25 March 2023 | BW BUSINESSWORLD | 51 From playing with numbers to delving into software, Shraddha Thanawala’s transition has been an adventure. The strength of the CEO and Director of the Mumbai-based technology company, Merce Technologies lies in her value as an executor. Merce is a software services organisation, that has operated in the cloud-first and digital transformation space for the last twenty-three years. It takes all projects to completion with a 98% success rate. Shraddha has done it all - from midnight meetings with ministers and UN members to doling out highly technical advice despite her non-tech background. She has successfully handled all of it, learning something new with each step. In her own words, “I have been constantly on a learning path, especially with technology. My incessant questions allowed for a lot of knowledge which I could grasp and use in my sales activity.” Shraddha’s career began with understanding software systems and components such as web proxies and firewalls in the early 2000s, followed by getting a grasp on programming languages, while she was shifting from products to software services. “I’m lucky to be surrounded by techies who very patiently explain to me the fundamentals behind tech. They’re focused on concepts,” she says. The company has been thriving for twenty-three years with marquee clients including two of the country’s top three trading exchanges, both the securities depositories, Konkan Railway Corporation, the Uttar Pradesh State Government and Johnson & Johnson, among several others. Also steeped in the banking and finance domain, Merce developed a goal-based advisory service for Edelweiss to draw in first-time investors to invest in the capital markets. Merce has also set up an Offshore Development Center for a very successful fintech start-up. With the tagline that promises “Let’s Build”, Merce Technologies holds close values such as insight, integrity and courage. The focus for Shraddha as CEO and Managing Director has often been to build a team that sticks together and also stands up for themselves. “One of the things I believe, as a leader, is that you support the team in their decisions, even if they are taking an approach you wouldn’t take, and more often than not, they’ll be doing a good job. It may not be how you envisage it, but in their own unique way, they’ll be doing a good job,” she says. Shraddha’s strategic focus for Merce is growth by design. The core of this transformation is Project Shakti, which aligns all teams with core values and culture, strengthens governance processes, and pushes for excellence in all technical and nontechnical areas. It has three focus areas: Accountability, Caring and Excellence. As a leader in the field and the company, Shraddha looks at the challenges ahead. “A leader needs to let go of the activities and control she exercised – when you scale up, that’s the first thing you need to do. I always ensure that my team is at play and I am using their qualities and their skills to the best level,” Shraddha says, defining Merce’s vision of bringing class leading solutions for business using technology, thought and talent. NUMBERS TO SOFTWARE - THE JOURNEY OF SHRADDHA THANAWALA Shraddha Thanawala, CEO and Director, Merce Technologies
DAISY Chittilapilly began her journey in the tech industry in the mid-90s, when it was still very young in the country and very much still in the startup mode. It was an era when people and companies were doing something new and innovative every day. All the things we take for granted today, including email, the internet and cell phones, were novelties and presented so many exciting possibilities. “As an engineer just setting out, it was the perfect environment and opportunity,” recounts Chittilapilly. When she looks back at her 25+ years in the industry, Chittilapilly feels all the pivotal moments in her career have been shaped by people and experiences. “I’ve had the privilege of being a part of some incredible teams and transformation projects. With every new role, I’ve had the opportunity to grow and evolve – as an individual and as a leader,” she says. Chittilapilly emphasises that society is progressing towards a workplace where diversity isn’t a good-tohave, but core to business success. But that said, she says the representation of women in the workforce, especially as we move further up the ladder, continues to remain low. “These are gaps we need to focus on filling. And it’s not just about women – it’s about any group that has been marginalised over time for any reason,” stresses the Cisco India & SAARC President. She opines that the focus on creating equitable opportunities for everyone and digital technologies can go a long way in building the right platforms to make this happen. Team BW Equal Chance For Everyone Daisy Chittilapilly President, Cisco India & Saarc Sector: Software THE CAPTAINS Gender Equity Critical For Success NADIA Chauhan firmly believes that organisations must evaluate individuals on their capabilities, skills, and qualifications, and not on their gender. “Our organisation is run by three women, and we take pride in being a workplace free from gender bias. We believe that the best person for the job should be selected, irrespective of their gender,” she says. Parle Agro not only had a strong run in the last year but also emphasised the characteristics that have kept it strong in the face of evolving marketplace and increasing competition. One of its strong points is its people power. “We understand that gender equity is not just a moral imperative but is critical for achieving business success. We are committed to creating a workplace that supports and empowers all employees, regardless of gender, and we continuously work towards creating a more inclusive and diverse workplace culture,” Chauhan explains. She sees technology as an enabler in gender parity by increasing access to education, employment, and resources for women. “We have seen many exceptional women leaders who have spent their entire careers with us, and we recognise the value of a diverse workforce. Our company culture is designed to respect and enable all employees, regardless of gender, to achieve their full potential,” she adds. Noor Fathima Warsia 25 March 2023 | BW BUSINESSWORLD | 52 MOST INFLUENTIAL WOMEN Nadia Chauhan Joint MD & CMO, Parle Agro Sector: Beverages
25 March 2023 | BW BUSINESSWORLD | 53 packaging material suppliers to switch to renewable and low-carbon fuels. We have initiated phased removal of mono-cartons starting with our premium Scotch brands and have recycled all the plastic waste we generate. Diageo India did well in FY23 Q2 with PAT at Rs 523 crore, which was an increase of 105.9 per cent and your net sales increased 17.7 per cent. Are you expecting this growth trend to continue? We are a young company in India and the next decade truly belongs to us. In India the premiumisation trend has gained momentum over the past few years with the normalisation of alcohol consumption at home, drinking better and not more and repertoire drinking. We anticipate this trend will be further accelerated. India will have the third largest number of affluent households by 2030, adding 100 million new legal drinking age consumers in the next five years. We have reshaped our portfolio with a focus on accelerating premiumisation-led growth and addressing the fast-growing cohorts. We will continue to tap into the next sources of growth, drive transformational innovation and renovation, winning liquids and stronger propositions backed by sharp consumer insights. With the consumer at the heart of our business, the strength of our reshaped portfolio and the investment we are making to accelerate our strategic priorities, we are confident of growing the business consistently and sustainably. You’ve been a major champion of D&I ever since you took the helm. Please tell us more about how this shows in other leadership roles at Diageo? Inclusion and diversity should be an integral part of a company’s strategy with defined goals and an integrated reporting system to track and monitor progress. We have 33 per cent women representation in the leadership team and our ambition is to have 50 per cent women representation in the leadership team by 2025. We lead the way by championing this not just within the business, but also with our partners and our communities and through progressive portrayal in our brands. Noor Fathima Warsia IN the past year, you have undertaken several initiatives towards making Diageo India a sustainable company. What has been guiding this drive? A key pillar of our growth strategy is defining and executing an ambitious role for Diageo in society, aligned to ‘Society 2030: Spirit of Progress’, which is our 10- year ESG (environment, social, governance) action plan. We are proud of the progress made so far in areas like water stewardship, waste management and circularity, safety performance and corporate governance. We are working to replenish more water than what was used in the water-stressed sites and are improving water use efficiencies in distilleries and packaging. We have achieved 100 per cent coal-free status in our direct operations and continue to support raw and ‘Confident Of Growing Sustainably’ Hina Nagarajan MD & CEO, Diageo India; Sector: Alcobeverages
54 | BW BUSINESSWORLD | 25 March 2023 Schauna Chauhan CEO, Parle Agro Sector: Beverages Strategising For The Future S CHAUNA Chauhan looks at things through a positive lens. For her, it is important to draw out a clear roadmap that would enable her organisation to achieve its targets. “Being proactive about what we do helps during this process. Our diversification into the dairy segment has opened up new avenues for Parle Agro. I envision the year ahead filled with significant opportunities and innovative products at affordable prices. Our focus has been in the area of being able to sell a product at Rs 10,” she says. After Parle Agro entered the new category with brands like Smoodh, its growth strategies and innovations have been focusing on making fruit-based and dairy-based beverages. Chauhan informs that this will continue. In the last year, she has not only built on the Atmanirbhar Bharat momentum but has also looked to grow the company sustainably, an aspect she believes is important for new-age and GenZ consumers. “GenZ is a free-thinking generation. They can define themselves as individuals who want to experiment with different themes and beliefs while taking risks. GenZ tends to be well-educated about brands. And if they’re unaware, they know how to access information about it quick ly. We need to keep pace with changing times, be it in technology, or communication. Striving towards this, we strategise for the future,” the Parle Agro CEO says. Sulajja Firodia Motwani Founder & CEO, Kinetic Green Women Must Leverage EV Revolution SULAJJA Firodia Motwani has been the flagbearer in the automotive sector for 25 years. She believes women will have greater participation with EV and the startup revolution On how to grow women in the workforce I will urge leaders to make hires based on merit and let go of all the limiting beliefs they might have about women in certain roles across the shop floor or even at a leadership level. I don’t support reservation, but I do believe reservation at the Board level for women and in political leadership is required. On the high points of your journey My dream is to have a Kinetic vehicle as a part of every household in India and to bring our products to the world. We proudly work on the principle of Make in India. On why there are fewer women leaders in automotives Other than the existing biases, cultural norms and lack of management action could be the reasons. I feel that the EV revolution can change this to a great extent. New start-ups are flourishing in this space leading to new opportunities in the auto sector, which women must leverage. On how to have more women in the automotive sector Purposeful diversity and inclusion at the core of the company’s culture and hiring processes can see more women being part of this traditionally male-dominated sector. I am doing my best to promote this and contribute in every way I can to see more women in the auto sector. Utkarsh Agarwal MOST INFLUENTIAL WOMEN THE CAPTAINS Photograph by Vilas Kalgutker Noor Fathima Warsia
25 March 2023 | BW BUSINESSWORLD | 55 The Opportunity Ahead The Adobe India boss draws attention to the “immense digital opportunity”. Explaining that the company will partner with large enterprises, financial services firms and new technology companies to enable their digital transformation journeys, she says, “Personalisation at scale and content supply chain have both emerged as big focus areas in the quest to provide engaging customer experiences. We remain steadfast in our efforts to empower young India by building future-proof creative and digital skills for the workforce of tomorrow.” Adobe will seek more avenues to partner with the government to further innovation and benefit the citizens. Digital forms and the use of e-signatures at scale are set to unlock productivity across organisations. “By continuing to invest in these areas, we can help our customers stay ahead of the curve and drive growth in their businesses,” Mohapatra says. Reflecting on the gender gap in India, Mohapatra explains that women of ten fall off the career ladder while balancing between expectations of the job and the home front. This broadens the gender gap. Technology can play a tremendous role in addressing some of the limiting factors. The options of hybrid work models and effective communication tools give flexibility to women to manage their time. “Access to online education and training programmes empowers women and gives them the choice to leverage as required. Financial inclusion and skillbased job opportunities also bring more women to the workforce. All of these are possible due to technical innovations, which got accentuated during the last couple of years,” Mohapatra adds. In her early days, she realised that prioritising professional development may ask for temporary sacrifices. “I made a deliberate decision to allocate time for professional development and upskill myself to foster growth. As a leader, I encourage women to break free from traditional expectations and invest in their professional development,” she advises. Noor Fathima Warsia T HE macroeconomic environment is an indicator for companies to balance growth and profitability. Prativa Mohapatra reiterates this as she explains how Adobe will continue to prioritise highimpact initiatives for its customers, being prudent in expenses and hiring for critical roles to achieve long-term goals. “Since I started my journey with Adobe, we’ve continued to empower large-scale enterprises in their digital transformation and have emphasised enabling younger, diverse companies to commence their digital journeys,” she says. From the content that powers digital experiences to each engagement between consumer and business, Adobe is “omnipresent”. The company’s focus remains on capturing the market opportunities ahead, driving profitable growth, and ensuring strong returns for its shareholders. The Digital Transformer Prativa Mohapatra VP & MD, Adobe India Sector: Tech
56 | BW BUSINESSWORLD | 25 March 2023 T HE Indian cement industry is undergoing changes that bring both short-term and long-term impacts. Amid this, JK Lakshmi Cement is poised to grow with the addition of new capacities through brown-fielding in its existing plants as well as upcoming green-field projects. “We are working on making our structures, systems and processes more agile to new-age requirements. We have made significant investments in our human capital to enhance both capacity and capability in line with our ambitious growth plans,” informs Vinita Singhania. Besides cement, the company has recently grown in various product segments in its value-added products business vertical. “With our growth mindset, we look at industry changes as an opportunity to enhance our competitiveness and take advantage of upcoming opportunities. Our leadership team and employees are making strides to ensure we become one of the most profitable companies in the The Growth Mindset Vinita Singhania Vice Chairperson & MD, JK Lakshmi Cement Sector: Cement industry,” Singhania adds. The company is eyeing growth opportunities in rural areas and urban areas. Singhania believes that innovation in cement and value-added products will create newer segments to drive its growth, which she has spelt out as the company’s top priority. She also points out that even as gender parity has improved in the last decade, it is far from desirable and all social constituents must come together to accelerate the induction and integration of women workforce in various sectors. Noor Fathima Warsia MOST INFLUENTIAL WOMEN THE CAPTAINS Weaving Success Suchita Oswal Jain Joint MD, Vardhman Textiles, Sector: Textiles SUCHITA Oswal Jain is a third-generation entrepreneur. The vice president and joint managing director of Vardhman Textiles, Jain joined her family business at the age of 22. Her grandfather Rattan Chand Oswal founded Vardhman Group along with her father S.P. Oswal, who is now the chairman. Having spent over three decades in her professional role, she was instrumental in the group’s major decision of moving from producing yarns to manufacturing fabrics. From 64 looms, the company grew to 1,544 looms, thanks to her vision and approach. Under her expert guidance, Vardhman Textiles has become the leader in apparel fabrics. Their client base includes Benetton, Marks & Spencer, H&M and Uniqlo. The company has more than 20 production units spread across five states of Punjab, Himachal Pradesh, Madhya Pradesh, Gujarat and Tamil Nadu. The company employs over 30,000 people in these units. Jain is a member of various industry bodies including the National Executive Committee of FICCI, the International Textile Manufacturers Federation and Young President’s Organisation. She has been felicitated with the Outstanding Woman Leader Award at the 8th World Women Leadership Congress and India CSR Leadership Award 2021. She has also raised two daughters who are now ready to take the reins of the company. Team BW
25 March 2023 | BW BUSINESSWORLD | 57 women entrepreneurs across the world. A multifaceted persona, Singh has a number of feathers in her cap. She has been conferred the prestigious Woman Entrepreneur of the Year Award by Indian Achievers Forum in association with the Ministry of Electronics and Information Technology for her outstanding professional achievements and contributions towards nation building. She has also been featured in Fortune India’s 50 most powerful business women edition. She has served as the youngest and only woman Vice-Chairperson of NASSCOM Product Council and has been the first woman of Indian origin on the Board of Philip Kotler’s Kotler Impact. She has helped in the formulation of the visionary Women Entrepreneurship Platform (WEP) by NITI Aayog. Singh has been presented with the India Achiever Award 2021, Impact Entrepreneur Award for Social Innovation, presented by IEEE in association with UN Women and Amity University, London. She has also been bestowed with the 2019 Mentor of the Year by the Government of Andhra Pradesh. She strongly believes in giving back to society in the form of her not-for-profit organisation that invests in the youth and empowers them with skills to thrive in a technologically driven era. As an angel investor from over the last 10 years, Singh has invested in some of the most promising startups across the globe such as BookPad, Tookitaki and Wiggles, to name a few. She works closely with the Ramakrishna Mission to impart digital marketing knowledge to their students and prepare them for the ever-evolving ecosystem. Singh is also a bestselling author. Her books - Decoding Digital: Unlocking Digital Barriers and Stories from New India: Policies, Hope And Change have been bestsellers. She is presently writing her third book. She is also a Global Mentor at Google Launchpad and a Mentor of Change at Atal Innovation Mission (AIM). Team BW Aserial entrepreneur, angel investor, best-selling author and philanthropist… These are just a few facets of Somdutta Singh. Currently she is operating her third entrepreneurial venture, Assiduus Global Inc., which is a leading cross-border, cross-marketplace E-commerce accelerator generating $300 million in GMV. Born in Kolkata to doctor parents, Singh is an MIT alumna and a first-generation entrepreneur in her family. After her initial studies in India, she moved to the US for higher studies. After a brief stint in the corporate world, she shifted to do something of her own and started her first venture, an ad-tech firm. She has had two highly successful multi- million dollar exits before she founded Assiduus Global. She strongly believes that ‘Every adversity comes with an opportunity’. Singh has a vision of making Assiduus Global a billion-dollar revenue generating enterprise by 2025 and become a shining beacon for Many Faces, Many Talents Somdatta Singh Founder, Assiduus Global; Sector: Tech
Chhattisgarh Model Bringing NYAY to Last Mile Record procurement of 107.53 lakh MT paddy Highest minor forest produce procurement in the country Rs. 150,000 crore bene t to farmers Institutional purchase of cow dung and Gaumutra under Godhan Nayay Yojana transforming rural economy Free healthcare services to 1.22 crore people through mobile hospitals in remote villages and slums Leading state in recognizing forest rights ensuring livelihood of forest dwellers and better forest management Swami Atmananad Govt. Schools, new centres of excellence providing equal opportunities in education to more than 2.5 lakh children Upto 70% discount on medicines provide relief of Rs. 85 crore 42 lakh domestic consumers save Rs. 3,250 crore on electricity tari t Shri Bhupesh Baghel Chief Minister, Chhattisgarh
Chhattisgarh Model Bringing NYAY to Last Mile Record procurement of 107.53 lakh MT paddy Highest minor forest produce procurement in the country Rs. 150,000 crore bene t to farmers Institutional purchase of cow dung and Gaumutra under Godhan Nayay Yojana transforming rural economy Free healthcare services to 1.22 crore people through mobile hospitals in remote villages and slums Leading state in recognizing forest rights ensuring livelihood of forest dwellers and better forest management Swami Atmananad Govt. Schools, new centres of excellence providing equal opportunities in education to more than 2.5 lakh children Upto 70% discount on medicines provide relief of Rs. 85 crore 42 lakh domestic consumers save Rs. 3,250 crore on electricity tari t Shri Bhupesh Baghel Chief Minister, Chhattisgarh
THE GUARDIANS AFTER heading the National Highways Authority of India (NHAI) for a year, Alka Upadhyaya, in October 2022, was appointed as the Secretary, Ministry of Road Transport & Highways (MoRTH). Upadhyaya, an Indian Administrative Officer of the 1990 batch, has been working in India’s road sector for the past ten years. Prior to her appointment as Secretary, MoRTH and Chairperson, NHAI, she was the CEO of MP Rural Development; Director General of Rural Road Development Authority and Additional Secretary in the Ministry of Rural Development. Upadhyaya believes that the economic growth of a nation is closely linked with the growth of the road infrastructure in the country. Under her leadership, NHAI started initiatives like establishing Multimodal Logistics Parks and ‘Wayside Amenities’ to improve the commuter experience on National Highways. The government has laid out a massive Strengthening the Road Infrastructure Alka Upadhyaya Secy, Ministry of Road Transport and Highways allocation of Rs 10 lakh crore for capital expenditure in this year’s budget. A bulk of it will be directed towards building and strengthening the road infrastructure. As Secretary, of MoRTH, Upadhyaya will be at the helm of affairs and leverage her vast experience in the roads sector to address some legacy issues. She recently stated that the government wants to ensure companies with sound financials build highway projects and is considering putting a minimum BBB rating for bidders in hybrid annuity model (HAM) projects. Donning Many Hats with Ease A NNAPURNA Devi began her political career in 1996 as a Member of the Bihar Legislative Assembly after completing her post graduate studies at Ranchi University, Jharkhand. She is currently the Minister of State for Education in Modi government’s second term. She is also a Member of Parliament in Lok Sabha from Kodarma, Jharkhand. In addition to being one of the National Vice Presidents of the BJP, she was also elected as a member of the Rashtriya Janata Dal, to the Jharkhand Legislative Assembly from Kodarma (Vidhan Sabha constituency). Her experience in building her career from the ground up places Devi in a position to better understand the nuances of educating a diverse population. Annapurna Devi MoS for Education MOST INFLUENTIAL WOMEN Photograph by PIB
25 March 2023 | BW BUSINESSWORLD | 61 Urvashi Prasad Director, Office of Vice Chairman, NITI Aayog Towards Better Policies in Healthcare URVASHI Prasad began her healthcare journey at Michael & Susan Dell Foundation in India where she managed and worked to better the health, water and sanitation issues. Soon after contributing impactful work at the foundation, Prasad moved to a policy-making role at NITI Aayog where she has been working for the last five years. She has been a part of the core team supporting the work of the Government of India’s Empowered Group 1 for managing the Covid-19 pandemic in the country. Prasad is currently serving as a Director in the Office of Vice Chairman at NITI Aayog. She is also a member of the task force for overseeing the implementation of UN Sustainable Development Goals in India. Droupadi Murmu President of India Women’s Empowerment Crucial for Economic Development THE former Jharkhand Governor and NDA candidate, Droupadi Murmu, was elected the 15th President of India in July 2022. When Murmu took charge as the first citizen of the country, she brought hope to millions of women out there that there is nothing that they cannot achieve. Interestingly, she became the first tribal woman in India to be elected to the position and the youngest as well. Murmu hails from Rairangpur in the Mayurbhanj district of Odisha. Notably, after finishing college, she worked as an Odisha Irrigation Department Class-III employee. Prior to joining the political arena, Murmu was an assistant professor at the Shri Aurobindo Integral Education and Research Institute, Rairangpur. She served as an MLA for Rairangpur from 2000 to 2009 and held several positions in the Odisha government. President Murmu believes that women’s empowerment is not just an issue of social justice but it is also crucial for economic development. “The low participation of women in the workforce is a major hindrance in the overall development of our country. India is the fifth-largest economy in the world and now moving towards becoming a $5 trillion-dollar economy. A more active role of women would be helpful in achieving this goal,” she says. Speaking about gender discrimination, she says that even today the situation of gender-ratio in many parts of the country is worrying. Sad examples of female foeticide are also seen in well-educated parts of the country. Photograph courtesy: The Rashtrapati Bhavan
62 | BW BUSINESSWORLD | 25 March 2023 Glocalising Textiles REPRESENTING Surat in the 17th Lok Sabha, Darshana Jardosh is Minister of State for Textiles and Railways and is serving her third term as a parliamentarian. Surat has been her political bastion, she began her journey as a corporator in 2000 and since 2009, she has been representing the Lok Sabha constituency. As the textile minister, she has been vocal about internationalising the Indian technical textile industry. Various initiatives such as PLI schemes, HSN codes, and the National Technical Textiles Mission are providing the necessary boost to the Indian textile industry. She sees India’s G20 Presidency as strengthening its textile, apparel, and merchandising industry. I N January 2023, Justice B. V. Nagarathna made headlines for her lone dissenting opinion in the demonetisation case. The message is loud and clear. When it comes to judging a case on merits, her ladyship is a stickler for the law. Justice Nagarthana was appointed as an additional judge of the Karnataka High Court in 2008 after three decades of law practice. The year 2021 saw her elavation to the Supreme Court of India. Her father, E. S. Venkataramiah, was Chief Justice of the Supreme Court of India in 1989. While Justice B. V. Nagarathna is slated to become the first woman Chief Justice of India in 2027. B. V. Nagarathna Judge, Supreme Court of India A Stickler for the Law THE GUARDIANS Darshana Jardosh MoS, Textiles & Railways MOST INFLUENTIAL WOMEN Photograph by PIB
25 March 2023 | BW BUSINESSWORLD | 63 I N 2022, Justice Hima Kohli was part of Supreme Court’s landmark verdict that banned the two-finger test on victims of sexual assault. Prohibiting this regressive practice was long overdue and If one considers Justice Kohli’s contribution to women’s issues and family law jurisprudence, it was rather fitting that the astute judge co-authored the Judgement alongside Chief Justice of India (CJI) D.Y. Chandrachud. Over the course of her illustrious career, her ladyship has made a name for herself in cases involving the human angle. Hima Kohli Judge, Supreme Court of India A Torchbearer for Women’s Dignity Leena Nandan Secy, Ministry of Environment, Forest & Climate Change Leading India’s Climate Agenda AS Secretary, Ministry of Environment, Forest, and Climate Change (MoEFCC), Leena Nandan is spearheading India’s fight against the climate emergency with the vision of striking a fine balance between the aspirations of the citizens and fulfilling commitments towards conserving the environment. At the COP27 Summit in Egypt last year, Nandan emphasised the need to focus on adaptation and not just mitigation. She believes that adaptation lies at the heart of equity and climate justice. “Mitigation is one part of the story - why should adaptation be its poor cousin? Countries are responding to the imperative challenge of Climate Change, but the issue of Finance remains,” she said. Under her leadership, the MoEFCC is working on innovative financial instruments for funding climate change adaptation and mitigation measures in key sectors. The ministry is also working towards enhancing forest cover in degraded forest land through community involvement and ownership. Prior to her appointment as Secretary of MoEFCC, Nandan was Secretary in the Department of Consumer Affairs and has also served as the Joint Secretar y in the Ministry of Tourism and Ministry of Road Transport & Highways. Nandan shares that during her stint in the Tourism Ministry, she prioritised rural tourism more because it allows socioeconomic community empowerment, particularly of women. Photograph by Supreme Court of India
64 | BW BUSINESSWORLD | 25 March 2023 Nirmala Sitharaman Finance Minister $5 trillion Tune on FM If India is a bright spot in the world today, and is expected to remain the fastest-growing large economy, Sitharaman, helming the Finance Ministry, is working to take the economy into a higher growth orbit. The JNU-educated, articulate voice from the BJP, first made her mark as a party spokesperson. She was once complimented by then PM Manmohan Singh for “bringing substance into TV debates”. Sitharaman is sought after not only for deliberating with India Inc leaders or Industry groups, but she is also entrusted by her party with undertaking campaigns and outreach programmes in Opposition-ruled states. A Rajya Sabha member, she has earlier been a Union Commerce & Industries Minister. She has also handled the Defence Ministry. Sitharaman is known to marshal facts and figures to make an argument. With a $ 5 trillion economy as the immediate objective and Vision 2047 as the guiding principle, FM Sitharaman’s is a very important voice in the Narendra Modi government. Priyanka Gandhi Vadra General Secretary, AICC A Star Campaigner I N 2019, when Sonia Gandhi and Rahul Gandhi were contesting elections from Uttar Pradesh, the Congress party’s most popular slogan was “Amethi Ka Danka Beti Priyanka”. Though Priyanka Gandhi Vadra wasn’t contesting the elections and was just managing the campaign for her mother and brother, she was the strongest mass leader from the party. In January 2019, Priyanka Gandhi Vadra took her formal steps into active politics as she was elected to the All India Congress Committee (AICC) as a general secretary and was given the charge of UP. She has been active as the party’s star campaigner since then although there is still no concrete news about her contesting elections any time soon. NIRMALA Sitharaman is India’s first full-time woman Finance Minister. Before Sitharaman, former Prime Minister Indira Gandhi had presented the Union Budget (in 1970-71). With the Budget 2023-24, FM Sitharaman has, so far, presented five Budgets. Sitharaman’s stint as FM has been noteworthy for another reason. During the pandemic, she presented a series of “mini Budgets” by way of a fiscal stimulus to help the economy absorb Covid-induced reverses. THE GUARDIANS MOST INFLUENTIAL WOMEN Photograph by PIB
25 March 2023 | BW BUSINESSWORLD | 65 Meenakshi Lekhi MoS, External Affairs & Culture Creating a Legacy Madhabi Puri Buch Chairperson, SEBI The Gifted Striker IT has been just over a year since Madhabi Puri Buch was named the Securities and Exchange Board of India (SEBI) chairperson. However, her work with the regulatory body in the preceding years made it evident that she was ushering in an age that used data and technology to increase efficiency. The first woman to hold the post, Buch was functioning closely as a whole-time SEBI member since April 2017. Buch’s career has seen her not only lead a financial institution in India but also work in a market like Singapore where she held various mandates. In her role as SEBI chair, she is credited with bringing rapid changes. During her stint as a SEBI director, she was given charge of portfolios like collective investment schemes, surveillance and investment management. After this tenure ended, she was appointed to a committee formed to help SEBI design in-house technological systems. Known for her technology and data-agnostic attitude, Buch has passed a few landmark regulatory orders, notable cases including that of Sahara Group, Deep Industries and Zee Entertainment Enterprises. Introducing a KRAs-driven system, Buch lay special emphasis on cyber security and the use of tech and data across functions at SEBI. Being inclusive in approach, she believes in market feedback for policy changes and in collaboration to strengthen SEBI’s scope and work. I N the current scenario where geopolitical crises across the globe are on the rise, being part of a nation’s External Affairs Ministry is not a simple job, however Lekhi tackles every challenge effortlessly. Typically, the politics of any country is considered a male-dominated sphere, but the case is not the same for Lekhi as she actively takes part in decision-making. She always pitches for women’s empowerment. Lekhi believes that women are the creative force of the economy, and if the economy needs a boost, they need to take the centre stage. Interestingly, apart from being a political figure, Lekhi has been part of the Drafting Committees for bills like the “Women Reservation Bill” and “Problem of Sexual Harassment at Workplace”. Photograph by SEBI Photograph by Ritesh Sharma
66 | BW BUSINESSWORLD | 25 March 2023 in foreign universities. The money that Indian students are spending in their foreign education is equal to the education budget of India. So, if they can get foreign education on Indian soil, it will help us to save a lot of foreign money. It will also facilitate foreign collaborations in many ways.” On the NEP, with its credit point system and dual degrees, she says, “Students are being treated like kings in the National Education Policy in which they have all the options to study anytime, anywhere or in any university, any programme.” But she adds that with so many choices available, students will have to make a choice wisely, which will necessitate right counselling. The onus will be on students to make the right choices, when they are quite raw. She says, “In this changed environment, every level, including administration, faculty, vice chancellors, principals, students, would be affected and everybody has to go through the process of change management.” AT a time when the National Education Policy (NEP) is remodelling the higher education system with four-year degree courses, academic bank of credits, multiple exit and entry points and dual degrees being introduced and foreign universities being allowed to open campuses, the Association of Indian Universities (AIU) has a critical role to play in coordination between these universities, and voicing their issues. The Secretary General of AIU is the dynamic Pankaj Mittal, possessing a great macro and micro vision of higher education. The Association, which is 98-year-old and which has been headed by stalwarts like Zakir Husain and Sarvepalli Radhakrishnan, coordinates with the universities to work as a liasoning organisation between the government and the university. “It’s a voice of the universities for the government and if the government wants to implement anything in the education sector, they seek the help of AIU and we help them. We are implementing many government policies,” says Mittal. Holding conferences and round tables of vice-chancellors on important issues; organising capacity building programmes on research, use of technology, pedagogy, assessment and evaluation; and engaging with students through sporting events, which are organised at national and international level, including Khelo India, and youth festivals are some of the activities of AIU. Explaining the role that the AIU plays vis-à-vis the regulating body of University Grants Commission (UGC), Mittal says AIU is a facilitator. “Whatever regulations the UGC is issuing, we take it upon ourselves to implement those.” She cites the example of the recent regulation on entry of foreign universities in India, wherein the AIU garnered feedback from the universities in this regard to facilitate the implementation. Mittal is optimistic about the move and says, “Eight to ten lakh students go out of India every year to study Enabling Change Management Pankaj Mittal Secretary General, AIU THE GUARDIANS MOST INFLUENTIAL WOMEN Photograph by Suresh Gola
25 March 2023 | BW BUSINESSWORLD | 67 Irani, who had earlier represented the Rajya Sabha, defeated Rahul Gandhi in Amethi in Uttar Pradesh, a stronghold of the Gandhi family. While in 2014 Irani had lost against Gandhi, she defeated him with a margin of 55,120 votes, grabbing 49 per cent of the votes in the constituency. A strong Congress bastion for over four decades, Amethi finally saw a new leader, and a strong one indeed. Political experts in India say that after veteran leader late Sushma Swaraj, Irani has emerged as one of the strongest women leaders of the Bharatiya Janata Party. Whether it was representing India at the World Economic Forum meeting at Davos recently, or interacting with global leaders like Bill Gates, Smriti Zubin Irani is the chosen face of the Modi government. And the actor turned politician effortlessly performs all her roles with ease. She has been controversy’s favourite child but manages to sail through every time, making her emerge as an even stronger leader not just within the party, but in the country too. Irani was in the eye of the storm when she was chosen in the Modi cabinet as the Union HRD minister in 2014. Her lack of formal higher education was always pointed out by the Opposition on several occasions but she managed to overcome these controversies. The 2019 general polls turned out to be the turning point for her and she emerged as one of the strongest woman leaders not only in the BJP, but across party lines. Smriti Zubin Irani Union Minister for Women & Child Development & Minister for Minority Affairs FROM being television’s most loved “Bahu” to becoming one of the most influential politicians in India, Smriti Zubin Irani’s journey is laudable, to say the least. The current Union Minister for Women and Child Development, Irani also happens to be the first non-Muslim to serve as the Minister for Minority Affairs, as per her Wikipedia profile. Irani had shot to fame as a household name playing Tulsi in “Kyunki Saas Bhi Kabhi Bahu thi”. But what saw her emerge as one of the strongest women in India, ruling not just the political circles but also the Indian gender economics was her commendable victory in the 2019 general elections which got her to the Parliament as an elected MP. A Force to be Reckoned With Photograph by Himanshu Kumar
THE HEADLINERS THE year gone by has brought several highs to Publicis Groupe South Asia under Anupriya Acharya’s stewardship. As the only woman chief of a holding company in India, Acharya has had several firsts to her credit including being the first-ever woman president of the industry body Advertising Agencies Association of India (AAAI). In the last year, she continued to grow many spectrums of her achievements. Acharya led the Publicis Groupe to be the only marketing and advertising holding company featured in the LinkedIn Top Companies 2022 list for India. This list highlighted companies that are investing in talent and helping people build careers, an area that is among the Indian advertising fraternity’s growing concerns. Under A People-first Approach Anupriya Acharya CEO, Publicis Groupe South Asia her guidance, Publicis Groupe India and the AAAI joined the UN Women project as Founder Members. Earlier this year, Acharya was also appointed as a Jury Head for the APAC Effie Awards. She has achieved many victories for her company in 2022. A noteworthy one was Publicis Groupe winning the media mandate of the Rs 600 crore PepsiCo India business. All the categories, including creative, digital and media, were each pitched separately and had to be won on their own. Continuing its strategy of embracing technology, Publicis Groupe stepped into the world of Web 3.0, Blockchain and Metaverse in the last year in a bid to remain future-ready. The Aggressive and Inclusive Culture THERE are many reasons why Amazon Prime Video has become a household name but significant credit is due to its content leader, Aparna Purohit who joined the team in 2016. Her creative thought process and the strategy to include fresh talent contributed towards making the platform a widely accoladed one. Purohit’s content game plan has experimenting and cutting-edge as cornerstones. The company did not cast big names as much as it looked to cast for the roles thereby making its characters and shows memorable in the audience’s minds. Amazon Prime Video played its part in growing video streaming in India. Aparna Purohit Head of India Originals – Amazon Prime Video MOST INFLUENTIAL WOMEN 25 March 2023 | BW BUSINESSWORLD | 68
25 March 2023 | BW BUSINESSWORLD | 69 Deepali Naair Director - Digital Sales, IBM Constant Evolution DEEPALI Naair is among the few leaders who opted to take the digital route at a time when most others were focusing on more traditional ways of growth. Needless to say, this has held her in good stead but she gives the maximum credit for her success to her family, who were “equally committed” towards her growth. Being in the marketing and sales sector for nearly three decades, she calls herself an “edge-walker”, people who build the bridge between two worlds, which in her case is about connecting and technology. She believes that to grow women into senior leadership roles, industr y leaders and board members need to be seen actively sponsoring female candidates for key positions. “They need to believe and then perpetuate the belief that gender diversity at the top level delivers better results. Male allyship and sponsorship are critical to improving the percentage of women CEOs in the country,” she says. Her journey was never easy. She had to take two sabbaticals, which was a challenge but she came out stronger and in the last three years also established herself as a successful podcaster. Calling this a field of passion, she makes time for it only during the weekends but it is only more case in point to indicate that Naair strives to do things differently from her peers. Irina Ghose COO, Microsoft India The Marathoner THE best leaders understand the importance of consistency over the long run and view their work-life as a long game. This helps them stay on course regardless of the chaos around them, which is part of the game in technology today. “For me, it is not about being perfect in everything and living with a sense of guilt – it is about living with a sense of gratitude that I got the opportunity to do 70 per cent in seven different things and still show up well,” says Irina Ghose, Chief Operating Officer, Microsoft India. Hailing from a family of educators, Ghose has spent over 21 years at Microsoft, where she has been associated with various roles across functions. “It takes a mix of ingenuity to think afresh, grit to stay on course, humility to learn from others and the yearning to dream big. You race against nobody but yourself, to be your better version every day,” she says. Despite being a tall leader in her domain, Ghose does not believe in having an unbalanced work-life. “Think of life as a pizza with five slices – family, work, friends, self, and giving back. It’s important for us to look at all these five factors holistically and how to balance them,” she emphasises. In 2010, Ghose founded MyLittleBit, a philanthropic foundation that believes that everybody can contribute in small parts to make a giant impact on the underprivileged.
70 | BW BUSINESSWORLD | 25 March 2023 THE HEADLINERS LAST year, at their AGM, Reliance Industries announced Isha Ambani as the head of the retail business. At the AGM, she went on to talk about the progress made and milestones they plan to achieve ahead. “We opened over 2,500 stores in the year to take our store count to over 15,000, spanning an operational area of 42 million sq ft”, she said. Adding, that they generated employment for over 1,50,000 people during the year, increasing their employee base to over 3,60,000. She spoke of increasing their reach to newer markets, a part of this plan is to partner with 1 crore merchants, serving over 7,500 towns and 3 lakh villages in the next five years. This power house along with being focused on work is also someone who believes in giving back to society and is known for her philanthropic efforts. Isha Ambani Executive Director, Reliance Retail Taking the reins Monika Shergill VP - Content, Netflix Stories to Tell HAVING worked in the media for more than 20 years as a journalist, producer, and network executive, Monika Shergill has steadily grown Netflix’s India offering since she joined four years ago. With local series like ‘Ludo’, ‘AK vs. AK’, ‘Ginny Weds Sunny’, ‘Masaba Masaba’, ‘Jamtara: Sabka Number Aayega’, and the reality show ‘Fabulous Lives of Bollywood Wives’, she and her team have gained audiences not only in India but around the world. The year 2022 was a tough one for Netflix as the streaming platform experienced its first subscriber decline in ten years. However, Shergill stayed the course and continued its India journey without compromise. MOST INFLUENTIAL WOMEN Photograph by Aneev Rao
25 March 2023 | BW BUSINESSWORLD | 71 Grit and Determination PRITI A. Sureka is a key member of Emami Group’s core Advisory Team and a Whole-time Director of Emami. Sureka talks to Ashish Sinha of BW Businessworld on her journey, women’s participation in businesses and much more. Excerpts: How would you describe your journey? While in my teens my father spotted my curiosity and enthusiasm about our business and encouraged me to attend office after school. I began learning the ropes back then. When I joined him full time after my marriage, he put me in charge of several projects and brands. Being the first and only woman from a patriarchal family to enter the business, I knew that to stand up and be counted would be a daunting task, but I took it on with grit and determination. Personally, I find there is greater acceptance and respect today for women in positions of authority. How do you see the participation of women in FMCG and allied businesses? I was the only woman in the company when I joined in the mid-80s. Today, we have good representation of women across functions in our organisaton Priti A. Sureka Executive Director, Emami with some in senior leadership roles. The gender mix of the FMCG business has vastly improved with more and more women joining critical business functions. What are the challenges and benefits of being a part of a business family? For a woman leader, recognition and rewards are not always commensurate with proven business capabilities and successes. The growth path is not seamless – as it is for men in the family. There is also an inherent resistance to women bosses in business. However, being born in a business family has its fair share of benefits. One gets a jump start in the business environment and can adapt faster and better. ‘Women at leadership positions in business’ - is that a natural fit in Indian business families? I wish it becomes a natural fit. As a woman business leader, it’s a greater challenge to maintain work-life balance. Fortunately, I received unstinted support from my family. Mentored by my progressive father from childhood and supported by my husband post marriage, I could pursue my dream with passion, discipline and accountability and excel as a successful business leader. What suggestions would you offer to young women professionals? I would say, pursue your goal relentlessly; don’t give up when facing challenges; remain disciplined, focussed; strive for perfection, learn from mistakes and follow the three pillars of success – time management, work planning and effective delegation.
72 | BW BUSINESSWORLD | 25 March 2023 THE HEADLINERS Arecipient of the Nari Shakti Puraskar in 2022, India’s highest civilian award for women, Rai has risen through the ranks at semiconductor giant Intel to become one of the tallest leaders in the technology space in India. Under Rai’s leadership, Intel India rolled out a comprehensive artificial intelligence (AI) readiness programme, Intel® AI for Youth, in collaboration with the Central Board of Secondary Education (CBSE), Ministry of Education, Government of India. The programme is enabling children as young as 13 years old to be trained to create AIbased solutions for social good and women entrepreneurs are leveraging AI to expand the reach of their products. In total, over 3,50,000 students are to be trained in AI skills, capabilities and mindset. Nivruti Rai Country Head, Intel India The Tech Cognoscente WIDELY regarded as the Technology Humanist, Sindhu Gangadharan, has risen through the ranks at SAP Labs India over the last 22 years to become the first woman to lead the company. Beginning her career as a young software developer at SAP Labs India, Gangadharan is today the SVP & MD, SAP Labs India and Head, SAP User Enablement. “While I started at SAP as a Developer at its Bengaluru development centre in 1998, shifting to its headquarters in Waldorf, Germany opened up a plethora of opportunities for me. The move helped me explore a broad spectrum of The Technology Humanist Sindhu Gangadharan SVP & MD, SAP Labs India opportunities across various products and solutions and put in a much bigger network,” she says. Today, as the MD & SVP of SA P Labs in India , Gangadharan is responsible for product development and innovation at SAP’s Research & Development facilities in India. In her additional responsibility as Head of SAP User Enablement, she leads a global unit that provides consistent, intelligent and personalised enablement for SAP’s entire product portfolio. As a global technology leader, Gangadharan serves on the Board of multiple organisations such as US-based Qualtrics, Siemens India, Titan Company and EverLoop by SAP. In 2021, Gangadharan was re-elected to the NASSCOM Executive Council for the second consecutive term. Based out of Bengaluru, Gangadharan is also a member of the Steering Committee of the Indo-German Chamber of Commerce. MOST INFLUENTIAL WOMEN
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74 | BW BUSINESSWORLD | 25 March 2023 THE CATALYSTS A DITI Bhosale Walunj was not deterred by her lack of experience in the oil industry or a business degree. She wanted to do something larger than life. The 30-year-old is now Founder, Repos Energy, spearheading the company’s business strategy as its Chief Visionary Officer. “I started my journey with a dream to create a more sustainable and accessible energy solution for the Indian masses,” recalls Bhosale Walunj. “Despite facing numerous challenges along the way, my dream and determi- ‘Marriage Not End of a Career’ Aditi Bhosale Walunj, Founder & CVO, Repos Energy Sector: Energy nation have kept me going. Being recognised and mentored by industry giants such as Ratan Tata has been a significant highlight of my journey. His guidance and mentorship have been invaluable in shaping my leadership skills and business acumen,” she says. Asked why there were such few women leaders in technical fields, she says, “The automotive industry has traditionally been viewed as a male-dominated field, and there are limited opportunities for women to break through the barriers and reach leadership positions. It is a reality that women often have to work twice as hard to get the same recognition and opportunities as their male counterparts.” “However, I was fortunate to have a supportive husband, Chetan, who played an important role in pushing me to take some critical decisions and overcome these challenges. I have come to realise that marriage is not the end of a woman’s career,” says Bhosale Walunj. “Instead, it should be viewed as the beginning of a new chapter in life.” Utkarsh Agarwal Speeding Ahead Priyanka Gill Co-Founder, The Good Glamm Group & CEO, The Good Media Co Sector: Beauty & Personal Care I N July 2022, The Good Glamm Group restructured into independent Brands, Media and Creator divisions, naming its co-founder Priyanka Gill the CEO of Good Media Co. Since then, the company doubled down on video content to accelerate its content-to-commerce strategy. “This move resulted from analysing content consumption patterns of users who have now moved towards short video formats. The demand for video-based content has gone up,” says Gill. The Good Media company is investing $5 million in its video assets and digital media platforms to increase its reach by 150 per cent and scale revenue across the group by 50 per cent. This is no easy feat and Gill is confident of meeting these expectations. MOST INFLUENTIAL WOMEN
25 March 2023 25 March 2023 | BW BUSINESSWORLD BUSINESSWORLD | 75 Changing the Dynamics of HR Solutions Bhavna Udernani Managing Director, Adhaan Solutions Sector: HR FROM working with a human resources company to establishing her own company that now has a turnover of over Rs 360 crore, Bhavna Udernani’s journey has indeed been spectacular. The Founder and Managing Director of Adhaan Solutions, has battled her way past challenges right from the start. She has had to deal with frequent changes in labour laws, manage labour unions and attract the right talent to her business. Bhavna Udernani’s achievements were recognised by the women’s magazine, Femina, which featured her as Femina’s Fabulous 40. A woman of grit, she has always believed in offering clients end-to-end HR consultancy solutions. Be it critical issues such as notices and court orders or strategic hiring of personnel, her clients rely on her tailor-made services completely to meet all their requirements for personnel. Equipped with her knowledge and skills and an experience of 18 years, Udernani is all set to revolutionise the HR industry with various technology and service products. She was kindled with the desire to add her distinctiveness to a process of learning, evolving and transferring people’s lives to the extraordinary. An independent, energetic self-starter, Udernani brings to her business her unique empathetic leadership skills focused on ensuring that each client gets custom-fit solutions. She thrives on challenges and relies on her ethical grounding to ensure regulations-compliant outcomes for all stakeholders. Her challenging nature and problem-solving abilities have honed her leadership abilities. She has plans for strategic mergers and acquisitions to reach a projected revenue target of Rs 1,000 crores over the next three to four years Her dedicated and quality-conscious business partnership with her clients is the secret to Adhaan Solutions being among the fastest-growing HR services providers in India. In less than a decade, Adhaan Solutions has grown from a single office entity to one that has a presence in 23 locations pan-India. It provides employment to over 1,50,000 people at the moment and the number is growing. With the credibility that the company has earned under Udernani, Adhaan Solutions was able to grow by about 18 per cent even during the pandemic, when most businesses were badly hit. In the last 12 years, Adhaan Solutions has managed to maintain a steady growth pace owing to prompt delivery and services. Udernani predicts that businesses in India are mostly people-driven and that there will be huge manpower requirements in the immediate future. In the next couple of years, she also foresees dramatic shifts in the dynamics of HR services because of market volatility. Udernani has not only undeniably held her own, but also stayed ahead of the competition. With her knowledge, experience and foresightedness, she is ready to revolutionise the HR industry. She believes in the power of technology for betterment, which has enabled her to venture into a unique business model. At the end of the day, people are the core focal point of Adhaan Solutions products and services.
76 | BW BUSINESSWORLD | 25 March 2023 Alagh-led D2C unicorn Mamaearth, turned profitable in the financial year ending March 31, 2022. According to media reports, the startup posted a net profit of Rs 19.8 crore on a standalone basis in FY2022 against a net loss of Rs 1,332.2 crore in FY2021. Accelerating the company’s leadership in the segment, it has entered 15 cities with 35 EBOs in less than a year, as of December 2022. In December 2022, Mamaearth’s parent company filed for an initial public offering (IPO). The company was seeking a $3 billion valuation for its upcoming IPO. The intended valuation of around $3 billion would be 1,000 times the company’s profits, on which users have been raising concerns. Alagh clears the air on all the noise around the valuation. “In our DRHP as is the standard practice, there is no mention of valuation. Valuation discovery is a process which will take place over time as we get into deeper conversations with the investor community. We have not quoted or subscribed to the valuation numbers,” says Alagh. As of now, there is no update on the company’s IPO. Mentoring Entrepreneurs Alagh plays another critical role as an angel investor. To incubate more women entrepreneurs, she ensures that she is available for mentorship as well. Opening up in her social media post, Alagh says, “Why do these biases exist? When I experienced this, I was filled with self-doubt and had to fight that feeling for a long time.” According to her, “It is also important that we create a community for women in leadership roles where they feel supported and encouraged.” Mamaearth stayed profitable in FY 2022 with its revenue touching Rs 1,000 crore. With constant attention on business expansion, Mamaearth is currently focusing on improving its portfolio across borders and strengthening its physical presence by opening more exclusive brand outlets. Alagh strives to explore more ways to grow and address the growing market. WITH a vision to change the beauty landscape of India, Ghazal Alagh turned mompreneur and introduced a D2C company called Mamaearth in the beauty and personal care segment. The first-time entrepreneur had crystal clarity in the positioning of the brand. Mamaearth, started with a baby care product line. Eventually, the founder listened to customers’ dynamic needs and extended the brand, making it multi-segment. The parent company Honasa Consumer became the house of brands which acquired Acqualogica, The Derma Co., BBlunt, Dr Sheth’s and the content platform Mompresso. Strategic Brand Building In January 2022, Mamaearth joined the unicorn club. Honasa Consumer secured an investment of $52 million, which was led by Sequoia at a valuation of $1.2 billion. “Our company is built on the proposition of being honest, natural, safe that has contributed to the exponential growth of Mamaearth,” says Ghazal Alagh. The Ghazal and Varun Changing the Beauty Landscape Ghazal Alagh Co-founder & CIO, Honasa Consumer Sector: Beauty and personal care THE CATALYSTS MOST INFLUENTIAL WOMEN
25 March 2023 | BW BUSINESSWORLD | 77 ‘Organisations Should Bet On Women For Leadership Roles’ Punita Kumar-Sinha Co-founder, Pacific Paradigm Advisors & ParadigmARQ Sector: Financial Services ‘Gender Parity is Changing for the Better in India’ PUNITA Kumar- Sinha is Co-founder of two boutique investment firms, Pacific Paradigm Advisors and ParadigmARQ. She was one of the first few foreign investors into emerging markets and India and has managed some of the largest India Funds from the United States. Formerly a Senior Managing Director at Blackstone, she is also Chair of the CFA Institute’s Investment Subcommittee and the IIT Delhi Investment Advisory Board. Kumar-Sinha is an independent director on the boards of JSW Steel, Lupin, Rallis, Embassy REIT, CFA Institute, Marelli and other companies. She has significant ESG experience, is a financial expert, and has led multiple board engagement initiatives with institutional investors. Excerpts of a conversation with BW Businessworld: Reports cite that gender parity is changing for the worse in India. What are your views? Gender parity is changing for the better in India. As per the World Economic Forum Gender Report 2022, India still ranks quite poorly but in the last few years there has been substantial progress. In the companies where I serve as an Independent Director, we have seen a significant increase in the number of women hired at all levels. While the services sector does quite well, even in the manufacturing sector, more women are joining the workforce. A few companies have even dedicated women-only manufacturing lines/ shop floors. Neelam Dhawan Independent Director, ICICI Bank Sector: IT NEELAM Dhawan is a business leader who has made significant contributions to the technology industry. She has served on the NASSCOM Executive Council from 2009 to 2017 and is known for her leadership qualities, philanthropy and advocacy of gender diversity. The independent director on the board of ICICI Bank, talks of the challenges women leaders face and her own personal journey. Excerpts: Reports say that gender parity is changing for the worse in India. What are your views and experience on this? Yes, it is a matter of major concern as the number of women in the workforce is declining globally. The two main reasons for this decline seem to be the impact of the Covid-19 pandemic and the lack of support for women in middle and senior management roles. What is your advice to regulators, decision-makers and industry captains for enabling women to attain senior leadership positions? As regulators, the government needs to define gender diversity as an important issue, similar to how they require at least one woman on every board. Organisations should take bets on women and provide them with leadership opportunities. Women are motivated by an accepting and comfortable environment, and taking a bet on them is more successful than on a man. Poonam
78 | BW BUSINESSWORLD | 25 March 2023 Radhika Gupta MD & CEO, Edelweiss MF & Vice Chairperson, AMFI Sector: Financial Services Defying the Odds Sonia Dasgupta MD & CEO, Investment Banking, JM Financial Sector: Financial Services Rewarding & Challenging Role AN avid motivational speaker, successful author and only woman CEO in the mutual fund industry, Radhika Gupta, MD & CEO of Edelweiss Asset Management, is indeed a power to reckon with. Gupta shares her experience with Ashish Sinha on ‘women in finance’ along with key lessons learnt in her own journey. Excerpts: Do describe your early professional journey. It’s been a rollercoaster journey, but I am proud to have defied the odds and become the only woman CEO in India’s mutual funds industry. I started my career with McKinsey & Co at the age of 22, and later served as a hedge fund manager at AQR Capital. I am a graduate of management and technology from the University of Pennsylvania with joint degrees in economics from the Wharton School and Computer Science engineering from the Moore School. You defied the financial crisis of 2008 too, when you started out on your own. Why? In 2009, I moved to India to start my own venture despite the financial crisis of 2008. It was a tough time to start a business, but I took a leap of faith and invested Rs 25 lakh from my savings into the company. Within a year, the investment had grown to Rs 2 crore. My asset management firm was eventually acquired by the Edelweiss Group in 2014. Today, I have led the company’s AUM to grow from Rs 6,000 crore (in 2017) to more than Rs 1 lakh crore (February 2023). I just think women leaders – not just in finance but in all sectors – can add so much more. I NVESTMENT banker Sonia Dasgupta belongs to that hallowed and coveted group of professionals that the top business schools in India churn out. She joined JM Financial straight out of the Indian Institute of Management, Ahmedabad and has never looked back. BW Businessworld picks her mind on women at the workplace. On her journey As an investment banker, my journey began with JM Financial way back in 1995. I joined the company’s M&A team straight out of IIM Ahmedabad. The Morgan Stanley joint venture offered me global exposure including a stint in Australia. In 2015, my elevation to the position of Head, JMF Group Borrowings, gave me an opportunity to work closely with all the group entities. In April of 2022 I was appointed as the CEO, Investment Banking to take the JM Group’s investment banking business to a higher growth trajectory. This has by far been the most rewarding and challenging role in my career. On participation of women in investment banking The pattern of Indian women’s employment has changed significantly since I started. Greater awareness and talks about diversity and inclusion have made things better and have resulted in women’s empowerment. The Indian financial services sector has had, and will continue to have several dynamic women. JM Financial too has had many. Ashish Sinha THE CATALYSTS MOST INFLUENTIAL WOMEN
25 March 2023 | BW BUSINESSWORLD | 79 rate world and took the entrepreneurial plunge through my first venture called Customer Asset. Starting this journey was a very crucial turning point in my life and gave me a lot of perspective early on as there were not many women entrepreneurs in the startup world. Since then, I have not looked back and have been part of building wonderful startups. Can you share any challenge that you faced, particularly for being a woman working professional? When I started Customer Asset, gender was never on the top of my mind as a concern. This is because I was coming into the startup world after a good number of years of experience behind me. However, investors did have a question on their minds about a woman running a BPO business with a baby in tow. What worked for me was that I was very clear about my goals and passion. I N an exclusive interaction with BW Businessworld, Meena Ganesh, Co-founder and Chairperson, Portea Medical, talks of gender diversity at the workplace, the high points of her entrepreneurial journey and the challenges she has faced Recent reports claim that gender parity might be regressing in India. How do you see this? I would say things have changed but not fast enough. I have been an entrepreneur for over 22 years and when I started, there were hardly any women entrepreneurs. Today, there are many startups but the percentage of women therein is low. There is a social issue that we must consider while addressing the question of gender parity. While women’s entry into the career force is appreciated and encouraged, the focus is still on stability. Startups are not stable and not something that society and families encourage women to get into – it is an unsaid feeling on their part on whether it is really prudent for women to run a large organisation where there is a lot at risk and instability. How can women be encouraged to take up senior leadership roles in firms? The number of women in the workforce and senior leadership positions has seen an increase but the numbers are still not very encouraging. Industry leaders have to put in strong policies that mandate diversity of gender as well as other dimensions. Bringing in a few women into leadership roles tends to create a pull for other women to be brought in down the line. Women also tend to lack confidence in areas such as sales or negotiation and fundraise, which are traditionally looked at as male dominated fields. Tell us about some of the transitional moments of your professional journey that have helped you reach where you are today? In the year 2000, I decided to transition from the corpoMeena Ganesh Co-founder & Chairperson, Portea Medical ‘Industry leaders have to put in strong policies that mandate diversity of gender’
80 | BW BUSINESSWORLD | 25 March 2023 power women to be technologically independent which impacts their personal and professional lives. Access to the internet and digital services can offer additional employment opportunities, income and knowledge as well. “For women entrepreneurs, be it fashion, media or personal care, technology can help make business more efficient by being able to organise sales, inventory and content systematically. Digital payments are another element that can help increase efficiency, which ultimately aids in making better business decisions. Technology can also enable credit access, something that remains a priority if you are an entrepreneur. Lastly, it is one tool that can improve reach and elevate customer experience,” elaborates Singh. Of the Women, By ‘A’ Woman By her admission, Singh’s motto has always been, ‘of the women, for the women, by ‘a’ woman’. She is “extremely proud” of the fact that over 70 per cent of SUGAR’s workforce comprise women. “I’ve always believed that the most underutilised asset that can significantly excel our country’s economy is women. And today, as I see women around me move forward, it only adds to this belief. The power of women is finally being unlocked,” she says. Her advice to all – from regulators to decision-makers – is to hire employees on the basis of their merit. After all, work speaks for itself. “The qualities of a person and what they contribute to the team matter far more than their gender,” says Singh. The Colours of Change THERE was a time, early on in the SUGAR Cosmetics journey, when it needed capital and it was very hard for Vineeta Singh and her co-founder, Kaushik Mukherjee, to raise funding. This was up to the 2018-19 period when direct-to-consumer (D2C) became better known in the industry and attracted investor attention. “In 2012-13, I was hearing different investors say they don’t invest in solo women founders, and the reason cited was that the investor had previously invested in a woman-founded company, and the founder had then let the business fall apart after beginning her family,” Singh recalls. Today, things have changed. Women are now taking their companies public, creating businesses worth billions of dollars in valuation. Government initiatives too have empowered women in socio, economic or other metrics. Despite this, a larger ground yet remains uncovered and more needs to be done. “Hopefully, we will be able to achieve that, one step at a time,” says the young entrepreneur. Tech For Equality Singh believes that technology is one ammunition which when used to its maximum potential, can prove to be a powerful tool in driving gender parity in a country like India, where this is a major concern. Digital services emVineeta Singh Co-Founder & CEO, SUGAR Cosmetics Sector: Beauty & Personal Care Photograph by Vilas Kalgutker THE CATALYSTS MOST INFLUENTIAL WOMEN
25 March 2023 | BW BUSINESSWORLD | 81 Chasing a Dream WITH MOBIKWIK, Upasana Taku is on a mission to build a worldclass neobanking platform for Bharat Raised in a middle-class Kashmiri Pandit family in Gujarat, Taku took a bold decision to move back to India from the United States, defying her family’s wishes. She quit a secure job at PayPal in the Silicon Valley and gave up her green card to move back to India to start a financial services startup. “I believe that it was one of the bravest and best decisions I could have made for myself,” says Taku. Today, Taku’s MobiKwik products and services cater to a total addressable market that is expected to reach $2.1 trillion by 2030, growing at a CAGR of 18 per cent from 2022. Upasana Taku Chairperson, Co-Founder & COO, MobiKwik Sector: FinTech Partner with us: [email protected] vkidh bdkWueh vkidh Hkk"kk www.bwhindi.com
THE CULTURATI ACTOR Alia Bhatt has been felicitated with more than 15 awards, the latest being the Dadasaheb Phalke Award. She started her Bollywood journey around a decade ago, in 2012, featuring in a lead role in Karan Johar’s Student of The Year. Since then, Bhatt’s journey has been nothing short of inspirational. In 2020, she founded Ed-a-Mamma, a sustainable clothing brand, debuting as an entrepreneur. In an interview with BW Businessworld, Bhatt mentioned that the larger idea behind her brand is providing the present generation with more climate-conscious choices, “I think for us to protect our planet in the future is to nurture very early in children a love for nature,” Bhatt says. At the peak of her career, Bhatt has been breaking all sort of stereotypes. She got married to actor Ranbir Kapoor and welcomed a daughter in 2022. However, to think that she pressed the pause button on her life and took a break during her pregnancy would be far-fetched. Not only did she shoot for her movies during that time, she also nurtured her brand throughout. Bhatt shares, “It’s very important to invest time in your brand otherwise the brand will lose authenticity and that’s something that I have been very clear about from the very beginning.” When asked about how she manages to take out time from her busy schedule to manage Ed-a-Mamma, Bhatt says, “Right from the time when I was extremely busy shooting back-to-back, I would take Zoom meetings in my car, while doing hair and makeup, and, sometimes, even in the middle Wearing Multiple Hats MOST INFLUENTIAL WOMEN Alia Bhatt Actor & Entrepreneur Sector: Sustainable clothing of lunch. I make sure to make the time. If you put your heart and mind into it, it will all follow.” Bhatt loves challenges, and strictly believes that being a woman would never be a reason behind not trying her hand at something. She believes that women are meant to multitask. She says, “Multitasking is sort of in our DNA. It is not easy, most definitely. Sometimes I do feel like, ‘Oh my God, I have taken on too much at one time.’ But I’m also the kind of person who loves challenges. I like to set goals for myself and I like to meet them. My mindset has always been of an entrepreneur, always been that of a creator.” Ed-a-Mamma, as a brand, has grown a lot since its inception, the reason being Bhatt’s understanding of the existing gaps in the market. The brand has launched maternity and nursing wear clothes alongside her kidswear range as well. Embracing womanhood to its fullest, Bhatt says, “Maternity was a category that I decided to go with because I was filling a gap in my existing wardrobe when I was pregnant. It’s very difficult to find stylish, cool maternity clothing in India. It becomes extremely challenging.” With her exceptional success, Alia Bhatt has inspired millions of women across the globe and is a living example of how women can have it all. Nitesh Kumar 25 March 2023 | BW BUSINESSWORLD | 82
25 March 2023 | BW BUSINESSWORLD | 83 Bharti Kher Painter & Sculptor, Sector: Art Expressing Life Through Art Deepika Padukone Actor Sector: Entertainment Written In The Stars BOLLYWOOD actor Deepika Padukone is symbol of grit, determination and candidness. She was a national-level badminton player who grew to rule the magical world of cinema. She continues to win hearts both on-screen and off-screen. In recent times, she has taken on a role that is different from acting. By openly talking about her own struggles with depression, she has made it ‘okay’ to have a conversation about ‘not being okay’. This has served to not only stress the importance of mental wellbeing but also attack the stigma associated with mental illness. On-screen, Padukone has continued to wow the audiences. Her recent portrayal of Rubina in Pathaan was much appreciated. As per reports from the movie business, Pathaan, the Shahrukh Khan and Deepika Padukone starrer has grossed Rs 1,022 crore (globally) in little over a month since releasing. Team BW BHARTI Kher is known for her surreal sculptures, paintings, and installations that add a sense of magic and beauty to everyday objects. Her art gives form to quotidian life and its daily rituals in a way that reassesses and transforms their meaning to yield an air of magical realism. Her use of found objects is informed by her own position as an artist located between geographic and social milieus. Kher has exhibited widely around the world and enjoyed solo shows in New Delhi, New York, London, Paris, Tokyo, Hong Kong, and Amsterdam, among other cities. Her work can be seen in the collections of the Tate, British Museum, National Museum of Canada, Devi Art Foundation, Guggenheim Abu Dhabi, Walker Art Center, the North Carolina Museum of Art, and the Leeum, Samsung Museum of Art. Team BW Photograph by Image Collect
EKTA Kapoor is credited for changing the TV entertainment space in India. Women have always been the centre point of Ekta Kapoor’s stories. Courageously, the filmmaker has carried the viewpoint of women on the screen with sheer creativity. While she has been the epitome of experimenting in the field with different kinds of stories, she has ensured to not put herself in a box and deliver content that never stays in one, either. Over the past three decades, Kapoor has produced more than 130 Indian soap operas. Her clout has even touched the world of Bollywood and OTT. She was awarded Padma Shri, the fourth highest civilian honour, in 2020 for her work in the field of arts. Team BW Ekta Kapoor Joint MD, Balaji Telefilms Sector: M&E Queen Of The Soaps THE CULTURATI Gauri Khan Producer & Entrepreneur Sector: Films & Design Leading With Style And Substance WHEN you open the link for Gauri Khan Designs you are greeted with images of architectural and elegant interior design projects. Her aesthetic sensibility comprises clean lines, style and elegance. Over the years, her name has become synonymous with style. Gauri Khan needs to be applauded for making a name for herself despite being wife of superstar Shahrukh Khan. The light of his fame shines so bright that for her to make a name for herself is no ordinary accomplishment. This graceful, strong-minded lady is also a producer of several films and OTT series. A mother of three, she lives and works in Mumbai. Team BW 84 | BW BUSINESSWORLD | 25 March 2023 MOST INFLUENTIAL WOMEN
25 March 2023 | BW BUSINESSWORLD | 85 REPRESENTING the nation, becoming the captain of the Indian women’s cricket team, victories outside India, scoring the most runs in women’s cricket, and leading India in two World Cup finals — all of these are some of feathers decorating Mithali Dorai Raj’s hat, who is one of the most celebrated cricketers to play for India. At 16, she debuted for India in an ODI, scoring an unbeaten 114. In the years to come, she established herself as the linchpin of the Indian women’s cricket team right until her retirement in 2021. But her 10,377 runs across all three formats places her in the pantheon of the greats to have played the game. When Raj started playing cricket, there were very few women cricketers to look up to. “Not many people were aware of the existence of the Indian women’s cricket team in our country,” she says. But Raj’s father stuck by her and was her biggest support. “It was his decision that I should pursue this sport as a profession back then when there was nothing in women’s cricket,” she adds. O Captain, My Captain Mithali Dorai Raj Former captain, Indian women’s cricket team Sector: Sports Women’s cricket at the time was hardly ideal considering odd schedules and long breaks between international series, which would mean that the team would lose all momentum built during a particular series. Raj also grappled with the demons of injuries for a long while which made her strongly ponder on retirement. “There were times when the pain was just too much. It was not just on the cricket field. I found it difficult to perform my daily chores,” she recollects. Like all champions, Raj got smarter and learnt to manage her injuries and training setup. Around this time, Indian women’s cricket team’s matches were beginning to be telecast and Raj saw the joy it gave to her father to watch her bat on TV. This rejuvenated Raj’s determination to carry on with her cricketing journey. “From there, I came to a point where I achieved my peak fitness. I really worked hard on my fitness, and it helped me add a few more years to my playing career,” she says. But the former Indian captain feels women’s cricket is starting to progress in the right direction. “The number of matches played by the Indian women’s team has increased. The central contracts with BCCI are in place. There are different women’s T20 leagues taking place across the globe with the Women’s Premier League set to begin shortly. All these positive initiatives are pushing women’s cricket to newer heights,” Raj says. She adds that it has been satisfying to witness the growth of women’s cricket in recent years.Raj will shortly be seen in a new role as a mentor for Gujarat Giants in the inaugural Women’s Premier League. Rohit Chintapali Photograph by PIB
86 | BW BUSINESSWORLD | 25 March 2023 AS the producer of critically acclaimed films like The Lunchbox, which was nominated for the British Academy of Film and Television Arts (BAFTA) awards in 2015, and Gangs of Wasseypur, Guneet Monga is renowned across the globe for her work that puts ‘content’ front and centre in films. In 2018, she was inducted in the Academy of Motion Picture Arts and Sciences. She was the executive producer for ‘Period. End of Sentence’, which won the 2019 Academy Award for Best Documentary Short Film. Monga was conferred with the Chevalier dans l’Ordre des Arts et des Lettres by the French Government in 2021. Her latest project, ‘The Elephant Whisperers’ has been nominated for the 95th Academy Awards. Team BW Guneet Monga Producer Sector: Entertainment Where Content Is King THE CULTURATI MOST INFLUENTIAL WOMEN ZOYA Akhtar, who hails from one of India’s most prestigious film families, has been instrumental in ushering Bollywood into a modern-day progressive space, with characters and storylines that have resonated with a new generation of movie-goers across the country. She made her debut with the film Luck By Chance (2009), which featured an ensemble cast, starring Farhan Akhtar and Konkona Sen Sharma. It won much critical appreciation despite not doing particularly well at the box-office. However her biggest success was the blockbuster Zindagi Na Milegi Dobara (2011), for which she even bagged the Filmfare Award for Best Director. Team BW Zoya Akhtar Film director; Sector: Entertainment Director For The New Generation
25 March 2023 | BW BUSINESSWORLD | 87 ELECTED as the first woman President of the Indian Olympic Association in December 2022, Pilavullakandi Thekkeparambil Usha first made history in the 1980s by dominating track-andfield events in Asia. She has won 23 medals, out of which 14 were gold. Often referred to as the ‘queen of track and field’, PT Usha is one of India’s greatest athletes. Missing the bronze medal at the 1984 Olympics by one-hundredth of a second did not take away from her influence in the field of sports. Usha has inspired a whole generation of athletes through her success and later with her organisation, Usha School of Athletics. She continues to promote sports education and training. Team BW PT UshaPresident, IOA & Track-and-field Olympian Sprinting Her Way To The Top Smashing All Kinds Of Stereotypes PV Sindhu Badminton player Sector: Sports VERY few Indian women sportspersons shave managed to achieve in what Pusarla Venkata Sindhu has. She is the first and only Indian to become the badminton world champion and only the second individual athlete from India to win two consecutive medals at the Olympic Games. She rose to a career-high world ranking of no. 2 in April 2017. Born on 5 July 1995, Sindhu is considered one of India’s most successful sportspersons. She has won medals at various tournaments such as the Olympics and on the BWF circuit, including a gold at the 2019 World Championships. Sindhu broke into the top 20 of the BWF World Rankings in September 2012, at the age of 17. She has won a total of five medals at the BWF World Championships and is just the second woman after China’s Zhang Ning ever to win five or more singles medals in the competition. She represented India at the 2016 Summer Olympics (Rio), where she became the first Indian badminton player to reach the Olympic final. She won the silver medal after losing out to Spain’s Carolina Marín. She made her second consecutive Olympic appearance at the 2020 Summer Olympics (Tokyo) and won a bronze medal, becoming the first-ever Indian woman to win two Olympic medals. One of the strongest names in Indian sports, Sindhu continues to be an inspiration for every Indian girl who dreams to lead the nation on International arena. Team BW
88 | BW BUSINESSWORLD | 25 March 2023 Did HUL Miss An Opportunity For Its First Woman MD & CEO Two days after International Women’s Day, HUL has named its new MD & CEO and one wonders whether it missed out on the opportunity of getting its first woman top boss, and adding to the rare breed of women FMCG CEOs in India by Noor Fathima Warsia S THE TERMS of appointments near their end, the leadership in Unilever and Hindustan Unilever are set to see new faces taking the helm. Globally, Hein Schumacher will step into the top boss role in July 2023 and in the preceding month, Hindustan Unilever (HUL) will have a new boss in Rohit Jawa. Returning to the country after two decades, Jawa is no doubt among the best choices for this role. Having run the Unilever business in many markets since 2004, including the likes of Vietnam, Singapore, the Philippines and China, Jawa took the role of Chief of Transformation at the company in April last year. Credited as one of the finest leaders, who has led complex market situations and worked in multiple roles from functions to organisational transformation, Unilever’s decision to award the custodianship of its crown jewel to Jawa is not a surprise. The HUL he will come back to will barely have any shadows of the past but the current structure is something Jawa would be more familiar with. HUL’s Decade of Rise & Rise Under the current MD & CEO, Sanjiv Mehta’s leadership, in the last decade, HUL has transformed itself in its culture, diversity and its ability to collaborate with the ecosystem, while backing it all with a strong performance. Last year, in its FY22 numbers, the corporate major became the only FMCG to cross the Rs 50,000 crore mark. Embracing a digital-first approach, becoming leaner and more agile in its decision-making and setting up a product portfolio meant for the consumers of today and tomorrow, HUL’s rise is noteworthy on all counts. Leading all this is Sanjiv Mehta with his unique style of work, and his team. Mehta’s leadership has been about inclusive growth, being futurefit and grooming leaders, and one example of this would be Priya Nair. Best for the Job Priya Nair’s growth in HUL has been nothing short of exemplary. After taking the Beauty and Personal Care category in India to newer heights in profitability, she took on a global role last year to become the chief marketing officer for Unilever’s Beauty & Wellbeing division. Having begun her journey with the company in 1995, she is what is popularly referred to as a ‘Lever’s product’. In her nearly three decades with the company, she has taken on multiple roles and made some crucial decisions that held HUL in strong positions in tough times like the pandemic or steered the direction of the company for some of its brands that were not in line with its purpose ethos. A Noorings [email protected]
25 March 2023 | BW BUSINESSWORLD | 89 Nair is familiar with every aspect of the Indian market and the thought process that has marked the last decade, which without doubt redefined HUL in every way for the better. She has participated in and executed these decisions with a firm hand. She is aware of the system’s strengths and gaps and how best to unlock its potential. The world order is changing, competition in India is escalating and as HUL has learned in the past, it can come from anywhere. One would have imagined that Nair would be the best person to grow the company at this time. After all, the HUL that Jawa will come back to is the one that Nair has helped create. Also, Hindustan Unilever has supplied so many CEOs to major companies in the last year, whether it is Prabha Narasimhan who now leads Colgate-Palmolive India or Sudhir Sitapati who is the CEO of Godrej Consumer Products, both identified when they were part of HUL’s executive committee along with Nair. The Rare Women FMCG CEO An outsider’s perspective is exactly just that. Nair and Unilever seem to think differently. In the process though, HUL lost its present chance to be led by a woman leader. What was also lost was the opportunity to add to the rare breed of women FMCG CEOs in India. As per a Nasscom report, the IT sector, considered the largest employer of the country’s white-collar workforce, has the highest representation of women in the workforce, while FMCG and industrials occupy the last two spots in the listing with 5.5 per cent and 4.3 per cent representation, respectively. No decision should be driven by gender and hence Unilever’s decision is understood through the lens of rationality and fairness for all. Nair’s new mandate takes Indian leaders to the global stage, which in itself is as exciting as it is challenging. She will continue to grow businesses wherever she is and Rohit Jawa will bring his brand of leadership to a new era at HUL. But in the picture, where it said that India will take two centuries to be gender equal, one cannot help but ask the ‘what if ’ again. Sanjiv Mehta Priya Nair The FMCG sector has one of the lowest counts of women CEOs in India. As per a World Economic Forum 2022 report, India will take two centuries to be gender equal. In such a scenario, one cannot help but ask, what if Hindustan Unilever had taken a different decision on its next MD & CEO Rohit Jawa
90 | BW BUSINESSWORLD | 25 March 2023 ARCH 8 was international Women’s Day and it is befitting that BW Businessworld should bring out a special issue focused on the theme of Women Achievers. So, I am taking a break from my Sustainability series, to share my thoughts on this very important topic. Empowerment of women is crucial for the growth of our society and, happily, during the last few years, we have seen a rapidly increasing number of women distinguishing themselves in various walks of life. Be it sports or defence services or space exploration or economics or the corporate world – we have seen women shattering the glass ceiling again and again to emerge right on top. It will not be wrong to say that gender bias is disappearing and there are no limits for anyone who has fire in the belly and is prepared to work hard with determination and dedication. Mithali Raj, Mary Kom, Arunima Sinha, Deepa Malik, Kalpana Chawla, Gita Gopinath, Leena Nair and several others are now household names. Our media is alive to the fact that the stratospheric world of ‘high achievers’ is no longer the exclusive preserve of men. Much has been written about women achievers and rightly so. For the purpose of this column, even if for the sake of only a different perspective, I want to go back in time to our mythology, ancient history, the pre-independence era and the pioneering women in independent India. I will also endeavour to reflect on how these women achieved greatness and what differentiated them from others. Let me begin with our most revered mythological Goddess Sita. If one is to believe the learned author Amish Tripathi (IIM Kolkata educated and a financial services honcho, who found his true calling after 14 years and became a celebrated author of The Shiva Trilogy and Ram Chandra Series) – in Amish’s Sita – the Warrior of Mithila, Sita didn’t achieve greatness and immortality only because she married Lord Ram but she was, in her own right, a highly accomplished and gifted person. Found as an abandoned baby in 3400 BC, she was adopted by the ruler of Mithila. By her exceptional intellect, hard work, determination and great leadership qualities she rose to become the chief of her father’s army and prime minister of the kingdom before Ram won her hand in a swayamvar. In her husband’s home, her unconditional love for him and his family and a huge sacrifice in accompanying him for the 14-year banishment to forests endeared her to everyone and she became the epitome of everything that is good and proper in life. Amish may be writing fiction and yet his books have teachings as the engaging stories are based on (a) his upbringing in a family of pandas of Kashi (b) deep research of mythology (c) his passion for history and philosophy M Women Achievers of the Yesteryears India’s Most Influential Women By Krishan Kalra Column
25 March 2023 | BW BUSINESSWORLD | 91 known as Fatehgarh Sahib) is another historical legend. This 17th Century warrior fought against the Moghuls and defended the Anandpur fort for a long time before being martyred. Rani Veeramangai Rani Veeramangai of Shivaganga (now Madurai) lived from 1769 to 1790 and for many years fought with the British rulers. Maharani Lakshmi Bai Undoubtedly the most famous and endeared of all and widely considered one of the first female freedom fighters – Maharani Lakshmi Bai of the Maratha state of Jhansi – who lived for just 30 years (1828 – 58) but for ten long years gloriously fought the large regiments of the British forces and was also involved in the 1857 “mutiny”, as the British liked to call our freedom struggle. Her memories are still part of our folklore and she has been an icon for generations of Indians. 19th Century Achievers And now, let me mention some more great achievers from the 19th Century. j Dr Annie Besant (1847-1933) a British socialist, first visited our country in 1893, appreciated our cause and settled down here to join the same. She became a very important part of our independence movement, launched the All India Home Rule League in 1916 along with Lokmanya Tilak and was selected as the president of the Indian National Congress in 1917. She also headed the International Theosophical Society, headquartered in Madras – where she lived till her death. k Sarojini Naidu (1879-1949), a great political activist In Amish Tripathi’s Sita – the Warrior of Mithila, Sita didn’t achieve greatness and immortality only because she married Lord Ram but she was, in her own right, a highly accomplished and gifted person ... By her exceptional intellect, hard work, determination and great leadership qualities she rose to become the chief of her father’s army Abbaka Chowta, queen of Ullal (the present day Mangalore), widely acknowledged as the first female freedom fighter, who was trained from childhood to fight with a sword and had other traits like strategy and diplomacy, required to be a good ruler. The Chowtas followed the matrilineal system and she was crowned queen at a young age. She fought bravely, defeated the invading Portuguese multiple times during the 1550s; lost Ullal to them, recaptured it and finally was defeated only due to her husband’s treachery. Bibi Dalair Kaur Bibi Dalair Kaur of Sirhind (now and (d) an innate craving for finding beauty in all religions. His books give us a glimpse of life from a very different angle and not only make us believe all that he writes but also draw lessons from the same as I have done about the great Goddess Sita. And, there are others in our rich mythology – Parvathi and Durga to name just two – whose lives are equally inspirational. Rani Abbaka Chowta I will now move to some exemplary achievers from recorded history, most of whom have been forgotten. The first name that I want to mention is Rani Photograph by Stockshoppe
92 | BW BUSINESSWORLD | 25 March 2023 India’s Most Influential Women By Krishan Kalra Column and poet. l Vijayalakshmi Pandit (1900-1990) Indian diplomat and politician, served with distinction as Governor of Maharashtra, was our ambassador to the USA and the first woman president of the UN General Assembly. Admittedly she was Nehru Ji’s sister and yet her singular contributions make her an achiever in her own right. m Padmaja Naidu (1900-1975) very courageously co-founded the local chapter of the Indian National Congress in the Nizam- ruled state of Hyderabad in the year 1921. She also served as Governor of West Bengal and of course n Indira Gandhi (1917-84) the iron lady and prime minister of India for 15 years. Before I close, I must mention Indra Nooyi – arguably the first Indian-American woman to head a major multinational. She came from a lower middle class family of Madras, studied at Madras Christian College and IIMC and later Yale School of Management – where she worked at the reception counter from midnight to 5 a.m. to make some money – and went on to become chairman of the board of directors of Pepsi! I think her place amongst the India born and educated, who have reached the corner office in the world’s biggest corporations, is right on top. Today Sunder Pichai and Satya Nadella are heading much bigger conglomerates (and I hugely admire these extraordinarily brilliant guys) but the time when Indra cracked the glass ceiling – she became CEO of Pepsi in 2006 and Chairman in 2007 – it was a lot tougher to do so. Indians at that time did not command the respect they do now primarily due to the emergence of technology companies. In 2006 Nooyi was the first woman ever to lead Pepsi and also one of the only 11 female CEOs of Fortune 500 companies. A truly ‘super achiever’! Today, of course, there are several Indian women who are leading large global companies with distinction. Names mentioned by me are by no means exhaustive and I apologise to those I have not mentioned. There are indeed many other ‘woman achievers’ – in the past and now – and I am sure women will surely share their due space in the not too distant future. Particularly in the corporate world, as well as on the frontiers of science and technology, there are many shining stars amongst women. Today Sunder Pichai and Satya Nadella are heading much bigger conglomerates (and I hugely admire these extraordinarily brilliant guys) but the time when Indra cracked the glass ceiling – she became CEO of Pepsi in 2006 and Chairman in 2007 – it was a lot tougher to do so. Indians at that time did not command the respect they do now primarily due to the emergence of technology companies. In 2006 Nooyi was the first woman ever to lead Pepsi and also one of the only 11 female CEOs of Fortune 500 companies The author is Trustee of The Climate Project Foundation, India and past president of AIMA and past BOG member of IIMC Photograph by Subhabrata Das
25 March 2023 | BW BUSINESSWORLD | 93 The economy and the markets look at the future. Why have they not risen is something which comes to the mind. Primarily because the growth rates earlier are a function of Low base. Services Credit data is at 19.6% from 10.2% for the April-December 2022 period. This has been on the back of improved nbfc offtake which is a sign of the broader economy. Personal loans grew from 14.9% a year ago to 20.2% as per RBI Credit data which comprises of housing and vehicle loans. IF Credit is growing at this rate 7% GDP growth appears to be achievable. If so therefore a nominal GDP growth of 11% as envisaged by the government appears to be on the lower side of the possible. Capital expenditure by government has the potential to lift animal spirits and there the government has focused on quite enough. A 33% rise in Capex was not expected by anyone. If you are an investor it is time to identify what has worked for you and examine the trends thereof which show the future in subtle signs scattered across the markets ears. Let us examine the major asset classes. EQUITY Growth in equity happens with a disciplined approach at the fiscal side. The government thankfully has maintained fiscal discipline. This ensures that the borrowing would not be excessive and under control implying growth in nominal GDP to be expected as a normal trend. Current account deficit is an issue therefore maintaining this fiscal discipline math is even more critical. A normal monsoon is critical for a rural driven India at least till 2030 till irrigation finds it feet. Overall equity is likely to deliver in the region of 10-15% per annum on a 3-5 year time horizon. For a growth portfolio around 60-70% needs to be in equity and equity oriented opportunities. For an income portfolio around 30-40% in equity oriented opportunities and maybe some selective equity picks for the long term. For the short term positional trades as well as derivative ideas can be considered for some part of the portfolio as markets are in a tight range. 2. Alternates One needs to be careful while investing in alternates. There are three categories:Category 1,2,3. Our view is to look at the listed space. Even the unlisted debt does not seem to make sense as it reminds of the Franklin Templeton Fiasco. In the listed space a mix of Long short funds as well as Long only funds can be considered. These deliver in the region of 9-12% on a post tax basis over the long term. Outperformance is driven by derivatives calls and a mix of leverage in an optimal manner. Tax treatments are on the basis of the highest tax slabs. This is a year where long term patience will be rewarded. Seize the Day! Despite Covid impact the income tax numbers seem to rise at a good pace. This data is payment of taxes and hence is cashflow Wondering Where To Park Your Savings In A Rangebound Market? Here Are A Few Answers For Now While Keeping An Ear To The Ground
94 | BW BUSINESSWORLD | 25 March 2023 HERE ARE A SUFFICIENT number of studies that indicate that the leadership styles of women differ from that of men. It might be logical to hypothesise that gender differences disappear in the so-called evolved societies and developed markets. But research indicates that societal development actually widens the differences between the genders. This is the reason why focus on the style of leadership is increasingly becoming important, and yet it is hardly ever attended to. The way we celebrate women’s empowerment is affirmative action. True empowerment does not need any mansplaining. It is celebrating women leaders we learn from – celebrating those who defy the odds and stereotypes, those who disrupt man-made norms and the worse-than-glass ceiling, and those who rise against the heckles and show the path for others to follow. Sadly, in the male dominated Csuite arena, women are often forced to prove themselves, more than their male peers. Despite our industrial revolutions and management science thinking, social and cultural barriers that hinder women’s careers as well as their entrepreneurial paths, continue to persist. The topic of closing the gender gap is a while away, for all the glass ceilings that still exist. The current workforce culture expects women to prove themselves more than their male counterparts, and to work harder to gain the respect of their peers. Emphatic Leadership Most successful women leaders set an example for other leaders, especially women, to emulate. With their grit and career path, they demonstrate that they don’t pretend to be someone else. They are genuine. Simply because they did not get their position easily. The journey to the leadership role came despite societal bias, stereotyping, and lots of personal sacrifice, grit and determination to make it happen. Women leaders have that extra edge in constant learning and unlearning as a behavioural trait. They constantly ask questions and seek answers. They add openness to their curiosity. Women leaders use humility as a natural strength to their leadership style. Humility inspires team bonding, open conversations amongst stakeholders and encourages learning and performance. It also shows that such leaders are aware of their own weaknesses, eager to work with others and willing to understand other’s perspectives. In terms of connecting with individuals and institutions, women leaders have proven strength in establishing reT Celebrating Women Leaders We Learn From (A)MUSE & MUSINGS By Srinath Sridharan
25 March 2023 | BW BUSINESSWORLD | 95 to manage the larger workforce? This is with the perceived bias that the largest workforce is in mid to lower management and will need operational leadership to manage them. Women leaders, in general, are more cognisant of obstacles and their personal limitations. They utilise their strengths to make up for these and steer their journey ahead. Apart from the various man-made hurdles, women leaders continue to face stereotyping and battling of perceptions to get to their roles. As individuals, they are more critical of themselves and measure themselves against harsher standards. They tend to underestimate their leadership capabilities. In general, women often desist pushing for what they deserve. This could stem from worries that it would be seen as poor and selfish behaviour. Chauvinism Should Cease The disastrous thinking and demonstration of male chauvinism is often noted with the thinking: “since men have most of the top roles, they must be doing something right, so women should learn from them”. Let’s stop right there. We should rather learn from women leaders about what effective leadership is – and how meaning can be added to leadership roles, and how impact can be longer lasting than just the individuals. For the cynics, there are sufficient research and practical examples of women leadership and its success. These leaders demonstrate qualities such as focus, vision, humility, empathy, passion balanced by compassion, steadfastness – usually attributed to male leadership. This is where women leaders of today can help. They have to help and mentor other women leaders to emerge. They have to lead the voices for creating women-empowered workplaces. While some corporate policies have changed over time to create gender-fairness workplaces, most have not been revamped to keep up with the times. Hopefully women leaders will push for these changes. When the world is seeking compassionate and nonauthoritative leadership, let us hope that we see the rise of women leadership across sectors. True empowerment is when the word leader should suffice, and not need a gender prefix. While some corporate policies have changed over time to create genderfairness workplaces, most have not been revamped to keep up with the times. Hopefully women leaders will push for these changes lational leadership, while men use transactional style. While outcomes of successful projects might seem similar in both scenarios, it helps institution building under women leaders. Stereotypes and Silos Another strength that women leaders demonstrate with ease is communication capabilities. They are more willing to share updates, even if it is not in their favour or even if it is not complete. They are ready to express gratitude or remorse, when needed. These create a safe space for their stakeholders and build trust and credibility. In a VUCA world, such leadership allows stakeholders to manage their concerns about uncertainties. Being able to empathise with all stakeholders is a modern leadership tool. The ability to share their views with stakeholders, especially their employees, builds trust. When employees know that their leader cares about them and their aspirations, they demonstrate it with their performance and loyalty. There is a flip side to this attribute. With this – ‘women are good with people’ – sloganeering, is society pushing them only to mid management roles The writer is an author, corporate advisor and independent markets commentator Photograph by Indiapicturebudget
96 | BW BUSINESSWORLD | 25 March 2023 F A QUESTION is asked about who redefined user experience in the computing world, most of us would say Steve Jobs, but would draw a blank if asked who transformed the way health records are stored in the United States of America. This is the story of Judith Faulkner, the reclusive lady whose single-minded pursuit resulted in the founding of one of the largest tech companies in healthcare. Ms Faulkner founded Epic Systems Corporation in 1979. Epic Systems is one of the largest databases of EHR (Electronic Health Record) and holds the medical records of over 250 million people. It is used by large hospitals in the USA to access medical records of their patients electronically. Started in the basement of The Lady who Transformed America’s Healthcare Records I COLUMN own the rest. She has never raised funds from the market and has stated that the company will never go public. Likewise, while it is considered a leader in technology, the company has never made an acquisition and all of its software is home grown. Ms Faulkner is proud of the deep relationship with her customers. The software has been used, on an average, for over 10 years. STORY OF EPIC The story of Epic is quite fascinating. What started in 1965 as a system to punch cards and generate a yearly schedule within seconds, has led to this massive database of EHR records with a capability to manage a patient’s entire journey from scheduling an appointment to billing. In 1979, Ms Faulkner and John Greist, a medical professional, who was looking for a better way to schedule on-call doctors, got together, borrowed from friends and started the company. She was the one who coded the entire system single handedly. Greist parted ways with her in 1983 over a disagreement on bringing in investment from venture capitalists and growing faster. But Ms Faulkner had the courage of conviction to stick to her position of not taking money from VCs and losing control. Greist admits that he was wrong and she was right. SAVING LIVES DURING COVID During the Covid pandemic, Epic’s machine learning model was used to give doctors advance warning of when patients would need ICU admission or other interventions, helping doctors save lives. Many hospitals, big and small used this predictive model. It evaluated patients’ risk of deterioration in real time by tracking data generated by heart rate, blood pressure, temperature and other monitors. The model then analysed the data and notified staff if things were getting worse. Notifications were displayed on screen or sent to smartphones. Ms Faulkner states that her company has foregone around $500 million of revenue for all the Covid related software her home in Wisconsin, the company’s moto is “to help people get well, help people stay well, and help future generations be healthier”. When she started Epic with $70,000 there were only two-part time employees and herself. MARKET LEADER Today, it has over 10,000 employees and Epic Systems Corporation is the market leader amongst EHR vendors with around 37 per cent market share. Its closest competitor Cerner, recently acquired by Oracle Corporation, has around 22 per cent share. Ms Faulkner, who began life as a computer programmer, owns about 47 per cent of the company, along with her family. Employees and other initial investors n By Jayesh Shah
25 March 2023 | BW BUSINESSWORLD | 97 The author is a digital transformation expert and currently Executive Director, AutomataPi Solutions that she provided free of cost. “It never seemed right to me to make money off Covid,” she states. SELF-PROCLAIMED NERD Ms Faulkner is an introvert who stays out of the public eye, but interestingly, she has built her company’s headquarters with features like the Hogwarts inspired Great Hall, a treehouse and other sculptures which one doesn’t expect to find in the premises of a company built by a self-proclaimed nerd. Another oddity is the way she dresses up for the company’s annual customer meeting. She has been seen as Lucille Ball or the Mad Hatter from Alice in Wonderland. Her point is, “they say extroverts can’t act like introverts, but introverts can act like extroverts”. She has been heard saying, “I always liked making things out of clay and the computer was clay of the mind. Instead of physical, it was mental”. Her guiding principles are made clear to her employees, the most prominent among them being “Epic Systems doesn’t do deals and it will never go public”. There are 13 principles that drive the company culture and are plastered all over the office premises including bathrooms. Their dress code requires employees to “wear clothes – some clothes”. Ms Faulkner has stated that “when there are visitors, you must wear clothes”. Ms Faulkner is close to 80 but doesn’t seem to be slowing down. She hasn’t named a successor yet and none of her three children are involved with the company. She has protected her position of not eliciting outside money for the company by ensuring that her voting shares cannot be sold even when she is not around. She signed the Giving Pledge in 2015 and has agreed to eventually give away 99 per cent of her assets to a private charitable foundation called Roots and Wings formed along with her husband, Gordon Faulkner, a retired paediatrician. The foundation, launched in 2019, works in the areas of basic needs, early learning, family safety and health. AMERICA’S TOP 50 WOMEN IN TECH In 2021, Forbes magazine named Ms Faulkner second on its list of American Self-Made Women and among America’s Top 50 Women in Tech. Modern Healthcare lists her in its 100 Most Influential People in Healthcare, and she received the inaugural lifetime achievement award from the College of Healthcare Information Management Executives. It will not be an exaggeration if she is described as the woman whose vision transformed the creation, storage and access of medical records from paper to digital. Dr Laura A. Siminoff, a renowned public health scientist describes Ms Faulkner as “a trailblazer who transformed the delivery of healthcare by giving healthcare providers and patients access to information in formats that were not possible with paper charts. Her innovations have improved not only the efficiency of care delivery, but more importantly, patient safety, and are providing the data needed by researchers to save countless lives”. This is the story of Judith Faulkner, the reclusive lady whose single-minded pursuit resulted in the founding of one of the largest tech companies in healthcare. Ms Faulkner founded Epic Systems Corporation in 1979. Epic Systems is one of the largest databases of EHR (Electronic Health Record) and holds the medical records of over 250 million people. It is used by large hospitals in the USA to access medical records of their patients electronically
100 | BW BUSINESSWORLD | 25 March 2023 What is the role of an educational institution, and what transformative role can it play? As a university, a couple of things come to mind which are critical. India today desperately needs good quality institutions which can really transform the talent into readiness which the corporates need today. Any of the domains you talk about, the first important element is academic excellence. To my mind, the key is when you get an 80-85 percentile student and make him a 95-percentile student. For this, the curriculum has to be really up to the mark and improvised on a year-to-year basis so as to be in tandem with the needs of the industry. The second component is great faculty. At Woxsen, we have resident faculty who are domain experts and there are also CXO level people from the corporates who are professors of practice. This way the students are able to benefit from what the induswith you while you navigate the challenges which are very complex. This is what a B-school should be preparing the students for. While there is emphasis on a datadriven approach, at the same time there’s a lot of emphasis on human element. IITs also have departments of Humanities and Liberal Arts now. What do you have to say about that? We are reading it a little wrongly when we say that a data-driven decision making doesn’t have to go through humans. The insights are always going to be drawn by the humans. So, of course, the insights are going to be drawn by human beings. That is not going to be replicated ever. If you are not able to take the team along with you, unable to lead by example, and you are not a leader who is inspirational in nature, you are limiting your success as a leader in the organisation. INTERVIEW D rawing from the experiences of legacy B-schools and universities, several new-age institutes in higher education space are writing the rules of the game on a new slate. One such entity, which originated as a B-school in 2014, is Woxsen University. CEO Vishal Khurma, in a chat with Meha Mathur, shares a broad vision of the university, which is in tune with present-day industry needs. Excerpts: “WE NEED PROFESSIONALS TO NAVIGATE UNCERTAINTIES” What are the emphasis areas for new-age B-schools? And for newage universities? The world is fast changing towards data-driven decision making, rather than taking decisions based on gut feeling. Also, corporates are looking for professionals who have a little bit of a global context. And globally, we are in a highly VUCA world. We need professionals who can navigate these uncertainties. And it is not only about data. It is about drawing the insights from the data. The corporates also feel that the professionals today are not really up to the mark when it comes to indemand skills which are required for becoming a good global professional. When you talk about global professionals, the first thing which comes to mind is leadership and persona. You need to exude the confidence that you would be able to navigate the business through tough waters. And how you will be able to take the team along