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. 2021
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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
A
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. 11
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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
T
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. 2021
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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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T
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. 25
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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
MAY
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.
27
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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. 28
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Business Mandate fountainhead of excellence
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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Business Mandate fountainhead of excellence
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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Business Mandate fountainhead of excellence
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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Business Mandate fountainhead of excellence
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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Business Mandate fountainhead of excellence
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
34
MAY
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.
36
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Business Mandate fountainhead of excellence
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
MAY
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
MAY
2021
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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2021
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
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2021
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
MAY
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.
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