DLF’s K P Singh: ‘It’s Time We Had A Debate On Urbanisation’ Rs 150 Joe Foster: How Reebok Became A Household Name MOST INFLUENTIAL WOMEN Change agents who are adding value to India’s economy & society, working towards success with purpose SPECIAL ISSUE www.businessworld.in RNI NO. 39847/81 I 25 MARCH 2023
4 | BW BUSINESSWORLD | 25 March 2023 “Today, women are playing leading and significant roles in all spheres. They are setting unprecedented records. They are awakened and are holding leadership positions in many areas. Their ideas, thoughts and values can lead to the creation of a happy family, ideal society and a prosperous nation.” – President Droupadi Murmu To achieve gender equality, we may well have to wait for another 300 years, if the current rate of progress continues, warns a UN report. The report highlights that the women’s condition has got a lot worse in the last three years, in the face of the Covid-19 pandemic, conflicts and climate change. We are, however, impatient for change. Waiting for three centuries for something as fundamental as gender equality is not an ideal situation. On the International Women’s Day recently, we renewed our resolve to achieve gender equality and equity. We, at BW Businessworld, marked the day with a series of events where we invited top women business and corporate leaders to share insights on how to make the transition to a just, equal world quicker, faster. It’s only proper, then, that the current issue of BW Businessworld showcases and celebrates women power: women leaders of India Inc and policy space who have risen against all odds, and set examples for others – men and women alike. The list of BW Businessworld Most Influential Women (MIW) proves women leaders always leave their mark – no matter how big the hurdle is. This issue of BW Businessworld is special for another reason. Those following BW Businessworld may have noticed that Reebok founder Joe Foster graced our Business Literature Festival only recently. In this issue, we carry a special interview with the remarkable founder who made the shoe brand a household name, across the world. Talking about remarkable brands, DLF is surely one, when it comes to infrastructure and real estate. I caught up with its chairman emeritus K. P. Singh recently. Singh’s has been a remarkable life. His success in creating an entire city – Gurugram in Haryana – set new benchmarks for private players. In his interview to me, he spoke about the need to have a national debate on urbanisation. I think this is high time we discussed urbanisation and our masterplans more often. In this issue of BW Businessworld, former CEO of National Health Authority R. S. Sharma discusses how technology can be an equaliser in healthcare in the developing world. We carry his column as the Last Word. You may also find an interview with Infosys founder N. R. Narayana Murthy, being carried in this issue, interesting. This issue has all other ingredients and regular columns. We eagerly wait for your feedback and opinion, issue after issue. Do keep writing in. Happy reading! ANNURAG BATRA [email protected] HALF THE SKY EDITOR-IN-CHIEF’S NOTE
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8 | BW BUSINESSWORLD | 25 March 2023 MAILBOX YOUR COMMENTS TALK BACK www.businessworld.in RNI NO. 39847/81 | 11 MARCH 2023 AMAN GUPTA&SAMEERMEHTA,FOUNDERS OF boAt, THE HOMEGROWN D2C ELECTRONICS & WEARABLE BRAND, ON THE RECENT RS 500 CRORE FUND BOOST & CONNECT-TO-CONSUMER MAGIC THE DIRECT TO CONSUMER ISSUE RIDING THE CREST THE $55 BILLION INDIAN D2C MARKET CELEB TURNED ENTREPRENEUR ALIA BHATT ON WHY PURPOSE IS AT THE CORE OF ED-A-MAMMA KANWALJIT SINGH MANAGING PARTNER & FOUNDER, FIRESIDE VENTURES DARPAN SANGHVI GROUP FOUNDER & CEO, THE GOOD GLAMM GROUP EXCLUSIVE INTERVIEWS: THE D2C GROWTH STORY This refers to the editorial (“Disruption Proof: India’s $55 billion D2C sector ”, BW, March 11). The article made for an interesting read, to say the least. The authors point out that with an expected CAGR of 34.5 per cent during the 2022-2027 period, the total addressable D2C market in India is forecast to hit $100 billion by 2025. It is good to know that D2C businesses in India attract attention not only for their meteoric rise but also for the different strategies that enable this sector to be more resilient in the face of uncertainties. Acquisitions and consolidation, monetising India’s Tier-2 and Tier-3 markets, growing newer business verticals and sectors, and making the most of all available channels are coming together to allow businesses to pivot faster and not stagnate. NIKHIL ARORA, EMAIL PERSONALISED EXPERIENCES This refers to the editorial (“An Ongoing Growth Story ”, BW, March 11). The author rightly points out that D2C brands are expected to be on the growth trajectory in India as they have a direct relationship with their customer, bypassing traditional distribution channels and the challenges that come with it. This allows them to gather data and feedback to improve the products, like never before. The user information gives these D2C brands the ability to create personalised experiences for their customers, leading to loyalty, which is difficult to get, usually. SHIKHA DAVE, EMAIL CORRIGENDUM In the issue dated January 28, 2023, the header in Last Word should have read “Beyond New Year Resolutions”. The error is regretted. BLIPP THIS PAGE TO GIVE US YOUR FEEDBACK INSTANTLY Submissions to BW |Businessworld should include the writer’s name and address and be sent by email to the editor at [email protected] or by mail to 74-75, Scindia House, Connaught Place, New Delhi-110001
25 March 2023 | BW BUSINESSWORLD | 9 I NDIA remains a patriarchal society. Fortunately, businesses are making great strides to bridge the gender gap. In fact, according to Statista, the proportion of women in Chief Executive Officer (CEO) roles in India was 55 per cent in 2022, more than double the global average of 24 per cent — but much more work needs to be done for the rest of the workforce. One of the companies leading the charge for a more equitable future is TaskUs, a provider of outsourced digital services and next-generation customer experience. Compared to India’s 17-19 per cent Diversity Industry Standard, women at TaskUs India make up nearly 40 per cent of the total workforce, and more than 30 per cent of the company’s leaders in India are women. Senior Vice President of Operations and Geo Leader Sapna Bhambani is a staunch advocate of gender equality. “True progress in empowering women requires more than just words; it demands bold action from companies and leaders to break down barriers, challenge bias, and create a culture and space where every woman can thrive,” said Bhambani. Sapna has dedicated nearly two decades of expertise to push for innovation, women empowerment, and equal opportunities for career advancement within the IT-BPM industry. “Believe in your people, instil Passion and Pride, and give them Purpose, which leads to superlative performance,” as Sapna always says. For her, people go first then performance follows. This month, TaskUs, with Sapna at the helm, joins the world in celebrating women. Anchored in this year’s International Women’s Day theme, #EmbraceEquity, TaskUs continues to champion diversity and inclusion. TaskUs takes an active stance in providing a safe space for women through various programs and benefits : n Maternity coverage for caesarean and normal delivery. n Fertility treatment. n 26 weeks of maternity leave plus 12 weeks of adoption leaves. n Gender reassignment surgery and hormone therapy. n Daycare facilities. n Scholarship program for up to 2 children. n Mentorship and career pathing. TaskUs is committed to providing a variety of leadership and upskilling training programs for female teammates to hone their potential. “As we continue to break the glass ceiling, it is vital to celebrate women’s achievements and hear and recognise their voices. It is a continuous journey that requires commitment and support as we push for progress,” Bhambani concluded. Because of its investment in its employees, TaskUs has been named the Fastest Growing Service Provider in the 2022 Everest Group Business Process Services Top 50 Report alongside multiple “Best Places to Work” awards, while Sapna herself received multiple accolades, including a Stevie Award for Women in Business in the “Female Executive of the Year – More Than 2,500 Employees” category for her outstanding leadership and commitment to employee well-being. To learn more about TaskUs, visit https://www. taskus.com or on social media: @TaskUsIndia Leading with Purpose: Empowering Women and Championing Equity, Diversity, and Inclusion SAPNA BHAMBANI: Senior Vice President of Operations and India Geo Leader, TaskUs
10 | BW BUSINESSWORLD | 25 March 2023 CONTENTS Cover design by DINESH S BANDUNI Leading From The Front Women innovators, entrepreneurs, actors, corporate leaders, officials and politicos who are contributing to society and the economy in meaningful ways 12 Jottings 42 States cross swords in tug of war over FDI; More EoDB in ecommerce; India’s per capita income doubles; New Hallmark rules and more 16 Columns Minhaz Merchant (p. 16); Vikas Singh (p. 18); Amit Kapoor & Amitabh Kant (p.20); Amit Tiwari (p. 22); Krishan Kalra (p. 90); Srinath Sridharan (p. 94); Jayesh Shah (p. 96); Kiran Karnik (p. 102); Srinath Sridharan & Steve Correa (p.104) 30 Murthyspeak NR Narayana Murthy shares his insights on corporate governance, self-reliance, India’s economic potential, compassionate capitalism, job creation, business climate today, work-from-home, work-life balance, people who influenced him and much else 36 In Conversation Kushal Pal Singh, Chairman Emeritus, DLF Group on the role of the private sector in developing cities at scale, on his journey as a developer, on town masterplans, good and bad developers, India’s urbanisation story, and much more 100 Interview Vishal Khurma, CEO, Woxsen University on a broad vision for the university, emphasis areas for new-age B-schools and universities, a data-driven approach to teaching, the various rankings of institutions, and much more VOLUME 42, ISSUE 11 25 MARCH 2023 MOST INFLUENTIAL WOMEN Photograph by Pureimagination
25 March 2023 | BW BUSINESSWORLD | 11 The pages in BW Businessworld that are labelled BWi or Promotions contain sponsored content. They are entirely generated by an advertiser or the marketing department of BW Businessworld. Also, the inserts being distributed along with some copies of the magazine are advertorials /advertisements. These pages should not be confused with BW Businessworld’s editorial content. TOTAL NO. OF PAGES INCLUDING COVER 116 MOST INFLUENTIAL WOMEN PROFILES 44The Heavyweights Dipali Goenka, Welspun India Falguni Nayar, Nykaa Kiran Mazumdar Shaw, Biocon Anita Dongre, House of Anita Dongre Najma Akhtar, Jamia Millia Islamia Lavanya Nalli, Nalli Silk Sarees Nisaba Godrej, Godrej Consumer Products Vibha Padalkar, HDFC Life Soma Mondal, SAIL Suchitra Ella, Bharat Biotech International 52The Captains Daisy Chittilapilly, Cisco India & Saarc Nadia Chauhan, Parle Agro Hina Nagarajan, Diageo India Schauna Chauhan, Parle Agro Sulajja Firodia Motwani, Kinetic Green Prativa Mohapatra, Adobe India Vinita Singhania, JK Lakshmi Cement Suchita Oswal Jain, Vardhman Textiles Somdatta Singh, Assiduus Global 60The Guardians Alka Upadhyaya, Secretary Annapurna Devi, MoS Urvashi Prasad, NITI Aayog Droupadi Murmu, President of India B.V. Nagarathna, Judge, Supreme Court Darshana Jardosh, MoS Hima Kohli, Judge, Supreme Court Leena Nandan, Secretary 114 Last Word National Health Authority’s former CEO RS Sharma on technology’s potential to transform public healthcare in nations which are at a cusp of growth and development, and much more 106 The Shoe Maker Joseph William Foster, Co-founder of Reebok on his maiden book, Shoe Maker, what lead him to write it, the remarkable journey of the legacy shoe brand, the challenges he faced while setting up the shoe brand, and more Nirmala Sitharaman, Finance Minister Priyanka Gandhi Vadra, AICC Madhabi Puri Buch, SEBI Meenakshi Lekhi, MoS Pankaj Mittal, AIU Smriti Zubin Irani, Union Minister 68The Headliners Anupriya Acharya, Publicis Groupe South Asia Aparna Purohit, Amazon Prime Video Deepali Naair, IBM Irina Ghose, Microsoft India Isha Ambani, Reliance Retail Monika Shergill, Netflix Priti A. Sureka, Emami Photograph by Vilas Kalgutker Photograph by Bobby Singh Nivruti Rai, Intel India Sindhu Gangadharan, SAP Labs India 74The Catalysts Aditi Bhosale Walunj, Repos Energy Priyanka Gill, The Good Glamm Group Bhavna Udernani, Adhaan Solutions Ghazal Alagh, Hanasa Consumer Neelam Dhawan, ICICI Bank Punita Kumar Sinha, Pacific Paradigm Advisors & ParadigmARQ Radhika Gupta, AMFI Sonia Dasgupta, JM Financial Meena Ganesh, Portea Medical Vineeta Singh, SUGAR Cosmetics Upasana Taku, MobiKwik 82The Culturati Alia Bhatt, Actor & Entrepreneur Bharti Kher, Painter & Sculptor Deepika Padukone, Actor Ekta Kapoor, Balaji Telefilms Gauri Khan, Producer & Entrepreneur Mithali Raj, Former cricketer Guneet Monga, Producer Zoya Akhtar, Director PT Usha, IOA PV Sindhu, Badminton player
12 | BW BUSINESSWORLD | 25 March 2023 JOTTINGS THE UNION GOVERNMENT will soon come out with a national retail and ecommerce policy to give the sector a boost. Sanjiv Singh, Joint Secretary in the Department for Promotion of Industry and Internal Trade, in the Union ministry of commerce said recently that the proposed policy will give retail traders a business-friendly environment as well as access to credit and modern infrastructure. The policy aims to ensure a synergy between ecommerce and retail traders. Overall, it would mean a big push for Ease of Doing Business in both ecommerce as well as physical traders. — Team BW More EoDB in Ecommerce I ndia’s politics may not always unite or bring everyone together. But when it comes to business and investments, Indian states are united in their common purpose and objective – all of them want to be the hub of domestic as well as overseas investments (FDI)! After a row between Gujarat and Maharashtra over prospective investments, Karnataka and Tamil Nadu were engaged in a tussle for some big-ticket investors. Now, it seems that Karnataka and Telangana are competing with each other to get investments from the Foxconn Technology Group. States Cross Swords in Tug of War over FDI Foxconn Chairman Young Liu recently visited India and met Prime Minister Narendra Modi. During his recent trip, he also met the Telangana chief minister on 2 March and the Karnataka chief minister on 4 March. Both the states later claimed that they had “received investments” from the group. Representatives from both the governments have claimed that the group had committed setting up units in their respective states. The more the merrier, we say! — Team BW Photograph courtesy Prime Minister’s Office Photograph by Andrey Popov / Canva
25 March 2023 | BW BUSINESSWORLD | 13 India’s Per Capita Income Doubles! SHOULD INDIANS be celebrating? Yes, if one goes by the numbers-led comparison. Well, not so much, after a close reading between the lines and the analysis that goes with it. The National Statistical Office (NSO) has just released some interesting data sets. One such data point is about the estimated annual per capita income at current prices for 2022-23, which stand at a whopping Rs 1,72,000. This marks a growth of around 99 per cent from the 2014-15 statistics that showed per capita income at Rs 86,647. At first glance the inference is that the average income of an Indian has doubled during the nine-year-plus stint of the NDA government. While that is true in nominal terms, economists, as a senior economist of a leading bank pointed out, are prone to look at real data, wherein the inflation induced depreciation of the Indian rupee becomes a factor. NEW HALLMARK RULES Moreover, the population data has changed too during this spell. International financial institutions are likely to consider the NSO statistics in dollar terms and if one looks at the US dollar to rupee parity, a dollar fetched Rs 62.33 in FY 2014-15. So, India’s per capita income would have been $1,390 in 2014-15, which at the current rupee to dollar parity levels would be $1,059. In dollar terms India’s per capita income for FY 2023 is $2,103 ($1=Rs 81.79 at present). To cut a long story short, while we gloat over an increase in national income and wealth, let’s not celebrate too soon. —Ashish Sinha THE UNION MINISTRY of Consumer Affairs has recently taken a step to protect consumers and enhance their confidence in hallmarked gold jewellery by ensuring traceability and assurance of quality. Sale of hallmarked gold jewellery or artefacts without a six-digit alphanumeric Hallmark Unique Identification Number (HUID) will be prohibited after 31 March, 2023. Till now old hallmarked jewellery with four marks, without HUID, was allowed to be sold alongside the new six-digit HUIDmarked jewellery. However, this caused confusion. The ministry has given jewellers more than 21 months’ time to clear their stock of four-digit hallmarked articles. It is worth noting that hallmarked jewellery purchased under the old system will still be valid. According to current law, if hallmarked jewellery is found to be of lesser purity than the marked ones, buyers are entitled to compensation of twice the difference based on the weight of the article sold and the testing charges. After the introduction of the six-digit HUID system on 1 July, 2021, all articles hallmarked since must be only marked with HUID. The hallmark now consists of three marks, the BIS logo, purity of the article, and the unique six-digit alphanumeric HUID number that can be traced. More shine to gold! —Ashish Sinha Photograph by Sumit Saraswat / Canva Photograph by Denis Vostrikov
14 | BW BUSINESSWORLD | 25 March 2023 The DS Group: Leading The Path To A Sustainable Ecosystem And A Greener Future The DS Group, one of the leading FMCG conglomerates in India, with a strong national and international presence, has been constantly working towards creating and enabling initiatives that can support a sustainable ecosystem. Guided by a clear set of values and built on a strong foundation of philanthropy, corporate social responsibility is an integral part of the Group’s business objectives to enhance livelihoods and build sustainable communities F ounded in the year 1929, the DS Group is one of the leading examples of an organisation that has shown its commitment towards building a sustainable ecosystem. The Group strongly believes that “the environment is everyone’s responsibility.” The DS Group’s Vice Chairman Rajiv Kumar states, “In the pursuit of improved prospects for the future generations and safeguarding our resources, we work to balance environmental, societal, and economic considerations. Our sustainability initiatives are spread across the country in areas of energy management, water management, material conservation, recycling, and waste management. This aligns our business, social and environmental objectives to make a significant contribution to society and the country. This also fulfils our ethos of responsible growth while delivering superior value to all our stakeholders.” The following initiatives taken by the DS Group have not only supported the goal for a sustainable ecosystem, but have also led the way for others to emulate. Water Conservation The DS Group has been diligently undertaking cross-sectoral Integrated Water Conservation and Management projects, through its CSR activities in 6 states, benefitting millions of people from impoverished communities. The Group has developed more than 900 water-harvesting structures, with a cumulative capacity of around 80 lakh cubic metres covering 2,300 hectares of area under irrigation. The Water Economic Zone project by the DS Group and other interventions have been recognised and honoured with the National Water Award, 2020 & FICCI Award (Category- Environmental Sustainability). The ‘Water Economic Zone’ project alone has benefitted 23,000 tribal people in Alsigarh and Kurabad situated in the Udaipur district. The project has significantly improved the water table, introduced efficient irrigation techniques, and used solar energy in agriculture. This also brought around 11,000 hectares of land under double cropping. Green Building Initiative The DS Group Headquarters (DSHQ), housing the corporate office and an R&D centre with state-of-the-art manufacturing facilities has been awarded LEED (Leadership in Energy and Environmental Design) Platinum certification, under the USGBC (US Green Building Council) existing building O&M (Operation and
25 March 2023 | BW BUSINESSWORLD | 15 10,297 tonnes of CO2 emission is reduced. The DSHQ meets 80-82 per cent of energy demand with the help of green power (inhouse rooftop solar + open access solar). Lesser Carbon Emissions By The Workforce The majority of the workforce at the DSHQ uses alternate transport. This results in approximately 4,50,000 tonnes fewer CO2 emissions, which is equivalent to planting 21,600 trees every year. More than 50 per cent of the regularly occupied area at DSHQ has a daylight view, reducing artificial lighting consumption. The DSHQ’s EPA (Environmental Protection Agency) energy star score is 95. Agro Forestry Initiatives In keeping with its vision of safeguarding environmental resources even while responding to in-house requirements, the DS Group entered agri-business with a focus on large-scale plantations by acquiring waste and semi-arid land parcels in different parts of the country and converting them into lush green forests for plantation purposes. The DS Group is well known for its R&D excellence, and here too, the in-house R&D facility focuses on improving variety selection, planting material, a package of practice, soil, and nutrient management. Water conservation is ensured through 100 per cent drip irrigation and with bio mulch (to conserve surface moisture), sub-surface tanks, and ponds. Specially developed water storage structures in the barren lands have not only ensured self-sufficiency in water throughout the year, but also contributed to groundwater replenishment, and an ideal environment for the growth of local bio-diversity. The commitment and steps taken by the DS Group in building a better world for present and future generations are singularly outstanding. Their contribution is noteworthy and they lead the way for others to follow in our quest for a healthy world. n Maintenance) programme version 4.0, making it a global leader amongst all LEED v4 O&M existing buildings worldwide. Holding the highest number of credits amongst existing green buildings, the Group has remained at the forefront for three consecutive years. At the DSHQ an area of 26 per cent is devoted to native vegetation. The building has nine rainwater harvesting pits, and open grid pavers to reduce the storm water run-off from the site and enhance water quantity. The DSHQ also has an organic waste composter making it a closed-loop system of zero organic waste. Indoor water consumption has been reduced by 32 per cent. Outdoor water usage has been significantly reduced by using state-of-the-art systems and technology for irrigation, sewage, and effluent treatment. Journey Towards Green Energy Even though their processes are not energy-intensive, the DS Group has taken numerous initiatives towards green energy in line with the national goal of reaching net zero emissions for environmental protection and combating climate change. Modern technologies have been implemented in various processes to reduce energy consumption, as well as to encourage the use of renewable energy at plants and corporate offices wherever possible. The Group is aggressively moving forward in captive power generation. Roof-top Solar Power Plants with cutting-edge solar technology and a capacity of 2.94 MW have been installed at various locations of the organisation. The DS Group has also entered into Solar Open Access agreements to obtain green energy of approximately 7.49 MW capacity. Through these green energy initiatives, approximately 130.31 lakhs kwh of grid energy is saved and about “Our sustainability initiatives are spread across the country in areas of energy management, water management, material conservation, recycling, and waste management. This aligns our business, social and environmental objectives to make a significant contribution to society and the country” -RAJIV KUMAR, Vice Chairman, DS Group
16 | BW BUSINESSWORLD | 25 March 2023 NDIA’S BOOMING SERVICES exports could come to the country’s rescue even as merchandise exports slump in the face of the grinding war in Ukraine. In January 2023, the value of services exports for the first time caught up with merchandise exports, shaving the nett monthly trade deficit to near-zero. Total services exports in January hit a record high of $32.24 billion (Rs 2.68 lakh crore). Merchandise exports ended only a fraction higher at $32.91 billion. Taken together, the overall trade deficit in January 2023 was minuscule. If this trend continues, the current account deficit (CAD) in 2022-23 will be lower than expected. In the ten months from April 2022 to January 2023, the merchandise trade deficit was a humongous $233 billion, largely due to high crude oil and commodities prices. In sharp contrast, services exports during April-January recorded a trade surplus of $121 billion. This trimmed the overall trade deficit in goods and services to a manageable $112 billion. With the monthly trade deficit down to near-zero in January, FY23 could end with an overall trade deficit of around $120 billion. Nett remittances are meanwhile likely to top $100 billion in 2022-23, leaving India with a healthier CAD than estimated. Add nett foreign direct investment (FDI) of well over $50 billion and the balance of payments (BoP) could end up in positive territory. Even three months ago, that seemed a bridge too far. While information technology services account for 50 per cent of India’s services exports, finance, healthcare consultancy, education, hospitality, travel and tourism are showing a sharp uptick. An estimated $160 billion worth of global IT deals are up for renewal in the next quarter. With international firms cutting costs and laying off staff, Indian IT companies like TCS, Infosys, HCL and Wipro with lower costs than foreign-based competitors are expected to win a large share of renewed and new contracts. Tourism too is likely to be boosted by India’s high-profile G20 presidency. Large foreign delegations have already visited India as part of nearly 200 domainspecific forums. The aviation industry is gearing up to cater to a surge in inbound and outbound travel in business, leisure and adventure. Air India’s order of 470 Boeing and Airbus aircraft will take the total number of passenger planes in India to 1,200 – still lower than China’s 4,000 commercial passenger aircraft. India’s largest airline, Indigo, is expected to take delivery of over 200 previously ordered aircraft in the next two years. Air India too has options for 400 more aircraft as it proceeds with its merger with Vistara in partnership with Singapore Airlines. To boost tourism revenue, airport infrastructure needs to keep pace with the surge in aircraft deliveries. The new greenfield airports at Noida and Navi Mumbai along with several others around the country could substantially raise inbound leisure and business traffic. In a recent article, former RBI governor Raghuram Rajan and Pennsylvania State University economist Rohit Lamba argued that India should not follow Services Exports Take Off I Minhaz Merchant COLUMN MINHAZ MERCHANT The writer is the biographer of Rajiv Gandhi and Aditya Birla and author of The New Clash of Civilizations (Rupa 2014). He is founder of Sterling Newspapers Pvt Ltd., which was acquired by the Indian Express Group
25 March 2023 | BW BUSINESSWORLD | 17 made it easy to provide high value added services at a distance. If a consultant can work from home in Chicago to service clients in Austin, can’t she do the same from Hyderabad? The markets for services like consulting, legal and financial advisory, education and telemedicine are ripe for globalisation. And services delivered online, unlike goods, do not cross a physical border where they can be stopped. “Second, a key element in providing these services is shared values and trust, especially around the data harvested. This automatically puts a number of authoritarian countries like China and Russia at a disadvantage. No customer cares where they are buying a vacuum cleaner from, so long as it works well. But if they are asked to share their medical or financial data, or their firm’s strategy, they care very much. Will the provider protect their data? It helps if the provider comes from a transparent and tolerant democracy that is driven by the rule of law.” India’s manufacturing impetus is aimed not only at boosting exports of goods but at cutting imports of manufactured merchandise that can be made in India. China’s manufacturing-led export policy but instead focus on a services export-led strategy. This is what they wrote: “The government has been trying to promote manufacturing, partly through better logistics but primarily through higher tariffs and production subsidies. India tried this before and failed, for straightforward reasons. A tariff on inputs is a tax on exports. Any manufacturing exports-led growth strategy today faces protectionism from developed countries, reluctant to accept another China storming its India’s manufacturing impetus is aimed not only at boosting exports of goods but at cutting imports of manufactured merchandise that can be made in India. Much of this involves a beneficial transfer of advanced technology as in recent defence and aviation deals. A hybrid manufacturing and services export strategy is best suited to India Much of this involves a beneficial transfer of advanced technology as in recent defence and aviation deals. A hybrid manufacturing and services export strategy is best suited to India. Madan Sabnavis, chief economist of the Bank of Baroda, said recently: “As India widens its manufacturing output, it can be geared to exports. Manufacturing is where most sustainable jobs are created and as we move along this path, we should look at exports as being an engine to fire.” India is in a unique position of possessing both a skilled software ecosystem and a growing manufacturing base. Low wage costs make the export of manufactured goods from India attractive, as carmaker Maruti Suzuki has shown by exporting 2,63,068 passenger vehicles in January-December 2022. Maruti Suzuki India now accounts for 60 per cent of Suzuki’s global car production and 45 per cent of its global profits. Maruti Suzuki is not alone in turbocharging car exports. Hyundai Motors India and Kia India will end the current fiscal with combined exports of over 2,50,000 passenger vehicles. Clearly, India’s export future lies in both services and manufacturing, not one at the expense of the other. way into their domestic markets and decimating the small-town manufacturers that still survive. “There is an alternative path, building on the old vision of increasing openness and liberalisation. It draws on India’s people, their minds, and their creativity. To follow this path, we should certainly continue to build out infrastructure and encourage our manufacturers to seek out new global markets. But we should particularly increase our presence in global services by strengthening our human capital. Two recent developments give India an opening. First, the pandemic has Photograph by MNBB/CANVA
18 | BW BUSINESSWORLD | 25 March 2023 T HE HINDENBURG report has several fallouts, many lessons. It has wiped out about $100 billion in market capitalisation of the Adani group. Many others with similar business structures and practices will be impacted. Extrapolating the Adani trouble to the economy is fear mongering: India is resilient. The economy is clearly on a very strong growth path. India ranks better in terms of corporate governance metrics compared to most emerging markets. Governance standards of larger Indian companies are improving. A majority of the top 500 listed firms have real assets, paying customers, and ‘good’ governance track records. Most amongst them are growing, making profits, paying taxes, and adding stakeholder value. They are well regulated, ‘measured’ by the customers for quality and price. The books are audited and the business models tested by competitive forces. Their performance is scrutinised by legions of funds and other shareholders, every day. There is no manipulation, no fraud here. The MSMEs and ‘others’ in the value chain, contribute over a third to the GDP. They pay taxes, run businesses, COLUMN By Vikas Singh The author is an economist and columnist create jobs. Most are not leveraged. They are the growth engines. The equally important and relevant issue of the ‘collateral’ damage is clearly overblown. It is largely contained. The domestic banks are not vulnerable. The exposure to the Adani group is not ‘significant’, and ‘protected’ by the underlying assets, operating cash flows and projects ‘under’ implementation. Exposure to the pledged shares has several ‘safety’ clauses. Missing Link in the Growth Story: The Adani episode is also a pointer to the bigger, more fundamental, more structural challenge of a debilitating ecosystem, particularly in the infrastructure sector. And as a result, there are not many entrepreneurs with the means, the risk appetite, scale, and execution ability to take on the onerous job of building and providing infrastructure. This requires a dozen infrastructure providers. India will invest $1.5 trillion in infrastructure over the next decade. The government of the day must put together a working model, a robust framework where the honest businesses are both ‘eager and capable’ of building India and its infrastructure. The government’s own record of ‘building’ infrastructure is dismal. It has tried several models including the PPP and has failed more often than not. The record of the private sector, barring a handful, has been less illustrious. India is a Difficult Place to Build in: Most have perished, some for ‘ambition beyond ability’, others because of wrong intent, but mostly because it’s impossible to execute projects of mass proportion under the difficult and decremental ecosystem. The collateral damage of failure is many (loan defaults, cost overruns, incomplete and delayed projects etc.) and visible. Adani and other infrastructure builders are always at the ADANI EPISODE ILLUMINATES SEVERAL ‘WEAK’ LINKS, HIGHLIGHTS CHALLENGES
25 March 2023 | BW BUSINESSWORLD | 19 expect it. They must now demand. Companies should focus on building a solid foundation of good practices to protect their long-term financial stability and maintain the trust of their stakeholders. Similarly, the meltdown highlights the myopic nature of the market participants, who are focused on narrow issues like the long-term gains tax, completely ignoring the real and bigger challenges of the investing community. They invest in an irresponsible manner, sidestep well laid practices, ignore signals, and yet expect the regulator to protect them when things go south. Regulator: Inertia & Indifference: The government must strike a judicious balance between promoting growth, ensuring stability and integrity of the financial system. India needs to identify an infrastructure financing model where there is a long-term, low interest availability of capital. The RBI must consider the implications of its monetary policies on the capital structure of companies and prevent the buildup of systemic risks in the financial system. Low-interest rates encourage companies to borrow more (than needed). Over-leveraging makes them vulnerable to economic shocks and market volatility. The long-term consequence of high leverage rather than equity to fund growth is dangerous; it ends badly. Several Signals: Several lessons can be salvaged from the episode. There are lessons from history as well. Demonising an individual doesn’t help reform the system. The Adani episode has illuminated the ‘weakest’ link in India’s growth story, provided us an opportunity to reform and to largely fix the challenges and strengthen those weak links. Our political fraternity will do well to identify models and frameworks that will enhance India’s growth and competitiveness. The action as a result of this crisis will have far-reaching implications for the economy. mercy of the market. The business is a capital guzzler. The cost of capital is prohibitive; returns are abysmal (in low single digits) if any. Infrastructure cannot be built by borrowing at ‘bank’ rates. Part of the high valuation of the Adani’s group is due to its unique position in the energy, infrastructure, and logistics sectors. Some of it is because the market credits the group to both ‘build and scale’, something that very few have not been able to do. However, and equally, there is no denying that a substantial part of the valuation is driven by the ‘control’ that the family and the other entities have on the listed companies. Deadly Cocktail of Ambition, Opaqueness & Control: This is also an opportunity for the corporate sector to think through, question their methods and practices. The Adani group like many other family-owned groups is both complex and opaque. It’s common to have a maze of tens of subsidiaries, ‘step downs’ and related entities, injecting the complexity, and adding to the opaqueness. The goal is to control. We need to design and develop a regulatory framework to address these challenges. Today we have none. The government has a role in ensuring compliance with regulations and standards. As an example, while SEBI mandates a minimum float, it lacks the tooth to bite. Mauritius with a GDP of $12 billion, houses over 6,000 companies. It’s easy to see what’s happening there and how entities are capitalising on the loopholes. The Adani group’s situation also highlights the importance of corporate governance and the need for transparency in their operations, honesty in their dealings and responsibility in their financial reporting. Stakeholders and society at large The Adani group’s situation also highlights the importance of corporate governance and the need for transparency in their operations, honesty in their dealings and responsibility in their financial reporting. Stakeholders and society at large expect it Photograph by Subhabrata Das
20 | BW BUSINESSWORLD | 25 March 2023 HANGE IS THE ONLY CONSTANT’ is one of the phrases perceived as a cliché in today’s times. The fact that it was articulated by a Greek philosopher, Heraclitus, over 2,000 years ago, and still finds itself commonly quoted, shows that these words hold a powerful truth about the inevitability of change. There are dynamic forces that alter the contours of the world and mould trajectories of people, societies, nations and the world at large. Humans have forever been consumed with predicting what the future holds. The Covid -19 pandemic is one among other unprecedented events that has shown us our limited ability to always know what’s around the corner. However, despite there being an element of unpredictability, developing an understanding of the key overarching trends shaping contemporary times holds a nation and its people in good stead. Change was particularly accelerated in the last two decades driven by globalisation and technological revolution. In this day and age, where success or failures are not necessarily limited by national boundaries, global events can manifest as tailwinds presenting opportunities or headwinds posing challenges. Policies must factor these in to navigate towards higher levels of growth. It is unquestionable that the global macroeconomic terrain has undergone dramatic shifts. As per World Bank estimates, trade as a share of GDP at a world level, has increased from about 25 per cent in 1970 to 52 per cent in 2020. In addition to the strengthening of interdependence and interlinkages across regions, the rise of Asia and emerging economies is a notable trend. According to the IMF, emerging markets will grow by more than twice the speed of developed markets in 2023. Between 2020 and 2025, Asia is poised to contribute $22 trillion in new wealth. The global economy has also seen an expansion in the spread of Global Value Chains (GVCs). From the time of the opening of the Suez Canal, the invention of the shipping container, to the rise of Asia as a manufacturing hub – supply chains have undergone dramatic evolution. Today, around 50 per cent of global trade involves GVCs. In this context, India must identify the right opportunities in this landscape. One way is to embark on a strategic integration in the GVCs. Ensuring gainful participation of local firms in GVCs by enhancing their capacity will further boost production through transfer of knowledge, investments, and global best practices. In 2020-21, the combined share of Gujarat, Tamil Nadu and Maharashtra constituted around 60 per cent of the country’s total exports. There is immense potential for India to boost exports by activating dormant capacities at the sub-national level. India in an Evolving World: Challenges and Opportunities ARTHSASTRA by Amit Kapoor & Amitabh Kant Above: Amit Kapoor is Chair, Institute for Competitiveness & Lecturer, Stanford University Below: Amitabh Kant is G-20 Sherpa and former CEO of NITI Aayog C
25 March 2023 | BW BUSINESSWORLD | 21 Yet another undeniable phenomenon that has affected not just the global economy but all of society, and will continue to do so, is climate change. It has become imperative for countries to make climate change an integral component of policy discussions. The decade spanning 2011-2020 has been the warmest on record, as the world grapples with potential extreme weather events, food scarcity, and the resultant poverty and displacement. While there is no simplistic solution to this issue, one of the opportunities that India can leverage is investment in climate resilient infrastructure. The fact that three-quarters of the physical infrastructure of India in 2050 is yet to be built gives us an opportunity to construct strategically with an eye on the future. According to a World Bank report, the average net benefit of investing in more resilient infrastructure in low and middle-income countries would be $4.2 trillion, generating $4 in benefit for each $1 invested. The government has set an ambitious target of 500 GW renewable capacity by 2030 for which a range of measures are underway including the adoption of electric vehicles, production of green hydrogen, among others. Shifting to renewables and building climateconsciousness is an opportunity to cut our carbon footprint, meet net-zero targets, and decouple emissions and economic growth. Apart from a changing global macroeconomy and the impact of climate change, digitalisation has been a potent trend with a pronounced effect on all walks of life. It has gained greater momentum in the post Covid -19 era. While there is a long way to go in upgrading our quality of technological infrastructure, the country has attained remarkable levels of digitalisation in a brief period of time. The Unified Payment Interface (UPI) is a leading digital payment platform in India which has onboarded 376 banks and facilitated 730 crore transactions (by volume) worth Rs 11.9 lakh crore. The Aadhaar initiative has seen over 135.5 crore residents enrolled. There is an opportunity to both continually improve our digital initiatives and become a guiding force for developing nations looking to enhance digitally. In a universe of moving parts and unpredictable trends, how does a nation strategise for growth? In the aftermath of the pandemic, the idea of resilience has gained ground, and rightfully so. Going beyond resilience, countries must perceive change as a valuable input that spurs innovation. During the pandemic, the contact tracing app Aarogya Setu reflected India’s ability to build ingenious systems in crisis response. Despite the adverse effects of Covid-19, countries harnessed technology to provide digital solutions – from chatbots in Singapore to telehealth expansion in Indonesia. Going ahead, India is faced with pressing concerns plaguing the world including rising debt levels, inflation, food and energy crisis, and geopolitical tensions. It is understood that addressing challenges in an evolving external context requires strategic action in different socioeconomic domains, but most importantly, it calls for a shift in mindset that normalises the imminence of change. In 2020-21, the combined share of Gujarat, Tamil Nadu and Maharashtra constituted around 60 per cent of the country’s total exports. There is immense potential for India to boost exports by activating dormant capacities at the sub-national level Photograph by Pierivb
22 | BW BUSINESSWORLD | 25 March 2023 Gamification Can Help Improve Your Marketing Mix digitisation of organisations. To gain meaningful insights from their customers, more and more companies are using cutting-edge technology and cloud based solutions. By removing uncertainty in customer motivations and assisting customers in achieving goals more successfully, Al-based gamification models have been able to provide precise solutions. The worldwide gamification business is quite cut-throat, with several large competitors concentrating on growing their customer bases abroad. Strategic collaborative initiatives are being used by businesses like Microsoft Corporation, Cognizant, and MPS Interactive Systems Ltd to boost their market share and profitability. Gamification in businesses is used to increase stickiness, content creation, and purchases. Top retailers, ecommerce sites, and consumer brands including Samsung and Dannon are already adopting gamification to increase their annual revenue and improve their customer profit margins. Sectors such as healthcare, nonprofits, and human resources also GAMIFICATION is everywhere and is expanding, thanks to the revival of gaming. An effective marketing strategy that uses gamification will place challenges, rewards, fidelity, and ranking at its core. The user’s desire for competition, interaction, and recognition is the foundation upon which gamification is built, and as a result, it has a distinctly social element. Users become actors, active participants, and growth engines as a result. The community can then be brought together by shared values and interests. Gamification can be a useful tool for developing marketing campaigns due to data collection, provided that regular reporting is also included. Gamification can be applied to platforms (such as Instagram or Snapchat filters) and their supporting tools (such as TikTok competitions, web applications, or the use of motion design to increase engagement on landing pages). It also applies to platforms (such as ecommerce websites) and formats (like Instagram or Snapchat filters). A few well-known examples of effective gamification include the Starbucks rewards programme, a Nike fitness challenge, and Wordle’s streak counter. All these gamification techniques have worked because they encourage participation and involvement. Gamification offers a level of user engagement that is unmatched by almost any other digital marketing strategy. Gamification should be used by a brand for a variety of reasons, including that it provides an immersive experience that extends the brand’s storytelling; it enables the creation of innovative and personalised customer journeys that keep customers’ attention; it enlists loyalty from the customers; and, also, engagement is high, as are conversion and transformation rates. MOVING AHEAD IN THE GAME Between 2022 and 2027, it is anticipated that the worldwide gamification industry will see a CAGR of 26.5 per cent. The primary drivers of the gamification market’s expansion are the use of cutting-edge technologies like artificial intelligence (AI) for processing and displaying personalised results as well as the rising Amit Tiwari , Global Head , AmitScope Marketing Demand Center, TCS One of the hottest marketing trends right now is gamification, which involves integrating gaming elements into marketing strategy. It’s effective too. Gen Z customers are especially drawn to gamification marketing because it complements their leisure habits
25 March 2023 | BW BUSINESSWORLD | 23 increasingly use gamification to drive engagement and spread awareness and learning. Gamification has evolved into a desirable and incredibly effective tactic for product-focused brands and merchants. It has made the routine, repeated act of buying things every day into something considerably more pleasurable. Gamification strengthens any online business and brand strategy by enticing customers to explore new “levels,” interact for longer periods of time, and receive a psychological reward that has tangible advantages. The market for healthcare gamification was predicted to be worth $25.3 billion in 2020 and is anticipated to expand at a CAGR of 14.6 per cent between 2021 and 2027. Apps created for self-managed medication, fitness and nutrition, physical therapy, and emotional health have all been strongly inspired by healthcare gamification. Several fitness brands have also employed gamification to make fitness more enjoyable. For example, Nike+ gives its more than 100 million users the ability to measure their activities, establish goals, evaluate their progress, and perform better. By encouraging people to keep improving and leading healthy lifestyles, the company has used gamification to build a community around running and friendly competition. HURDLES THAT NEED TO BE OVERCOME Like every other marketing strategy, gamification has some drawbacks of its own. But, if used effectively, this strategy can produce the best outcomes for marketing initiatives. When developing a gamification strategy, brands must keep in mind that the plan should be interactive and engaging so that consumers will want to use it. It can be difficult to create the ideal gamification for marketing efforts. The goal is to develop a game that players desire to play and that also aids the business in achieving its marketing objectives. For gamification, marketers cannot use a “one size fits all” strategy. A game that does well for one company might not do so for others. It’s crucial to have a good understanding of the target market for a successful gamification strategy. Gamification can occasionally become complicated, and it can be difficult to design a game that fulfils every marketing purpose while being suited to the organisation’s target audience. These games must go beyond the benefits and prizes offered and must build an intimate and emotional bond with the players. COMMON PITFALLS Gamification is the same as playing a game. Despite similarities with gaming, gamification focuses on the practice of incorporating gaming mechanics and design principles into non-game environments with the aim of inspiring and energising individuals by making their everyday chores more enjoyable. Gamification will engage everyone. Although fun is one of the objectives of gamification, it is also a very vague and relative concept. Because of this, sometimes applying gamification activities to the environment backfires. It’s important to keep in mind that involvement in gamification marketing has to do with voluntariness and choice, among other things. Gamification tactics lose their impact when people are made to perform a task against their will. WILL IT CONTINUE TO ENTICE? Gamification as a marketing tactic has the potential to capture the user’s attention while subtly building a positive brand image. It elicits genuine user emotions, such as rivalry and enthusiasm, which boost engagement and cultivate devoted users. Instead of just posting an image or piece of information, it enables one to interact with the user on a more emotional level. Using gamified solutions to promote a business or product can significantly increase user engagement, raise brand awareness, and, most importantly, turn prospective buyers into devoted patrons. Winning businesses are embracing strategies like making everything a wonderful experience and reaching closer to customers to involve them in the process. Let the games begin! Photograph by Vlado85
24 | BW BUSINESSWORLD | 25 March 2023 As the textile industry transition into a more sustainable sector, change is perpetual, pervasive and exponential. India ITME Society has always taken the path less travelled. Breaking the conventional framework and bringing forth out of box solutions for the Textile & Textile Engineering Industry, the Society has aspired for more & has never exceeded through words what it cannot achieve through actions. Over the years, India ITME Society metamorphosed from a domestic organizer into a global brand embracing internationalism. The society has left no stones unturned in FROM LOCAL TO GLOBAL BRAND – Stamping the journey of India ITME Society Over the years, India ITME Society metamorphosed from a domestic organizer into a global brand embracing internationalism. The society has left no stones unturned in establishing itself as one of India's most successful exhibition organizers with its principles based on trust, consistency & collaboration. establishing itself as one of India’s most successful exhibition organizers with its principles based on trust, consistency & collaboration. India ITME Society is also connected with many Educational and government institutions as well as 1500 Associations in India and across the Globe. The growth of the textile industry was substantial during late 70’s and textile machinery manufacturers felt it necessary to have an exclusive platform to showcase relevant technology, machineries, accessories and components to support the rapidly growing textile industry. A plan to establish an exhibition body specifically to organize international textile machinery exhibitions in India was conceived in 1978-79. Under the Visionary leadership of Late Mr. Suresh Mehta, it was decided to set up an Organization Committee consisting of representatives from Textile Machinery Manufacturers Association (TMMA), Indian Textile Accessories and Machinery Manufacture Association (ITAMMA), Indian Cotton Mills’ Federation (CITI), Textile Association of India (TAI), Indian Standards Institution Govt. Of India, (now BIS). Thus was born India ITME Society. Under the umbrella of ITME Society, India witnessed its first Textile engineering exhibition in 1980 at Backbay Reclamation, Greater Mumbai and since then the legacy has been successfully carried forward.
25 March 2023 | BW BUSINESSWORLD | 25 Over the decades leadership has changed hands from Late Mr. Suresh Mehta (1980– 1985), to Late Mr. Atul Bhagwati (1985– 1989), Late Mr. Rasik Parekh (1989–1993), Late Mr. N. C. Dalal (1993–1997), Mr. Narendra L. Shah (1997-2001), Mr. G. T. Dembla (2001- 2005), Mr. Sanjay Jayavarthanavelu (2005–2009), Mr. R. S. Bachkaniwala (2009-2013), Mr. Sanjiv Lathia (2013-2017) & Mr. S. Hari Shankar (2017- present). What remained steadfast is the focus and commitment towards cementing the selfreliance of the Industry. Futuristic vision of late Mr. Suresh Mehta in 1980 has been carried forward by many leaders over the past 43 years. Present Chairman, Mr. S. Hari Shankar (2017 to date) has been most prolific in introducing many novel ideas such as Overseas exhibition, ITME awards, ITME stamp, online Buyer-Seller Meet, Online technology seminars, International MoUs, tie-up with overseas universities, MoU with ITC, MoU with EEPC into the activity list catapulting ITME Society into next level growth and expansion. The overseas event series - ITME Africa launched in 2020 is a seed which in coming decades is expected to become a force transforming the textile engineering Industry & economies in Africa & Middle East by opening up unlimited opportunities for investment and business in the region. Despite facing unexpected and unprecedented challenges such as the pandemic and as such cancellation of the exhibition twice, the patience with which Mr. S. Hari Shankar steered India ITME Society through turbulent times is commendable. As Head of organization, for Mr. Hari Shankar establishing India ITME Society as a reliable organization with strong foundation & instilling confidence in the Secretariat to pursue the targets undeterred required steady determination amidst all uncertainty and naysayers. Celebrating its four decades of service to India, ITME Society aspired to expand its outreach to all corners of the vast nation, to draw out talents, to share opportunity, to extend Mr. S. Hari Shankar, Chairman, India ITME Society support to rural India and to grow in strength together. What better way to do that than engaging with the Indian Postal Network having 1,55,000 post offices in the country. Indian Postal Service has the oldest GPO in Kolkata, which was established in 1774; the largest post office in Mumbai; the highest post office in the world at Hikkim; and in Dal lake in Srinagar, the only floating post office in the world. Flying the flag high under the Chairmanship of Mr. S. Hari Shankar, India ITME Society released its corporate postal stamp in the presence of dignitaries & guests from across the world. This move established the Society as a truly patriotic & prestigious organisation, modern yet connected to the roots & tradition.
26 | BW BUSINESSWORLD | 25 March 2023 INDIA ITME SOCIETY - Stamping its commitment to “Athmanirbharatha” of Indian Textile & Textile Engineering Industry. The ITME Stamp was launched officially on 20th December 2019 by Shri P. Sathasivam, Former Chief Justice of India & Former Governor of Kerala, Ms. Dorothy Tembo, Executive Director, International Trade Centre, Geneva, Ms. Swati Pande, Post Master General, and Govt. of India to Commemorate 40 years of Service by ITME Society. Progressive and dedicated towards the dream of ‘modern India’ the Society has introduced various initiatives to bring reforms in a male-dominated industry segment by encouraging and supporting women entrepreneurship and technology leadership in the Textile Engineering sector.India ITME Exhibitions paved the way for many foreign machinery manufacturers to set up their base in India. Many countries who have never ventured into the Indian market before are now exploring ‘Make in India’ & also many emerging economics are looking at Indian textile engineering industry to provide Technology solutions for their domestic textile industry. India ITME Society has added vigour towards its responsibilities in facilitating exchange of knowledge, technology transfer & Foreign Direct Investments & Joint Ventures for Textile & Textile Engineering Industry. India ITME Society is not only observant about market development in neighbouring countries but also persistent in connecting with them. India ITME Society has promoted India as a sourcing hub, manufacturing hub & Industry for Textile Technology & engineering industry across continent by organizing various programs such as ‘India Evening’, ‘India Networking Program’ in Spain, Botswana, Ghana, Kenya, Uzbekistan, Ethiopia, Turkey, Portugal, Dubai, Bangladesh, Sri Lanka, Germany, Italy etc. Unveiling of India ITME Society’s India ITME Society Special Cover signature Stamp SPAIN BOTSWANA GHANA KENYA UZBEKISTAN ETHIOPIA TURKEY PORTUGAL
25 March 2023 | BW BUSINESSWORLD | 27 Today, ITME events & programs connect 100+ countries to the Indian Textile & Textile Technology Engineering Industry promoting India as a sourcing & manufacturing hub. The Indian Exhibition Industry & Leading business publication Economic Times acknowledged & awarded India ITME Event as India’s 1st Runner up in Top B2B Exhibition & India ITME Society as India’s Top 10 Exhibition Organizers. India ITME Society successfully organises 3 Mega International Textile Engineering & Technology events. The India ITME Series hosted in India once in four years serves as a platform for both Indian & overseas & foreign companies to converge under a single roof for live demonstrations of textile Machinery as well as to launch innovative Technologies & products for the world’s second-largest industry in India. The latest edition concluded in December 2022 was used by 114 companies to launch 144 new products exclusively for the Indian market and customers. As a growing economy, India’s economic back-bone are small & medium companies mostly catering to the domestic market, bringing prosperity & employment in 2nd tier & rural communities. In order to nurture entrepreneurship & technology upgradation enabling regional businesses to upgrade quality & production to facilitate pan-India access to Textile Technology, India ITME Society launched an exclusive business program GTTES (Global Textile Technology & Engineering Show). This unique platform allows international investors & businessmen to connect to Small & Medium business in India & encourage development & growth of various textile hubs spread across the country. F o l l o w i n g t h e m a n t r a o f ‘Sab Ka Saath Sab Ka Vikas’ by our Hon’ble Prime Minister Shri Narendra Modiji, GTTES serves SMEs of our country. India ITME Society realizing the fact that today’s intense competitive global scenario demands regular interaction, networking, global visibility and outreach to new markets to succeed, launched ITME Overseas series enabling Textile machinery companies to showcase their strengths at various destinations across Africa & Middle East. The response to this event has been enthusiastic & well utilized by 57 other countries who explored the opportunity and business prosperity in new shores. This event strives to bring ‘prosperity through Textile Technology & Engineering’. The focus for India ITME Society will be to prepare for the challenges ahead not only in immediate future but for the decades to come. The Society shall always be on the path to re-examine its goals and strategies to remain best in its field of work. Today it has entrenched itself as the cornerstone of the textile & Textile Technology industry, accelerating technological innovations & collectively shaping the textile industry and positively impacting the future. Surging Forward - ITME Expo & Knowledge Center “Knowledge is power. Information is liberating. Education is the Premise of progress in every Society”, said Kofi Annan. Presented by: Ms. Seema Srivastava, Executive Director, India ITME Society India ITME Society has always believed in working with academics, researchers & has several programs ‘nurturing the future’. Under this vision for a sustainable growth of the industry & a new direction for India ITME Society, the present office bearers Mr. S. Hari Shankar & Mr. Ketan Sanghvi along with steering committee members have a vision to create a training, skill development & Expo center enabling Technology programs to be accessible globally to industry & students. Collaborating with industry experts & Technical Institutes from India as well as overseas, this center will have the capability to facilitate, display & demonstrate innovative products encouraging Technology interaction round the year. ITME Center will be a public facility for use by multi sector Industry. High-tech demo / display facility, affordable + adaptable exhibit area for short-term, long-term promotion & networking for small & medium companies will bring great convenience to industry at an ideal location in Mumbai. India ITME Society has spread its wings to soar higher with a vision to transform lives, communities & their aspirations. www.itme-india.com.
28 | BW BUSINESSWORLD | 25 March 2023 Shaping the New Normal: The Woman Redefining Flexibility in Workspaces In an exclusive interaction, MEGHNA AGARWAL, Co-founder of IndiQube, India’s leading Flexible Workspace Startup, speaks about the flexible workspace culture in India, advantages of flexible workspaces, what makes IndiQube different from other players in the market, how flexible workspaces have grown post-Covid, and much more. MEGHNA AGARWAL’s entrepreneurial journey that spans over one-and-a-half decades, has been affirmed by challenging the status quo, believing in her own self and standing against all odds. Agarwal initiated her first venture at the age of 25. She has since forayed into diverse sectors which include hiring automation, manufacturing & even commercial real estate. An MBA in Finance from IMT Ghaziabad, Agarwal also holds a company secretary degree from the Institute of Company Secretaries of India. She is an angel investor, an active member of Young Presidents’ Organisation (YPO) and a Shepreneur award recipient. Through her brand IndiQube, Meghna Agarwal not only provides ‘Workspaces for Everyone’, but also takes pride in encouraging and nurturing an ecosystem of Women Entrepreneurs. In an exclusive interaction, she shares her thoughts with BW Businessworld. How has the flexible workspace culture developed in India? In India, the need for flexibility over the traditional model of office leasing has always been there. Companies often looked for increased flexibility and agility, be it with scaling up or down their office space, modifying lease tenures, flexibility in pricing and access to a-la-carte services. The pandemic has helped in bringing this flexibility into the mainstream and has accelerated the adoption of flexible workspaces not just in India but across the globe. What are the biggest advantages of flexible workspaces? The on-demand revolution that has disrupted food, travel, logistics & hospitality industries has made its foray into commercial real estate with flexible workspaces. The biggest advantage with this model is the flexibility and agility that gets bundled to a conventional office real estate. From a client’s perspective, they get onboard the ‘workspace as a service’ experience where they focus on their core business while the flexible workspace operator takes away the hassles of their day-to-day workspace operations. When it comes to IndiQube, what makes them different from many other players in the market? IndiQube has a unique “office-in-a-box” solution that encompasses the entire gamut of plug and play offices, interior design-build and workspace management services. Leveraging our in-house technology stack, MiQube, we create a consistent employee experience across our PAN India centres. We take a sustainability first approach in our properties leveraging Solar roof tops, STPs, WTPs, Rainwater Harvesting, motion sensors; and reduce freshwater consumption by 80 per cent in addition to reducing power usage by upto 30 per cent. Our 52 Week employee engagement calendar takes care of holistic requirements for our clients INTERVIEW
25 March 2023 | BW BUSINESSWORLD | 29 and Wellness Rooms, value-added services like city-wide transport and security escorts, flexible workspaces nurture an ecosystem where women thrive. What are the key features of IndiQube flexible workspaces? IndiQube workspaces have flexibility at the core, be it with pricing, interiors, or services. This way we are able to provide accessible, affordable and personalised workspace solutions to clients all the while keeping their employee delight at the heart. PAN India Network, Green Building Ecosystem, Best-in-Class Amenities, Smart Technology, Integrated Services and a Vibrant Community are some of our key features. A combination of these has helped us grow to $100 Mn ARR. Have flexible workspaces grown post-Covid, as companies are looking to cut operational costs and preferring a hybrid work culture? Covid-19 has pioneered the adoption of flexible workspaces that were anyways gaining popularity even before the pandemic. Given the current macroeconomic and geopolitical uncertainties, companies are wary about investing any upfront Capex and feel the inherent need for flexibility to scale up or downsize whenever the need arises. More than cost cutting, the inherent need to have flexibility to cater to evolving business needs is driving the growth and adoption of flexible workspaces. What in your opinion makes flexible workspaces the best bet today? Flexible workspaces today offer an ideal combination of on-demand workspaces with zero upfront Capex. Large enterprises were traditionally unaccustomed to the concept of flexible workspaces, but today, this awareness gap has reduced substantially, and we are witnessing many large enterprises embrace the concept of flex at scale. Flexibility to choose services, agility to expand or contract, zero upfront Capex and single window clearance are all making flexible workspaces the best bet today. and nurtures a thriving employee community. In short, we are a One-Stop Workspace Solution with Green Buildings, a Thriving Community and an Amplified Employee Experience. Do you as a woman feel that flexible workspaces can create safer working spaces for women? Woman safety is paramount to any office space and flexible workspaces are no different. With amenities like Creche Meghna Agarwal, Co-founder of IndiQube
30 | BW BUSINESSWORLD | 25 March 2023
IN CONVERSATION Self-reliance should be defined as “earning enough global currency to import whatever is needed for the welfare of the nation,” says Infosys founder Narayana Murthy “RESPECT FROM STAKEHOLDERS MUST TOP CORPORATES’ VISION STATEMENT” I NFOSYS founder NR Narayana Murthy is one of the tallest leaders that India Inc has produced. Infosys, as also Murthy’s leadership, marked a new era in the evolution of the market economy in India. BW Businessworld asked a couple of columnists about Murthy and Infosys, the values they epitomised, and how they marked the beginning of an era. In response to a question, Ajit Ranade, Vice Chancellor, Gokhale Institute for Politics and Economics told BW Businessworld: “Narayana Murthy is someone who inspires people from all walks, be they professionals, entrepreneurs, students and even politicians. His work and journey proves the maxim that it is possible to create wealth in an ethical way, and share that wealth with your co-workers and society at large. He demonstrated that it was possible to start from zero and become one of the world’s software powerhouse company.” Economist and member of the 14th Finance Commission, M. Govinda Rao, on the other hand, told BW Businessworld: “The entire Infosys project was a result of like-minded people with similar qualifications getting together to pursue a common goal of creating a company in a relatively new area of information technology. The liberalisation helped in the process. Second, right from the beginning, the standards of leadership and corporate governance (at Infosys) were high. The profit margins were high in the beginning and therefore, the focus was to earn money through legitimate means and expand as the demand for service grew. Third, the choice of location of work was excellent both from the viewpoint of getting qualified personnel and having agglomeration economies. Besides, at that time, the bureaucracy in Karnataka was more responsive.” When BW Businessworld caught up with Murthy recently, 25 March 2023 Photograph by Bivash Banerjee | B W BUSINESSWORLD | 31 BY SUMAN K. JHA
32 | B W BUSINESSWORLD | 25 March 2023 IN CONVERSATION there were plenty of insights – about corporate world, leadership lessons and life lessons. Excerpts from the chat: Infosys founder Murthy feels that India has now got respect in the international community, and “it’s for the youth to build and consolidate on it”. The former Infosys chairman, and one of the most distinguished -- and decorated – leaders to have been produced by India Inc, says that for any corporate, “respect form all stakeholders must top their vision statement and agenda”. On Corporate Governance Murthy says that corporate governance is about “maximising shareholder value while ensuring fairness, transparency, and accountability to every stakeholder”. “Performance leads to recognition; recognition leads to respect; and, respect leads to power,” he said, in response to a question. Under Murthy, Infosys came to be widely acknowledged (in India and outside) for its cutting-edge innovation, entrepreneurial genius and best practices -- a legacy that was very ably carried forward by successor Nandan Nilekani. “My fervent plea to all the corporate leaders in this country and elsewhere is that they should put respect from the stakeholders as their top line in their top priority,” he said. Infosys has been named as the “Most Respected Company” in BW Businessworld’s rankings thrice. On Self-reliance While the world may be witnessing increasing protectionism and a new thrust on de-globalisation, Murthy has an interesting take on self-reliance. He said: “Thanks to (former US) President Trump, nationalism is more important that globalisation. Following that, every nation started saying, ‘We’ll first look after ourselves and then other country…’ I would say that self-reliance should be defined as ‘earning enough global currency to import whatever is needed for the welfare of our nation’. Self-reliance is not saying that we’ll close our doors to imports. We should encourage our entrepreneurs and companies to export enough so that we have enough foreign exchange surplus to buy whatever best we want for our people in this country and still have some money left in our pocket. That, to me is, self-reliance.” He added: “Liberalisation was perhaps the most impactful event (for Indian enterprises). It’s very difficult for me to remember anything more impactful.” In response to another question in the current context, he said: “I (have) also learnt that corporate governance is about maximising shareholder value while ensuring fairness, transparency, and accountability to every stakeholder: that is customers, employees, investors, vendor partners, government of the land, and the society.” On India’s Economic Potential Talking about India’s economic potential and the global order, the Infosys founder said: “…For the first time in 300 years, India has got some respect in the international arena that it is the responsibility of youngsters to consolidate that respect into even bigger respect. And that can only happen by performance. As I said earlier, performance leads to recognition. Recognition needs to respect and respect leads to power. Therefore, if we all want India to be a powerful nation, first it has to achieve economically.” On Compassionate Capitalism Murthy swears by compassionate capitalism, an idea he first talked about in 1974. “Compassionate capitalism is about capitalism in mind, liberalism and socialism at heart. It means the leaders of capitalism must ensure that the lowest-level employees’ welfare is first looked at before they start looking at their own welfare,” he explained, adding: “you have to become a friend of the commons, a friend of the society”. “In a ship or on a plane, it is the captain of the ship or the pilot of the plane who gets out of the plane last. Therefore, we, in the corporate world, should also look after all our employees, starting with the lowest-level employee,” he added. On Job Creation There may be a debate on the private sector contributing to job creation, but Murthy said it must be properly contextualised. “No company should say that ‘our objective is to create employment’. What one should say, instead, is ‘our objective is to become much bigger in revenues, profitability and succeed in the marketplace’. If we did that, then we will automatically create lots and lots of high quality jobs,” he explained. On People Who Influenced him Murthy counts Mahatma Gandhi as his biggest influence. His mother, and many teachers have had a huge “Performance leads to recognition; recognition leads to respect; and, respect leads to power”
25 March 2023 Photograph by Sanjay Sakaria | BW BUSINESSWORLD | 33
34 | B W BUSINESSWORLD | 25 March 2023 influence on him. His wife, Sudha Murty, an acclaimed author, educator and philanthropist is a pillar of strength to him. Murthy was by invited by Prime Minister Atal Bihari Vajpayee to become country’s IT Minister in 1999 – an offer he politely declined. Talking about leadership lessons from his parents, and his teachers, Murthy said: “I learned from my teachers. I learned from my parents some important lessons that I have been using in my professional life. They are: first, leadership by example, walking the talk, and practicing the percept. Second, putting the interest of the company ahead of one’s personal interest in every transaction. Third, I have realised that performance leads to recognition. Recognition leads to respect. And respect leads to power. Fourth, I have realized that fairness is extremely important If you want to succeed. Also, one must use data and facts to judge every transaction, and one must start every transaction on a zero base”. On Business Climate: Then & Now On the business environment that existed during the inception of Infosys and on how things have changed now, he said: “During our times, government was very business-unfriendly. On every step, there were hurdles. Today, the government, under Prime Minister Narendra Modi, has made tremendous efforts to become business-friendly. Therefore, I would say, today, entrepreneurs’ challenge is not obtaining approvals from the government, or obtaining bank loans, or getting telephones. Because of current account convertibility, one need not go to the Reserve Bank, when one travels abroad, when one opens offices etc.” He added: “Today, the market is most important. It is the market that determines whether you succeed or not. Second, there is a tremendous competition for talent. Third, the need of the day is for us to train our employees to become more and more problem-solving oriented. We have to train our employees to be able to compete with the talent of the developed work, which I think a lot of IT companies are doing. But there are many other areas that we have to do (a lot more). On Work-from-home The Covid-19 pandemic may have made “work-fromhome” the new normal, but Murthy is no fan of the culture. “I have realised that work is to be done in the office and home is for family. There is no point in mixing the two. I understand that during the pandemic period, we had to work from home, but once the pandemic got over, it is very, very important for us to get back to the principle that ‘you work extremely hard in the office, and you come home and spend time with your family’.” On Work-life Balance & Family On work-life balance, he said: “I have also realised that in a family, the two partners, husband and wife, have to celebrate the strengths of each other, and tolerate and empathetically try to improve the weakness of the other partner.” Asked if he had a fine work-life balance through his career, he said: “I don’t think I followed a work-life balance. It was all work for me. Even when I came home, there used to be tens of phone calls every night. Whenever I had any time once I was home, my wife and I would take our children to a favorite restaurant of theirs, maybe on MG Road, Churchgate (in Bengaluru), where they would eat their pizza or french fries or pasta or whatever. And we would buy them some toys. This was a small way to keep our children happy when all of us were together”. Murthy’s wife, Sudha Murty, has always backed his career decisions. “When I founded Infosys, before I spoke to any of my younger colleagues and invited them to join me in founding Infosys, I sat down with my wife and, I told her of my desire to start this company the second time (first one, Softronics, was a failure). She told me: ‘This is your second attempt. You have learned some lessons from your first attempt. Therefore, you have to work very hard. You’ll have to focus 18 hours a day on your company. You have to make sacrifices. You have to travel to the different places’. She said, ‘I will take care of your family’,” recounted Murthy. Murthy’s parting shot: “When we become high-quality citizens, then only we have the right to demand high quality services. So my request to our citizens is to learn from the examples of other developed countries, and become high-quality model citizens of this country, and then we can criticise others. That is most important.” [email protected] “For the first time in 300 years, India has got some respect in the international arena that it is the responsibility of youngsters to consolidate that respect into even bigger respect” IN CONVERSATION
36 | BW BUSINESSWORLD | 25 March 2023 “The philosophy has changed from ‘think small, manage shortages’ now to ‘think big and create surplus’. But, in urbanisation, it has to be ‘think big again and create larger spaces, wider roads’” Photographs by Suresh Gola
25 March 2023 | B W BUSINESSWORLD | 37 IN CONVERSATION he man who envisioned the Millennium City – perhaps, the only city built in free India by a private enterprise – is now a nonagenarian. Yet, he has not stopped dreaming big. A couple of days after a lifetime achievement award was bestowed on him at the Ernst & Young Entrepreneur of the Year award ceremony, BW Businessworld’s Editor-in-Chief Annurag Batra engaged Chairman Emeritus of the DLF Group, Kushal Pal Singh, in a long conversation. Excerpts of the chat: “IT’S TIME WE HAD A NATIONAL DEBATE ON URBANISATION” T
38 | B W BUSINESSWORLD | 25 March 2023 IN CONVERSATION What should be the role of the private sector in developing cities at scale? What should be the roadmap for urbanisation? Mr K.P. Singh, you’ve won many awards, including the latest EY Lifetime Achievement Award. What does an award at the young age of 93 mean to you? Well, awards like this frankly, do give you an inspiration and recognition of something that others had found impossible (to do), and I tried to make it possible. So it’s a great satisfaction that a very prominent institution like E&Y has recognised this and given me this honour. You embarked on your journey of building Gurgaon and the DLF City in Gurgaon many decades back. Has your dream been fulfilled? Frankly, if you ask me, am I fully satisfied? No. But, am I fully satisfied with what we have done, keeping in view the constraints we have on the town planning regulation? Yes, I’m satisfied. But that’s not the way Gurgaon was envisaged. Gurgaon was envisaged to be as good as any city in the world, particularly those in South-East Asian countries like Malaysia and Korea at that time. Unfortunately, the town planning regulations were so archaic (now they have been amended), that you could not build what you wanted to (in India). For instance, to build a city, you had to be a visionary. You don’t see how a city is going to come up in 10-15 years, you see how it’s going to be 50-100 years from now. Posterity will judge you. So, in this regard, when you look back, the whole planning was wrong. During the mid-1950s, you would kindly remember, there was a pattern of development decided by the then government – it’s called a socialistic pattern of society. That’s how the Planning Commission came in. At that time, India had just become independent and everything was in short supply. They brought a slogan – ‘Think small and manage shortages’. So, every development had to have the mindset ‘think small, manage shortages’. That’s why you find that all industrial undertakings had a capacity limitation. If you apply the same ‘think small, manage shortages’ philosophy to urbanisation, (you get) the DDA apartments! Of course, a dream gets upgraded every now and then... But in urbanisation, a mistake cannot be set right, because once you make the road and put apartment buildings on the side, then when you want to increase the width of the road, it necessarily means that the apartments along the road would have to be demolished. Is it humanly possible to do so in India? No, it’s not possible, because the system is such that if anyone brings in a bulldozer, they will go to court. So, the mistake made in urbanisation is very difficult to set right in future. The philosophy has changed now from ‘think small, manage shortages’ to ‘think big and create surplus’. That is the dictum of the industrial development now in the country. In urbanisation, it has to be ‘think big again and create larger spaces, wider roads’. That has not yet come in. How do you see the development of Gurgaon and DLF City and the DLF development in Gurgaon vis-à-vis what you started with? Coming back to when we started in Gurgaon. I called it a Knowledge City and not an Industrial City. I had this vision of a city where people would come from outside with knowledge i.e. hitech. They would be from the upper strata of society. So, they would want to live well. They would create employment. They would be catalysts for more businesses to come. They would give more revenue to the state, and there would be more all-round prosperity. They would want open spaces. They would want bigger areas. But unfortunately, the town planning regulation restricted our vision. For example, I wanted a normal road to be of a minimum width of 24 metres, sometimes 36 metres. But the roads inside the colony are 12 metres. “Urbanisation cannot be done by one sector of the economy. Publicprivate sector partnership is vital”
25 March 2023 | BW BUSINESSWORLD | 39 pened was in collusion with the town planners, in collusion with some bureaucrats, and political people. All these new constructions were completely against the plan. And the quality was not up to the mark... You find unauthorised buildings here, slums here. So a third of India today lives in the slums. So when I started (building Gurgaon) in 1980, it was an uphill task for me. I had a very fine mentor, Mr H.D. Shourie, who founded Common Cause. The job of this platform was to think of how a common man could be helped. So I talked to him. He said, ‘let’s go to USAID.’ So, we met the concerned person at USAID. He said, ‘We will bring you a copy of the law (to show) what is done in the US.’ So this RERA law today is based on that US law. In 1980, we got the law, adapted it to Indian conditions, and then tried to get the government to enact this law. We tried, nothing happened till Mr Modi came and since Modiji is a Prime Minister with conviction and committed to decision making, I think around 2015 or 2016, he brought a law called RERA. Now the RERA law is so good that all the errant builders, developers, who were hoodwinking you and doing wrong things, they are either in jail or bailed out or bankrupt. Now today, because of RERA the malpractices have stopped. Therefore, a new era of developers has started. I’ve retired. I have got nothing to lose, nothing to gain, okay? Since you are asking me, since this award was given to me – it is a recognition – and therefore, if I don’t say, then frankly I’ll be accused of abdicating my responsibility of not expressing my views on what is wrong and what is right. So, what should be done by the builders of infrastructure? This is a government that is focusing on building infrastructure. So how do you really bring large developers to partner with the government and be a catalyst in the development of new India? All of it emanates from planning. Planning emanates from the Centre and since it is a state subject, it goes down to Yes, the town masterplans are made 20-25 years in advance. Then the implementation takes five to 10 years. Effectively, you have 10-12 years… and then it’s already time to upgrade the infrastructure. So, how do you make a masterplan that is good for the ensuing 50- 70 years? See, master planning has to be made by visionaries. See Chandigarh’s development, built maybe 60 years back. This brings us to your crucial input of having developers with reputed track records participate in the urbanisation story. How can developers like DLF participate in the urbanisation of India today and how do we make sure that at the highest level there is a consciousness of the role of private sector developers in building the new India that this government, and the Prime Minister, wants? In 1958, the then government decided to nationalise the business of urban land development. The government had a noble objective. At that time, they thought, ‘Oh the farmer is not being paid well, if you allow in the private sector’. So, the government will pay them a good compensation. Secondly, prices of houses were too high, rentals were too high, so they thought when the government makes houses, the prices will come down. Thirdly, planned development will take place because planning will not be distorted and fourthly, there will be no corruption. Exactly 100 per cent opposite happened. The opposite happened... India is a democracy, so there’s a demand and this one decision of the government in 1958 upset the whole of India’s urban development. When this business decision happened, DLF opted out. See, DLF has never been in any business that was not authorised. So, my late father-in-law said we can’t do anything, let’s get out – so we got on the industrial side. But some new breed of people came in. We called them fly-by-night operators. Wherever they found land, they made houses, and earned in crores. What hap- “A McKinsey report said that India would need to develop one Chicago type of city every year”
40 | B W BUSINESSWORLD | 25 March 2023 the state. So, I request you all to have a national debate. Whatever the honourable Prime Minister wants to do for India, the states get to implement. It is for the good of the states, but some states oppose (these developments) for the heck of it. Urbanisation cannot be done by one sector of the economy. Public-private sector partnership is vital. Without that you cannot do anything. Invent new cities. According to a McKinsey report that they came out with in 2014, India will be a total mess. India will need to develop one Chicago type of city every year. Imagine the magnitude. And I can tell you very definitely, I feel we will cross the Prime Minister’s vision of having $5 trillion growth. The reason being that Indians are very bright entrepreneurs. I see this abroad and I meet a lot of people. The Smart City Mission is a pet project of this government and the Prime Minister. How do you accelerate the Smart City Mission? You see, I beg to disagree slightly. The Smart City is like putting a bandage or making a little improvement. But the basics remain the same. I will say that what they are doing in smart cities is a step in the right direction but it is not good enough. It is one small thing but it is not a permanent thing. Urbanisation is a colossal job. But at least, it is good for the future. So, we have to start thinking big and start executing big? Think big, make a paradigm shift in your mindset, make completely different things. So when growth happens and migration of people come in, they have a better life than in the past. It will be like having two India’s. India of the past, you can live in and be smart enough in a couple of things, but the important thing is, India of the future. Absolutely, Mr Singh. You have seen many governments. You have seen many eras of thinking if I may call it that. What are the three big things you see happening in India right now? Which are the steps in the right direction or the trends that tell you where India is headed? I would say frankly, see, the step the Prime Minister has taken to digitalise India is something (that is really big). If you compare with the rest of the world, very few countries can stand up to India now. So, from a situation (where there was no digitalistion) to now, when we are digitalising almost everything – is a fantastic achievement. UPI, ONDC, Swachh Bharat Mission … Yes, and the amount of rural infrastructure being done! I mean we don’t see the effect here, but you do see the effect in the villages. The effect is being not perceived, it is being seen. So that’s a great job in my view. And this also in my view, are the policies of the government. Today, Prime Minister Modi is recognised as a world leader. I would say frankly, he is a top world leader. So, therefore, he has already commanded, not commanded, he has earned the respect of all the other countries. We feel that there is a tremendous change in the perception of India among people outside. Industries that are based in China for a variety of reasons — political and otherwise – they wanted to shift. So, why are they going towards Vietnam today? Vietnam, it is a small place, yet they are going there Single window clearance and price competitiveness? And also Ease of Doing Business, but it is a competitor. Vietnam is small and it has a language barrier. Look at India – English speaking, 29 years is the average age of the young and of course, we are better than the best entrepreneurs. [email protected] “For India of tomorrow, people coming from outside would like better spaces, top class spaces and this government can do it. You have to beat Vietnam and other countries to attract FDI to India” IN CONVERSATION
#BWWESA EN REPRENEURSHIP APRIL 2023 JURY MEMBERS FOR SPONSORSHIP AND NOMINATION Chetan Mehra | +91-98117 02464 | [email protected] Mir Salika | +91-85270 48483 | [email protected] ASSOCIATE SPONSOR ASSOCIATE PARTNERS MEDIA PARTNERS Last date to Nominate: March 31, 2023 REMA SUBRAMANIAN Co-founder & Managing Partner Ankur Capital Fund BHUVANA RAVI Director Drishya Education ANKUR BANSAL Cofounder and Director Blacksoil MEGHNA AGARWAL Co- Founder IndiQube MANAV BANSAL MD & Head-India BII MONISHA ADVANI Partners Emmay Entertainment Motion Pictures SUSHMA KAUSHIK Partner Aavishkaar Capital VAISHALI NIGAM SINHA Co-Founder and Chairperson Sustainability, ReNew ADITYA PRAKASH GUPTA Partner GEMs PRATIK BOSE Founding Partner Innovatio Investment Management DIPALI NAIR Director IBM Bengaluru DR. ANNURAG BATRA Chairman & Editor-in-Chief BW Business World Founder Exchange4Media
42 | BW BUSINESSWORLD | 25 March 2023 THE INSPIRATIONAL WOMEN T ECHNOLOGY has been central to the growth of the economy and the country in the last few years. We have seen the power of digital being embraced across sectors to enhance their reach and facilitate equity in their offerings. It is also a key component for furthering gender equality. The Global Gender Gap Report 2022, ranks India at 135 out of 146, with Bangladesh and Nepal ahead of it in gender parity. As of last year, the global gender gap has been closed by 68.1 per cent. With the current numbers, it will take 132 years to reach full parity. Take Notice Gender equality is a must have conversation if we are to progress as a society and an economy. Digital technology must be leveraged for inclusion and to help women progress. For instance, digital education is a powerful tool when working towards advancement and inclusion. A 2022 United Nations (UN) report found that women’s exclusion from the digital world has cost low- and middle-income countries $1 trillion from their gross domestic product (GDP) over the last decade. Aligned with the United Nations’ International Women’s Day theme, ‘DigitALL: Innovation and technology for gender equality’ we celebrate India’s Most Influential Women. These ladies are innovators, entrepreneurs, actors, and corporate leaders who are contributing to society and the economy in meaningful ways. In the pages ahead, you will read about inspirational women who through their work have helped push India ahead. We also turn the spotlight on ladies who we believe will be the face of new India. Women innovators, entrepreneurs, actors, and corporate leaders who are contributing to society and the economy in meaningful ways OVERVIEW MOST INFLUENTIAL WOMEN
25 March 2023 Photograph by Pureimagination | BW BUSINESSWORLD | 43 Anupriya Singh Patel, MoS, Commerce and Industry, GOI Aruna Kolluru, Chief Technologist, AI Dell Technologies Arundhati Bhattacharya, Chairperson, Salesforce Ashima Goyal, Member, MPC, RBI Avani Chaturvedi, Squadron Leader, Indian Air Force Bala Deshpande, Senior Managing Director, MegaDelta Capital Bharti Pawar, MoS, Ministry of Health and Family Welfare, GOI Garima Sawhney, Co-founder, Pristyn Care Pallavi Rao Chaturvedi, Founder Director, Get Set Parent Haimanti Sen, Founder, Junoon Leena Nair, CEO, Chanel Leena Tewari, Chairperson, USV Mahua Moitra, Member, Lok Sabha, TMC Mamata Banerjee, Chief Minister, West Bengal Pallavi Shroff, Managing Partner, Shardul Amarchand Mangaldas & Co Pallavi Srivastava, Co-founder, Progcap Preetha Reddy, Vice Chairperson, Apollo Group Priyanka Chopra, Co-Founder & Actor, SoNA & Anomaly Rashmika Mandanna, Actor Renuka Singh Saruta, MoS, Tribal Affairs, GOI Ritu Kumar, Fashion Designer Rohini Nilekani, Philanthropist Roshni Nadar, CEO, HCL T echnologies Sangita Reddy, Joint Managing Director, Apollo Group Santishree Dhulipudi Pandit, Vice Chancellor, JNU Sharmistha Dubey, CEO, Match Group, Shobana Kamineni, Executive Vice Chairperson, Apollo Group Shreya Ghoshal, Singer Smita Deorah, Co-Founder, LEAD School Sudha Murty, Philanthropist Suneeta Reddy, MD, Apollo Group Vani Kola, MD, Kalaari Capital, Vartika Shukla, Chariman & MD, EIL, Zia Mody, Managing Partner, AZB & Partners MOST INFLUENTIAL WOMEN *The list is in no particular order*
DESPITE wavering demand, Welspun has grown both its established and emerging businesses and remains invested in growing sustainably. Numbers indicate a fall in wallet share for home textiles but Welspun India remains resolute in its vision to clock $2 billion in revenues. The company is steady in its current billion-dollar position with several aspects contributing to it. In the last year, at the helm of the company, Welspun India CEO and Joint Managing Director, Dipali Goenka ensured that Welspun’s emerging businesses such as advanced textiles, flooring and domestic consumers’ business, all become stronger, increasing their contribution to the top line. The company’s international business, something that Goenka has remained focussed on, continues to do well in markets such as the US and with Welspun’s Disney license in place, the UK and Europe are poised to turn into growth avenues too. The company’s licensed brands have grown, Spaces by Welspun has grown at 50 per cent and is the highest distributed brand in the country. As India remains the bright light for the domestic consumer’s business, this is another area she is bullish on. Despite the challenges of the last year, Goenka has relentlessly focussed on customer centricity, innovation and sustainability. The company is investing Rs 200 crore in green energy, a plan that is to take shape this year, to mitigate risk and grow the business sustainably. Continuing her initiatives on women’s empowerment, she has undertaken significant steps to promote skill and entrepreneurship development in local communities, an aspect that has consistently remained on her radar. THE HEAVYWEIGHTS Not Resting On Her Laurels Falguni Nayar Founder & CEO, Nykaa Sector: Beauty & Personal Care OFTEN described as an Indian billionaire businesswoman, Falguni Nayar has the distinction of being a self-made success. The former investment banker quit her job to become an online retailer over a decade ago. In her words, she was pursuing a dream, strong enough to leave behind a 25-year-old successful career. This dream, Nykaa, which leveraged India’s growing beauty sector and the rise in ecommerce, has today become an enviable blockbuster story. The company not only sells brands online but also has more than 100 physical stores across India, a number it is keen to grow in the year ahead. When Nayar took Nykaa public in 2021, she not only became India’s richest female entrepreneur but also opened the doors to the next level of the company’s growth. In the last year, Nykaa took its first steps to eye international markets. It took its brands to the US, UK and also to markets like Mauritius. The Nykaa House of Brands is a portfolio of around 10 in-house brands including Nykaa Naturals, Nykaa Cosmetics and Katrina Kaif’s Kay Beauty. Last year the company also brought the haircare brand Anamoly to India along with Priyanka Chopra Jonas. Even as Nayar is grooming the next level of leadership in the company, her foresight is strengthening the company’s foundation as can be seen in its consistent year-on-year growth. 25 March 2023 | BW BUSINESSWORLD | 44 MOST INFLUENTIAL WOMEN Photograph by Ritesh Sharma Dipali Goenka CEO & Joint MD, Welspun India Sector: Textiles Striving Relentlessly
Kiran Mazumdar - Shaw Executive Chairperson & Founder, Biocon (Sector: Biotechnology) She Spearheaded India’s BT Dream I F Bengaluru is known as the IT-BT capital of India, Biocon is known to have contributed tremendously towards the making of the BT hub that the city is known to be. It was Kiran Mazumdar-Shaw who founded Biocon in 1978, as a 25-year-old entrepreneur. One of the priorities for her then was to have a fair gender balance at the workplace. Today, Shaw is India’s top industry leader. When she speaks, people sit up and take notice. When she tweets, even the Union Finance Minister responds. If the city of Bengaluru has an enviable soft power, and a galaxy of industry leaders, Shaw well and truly represents the club. If Bengaluru represents what India’s future may look like, if the bio-technology (BT) industry’s rise in India marks the coming of age of innovation and R&D in industry, Kiran Mazumdar-Shaw represents what today’s generation of young women and girls aspire to become – entrepreneurial, fiercely independent, and futuristic. When she started off, neither were banks willing to lend to, nor were men ready to work with a woman boss. Today, as the Biocon Executive Chairperson, Shaw has inspired many – men and women alike. Women constitute around 18 per cent of the total workforce in Biocon, with many of them in leading R&D positions. When not helming Biocon, Sha w’s is an important voice on policy, the economy, governance, civic issues, and gender diversity. As women work towards their rightful share in the economy and society, Kiran MazumdarShaw remains an inspiration and a model to follow. Fashion For Good 25 March 2023 | BW BUSINESSWORLD | 45 ONE of India’s most prolific designers, Anita Dongre has stayed at the forefront of the industry with her brand of mindful fashion. In a career spanning almost three decades, she has taken this culture to international markets as well. An advocate of Fashion For Good, her approach to business is purpose-driven, bringing economies back to rural India while empowering women artisans and modernising crafts. This ethos flows into her brands that disrupt the norm of the luxury category. “The economic gender imparity is an inescapable reality. Not only are there instances of women getting paid less for equal work but there is also an access issue. One of the factors contributing to this is the large, untapped rural population. For us to reduce the gender gap it’s important to focus on creating employment opportunities for women in rural India. Putting money in the hands of women affects change in communities. As a design house, this is something we strongly believe in and consistently work towards,” says Dongre. Dongre has been growing her brand consistently. Earlier this year, she opened a flagship store in the historic Sassoon Building in Mumbai. “It’s been a particular joy to realise a vision that mixes Indian crafts with colonial architecture against art that celebrates nature’s bounty,” she says, explaining why she restored the building maintaining its original form. Anita Dongre Chief Creative Officer of House of Anita Dongre Sector: Fashion & Apparel
46 | BW BUSINESSWORLD | 25 March 2023 grammes. Girl students from first generation learners are making a change in their whole families. Akhtar shares that she also encourages girls to join the Armed forces. The university reaches out to girl students not just on the campus but in several urban centres and a few rural ones too. Much work is being done in research, with an increased emphasis on collaboration, joint research and multidisciplinary work. “We are fortunate to have good researchers, who were doing their work individually; now they are doing it collectively, identifying the areas of national importance. These are relevant researches,” says Akhtar. The university’s research infrastructure has been augmented. The DST grant of Rs 15 crore has led to the university getting sophisticated instruments, and in setting up of a Central Instrumentation Facility. The university allows this infrastructure to be used by researchers of other universities too. The university had 11 patents granted to it in the current academic year. Its research and academic thrust is further enhanced by partnerships, including 70 MoUs with the University of Virginia, the University of Erfurt (Germany), University of Westminster (UK), the Korea Foundation, among others. These “vibrant” MoUs provide opportunities for joint research and student and faculty exchange, she says. All praise for NEP, Akhtar says, “This is something we have been waiting for a very long time. This is a futuristic policy which understands the problems of today and plans for tomorrow.” She says the university is ready to implement NEP. Najma Akhtar Vice Chancellor, Jamia Millia Islamia Sector: Education STEERING the central university of Jamia Millia Islamia during a turbulent phase, and overseeing its emergence as the third ranked university in NIRF rankings in 2022, is its first lady Vice-Chancellor, Najma Akhtar. Heading a university that has a brilliant legacy of over 100 years – the university was born during the NonCooperation Movement in 1920 – and ensuring its role as a leading higher education provider catering to 21st Century R&D, skilling, and employability needs, is no mean achievement, but Akhtar has succeeded silently. New courses have started and now the ambit of courses – from bachelors to PhD – is as vast as Energy Sciences, Computational Mathematics, Microbiology, Virology (which has become crucial in the wake of Covid), Hotel Management, Architecture and Planning, Design and Innovation, and languages, including Korean, besides vocational courses. The VC is keen that the courses should make students employable and the placement cell works day and night to get the students placed, well in time, before the course ends. The university organises job readiness workshops, mock interviews and extension lectures by industry professionals. Belying stereotypes, Jamia has a lot of girl students in its engineering branches and scientific research proTaking Jamia Into the Top League MOST INFLUENTIAL WOMEN THE HEAVYWEIGHTS
25 March 2023 | BW BUSINESSWORLD | 47 Lavanya Nalli Vice Chairman, Nalli Silk Sarees Sector: Textiles ‘Inclusion is a Mindset’ LAVANYA Nalli, Vice Chairman, Nalli Silk Sarees, in an exclusive conversation with BW Businessworld, talks about the changes required –in society, policy and most importantly, the mindset – to achieve gender parity Gender equality needs a strong focus in India. What are your views on this? There have been many positive developments in recent years that have aimed to narrow the gender gap, for example, initiatives such as the Beti Bachao Beti Padhao programme, seek to advance the role of women within society and promote education for girls. Additionally, India has introduced a number of laws aimed at protecting women, such as the Protection of Women from Domestic Violence Act and the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act. Women in India are also better educated than ever before, with female enrollment in higher education increasing from seven per cent in 1950 to 42 per cent in 2018. These are encouraging signs of progress in recent years. That said, women all over the world and not just in India, still face significant barriers at the workplace and are often subjected to discrimination in society. It is important for society at all levels, from policy-makers to corporates to communities, all the way down to the family unit at the heart of our societies, to continue working towards gender equality. What is your advice to regulators, decision-makers and industry captains for including women in the workforce and senior leadership programmes? While there have been some encouraging signs of progress in gender equality in recent years, a multi-pronged and holistic approach toward a more inclusive society can bring us closer to gender parity. At the policy level, one proven initiative is the implementation of gender targets for women’s representation in politics and public sector leadership positions, as India has done for representation of women on boards. The Companies Act of 2013, which requires companies to have at least one woman on their board of directors with penalties for non-compliance, has helped to increase women’s representation on boards in India. According to a report by Credit Suisse, women held 17.5 per cent of board positions in Indian companies in 2020, up from 5.5 per cent in 2012. What are the high points of your journey that have shaped the leader you are today? I’ve had a long career across continents and I’m grateful to have had the experiences that I did, and the various leadership positions I held across diverse, high-profile organisations such as Myntra, McKinsey, Harvard Business, and finally back at Nalli. Some of the high points of my journey include getting into McKinsey during one of the most challenging times in recent memory, during the mortgage recession of 2008/2009 when I was interviewing as a young business school graduate for an internship at McKinsey. Not only was I an international student but also had far less experience compared to some of my peers who were moving from highprofile finance jobs to consulting. Jyotsna Sharma
48 | BW BUSINESSWORLD | 25 March 2023 NISABA Godrej, also known as Nisa, has been the key architect of the Godrej Consumer Products’ (GCPL’s) strategy and transformation in the last decade. Her approach not only put GCPL on a growth path in India and international markets but also did so while keeping sustainability at its core. The most distinctive trait of her leadership style is being inclusive and putting people first, be they employees or consumers. Godrej Consumer Products has led with diversity and inclusion and even while serving consumers, it looks to identify unserved consumer needs, across tiers, and has created category-firsts and niches for itself. In the last year, GCPL had broad-based growth across geographies. India delivered double-digit sales growth. Businesses in Africa, the USA and West Asia continued their strong growth trajectory. The company is also on track in its journey to reduce inventory and waste cost and is deploying this to drive profitable and sustainable volume growth across our portfolio through category development. Under Nisa Godrej’s charge, the group enjoys the patronage of 1.15 billion consumers globally, across different businesses. As part of its strategy to remain a ‘good’ company, approximately 23 per cent of the promoter holding in the group is held in trusts that invest in the environment, health, and education. The company brings its passion and purpose together to create a more inclusive and greener India. The Future Ready Leader Nisaba Godrej Executive Chairperson, Godrej Consumer Products Sector: FMCG A TRAILBLAZER IN INSURANCE Vibha Padalkar, MD & CEO, HDFC Life Sector : Insurance VIBHA Padalkar is a dynamic leader and a renowned personality in the corporate world, known for her leadership and strategic expertise. She is currently serving as the Managing Director and CEO of HDFC Life, one of India’s leading life insurance companies. With over 25 years of experience in the financial sector, Padalkar has established herself as one of the most influential women in the industry. Her strategic vision and commitment to innovation have helped HDFC Life stay ahead of the competition, and her advocacy for gender diversity and social responsibility make her an inspiring role model for women in business. Under Padalkar ’s leadership, HDFC Life has achieved remarkable growth, doubling several key metrics since it was listed in FY2018. The company has covered 54 million lives in FY 2022, registering an increase of 36 per cent over FY 2021, and its Assets Under Management crossed Rs 2 trillion. Dduring the two-year pandemic, the company’s two-year CAGR of 17 per cent was almost two times the industry growth of nine per cent. She has played a vital role in the company’s transformation from a traditional insurer to a digital-first insurance provider. She has also been instrumental in launching several innovative products and services, such as Sanchay Plus, Sanchay Fixed Maturity Plan, etc. She is a member of both the Institute of Chartered Accountants of England and Wales and the Institute of Chartered Accountants of India. MOST INFLUENTIAL WOMEN THE HEAVYWEIGHTS
25 March 2023 | BW BUSINESSWORLD | 49 In a conversation with BW Businessworld, she says, “In the long run, SAIL is aiming to expand its footprints deeper into the domestic market as well as explore new international opportunities. We would like to have more saleable steel in higher grades, enhance mines-related operations and improve the techno economics further in the coming year.” She explains that the year ahead is expected to be better than the current financial year as this financial year was impacted by volatility in prices of imported coking coal and market realisations. Speaking on gender inequality in the steel sector in India, she points out that it is a critical issue not only for the steel industry but for the entire country. “While progress has been made in recent years to increase the representation of women in the industry, there is still a long way to go. It is heartening to see that more and more women are entering various sectors including metals and mining. At SAIL, like in all PSEs, we have a gender-neutral policy for hiring as well as for employment conditions,” says the SAIL chairman. Early Focus Mondal believes that for women to grow in the workforce and leadership, change must begin at the very beginning. “Access to education for women and proper mentoring at a younger age along with employment opportunity shall let the actual change happen,” she adds. Unlike many in the sector, Mondal did not experience any particular challenges for being a woman. Working in a public sector enterprise where policies are gender neutral, she felt that gender notwithstanding, attitude, passion, self-belief and willingness to take challenging roles are important in a professional journey. “In the early years, family responsibilities make a huge demand on time and energy but preparing for this through a support system, time management and optimal use of choices will go a long way. Today’s women are much smarter and more confident. In the coming years, we will see many more in our workforce and management,” she says. SOMA Mondal has the distinction of not only being the first woman functional director of the Steel Authority of India Limited (SAIL) but also the first woman chairman of the company, a title she never thought to change as she believes ‘chairman’ is gender neutral. Mondal can be credited for challenging anything that one may see as a norm, as she sought newer ways to move forward in her journey SAILing Forward Under her leadership, SAIL holds a very positive outlook in both the short and long term. In the short term, the company is looking at maximising production in keeping with its rated capacities, increasing the share of value-added products, improving customer experiences through increased use of technology and improving overall profitability and productivity. INVADING THE STATUS QUO Soma Mondal Chairman, SAIL Sector: PSU
50 | BW BUSINESSWORLD | 25 March 2023 University of Madras in Economics and Social Sciences. She studied Marketing and Business at UWCU Madison, WI and has a post-graduate diploma in Patent Law from NALSAR Hyderabad. She co-founded Bharat Biotech with Dr Krishna Ella in 1996. Bharat Biotech owns 215 patents and its products are available in over 125 countries. With a wide range of vaccines and bio-therapeutics, the company aims to solve the health challenges of the developing world. Bharat Biotech has delivered over four billion vaccine doses all over the world, and was among the first to develop vaccines for viral diseases like Chikungunya and Zika. Ella believes in the value of gender parity. “Empowering women through technology and innovation is not just a moral imperative, it’s a strategic imperative for businesses in today’s digital world,” says Ella. “As a woman, I strive to lead by example, leveraging the power of technology to create a more inclusive and gender-equal workplace. Let’s use this International Women’s Day to amplify the call for DigitALL progress towards a future where every woman has an equal opportunity to succeed. Let us join the world to celebrate the remarkable achievements of women in every field and continue our unwavering commitment to create a workplace that is inclusive, supportive, and empowering for women. It is the moment to renew our commitment to gender equality and use the tools of biotechnology to build a better health and future for all,” she says. In addition to work, this powerhouse prioritises her family and devotes time to philanthropic activities – doing her bit to build a better world. Jyotsna Sharma SUCHITRA Ella, Co-Founder and Managing Director of Bharat Biotech International, believes in the power of technology and innovation in empowering women. Earlier this year, Bharat Biotech launched its nasal vaccine , iNCOVACC. Administered in the form of nasal drops, it produces an effective immune response. It was launched by Dr Mansukh Mandaviya, Union Minister for Health and Family Welfare, on the occasion of Republic Day. On the occasion, Dr Mandaviya, said, “The launch of the iNCOVACC vaccine is an important milestone in the Atma Nirbhar Bharat vision. Today, India contributes 65 per cent of the vaccine needs of the world, saving lives of children, adolescents and adults. It is also great to note that, in global dialogue, India’s manufacturing, research and innovation capabilities are admired. India will not be just known as the pharmacy of the world, but will be known for its research and innovation in vaccines.” Most people associate Bharat Biotech with Covaxin, the Covid-19 vaccine. The contribution of the company during the pandemic is well known. Its founders, Suchitra Ella and Dr Krishna Ella, were honoured with the Padma Bhushan for their contribution to medicine. Suchitra Ella graduated with distinction from the A True Power Lady Suchitra Ella Co-Founder & MD, Bharat Biotech International Sector: Biotechnology MOST INFLUENTIAL WOMEN THE HEAVYWEIGHTS