17 handpicked institutions including AIIMS, New Delhi and PGIMER, Chandigarh. While many leading private and deemed universities in the country are now warming up to research, JSSAHER has already covered long distance in the field. This stems from the university’s vision that

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teaching and research should go hand in hand, and that research should be encouraged in every student and faculty. Apart from this, JSSAHER offers PhD programs under various faculties, mainly oriented towards health Sciences. Over 300 research students conduct their research work in the constituent colleges and JSSAHER Departments. They get opportunities to interact with faculty from Medicine, Dental, Pharmacy, Life Sciences, Biomedical Sciences, Natural Sciences and Management Sciences and work on interdisciplinary or multidisciplinary research projects. JSSAHER has been in the field of research from the 80’s onward and accounts for 7,225 publications by authors affiliated to the university, with more than half of it coming in during the last five years, signalling gathering momentum on research. To strengthen the research infrastructure of the

Dr. Surinder Singh, Vice Chancellor

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university, Centers of Excellence were established in the constituent colleges which were also subsequently recognized by Government Agencies and international bodies. These centres include, Center Of Excellence In Molecular Biology And Regenerative Medicine (CEMR), Center For Clinical Research Excellence, Adverse Drug Reaction Monitoring And Regional Training Center, Center For Training On Pharmacovigilance, TIFAC Center Of Relevance And Excellence (CORE), Center Of Excellence In Nano Science & Technology, Molecular Diagnostic Lab For Infectious Diseases, and Center Of Excellence In HIV/AIDS Medicine.

JSSAHER’s Edge in Better Infrastructure and Facilities JSSAHER had recently renovated the Anatomy Museum of JSS Medical College. The university has also launched HIDI, a mobile application for medical students in learning Histology and Bar Codes of Museum specimens. The Museum exhibits a wide collection of specimens ranging from dissected human parts, foetuses showing different stages of development and rare congenital anomaly specimen, skeletons, embryology models, charts and plastinated specimens. Bar Coding provides details about the specimens through audiovisual modes. The JSS Anatomy Museum is not only for medical students but also for the public,

especially school children, and it is accessible free of cost by all. Earlier, the university had also launched a new stateof-the-art Skill & Simulation Center for providing hands-on training for medical and para-medical students, which is also open for students from other medical universities if needed. Indeed, when it comes to infrastructure and facilities, JSSAHER has been one of India’s leading deemed universities. This has been made possible primarily by having separate and sprawling facilities for its various constituent colleges like JSS Medical College, JSS Dental College & Hospital and JSS College of Pharmacy at the main campus in Mysuru as well as another pharmacy college in Ootacamund, Tamil Nadu. Similarly, when new departments like Faculty of Biomedical Sciences, Faculty of Life Sciences, Faculty of Natural Sciences and Faculty of Management Studies were added to the deemed university, these too got their own ample facilities. Now, JSSAHER is in the process of taking this edge in infrastructure and facilities to new levels by developing the new JSSAHER Global Campus on over 100 acres of land out of which 30 percent will be utilised for construction and the rest will be covered with greenery giving importance to rain water harvesting, pollution-free and noise-free campus, zero wastage, bio-conservation and recycling process. The campus will have state-ofthe-art buildings for academics, research, residential and recreation centre with an auditorium of 2,000 seating capacity. When the new campus is completed,

Low - Coast Ventilator

JSSAHER’s Edge in Student-to-Faculty Ratio

Dr. Manjunatha B, Registrar

initially, out of the 148 courses offered by JSSAHER, 48 courses, mostly Life Sciences and Natural Science, will be moved to the new facility.

JSSAHER’s Edge in Updated & Interdisciplinary Education On the transdisciplinary front, JSSAHER is starting a two-year Master’s Degree programme in Sports Nutrition and Management from this academic year. The course will cover subjects like Sports Physiology, Sports Specific Diets, Nutritional Biochemistry, Human Nutrition, and Basic Management subjects, among others. JSSAHER has been a leader in updated and interdisciplinary education with nearly 60 collaborations with nationally and internationally acclaimed academic institutions, industry partners, health

Testigng Lab

service providers and research centres. It has signed a Collaborative Research Agreement to establish a “Centre for Artificial Intelligence in Health Sciences” at JSSAHER with iMERA.ai Limited, a London (UK) based health care company focused on developing clinical decision-making tools using Artificial Intelligence (AI). The deemed university has a partnership with GlaxoSmithKline for collaboration in training and research in Pharmaceutical Sciences, and with Seragen Biotherapeutics for technology advancement in stem cell research, stem cell banking and novel therapeutics for regenerative medicine. JSSAHER is also working with Accreate Additive Labs for innovative 3D printing and design services, model making for use in academics and healthcare, bioprinting for tissue 3D printing, drug transportation studies and developing contemporary smarter devices and solutions. Triphase Pharmaceuticals Pvt Ltd, Mysuru is another partner with whom JSSAHER is collaborating for R&D in biotechnology and probiotics, and development of new methods and technologies in prebiotic and probiotic research. Other such industry collaborations include with Philips India for medical devices and data analytics, with Scitus Pharma for clinical research and development in generic drugs, and with Juggat Pharma for consultancy, training and research in pharmaceutical sciences and formulation development for drugs. Such collaborations ensure that JSSAHER’s curriculum and training is updated and interdisciplinary in tune with industry needs.

From its ground up, JSSAHER’s focus in education has been on quality rather than quantity. This has been especially so as JSSAHER has been primarily a health sciences university where quality is paramount to emerge as a leading university in India and the world. With this lofty aim in mind, JSSAHER has one of the best student-to-faculty ratio in the country. Today, more than 600 faculty members instruct approximately 2000 undergraduate and graduate students and 300 research scholars. Even though JSSAHER now has ambitious plans to scale up its student intake, this focus on superior student-to-faculty ratio will be maintained. With its new campus getting ready, JSSAHER plans to grow up to 20,000 students within the next five years, but will then have an impressive faculty count of 2000 members.

JSSAHER’s Edge in Global Mobility of Students

While most private and deemed universities have made several tie-ups with international universities of repute, very few universities have progressed it to meaningful student exchange programs. JSSAHER is one such exceptional university that has been running student-exchange programs with multiple international universities for several years now. This ensures global mobility of students both outbound from India and inbound to the country. Some of the universities with which JSSAHER has signed MoUs in recent years include Edge Hill University, United Kingdom, Pacific University, Oregon, USA, Texas Southern University, USA, UCSI University, Malaysia and The University of Bolton, United Kingdom. SEASONAL MAGAZINE

PRIVATE UNIVERSITIES CHITKARA UNIVERSITY

TAKING GIANT STRIDES, DESPITE THE PANDEMIC

hile many comparable private and deemed universities are struggling to adapt to the pandemic realities, Chancellor Dr Ashok K. Chitkara and Pro-Chancellor Dr Madhu Chitkara are leading Chitkara University to unbelievable heights in every domain that matters for a university, including co-branded degrees with leading national and international industries, globally competitive startup incubation, international academic tie-ups with leading universities and funded research projects by even European agencies. Chitkara University’s Covid19 innovations attracted national eyeballs as it started the world’s first 24x7 dedicated community radio channel and telecast for the pandemic and developed an advanced face shield for Covid-19 through state-of-the-art 3D Printing technology. Chitkara always encourages its students to compete with Asia’s and the world’s best students. In student competitions in India and abroad, Chitkara is often seen emerging as the only non-IIT and non-NIT institution leading the fray. With such 360 degree momentum, it is no wonder that Chitkara University is bettering its position in all renowned rankings including India’s NIRF and the UK based ranking of global universities, the Times Higher Education Rankings.

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Despite the struggles of the education sector in India due to the COVID-19 pandemic, Chitkara University is leaving no stone unturned. The Punjab-based varsity made no excuses, as a result of the pandemic, in its march to become one of India’s top private universities. The signs are encouraging to say the least. The University made a mark in the technology space when it became shortlisted as one of the top 8 finalists for ‘Technological Innovation of the Year’ for the world-famous “Times Higher Education Asia Awards 2020” and that too as the only Indian university. Pro-Chancellor Dr Madhu Chitkara credits the university’s cuttingedge AVR lab that is a pioneer in affordable and accessible technologies. In the startup ecosystem, Chitkara University was among the select group of finalists in the 10th Lee Kuan Yew Global Business Plan Competition, which is widely regarded as Asia’s most exciting startup competition. Chitkara University students won the Gandhian Young Technological Innovation (GYTI) Award 2020 in the field of Agricultural Innovation, becoming the only non IIT, NIT, and IISc institution to make it to the award list while a team of its Bachelors students featured in the global top 50 in the famed 11 Second Club global animation contest.

Like many of its peers, Chitkara University made noteworthy contributions in the country’s fight against the COVID-19 pandemic. The entire Chitkara family – administration, faculty and support staff – pledged their one-day’s salary to the PM Cares Fund, the Punjab CM Relief Fund and Himachal Pradesh CM Relief Fund. The gesture was complemented with the world’s first 24x7 Community Radio Broadcasting on COVID-19 – Radio Chitkara FM 107.8 - that provided community awareness including through web telecast. Chancellor Dr Ashok K. Chitkara and Pro-Chancellor Dr Madhu Chitkara, under whose leadership the varsity provided funding support of Rs. 1 Crore through the Chitkara University Research and Innovation – Centre of Excellence, made this possible. In a move that firmly established its research credentials, the university also developed a lightweight, robust, and uniquely designed face shield using 3D printing technology that can be very effective in preventing the spread of viruses. It is perhaps in the area of industry collaborations where Chitkara University is a class apart from the rest. The recent collaborations with Lenskart to offer high-quality Bachelors in Optometry, with Automotive Research

DR ASHOK K CHITKARA, CHANCELLOR

Association of India (ARAI) to offer Masters in Automotive Engineering, with Virtusa to offer a two-year MTech in computer science & engineering with specialization in Full Stack Web Development, with Paraxel International to offer a two-year MSc program in pharmacovigilance & clinical research, with Wizcraft to launch an MBA in events, media and entertainment, with KONE Elevator to offer a diploma program in mechanical engineering with specialization in Vertical Transportation and with Coding Ninjas to provide coding classes to its first year B.Tech students are a testament to its high quality research output. These initiatives not only provide its students and graduates with information on the latest trends in the industry but also

DR MADHU CHITKARA, PRO-CHANCELLOR

prepare them for jobs due to components like research internships, skill development etc. Chitkara University has also inked academia-centred partnerships with Bow Valley College based in Alberta, Canada and Deakin University in Australia. With the former, the pathway programme offers students the opportunity to transfer to the health and human services management postdiploma certificate program while the latter developed a four-year bachelors course on software engineering that will permit Chitkara’s students to study in its campus for two years. The university also leads the illustrious international project “Risk Management and Prevention of Antibiotic Resistance – PREVENT IT”, which is a three-year

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Erasmus+ innovative project but crucially Chitkara’s fourth such project with the EU’s famed agency. Along with regular interactions with industry and academia leaders for its students, the varsity also organized exclusive webinars and conferences with various other thought leaders. Some of the notable speakers were Punjab CM Captain Amarinder Singh who spoke on the necessity of virtual education platforms to prepare them for future jobs and WNS Global Services group CEO & former NASSCOM chairperson Keshav R Murugesh who delivered a masterclass on career building and up skilling. Another gamechanging initiative was The Global Week, a platform that is a one-of-its-kind global engagement for professors from around 40 top international universities that cultivates cross-cultural exchanges, knowledge transfer, industry linkages and phenomenal networking opportunities. Chitkara University shone admirably in the recent NIRF ranking, the government’s annual higher education ranking framework. The Chitkara Business School was ranked among the Top 75 Business Schools in the country while a similar feat was achieved by Chitkara College of Pharmacy in the pharma category. Keeping with its multi sectoral presence, the varsity’s engineering programs also ranked highly, featuring in the top 200 out of 1600 institutions in the country.

The most notable ranking was its 59th position globally in the SDG-07 ‘Affordable and Clean Energy’ segment.

In a separate ranking, Competition Success Review – GHRDC Engineering College Survey 2020, the university was placed in the 2nd position in the ‘Top Engineering Colleges of Eminence’ in All India category and in the ‘Top Engineering Colleges’ in the state of Punjab as well. In addition to this, the university ranked 14th in the placements, USP and social responsibility categories and also in the faculty, research categories. The university also made history in the Times Higher Education University Impact Rankings 2020 when it became the only university from Punjab to feature in the list. The ranking is based on assessments of universities against the UN’s Sustainable Development Goals (SDGs).

With the emphasis on online education gathering steam, Chitkara University wasted no time in gaining first-mover advantage. In recognition of its efforts to impart not just timely but quality online education, QS IGAUGE (the Indian arm of the global rankings agency Quacquarelli Symonds) awarded the ELEAD certification. Thus, it became only one of 12 institutions in the country to receive the honours in a felicitation ceremony done by the Union HRD Minister Ramesh Pokhriyal. With an eye to provide relevant skillsets to cloud professionals and further industryacademia connect, the university has adopted Amazon Web Services (AWS) Educate cloud computing curricula in BE CSE specialisation in cloud

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computing and virtualization. In spite of its thrust for online education, Chitkara University’s Vice Chancellor Dr Varinder S. Kanwar believes that it cannot fully replace traditional learning methods and instead suggests a blended learning model that benefits all stakeholders. However, he wants Chitkara University to compete with the Western world. “The pandemic has taught us to think out of the box and bring more innovations to classroom. We need to change ourselves as this is the need of the hour.” Chitkara University looks grounded and cleareyed on their vision and is not content with resting on their laurels. One can make this assessment only about a handful of Indian universities in the current climate and that is a validation of the giant strides taken by the Punjabbased varsity.

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PRIVATE UNIVERSITIES SASTRA DEEMED UNIVERSITY

PROVING ITS UNIQUE CALIBRE EVEN IN A MOST DIFFICULT YEAR SASTRA Deemed University continues to lead its peers by launching online degree programs, by transparent merit-based admission processes, globally recognized research achievements, bestowing international research awards and having the best in online educational infrastructure. Founded by Prof. R Sethuraman and headed by Dr. S. Vaidhyasubramaniam as Vice-Chancellor, SASTRA is a Category 1 University as per UGC Graded Autonomy Regulations and accredited by the National Assessment & Accreditation Council (NAAC) with “A++” grade with CGPA: 3.54 /4.00. With its government sponsored Centres of Excellence in meaningful research, to the global mobility of its students, to its excellence in placements and with its world-class technology business incubator focused on 3D Printing and Internet of Things (IoT), this deemed university in Tamil Nadu is grooming its students to be scientists, technocrats, CEOs, and startup founders, as it has already been demonstrating since the 90s.

pandemic, but surpassed itself in each of these domains. On the teaching front, SASTRA had deployed TCS iON Digital Glassroom, an online classroom technology for educational institutions. Complying with UGC’s guidelines, this leading deemed university in the private sector has rolled out 12 well-thought of graduate and postgraduate degree programs in buzzing segments like BCom+CA, BBA in Logistics, BCA, BA, MSc, MBA, MCom, MFA, MA etc. Of these, the online BCom+CA is with an industry partner KS Academy and BBA Logistics is in collaboration with Logistics Skill Council of the Union Ministry of Skill and Entrepreneurship. All online courses make use of the globally recognized methodology of Massive Open Online Courses (MOOCs). The University shot into global academic & research limelight recently when the 2020 SASTRA Ramanujan Prize was announced for Shai Evra of Princeton University, U.S., and Hebrew University of Jerusalem, Israel, as selected by a renowned panel of global experts. The university had a rocking convocation on a virtual platform, with valedictory speech by Infosys co-founder Kris Gopalakrishnan. While 81 scholars physically received their PhD degrees, over 4800 graduands were conferred their UG & PG degrees virtually. Interestingly, the best outgoing student, came online from South Korea, where she is already pursuing her PhD.

2020 will go down in modern history as the toughest year that humanity faced, and one of the sectors most affected by the pandemic and the lockdown has been higher education. As universities & colleges remained closed, economy crumbled and jobs evaporated, almost everything related with higher education came to a standstill – admissions, classes, internships, exams and placements.

But at Thanjavur based SASTRA Deemed University, it was yet another opportunity to prove its unique calibre, which had already catapulted it to the premium league of Indian universities. Everything SASTRA does is on purpose with high SEASONAL MAGAZINE

objectives for its students. There are no gimmicks or accidents over here, but only serious initiatives that many peer universities have either not thought of, or would struggle to implement. Right from the rapid and first implementation of TCS’ digital learning platform among all Indian institutions during the national lockdown itself, to its recent launch of online degree programs, SASTRA has been quick to adapt to the unprecedented changes in the operating environment. The university has not allowed any of its core activities including admissions, placements, teaching, research or convocation to be affected by the

Rising up to the challenges posed by the pandemic, SASTRA researchers are also garnering the world’s attention by their achievements. Sasikala Devi, a PhD holding researcher and academician at SASTRA, has developed LungXpert, an affordable AI-based prognostic tool for cardiovascular diseases & Covid-19, which won an award at global AI summit by Indian Government recently. In the early months of Covid-19 too, SASTRA researchers had risen to the occasion with world-beating innovations like split-ventilators for hospital ICUs and an Ayurvedic formulation to fight the disease, both of which have attracted government interest. And on the admissions front, SASTRA Deemed University continued its highly transparent processes with two purely merit-based streams, which did justice to

both JEE Main and Plus Two marks. Seasonal Magazine takes an in-depth look at what makes SASTRA Deemed University a leader among its peer universities in India.

SASTRA's Edge in Meaningful Research

It is doubtful whether any other comparable private or deemed university has made as much as progress as SASTRA in meaningful research, especially in its core engineering and technology domains. This is because the university has been built from the ground up, not just for teaching and learning, but for research and consultancy. This has resulted in impressive achievements in the field of applied research and SASTRA getting recognized as a Scientific and Industrial Research Organization (SIRO). And befitting this recognition, SASTRA’s research scholars are engaged in research for various government agencies including Department of Science & Technology, Department of Biotechnology, Defense Research & Development Organization, Indian Council for Medical Research, Council for Scientific & Industrial Research, and AYUSH, among others. The maturity SASTRA has shown in such work has encouraged Government of India to set up even a few Centres of Excellence in the campus. These include, three technology centres - Centre for Relevance & Excellence (CORE) in Advanced Computing & Information Processing, Centre for Nanotechnology & Advanced Biomaterials (CeNTAB), and National Facility in Mechatronics Centre, as well as two health research centres - Centre for Advanced Research in Indian Systems of Medicine (CARISM), and National Facility for the Scientific Preparation of Ayurvedic Drugs. Of these, while CeNTAB is engaged in research in the frontier areas of Nanotechnology, one of the most promising sunrise sectors today, CARISM has been recognized as a Centre of Excellence by Indian Government’s Department of AYUSH and certified by the Drug Licensing Authority, Government of Tamil Nadu, as a Drug Testing Lab for Ayurveda and Siddha Drugs. Apart from these applied

research activities, SASTRA offers PhD programs in Science, Engineering, Law, Management, Education and Arts. More than anything else, what exemplifies the university’s dedication to research is its promotion of the works of Srinivasa Ramanujan, last century’s native mathematical genius. SASTRA established the Srinivasa Ramanujan Centre, an offcampus centre at Kumbakonam, his native place, in the year 2000, which was dedicated to the Nation by then President Dr. APJ Abdul Kalam. SASTRA also purchased the house of Srinivasa Ramanujan and has been maintaining it as an International Monument and has also established the House of Ramanujan Mathematics which is a Museum on Ramanujan. The Srinivasa Ramanujan Centre conducts academic programmes besides pursuing research in areas influenced by Ramanujan.

SASTRA's Edge in Global Mobility of Students

Three benchmarks with which universities ensure global mobility of their students are international accreditations for courses, student exchange programs and global rankings. Impressively, SASTRA, a deemed university comes across with flying colours on all three. One of the world’s most renowned accreditation bodies in engineering is the venerable UK based professional organization, Institution of Engineering & Technology (IET), which traces its history to the 1800s.Several universities in India have been trying to get IET accreditations for their courses with varying levels of success. But among these universities, SASTRA has emerged as the clear winner, having won the maximum number of accreditations from IET for their courses.

Across their two campuses at Thanjavur and Kumbakonam, SASTRA has 12 courses accredited by IET. What this accreditation primarily ensures is that these courses are adhering to internationally recognized standards, thereby opening up avenues for global mobility of SASTRA students both in overseas and MNC jobs as well as in postgraduate or research programs overseas without the need for bridge courses etc. When it comes to student exchange programs too, SASTRA has one of the largest working Semester Abroad Programs among all universities in India. While many universities have such tie-ups, the proof of the pudding is in how many overseas internships a university’s students are able to bag. For instance, the university’s 2020 batch got Semester Abroad internships from over 30 universities from across the world. And these include universities from developed nations like USA, UK, Germany, Japan, Australia, Belgium, Netherlands, Sweden, Norway, Singapore etc as well as select developing nations like Poland, Malaysia & Ecuador. And in most of these nations, SASTRA students bagged internships from some of the best universities like Harvard-MIT, Cornell, Carnegie Mellon, John Hopkins, University of Texas & University of California, all in USA, University of Lincoln and Plymouth University, in UK, Oslo University in Norway, Kyoto University in Japan, and NUS in Singapore etc. Apart from tying up with these universities and arranging the internships, SASTRA also provides financial assistance to students for undertaking these international internships. And this global mobility doesn’t stop with internships. The university is a leader in overseas academic placements, and interested students of the 2020-graduating batch have also secured admissions to various graduate programs in prestigious global institutions. SASTRA is also getting featured in all renowned global rankings including Times Higher Education and QS.

SASTRA's Edge in Better Placements

SASTRA has always been an undisputed leader in campus placements, especially SEASONAL MAGAZINE

in placing graduate engineers, often setting records with recruitment majors like Tata Consultancy Services (TCS). Quality is never an accident, and placement quality even more so. At SASTRA it starts from the admission process itself, when student talents are screened. The university is known for its transparent and solely merit-based admission process with no role for capitation fee. Even more, the university runs a reasonable scholarship program to attract and retain those students with merit but lacking in funds. Around 1000 students receive merit scholarships worth about Rs. 1.60 crore through well thought of measures like Deans’ List, tuition fees refund and mess fees reimbursement. This ensures that needy students with merit don’t go back in studies due to economic worries. Next comes the way SASTRA nurtures its entire pool of meritorious students. Instead of leaving them to progress at their own pace, or not at all, they are continuously challenged and motivated to do their best. The university also stresses a lot on imparting professional and humane values, not just because it is needed to excel at the workplace, but to make them well-rounded adults in society. SASTRA is also a mature and seasoned university when it comes to placements, as many of its alumni are in coveted positions in the industry, making the university requiring no introduction to either older recruiters or newer startups. For instance, SASTRA conducted a Global Alumni Meet earlier this year, where it felicitated three distinguished alumni - S. Pazhanikumar, a 1992 batch SASTRA mechanical engineering graduate and now a senior Scientist at DRDO; SV Ramanan, a 1994 batch electrical engineer and now CEO (India and Asia), Intellect Design Arena; and Girish Mathroobootham, a 1996 batch electrical engineer who founded Freshworks and now its CEO. With such a track-record, there is no wonder SASTRA is continuing to excel in placements year after year. In the 2020 graduation batch, 3253 offers have been made to 1938 students by over 114 companies including Amazon, Google, Cisco, PayPal, Microsoft, Morgan Stanley, Thorogood, VMware, Publicis Sapient, Mind Tree, Tata Consultancy Services, Cognizant, Infosys, Zoho Corporation, Deloitte, Dr.Reddys, SEASONAL MAGAZINE

Accenture, IBM, Ashok Leyland, Hyundai, Ford, TVS Motors, Bosch, Freshworks, Musigma, L & T, Rockwell Collins, Tata Communications, Tiger Analytics, Biocon, Novozymes, Zifo R&D, Caterpillar, Sanmar, Wipro, ICICI Bank, Axis Bank, HDFC Bank, City Union Bank, etc.

SASTRA's Edge in Startup Incubation

Entrepreneurship Development Cells have been a passive feature of at least some engineering colleges since the early 90s. Recently, it gave way to Startup Incubators in the campus, although most of them are at a very nascent stage, especially when it comes to funding and scaling the college startup projects. However, this is yet another area in which SASTRA is years ahead of competition. The university is home to a Technology Business Incubator (TBI), set up by Government of India’s National Science & Technology Entrepreneurship Development Board. NSTEDB, coming under Department of Science & Technology, has established this at a cost of Rs. 15 crore. Named as Foundation for Innovation & Research at SASTRA: Technology Business Incubator (FIRST), this TBI at SASTRA also has an impressive focus – the fast emerging tech domains of 3D Printing and Internet of Things (IoT). During these times of COVID-19, SASTRA researchers have risen to the occasion with world-beating innovations like split-ventilators for hospital ICUs and an Ayurvedic formulation to fight the disease, both of which have attracted government interest. Being done by FIRST’s incubated companies, the successful

idea to 3D print 2-way and 4-way split ventilators will help double or quadruple ICU ventilator availability in Indian hospitals. The project has already been appreciated by Indian HRD Minister Ramesh Pokhriyal. The Ayurvedic formulation from SASTRA labs use three medicinal plants to block the primary mode of Covid-19 transmission. The infrastructure and facilities at FIRST is second to none in India, as it has 32 machines for all kinds and sizes of 3D Printing, which makes it the largest such academic setups in the country. In the field of IoT too, FIRST has impressive facilities by way of embedded computers, sensors and equipment. This TBI has also added on to its capabilities by diversifying later on into two more domains, Robotics and Virtual Reality. Across these domains, there are around 24 incubatee companies, mentored by five senior industry leaders, well versed in the startup ecosystem. FIRST is professionally managed by its own CEO, assisted by managerial and technology executives. The FIRST incubator is structured as two separate centres – the Innovation & Training Centre and the Rapid Prototyping Centre. While the innovation and training centre is like an entry level facility for people to get exposed to 3D Printing &IoT, and carry out research and experimentation processes, the rapid prototyping centre features more advanced and expensive machines. SASTRA has already delivered a major product in 3D Printing when its Tissue Engineering & Additive Manufacturing (TEAM) group delivered SHRISTI, one of India’s first 3D laser bio-printers. Efforts are now on to market this unique product with an industry partner.

MANAPPURAM FINANCE

MANAPPURAM’S GOLD LOANS TO REBOUND POST LOCKDOWN? Non Banking Finance Companies (NBFCs), together with banks, tend to do well during economic booms when credit growth is high. But NBFCs focusing on gold loans, like Manappuram Finance, have historically done even better during difficult periods for the economy. This is a peculiar strength of the gold loan business that is putting the focus back on players like Manappuram, even in this most difficult period for lenders, due to Covid-19, the extended lockdown and moratorium on loans. he first reason why gold loan NBFCs like Manappuram performs well during economic stagnation, is about the product itself. Periods of economic difficulties are marked with poor income growth for both individuals and small businesses, but at the same time they have to keep meeting their essential requirements. The normal way out for individuals and small businesses then is to take a personal loan or small business loan to stay afloat. However, this is the same time when reluctance to lend is maximum from most banks and NBFCs. This is understandable, as by the time individuals and small businesses apply for fresh or add-on loans, banks and NBFCs would be stressed out the maximum as repayments from their larger accounts like corporate, MSME and home loans would be getting defaulted. They would have no risk appetite to take on further unsecured credit like personal loans or small business loans. This is where a secured loan product like loan-against-gold, commonly called as gold loan, excels. Most households and small business owners in India have some personal gold holding as jewellery and they resort to monetize it through gold loans. Even stressed banks and NBFCs have no issue in offering gold loans, as it is fully secured with a pledge of the customer’s gold. That is why even some public sector banks have started dedicated gold loan verticals during this lockdown period. In other words, gold loan is a unique and preferred product in stressed times by both borrowers and lenders. But if many entities offer gold loan, won’t this be a crowded market? Theoretically yes, but there are other considerations. Dedicated gold loan companies like Manappuram have a distinct edge in this

business due to various reasons. Gold loans are offered by everyone from local moneylenders to large private and public sector banks. Gold loans from local moneylenders tend to be the costliest and least secure for borrowers, as these lenders in the unorganized sector are basically loan sharks. At the other end of the spectrum, gold loans from PSU banks tend to be the cheapest for borrowers, but come with many hassles. For instance, many public and private banks prefer to give gold loans only to their depositors, and even for such customers it is a time-consuming process as most banks don’t have dedicated staff to handle gold loans at the branches. Between these two extremes, dedicated gold loan companies like Manappuram Finance offer the optimum experience. As organized players regulated by Reserve Bank of India (RBI), they offer competitive interest rates, high security and above all, lightning fast disbursals for customers. This explains the high growth experienced by gold loan companies, especially during the last two decades. A pressing question , however, is whether the current crisis due to Covid19 and the extended lockdown is similar in impact with earlier crises like demonetization and the global financial crisis of last decade. While Covid-19 is

definitely more serious than earlier crises, it has also unleashed one of the most favorable conditions for the growth of gold loan companies, which is the soaring gold price. As most other asset classes fell due to the crisis, global funds kept on buying gold as the only secure investment option. Obviously, better gold prices translate to higher loans, and it has always been one of the clearest markers for the growth of gold loan companies. For dedicated players like Manappuram, it offers an added advantage as they have open credit lines with most of their small business customers, who can avail additional loans from the existing gold pledges due to the higher prices now. A second question with regard to the uniqueness of the Covid-19 crisis is how the government ordered moratorium on loan repayments would affect Manappuram. But here too, the firm has witnessed a huge strength with over 90% of its gold loan customers not opting for moratorium. One reason for this is that the pledged gold is almost 100% made up of personal jewellery of the household, and most customers care deeply about it and would like to conclude the loan as planned to redeem the jewellery which has high sentimental value, and now more real value too as gold price is appreciating. The foresight of Manappuram’s MD & CEO, VP Nandakumar during the good times has also come to the rescue of the firm during these difficult times for NBFCs. The firm has been an early mover and leader in offering online gold loans that disburse and collect EMIs digitally. During the ongoing lockdown, the firm could disburse over Rs. 300 crore digitally. Manappuram's profit after tax grew 43% year-on-year (YoY) at Rs. 392.7 crore in the quarter ended March, compared to Rs. 274.6 crore in same period last fiscal. Total income rose 38.7% to Rs. 1618.2 crore in Q4, against Rs. 1,166.5 crore in the year-ago period. The business is quite secure too for gold loan companies like Manappuram which have followed a prudent Loan-to-Value (LTV) ratio. LTV denotes what percentage of the pledged gold’s value is offered as loan. While RBI allows an LTV of 75% on gold loans, Manappuram’s average LTV is only around 60% or lesser, which provides enough security in case gold prices correct. SEASONAL MAGAZINE

BANKING IDFC FIRST BANK

THE MIGHTY POWER OF POSITIVE THINKING IN BANKING

Anyone who knows V Vaidyanathan, knows he is a positive thinking banker. While positive thinking and its mighty power is equally attested and refuted by its believers and detractors respectively, watching the manner in which the MD & CEO of IDFC First Bank leads his organization and articulates his positive thinking is enough to make anyone a believer. Vaidyanathan’s positive thinking is not something hollow like the ‘Law of Attraction’, but is based on a simple yet profound premise, that, one needs to be positive enough to see the hidden opportunities first, so as to capitalize on them! He is not oblivious of the dangers ahead –in fact he would be the first person to warn you about it – but he is so positive that he doesn’t miss any of the hidden opportunities ahead, which is a prime reason why IDFC First Bank is the mid-sized bank to watch out for.

tock markets across the world are soaring after the late March rout, and the Indian bourses are no exception. Every steep technical correction is again being brought into by investors. The rally has so far been powered by stimulus packages announced by all leading economies across the world. And stock market is always the most leading indicator, which means the collective intelligence of the market is betting on an economic recovery within the next few quarters. IDFC First Bank’s stock too has made a smart recovery. The scrip has gone up as far as 91% within the first six months since the markets crashed in late March. The recovery was powered by the bank’s turnaround to profits in two consecutive quarters, Q4 of FY’20 and Q1 of this fiscal. Even the bank’s Q2 numbers, which are due out on October 31st is likely to be good, as the private sector lender has been racing to normalcy all through the second quarter. All these are more than enough for any banking sector CEO to turn positive. But V Vaidyanathan is not feeling positive for these factors alone. In fact, he regularly cautions those who ask him about what lies ahead for the banking sector. According to this young but SEASONAL MAGAZINE

veteran banker, who proved his mettle at ICICI Bank before turning into an entrepreneur, the real impact of the moratorium on the books of all the banks would be known starting in Q3, and fully only by Q4 end. The MD & CEO of IDFC First Bank is positive despite these upcoming storms. The reason is that he is seeing a lot of opportunities for the banking sector and especially for IDFC First Bank. This is what makes his positive thinking robust and worth analysing. The first development that makes Vaidyanathan positive is the green shoots he is seeing in the rural market. According to him, the government spending in the rural sector is already spurring on demand. While the same cannot be said of the urban markets, especially the metro cities, he is hopeful of the same happening sooner rather than later, as it is always the rural market that leads in demand recovery. Secondly, though IDFC First Bank had started out the post-lockdown phase with a slightly higher moratorium percentage than some of its peers, all through the second quarter and beyond the pace of collections have steadily grown, making him hopeful that performance on this front will be at par or better than most peers in the upcoming quarterly results.

He is also a person who nurses no regrets regarding his strategies. Vaidyanathan says that the bank started off with a slightly higher moratorium than peers simply because it did not resort to any kind of talking-them-out-of-it strategies with customers. This liberal stance was in perfect alignment with IDFC First Bank’s core strategy of putting customers first. Thirdly, even though IDFC First Bank was the first bank to raise equity capital to weather the likely pandemic storm, during the lockdown period itself, by raising Rs. 2000 crore from core promoters as well as blue-chip institutional investors, the bank still hasn’t dipped into it to make up for any losses. Vaidyanathan also doesn’t foresee such losses in the near term now, which means that the bank can use those funds purely to fund the growth ahead. Next in line comes the bank’s fundamental performance on its real

engine of growth – CASA Deposits (Current Account Savings Account Deposits). For any young bank, CASA Deposits, or better put, the lack of CASA, is one of the main reasons hampering unlimited credit growth. IDFC historically being a wholesale lender before it received a banking licence, IDFC Bank had this issue, but under Vaidyanathan’s leadership and as IDFC First Bank, the lender has made giant strides on this front. By Q1 end or June 30th 2020, IDFC First Bank’s CASA deposits have increased by an impressive 145% to reach Rs. 23,491 crore, from just Rs. 9,594 crore as on June 30th, 2019. Contributing to the growth has been the bank’s industry leading savings bank interest rate that now stands at 7%, which is double that of what many peer banks offer their customers, and even higher than some banks’ Fixed Deposit rates! Apart from bolstering CASA, this single move has made IDFC First Bank a dearly loved brand among retail customers, which will help the bank in the long run while pursuing retail loan growth. Recent figures show that due to the uncertainties and risks with stocks and mutual funds, investors are making a beeline for bank deposits, especially to those banks that offer the best rates. IDFC First Bank is perhaps the only universal bank that offers 7% for SB accounts now, as all others with high interest rates are Small Finance Banks (SFBs). And if anyone thought that offering such high interest rates to Savings Bank customers would affect the bank’s margin, IDFC First Bank can disprove it too. It has exhibited high growth in Net Interest Margin (NIM) and has improved its Cost to Income Ratio too. The bank’s incremental lending on the retail side being at 15-16%, according to the different products, it still translates to an average 7-8% of incremental net interest margin. The bank’s Fixed Deposits enjoy the highest level of safety, being AAA rated by CRISIL. While the full impact of the Covid-19 moratorium on the asset quality will take two more quarters to unravel at all banks, for the time being, IDFC First Bank has been performing impressively on the NPA front. The bank saw its Gross

Non Performing Assets (GNPA) reduce sequentially from 2.60% as of March 31, 2020 to 1.99% as of June 30, 2020. IDFC First Bank also saw its Net NPA fall sequentially from 0.94% as of March 31, 2020 to 0.51% as of June 30, 2020. This gives confidence that the bank can effectively overcome any new asset quality issues caused by the moratorium’s longer term impact. On the credit side, IDFC First Bank has been steadily improving its disbursals which had come to a standstill in April and which has now surpassed 60% of what it was pre-Covid, that is, in January & February 2020. With this kind of momentum in place, it is now only a matter of time before the loan book records significant growth again, feels Vaidyanathan. The bank has been witnessing strong growth on the consumer durables lending business, which is one of the two strongholds of the bank on the credit side. Lending for the consumption of appliances like televisions, air conditioners, refrigerators, washing machines etc has witnessed a strong rebound of 80% of pre-Covid levels at IDFC First Bank. This is especially important for the new generation lender as retail loans accounts for 61% of the loan book and consumer loans comes to 17% of the book. However, the same can’t be said about the other leg of credit growth at the bank, which is MSME credit, and which is now only 20% of the pre-Covid level. But here too, Vaidyanathan is optimistic as he knows that MSME has been the most affected sector and as consumption demand grows beyond a level, MSMEs would bounce back to expansion plans and credit growth. Vaidyanathan feels that the government’s Emergency Credit Line Guarantee Scheme for MSMEs has been a good success. IDFC First Bank has utilized this scheme for delivering credit to small entrepreneurs. But he strongly feels that more should be done for MSMEs like cutting their tax rates and favourable treatment to them vis-à-vis large corporate companies. Finally, what the IDFC First Bank CEO sees as the most powerful opportunity is that with such an unprecedented SEASONAL MAGAZINE

crisis, a large part of the banking system has gone into a coma. For lenders like IDFC First Bank that have both the capabilities to lend judiciously and the capital to support the same, this presents an unlimited opportunity. The bank continues to be a leader in technology deployment. In association with payments leader Visa, IDFC First Bank has launched SafePay, a digital facility that allows contactless debit card payments by simply waving your smartphone against a Near Field Communication (NFC)-enabled Point of Sale (POS) terminal. SafePay will enable contactless payments of up to Rs 2,000 per transaction and up to a limit of Rs 20,000 per day, making everyday purchases easy. Before Covid-19 struck and disrupted all sectors, including banking, IDFC First Bank has been growing its retail loan book admirably. The private sector lender, which was formed by the merger of IDFC Bank and Capital First, has a loan book that has two streams – the legacy infrastructure loans that basically came in from IDFC Bank, and the newer retail loan business that the combined entity has been pursuing. During the past year, the bank could grow its retail loan book by an impressive 30%. The bank’s stated aim is to grow this retail loan book to a dominant position and phase out the legacy loan book gradually. Before the lockdown came, this seemed achievable by IDFC First Bank, given how well its retail loan unit had performed over the last year, and even before it as the NBFC, Capital First. While Covid-19 and the resultant lockdown has thrown most banks into disarray, there is a high chance that IDFC First Bank would be among the first few banks to rebound in lending activity, due to its particular expertise in MSME credit. The mainstay of its retail loan book as well as of its former avatar Capital First, has been MSME loans. Since this sector has been one of the hardest hit in the lockdown, government support to revive it too has been to the maximum extent, with the government facilitating a package of Rs. 3 lakh crore as additional debt for MSMEs. The government is also extending credit guarantees for all eligible MSME loans. And when that growth phase kicks in SEASONAL MAGAZINE

shortly, which Vaidyanathan expects to happen with a 3-6 months lag, IDFC First Bank would be one of the most ready banks to tap into it. And even if it takes more time than expected, the recent equity raise of Rs. 2000 crore would serve to meet any contingency arising from Covid-19. The bank’s Rs. 2000 crore equity raise was subscribed by two of its major stakeholders, IDFC and Warburg Pincus, which also served to maintain their stakes in the bank at the previous level. While the main promoter IDFC invested Rs. 800 crore, the US based private equity giant Warburg Pincus invested Rs. 200 crore. The other half of the issue was subscribed by noted institutional investors, ICICI Prudential Life Insurance which invested Rs 600 crore, and HDFC Life Insurance and Bajaj Life Insurance which invested Rs. 200 crore each. Apart from its equity raise of Rs. 2000 crore and its fast growing CASA deposits, IDFC First Bank has enough headroom to raise further capital if

IDFC FIRST BANK DELIVERS INDUSTRY LEADING SAVINGS BANK INTEREST RATES THAT NOW STANDS AT 7%, WHICH IS DOUBLE THAT OF WHAT MANY PEER BANKS OFFER THEIR CUSTOMERS, AND EVEN HIGHER THAN SOME BANKS’ FIXED DEPOSIT RATES!

growth warrants it, as the bank is yet to raise any significant Tier-II Capital. However, for the time being, Vaidyanathan is not eyeing any more fund raise, as it is still to use the Rs. 2000 crore it raised during the lockdown. IDFC First Bank grew its net profits for the quarter ending June 30, 2020 (Q1 FY’21), to Rs. 94 crore as compared to a loss of Rs. 617 crore for Q1 FY20 and as compared to a net profit of Rs. 72 crore in Q4 FY20, up by 31% (QoQ). The bank had thus reported its second consecutive quarter of profits in spite of providing liberally for COVID. Earlier, the new age private sector bank had also come out with an excellent set of numbers for Q4 that signal a positive turnaround on year-on-year basis. It had reported a net profit of Rs. 72 crore for the quarter ended March 31, compared to a loss of Rs. 218 crore a year earlier in the corresponding quarter. The turnaround was holistic as it was led by a 40% rise in net interest income, as well as fees. The young bank and its young CEO continue to capture mindshare across the young and older India. While the bank is doing it with its leadership in deposit rates and its hassle-free credit for consumer durables and MSME, Vaidyanathan is doing it with his positive thinking and much more. Recently, he stunned the nation and captured all hearts when he hunted down and gifted Rs. 30 lakh worth of his shares in IDFC First Bank to a former teacher who had given him Rs. 500 that enabled him to travel from Chennai to BITS, Mesra, where he had gained admission after his pre-degree, which eventually paved the way for his leadership role in the banking sector.

PSU

WHY COCHIN SHIPYARD IS SET TO EMERGE STRONGER A crisis exposes the fundamental strengths or weaknesses of an organization like nothing else. Cochin Shipyard, where India’s first indigenous aircraft carrier - INS Vikrant - is being built, is on solid ground with a diversified order book of Rs. 15,300 crore, including anti-submarine vessels and ship repair. Led by Madhu S Nair as CMD, the listed PSU is almost debt free, and has enough funds to undertake significant capex as planned, which includes its new International Ship Repair Facility and a new Dry Dock. The country’s renewed focus on Atmanirbhar or self-reliance in defense manufacturing, as part of the Covid-19 stimulus package as well as due to new geopolitical challenges like the China stand-off, will add to the momentum of Cochin Shipyard. ochin Shipyard Ltd had posted a robust set of numbers for Q4 of last fiscal. Quarterly consolidated net profit is up by 44% in the last quarter, while for the whole year, consolidated net profit is up by 32.50%. Cochin Shipyard is a unique public sector undertaking in that it is majority owned by Government of India through Ministry of Shipping, yet it is a leading shipbuilder for India’s defence sector. Its importance in defence is evident from the fact that Cochin Shipyard is where India’s first indigenous aircraft carrier - INS Vikrant is being built. Now, with the Atmanirbhar package, the importance of CSL is only going to increase.

During Q4, Cochin Shipyard delivered a 1000 MT Cargo Vessel for Andaman & Nicobar Administration. The company also delivered 8 RoRo Vessels, as part of a 10 Vessels order, with two Vessels remaining. It also delivered one Fishing Vessel to the neighbouring state of Tamil Nadu. Along with all major manufacturing companies in India, the operations of

Cochin Shipyard were temporarily disrupted from 23 March 2020 due to the Covid-19 lockdown. But on 5th May it was one of the first PSUs to bounce back into operation, thanks to its major facility being in Kerala, which was relatively less affected by the pandemic. And by 9th June 2020, most of its subsidiaries were also up and running. While some group companies of CSL continue to work on a reduced scale of operations, the management led by company veteran and postgraduate engineer in ship building from Japan, Madhu S Nair, expects to ramp up the operations significantly in the remaining quarters. The shipyard has been working against all odds like reduced shifts and reduced working hours from May 6th and could still complete construction of two vessels, one a Technology Development Vessel (TDV) for Defence Research & Development Organisation (DRDO) and another a passenger vessel of 500 capacity for Andaman & Nicobar Islands. The A&N passemger vessel is the first of four such vessels ordered by A&N Administration (two of 1000 capacity, two of 500). The remaining three vessels are in various stages of construction. However, CSL is now waiting for the sea trials of the A&N and DRDO vessels and another earlier completed vessel as the service and commissioning engineers from Original Equipment Manufacturer (OEM) firms have to be present for the trial, but who are now in Norway, Italy & Korea, and have to fly

Government’s stake in Cochin Shipyard is as high as 72.86%, but it caters to both defence and commercial shipbuilding orders from India and abroad. One of its greatest strengths is its significant leadership in the ship repair segment in India, especially in the defence sector comprising of Navy, Coast Guard etc. SEASONAL MAGAZINE

down here after the restriction on overseas flights is lifted. Some of the OEM engineers for the A&N vessel have already arrived in Kochi, but now under quarantine. Post the lockdown, the ship builder conducted a comprehensive assessment of the prevailing and emerging situations. Cochin Shipyard has considered all possible effects that may result from Covid-19 on the carrying amounts of financials assets, inventory, receivables, advances, property, plant and equipment, and intangibles as well as liabilities accrued. These include possible future uncertainties in the economic conditions because of the pandemic from available internal and external information such as the current contracts, financial strength of the supply chains and customers etc. Based on such current estimates, Cochin Shipyard expects that the carrying amount of these assets will be recovered and there is no significant impact on liabilities accrued. However, the ship builder admitted that the impact of Covid-19 may differ from that estimated as at the date of approval of these financial statements and the company will continue to closely monitor any material changes due to future economic conditions. The major challenges that Cochin Shipyard is experiencing now are shortage of skilled labour, and deferred supply of various raw materials and equipment from various suppliers in India and abroad. While all efforts are being taken by the company to overcome these risks, it also expects that a 3-4 months impact is possible in the execution of various projects. While the impact of the pandemic was not much felt in the fourth quarter, as only seven working days were lost, there will be an impact for the same in Q1 of the current fiscal. But the longer impact is likely to be on the delivery of India’s first Indigenous Aircraft Carrier (IAC) INS Vikrant - which may slip from end of FY’21 to FY’22. However, post the lockdown, when Cochin Shipyard resumed operations on a lesser scale, IAC again became the top execution priority for the company. SEASONAL MAGAZINE

Among the ongoing capex projects, both the new International Ship Repair Facility and the new Dry Dock are on schedule with respective commissioning expected by December 21 and December 22 respectively. It is noteworthy that the company is executing these major projects without much debt component, using cash holding including proceeds from its IPO. The company is also on a consolidation drive. Recently, it had acquired additional 26% equity shares in its subsidiary Hooghly Cochin Shipyard Limited (HCSL). Prior to this, it was holding 74% equity stake in HCSL and with this acquisition, HCSL has become a wholly-owned subsidiary of Cochin Shipyard. The country’s renewed focus on selfreliance in defense manufacturing, as part of the Covid-19 stimulus package holds immense potential for Cochin Shipyard. While orders under this new initiative is yet to materialize, the border standoff with China since then is sure to accelerate the momentum for this initiative. If it happens, India will once again see Cochin Shipyard serving the defense interests of the nation on a larger scale. Keenly awaited on this front is an order for submarines, which Cochin Shipyard is very capable of executing.

On the financial performance front, Cochin Shipyard has always been a leader in margins. In Q4 too this focus on margins continued, with EBITDA margins surging to 20% from the 14% in the year-ago period. The major reason for the expanding margins has been the company’s near monopoly status in many kinds of ship repairs in the defence sector. In Q4, the EBITDA margin from the ship repair side was 27%. The company is also known for its operational excellence. It is one of the least financially leveraged ship builders, with near zero debt level. It’s employee efficiency ratios also rank high among peers. The company is a strong dividend payer, and its board had recommended a dividend of Rs 15 per equity share for the financial year ended 31 March 2020. The dividend percentage for financial year 2020 is at 166% with a current yield of 5%, which is one reason why Cochin Shipyard makes strong comebacks after market-wide declines in stocks, like how it happened during the peak of the Covid-19 crisis in the market. This near zero-debt company is also attractively valued at a price-earnings multiple of just 6.77 times and priceto-book ratio of 1.16 times. One reason for the low valuation is the chunky nature of its order book, dominated by large orders. However, it has been consciously diversifying its order book during the last years and it now stands at Rs. 15,300 crore, including antisubmarine vessels and ship repair. The orders are more than enough for the company’s needs for the next two to three years.

INSURANCE

4 REASONS WHY LIC MAY BECOME INDIA’S BERKSHIRE HATHAWAY

overnment of India is planning for the Initial Public Offer of Life Insurance Corporation of India which will make it one of the largest listed companies in India with a market capitalization of around Rs. 10 lakh crore. In many ways, LIC of India is a company like Berkshire Hathaway led by legendary investor, Warren Buffett, both having twin engines of growth – insurance and stock market investments The world over, insurance and investments are a linked opportunity as the insurance industry provides for a clear visibility of cash flow across quarters and years, which gives them great leverage to invest and trade in the stock market. Even in this crisis year of 2020, LIC has made an unbelievable profit of Rs. 13,000 crore from short-term investments within a matter of 4-5 months. And with life insurance penetration in India not even one-third of what it is in comparable peers, LIC and its potential investors are staring at a huge opportunity.

LIC IS THE PERFECT LARGECAP OPPORTUNITY Fortune is definitely at the bottom of the pyramid, but the companies which own this fortune are right at the topmost rung. No, not with the largecap companies, but with the largest cap companies. Again and again this has been proved right, with the latest proof coming during and after the devastating pandemic and lockdown. Apple’s marketcapcontinued to rise during the pandemic to reach 2 trillion US$ after just a minor hiccup in late March 2020 during the global meltdown. Same with Microsoft which rose to 1.6 trillion in market cap after a slight dip. And Amazon stock didn’t even have a dip during the pandemic, but revved up its rise, to top 1.6 SEASONAL MAGAZINE

trillion during the pandemic. Back home, India’s largest cap, Reliance Industries, had a serious meltdown in tune with the market during late March due to the global oil slump, but has more than doubled its stock price since then to reach a market cap of Rs. 14.73 trillion or 0.20 trillion US$. While most retail investors are amazed at such feats, institutional investors and market veterans know what is at play here. Firstly, largest cap stocks are not just their segment leaders (which of course is a huge advantage), but they are the overall market leaders or in other words what the overall market puts the maximum value on. Secondly, the largest investment funds in the world like mutual funds, pension funds, insurance companies and sovereign funds, can only invest in largecap stocks as midcaps and smallcaps can’t absorb their kind of huge funds. Life Insurance Corporation of India, when listed is likely to have a market capitalization of Rs. 10 lakh crore, making it the second largest listed stock behind Reliance Industries. This is why the upcoming IPO of LIC is likely to be one of the most attractive stock market opportunities ever to hit the Indian bourses.

LIC IS THE PERFECT GROWTH OPPORTUNITY Very few companies in India have consistently grown for more than half a century like LIC of India. Starting out in

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1956 with Rs. 5 crore as capital, LIC has grown to one of India’s giants with nearly Rs. 32 lakh crore in asset base. And from just being a life insurance provider, LIC has become a financial services conglomerate with divisions, subsidiaries, or associate companies in banking, home finance, pension fund, mutual fund, and more. And during these 64 years, from being a national player, LIC has ventured out into being a global player with operations in 14 countries. And the beauty is that LIC is still growing at an unbelievable pace. During FY’20 LICgrew its new business or first year premiums at an impressive 25.17 %.This is no ordinary achievement as this growth was on a huge base – in fact, the largest first year premium base in India – which stood at Rs. 1.78 lakh crore as of FY’20 March end. Describing it as the largest base is also a misnomer, as it is also the major chunk or 68.74% of market share. LIC’s market share by way of number of policies is even higher at 75.90% and stands at a six-year record high. And in the current fiscal, while all life insurance companies including LIC suffered a setback in Q1, and bounced back in Q2, the recovery of LIC was a much sharper V shaped one, and needless to say it came at the expense of private sector insurers, and not by the sector expanding much. And despite the continuing uncertainties, Chairman MR Kumar has already guided that LIC will close the current fiscal year with a performance higher than last year. Due to its unique size and role in government’s scheme of things, LIC is

always ready to take up greater roles that can prove to be great opportunities too for the life insurer. A case in point is its rescue and takeover of IDBI Bank, which has turned around to profits under LIC’s ownership and is all set for a major capital raise.

LIC IS THE PERFECT DE-RISKED GROWTH MODEL Companies become largecaps owing to growth over many decades, but then growth may stall too. This is because, as the networth or shareholder equity surges with consistent growth in profits over the years, it becomes increasingly difficult for largecap companies to delivera meaningful return on equity, despite reasonable growth and profitability. Most largecaps go through this phase and many get stalled for years there, until they figure a way out of it. The best examples for this phenomenon are Microsoft on the international scene and Reliance Industries in India. Both had swelled with profits and cash balances over the decades, in their own scale, and found it increasingly difficult to have any kind of upmove in their stock prices or market capitalizations across multiple years. Finally, being highly competitive companies, they found out their own ways out of it. What Microsoft did was pay out all the excess cash it held, as dividends to its shareholders over a decade, and automatically the share price and market cap started rising once again as both the dividend yield and the Return on Equity became very attractive once again. Reliance, on the other hand, disrupted the telecom market by making huge investments into 4G & broadband deployments, which resulted in their Jio Platforms becoming a high-growth division much like a monopolistic startup, thereby attracting huge investments even during the pandemic and lockdown. Now, Reliance is repeating the feat with their e-commerce division, Reliance Retail.However, it should be mentioned that even these super smart companies struggled with this issue of growth before finally solving it. And there are

more largecaps the world over that can never dream of taking such risks to solve this growth dilemma. But LIC of India is likely to have no such issues even after getting listed as one of the largest cap stocks in India due to at least two reasons. Firstly, it is still growing its core life insurance business at an admirable clip. Secondly, and this is the more important factor, it has a ready avenue to deploy surplus profits – the Indian equity market. And LIC’s rate of return from this activity is even ahead of its core insurance business and way ahead of the government bonds and bank fixed deposits where mostlargecap companies park their surplus cash.

LIC HAS THE PERFECT TWIN ENGINES OF GROWTH Most largecap companies do only one thing. Like, say, banks, steel manufacturers, cement makers, auto majors or paint companies – they do only one thing, but do it well. Some of them have an additional line of business, but it tends to be minor compared with their core activity. But LIC of India is in a different league altogether in this regard. It not only has dual lines of business – insurance and investing – but it is a market leader in both! And what is more, these are complementary activities as mentioned earlier. But more needs to be said on these twin engines of growth at LIC. Insurance business, especially life insurance business, is a peculiar activity in that once customers are signed up each month for policies, there is a clear visibility on the kind of annual revenue from premiums that are going to flow in each year and each month. Also, there is a clear visibility on the normal payouts to customers on maturity of the policy. Even the claim settlements on death, which may seem to be a variable factor, is quite stable across years. Taken together, what these factors mean is that insurance companies, especially life firms, have a clear expectation of the cashflow which makes them capable of being large and systematic investors. Indeed, in India and the world over,

insurance companies are among the largest institutional investors – either for themselves or for their insurance customers through equity linked products like Unit Linked Insurance Plans (ULIPS). In fact, for the first model – investing for themselves – the world has the finest example, Warren Buffett led Berkshire Hathaway, the most successful stock market investing company during the last 100 years, which is basically a general insurance and reinsurance giant. Recently, LIC Chairman, MR Kumar had explained the admirable nature of this business at LIC. At the end of Q4 FY’20, during the last week of March to be precise, the Indian stock market had tanked steeply along with all the worldwide markets on a global selloff due to the pandemic fears. LIC waited for the valuations of stocks to turn very attractive, and soon into Q1, turned a contrarian buyer. All through Q1 – April, May & June – LIC maintained buying quality stocks across the board, when fear was its maximum as the investment world was staring at a never before situation in around 100 years. By the end of Q1, the stimulus from major economic powers as well as India had kicked in, sending huge inflows into global markets including India, and the market regained confidence and started surging. And LIC again turned contrarian! From the

beginning of Q2, that is July, they started selling stocks across the board, and by August, had raked in Rs. 13,000 crore as profits from this short-term trade that lasted barely 4-5 months! It more than handsomely offset LIC’s deep fall in Q1 profits from their core insurance business. And by the time, LIC had booked its trading profits, the insurance business had also made a sharp V shaped recovery, according to Chairman Kumar. Not many companies in India or even in the whole world are capable of such feats, as they lack such complementary twin engines as well as such risk-taking abilities. If anyone thinks, LIC made a mistake by selling off in Q2, as market has continued to rise, wait till you hear the full story. LIC’s core investments in stocks, especially in bluechip companies – Kumar calls them family jewels – are still intact at pre-pandemic levels! Which means LIC is a seasoned investor as well as trader. Indeed, LIC’s upcoming IPO may elevate them to the status of India’s own Berkshire Hathaway, which is also a listed company, whose stock has been one of the largest wealth creators in history for investors. SEASONAL MAGAZINE

ADVISORY

MENTORING MSMEs, PROFESSIONALS & SELF-EMPLOYED TO RESTART Life can’t wait for Covid-19 to end, and India has realized this stark truth. Businesses and organizations are slowly getting back to their feet. Larger business houses obviously have better resilience, and the ones who have been left in the lurch due to the pandemic and the lockdown have been India’s MSME (Micro, Small & Medium Enterprises).. #RestartIndia, a new initiative by the leading NBFC and MSME sector specialist Muthoot Fincorp and the noted platform for exchange of innovative ideas, INK, has been set up to address what is perhaps the most vexing problem facing India today – how to restart India’s nearly 6.34 crore MSMEs. #RestartIndia which is available from the web portal restartindia.in was launched by Union Minister for MSMEs, Nitin Gadkari in late July and has since then found good traction among entrepreneurs and professionals. ndian economy is a unique beast in that around 90% of its population is working in the informal sector. During its earlier decades as an independent nation, agriculture dominated more than two-thirds of this 90%, but as the prospects of agriculture waned, the informal sector has come to be dominated by the fast-growing segment of Micro, Small & Medium Enterprises. Unfortunately, the who-is-who of India and who-is-who of Indian Inc have not much representation from this crucial segment of the economy. This is despite the MSME segment contributing more than 30% of India’s GDP, and having its huge presence in all the sectors of Indian economy like services, manufacturing, trade and exports. MSMEs underrepresentation is

Lakshmi Pratury, Founder and CEO SEASONAL MAGAZINE

attributable to the fragmented nature of the segment. Even inside the MSME segment, there is an issue of underrepresentation of the majority. There are nearly 6.34 crore MSMEs in India as of FY’20, but the vast majority of them – nearly 6.31 crore units or 99.5% - are of the tiniest kind called Micro Enterprises. These are the businesses that employ only a handful of people, or are even run by only selfemployed entities - persons, families or small partnerships. Needless to say, they have been the most drastically hit by the current economic crisis and most in need of some sage advice. Above them in business size are the Small Enterprises that are 3.31 lakh in number or 0.52% of the MSME segment and even above them are the 5000 Medium Enterprises that make up only 0.008% of the segment. These relatively

Thomas John Muthoot, Chairman, Muthoot

larger units – Medium & Small Enterprises – tend to be registered with the Government, giving them better representation, as against Micro Enterprises, the majority of whom go unregistered. As of FY’20, only around 4% of all MSMEs operating in India are registered with the Government. MSMEs play a vital role in the economy for several reasons. Apart from being one of the two largest employers, the other being agriculture, MSMEs are often critical parts of the supply chains of large manufacturing companies. The segment also drives India’s rural economy as the urban-rural ratio among India’s MSMEs is nearly 50:50. Without lakhs of MSMEs operating in full swing, manufacturing and exports of India would be seriously hit. And with rural economy being the basic demand driver of everything else in India, resurrecting MSME sector is of paramount importance to the whole country. While the Government has announced a few measures to support the MSME sector post the lockdown, with only 4% of them being even registered officially, it would take much more concerted efforts from all involved to clear the doubts and confusions of MSMEs and to get their businesses restarted effectively. This is where the specialized expertise of an organization like Muthoot Pappachan Group (MPG), popularly known as #MuthootBlue, can deliver big. Led by their flagship enterprise, Muthoot FinCorp, which is a leading MSME financier in India, the Group has come out with the path-breaking concept of #RestartIndia, a web portal where seasoned experts will answer all

Thomas George Muthoot, Director, Muthoot

your queries on getting restarted. #RestartIndia has the active participation of Muthoot FinCorp Directors including Thomas John Muthoot, Managing Director; Thomas George Muthoot, Director; and Thomas Muthoot, Executive Director. Thomas John Muthoot is also the Chairman of CII Kerala State Council. Muthoot FinCorp has found the perfect partner for this venture in INK, a noted platform for exchange of innovative ideas, founded by Lakshmi Pratury. Renowned for conducting the annual INKTalks, a series of global professional conferences, Lakshmi who returned to India after a high-flying career in USA, is a noted consultant, public speaker & storyteller on innovation who is also credited with bringing TEDTalk to India for the first time. Putting their money where their mouth is, Muthoot FinCorp, the title sponsor of Royal Challengers Bangalore, is also offering a never-before offer for their customers to restart. The leading NBFC is offering gold loans with an interestfree period so that customers can get a big restart in their own games. While restartindia.in from where you can access the #RestartIndia advisory service is open to all – startups, small entrepreneurs, self-employed persons, professionals, students, teachers, homemakers, budding entrepreneurs, employees etc, the maximum benefit is likely to be obtained by businesses in the MSME sector and by professionals in their career advancement. In a neat and clean interface, #RestartIndia, makes its value proposition clear without beating around the bush. In a set of clearly

Thomas Muthoot, Director, Muthoot

Mr. KM Abraham Former Chief Secretary, Government of Kerala

TS Vijayan Former Chairman, IRDA

C Balagopal Gloria Benny Founder - Terumo Penpol Ltd. COO, Guardians of Mentor to startups and Dreams Investor

worded questions and statements, everything is clear for a first-time visitor - “Do you have a question? A challenge? A problem? We can guide you. We’re here to help you. Ask a question.” Now the vexing question is who answers your questions over here. This is no Quora where any subject matter aspirant can answer your question. At #RestartIndia, only seasoned professionals with decades of experience will answer your questions, and that too in only their area of expertise. #RestartIndia calls them your Mentors. The Mentor Network that #RestartIndia has roped in is pretty formidable. They include KM Abraham, Former Chief Secretary, Government of Kerala; TS Vijayan, Former Chairman of LIC & IRDA; Anuj Khanna Sohum, Founder, Chairman and CEO - Affle; Anusha Ravi, CEO, Park Group of Institutions, C Balagopal, Founder - Terumo Penpol Ltd.; Dileep Narayanan, Founder and Brand Mentor, Organic BPS Pvt. Ltd., and lots more of such luminaries. You will find CEOs, CFOs, startup founders, doctors, surgeons, psychiatrists, engineers, technologists, educationalists and experts in hospitality, agriculture and more in the Mentor Network of #RestartIndia. And overseeing the whole activities of the

Anusha Ravi CEO, Park Group of Institutions

Poornima Kumar Managing Director Hemex Health (India)

Veerappan Swaminathan Founder and Director Sustainable Living Lab

Anuj Khanna Sohum Chairman and CEO - Affle

portal is the Core Advisory Team consisting of Lakshmi Praturi and the Muthoot FinCorp Directors. Once a user submits a question, it is validated by a team of reviewers, and is submitted to one or more appropriate mentors in the network. Once their answer is ready, it is published in the Question & Answer Segment of the web portal and the user is notified via email that #RestartIndia’s professional answer is ready. The Q&A segment has been made very effective with tools like Google Search and segment tags, so that users can also browse the already answered questions to find whether similar queries have been answered already, before posting a question of their own. Within just a few months of its launch, the portal has experienced huge traffic, and a good number of relevant questions and high quality answers. Apart from English, the questions and answers can also be read in seven Indian languages – Hindi, Bengali, Gujarati, Malayalam, Tamil, Kannada & Telugu, thereby increasing #RestartIndia’s reach among native language speakers exponentially. Over time, this publicly accessible database of professional answers is sure to become a quality repository of professional advice that will help in restarting India. SEASONAL MAGAZINE

ONLINE SHOPPING

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BIG BASKET’S BIG QUARTERS OF BIG CHANGE

SEASONAL MAGAZINE RECENTLY CAUGHT UP WITH HARI MENON, CO-FOUNDER & CEO OF BIG BASKET, INDIA’S LARGEST ONLINE GROCERY & SUPERMARKET FOR THIS EXCLUSIVE INTERVIEW. THE COMPANY HAS MADE A REMARKABLE TURNAROUND DURING THE PANDEMIC FROM THE VERGE OF COLLAPSE TO 100% GROWTH WITH MONTHLY GROSS SALES TOUCHING $1BILLION OR RS. 7500 CRORE.

etween the Janata Curfew of 22nd March and the full lockdown of 25th March, BigBasket lost 80% of its delivery staff. Could anything have been worse? Well, plunging from 2 lakh delivered orders daily to just 28,000 delivered orders, for one. And during that last week of March and the first week of April, Co-Founder and CEO Hari Menon and his team worked frantically with numerous authorities, right from the Central Government, to all the State Governments, to all the Local Administrations, and to even the Police Departments in numerous cities, to open up the clogged supply chains. Then they went in for one of their largest recruitment drives ever, to fill up nearly 80% of their delivery posts, by forging over 50 partnerships with government and private companies as well as industry associations to temporarily hire their jobless staff. Within 18 days, over 12,000 new employees were recruited and trained. The desperate attempt was to claw back what they had swiftly lost in a fortnight, what they had painstakingly built up since 2011. But such hard work never ever goes without its full reward. By May, BigBasket was doing record sales, clocking 3.5 lakh orders daily and hitting the coveted $1 billion Gross Merchandise Value (GMV) for the first time in its history. And this was not by any kind of price increase but rather by automatic cost efficiency as the company had to do more with less resources. This has also enabled India’s biggest e-grocer to turn Contribution Margin Positive for the first time ever, which is a first step in the long road to become breakeven. In the months of June and July, BigBasket has not only maintained its gross sales above $1 billion, but has moved further ahead on the profitability path, with the firm expected to be EBITDA positive soon. Hari Menon credits his co-founders, the entire BigBasket team, the various Central and State Government agencies, and above all Big Basket’s rapidly growing

customer base for this turnaround. The dramatic change in fortune was next to impossible without the sudden crisis, says Hari. An alumnus of BITS-Pilani and Carnegie Mellon, Hari Menon has both been a CEO and a serial entrepreneur of several companies, including India’s first online-plusoffline e-commerce chain Fabmall / Fabmart – much before Flipkart & Amazon started in the country – and their offline stores were later sold to Aditya Birla’s More chain of supermarkets. Interestingly, all the other co-founders of BigBasket - VS Sudhakar, Vipul Parekh, Abhinay Choudhari & VS Ramesh - have been partners of Hari at Fabmart. They sold out Fabmart in 2006, parted ways to become angel investors on their own, but regrouped in 2011 to start BigBasket. After initial years of struggle, these co-founders moved into the big league after choosing Alibaba as a major investor and strategic partner, whom they chose above Amazon and Walmart after much deliberation. Born and brought up in a middleclass family in Mumbai, Hari Menon is thankful for the grounded upbringing by his parents as well as the inspiration from his wife Shanthi Menon who founded Bengaluru’s Deens Academy. An avid fan of music and cricket, Hari’s role models include his father-in-law E Sreedharan, India’s renowned ‘Metro Man’ and Rahul Dravid on whose cricketing and personality traits he says he is modelling BigBasket’s services. Though facing increasing competition from BigBazaar, Amazon, Flipkart, and now JioMart in the grocery space, Hari Menon is unfazed as he banks on the sheer size of the grocery market in India which is now at $500 billion as well as the gross under-penetration of online stores which even now controls only 1% of this enormous business. According to him, with superior service levels like quality, punctuality, hygiene, and contactless delivery – which BigBasket pioneered – the company hopes to stay ahead as the leader it is now. The company is also investing Rs. 200 crore into building its own private label as it is a significant growth avenue. SEASONAL MAGAZINE

We heard this remarkable story of BigBasket losing almost its entire delivery staff just before lockdown, and rebuilding it entirely within weeks. What kept you going in those days? HM: See, what kept me going is just making sure that I tell myself I have a lot of resilience and making sure that I tell my teams to build a lot of resilience amongst all of us. That's all we can ask for. It was extremely tough, those few days, starting from March 22. When the first janta lockdown was announced, on that particular day, we were already on the ground doing deliveries although the information hadn't reached our various cities from the Centre. Hence, there was a lot of confusion. Following this, we had to actually shut down operations within two hours. In the next two days, life was normal but due to the fear of COVID-19 spread we lost 80% of our workforce. All of them migrated back to their respective homes. Then, the lockdown was announced on the 25th. So we were left with about 20% of our workforce while at the same time orders were surging as everybody just wanted to shift to online groceries. The stores were also shut and people were worried. Therefore, the huge surge in orders was accompanied by limited workforce. This was indeed a tough situation and we had to respond quickly. The single biggest thing that we had to do was to hire more people. Most of our workforce came from places outside of Bangalore as within cities, the supply of labour had dried up some years ago. People were migrating from smaller towns and coming in for work to the main cities. We had to now go back and and basically just get people from the cities. We didn't know how easy or difficult it was going to be because the workforce had depleted. At that point of time, we had about 5556 partnerships created and hats off to my entire operations team led by HR who created this. For example, we went to the National Restaurant Association and told them that since restaurants were shut, their people are looking for jobs. We told them that we could hire whoever were left in the cities. We even had contracts saying that they can be SEASONAL MAGAZINE

absorbed back once restaurants were to open. By then, we knew that our original workforce would make it back. Then we went to the Retailers Association as well and told them that we can offer employment to all those who are nonessential retailers. We went to garment factories, which were shut or closing and offered to employ their workforce. We tied up with Uber for their drivers, with other taxi drivers, auto rickshaw drivers etc. Basically, anyone who could help us deliver orders and help our people get to the warehouse was hired. We were willing to make these arrangements. In about 18-20 days, we had hired around 12,300 people, something that we had ever done before. This was only because the team knew this was a big opportunity to get huge surge of orders. We knew it would really be a shame if we couldn't deliver so our people took it upon themselves and considered it a national duty to deliver food items to people's homes. Within about a week to 10 days, we were kind of up and running. Another aspect I want to touch upon is the support that we got from the government. At that point in time, when the lockdown got announced, the government realized that essential services are critical for homes. It was also

important to remove all the bottlenecks. I remember we had constant meetings with government agencies, sometimes around 3-4 in a single day. They were pivotal in helping with local level issues for instance if our trucks would get stuck somewhere etc. The support from local authorities was very important. In about 10-15 days, we got our people back and we were once again up and running. But those 15 days were really demanding. You had remarked once that whenever BigBasket was supposed to do more with less resources, many breakthroughs happen. Can you explain it? HM: Yeah, I must explain this to you. This is something that is quite dear to me and geared towards the organization. There are two things that we took out of this whole experience. One of the learnings was that organisations must build resilience in situations like this. Only a resilient organisation would be able to deliver. All credit must go to our people who stood up and did what they had to. Secondly, we learnt this other very interesting concept. I wish I could write about this someday and that is on the idea of 'doing more with less'. It's

something that we internalized completely in our organization. And what that meant was, in times like this, you're constrained on everything in life. You're constrained in terms of people, resources, space and other things. Therefore, your ability to work under those constraints and deliver more with less is something that will make you work. What that means is that we were able to actually tweak our processes and technologies, bring in a lot of changes quickly and to deliver more with less in very quick time. We were able to devise methods that could improve people's productivity. I even started to apply this in my own personal life. Since our lives had become simpler, we were learning how to do more with less and being happy about it. Earlier, we never thought we could be satisfied by doing only the bare minimum things. This is why it was so critical to learn how to 'do more with less'. I think in May or June, you had crossed $1 billion in Gross Merchandising Value. How has the demand been since then? HM: Demand is sustaining. We believe that this is not just a COVID-induced moment. People keep asking me this that when people return back to their normal lives, would they resume old behaviours? I think it is not momentary as some might argue. We are now convinced and it is only going to get better. I have three good reasons to tell you why that is the case. Firstly, the demand continues to be very strong and the surge continues. The tailwinds are really strong. People are starting to realise that buying online is safer. Secondly, our retention cohorts have been excellent which means we have acquired a lot of new customers during this period. Our new customer acquisition actually doubled while 'new customer orders' and 'new customers by value' tripled. It was very important for us to retain customers so that once they are on the platform, they find no reason to go back to old ways of shopping. We were, in fact, able to retain customers really well and we feel this is likely to continue. Thirdly, we believe that there is still a lot of pent up demand in many of our cities because of the extended lockdowns. For example, Chennai is

shut on Sundays and even we can't operate on Sundays. There are many things on the ground, which doesn't give you the full potential of the city. And as we go along, Chennai and other cities will start opening up and getting better. So we see a lot of pent up potential that we still haven't captured in the cities. It's been going on for about four months now. Now the fifth month looks good. Even September is expected to look good for sales so we are poised to witness a lot of movement in the online space Last month or so you, had also turned Contribution Margin Positive? Was it due to the cost-cutting measures? Have you moved even more towards the breakeven point? HM: We haven't done any cost-cutting during these times. In fact, as I said earlier, we were actively hiring people. We have become absolutely more cost efficient. That's what helped us get to Contribution Margin Profitability. Doing more with less resources really helped us. Also, our average order values went up, Initially people were only stocking up but eventually we have been seeing more orders as a segment shifts completely from offline to online shopping. And so that trend will continue. We've also seen improvements in our gross margins. There were a lot of categories that were not selling as much earlier, such as gourmet baking products, nutritional & health products etc, have started to sell more. We think these are the three reasons that got us Contribution Margin Positive. We are also very close to being EBITDA positive, which is being profitable company-wide. It's just a matter of a month or two for us to actually get to that stage also. We have been able to advance this whole thing back almost about 15 to 18 months. Technically, this would have happened 15 months later so it's all about advance. So we are almost there as far as company wide profitability is concerned, which is EBITDA. BigBasket's IPO would be an eagerly anticipated one. When are you tentatively planning for it? HM: Well, we haven't planned as yet but we will put our minds into it. Otherwise, we don't have a set date as yet.

You and other co-founders come from a background of entrepreneurship right from the time of the dotcom era. How did all of those experiences help you in planning a better strategy for BigBasket? HM: Well, I think a lot of learnings have come from our previous avatars. We had done Fab Mart first and then Fab Mall, which was the physical store. It was acquired by the Aditya Birla Group that goes under the brand name of More supermarkets now. So we've gone through that whole journey. Lots of learnings in terms of what are the important things to look at, and it just made us wiser by the end of 2011 to start BigBasket. So we've had tremendous amount of learnings as to when we should start, what should the environment look like, how capital raise has to be done, how to ensure that you have enough capital available all the time, how to build large teams, how to take care of execution etc. We've actually become a lot more mature after our first venture. More importantly, we learned the grocery supply chain very well in the first day. It is a very complex supply chain, especially the perishables and the fresh produce. So our whole farmer-connect piece that we have today where we sell their fruits and vegetables online, which are one of our most strategic pieces, happened because of what we have done in the past. Apart from groceries, what are your immediate plans to broaden your product portfolio? HM: We are not going beyond groceries. We are sharply focused on this segment and we don't want to distract ourselves by doing anything else other than groceries. No plans to be like an Amazon or Flipkart even though they are getting into your turf? HM: Yeah, but we remain focused on groceries because we still think that there's so much to do in this space. If you look at just the retail grocery market in India, it's the single largest in India, which is $800 billion. Now around 65% of that is grocery. Now in a market size like that, which is like $500-600 billion, I think we're still just scratching the surface today. So we want to continue SEASONAL MAGAZINE

to remain focused on grocery. Contact-less delivery has been a high point of your strategies ever since the pandemic emerged. How is this implemented? HM: So contactless delivery essentially means that the customer doesn't have to meet or see the delivery boy at all. So what happens is that, first of all, we made all payments digital so we don't take cash on delivery. We stopped this as soon as COVID-19 hit because that's the first point of contact. Also, the customer leaves a bag outside the door, our delivery executives just drop things into the bag and then leaves. So it's a very simple, contactless process. We don't even ring the doorbell unless the customer doesn't leave a bag outside, as we wouldn't like to leave food items on the floor. I think there's a certain amount of credibility and trust built around BigBasket so it's working very well for us. With formidable competitors like Jio, Amazon and Flipkart emerging in groceries, what do you think are the core advantages enjoyed by BigBasket? HM: Well, I think this market is too large. So I think worrying about this competition, and I keep telling everybody who asks me this, is pointless. In such large markets, you cannot have only one player and therefore you need multiple players to come in for the online market to grow. Online is today 1% of the whole retail business. From 1%, it will grow to 5%, 8%, 10% and so on. This can only happen when more players come in and the market expands with more noise in the market and more people available. I think what will differentiate players in the grocery business is only going to be service quality. Let me stress on that: only service quality. It's a complex business as it's important for customers to get their groceries on time, get them fresh, get them without having any problems, get them without having any quality issues. To solve for all this, it is not that easy. More importantly, it is necessary to get customers their 100% fill-rate. So if I order 10 items, I must get all 10 items. I should not have to go back to the store. So, it is clear to us that it will be service quality that will define SEASONAL MAGAZINE

players in the space. But do you think disruptions like what Jio did in the mobile market, such as discounting measures, will happen in grocery? HM: It's not easy to do that for food items, as people do not get too carried away with discounts. You can do it for some time but normally people won't expect deep discounts on food items. More so, I think FMCG companies are also very careful about this because they don't want their larger markets to get disrupted. As I told you earlier, the online grocery is just 1% while what we call as 'modern retail' in grocery such as Reliance, More, Future, DMart, Spencer's put together is around 4%. The remaining 95% is kirana stores. The FMCG companies cannot afford to disrupt that by differentiating price advantages to the 5% of the market. It rarely happens globally and that's where grocery is a little different. What is the percentage growth of customers switching to online grocery space? HM: We have grown a little over 100% ie; from pre COVID to COVID. So I would think that the online business would have grown about 60-70%. Anything else that you'd like to add about BigBasket's growth, unique offerings, upcoming plans etc? HM: Last year, we launched two new formats, which is BB Daily and BB Instant. The former is our subscription business where it is led by milk and a lot of fresh produce that gets delivered early in the morning. It's only there in Tier-1 cities and towns now. One can subscribe for what they need every day till about 10 o'clock in the night. Next morning, we deliver it between 5 and 7.30 am in one slot. So, along with milk, you can order fruits & vegetables, dairy, bread, eggs etc. This is again contactless

so it gets left in a bag outside like how the milk person usually does. This business is scaling a lot for us. In this business, customers buy like 17-18 times a month because it is essentials like milk, bread etc. The second format that we have is BB Instant, which is our vending machines business that gets installed in apartment complexes and corporate offices. It uses a technology called load cell. All you need to do is use your app to choose what you want, then you head to the vending machine where it opens up on its own and you pick up things that you want. Then, it automatically debits your wallet. If you don't like something, you put it back and your wallet gets credited. This is basically meant for 'top up' items. Let's say you want to quickly pick up snacks or biscuits, this enables you to do that. We have also set up a new business which is in the beauty, cosmetics & make-up category last year and that has started doing well. The last thing that we're doing is we are deepening and strengthening our meats supply chain and becoming stronger in the meats category. This vending machine business has already been launched in some markets? HM: Yes, we launched it in Bangalore, Hyderabad and in NCR. We are now slowly expanding to other cities. In how many cities is BigBasket available? HM: 26 cities with same day delivery. It's either same day or next day. It mostly depends on how much capacity we have, the status of orders, attrition, absenteeism etc. So there are a lot of things that come into play. But otherwise, it is usually on the same day or, worst-case scenario, next day morning.