MMA Business Mandate (May 2021)

CONTENTS

Cover story

Virtual CSR

EDITOR Gp Capt R Vijayakumar ﴾Retd﴿, VSM

Startup story

Conclave

Management education

Gallery

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EDITORIAL

Gp Capt R Vijayakumar (Retd), VSM

May Day! May Day! May Day! In April!

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ndia is now suffering the worst days of the pandemic. It is

jab hesitancy, an issue that cannot be addressed without a grasp

going through a second wave as a result of poor planning

of attitudes and insights. By studying psychographic research

and execution. For months, many celebrated that India had

inputs, brands can chip in with ‘dual purpose’ campaigns that

beaten the virus, even though none of us could explain how and

attract attention and bring about the attitudinal shift among

why. In this crisis, there is so much that as an individual we can

people. Many corporates have large ad budgets. For once, let the

do to protect ourselves and our families, but political/national

“Return on Investments” manifest itself on more than just a

leaders must do more.

revenue chart. Flattening the Covid­19 curve and its downward

It’s also the time for a global treaty on health emergencies.

The WHO and 23 national leaders have issued an urgent call for an international accord on the pandemic. We must seize this moment and join hands in solidarity. The financial and human cost of the pandemic is horrific and its scars may take years to heal. How our lives and economies are overturned in a very short span of time! Right now, what is most important is to be safe and healthy, not only physically but also mentally.

trajectory eventually rests on a judicious vaccination deployment plan and its pace.

Of demat & capital markets…

Indian investors opened a record 14.2 million new demat accounts in FY 2021, which is nearly three times the figures in the previous FYs. The pandemic and business disruption opened up new investment opportunities! Digitalization and growing awareness about equities are likely to push more people towards the capital market. In this context, MMA is presenting a fascinating success

Roping in the advertisers I also strongly believe that advertisers should join the battle against Covid. Advertisers should serve a cue for other brands to adopt ‘dual purpose’ campaigns. Across the country, vaccine awareness response is inadequate, especially among the poor and those who live in far flung places. There are also ample signs of 5

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story of “Zerodha (No Impediments): A journey into the fabulous success of India’s foremost fintech startup.”

Watch Mr Shankar in conversation live with Mr Nitin Kamath, founder, Zerodha, on 12 May 2021 and get inspired. Click to view the invitation.

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Less is more with our neighbour!

cues help build trust. In this context, going forward MMA will be

Lowering our expectations might not seem a very ambitious

organising all its events on the hybrid model at the MMA

prescription for the immediate future of India’s troubled relations

Management Centre.

with China. It may however be just the right course of action to guide the way forward, as both countries seek new ways / offsets after a major impact in relations following the border crisis. India today is working to redefine itself against China for which it will need to build international coalition of countries that have like­ minded thoughts. As both sides chart a course forward after last year’s rupture in ties, India and China may find a conversation that is driven by realpolitik and shared interests, even if modest.

As India and China go back to the drawing board, it is prudent to assume that less may indeed be more.

In this regard, MMA is organising a discussion on “Strategic Patience—How India can rise to the China challenge” at 06.00 PM on 7th May 2021 to focus on important aspects of India’s relationship with China and more. Join us live to hear from a galaxy of experts. Click to view the invitation.

The theme of this year’s Earth Day celebrated on 22 April is one that now resonates with everyone—restoring the planet. Over the past year, the pandemic has changed the way we live. And the effect of climate change has only intensified: 2020 saw carbon dioxide levels shoot to record high levels despite the lockdowns related to covid­19.

It’s clear that the same speed shown in developing vaccine for Covid­19 is needed for adopting emergency technologies and innovative thinking to restore the world’s ecosystems. These two aspects are a key part of this year’s Earth Day theme. In keeping with the objective of the theme, MMA has planned a number of initiatives to focus on a low carbon future and adapting to climate change.

“The New Woman of Today” The recently concluded online MMA Women Managers

The Suez crisis India needs to learn from the Suez crisis. The recent blockage highlights the importance of the Red Sea for Indian economic interests. The Indian Ocean and Mediterranean Sea are linked by a relatively short, narrow ribbon of sea water—the Red Sea. The recent Suez blockage has not only highlighted the importance of the Red Sea waterway, but it has also focussed attention on the ongoing conflicts on both the sides of the sea. India has long historical links in the region. It has excellent bilateral ties with all the major players there, and is well placed to pursue and

Convention 2021 on the theme “The New Woman of Today” was a grand success watched by over 21,000 viewers.

I am delighted to present to you in this edition insights shared by the speakers during the convention with embedded videos. I am also happy to present to you articles on the theme of the hybrid conclave “Free Trade Post­pandemic: Rationale vs National” addressed by Prof Dr Heribert Dieter and a galaxy of economists organised by KAS in partnership with MMA on 17th April 2021. Click to view.

Let’s all hang in here, together. And let’s be kinder than

safeguard its interests.

necessary—all of us need it!

Working from home…

We can’t overlook the economic fallout of working from home.

It has been a little over a year since many employees started

Another hectic financial year! This too shall pass! Definitely better days are ahead…

Happy reading!

working from home. With the second wave of the Covid pandemic now in a big way, this phenomenon of working from home is likely to continue. While this has been true over the past year, it is difficult to see this trend continuing to play for a simple reason that companies may not move to the 100% work from home model. It is imperative that ideas need to float on this front.

Remember, physical presence is great for accountability: visual

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"Shouldn’t we try to see the post­Corona period as a reboot to rebuild supply chains in a more diverse and sustainable way?"

India’s government seems to search for economic solutions in national self­reliance. But will this be the right approach to reach Prime Minister Modi’s declared ‘$5Tn’ dream in the long run? Or perhaps Mr. Modi meant strategic national self­reliance when he spoke of Atmanirbhar Bharat.

Can we thus consider the current tendencies of de­ globalization as an opportunity? Shouldn’t we try to see the post­Corona period as a reboot to rebuild supply chains in a more diverse and sustainable way? Couldn’t this also represent

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virus, not visible to the naked eye, has put the world on pause. With the prospect of some sense of relief, sparked by the advances in vaccination,

we can now begin to gradually think about what the world will look like after Corona.

an opportunity to create new forms and ways of multilateral cooperation and partnership?

Need for open borders Even prior to this global health­crisis, the world order had begun to shift with the rise of an extremely belligerent China.

The US­Chinese trade war was just the first noticeable event

Fragility exposed The pandemic has shown us how fragile our globalised world

that underscored this fact.

The new presidency under Biden presents a possibility to

is. The bottlenecks in the supply chains revealed how much

return to a more liberal global order. Nevertheless, the

our domestic economies depend on global cooperation.

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experiences from the recent years have shown the risk of relying exclusively on one partner, not just politically but

"We will see the emergence of two distinct economic spheres."

also economically. However, we should not see this as a reason to tear down all bridges and brick ourselves in, but rather as a chance to build new coalitions of like­minded countries with common respect for international rule of law and having democratic ethos.

In Europe, the initial reaction on the first wave of the pandemic was to close down the borders. Now, Europe has strengthened its cooperation in other areas and built a common and supportive European health policy.

It is now up to all of us to decide what we will make out of this historic hiatus that the pandemic forced us into, for what could be a historic rethink! None of us can predict the

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he post pandemic phase will not see the end of globalisation but we will see a reshaping of globalization, primarily due to the geopolitical

conflict with China rather than due to the Coronavirus. We do not have simple answers to the question on how to deal with China, but broadly, I will discuss Three Key Issues:

future—but we can shape it in an environmentally sustainable manner, bringing us closer together and making the world safer for generations to come. 

•

Why I am skeptical about China

•

Why I am optimistic about India

•

The merits of free trade

Skeptical about China On a provocative note, I would like to say that China, probably, 12

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will not be prospering as much as many people have been

have seen remarkable changes in India, starting with

expecting it to prosper.

infrastructure. There have been dramatic changes in airports.

The talk about Chinese economy is a bit of an

Since 1991, India has implemented a policy of reducing tariffs.

exaggeration and it is not doing all that well. China is

The value of imported goods has come down significantly due

drowning in debt. China has significant demographic issues

to this. India has not been enthusiastic about free trade. But

too. In 2020, the number of babies born in the People's

the bottom line is, trade liberalisation contributed to a rising

Republic of China declined by 15%, to the lowest level since

GDP in India. India's population also grew rapidly but per

its foundation in 1949. China is becoming old before it

capita GDP quadrupled in the years since 1991. I realise that

becomes rich. Much of its economic growth of the last four

Prime Minister Modi's government is changing the rhetoric

decades was not a miracle; it was due to the rising use of labour in the economy. The world is turning away from China, but simultaneously China is also turning away from the world.

What does that decoupling mean for the institutions that regulate international trade and for WTO, in particular? India could be the winner of this new form of globalization but its success is not guaranteed.

India and trade policy

~ Dr Heribert Dieter

I have been a regular visitor to India. In the last 15 years, I 13

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India has not been enthusiastic about free trade. But the bottom line is, trade liberalisation contributed to a rising GDP in India.

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on trade. In 2020, he announced ‘atmanirbhar,’ and

wants to continue to be important to the rest of the world, but

emphasised national economic development.

the rest of the world should not be important for China. The

If I look at the historical experience that India has had

rest of the world shall continue to buy goods made in China,

with protectionist trade policies, Gandhi promoted an

but the Chinese companies and consumers should buy fewer

economic autarchy on the sub­continent and his words

goods made from the rest of the world.

sounded very similar to the statements of Mr Modi. Gandhi

China has had a very long tradition of dissociation from

argued that economic development is more than just material

the world. China had a very traditional understanding of the

prosperity and that it has ethical and spiritual dimensions.

economy and society rooted in Confucianism. Its people were

Companies all over the world are looking for an

ranked in four classes. The highest class was made up of

opportunity to replace production in China. They want to

Scholars, followed by Farmers and then Craftsman. The lowest

move out of China and are looking to find new countries.

class were Traders and even within trade, those that traded

There is not much future in China. Does PM Modi want to

with abroad had lesser reputation. Today, the emperor is gone

reduce dependency only on China or is it indeed a new form

and has been replaced by the rule of the CCP. Even the English

of protectionism and emphasis on self­reliance which sounds

language might be at risk in China. A leading Chinese

more diplomatic? Whether an inward­looking India will be

politician suggested in March that English should no longer

able to achieve the growth targets of 8 to 10%? The Indian

be taught in Chinese schools because it would no longer be

economy is about 3 trillion US Dollars and the global economy

needed. So China is more inward­looking and deliberately

is 30 times as large. It is easier to grow in a market that is

fuelling the process of decoupling.

significantly larger than the Indian market.

Free trade

China’s problems

The free trade was repeatedly interpreted as a form of

Currently, China is looking all right, but its borders are closed

imperialism and an obstacle to achieving full independence.

and the vaccination rates in China are very low. People don't

The Indian experience with free trade was mixed. In the days

trust the China made vaccines. This will make it very difficult

of the British colonial power, Britain supported free trade only

for China to return to the previous situation. What does the

when British factories became competitive. The force used in

Chinese Communist party want and what are its preferences?

the Opium Wars left scars in the collective memory of Chinese

When Xi Jinping took over in 2012, he made it very clear that he does not want to suffer the fate of Mikhail Gorbachev and doesn't want to preside over the collapse of a Communist Party. Openness is an issue for the Communist Party in China.

They feel that foreign thought should not be taught in Chinese

society. It is fair to say that China is not the only country that evaluates trade policy primarily from the point of view of producers. France, India and my own country, Germany, may be in that category. We look at the benefits of exporting but do not emphasize the benefits of importing.

universities and that thinkers from abroad should have a

Way forward

smaller role in the future.

There is still an opportunity for like­minded countries and democracies to cooperate and expand their trade with each

Dual circulation policy Last November, China announced its new economic strategy called Dual Circulation. It is a relatively simple concept. China 14

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other. The case for cross­border division of labour is still intact, and between liberal democratic societies we can still expand.

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A WTO without China?

We may have to discuss whether we should recreate a World Trade Organization (WTO) without China. We may return to

"Free trade post­pandemic is a far deeper and complex subject and requires a helicopter view"

the trade governance structures in the GATT evolved during the Cold War. If that isn't working, we should probably look at plurilateral trade agreements amongst like­minded countries. We have one scheme in the Indo­pacific that is already intact, which is the CPTPP (The Comprehensive and Progressive Agreement for Trans­Pacific Partnership). It was originally called TPP (The Trans­Pacific Partnership). After

Everyone agrees that the post pandemic world order will

Trump withdrew from TPP, it was renamed CPTPP. In

change forever. The Cold War order was based on the ideology

February this year, the UK applied to join CPTPP. Now my

of democracy versus autocracy. The Cold War order changed

proposal is that the European Union, US and India should

when the Communist block began dismantling, and the new

also join this and we would have a coalition of like­minded

order that emerged was based on balance of power or rather

countries that could do trade with each other; China would

balance of convenience. It was given a kind of a philosophic

be out of that. We will see the emergence of two distinct

shape by Francis Fukuyama, who said that liberal democracies

economic spheres. India has ample opportunities in that

and free market will constitute the foundation of the emerging

geopolitical globalization, but a closed­door policy would

World Order, which later came to be known as globalization.

probably do more harm than good. 

So, free market is a product of democracy. There cannot 17

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be free market without democracy. Democracy means

human rights in China, because China was a source of

information, and information means market. But what

economic prosperity. Thus the political discourse was

happened in the post­cold war world order? China­ an illiberal

morphed by economic advantages resulting in both political

and non­transparent country was brought into a liberal

and economic problems. This caused the rise of Trumpism;

democratic world order. It had nothing to do with free market.

Trumpism is a phenomenon—not just an event nor associated

It was purely based on balance of power. China is a country

with one name.

with two systems—Marxian politics with market economics.

The two cannot go together.

Future world order Democracy will be the foundation or the fulcrum of an ideal

Liberal democracies in troubled waters

world order. The emerging world order will get bifurcated (or

The Foreign Policy magazine came out with a paper in 2019

trifurcated) between democracies and autocracies in the ratio

in which it said that India is the only silver lining and golden

of 46% and 54%. Only 46% is under democracy and of this,

lining of democracy, for the simple reason that western

13% is liberal democracy. I see a world order which will

democracies are fatiguing.

postulate democracy as the pivot around which politics,

The world order will change and it is not just the geopolitical order; it will also be the commercial, economic and trade order. Globalization is at an end as an idea. Now we will not look for the cheapest source but safe source –safe politically, economically and nationally. There will be multiple

economics and even civilizational alliances will have to develop. If there is a broad alliance of democracies, then the future world order—political, geopolitical, economic as well as national order—will be in alignment. It will require people who are studying the history of the world.

The US is realising the importance of Taiwan, which they

factors which will shape the future world.

gave up. Taiwan has a strong grip in semiconductor, which is going to be the future technology. Taiwan needs protection

The world order will change and it is not just the geopolitical order; it will also be the commercial, economic and trade order.

against China, as China wants to grab Taiwan.

Nature and environment Each nation can have its own economy, but it cannot have its

~ S Gurumurthy

own environment and climate. The world is getting apart in dealing with these. The environmental pollution which one country is making is affecting the whole world, but there is no

Collapse of the WTO? I am seeing a virtual collapse of the WTO. WTO itself came to a conclusion that China is not a market economy. Nothing has changed between 2001 when it was admitted into the WTO and now. After the 2008 financial crisis, the west began sliding from its prime position and China began to lead with its undue advantage. The west must realise its mistakes and revisit its foundations. Allies have to be brought in. Rooting for unbridled individualism has created complications. The west which insists on ultra­human rights could never talk about 18

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world order to bring together people. Only a philosophy can bring us together. We have to look at nature as a partner and not as a source.

Way forward Each nation will have to work out its own model of development. There cannot be a one­size­fits­all model. We need to rework the rules and recognize the diversity of the world.  2021

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"We should formulate, reframe and re­ think."

What started out as a global health crisis unleashed a secondary crisis namely the economic and financial meltdown from the lockdowns and leading to social crisis in the form migrant crisis and other movements in the US and Europe.

So there are four crises that we are now trying to tackle —health, economic, social and environmental. It might take two years to come out of some of these; some countries will do it faster than other countries.

I

n 2016, Condoleezza Rice, the former US Secretary of

Populism, nativism, isolationism and protectionism have

State, talked about the rise of the Four Horsemen of the

been unleashed in every single country starting with the Mecca

Apocalypse—the old biblical myth. The Four Horsemen

of Capitalism—the US; they exist even post­Trump. It's not

were populism, isolationism, nativism and protectionism.

going to be a magic switch for Biden to restore what might

This was even before President Trump got elected and

have been the original order.

unleashed Trumpism. Rice alerted the world to the storm clouds of the Four Horsemen.

Striking similarities Rice says the Four Horsemen rode the world stage during the

The Four Horsemen post‐pandemic

interwar period between 1920 and 1940 which also saw events

Fast forward to March 2020 when the world literally went

like the World War II, the rise of Nazism and the Great

into lockdown. A year later, we are still not out of the woods.

Depression.

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Trade then was done with less than 40 countries in the world

we are creating incredible wealth, but doing it in a jobless way.

signing the agreements when colonialism was still rampant.

Many countries opt for a tit­for­tat against other countries in

We now have close to 200 countries and, if we follow ‘one

trade and they forget that ultimately trade is a two­way street.

country­one agreement’ style, it becomes much more complex.

For instance, China wants to export everything and they do

The biggest player that doesn't play by the rules is our own

not want to import. Then it becomes a one­way street. As

neighbour: China.

Gandhi said, ‘an eye for an eye will make the whole world

We need world architecture, as that's what John Maynard

blind.’ We have to wake up as countries and figure out how

Keynes argued and that's what led to Bretton Woods, WTO

to do this multilaterally, even if we redefine what multilateral

and the UN system. We cannot wish for a world in which there

structure is and reframe what WTO needs to do. Otherwise

is no super architecture. We should formulate, reframe and

we will make ourselves blind, as Gandhi said. 

rethink.

Free trade Free trade has become unregulated. Freedom is something everybody fights for. So free trade is very cleverly posited as

"The reason why things have gone haywire in India is because of increased specialisa­ tion..."

something we should all aim for. In 1991, the communistic economic experiment collapsed. We are left with variable versions of market openness and capitalism, and each country picks a flavour. Hong Kong does it differently; so does India or Germany.

Democracy, as Churchill said, and capitalism which I am arguing for, both may have tremendous flaws, but they are better than every other alternate system. The pandemic and the four crises it unleashed has made us rethink about global supply chains: we are for economic isolationism, more self­

T

he collapse of the Indian economy is unprecedented and its impact will be long lasting. The pandemic has hit Indian economy hard because of the largeness of

its unorganised sector, which employs 94% of the workforce

reliance or atmanirbhar.

and produces 45% of the output. The reason why things have The magic of 8 billion

gone haywire in India is because of increased specialisation,

At no point in our world history, we were dealing with

division of labour and disruptions in supply chain due to the

humanity of close to 8 billion people as we do today. What

lockdown. The service sector has been hit badly. Because of

does that mean for us? Obviously, the environmental crisis is

infodemic and false information circulating, people's sense of

a very critical one. Covid­19 happened. We are also in the

science has been impacted and this has come in the way of

midst of the fourth industrial revolution with the incredible

government's policy making.

explosion of AI and technology and the fact that the globe is

Lessons:

shrinking for quite some time. Finding jobs for eight billion people is going to be a fascinating challenge. In many countries, because of AI and the fourth Industrial Revolution, 20

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•

Pandemics will keep coming and we need to be prepared.

•

We are a collectivity and we need to deal with the virus collectively.

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We need to work on transparency, social justice, improving demand, generation of large employment opportunities

B

~ Prof. Arun Kumar

ased on my experience in the manufacturing sector, isolationism is not a great idea. India should look at integrating with the global supply chains even more

than what is being attempted now, as a matter of compulsion and not choice because that is essential for getting access to

•

The role of public sector and that of government intervention during such crisis moments is very important.

the latest technology, manufacturing global brands, and to access markets in India and abroad, while being Atmanirbhar at the same time. Like Korea has Samsung, we do not have

Way forward

manufacturing brand either at the country level or at the

We need to work on transparency, social justice, improving

industry level or at the product level. In the absence of

demand, generation of large employment opportunities,

technology, it will take a long time to build world­class brands

strengthening of education and R&D and the nation’s as well

that are competitive. One more reason why we need to be

as people’s capacity to deal with future crises collectively. We

connected is the lack of scale in India. For the industry to

need to pay workers a living wage. 

access customers outside India, we need to scale up. Therefore, we need to be integrated with the global supply chains.  21

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he annual MMA Women Managers' Convention is a

Kate Sweetman, author, Thinkers50, thought leader and

celebration of the spirit of women, and the many

former editor, Harvard Business Review, in conversation

diverse roles women play. Each year, the theme for

with Dr Ranjini Manian.

the convention revolves around the evolving roles and needs of today’s women.

Ranjini: As a former editor of HBR, you have been “living and

Working mothers today perform more childcare and face increased job insecurity; there are fears that COVID­19 has undone years of advancement. But could the pandemic be a catalyst for progress? The MMA Women Manager's Convention 2021 facilitated meaningful dialogue about the challenges faced by women, impact of the pandemic and what it means to the New Woman of today.

breathing leadership.” In one of your blogs, you have mentioned about five essential domains of all effective leaders —Strategising, executing, engaging with today’s talent, building the next generation and being personally proficient.

From your experience, are women leaders of today better at strategizing or executing?

Kate: As the world has speeded up, we find that strategy and

The 4­hour virtual convention had a key note session with Ms

execution collapse with each other. Strategy is planning for 3

Kate Sweetman, former editor of HBR, and conversation with

to 5 years from now, while execution is about the day­to­day

Ms Ranjini Manian, Chairperson, Global Adjustments

things. The success is not in doing these two separately but

Foundation and three special sessions titled, ‘The Elephant

doing it together.

in the Room,’ ‘Playing Field,’ and ‘Silver Linings.’

Edited excerpts from the various sessions:

How comfortable are today’s women leaders in building the

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next generation of women leaders?

Decades ago, when I started my career, women did not help

We need to keep our lives more integrated. You may have many assignments but you have to be who you are at the moment. You have to be mindful.

other women. There was a scarcity mentality. But people like you say, “Look. We are not competitors. We are sisters. We should help each other.” We can create networks, be positive and collaborative and help us all to succeed. 15 years ago, when I studied leadership, I was stunned by how helpful

~ Kate Sweetman

people were.

What would be your prescription to women leaders to manage their personal proficiency—especially their physical and emotional fitness?

can tell you that. It could be spending time with children or in garden, reading a book or by being with themselves. You have to be who you are. When I come from business trips, all

I studied many successful CEOs and, universally, I found them

I want is to spend time with my children. These days, I want

all pretty fit. Every single senior executive that I worked with,

to work on weaving. It changes over time.

started the day by doing something for themselves. They did meditation, rode bicycles, and went for a jog or a swim. They From your rich experience with HBR, what sets a woman apart

always did something very physical.

You need to recognise what you need emotionally. No one 24

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from her male colleagues?

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We need to keep our lives more integrated. You may have

I was based in Malaysia and doing a research studying

many assignments but you have to be who you are at the

about leadership and followership in 18 countries. From the

moment. You have to be mindful.

responses, we found that gender did not matter in terms of what people aspired for themselves. People should not feel constrained by gender, countries and so on.

Do you think aspirations of women vary from country to country? Or, are they tethered deeply to the cultural roots?

What is your advice to prepare our women for global

It depends on individuals. I have a couple of observations. I

leadership roles?

was giving a talk in Qatar for a women's group in a big international company. A woman came up to me and asked

Julia Child is an American woman. She went to France and

me, "How can I get my husband to stop interfering with my

learnt to cook better than the French. She wrote a book,

career?" I asked her what she wanted to do and she said that

“Mastering the Art of French Cooking.” She said, “Find

she wanted to become a petroleum engineer and ride in

something that you are passionate about and keep

helicopters in the petroleum field. I did not have an answer.

tremendously interested in it. You will become an expert in

I had stereotyped women wearing an Arab dress to be seeking

it.” Eliminate the word failure from your vocabulary. 

traditional jobs. So it doesn't matter where you come from.

SPECIAL SESSION 1

The Elephant in the Room Moderator: Sharanya Modi, Head HR, EFL Speakers: ‐ Deepali Naair, CMO, IBM, India and South Asia ‐ Sneha Sharma, Racing Driver & Airline Captain, Indigo ‐ Sarah Kirlew, Australian Consul‐General in Chennai

Ranjini: I run a non­profit organisation—Global Adjustments

Deepali Naair: 27 years ago, when I started working,

Foundation. We work on a movement called ‘Champion

there was no term called diversity and inclusion. I was one of

Woman’ to empower women from within. We were not tech­

the first female management trainees the Tata Motors hired.

savvy. Naming the elephant in the room took a lot of time for

Now I work in IBM where there are many wonderful women

us. We had to persuade Corporate India to give time for women

who support each other. Due to Covid­19, more women have

to undergo programmes on mindfulness. Once they understood

lost their jobs. They also found it tougher managing their

the importance, things started falling in place.

homes as they were denied of their house maids due to Covid.

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testing. It was quite stressful and increased our workload.

The rest of the world should be gender sensitive. But the women as such should be gender agnostic.

It is important for women to be financially independent.

For me, the elephant in the room was 'looking at the woman as over ambitious' when she tries to become successful.

~ Deepali Naair

Women have every right to be as successful as a man.

Sarah: For most of the pandemic, I was in Canberra doing work from home for the Ministry of External Affairs. Women were most affected by the pandemic—70% of the frontline

It was a double whammy. Our identity comes from our work.

We are also the primary care­givers at home. I believe that women need the support of mentors, sponsors, coaches. I have had a life coach. Women leaders find it easier to share their

workers were women. The lockdown increased the risks of domestic violence. There was the challenge of balancing multiple roles like home schooling, child care and managing a full time job.

I am lucky my husband is extremely supportive. As per

vulnerabilities with the team. They score well on empathetic

statics, 1 in 4 women found it difficult to continue their work

leadership.

Sneha: I race formula cars and fly air planes. For both these jobs, there is no work from home. During lockdown, everything came to a screeching halt and it affected me. We started flying around June with a lot of restrictions and Covid 26

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during the pandemic and stopped working. Even prior to the pandemic, our leadership agenda was that women should effectively work from home. Both men and women should share the responsibilities.

2021

Business Mandate fountainhead of excellence

yoga and stretching. I got back to cooking. I took up my hobbies. I started educating myself on the technical aspects

Even though we can't expect the same level of performance from our people during the pandemic, I have observed that everyone had a desire to contribute more than they normally do.

of both flying and racing.

Deepali: Many women have been able to find their other side, their alter­ego. Friends of mine published books, some took up educational causes, and some got healthier. Some became successful home­chefs. They could run classes which they never thought were possible.

~ Sarah Kirlew

I have been asked to write a book on leadership and collaboration, for the last two years. It didn't happen though I had done enough research on the subject. Last June, in the

R: Is there a lack of gender sensitive response to the impact

midst of the pandemic, I launched my podcast with 25

of the pandemic? Should the response of the corporate

episodes. It is a best seller on aawaz.com. It brought the

leadership have been different?

childlike excitement back in my life. I interviewed 25 CEOs

Deepali: The rest of the world should be gender sensitive.

who are the Who's Who of Indian Corporate Industry.

But the women as such should be gender agnostic. We require

Personally, it has been a great learning in mentoring and

male sponsors, male mentors and coaches. That is where you

learning.

have to be gender sensitive.

When targets are not met in the WFH scenario, will it affect the career growth? What is visible is only the results and not

How much welfare would be 'too much welfare' for women?

Deepali: I worked in HSBC. When I came back after my

the efforts that women make.

pregnancy sabbatical, they had implemented a lot of flexible

Sarah: We have all been learning through the pandemic from

policies. Such benefits must be offered to everyone including

virtual seminars and meetings. Even though we can't expect

men. They may have to drop kids at school and come to office.

the same level of performance from our people during the

More than gender, across the world, companies now consider

pandemic, I have observed that everyone had a desire to

inclusion across age groups, gender and ethnicity. Women

contribute more than they normally do.

should rise above their limiting beliefs. We are shy to ask for help. We don't feel entitled.

We always talk about gender equality between men and women. How much equality exists amongst women themselves

It is said that every crisis is an opportunity. What are the

—between working professional women and home makers?

opportunities and positive aspects that women discovered

Sneha: Raising a kid is also a full time job. Women create

for themselves from the pandemic?

mature adult assets to the world which may be male or female.

Sneha: Before the lockdown, my schedules were erratic. But

Working professionals can also do that but it is a personal

during the lockdown, they were streamlined. I developed a

choice. Indigo came with an option of 2 weeks on and 2 weeks

routine. I practiced fitness at home without equipment. I did

off. Many companies are coming up with such initiatives.

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Business Mandate fountainhead of excellence

my US flying license to Indian license. At the age of 20, I joined Tell us your story Sneha, how did you become a racing driver and a pilot?

Indigo. Now I am flying as a Captain of Airbus 320 nationally and internationally.

Sneha: I started racing about 15 years back with go­karting.

I couldn't get professionals to coach me. I learnt from the local

Great Sneha. You have broken all ceilings and sky is the limit

mechanics whatever they knew like braking, overtaking, etc.

for you. How did you become a diplomat, Sarah?

With this knowledge, I started participating in a lot of local

Sarah: I joined Foreign Service directly from University. I

races. I won many and was picked for the national team in go­

had a series of postings. I was in Cairo, New Delhi, Canberra

karting, saloon car racing and formula car racing. I became

and Beijing. I am now Australian Consul General based in

the first woman to win an international racing in four

Chennai. You need good role models. I was lucky enough to

wheelers. Between my racing stints, at the age of 17, I went to

have fabulous role models including our current head of

the US for my flying studies to California. I learnt basic flying

Foreign Service Ms Frances Adamson who is an extremely

on the Cessna and other multi­engine aircrafts and got my

experienced diplomat and a mother of 4 children. I worked

CPL with Instrument Rating. Then I came back and converted

with her in Beijing. 

SPECIAL SESSION 2

Playing Field Moderator: Sharanya Modi, Head HR, EFL Speakers: ‐ Pavitra Singh, CHRO, PepsiCo India ‐ Lt Cdr Vartika Joshi, INSV Tarini ‐ Anuranjita Kumar, CEO, Women in Technology ‐ ACE

P

avithra: The subject of D&I is very close to my

Sharanya: Do women leaders bring a different sensibility?

heart and I am a D&I evangelist. In Pepsico, D&I

Pavithra: Yes. Women leaders lead with both IQ and EQ.

has evolved. We get a lot of strength from diversity.

They are great listeners and open to feedback. They can make

The business case for D&I is right in front of us every day. Real

a tremendous impact in the culture of the organisation.

progress will happen when we work on D&I through systems thinking. There has to be an intention, push and pull and Is D&I an expensive proposition for organisations to do?

accountability. All three are very important.

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For me, the term biological clock is more of a metaphor. The term was coined in an article that appeared in the late 70s where it was mentioned that the clock is ticking for career women.

Pavithra: The benefits of diversity far outweigh the cost.

Inclusion is tougher. We need to create an environment where D&I can thrive.

Anu, Can you tell us about your organisation—Women in Technology.

Anu: I am not a techie. It's a startup venture, completely out of my comfort zone. Anything we do in future is going to be

~ Lt Cdr Vartika Joshi

defined by technology. When I looked at STEM sector, there were very few women. So last year, we launched our startup.

It focuses on engagement, enablement and employment.

What is that makes women to transition from surviving to

to work around this is with the help of mentors. A lot of men

thriving in roles?

I worked with were my mentors.

Anu: I have worked in a male dominated space—in New York, London and India. There are biases and systemic issues. Men also do not have an easy journey to leadership. They also face the same politics and dynamics. When we go into a global role, we are at the intersectionality of gender and colour. The way 29

MAY

When I launched my startup after 26 years of working, it was scary. Making a pitch to investors was very challenging.

If it did not work, I was ready to go back to my job. That made me put on my wings.

2021

Business Mandate fountainhead of excellence

policies too matter. I have been a beneficiary of sabbaticals in Vartika, can you tell us a bit about your sailing experience?

Vartika: It was great to have sailed with a bunch of female

my company. Policies may be there but implementation is often a problem. Role models and senior leaders play an important role.

officers. It was a first of its kind expedition. It was the first Indian circumnavigation of the globe by a female crew. The navy pushed for it and we prepared really hard. It was a great feat not just at the military level but at the national level too.

Anu: Smaller companies struggle to compensate women, like long maternity leave and other benefits. There are penal provisions against non­compliance of acts like POSH. As a way around, we need to incentive companies for supporting women workforce, rather than rap them on the

With women flying fighter jets, do you feel that a level

knuckles.

playing field has finally been found?

Vartika: For me, the term biological clock is more of a

Vartika: We are slowly moving forward. Women are coming

metaphor. The term was coined in an article that appeared

into many unconventional roles. However, people still have

in the late 70s where it was mentioned that the clock is

rigid mindsets and it reflects in how they see women in lead

ticking for career women. It was invented so that women

roles.

never went beyond their traditional roles. Unfortunately, it pushes many professionally competent women towards

Do you have any advice for women students who generally avoid choosing courses like mechanical or automobile

marriage and motherhood, many a time even before they are ready for it. To me, there is no direct correlation between the physical make­up of the female and the career

engineering which are considered as male dominated.

graph.

Vartika: I am a graduate of aerospace engineering. We have an inherent fear and to a large extent, it is passed on from generations that unconventional works are not meant for women. These are mental barriers and need to be broken.

Only then, we can change the perception of how we view

To give you a perspective, Jeanne Socrates was the oldest person to circumnavigate the globe at her age of 77.

We as team of 6 female crew circumnavigated the globe for 8 months. So, to me, biological clock is more of a myth.

ourselves and also how we are viewed by others. My message to the girls is not to restrict themselves to a set pattern. We are more than what we think we are.

Do men and women approach a crisis differently?

Vartika: Women have ability to anticipate a crisis, analyse and arrive at logical solutions better than men.

With women excelling themselves in many professions, is

Pavithra: Women are very resilient. They lead with their

this perception of “Biological Clock” just a myth?

heart. They are very open and can listen during a crisis.

Anu: I don't think it's a myth. Biological clock and career

But we fall short on confidence. That is one thing which

clock coincide in some ways. We see many women stepping

holds us back. We need courage and need to believe in us.

back from their careers because of the maternity situation. It

Anu: It is better for women to get a little more comfortable

is changing but a bit slowly.

with being uncomfortable. Beyond a point, gender will

Pavithra: There are many parties to it. The organisational

wither away. 

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SPECIAL SESSION 3

Silver Linings Moderator: Sowmya Eswaran, European Ambassador, Global Adjustments Foundation Speakers: ‐ Meena Ganesh, CEO and MD Portea Medical ‐ Aarti Mohan, Co‐Founder, Sattva Consulting ‐ Niloofer, CEO, An Exponent in Advaita Vedanta & TEDx Speaker

Sowmya Eswaran: The topic ‘Silver Linings’ is close to my

required, moving them to a hospital. This took wings. We

heart. Covid and the lockdown phase reminds me of my own

worked with Delhi Government, the GCC and five other states.

life. I was diagnosed with cancer in 2017. I underwent nine

We managed 400,000 patients in this process.

months of intensive treatment. I had to maintain my energy

Aarti Mohan: At Sattva, we work to support social impact,

levels. Throughout the Covid period, people have undergone

on the ground, by working with philanthropists, corporates

different kinds of hardships. The important thing is to seek

and their CSR teams. The pandemic took a heavy toll on SMEs

the silver linings. It makes the difference between whether

and migrant labourers and all people. It pushed us back in the

you come out of a prolonged hardship with growth or stress.

areas of inclusive development that we already made. The

Meena Ganesh: I would like to talk from my company

silver lining we saw was that women played a stronger role.

Portea's perspective. During the pandemic, everything that

85% of the health workforce is women and they were battling

was elective in medical treatment became secondary. We are

at the front line. Women also stepped up and supported their

a home healthcare company. So certain aspects of what we do

local communities. In Delhi, working with another voluntary

became very important. Many patients, especially elders,

organisation, we could mobilise 900 women volunteers

could not go out and they needed help. In the Indian medical

overnight for our reach­out initiative during Covid.

ecosystem, primacy is given to infrastructure based care.

Niloofer: "What lies before you and what lies after you are

In May 2020, we discussed with the Government and told

tiny matters compared to what lies within you." Our minds

them that 85% of Covid positive tested patients need not go

are capable of looking at the silver lining behind all that is

into a facility. We went back with a plan of keeping them at

dark. Personally, the lockdown was a time for me to stop,

home, monitoring them, providing tele­consultations and, if

study and grow. It served as the perfect cave that the wise men

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of the old used to go to. A lot of people also needed help, psychologically. We have the capacity to keep the external

Most women think that they should aspire for a career. They also look for stability which is unlikely if you are in a startup. Families discourage them against taking risk.

things outside our mind. Yes. Pandemic exists but it need not exist in me. If there is a storm, you can look at its havoc or as to how it cleans up the place. The pandemic has got people to visualise and get into new ways of thinking, working, living, communicating and recreating themselves. It has been a mirror for everyone.

~ Meena Ganesh With more entrepreneurial opportunities available for women, can you suggest three sectors where the biggest

Chennai, facilitated by e­commerce? c)

opportunities lie for women, particularly in social

Food and food processing: Right from providing mid­ day meals to thousands of poor children to providing

entrepreneurship?

healthy food in urban areas.

Aarti: Post­pandemic, I believe there will be opportunities for women in: a)

Healthcare and wellness: There are 27 new job roles that have opened up in this sector

b)

Digital, mobile and internet services: Can a woman

Why do we see only a few women taking up entrepreneurship as a career option?

Meena Ganesh: Less than 10% of the startup cohorts are

weave a duppata in Kutch and sell it to a woman in 32

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started by women entrepreneurs. I am referring to the

To get the mind to rest is a challenge because the mind is trained to run at its own pace.

organised part of the startup ecosystem. That does not mean women are not entrepreneurs. If you look at the rural sectors, especially

the

self­help

groups

(SHG),

micro­

entrepreneurship, they do very well. The microfinance is predominantly absorbed by women and they are the best in

~ Niloofer

repaying the loans promptly.

In home based entrepreneurship also, we see lot of women on YouTube selling various services. When it comes to the formal entrepreneurial system, there seems to be some block. Most women think that they should aspire for a career.

They also look for stability which is unlikely if you are in a startup. Families discourage them against taking risk. The investment community is also male dominated. More women must come into this space.

do 5 times more unpaid work than in any other country.

Meena Ganesh: Nobody can have it all. It is important to focus on what we have rather than what we don't have. The question is: are we moving forward so that men and women can have a more equitable life?

E-commerce and digital marketing have changed the market

The extended family is slowly disappearing and small nuclear

place much faster in the last one year. Could you suggest

families have come to stay, where both the spouses go to

some specific areas of training for women to get into this

work. Is this a positive trend for women? Is there a need to

domain?

reverse this trend?

Niloofer: It is definitely advantage to women because there is an avenue for women to express themselves. It paves the way for women to contribute to the society and economy.

Women also need a support system from the extended family.

We can move towards appreciating the capacity of women to contribute to world progress. Let them shine and contribute.

Meena Ganesh: Growth mindset is very important. Women should constantly look around and ask, "What is the new thing that’s happening?" and keep learning. Your company may not help you with training but if you have to stay relevant in this fast changing world, especially in technology, you need to invest in yourself.

Give them all the support and nourishment through strong

Aarti: Women need to learn the fundamentals of digital and

bonds with elders and other family members.

financial literacy. There has to be life­long learning. It can be through bite­sized nuggets, rather than chunks of learning.

Talking of work-life balance, during an interview as CEO of Pepsico, Ms Indra Nooyi remarked, “I don't think women can

Entrepreneurship is often seen as a second career option by

have it all. I just don't think so. We pretend we have it all.”

women after a few years of corporate life. Entrepreneurship

Do women have it all?

demands your time 24 x 7. So is that the right time?

Aarti: The pandemic has shown us that we don't have it all.

Meena Ganesh: I started my venture in the year 2000 when

We cooked more, took care of our children. Women in India

my son was 8 years. Being one of the first BPOs, it was

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The pandemic has shown us that we don't have it all. We cooked more, took care of our children. Women in India do 5 times more unpaid work than in any other country. ~ Aarti Mohan

physically taxing. I started from ground zero. The family

takes the mat with him. He unfurls it, sits on it and talks to

support is super important to help you succeed. If you are sure

people, eats food, sleeps on the mat and when his work is over,

that is what you absolutely want to do, any time is right time.

he rolls it up and takes it with him to the next place. There he

Aarti: I think it is not a second career but your second baby.

uses the mat again and takes it to the next place. End of the

I don't think there is any right time. I started moving from

story. I wondered if this is a story at all. But it has got very

corporate sector to entrepreneurship when my child was three

deep implications. The mat is our mind. We use our mind.

months old thinking that I'll be my boss and that I would have

Shouldn't we also roll it back and tell it to keep quiet and

more time at my disposal. How wrong I was!

relax? Can we use the mind as an instrument, rather than the

You must have the resilience and tenacity to go through

instrument using us?

very difficult things, at different times. The support system from the family and colleagues at work is also important.

How does mental recharge happen?

Older entrepreneurs have been more successful because they

Niloofer: It happens if you get a good 7 ­9 hours of sleep,

bring in their experience.

depending on the individual. However the mind is so burdened with thoughts. Getting the mind to cooperate with you is a

We can maintain physical health through regular workouts.

How can corporate leaders keep their mental fitness at the

skill. For example, when should you eat? Eat when you are hungry. Allow your mind to relax when it is strained.

highest levels?

Niloofer: The answer for what we do for mental fitness mirrors what we do for physical fitness. We use our body and

Are the criteria for professional success different for men and women?

allow it to rest. The muscles need rest to recover and be fit

Aarti: Why should it be different? We need to level the

again. To get the mind to rest is a challenge because the mind

playing the field and then look at the metrics of professional

is trained to run at its own pace. The mind has to be trained

success.

to rest. I have read a philosophical story titled, “The Yogi and His Mat.” There is a yogi. He has a mat. Wherever he goes, he

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Meena Ganesh: Not just companies, individuals too must create the level playing field in their own minds.  2021

Business Mandate fountainhead of excellence

T

he idea behind introducing

developed partnerships across the entire

obvious. In all classic entrepreneurial

young businesses to MMA

ecosystem.

stories, you will hear that they got the

audience

Edited excerpts from the fireside chat:

idea right. In our case, we got the

inspiration

for

is

to

provide

businesses

and

entrepreneurship and for personal development. This conversation is the second in the startup series.

Between coal and oil, we spend about $125Bn of foreign exchange in imports.

All forms of solar energy are a strategic imperative for India. We have to elevate it in the public mind to a deeply strategic issue for India. From selling a

Shankar: From a corporate career, why did you decide to take a leap into solar energy? How did your family take it?

This is the first and only business we've set up. It is our first attempt at entrepreneurship and we are learning through that process. For us, it is a personal quest. We wanted to prove that we can be entrepreneurs.

partnership right. Saif, me and Vikas had known each other for so long. We were clear that we wanted to be together in this journey and spend a month or two evaluating the options.

We had done work in the power sector, which in India is run by large companies or the government. But decentralized energy is going to be the future. The days where you set up large

solar lantern, Fourth Partner Energy

I was in management consulting for

power plants in one side of the country

have come a long way to a 500 crore

about seven years, then moved to

and ship power to the other end are

business. They have two legs—one

private equity investing for about seven

going to be behind us. Every roof and

generating solar power and the other

years. In either case, I felt I was at an

every available space should become

setting up plants for those who can

arm's length away from real action. The

power plant and that's how energy

afford it. They have scaled up and

choice to be an entrepreneur was not so

should be managed.

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We saw some of it happening in the

We entered the space with a

India had gone through lots of

west. Germany got that story right very

confluence of engineering and finance.

challenges and, therefore, banks and

early. They gave a lot of incentives to

Since we came from a finance

financial institutions were not ready to

migrate towards cleaner sources. They

background,

learn

support us. We worked hard and got the

pursued it aggressively and the rest of

engineering a bit more in detail. In the

right processes, people and technologies

the Europe tried to follow through.

first four years, we put our head down

and learned from that. When the sector

When governments come out with

and did that. But in the future, financing

slowly started to evolve, we could put

incentive programs, they must be able

is going to become more prevalent. We

our position as a leader into play and do

to back them up with their balance

think of us now as a lending company,

what we did. The family supported us

sheets.

giving 25­year loans to corporates and

and it was a super important part in our

only having an engineering front of solar

journey.

going alongside. So it's a paradigm shift

In India, we are all blessed with plenty of sun and therefore solar energy should follow naturally. Our generation

we

had

to

from the way our business started.

level should be much better than most

We first built the entire capability

of the world. Secondly, 13 of the 15 most

to construct plants and service them.

polluted cities in the world are in our

We believed building that capability in­

country. 65­70% of our power

house is going to be the key differential

generation is from thermal power

for corporates. In the five years of our

plants. This is not sustainable.

venture from 2010, the power sector in 37

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2021

Can you walk us through the first external fund raise you did?

Each of us—three partners—put our first contribution into the business—25 lakhs each. It was important that we could build something that we can take to a

Business Mandate fountainhead of excellence

extent gets adjusted. It was a tax shield.

The business could invest the net cash saving from the tax component as an

Angel investors tend to look at technology investments and the fad for that year, because it's diversification of their wealth sources. Ours was a different proposition.

asset that will give them value for over 25 years.

We tweaked this idea a bit. Some companies who can hold a lot of these assets may not consume the power. So

~ Vivek Subramanian

we approached corporates who would buy solar power and went into power purchase agreements (PPA) with them.

third­party financier and which can

not lose their money. They saw the value

For example, if we enter into a PPA with

stand up to the scrutiny of diligence and

in our offering.

TCS, we will install the solar plant on

their various questions. It took us four years to get there. Our first fundraiser was with Chennai Angels. I love Chennai for that reason alone.

We took six months to get them across

the

line

in

terms

of

understanding what we wanted to build.

But once we had that, we could see that

the roof of TCS. The asset will be owned by somebody else and we will operate the contract. This gave benefits to everyone: •

The

corporate

who's

It was not an easy ride. We

the conversations were far more

proposed to become a financing

intelligent and very constructive for our

company and it is tough for angels to

future. Since then, we've always been

fund a financing company. Therefore,

very careful about how we want to

we fine­tuned our offering and said that

partner and with whom we want to

in the longer term we have capabilities

partner, and that has worked well for

corporate that owned the

to build and, in the shorter term, angel

us.

asset.

consuming the power gets the benefits of clean, solar energy, and it was cheaper than grid power.

•

level where we finish pilots with large corporates and go for institutional fundraising.

Angel investors tend to look at technology investments and the fad for that year, because it's diversification of their wealth sources. Ours was a different proposition. We told them that they may not make 10X on the investment but definitely they would

They

depreciation

funding will help us understand those capabilities and scale that up to a certain

It worked out great for the would benefit

get and

definite returns from the In the early days, there was something called accelerated depreciation for solar plants and you took great advantage of that to begin with. Can you explain what accelerated depreciation was and how you leveraged it to grow your business?

power plant.

•

It allowed us to scale up our proposition and offer such contracts

to

various

corporates, without raising capital ourselves and without keeping our balance sheet too heavy. We kept our assets

Ownership of a solar plant at that time

light. It was a win­win model

allowed you to write off 80% of its value

for all parties concerned.

in the first year of your operation which means the profit before tax to that 38

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To the normal person, it wouldn't

Business Mandate fountainhead of excellence

selling the continued maximized performance of the plant and the

In India, for political compulsions, the entire pyramid is reversed. We have free power for farmers, low cost power for residences and the highest slab power for commercial and industrial customers.

maximized savings, coupled with some

~ Vivek Subramanian

truly your partner. This question is to

innovative financing option.

I know that very soon you needed more capital and entered into a partnership with TPG who is not just an investor but

Mayank Bajpai, Partner-TPG Growth & The Rise. Mayank, was it the space or the entrepreneurs or some combination of the two which attracted you to this

matter where the power comes from.

Solar power is not only green and

It's an indistinguishable commodity.

sustainable, for the commercial and

investment?

What makes people come to you? What

industrial sector, it is also cheaper than

Mayank: It is always a combination of

is your proposition?

grid power. So they can use it as a cost

both. In the early days of The Rise, we

reduction tool.

were very keen on renewable energy as

True, the power is indistinguishable.

part of the key sectors and we focussed

But let me go back to the basics. India is

We have our EPC capabilities and

a very unique country where almost

we build a good quality asset with the

50% of the power generated is

best components. We have a team of 50

The long­term partnership is not

consumed by commercial and industrial

plus engineers on our rolls for asset

just about the space, it was about how

segments. In almost all the countries in

management service and ensure

Vivek, Saif and their team worked. The

the world, the power tariff for the

maximization of generation, tracking

biggest testimony to all this is their

industry is the lowest because it is kept

through our app the power generated in

customer base. Once they got a

as an incentive for corporates to put up

each plant every 15 minutes. We have

customer, they never lost him. We never

larger facilities. The power costs for

2000 plants across the country. We

pretend to know a company better than

residential consumers and agricultural

have comparisons between plants and a

the founders and the management team.

sector are higher.

constant focus on trying to maximize the

We are there to support them in any

savings for the customer.

capacity whatsoever. We have not seen

In India, for political compulsions,

on developing markets.

the entire pyramid is reversed. We have

For the customer, cheap supply of

in many companies, across geography,

free power for farmers, low cost power

solar power alone is not enough. The

the kind of culture, responsibility,

for residences and the highest slab

plant should function for a long period.

passion and ownership as in Fourth

power for commercial and industrial

It is here that we fit in perfectly. 40% of

Partner Energy.

customers. We are already struggling to

our orders are repeat orders.

compete with China on manufacturing in general but also because of a high price of power.

This was a seminal partnership for you, To summarize, it is not just the plant or

Vivek, in that it elevated you from

the power that you're selling. You are

wherever you were to a different orbit.

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Business Mandate fountainhead of excellence

But in this strategic partnership, you ceded a majority of your company to somebody else and it is a gut-wrenching decision. I am drawing from my own experience when I had to cede a majority ownership to somebody. Tell us about that thinking process and the

In the solar industry globally, some of the largest pension funds and infrastructure funds are all here for big chunks. To scale up, you need a big brother alongside you.

emotions you had.

Vivek: We look at ourselves as a

~ Vivek Subramanian

lending agency, which means that I have to constantly keep raising finance and therefore we would have given up

We moved with our customers from

decades. We were looking for the right

majority. When we chose our sector, we

India to all the neighbouring countries

platform that would get him excited.

saw what's happening in that sector

as well. We are talking to our customers

globally. Our mindset was already in

about how they can have clean

tune to that extent. The other aspect,

transportation using electric vehicles.

Shankar, is the title of this discussion

We could make the world our playing

—David versus Goliath.

ground.

He was extremely excited about the work of Fourth Partner Energy, a company in the distributed solar place.

He appreciates the journey in the solar space is very tough and a lot of hand­

In the solar industry globally, some

What we need to assimilate and

holding could be required at different

of the largest pension funds and

assess is the value of my holding rather

key junctures, in a market like India. He

infrastructure funds are all here for big

than how much I own. As the business

was on the board of one company in the

chunks. To scale up, you need a big

matures, you realise that your resources

US and that was our company.

brother alongside you. TPG has just

are equally important and that should

been that for us. The tie­up gave us the

be a separation between ownership and

money and wings to the aspirations. We

management.

at the centre. I am at the customer premises for the next 25 years with a contract that I have entered into today.

What else can I give this customer? How

organization that John Kerry may have been involved with. I rehearsed all my

could think of acquisitions and new lines of business, keeping the customer

Vivek: We are probably the smallest

presentations that I had to make to him.

John Kerry is now the green czar in the

He kept us on the toes. Secretary Kerry

Biden Administration. What was the

can walk into any country, meet the

role that he played with you and how

head of government anywhere and talk

did you leverage him in the past?

to them about what they're doing in renewable energy or how they are going

else I can engage with them is a constant

Mayank: The former US Secretary of

question. The customer centricity of the

State John Kerry has been actively

business is clear to us.

involved with the whole creation of TPG

He took us to meet a lot of key

Rise Fund. He was always eager to

people in our country as well. We got

participate. Renewable energy has been

great insights into the way Niti Aayog

a very passionate topic for him over

and some of the central ministers were

Today we have expanded to giving customers on­site and off­site solutions.

40

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2021

to champion their country.

Business Mandate fountainhead of excellence

b) Grid scale, which is on the ground and

thinking about our space. The other

table. Of course, that same drive and

aspect of John Kerry's involvement is

energy takes the corporate forward as

about how well he understood the

well. But it is so important to let go and

c) CSP or Concentrated Solar Power.

challenges of entrepreneurship and

I don't have an easy answer to that. We

What do you think is the right mix for

scale. Obviously, it has been a huge fan

have constantly tried to empower our

India?

boy moment for us when President

people, making sure that we are looking

Biden chose him to lead his climate

at the decisions they make, rather than

activities,

otherwise

judging the decisions they make as they

completely stalled in the US in the years

make them and, allowing them to learn

before that. Unfortunately, he had to

from it. We have got the core team that

now resign from our Board and he was

we put together right. 80% of our

very kind enough to write about it. I am

organization has been handpicked by us.

amazed by the humility that he has

We are about 320 people. We make sure

shown for his stature and his

that they are in alignment on the culture

involvement with us. We learned a lot

and that they are as driven and

from him.

committed to the cause as we are.

which

were

startup stage and you are now a midsize company. I'm sure this has meant lots of changes in the way you work and manage. We don't often get to see young companies who have made this transition successfully, scaled, both in terms of business and in terms of management structure. Can you please take us through this transition?

The bigger pain is to sometimes let go as an entrepreneur. That has been the greatest learning for both Saif and me several times. We have this urge when we get up in the morning, as most

600 MW. We want to double that each year. This kind of scale up cannot be done if you really don't have a crack team. We sit back and review. There's a lot

of

mentoring,

reviews

While most of the work we had done in the past was on on­site, we do a lot of off­site work, which is grid scale, building large parks and supplying to the same corporates. The difference between us and larger players like Adani is that they supply their power to the Distribution Company and we supply to corporates.

CSP or Concentrated Solar Power is an important technology. India has a lot

Our installed base today is about Your company has now passed the

what Adani and others do; and

and

discussions, rather than designing and running spreadsheets that we used to do

of hot sun and it is ideally suited to CSP technology. But somehow, because of the rapid fall in the costs of photovoltaic cells, which is using the light of the sun to make electricity, CSP has not stood out to be a viable technology. It's one of those ideas whose time will come. We believe very strongly in it and its future.

before. I have been a strategy consultant before and it helps me to take a bird's eye view and I love this phase even more

How are you spending your time? What

than I did early. Our employees own

allows you to cool off?

shares in our company. So ownership is

Our customers have been a little bit

not just a fad that we use lightly. Every

more forgiving. I have a wonderful team

one of them takes ownership in their

who still engage with our customers. Saif

work.

and I probably spend 20% of our time with customers, but we end up spending

entrepreneurs do, with very high energy and you may step on the toes of the

There are various ways in which solar

managers you have appointed. There are

energy can be converted into power:

serious conflicts that you bring to the

a) Rooftop, which is what you are in;

41

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a lot of time with our team and financiers.

Fundraising

is

very

important because fund is a key raw material. 

Business Mandate fountainhead of excellence

L

.S.Ganesh:

education today?

Management

institutions abroad normally

•

do not admit students without

work experience. But, in India, we admit freshers and even those who complete three­year undergraduate programmes.

•

and manage organisations.

In what ways can institutional

2) There is continuing student

leaders manage all their

interest. It is a cultural

resources

attribute in India where

boldly

and

effectively?

people want to go right

What should be the significant

through

and

complete

changes in the mindset and,

education and, on the other

Management education has developed

consequently, in the practices

hand, there are working

steadily over the last few decades in

of institutional leaders and

professionals who realise the

India, especially since the early 90s. The

faculty members?

need

programmes have vastly increased along

G Raghuram: I shall cover six aspects

with the institutions offering them. As

on why management education is still a

in engineering, management education

good business in India.

that separates top programmes from the

understand

the

organisations they work for

number and variety of UG and PG

also suffers from an institutional chasm

to

and progress in their careers.

3) In IIMs, we were told that General Management was the way

1) India is a growing economy.

to

go.

But

today,

institutions have opened up a

for

lot of specialised programmes,

average and the mediocre. I would like

professionals who understand

partly to create positioning

to pose three questions to our panellists:

the nature of organisations.

and to address the needs of

What are the challenges and

Management education is all

different sectors. I am now

opportunities in management

about how to design, create,

advising

•

There

43

is

MAY

a

2021

hunger

institutes

on

Business Mandate fountainhead of excellence

programs such as Maritime Logistics and Supply Chain Management.

Along

with

specialisations, the idea of partnerships is also emerging and

entrepreneurship

is

We have a lack of faculty at the higher level and those who are credentialed. Online education is both a challenge and an opportunity

gaining traction.

4) Even prior to Covid­19, the idea of institutions adopting online

education

~ Harbir Singh

and

attempting hybrid forms of delivery had come in. But Covid has emphasized and

on the stages in the career and

challenge. A lot of quantity has

accelerated it, and this is an

differing needs, short modules

come in the Indian ecosystem

opportunity

are developed to suit the

but focus has to be given to

needs of this target group of

quality.

that

can

be

leveraged.

5) Executive

education

or

students.

continuing education were not

6) The centrepiece of our ability

necessarily offering degrees

to execute all of the above with

programmes, but depending

quality is faculty. That is a big 44

MAY

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Harbir Singh: I am happy to share that I was involved in the founding of

Business Mandate fountainhead of excellence

Executive education and specialised programs are opportunities. Given the market situation, the institutes must come out boldly with specialised programs. ~ G Raghuram

the Indian School of Business (ISB), and

at the higher level and those who are

Worldwide, the top 15 executive

I am associated with it even now. So I

credentialed. Online education is both a

education providers make revenue of 1

am

challenge

opportunity

billion dollars. India has a tremendous

management context. I would like to

—challenge in terms of designing the

scope and a ready market in this sphere.

touch upon four aspects:

instructional material, and opportunity

Financial Viability: IIMs are funded

The industry of management

in terms of scaling. Considering India's

by the Government. There can always

education

GER, online is the way to go. The flight

be tension between the quality and

•

The challenges it faces

to quality is another important factor.

•

The career development needs

source of funding. So, there is a role for

As supply increases, quality becomes

endowments and other financial

questionable.

resources to develop management

familiar

•

of

with

students

the

Indian

and

the

requirements of management education

and

an

Apart from faculty development,

education.

The resource availability

the question of credentialing needs to

Industry: Talking of the industry,

be addressed. We have all benefited

business education has proliferated

from the visionary approach of Dr

Managing Resources

throughout the world as there is rising

Vikram Sarabhai in creating world­class

L.S.Ganesh: In what ways can the

demand. There is a factor called GER

IIMs. There has to be a lot of curriculum

institutional leaders manage their

—Graduate Enrolment Ratio. It is a

innovation. We can use simulated

resources in boldly attempting the

measure of capacity in relation to the

models and games to drive home

desired changes in the present context?

number of students eligible to join the

concepts and strategies. The industry­

college. India's GER is 26% while that

institute interaction has to be nurtured

of China is 48%, UK 60% and US 80%.

and the apprenticeship model is very

This implies that there is a need for

important.

capacity in management education in

Continuing

The

and for capital needs. IIMs are, in fact,

India.

executive education in India is in the

able to generate quite a bit of surplus.

Challenges: We have a lack of faculty

order of 50 to 100 million dollars.

IIMs have annual tuition fees in the

•

45

G.Raghuram: The IIMs were set up by the government. But today, the originally started six IIMs have no government support for their revenues

Education:

MAY

2021

Business Mandate fountainhead of excellence

We often hear in India that there are too many B‐Schools. But, Dr Harbir has pointed out that there is a big gap between supply and demand ~ Ramkumar

range of Rs.20 lakhs. Even where the

support to the faculty in the research

come. Doctoral students can double up

institutes charge a tuition fee of Rs.5

part of their journey.

as teaching assistants as well as those who can create content.

lakhs, there is an inherent viability and

Different pedagogical tools like case

it is the good part of management

studies, games and video tutorials can

The clarity on what can be delivered

education.

be curated in the classroom. The

in a synchronous online mode or an

The hybrid model is the way

institutional leaders must protect the

asynchronous online mode and what

forward and it is happening even in our

non­teaching time of faculties and

can be taught in classrooms will be a

IIMs. Preparatory programmes are

enable them to work on case writing or

crucial factor. B­Schools should bring in

being increasingly offered online. Some

research in their area of passion. I do

practising professors / industry experts,

parts of the regular curriculum are

not deny that written communication in

to a minimum of 10% of the faculty

drawn from the online MOOCs. Even

the form of publications is good, but I

strength. The content must be relevant

earlier, the IIMs used to encourage the

feel that the over­emphasised need to

to practice. I feel that teaching quality

concept of students coming prepared to

publish peer reviewed papers in journals

and relevance to practice are highly

the class, so there can be more

has taken the pendulum away from

correlated.

discussions and greater exploration of

teaching in the classroom.

topics in the classroom.

Executive education and specialised programs are opportunities. Given the market situation, the institutes must come out boldly with specialised programs.

The

TAs

(Teaching

Assistants) help in unlocking a lot of faculty time. Doctoral programs are also an ideal source of potential faculty resources. They help in creating faculty material; they can also provide a lot of

High quality publications versus high quality content and delivery is an interesting debate.

supply of PhDs to foster growth. But, just restricting the resource to PhDs is not correct. We should strive for innovation in curricula, and this will distinguish B­Schools in the days to MAY

What should be the mindset change and, consequently, what should be the practices of institutional leaders and

Harbir Singh: We need to increase the

46

Mindset change

2021

faculty members?

G.Raghuram: •

We need to be conscious of our different stakeholders—teaching staff,

non­teaching

staff,

recruiters, management and

Business Mandate fountainhead of excellence

•

students.

schools need to maximise in these three

Ramkumar: I have been on the

Opportunities must be created

areas. It is important to keep in mind

interview panel of selection of faculty

to enrich the faculty in their

that this is a non­compensatory model.

and I have observed that the quality of

The leader should watch out for

An institutional culture must

candidates is not satisfactory. We often

what excites the faculty and

support three areas—talent, diversity,

hear in India that there are too many B­

support them from behind while

and innovation. The hierarchical

Schools. But, Dr Harbir has pointed out

leading them from the front.

approach will not allow for diversity of

that there is a big gap between supply

The leader must put in place

ideas. Talent has to be nurtured and

and demand in India going by the Gross

systems

given full autonomy, including the

Enrollment Ratio (GER) of 26%.

ability to challenge ideas from within

We have to explore if there is a business

the system. B­schools need to make

opportunity for academicians like our

greater ownership of faculty.

themselves a good destination for

panellists to revive many B­Schools and

The Director must aim to de­

faculty on the talent front and try to

enhance their quality. A consultant group

directorise his/her role and

bring in people with deep knowledge

may focus solely on this area and give a

encourage

and leverage them in classrooms.

blueprint for high quality management

non­teaching time.

•

•

and

hold

people

responsible to those systems.

•

The best creative processes in an institution can happen if there is

•

a

bottom­up

approach.

education. If B­Schools give good

Harbir Singh: B­schools compete with each other in three dimensions—for ideas, delivery and deep understanding of phenomena. In terms of mindset,

The more we cut down on variety, the more we become vulnerable in facing adversity and risks.

education, they can easily charge even Rs. 10 lakhs as tuition fee since the students will be employable.

47

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Business Mandate fountainhead of excellence

Q&A Can the panel suggest some major changes that are required in the core management education to make it contemporary?

to pick up courses and grades. Doing Projects in electives is another way of personalising. Overall, I feel that there has to

G.Raghuram: Curriculum development is important but the focus should be on pedagogy, which should trigger critical thinking skills in the students. More FDPs (Faculty Development Programmes) must happen in the country.

Institutions like MMA can also facilitate in getting quality faculty. There must be greater focus on entrepreneurship.

Management programmes should give a framework to approach entrepreneurship and help students to realise what it feels to be an entrepreneur.

be a structure in offering a customised programme.

Harbir Singh:

Harbir Singh: Credentialing is a factor to look at, while selecting colleges. There are also lots of online courses which students can do to upskill themselves.

•

•

•

•

Have a business incubator cell in the school and have ties with venture capitalists. Some schools are already doing that. We have contests for Business Plans. The winners are given funding to work on their plans.

Education is not just cognitive but experiential. So, importance should be given to the whole person, work­life balance and developing crisp communication.

Ethics needs to be covered in B Schools, not just on a philosophical note but on legal and moral grounds.

Students are good at individual contribution, but collectively, as a team, their performance is poor.

So, the importance of Team Work needs to be inculcated in them.

Is personalised management education feasible?

Harbir Singh: University of Chicago, for instance, offered just 4 courses and everything else was electives. That's one way of personalising education. The second way is to take the internship seriously. Third is to offer coaching to students, especially during mid­career.

G.Raghuram: MOOCs permit a lot of flexibility and scope 48

MAY

Since all colleges now offer online mode of education due to the pandemic, what factors should we consider before shortlisting a college as a student?

G.Raghuram: Even though online education is offered by many, ownership of imparting education is a critical factor.

So, I will look at who offers ownership.

How do western institutions deal with curriculum innovation?

Harbir Singh: There is a lot of research going on in the area of decision making under uncertainty. So, courses on biases and decision­making are offered. A game­based approach is also used, especially in trading and how to react to market shocks. Experiential courses are offered in addition to the traditional courses.

Is it possible to pick and do online courses from different institutions and get a valid certification for the combination?

Harbir Singh: You can look at Degree and Non­Degrees. In the Non­Degree front, certifications are possible. At the moment, it is unorganised. So, students must research and pick courses delivered with highest quality.

G.Raghuram: The faculty themselves are doing courses on MOOC as a part of their continuing education. They can curate and suggest a bouquet of courses from MOOC to the students.

They can also recommend partial segments from the video lectures offered on MOOC. There is significant content available online. 

2021

Business Mandate fountainhead of excellence

M

r R S Krishnaswamy, Founder & Chief Patron, CSR SPARK provided a brief update on the current CSR scenario.

With the world and India hit hard by the pandemic, he likened it to a Black Swan crisis—which is characterised by three elements: • • •

Rarity Extreme impact, and Retrospective predictability

The challenges due to this are stalled activities and difficulties to stay afloat. There is an urgent need to collaborate, mitigate, prepare, innovate, learn and move forward.

He analysed the CSR spend over the first six years of implementation of the CSR law. “Looking at the CSR spend for 2019­20 from the national CSR portal (www.csr.gov.in), there has been a dip from the previous year. The amount spent by 1075 companies is 7823 crores as against 18000 crores in the previous year. This is no reason for gloom, as the portal has not been updated. Other sources have presented a much better picture,” he said and added that the national CSR portal is highly informative and useful.

This portal is maintained by the Ministry of Corporate Affairs and enlists the CSR spend over the first six years in total and also has details on state­wise, district­wise and corporate­wise spending. A perusal of these details will help Implementing Agencies (IAs) approach the appropriate corporate for partnership.

Amendments to CSR Rules The Government on its part notified

amendments to the CSR Rules, effective from 22.01.2021. Several important changes have been notified, including a registration for all Implementing Agencies (IAs). Mr Nikhil Pant, Chief Executive Officer, REACHA, Former Chief Programme Executive, National Foundation for CSR, IICA, Ministry of Corporate Affairs, highlighted all aspects of changes, its intent, and also provided guidance in the registration of the IAs. He dwelt into the evolution of CSR over the first seven­year period and explained the basic legislation under Section 135 of the Companies Act. The prelude to the current amendments were the recommendations of the Second High Level Committee, whose key points were: • • •

Thrust on budgeted spending CSR expert in the Board Monetary penalty for non­ compliance • Utilization as spend • Mandatory impact assessment • Reporting / Disclosure • Implementing Agencies as partners, not vendors/ service providers • Annual CSR survey • SDG alignment The following are the entities approved to participate as IAs: • •

•

The Company itself directly A new Foundation (Society, Trust or a Section 8 Company) of the Company with 12A and 80G registration, possessing UID on submission of Form CSR­1 An external NGO (Society, 50

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2021

Trust or a Section 8 Company) with a minimum of three years’ experience and with 12A and 80G registration, possessing UID on submission of Form CSR­1 • A Central or State Government vehicle with Form­CSR1 (may even be new) • A Parliament or State established entity with Form­ CSR1 (may even be new) • Notified funds such as PM Cares, PM National Relief Fund, etc The broad highlights of the CSR Amendments are: 1)

2)

3) 4)

Natural progression on compliance from 2014 onwards.

Relevant recommendations of High­Level Committee (HLC) on CSR of 2018/2019 have been suitably incorporated.

These recommendations were based on extensive feedback from stakeholders and data analysis of reporting as received by the Ministry of Corporate Affairs (MCA). Thus, Rules 2021 are much more inclusive as they have incorporated inputs from all concerned.

Compliance with impact is the way forward!

By defining Ongoing Projects, MCA has subtly provided encouragement for medium­to­ long term projects. Corporates would be best advised to start incorporating sustainability elements as projects rollout so

Business Mandate fountainhead of excellence

5)

6)

7)

that once they phase out, community ownership kicks in.

Further re­enforcement of non­ profit and charitable nature of CSR by clearly mentioning Sections 12A and 80G. There is clearly increased requirement on governance, accountability, disclosure, and transparency at the Board level, with accountability of CSR Committee members by name and attendance being asked for in annual reporting.

Introduction of Annual Action Plan (AAP) at the Board level under CSR Policy will likely bring in more structure and alignment of Grant Cycle to the FY Cycle. This should assist planned CSR spending and lead to lesser unspent funds at the

end of the FY if the intent is right. Also, where intent is right, there is leeway provided to the Board to make mid­ course corrections in AAP as also to designate projects as Ongoing Projects based on reasonable justifications.

8) Government is clear that unspent CSR funds need to be deployed for development work and not held back.

9) Clarity presented on some unclear areas like Admin Overheads, Surplus, Set­off etc.

10) Role of CFO now becomes particularly important. Key collaboration must now be between CFO, CSR Head, CA and CS. 11) Business / for­profit activities 51

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must be clearly kept away from CSR activities.

12) International­based Sports Training finds its due. This should be a huge relief to the sports fraternity and will likely assist India strengthen its sporting outcomes.

13) Registration on CSR­1 Form will help bring donor and donee within the same umbrella of Ministry of Corporate Affairs.

Later, this may also lead to NGO reporting on CSR utilizations against their allocated CSR Registration.

This could then be tallied against CSR spends as reported

by Companies through MCA21.

The link for IAs to register under Form CSR­1 is available in the Ministry of Corporate Affairs portal. 

Click on the page to enter.