12 MARCH 2022 BW BUSINESSWORLD

INTERVIEW: TARUN BAJAJ, REVENUE SECRETARY

www.businessworld.in RNI NO. 39847/81 I 12 MARCH 2022

Rs 150 INDIA’S
YOUNG
DISRUPTORS

Entrepreneurs under 40
years of age, who are
reshaping the sectors
they operate in

THEWINNERS:Top row (L-R):Aakash
Anand, Alok Patil, Archit Garg, Bhavin Patel,
BimalK.Rebba,ChiragTaneja.Row 2:Jaya
Kishore Reddy, Ameve Sharma, Anubhav
Jain, Azeez Gupta, Dhiraj Agarwal, Divay
Kumar,DhruvDhanrajBahl.Row 3:Ipsita
Das, Harini Sivakumar, Gaurav Kumar, Preet
PalThakur, GautamChopra.Row 4: Manoj
Agarwal, Pallavi Utagi, Gautam Kashtriya,
NitinAgrawal.Row 5: NehaMotwani,Prabhu
Rangarajan, Pulkit Agrawal, Rahul Gupta.
Row 6:VikasD.Nahar,NitinVijay,Shweta
Aprameya, Tejas Kadakia, Taran Chhabra,
Sandeep Gudibanda, Shivam Shahi. Bottom
row: ManishTaneja,UtsavMalhotra,Tapan
Mishra, Utsav Kheria, Siddharth Mehra,
Sujata Biswas, Swagata Sarangi

GIVE ADVANTAGE TO YOUR NETWORK
WITH OWN IP ADDRESS

IPv6

KEY BENEFITS

Only Indian organization to delegate IP addresses (IPv4/IPv6).
*Get IPv6 address free of cost along with IPv4 address.

Contact us: nixi.in [email protected] Call us on: 011 48202001

nixiindia inregistry nixi NIXI

For NIXI Technical Trainings: https://training.nixi.in/#/home *Conditions Apply



EDITOR-IN-CHIEF’S NOTE

THE GOOD FUTURE LEADER

ANNURAG BATRA THE ATMANIRBHAR BHARAT Abhiyan that roughly translates as the
self-reliant India campaign, has several facets to it. When Prime Minister
 [email protected] Narendra Modi first announced this mission in May 2020, it was an
articulation of India’s strategy for self-reliance. But in effect, the seed for this
movement had been sown much earlier, when the Make in India initiative
was launched in 2014. Make in India was defined as a programme that
encouraged companies to develop, manufacture and assemble products
in India and incentivise dedicated investments into manufacturing. Its
biggest impact was on Indian startups. Young Indian entrepreneurs were
bravely breaking out of the salaried culture stereotype to venture into
finding new solutions, for a new India.

We, at BW Businessworld, also celebrated this spirit and embarked
on several initiatives that we felt galvanised and celebrated these young
entrepreneurs. Over the years, many startups have turned into Unicorns,
many can no longer be placed in a ‘startup’ category even as they relentlessly
nurse the spirit that pushes them forward, and many are still reinventing
themselves to find their niche. They are dogged in their vision and firm in
their actions. The last year will perhaps, go down in history as the year that
birthed the most Unicorns in India. This year began with the expectation
that the record will be broken repeatedly to create more such successful
businesses in India that will make a mark on the global platform to bring
to life the Atmanirbhar Bharat ambition.

Once in a while, there are stories that make us pause and reflect. The
Paytm post IPO upheaval could be seen as one. It is described as a case of
what happens when overvaluation goes wrong. I would still bucket this as
a company-level problem. To my mind, the graver concern is people. The
startup sector is the most driven by people, the entrepreneurs. Its greatest
strength is also its biggest vulnerability.

What happened at BharatPe is an example. I was also disappointed in
the way edtech player Lido Learning handled the distress that led to its
shutdown. The platform’s backers included names like Ronnie Screwvala
and Mukesh Bansal, indicating that something about it must have been
right. An extreme decision such as this is not easy, but Lido’s real failure
was in not communicating its situation to its employees and leaving their
questions unanswered. In a business that relies on people, working and
valuing them is most important. That is the success mantra of Make in
India, which will eventually translate into Atmanirbhar Bharat.

In this issue, we have celebrated 40 young entrepreneurs who are exactly
on this journey to take India to greater heights by following their pursuits in
problem-solving for India and to make a wider impact. Among their biggest
assets are their leadership skills, evident in the way they have planned and
run their businesses. This is the lot for whom the sky is the limit.

4 | BW BUSINESSWORLD | 12 March 2022



VOL. 41, ISSUE 10 12 MARCH 2022

GROUP CHAIRMAN & EDITOR-IN-CHIEF: Dr. ANNURAG BATRA

GROUP EDITORIAL DIRECTOR CEO, BW COMMUNITIES CEO & CHIEF INNOVATION OFFICER
Noor Fathima Warsia Bhuvanesh Khanna Hoshie Ghaswalla, (CEO-BW Engage)

EDITORIAL TEAM PRESIDENT- HEAD OF FINANCE & INNOVATION: Prasar Sharma
Sr. Associate Editors: Ashish Sinha, Jyotsna Sharma
PRESIDENT: Ajay Sharma
Correspondents: Abhishek Sharma, Arjun Yadav
DIRECTOR, ADVERTISING & REVENUE: Aparna Sengupta
DESK TEAM
Deputy Editor: Mukul Rai, DIRECTOR, PROJECTS & COMMUNITIES: Talees Rizvi
Associate Editors: Madhumita Chakraborty; Smita Kulshreshth
GROUP GENERAL MANAGER - STRATEGY, DIGITAL, MARKETING & EVENTS:
ART TEAM Tanvie Ahuja, ([email protected])
Art Director: Dinesh Banduni
Assistant Art Director: Rajinder Kumar MARKETING & DESIGN TEAM: Prerna Singh Rathore, Ekta Jain,
Infographics & Data Visualiser: Arun Kumar Mohd. Salman Ali, Moksha Khimasiya, Ayaan Ur Rehman
Executive Pre-Press Scanning: Sanjay Jakhmola Asst Manager - Design: Kuldeep Kumar

PHOTO TEAM EVENTS TEAM: Tarun Ahuja, Nitish Rampal, Devika Kundu Sengupta,
Sr. Photo Researcher: Kamal Kumar Anushka De, Sanya Kapoor, Khabirul Islam, Atul Joshi, Afifa Sheikh, Harsh Jha,
BW ONLINE: Assistant Editor: Poonam Singh Hemant Yadav Preeti Tandon, Ashish Kumar, Pia Bux, Tushita Goel,
Mir Salika, Prashant Kumar, Mayank Kumar
VIDEO EDITORIAL TEAM
Managing Editor BW TV & Digital: Abhinav Trivedi DIGITAL & WEB TEAM
Vikrant Singh, Sumit Kumar, Mrigank Shekhar, Ekta Porwal
Creative Director BW TV & Digital: Rachit Gupta
Video Team: Hitesh Singh; Anurag Giri; Ravi Shankar Azad SALES TEAM:
Pappu Kumar Singh, Sr. Cameraperson: Ratneshwar Kumar Singh NORTH: Ravi Khatri, Anjeet Trivedi,
Rajeev Chauhan, Amit Bhasin, Somyajit Sengupta,
BW APPLAUSE & EVERYTHING EXPERIENTIAL: Ruhail Amin WEST: Nilesh Argekar
EAST: Manash Bhattacharyya
BW CFO WORLD: Urvi Shrivastav SOUTH: C S Rajaraman

BW CIO WORLD: Ratnadeep Chaudhary BW COMMUNITIES BUSINESS LEADS: Priya Saraf (BW Education),
BW DEFENCE: Manish Jha Gareema Ahuja (BW LegalWorld), Priyanshi Khandelwal (BW Smartcities),
Bodhiswatta Mukherjee (BW BFSI & BW CFO World), Cynthia Majhi (BW People)
BW DISRUPT: Resham Suhail
BW EDUCATION: Vasudha Mukherjee ADVERTISING OPERATIONS: Ravindra Saxena
BW GAMING WORLD: Abhishek Sharma
BW HEALTHCARE WORLD: Upasana CIRCULATION TEAM:
BW HOTELIER: Editor: Saurabh Tankha NORTH: Shakti Kumar, Shiv Singh
EAST: Debraj Sur
Operations Controller: Ajith Kumar LR WEST: Arvind Patil, Gorakshanath Sanap
BW LEGAL WORLD: Managing Editor: Ashima Ohri SOUTH: Sarvothama Nayak K, Anup Kumar

Krishnendra Joshi FINANCE TEAM: Ankit Kumar, Ishwar Sharma, Shrikant and Vijay Jangra
EA to Chairman & Editor-in-Chief: Durga Krishnamurthy
BW MARKETING WORLD: Soumya Sehgal
IT SUPPORT: Brijender Wahal
BW PEOPLE: Sugandh Bahl

BW POLICE WORLD: Ujjawala Nayudu

BW WELLBEING: Kavi Bhandari

VC WORLD: Anisha Aditya

HUMAN RESOURCES: Namrata Tripathi ([email protected]), Tanya Sharma ([email protected])

LEGAL ADVISOR: Sudhir Mishra (Trust Legal)

BW Businessworld Media Private Limited

EDITORIAL OFFICES
BW Businessworld Media Pvt. Ltd.
74-75, Scindia House, Connaught Place,

New Delhi-110001
Phone: 9818063325

ADVERTISEMENT/CIRCULATION / SUBSCRIPTION ENQUIRIES
BW Businessworld Media Pvt. Ltd.

74-75, Scindia House, Connaught Place,
New Delhi-110001
Phone: 9818063325

SUBSCRIPTION SERVICE
Shakti Kumar +91 9911442033, [email protected], [email protected]
Subscription rates: ONE YEAR - Rs 2,899 TWO YEARS - Rs 5,599 THREE YEARS - Rs 8,199

BW Businessworld does not accept responsibility for returning unsolicited manuscripts and photographs. All unsolicited material should be
accompanied by self-addressed envelopes and sufficient postage. Published and printed by Annurag Batra for and on behalf of the owners, BW Businessworld Media Private Limited.

Published at J-6/55, Upper Ground Floor, Rajouri Garden, New Delhi-110027, and printed at Infinity Advertising Services Private Limited. Editor : Annurag Batra.
© Reproduction in whole or in part without written permission of the publisher is prohibited. All rights reserved. R.N.I.No. 39847/81

6 | BW BUSINESSWORLD | 12 March 2022



www.businessworld.in SUBSCRIBER’S COPY NOT FOR RESALE I RNI NO. 39847/81 I 26 FEBRUARY 2022 MAILBOX

500THEBWREAL Indian Oil YOUR COMMENTS
Corporation
Reliance Industries SBI SEES ROBUST GROWTH IN FY21
Oil & Natural Gas
Corporation This refers to the editorial (“ Undisputed Leader”,
Bharat Petroleum BW, February 26). It is not surprising that
Corporation SBI (Rank 1) leads the pack in the BW Real 500
Hindustan Financial Companies list. In sheer number terms,
Petroleum SBI has nearly 46 crore customers, 22, 219 branches,
Corporation over 23 per cent share in deposits, nearly 20 per cent
Rajesh Exports share in advances, 29 per cent share in debit card
Tata Motors spends, and 62,617 pan-India ATMs and automated
Tata Consultancy deposit and withdrawal machines. SBI is also a
Services market leader in government business. Its total
Tata Steel government business turnover stood at Rs 5077,446
Larsen & Toubro crore in FY21. Its subsidiary, SBI Card, released its
Hindalco Industries IPO in 2020. The company is also the second largest
NTPC credit card issuer in India.
Infosys
Bharti Airtel Despite the ongoing pandemic, SBI’s business
Coal India growth remained robust in FY21, with deposits
growing at a double-digit and advances rebounding
THE DEFINITIVE RANKING OF Rs 150 compared to last year. In FY21, SBI’s total deposits
INDIA’S LARGEST COMPANIES grew at 13.56 per cent to Rs 36,81,277 crore from the
previous year’s level of Rs 32,41,621 crore. This high
Knowledge growth in deposits pushed SBI’s market share up by
Partner 45 basis points (bps) to 23.29 per cent.

TALKBACK BLIPP SHEKHAR GOVIL, EMAIL
THIS PAGE
Submissions to BW |Businessworld TO GIVE US AIRTEL’S FIBER TO HOME FOOTPRINT
should include the writer’s name and YOUR FEEDBACK
address and be sent by email to the INSTANTLY This refers to the editorial (“ Winning Customers”,
editor at [email protected] BW, February 26). It is good to know that Bharti
or by mail to 74-75, Scindia House, Airtel (Rank 14) gained two spots in the BW Real
Connaught Place, New Delhi-110001 500 Non-financial Companies list this year based
on increased revenue. Today, Airtel’s Fiber to Home
footprint is rapidly expanding to serve the demand
for quality high-speed Wi-Fi in Indian households.
There are over 3 mn connected broadband
homes & about 18 mn digital TV customers. Also,
the company is well positioned to lead in the
introduction of emerging technologies such as 5G.

SANDEEP WANKHEDE, EMAIL

8 | BW BUSINESSWORLD | 12 March 2022

Calendaring the Trust Builder & Change Makers #BWCFOworld40Under40

MARCH, 2022 Nominate Now

In Association With Nomination Deadline: MARCH 12, 2022

BW CFO WORLD LAUNCHES FINACC 40 UNDER 40 – IN ASSOCIATION WITH BW BUSINESSWORLD. IT’S A HUNT
FOR THE 40 ACUTE FINANCIAL & ACCOUNTS MINDS IN THE COUNTRY WHO HAVE THE DRIVE AND
COMMITMENT TO BRING ABOUT A CHANGE IN THEIR ORGANISATION AND THE INDUSTRY.

JURY JURY MEMBER
CHAIR

Sethurathnam Ravi

Chairman
TFCI, Former Chairman
Bombay Stock Exchange

Subodh Gupta Nitin Parekh

Director Finance CFO

Bharat Heavy Electricals Ltd Cadila Healthcare Ltd

(BHEL)

Vivek Anand MP Vijay Kumar Sonam Donkar Dr. Annurag Batra Noor F Warsia Madhumita
Chakraborty
CFO CFO CFO -Aluminium Chairman & Editor-in- Chief Group Editorial Director
Associate Editor
DLF Limited Sify Technologies Vedanta Ltd. BW Businesswolrd and BW Businessworld
BW Businessworld
Founder, exchange4media

For Speakership Sanya Kapoor | [email protected] | +91 99536 81006
and Nomination
Somyajit Sengupta | [email protected] | +91 98182 47444
For Sponsorship: Talees Rizvi | [email protected] | +91 93106 34007

CONTENTS

VOLUME 41, ISSUE 10 12 MARCH 2022

In association with

ACHIEVERS

12 Jottings 32 Dawn of the Digital 44

Where do crude prices go now; The new A look into how India will continue to be the Breaking The
hydrogen policy; Will the IAF buy the LCA fastest growing advertising market in the Mould
MK-II? and more world, with digital leading from the front
They are the torchbearers
14 Columns THE DISRUPTORS of India’s burgeoning
startup ecosystem.
Jayaram Easwaran (p. 14); Minhaz 48 Aakash Anand, IDAM House of We showcase 40
Merchant (p. 16); Ashutosh Garg (p. 18); Brands entrepreneurs under
Amit Kapoor (p. 20); Srinath Sridharan (p. 49 Alok Patil, Toch.ai the age of 40, who are
22); Noor Fathima Warsia (p. 24); Amit 50 Ameve Sharma, Kapiva rewriting the rules of
Kandpal (p. 100); Koji Wada (p. 104); 51 Anubhav Jain, Rupifi business with their
Vikram Thaploo (p. 106); Rachna 52 Archit Garg & Preet Pal Thakur, innovative ideas
Chhachhi (p. 116) Glamyo Health
54 Azeez Gupta & Utsav Kheria, Cover design by DINESH S. BANDUNI
26 Impromptu Rocket Learning
56 Bhavin Patel, LenDenClub
Anisha Iyer, who has taken charge of OMD 58 Bimal Kartheek Rebba &Pulkit
India as its CEO, on how she plans to bring the Agrawal, Trell Experiences
energy back and reinvigorate operations
after a slow period

10 | BW BUSINESSWORLD | 12 March 2022

36 BUDGET

EXPLAINED

India’s Revenue
Secretary Tarun Bajaj
on why the Budget did
not give any tax
rebates, the long-term
impact of the pandemic
on growth, the $5
trillion economy goal,
among other things

Photograph by Ritesh Sharma 82 Shweta Aprameya, ARTH 94 In Conversation
83 Siddharth Mehra, Viviid Renewables
60 Chirag Taneja, GoKwik 84 Sujata Biswas, SUTA P rashant Pitti, Co-founder, EaseMy-
61 Dhiraj Agarwal, Campus Sutra 86 Swagata Sarangi, Smytten Trip on the company’s journey, reasons
Retail 87 Tapan Mishra, Evergreen Club for profitability, travel trends and
62 Dhruv Dhanraj Bahl, BharatPe 88 Taran Chhabra, Neeman’s Shoes much more
63 Divay Kumar, O4S 90 Tejas Kadakia, Easyrewardz
64 Gaurav Kumar, CredAvenue Software Services 98 In Conversation
65 Gautam Chopra, BeatO 91 Utsav Malhotra, Noise (Nexxbase
Health Arx Technologies Marketing) Dinesh Rao, Executive Vice President
66 Gautam Kshatriya, UpScalio 92 Vikas D. Nahar, Happilo International and Co-Head of Delivery, Infosys,
68 Harini Sivakumar, Earth speaks about how businesses can
Rhythm 122 successfully adopt a cloud-first
69 Ipsita Das, Moët Hennessy strategy
India (LVMH) Last Word
70 Jaya Kishore Reddy, Yellow.AI 112 Matter of Design
71 Manish Taneja, Purplle.com Naushad Forbes,
72 Manoj Agarwal, Xoxoday.com Co-Chairman, Forbes Decode wicked problems through
Marshall, and author empathy with Design Thinking
74 Neha Motwani, Fitternity of The Struggle And
The Promise: 114 Box Office Buzz
75 Nitin Vijay, Motion Education Restoring India’s
76 Pallavi Utagi, SuperBottoms Potential, on his book, Bollywood is looking to beat the
78 Prabhu Rangarajan, M2P his faith in India’s pandemic blues with dozen or so
Fintech potential and why releases over the next three months,
India can aspire to with more than Rs 1,000 crore riding on
79 Rahul Gupta, Axis Bank lead them
80 Sandeep Gudibanda,
HealthPlix Technologies 118 Guruspeak
81 Shivam Shahi, Blue Tokai
Coffee Roasters Swami Mukundananda, Founder of
JKYog, spiritual guru and an authority
on mind management, decodes the
concepts of karma yog, destiny and
free will, for you

TOTAL NO. OF PAGES
INCLUDING COVER 124

ThepagesinBW BusinessworldthatarelabelledBWiorPromotionscontainsponsoredcontent.Theyareentirelygeneratedbyanadvertiserorthe
marketingdepartmentofBW Businessworld.Also,theinsertsbeingdistributedalongwithsomecopiesofthemagazineareadvertorials/advertisements.

Thesepagesshouldnotbeconfusedwith BW Businessworld’seditorialcontent.

12 March 2022 | BW BUSINESSWORLD | 11

JOTTINGS

A CRUDE CUT ON
THE UKRAINE,
RUSSIA DEBACLE

T HE DATE 22.02.2022 on the Gregorian calendar awning gap in supply and demand as the world strove to
now gets written in indelible ink. On this day,
history will recall, Russian troops moved into two revert to normalcy from the pandemic-driven palsy that
rebel-held regions in Ukraine. German Chancellor
Olaf Scholz suspended certification for the natural gas had hit both production and demand for crude. In the 23
pipeline linking Russia to Europe via Germany. The United
Kingdom announced sanctions, freezing assets of five nation OPEC plus cartel, Russia and Saudia Arabia are the
banks. Soon after, the United States issued sanctions
on Russian financial institutions. The war drill in Eastern major contributors, each supplying 10.08 million barrels
Europe proved that proverbial sneeze that could make
energy markets around the world catch a very severe cold. per day of oil to the global supply chain. With strictures

India imports about a per cent of its crude oil now likely on Russian supplies, which way do crude oil
requirements from Russia and banks on the West Asian
cartel, the OPEC, for the bulk (about 63 per cent) of its prices go? How insulated could energy prices in India be if
requirements for its petroleum refineries. Crude oil prices
world over have moved in tandem, however, thanks to a global crude oil rates turn another summersault? These
five-year-old alliance between OPEC, Russia and a few
other oil producers. Prices of crude oil have been on an are all questions that are unfortunately, still blowin’ in the
eight-year high over the past few months because of an
wind. — Madhumita Chakraborty

And It’s Here!

AFTER ANNOUNCEMENTS, speeches and mentions at Significant highlights from the ten-point policy include
forums on climate change and energy transition for more renewable energy for green hydrogen production,
than a year, the Green Hydrogen Policy has finally arrived. getting open access without central surcharge and zero-
interstate transmission charges for 25 years for projects
After a surprise miss in this year’s Union Budget, commissioned before 30 June, 2025. Manufacturers will,
the Union power ministry has notified the ‘First Phase’ moreover, be able to purchase renewable power from the
of the National Green Hydrogen/Green Ammonia power exchange or set up renewable energy capacity
Policy, to accelerate India’s shift away from fossil fuels. themselves or through any other developer anywhere.

The energy industry has, by and large, welcomed the
policy but has asked for more incentives like removing the
disparity in states’ open access charges and investments
in research and development, to reduce dependence on
solar power for producing green hydrogen. Nonetheless,
the policy has laid the roadmap for easing green hydrogen
manufacturing, transportation, storage and distribution.

The second phase of the policy is on the cards as well,
which according to the Union Power Minister, is with the
Expenditure Finance Committee now.

—Arjun Yadav

12 | BW BUSINESSWORLD | 12 March 2022

STALEMATE – the futuristic fifth generation stealth fighter that will be
OVER THE qualitatively superior. The IAF would rather have the ADA
focus on the AMCA. The IAF prefers 114 proven foreign fighters
LCA MK - II under a speedy Make in India programme to bridge the gap till
the arrival of the AMCA, rather than wager on the uncertain
CHIEF OF AIR STAFF, Air Chief outcome of the LCA Mk-II delivered through a delay-ridden
Marshal V. R. Chaudhari’s repeated public sector. Undeterred, the ADA-HAL combine is seeking Rs
omission of the Light Combat 2,500 crore of additional development funding for the Mk-II as
Aircraft (LCA) Mk-II while talking it prepares for the rollout of the first prototype by April.
of the IAF’s fighter fleet plans has
disconcerted the public sector — Vishal Thapar
Aeronautical Development Agency
(ADA)-Hindustan Aeronautics
Limited (HAL) combine. The ADA-HAL duo are banking
on the IAF committing itself to about 120 LCA Mk-II
fighters to enable maturation of an eco-system built
around HAL to produce 123 LCA Mk-I indigenous fighters
that have already been ordered. It’s also to ensure
continued supremacy of PSUs in defence production.

But the IAF is not buying into the 4.5 generation Mk-II
because its 2030 production timeline is the same as
that of the Advanced Medium Combat Aircraft (AMCA)

MARKETING JOBS

THE CHARTERED Institute of awareness among the youth
Marketing (CIM) has made a
rather interesting revelation of how resilient and adaptive
in its latest survey. Almost
half (46 per cent) of the youth marketing has been in
in the age group of 16 to 24
years not only consider taking these unusual times, when
up marketing as a career, but
also believe it to be a safe a pandemic brought most
professional choice.
business activities to a halt.
The revelation comes after
a lull in the marketing job According to Linkedin,
market, when the advertising
industry had not been able marketing jobs increased
to attract a diverse talent
pool. Since the pall that had by 63 per cent in the first
set in after the onset of the pandemic and furloughs
were announced, many marketing professionals have six months of 2021, with
been upskilling themselves and self-funding additional
learning. companies posting about

The reversal in attitude is probably owing to a growing 381,000 marketing jobs

between the June 2020 and

June 2021 period. This is a far

cry from the dark forecasts

of the job prospects of

marketing professionals in early 2020.

The CIM survey suggests that lack of awareness and

knowledge about advertising agencies had led to a talent

shortage in the industry – a situation that is reversing

fast. — Soumya Sehgal

Photographs by Indiapicturebudget, ADA/DRDO 12 March 2022 | BW BUSINESSWORLD | 13

ANECDOTES By Jayaram Easwaran

Of Dreaming Rakesh hired a Big Four consulting
Big & the firm to help with the presentations and
after three weeks’ of hectic brain storm-
Winning Bid ing sessions, they were ready to make a
presentation to Ashok.

“What are we highlighting in this
presentation?” asked Ashok.

“We are convinced that the Japa-
nese company would go for an Indian
partner who has the requisite techni-
cal capabilities to quickly absorb their
technology,” replied the consulting firm
person.

“Do you think we are technically su-
perior to any of the other three Indian
companies?” asked Ashok.

Rakesh chose to reply, “Since we re-
ally do not have much to showcase on
that, we are also focusing on the techni-
cal back ground and prior work experi-
ence of our key people.”

Ashok shook his head and said, “Will
just not work. This Japanese company is
a world leader in technology. We must
highlight aspects that are unique to do-
ing business in India and showcase our
experience and strengths in that. Let
the other three try and shine a torch on
the Sun!”

I N 1991, WHEN INDIA first liberalised her economy, Ashok Khosla was both THE WINNING BID
a happy and a not-so-happy man. The Japanese giant finally chose to go
Happy – as his only son Rakesh, had decided to return home from the with Ashok’s company.
USA to join the family business. And not so happy – because he anticipated
increased competition post liberalisation. At the press conference to announce
Ashok Khosla was a self-made man. At eighteen he started working in an the JV, the Japanese CEO was asked
electrical motor factory. At thirty-five, he borrowed money and set up a small manu- why they chose to go with a company
facturing unit in Ambala. And now as a 76-years-old, he was the country’s largest that was really not as high-tech as the
manufacturer of mixer grinders, employing over 6,000 people. other three contenders

DREAMING BIG “We are already bringing world class
Rakesh was keen to tie up with the world’s largest white goods brand from Japan. technology to this JV. We were looking
for a partner with strengths in creating
“Don’t you think we will be seen as a low tech company? Are you sure that they enduring relationships with employees,
will even look at us?” asked Ashok. dealers and customers here, and with
the ability to manage the larger envi-
“Don’t worry Dad. The person who heads the Japanese company is my class- ronment. Ashok’s company has all this,”
mate from Stanford. We worked together at GE for twenty years post that,” replied replied the Japanese CEO.
Rakesh.
That day Rakesh learnt some-
“So they are willing to look at us? thing that Stanford had never taught
“Yes dad. And three large Indian conglomerates are already in touch with them,” him.
replied Rakesh.
The writer is a consultant and an Independent
Board Director at Jindal Stainless Ltd and author

of the best selling book - Inside the C- Suite.

14 | BW BUSINESSWORLD | 12 March 2022

#FutureOfManagementEducation

FUTURE OF FEBRUARY 25, 2022
MANAGEMENT
EDUCATION REGISTER NOW

CONCLAVE 2022 THE MOST COMPREHENSIVE
VIRTUAL CONCLAVE DELIBERATING
EMINENT SPEAKERS
ON THE FUTURE OF
MANAGEMENT EDUCATION

PROF. RISHIKESHA PROF. DR. VISHAL DR. ANNURAG DR. HIMADRI PROF. MP PROF. MADHU DR. PAWAN
T KRISHNAN HIMANSHU RAI TALWAR BATRA DAS JAISWAL VEERARAGHAVAN KUMAR SINGH

Director Director Director Chairman & Editor-in-Chief Director General Director Director and T.A. Pai Chair Director, IIM
IIM, Bangalore IIM, Indore IMT, Ghaziabad BW Businessworld & Founder, IMI, New Delhi IIM, Sambalpur Professor of Finance Tiruchirappalli

exchange4media T.A. Pai Management Institute

DR. MONICA AJITESH PROF (DR.) RAJESH PROF. JANAT PROF. S. SREENIVASA DR. KISHORE DR. RAJIV DR. ASIT
KHANNA BASANI CHAKRABARTI SHAH PRASAD K BARMA
MURTHY GOPALAKRISHNA PILLAI
Director Executive Director Director Director Dean Amrita School of Business, Principal Director
K J Somaiya Institute Acharya Bangalore B-School MDI, Gurgaon IIM, Udaipur Director Amrita School Bharathidasan Institute
IPE Coimbatore and Bengaluru, Of Business, Kochi of Management (BIM)
of Management Bengaluru Amrita Vishwa Vidyapeetham
Tiruchirappalli

DR. RAVI DR. BHIMRAYA PROF. SHAILENDRA PROF. NEELU PROF. (DR.) DR. ARUN DR. VANDANA DR. DEBASHIS
KUMAR JAIN METRI SINGH ROHMETRA ATMANAND KUMAR SINGH SONWANEY SANYAL

Director, Symbiosis Director Director Director Director Director Director Director
Institute of Business IIM, Nagpur IIM, Ranchi IIM, Sirmaur MDI, Murshidabad GNIOT Institute of Symbiosis Institute of Great Lakes Institute of
Management–Hyderabad Management Studies Operations Management Management, Gurgaon

(SIOM) Nashik

DR. JITENDRA REV. DR. C. JOE DR. VINITA DR. BIGYAN PROF R. PROF. PREETI DR. MADHU DR. MOHUA
DAS ARUN, SJ SINGH SAHAY PRAKASH VERMA NAGARAJAN BAJAJ CHITKARA BANERJEE

Director Director Director Director Director Vice Chancellor Pro Chancellor Director
FORE School Loyola Institute of IIM, Bodh Gaya SIES College of IIM-Amritsar Galgotias University Chitkara University IMI, Kolkata
of Management Business Administration Management Studies

NASIR DR. SANJAY DR. POOJA PROF. R S
SHAIKH MODI JAIN DESIKAN

CEO Pro- Vice Chancellor Director Department of
The Lexicon Group of and Executive Dean Jagan Institute of Management
Management Studies SRM University AP
Institutes & MultiFit LPU University

CO-PARTNERS B SCHOOL PARTNER

School of Business FOR SPEAKING OPPORTUNITY:
Priyanshi Khandelwal | [email protected] | +91 84508 44111

Ravi Khatri | [email protected] | +91 98913 15715

ASSOCIATE PARTNERS FOR PARTNERSHIP AND SPONSORSHIP:
Ravi Khatri | [email protected] | +91 98913 15715
Priya Saraf | [email protected] | +91 9732247222

COLUMN Minhaz Merchant

The Privatisation
Puzzle

T HE ARGUMENT that privatising public sector units (PSUs) is akin to
selling the family silver deserves to be buried for good. The sovereign
– the Indian government – is a bad money manager. Yet it holds on
behalf of the people of India shares in hundreds of PSUs. Around 70
central PSUs, including ONGC, NTPC and GAIL, are listed on the
stock exchange: their combined value is around Rs 23 lakh crore.

Many more, including potential blue chips like BPCL, are not.

Among the biggest is Life Insurance Corporation (LIC). Its initial

public offer (IPO) will open several jaundiced eyes. The government

owns 100 per cent of LIC’s equity. By divesting around five per cent this fiscal, the excheq-

uer will receive, depending on issue pricing, around Rs 75,000 crore. The government’s

95 per cent balance shareholding in listed LIC will be valued, according to market pro-

jections, at over Rs 15 lakh crore. That is nearly two-thirds of the market capitalisation

(Rs 23 lakh crore) of all 70 listed central PSUs. It underscores the hidden value that

resides in India’s unlisted central and state PSUs. This wealth belongs to the people of

India. The sovereign government is merely its guardian, holding that wealth in trust.

Political leaders of a certain persuasion have strongly criticised privatisation. Con-

gress leader Rahul Gandhi declared grimly: “The youth need jobs but the Modi govern-

MINHAZ MERCHANT ment is destroying employment and capital by privatising PSUs. Who is benefitting? It
IS THE BIOGRAPHER
is only doing development of a few ‘friends’, who are close to Modi. Stop privatisation.
OF RAJIV GANDHI AND
ADITYA BIRLA AND Save government jobs.”

AUTHOR OF THE NEW This of course is standard political rhetoric. Gandhi knows as well as anyone else that
CLASH OF
the government has no business being in business. The 67-year-long saga of nationalised
CIVILIZATIONS (RUPA,
2014). HE IS FOUNDER Air India does not bear repetition. Not only was Air India losing over Rs 9,000 crore a

OF STERLING year under government ownership, it was subverted by corrupt ministers and bureau-
NEWSPAPERS, WHICH
crats, leading to a loss of revenue and profitable Gulf routes.
WAS ACQUIRED BY
THE INDIAN EXPRESS When PSU shares are listed, they go into the hands of their true owners – the Indian

GROUP public. Some go to Indian financial institutions and mutual funds, the majority of whose

stakeholders again are Indians. Many shareholders are middle-class professionals,

several are women and increasing numbers are young. It builds their personal wealth,

helps pay for education, and acts as a retirement fund for senior citizens.

In a country like India where social security is largely absent, the elderly are forced to

depend financially on their children. Small equity holdings in divested companies like

LIC can be a Godsend.

How should the Indian government take privatisation forward in 2022-23 after

LIC’s IPO? The Union Budget has targeted a modest revenue of Rs 65,000 crore from

divestment. The government is clearly worried about trade unions protesting against

full-throated privatisation.

Public sector bank unions have held a series of strikes over the past few months. They

fear job losses as privatised banks prioritise efficiency and productivity. They overlook

history. One of India’s most successful “private” banks, ICICI Bank, was a progeny of

the Industrial Credit and Investment Corporation of India (ICICI), promoted by Indian

public sector banks and insurance companies along with the World Bank.

16 | BW BUSINESSWORLD | 12 March 2022

ICICI Bank was privatised and listed Privatised PSUs month so that money for fresh investment keep rolling
on Indian stock exchanges in 1998. Its will be in and is not hostage to constant roadblocks from vested
ADR was listed on the New York Stock interests.”
Exchange (NYSE) in 2000. ICICI’s mar- accountable to
ket cap is today over Rs 5 lakh crore – Following LIC’s listing, the market capitalisation of
higher than the market cap of the State
Bank of India (SBI). public central PSUs will climb to around Rs 40 lakh crore. As-
shareholders. suming a rise in their value, at a conservative average
The government should not back away growth rate of 10 per cent a year, the valuation of the gov-
from more privatisation in the face of un-
ion threats. It withdrew three progres- Their ernment’s listed stocks will increase by around Rs 4 lakh
sive farm laws because wealthy farmers
in Punjab and Haryana threatened the management crore a year. If the government targets divesting five per
BJP’s electoral prospects in western Ut- will be cent of its PSU holdings annually, the exchequer would
tar Pradesh. The government is moving receive Rs 2 lakh crore a year even as the market value of
forward gingerly on labour legislation. It
has mothballed the land acquisition Bill. scrutinised. its total stock holding continues to rise.
Privatisation must not be allowed to fall
victim to either blackmail or political and Unlisted PSUs This isn’t all. There are dozens of PSUs that haven’t
bureaucratic inertia. are often been privatised. A top candidate is BPCL. It has outstand-
ing assets. The government must therefore follow a dual
The economist and journalist Swa-
minathan Aiyar wrote recently in the warrens of divestment policy. On the one hand, privatise unlisted
Sunday Times of India: “One solution corruption and PSUs like BPCL and on the other offload small equity
would be to sell 1 per cent of the shares holdings from the 70 listed PSUs. After LIC’s listing, the
of selected PSUs every month at the go- inefficiency
ing market price. That would avoid ac- Rs40-lakhmarketcapcorpusof listedPSUswillgivethe
cusations of under-pricing and cronyism.
Rightnow,wehearconstantfearsof what government sufficient headroom to collect revenue far in
might go wrong and how structures and
procedures must be devised to avoid scam excessof Rs2lakhayear.Thesefundscanbedeployedin
accusations and ensure a good sale price.
By all means, address those issues, but the health, education, agriculture and defence sectors.
meanwhile, keep selling 1 per cent per
Privatised PSUs will be accountable to public shareholders. Their management will

be scrutinised. Unlisted PSUs are often warrens of corruption and inefficiency. This

will reduce on listing. Sunlight, in the form of market forces and public accountability,

is the best disinfectant.

What about job losses? There will be initial culling. But improved efficiencies and

productivity will lead to expansion and more jobs at better salaries. The hopelessly

bloated MTNL and BSNL are good examples. The merged entity, when privatised, will

be a leaner, stronger competitor in the cut-throat telecom industry.

It will also establish a basic truth: the government’s business is governance, not

business.

Photograph by Indiapicturebudget 12 March 2022 | BW BUSINESSWORLD | 17

COLUMN Ashutosh Garg

F AILURE PRECEDES SUCCESS. start a business is to make money. This
is a dangerous objective. Businesses
This can be a controversial statement but if we look at successful need to be built because of their inher-
people, each one of them has failed. Some of them were even con- ent strength. Money or valuation is an
sidered huge failures and incapable of doing anything successfully. outcome of a successful business.
They transformed their failure into success. Success does not come
to us the first time we try anything. Success is the result of our mental Similarly, we need a clear purpose.
To succeed, we need to be clear about
strength to keep going at what we desire till we get it right. our life purpose and job purpose. On a
micro level, it is good to have a purpose
When we are confronted with failure, the first thing we see are all for the week ahead. This will help us to
define few important tasks in the next
the negatives associated with the failure and the reaction “others” will have with seven days.

our failure. We completely overlook the benefits. If we do not look at the positive

aspects of failure and if we do not change the way we look at our learnings, then

our failure has the ability to destroy us.

Why We Fail
Part - 1

Let us examine some of the reasons Progress can only be made when we We fail because we are afraid of
why we fail and how we can develop try. The turtle can never make progress making bold moves: If we want to do
coping strategies for these failures. if he does not stick his neck out. There something different. To stand out from
is always a reason that justifies inac- the others. To achieve the impossible.
We fail because we are afraid to tion. We must not let our fear of failure, We have to be comfortable in being dif-
fail: No one likes to fail. Failure pa- rejection or change confine us within ferent from the others. Going with the
ralyses us. Very often we are so afraid the boundaries of our comfort zone. pack is not an option when it comes to
of failing that we are not even willing looking for unique success.
to try. We fail because we do not plan or
The advantage of going with the pack
As the old saying goes, “Trying and define our objectives and purpose is that we will reach the same place that
failing is better than not trying at all”. clearly: If we do not have a proper everyone else is in. We need to be inde-
We should never be afraid to try. Failure plan, we are less likely to succeed in life. pendent and confident of our thoughts
is the result of trying. Imagine a world It does not matter whether our plan is and objectives.
where no one tries anything because no right or complete. A plan helps us to put
one wants to fail! No one will succeed. clear milestones so that we can evaluate We need to be able to accept criticism
Success will come, one step at a time. our own progress. from those dearest to us. If not, we will
Failure is not designed to set us up or not make it very far.
to punish us. There are many people I have met
who say that the reason they want to We fail because we are not persis-

18 | BW BUSINESSWORLD | 12 March 2022

tent, and we give up too soon: We important lessons and insights that We fail because we want too much
fail because we give up. Giving up au- come with these mistakes. too soon, resulting in stress: We
tomatically leads to failure. A lot of us like to achieve everything very quickly,
give up before we achieve what we set We cannot wish away our mistakes. knowing well that there is no magic
out to do. We can be talented and intel- They are our biggest teacher. We need wand for success. Once we start out
ligent. But if talent and intelligence are to analyse what went wrong. We need on the task, we realise how many chal-
not combined with persistence, they to re-think the strategy and challenge lenges there will be and this can be very
are of no use. ourselves to develop a better plan for intimidating.
the future.
This could be because of frustration, This results in stress and the desire to
anxiety, diversion of attention or in the As the old saying goes, abandon the task or give up. There is no
case of businessmen, because of short- “Trying and failing is harm in achieving high as long as we are
age of resources. Nothing comes easy. better than not trying willing to recognise the effort that we
We need to keep persisting. Success- at all”. We should need to put in to reach there.
ful people have a strong track record of never be afraid to try.
persistence behind them. Failure is the result of No one is responsible for our stress
trying. Imagine a world other than ourselves. Stress kills our
It will always be more comfortable where no one tries dreams, our happiness, our perfor-
to simply give up when the going gets anything because no mance, and shortens our lifespan. We
tough. Giving up spares us a lot of trou- one wants to fail! No must learn to manage our stress by
ble, hard work and pain. But it also one will succeed. using various tools including medita-
takes away our chance to succeed. Success will come, one tion.
step at a time
We fail because of a refusal to learn We fail because of a lack of humil-
ity: Humility is considered by many
from our mistakes and destruc- successful individuals as an important
tive thinking: Unsuccessful people key to success. Some even consider it to
are deeply hurt by their mistakes and be vital for success. Humble people are
failures. As a result, they do everything more likely to be high performers.
they can to quickly forget these pain-
ful experiences. The problem with this Humility helps us to assess, realis-
attitude is that doing so also loses the tically our strengths, weaknesses and
limitations. It will also help us realise
that there are many things we do not
know.

Humility could be the missing ingre-
dient between successful people and
not so successful people. We have won
a fight but we cannot claim to have be-
come an expert in the art of war.

Remember the old line “if you do not
blow your own trumpet, no one else will
blow it for you?” I had learnt this early
in my life. It was a few years later that
I understood the corollary to this. “Do
not blow your trumpet so loudly that it
starts to hurt other people’s ears!”

The author is a CEO Coach, a storyteller and an
angel investor. He hosts the highly successful

podcast titled ‘The Brand Called You’. He is
Founder Chairman of Guardian Pharmacies and

author of eight best-selling books.

Photograph by Indiapicturebudget 12 March 2022 | BW BUSINESSWORLD | 19

ARTHSASTRA Amit Kapoor

FROM PAPER TO FIELD worldwide. Most importantly, it has shown the indispensability
of social protection schemes as the pandemic triggered a massive
MGNREGS rollout of assistance programmes and social aids as immediate
as the Face retributions to the losses incurred globally. In India, a relatively
of India’s sophisticated social protection system with schemes like Ma-
hatma Gandhi National Rural Employment Guarantee Scheme
Social (MGNREGS) and Public Distribution System (PDS) aimed at
Protection uplifting the poorest of the poor. The Indian experience with
social protection is far from perfect with administrative and
System logistical issues underlining it, but carries with it an essential
lesson in providing existential security to the most vulnerable.
A S PER THE Interna-
tional Labour Organiza- The MGNREGS, launched in 2005, has been one of the most
tion’s (ILO) World Social ambitious social protection schemes to be implemented globally.
Protection Report 2020- The social security scheme aims at providing 100 days of wage
22, 8.8 per cent of global employment to every household in a financial year whose adult
working hours were lost member is willing to do unskilled manual work. As a welfare
in 2020, equivalent to 255 scheme, it offers livelihood security to rural households. Howev-
million full-time jobs, adversely affect- er,thetruemettleof theschemewastestedduringthepandemic
ing the unskilled or low-skilled labour, when the lockdown tapered down the total number of employ-
on whom the loss of employment fell the ment days provided to rural households. Hailed as an exemplary
hardest. This not only exacerbated socio- public scheme in one of the most populated countries, where a
economic inequalities with a significant significant portion of the population benefits from the scheme,
populationfallinginpoverty but will also
have enormous ramifications for labour
market inequalities.

According to the World Bank eco-
nomic forecasts, with almost 100 million
pushed into pandemic-induced poverty,
the absence of resilience to socioeconom-
ic shocks among a significant population
has revealed the issues with comprehen-
sive coverage of social protection systems

20 | BW BUSINESSWORLD | 12 March 2022

the stakes on MGNREGS are huge. Withthefirst it quickly accelerated in the next few months, with the country
With the first wave witnessing the re- wavewitnessing slowly opening up. By May 2020, the allocation of funds in the
scheme was increased by Rs 40,000 crore, increasing the total
turn of migrant workers to their home thereturnof budget allocation by 18.69 per cent compared to 2019.
states further aggravating the early crisis, migrantworkers
the burden on the scheme was evident. In Anincreaseinthesenumbersindicatestheimportanceof the
2019-20, a cumulative 140,719,967 crore totheirhome scheme in generating rural employment and drives home the
job cards were issued to registered house- statesfurther point that India now needs a similar scheme for urban house-
holds, while in 2020-21, 154,287,504 aggravating holds. For one, the presence of such a system in urban spaces
crore job cards were issued. The fact that theearlycrisis, could have avoided the massive reverse migration during the
2020-21 saw a nearly 10 per cent jump in theburdenon first wave and countered the imbalance between rural and urban
cumulative numbers of households with theschemewas employment generation.
issued job cards from that in 2019-20 (as evident.In2019-
per the data provided by the Ministry of 20,acumulative Furthermore, badly hit sectors like construction, hospitality,
Rural Development) is proof enough to 140,719,967crore and transportation have reduced employment, triggering a la-
show the dependence on the scheme as jobcardswere bour crisis in urban spaces. An urban employment scheme will
a fall-back option during highly volatile issuedtoregistered only bridge the gap. The MGNREGS is not perfect in its entirety,
times like the pandemic. Moreover, in households, but it has enormous potential in keeping the poorest of the poor
2020, an additional 86,81,928 job cards whilein2020-21, households afloat, stopping them from further descending into
were issued as compared to 64,95,823 154,287,504crore abject poverty, and perhaps halting the cycle of poverty.
in 2019. jobcardswere
issued.Thefact With its rights-based programme, civil society organisations
Additionally, there was a rise in the to- that2020-21saw have also been able to leverage its design for pro-poor targeting.
tal employment generated under the de- anearly10percent While the programme is de-linked with any poverty criteria (i.e. it
mand-driven scheme during the financial jumpincumulative does not subscribe to the poverty line for eligibility purposes), its
year of 2020-21. According to the press numbersisproof social security architecture has focused on “self-targeting” of vul-
release by the Ministry of Rural Develop- enoughtoshowthe nerable populations and enhancing community-based account-
ment, in July, a total of 391,630,385 crore dependenceonthe ability tools with a more proactive role for the Panchayats.
jobs were provided, which is a striking schemeinhighly
102 per cent increase from 194,174,791 volatiletimeslike (Jessica Duggal, researcher, Institute for Competitiveness
crore in July 2019. While April 2020, with thepandemic has contributed to this article)
the onset of national lockdowns, saw a de-
cline in employment through the scheme, The author is Chair, Institute for Competitiveness and visiting scholar and
lecturer at Stanford University

Photograph by Bivash Banerjee 12 March 2022 | BW BUSINESSWORLD | 21

(A)MUSE & MUSINGS By Srinath Sridharan

O answers were an emphatic “NO”. Over a decade later, the situa-
tion doesn’t seem to be any different.
RGANISATIONS look to impactful
leadership to guide them through un- When global GDP contracted 3.5 per cent in 2020, its worst
precedented times. Time and again, we performance since the Great Depression, Benjamin Franklin’s
have seen that even the most established words became relevant: ‘by failing to prepare, you are prepar-
firms fail to adapt to effects of crisis, so- ing to fail. If only large enterprises, medium-sized businesses
cietal change or cultural shifts; they fail and startups from the most impacted industries had taken a
because they could not face uncertainty leaf out of his wisdom, Covid’s economic impact could perhaps
in the market conditions. have been alleviated. Left with only Hobson’s choice, most or-
ganisations tweaked their business model, with special attention
Looking at companies that have sur- on supply chain redesign. The business skill sets required to
vived market upheavals, we learn from survive a pandemic-stuck consumer sentiment is very differ-
them. Effective leaders understand their ent. Resilient organisations evolved differently, with differing
outcomes. In the midst of a prevailing global economic carnage,
the immediate goal was/is: ‘How to keep the lights on’. And then
to start thinking, ‘How to keep going’ and move towards ‘How
to keep growing?”

A real strategy involves a clear set of choices that define what

Effective
Leaders Use
‘Strategy of
Execution’

team’s strengths well and direct them to- the firm is going to do and what it’s not going to do. Strategic
wards achieving the organisational goals. skills allow a leader to create policies, establish direction, and
They understand that as much as having determine how to effectively allocate resources to achieve a
a robust strategy, they also need sharp ex- larger goal.
ecution capabilities to deliver results.
Execution, on the other hand, involves the tactical, practical
In their research for an article pub- skills needed to put a plan into motion. Where strategic thinking
lished in the Harvard Business Review allows a leader to craft the future of an organisation by making
titled The Secrets to Successful Strategy broad decisions, the tactical skills of execution are required to
Execution (2008), authors Gary L. Neil- bring the vision to life.
son, Karla L. Martin, and Elizabeth Pow-
ers asked over 125,000 executive level Startups & Corporates
participants from over 1,000 companies Startups have the advantage of literally being born from and with
and 50 countries, “Are important stra- problems; and from day-one, are driven in obtaining optimal so-
tegic and operational decisions quickly lutions for them. Highly successful early-stage ventures – those
translated into action?” and most of the that manage to continually exceed performance expectations

22 | BW BUSINESSWORLD | 12 March 2022

able of this equation. McKinsey Global
Institute suggests that CEOs must focus
on quick action on fronts where action
is possible rather than wait for the fog
to clear up completely before taking ac-
tion. While there is no guarantee of 100
per cent success, decision and speed of
adapting is the key now.

– are continuously strategising and ex- The often People first. Technology-enabled
ecuting in parallel; they are often driven debated topic The pandemic got the corporate world to
by consistent improvisation and a clear of strategy look at the concept of “People first”. In ad-
focus. All these are in motion, with a lean vs execution dition to WFH or even WFA, it brought
team and with close-knit real-time team is misplaced. the spotlight on the health and wellness
collaboration. This in turn, eliminates More often of its employees and their families. It
the lengthy development cycles that are than not, also brought to the fore the tougher task
generally consumed by planning, strat- the “best” of discussing the almost-taboo topic of
egising and then planning for execution laid-out “mental health”. Remote collaboration
before actually executing. A capability plans don’t and communication via mobiles, lap-
that large organisations have to imbibe go as per its tops, tablets and with Zoom, Webex, Skype and MS meetings
as team-agility in their cultural DNA! intent, simply pushed organisations of all sizes to continue functioning. It
because helped firms to continue serving their clients.
For example, the strategy of the on- strategy did
line entertainment giant, Netflix, which not include Sharper Financial Goals
gained 207 million paid global subscrib- a clear road- Organisations severely impacted by Covid learnt to closely moni-
ers’ by the end of Quarter 1 of 2021, a map for tor, reduce cost and become efficient. Overall, cash management
23 per cent jump from a year earlier as execution. based on the progress of the situation and turnaround planning
reported by Statistica 2021, will be very Good leaders has become the most critical job of the business leaders. Like
different from the strategy of businesses understand startups, which hardly have spare liquidity to be generous or less
that have had to shrink down their size this well careful, good corporates have moved to frugal and Just-In-Time
by three fourths of what they were pre- spending; and are investing time and efforts to raise funds when
Covid. The lesson here is to stay nimble- available in the market and not just when needed!
footed and change quickly in the event of
an unexpected landscape. Innovation
Using internet as a tool to serve consumers quickly and some-
It has become imperative to break times even before they ask, is the new phenomenon of Covid led
down strategy into tactics i.e. small business model innovation. Digital communication has made
steps on a daily / weekly / monthly / bi- ideation a reality and communicating, at the risk of exaggera-
monthly basis. A clearer picture of where tion, as a ‘child’s play’!
the company is headed begins to emerge
and helps to assess if it is in line with the Businesses, especially startups have seized the opportunity
long-term strategy, facilitating any course and have found unique ways of marketing, engaging custom-
correction. Flawless execution of tactics, ers, providing services and delivery and accurately reaching
therefore becomes the most critical vari- their target audience. Ironically, we have to thank the pandemic
for accelerating the flood of innovation in fields ranging from
healthcare to manufacturing to service delivery.

These point to a strong leadership that made the firms
adapt to the situation and adopt newer ways. Good strat-
egy, well thought-through, would have already included an
execution roadmap as its core component! This is the new-
normal.

The author is a corporate advisor & independent markets commentator

Photograph by Indiapicturebudget 12 March 2022 | BW BUSINESSWORLD | 23

Noorings [email protected]

BREAKING A BIAS, wards growing India’s women
EASIER SAID workforce.

The International Women’s Day theme in 2022, Against this backdrop, a day
#BreakTheBias, makes one wonder why this call, meant to recognise women’s con-
tributions all over the world can
heard every so often, still needs attention play a part in furthering the con-
versation. Arguably, IWD 2022
by Noor Fathima Warsia theme, #BreakTheBias, may even
give an inkling into the reason be-
I T IS THAT TIME of the year when we will be bombarded with hind the deteriorating workforce
messages of how we must applaud the fighting spirit of a woman parity in India, which is precisely
that can conquer anything and that drastic changes must be our innate bias of what an accom-
made to arrive at a diverse, equitable and inclusive for all world. plished woman should look like.
International Women’s Day (IWD), celebrated on March 8, at-
tracts a near formulaic response from all segments of the econ- Do we understand bias? A Prega
omy and society, including businesses and brands. News ad, #SheCanCarryBoth, re-
This is rightly so because gender parity is a conversation that leased for IWD 2022, may help an-
needs attention, especially in a country like India, where the situ- swer this question. Depicting a
ation can be called discouraging from a number’s perspective. As per a Minis- working mother, who is scoffed at
try of Statistics report, the female labour participation rate in India fell to 16.1 by a single, elder working woman,
per cent during the July-September 2020 quarter. While this was seen as an and who then proves to be an in-
outcome of the pandemic-induced unemployment crisis, it should be noted spiration to a younger, working
this was the lowest among major economies. woman, the ad has a very clichéd
India was on a declining trend even before that. According to World Bank narrative.
estimates, the female labour participation rate in India fell from more than
26 per cent in 2005 to 20.3 per cent in 2019. This was specifically demoralis- The tagline itself is alarm bell
ing given the increase in efforts, from both government and India Inc, to- one. She can carry both is where
expectations come that she must.
If she was an only career- or home-
focused woman, she is half quali-
fied. There must be a villain and in
this case, it was the arrogant single,
working woman. By the time we
come to the younger woman who
was conflicted about pregnancy
because she was a model, it is just
alarm bells galore. Prega, interest-
ingly, is the same brand that tabled
infertility last IWD.

Did the message not work for it
to regress to the 2000s? Was this
its solution ‘let’s do this something
new’? Difficult to answer. But these
kinds of messages highlight the bi-
ases that have been called out but
are so much of second nature that
they pass off as ‘inspiring’.

Lack of inclusive language, com-
mitment behaviour and glorifying
archaic ideas prove our bias is in-
herent. Breaking it is easier said,
but it better be done if we want to
progress.

24 | BW BUSINESSWORLD | 12 March 2022



MARKETING AND ADVERTISING

IMPROMPTU balance by becoming
more agile. I want to
FEARLESS build OMD into a more
empathetic agency, while
also continuing to be a
forward-thinking in-
novative powerhouse of
talent with wellbeing at
its core.

AND FUTURE The reverberations of the
pandemic are still palpable in
plenty of places. Being new to the
READY agency how do you see yourself
reigniting assurance and assis-
tance amongst all stakeholders?

Anisha Iyer looks forward to filling the captain’s shoes Yes, the pandemic had an
with empathy, change and possibilities at OMD impact that is still pal-
pable across the industry.

By Soumya Sehgal But the pandemic also

disrupted workspaces

paving the way for in-

THE PANDEMIC dec- to growing up timeless are there to probably fill? novation, collaboration,
imated industries and delivering work in and purposefulness.
across the globe a world of constant con- ‘Focusing on your OMD is a place that puts
people is the art of client its people first, and I

and the media fraternity nectivity. Under Iyer’s delight.’ I have held this couldn’t be prouder of it.

was no different. With stewardship, OMD India insight close to my heart My role in the organisa-

a complete overhaul in is expected to embark on through my years in the tion has expanded but I

business techniques, a new journey of trans- industry. OMD has the have been in the ecosys-

relations and communi- formational growth — admirable trait of being tem for a fairly long time

cation strategies, most one that does not rest on a people-driven organ- building and fostering

of the agencies came out past laurels but rather isation. Collaborating relationships. My effort

victorious. One such is is guided by the belief with the team, I aim to in this new capacity will

OMD, from the Omni- of being future-ready leverage this to enhance also be to engage stake-

com Media Group, that and purpose-led. She people’s delight. This holders, not just contex-

stood tall as an evolved is all geared up for a aspect will segue into tually but empatheti-

media partner for its busy 2022, bringing the strengthened conversa- cally for transformational

roster of brands like energy back and reinvig- tions around work-life growth. The sweet spot

Apple, Beiersdorf, Sony, orating the agency opera- OMD will be pivoting towards
Mercedes Benz, Renault, tions after a slow period. a more dynamic approach
Wipro, Au Bank, to name We speak with Iyer on to talent acquisition that is
a few. taking on this leadership
Marking its 15th year in role and her plans for the
India this February, the year ahead.

agency welcomed its new You have recently taken charge of aligned to challenge the
CEO, Anisha Iyer taking OMD when it is entering its 15th norm and be unconventional
the reins of the agency. year. How will you leverage your
With Iyer in the driving previous experience in advertis-
seat, OMD has enhanced ing in your new role? What gaps
efforts in its approach

26 | BW BUSINESSWORLD | 12 March 2022

where the magic happens have evolved, not entirely “OMD is a expect in the coming days? What
is when people have the changed. The fundamen- place that new strategies in business and
space to communicate tals remain the same. The puts its people communication are on the table
without fear, are driven number and nature of first, and I for OMD?
by the intent to persevere questions marketers are couldn’t be
and create experiences asking have altered due prouder of it” OMD India is set to
that are purpose-led. And to the dynamic context of become more fluid and
in my opinion, this space a pandemic-led market. ANISHA IYER, CEO, agile with a future-ready
is where people find the But if we remain driven OMD India organisational structure;
creative freedom to make by empathy in situations tailored to align with our
better decisions, faster. like the one being faced mere transactional rela- existing roster and new
by stakeholders alike, the tionships. Today, across ambitions. We will be
There has been a dramatic need for adaptability gets the industry, we are oper- pivoting towards a more
change in the marketer expecta- accentuated. If any- ating at the convergence dynamic approach to
tions and business realities thing, the pandemic has of trust, transparency, and talent acquisition that is
post-pandemic. How are you enhanced collaborative empathy — and globally, aligned to challenge the
going to navigate this altered sensibilities, accelerat- very few other organisa- norm and be unconven-
relationship? ing a widespread pivot to tions do it with the kind tional in attitude. The
partnerships rather than of effortless charm and purpose is to strategise
Marketer expectations aplomb that OMD brings our processes with a leap
to the table. It’s about of faith in decision mak-
time we start looking at ing for new businesses
our teams as an extension instead of simply making
of the client rather than it transactional.
operating in silos to find
exemplary solutions. What will be your mantra for
OMD’s transformational growth?
What are some of the key How are you planning it to be
announcements that we can future-ready and purpose-led?

It is time to start asking
‘why not’ in the deci-
sions we make as thought
leaders. Understandably,
the fear of failure often
prevents us from evolv-
ing. But the most crucial
propeller to growth is
the ability to challenge
oneself. This will be the
mantra for OMD’s trans-
formational growth. And
I’m excited to see how
this shapes the future at
OMD. We are set to ques-
tion everything, question
the ordinary, question the
acceptable, question the
norm.

[email protected]

12 March 2022 | BW BUSINESSWORLD | 27

MARKETING AND ADVERTISING

Today, many consumers

STANDPOINT prefer text chat over call-
ing a store (and getting

stuck in an IVR system),

GROWING and they try to select the
channel they think will
have the fastest response.

CONVERSATIONAL Youmightbewatch-
ing the email inbox, but
the consumer feels that
COMMERCE’S Facebook messenger is
quicker and is frustrated
that it takes days to an-

IMPACT We don’t have self- swer. Either monitor all
channels or set up clear
instructions or autore-

driving cars either, but sponders that guide the

Higgins shares four actionable ideas that can many people are working user to the best medium
help scale up conversational commerce in to make that happen. for fast responses.
2022 By Chris Higgins Same with conversational
commerce. The future —Start experimenting

of ecommerce will make with a blend of chatbots

T O set the context, need a large size, but today’s websites and apps and human chat opera-
let’s jump straight hey, it’s fun to stay at the look like dinosaurs. tors
to the vision for YMCA.” Your last few website
It’s not going to happen chatbot experiences
overnight; it will happen

conversational com- “Ok, send me a large incrementally. Chatbots have probably been use-

merce: You need to buy a one,” you say, “How will keep getting better less. Either the ‘chatbot’

shirt for a party. A disco much?” “Full price Rs and better. Personalisa- was just an interactive

theme party! You open up 2,000, but on sale for Rs tion engines will keep form, or the AI couldn’t

your favourite messag- 500.” “Put it on my card.” getting better and better. understand anything

ing app and drop a text “Peace out, sunshine.” Integrations on multiple you were asking. But not

message to your regular That’s conversational messaging channels will everything needs human

clothing store, “I need a commerce: the real, natu- keep getting better and intervention. Success

disco shirt for a party.” ral experience of chatting better. You get the idea. comes from identifying

The store replies, with a human in a shop standard queries that a

“Groovy,” and quickly but over a messaging app How do you take steps bot can solve versus high-

shares two photos – a or chatbot. Powered by in the right direction? intent queries that benefit

floral shirt with a wide AI, the system can pro- —Monitor all your from a human. For ex-

collar and plunging neck- vide personalised shop- channels ample, questions gener-

line or a silver sequined ping experiences at scale. “Reducing the number of
mirror ball looking shirt. Like a shop assistant for

every customer, the more
you shop, the better it
You instantly know the

steps that a customer needsfloral shirt is perfect, but
the waist looks a little gets to know you, provid- to obtain information, shor-
tight. Your gym routine ing more personalised tens the distance between
has been…. lacking. suggestions and conver- prospect and purchase”
Again. “How’s the fit?” sation.
you ask.
That’s the vision.

“Yeah,” the store Are we anywhere near

replies, “you’ll probably this vision? Hell no.

28 | BW BUSINESSWORLD | 12 March 2022

ated on the product page tracked as a marketing purchases, but working is conversational com-
are usually higher-intent and sales initiative. What at scale requires more merce simpler for cus-
than questions on the is the conversion rate of data-driven help. Per- tomers but it also helps in
home page. Your careers visitors who interact with sonalisation tools (which enhancing the shopping
page probably doesn’t bot chat versus human help predict the SKUs experience by bringing
need a human to chat if it chat versus no chat? How that a particular buyer them a step closer to
collects applications. does this differ between will be more likely to the attention that they
product types, order engage with) can signifi- might receive from a sales
—Measure sales attri- sizes, geolocation, device cantly uplift online sales. associate in the store
bution for chat type? Time to repeat the At Netcore Cloud, we who knows exactly what
Many companies still order? Customer LTV? see this all the time. The they are looking for. This
view live chat as a support same data can help an AI becomes handy especially
function and treat it as Your conversational or human chat operator while ordering from a
a cost to be minimised. commerce initiative identify the best recom- website where one has to
Conversation commerce needs to be part of your mendations. read the reviews in order
needs to be treated and attribution models. It to get a sense of whether
might turn out to be a Conversational com- the product is a right fit.
merce generates many By adding a conversation-
benefits for brands and al approach, the customer
customers alike. Not only

“Not only is conversational
commerce simpler for

customers but it also helps in
enhancing the shopping
experience”

high-ROI component of will have the same experi-
your marketing mix. ence in every channel as
one would get in-store.
—Invest in personalisa- Reducing the number
tion tools of steps that a customer
As today’s customers needs to obtain informa-
want a personal connec- tion, shortens the dis-
tion with the brand of tance between prospect
their choice, it has be- and purchase. Remem-
come essential for these ber, it will be a journey
brands to communicate that keeps changing over
with them. They no lon- the next five years or so.
ger agree to take average Keep experimenting and
offerings and consider learning what works for
customer service as a your brand!
part of the product they
purchase. For example,  HigginsisSenior
your local shopkeeper Vice-President – Marketing,
might know your regular
Netcore Cloud

12 March 2022 | BW BUSINESSWORLD | 29





IN DEPTH MARKETING&ADVERTISING

As commercial
activities regain
momentum, media
reports reckon that
India will continue
to be the fastest-
growing advertising
market in the world,
with digital leading

from the front
By Soumya Sehgal

DIGITAL
SPENDING
TAKES OVER

I F 2021 WAS A YEAR of resilience, 2022 is expected to be a year of amplification. Evidently, the digi-
tal channels helped individuals and industries navigate the two tumultuous years, literally envelop-
ing all — from the neighbourhood kirana store to the big conglomerates. Majority of them put their
faith in the power of digital and sailed through this phase smoothly. Digital media engagement
remained strong, evidence that the pandemic has only accelerated pre-existing trends toward the
online world.
Endorsing that the rapid shift of businesses and consumers towards digital media augmented this
change, Rajesh Ramakrishnan, Managing Director, Perfetti Van Melle India says he sees consumers
expecting more from brands and their increased reliance on the digital medium to learn about
brands, in terms of how they can satisfy their unique needs. He also foresees digital to not only
become an essential part of multi-media campaigns but also the lead vehicle for certain campaigns.

32 | BW BUSINESSWORLD | 12 March 2022

“Brands are now actively leveraging trends like vernac- “The pandemic
ular campaigns, voice, gaming and AR — and with all of has pushed the
these, digital marketing is leading the next phase of
transformation in consumer marketing,” he states. envelope to-
wards digital
Prasanth Kumar, CEO, GroupM South Asia adds, and has hence
“The pandemic has pushed the envelope towards digi- topped the pie,
tal and has hence topped the pie, with advertisers keen with advertisers
to explore more of it.” keen to explore

While marketers agree that digital’s growth trajec- more of it”
tory is a revolutionary tale in itself, there is no dearth of
reports that also substantiate its thumping leap in the PRASANTH KUMAR,

CEO, GroupM South

Asia

Photograph by Indiapicturebudget 12 March 2022 | BW BUSINESSWORLD | 33

IN DEPTH MARKETING&ADVERTISING

Infographics by Arun Kumar

current year as well. GroupM’s ‘This Year, Next Year almost Rs 8,000 crore to Rs 33,070 crore and growing
(TYNY) 2022’ report touts digital to emerge as the larg- its share from 34 per cent to 37 per cent.
est medium in 2022, with an estimated share of 45 per
cent. This space is estimated to further grow by 33 per Digital Versus TV Debate
cent this year. “While the total ad spend is esti- It is now evident that the open internet offers
mated to reach Rs 107,987 crore in 2022 in abundant opportunities for marketers to dis-
India, digital is expected to touch Rs 48,603 cover and reach new audiences in a meaning-
crore,” states the report. ful way. This is primarily driven by the accel-
erated adoption of OTT, connected TV, audio
As per the dentsu Digital Report 2021, and in-mobile apps that represent some of
digital advertising in India is set to equal
(if not surpass) the previously-impregna- “Despite the emer-
ble fortress of TV advertising by 2023, gence of SVOD ser-
clocking Rs 35,809 crore out of expected vices and social media
total advertising pie of Rs 93,119 crore. influencers as content
The biggest contributors will be creators, TV consump-
FMCG (42 per cent, Rs 8,928 tion remains steadfast
crore), ecommerce (17 per cent, across the board”
Rs 3,607 crore), consumer
durables (6 per cent, Rs 1,368 MEGHA TATA,
crore) and pharmaceutical (5 MD-South Asia, Discovery
per cent, Rs 1,124 crore), Communications India
the report estimates.

Even the Pitch Madison
Advertising Report
(PMAR) 2022 empha-
sises digital to take a big
leap in 2022, growing by

34 | BW BUSINESSWORLD | 12 March 2022

the fastest-growing channels on the open internet. World, tries to put the digital resurgence into perspec-
Stamping its surging adoption by the marketing fra- tive. He says, “The top 50 advertisers now spend 58 per
cent of their total advertising budget on TV and digital
ternity, digital ad revenue as per the PMAR 2022 grew and 30 per cent on digital alone. Globally, out of a total
50 per cent y-o-y, 60 per cent higher than pre-pan-
demic levels at Rs 25,500 crore. Digital reported $585 billion spent on advertising, 65 per cent is on
sharp growth from 6 per cent ad share in 2012 to Digital. In India, we are under-indexed on digi-
34 per cent share in CY21. Video accounted for tal with a share of 34 per cent.”
the highest share in digital advertising, followed He however adds: “We can expect India to
by social and search. The strongest growth catch up with this global trend, though slowly.
within digital advertising is by ecommerce, the TV and print are both giving a tough fight to
report points out. digital on Adex in India. Globally, TV is 22 per

On this, Ramakrishnan believes mar- “Brands are now actively
keters will enjoy a strategic competi- leveraging trends like...
tive advantage as: voice, gaming & AR... and
•Digital marketing generates data- with all of these, digital mar-
points that enable targeted mar- keting is leading the next
keting; phase of transformation in
•It provides an opportunity to consumer marketing”
experiment with a variety of tactics
and then select the most efficient RAJESH RAMAKRISHNAN,
ones; and
•It also offers an opportunity of MD, Perfetti Van Melle India
engagement that digital brings
along.

What it Means for Marketers
Sam Balsara, Chairman, Madison

12 March 2022 | BW BUSINESSWORLD | 35

IN DEPTH MARKETING&ADVERTISING

cent and print is mere 5 per cent but in India TV is 38 media,” argues Shamsuddin Jasani, CEO, Wunderman
per cent and print is 22 per cent.” Thompson, South Asia.

For Balsara, what all this means is that those adver- Even Tejinder Gill, General Manager, The Trade
tisers who don’t have digital in their media mix should Desk India believes that data privacy and transparency
consider using it. have become a topic of concern as marketers and con-
sumers have come out more tech-savvy, increasingly
However, the house remains divided when it comes embracing a wide range of these digital channels.
to TV. Some believe that the latter is the only traditional
medium that has shown resilience overall. TV ad reve- Digital to Emerge Stronger in 2022?
nue grew 25 per cent y-o-y in CY21, which was 11 per The rapid digital transformation of companies, brands
cent higher than the pre-pandemic levels at Rs 28,500 and the way they connect with consumers is reflected in
crore. Q3 was the strongest quarter for TV helped by the global advertising spends as well as the way even
IPL, festive season and the ICC World Cup. All its gen- traditional media is expanding with their digital exten-
res reported strong growth y-o-y, except the English sions. India, in 2022, will see a rapid manifestation of
genre that declined. FMCG remained the largest con- these global trends, thus fundamentally altering the
tributor to TV ad spends.
“Neither clients
Affirming that TV remains at the top of the pecking nor consumers
order for multiple favourable reasons, Megha Tata, see the difference
Managing Director – South Asia, Discovery between digital
Communications India states, “Having established
itself as a lead channel for brand building and sustain- and mainline.
ing reputation for decades, TV is now also being recog- Digital has cer-
nised for boosting conversions, for more nuanced cus- tainly evolved.
tomer targeting and engagement, extending reach At the same time,
across regions and so on. The medium is progressively the consumption
evolving to serve as a sophisticated multi-platform is across media”
marketing network for brands and advertisers.”
S. JASANI,
Tata further adds, “Despite the emergence of SVOD
services and social media influencers as content crea- CEO, Wunderman
tors, TV consumption remains steadfast across the
board. I truly believe 2022 would emerge to be one of Thompson, S. Asia
the most historic years for TV’s growth and evolu-
tion.”

“Neither clients nor consumers see the difference
between digital and mainline. Digital has certainly
evolved. At the same time, the consumption is across

36 | BW BUSINESSWORLD | 12 March 2022

#BWSocialImpact

MARCH 2022

NOMINATE NOW

Nomination Deadline:

MARCH 10, 2022

JURY JURY MEMBERS
CHAIR
CO CHAIR

Arun Maira Dr. Kiran Anu Aga Dr. Achyuta Aruna Roy Subroto
Karnik Samanta
Former Member of Planning Former Chairperson Founder-Member, Mazdoor Kisan Chairman
Commission of India, Former President Thermax Limited and Chancellor, Shakti Sanghathan (MKSS) The Peninsula Studios
Former India Chairman NASSCOM KIIT and KISS
Philanthropist National Campaign to People’s
Boston Consulting Group Right to Information (NCPRI)
& the School for Democracy (SFD)

Miniya Dr. Vikas Dr. Ganesh Dr. Bhuvan Lall Noor Fathima Madhumita
Singh Natarajan Executive Chairman Warsia Chakraborty
CEO, Sustain Labs & Lall Brothers
Adj. Professor Founder Chairman - 5F World, Entertainment & Media Group Editorial Director Associate Editor
Lighthouse Communities
SciencesPo Paris Crux Management Foundation & Honeywell BW Businessworld BW Businessworld

Automation India

Dr.Annurag For Partnerships
Batra Talees Rizvi
[email protected] | +91 93106 34007
Chairman & Editor-in-Chief
BW Businessworld & For Awards Nomination Enquiries
Devika Kundu Sengupta
exchange4media Group [email protected] | +91 98716 54991
Atishay Jain
[email protected] | +91 9560930560

IN DEPTH MARKETING&ADVERTISING

media industry, giving direction to sion. Also, humans are unable to

some new trends, expounds the process the huge amount of mar-

GroupM report. keting and digital data points that

are hitting them every second, in

—Digital experience to be driven volume, variety and velocity.

by decentralisation: Web 3.0, The use of artificial intelligence

Metaverse and NFTs are all mak- and machine learning will lead to

ing headlines with pundits and advance data processing capabili-

promoters using these terms to ties bringing excellence in execu-

communicate visions of a decen- tion by automating, auditing,

tralised and virtual-first future. reporting and analysing digital

Fundamentally, these emerging campaigns. Marketers will acceler-

technologies are harbingers of a ate the use of the algorithms to find

developing cultural shift that may numerous permutations and com-

unfold over the next decade as a binations to deliver performance/

generation of consumers who live ROAS.

primarily in virtual worlds comes

of age. —Digital to percolate down to

Web 3.0 is the next stage of the print media: Print networks will

web evolution that would make further leverage their core strength
— high-quality content — by
the internet more intelligent or “It is now up to the

process information with near- advertisers and the expanding their digital presence.
human-like intelligence. Here, broadcasters to take Moving beyond web editions and
users won’t distinguish between advantage and have a apps, more podcasts and usage of
physical and digital experiences. AR in delivering immersive con-

This interconnected, live, persis- clear mapping of their tent is expected.
tent virtual world is also popularly digital blueprint in the For Avinash Pandey, CEO, ABP
known as the Metaverse. future by strengthen-
Network, the overall Adex appears
Brands would start leveraging to be driven by digital itself.

this virtual world as well as com- ing their digital infra- Confident that digital will be the
ponents powering the virtual structure” core of most brands’ agenda in
worlds to build brand experience 2022, he explains, “Online plat-

and assets, drive the consumer to AVINASH PANDEY, forms provide a unique opportu-
connect, associate with the cause, CEO, ABP Network nity for marketers to connect with
build loyalty, own a moment or consumers in a more personal way.

drive real or virtual sales. As a result, businesses should con-

sider incorporating digital market-

—Consumer engagement to be ing into their overall marketing

on a roll: With the world speaking strategy.”

about NFTs, fan tokens and digital collectables pas- He adds: “It is now up to the advertisers and the

sionately, platforms and rights creators will continue broadcasters to take advantage and have a clear map-

testing different ownership models to determine the ping of their digital blueprint in the future by strength-

optimal balance of fuelling consumer demand and ening their digital infrastructure and investing ahead

maintaining intellectual rights. There will definitely be of the market.”

a lot of moulding and remoulding but it is only going to While only time will unfold if digital will ultimately

make it exciting for brands and open newer avenues for overtake TV numbers, it is, however, a great time for

consumer engagement. advertisers to take advantage of the evolved digital

infrastructure for distribution and advertising to pre-

—Advanced intelligence to counter digital fragmen- pare for future growth and to invest in building their

tation: With the receding impact of cookies and rising own D2C channels.

data privacy laws, advanced intelligence is the saviour

in this digital marketing and advertising data explo- [email protected]

38 | BW BUSINESSWORLD | 12 March 2022

REWARDING THE EXCELLENCE OF EDTECH IN INDIA

#BWEduTechAwards

MARCH, 2022 NOMINATE NOW

LAST DATE TO NOMINATE MARCH 12, 2022

India's biggest gathering of EduTech stakeholders under one roof.
This includes the EduTech founders, education publishers,
institution leaders, educators, investors, venture capitalists,
foundations & NPOs. There will also be international participation
from various countries. Through a series of interactive sessions,
inspirational keynotes, demonstrations and start-up pitches by
thought leaders and speakers from India and around the world will
share their insights & perspectives on the future of EduTech.

Jaspreet Bindra Virendra K Tiwari Abhishek
Maheshwari
Founder Director
The Tech Whisperer IIT Kharagpur CEO, Aakash Educational

Services Limited (AESL)

Padma Shri
T. V. Mohandas Pai

Chairman

Manipal Global Education

Prof V Ramgopal Dr. Punam Sahgal Seema Jhingan EDUCATION PARTNER
Rao
Management Consultant & Co-Founder
Director Behavioral Science Trainer & lexCounsel
Former Dean and Professor
IIT Delhi
of Organisation Behavior
IIM Lucknow

Sudhanshu Pant Vipul Singh Dr Annurag Batra For Queries, Contact:
Priya Saraf
Head of Human Resources Divisional Vice President & Chairman & Editor-In-Chief +91 98323 86269 | [email protected]
The British School, New Delhi Head of HR BW Businessworld &
ADP For Nominations:
exchange4media Group Mir Salika
+91 85270 48483 | [email protected]
Hemant Yadav
+91 97178 85874 | [email protected]

IN CONVERSATION

TARUN BAJAJ, Revenue Secretary, “Relief
nowwould
GovernmentofIndia,inan havegone
toa
interaction with ANNURAG BATRA, handfulof
taxpayers”
Chairman&Editor-in-Chief,
investigation.
BWBusinessworld,discussesthe On the income tax front, we have started taxing high-

UnionBudget,thelong-termimpact value transactions. If you are buying a car worth, say, Rs
10-15 lakh, the assumption is that you are a person of
ofthepandemicongrowth,the$5 means. This can be adjusted against the advance tax or the
ultimate taxes which you ought to pay. The result of that is
trillioneconomygoal,jobcreation, that 11 crore people pay TDS (tax deduction at source), but
only seven crore file returns. However, this does not mean
amongotherthings.Editedexcerpts that every person who must pay TDS has to pay income
tax. It implies many more people should be filing returns.
While the Union Budget was generally well-received,
the middle class felt left out due to the lack of tax re- Last year we came up with a clause that anyone with
bates. Are any changes in this regard expected in the TDS of over Rs 50,000 in two years and is filing returns,
future? would have TDS deducted at twice the rate. Once we start
The world lives on hope. But let me explain some realities taxing transactions, then if you buy mutual funds beyond
here. Out of 6.3 crore people who file returns, 75 per cent a limit or send money beyond an amount, we will be able
have income of Rs 5 lakh and below, and that number to deduct taxes. We are showing all these transactions to
creeps up to 92 per cent if we consider income of Rs 10 the public via the AIS system. People will also know that
lakh or less. When we talk of relief, it is those who have the income tax department is aware of all these. This year,
filed returns that are essentially asking for it. If you give I am sure there has been an improvement.
relief of Rs 6 lakh, they will start showing income of that
amount and would build capital without paying taxes to
the government.

If we had announced relief, a very minuscule bracket of
taxpaying citizens would have benefitted. This was not the
right year to do that, though. We needed money to spend
and focus on the people we had to spend it on. If you are
giving free food to people, you are doing just that but if
you are spending on MGNREGA, you are focusing on a
particular class of people that require assistance. The idea
was that instead of giving relief to a smaller percentage of
people, we would rather collect the revenue and give relief
to people via the expenditure route. While there are some
areas we need to rectify, which will happen over time, it is
distressing to know that even among people who should
be paying taxes, a lot do not do so yet.

Can technology be utilised to address this problem?
GST, for instance, has been around for so many years
and working well…
We use technology and artificial intelligence in a big
way. For example, in the case of GST, by now we have reg-
istered several cases. We have also arrested more than
600 people since November 2020. Out of these, 20 are
professional charted accountants and company secretar-
ies. We can now pinpoint the guilty and take action, unlike
earlier when we had to visit individual houses for further

40 | BW BUSINESSWORLD | 12 March 2022

We have been hearing for some time that expenditure GDP terms, and this year even if we go with 9.2 per cent
tax will come in and income tax will be done away with. (growth), we will be one or two per cent over and above.
Do you think this is likely to happen at some stage? The two years we have lost are a loss unless we can make
The Indian economy is still largely informal. We earn it up in the next few years. To cope with the pandemic, we
our money that is outside the formal system and spend went for high debt and high fiscal deficit, which will take
our money in the informal system as well. Bringing in us at least 10 to 15 years at a debt level, which is there at
expenditure tax and doing away with income tax may not present. The pandemic has for sure had an impact on the
be an effective system right now. If I buy something from state.
the grocery store and pay in cash, then once you put an
expenditure tax you will notice that many people are doing Fortunately, this year we have had robust revenues,
just that. When a shopkeeper says there will be 18 per cent which was unexpected. Having followed our policies, we
tax, he is incorrect. Sixteen per cent of tax has already been have been able to cope and come back much faster and
paid along the supply chain, so the addition is only one or better than some of the commentators and even we had
two percentage points. imagined.

GST collections have been very robust. This tells us If we were to headline the Budget, it would be a budget
the economy is on the rebound. What is the long-term for infrastructure. Given this, what kind of jobs do you
impact of the pandemic on the Indian economy, given expect to be created in the next three to five years?
that we have weathered both short- and medium-term Spending on infrastructure gets the economy’s wheels
impacts? moving. With that, the infrastructure industry should
We have lost two years of development due to the pandem- move, and we are hoping that we will achieve what we have
ic. In the first year we went down by 6.6 per cent in real strived for. We might also see the private sector chipping
in. The infrastructure will produce jobs at the lower end,

Photographs by Ritesh Sharma 12 March 2022 | BW BUSINESSWORLD | 41

IN CONVERSATION

“We are one of the fastest-growing large economies of
the world. We would be growing even more than China
is. India is on the right path for a $5 trillion economy”

which is construction and the like. But it will also lead to doing a consultation depending on what people say. The
services. For example, transport would be linked to it, so Reserve Bank of India, as you know, is very vehement in
would telecom, banking, insurance, etc. It will generate a its opposition to this. But it is not necessarily linked to its
complete spectrum of jobs. taxation.

Also, because of the vaccination drive and other factors, The Prime Minister has spoken about a $5-trillion
the virus at this point is down. People’s sentiments are economy for the last five years. Do you think the Budg-
positive and corporates have made good profits as well. et sets us up for the same?
You will also see pent-up demand from people in terms We are one of the fastest-growing large economies of the
of going back to malls, restaurants, travelling and so on. world. We would be growing even more than China is.
All this also adds to the services and each is linked to the India is on the right path for a $5 trillion economy. The
other, creating a much wider impact. other thing to be seen is whether we can recover the lost
ground or not.
Another fascinating point in the Budget was the cryp-
to-assets and their taxation. What is the regulation This year the nominal growth of GDP will be 17.6 per
around them? cent, thanks to the high deflator, and it will rise to Rs 230
After conducting an intensive study, we have brought cer- lakh crore.
tainty to taxation. We found that taxation was becoming
murky on digital assets. People were showing whatever Given the multiple projections about India’s growth,
income they wanted to show, be it via capital gains, long- can you give us a realistic picture of what the recovery
term and short-term, business income, or other sources will look like?
that have different tax rates. We have streamlined and While there are predictions by various agencies, for exam-
brought a structure to these domains. In terms of regula- ple, NPCI said 9.2 per cent, I predict we will grow between
tion, it’s still too early to say that the government will be 8.5 per cent and 9 per cent approximately.
regulating or legalising crypto. It is also difficult to stop
crypto completely, given the way it is designed. We are (With inputs from Urvi Shrivastav & Ruhail Amin)

42 | BW BUSINESSWORLD | 12 March 2022

FLEX SPACESPresents #IndiasBestFlexSpaces

CONCLAVE & AWARDS Nominate Now

CELEBRATING INDIA’S BEST FLEX SPACES Last Date to Nominate:

in association with March 12, 2022

MARCH 2022

Recognising and Felicitating the Top Initiatives and Innovations in Flex Spaces to
overcome the disruptive era of COVID19

JURY MEMBERS

JURY CHAIR

ANUJ PURI

Founder & Chairman
ANAROCK
Property Consultants

AMAN KAPOOR DR ANNURAG BATRA ASHISH BHUTANI

CEO - Airport Chairman & Editor-in-Cheif Managing Director
Land Development BW Businessworld & Bhutani Infra
GMR Airports Holding
exchange4media Group

DR BINTI SINGH HAFEEZ CONTRACTOR NIKHIL VORA NINAD KARPE PANKAJ RENJHEN PAWAN SWAMY

Author, Speaker Architect Founder and CEO Partner COO & Jt. MD Chairman &
Urban Sociologist Sixth Sense Ventures 100X.VC Anarock Retail Jt. Managing Partner, Credberg

PREETI VYAS AR. PREM NATH RAVI DESHPANDE RITESH VOHRA ROHIT GERA SANJAY DUTT

Chairwoman & Principal Architect Founder & Chairman Partner & Head, Real Estate Managing Director MD & CEO
Chief Creative O cer Prem Nath & Associates Whyness Worldwide Investcorp India Gera Developments Tata Realty & Infrastructure
Vyas Giannetti Creative
TATA Housing Company

SANJAY VERMA SUJAY KALELE TRIPTI KEDIA VIVEK SOIN YASH GUPTA

Regional CEO - Asia Paci c Founder Publisher & Business Head Founding Director Managing Partner
G4S Plc TRU Realty Realty+ Westcourt YGR

For Speaking Opportunity:
Sanya Kapoor | [email protected] | +91 99536 81006

For Sponsorship and Nomination:
Priyanshi Khandelwal | [email protected] | +91 84508 44111

Sanya Kapoor | [email protected] | +91 99536 81006

40 UNDER 40

BW DISRUPT

By RESHAM SUHAIL

THE
DISRUPTORS

The remarkable contribution of India’s startups
to the nation’s economy is self-evident. The 40
outstanding disruptors, under the age of 40, are
all changing their segments for the better

CONSIDERING THE LARGER emphasis on the startup sector,
future-ready entrepreneurs are in the ‘driver’s seat’ to navigate
growth. The stakeholders here are in a pursuit to craft and draft
innovative solutions to address a plethora of problems modern-
day India faces. Accelerated digitalisation is further fuelling the
advent and growth of tech-focused startups and the segment
looks promising even for the traditional business models. BW
Disrupt, part of BW Businessworld Group, set out to discover young innovators
whose ideas have not just stood out in their own segment but also blazed a trail
in terms of overall economic impact. Many of the earlier discoveries are unicorns
today and it is to be expected that these 40 change-makers are going to make
headlines in the times to come.

How We Did It
Businesses across the spectrum have faced unexpected transformations yet
many enterprises have been continuously witnessing high tides in terms of
growth. In 2021, the country has seen a total of 42 companies entering the uni-
corn club inspiring budding startups to stay focused and remain true to their
goals.

Applications received for BW Disrupt 40 Under 40 Awards were put through
a multi-layered screening process. More than 1,000 entries were received which
were then whittled down to a little over 500 following the initial screening.
Subsequently, after the second level of assessment, a total of 143 nominees were
shortlisted and invited to make a presentation before the power-packed jury
panel. The process of finalising the list of 40 winners was rigorously demanding.

The nominations were evaluated on critical parameters such as disruption
made by the business idea, scope of social impact, sustainable financial perfor-
mance, long-term growth potential as well as for their monetisation models,
funding status, and the clarity of their thoughts. They were marked on each of
these parameters to arrive at a final score for each of the nominees.

Entrepreneurs from sectors as diverse as ecommerce, fintech, edtech, logis-
tics, D2C brands, apparel businesses, social enterprises and more were nomi-
nated for the recognition. The BW Disrupt 40 under 40 list did not leave

44 | BW BUSINESSWORLD | 12 March 2022

Increasingly, integration of technology is driving
businesses to reset their fundamentals as a tech-
intensive future lies ahead. This is evident from

the 1,000 or so entries received by BW Disrupt

12 March 2022 | BW BUSINESSWORLD | 45

40 UNDER 40

BW DISRUPT

intrapreneurs behind, employees THE WINNERS
who have been instrumental in
their company’s business growth, Aakash Anand Gautam Kshatriya Rahul Gupta
key shareholder of new entity or Founder & CEO, Co-founder & CEO, Head- Financial Sponsors
programme launch were invited to IDAM House of Brands UpScalio Coverage,
file nominations. Axis Bank
Alok Patil Harini Sivakumar
The Jury Decides Co-founder & CTO, Founder & CEO, Sandeep Gudibanda
The final winners were decided by a Toch.ai Earth Rhythm CEO,
jury including prominent entrepre- HealthPlix Technologies
neurs and investors. The jury panel Ameve Sharma Ipsita Das
included Jury Chair Raman Roy, Founder, Managing Director, Shivam Shahi
Chairman and MD, Quattro and Co Kapiva Moët Hennessy India Co-founder & COO,
Jury Chair Deep Kalra, Founder (LVMH) Blue Tokai Coffee Roasters
and Group Executive Chairman, Anubhav Jain
MakeMyTrip. The jurors included Co-founder & CEO, Jaya Kishore Reddy Shweta Aprameya
Nikhil Vora, Founder and CEO, Rupifi Founder & CTO, Founder & CEO,
Sixth Sense Ventures; Tej Kapoor, Yellow.AI ARTH
MD and Head Fosun RZ Capital Archit Garg
India; Vipul Roongta, MD, HDFC Co-founder, Manish Taneja Siddharth Mehra
Capital; Ashish Singla, Managing Glamyo Health CEO & Co-founder, Founder,
Partner, N+1 Capital; Pankaj Purplle.com Viviid Renewables
Makkar, Managing Director, Azeez Gupta
Bertelsmann India Investments Co-founder, Manoj Agarwal Sujata Biswas
and Annurag Batra, Chairman and Rocket Learning Co-founder, Co-founder,
Editor-in-Chief, BW Businessworld Xoxoday.com SUTA
& Founder, exchange4media, Noor Bhavin Patel
Fathima Warsia, Group Editorial Co-founder & CEO, Neha Motwani Swagata Sarangi
Director, BW Businessworld and LenDenClub Co-founder & CEO, Co-founder,
Prasar Sharma, President, Head of Fitternity Smytten
Finance and Innovation, BW Bimal Kartheek Rebba
Businessworld. Co-founder & COO, Nitin Agarwal Tapan Mishra
Trell Experiences Co-founder & Chief Founder & CEO,
Increasingly, integration of tech- Growth Officer, Evergreen Club
nology is driving businesses to reset Chirag Taneja UpScalio
their fundamentals as a tech-inten- Co-founder & CEO, Taran Chhabra
sive future lies ahead. This was evi- GoKwik Nitin Vijay Founder & CEO,
dent in the 1,000 or so entries Managing Director, Neeman's Shoes
received by BW Disrupt. A majority Dhiraj Agarwal Motion Education
of the entries were startups which Co-founder & CEO, Tejas Kadakia
are essentially tech-driven. Another Campus Sutra Retail Pallavi Utagi Co-founder &
key takeaway is that ecommerce is a Founder & CEO, Director,
booming space, attracting young Dhruv Dhanraj Bahl SuperBottoms Easyrewardz Software
innovative minds to tap and create Chief Operating Officer, (Navashya Consumer Services
altogether new marketplaces for BharatPe Products)
niche segments like shoes, beauty, Utsav Kheria
and more. The new generation also Divay Kumar Prabhu Rangarajan Co-founder,
puts a premium on sustainability, as Co-founder & CEO, Co-founder, Rocket Learning
is evident from the noticeable num- O4S M2P Fintech
ber of brands that has come up in Utsav Malhotra
segments like Ayurveda, plant- Gaurav Kumar Preet Pal Thakur COO,
based beauty products, etc. Founder & CEO, Co-founder, Noise (Nexxbase
CredAvenue Glamyo Health Marketing)
[email protected]
Gautam Chopra Pulkit Agrawal Vikas D. Nahar
CEO & Founder, Co-founder & CEO, Founder,
BeatO Health Arx Trell Experiences Happilo International
Technologies

46 | BW BUSINESSWORLD | 12 March 2022



40 UNDER 40

BW DISRUPT

NEW-AGE started as a chain of salons, For New-age Consumers
AYURVEDA by Anand’s mother and “Our business model is
sister. In September 2018, about creating ayurvedic,
IDAM House of Brands’ business he joined them as he recog- and effective products for
model is about creating Ayurvedic, nised the need for natural new-age consumers in
and effective products for new-age Ayurveda products by India and across the globe.
Indian consumers. It is We rely on our direct to
consumers then that they started get- consumer and e-com-
ting products manufac- merce channels to drive
T tured in bulk from various our revenues and ensure
professional manufactur- our reach to the consum-
HE WELLNESS industry ing facilities and selling ers,” says Anand.
has seen a boom, especially them online to consumers.
in the last two years when They saw this picking up The enterprise has
everyone has taken their and reaching great heights received funding from
fitness goals a notch ahead. and becoming what it is Ananta Capital, a VC firm,
One such brand that offers today. in July 2021 for $10
high-quality products to its million.
consumers is IDAM House AAKASH
of Brands, better known as ANAND Since then, IDAM
Bella Vita Organic. House of Brands has been
Founder & CEO able to acquire six new
“I have always believed IDAM House Of brands in its portfolio
that I have an entrepre- ranging from pet care,
neur within me. Hailing Brands chocolates, beverages,
from a business family and Age: 34 years makeup, etc.
after trying my luck in Sector: Wellness
multiple ventures across However, the journey
real estate, outdoor adver- was not an easy one, with
tising, hospitality etc., I am multiple issues coming
finally grateful to the uni- along the way.
verse for making my dream
project ‘Bella Vita Organic’ “The major challenges
a success!” says Aakash we faced were in scaling
Anand, Founder & CEO, products across various
IDAM House of Brands. platforms like Amazon,
Flipkart, Nykaa and in
Bella Vita Organic was competing against the
giant FMCG companies
existing in the space.
Another one was also to
find the right talent,” says
Anand.

Today Bella Vita Organic
is a successful profitable
business that aims to take
Indian Ayurveda to the
international market.

By Urvi Shrivastav

48 | BW BUSINESSWORLD | 12 March 2022

40 UNDER 40

BW DISRUPT

M was in the form of a SaaS
(software as a service)
ANY TECHNOLOGY company deploying artifi-
experts look to further cial intelligence (AI) and
their careers in the private machine learning tech that
sector by securing plush offered an easy to use and
jobs with hefty pay accessible to all, cloud-
packages. However, a few agnostic platform to
are brave enough to take deliver customised video
the leap of faith and start content in real-time,
from scratch. Alok Patil, thereby birthing Toch.ai.
the Chief Technology
Officer of Toch.ai is one ALOK Empowering Creators
such individual. PATIL The enthusiastic team
helped mould the idea into
Armed with an Master Co-founder & a product that disrupted
of Computer Applications, the video content industry.
Patil believes that the pur- CTO, Toch.ai
pose of technology is to The platform has suc-
modernise human efforts Age: 36 years cessfully raised funding of
and the world needs more $11.75 million in its Series
technology-enabled solu- Sector: A round led by Moneta
tions to overcome the Ventures, Baring Private
larger problems faced by Technology Equity India, Binny
humanity today. Bansal, Ventureast, and
als to bring the concept of nine Unicorns.
After spending 11 years Toch.ai to life.
in the corporate world, he “Our vision is to build
was excited to join hands Customised Content tech that empowers crea-
with like-minded individu- “In the year 2016, we were tors and enriches content
sitting on the brink of an in the dynamic video-cen-
MAKING THE AI undiscovered potential tric world. We are at the tip
DIFFERENCE industry that had seen a of an undiscovered iceberg
mighty rise of video when it comes to what AI is
With human attention span and content. With human capable of.
attention span and
patience shrinking, Toch.ai puts patience shrinking, there We also see ourselves
was a dire need to address building an immutable
tech to use in marrying video with the video trajectory in community that drives a
respect to real-time,” profitable economy while
real-time output explains Patil. To bridge creating newer standards
that gaping hole between for the tech environment,”
unaddressed content and Patil says.
commerce, the potential
was immense. The result By Urvi Shrivastav

12 March 2022 | BW BUSINESSWORLD | 49

40 UNDER 40

BW DISRUPT

A weight management, dia-
betes and everyday nutri-
YURVEDA HAS ALWAYS tion. These product seg-
been at the heart of Indian ments address various
tradition. Its origin dates lifestyle problems faced
back to the Vedic era, with by modern Indian con-
historians claiming it to be sumers in convenient and
a part of the Atharvaveda. easy-to-use formats.
However, with the
advancements in medical AMEVE Omnichannel Presence
science, its true essence got SHARMA It has an omnichannel
lost somewhere. Ameve sales strategy with pres-
Sharma and his venture Founder ence in more than 8,500
Kapiva aim to revive general trade outlets across
Ayurvedic practices and Kapiva 20 cities and an online
make them essential in presence on its website and
people’s daily lives. Age: 34 years marketplaces like Flipkart,
Amazon, Big Basket, etc.
Hailing from the Sector: Health As regards funding, it com-
Baidyanath family, a legacy pleted its series B fund-
player in this industry, & Wellness raise in January 2021 and
Ayurveda has been an inte- raised a total of Rs 80 crore
gral part of Sharma’s life. journey with Kapiva to dis- in equity.
He incorporated practices rupt the traditional
that helped him maintain a Ayurvedic industry. “As an Sharma describes gener-
healthy lifestyle. Knowing entrepreneur, I strive to ating interest for Ayurvedic
very well the benefits of help Indian households eat products, especially among
Ayurveda, Sharma decided better and improve their millennials, as the biggest
to start his entrepreneurial health by including ayur- challenge for Kapiva. To
veda in their daily life,” says enable consumers to
BACK Sharma. understand its benefits, the
TO THE company started doctor
ROOTS Kapiva initially started consultations on its web-
as a chain of Ayurvedic site to clarify this science’s
Kapiva aims to revive traditional clinics but soon trans- doubts.
formed into the current
Ayurvedic practices and make them FMCG model. It presently Moving forward, Kapiva
has more than 100 SKUs plans to tap the multi-bil-
essential in people’s daily lives in its portfolio which lion-dollar skincare mar-
caters to skin and hair, ket in India by expanding
its ingestible skincare
range and its current range
of skin foods. Sharma has
the vision to make Kapiva
the number one brand for
millennials.

By Arjun Yadav

50 | BW BUSINESSWORLD | 12 March 2022