28 JANUARY 2023 BW BUSINESSWORLD

51 | BW BUSINESSWORLD | 28 January 2023 that India will continue to push the growth agenda on the back of increased public spending like before. “The upcoming budget will follow the spirit of the earlier budgets. We are going to set the template, which was set earlier but follow it and take it further for India’s next 25 years,” Sitharaman said during an interaction with the industry in December. Expected Theme: Spend More Overall, there are greater expectations from the upcoming budget, as a result of an uncertain global economic environment. A big positive, though, for India is the robust growth in receipts. India’s Goods and Services Tax (GST) revenues rose to nearly Rs 1.5 lakh crore in December 2022, 15 per cent higher than a year ago and 2.5 per cent more than November’s collections. In fact, December was the tenth month in a row when the GST collections crossed the Rs 1.4 lakh crore mark, with revenues from import of goods rising 8 per cent and revenues from domestic transactions (including import of services) up 18 per cent compared to the figures for December 2021. How do experts view this? Rajani Sinha, Chief Econoannual budgetary exercise. This is very heartening as a higher growth rate signals a healthy economy. It also gives Finance Minister Nirmala Sitharaman headroom to announce sops and tax relief that both India Inc. and the common taxpayers have great hopes for from the budget. And naturally so, since budget 2023-24 is expected to draw not just a fiscal roadmap for the next financial year but also provide a framework for growth and economic development for the next 25 years as well. Speaking in the Rajya Sabha, the Upper House of Parliament on December 7, 2022, Prime Minister Narendra Modi said, “The ‘Amrit Kaal’ of India’s independence (2023-2047) will not only be a period of national development and glory but also an occasion when the country will play an important role in giving a direction to the world.” Experts closely watching the economy expect the budget speech of the finance minister to include a direction for India’s economic growth story over the next 25 years. On her part, Sitharaman has already indicated Higher capex allocation expected FY23 GDP growth @7% Total receipts expected growth @10% Net Tax Revenue expected @ 7.7% of GDP The upcoming budget will follow the spirit of the earlier budgets. We are going to set the template, which was set earlier but follow it and take it further for India’s next 25 years” NIRMALA SITHARAMAN, Union Finance Minister Photograph by PIB

52 | BW BUSINESSWORLD | 28 January 2023 BUDGET EXPECTATIONS 2023 FINANCES mist, CareEdge, CARE Ratings says, “As far as receipts are concerned, gross tax revenue collection has been buoyant in the current fiscal growing by around 16 per cent (YoY) in Apr-Nov 2022. Even after factoring the revenue shortfall from excise and customs duty cuts, we expect gross tax revenue to exceed the budgeted target by Rs 3.5 lakh crore. On the non-tax revenue front, revenue from dividends and profits is expected to witness a moderation owing to lower dividend transfer from the RBI.” I ndranil Pan, Chief Economist, Yes Bank expects the receipts to be much higher than what was budgeted for FY23. “For FY23, total receipts are likely to have increased 10.6 per cent, much higher than the targeted 4.8 per cent in the budget for the year. This is due to higher tax collections as inflation levels in the economy were much higher than earlier anticipated,” says Pan. He continues, “At Yes Bank, we expect the net tax revenues to finish FY23 at 7.7 per cent of GDP while it was targeted at 7.5 per cent of GDP. Non-tax revenue growth is likely to be broadly in line with the budgeted estimates. Total receipts are thus likely to outstrip the budget expectations by around Rs 1.6 lakh crore.” Will the tax collections continue to show robust growth in the next fiscal year as well? Economists say that may not be the case. In fact, the collections may moderate eventually. “This year’s windfall tax revenue on account of higher nominal GDP growth, more broad-based growth across sectors, and higher inflation is expected to moderate,” says Dipti Deshpande, Principal Economist, CRISIL. However, a lower subsidy bill in FY24 may free up some cash, she adds. “On the positive side, some fiscal headroom may be created by a lower subsidy bill next year for food, fuel and fertiliser. These savings can be channelised towards capex,” she adds. Why would the subsidy bill be lower in FY24? Explains Pan of Yes Bank: “For FY24, the fertiliser and food subsidies will be lower than in FY23. This is because of the drop in the crude oil prices and the withdrawal of the PM Garib Kalyan Yojana.” More Capex & Global Headwinds Capital expenditure (capex) is the money spent by the government on the development of machinery, equipment, building, health facilities, education, etc. In her budget presented on February 1, 2022, the finance minister had raised the outlay for capital expenditure by a whopping 35.4 per cent, from Rs 5.54 lakh crore (FY22) to Rs 7.50 lakh crore (for FY23). It is expected that the finance minister may continue to increase the capex allocations in the next budget as well. Agrees Pan of Yes Bank. “Given that there is not much of a chance of private investments to revive immediately, the mantle of capital expenditures will fall on the government. We expect the capital expenditure/GDP to be targeted at 2.9 per cent, better than the 2.7 per cent to be achieved in FY23.” According to Sinha of CareEdge, capex witnessed a strong growth of around 63 per cent on a year-on-year basis during April-November 2022. However, this needs to go even higher, says Sinha. “Despite this strong capex growth, the monthly average capital spending has been around Rs 56,000 crore, this must rise up to Rs 75,600 crore in the coming months to meet the annual capex target of Rs 7.5 lakh crore for FY23,” she adds. Which simply means the government will have to quickly spend more in the remaining months of the current fiscal year. And it may be doing so already. Deshpande says the government’s role in driving capex can also create jobs by increasing spending on employment-intensive sectors such as rural roads and highways, housing, railways, and irrigation. Will it be an easy task amidst the global uncertainties? That is the question worrying the experts. Non-tax revenue growth is likely to be broadly in line with the budgeted estimates. Total receipts are thus likely to outstrip the budget expectations by around Rs 1.6 lakh crore” INDRANIL PAN, Chief Economist, Yes Bank

The tax savings that will accrue to the taxpayer will increase consumption and investment in the economy which will further help the growth of the country” VED JAIN, Former President, ICAI What are some of the challenges before the FM? Economists and analysts acknowledge that Budget 2023-24 is coming against the backdrop of a challenging external scenario with global growth slowing and financial conditions tightening. “Uncertain global environment, slowing exports, volatility in commodity markets, sticky core inflation will be the key watch-outs for India’s growth story in the coming year,” says Sinha. Experts point out that the Rs 7.5 lakh crore capex target also included a Rs 1-lakh crore ‘interest free’ loan to states. This should continue in FY24 as well. Tax Relief Expected Tweaking of the tax slabs has been a top expectation of the salaried class for the past eight years. Since 2014, the tax slabs have remained constant budget after budget. Currently, the lowest tax slab rate is fixed at Rs 2.5 lakh while the highest slab starts at Rs 10 lakh. “Both these slabs remain untouched to date,” says Ved Jain, an economist and past president of the Institute of Chartered Accountants of India. But why? “It is because the focus of the government has been on increasing the tax base so that more people file their tax returns. And that is why the government has not increased the lowest slab rate until now,” Jain explains. However, things may just change on February 1. It is due to multiple reasons, say tax experts. The salaried class taxpayer is bearing the brunt of high inflation which is eating away the savings. Continuous hike in interest rates have made the monthly EMIs for home loans, other loans dearer. Then, the higher fuel prices have severely impacted the household budget. “Given these difficulties faced by the taxpayers, it is time now that the income tax slab rates are tweaked to provide some relief,” says Jain. He feels the basic income tax slab may be increased to Rs 5 lakh and the highest slab should be tweaked to Rs 20 lakh. “The tax savings that will accrue to the taxpayer will increase consumption and investment in the economy which will further help the growth of the country,” Jain adds. Come February 1, all eyes will be on Sitharaman and her speech and later the fine print of what the budget documents hold for everyone. [email protected]; @Ashish_BW Even after factoring the revenue shortfall from excise and customs duty cuts, we expect gross tax revenue to exceed the budgeted target by Rs 3.5 lakh crore” RAJANI SINHA, Chief Economist, CareEdge, CARE Ratings 53 | BW BUSINESSWORLD | 28 January 2023

54 | BW BUSINESSWORLD | 28 January 2023 BUDGET EXPECTATIONS 2023 SUSTA INAB IL ITY Column By KRISHAN KALRA T HERE IS A DEEP age-old connection between the Planet and the People. Agriculture developed perhaps ten to twelve thousand years ago when people began to domesticate plants and animals and communities were built that led to the transition from a nomadic hunter-gatherer lifestyle. The relationship between the two was always based on mutual respect – people tending to the lands gently with compassion and, in turn, the land rewarding them with all kinds of nutrient rich produce including cereals, vegetables and fruits. That’s when the global population started ballooning – from about five million at that time to the present over eight billion. Unfortunately, the beautiful relationship began to sour about six decades ago when industrialisation picked up speed, less and less land was available for farming and people started using chemical fertilisers to increase productivity – to ensure food security – and, in the process, forgot to nurture the lands and let it degrade. We forgot that we were causing permanent grievous damage to mother earth – our only home in the vast universe! economic activity. Publications like the FAO’s (Food & Agriculture Organization of the UN) ‘Sustainable Development Goals – working for Zero Hunger’ has brought out guidelines primarily directed at decision makers responsible for integrating the goals and targets of the 2030 Agenda for sustainable development into national policies and programmes with focus on food and agriculture as also rural development – to ensure inclusive growth. It spells out efforts to increase productivity – to feed the 8.6 billion projected population in 2030 and 9.8 billion NEED MORE POLICY INTERVENTIONS FOR SUSTAINABILITY Sadly, the realisation of our folly came quite late – just about 20 years ago – when scientists and later environmentalists like former US vice president Al Gore and Sir David Attenborough shook the world with their findings about the devastating march of Climate Change and the conflict between humans and animals essentially because humanity was encroaching upon and appropriating the space meant for the animal kingdom. That’s when we noticed that the productivity and nutrient content of our crops was going southward. This led to even greater use of chemical fertilisers, pesticides, insecticides as well as resorting to genetically modified (GM) crops; and we are all aware of the conflicts that followed. Agriculture Anyway, the whole world is now aware of the enormous damage and ‘sustainability’ has become a buzz word during the last few years – sustainability not only in agriculture but virtually every facet of life and

55 | BW BUSINESSWORLD | 28 January 2023 development of the parents and the society. Some of the great ones are Swachh Bharat Mission, Beti Bachao Beti Padao, Pradhan Mantri Aawas Yojna, Pradhan Mantri Jan-Dhan Yojna, Deen Dyal Upadhayay Gram Jyoti Yojana and the Namami Gange Mission. The Amrit Mahotsav has added more, like Poshan Abhiyan, PM Jan Arogya Yojana, Jal Jeevan Mission, Samagra Shikshan Abhiyan, National Skill Development Mission and of course, the good old Mahatma Gandhi National Rural Employment Guarantee Act. These are very well drafted and well-meant initiatives but the key here – as in the case of any legislation or programme – is regular monitoring and leak proof implementation. Climate Change and Inclusivity are by far the two biggest problems before the world and national programmes and policy interventions must address both these assiduously. Equally important are the efforts of Business and Industry – ‘the Corporate World’. Happily, we are seeing ever increasing ‘public-private partnerships’ in various verticals of national growth. Admittedly the ‘$ 5 trillion GDP by 2024-25’ goal has got derailed primarily by the Covid pandemic, but I have every hope that the IMF forecast (World Economic Outlook – 2017 study) of India becoming the second largest economy in the world by 2030, on PPP (Purchasing Power Parity) basis will come true. This report mentions the GDP figures in trillions, of the top five economies in PPP international dollar terms. (Please see chart above). To be more specific about ‘Policy Interventions’ for sustainable development in agriculture, I would like to see tax breaks and more supportive policies for manufacturing for the companies engaged in producing organic fertilisers, herbal insecticides and pesticides. We also need certification and inspection arms of the government and third-party assignees to be strengthened for developing consumer confidence in organic products. Environment Just to add some more sectors of economic growth and decarbonisation potential, there is great need to bring down the cost of electric vehicles (EVs) and creation of a dependable, countrywide charging eco system. The GST on EVs and batteries has been reduced to five per cent, which is a good start. We now need PLI (Production Linked Incentives) and attractive policies for investments in R&D in this sector. The government should also think about extending the ‘Green Building Codes’ to clean energy, energy efficiency, waste disposal, and very strict conservation measures for water for all construction activity, including residential buildings above a certain size – say 500 square yards and above. Currently there is a policy for energy conservation for large companies manufacturing cement and steel – referred to as PAT (Perform, Achieve and Trade); this policy should be extended to several other industries now. The author is Trustee of The Climate Project Foundation, India and past president of AIMA and past BOG member of IIMC I would like to see tax breaks and more supportive policies for manufacturing for companies engaged in producing organic fertilisers, herbal insecticides and pesticides. We also need certification and inspection arms of the government and third-party assignees to be strengthened in 2050 – and addresses social and environmental costs involved, water scarcity, soil degradation, biodiversity loss etc. Our own ministry of food and agriculture has also dwelt at length on crucial issues like: j facilitation of universal access to productive resources, finance and services kconnecting small land holders to markets l encouraging diversification of produce and income mmanaging water scarcity n enhancing soil health o reducing wastage of food – worldwide 33 per cent food is lost and the figure for India could be even higher p social protection q augmenting nutrient content and others. Many policy initiatives are already in place – touching virtually all areas of the economy and social development; rightly so, because the two aspects are interdependent and connected irrevocably. After all a healthy and educated child means greater IMF’s World Economic Outlook 2017 Forecast for 2030 (trillion dollars in PPP terms) China $ 64.5 trillion India $46.3 trillion United States $31 trillion Indonesia $10.1 trillion Turkey $ 9.1 trillion

BUDGET EXPECTATIONS 2023 ELECTION EVE TIME TO SPLURGE? 2018-19 FM: ARUN JAITLEY n Focus on strengthening 7 sectors n Enhances focus on agriculture, rural development, health, n Outlay on health, education and social protection: Rs 1.38 lakh crore n Rs. 5.97 lakh crore allocation for infrastructure n For taxpayers Standard Deduction (SD) of Rs 40,000 put in place n SD replaced Transport Allowance, benefitting 2.5 crore employees 2013-14 FM: P. CHIDAMBARAM n Focus on women, youth, farm sector, Direct Benefit Transfer (DBT) n Farm credit was set at Rs 7,00,000 crore n Nirbhaya Fund to be set up n Allocation for Rural Development Ministry raised by 46 per cent n Rs 1,000 crore for skill development of ten lakh youth n Relief of Rs 2,000 for taxpayers in the first bracket of Rs 2-5 lakh 56 | BW BUSINESSWORLD | 28 January 2023 Photographs by Sanjay Sakaria

Will the eight-year wait end on Feb 1? The question pertains to the tax slab rates which have remained unchanged since 2014. Naturally, in the run up to the Budget 2023-24, tax experts have raised hopes about the salaried class’s wait coming to an end on Feb 1 with a possible revision in the tax slab rates. But economist have a different take altogether. Says Indranil Pan, Chief Economist, Yes Bank: “Even as this is the last full-year budget before elections, and irrespective of the historical trends of the past, we do not expect this budget to be populist and people friendly.” Pan’s argument is that the budget is likely to aim at consolidation and withdraw all Covid-related measures that were in place. The PM Garib Kalyan Yojana has already been scrapped. Being industry friendly is unlikely to mean any reduction in taxes, he says. Agrees Dipti Deshpande, Principal Economist, CRISIL. “It may be the last full budget before the 2024 elections but the economic environment is equally challenging and uncertain as before the previous budget. The government is only three years away from meeting its fiscal deficit to gross domestic product TIME TO SPLURGE? In the past, Union Finance Ministers have given in to populist pressures in election eve budgets. Will Nirmala Sitharaman prove to be an exception? By Ashish Sinha FM: NIRMALA SITHARAMAN n Salaried class expectations on sops n Tax slabs may be revised n May increase 80C limit of Rs 1.5 lakh n Homebuyers expect greater sops n Standard Deduction limit expected to increase n India Inc expects reduced interest for late payment of GST EXPECTATIONS FROM BUDGET 2023-24 57 | BW BUSINESSWORLD | 28 January 2023 Photograph by Himanshu Kumar

58 | BW BUSINESSWORLD | 28 January 2023 The government is only three years away from meeting its fiscal deficit to GDP target of 4.5 per cent (by fiscal 2026) and needs to reduce the fiscal deficit ratio by 2 percentage points from where it stands Dipti Deshpande, Principal Economist, CRISIL BUDGET EXPECTATIONS 2023 ELECTION EVE (GDP) target of 4.5 per cent (by fiscal 2026) and needs to reduce the fiscal deficit ratio by 2 percentage points from where it stands. It should continue on the fiscal consolidation path,” she says. A senior analyst believes that in order to appear ‘industry friendly’, the budget could further tinker with the customs duty structure (small increase is possible). “This may be done to safeguard the domestic industry from external competition and to promote Make in India,” he said. Rajani Sinha, Chief Economist, CareEdge points to the 2018-19 budget: “While the Union Budget FY19 (last full budget before the general elections of 2019) was pro-agriculture and rural economy-oriented, it was not populist. Contrary to expectations, the budget had not provided any relief on the front of personal income tax and corporate tax.” Extending this logic to the upcoming budget, Sinha says: “The export sector would need additional support in the midst of a slowing global economy. We would also like the government to increase its focus on social infrastructure in the form of increased spending on health, education and skilling.” Election Eve Full Budget A full budget ahead of general elections has always generated greater interest. And every time, the government of the day has been mindful of the expectations. In fact, such a budget does include certain key measures and sops to drive home their priority areas. For instance, in the budget presented by late Arun Jaitley on February 1, 2018 for fiscal year 2018-19 (general elections falling in mid-2019), the focus was on allocating more money towards seven key areas — agriculture, health, rural development, education, infrastructure, among others. For the salaried class, a standard deduction of Rs 40,000 was put in place that replaced the earlier heads including transport allowance. In his speech, it was said that this move would benefit over 2.5 crore employees. Record budgetary allocations were made towards creating more roads, expressways, highways. Similarly, during UPA II’s last full budget before the 2014 general elections, then finance minister P. Chidambaram presented a budget with enhanced focus on women, youth, the farm sector, Direct Benefit Transfer (DBT) and rural development. The Nirbhaya Fund was created for women safety. A Rs 7 lakh crore credit corpus was to be created to uplift those engaged in agriculture while Rs 1,000 crore was set aside for skill development of 10 lakh youth. Unfortunately, UPA II was voted out of power. This budget, which is the last full one ahead of the 2024 general elections, too, has generated huge expectations among the various classes, especially for the salaried. Chartered accountants and tax experts have been hoping for an impending rejig in the tax slabs. The current minimum tax slab of Rs 2.5 lakh is widely expected to be raised. If announced, this will bring cheer to millions of salaried people. Small businesses, especially those struggling to revive their respective businesses, are expecting some tax reliefs and a lower penalty on late payment of GST. Increase in the customs duty on certain imported metal parts etc. is also expected. If announced, it would help protect and promote local component manufacturers. Populism Vs Prudence While economists do not foresee the upcoming budget to be a populist one, historical evidence suggests otherwise when the data is analysed for the past three-four decades, barring a few exception years. An analysis of the data in the RBI Handbook of Statistics shows that successive governments did spend more before the election year. And a bulk of that spending came in from extra budgetary (EB) support. For example, in the budget for 2018-19, a large chunk of the spending for infrastructure and rural development was to be financed through EB resources. Nearly 62 per cent of the capital expenditure in the 2018-19 budget was to come from EB resources. An analysis of the several past budgets announced a year before the elections revealed these ‘extra’ spends on subsidies and transfers. Typically, in a populist budget, the emphasis is more on providing relief to the farmers in the form of loan waivers, easing of the tax structure to provide relief to the salaried class or outlining higher procurement prices for the farm produce, among others. Will the Budget 2023-24 be a populist one or will the fiscal prudence prevail? The answer will have to wait until February 1.

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60 | BW BUSINESSWORLD | 28 January 2023 BUDGET EXPECTATIONS 2023 INFRA ROAD TO THE FUTURE Indepth I ndia has been building with a vengeance, whether it’s roads, railway, ports, airports, waterways, and everything else. So much so that the current fiscal has seen more expenditure on infrastructure than at any time in the past. According to the latest data from the Ministry for Road, Transport and Highways (MoRTH), the NDA government inaugurated and laid foundation stones for roads, highways and expressways worth Rs 2.8 lakh crore. Another significant milestone is the construction of more than 50,000 km of national highways since 2014. Speaking to media at a public event recently, Nitin Gadkari, Union minister, MoRTH said: “The National Highway Authority of India is not only constructing thousands of kilometres of highways, it is also being able to raise money successfully.” It should be noted that till the last Union Budget, of the total allocation of nearly Rs 68,000 crore for 2022-23, a large portion was towards investments in the National Highway Authority of India. But the capital expenditure for FY23 was kept more than 50 per cent higher than FY22 at Rs 1,99,108 crore. This figure Infrastructure projects will remain a priority and focus area all through 2023-24 in line with the vision of Prime Minister Narendra Modi By Ashish Sinha Photo courtesy: NHAI

61 | BW BUSINESSWORLD | 28 January 2023 with a planned National Infrastructure Pipeline. This digital platform connects 16 ministries including Roads and Highways, Railways, Shipping, Petroleum and Gas, Power, Telecom, Shipping and Aviation with a view to ensure holistic planning and execution of infrastructure projects. “The initiative will go a long way in enabling various government departments to synchronise their efforts into a multi-modal network. Also, other government initiatives such as asset monetisation scheme and new guidelines o n p r o c u r e m e n t , among others, are currently catapulting the Indian infrastructure space in the right direction,” says Sandeep Gulati, MD, Egis in India, a leading infrastructure player involved with over 120 active projects. Cement Industry Gets a Fillip Linked to the infrastructure boom is the growth of the cement industry, cement being a key input element for all types of construction. Experts say that the cement industry has benefitted from high volume growth driven majorly by a revival in demand from the urban housing sectors, upcoming infrastructure projects such as the construction of roads, railways and highways as well as generous rural demand. “The long-term drivers of demand such as the National Infrastructure Plan, Bharatmala projects, mission Housing for All, rapid urbanisation, and rising rural incomes remain strong with increased government impetus on infrastructure projects amid the upcoming elections in 2024,” says a senior analyst from CareEdge. Irrespective of the expected higher allocation towards capital expenditure, most of which will go into the construction of national highways, expressways and other infra projects, common citizens will wait to see if the quality of roads really match those in North America, as promised by Gadkari. is expected to see similar jump in allocation for FY24. Frenetic Construction There are 27 green expressways expected to be completed in the coming year. “We will also strive to achieve construction of 60 km of highways per day by the time FY24 ends,” Gadkari said. Currently, India is building around 40 km of new roads and highways every day. Rapid increase in the construction and operationalisation of highquality roads, national highways and expressways has been the among the major highlights of the NDA government. Since 2014-15, the NDA government has added more than 50,000 km of national highways. “In 2014-15, the pace of NH construction was about 12 km a day which increased to about 29 km/ day in 2021-22,” says a senior official in the ministry. By the time FY23 ends on March 31, 2023, the ministry expects the rate of construction of national highways to touch an average of 40 km a day. More Highways Ahead In the nine-month period since April 2022, Prime Minister Narendra Modi is calculated to have inaugurated, and laid foundation stones of projects worth more than Rs 57,000 crore while the corresponding figures for Gadkari is more than Rs 2,30,800 crore. There was a big push to connectivity in FY23 (data available till end-December), which will be spilled over to FY24, say experts. In the nine-month period (AprilDecember 2022) of the fiscal year 2022-23, MoRTH constructed 5,337 km of national highways (around 2,000 km more than the previous year) and awarded 6,318 km of national highways. As per Gadkari, 27 greenfield expressways are being developed across the country. These will start getting operational in 2023 and 2024. In FY24, India will see the fruits of PM Gati Shakti – that aims to reduce logistics costs and boost the economy PM Gati Shakti will go a long way in enabling various government departments to synchronise their efforts into a multi-modal network. Also, other government initiatives... are currently catapulting the Indian infrastructure space in the right direction SANDEEP GULATI, MD, Egis India

62 | BW BUSINESSWORLD | 28 January 2023 BUDGET EXPECTATIONS 2023 TECHNOLOGY A TECHNOLOGY PERSPECTIVE Indepth The year 2022 would be remembered for being anything but a ‘tech bull’ year, unlike the two previous years, as global economic headwinds prevailed and slammed most companies in the sector with an unanticipated slowdown. Global tech giants such as Meta lost over 60 per cent of its share value, while Alphabet and Amazon shares tanked by 40 per cent and 50 per cent, respectively. While the effect was relatively tapered on the Indian side, significant share value drop was observed locally too. For instance, Infosys, one of the best IT companies in the world, Despite India’s promising stance on technology and ‘digital’, a lot remains to be done to augment the digitalfirst approach that the country is taking to become a $5-trillion economy By Rohit Chintapali still saw its share value shed 20 per cent of its worth in the past one year, while the number one tech company of the country, TCS, saw a drop of over 16 per cent. But there were certain landmarks observed in tech – purely from the innovation and adoption standpoint – in India. The biggest news came in the form of the commercial rollout of 5G at the IMC 2022. Further, India Stack has begun to take noticeable shape that promises to augment economic wellbeing of the country by delivering some trailblazing technologies such as Open Network for Digital Commerce (ONDC) and Account Aggregator (AA). These innovations in the form of ‘digital public goods’ were even hailed by Microsoft Chairman and CEO Satya Nadella during his recent visit to India. He even referred to them as “magic”. Focus on Digital Infra and Skilling Despite India’s promising stance on technology and ‘digital’, a lot remains to be done to augment the digital-first approach that the country is taking to become a $5-trillion economy. Although the upcoming Union Budget for the Photograph by Ra2studio

63 | BW BUSINESSWORLD | 28 January 2023 ute over $10 billion towards tech industry of the country, employing over 10 lakh individuals by 2030. Bigger such initiatives are now needed all over the country to bridge and support the digital talent, wherever it is present in India. Augmenting the Startup Ecosystem While companies such as TCS, Infosys, HCL Tech and Tech Mahindra have long affirmed their positions for being the propellers of the tech sector globally (back-end or otherwise), the surging number of startups within India have been the quintessential rocket fuel, driving the digital technology revolution in the recent years. Since 2016, the number of startups in India have grown 90x encompassing the areas of fintech, edtech, healthtech, logistics, retailtech and more. They have also grown in scale to branch out internationally. The innovation boom from the startups, despite the current ‘funding winter’, is expected to continue. And it needs help from the Union Budget 2023. The National Association of Software and Service Companies (NASSCOM), the trade association of Indian IT BPM industry, has a few recommendations (see chart). On Virtual Digital Assets (VDAs) A recent study on the economic impact of India’s taxation framework for virtual digital assets (VDAs) revealed that there has been a shift of cumulative trade volume of about Rs 32,000 crore from domestic centralised virtual digital asset (VDA) exchanges to foreign ones, during Feb-Oct 2022. The study highlighted that a cumulative volume of Rs 25,300 crore was offshored within six months of the current financial year from the Rs 32,000 crore. Additionally, the total trade volume contributed by Indians on foreign centralised VDA exchanges was about Rs 80,000 crore between July and Octocurrent fiscal year on February 1, 2023 is likely to focus on controlling inflationary pressures, measures are required to support development which will enable more people to leverage the power of ‘digital’. “The government’s focus on digital skill development and its alignment to IT and tech sector needs to be the focus in this year’s budget as well. Money needs to go to talent development and digital skilling, including schools and universities,” says Prakash Balasubramanian, Executive Vice President and Global Head, Engineering Practices and Delivery, Ascendion. Balasubramanian believes that this can be achieved by putting a great deal of focus on improving digital infrastructure and internet penetration in Tier-2 and Tier-3 cities and help them emerge as the future technology and digital talent hubs in India. Speaking at an event in November 2022, Wipro Chairman Rishad Premji called for initiatives to rapidly build India’s already formidable digital pool, which can come from beyond the Tier-1 cities. “Today, the conversation is all about finding and accessing the best talent to build new models for relevance in the digital economy,” Premji said. He added that the country had a large number of highly skilled young workers and the largest number of engineers in the world. But instead of going to where the talent is, the country and Industry was forcing talent to migrate to big cities where the jobs are, which was putting a huge strain on infrastructure of big cities, pushing the cost of living higher and hurting the environment, in addition to greatly limiting the talent pool. The Government of Karnataka has taken forward-looking steps already to reach talent beyond big cities by setting up new technology clusters in Tier2 and Tier-3 cities, far from Bengaluru as a part of the Karnataka Digital Economy mission. The clusters in Mysuru, HubballiDharwad-Belagavi and Mangaluru are expected to contrib-

64 | BW BUSINESSWORLD | 28 January 2023 BUDGET EXPECTATIONS 2023 TECHNOLOGY Indepth ber 2022. This means that the tax policy implemented by the Centre has led to offshoring of domestic business and liquidity to foreign VDA exchanges. These numbers were reported by Esya Centre, a New Delhi-based technology policy think tank, which analysed the impact of three events on the centralised virtual digital asset (VDA) industry in India, announced on 1st February 2022 during the Union Budget 2022-23: (a) a levy of a flat 30 per cent tax on gains from VDA trade applicable from 1st April 2022; (b) a levy of 1 per cent tax deducted at source (TDS) on transactions above Rs 10,000 from 1 July 2022; and (c) the provision disallowing the offsetting of losses applicable from 1 April 2022. The study further said that implementation of the 1 per cent TDS had the most distortionary impact out of the three tax measures/events, as Indian VDA exchanges lost up to 81 per cent of their trading volumes in three and a half months between 1 July and 15 October, following the levy. But that’s not all. The study also observed that many Indian VDA users are switching from domestic centralised VDA exchanges to foreign counterparts (approximately 17 lakh users switched in the period analysed), a trend visible starting Feb 2022 (i.e., following the Union Budget announcement). The downside impact of the VDA tax architecture is likely to further accentuate capital outflow and deter international investors. This implies reduced competitiveness of Indian centralised VDA exchanges relative to international counterparts, it added. BW Businessworld asked CoinSwitch Co-founder and CEO Ashish Singhal on what he expected from the Union Budget 2023. “As the Union Budget session approaches, it is important that the taxation of cryptocurrencies is balanced in a way that protects users, supports legitimate Indian startups, and serves the requirements of the regulators,” he says. “Last year, India made progress in clarifying the tax treatment of income from cryptocurrency investments by defining virtual digital assets (VDAs) and specifying when taxes should be applied to them. However, that was the only positive development. There is scope to refine VDA taxation,” Singhal adds. The leading Indian crypto founder said that implementation of a 30 per cent tax, 1 per cent TDS and no provision to offset losses, has led to a decrease in trading volumes. “It is making the markets illiquid, and investor sentiment is running low. Some consumers sought to avoid these taxes by foraying into grey markets, exposing them to the risk of offshore regulatory issues,” he says. He further says that the current structure defeats the purpose of the tax policy and believes that the aftereffects take away India’s competitive edge for crypto at the global level. “Consumer funds moving to offshore exchanges to explore ‘economical’ ways of investing not only hurts the consumers’ protection but makes the tax policy regressive. A progressive tax structure will not only restore consumer sentiment but also bring in revenue for the government,” Singhal concludes. Going by the developments in the VDA space since Union Budget 2022, the case is extremely strong to make some thoughful changes to the taxation framework around VDAs and we hope that the government is listening. The government’s focus on digital skill development and its alignment to IT and tech sector needs to be the focus in this year’s budget as well. Money needs to go to talent development and digital skilling... Photograph by Violetkaipa

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66 | BW BUSINESSWORLD | 28 January 2023 BUDGET EXPECTATIONS 2023 “GIVE US LEVELPLAYING GROUND” Column By COLIN SHAH T HE Indian gems and jewellery industry at large has a sizeable yet accomplishable set of expectations from the upcoming Union Budget 2023- 24 keeping in view the robust direct and indirect tax collection the government has had. In light of the high inflation and economic crisis in the USA and Europe and frequent lockdowns in China the exports of diamonds and jobs in Surat have been impacted and hence a Diamond Package consisting of the following expectations would go a long way in encouraging this sector. The industry is pinning its hopes on the forthcoming budget to push exports and generate jobs in the sector. Customs duty cut on gold and a progressive repair policy for jewellery will help the sector immensely. We are also very hopeful that there will be presumptive taxation on our Special Notified Zones (SNZs) for rough diamonds and abolition of duty on the seeds used for lab-grown production. We have put forth some suggestions and demands, some of which are listed below. Presumptive Taxation There has been a long pending demand for allowing sale GEMS & JEWELLERY Photograph by Apt Tone

67 | BW BUSINESSWORLD | 28 January 2023 and increase exports from India. Lab Grown Diamonds The conventional sources of rough diamonds across the world face threats of deposit depletion, which also contributes to the exponential increase in the cost of extraction. Industries have thus found lab grown diamonds (LGDs) to be an excellent alternative. These lab grown diamonds, also known as manmade diamonds are grown inside a lab using cutting-edge technologies under certain specific parameters, so much so that the resulting product is similar to a natural diamond in aspects of its physical appearance, chemical composition and optical qualities. A lab grown diamond is produced using a ‘seed’ which is primarily the raw material. The seeds are really thin and range from 70 cents (5.68 mm) to 80 cents (5.93 mm). It is estimated that by 2025, global gems and jewellery exports will see LGDs contribute 10 per cent, thereby possessing the potential to propel economic growth. There will be a substantial decrease in the dependence of imports which will assist in reducing foreign exchange remittances. Employment opportunities shall too increase and ancillary areas as well shall see the creation of employment opportunities, if the duty on seeds is abolished. DESH Bill SEZs which have been languishing for want of a progressive policy since years will become the engine for growth of manufacturing and exports if the Development of Enterprises and Services Hub (DESH) Bill is passed in the true essence….it has been in discussion for many years now and industry is suffering – let us hope that this is done in the budget session too. of rough diamonds by foreign companies via presumptive taxation at SNZs. If these sales are permitted, a minimum of 20 per cent of the rough diamond trading shall be shifted to SNZs by providing, to the foreign mining companies or their entities, a level playing ground comparable to Antwerp and Dubai. The government shall also be able to collect an additional tax revenue that amounts to about US$ 3.48 million (Rs 23.30 crore). If this is done, MSMEs will access rough diamonds directly and protect any losses of jobs. Diamond Imprest Licence Para The Diamond Imprest Licence para existed before 2009, however it was deleted from the foreign trade policy (FTP) in 2009. This was also when the import duty on cut and polished diamonds (CPD) was abolished. The para still doesn’t find its revival amidst reintroduction of import duty on CPD in 2012 which was at 2 per cent, which increased to 7.5 per cent and now is at a level of 5 per cent. Thus, reintroduction of the para may be a way forward with stricter provision of actual user condition, without transferability, in addition to an export obligation. In natural diamond mining countries like Botswana, Namibia and Angola among others where beneficiation policies are undertaken, India by itself is only 5 per cent of the global diamond market, thus cut and polished diamonds need to be reimported to India, then sent to the buyers in other markets. Many large companies have their offices set up in Dubai, Antwerp, etc. where diamonds are sent to be assorted with the diamonds cut and polished in Africa, making the operation costlier for an Indian company when compared to their Israeli, Belgium or UAE counterparts. This makes us lose out to the competitors for exports to the USA, which is presently the single largest diamond market. Jewellery Repair Policy UAE, Hong Kong and our Turkish counterparts among many others, via a very simplistic policy of re-importing jewellery for repair and sending abroad, are reaping good benefits. India undoubtedly has the potential to be the global repair capital in gems and jewellery. Large exporters shall find it easy to open their service centres here for import and re-export of jewellery exported by them abroad on an outright basis. This will create jobs, transfer technology The author is Founder and MD of Kama Jewelry, and former Chairman of Gem & Jewellery Export Promotion Council (GJEPC ) India undoubtedly has the potential to be the global repair capital in gems and jewellery. Large exporters shall find it easy to open their service centres here for import and re-export of jewellery exported by them abroad on an outright basis

68 | BW BUSINESSWORLD | 28 January 2023 BUDGET EXPECTATIONS 2023 HOUSING ENABLE REAL ESTATE TO BE INDIA’S GROWTH ENGINE Column By ASHISH R. PURAVANKARA T HE real estate industry is the second-largest employer in the nation, which makes up a sizeable portion of the GDP. Since over 250 ancillary industries, from manufacturing to services, are dependent on the realty sector, any incentives offered to homebuyers will strengthen the country’s macro economy. While the continued demand for homes has helped the residential real estate market recover in 2022, additional steps should be taken in the budget to maintain the demand momentum. The forthcoming budget is expected to provide higher tax breaks and policy rationalisation to encourage affordable housing supply and create buoyancy in overall housing demand. Last year, the availability of affordable homes declined sharply, with supply dropping to 21 per cent, compared to 40 per cent in 2019. At the same time, mid-range and premium segments drove growth. Pressure from rising costs of commodities and the supply of affordable housing is the biggest challenge the real estate sector faces today. While the government is pushing for the spread of affordable housing, there are not enough margins for developers, and this is leading to a reduction in availability. To begin with, the government must push through input tax credit (ITC) for developers under the Goods and Services Tax (GST) regime. This will also help ease housing prices. The mid-income and affordable segments need a boost from the government to promote ownership and this can be looked at in terms of direct tax breaks for homebuyers. People buying homes, especially in the affordable and mid segments should get incentivised. Rationalisation of tax breaks for homebuyers is urgently needed. The annual limit of principal deduction on housing loans is currently at Rs 1.5 lakh, which could be enhanced to at least Rs 4 lakh. Similarly, the deduction limit for interest payments on home loans should be enhanced from Rs 2 lakh

69 | BW BUSINESSWORLD | 28 January 2023 several companies are looking to set up manufacturing hubs here. The government can capitalise on this further by ensuring that there are workers with the right skill sets available for companies looking to expand their manufacturing operations in India. There are three main areas the government should focus on: Easing of labour laws: The government should ease the labour policy suitably, to be able to compete with China. This is an extremely important step, which if executed well, will augur well for the country and its manufacturing capacity going forward. Incentivising domestic industry: For every major company that comes to India to set up manufacturing units, an entire support ecosystem gets built around them. Domestic manufacturers must be incentivised with direct tax rebates so that they become the preferred partners of these multinationals as it increases private investments to create more jobs in the manufacturing sector, hence resulting in a virtuous multiplier effect. Creating a pool of relevant skill sets: Today, we have several skilling programmes underway, however, these must be enhanced and expanded to create a larger and more efficient labour pool for the manufacturing sector. Most skilled workers end up in the construction or other allied sectors. Working in a factory requires a set of skills that is different, and we must urgently upskill our youth to be able to take up these jobs. a year to Rs 5 lakh. There should be some personal tax relief included in the budget, either in the form of reduced tax rates or revised tax slabs. The Section 80C deduction cap was last raised (to Rs 1.5 lakh per year) in 2014. It seems we are long overdue for another favourable revision given the pricing and the overall increase in the cost of housing as a result of increased inflationary pressures. These steps will encourage more homebuying which will lead to collection of more taxes through the indirect tax route in real estate and in ancillary industries resulting in much higher gains in terms of revenue for the government. On a related note, the very definition of affordable housing also needs to be modified. We can no longer go by the standard definition of 60 square metres as affordable housing. In today’s post-Covid world, it is difficult to live in 60 sqare metres or to buy homes in the price range defined by the government in most of the cities. This needs a relook to encourage first-time home buyers. Prime Minister Narendra Modi has spoken several times about encouraging women to join or return to the workforce. In this context, we must push for increased ownership of property by women. The government must consider how it can incentivise home ownership by women by way of higher tax breaks or other suitable incentives. Housing can be a leading indicator of economic growth as it has a multiplier effect on the economy as a whole. The government should promote overall housing across India, keeping in mind global uncertainties. Wealth Creators The China Plus One policy has augured well for India, as The author is Managing Director of Puravankara, a BSE-listed leading real estate developer headquartered in Bengaluru The mid-income and affordable segments need a boost from the govt to promote ownership and this can be looked at in terms of direct tax breaks for homebuyers. People buying homes, especially in the affordable and mid segments should get incentivised Photograph by Indiapicturebudget

70 | B W BUSINESSWORLD | 28 January 2023 Green hydrogen is making all the buzz, especially when companies and countries are projecting their own targets for the coming decade or more. In India, Prime Minister Narendra Modi first proposed a National Hydrogen Mission on August 15, 2021, following which the Ministry of New and Renewable Energy prepared a draft mission document. In February 2022, the Ministry of Power notified the first phase of the green hydrogen policy. On January 4, 2023, the Union Cabinet approved The Government of India, with the recent allocation for the National Hydrogen Mission, has set the foundation for another revolution in India’s energy transition drive, but the industry sees demand creation as crucial for its success By Urvi Shrivastav & Arjun Yadav GREEN HYDROGEN NEEDS DEMAND PUSH IN DEPTH ENERGY the National Hydrogen Mission with an initial outlay of Rs 19,744 crore. About Rs 17,490 crore has been allocated for domestic manufacturing of electrolysers and production of green hydrogen. The mission envisages development of green hydrogen production capacity of at least 5 million metric tonne per annum by 2030. Compared to the rest of the world, India’s hydrogen mission is quite ambitious. India’s production target is half of what the entire European Union plans till 2030. China plans 200,000 tonne of green hydrogen production per annum by 2025. The United States

71 | BW BUSINESSWORLD | 28 January 2023 Mukesh Ambani said at the company’s 45th annual general meeting. Similarly, Adani New Industries has committed investments worth US$ 50 billion in green hydrogen in collaboration with France’s TotalEnergies. In the initial phase, the company aims to develop a green hydrogen production capacity of 1 million tonne per annum before 2030. “Our confidence in our ability to produce the world’s least expensive electron is what will drive our ability to produce the world’s least expensive green hydrogen,” said Gautam Adani, Chairman, Adani Group. Other private sector players such as the ACME Group, Greenko, ReNew Power, Avaada Group, Ayana Renewable Power, and Hero Future Energies have all signed strategic partnerships or joint development agreements or have committed investments in the sector. Public sector players such as NTPC, GAIL, ONGC, and Indian Oil Corporation have committed projects producing green hydrogen or are determining opportunities in the space. The enthusiasm reflected by the private and public sector’s participation through their announced commitments and investments comes on the back of the level playing field that this sector gives across countries, and India’s ambitious climate pledges to hit net zero. Kapil Maheshwari, President, Renewable Energy and Green Hydrogen Development, Reliance Industries, said that India has a developed ecosystem in place in terms of the low cost of renewable power, land availability, human resources and the fastest addition in renewable power capacity. “For the first time, we are getting an opportunity to lead the world rather than just falling behind or catching the bus,” said Maheshwari while speaking on energy transition at the GREEN HYDROGEN NEEDS DEMAND PUSH “Our confidence in our ability to produce the world’s least expensive electron is what will drive our ability to produce the world’s least expensive green hydrogen” GAUTAM ADANI, CHAIRMAN, ADANI GROUP Photograph by Malpetr plans 20 million metric tonne of green hydrogen by 2040 and 50 million metric tonne by 2050. India is among 30 countries that have a blueprint for transition to hydrogen from fossil-fuel based production. India Inc. Gears Up For Hydrogen Push Since the announcement of the first phase of the policy in February 2022, renewable energy players and other energy giants, both from the public and private sectors, have announced several large projects for the development of green hydrogen and electrolyser manufacturing. Reliance Industries, in early 2022, announced plans to invest US$ 75 billion in renewables infrastructure focused towards solar panels, generation plants and electrolysers. The conglomerate plans to set up four giga-factories, covering the entire spectrum of renewable energy in India. These factories, in effect, will cover the whole spectrum for creating the green hydrogen ecosystem. They will cover a solar PV module factory, electrolyser production, fuel cell factory and an advanced energy storage factory. “We aim to progressively commence transition from grey hydrogen to green hydrogen by 2025, after proving our cost and performance targets,” RIL Chairman

72 | B W BUSINESSWORLD | 28 January 2023 Indian School of Business in Hyderabad. Demand Creation Crucial Currently, industry players are undertaking various pilot projects in this space marred by financing challenges as the sector is very capital-intensive. However, there seems to be a consensus on demand creation as a key determinant for this sector’s growth trajectory. “Hydrogen is already being used in refineries and fertilisers. The challenge is to create the demand for green hydrogen in sectors which already use hydrogen,” said Srivatsan Iyer, Global CEO, Hero Future Energies. Iyer added that this could be done by improving the economics of green hydrogen to make it more competitive, and also at some point, the government should start thinking about minimum use requirements of demand mandates. He also stressed on exploring the use of green hydrogen in hard-to-abate sectors such as steel and mobility. “Government needs to bring in a mandate where green hydrogen needs to displace existing grey hydrogen as well as try and bring about changes in other values chains,” said Hemant Mallya, Fellow, Council on Energy, Environment and Water (CEEW). Mallya added that there could be some support for mobility applications and the steel industry. “As this demand is created, the cost of green hydrogen will come down,” Mallya stated. Maheshwari also pointed out that if we could impose some part of obligation on the hardto-abate sectors, then that would become an initial way of green hydrogen demand creation. The government, as of now, has said that it would have a consumption-based obligation in the near future, contrary to previous plans where the government was looking to impose a green hydrogen purchase obligation on certain sectors which use grey hydrogen. Union Power Minister R. K. Singh explained that the government intends to bring the cost of green hydrogen at par with grey hydrogen or less than that so that these sectors willingly make the transition to green hydrogen. Infrastructure and Implementation The mission envisages the development of green hydrogen production capacity with an associated renewable energy capacity addition of about 125 gigawatts (GW). As of October 2022, India has achieved 165.94 GW of renewable energy capacity. However, storage infrastructure is needed to tackle the intermittency of wind and solar power. The energy from these sources is not always in sync with the demand cycle. “Green hydrogen is manufactured through electrolysis backed by clean power supply. So, you need round-the-clock green power through robust energy storage infrastructure,” said Souvik Das, Senior Director & Regional Head – East, Amp Energy India. Iyer said that the government needs a more robust transmission infrastructure by creating the right substations in suitable locations to facilitate a green hydrogen ecosystem in the country. Electricity remains a concurrent subject between the central and state governments. Maheshwari said that it becomes difficult to implement the policy because each state has a different way of looking at electricity. He pointed out that some states have already planned to impose a 30 per cent surcharge if renewable power from their state is being transmitted to another state for green hydrogen production. The government, through the recent allocation, has set the foundation for the establishment of a thriving green hydrogen sector in the country. There are certain grey areas that the industry is apprehensive about, but it expects the government to clarify them in the second phase of the policy. IN DEPTH ENERGY “We aim to progressively commence transition from grey hydrogen to green hydrogen by 2025, after proving our cost and performance targets” MUKESH AMBANI, RIL CHAIRMAN “Hydrogen is already being used in refineries and fertilisers. The challenge is to create the demand for green hydrogen in sectors which already use hydrogen” SRIVATSAN IYER, GLOBAL CEO, HERO FUTURE ENERGIES

74 | B W BUSINESSWORLD | 28 January 2023 IN CONVERSATION “SAMRUDDHI HIGHWAY WILL ADDRESS UNEVEN DEVELOPMENT IN MAHARASHTRA” P rime Minister Narendra Modi recently inaugurated the first phase of the Samruddhi Mahamarg, or the Nagpur-Mumbai Super Communication Expressway project. This 701 km-long-road, christened as called the Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg, is one of India’s longest expressways, passing through Maharashtra’s 10 districts and prominent urban regions of Amravati, Aurangabad and Nashik. The project is expected to improve the connectivity of 14 other adjoining districts, thus helping in development of about 24 districts of the state including the regions of Vidarbha, Marathwada and North Maharashtra. At the inauguration of this project, Eknath Shinde, Chief Minister of Maharashtra spoke to BW Businessworld’s Ruhail Amin explaining how this highway is going to be a game-changer for the development of the region. Excerpts: In many of your interviews you have described the Samruddhi Mahamarg project as a game-changing project for Maharashtra. Can you elaborate on this? As you know the Samruddhi highway spans 701 km and recently the Nagpur-Shirdi stretch was inaugurated by honourable Prime Minister Modi on 11 December 2022. This is a game-changer project for the state of Maharashtra and for the country for many reasons. To begin with, this highway will reduce travel time from 18 hours to 6-7 hours. From Nagpur to Shirdi it will now take just four hours, and from Nagpur to Mumbai it will take six hours. The Samruddhi Mahamarg will also connect with the Delhi-Mumbai Expressway, Jawaharlal Nehru Port Trust and tourist destinations like Ajanta Ellora Caves, Shirdi, Verul, Lonar, among others. The Samruddhi Mahamarg will be a gamechanger in providing a major boost to the economic development of Maharashtra. We have developed this project in an utmost eco-friendly manner. More than Rs 300 crore has been spent on it to make it friendly for the wildlife areas that it passes through. There are eight overpasses and 92 underpasses throughout the highway for the wild animals to move freely and safely from one side to the other. We are also planning to generate 250 MW of solar energy along this highway by

75 | BW BUSINESSWORLD | 28 January 2023 THE DHARAVI REDEVELOPMENT PROJECT, WHICH WAS STALLED, HAS BEEN RESUMED. OUR MISSION IS TO MAKE MUMBAI A SLUM-FREE CITY. WE ARE ALSO AUDITING THE DILAPIDATED BUILDINGS ACROSS MUMBAI AND FACILITATING THEIR REDEVELOPMENT. THE PACE OF REDEVELOPMENT WILL GAIN FURTHER MOMENTUM IN THE COMING TIMES Photographs by Suresh Gola

76 | B W BUSINESSWORLD | 28 January 2023 deploying the latest technology. We have done 33 lakh small and big plantations on this highway to make it an example of eco-friendly development. We have also developed industrial hubs along the highway including those for agro industries, logistics, food processing, cold storage chains as well as industrial townships and residential townships. These hubs will generate employment for lakhs of people, so in every sense it’s a game-changing project. Uneven regional development in Maharashtra has been a longstanding concern. How will this project address this gap? Earlier, only Mumbai, Pune and Nashik were hubs of commerce in our state. Now the Samruddhi highway will address this disparity. It will give businesses the option to look at Nagpur, Amravati, Aurangabad and Jalna as alternative locations because of the improved connectivity. On our part we will provide subsidies and infrastructure to businesses. Brands like Reliance, Adani, Amazon and Flipkart are already latching onto this new opportunity. Also, it’s not just this highway that we are building. We are doing development work across the state to ensure that there is no disparity in infra facilities. Today, my state has the highest number of infrastructure development projects underway. Prime Minister Narendra Modi has given us Rs 2 lakh crore to boost the infrastructure in the state. Your government recently completed 100 days and you are already being hailed as the infra man of Maharashtra. What’s your vision for the state? Our government is pro-people and pro-development. Most importantly, it’s participatory and inclusive. Let me give you an example. When we were acquiring land for the Samruddhi highway, we did that in a record time of one year. We managed to convince people to give land despite the reservations they earlier had. As a minister at the time, I signed on the documents as a witness to win the people’s trust and in four hours we transferred money into their accounts. I believe it is the duty of the government to build trust among people and we have managed to do it very well. There was a lot of talk earlier that the Samruddhi highway is not a practical project and that it will not see the light of the day. We have proved them wrong with our people’s first approach. It’s my vision to see Maharashtra as one of the most developed states in the country in every aspect. What is the government’s focus on the various redevelopment projects and to make Mumbai a slum-free zone? The Dharavi redevelopment project which was stalled has been resumed. Our mission is to make Mumbai a slum-free city. We are also auditing the dilapidated buildings across Mumbai and facilitating their redevelopment. The pace of redevelopment will gain further momentum in the coming times. What is your roadmap to make Maharashtra a trilliondollar economy? It starts with the infrastructure and we are focused on it and there is no doubt about achieving this goal. We are well poised to make our state a trillion-dollar economy. All the economic indicators point to it—the GDP of Maharashtra is already 15 per cent of the national GDP, FDI accounts for 30 per cent, industrial production is 15 per cent of the national production, GST collection is 15 per cent, export is 21 per cent, Maharashtra’s employment generation capacity is 68 per cent. So, the trillion-dollar economy is not a distant reality now. IN CONVERSATION

78 | BW BUSINESSWORLD | 28 January 2023 INTERVIEW U pGrad founding team of Mayank Kumar, Ronnie Screwvala and Phalgun Kompalli on the robust educational services they have built and how that enabled them to grow manifold in 2022, amid turmoil in the edtech sector ONE edtech platform that has held out in this period of turmoil is upGrad, founded by Mayank Kumar, Ronnie Screwvala, and Phalgun Kompalli (fourth founder, Ravijot Chugh not associated any more). What started in 2015 as an endeavour to impact the lives of working professionals by helping them upskill while at work, has expanded to offer upGrad degrees, ‘Startup with upGrad’ programme for entrepreneurship and ‘upGrad Study Abroad’, among others and offers life-long learning options. Becoming a unicorn in 2021 with a valuation of $1.2 billion, upGrad has impacted more than 7 million users globally through its programmes. In an exclusive interview, the three co-founders talk about what has made upGrad thrive in this period. Excerpts: What education philosophy do you go by? Mayank Kumar (MK): At upGrad, we are obsessed with following our commitment to driving career “Learner outcomes are most important for us” By MEHA MATHUR in companies. So, the only mess that people refer to today is the three per cent of edtech startups. The other 97 per cent is very revolutionary, impactful, outcome-oriented, high ROI for learners in India, Singapore, Africa, Europe, US and South America. All of that is getting lost in the hubris and false noise regarding a few companies who raised the money at a rapid pace from funders. The more they got funded, the more they spent on marketing, hiring and diversification. And now, the same investors who said ‘Go, go, go”, are now saying “stop”. Phalgun Kompalli (PK): It was a time of reality check for some people. But it’s good because it helps us build on a more solid foundation. The resilience is due to the fact that we have always kept in mind two things. One, whatever happens, learner outcomes are most important for us. From day one we believed that we have to deliver solid learning and career outcomes. Two, the way we have thought about our acquisitions is different than other people. But the fallout even in the case of those three per cent of companies has been a large number of job losses. What is your take on that? RS: We need to understand that a non-sustainable model would have resulted in jobs going sideways regardless. Two, it’s unfortunate that you suddenly let close to 15,000 people go between a few companies. That’s a large number. These were companies that were hiring so rapidly with no sense of clarity that their attrition rate is 10 per cent a month. Which means that 60 to 70 per cent would have moved on to another job in any case. I am not trying to undermine the immediate job loss. But these are all young people and they are better off building their outcomes and have come a long way in terms of our portfolio which is now a vast LifeLong Learning suite and worldwide university network. We create online courses in partnership with academicians and industry experts to foster outcomeoriented learning amongst our learners and drive tangible career ROI through job switches, salary hikes, promotions or confidence to empower them to perform better for maximum business outputs. This commitment has helped us grow year-on-year, thereby cementing our stature as India’s largest higher edtech company with a strong foothold across geographies. In the year of edtech mess, how did upGrad thrive and what factors led to its resilience? Ronnie Screwvala (RS): “Mess” is a media creation. There is a massive reskilling revolution that is going around the world. The only mess happened with a couple of companies and 5-7 indulgent investors who invested without diligence

79 | BW BUSINESSWORLD | 28 January 2023 career somewhere else. What is the secret to thriving in the startup sector? MK: To begin with, you need to stay truly committed to solving a problem and need to be persistent in your efforts. Two, the team has a significant impact on how quickly a startup can innovate and execute, so investing in the right team can work wonders for your startup. Another challenge is innovating to grow. With is reaping 100 per cent+ results quarter-on-quarter, it’s important for us to reinvest our gains to scale the impact we aim to drive. We are expanding to house the larger teams that we are bringing on board. Also, while our focus is on strong online delivery models, we encourage our current and prospective learners to meet us in person while they decide on the right programme for themselves. Thus, having an offline presence allows us startups experiencing various inflection points, one can get stuck at one point for months. Post which, determining the next innovation to jump to the next point is difficult. Finally, you must not seek instant gratification and sign up for multiple failures and rejections. What are your plans to expand physically in 2023? MK: Domestic expansion has been a priority for us. While our business model to be closer to our learners in their LifeLongLearning journey. Recently, we have also entered into additional premises across India of over 100,000 square feet to strengthen our business footprints while also committing to add 1,400 members at One upGrad by March 2023, of which the majority will be faculty, trainers, and experts followed by sales and marketing, content, delivery, & learning experience. “The only mess happened with a couple of companies and 5-7 indulgent investors who invested without diligence in companies” RONNIE SCREWVALA, Chairperson “It was a time of reality check for some people. But it’s good because it helps us build on a more solid foundation" PHALGUN KOMPALLI, Co-founder “At upGrad, we are obsessed with following our commitment to driving career outcomes and have come a long way in terms of our portfolio” MAYANK KUMAR,MD

80 | BW BUSINESSWORLD | 28 January 2023 HE GROWTH in role of technology in every sector today is incontestable in the times we live in. While the Covid-19 pandemic brought digital transformation to the limelight, businesses have now realised that tech adoption is the only way to bring more customers into the fold. At the forefront of this evolution has been the financial services industry, which has had to move swiftly to adapt to the new normal and deliver banking services to customers’ fingertips – wherever they are. The process of digitalisation had begun in the Indian financial services space a decade ago. But reaching the last mile has never been easy. The breakout success of fintechs more recently brought upon the realisation amongst the largest banks of the country that working towards financial inclusion backed by technology is the only way to survive and thrive in the era of ‘digital’. A NITI Aayog report from earlier in 2022 said that the present commercial banks have business models that have high cost-to-income and high cost-to-serve numbers. Meanwhile, banks and fintechs that offer digital banking services using digital channels to serve their customers, have significantly higher efficiency metrics in comparison to commercial banks. T Banking On Technology For Financial Inclusion The breakout success of fintechs more recently brought upon the realisation amongst the largest banks of the country that working towards financial inclusion backed by technology is the only way to survive and thrive in the era of ‘digital’

MASTER STROKES Milind Nagnur, President & Chief Technology Officer, Kotak Mahindra Bank to the world’s adoption at 64 per cent. “India is the best investment destination in the world despite the three covid waves. Now, it is time to convert fintech initiatives into fintech revolution to make every Indian citizen empowered financially,” he said. But does the adoption rate of fintechs strike fear amongst the commercial banks of India? This is unlikely because banks have decidedly harnessed the very wind that powers the sails of fintechs in the country to beef up their own digital products. Consider the example of State Bank of India (SBI), the largest public sector bank in the country. Not too long ago, the bank was looking to develop a comprehensive platform that included a financial superstore featuring investments and other financial services, an online marketplace offering lifestyle products from partners and an overall digital transformation with analytics that connected these options end-to-end. So, SBI came out with You Only Need One (YONO) in 2017. Today, it logs in over nine million daily logins and offers more than 100 digital customer journeys. But a recent report by IBM suggests that a mix of macroeconomic stressors paired with new competition from fintechs and But commercial banks in the country are fast switching gears to catch up. In fact, one of the leading banking entities in the country, Kotak Mahindra Bank, reports that a large percentage of its transactions are now happening through digital and mobile platforms. This means that the considerations around performance, availability and user experience on the bank’s digital platform have become the highest priority. “Digital is becoming the primary and dominant channel for customers to interact with their bank today. That’s the biggest change which is shaping our industry,” says Milind Nagnur, President & Chief Technology Officer at Kotak Mahindra Bank. Tech-ing Off Gone are the days when banks would have long-drawn tech projects that took 12-18 months to implement. The world is now developing technologically at a pace like never before and this has meant that banks have had to do away with the old ways. Today, banks undertake even the most complex tech projects and deliver them to the customer within four to six weeks. This could include the smallest of functionalities on offer for customers but could contribute greatly to the bigger pie. Banks then work on testing, learning and getting valuable feedback to adapt and improve. This approach to banking has helped many commercial entities with legacy structures to turn a new page in their growth story in the digital era where new-age fintechs have a clear advantage Nagnur shares that he along with Kotak Mahindra Bank’s Chief Customer Officer, Bhavnish Lathia, has reworked several project plans to stay ahead of the curve and be agile. “Technology is the basis of P&Ls within our company. Our 811 business is a great example of an entire P&L running with technology,” says Nagnur. Collaboration or Competition? During a recent event, Minister of State for Commerce & Industry, Som Parkash said that India’s fintech adoption is significantly higher at 80 per cent in comparison 81 | BW BUSINESSWORLD | 28 January 2023

82 | BW BUSINESSWORLD | 28 January 2023 non-traditional players presents an environment more challenging than ever for banks. So, there is a need to embrace continuous reinvention, augment business profitability and reduce costs that stem from a substantial transformation of operations. This has meant that CIOs and CTOs have shifted focus from “pure” digital transformation to digital business transformation. The report by IBM found that 78 per cent of banks are now modernising platforms by leveraging AI. This modernisation includes the areas of customer care, credit risk evaluation, workforce engagement and financial crime protection. All of these areas help improve operational efficiency. But it’s not that commercial banks are building all the technology on their own or relying on large vendors. They are also collaborating with new-age fintechs to be agile and tap into the power of data. This is also giving rise to combined capabilities that are helping banks in the country improve their processes and refine business models. “I think it is going to be an era of collaboration and competition – both,” says Rishi Aurora, Senior Partner & Financial Services Sector Leader at IBM. “Today, you can collaborate on a platform where you don’t have competing products and at the same time, you can compete in a market where you have similar products. So, it’s a very interesting time to be living in.” While banks and fintechs continue to compete in several categories, they have sought partnerships with each other to deliver services to the last mile. This has helped banks accelerate their processes while fintechs have built reputations for being the ultimate problem-solvers. Together, both seem to be working towards the common goal of financial inclusion in India.. MASTER STROKES Rishi Aurora, Senior Partner & Financial Services Sector Leader at IBM Master Strokes is a series produced by BW Businessworld and Presented by IBM India. This series will recognize and present the efforts and accomplishments of technology leaders across sectors on how they use and continue to leverage technology to bring about business transformation creating a positive impact on their organisation.

84 | B W BUSINESSWORLD | 28 January 2023 IN REMEMBRANCE/PRIYA MOHAN SINHA / by Sunder Hemrajani I HAVE KNOWN SUMAN SINHA for over 40 years. His passing last month ended an era. My first meeting with him was in the final interview of the Hindustan Lever (HUL) selection process in October 1981. Hindustan Lever was hiring Direct Recruits for various functions including sales and marketing. I had a preliminary interview at the Madras branch, now Chennai branch, conducted by the late Tarun Sheth, Management Development Manager, and the Branch Manager, Prem Kamath. It was a tough interview. I knew the final interview would be tougher and so would the competition. As was the tradition then, the panel consisted of two directors of the company, Vice Chairman Gerry Alcock and Sales Director Suman Sinha. It was Suman who asked most of the questions. Getting an offer was a huge relief. I joined HLL in January 1982. I met him on the very first day. He and his wonderful wife Uma travelled to Chennai to participate in the Annual Plan meetings and the Sports Day event. Suman was a different person outside the office. He had a knack of being on the same wavelength as the frontline, which they loved. He would be quite at home doing a jig with them. I was delighted to receive some prizes which I had won during the athletic meet from Uma. As luck would have it, I was posted to Hyderabad for my field training stint under the supervision of the Chennai Branch. During my training I realised that Suman was feared and revered by the frontline. He had built quite a reputation for his rigour in the marketplace. However, his commitment to the welfare of the frontline was total. Even today, the old timers at the Chennai Branch recount tales of their interface with Suman, the hard taskmaster. For Suman, 99 per cent was not enough. He was an absolute stickler for perfection. For me, the field training stint was baptism by fire. The ‘Surf Asiad’ field force contest announced at the end of 1981 led to a discount of 20 per cent on Surf in the Hyderabad market which was unprecedented. A discount of 20 per cent on a premium brand was simply unheard of. The distribution at the retail level was disrupted. I was asked to investigate this phenomenon and report back to the Head Office through the Chennai Branch. The Redistribution SUMAN SINHA INVENTED THE 5TH P OF PRODUCT MARKETING Photo courtesy: With Gratitude to Mr Suman Sinha’s Family Members

85 | BW BUSINESSWORLD | 28 January 2023 Stockist didn’t make it easier. He started shooting out letters to the Chairman on a daily basis and copying everyone in the hierarchy including Suman. The email era had still not begun and hence all these letters would be handed over to me for action every day. I was suddenly on everyone’s radar including Suman’s. It created stress which resulted in sleepless nights. The follow-up from his office was quite rigorous. We finally figured out what was going on and took corrective action. Suman never forgot this episode. He used to discuss it whenever we met. Generous at the Core Suman and I kept in touch even after he left HUL, and I also moved on. He reached out to me when he was looking for Market Unit Managers for the Company Owned Bottling Operation (COBO) in 1998. I received an offer in November and was expected to join in December. There was a delay since I had to finish a project for Lever Brothers, Bangladesh. Suman misunderstood this and thought I was acting difficult. He would have none of it. He called me to his office and took out his steam even before I had settled in the chair. This was Suman. He would give it to you straight, but he would carry no grudges. At the core, he was extremely warm and generous. He Led the Team from the Front Suman’s stint as Chairman of Pepsi in India was even more eventful. He led the team from the front. In the battle for supremacy, not an inch would be conceded. This battle was fought in each retail outlet in the country. He would himself travel in the field making calls with the frontline thereby energising them. As a member of his team, there was never any dearth of support. Suman always played to win. This is reflected in the performance of the company during that era. He brought so much passion to the brand. He kindled and engrained passion in every member of his team. This was the 5thP of product marketing which helped Pepsi win. At a personal level, I learnt a lot from him. Every interaction with him was a learning experience, both at HUL and Pepsi. I kept in touch with him after his retirement. My wife Kamala and I used to meet Suman and Uma every year around Diwali. They were fond of home-made Chikki which Kamala used to make for Diwali. Even after Uma’s passing, this tradition continued. We used to go down the memory lane over chai and goodies. This year we couldn’t meet him because he was unwell. We left the Chikki with the guard at the gate with a promise that we would return soon for our cup of chai with him. Alas, that was not to be. He passed away on 20 December. Suman was a man of many parts. He was a demanding boss and a perfectionist. A man of impeccable integrity. He was passionate about everything he did. He had a hard exterior but a kind heart. He will be missed by all who knew him. He leaves behind a rich legacy which will last forever. Sunder Hemrajani is a management consultant, senior advisor & board member Suman always played to win. This is reflected in the performance of the company during that era. He brought so much passion to the brand. He kindled and engrained passion in every member of his team. This was the 5th P of product marketing which helped Pepsi win Sunder Hemrajani

86 | B W BUSINESSWORLD | 28 January 2023 IN REMEMBRANCE/R. K. KRISHNA KUMAR / by Harish Bijoor R K. KRISHNA KUMAR, my boss of eight long years when I worked at what was then Tata Tea Limited & Consolidated Coffee Limited, passed away on the first day of January 2023. As I key this in, there is a strange and surreal feeling of loss, mixed with the thought of being left without a mentor. For many long years, I have always considered R.K.K.M. my boss, philosopher and guide. A person who has had a profound and strong influence on thousands of lives (mine included) that made careers out of a corporate existence. As a working person, I think you are a function of the bosses you have worked under. The more you work under bosses of different leadership styles, work ethos and temperament alike, the more you become like them. At times you become a motley mix. Think. If you have worked under just one boss all your life, don’t you quite look like him or her or them? Or think alike? Talk alike? Dress alike? Eat alike? Smoke alike? And sadly say “yes” to the same things and “no” to the same things alike? And if you have worked under a whole set of bosses of different kinds, in many ways you are an amalgam of all those you have worked with or under. A boss is, therefore, R. K. Krishna Kumar, my boss of eight long years when I worked at what was then Tata Tea Limited & Consolidated Coffee Limited, passed away on the first day of January 2023 K. K. WAS HERE Photograph by Subhabrata Das

87 | BW BUSINESSWORLD | 28 January 2023 K. K. was a man who loved numbers. He loved ideas. He loved work. He loved progress. He loved the idea of Tata itself. If there is one man I have met who has embodied every positive trait of being a Tata person, it sure was R. K. K. M. The pride was evident in everything he spoke. Everything he did. Everything he represented. And when K.K. left the room, it was quite the calm after the storm. Whatever he did, he left an impression. A long lasting positive impression something each one of us must choose with care. Most of us don’t get the luxury of choice. But some of us do. And take it. I am grateful for this luxury of choice for sure. I have largely worked with bosses who have added some dimension or the other to my persona. Some good, some bad, and some hopefully, not ugly. A Man Who Loved Numbers As luck would have it, I was blessed with a boss for eight long years who I can be truly gushy about. In the days I worked at Tata Tea and Consolidated Coffee Limited, K. K. (as he was fondly and bravely called behind his back) was a name that would have every one on their toes. The repeat alphabets meant being totally on your toes. If you weren’t, it was at your peril. K. K. was a man who loved numbers. He loved ideas. He loved work. He loved progress. He loved the idea of Tata itself. If there is one man I have met who has embodied every positive trait of being a Tata person, it sure was R. K. K. M. The pride was evident in everything he spoke. Everything he did. Everything he represented. And when K.K. left the room, it was quite the calm after the storm. Whatever he did, he left an impression. A long lasting positive impression that said clearly, “K. K. was here”! An Eye for Perfection In many ways, every interaction with him was a learning exercise of great impact. I remember the time he walked into the premises of a Taj property and yanked out neatly laid out beds to show imperfection that a Taj property could not afford. His standards were high. Platinum standards. Not gold. Pillows and sheets would fly. And they did, in the presence of many of us. His eye for detail, eye for design and indeed an eye for perfection was a trait for sure. A trait many feared. I have been at an on-site meeting where cutting an old tree that came in the way of building a neatly laid out corporate office was being considered. He flew into a bout of passion and suddenly decided against it. At the end of the meeting it was decided that the office complex would be built around the tree. No tree could be touched. And these are the type of stories that define the complete persona of R. K. K. M. He thought. And he thought differently. He acted. And he acted fast. He did. And he did big. And right. There was a Tata way of thinking that R. K. K. M. brought to the business at hand. And every time he did right, he taught every one of us to do the right thing as well. Not that one time. But time after time. Repeatedly. And this is one out of the many things I will be grateful to you for sir. We will miss you. But will we really? Aren’t you a part of many of us already by now? Om Shanti. Harish Bijoor is a Brand Guru & Founder, Harish Bijoor Consults Harish Bijoor Photograph by Bivash Banerjee

88 | B W BUSINESSWORLD | 28 January 2023 RETAIL LEADERS BANK ON INDIA’s CONSUMPTION STORY RETAIL LEADERSHIP SUMMIT 2022 T he devastating impact of the Covid-19 crisis on the retail sector brought about a significant change in consumption patterns across the globe. Retailers were forced to shut their stores and rapidly shift to e-commerce, paving the way for new consumer behaviours and business models and practices. However, the success of India’s consumption story helped the sector to recover, bringing a host of opportunities for Indian retailers. The retail industry is currently worth approximately US$ 810 million. With a conservative growth rate of 9 per cent, the industry is projected to be worth US$ 1.3 trillion by 2026. BW Businessworld held its Retail Leadership Summit 2022 in December and formally launched its newest community, BW Retail World. The community covers the entire gamut of the retail industry from retail tech, marketing, e-commerce, logistics to in-store operations. The who’s who of India’s vibrant retail sector gathered at the community’s launch and shared their insights on the latest EVENTS L-R: Arjun Yadav, Correspondent, BW Businessworld; Rajesh Jain, MD & CEO, Lacoste India; and Annu Grover, Founder & CEO, Nurturing Green

89 | BW BUSINESSWORLD | 28 January 2023 happenings, trends, technological changes, and consumer patterns in the retail industry. Omnichannel Shopping Experience Commenting on the future of the retail sector, Arvind Mediratta, Managing Director and Chief Executive Officer, Metro Cash and Carry India, said, “In FY22, the share of traditional trade in India is about 83 per cent. While the share of retail in modern trade is 9.8 per cent. However, over the next 3-4 years, e-commerce will get ahead of modern trade.” He added, “The Indian retail industry’s future is being shaped by four key themes. First is the digitisation of the economy, then the formulation of the economy, which is why the GST collection continues to go up month-on-month. The third factor is the ease with which risk capital is available; unicorns burn a lot of capital acquiring customers,” Mediratta added. Changing Pattern of Retail Industry Ravi Aggarwal, Managing Director of Signature Global (India), stated that during the pandemic, when malls were closed, the retail industry operated full-time. Aggarwal also stated that in the last two years, we have seen a devil-like thing, and that the mindset of customers BW Businessworld held its Retail Leadership Summit 2022 in December and formally launched its newest community, BW Retail World. The community covers the entire gamut of the retail industry from retail tech, marketing, e-commerce, logistics to in-store operations By Amisha Sharma L-R: Pankaj Vermani, Founder & CEO, Clovia; Anshita Mehrotra, Founder & CEO, Fix My Curls; Phaneesh S. Prakash, Business Head, Porter For Enterprise; Mayank Mohan, Partner & CEO, Mohanlal Sons; and Ruhail Amin, Senior Editor, BW Businessworld. Photographs by Suresh Gola

90 | BW BUSINESSWORLD | 28 January 2023 EVENTS RETAIL LEADERSHIP SUMMIT 2022 is changing. “Now the next big thing is to build an ecosystem,” said Sidhant Keshwani, Founder of Libas, referring to the changing pattern of the retail industry and customer behaviour following the pandemic. “Customers post-pandemic are used to getting products on time and sitting at home, they are used to this ecosystem,” Keshwani added. “It was very important for us to evolve and embrace the consumers’ journey, so we decided to go digital-first,” said Rakesh Kaul, CEO & Whole Time Director of Hindware Home Innovation.Sameer Manglani, owner of Meena Bazaar, emphasised the importance of balancing digital and offline modes of retailing, as there are people who want to discover fashion offline, and they want to see the latest collections in person. Cookieless Marketing Speaking about technology in the retail sector, Dr Prakash Kamaraj, Lead AI and Blockchain Architect at Chingari, stated that technology is only as good as the number of problems it solves. According to him, cookieless marketing will emerge as the most vital technology. ONDC Democratising Commerce The Chief Executive Officer of ONDC, T. Koshy, made a bold remark, saying that we are at the crux of a big transformation in commerce and that e-commerce, as it exists today, is going to be irrelevant. Moreover, he added that it is going to be a completely different world ahead. “In the physical world, enterprises have maximum control when it comes to advertising, payment conditions, discounts, and terms of trade,” Koshy said, highlighting the differences between physical commerce and e-commerce. Many brands feel helpless because they are unaware of the data patterns with which their clients are associated because large players make very little information available to them, according to Koshi. He explained the approach taken to address this issue, stating that regulators in the US and Europe are attempting to tackle this issue by enacting new regulations. According to him, India is attempting to address this issue through a solution that is both market-friendly and technologically driven. PRATIK GAURI, Founder & CEO, 5ireChain. LALIT AGARWAL, MD, V-Mart Retail.

91 | BW BUSINESSWORLD | 28 January 2023 Recession Fears Due to exposure to the internet customers have become more brand conscious and aware in recent years. As per the experts, it is predicted that a global recession will occur in 2023, causing prices to rise sharply and consumer purchasing power to fall. Rajesh Jain, MD & CEO of Lacoste India, said, “If global recession hits, India will also be impacted. Human psychology is very important in retail. In January 2020, when Covid had not even begun to affect India, the retail sector was feeling the effects. Similarly, in the event of a global recession, whatever happens in any part of the world will have an effect on the retail sector in India.” Pankaj Vermani, Founder and CEO of Clovia, said, “If you are an edge brand and want to attract the attention of consumers, you have to try much harder. I think the way they consume the story is very native, but their way of consuming products is still blended and mixed.” Outspoken Gen-Z In the context of Gen Z’s behaviour in the digital age, they do not see legendary brands; rather, they see the messaging, engagement, and responsibility that the brand carries. They are outspoken, they speak their minds, and they want to establish a brand for themselves. Every generation, according to Mandeep Arora, Managing Director & Co-founder, UBON, is looking for the story. “When selling a product, the most important thing is the story behind it, and this has helped us connect with Gen Z customers”, added Arora. Success of India’s Consumption Story According to Lalit Agarwal, Managing Director, V-Mart Retail, India’s large population pool, particularly its youth, is attracting global investors and consumers. Agarwal spoke at the BW Retail Summit about how retailers can expand into India’s interior, noting that, aside from metros and tier-I cities, there is a large and parallel India. “Over 2,000 towns have a population of around one lakh. That is what makes India unique, and there are significant chances that businesses will survive, develop, and have a future as a result,” he concluded. L-R: Ved Shukla, Advisor, BW Retail World, BW Businessworld; Prasar Sharma, Director, BW Businessworld; Annurag Batra, Chairman & Editorin-Chief, BW Businessworld and Founder, exchange4media; Lalit Agarwal, MD, V-Mart Retail; and Pratik Gauri, Founder & CEO, 5ireChain.

What have been your biggest learnings in the last two years? I’ve realised that you need to put in much more effort and resources when you are a startup. The beginning is always the most important and crucial phase of a business. When I started as a brand a m b a s s a d o r f o r Mamaearth, I didn’t know that. But I had faith in Varun and Ghazal Alagh’s vision. Together, we have put in more work towards the foundation of our startup. The past two years have been difficult for businesses across the spectrum. We have made mistakes, learnt from them, made amends, and weathered the storm. So, I’d say that my biggest learning is that determination, diligence, and acceptance are the keys to a successful venture. How has the journey been from an actor to a business woman? As actors we always follow another person’s vision to create art. Acting was about adding personality, and a little bit of myself to every character that I have essayed in keeping with someone else’s vision. But I always had this urge to build something of my own. That put me on a path of investments and eventually a business e m p i r e o f my o w n . Predominantly, I would credit my gut instinct that has worked for me with brands like the Simple Soulful App, my investment in Fast & Up, and now, the restaurant chain with Bastian. I believe that when your investment doesn’t solely focus on money, but is also backed by passion, it always works out in the long run. Passion and vision have been the driving forces of my journey. I believe that the brand has to outlive you and be bigger than your name. Please tell us about your “WHEN YOUR INVESTMENT DOESN’T SOLELY FOCUS ON MONEY, BUT IS ALSO BACKED BY PASSION, IT ALWAYS WORKS OUT IN THE LONG RUN” Actor Shilpa Shetty recently launched a fitness and health app, Simple Soulful. In a chat with BW Businessworld, she talks about the app’s growth plan, her investments in the startup space, how she beats stress and more By Jyotsna Sharma fitness app and the inspiration behind it. Most yoga apps and channels are led by nonIndians and being a proud Indian this struck me as odd. When I saw people look up to me as a catalyst for some direction in their personal fitness journey, I took the opportunity to start my own YouTube channel and from there the idea of Simple Soulful App was born. It went on to become the first all Indian yoga app—more like a one-stop shop for people’s fitness goals. Today, the Simple Soulful App by Shilpa Shetty is a holistic health app offering solutions with yoga, fitness, dance, meditation and diet programmes, all designed by experts. I started this app to spread awareness about holistic wellness and encourage everyone to lead a healthy lifestyle. There are 70+ goalbased programmes, which include programmes to lose fat, control diabetes, and boost immunity. There are specific womencentric programmes like post-pregnancy weight loss and yoga to relieve menstrual pain. We are also launching artificial intelligence technology that will help users track form and postures, give scores, and keep a check on the calorie count. The best part about this app is that your privacy is of utmost importance to us. We do not record anything and there is zero data infringement. So far the app downloads are at 6.4 million (Android: 2.9 million, iOS: 1 million, Jio STB/MI TV/Android TV: 2 . 5 m i l l i o n , M A U : 3 , 5 0 , 0 0 0 ( A p p l e + A n d r o i d m o b i l e + Android TV). AFTER HOURS IN CONVERSATION 92 | B W BUSINESSWORLD | 28 January 2023

93 | BW BUSINESSWORLD | 28 January 2023 to invest in or are aligned with? Primarily, I invest in people and their vision. Next, my decisions come from instinct—I go with my gut. Finally, I have to believe in the product or the thought behind it. Money is always the last thing on the checklist. If the thought works and the vision supports it, then the product will work. Mamaearth is an example of that. What are your upcoming film projects? My next film is Sukhee. I play the title role and the film is directed by Sonal Joshi and produced by Abundantia Productions. I’m also shooting for Indian Police Force, a web series for Amazon Prime V i d e o , d i r e c t e d b y Rohit Shetty. How do you beat stress? By doing pranayama and focusing on my breath. Also, by being aware and knowing that the solution is within you. A book that has inspired you. There are many. Ikigai: The Japanese Secret to A Long Happy Life is the most recent one. What is the growth path you have envisioned for your fitness app? Growth is subject to the area of investment. Some are long-term, and some are medium- to longterm, I don’t believe in short-term investments. A business is like a baby and has to be nurtured correctly and given the right resources to bloom. I invest in people and their vision, I invest in spaces that will make a difference, I invest in long-term sustainable businesses that are synonymous with my beliefs. Yo u r v i e w s o n t h e startup space in India? India is a country of opportunities. The brain drain we were facing has slowed down as more founders realise what India has to offer and especially in the startup space. We have infrastructure and access to varied skill sets. Ours is a country that has over 1 billion people, and that’s huge even if it means 50 per cent of customers, that you can make a difference to. Today, there could be no better place than India to launch products and services. We excel in the edtech, fintech and e-commerce space. It is great to see India having the most number of startups in recent years. I am a strong believer in “Make In India“ and the startup ecosystem our country offers. What makes you pick the companies you want “I would credit my gut instinct that has worked for me with brands like the Simple Soulful App, my investment in Fast & Up, and now, the restaurant chain with Bastian”

94 | BW BUSINESSWORLD | 28 January 2023 DAM SMITH, DAVID RICARDO, and Karl Marx – all early-thinkers from the 20th Century, identified land, labour, capital and the organisation as ‘factors of production’ – an economic concept that outlines the elements needed to produce goods or services for sale. The Industrial Revolution organwell as rules-based societies, gave rise to rituals – which included personal, social and community living. Rituals Define Us Well, 31 December signified the end of a year in the Gregorian calendar. It was the end of a calendar year. It was also the end of the financial year in the western world, though not in India. It was not the end of the annual calendar of any of the major religions in India, either. Yet as usual, at the year-end, we observe that human and industrial factors have a ‘closing or cleansing’ ritual. In that process, we feel rejuvenated. We feel recharged. We also reclaim our feeling of sanity and hope. We humans, in general, have a fixation and fascination with rituals. For these bring both a sense of routine and comfort. They are no more different than the habit of drinking a cup of tea or coffee with the morning newspaper. They are no different from the daily morning running or gym schedule, or a morning prayer for many of us. Rituals are important. Rituals define our behaviour. For some, rituals define us. Rituals even act as identifier with a common cause or to a specific cohort. As one would observe with landowners, post-harvesting the first crop, the land is carefully and respectfully prepared for the next cultivation. More commonly these days, the fields are burnt, which is harmful: the heat kills bacteria and fungi that lend soil its fertility, making crops more resistant to disease. A modern case of remembering the ritual, but where we shortcut the rationale to achieve the process, we end up losing the purpose. Modern organisations have the concept of AMC – annual maintenance contracting schedules. The Machinery is regularly overhauled through annual maintenance. The A YEAR END RENEWALS & HAPPY NEW YEAR RITUALS AFTER HOURS By Srinath Sridharan & Steve Correa ised the factors of production, scientifically and created systems, processes, and procedures to optimise time and effort, and enhance efficiency. Under the aegis of industrialisation, free enterprise and capitalism flourished. For eons, humans have grown to accepting processes, beginning from living in community, then the huntergatherer stage and later an agrarian society. However, with ‘division of labour’, specialisation, and ergonomics focus from Industrialisation, processes took on a whole new level. Many of those process-based economic activities, as

95 | BW BUSINESSWORLD | 28 January 2023 is a Developmental Appraisal process in place. Reading of the history of India, these frameworks, like many others, had their origin as essential narratives to justify the hegemony, in India for instance, the Colonial Rule. If you would believe the Western narrative, then Indian history is just a collection of ancient myths – and that what we call its history is the history of successive invasions. Thomas Macaulay famously declared dismissively, “A single shelf of a good European library was worth the whole native literature of India and Arabia”. In today’s age, labour is used both on the physical and mental level. The dhatus which consist of physical, physiological and psychological levels get dulled by overuse. The five dull knots: confusion, desire, anger, pride and doubt and the five sharp knots: view of the body as self, extreme views, wrong views, perverted views and superstition, need to be untethered and purified. Interestingly even before the discovery of germs, ancient societies had elaborate rituals that dealt with cleaning and purification. Water and fire rituals were used prominently to purify and cleanse impurities, both of the body and soul. In Indic tradition, nothing is permanent, not even death. The dead at some point return to the land of the living to repay unpaid debts. Life is needed to free oneself from the burden of debts. The dead depend on the living to facilitate their return to the land of the living and keep the circle of life turning. Actually, Life includes both birth and death. Once you are born in the womb, and then born through child birth, you continually grow, develop, become an adult until at some point you die. Alongside this your relationships with the other: caregivers, significant others, society, change as well. So too your ideas and opinions almost certainly change, and so, do you. Everyone grows older and everything changes. That is an inevitable process of life. Rituals, that can discipline the way of living, as a truenorth for ethical and morally upright human behaviour are needed. The rest of rituals which cannot offer these ‘social or personal good’ outcomes, are mere rhetoric, irrespective of what pundits might claim. Rituals help connect the past to the Present, and with that to the Future. Happy New Year! Well, 31 December signified the end of a year in the Gregorian calendar. It was the end of a calendar year. It was also the end of the financial year in the western world, though not in India. It was not the end of the annual calendar of any of the major religions in India, either. Yet as usual, at the yearend, we observe that human and industrial factors have a ‘closing or cleansing’ ritual. In that process, we feel rejuvenated sumps are cleaned, and all dirt and dregs removed. Mechanical cleaning systems are used to remove contaminants, using dry and wet blast cleaning. At the annual Ayudha-puja, we do the same, by cleaning and maintaining the equipment, but with respect as part of the ritual. Organisations or entrepreneurs write up the books, close the ‘P&L’ and ‘Balance Sheet’ and tidy up with new entries and journals created for the new year. Why Rituals are De Rigueur “What processes exist to support the renewal and vitality of the human force at year end?” In this modern technological era, human well-being and personal sustenance is central. We do know that all factors have fatigue and stress and need an overhaul to rejuvenate. For humans, this may take the form of a retreat, a vacation, doing something more relaxed and pleasurable. Often, an informal get-together and celebration. Arguably, there are a few who receive year end gifts, even a generous bonus. Some would argue that there Srinath Sridharan is author of Time for Bharat & a corporate advisor Steve Correa is Executive Coach and OD Consultant Photograph by Shock

96 | B W BUSINESSWORLD | 28 January 2023 COLUMN Welcome 2023 with renewed confidence in both your present as well as your future. Rather than simply save money, it makes sense to invest that money and earn returns the ground. With a strong belief in discipline, they tend to make safe investments in areas of the lowest risks and minimum returns. Gemini: Gemini natives are guided by their mercurial instincts. They have a versatile knowledge quotient and wide areas of investment due to their comfort with market volatility. As per available data, people born under the sign of Gemini have a low average investment in crypto. Geminis love to invest in a money sector guaranteed to bestow gains, without disturbing their mental peace. Cancer: Cancerians are one of the most emotional Zodiac signs who crave for family stability and comfort. Their emotional instincts and stable preferences make them less likely to invest. They are not very happy with speculation or market volatility. If they invest at all, they prefer to invest in low risk investments and are not very consistent with their investment deposits. Cancerians are advised to ensure that their investment profile is properly diversified. Leo: Leos have a very dominating and strong hearted personality. They are very striking REVISITING BOTH your personal and financial goals can help you strive toward success in 2023 and beyond. The beginning of a new year offers an opportunity to reflect on the past and set goals for the future. Personal finance or financial planning usually occupies the last spot on the to-do list for most Millennials or even those older. For once, let us change that approach. Welcome 2023 with renewed confidence in both your present and your future. Rather than simply save money, it makes sense to invest that money and earn returns. Here’s what your zodiac signs say about your potential investment strategies in 2023: Aries: People born under the Aries sign are often risk takers. They are very comfortable during market volatility which makes them among the strongest investors with an appetite for long-term market speculations. Their strong will, courage, and persistence is the reason for their success. Taurus: Taureans are hesitant investors as they are grounded investors who fear the unknown. They are not risk-takers and are well known for their feet being planted firmly on How Your Zodiac Sign Influences Investments in 2023 Acharya Praveen Chauhan

97 | BW BUSINESSWORLD | 28 January 2023 The writer is a Delhi based celebrity astrologer and palmist and can be reached at info@astropraveen and love to be generous with their gifts, even if their financial journey is distorted. Market volatility does not bother them. Rather, they are very comfortable with it, as their focus often is to invest in short term plans in high growth profiles. But that doesn’t bring them into the game for profits by chance. Leo investors have to ensure that their investment profile is sturdy and grows with time. Virgo: Virgos are born perfectionists and this makes them prioritise payment of their dues if any, in the provided timeframe, but as investors Virgos have an average graph. They are not comfortable with market volatility and so, do not aim for long term investments for higher returns. However, they are bound to have a strong investment base with confidence and strong planning. Libra: Libra is represented by scales. As the zodiac sign suggests, the natives prefer balance in every arena of life. Librans are hard to convince. They have the brilliant streak of cross checking every fact thrice before committing to deal. Librans are the least confident investors with respect to crypto as they are not very progressive about market volatility and focus more on gains through sturdy, if less profitable investment schemes. Scorpio: Scorpio natives have a flair for inThe information here is from an astrological perspective and should not be considered financial advice. Without examining the details of the birth chart, we do not direct you toward it. Please take financial decisions based on your conscience and consult a certified professional financial advisor when considering any investment or financial decision vestments and managing money. This also makes them possess the attitude to invest in risky investment strategies with high returns. Their economic acumen makes their investment plan evenly balanced, reflective of their secretive investment strategies. This indicates that the consistency of their investment plans will always give good results. Sagittarius: Sagittarius natives have optimistic personalities and are well known for their adventurous spirit that takes them towards materialistic gains. However, they cannot be progressive investors as their adventurous personality makes them prone toward high risk investments. Their investment plans are not very progressive in the absence of stability. Capricorn: Capricorn natives rarely rely on their impulse when it comes to investments. Their investments follow well-planned growth strategies rather than quick profit schemes. Capricorn natives have a wellplanned and consistent approach, unaffected by market volatility. They plan for good gains during market lows. Aquarius: Aquarians are born humanitarians who love to invest in relationships rather than in the investment market. Market volatility can stress them out and thus they do not make very impressive investments. Their investments are short-term even if they are well-versed in calculating the benefits of long-term investments. They must manifest their investment with long-term planning which will give them good dividends in the future. Pisces: Pisces natives are the last people on this planet to call themselves money-minded. They have a very idealistic attitude toward life. With their unwillingness to stress their senses with market volatility, they are firm financial planners. Their personality can be their saviour in managing investments, putting their money where there will be gains as well as consistency in returns. Photograph by Sarayut Thaneerat

98 | BW BUSINESSWORLD | 28 January 2023 I n this vast existence, there is no such thing as “Old Year” and “New Year”. These are all demarcations that human beings have made because we need some milestone to tell us whether we are going forward or backward. In the last one year, maybe your business has gone forward, maybe you made more money, you got your daughter married – that is not the issue. This is a time for you to measure if you have moved forward as a human being. In the New Year, what are you going to do so you will be a much better human being – more joyful, more peaceful, more loving – than you are right now? This is something that you have to decide. Distorted Perceptions of Reality If you feel the human part of the world around you, you will see your experience is a cacophony of voices, thoughts and emotions, which are all an outpouring of confusions of many different levels and states. With a very distorted perception of the current reality, these voices, thoughts and emotions are formed and expressed. When people are subjugated by the misconceptions of reality around them, the pain and suffering that they create for themselves and the people around them is very unfortunate. Lack of Vision & Will The lack of vision and will in one’s life is fundamentally because of a distorted understanding of the world around us. We are always trying to create our life based on the current reality that exists around us. Where we want to go tomorrow need not be connected to where we are right now. What we want as the highest in life need not have anything to do with our present situation. If we enslave our visions to current situations, then we are once again settling for what is attainable, what is easy. Do not think in terms of what is possible or not possible – just see what is the highest that you can seek in your life. Create a Vision of Life If a person has a vision of what they wish to do with themselves and the world around them, it is not beyond their capacity to create it. It may happen in this lifetime or it may take a couple of lifetimes, but what we want will definitely come. For those whose vision of life is clear to them and they just seek it every moment of their life, the highest things will come and fall at their feet. It is only because one is a bundle of confusion and is seeking what they do not want most of the time – things that they really want never come to them. Live With the Vision It is time to really create a vision within ourselves as to what we really care for. If you look deep enough, your vision will be the universal vision. It does not matter whether it is going to happen or not; simply living with that vision itself is a very elevating, liberating, and joyous process. This is one of the easiest ways to attain the highest also — to simply give to yourself what you want, not caring whether it is going to happen or not. It is a spiritual process by itself. Isha Foundation founder Sadhguru on the really meaningful New Year resolutions we need to make as human beings LAST WORD SADHGURU Beyond Near Year Resolutions (The New Year) is a time for you to measure if you have moved forward as a human being. In the New Year, what are you going to do so that you will be a much better human being – more joyful, more peaceful, more loving – than you are right now?

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