21 OCT 2023 E BOOK

21 October 2023 | B W BUSINESSWORLD | 41 earnings before interest tax depreciation and amortisation (EBITDA) margins will bounce back in the range of 24 per cent to 26 per cent even as its growth sustains to be at 1.3 to 1.4 times the Indian pharmaceutical market’s growth. Portfolio Expansion From 2019 onwards, Mankind has opened 18 new divisions with a new office in Mumbai to run these specialised divisions – this shift in the business expansion is credited to the shift of the industry towards lifestyle diseases drugs. The company now has a very balanced portfolio of drugs evenly distributed among anti-infectives, cardiovascular, gastrointestinal, gynaecology, dermatology and others. “Out of the total 28 divisions, 18 have been launched in the last couple of years. We added oncology, respiratory, neurocircuitry, anti-diabetic, hypertension and transplant business through the acquisition of Panacea Biotec, among others,” Juneja informs. Apart from the expansion Juneja says that the company’s traditional policy and philosophy of deepest coverage of doctors from rural to urban areas will continue and will be largely run by the company’s Delhi office. Mankind is planning to penetrate and educate the doctors sitting in tier-two and tier-three cities while using its corporate branding to expand in tier-one cities for the next phase of growth. Juneja says that family physicians or the MBBS doctors’ need to be given the confidence that they can treat lifestyle diseases as well. The company is providing online courses to educate the doctors on treatments for lifestyle diseases, Juneja informs. Investments in Business Mankind’s future investments will be largely taking place in infrastructure expansion, Juneja says that this Growth In Pharma Market Juneja believes that the Indian pharmaceutical market will be growing by 7-9 per cent in FY24. He says this growth will be mainly due to the changing epidemiology of disease patterns with rising chronic diseases. This, he states, is being caused by sedentary lifestyles, stressful times, rising air pollution and the postCovid effects on the body which are still being probed. “The population of India is also increasing, hence consumption of medicines will keep on rising,” the MD highlights. “We should be the most admired and respected company. Our ambition is to become an institution which is loved by its consumers and the rest of the metrics such as the stock market and valuation will always be a by-product” As regards growth in FY24, he says Mankind will surely witness a double-digit growth, “We have always grown faster than the domestic market. Mankind focuses on value as well as on volume. Whatever happens our volume growth is inevitable. The reason is our deepest penetration with doctors – we cover more than 4 lakh doctors in every nook and corner of the country and our forecasting is never short-term but always longterm,” the Vice Chairman delineates. He says that the company is confident that in the medium-term, its Photograph by Robert-g

42 | B W BUSINESSWORLD | 21 October 2023 SPOTLIGHT CORPORATE medicine to developed countries, the regulators approve only DMF grade active pharmaceutical ingredients (APIs) which are of the highest quality of more than 99 per cent. But in India, this can be 97 per cent, 98 per cent or it can be anything,” Juneja explains. Mankind has launched 120 DMF grade APIs at economical prices in India in the last couple of months. “In the next two to three months this number will be 150 and hopefully in six months we will cross 200 DMF grade APIs with a single aim of giving world-class quality medicine to Indian citizens as their counterparts get in the developed countries,” Juneja concurs. He adds that giving the best quality medicines to everyone in India is still a challenge for the pharmaceutical industry in India – this is due to inadequate regulation of thousands of factories in the country by the regulatory bodies, he believes. New Drugs In Pipeline Mankind is presently working on a number of new products, “The company is working on a new molecule for the anti-diabetic therapy area. The code name is GPR119 and the molecule is currently in its phase three trials. We believe this will be a very promising drug. We are also working on biosimilars for oncology and antiallergics and autoimmune disease products which are in phase one trials presently,” the MD reveals. The company’s spend on R&D will remain unchanged to 2 to 2.5 per cent of its revenues in FY24, informed Juneja. A figure which is much lower than the industry average of 6 to 7 per cent. Juneja says the company is very young in its R&D operations which was set up only 13 years back and going forward the company is exploring every opportunity to move strategically on R&D investment. [email protected] means the company will continue to invest in new divisions and manpower while striving to enhance its production. “Mankind is a very uniquely placed company where 75 per cent products are manufactured in-house within our units and our subsidiaries. Because for many years, people used to say that Mankind sells economical products so the focus would not be on quality. People also said that we are a marketing company, we took those remarks to heart and expanded our own manufacturing to set up 25 units in the country and today our products never fail.” Big On DMF APIs Juneja says the top 10 pharma companies in India manufacture in-house when they export to developed markets but when they sell in India it’s mostly the third-party manufacturing and that’s where he says Mankind is different. “We are putting drug master file (DMF) grade raw material in our products. When you export any “The company is working on a new molecule in the antidiabetic therapy area. The code name is GPR119 and the molecule is currently in its phase three trials. We believe this will be a very promising drug” Photograph by Bogdan Hoda

21 October 2023 | B W BUSINESSWORLD | 43 With an imp e c c a b l e legac y of o v e r 4 3 years, IMT Ghaziabad, a top-ranked management institute in India, a stalwart in the field of management education, successfully hosted its grand Convocation Ceremony on October 8, 2023. The event was a spectacular celebration of academic achievement and innovation and was graced by Sanjiv Puri, Chairman & Managing Director of ITC Limited. The President and Chief Mentor of IMT Ghaziabad, Kamal Nath, delivered a virtual address to the students. More than 480 students from the PGDM, PGDM Executive and PGDM Part mitment to innovation and excellence. He noted, “As you embark on your journey to build impressive careers, I implore you to allocate a portion of your talents and activities towards a noble cause, the betterment of the world in which you live. I have confidence that you will emerge as responsible and conscientious towards this beautiful world. Acknowledging your responsibility as guardians of the future, I extend my sincerest wishes for success in your personal, professional, and social life.” On the occasion of its Convocation Ceremony 2023, IMT Ghaziabad presented its esteemed Alumni Awards to Jyoti Mahendru (1993), and Ankit Aggarwal (2010). Jyoti Mahendru, Chief People Officer, Wunderman Thompson (South Asia), was conferred with the Distinguished Alumnus Award. Ankit Aggarwal, Founder & CEO UnStop, was awarded with Young Alumnus Achiever Award. In the vote of thanks, the Dean of Academics extended his gratitude to the Chief Guest and the alumni, acknowledging the collective efforts that made the event a resounding success. IMT GHAZIABAD SETS NEW MILESTONES IN MANAGEMENT EDUCATION WITH CONVOCATION GALA 2023 for you students.” Dr Vishal Talwar, Director of IMT Ghaziabad, emphasised the transformative journey that graduates embark upon. He said, “IMT is an institution with a rich legacy of 43 years. It has been consistently building on its existing strengths and forging new relationships. India has been making confident strides in various spheres, including the world of business and management. As you prepare to become alumni and agents of change, I encourage you to work together and Time were awarded their degrees as well as academic and alumni awards in the convocation ceremony. The Institute presented 13 Gold and Silver Medals to the excellent performers from the Batch of 2023 in this grand event. Reflecting on the occasion, Sanjiv Puri said, “Students today are graduating at a time which is particularly exciting in India. Because the world over, it is known as India’s moment, India’s decade. India’s success with the public digital infrastructure, the new world order and all these confluence of factors have brought a lot of attention to India. And that’s what gives it the enormous amount of opportunity in the future More than 480 students from the PGDM, PGDM Executive and PGDM Part Time were awarded their degrees as well as academic and alumni awards in the convocation ceremony. The Institute presented 13 Gold and Silver Medals to the excellent performers from the Batch of 2023 in this grand event achieve even greater goals. I am proud to announce that IMT Ghaziabad has been ranked #92 globally in the FT Financial Times Masters in Management Ranking 2023.” Kamal Nath, President and Chief Mentor of IMT Ghaziabad praised the institutions and students’ comkey out he gn, to ate ent ect ass ver a's y a big ore for out to ure d a as of nd ese ies in ent an nd

44 | B W BUSINESSWORLD | 21 October 2023 Ghose, adding, “Microsoft has been an AI company for a long time, making strategic investments in research and building it towards things such as cognitive services, machine learning and digital twins in the way we were delivering AI solutions.” An Across-the-board Solution In 2023, many new foundational models have emerged, with accessible natural language interfaces, which, as per Ghose, makes it “more interesting” than what it was earlier. She says, “The next generation of AI is fundamentally different from what we have been experiencing in the last many years. The shift has been from autopilot to copilot and this is where we built our philosophy, integrating it across all our solutions.” Microsoft’s persistence could be seen through its AI-powered virtual assistant, Copilot, which in 2023 became a mainstay across all its solutions. Arguably Copilot built on the tech behemoth’s expertise on the back of its ongoing investments and growth in the space but in 2023, when it took shape with Microsoft 365 at work or Security F THERE WAS one thread that could be picked across the tech ecosystem, making 2023 a watershed year for the sector, it would be the impact of generative AI (artificial intelligence). The meteoric rise in AI development and the speed of adoption make it impossible to ignore or even sidestep the movements in this space. As AI impacts the way people work and how companies become more efficient while unlocking creativity, for Microsoft, it became the pillar of positive growth in what had otherwise begun as a tough year. “It is the new era of computing that we are experiencing along with our partners, our customers and together with the ecosystem,” remarks Irina Ghose, Managing Director, Microsoft India. Earlier in the year, Microsoft made Azure OpenAI service generally available so more businesses could apply for access to advanced AI models. “The idea was to democratise the experience for all users and not let it either be enabled for the backend or available to the esoteric few,” explains Copilot for cyber defence or at Viva for employee engagement, among other examples, Microsoft’s AI philosophy became evident. “In this world, Copilot can unlock for software developers and business users and anything which incorporates multi-turn conversations. We intend to push the boundaries of whatever is possible in AI and experiment together,” adds Ghose. Everyone Wants a Share In the Microsoft experience, all sectors are becoming active and are experimenting with Open AI for tailored and curated business use cases for their environment. “From banking and healthcare to education and retail to government and manufacturing, everyone is using it to improve efficiency, productivity and their customer experience,” informs Ghose. The healthcare segment, for example, is looking to integrate AI to improve outcomes such as patient care. The hospitality players are looking at how they can be more personalised with their customers. Retail is using it for customer engagement and optimisI AUGMENTING THE COGNITIVE Microsoft’s AI journey is a philosophical shift that puts the power back in the hands of the people, says IRINA GHOSE, Managing Director, Microsoft India IN DEPTH AI AT WORKPLACE By Noor Fathima Warsia

21 October 2023 | B W BUSINESSWORLD | 45 “PEOPLE ARE NO LONGER LOOKING AT PRODUCTS BUT THE EXPERIENCES” On Microsoft’s artificial intelligence journey… All our products and services are built on the signals we receive from our customers and our partners. Customer obsession is one of the most basic tenets of our culture. It is part of what we are at Microsoft and what we build. On changing behaviours… People are no longer looking at products at the workplace but the experiences that they have, and that they want to have. They are looking at what is it that they want to accomplish or how to overcome their challenges, and also how they can build it in for the future. This is why there is a shift in our focus from building products to designing the technology experiences for organisational individuals towards being smarter, more productive and more efficient. Our Copilots, and how we are thinking about coaches, mentors and guides in bringing the personalised experiences are part of this journey. On cautions that must be taken in adopting AI… AI governance and responsible AI tenets are more critical today than ever before. Generative AI, particularly, will require care. The principles of fairness, reliability, accountability and safety have to be at the core of everything we do. Companies must assess the risks and benefits of using AI on a case-to-case basis and ensure the use of AI aligns with their values and ethics. Empowerment comes with responsibility. AI can be influenced positively and negatively by the person using it. We must ask ourselves whether we are looking at it appropriately. On the larger AI responsibility… All of us who are building, deploying and adopting AI have the collective obligation that AI evolves in alignment with social, cultural and legal norms in a democratic society. As we progress, we should learn, debate and scrutinise with everyone so that the learning process and lessons also evolve. We should also not forget that agility is of the essence here. Hence, we must together move towards and adapt to this change now. IRINA GHOSE, Managing Director, Microsoft India

46 | B W BUSINESSWORLD | 21 October 2023 ing the supply chain. In manufacturing, product quality, or reducing production cost is coming in handy. “In government, we have use cases that can solve some of the toughest problems the country is facing. We are working with the Ministry of Electronics and IT Communication on Bhashini, an initiative where we are using AI to make internet and digital services accessible in multiple Indian languages via translation. We are very excited about how customers have jumped on the bandwagon being very curious. It is not about the technical know-how but having the spark of a possibility, and then letting the technology develop the solution,” Ghose explains. Unlocking Creativity Amid the ongoing discussions on how AI will replace jobs, Bhaskar Basu, the Country Head for Modern Work at Microsoft India, alludes to the fundamental philosophy explaining that the Copilot’s job is to work with the people instead of replacing them. “In our Work Trend Index 2023 report, there are three major callouts that support this,” he says. The first aspect is around the drudgery or boredom in everyday work before people can even get to the stage of unlocking creativity. The second is as AI is becoming mainstream, people are actively looking at how to react to it. “We found in our report that while there is anxiety, more people wanted to look at how to use AI as an ally for repetitive chores,” says Basu. The third takeaway from the report is around AI skilling and how leaders are BHASKAR BASU, Country Head, Modern Work, Microsoft India “We realise that AI has enormous potential to help unlock creativity and productivity by taking away the mundane part of the work and helping focus on strategic and cognitive thinking and creative energies” IN DEPTH AI AT WORKPLACE

21 October 2023 | B W BUSINESSWORLD | 47 as social capital becomes a people imperative. The third is around purpose, without which employees are lost. The final pillar is around growth, which entails several dimensions such as learning, career navigation, upskilling and networking, among others. “When we look at all this, it is evident there is much to be done towards unlocking employee experience and engagement. Microsoft Viva was designed to respond to this need. When you layer it with AI, Copilot not only helps understand the signals but also recommends how to make use of them to improve employee experience and performance. The modules give insights and goals but Copilot makes it simpler for the leader using a conversational style,” Basu adds. The Future Ready Skills Microsoft identified the mindset shift from autopilot to ‘copilot’ to make AI work across levels but this is still a work in progress and an area where it must come together and work with all stakeholders. “Everyone is curious about AI but they may not have the in-house capabilities or have plunged into developing it. It is therefore our responsibility and accountability to create this entire ecosystem,” states Ghose. It was always known that AI as a philosophy would transform everything in the future. “We have been investing in developing the skillset across the entire ecosystem, whether with our customers, our partner communities or the student community. Generative AI takes it to the next level. We observed on LinkedIn that jobs linked to AI have gone up dramatically. Work will demand a new AI aptitude and leaders need to bring this as an ethos in the way we are working,” the Microsoft India MD advises, reiterating that this is a journey that the company will continue to push forward, changing the workplace, and the world, for the better. [email protected] looking at making AI something that a company’s human capital can embrace. “When explored deeper, we realise that AI has enormous potential to help unlock creativity and productivity by taking away the mundane part of the work and helping focus on strategic and cognitive thinking and creative energies. Imagine there is a digital companion that figures out stuff on Word, Excel, PPT or Teams and allows you to focus your energy on driving innovation. This is the trend we need to embrace and build on top of,” asserts Basu. Engagement & Experience Numbers show that companies with highly engaged workforces and established employee experience platforms have better financial outcomes. There is a new performance equation at play. “Employee engagement matters and irrespective of whether it is economic boom or uncertainty, this is the constant that leaders need to focus on,” says Basu. Employee experience pivots in four pillars. The first is the ability to get insights from employees. Next is how companies are forging connections within the organisation, across levels Photograph by Hay Dmitriy AI AS AN ALLY 78% of people in India say that they don’t have enough uninterrupted focus during their workday 83% of people in India would delegate as much as possible to AI 90% of leaders in India say employees need to build AI aptitude to be prepared Source: Work Trend Index 2023 Annual Report DRUDGERY DEBT COSTS INNOVATION THE AI-EMPLOYEE ALLIANCE AI APTITUDE & SKILLING

48 | BW BUSINESSWORLD | 21 October 2023 Sandip Patel, Managing Director for IBM India / South Asia region, is committed to making “IBM the number one hybrid cloud, AI and consulting expertise company” in India / South Asia. Known among his peers and workforce as a visionary leader, Patel is deeply committed to the Digital India programme, as he is to the skilling initiative, being undertaken by his enterprise. Stressing on why ‘glocal’ is the mantra when it comes to innovating, Patel, in a recent interview with BW Businessworld outlines IBM’s vision for India, and much more. Excerpts: India, the focus area India has always been an important market for the IBM corporation. IBM India operates as a microcosm of the IBM corporation. If you just look at the footprint that we have here in India as IBM, we have a very thriving domestic business. We also have our global systems labs, software labs, research labs. In addition to our delivery operations that serve clients around the world, our systems, labs, software labs, research labs, they all operate out of India, and those have continued to grow. India is one of the “INDIA IS CLEARLY IBM’S GROWTH MARKET” I n an exclusive interview with BW Businessworld,SANDIP PATEL, Managing Director for IBM India / South Asia region, outlines IBM’s vision for India, and much more By Team BW high performing markets for IBM, both in Asia Pacific region, as well as globally. The year 2022, for example, was a record year for IBM and all of our business units, including IBM Technology, IBM Consulting, the ecosystem partner organisations, they all witnessed very significant double-digit growth in India. We are continuing to drive this notion of co-creation, coinnovation, cooperation with clients, ecosystem partners, we are continuing to grow, not just in the metros – where we already have a strong presence – but we are starting to expand our footprint in key emerging cities beyond the metros. IBM strategy In many respects, our strategy of Hybrid Cloud, AI, with a strong underpinning of Security, continues, and I believe that IBM is paving the way for the technology revolution and accelerating Digital India with Hybrid Cloud, AI, Security, and, now, actually moving more and more into Quantum Computing. So we are IBM’s growth market. India is clearly IBM’s growth market. We have witnessed historic growth for the past five years in a row, and we are continuing to drive this. India’s digital revolution and IBM If you look at just the digital revolution that is currently happening in India, along with this push from the government to build this Digital Bharat… I think India becomes extremely important to what IBM is doing. So if we think about the three pillars of Technology, Consulting and Innovation, we actually INTERVIEW

21 October 2023 | B W BUSINESSWORLD | 49 Photograph by Ritesh Sharma try to have them work in perfect synergy to deliver this “One IBM” experience. All of us would agree that coming out of the pandemic, technology has become a sutradar that is ushering in “Suvarna Bharat.” The road map ahead Ten years, down the line, is too far, given the pace at which technology is changing and moving. But if you look at the next five years, I think we – IBM, overall, are very confident of the strategy that we’ve embarked on, which is, “Hybrid Cloud, AI, strong underpinning of Security”, and really continuing to move the momentum on emerging technologies like Quantum, and staying at the leadership edge of those. Why skilling is a focus area In India, one of the things that we have done very deliberately is to move out of metros, because we do believe that it enables us to build these ecosystems in the emerging clusters. It also aligns with the work that we are doing with skilling. Today, I think, over 95 to 97 per cent of our CSR investment goes into skilling. We are very bullish on this notion of the demographic dividend that we see emerging in India. According to a CII report, if India’s demographic dividend that is coming, is productively employed, the growth prospects will really brighten because it enables us to leapfrog our GDP from the current $3 trillion to almost $9 trillion by 2030. And almost 40 trillion by 2047. We’ve been pioneers in the STEM for Girls programme, where almost 350,000 students have benefitted from this already. Most of them girls, but also boys. Over the last two or three years that we’ve been running it, they’ve been benefitted. ‘Glocal’ the mantra Any kind of innovation that you do anywhere is always ‘glocal’. The best way to illustrate is through examples. Take, for example, our partnership with telcos. Again, every single interbank transaction in India is, in fact, happening on some IBM system because nine out of the top 10 banks, two-thirds of the milk-and-dairy product industry, and the country’s largest airport (by traffic) are all run and managed by IBM on IBM systems using some form of IBM software and solutions. That is taking global expertise and global solutions, and making them relevant locally. Degrees and jobs We’ve always been a big believer that if you train people early, you pick them up early, they can be ready for employment without a formal college degree. If I remember correctly, 40 to 50 per cent of jobs, globally, within the IBM company, don’t require a formal degree.

50 | B W BUSINESSWORLD | 21 October 2023 NDIA’S SUGARCANE AND SUGAR INDUSTRY has literally hit the sweet spot. It is not just the country’s second-largest agro-based sector, following closely behind cotton, but has also put India in the top spot globally in sugar production -- churning out an impressive 37 million metric tonne of sugar in 2022. Besides, it also sustains the livelihoods of countless sugarcane farmers in rural areas while providing gainful employment to nearly 500,000 individuals working in sugar mills across the nation. The industry is in the news these days. Sugar prices in the country have surged over 3 per cent in two weeks, reaching a six-year high due to concerns about limited rainfall in key growing regions. This spike could worsen food inflation and deter sugar exports, which, in turn, may end up inadvertently supporting already high global prices. Sugar mills fear a sharp production decline in the upcoming season due to drought, making them reluctant to sell at lower prices, according to Ashok Jain, President of the Bombay Sugar Merchants Association. While this price hike may strain consumers, it’s a boon for sugar producers like Balrampur Chini, Triveni Engineering & Industries, Dwarikesh Sugar, Shree Renuka Sugars, and Dalmia Bharat Sugar. Improved margins will help them make timely payments to farmers, say experts. One company, like its peers, has seen robust growth in its production, processing and sale of sugar. One of the largest integrated sugar producers in the country, Triveni Engineering & Industries (TEIL) I has set new records in various segIN A SWEET SPOT Triveni Engineering & Industries ended FY23 with a turnover of nearly Rs 6,000 crore, boosted in large part by its sugar business. The diversified conglomerate is now eyeing similar growth opportunities in its other business verticals IN DEPTH CORPORATE By Ashish Sinha

21 October 2023 | B W BUSINESSWORLD | 51 “Tailwinds stemming from the consistent growth in ethanol production and improved earnings, backed by government policies will counterbalance the impact of rising sugarcane prices” ments, showcasing its resilience and commitment to growth in FY23. Triveni is also among the leading players in its engineering businesses, comprising power transmission and water and wastewater treatment solutions. The company’s impressive performance was underlined by a substantial increase in sugarcane crush and refined sugar production, robust alcohol production, and remarkable growth in its engineering businesses. “For the last export season, Triveni received an export quota of 2,04,898 tonnes which was the second-highest in the country. The company achieved sugar exports of 1,90,337 tonnes (including sale of quota for 72,988 tonnes) during FY 23, out of the total at record realisations,” says Tarun Sawhney, Vice Chairman and MD, TEIL. Credit rating agency CRISIL Ratings in a recent report projected a promising outlook for Indian sugar mills, with expectations of steady operating profitability for integrated mills amid market fluctuations. In a report, the agency said that key contributing factors include a surge in domestic sugar prices and rising sales of ethanol. Poonam Upadhyay, Director at Crisil Ratings, emphasised, “Tailwinds stemming from the consistent growth in ethanol production and improved earnings, backed by government policies will counterbalance the impact of rising sugarcane prices.” She further highlighted the recent upturn in domestic sugar revenues, projecting that integrated sugar mills will maintain an operating profit margin of 11-12 per cent in fiscal 2024, surpassing the 11 per cent achieved in the previous fiscal year, despite decreased export volumes. It’s worth noting that the entire sugar value chain, encompassing aspects such as sugarcane procurement rates, monthly sugar distribution, annual export allocations, and ethanol pricing, remains under strict governmental regula-

52 | B W BUSINESSWORLD | 21 October 2023 tion as an essential commodity. Focus on Ethanol, Power Triveni has been actively working to align its operations with the government’s goal of achieving a 20 per cent ethanol blending target by 2025. The company substantially expanded its ethanol capacity from 320 KLPD (kilo litres per day) to 660 KLPD in FY23, resulting in the highest-ever alcohol production of 18.12 crore litres, a remarkable 68 per cent increase over the previous year, says Sawhney. To support this growth, the company is strategically expanding its distillation capacity from 660 KLPD to 1,110 KLPD. The Board has approved a capex of Rs 460 crore for two new plants in Rani Nangal and Sabitgarh. “The Rani Nangal distillery is expected to be commissioned in Q4 of this fiscal year,” Sawhney adds. On a year-to-year basis, the power transmission business of Triveni achieved record-breaking results, witnessing a substantial 22 per cent increase in turnover and an impressive 19.1 per cent rise in profitability, with profitability margins sustained at 34 per cent. “Our order booking for FY 23 grew by 5.1 per cent, and the closing order book surged by an impressive 17.7 per cent compared to the previous year. Additionally, we expanded our market share by attracting 18 new customers in the OEM segment, laying a strong ‘WE ARE EXPECTING HIGHER CRUSH, IMPROVED RECOVERY’ TARUN SAWHNEY, Vice Chairman and MD, Triveni Engineering & Industries (TEIL) tells ASHISH SINHA about the record crushing in FY23 and plans for the coming sugar season. Excerpts: IN DEPTH CORPORATE

21 October 2023 | B W BUSINESSWORLD | 53 per day) expansion at its Sabitgarh unit. This expansion will raise the overall crushing capacity to an impressive 63,000 TCD, strengthening the company’s position in the sugar industry. Additionally, the company plans to continue its focus on converting more plants to refineries and expanding pharmaceutical-grade sugar capacity to enhance profitability. Strategic investments in infrastructure upgrades such as improved storage facilities, better warehousing, and advanced technologies are expected to contribute to the company’s growth in FY24 and beyond. Experts say the conglomerate’s strategic diversification and proactive management of business risks have significantly contributed to its success. The combined engineering and alcohol businesses accounted for 51 per cent of the total segment results in FY23, reflecting a reduced dependence on the sugar business. Triveni’s performance in FY23 showcases its dedication to excellence, diversification, and strategic growth. The company’s achievements across its sugar, alcohol, and engineering businesses highlight its resilience and commitment to meeting industry challenges while exploring new avenues for success. With ambitious plans and strategic investments, the company is wellprepared for the opportunities and challenges of FY24 and beyond. “In FY24, the company is set to build upon its strong foundation with well-structured sugarcane development programme across its seven sugar units and is anticipating a higher crush and improvement in recovery in the upcoming sugar season,” Sawhney added. [email protected]; @Ashish_BW foundation for further growth,” says Sawhney. During FY23, the strategic decision to divest the entire stake in Triveni Turbine further reflects the company’s commitment to enhancing shareholders’ value, according to Sawhney. The company completed a buyback of Rs 800 crore in FY23 and proposed a final dividend of Rs 3.25 per equity share, further enhancing value for its shareholders. Overall, the increased contribution from alcohol and engineering businesses and the successful divestment and buyback initiatives reflects Triveni’s proactive approach in diversifying its portfolio and managing business risks effectively, Sawhney added. Looking Ahead Triveni Engineering & Industries is committed to increasing its sugarcane crushing capacity, with a 2,000 TCD (tonne of cane crushed What factors contributed to the significant increase in sugarcane crush? In FY23, we completed capex projects worth Rs 130 crore, which were announced in FY22. The capex was used for the modernisation, debottlenecking, rationalisation of capacities and efficiency improvement activities at Khatauli, Deoband and Sabitgarh sugar units. It was also used for process conversion at Deoband unit to produce refined sugar and increase pharmaceutical sugar production capacity at Sabitgarh unit. This move has resulted in a higher sugarcane crush rate across all three units, which helped the company record the highest-ever sugarcane crush in SS 2022-23 at 9.33 million tonnes, an increase of 11 per cent over the previous season. The company for the first time crossed the 9 million tonne total crush figure. What about the refined sugar production in the sugar season 2022-23? The refined sugar production increased from around 40 per cent last year to around 60 per cent in SS 2022-23. The quality of sugar produced at Deoband unit in SS 2022-23 improved significantly, fetching a premium over normal sugar. The Sabitgarh sugar unit produced the highest pharmaceutical sugar quantity in its history. Khatauli unit became the highest sugar production unit in the country. How are you looking at FY 24? What are the challenges? In FY24, the company is set to build upon its strong foundation with well-structured sugarcane development programme across its seven sugar units and is anticipating a higher crush and improvement in recovery in the upcoming sugar season. Our focus is on substituting the 0238 variety by other promising, high yielding/ high sucrose varieties in sugarcane command areas of the sugar units. By combining these efforts with yield enhancement strategies like spaced row planting, trench planting, and autumn planting, we will ensure ample sugarcane availability to meet the increased demand at our sugar units.

54 | B W BUSINESSWORLD | 21 October 2023 ‘NEW SPECTRUM BANDS WILL ENHANCE 5G CONSUMER EXPERIENCE’ IN CONVERSATION

21 October 2023 | B W BUSINESSWORLD | 55 On the first anniversary of 5G’s rollout in India, NITIN BANSAL, MD, India & Head-Networks, Southeast Asia, Oceania and India, Ericsson, in a chat with ASHISH SINHA of BW Businessworld, talks about the 5G services and their growing usage in the coming years. Excerpts What are the spectrum bands that are essential for the successful implementation of 5G technology in India? How will these spectrum bands enrich the 5G consumer experience? India has set a global benchmark with its robust 5G deployment and remarkable build-out speed. In just one year of its launch, 5G connectivity has reached over 6,258 towns and cities in India. The two major Indian telecom operators aim to complete the nationwide rollout over the coming few months, making 5G services accessible throughout India by 2024. While Indian telecom operators are already leveraging a diverse spectrum portfolio for 5G services, the successful implementation of 5G in India hinges on securing a significant amount of spectrum. It is imperative for operators to acquire spectrum bands ranging from 600 MHz (megahertz) to above 37 GHz (gigahertz), which are expected to be available in the upcoming 5G spectrum auction. Additionally, the deployment of additional FR2 bands (mmWave) and the allocation of the 6 GHz band are of paramount importance. Furthermore, India’s advantage lies in the availability of low and mid-band frequencies, which are valuable options for 5G implementation. Specifically, the mid-band spectrum (1 GHz - 6 GHz) is wellsuited for efficiently transmitting substantial data over significant distances. Telecom companies must consider these spectrum options carefully to ensure a successful 5G implementation in India. These new spectrum bands will enhance the 5G consumer experience by enabling faster data speeds, lower latency, and improved network reliability. In addition seamless highquality video streaming, quicker downloads, and support for emerging technologies like IoT and augmented reality, etc, these bands will help create specialised applications such as smart manufacturing, logistics, telemedicine, etc. Fibre footprint remains a challenge in India. Do you think the E and V band can bridge the gap? India faces a significant challenge with its limited fibre connectivity, as less than a quarter of mobile towers are currently fibre optic enabled. The prospect of opening up the E band (71-76 GHz and 81-86 GHz) and V band (57-64 GHz) frequencies to Indian telecom companies presents a compelling solution to address transport network bottlenecks and elevate the consumer experience. These bands can transmit data at super speeds of around 1,000 megabits per second. The E and V bands can serve as robust alternatives for lastmile connectivity and high-capacity backhaul, particularly in regions where deploying traditional fibre infrastructure proves to be challenging and cost-prohibitive. By harnessing these bands, telecom operators can expand their networks, catering to densely populated urban areas and long-neglected remote regions. How crucial is street infrastructure for the success of 5G in India? Street infrastructure is pivotal to the success of 5G in India. It plays a crucial role in facilitating the deployment of small cell sites and base stations required for 5G’s dense network architecture. Improved street infrastructure not only accelerates the expansion of 5G coverage but also enhances network reliability and capacity, crucial for delivering high-speed data and enabling emerging technologies. Moreover, efficient street infrastructure can reduce the cost and complexity of 5G deployment, making it more accessible to a wider population. The recent clarification on the definition of ‘street infrastructure’ and permission to deploy small cells on central government buildings and structures without administrative fees, except for charges related to power and fixtures provided by building owners under recently amended Right of Way rules, 2022 is going to streamline network deployment procedures, leading to more efficient and rapid rollouts. Ericsson works with both Reliance Jio and Bharti Airtel. How are you supporting them in network deployment and 5G production? Ericsson stands as a global 5G leader having deployed 152 Photograph by Melpomene

56 | B W BUSINESSWORLD | 21 October 2023 live 5G networks across 65 countries. In India, our journey began with the installation of the first switch in 1903 and the establishment of GSM services in 1994. From providing connectivity through 2G, 3G, and 4G to pioneering 5G, Ericsson has been a part of India’s digital transformation journey. In 1994, we were the first telecom company to ‘Make in India,’ a commitment we uphold today through our cuttingedge manufacturing facility in Pune, where we manufacture 5G telecom gear. We are partnering with Bharti Airtel and Reliance Jio towards rolling out expansive 5G networks nationwide. To cater to the increasing demands of our Indian clientele, we are strategically enhancing our production capacity and operations in Pune in collaboration with our partner, Jabil, following a well-planned phased approach. India’s ambitious 5G rollout is powered by a skilled workforce driving the country’s digital transformation journey. With over 31,000 employees, Ericsson has its largest workforce based in India. Their contributions enable the company to maintain robust and agile operations, encompassing manufacturing, R&D, sales, service, and network operating centres, supporting operator networks both regionally and globally. By when do you see 5G services contributing a bigger share of revenue to the service providers? There is a huge interest in 5G in India. As per the latest Ericsson Mobility Report, 5G subscriptions in India grew to 10 million by end of 2022 and it is slated to touch 700 million by the end of 2028. Further, 5G will represent around 57 per cent of mobile subscriptions at the end of 2028. In fact, consumers are willing to pay a 10 per cent base premium for 5G and an additional 35 per cent premium for bundled selected 5G services. Further, as per Ericsson’s “5G for Business - A 2030 Market Compass” study, the global industry digitalisation market for service providers is projected to grow to $700 billion by 2030. In India, 5G-enabled digitalisation revenues for service providers are estimated to be around $17 billion by 2030. Ericsson just released its report titled ‘5G value: Turning Performance Into Loyalty’. What are the key takeaways? According to the study, based on tech attitudes and affordability, 31 million users could upgrade to 5G phones in 2023. This presents a vast opportunity for 5G adoption in the country. 5G users in India stand out for their high daily engagement with apps, such as streaming HD video, video calling services, mobile gaming and augmented reality. On an average, they spend two hours more per week using these services compared to users in other early adopter 5G markets such as the US, the United Kingdom, South Korea, China and many others. Moreover, India’s 5G satisfaction levels and perceived 5G availability match or surpass those in early adopter markets. India boasts a remarkable 13 per cent higher share of very satisfied 5G users compared to the early adopter market average. Overall satisfaction increases by a substantial 30 per cent when transitioning from 4G to 5G, with higher download speeds playing a key role in driving this satisfaction. Given the rapid 5G adoption in India, the growing data traffic and the launch of FWA offers by service providers, we expect mmWave to be the foundation for the next wave of 5G growth the country. Ericsson’s advanced and more energy efficient portfolio being launched in India will enable the country to meet the capacity and performance requirements of the networks in India. [email protected] There is a huge interest in 5G in India. As per the Ericsson Mobility Report, 5G subscriptions in India grew to 10 million by end of 2022 and are slated to touch 700 million by the end of 2028. 5G will represent 57 per cent of mobile subscriptions at the end of 2028 IN CONVERSATION

21 October 2023 | B W BUSINESSWORLD | 57 IN CONVERSATION I n an exclusive interaction, ANAND SHUKLA, Managing Director of ASHRAI INFRA,talks about the market trends and growth prospects that the company foresees for largescale mixed-use developments like Golden Grande in the Delhi-NCR region and the company’s strategies to meet the changing demands of commercial real estate By Team BW Can you tell us about the market trends and growth prospects that Ashrai Infra foresees for such largescale mixed-use developments like Golden Grande in the Delhi-NCR region? Ashrai Infra is a new-age real estate development company de veloping Golden Grande – an iconic mixed-use development with an IT/ITES, HighStreet Retail and Business Hub in Delhi-NCR in Greater Noida (West). We have also been involved in the development of the mega IT/ITES project “Golden I” in Greater Noida West during the coronavirus pandemic. Our efforts enabled the timely delivery of 20 lakh sq.ft. of construction in a record 2.5 years setting benchmarks that never existed before in Noida and Greater Noida. “SUSTAINABILITY IS AT THE FOREFRONT OF OUR STRATEGY” located amidst over 1000 acres of residential development, the project will cater to over 10 lakh inhabitants expected to settle in the vicinity in the near future. Golden Grande’s vast 25- acre facility with LEEDS and GRIHA certifications, and eco-friendly measures align perfectly with this demand. How has Ashrai Infra adapted its strategies to meet the changing demands of commercial real estate? The evolving landscape of commercial real estate has compelled us to adapt swiftly. To meet these changing demands, we’re exploring flexible workspace solutions, ensuring our projects remain attractive to businesses adjusting to new working norms. Sustainability is at the forefront of our strategy. By offering sustainable green buildings, we aim to align with the growing focus on environmental responsibility. Golden Grande is spread across 8 acres of green landscape and is LEEDS and GRIHA certified based on global design and concept. Keeping in view future requirements the project will have designated charging stations for electric vehicles, solar energy backup and a zero-liquid waste discharge system along with the latest state-of- the-art facilities, security and safety standards in place. Furthermore, staying ahead means harnessing technological advancements. The integration of AI, IoT, and data analytics into our developments enhances efficiency, security, and sustainability. These innovations enable us to provide an exceptional tenant experience, setting us apart in the highly competitive commercial real estate market. Our long-term vision for Ashrai Infra is to be a leader in sustainable, innovative, and community-centric real estate development. We aim to create iconic landmarks that stand as testaments to quality and responsibility. Our commitment to social and environmental responsibility will be a core principle. Mixed-use developments like Golden Grande are poised for significant growth. Market trends especially post the pandemic indicate a shift towards integrated urban living, where residents and working professionals seek convenience and connectivity in one place. As we move forward, mixed-use developments will continue to thrive, attracting millennials who seek a holistic lifestyle. With its proximity to tech hubs and infrastructure like the Delhi-Mumbai Industrial Corridor and Jewar Airport, Golden Grande is positioned to benefit from this trend. Strategically

58 | B W BUSINESSWORLD | 21 October 2023 HE INDIAN ECOMMERCE landscape has witnessed a remarkable surge, driven by a confluence of factors and marked by significant developments and trends that have fundamentally reshaped its trajectory. The number of annual transacting users has jumped 15-fold to touch 230 million this year. The upcoming festive season is expected to see a minimum of 140 million shoppers doing transactions online. The ecommerce players could see their festive season sales grow up to 20 per cent to over Rs 90,000 crore this year as a result of consumer spending gradually normalising after several quarters of tepid growth in the sector and better margins due to rising ticket sizes of purchases and higher ad spends by brands. Angshuman Bhattacharya, National Leader, Consumer Product and Retail, EY India points out that 2023 was slow for consumer internet businesses, driven by a lacklustre demand compounded by a cautious funding environment. But things T ETAIL’S MEGA MOMENT The upcoming festive season could prove to be a landmark for India’s booming ecommerce sector, with the gross merchandise value (GMV) expected to go beyond Rs 5 lakh crore. What is fuelling this optimism? By Ashish Sinha COVER STORY ECOMMERCE OPENING ESSAY are changing now. “The second half of FY24 promises to be better in terms of consumer spending,” says Bhattacharya, adding, “The pure-play ecommerce marketplaces are expected to see a continued run especially being fuelled by Tier-2 customers. “The penetration of ecommerce in various categories range from sub-5 per cent in staples and mature FMCG products to 40 per cent in metro-centric products. Ecommerce players with a Tier-2 expansionary focus will see greater growth unlocked,” Bhattacharya adds. 500 400 300 200 100 0 2019 Source: Statista Annual online shoppers in millions 105 140 425 2020 2021 2027* 185 Photograph by Andrey Popov

21 October 2023 | B W BUSINESSWORLD | 59 Agrees Anand Ramanathan, Partner, Consumer Industry Leader, Consulting, Deloitte India. High growth in festive season is expected to be driven by Tier-2 and Tier-3 towns that are expected to drive significant growth for ecommerce players, he says. “’No cost EMI’, ‘buy now and pay later’ are gaining traction and would significantly contribute to ecommerce growth. With higher inflation, premium/ luxury segments are expected to outperform the mass product segments,” Ramanathan adds. Nikhil Sethi, Partner, Business Consulting, KPMG in India cites another important reason for the massive growth of ecommerce. “Ecommerce has been aided by a shift of leading players to support local languages, inannual Gross Merchandise Volume (GMV) compared to the preceding financial year. This impressive growth is underpinned by several key factors contributing to the flourishing Indian ecommerce ecosystem. A pivotal driver of this growth has been the relentless investments made in logistics and supply chain infrastructure. Amazon India and Flipkart, industry giants, have significantly enhanced their last-mile delivery capabilities, even reaching remote areas, which has been instrumental in expanding their customer base. Moreover, diversification into various ecommerce verticals has been instrumental in driving growth. Amazon India, for instance, expanded its prodcluding Hindi, Tamil, etc. to make their platforms more appealing to a wider consumer base. Regional localisation, augmentation of fulfilment centres and festive season offers catering to the regional consumer will go a long way in having the desired effect this year,” Sethi adds. Resilient Growth The ecommerce sector in India has shown notable resilience and growth in recent times. According to the India Ecommerce Index 2023 report by Unicommerce, the fiscal year 2023 recorded substantial year-over-year growth, with a remarkable 26.2 per cent surge in order volumes. This surge has been primarily propelled by a robust 23.5 per cent increase in the

60 | B W BUSINESSWORLD | 21 October 2023 uct catalog, ranging from electronics to groceries. The acquisition of a significant stake in Future Retail has further strengthened its position in the online grocery segment, leveraging a vast network of stores for last-mile delivery. Flipkart, an indigenous ecommerce giant, has also contributed significantly to the industry’s growth. Its strategic diversification into fashion through Myntra and into digital payments via PhonePe has experienced substantial growth. Myntra has become a preferred destination for fashion enthusiasts, while PhonePe has played a pivotal role in the digital payments revolution. The consumer-centric approach adopted by these platforms has been a driving force behind their growth. They have introduced innovative features like same-day delivery, hassle-free returns, and enhanced customer support, all contributing to improved customer satisfaction. Digital payments have played a vital role in simplifying transactions for customers. Flipkart’s PhonePe and Amazon Pay have become significant players in the Indian digital payments space, fostering trust and convenience for online shoppers. Right Policy Push The government’s initiatives, such as ‘Make in India’ and ‘Digital India,’ have both encouraged and regulated the industry, promoting fair competition and consumer protection, experts add. In addition to the growth of industry leaders like Amazon India and Flipkart, various ecommerce verticals have thrived. The online grocery sector, led by BigBasket, Grofers, and Amazon Pantry, witnessed a surge in demand, driven by the convenience of doorstep grocery delivery, particularly during the pandemic. Fashion and lifestyle ecommerce platforms like Ajio and Shein have gained prominence, leveraging data analytics and personalisation to cater to evolving consumer preferences. Even local kirana stores have embraced digitalisation by collaborating ANGSHUMAN BHATTACHARYA, National Leader, Consumer Product and Retail, EY India “The pure-play ecommerce marketplaces are expected to see a continued run especially being fuelled by Tier-2 customers” COVER STORY ECOMMERCE OPENING ESSAY ANAND RAMANATHAN,Partner, Consumer Industry Leader, Consulting, Deloitte India “No-cost EMI and ‘buy now and pay later’ are gaining traction and would significantly contribute to ecommerce growth”

21 October 2023 | B W BUSINESSWORLD | 61 to drive average selling prices (ASP) higher, and the rise in advertising and promotional revenues is likely to make this year’s festive season highly efficient from a margin perspective. Mrigank Gutgutia, Partner at Redseer Strategy Consultants, emphasised the diversification of categories, with several quarters experiencing enhanced GMV contributions beyond electronics. While electronics continue to be a significant offering during the festive period, a broader perspective reveals a clear trend of category diversification. C i t y - t i e r w i s e growth is also expected to be robust, with metros leading the way, achieving growth rates exceeding 10 per cent compared to approximately 8 per cent for other city tiers. Mo r e o v e r, t h e adoption of new-age technology solutions such as generative AI is expected to become more widespread during the sale period, enhancing and innovating consumer experiences and driving stronger growth momentum for the industry. The Indian ecommerce sector’s remarkable growth story, driven by industry leaders like Amazon India and Flipkart, reflects the evolving dynamics of consumer behaviour and preferences. The upcoming festive season holds the potential to further propel this growth, with significant contributions from higher-margin categories, the emergence of D2C brands, and the adoption of innovative technology solutions, making it a dynamic and evolving space to watch in the coming years. [email protected]; @Ashish_BW with ecommerce giants, enabling them to participate in the ecommerce boom while retaining their local customer base. The B2B ecommerce segment has also seen significant growth, with businesses increasingly relying on online platforms for sourcing raw materials, equipment, and other goods. Now, turning to the upcoming festive season, it holds immense potential for further fuelling the growth of the Indian ecommerce sector. According to market research firm Redseer, online retailers in India are poised to witness a substantial uptick in festive season sales, potentially growing by up to 20 per cent, reaching a staggering Rs 90,000 crore. This anticipated surge in sales comes as consumer spending gradually returns to normalcy after several quarters of tepid growth in the ecommerce sector. Boom Time Ahead Better profit margins are expected during the festive season, driven by larger ticket sizes of purchases and increased advertising spending by brands. The report also highlights that prior to the Covid-19 pandemic, year-on-year growth rates of nominal private final consumption expenditure (PFCE) stood at around 8-9 per cent. However, external shocks like the Covid-19 pandemic and the Russia-Ukraine conflict led to significant market fluctuations, resulting in a slowdown in consumption due to tightening liquidity conditions in the last couple of quarters of FY23. Nevertheless, the year-on-year growth for PFCE has rebounded to 9 per cent, and several stabilising factors are now coming into play. Interest rates have peaked, efforts are underway to resolve the Russia-Ukraine conflict, and Indian economic growth numbers are exhibiting strength, all of which are expected to provide meaningful tailwinds and support a relatively robust festive period this year. The festive season’s significance in India’s ecommerce landscape cannot be overstated. This year marks the 10th year of festive season sales, coinciding with the Indian ecommerce market’s tremendous growth, increasing nearly 20 times from a GMV of Rs 27,000 crore in 2014 to an expected level of approximately Rs 5,25,000 crore in 2023. The number of annual transacting users has surged 15 times to reach 230 million this year, with a minimum of 140 million online shoppers expected to participate in the upcoming festive season. Furthermore, the festive season is anticipated to witness a greater contribution from higher-margin categories such as beauty & personal care (BPC), home & general merchandise, and fashion. Premiumisation is expected

62 | B W BUSINESSWORLD | 21 October 2023 As Amazon marks the decadal milestone of India ops, the ecommerce giant is refining its A-game to face newer challenges in this significant global growth market By Noor Fathima Warsia MORE THAN 9.5 crore people visited within the first 48 hours of Amazon’s Great Indian Festival 2023, marking its highest-ever comparable number in the last 10 years. Over 80 per cent of these came from non-metros. The numbers reveal much of what comprises Amazon’s current attributes and growth in India. The year 2023 cannot be said to be a good start for big tech per se, including the ecommerce sector. Amazon was not exempt from this and India was among the markets where the company had to take steps such as layoffs amid cost control. As the year COVER STORY / INSIDE AMAZON CUSTOMISED PLAYBOOK

21 October 2023 | B W BUSINESSWORLD | 63 comes to a close, courtesy of several factors including India’s growth opportunities and Amazon’s early pivot to different verticals and growth avenues, the company has been able to turn the tide and continue its growth trajectory. “We say at Amazon that it is still day one for us, which is an important way to ensure we continue our customer focus. In India, I would say it is still day zero,” states Manish Tiwary, Vice President & Country Manager - Consumer Business, Amazon India. The India Game Face Like most of its peers, Amazon has customised its playbook for India. “India is a large, growing market but we must keep innovating. We recognise that there is no single way to approach the next 500 million. There will be multiple efforts – be it languages, shopping experience, delivery speeds or even social commerce,” Tiwary explains. Much of this forms part of Amazon’s India strategy and contributes to the company’s massive growth from 100 to over 12 lakh sellers, covering a wide footprint of the country. Most notable among Amazon’s India play are Amazon Prime and Amazon Pay which have together gone a long way in creating a more holistic offer. While Amazon Prime is instrumental in making ecommerce a phenomenon beyond Tier-2 and Tier-3 MANISH TIWARY, Vice President & Country Manager - Consumer Business, Amazon India “The cost of working capital is quite high in India. In the US, sellers would get the goods to a warehouse, and then Amazon takes care of all the logistics. Our seller profile is different in India. We have a large number of small sellers. They want to make sure the inventory management is very tight, and therefore we innovated and created new fulfilment models like ship sellers, and flex local shops on Amazon. Most of our sellers moved directly from ‘unorganised trade or general trade’, as you would call it, to ecommerce online. Organised trade was never very large. It's still developing in the country. That's very different from what happened in most locations where sellers were already selling to large organised businesses. They knew what a catalogue was, and they knew pricing tools, but all of that was new over here.” HIGHLIGHTS OF AMAZON’S INDIA JOURNEY 2013 – Beginning India Ops: Amazon started with 100 sellers offering mainly books with one FC in Mumbai and deliveries to select cities. Today, Amazon has grown to 43 million cubic feet of storage space across 15 states. 2016 – Prime Comes into the Picture: Amazon Prime was launched in India in July 2016 and India has been one of its fastest growing geographies. Amazon Prime was instrumental in making ecommerce a phenomenon beyond Tier-2 & Tier-3 cities. During Prime Day 2023, 14% more Prime members shopped vs 2022, making it the highestever Prime member engagement during the event (a peak of 22,190 orders placed by Prime members in a single minute). 2016 – Launch of Amazon Pay: Amazon Pay began its India operations as a prepaid wallet service and has grown to eight crore-plus users for UPI, five crore-plus for Amazon Pay Balance, 80 lakh+ for Amazon Pay Later, and 40 lakh+ for Amazon Pay ICICI Bank credit card. 2017 – Launch of Amazon Business: Six years ago, Amazon Business started in India with 14K sellers offering 10 crore products. Today, Amazon hosts 19 crore GST products across 10 lakh sellers delivering across 99.5% of pincodes of the country. Approximately 63% of buying customers and 55% of orders received are from Tier-2, Tier-3 and below cities. To commemorate the six years, in September 2023, Amazon announced its integration with Amazon Pay Later to provide virtual credit to eligible business customers, playing a crucial role in scaling credit availability to MSMEs while ensuring a hassle-free payment experience. Crossing $8B in Cumulative Exports in 2023: Amazon Global Selling Programme is gathering momentum with more than 125K sellers on the programme on track to cross $8 billion in cumulative exports by the end of 2023. Job Creation: With over 100K employees, Amazon is one of the largest private employers in India. As part of its ongoing India commitment, Amazon has digitised over 6.2 million small businesses and created over 1.3 million direct and indirect jobs in India. Photograph by Silverwings

64 | B W BUSINESSWORLD | 21 October 2023 cities, Amazon Pay boasts eight croreplus users for UPI and over five crore users for Amazon Pay Balance. Another important step for the company was setting up Amazon Business, which aimed at transforming the way businesses buy and sell in India. “Ranging from sectors such as manufacturing, IT services to hotels, hospitals, healthcare and much more, our aim was to solve all the procurement needs of businesses and support them in bringing down their overall expenses, thereby helping them focus on other aspects. We started off with 14,000 sellers and continued to innovate to help customers revolutionise their procurement process over the past six years,” says Suchit Subhas, Director - Amazon Business in India. Specialists amid General A key tenet of Amazon’s growth story was creating category-specific verticals such as Amazon Fashion, Amazon Wireless & TV and Amazon Fresh. Customised category experience and verticals such as beauty, fashion, jewellery are seen to have a stronger competitive advantage. “The penetration of ecommerce in various categories ranges from below 5 per cent in staples and mature FMCG products to 40 per cent in metro-centric products. Ecommerce players with a Tier-2 expansionary focus will see greater growth unlock. The pureplay ecommerce marketplaces are expected to see a continued run especially being fuelled by Tier-2 customers,” notes Angshuman Bhattacharya, National Leader, Consumer Product and Retail, EY India This is not very different from the Amazon experience. “In the last decade, Amazon Fashion has been working towards offering customers a wide selection of international and homegrown brands and today delivers across 100 per cent pin codes with assured two-day delivery in more than 200 cities,” shares Saurabh Srivastava, Vice President, Amazon Fashion India. Amazon Fresh is a much newer vertical for the company, being only two years old in its unified avatar after the merger with Pantry. “Amazon Fresh allows us to serve many customers by offering great value, unmatched selection and the best quality products at convenient delivery slots,” adds Srikant Sree Ram, the director of the vertical. Growing The Market Amazon, like Flipkart, is considered one of two large general pureplay ecommerce platforms in India. The two claim about 60 per cent of the market share with Flipkart in the lead, according to brokerage firm Bernstein, which also stated that Reliance is poised to outpace both Amazon and Flipkart in the race towards India’s $150 billion ecommerce market. One of the greatest drivers for ecommerce in India is the gradual expansion of Tier-2, Tier-3 and below markets. This, coupled with competitive prices, faster product availability and growing aspirations, is creating the perfect mix for ecommerce in India. Both rural and urban markets are seeing consumption growth. As overall inflation falls and prices drop, consumers are now cautiously optimistic and are opening their wallets. Buoyed by this, and characteristics unique to India, Amazon India is leading the company’s move in some areas. For example, most Amazon sellers began with and continue to largely depend on mobile for their business. Citing this, Tiwary says, “We lead the Amazon seller mobile application globally because most of our sellers use mobile. We have close to 12 lakh sellers and about 70 per cent of new sellers come from smaller places.” Festive Fever Increases Tiwary also says that this festive season will be the biggest-ever by quite a margin for Amazon. The Great Indian Festival 2022 saw continued ‘seller-brations’ with more than 35,000 sellers witnessing their highest-ever single-day sales. Over 70 per cent of sellers across India came from Tier 2-3 towns and cities. Similarly, Amazon Business witnessed participation from over 4.75 lakh MSME buyers. The year 2023 is already beating these numbers, as per AmPrime has disproved the myth that the Indian customer will not pay for convenience. Over the years, we have invested in building physical, tech and digital infrastructure to ensure seamless last-mile delivery to our customers. Fast delivery is our cornerstone. Our last-mile delivery network has allowed us to deliver to the highest spot in the world (Leh, India). AKSHAY SAHI, DIRECTOR, Prime and Delivery Experience, Amazon India Amazon Pay, which operates as an independent business, has demonstrated success with significant user numbers across various segments. Notably, the user base stands strong, highlighting the widespread adoption and trust in Amazon Pay. Amazon Pay UPI has a user base exceeding 8 crore customers while over 5 crore customers use Amazon Pay Balance as their preferred payment mode MAHENDRA NERURKAR, VP, India & Emerging Markets, Amazon Payments COVER STORY / INSIDE AMAZON

21 October 2023 | B W BUSINESSWORLD | 65 azon, seeing the “best-ever start to the event, with thousands of sellers achieving their highest-ever single-day sales”. The festival also saw the highest-ever sign-ups on Amazon Pay UPI in the first 48 hours. The Big Impact India’s ecommerce sector is a pivotal contributor to economic development, enhancing GDP through revenue generation and job creation. Growth in ecommerce leads to higher revenue for MSMEs, branded as well as un-branded products, logistics and financial services sector, among others. This is also the reason it is seeing the advent of large, new players and active work from the government seen through ONDC. “The sector’s success attracts investments, propelling startups and innovations, and aligns with the ‘Digital India’ initiative, promoting digital literacy and transactions, especially in rural areas,” says Anand Ramanathan, Partner, Consumer Industry Leader, Consulting, Deloitte India. Tiwary is not rattled by these though. “What ONDC is striving to achieve aligns perfectly with Amazon’s global ethos of serving consumers by providing them with the freedom to choose their preferred sellers. People will find different models to address the consumer and that is good for the ecommerce ecosystem. Once you hit 99 per cent penetration, then you can start thinking about competition,” he says. Much like its leader, Amazon India is all geared up to continue growing the pie in the face of newer challenges. [email protected] AMAZON’S INDIA-LED INNOVATIONS Prime Video Prime Video is taking blockbuster entertainment in 10 languages to viewers across India. 64 Indian original series and three original movies have been released by Prime Video Amazon Alexa Alexa responds to 17 million requests per day, ranging from questions regarding music, science, jokes, stories, and more. Over 2,000 schools are using Alexa devices in classrooms to improve learning outcomes. Places like Bastar, Leh, Saharanpur and Kasaragod, among many others, have benefited from these initiatives, reaching 1.9 lakh schoolchildren. 100,000 developers from India are building for Alexa globally Generative AI for Small Businesses To break down barriers to ecommerce adoption for lakhs of small businesses, Amazon introduced a generative AI-based personal digital assistant called ‘Amazon -AI’. Amazon -AI provides personalised assistance to new and existing sellers on its marketplace. It provides customised support to sellers on Amazon.in to reduce their workload by simplifying time-consuming steps such as registration, listing and advertising support amongst others Amazon LIVE A live shopping programme on Amazon. in, where customers can directly interact with content creators who showcase products, answer customer questions in real-time, run polls and limited offers deals. Overall, Amazon has over 1,000 streams planned for the festive period Return & Refund Amazon’s returns & refunds and cash on delivery opened up ecommerce to millions of Indian consumers

66 | B W BUSINESSWORLD | 21 October 2023 What would be your characterisation of Amazon’s decade-long expedition in India? In a decade, Amazon India has seen remarkable growth, surging from just 100 sellers to a staggering 12 lakh sellers. This journey has firmly established Amazon as the country’s most trusted marketplace. From a solitary warehouse serving a few pin codes, our capacity has expanded to an impressive 43 million cubic feet of storage, which helps us serve every single pin code in India. This growth has been driven by localised innovations, including payment on delivery, unique fulfillment models and language expansion to serve over seven languages. Additionally, more than 100,000 sellers have cumulatively sold over $8 billion worth of goods globally, exemplifying Amazon’s relentless commitment to enabling its sellers and customers. At Amazon, we say “it’s still day one” to maintain our unwavering customer-centric focus. In India, I would say we are at “day zero.” What sets the Indian market apart from others? First, the high cost of working capital in India means that sellers need to manage their inventory carefully. Unlike the US, where Amazon handles logistics once goods reach a warehouse, Indian sellers, mostly small-scale, depend on tight inventory management. To cater to them, Amazon introduced innovative fulfillment models like “Easy Ship” and “Local shops on Amazon.” Additionally, Indian sellers often transition directly from “unorganised” or “general trade” to ecommerce. The majority “It’s Still Day Zero For Amazon In India” of Indian sellers rely heavily on mobile devices for conducting their business, making Amazon’s seller mobile application a global leader due to its widespread use among these sellers. On the customer front, India’s transition from 2G to 3G posed challenges, prompting Amazon to innovate with a micro app for smoother experiences on varying hardware. The need to serve diverse linguistic groups led to the adoption of multiple languages. Moreover, Amazon adapted to the fact that many Indian customers lacked active credit or debit cards, driving the creation of Amazon Pay to facilitate online purchases. How are you supporting smaller businesses and sellers since they are so crucial for Amazon India? The Amazon Flywheel concept is simple: it starts slowly but gains remarkable momentum, akin to a large wheel. This flywheel’s power lies in a cyclical process: more sellers equate to more selection, which, in turn, attracts more customers. We take immense pride in being customers’ preferred choice for diverse purchases. To maintain this cycle, this is vital for sellers, particularly those from smaller areas. Notably, around 70 per cent of new sellers originate from these smaller places. For instance, during the upcoming Amazon Great Indian Festival sales season, we anticipate a surge in new sellers. To incentivise their participation, we have unveiled a 50 per cent referral fee waiver for about two months, continuing through the festival period. This serves as a compelling incentive for individuals who have never ventured into online selling. Additionally, becoming an Amazon seller is incredibly easy COVER STORY / INTERVIEW In an interview with BW Businessworld, Manish Tiwary, Vice President & Country Manager – Consumer Business, Amazon India delves into the company’s India journey, its strategies for the Indian market and the outlook on the evolving ecommerce landscape in the country. Excerpts:

21 October 2023 | B W BUSINESSWORLD | 67 “We currently have over 100 million consumers on Amazon.in. To expand our reach, we have been innovating. For instance, we have invested in voice search through Alexa, as we noticed its growing popularity. We have also focused on visual search. Our goal is to keep innovating”

68 | B W BUSINESSWORLD | 21 October 2023 and efficient. Sellers can use the seller app, which supports eight languages in addition to English, to register within minutes. We have focused on creating a seamless onboarding process. We have also initiated programmes like Digital Kendras, starting in Surat, one of our major seller hubs, where sellers can physically visit a building to gain confidence and receive information about the business. You have spoken about Amazon looking at the next 100 million consumers in India. What is your strategy to reach them? We currently have over 100 million consumers on Amazon. in. To expand our reach, we have been innovating. For instance, we have invested in voice search through Alexa, as we noticed its growing popularity. We have also focused on visual search. Our goal is to keep innovating because we believe the market is large and continues to grow. Additionally, our strategy involves catering to both experienced shoppers seeking new innovations and the 80 per cent of our customers who are new and come from smaller towns. We aim to provide a seamless shopping experience, focusing on speed and fulfillment. We acquired GlowRoad, a social commerce company, to tap into the trust-based shopping culture common in India. Our overall approach includes language options, improved shopping experiences, faster delivery and platforms like GlowRoad to connect with the next 500 million consumers. How do you see the competition evolving in the ecommerce space? It is early days for ecommerce in India. A robust competitive landscape, with multiple innovative players will enhance consumer choices, industry development and ecosystem growth. India’s heterogeneous market needs diverse approaches to address consumer needs effectively. As the market nears saturation, competition will become a key concern. But it is premature to be overly concerned about it at this stage. What are your views on ONDC? What ONDC is trying to do is what Amazon believes in. ONDC’s mission aligns with our global philosophy of prioritising consumer choice in seller selection. In fact, we are collaborating closely and working together to integrate various modules like logistics and payments. So, ONDC is a great idea. And the thought of increasing the size of the ecommerce pie is exactly the right one with ONDC. What are your expectations from this year’s festive season? This year’s festive season holds promise, as Amazon India expects significant growth after enduring three years of Covid-related challenges. With over 100 million consumers and a diligent planning cycle post-events, Amazon prepares for the Great Indian Festival and Prime Day. Launching products can take up to 12 months, making early preparation vital. Following a remarkable Prime Day with a 14 per cent increase in Prime members’ participation, a Nielsen report indicates that 81 per cent of people across 30 cities plan to shop online, with 60 per cent preferring Amazon.in. These promising numbers and the return to normalcy after three years suggest a mega sales season ahead. [email protected] “A robust competitive landscape, with multiple innovative players will enhance consumer choices, industry development and ecosystem growth. India’s heterogeneous market needs diverse approaches to address consumer needs effectively” COVER STORY / INTERVIEW

21 October 2023 | B W BUSINESSWORLD | 69 Micro, Small and Medium Enterprises ( M S M E s ) form the backbone of the Indian economy, playing a pivotal role in the country’s growth and development. These entities, comprising a vast array of businesses, from small local shops to innovative startups, contribute significantly to employment generation and the overall livelihoods of millions of people. They are instrumental in fostering entrepreneurship and promoting economic self-sufficiency at the grassroots level. The Small Industries Development Bank of India (SIDBI) has been at the forefront of supporting and nurturing the MSME sector. By providing financial assistance, guidance, and technical expertise, SIDBI is working to strengthen these enterprises, making them a robust and sustainable foundation for India’s economic prosperity. In doing so, they are not only empowering small and medium-sized business owners but also driving inclusive growth and economic resilience across the nation. Aside from expanding digital solutions, SIDBI has achieved significant progress in developing financial instruments to encourage eco-friendly practices among MSMEs. The strategy within SIDBI’s Green Finance initiative encompasses three key components: 1) providing cost-effective financial aid via Green Finance Schemes for MSME projects, 2) fostering awareness and tion Index (SPeX) – Green Pulse Monitor, aimed at evaluating the perception of MSMEs across three dimensions of sustainability: willingness, awareness, and implementation. SIDBI is actively promoting women entrepreneurship through a range of impactful developmental initiatives. These programmes include the Swavalamban Silai Homepreneur Programme, a collaborative effort with Usha International Limited, aimed at empowering women by enhancing their skills in tailoring and home-based entrepreneurship. Additionally, credit initiatives like the Prayaas scheme have been launched to facilitate micro loans that support livelihood activities in both rural and urban areas. It’s worth noting that these programmes have collectively assisted more than 80,000 beneficiaries, with a significant focus on empowering women entrepreneurs. In line with its commitment to fostering women-led MSMEs, SIDBI has introduced the ARJANA scheme. This innovative initiative provides financial support to women-promoted MSMEs on favourable terms, facilitating both the expansion of existing businesses and the establishment of new enterprises. By extending a helping hand to women entrepreneurs, SIDBI is not only fostering economic empowerment but also contributing to gender equality and the overall growth of the Indian economy. SIDBI ELEVATING MSMEs AS ‘PIONEERS OF PROGRESS’ creating a conducive environment for the adoption of climate-resilient measures, and 3) taking the lead in motivating other banks and financial institutions to finance Energy Efficient projects through training, guidance, and support for risk sharing. SIDBI has introduced financial products designed The Small Industries Development Bank of India (SIDBI) has been at the forefront of supporting and nurturing the MSME sector. In doing so, they are not only empowering small and medium-sized business owners but also driving inclusive growth and economic resilience across the nation to assist MSMEs in transitioning from fossil fuel-dependent energy sources to cleaner alternatives such as gas, solar, and wind power. In addition to facilitating financing for the adoption of green and sustainable practices by MSMEs, the Bank, in collaboration with Dun & Bradstreet, has unveiled the Sustainability Percepkey out he gn, to ate ent ect ass ver a's y a big ore for out to ure d a as of nd ese ies in ent an nd

70 | B W BUSINESSWORLD | 21 October 2023 T . Koshy, MD and CEO of ONDC lays bare the disruptive power of the Open Network for Digital Commerce (ONDC) in India’s ecommerce landscape in a conversation with BW Businessworld’s Ruhail Amin. Edited excerpts IN CONVERSATION Give us a sense of how ONDC has disrupted the ecommerce space? UPI (Unified Payments Interface) started seven years ago. The idea was to completely disrupt the financial transaction space, which is now exploding after a couple of years of the foundation getting ready. ONDC is like UPI; we started being broadly available to the public in Bangalore in the last calendar year; in fact, it started pushing this year from January onwards. Population scale business practices do not happen overnight. It takes time. It means people getting familiar, changing the habits and practices of both the buyers and sellers. One of the biggest challenges with regard to ONDC is that it’s about commerce. UPI was about money, one SKU, it is purely digital, managed through banks and fintech companies which are anyway digitally sophisticated. Here we are talking about in addition to a transaction being consummated and a digital contract being signed, there is delivery of physical goods, ONE DIGITAL TRANSACTION AT A TIME Photograph by Ritesh Sharma

21 October 2023 | B W BUSINESSWORLD | 71 commerce. The challenge is on two counts. One is the established players. The second is educating people on what ONDC is and does as well as teaching them how to use it effectively for them to truly gauge the benefits of ONDC. We are also having joint campaigns with the ministries. What is the leverage that ONDC, once implemented, can unleash on the economic front? What are the numbers that you have estimated? The key thing we must remember is that you are now suddenly giving opportunity to a large cross-section of business enterprises to enhance their market within India and eventually internationally. Let us say North India, about which people in South India don’t know. Now when it is easily available, it triggers business transactions and bridges the gap. Now there will be acceptance and adoptions, and probably even international interest because various building blocks like seller interface, logistics, warehousing, certification have all become digitally relevant. What is your vision for ONDC? Where do you want to take it? I will make one vision -- in four or five years, every business in Hindustan which has a product or service can catalogue it. Having catalogue means a larger number of people can be interested. Every businessman can have their catalogue digitally visible on the ONDC network. They can find out about an order, enter into a contract and deliver. A buying application will come, which will help to buy relevant goods for every citizen. We expect potential participation from all businesses and all buyers in this network, unlike today when it is very limited. It does not mean that commerce will be 100 per cent digital. The level of digital commerce will multiply four-fold. In the next 5-7 years, about 20-30 per cent of all transactions will be digital. We are also getting a lot of international investors to see first-level participation in India and possibly evaluating how this can be taken global. I would say that our approach is to make sure ONDC is relevant and helpful for the Indian population, Indian merchants, and that having demonstrated its potential in such a large market, it will become a natural pull, you do not have to push for it. [email protected] and the participating entities are very diverse from kirana stores on one side to large corporations like Unilever, Pepsi, Coca-Cola on the other. In January, we had about 800 merchants, today there are over 2,00,000 merchants and they’re growing. By next year, this time, I hope to add 2,00,000 more. We are getting significant adoption from large entities like ITC. Similarly, you can also see that we have almost 1,00,000 taxi drivers and auto drivers who are already on-board more than 2,000 FPOs. In terms of participation, which is the biggest sector on ONDC? Look at any business transaction, one side is money. The buyer paying the money to the seller. That’s what UPI did. The other side is seller giving goods or services. Irrespective of what you are buying, money is money. Whereas when it comes to selling, it could be products, it could be services, it could be B2B, it could be B2C. That’s why if you look at ecommerce platforms, some are for consumer goods, some for food, because it is practically impossible for them to handle everything. Now what we did is we took the most difficult part, which is grocery and food, and we thought that if we could attempt and learn the whole requirement in these two segments, we will be better off in the others. We immediately started mobility. We have about 1,00,000 taxi drivers already registered, doing almost an average of 1,00,000 transactions a day. Grocery had one of the biggest challenges probably, where there was a restriction on online transaction by small merchants unless they have a GST, and the government made a rule change this month onwards where that restriction is gone. We started enabling practically every domain like electronics, fashion, beauty and personal. In one month of being live in B2B segment we saw 30,000 transactions. We have to convince different enterprises in this business that this is a way that ecommerce is changing. Some people are early adopters, some are late. What kind of challenges are you facing in bringing merchants to this platform? The benefit is that everyone’s participation is possible. Big people, small people, everyone can come to digital “The challenge is on two counts. One is the established players. The second is educating people on what ONDC is and does, as well as teaching them how to use it effectively for them to truly gauge the benefits of ONDC”

72 | B W BUSINESSWORLD | 21 October 2023 IN CONVERSATION E V manufacturing startup Simple Energy was launched in 2019 with the aim to disrupt the electric two-wheeler (E2W) segment. The company recently launched its first E2W, Simple One. BW Businessworld’s Utkarsh Agarwal caught with SUHAS RAJKUMAR, Founder & CEO, Simple Energy to learn more about the company and its plans. Excerpts “WE WANT TO MAKE QUALITY PRODUCTS IN INDIA FOR INDIANS”

21 October 2023 | B W BUSINESSWORLD | 73 ergy. Prior to this venture, I had worked with four previous startups spanning robotics, design, among other domains, which gave me a wealth of knowledge and experience. What is your brand strategy for taking a leap ahead of the established players in the E2W market? At Simple Energy, our strategy has been to design and manufacture quality products in India, for Indians. We aim to standout in the market with our premium and value-formoney products, offering the best in terms of performance, technology, and range to our customers. Our manufacturing process is entirely in-house and vertically integrated. In order to reach out to a wider customer base, we are working actively to set up our dealership presence with 50 to 100 dealerships across major cities. We will also focus on the after sales service and connect with customers to provide an experience that they will remember. Additionally, we will also ramp up our production capacities so we can be No. 1 in the next 18 months. Could you elaborate on the journey of Simple One? What were the challenges, from making a pilot to the final product? From its initial stages as a pilot project to its eventual transformation into a finalised product, the path was laden with both technical and external challenges that needed to be overcome. One of the foremost challenges was convincing people that range anxiety, a concern commonly associated with electric vehicles, could be effectively managed. Adding to the complexity of the journey was the unexpected outbreak of the global pandemic. The pandemic introduced unprecedented disruptions across industries, including automotive manufacturing. It led to supply chain shortages, logistical challenges, and changed market dynamics. Despite these hurdles, the team at Simple Energy persevered and adapted to the changing circumstances. The journey itself encapsulates the company’s growth and development. Beginning in a humble 150 sq. ft garage, the project showcased the initial vision and dedication of How was Simple Energy born and what were you doing before that? In 2018, I embarked on a quest to find a suitable electric two-wheeler (E2W) for my family. Frustrated by the lack of value-for-money options in the market, I delved into extensive research on battery and charging technology for nine months. Shreshth Mishra, whom I met through mutual acquaintances and shared similar visions with, joined hands with me and together we launched our entrepreneurial journey in January 2019 with the establishment of Simple En- “The Simple One, is a testament to innovation with over 200 IP portfolio. It boasts of a number of firsts for an electric two-wheeler, such as the IDC certified range of 212 km, which makes it the longest-range electric scooter in India” Photographs courtesy: Simple Energy

74 | B W BUSINESSWORLD | 21 October 2023 The government is considering a fresh FAME 3.0 subsidy for EVs. What do you expect from it? We expect it to offer enhanced incentives and support, further accelerating the adoption of EVs in the country. This could result in increased affordability for consumers and boost overall demand for electric two-wheelers. We hope that the new subsidy plan will focus on promoting indigenous manufacturing of EV components and vehicles, which will not only create more job opportunities but also strengthen India’s position as a global EV hub. How is Simple Energy trying to disrupt the electric two-wheeler segment? The government has been encouraging the adoption of electric mobility options in the country, setting up a target of achieving 80 per cent of electric two and threewheeler sales by 2030. In line with this vision, Simple Energy was established to redefine electric mobility in the country by making e-mobility solutions more accessible, accessible, secure, and comfortable to the end customer. To that end, our flagship product, the Simple One, is a testament to innovation with over 200 IP portfolio. It boasts a number of firsts for an electric two-wheeler, such as the IDC certified range of 212 km, which makes it the longest-range electric scooter in India. We are also the first OEM in the country to receive certification for our EVs under AIS-156 Amendment III Phase 2. [email protected] the team. Over time, this vision led to the establishment of a sprawling 1 lakh sq. ft R&D centre in Bangalore, highlighting the remarkable progress made during the journey. How many bookings have you received for Simple One and what are the sales numbers? The response has been tremendous since we launched the Simple One. Currently, we have garnered over 1 lakh pre-bookings for the Simple One, which is an order book worth 1,200 crore. We have already commenced the deliveries of the Simple One in Bangalore in Phase I, and our main goal right now is to steady the sales operations. In the upcoming months, we intend to ramp up manufacturing and delivery capacities. The government recently slashed the FAME 2.0 subsidy on E2Ws. Do you think this will stop people from buying E2Ws? The recent reduction in subsidies threatens to curtail access to the environmentally responsible vehicles. The resulting higher costs may introduce significant obstacles for individuals eager to embrace greener commuting options. This hindrance could impede their capacity to actively participate in creating a more sustainable environment, potentially nudging them towards opting for conventional internal combustion engine (ICE) two-wheelers instead. Nevertheless, it is important to acknowledge that the government continues to work towards addressing these issues and supporting the growth of the EV industry. We do believe that eventually the EV industry will be pushed to bring in a better proposition by producing a better spec or a lower variant so that consumers have various options to choose from at different price points. IN CONVERSATION “The recent reduction in subsidies threatens to curtail access to the environmentally responsible vehicles. The resulting higher costs may introduce significant obstacles for individuals eager to embrace greener commuting options”

21 October 2023 | B W BUSINESSWORLD | 75 CIENTISTS WILL immediately think of conductors of heat and electricity; more so with the recent controversy around roomtemperature super-conductors. Eight of the eleven authors of a research paper in Nature (which had claimed a breakthrough) have asked the journal to retract their article. Super-conductivity means conducting electricity through material without energy loss, typically requiring extremely low temperatures. Finding a material that does so at room temperature has long been the holy grail of materials science. Conductors of a different type are common enough in India: every bus has one. Elsewhere, though, the driver doubles up as conductor, collecting the fare and controlling over-crowding. This seems a timeinefficient (though cost-efficient) system as the driver waits for boarding passengers to deposit their change or travel token into the collection box or to swipe their travel card. In contrast, in India, the conductor ushers’ passengers in as fast as possible, and gets the bus moving. He then collects fares as the bus – and you – travel to your destination. Yet, with rising costs and pre-paid digital swipe-cards, jobs for bus conductors may soon get scarcer in India too. Now, there may be openings for a new category of conductors; we may even call S them super-conductors. This arises from the changing organisational landscape, combined with advances in technology. Accelerating technological advances are now permeating all aspects of business, requiring organisations to recruit experts, redesign processes, revamp systems, and re-examine structures. Traditionally, CEOs have a good understanding of the company’s business. Thus, a bank CEO has long experience and deep knowledge of banking. But what happens when a bank has to become – as some have – a tech company in disguise? How much of the tech involved does the CEO comprehend? As a specific example from the same sector, consider the design of new loan or savings products. This requires knowledge of finance and also of human behaviour (psychology). Today, both are better understood and modelled by using data analytics and artificial intelligence (AI). To share details and answer queries, the bank may use ChatGPT, which will be available 24x7, is more versatile and cost-efficient than humans. GenAI and other technologies could help to even individualise products, providing optimal solutions for each person’s need, while ensuring that risk is minimised and profit maximised. THE CEO AS CONDUCTOR Doing this – and analogous tasks from various sectors – requires experts from different fields working together as a team. Each one, a specialist in the specific field, would necessarily know more than the CEO. Like the bus conductor, the days of the control-and-command CEO are numbered: what orders can s/he give to a person whose field and expertise is way beyond his/her ken? The new role of the CEO is very different as will be the organisational structure. Tomorrow’s CEO is more akin to a conductor: an orchestra conductor who draws on individual expertise, guides and coordinates all the musicians. S/he brings in each specialist as required, creating harmony, based on a common score. The conductor is recognised as the leader, getting the recognition and credit for the team effort. This also means an organisation structure that is more collegial than hierarchical, more like an educational institution than an army. Far-sighted corporates need to redefine the CEO’s role and restructure the organisation. They may learn much by talking to orchestras and universities. By Kiran Karnik The author loves to think in tongue-in-cheek ways, with no maliciousness or offence intended. At other times, he is a public policy analyst and author. His latest book is Decisive Decade: India 2030 Gazelle or Hippo (Rupa, 2021) COLUMN n KIRAN’S KONTRARIAN KORNER n Conductors and Corporates

76 | B W BUSINESSWORLD | 21 October 2023 N THE LATE 1990S Mr K. K. Mehta had barely Rs 50,000 in his pocket, but a deep desire to build a cancer hospital in Delhi because such facilities barely existed. Cancer at that time was the most ‘relentless and insidious enemy’ – almost like a ‘death sentence’ – cure of which was merely a ‘fervent hope’. The affluent went abroad to Sloane Kettering and some others to the Tata Memorial Hospital – an excellent, virtually free, government owned institution in Mumbai. Many suffered silently and died without getting any treatment at all. Post his retirement from Siemens, in 1984, Mehta set up the Delhi chapter of the Indian Cancer Society which focused on early detection and counselling (my column in BW of 7 October). It was here that he felt the pain of patients diagnosed with cancer but with very poor choices for treatment. A few hospitals did offer treatment but they did not have cancer specialists. General surgeons operated and radiation oncologists also administered chemotherapy. Mehta initiated an audacious scheme to enrol members, at a one-time fee of just Rs 5,000, which would guarantee them lifelong free cancer treatment – which the Rajiv Gandhi Cancer Institute & Research Centre (RGCI) continues to honour. It seems this great man had already nurtured the dream of setting up a cancer hospital in Delhi. Birthing of good institutions is a complex process. A tiny seed needs nurturing in many ways by many people. It is incredible how over time it develops and a mere ‘idea’ blooms into a great ‘something’. Today, RGCI – or Rajiv Gandhi as it is best known, is recognised as one of the finest multi-modality cancer institutes in the country. Recently, it was adjudged by Newsweek to be among the ‘World’s Best Specialised Hospitals 2024’; this enviable accolade came quick on the heels of the same highly respected international magazine’s recognition as “one of the finest cancer hospitals in Asia Pacific”. The RGCI opened in July 1996, as a 152 (now 500) bed hospital at a project cost of Rs 60 crores. Indian Oil gave Rs 49 lakhs for purchase of land. Donations of about Rs 8 crores were raised through Yagnas, sale of cancer seals and the promise of free lifelong cancer treatment. Rs 25 crore came through loans from banks and financial institutions for the building and a soft loan of 12 million DM (about Rs 27 crore at that time) from the German Federal Government, at the personal request of Mrs Sonia Gandhi. That explains the name! The institution is of course, running without any government grants. DNA instilled by the Founders responsible for its practices, culture, ethics and the huI Among ‘World’s Best Specialised Hospitals 2024’ INCLUSIVITY By Krishan Kalra Column Photograph by Tashatuvango

21 October 2023 | B W BUSINESSWORLD | 77 the GC are carefully selected from different walks of life and invited to join. A speciality cancer hospital with a multidisciplinary approach and ‘word of mouth’ publicity is perhaps responsible for its popularity. Its high volumes and efficient management of resources have led to surpluses necessary for remaining up to date with technology and cross subsidising the weaker sections. Besides its reputation for ethics, empathy and a humane approach which have become part of its eco-system, the RGCI also benefits by being focussed on cancer. All facilities – imaging, pathology, radiotherapy – are available under one roof. Also, a high volume of patients has led to super-specialisation by organs such as Breast, Head and Neck, Genitourinary, Gastrointestinal, Thoracic etc. Consequently, doctors in each area have vast experience that gives greater confidence to patients. Doctors are encouraged to attend conferences in India and abroad to keep them abreast with the latest technologies. Specialists in the three modalities – Surgery, Chemotherapy and Radiation – practice together (Disease Management Groups) unlike most general hospitals which tend to work in ‘silos’. The RGCI almost always has full occupancy. Due to this, despite ‘reasonable’ pricing and 21 per cent discount on medicines, it has been able to generate surpluses which have allowed it to remain abreast with technology, ‘state-of- the- art’ equipment, as well as free treatment to EWS patients – 10 per cent IPD and 25 per cent in OPDs. All costs of the recent expansion to 500 beds was also internally funded. The hospital has equal tariffs for Indians and those from overseas. Standard of care and treatment is the same for patients in deluxe rooms and in the general wards. Rajiv Gandhi Cancer Institute & Research Centre (RGCI) at Rohini, North-West Delhi, is a shining example of how an NGO – with modest means – has created a world-class institution in two decades. It is literally like ‘Flying a Dream’! Truly a ‘Champion of Inclusivity’ trying to bridge the yawning gap between ‘Haves & Have Nots’ – in the area of medicare dominated by an individual or a family, the ICS&RC is very professionally run. There is clear distinction between ‘Governance’ and ‘Management’. The GC, headed by the Chairman, does not interfere in the day-to-day running of the hospital which is the domain of the CEO. The Medical Director has a virtually free hand as far as surgical and medical procedures are concerned. Selection of the Chairman and GC members is the exclusive purview of the ‘Ten Executive Founder Members’, filling of vacancies within which is decided by the remaining members, thus perpetuating succession on merits. Management accountability is ensured through regular reviews by the GC and its committees. Members of The author is member, Managing Committee, Indian Cancer Society Delhi and former member Governing Council, Rajiv Gandhi Cancer Institute & Research Centre. He is past President of the All India Management Association mane way in which it serves patients: The amazing Mr Mehta, with his singleminded devotion, incredible networking and persuasive skills, managed to rope in AVM H. K. L. Kapur, the then Lt. Governor of Delhi, ACM O. P. Mehra, Mr R.N. Bansal (former member of the Company Law Board), Mr S. L. Khosla (Chairman, Indian Oil) and several other public spirited, distinguished individuals – who would later become Founder Members of the Governing Council (GC) of Indraprastha Society (ICS&RC) that manages RGCI. It was the vision and passion of these founding fathers, their unimpeachable integrity and the struggles of a funds starved venture that gave rise to the culture and values which hold the institution in good stead till today. Against increasing scepticism of profiteering by private sector hospitals and inefficient service in the governmentowned ones, RGCI is an exception. Its GC members, who draw no remuneration, have maintained the founding principles of ethics and empathy which have also percolated down to the eminently qualified doctors, nurses, paramedics and all staff members. A unique Society model that perpetuates succession by transparent governance standards of the highest order: Unlike many societies, which are Photograph courtesy: Rajiv Gandhi Cancer Institute & Research Centre

78 | B W BUSINESSWORLD | 21 October 2023 The Growing Aroma Of Indian Spices: NDIA HAS always been known as the land of spices and it was the spices that brought several foreigners to India ever since the ancient times. The history of Indian spices is said to date back to about 7,000 years ago, even before the FEATURE INDIAN SPICES According to the industry insiders and observers, it is expected that the Indian spices market size will reach Rs 298,909 crore by 2028, exhibiting a CAGR of 10.9 per cent during 2022-2028 By Tarannum Manjul From Home Ground To Packaged Spices Roman and Greek civilisations existed. From grandma’s spice box to packaged spice mixes, the Indian kitchen has seen a glorious journey of spices. The country which was known as the spice box of the West has seen a beautiful transformation of the market from home ground spices to packaged spices. Brands both big and small have found a space for themselves not just in native Indian markets, but also across the world. The Indian spices market size reached Rs 160,676 crore in 2022. According to the industry insiders and observers, it is expected that the market will reach Rs 298,909 crore by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 10.9 per cent during 2022- 2028. The ongoing trend of transitioning from loose spices to branded ones is shaping the Indian spices market. As consumers increasingly opt for branded spice products, they are contributing to the projected growth in the sector. By the fiscal year 2030, industry leaders preI

21 October 2023 | B W BUSINESSWORLD | 79 ences of the evolving consumers. This includes products that are convenience and innovation-driven, like culinary paste, cuisine-based blends and more. Secondly, expansion of distribution reach, with a focus on expanding the rural footprint, along with a significant presence in the emerging channels, i.e., modern trade, e-commerce, quick commerce etc., especially in the south and western regions of the country. The brand is continuously focussing on generating trials and increasing household penetration so that more and more consumers experience the superior offering.” Talking about technology being used to increase the quality and freshness of packaged spices, Ghosh said that the company’s state-of-the-art manufacturing facility ensures best-in-class product delivery to the consumers. The manufacturing facility has the latest Low Temperature Grinding (LTG) technology, which prevents the evaporation of volatile and delicate oils from spices, thus retaining the aroma and wholesome flavour. The potency of the spices is also high as the dict that around 15 spice companies are anticipated to surpass Rs 1,000 crore in revenue, with four of them crossing the Rs 5,000 crore annual turnover mark. India’s preference for spicy and savoury meals has solidified its position as one of the largest spice consumption markets globally. Spices play a central role in nearly every Indian meal. The pandemic has led to increased demand for spice products, driven by lockdowns, work-from-home practices, and heightened interest in home-cooked meals. Health awareness and the desire for freshness have further propelled the trend. Consumers are willing to pay a premium for products such as pastes and blended spices that facilitate quick and efficient cooking. The demand for convenience and ease in cooking is driving the popularity of spice mixes or blends. Consumers are seeking ready-to-use spice combinations that simplify cooking processes, leading to a rise in demand for branded spice mixes. Blended spices are anticipated to witness a 25 per cent CAGR until 2025. Consumers’ willingness to experiment with various spices and use dish-specific blends is driving this growth. India’s packaged spices market has seen tremendous growth. Catch is one of the most popular names in India and is owned by DS Spiceco, which is a part of the multi-business corporation DS Group. Catch was launched in 1987 with the Tabletop Salt & Pepper Sprinklers and has built up strong brand equity over the years through its constant emphasis on superior quality, and innovation and its ability to understand consumer sentiments and market. Catch Salt and Spices has been consistently growing with a CAGR exceeding 20 per cent over the last five years. The brand has a substantial presence and enjoys a leadership position in multiple states in the north and east of India. According to Sandeep Ghosh, Business Head, DS Spiceco, “The priorities over the next few years are building the brand portfolio with expansion and extension of existing and newer categories aimed at addressing the regional local preferPhotograph by Yarunivphoto

80 | B W BUSINESSWORLD | 21 October 2023 great colour and flavour. Similarly, we source spices like cumin and coriander from Rajasthan. Through our packaging and tech innovation, we are not only able to give consistent flavours to our spices and masalas but also deliver long lasting flavours.” From basic spices to mixed masalas, MTR’s range has it all. Said Tiku, “Our product line in this category encompasses a wide range of offerings, including a variety of spices, blended masalas, chutney powders and seasoning available in various SKUs to meet the distinct needs of our consumer segments. We have a strong hold in the overall spices market, known for our high quality and authenticity. In terms of market share we are a key player in the southern states of India with strong leadership in Karnataka and Andhra Pradesh in our core segments. In fact, in some of our core masalas, our shares are over 70 per cent.” Another popular brand in north India is Paras Enterprises, which has been in the industry since 1982 and launched its retail brand Orika in 2018, looking at the urban market in a big way. Paras Budhiraja, Co-founder, Orika Spices said that technology has played a significant role in enhancing the quality and prolonging the shelf life of packaged spices. “One notable advancement is the adoption of the cold grinding technique, which effectively preserves the volatile oils and flavours inherent in spices. Furthermore, in the packaging phase, meticulous measures company follows the “no fillers” practice which gives the consumer the benefit of spices that are pure, giving a wholesome and authentic flavour to the food. South Indian brand MTR Foods has a legacy of over 85 years and over the years has spread its wings not just all over India, but also beyond the borders. The brand began its journey in 1924 with the establishment of the MTR Restaurant by the Maiya family in Bangalore. In 1975, Maiyas diversified into the business of convenience foods and instant mixes. As the business expanded, modernisation and state-of-art facilities, including dedicated lab and printing and packaging facilities, were added. Today MTR is one of the leading players in the southern market and has a sizeable share in north India too. Prerna Tiku, General Manager Marketing, MTR Foods said that as a heritage brand with decades of experience in the culinary space, MTR Foods has been a part of the spice industry, solving for flavour needs of consumers. “Our legacy is deeply rooted in strong cuisine understanding, sourcing great quality ingredients and stringent checks through the value chain, all with the aim of delivering consistent taste and flavours to our consumers. We meticulously source our spices from authentic sources to give the best flavours -- for example in our masalas we use chilli sourced from Byadgi, Karnataka, known world over for FEATURE INDIAN SPICES “The priorities over the next few years are building the brand portfolio with expansion and extension of existing and newer categories aimed at addressing the regional local preferences of the evolving consumers” SANDEEP GHOSH,Business Head, DS Spiceco Photograph by Belchonock

21 October 2023 | B W BUSINESSWORLD | 81 are taken to execute the process within a controlled environment.” Talking about his brand, Budhiraja said, “Our packaging boasts a triple-layer material that significantly extends shelf life, now featuring an innovative zip-lock for the first time. Our aesthetically pleasing packs are not only visually appealing but also designed for reusability. This meticulous approach prevents the introduction of air into the packaging, thus contributing to the overall preservation of spice quality and longevity.” The brand has strong expansion plans ahead. Said Budhiraja, “We’re planning to increase the retailer footprint from the current 7,000 outlets to 20,000 outlets in the current financial year. We’re also looking at exponentially increasing our market penetration on e-commerce and modern trade platforms. A lot of work on ensuring the right product mix, marketing mix; sales team, operations, and supply chain readiness has been done over the last one year before we decided to pursue our objectives more aggressively.” The last one decade has seen a lot of food brands venturing into the spices market as well. Pansari Group is a fivedecade old company that initially entered the market by selling oil. The company introduced spices range under the name “Shasha” three years back in 2020. Spices contribute to 3 per cent of the total revenue of the company. Shammi Agarwal, Director of the Pansari Group said that “Our aesthetically pleasing packs are not only visually appealing but also designed for reusability. This meticulous approach prevents the introduction of air into the packaging, thus contributing to the overall preservation of spice quality and longevity” PARAS BUDHIRAJA, Co-founder, Orika Spices venturing into spices is beneficial for any FMCG business as they come with more value and higher GP (Gross Profit). “We procure spices directly from farmers and local markets. We do sustainable sourcing. As we know India is famous for its spices and each state has its distinctive variety. Likewise, we source black pepper and green cardamom from Kerala, black cardamom from Sikkim, coriander, cumin, and fennel from Rajasthan and Gujarat, chili from Andhra and Karnataka, etc.” Talking about technology, Agarwal said, “We use ancient methods for processing our spices like cleaning, drying, grading, shorting, roasting, and grinding as it helps in maintaining the natural oil content and aromas of spices. We believe that many technologies available right now may increase the shelf life but it will hamper the taste of the spices. To solve the problem of shelf life we have made sure that all our spices are available in small packs so that consumers can enjoy the taste and benefits of Shasha Masale without worrying about the expiration date and wastage.” The group has expansion plans to grow from just the north Indian market to western and southern India as well. “The journey of Pansari Group from a northern India brand to a thriving presence in the western and southern markets has been very satisfying. While our expansion into these territories began just last year, the dedication and strategic approach of our team has already yielded promising results. Our narrative of success persists as we gear up to launch another state-ofthe-art manufacturing facility in Delhi, showcasing an impressive capacity of 500 metric tonnes per month. As we set our sights on the future, our motto of Sehat Aapki Vaada Hamara is the driving force behind our pursuit to provide the best for our consumers at the best available price range,” said Agarwal. Photograph by Igor Tishenko

I N INDIA, the relevance of social impact initiatives is rapidly gaining significance. Moreover, the necessity for ESG (environment, social and governance) considerations is growing in importance, encompassing both the corporate sector and the broader economy. Recognising the paramount importance of social impact within corporate circles nationwide, BW Disrupt, in partnership with BW Businessworld, hosted the second edition of the Social Impact Summit and Awards in 2023. The Initiative The BW Disrupt Social Impact Summit and Awards represent a groundbreaking soUpholders of Social Welfare BW SOCIAL IMPACT SUMMIT/OVERVIEW The BW Social Impact Summit 2023 celebrates influential leaders and contributors in social welfare, initiatives and ESG who have made a significant impact on society, driving positive and lasting change By Nitesh Kumar cial welfare initiative designed to unite professionals and organisations involved in various domains of social welfare. The event serves as a platform for honouring, recognising and celebrating influential leaders and contributors who have left an indelible mark on society, propelling positive and enduring transformations. The Process BW Businessworld reached out to over 500 industry leaders and received more than 72 entries. Subsequently, after a thorough second level of deliberation, a total of 32 nominees were shortlisted and invited to present before the esteemed jury panel.The nominations received for the BW Disrupt Social Impact 2023 underwent a meticulous multi-tier screening and shortlisting procedure to identify the most deserving winners. The jury process adhered to a specific set of parameters for evaluating the entries, including expansion, leadership journey, milestones achieved, challenges encountered, solutions implemented and the rationale behind each nominee’s potential win. 82 | B W BUSINESSWORLD | 21 October 2023 Photograph by Elnur

21 October 2023 | B W BUSINESSWORLD | 83 The Jury The distinguished jury panel, cochaired by Kiran Karnik, Former President of Nasscom and Kris Gopalakrishnan, Chairman of Axilor Ventures and Trustee of Pratiksha Trust, comprised notable members from various sectors. Among them were Anu Aga, Former Chairperson of Thermax and Teach For India; Ranjana Kumari, Director of Centre For Social Research; Bhaskar Chatterjee, CEO of Anil Agarwal Foundation (Vedanta Group); Natasha Patel, CEO of India Sanitation Coalition; Mathew Cherian, Chairperson of Care India; Shalini Bharat, Director/Vice-Chancellor of Tata Institute of Social Sciences; and Annurag Batra, Chairman & Editor-in-Chief of BW Businessworld and Founder of exchange4media Group. This distinguished group brought diverse expertise to the table, ensuring a comprehensive evaluation process. THE WINNERS S.No. Tag Name Designation Organisation 1 Appreciation Certificate Ahaana Bharat Ram Founder Spot On & Off (SOO) 2 Winner Akshay Soni Executive Director, Samuhika Shakti The/Nudge Institute 3 Winner Anjali Makhija Trustee & Chief Executive Officer SM Sehgal Foundation 4 Winner Anjlee Prakash Chairperson Learning Links Foundation 5 Joint Winners R.V. Ramani Founder & Managing Trustee Sankara Eye Foundation India Radha Ramani Co-founder 6 Winner Umang Mathur CEO Dr.Shroff’s Charity Eye Hospital 7 Winner Y. Suresh Reddy CSR Lead & Director SRF Foundation 8 Winner John Paul Senior Director, Centre for Rural Development The/Nudge Institute 9 Winner Kalpana Viswanath Founder & CEO Safetipin 10 Winner Pradeep Singh Mehta Secretary General Consumer Unity & Trust Society (CUTS) 11 Winner Rajesh Krishnan CEO United Way Bengaluru 12 Winner Ravi Sreedharan President & Co-founder Indian School of Development Management (ISDM) 13 Winner Ruby Ahluwalia Founder Sanjeevani...Life Beyond Cancer 14 Winner Santosh Raosaheb Surve In-charge Education Deepak Foundation 15 Winner Sudha Srinivasan CEO, Centre for Social Innovation The/Nudge Institute 16 Lifetime Achievement Award Rajashree Birla Chairperson Aditya Birla Centre for Community Initiatives and Rural Development

84 | B W BUSINESSWORLD | 21 October 2023 RAJASHREE BIRLA, a prominent figure in the world of philanthropy, has devoted her life to upholding a tradition of benevolence and social responsibility that spans more than a century. Her journey, deeply rooted in her family’s values, stands as an inspiring example of how a single individual can have a profound impact on society. Born into the illustrious Birla family, Rajashree Birla acknowledges the remarkable achievements of her predecessors and their dedication to philanthropy. Her speech at the BW Social Impact Summit illuminated the integral role that philanthropy has played in her family’s legacy. She highlighted India’s ongoing transformative journey, attributing it to enlightened government policies, developmental initiatives, and the participation of individuals, corporations, and NGOs. Despite grappling with challenges such as inflation, escalating prices, and unemployment, she remains optimistic about India’s progress under the proactive leadership of the government. Her speech delved into the historical origins of her family’s philanthropic pursuits. She paid homage to her grandfather-in-law, Ghanshyam Das Birla, a visionary who believed fervently in the potential of philanthropy. “His inspiration stemmed from the principles of sacredness and faith in the divine, which propelled his commitment to addressing societal disparities,” she said. A pivotal influence on the Birla family’s philanthropic odyssey was Mahatma Gandhi, with whom Ghanshyam Das Birla shared a mutually beneficial relationship. Their collaboration during the freedom struggle and beyond brought hope and enlightenment to India during tumultuous times. Gandhi’s philosophy of leading a simple life while nurturing noble ideals resonated deeply with the Birla family, shaping their approach to business and wealth as instruments for societal upliftment. Rajashree Birla recounted various instances of her family’s contributions to education and social welfare. Their support Philanthropist Par Excellence SOCIAL IMPACT RAJASHREE BIRLA, Chairperson, Aditya Birla Centre for Community Initiatives and Rural Development extended to endeavours such as the Aligarh Muslim University, educational institutions, and relief efforts during crises such as the Bengal famine of 1943. Today, their commitment to education persists, with a particular focus on creating opportunities and a level playing field, especially for underprivileged children. The speech also shed light on the expansion of educational institutions, including BITS Pilani, under the guidance of Kumar Mangalam Birla, the fourth-generation leader of the group. Rajashree Birla takes immense pride in the fact that this spirit of giving and caring has been passed down to the fifth generation of the family, who continue to establish institutions aimed at elevating communities. She stressed the significance of giving back to society and urged individuals to make a difference in the lives of others. She believes that everyone possesses the potential to serve and contribute, regardless of the magnitude of their efforts. Her words echoed the sentiment of Martin Luther King, who famously remarked, “Everyone can be great because everyone can serve.” By Bhupendra Paintola A philanthropist and a member of the illustrious Birla clan, Rajshree Birla has continued her family’s century-long legacy of giving Photograph by Naval Kishor

21 October 2023 | B W BUSINESSWORLD | 85 WHEN IN GRADE 9, Ahaana Bharat Ram, Founder, Spot On & Off started SOO by conducting menstrual hygiene workshops and distributing reusable sanitary pads through collaborations with various entities including NGOs. “I set up the ‘Garima’ reusable sanitary pad unit at the Blind Relief Association, Delhi and developed a stitching manual for them. The kit promotes dignity for its users, provides employment for visually impaired women and addresses sustainability,” says Ram. For Ram, one challenge when undertakA Born Leader ing camps for SOO was sharing the information in vernacular languages. “So, I took help from some doctors to prepare materials that were accurate and made the girls and women I spoke to at ease.” Another challenge was starting SOO and carrying out drives during the Covid-19 pandemic. Hence, collaborating with NGOs allowed her to access girls in remote parts during the pandemic. Ram asserts that public speaking pushed her to become more adept at this skill when interacting with these girls. She says as a leader, it’s essential to listen to the people and develop solutions that provide sustainable benefits to all its stakeholders. Ram is planning to expand the project’s outreach to communities in both rural and urban settings by conducting awareness drives in government schools and further the impact of the reusable pad unit at the Blind Relief Association. By Abhishek Sharma SOCIAL IMPACT “As a leader, it's essential to listen to the people we support and develop solutions that are owned by them, solutions that provide sustainable benefits to all its stakeholders,” says Ahaana Bharat Ram AHAANA BHARAT RAM Founder, Spot On & Off (SOO) Uplifting Livelihood & Dignity At Saamuhika Shakti (SaaS), Akshay Soni spearheads a collective impact initiative geared to solving problems faced by waste pickers in Bengaluru THE STRONG DESIRE to create a larger impact on society drove Akshay Soni, Executive Director, Samuhika Shakti, The/Nudge Institute to switch from a flourishing corporate career to the social sector. However, figuring out which parts of his previous experience were transferable to help social sector founders was a challenge — both from a process orientation and scaling perspective. As someone coming from a position of privilege, immersion was also a challenge for him in order to truly understand the level of pain on the ground. This led him to spend more time interacting with people on the ground and key stakeholders to gain a more holistic understanding, rather than simply crafting unrealistic and unimpactful interventions from his office. Another challenge for Soni was designing the accelerator programme for social entrepreneurs as it involved not only conceptualising a unique product but also generating trust among risk-averse donors. Akshay’s move to Saamuhika Shakti (SaaS), a project that brings several organisations together to solve issues faced by informal waste pickers and their families, presented yet another struggle. He had to take collaboration from being a persondriven approach between non-profits to being institutionalised as a process for a set of diverse non-profits in the programme. By Abhishek Sharma AKSHAY SONI Executive Director - Samuhika Shakti, The/ Nudge Institute Photograph by Naval Kishor Photograph by Naval Kishor

86 | B W BUSINESSWORLD | 21 October 2023 SOCIAL IMPACT Empowering Rural Communities “By focusing on multiple interventions, I create a multiplier effect that leads to sustainable and lasting impacts on areas such as health, agriculture development, water management, livelihood programs and good governance,” says Anjali Makhija GROWING UP AS a young woman, Anjali Makhija, Trustee and CEO, SM Sehgal Foundation was keenly aware of how women and girls are considered secondary in a conservative society like India. However, she grew up in a culture of equity and equality for both genders. “My scholastic background also gave me an insight into the social science domain as I joined a leadership programme for young people, which made me inclined to work in the area of community development,” says Makhija, who joined S M Sehgal Foundation in 2000. Makhija works with rural communities on issues like water, agriculture and capacity building, and has led initiatives that enable rural communities to be development-oriented. “I was more of a catalyst and community mobiliser to bring the desired change amongst the communities that needed attention. Though I now lead the team as trustee and CEO, with my feet on the ground and strategies to empower rural India together with the local communities.” Makhija says the team at the foundation acknowledges the interconnected requirements in rural areas, hence she adopted a comprehensive approach focusing on water, agriculture, local participation and transforming schools. While talking about the foundation’s expansion plan, she says that they want to do organic expansion with support from CSR partners especially in the aspirational districts and in the backward regions and expansion within existing states, reaching more villages and blocks. By Abhishek Sharma ANJALI MAKHIJA Trustee & CEO, S M Sehgal Foundation I T HAS BEEN a remarkable yet difficult journey for Anjlee Prakash. As she went about giving underserved communities access to a learning environment that accepts diversity, nurtures creativity and builds an ability to shape one’s future, it took her two decades to scale her initiative to 1,400 committed employees from a team of 10 in 2002. “Since inception, we have empowered 1.8 million students, 2.2 million Creating Social Impact Through Learning At Scale teachers, 6.8 million community members, and became a member of global consultative group,” she says. While it is still challenging for many companies to scale up sustainably, Learning Links Foundation has overcome this by demonstrating evidence-based change, winning government buy-in, adopting data-backed approaches to deliver impact, and leveraging this success to seek funding for expansion. One of the company’s programmes, which was launched in 30 schools in a Tamil Nadu district in 2016, is now operational in five states, impacting over 1,000 schools. The visibility and social impact become evident when a foundation secures funds from top companies. “Our primary funding source is grants, and our main investors include Ashok Leyland, Amazon Development Centre (India), and Dell Technologies,” says Prakash. By Poonam Singh Since 2002, Anjlee Prakash’s foundation has grown to empower millions, foster sustainability, and secure support from top companies, leaving a lasting impact ANJLEE PRAKASH Chairperson, Learning Links Foundation Photograph by Naval Kishor

21 October 2023 | B W BUSINESSWORLD | 87 THE JOURNEY BEGAN in 1977 under the guidance of R. V. Ramani, starting with a single hospital. Today, Sankara Eye Foundation India has expanded to 12 hospitals across nine states in India, with a track record of screening over 4.6 million patients and 5.9 million children. The foundation has performed over 2.2 million free eye surgeries and introduced Vision Centres equipped with Tele Ophthalmology technology. The community outreach model currently spans 14,000 villages in 84 districts across seven states in India Evolving Eye Care Triumph and is poised for further growth under the Vision 2020 initiative. Establishing the required infrastructure and equipment was indeed a challenge for Ramani. To address this, Sankara Eye Foundation India added a new name - the Sankara Academy of Vision - as its capacitybuilding arm. “Raising funds will never be a challenge for Sankara Foundation, as when you have multiple hands raised together in support. This has been proven as the foundation receives support from several foundations and NGOs like Sight Savers International, Bajaj Foundation in Indore, and support from the Chanrai family under the Mission for Vision Trust Programme, in addition to support from the Tata Group, Microsoft, and Arm Technologies for eye care. They support us by helping conduct subsidised surgeries for needy people through funds as well as technology,” said Ramani. By Poonam Singh Raising funds will never be a challenge for Sankara Foundation, as when you have multiple hands raised together in support R.V. RAMANI Founder & Managing Trustee RADHA RAMANI, Co-founder, Sankara Eye Foundation India Century-old Legacy Continues Dr. Shroff’s Charity Eye Hospital focusses on developing sustainable funding models that generate consistent revenue stream over time WHEN IT COMES to maintaining the century-old legacy, it has become a challenge for some, but not for Umang Mathur, CEO of Dr. Shroff’s Charity Eye Hospital (SCEH). His desire to make a positive impact on people’s lives, particularly those who may not have access to quality healthcare due to economic or social constraints, is commendable. Founded in 1914 by Sorabji P. Shroff, SCEH is one of the most sought-after eye care centres in Delhi. It has already examined more than 2.5 million patients, including 504,740 in hospitals, 226,222 at Vision Centres, and 1,966,695 through door-to-door screenings. The corporate sector has always come forward in support when it comes to help the community. The Dr. Shroff’s Charity Eye Hospital is fortunate enough to secure funds from corporates, NGOs, government and individuals. Today, SCEH focusses on developing sustainable funding models that generate consistent revenue stream over time. One approach is to cultivate relationships with individual donors, corporations and foundations that are committed to supporting the organisation’s mission and goals. “By taking a holistic approach to sustainability, we now can ensure providing quality healthcare services to their communities for years to come,” said Mathur. By Poonam Singh UMANG MATHUR Chief Executive Officer, Dr. Shroff’s Charity Eye Hospital Photograph by Naval Kishor

88 | B W BUSINESSWORLD | 21 October 2023 Developing A Holistic Programme Understanding the need for a more holistic programme with inclusive interference, Y. Suresh Reddy is known to have widened the programme portfolio from mere education to skilling, health, environment, disaster management and art and culture BEGINNING WITH A team of just two, Y. Suresh Reddy built the SRF Foundation’s team to 170 members. He also expanded the programme from one location to 24 locations covering 12 states. Reddy has also enhanced the programme budget from less than a crore in the financial year 2010 to Rs 50 crore in financial year 2024. Reddy has developed SRF Foundation as a platform and brought 15 different partners like Microsoft, Shell, IndiGo Airlines, HP, Capgemini, Brillio, Sunrise Sports, PNB, AIF, Signify, IBM, Coca Cola, Tetra Pak, Schneider, CARE India, ToI, NDTV and UN on board to scale the programmes. Understanding the need for a more holistic programme with inclusive interference, he has widened the programme portfolio from mere education to skilling, health, environment, disaster management and art and culture. Under Reddy’s guidance, SRF Foundation reached 465 government schools across 24 locations in 12 states, providing quality education to over 1,78,702 students, and training 3,397 teachers and 465 headmasters. It has covered 10,905 children from 308 Anganwadis across seven locations for pre-school education. Through the vocational skills programmes, the foundation has trained and placed 1,785 unemployed youth from 13 locations across eight states. By Tarannum Manjul Y. SURESH REDDY Chief Social Responsibility Lead & Director, SRF Foundation J OHN PAUL’S CONTRIBUTION towards poverty alleviation in India is something one cannot miss easily. He has dedicated seven years of his life to working towards a poverty-free India, with a vision to achieve this within his lifetime. Paul has built programmes for underprivileged youth, households impacted by Covid, and ultrapoor households. With a vision to reach out to the poverty-stricken population and Marching Ahead With A Mission To Alleviate Poverty provide them with better basic facilities, Paul identified potential government partnerships to improve the ecosystem linkages, ensuring the maximum benefit to those who need it most. He has successfully scaled programmes during the pandemic, ensuring that the beneficiaries of various programmes of the Centre for Rural Development continued to receive support when they needed it the most. Paul is a leader in rural development and has established first-of-its kind initiatives to help uplift marginal sections and generate livelihood. He established a skill training programme for underprivileged youth, producing 4,800 graduates in four years with 100 per cent employment. Paul is also working towards rebuilding sustainable livelihood for migrant workers, especially women impacted by Covid. This has impacted 80,000 plus families across eight districts. By Tarannum Manjul JOHN PAUL, a leader in rural development has established first-of-its kind initiatives to help uplift marginal sections and generate livelihood JOHN PAUL Senior Director - Centre for Rural Development, The/Nudge Institute Photograph by Naval Kishor Photograph by Naval Kishor SOCIAL IMPACT

21 October 2023 | B W BUSINESSWORLD | 89 KALPANA VISWANATH HAS built a solution that is unique as it addresses urban safety and women’s rights using technology as an enabler rather than just imagining an emergency app. Her organisation’s tools aim to expand women’s rights in the city. Through her organisation Safetipin, Viswanath has done safety audits in over 60 cities in India and globally and has had active collaborations Aspiring To Create Safe Spaces For Women with over 25 city and municipal governments. Under her guidance, Safetipin uses data strategically to help city stakeholders through recommendations for improving urban spaces and services. Viswanath has written extensively on the issue in academic and popular modes and has established herself as a thought leader. She has been an advocate for women’s safety and safe spaces at several platforms. Viswanath has worked with over 10 cities personally to help them design safe city programmes in partnership with UN Women and UN Habitat. She was the first to introduce safety audits in India in 2003 as part of Jagori, which has led safe city projects in Argentina, Tanzania, India and supported them in Vietnam, Cambodia etc. She is also a member of Delhi LG Committee on Women’s Safety and IBPD Micro mission of Safe city indicators, apart from founding Safetipin and ‘My Safetipin app’ for crowdsourcing data on women. By Tarannum Manjul Through her organisation Safetipin, Kalpana Viswanath has done safety audits in over 60 cities in India and globally and has had active collaborations with over 25 city and municipal governments KALPANA VISWANATH Founder & Chief Executive Officer, Safetipin Father Of Consumer Movement Pradeep S. Mehta is credited with playing a key role in the adoption of the Consumer Protection Act as well as the Competition Act APIONEER IN consumer rights and economic policy advocacy, Pradeep S. Mehta founded the Consumer Unity & Trust Society (CUTS International) in 1983, starting with minimal resources and operating out of a garage in Jaipur. Today, CUTS International has evolved into a global NGO with a presence in six overseas centres in Washington DC, Geneva, Accra, Lusaka, Nairobi, and Hanoi, along with four offices in India, including the headquarters in Jaipur. Called the ‘Father of the Consumer Movement’ in Rajasthan, Mehta’s key achievements and contributions include his involvement in the adoption of the Consumer Protection Act in 1986, the Competition Act in 2002, and his membership in various committees of the Competition Commission of India. He also played a pivotal role in drafting a national competition policy in 2011 and served as the chairman of the Planning Commission’s Task Force on National Competition Policy. Mehta’s funding approach has included securing support from the Government of India, foreign governments, and various foundations in India, the USA, and Europe. His candidature for the award is compelling for several reasons: establishment of a global NGO with its HQ in a Tier-2 city; role in building new institutions; advisory positions at both national and international levels and his strong global advocacy for economic equity and social justice. By Bhupendra Paintola PRADEEP SINGH MEHTA Secretary General, Consumer Unity & Trust Society (CUTS) Photograph by Naval Kishor Photograph by Naval Kishor

Engineering Social Change Rajesh Krishnan’s journey from a qualified engineer to a prominent figure in the social sector has been marked by his dedication and commitment to creating positive social change RAJESH KRISHNAN, the CEO of United Way Bengaluru (UWBe), is a dynamic leader whose journey from a qualified engineer to a prominent figure in the social sector is nothing short of inspiring. His leadership has been characterised by his unwavering commitment to creating positive social change. Driven by a desire to make a difference in the lives of underprivileged children, Krishnan immersed himself in the Teach for India programme. It was during this experience that he discovered his true calling in social engineering. Recognising Krishnan ‘s dedication and leadership potential, UWBe offered him a full-time role, a decision that would prove transformative for UWBe. He played a pivotal role in scaling up funding from Rs 5 crore to an impressive Rs 125 crore, enabling UWBe to expand its geographical reach from Bengaluru to nine other states in India. Krishnan’s biggest challenge, the pandemic, was met with resilience. The organisation adapted, addressing issues step by step, securing government permissions, and mobilising resources to support communities in crisis. They successfully vaccinated over 1.04 crore people, among other initiatives. His fundraising approach involves partnering with corporations as advisors and implementation partners, aligning their CSR goals with community needs. Under his leadership, corporate partnerships grew from 10 to over 100, emphasising the power of volunteering and mutual engagement. By Bhupendra Paintola RAJESH KRISHNAN Chief Executive Officer, United Way Bengaluru RAVI SREEDHARAN HAS an impressive 24-year career spanning both the corporate and social sectors. An alumnus of IIT-BHU and IIM Ahmedabad, Sreedharan’s corporate journey took him to 30+ countries as the President, Director, and CEO of Bank Ekonomi, acquired by HSBC. In 2011, he made a significant career shift, joining the Azim Premji Foundation as the Head of Education, Leadership, and Management. From Banking To Philanthropy Together with two co-founders, he established the Indian School of Development Management (ISDM) in 2016. Throughout his journey, Sreedharan has achieved significant milestones, including working extensively in remote villages in Kerala, receiving the Marico Innovation Award in 2020, and establishing the first Centre of Excellence for Philanthropy in 2021. ISDM’s funding includes seed capital from high-net-worth individuals (HNIs) amounting to Rs 16 crore, generating Rs 5.67 crore in revenue over the last six years, and raising approximately Rs 60 crore. In the coming years, ISDM plans to enrol 180 students in the postgraduate programme, reach around 9,000 users, create over 200 knowledge assets, and establish a high-tech campus.Sreedharan’s achievements are underscored by ISDM’s unique contribution to the development sector, its transformative impact, outstanding student placement record, and global partnerships. By Bhupendra Paintola Throughout his journey, Sreedharan has achieved significant milestones, receiving the Marico Innovation Award in 2020, and establishing the first Centre of Excellence for Philanthropy in 2021 RAVI SREEDHARAN President & Co-founder, Indian School of Development Management Photograph by Naval Kishor SOCIAL IMPACT