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CONTENTS
Globalization in the 21st. Century
CSR & the Decade of Action
Impact of Changing Geopolitics
Unlocking Value in Family Businesses
Leadership & Purpose...
Profile: Roshini Bakshi
EDITOR Gp Capt R Vijayakumar ﴾Retd﴿, VSM
MADRAS MANAGEMENT ASSOCIATION
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Business Mandate fountainhead of excellence
EDITORIAL
Gp Capt R Vijayakumar (Retd), VSM
What a year that was!! What a year this will be?
T
he previous year cautioned every business owner to
McKinsey & Company, who worked tirelessly over the past
relook at a vital business skill: Adaptability. With
few months to make the convention a grand success. I also
the economy remaining in a state of flux and 2021
thank the sponsors for their support during these difficult
starting off blank, it is time for everyone big or small to
times. You can log on to our website and watch the entire
embrace change.
virtual convention live as our special guest!
MMA too is adapting to the New Normal with a number of innovative initiatives, ranging from presenting national awards to organizing virtual conventions and hybrid events using stateoftheart technology. We are organizing the virtual MMA Annual Convention on the theme “India’s Turning Point – Challenges and Opportunities” on Friday, 26th February 2021 from 09.30 am to 01.15 pm. It will include three exceptional virtual sessions and fireside chats with several prominent experts. We promise you brilliant sessions that can help you not only understand the current economic climate but also face the associated challenges and opportunities.
Regional integration We strongly believe that South Asia cannot afford to miss full fledged regional integration, both economically and politically. India and its neighbours need to cooperate and revive SAARC to counter the common challenges brought about by the pandemic. Compromising the importance of panregional organisations such as SAARC will have adverse consequences on the longterm stability of the region. On the other hand, China’s inroad into South Asia with the BeltandRoad Initiative is turning out to be a big challenge. India needs to tackle this challenge dexterously, just like it is doing with the vaccine diplomacy. Reviving and reinvigorating ties with
I would also like to take this opportunity to congratulate
neighbouring countries would not be a difficult task, given the
the MMA Convention Committee and our Knowledge Partner,
excellent relations India had with all of them. Moving towards
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an idea of a cohesive economic grouping is the key. In this
needs to be addressed in the current budget. The government
context, we are delighted to present to you thoughtprovoking
should consider innovative initiatives to bridge this gap. In
insights from one of the world renowned economists, Dr
fact, the budget should reflect a judicial mix of demand and
Sunder Ramaswamy, Vice Chancellor, KREA University, on
supplyside interventions, so that recovery can be sustained
the theme “The Impact of changing GeoPolitics on the future
over the long run.
and What this means for India.” Click to read the article and Challenges in Imparting Education
watch his talk.
With the entire education system still rethinking about the The Gabba Win…
best way to impart education, students have lost an entire
19th. January is one of the happiest days in the history of
school year! But the situation is graver than that. The absence
Indian cricket. Team India won the series with complete
of serious educational engagement for such a long period has
dedication and mental alertness. Fortress Gabba was
regressed children’s education. In other words, children have
completely breached (Remember, Gabba is where visiting
forgotten what they had learnt! Ignoring this reality will
lambs are taken for the ritual slaughter!).
seriously affect our children. We must gear up to tackle this
This historic win will be remembered for a long time to
crisis immediately. If neglected, our children will suffer for
come. The determined show put up by a band of cricketing
our follies of today. Let us commit ourselves to imparting high
rookies made the impossible come true through sheer grit and
quality education for our children. In this context, MMA has
mental toughness. In any sporting spectacle, people have
initiated a unique model at two governmentaided schools in
generally rooted for the underdogs. In this contest too,
Chennai for the benefit of a large number of students. This
between two apparently unequal foes, it was David who
initiative is supported by ACSYS Investments Pvt Ltd. This
overcame Goliath. The valiant victory should boost the mood
is only a small step in our efforts to transform our children to
of the nation. We are delighted to present to you a virtual
be great citizens and leaders in the society.
discussion on the theme, “The Triumph at Gabba” on 5th
Wishing you once again a brighter 2021—raising a toast
Friday, 2021 at 06.00 pm. Please do join the discussion to
to those who adapt and change forever during the New
understand the Management lessons shared by a galaxy of
Normal.
sports personalities. Click to view the invitation.
As always, we would be happy to hear your views, comments and suggestions.
Budget 2021 By the time you read this editorial, the Finance Minister’s third budget would have already been presented. It is sad to note that India is among the most unequal countries globally. The richest 10% of Indians control about 63% of India’s wealth, 41% of income, and 35% of consumption/spending. Even before the pandemic, India was already a highly unequal country. Now the economic upheaval unleashed in 2020 has exposed huge disparities. Income losses are being disproportionately borne by the poorest. This 6
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M
r V Balaraman: Globalisation was initially
ask the panellists: How would you define globalisation? Has
pushed by multinationals in the western
it really helped us?
market. What started as a commercial motive
Atul Vohra: I had the fortune of working in 40 countries and
brought with it other benefits. A problem like the pandemic
living in 7 or 8 countries. To me, globalisation is not just about
required a global response and controls. This is not the first
business. It’s a mindset. It is consciousness. If you are human,
pandemic nor will it be the last. So the globe has no choice
you are global.
but to work together.
Satyanarayan Ramamurthy (Satya): Globalisation is
Peace, social and economic development, poverty
about economic interconnectedness. Is it good or bad? I would
alleviation and women's upliftment require a global focus.
say it's a mixed bag. It depends on whose perspective it is.
Climate change is also on the agenda. A global unification
Zhuangzhai, a small town in China, makes half the coffins
process, both in thought and action, is an imperative for us.
used by Japan. There are 1.4 million deaths every year in
Globalisation will bring problems to many parts of the world.
Japan and the Chinese coffins are used for 50% of them. If
What is important for the globe as a whole, is to recognise
you look at it from the perspective of the owner of the
those problems and try and find solutions.
business, it's an unmixed blessing. Out of our batch of 10
Atul Nerkar: When I lived in India long back, Times of India
Pond's Indians, today 9 live outside India. We have all been
would carry editorials saying that the Indian tiger would be
beneficiaries of globalisation. But the worker in Detroit who
unleashed, but sadly, during my stay in India, it did not
was earning $200,000 a year, lost his jobs as factories shifted
happen. Today, it is a different story. We live in the time of
to China or Vietnam; he is in pain.
the pandemic and, yet, we are all here today online. I want to 11
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cup is not full. I think India has not fully leveraged the possibilities of globalisation. When India decides to opt out of RCEP, I wonder what we should be doing differently to engage more with the global economy.
Globalisation does not mean that you should get on to a Boeing 747. If I enjoy movies from around the world and appreciate different backgrounds, I am global.
Nerkar: Kannan says, "Show me the money." Satya calls it 'economic interconnectness.' For Atul Vohra, it is about mindset. Let us hear from RY (RY Narayanan). RY: As one who has been in Dubai for a couple of decades, I see myself as a beneficiary of globalisation. Dubai has recognised that is not a standalone nation in this planet. It is
~Atul Vohra
dependent on others, and others are dependent on it. This principle has driven the growth of Dubai. Also, Dubai has embraced interdependence. It is perceived to be a place of
Nerkar: How can individuals who have never travelled
characteristics that has a global stature. Nerkar: My next question is: Has the interconnectedness
outside their country have a global mindset? Atul Vohra: Globalisation existed long before. Missionaries travelled around the world. From India, for instance, Guru Nanak Devji travelled to Saudi Arabia and various parts of the world to absorb elements from the scriptures. Fundamentally, innovation is stepping outside your boundary. If you go back
helped us or harmed us? What is the evidence? Satya: It has worked in places like Singapore where there is a strong government. For globalisation to work, redistribution has to be managed very carefully. If you shift your facility to a place where there are better skilled people, then you need to reskill your people and invest enormously in training.
1100 years ago, only 10 nations existed. I grew up in India, in a middleclass military background. I had not travelled anywhere. But I considered myself global. I sought out British Council and USIS library. I went to a missionary school. Globalisation does not mean that you should get on to a Boeing 747. If I enjoy movies from around the world and appreciate different backgrounds, I am global. Nerkar: There are people in Delhi who complain that they face pollution because of globalisation.
Singapore for instance reskilled people in manufacturing semi conductors, which had a huge demand. From an economic point of view, globalisation has created enormous value for Singapore and I see it as a positive outcome. Atul Vohra: Globalisation cannot die in the 21st Century. Because of the pandemic, have we stopped eating out? May be for a time. Globalisation is unstoppable because it has not just to do with economics. It has to do with spirituality and human curiosity.
Kannan Sitaram (Kannan): I am a venture capitalist. My point of view is about capitalism and how it works in a global context. I lived in the Indian economy for several years. In 1991, we were almost bankrupt. Today, we are sitting on a $500 billion forex reserve. Our exports are $300 billion. So, we may argue that globalisation was good for India. But my 12
Nerkar: Covid19 is a result of globalisation. How do you react to that? Atul Vohra: I agree. There is a dark web. But are we ready to throw out the Internet just because there is a dark web? Go back to our scriptures. There is no such thing as unadulterated
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joy or sorrow. These are challenges meant to evolve our thinking.
economy, it has not done for India. Nerkar: As they say, until the lion can speak, the story is
Kannan: Some countries have benefitted enormously and some have been exploited. In other countries too, there are parts which have benefitted and parts which have not. Indian GDP has grown but what has globalisation done to build India as an economic giant?
always spoken from the hunter's perspective. Satya: I am intrigued when Kannan says that the West has benefited. In fact, in the last 4 or 5 years, it is the West that has turned its back on globalisation. They feel they have been exploited thanks to what China has done. There has been a
Atul Vohra: I had the opportunity to build the NRI program in India for Citi during the onset of liberalisation. Many were sceptical as an earlier government had called NRIs traitors for leaving India. But three years later, we built a book of $500 million for Citi and the rest is history. It was just a tip of the iceberg. The cross border capital flow has sustained India through its tough times. Indians constitute the largest nationality on Microsoft's campus in Seattle.
reversal of roles in globalisation. RY: There are multiple players in globalisation and each has different and sometimes conflicting interests. The consumer feels much better off today, thanks to globalisation; it has provided ease of access to worldclass quality products and services at a reasonable price. Globalisation combined with technology and ecommerce has made this possible. Corporations and brand owners that cater to the consumers
Kannan: We may talk of anecdotes and some silver strands. But when you look at it in aggregate, what globalisation has done for the western economy, Korean economy or Chinese 14
too have, by and large, benefitted. Nerkar: Years ago, when I was in Chennai working for Pond's, I would stop on my way from Egmore, where I stayed,
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to Tambaram and have amazing idlis. Seven or eight years ago, when I came to Chennai, all those idli places have gone. There are Pizza Huts and McDonalds. Is it good or bad for the consumer? RY: The consumer is not driven by nationalism but by aspirations for a better quality of life and he is influenced by the social media and television. It is not that he doesn't like the idli anymore. But when he can afford, he takes a pizza or
Populism is growing the world over and people say they don't want globalisation 4.0. Should we continue this in the future?
burger. Nerkar: Over the past many years, I am sure the quality of
~ Dr. Atul Nerkar
life has improved. Balaraman: If I look at the panellists, other than a couple of us, the rest are not in India. Many of our children are also now around the world. Are we becoming less global or more global? There is not just an economic angle but a social angle to globalisation. Do you realise that MMA—Madras Management Association—no longer focuses on Madras, thanks to Covid? It started webinars which are global in nature, though webcast from Chennai. The speakers and audience are from all around the globe. But we cannot deny
be coalition and partnership between countries. Nerkar: As we speak, vaccines have arrived. If I am Pfizer and headquartered in America, what is my responsibility to the rest of the world? Who should get access to the vaccines —the countries producing them, the wealthy nations or the needy nations? Kannan: We don't have a global government to regulate that.
that globalisation has come at a cost. Nerkar: Someone who has lost a dear one due to Covid would obviously say, "I don't want globalisation." Populism is growing the world over and people say they don't want globalisation 4.0. Should we continue this in the future? Satya: At the height of Covid, in April 2020, a survey was done by E&Y on reshoring. 83% of the respondents said that
But as companies like Pfizer and Moderna have licensees around the world, I don't think it will be a major issue nor will there be a scarcity of vaccines. The people who are more at risk must get priority. Nerkar: What about the corporates? Do they have a global mindset or a local mindset?
they wanted reshoring of supply chains to happen, not for
Kannan: I look at it differently. When Amazon came to India,
value but for risk. In Oct 2020, when the same survey was re
people thought it would kill small businesses. But on the other
run, only 37% said that they want reshoring. Because, they
hand, it has helped them immensely. From the numbers I
discovered that it will not be effective if they disrupt a highly
heard, Amazon is enabling commerce from India in the order
effective supply chain. There is a shortage of capacity and the
of a billion dollar. They are committed to scale it up very
world is begging India to produce. People want to move out
rapidly.
of China and they are planning a China+1 strategy. Only
Nerkar: President Trump says, “Bring everything back to
Vietnam is stepping up right now. So, globalisation will not
America.” There is the 'Atmanirbhar' and 'MakeinIndia'
only continue but thrive. Even in areas like PPEs, there will
campaign in India. UK wants to be out of EU. When people
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Migration happens at two levels —one at the white collar workers level and two, when large numbers of refugees enter. They impact the culture and equilibrium of the society.
When Amazon came to India, people thought it would kill small businesses. But on the other hand, it has helped them immensely. From the numbers I heard, Amazon is enabling commerce from India...
~ R Y Narayanan
~ Kannan Sitaram
say, “I want localisation,” will globalisation ever survive? Atul Vohra: There was an uneven playing field earlier and the pendulum has to swing the other way. There were one sided trade deals with China. Hungarians say, “We never colonised anyone. But why should we now take the refugees while the nations to our east and west are refusing?” Trump
Satya: Migration is one part of the globalisation story. It will continue to slow down in the days to come. Citizens want to hold their governments accountable for securing them and keeping their jobs. Governments must show intent not just to provide jobs to locals but also to skill them and prepare them for future jobs.
and others are swinging the pendulum the other way to bring
Nerkar: When birds migrate, they don't need a passport.
in the balance. I feel they are not abandoning globalisation
Why can't human beings too just move along, as a tenet of
but they are trying to get attention to the issues because the
globalisation?
inequity has gone too far.
Satya: Before the era of nation states, we had a bunch of cities
Nerkar: Looking ahead, what are the costs that we should
which were the centres of power. By 2050, it is projected that
avoid from globalisation?
70% of the population will move to cities. The output and
RY: Migration of workers from various parts of the world threatens the incumbent job seekers. Governments must take
productive capacity of the world will once again come from cities.
cognisance of this factor. You need to have quarterbacks to
RY: Migration happens at two levels—one at the white collar
see that the conflicting interests are managed. This requires
workers level and two, when large numbers of refugees enter.
leadership at nation state that can think global. We also need
They impact the culture and equilibrium of the society. We
a robust global governance model. We have global institutions
have seen this in France and other places in the recent past.
but they don't work very well.
However, I also feel that this migration will slow down.
Nerkar: Do you think the movement of labour has to be
Nerkar: The real costs of globalisation have been on health
curbed or it's a matter of fact?
issues, as we have now discovered. The other one which is the elephant in the room is culture, which is too nebulous. Is it 16
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The biggest opportunity in the next 50 years will be to address the significant negative externalities like climate change, pollution and inequality.
years from now? Kannan: I want good globalisation that must be inclusive of
~ Satyanarayan Ramamurthy
all stake holders. RY: I would love to have a robust global governance model and every nation state must identify its own relevance and find out how it can contribute. I expect many role models
good to have one unified culture across the globe?
coming up in each of the emerging markets and inspiring the
RY: Globalisation means interdependence and not integration. Imposing one way of life is not correct; globalisation should not stand for it.
rest. Satya: The biggest opportunity in the next 50 years will be to address the significant negative externalities like climate
Kannan: The more we open our doors to see what is
change, pollution and inequality. There will be dense
happening outside, our values and culture will change and
population in cities that will use circular economy and achieve
there is nothing wrong in it. In India, hundred years ago, there
net zero carbon. This can happen only if there is sharing of
were many unhealthy practices which we do not want to see
knowledge and intellectual property across nations.
happening now. Diversity is one of our strengths.
Governments will have a major role to play.
Satya: One of the battles fought in many countries has been
Atul Vohra: In 50 years, there will be no alternative (the
around identity. Countries are trying to define their national
TINA factor) to globalisation. There will be more of consumer
identity. When more foreigners enter your space, there will
activism. In the past year, there have been many movements.
be interdependence. You will have an element of your own
Gandhiji started with Satyagraha. Let's embrace globalism.
space and an element of a shared space. You should not
It's great. The way to guard against its dangers is through
behave in a way that offends your fellow citizens. Strangely,
personal activism.
Netflix today defines the global culture, as we watch the programs that Netflix shows and not what we want to see!
Nerkar: It has been a fabulous discussion and I thank all the panellists. Globalisation is a very complex subject. It is neither
Atul Vohra: I believe that the world is going to be like a salad
a panacea nor a curse. It is somewhere in between. My vision
bowl. Each leaf will have its own flavour and they will come
for the world resonates with John Lennon's (Beatles) song
together.
“Imagine”—a world in which there are no countries and there
Nerkar: What do you think that the world should be like, 50
is nothing to kill and die for!
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W
e cannot forget the year
Floyd led to the ‘Black Lives Matter’
horsemen who foreshadowed the end of
2020 not just because of
movement. In Europe, there were
the world. The horsemen she referred to
the pandemic. If you go
protests against police, anticolonialism
are populism, nativism, isolationism
back to MarchApril period when the
protests and bringing down of statues.
and protectionism.
lockdowns started globally, including in
So 2020 has three crises that are still
India, it led to an economic and financial
with us—the public health crisis,
slowdown, which we are still recovering
economic crisis and a social justice
from.
crisis. India is not immune to any of
The migrant labour from various States wanting desperately to get back home pointed to a festering issue of social justice. The year started out in February/March as a public health crisis because of Covid19. The GDPs of countries have shrunk and they had to pump in a lot of money, building up debt. We still need to address the economic crisis in the short run.
them. We are in the thick of all of these things.
In the last few years leading up to 2020, globalisation itself has been on a retreat. England pulled out of the European Union after the famous Brexit movement of 2016, which is still unfolding. The US elected Donald
The Four Horsemen Condoleezza Rice, who was the US
Trump who practiced ‘America First,’ or isolationism policies.
Secretary of State and the Foreign
Every country tried to follow
Affairs Minister under President GW
through by being more isolationist,
Bush, wrote in her 2017 book titled,
more native, triggering antiimmigrant
‘Democracy,’ about the rise of the four
sentiments, more protectionist by
horsemen of the Apocalypse, which is an
banning imports and becoming more
old Christian biblical myth of four
selfsufficient and selfreliant. We have
In the US, the death of George
also launched ‘Atmanirbhar’—the self 21
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The history of the world has always seen struggles between authoritarianism and liberal democracies and more so, in the last 50 to 70 years. Now, in some ways, democracies, liberalism and free movement of goods and services have been under assault and this trend has been amplified by the pandemic lockdowns.
demographic dividend. More than 50%
but these forces are not going to get
of our population are under the age of
rolled back. We have both benefited and
25 or 35, unlike many other countries.
hurt by them. With IT and ITES boom
Our age pyramid is very conducive for
in India, we have substantially
an economy that's growing because the
contributed to this.
youth provide the labour force, they provide
ideas,
they
could
be
Future Jobs
entrepreneurs and they could be the
As many of the lowend skills get
future. We have still not leveraged our
automated, the question of, ‘Where are
true potential and we are now in the
the future jobs?’ becomes a very relevant
midst of solving those three crises of
question. How do you keep skilling
Public Health, Economic and Social
yourself in order to anticipate what the
Justice.
jobs of the future are? The current generation of youngsters may switch five
IOT and AI Are Here to Stay
or six careers during their work span.
We are going through the fourth
What sort of opportunities will be there
Industrial
and how do you prepare yourself?
Revolution
where
the
relationship between humans and machines
is
increasingly
being
While globalization has taken a temporary
pause,
the
pandemic
questioned and reimagined. The first
lockdowns have shut down travel to
industrial revolution came about in the
places and seeking jobs. We are all
18th Century when steam became the
So whether it's Brazil, UK, Turkey,
locked down in our places with ‘work
source of power. In the second industrial
Hungary, the United States or Russia,
from anywhere’ culture. But on the
revolution, electricity became the source
the pendulum has swung more towards
flipside, technologies have also made it
of power. The growth of IT and
these Four Horses. This has been the
possible now that you can sit in one
Communication marked the third and
context of the last few years against
place and work for another place. There
now we are in the fourth Industrial
which Prime Minister Modi got re
has been the separation of labour from
Revolution where we experience the
elected to a second term with a fairly
worker.
combination
sizable majority. He also launched a
Internet of Things, AI and machine
very ambitious program to make India
learning. Machines are not just assisting
a five trillion dollar economy in the next
humans. They are in many cases
few years. It is important in this
replacing us and are also inventing
changing geopolitical landscape. What
themselves.
reliance movement in our country.
does this mean for our own country?
of
computing
data,
Once upon a time, in order to work, the person had to be there. But now there are jobs and parts of jobs that can be done remotely while the worker is somewhere else. It has an interesting implication for the difference between
This has been going on for the last
India remains a country with
work and the person who is doing that
15 to 20 years. We seem to have taken a
enormous potential. We enjoy the
work. Many jobs still require the person
pause as we are caught up with Covid,
to physically travel like getting a haircut
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or pouring cement, but there are many
Democracy for granted because it is
movement of goods and services have
jobs that can be done remotely. As we
quite a fragile process. The US
been under assault and this trend has
have got used to working from anywhere
experience teaches us that.
been amplified by the pandemic
thanks to Zoom, Skype and Teams,
Not
many
barriers
separate
lockdowns.
companies will have rethink about the
democracy from demagoguery. There
Once vaccinations happen, what
nature of jobs and careers.
has been a rise of strong men across the
sort of a world will we go back to? We
world—Bolsonaro in Brazil, Erdogan in
have all lived through this period now
Turkey, Viktor Orban in Hungary, some
for almost ten months. By the time it's
middleeastern Sheiks and Emirs, Xi
over, we will not go back to March 2020
Jinping in China who has pretty much
normal. We are still discovering what
reconstituted the Constitution so that
the normal will be for 2021 and 2022 in
he can be in power for life, and Putin
terms of freedom of mobility of labour
who has been around for the longest
within a country and across countries
time possible.
and how schools and colleges will
Assault on Democracies In terms of the geopolitical landscape, in the US, Joe Biden is about to become the President. We have seen the assault on democracy that the current US President launched. It points to the fragility of democracies around the world. India should be very proud that it has remained the largest democracy for the longest period of time, except for the short period when Emergency was in force. But, we should never take
The history of the world has always
operate. There will be hybrid learning
seen struggles between authoritarianism
and so, for every crisis there is an
and liberal democracies and more so, in
interesting
the last 50 to 70 years. Now, in some
organisations may leapfrog in certain
ways, democracies, liberalism and free
ways. Some IT companies have already
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the US, Europe and Japan who were better positioned economically before the pandemic and they may go up fast. But some countries in the global South
Where does India fit against an expansive
may slide even further because the
China, not just in the region, but also in the
pandemic has created such a crisis for
third market countries, be it Afghanistan,
them.
Kazakhstan, Kyrgyzstan, and Uzbekistan,
The Three Who Revolt
which have historical ties with India given the
When certain people in our country go
Mughal history or places like Sri Lanka and
up the ladder even as a vast majority slides down, it will create tensions on
South Africa that have historical ties with
the political and social side, as Karl
India? Chinese have already reached them
Marx pointed out. More recently,
well before us and it is going to be a struggle for us, for quite some time.
Thomas Piketty, who wrote the famous book on ‘Capital in the TwentyFirst Century,’ brought home the point that if we create islands of opulence and islands of opportunity while being
asked employees to work from
shaped model, both happen fast. In the
anywhere for another ten months.
Wshaped model, there is a second
Though our economy has shrunk by 25%, which is quite dramatic, we need to remind ourselves that the Indian economy started to sputter even before Covid hit us, putting pressure on the Prime Minister's plan for making us a five trillion dollar economy. Thanks to Covid, we have lost about a quarter of the GDP and we are in dire straits. How do we get out of it? Economists come up with recession and recovery models—U shaped, V shaped or W shaped. In the
is not good and there will be revolts on the streets.
shock. The K‐Shaped Recession Is Not OK
surrounded by a sea of deprivation, that
For the very first time, we also talk about Kshaped recession. Here, one part of the economy goes up very fast and the other part goes down very fast, which means that certain people who have money, skills and who are portable may recover from this pandemic faster than others like migrant labourers, beauty salon technicians and the hospitality people. The downward slope in ‘K’ means that the plight of some people is getting worse.
Ushaped model, the collapse and
This can also happen at nation
recovery is gradual; whereas, in the V
levels. There are certain countries like
Based on a study I had done, throughout the history of democracies across the world, three groups of people tend to protest and they are the students, industrial workers and farmers. The middleclass, the white collar workers and the homemakers don't protest. Unfortunately, in India, we have all these three groups in huge numbers. So politically, we have to be very careful and sensitive that these three groups are not going to catch up like a tinderbox when they see their opportunities slipping away. Because of IOT, machine learning
24
FEBRUARY 2021
Business Mandate fountainhead of excellence
and use of data and automation, the
each other, with capital market and the
that China poses. This is a historical
share of labour income to GDP globally
government in new ways.
struggle and it is not restricted to the last 50 or 70 years. China is a giant of a
and within India has been declining. It
The geopolitical landscape is
means that jobs are not there in the
dominated by the forces of technological
same numbers as they were 20 years
change. India is somewhere in the cusp
ago.
of all of these changes. Recently, there
Where does India fit against an
There is also a disconnect as we
was a big trade agreement—REPC and
expansive China, not just in the region,
have created many new opportunities
many Asian countries signed it. New
but also in the third market countries,
that didn't exist 10 years ago, like the
Delhi stayed out of it despite a lot of
be
rise of the gig economy, as in the case of
pressure. India has been very selective
Kyrgyzstan, and Uzbekistan, which have
Ola or Uber drivers and Swiggy or
in choosing to be part of global
historical ties with India given the
Zomato delivery persons. Statistics may
agreements. It is part of the G20, BRICS
Mughal history or places like Sri Lanka
not quite capture what the opportunities
and ASEAN.
and South Africa that have historical ties
country. India has security issues given the recent border incursions by China.
it
Afghanistan,
Kazakhstan,
with India? Chinese have already
are and we need to rethink our labels of white collar, blue collar, skilled and
India’s Challenges
reached them well before us and it is
unskilled workers. We interact with
There are real and perceived challenges
going to be a struggle for us, for quite
25
FEBRUARY 2021
Business Mandate fountainhead of excellence
into the open the need to shore up our
...if we compare India with countries in Latin America, Africa and Asia, India is definitely a lot better.
health infrastructure, not just in the metros and Tier1 cities but throughout the map of India. India has spent a lot more on military than it has spent on health and education cumulatively over the last 50 years and that starts to catch up at some point. Second, how do we address the
background as an alsoran. China and
some time. Globally, we have had struggles between capitalism and communism; and some of those debates have all been consigned to the pages of History, because there are very few countries that are purely noncapitalist. Every country now is a mixed shade of socialism and capitalism, including China and India. China looms large and
India want to reclaim their place and view the last 300 years as pure aberration where the West suddenly became dominant and it was not the historical order. China, of course, has been much more successful in reclaiming its day under the sun because they started the reforms in 1979. India started much later in 1991.
deficit in education? I am an educator and, as I mentioned, we are in the midst of the fourth Industrial Revolution, which means there is an enormous premium being placed on how educated today's youth are, to handle the changes that are happening. For every kid who has done really well, there may be five or six who have not benefited because we have underinvested in education. Covid has forced us to look at ourselves
will impact India’s stand on exercising
For India, the growth has always
in the mirror. We need to prepare the
its rights even in South Asia and how it
been in spells and spurts. Our periods of
human capital for handling a fast
deals with its neighbours.
growth have been followed by periods
changing world.
of downward spiral and then we rebuild. History Favours India
There have been lots of successes in the
To give a historical context, 300 years
last 25 years of Indian growth—the
ago, the richest region of the world was
reduction
the Mughal Empire. We forget that the
opportunities for the youth and global
Mughal
brand names like Tatas and Reliance.
Empire
contributed
an
of
poverty,
incredible
incredibly large portion of the global
There have been huge challenges too
GDP, followed by the Chinese.
—the rise in population and the rise in
Together, these two civilizations
inequality within the country.
contributed about fifty percent of global
Third, we have done a better job in the last 25 years of reforms where we, as a government, have created more opportunities for the private sector to tap into creative opportunities. We can be pleased with the rise of Reliance, Infosys, TCS, Hidesign or any Indian companies that are doing extremely well. It requires the government to give space for entrepreneurs to succeed.
GDP. Nobody heard of Europe or the US
Ways to Navigate Forward
at that time.
India is at an inflection point in history
There are industrialists and
which is even more accentuated by the
associations that bat for the government
Covid crisis. It has literally brought out
to be even more enabling and to make
But in a very short period of 300 years, we have been relegated to the
26
FEBRUARY 2021
credit more readily available. There is
neighbours—Pakistan or Bangladesh.
Russia. The inflection point provides an
an opportunity for the present central
But can we leverage what Joseph Nye,
opportunity for Prime Minister Modi
government to think about its script to
the famous American political scientist
and our Chief Ministers. We need to
propel the country to become a five
called the ‘soft power,’ and play a much
start planning for the postvaccine
trillion dollar economy or even to
bigger role in global conversations
phase. The race horses are waiting for
double the size of the current GDP.
—whether it is G20, the UN, the World
the gates to open.
A lot of things still need to happen
Bank or IMF—because of its moral
The CEOs of some of the top most
and can happen. The history is with us.
authority of having been a democracy
companies in the world are Indians. We
The Centre and the States must allow
respecting
have tremendous potential both within
individuals whether it's a student or an
minority rights?
entrepreneur or a worker to become the best at what they are able to become and that should be the enabling function of the government.
individual
rights
and
Need to Articulate Our Strengths We can find flaws and problems in our country. But if we compare India with countries in Latin America, Africa and
Lastly, how do we make use of our
Asia, India is definitely a lot better. We
democracy? As a democracy, India can
haven't quite figured out a way to
play a very crucial role in geopolitics
articulate that at the highest level and
because we are not seen as an aggressive
secure a seat to the table to have those
power like China or Russia. We are
conversations, so that we become the
certainly seen with better eyes than our
right countervailing force to China or
and outside the country. We need to take our rightful place under the sun as we have done historically, other than the brief period when the British dominated us. It depends on how the government enables us and how it removes itself as an obstacle and allows for the individual freedom and talents to flourish. That is my hope for all of us both as a citizen and as an educator. We all should strive for and build a better future.
Business Mandate fountainhead of excellence
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Business Mandate fountainhead of excellence
L
et me begin with some
Page Industries (a licensee of Jockey
focus on quality growth and increasing
interesting facts about family
brand), MRF, Havells and Ashok
reliability on the use of longterm
businesses. India is home to
Leyland. Most of these companies have
incentive plan for management.
the No.1 best performing familyowned
created value for shareholders.
business in Asia Pacific, excluding
One more interesting fact is that
Japan. Any guess on the company? It is
family businesses generate higher
Bajaj Finance. The reason is that they
returns than nonfamily businesses.
have
rewarded
While nonfamily businesses have given
shareholders over the last 10 years with
over a period of ten years only 6% return
approximately 54% return. This is based
to the shareholders, family businesses
on a Credit Suisse survey conducted a
have given 14% returns. The alpha is 8%
couple of years ago on a thousand
between the two of them.
consistently
familyowned businesses. The Strength of Family Businesses Apart from Bajaj, there are a number of Indian
companies
in
the
best
performing list in Asiapacific: TVS Motor ranked at No 6, Eicher, Britannia,
Focus on R&D and Capex Globally, family businesses spend a higher percentage of revenue in R&D costs. In USA, family businesses spend 7.5% of the revenue in R&D whereas nonfamily businesses spend around 5%. In AsiaPacific excluding Japan, R&D spend is close to 2% for family businesses compared to 1.75% for non
This is due to a combination of
family businesses. The important
factors. Family businesses focus on
differentiating factor is the longterm
longterm investments and they are
commitment and investment in Capex.
there for the long haul. They finance the
Gross capital formation in family
entire growth through organic cash
businesses is growing at the rate of 14%
flows and follow very conservative
yearonyear compared to a much lower
funding structures. There is a strong 29
FEBRUARY 2021
Business Mandate fountainhead of excellence
There are enormous strengths in family businesses in India. But the reality is that only 16 businesses out of 100 make it to the fourth generation, which is a sad reflection of how we manage the generational handing over of the business...
percentage in nonfamily businesses. Many Indian companies feature in the Top 500 most profitable family
reality is that only 16 businesses out of
children imbibe the frugal culture and
100 make it to the fourth generation,
carry on the business.
which is a sad reflection of how we
When the conflict between family
manage the generational handing over
members comes to the fore, they seek
of the business and creation of long
the help of consultants and explain their
term value. A lot of companies get stuck
pain points such as a member taking
midway and into family squabbles.
reckless positions in forward cover,
The Questions They Pose I will highlight my experiences with family businesses, having worked for Ernst & Young for 20 years and managed my own business for 10 years. I have interviewed many family owners.
leaving huge imports uncovered and resorting to speculation. The marketing guys tell me, “Why and what should I focus on—volume or margin? Cash collection or capacity utilization? I am totally confused.”
They ask, "Why should I care about
Value: The Pandora’s Box?
shareholder value? I am doing a
The elder generation think it is taboo to
business in the best possible manner
talk about value and that it will open up
and I'm going to hand it over to my next
the Pandora's Box. They worry there
generation. So I'm not interested in
will be family squabbles on how to share
unlocking any value. I only look at
that value. So they avoid talking about
operational metrics."
any value unless a major business crisis
owned companies. Emami is the
The second question they ask is,
number one in this list; Bajaj, Godrej,
"Even if I unlock value, what am I going
Marico, Hero and all the good names of
Now, though they start thinking on
to do with that money? I have sweated
our country are reflected in the Top 50
value, they are confused as to what value
it out and built this business. Why
most
companies.
is. They think it is good will. They are
should I sell it? I don't want to get stuck
Importantly, profitability is measured
not sure about how valuation is done.
with private equity mindset. It will
in the most appropriate manner—that
They also don't know if they have
completely kill my freedom to take
is, cash flow return on investment
created value at all.
vacations."
profitable
(CFROI). This is a new proprietary
or a family dispute strikes them.
If they have created value, how
A lot of generational related
should they preserve it for the next
questions come up. The elder generation
generation and unlock it? They feel
feel that if they leave large money in the
unlocking value means selling out the
hands of next generation or other
business. As the entire family is
members of the family, they will get
dependent on the business for survival,
spoiled. Therefore they don't declare
There are enormous strengths in
they question the wisdom of unlocking
dividends. They don't pay salaries at
family businesses in India. But the
value. All these are genuine worries,
market value and make sure their
metric used by Credit Suisse to know how much cash flow these companies make as a percentage of investment. It is about 50% for Emami, which is a very healthy return on capital employed.
30
FEBRUARY 2021
Business Mandate fountainhead of excellence
doubts and dilemmas faced by the
business in 1966. He owned a horse
vaccines. The injectable technology
families. My objective is to address
stable and tried to extract some vaccine
today helps him in the Covid situation.
some of these genuine doubts.
from horses. Subsequently he entered into import substitution as a business.
Three Case Studies
In the 1970s, India was importing a
Creating value is not a taboo and the
large amount of lifesaving drugs at a
firm will be in a better position if it has
very high cost. So he started his
created value and can share it at the
business
appropriate time. To drive home this
substitution.
point, I will share three recent case studies so people can understand what value creation means. The three cases are based on: •
Dr. Cyrus Poonawalla of Serum Institute
•
Jio Platforms Limited, and
•
CRED
model
using
import
Dr Poonawalla also followed the affordable vaccine strategy. Today, he is able to produce vaccines at worldclass prices to the entire world. Thus he has become socially relevant, at the same time creating wealth. He recently invested 250 million dollars of his own
After that, he invested in several
funds and because of his longterm
acquisitions of technologies. He became
commitment and social mindset, he was
one of the leading manufacturers of life
able to attract Gates Foundation and the
saving children’s vaccines and created a
Gavi Alliance to fund 150 million dollars
market share of 65% for Serum Institute
for producing the Covid vaccines.
globally, in the area of children's vaccine. He then acquired a Dutch company in 2012 at a valuation of about
Serum Institute
Rs.2,500 crores. That was a visionary
Dr. Cyrus Poonawalla started his
investment he made for injectable polio 31
FEBRUARY 2021
The value he has created has enabled him to secure funds at the right time and he is now positioned to become
the
largest
vaccine
manufacturer in the world. His vision is
Business Mandate fountainhead of excellence
This is the story of a company which has repositioned itself to tap the revenue sources from the same platform and same customer. The digital network is going to create revenue not only from telecom services, but also media and entertainment segments and also from local Kirana stores.
to reach a goal of 1 lakh crores revenue in FY22. This vision was created much before the Covid situation. It is easy for him to reach this milestone as already
seen as a game changer by companies
10,000 crores today compared to other
like Facebook and WhatsApp. Thanks
companies, which make a loss of 30,000
to Jio, 400 million customers are
crores.
suddenly hooked onto Kirana stores.
If we use the base of 10000 crores,
They invested close to 10% but have got
Jio’s valuation is at par with Alibaba,
a huge valuation of 44,000 crores. This
Alphabet and Amazon. This is the story
is the innovative platform they have
of a company which has repositioned
created.
itself to tap the revenue sources from
Normally Jio would have been
the same platform and same customer.
viewed as a telecom platform and would
The digital network is going to create
have got a valuation similar to Airtel,
revenue not only from telecom services,
which has much superior presence in
but also media and entertainment
the market and offers higher quality of
segments and also from local Kirana
service. However, because of their
stores.
unique positioning as a digital society,
Thus, platform building is the asset
Jio has created a valuation twice that of
which they have created and they are
normal telecom businesses. They raised
really leveraging it and restructuring the
about 1.34 lakh crores in the last six
entire business so that they can create
months during the Covid period by
more and more value.
diluting 33% stake. This translates into a valuation of 5 lakh crores.
CRED
Hindustan Unilever, which is there
CRED is a startup of Kunal Shah, a
for decades, has a valuation of 5 lakh
serial entrepreneur and founder of
Jio Platforms Ltd.,
crores. HDFC bank, the number one
Freecharge. He has launched his new
Jio Platforms which was started only
private sector Bank in India is valued at
venture in the financial tech platform.
around 2017 has managed to create 400
5.5 lakh crores. Tata Consultancy
He acquired three million premium
million customers in a matter of three
Services,
technology
credit card customers with a credit
years. More importantly, they were able
company in India is valued at 7.5 lakh
rating of 750 plus in the last two years.
to position their business as enabling a
crores. Astonishingly, 50% of the
He is using them as a central hook for
digital society. What it means is to
valuation of Reliance Industries, which
giving them various types of financial
digitize services to customers, to help
is into oil and gas, comes from Reliance
services like credit card bill payments,
them shop online and pay online.
Jio.
helping them shop online and pay
his turnover is about 60,000 crores.
This is nothing new. But Jio Platforms
have
the
largest
Jio Platforms is valued at 75 billion
differentiated
dollar, much higher than Airtel, on the
themselves by bringing the kirana stores
basis of EV/EBIDTA. Fortunately, they
of every city to the digital world. This is
make an annualized profit of over 32
FEBRUARY 2021
online and is enabling professionals who are very busy, to pay all their utility bills including rent. He is going on a subscription model.
Business Mandate fountainhead of excellence
Venture capitalists and Private
Companies like Bajaj throw up a lot
that the entire presentation was
Equity funds see great value in the three
of free cash flows to the capital
transparent and can be backed by
million customer base, which is
employed. One of the conventional
audited numbers.
growing, and they have put nearly 105
value creators is free cash flows.
Capitalrelated decisions, if they are
million dollars into that company. Their
Approximately 10 times the current free
taken in a very objective manner, can
first round of funding was 25 million
cash flow is a valuation of the company.
also be a key driver. Many companies,
dollars. Recently, they have raised 80
We have ourselves advised many clients
especially the industrial conglomerates
million dollars at a valuation of 800
in the old economy to look at free cash
like TVS practice related party
million dollars. They are close to
flows as one of the models for creating
transactions (RPT) at totally arm's
becoming a unicorn—1 billion dollars
value.
length basis. Professionalisation of
valuation in the last two years. Again, it
managing is another key success factor.
is a platform play where you can
Building Strategic Assets
generate multiple sources of revenue
However, newage strategic value
If you are going to embark on a 500
using the same platform. This is a
creators like the three cases which we
million dollar project, you must do a
strategic asset they have created.
saw create value even ahead of creating
proper market survey and feasibility
cash flows. They create tech platforms;
study. Otherwise the decision making
Learning from the Three Cases
they invest in brands and channels. So
may go wrong. We have seen several
Now, what is the commonality in and
the key for creating value is not only free
cases of investments being made based
learning from these cases?
cash flows, which is very important. But
on a single hook like raw material
at the same time you need to have some
availability, coupled with gearing up the
unique intellectual properties.
entire investment through 2:1 debt
Trading is an operational mindset and many companies believe in
equity ratio. This is a recipe for disaster.
operational excellence. It is important
In addition to that, best practices in
in creating a base value. But if you
terms of governance are also going to
One more major mistake we make
migrate to the next level of value
create a lot of value. For instance in
is not taking timely decision to divorce
creation, then your creation of value is
1979 when Pond's went public, one
lossmaking businesses sucking cash.
multiple times than the normal
decision they took was that the majority
We need to completely leave our
valuation.
of the board will have independent,
emotional baggage and take decisions at
What are the valuation drivers?
external directors and the world's best
the right time.
Conventional base value creators: use
audit firm as the auditor. These
your capacity to the full; create a
decisions drove value.
Governance of both the family entity and business entity is important.
have
I took a company to London for
Family constitution must clearly address
reasonably high margin and a world
listing in AIM (a submarket of London
family employment policies where
class differentiation in terms of either
Stock Exchange). Apart from the vision
merit, rather than the birth right of
costs or product differentiation. Many
of the company, the key thing which
being a family member, must be given
companies do these well, but don't get a
clicked was that we had on board the
importance.
decent valuation. What they get is free
company one of the reputed global
policies must address how each
cash flows.
auditors. The investors were convinced
shareholder will be dealt with, in case of
dominant
market
share;
33
FEBRUARY 2021
Family
shareholding
Business Mandate fountainhead of excellence
any dispute and how a family member
who believed subconsciously that
With IBC in place, creditors will
who wants to exit will be treated and
nobody could manage the business
take control of business if there
settled. Family Institutions must
better than them. This was the scariest
are
include family assembly, family councils
part. I took it as a mission upon myself
that meet on a regular basis and
to do something about it and accomplish
evaluate the performance and family
it in my father's lifetime. I knew the path
committees.
was going to be risky and it could backfire.
•
I
To change focus area or to
•
To get liquidity for personal aspirations of family members. To invest in other growth areas like what Dr Cyrus Poonawalla did.
•
To provide exit to a segment of the family.
envelope when others want to take a
•
Due to lack of a successor
am part of a family business that
safe route and caring more about
•
For the owner(s) to retire.
saw transformation from the third
potential rewards than possible losses.
•
Driven by family feuds.
fourth
We communicated with a lot of
generation. I am very fortunate that the
clarity and courtesy and stayed calm and
business that my forefathers founded
collected. While this happened, trust,
Platforms could unlock value
continues to exist but the family
compassion, empathy and patience were
even during pandemic.
members will not be part of it and that
tested to the fullest. Exits are not about
is the difference. The business is not
giving up; they are about seizing
disintegrating, as our family members
opportunities. When it comes to exits,
allowed it to continue to flourish. The
do what is good for you and the
critical factors that led us to create value
business. Your family will thank you. A
and exit our family business are:
timely exit can be the best business de
1)
generation
to
Personal
the
and
reallocate portfolio.
As some wise men have said, risk is situations; it is about pushing the
debts
defaults.
•
not about rushing into some uncertain
mounting
value
•
•
One can't time the market. Jio
There needs to be planning and it depends on what one wants to exit from and how.
•
The family must be aligned and there must be consensus on the need for unlocking.
•
If they want to exit a part of
cision, and, in the same way, poorly
the business, they need to wait
mechanism
timed exits can be the worst. You only
till the right partner is
2)
Succession planning road map
have to do a few things right in your life
identified.
3)
Lack
of
creation
When Should You Unlock?
communication
between the shareholders 4) 5)
Exit options available for the
as long as you don't make too many things wrong.
•
The entire ownership can be
shareholders
transferred in one go like it
Identifying the right time to
happened between Sunrise
differentiate
Foods and ITC, or in phases.
between •
ownership and management 6)
How to Unlock?
Part of the ownership or part
Seeking professional help in
of the business can be
addressing and overcoming
unlocked.
challenges I saw family members around me
Why to Unlock? •
To minimise external debt. 34
FEBRUARY 2021
•
Even some assets can be unlocked.
Business Mandate fountainhead of excellence
find it difficult to coexist with PE players. In Jan 2019, Mukesh Ambani declared that data is the new oil. It is interesting that he used the revenue from their oil business to build Jio Platforms. There are many similarities between the two. In fact Jio looks the mirror image of OiL. To sum up, the takeaways for the family businesses are: •
Focus
on
building
key
strategic assets •
Implement
governance
practices
which
are
professional in nature. •
Adopt
a
robust
family
constitution and governance structures which include merit based
employment
and
succession policies •
Adopt
a
businessfirst
approach •
Different routes are available
unlocking. If part of the value is
like
Public
unlocked to a PE player and a family
Offering) / REIT (Real Estate
dispute arises later on, how can the
IPO
(Initial
Investment Trust) and INVIT (Infrastructure
Investments
Trust). There are many challenges in
•
who are used to complete freedom will
35
FEBRUARY 2021
clear
shareholder
agreements •
Have an open mind for partial or full unlocking of value
situation be addressed? Will the PE buy out the entire stake? Family members
Have
created •
Leave emotional baggage and
take decisions at the right time.
Business Mandate fountainhead of excellence
36
FEBRUARY 2021
Business Mandate fountainhead of excellence
A
t the outset, let me confide
may be wrong. It means that the other
We go through life as leaders at
that this session has given me
person could be right. Sound argument
various stages in various forms. We
‘purpose.’ Today is the 29th
leads to great results.
always analyse options and come to a decision. That is the essence of
day of my being sick (down with Covid) and recuperating from intensive oxygen
Are We All Leaders?
leadership. Is this leadership role
therapy. If not for this session, I would
How do we see ourselves—as employees,
proportional to a designation like CIO,
have been reluctant to get up from bed.
management students, researchers,
CTO, CFO or CEO? Is the chef or security
But here I am, clean shaven and neatly
supervisors or managers? Do we see
person in your college hostel a leader?
dressed. The convention and the topic
ourselves as leaders? My argument is
for my talk have given me purpose. In
very simple. All of us are leaders.
There is no contract in the world that obligates anybody to deliver
over 700 conversations that I have so far
Within a couple of minutes of being
leadership, because leadership is
had on numerous topics, purpose has
born, a child starts displaying the initial
intangible. It functions at multiple levels
not featured significantly as a major
characteristics of leadership, which is an
across life. You can’t say that you will
issue. Now, having experienced its
ability to influence people. When the
become a leader when you become a
importance and effect, I will surely
child feels hungry, it starts crying. It
General Manager or Senior VP.
address it in all my future talks.
quickly realises that this crying or
Leadership is inherent in all of us. We
communication
of
need to be able to turn it on and once
team and express an idea, you have to
influencing people around it. Getting
you do that, it becomes an automatic
be prepared to accept that what you say
them to do what it wants is leadership.
process.
When you stand in front of your
37
is
a
means
FEBRUARY 2021
Business Mandate fountainhead of excellence
Across
organisations
and
you have purpose, you can become a
sustain this structure in the long term.
structures, some of us are given the
good leader. You may be a great player
These are traits of a technically skilled
responsibility and authority to deliver
in a cricket team, but if you don't have a
manager as well. To be a great leader,
leadership at multiple levels. However,
purpose, you may fail to become a great
you must understand management
everybody else in the organisation has a
leader of that team.
skills adequately. It is possible that a
responsibility.
The
junior
most
Warren Bennis said that if he had
great manager may not be a leader. In
employee in an organisation can display
to pick one factor that makes a
the pecking order of hierarchy,
outstanding leadership skills, whereas,
difference in organisations, it would be
managers are those who provide the
the top hierarchy of the organisation
leadership. A good leader can turn
technical expertise to go to a desired
may suffer from inadequate displays of
around a mediocre outfit into an
destination and leader is a person who
leadership.
outstanding unit. A mediocre leader can
identifies the destination or the target
destroy a great unit and turn it into an
and gets together the rest of the team to
Leadership comprises many things:
move from where they are to where the organisation desires them. That is leadership in a nutshell. Replace All ‘I’ With ‘WE’ Leadership comprises many things. It is a state of mind because change begins in the mind. It is about character because leadership comprises so many different characters. It is the ability to create a bond and articulate a vision. Leaders must believe that everything can
be
achieved
only
through
partnership. So for a leader, the single most unimportant word is “I” and the single most important word is “WE.” “We communication,
average unit. Examples of this are
can do this together. I made a mistake.
happiness and purpose. Purpose means
aplenty. We can see this in everyday life.
You were great in what you did. Let's
ownership,
great
make this happen.” These are common
intention. It means a reason for doing something. If you're an engineering
Finding Meaning in a Clutter
phrases which leaders must use. The
student, why are you doing the
Leadership is the ability to see through
more often you use them, the more
engineering course? Is it just to be an
a clutter of random pieces—put them in
robust your leadership skills will get.
engineer? Is it just to get a job?
a sequence within a specified time, at a
Purpose is also determination. It is the reason for doing something. Only if
specified expenditure of resources and
The DNA of Leaders
human capital to make a profit and
All of us are leaders. But do we choose
38
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Business Mandate fountainhead of excellence
to be a leader is the critical question. In
visible in any role—be it a mechanic, a
recognized as a leader in that
the leader’s DNA, we always see some
policeman or a CEO. When leaders show
field.
important qualities:
passion, it spreads across the team and
Drive and passion
•
Ownership
•
Integrity
Ownership
•
Intelligence
Ownership is the willingness to take
•
Vision
responsibility. A lioness is a better
•
Mentoring
Helping
Others to Achieve •
Motivation
•
Communication
•
Facilitating Change
Passion If you have the drive and desire to
education but have the wisdom and experience and we admire them. 4.
Selflessness is the highest level of leadership. Motherhood is an
a lioness takes ownership of the pride of
example of this. Ownership,
cubs and it fosters them for the next
mentoring
generation.
leadership combine together to
There are four levels in leadership: 1.
initiative, seize the opportunity and be with passion. Passion will be clearly
who may not have the right
example of a leader than a lion because
achieve, give it the energy, show persistent much like an ant, and do it
The next higher level is admiration. We consult people
enables success.
•
and
3.
2.
and
selfless
give the highest quality of leadership.
Authoritative, which does not discriminate and works only by
Integrity
law, not by heart. That's the
It is about doing the right things. Never
lowermost level.
ever lie. The day you have to lie as a
The next level is Respect which
leader is the day you start climbing
is limited to anybody who is
down. Organisations will respect a
39
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Business Mandate fountainhead of excellence
leader who has the ability to stand up
Vision & Goal
Motivation
and say, ‘I made some mistakes. I will
There is a need to create a vision. Once
Whom do I motivate? The answer is
rectify them. Going forward, I need your
you create a vision, focus on the vision
simple. Motivate yourself first. The rest
support.’ It is better to fail with honour
that you create. Don't let that vision go
of the organisation will be motivated
than to succeed by fraud.
away and let not the clutter of daily life
automatically. If your office time is 9 o’
take you away from the focus of your
clock, you must reach the office five
Intelligence
vision. Once you have a vision, set a
minutes to nine and be ready to start
All of us have intelligence. You are
goal. Goals must be simple. It is
work. Do that for 10 days. You will see
currently acquiring a wealth of
important to identify a right purpose. If
your entire team coming to the office at
knowledge in the institutions that you
you set your ambition at a level far
nine.
are studying in. Use all that knowledge
beyond your capability, you will face
to solve problems. If you can combine
failure. It must stretch you a little bit but
Now the question is, ‘How do I
that knowledge with a little bit of vision,
not so much that your teams fail.
motivate?’ Find something in your organisation
you will be able to predict the future.
that is worthy of being woven into the
leader or a thought leader. Once you
Mentoring and Helping Others to Achieve
chart a course, you will start making
Are you currently mentoring anybody?
clerk who came to the office despite
correct decisions by solving problems of
Are you able to make a difference to
illness. It could be a lady who came to
tomorrow. You will become a leader
somebody's life? If you are, you are well
work despite her children being sick. It
very quickly in any organisation. So use
on your way to being a great leader.
could be a gentleman who came to the
You will now be called a transformative
fabric of history. It could be a brilliant
your intelligence for what it is intended
office despite his mother being admitted
for.
in the hospital. These are stories. Capture them; put them on the walls; put a sticker, a photograph. Give people social recognition. Rewind these stories again and again. The more often you tell them, the more cement will be added to the foundation of your organisation. People will remember the legacy and the history of these organisations. Organisations are not made by iron and steel and big buildings of concrete but by human beings. If you are able to concentrate on human beings, your organisation will remain strong. That is the power of motivation and the power of sharing 40
FEBRUARY 2021
Business Mandate fountainhead of excellence
stories. Stories don't have to involve
and the spread of social media tools, the
every moment. It is consistently
death and bloodshed. Others’ dreams
power of the spoken word and gestures
constant. As a leader, you must identify
are most important. I may have got an
that accompany them and the warmth
your purpose and navigate through this
MBA seat or a good job. Can I focus on
which you can convey in person remain
change that is constantly occurring
somebody else's dreams? That's what
priceless. 150 texts or emails can be
around you.
will give purpose to our life. Celebrate
replaced
others’ joys. Leaders must develop tasks
conversation. Now, working from home
Leaders Must Create Leaders
and
everyone.
makes things a little difficult. But
You may come from a small village in
Everybody in your team brings some
whenever we get an opportunity, we
Salem district, from an agricultural
strength. Everybody is not good at the
must use personal conversations.
family. You may be the first person to
people.
Involve
by
one
facetoface
same thing. Do not have a common filter
A leader may play multiple roles—a
through which you look at everybody.
colleague, teacher, advocate, motivator,
Have an individual lens through which
guide, judge, friend, critic, driver,
you analyse and assess people's
advisor, follower or student. The last
strengths. Use their strengths and your
two are important, simply because no
team will prosper.
leader is perfect. The leader has to
Communication If you're unable to communicate, you will not be a leader at all. In modern
continuously learn from the rest of his / her team. The day we stop learning, we stop becoming a leader.
get an MBA in your family. How many more can you create from your own family or your village? That will define your leadership status. Creating followers is a matter of structure. A general manager may develop an assistant general manager. But leaders create leaders. You have to anticipate changes and interpret them. As a leader, you are also expected to
organisations, notwithstanding the
Facilitating Change
display other leadership traits like
power of ecommunication that we have
Much like in our DNA, change happens
wisdom,
decisiveness,
endurance,
humility, being fair, having knowledge and so on. That is the challenge of modernday leadership. 5 Attributes If you can bring down your purpose to five attributes, you would have done extremely well to be a great leader. These attributes are: •
Generosity
•
Respect for others
•
Ability to take action
•
Compassion
•
Energy
If you are able deliver all these with
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Business Mandate fountainhead of excellence
grace, you will be a great leader. Spread happiness around you. A happy leader generates many followers. The Iceberg Organisational rules and systems are only 10% of the iceberg that is visible to a leader. But below the tip lie 90%, which contains emotions, culture and people. Though the visible 10% is important, the invisible 90% is equally, if not more, important. The 10% is the Head; the 90% is the Heart and Soul of an organisation. The supreme lesson in all these is: enjoy what you do. Pursue your hobbies. Your life at work is a small component of your work outside. Don't let work cloud your entire life. Identify the level at which you are on the leadership continuum. Are you authoritative, participative,
democratic,
commu
nicative? Are you a specialist or a generalist?
What
is
your
style
—coaching, teaching or mentoring? How do our teams see us? What is your leadership legacy? Small positive changes made every day will give staggering results. Stretch the abilities of your members in such a way that they can deliver optimally. Remember to keep the Key to Happiness with You always. If you keep it with you, you will not be upset by others who irritate you or situations that stress you out.
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43
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T
o review and refresh the
Action,” mapping of SDGs
of various competitions held in
nuances
with
connection with the 19th MMA All India
of
the
Act,
amendments and notifications
and also the proposed amendments to the CSR Rules, MMA organised a conclave in association with CSR Spark and KonradAdenauer Stiftung on the theme “CSR and the Decade of Action” on Saturday, 19 December 2020 at MMA
Management
Center.
The
conclave had the following broad
VII
and
orienting CSR interventions towards attainment of goals. Mr Nagahari Krishna, Director, Danfoss Industries Pvt Ltd delivered the welcome address. In his opening remarks, he was happy to note that many companies are doing much more than what is stipulated in the mandatory CSR provisions of Companies Act 2013. He suggested that the annual CSR spend of
objectives: To learn the intricacies of the CSR Law and the proposed amendments. To develop insights on Greater Compliance,
Schedule
Transparency
and Stronger Governance of International Agensies (IAs). To prepare for the “Decade of
companies must be channelized such that
Student Convention 2020. During
his
address,
Mr
Ranganathan underlined the need for companies to map their CSR activities to UN’s SDGs so that they are on the right track. “As it is practically difficult for a company to focus on all the SDGs, they pick and choose SDGs which are dear to them and pursue them in their CSR activities,” he said.
the 17 sustainable development goals
He also emphasised the need to
(SDGs) can be met in a progressive way.
have proper measurements of what have
The Chief Guest Mr N K Ranganathan,
Grundfos
Water
Ambassador, Grundfos Pumps India Pvt Ltd gave away the prizes to the winners 44
FEBRUARY 2021
been achieved. “That which cannot be measured, cannot be implemented,” he stressed. He cautioned that inequalities in society will lead to unrest and so, we need to instill hope in people. He added
Business Mandate fountainhead of excellence
that we need leaders who are accountable
SDGs. “The MDGs were mostly
SDGs. India, she said, has 169 targets
and suggested that we need to make use
mandates for the government. But SDGs
focussing on global change, ending
of traditional knowledge in our best
require action by different players,” she
poverty, protecting the planet and
practices and in policy making. He listed
said and listed out the reasons as to why
ensuring prosperity. “India has 306
out the initiatives taken by his company
we should implement the SDGs.
indicators and Tamil Nadu Government
in the areas of water, energy and people.
has 314 indicators,” she noted and
Mr R S Krishnaswamy, Founder
added that this flexibility in fixing the
and Chief Parton, CSR Spark and Dr R Sujatha, SDG Associate Government of Tamil Nadu and Honorary Director, Karupa Institute of Development Initiative (KIDI) were the distinguished
The MDGs were mostly mandates for the government. But SDGs require action by different players
speakers in the conclave.
number of indicators was not available with MDGs. She outlined what Corporates can do as part of CSR and presented the status of Tamil Nadu with respect to the SDGs. She concluded saying that each goal is important and that they are all
Dr Sujatha remarked that the ‘Decade of Action,” started with the
She pointed out that the 4th SDG
interconnected. She remarked, “A
pandemic, which has forced us to work
should have been achieved by 2020. But
committed group of people can make
in the New Normal in a more
due to Covid, it has taken a backseat.
the change happen. This conclave by
sustainable way. She gave an overview
She explained why India plays a
of the transformation from MDGs to
crucial role to the success or failure of 45
FEBRUARY 2021
MMAKAS is a great initiative to accelerate SDGs and CSR.”
Business Mandate fountainhead of excellence
LEVERAGING CSR DURING THE DECADE OF ACTION R S KRISHNASWAMY
T
the CSR law in our country, it is
The total cumulative spend over the
appropriate that all activities under
first five years has been around 71,000
Corporate Social Responsibility be
crores, with around 25,000 companies
leveraged to further the attainment of
executing CSR programmes during the
the Global Goals during The Decade of
FY 2018 – 19. There is a provision to
Action.
transfer the CSR spend to designated
Against this backdrop, it is
funds. Yet, it is heartening to note that
he United Nations, in its
pertinent that we focus on the following
more than 90% has been actually spent
endeavour to make the world a
aspects:
on activities spread over various sectors.
better place to live in, adopted
1.
The performance of CSR during
Such activities have been undertaken either directly or through their own
the Sustainable Development Goals
the first five years, for which
(SDGs) in 2015. These global goals came
data is available on the portal
foundations or through IAs. The intent
into effect from 1 January 2016 and are
www.csr.gov.in
of the CSR Law has been well
aimed at eradicating poverty and hunger, protecting the planet, and enabling the people to live in peace and prosperity by the year 2030. The 17
2.
Bottlenecks
in
CSR
implementation 3.
Latest amendments to the CSR law
4.
Available
Government
SDGs can be grouped under 5Ps
infrastructure that can be
—People, Planet, Prosperity, Peace and
utilised
Partnerships. The SDGs come with 169
5.
Leveraging of CSR to converge
targets and 230 indicators for
with
monitoring the progress towards the
programmes 6.
goals. After five years of the SDGs, we
the
Government
Impact of convergence.
1. PERFORMANCE OF CSR
enter “The Decade of Action,” during
CSR in itself is a standing example for
which we are to mobilise everyone
Goal 17 of the SDGs. It is a partnership
everywhere, demand urgency and
amongst
ambition, and design new innovations
Corporates, the Implementing Agencies
and solutions so as to leave no one
and the Government. The Government
behind during these ten years that we
on its part has been mandating and
have to transform the world.
monitoring the activities under CSR, the
International agencies (IA) and Governments are already working towards
the
goals.
Meanwhile,
businesses have also been recognised as vital partners. With the mandating of
understood.
the
Beneficiaries,
the
The total cumulative spend over the first five years has been around 71,000 crores, with around 25,000 companies executing CSR programmes during the FY 2018 – 19. There is a provision to transfer the CSR spend to designated funds.
Corporates have been enthusiastically delivering CSR programmes through the vibrant Implementing Agencies, and the Beneficiaries
are
ensuring
the
sustainability of the CSR programmes.
46
FEBRUARY 2021
2. BOTTLENECKS IN CSR IMPLEMENTATION We have to identify the shortfalls and
Business Mandate fountainhead of excellence
take steps to improve the CSR
3. LATEST AMENDMENTS TO THE CSR
infrastructure system that has been
environment,
LAW
performing wonderfully.
if
we
contemplate
leveraging of CSR activities to converge
The Ministry of Corporate Affairs has
with the Government programmes.
been continuously finetuning Section
prevalent
With the divergent sectors and
135 of the Companies Act 2013 along
country
wide geographical spread, it is
with the Rules and Schedule VII
foundation for our democratic
pertinent to have strong and
associated with CSR. An update of
setup. Four Gram Sabhas are
robust
amendments to Schedule VII can be
a)
IAs,
who
are
knowledgeable, compliant and
viewed here.
the
convened on Jan 26, May1, Aug 26 and Oct 1 annually. These
Weak IAs deter the easy
22.01.2021 as per notification on The
for local economic growth,
implementation
Gazette of India. Salient features in this
optimum utilization of funds
of
CSR
There is a lack of a proper beneficiaries
a)
While intervening in public like
lakes
and
governmentrun schools, for fasttracked
permission from the authorities concerned. A huge inequality in sectorwise
persons has been permitted. c)
d)
available government infrastructure, which can be utilised to leverage CSR to promote the Global Goals.
international
Clarification
on
“ongoing
projects” is available. e)
Form
CSR1
introduced implementing
has for agencies
been all to
register online and obtain a unique
CSR
Registration
Number. f)
There are more details on unspent and excessspent CSR
the CSR Law with the SDGs
bottlenecks, we must delve into the
for
out.
amongst the key players in
While seeking to address these
Criteria
organisations has been spelt
There is always a trust deficit
should be addressed.
on
Institutions, clean drinking water and sanitation, role of
b) Overseas training of sports
observed.
Mismatch of Schedule VII of
spending
COVID 19 for three FYs.
and geographical areas can be
CSR.
of
and medical devices related to
example, there is difficulty in obtaining
Inclusion
research on new vaccine, drugs
who
sustain the programmes. areas
available with Panchayati Raj
amendment are:
could help to implement and
f)
forms
Panchayat Development Plans
suitable
e)
and
the
The rules have been amended on
forum to identify projects and
d)
throughout
implement the programmes.
programmes.
c)
The Panchayati Raj system is
are organised to discuss Gram
have the requisite capacity to
b)
a)
funds. g)
G0 Impact Assessment has been included for large CSR spends.
4. EXISTING GOVERNMENT INFRASTRUCTURE Our country has a wellestablished 47
FEBRUARY 2021
The Government is the major spender in the social sector. The four major players in CSR are the Implementing Agencies, the Beneficiaries, the Corporates and the District Administration. Convergence of these players will result in effective leveraging of CSR towards attainment of the Global Goals.
Business Mandate fountainhead of excellence
National Policy for VOs, rolled out in 2007. More than a lakh VOs have registered here. d)
Niti Aayog is the custodian for the
SDGs.
It
works
spreading
on
awareness,
monitoring progress through a set of indicators, providing support at the state and district levels through designate cells, and monitoring dashboards. e)
The
Transformation
Aspirational
of
Districts
Programme aims to create a homogenous development in all districts across the nation. Niti Aayog, under the guidance of the Prime Minister launched the
Transformation
Aspirational
of
Districts
Programme (TADP) in January 2018. 115 districts were chosen across 28 states for this programme, which hinges on three
basic
Convergence,
principles
of
Collaboration
and Competition. Another nine districts were later added. The programme aims to transform the selected districts within the shortest
period
possible,
through
of
time
a
mass
movement. women in village and rural development, b)
and
social
c)
Voluntary Organisations (VOs)
5. LEVERAGING CSR TO CONVERGE
are required to register online
WITH GOVERNMENT PROGRAMMES
inclusion.
with NGO Darpan and obtain a
NGO Darpan is facilitated by
Unique Identification Number
Niti Aayog. It is an interface
(UID). Departments do spend
between several Government
on social initiatives through
Departments and Voluntary
VOs registered with NGO
Implementing
Organisations (VOs).
Darpan. There is also a
Beneficiaries, the Corporates and the
48
FEBRUARY 2021
The Government is the major spender in the social sector. The four major players in CSR are the Agencies,
the
Business Mandate fountainhead of excellence
District Administration. Convergence of
better place to live in during “The
these players will result in effective
Decade of Action”.
•
and
robust
implementing agencies •
leveraging of CSR towards attainment
Responsible
Monitoring of projects and
of the Global Goals. Each player has his
6. IMPACT OF CONVERGENCE
integration of data on SDG
own role to play within the available
The effect of converging CSR activities
dashboard
government infrastructure (the table
with Government social initiatives and
below lists these roles). If this model is
leveraging the existing infrastructure
successful, all bottlenecks in CSR will be
will create an impact as follows:
removed and a favourable climate will
•
SDGs
prevail, wherein CSR will contribute immensely to the goals. Though this suggested model does
Contribution of business to
•
Impact at grass root level – Gram Sabhas
•
Beneficiary
connect
and
sustainability The
National
CSR
Portal
www.csr.gov.in has been recently
Localising SDGs and better awareness
•
•
Documentation of projects –
updated with CSR results for the FY 2019 – 20 and the figures look dreadful as on date. The CSR spend has reduced
not exist now, Corporates and IAs can
useful for replication and
take this forward in districts where they
scaling up
from 18,655 crores the previous year to
Availability of quantum of
7,823 crores. Let us hope that more data
CSR spend in districts
will be added for the FY 2019 – 20,
are operational with the support of the
•
District Collector. The impact of such an initiative will be huge and will help in transforming the world, making it a
•
Removal of trust deficit – which will give us a more encouraging enabling partnerships picture.
49
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Business Mandate fountainhead of excellence
RAMYAA RAMESH
T
he journey to the coveted C Suite is tough for all but even more so for women, given the
social and patriarchal barriers they have to overcome. However, over the years, the number of women breaking the glass ceiling and confidently forging a new path has been encouraging. The career journey of such women makes for an interesting study, and I have tried to showcase the stories of ordinary women who have had extraordinary lives and have achieved a lot with pathbreaking career milestones. Roshini Bakshi is one such extraordinary woman whose achievements have been truly inspiring. “My parents taught us the value of education very early in life. For them, performance only meant something if we topped the class. Therefore, my siblings and I grew up to be ‘type A’ people. We wanted to be the best at each stage, competing at home with each other as much as we competed outside,” Roshini explains. Roshini Bakshi has always been an achiever, a typical studious girl who started her schooling in Good Shepherd, Chennai, and went on to do her MBA from the most soughtafter BSchool in
50
FEBRUARY 2021
Business Mandate fountainhead of excellence
India – IIM Ahmedabad. “If someone were to ask me, what I would have done had I not gotten into
primarily hard work where I focused on my rank in each grade, and managed to make few lifelong friendships.
IIMA, my answer would have been an
When I finished school, Dad got
emphatic – I would have gone off to the
posted to Delhi as he was in the IAS, and
USA to study. My own little childhood
we followed him. I did not know much
dream was to be in New York one day.”
about Delhi. In fact, my dad did all the
However, IIMA did happen and
research and told me to apply for
her career started after that. Around this
Economics at St. Stephens College and
time she married her classmate and with
I did. I was quite lucky but I had great
marriage came changes in jobs and
grades, so I managed to secure a seat.
locations, as she moved with every job
The conversation during my third
change of her husband. But this ‘trailing
year at college was all about what next?
While I was from a family where PhDs
spouse’ never put her career on the back
A group of my friends from class got
were seen as the only real degree and
burner, and with a single minded
together and started studying for the
everyone were either in the government
devotion, she took up various roles
CAT. As I was curious, I decided to take
service or were professionals!
across diverse sectors in every city she
up CAT as well. My dad reconfirmed
What was your first job after
moved to along with her husband and
that the IIMs were the best in the
college?
kids. With remarkable ease she has
country, probably in the world, and that
managed to survive and succeed in each
he would be very proud of me if I made
one of them and forge an interesting and
it through. I did not want to let my dad
unique career path for herself.
or myself down, so I gave it my best
Today, Roshini is the Managing
shot!
College was hard work and then it was time to get into the company of my choice. Though my father wanted me to join an international bank, I had my eyes set on two companies – Hindustan
Director of Everstone Capital, one of
What were your experiences with
Unilever Ltd. (HUL) and Tata
Asia’s largest private equity and real
BSchool?
Administrative Services (TAS). Many
estate asset managers.
Life at IIMA was very different as we
people told me that getting through to
Excerpts from the interview:
were 21 girls in a batch of 172, and most
the Tata Group would be extremely
Did you always have a clear idea
of the guys were from IITs. So you can
difficult, so I took it up as a challenge,
and a set plan on what you wanted
imagine how different the entire
and was selected!
to do after school?
ecosystem was!
My first job was with Taj Hotels. I
I was not pretty or fair or slim, but I
I met my husband here and by the
joined as an Executive Assistant to the
realised very early that I did not have to
second year we were a couple. Our
CEO office where the work would
be any of this if I topped the class. My
backgrounds were completely different
literally start at 1 pm and end at 1 am.
classmates wanted to be friends with
– he is a Punjabi born in Amritsar, from
While the role was exciting and I learnt
me. So, school at Good Shepherd was
a business family and literally the first
a lot, I knew that this was not where I
in his family to get a master’s degree!
wanted to be. The TAS gives you the
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Business Mandate fountainhead of excellence
financial services, was very exciting. After almost 2 years, when I got a call for the role of GMMarketing from Mattel, I made the decision to go back to FMCG. It was a great opportunity to launch new brands, to be part of a global company and to learn the nuances of
opportunity to move within the group. There were two things that I was clear on – I wanted to get into the operations of a business and that I wanted to be in Mumbai. I got an opportunity with Lakme to join sales, where I started right at the bottom as a sales officer. I spent my first year in Calcutta and then
build a product company as he wanted someone
who
could
bring
the
sensibilties of consumer marketing to technology. I found this to be an interesting challenge and I took up the role to build Adrenalin, the HRMS software product of Polaris.
working in a truly American company
We built the business and saw the
was extremely exciting. I loved my job
product installed in more than 175
and had the opportunity to launch the
customer sites across India and the
most loved brands for kids Barbie,
USA.
Hotwheels, and Fisher Price in India. It
After 3 years you moved back to
was a great experience working in a
Mumbai. How was this change and
global company, especially an American
what did you do?
one, which had a matrix working structure with a very different culture along with a new lingo that I had to get adjusted to! Each learning I had was extremely exciting!
I enjoyed my time at Polaris but then the inevitable change happened. My husband had to move back to Mumbai and I had to move again. It was one more change for me, one more
I was moved to Mumbai, where over
You then moved from Mumbai, a
time I grew from a brand manager to a group product manager. I learnt a lot
city of your dreams, to Chennai. veteran of change and this did not scare Why do so? me anymore.
during each stage of my career at
As women we end up compromising a
Lakme. I enjoyed my 7 years with Lakme
Walt Disney was just setting up
lot more than men. My husband had to
and in HUL, as Lakme was sold to HUL!
office and I got a call from one of the
move to Chennai for a new role in HUL
Which brings to me to the logical
and so, I had to quit Mattel and move
question: Why move from such a
along with him. When I made the move,
company?
I was not sure what I would do and
I was not very keen to be in the same company as my husband, so when Prudential ICICI gave me the role of head of marketing, I decided to take it. I am always willing to get out of my
honestly, I was open to trying something new. I thought that Chennai was not known to have any great FMCG companies or banks but technology and software was booming in the city.
comfort zone and take more risks and I
Around this time, I received a call
believe I am an eternal student and to
from Mr. Arun Jain from Polaris who
move to a new industry, especially in the
asked me if I would like to work and 52
FEBRUARY 2021
uprooting but by then I had become a
Business Mandate fountainhead of excellence
senior recruitment firms asking if I was
change. However, I decided to be
survive and thrive. I am still learning,
ready to become a CEO and head a
neutral and we moved. When I look
and this time working with seasoned
business – build it and grow it! Who
back, this was the most wonderful 6
bankers
would not take up such a challenge? I
years of our lives. Indonesia is a hidden
personalities who make me feel that I
jumped at it. In the 9 years I was part of
treasure and the people were extremely
am not ‘type A’ enough!
the company, I built it to a $200 million
welcoming, our settling in was so
Roshini believes that her most
revenue, recruited every person on the
smooth, the country is so full of
valuable achievement is her ability to
team, learnt the ropes and managed to
surprises and beauty – I have to say, we
look at each change as an opportunity
survive and thrive in one of the most
learnt a lot and most importantly, my
and to be an eternal student and learn
complex matrixed organizations in the
children embraced the new culture and
from all without any ego.
world and enjoyed every minute of it.
people with open arms.
and
with
aggressive
With a career that has seen many
Like you said, 9 years and then you
One thing I have learnt is to look at
twists and turns, Roshini now wants to
had to move again as your
every change in a positive way and to
concentrate on her present and build
husband had to move for his
look for the positives in every new event
her career at Everstone Capital. A
career, a move not just to another
in life!
career that now sees her sitting in the
city, but a different country! What was going through your mind?
This time, I decided I would embrace
the
new
sure she will add many more accolades
When I heard that we were moving
opportunities in life and be even more
to her kitty! Roshini is truly an
to Indonesia, I was quite disappointed.
willing to learn and thrive. So, when I
inspiration for many women who
I always thought at some stage our next
got a call from Everstone Capital for an
constantly try to find the balance
move would be to London, UK. I had no
operating partner role in private equity,
between career, marriage and children.
clue about Jakarta and only knew
I did not have any second thoughts. The
Indonesia from plane crashes, and
job was in Singapore and my husband
earthquakes. Most people do not even
was to be based out of Jakarta, but I
know that Bali is in Indonesia! So
decided that it was possible and this too
series on women
overall I was not looking forward to the
was a new opportunity to learn and to
leaders.
53
change,
FEBRUARY 2021
the
board of several companies, we are
Ramyaa Ramesh contributes for this
Business Mandate fountainhead of excellence
Dear Sir, Congratulations MMA for bringing out the 'digital' Business Mandate. Very, very well accomplished captains of Industry and eminent professionals have shared their valuable perspective on a range of topics—career management, team work, values and ethics, inclusivity, readying for the future. In short, a crisp and mini encyclopaedia for everyone to refer
to—be
they
professionals,
business
owners,
academicians, Gen X, millenial, 'new' millenial. Kudos ! Venkatesan Seshadri Past President Tamilnadu Investors' Association
Dear Sir, The digital edition of Business Mandate has come out nicely. The article by Mr Shivakumar of Aditya Birla was interesting. Interview of Ms Mythili Rajendran, MD, Cooptex, was good too. Best regards Badri S Narayan Founder & Director HexaCore Global
Send in your mails or feedback to ed@mmachennai.org. We may edit it for brevity. In any case, the editor reserves the right to publish the received mail.
54
FEBRUARY 2021
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FEBRUARY 2021
