01 July 2023 | B W BUSINESSWORLD | 49 that listed were trading higher than their issue price. Further, the top-10 IPOs of CY22 contributed 72.24 per cent of the total IPO proceeds,” says Bahl. EY in its latest report on IPO trends has termed the IPO activity as ‘stable’ with ‘brighter outlook’. According to the report, India is positioned first in terms of number of IPOs in Q1 2023 (Jan-March 2023), and there is a strong pipeline of IPOs in H2 2023 and beyond. Adarsh Ranka, Financial Accounting Advisory Services Leader, Partner with an Indian member firm of EY Global says, “India is a bright spot in the global economic landscape. While the IPO activity has remained subdued, companies are using this period to be better prepared for launching their IPOs early next year (pre- or post-Indian general elections).” (Rs 18,300 crore), Zomato (Rs 9,375 crore), Star Health and Allied Insurance Company (Rs 7,249 crore), PB Fintech (Rs 5,625 crore). While some of these IPOs listed below the issue price, CY2021 bought back positive sentiments in the market after a very subdued CY2020 which saw only 16 companies hitting the capital markets. In comparison, CY22 was a disappointing year in terms of overall proceeds generated through IPOs. The year saw 40 companies hitting the capital markets and raising approximately Rs 59,000 crore, out of which around 47 per cent of the funds raised was in the financial sector (Rs 27,000 crore). “The returns generated by IPOs in CY22 were better than the IPOs in CY21,” says Samir Bahl, CEO, Anand Rathi Advisors. “At the end of CY22, nearly 75 per cent of the companies Average monthly SIP contribution in mutual funds Resource mobilisation through IPOs/ FPOs and rights Issues Source: SEBI & AMFI. Source: SEBI & AMFI. SAMIR BAHL, CEO, Anand Rathi Advisors “The need for capital to ramp up capacities and to carry out long-awaited expansion plans might be the key drivers for the companies to raise capital through IPOs”
50 | B W BUSINESSWORLD | 01 July 2023 Veenit Surana, Partner, EY India says, “The India IPO market has shown resilience and growth in Q1 2023, despite ongoing global uncertainties and relatively smaller issue size. The market’s strength is a testament to the Indian economy’s potential for growth. We expect the IPO momentum to increase in the future, with domestic and international investors playing important roles.” Concurs Dara Kalyaniwala, Executive Director, Investment Banking, Prabhudas Lilladher Capital Market (PLCM). “IPOs have delivered ‘returns’ for investors in the recent past, so I do see mid-sized IPOs, if not priced aggressively, doing well,” he says, adding, “The next 5-7 years will be a golden period for India and IPOs will help capital formation and capacity build up.” This bullishness about the growth prospects of the IPO market in the coming years is resonated by Bahl of Anand Rathi Advisors as well. “The need for capital to ramp up capacities and to carry out long-awaited expansion plans might be the key drivers for the companies to raise capital through IPOs,” he says, adding, “Companies with strong cash flows, a good business model and reasonable valuations will still see their IPO plans succeeding.” SME IPOs Shine In 2022, IPOs by companies that listed on the main board of the stock exchange shrank by almost a third as compared to the previous year. In contrast, listings by small and medium enterprises (SMEs) almost doubled as compared to 2021, as investors opted for SME companies over mainline IPOs lured by the attractive valuations of SME companies in their IPO. In 2022, 110 SME IPOs were launched as against 65 SME IPOs in 2021 while only 41 mainboard IPOs were launched 2022 as against 65 in 2021. In the year 2022, the largest IPO on main board was by Life Insurance Corporation of India (LIC), while on SME exchanges, the largest IPOs included Rachana Infrastructure, Mangalam Worldwide and Vital Chemtech. In fact, SME exchanges set a new benchmark in terms of investor response and returns. For instance, the IPO of Punebased DroneAcharya Aerial Innovations received an overwhelming investor response -- it was subscribed 262 times on the last day, and rewarded investors with listing gains of 88 per cent. The HNI and retail portions were subscribed 388 times and 330 times, respectively. Similarly, Kolkata-based Annapurna Swadisht, which manufactures snacks and food products, was subscribed 190.49 times and listed at an 80 per cent premium over the issue price. Olatech Solutions, a software solutions company, was another super-hit scrip that was subscribed 598 times, the highest by any company in 2022. It lived up to investor expectations by giving listing gains of 99 per cent, experts point out. Sectors to Watch At the time of filing this report, based on the approvals granted by Sebi, around 35 per cent of the proposed issues are from the financial sector while nearly 18-20 per cent are from the consumer discretionary sector. CY 2022 saw the financial sector accounting for 47 per cent of the total IPO market followed by the industrial sector companies (15 per cent) and consumer discretionary (10 per cent). Kalyaniwala of PLCM has a different take though. “Issues getting interest from investors are sectors which are related to green energy, or e-mobility, environment protection, etc. There are a lot of infrastructure related sectors that may be of interest to investors soon,” he says. “Evidently, the IPO market will be guided by the trends on the secondary markets. If any major industry sector like auto MARKETS DARA KALYANIWALA, Executive Director, Investment Banking, Prabhudas Lilladher Capital Market “After seeing the IPO of LIC being wrongly priced, there is need for the regulator to take measures which can arrest the rampant over-pricing of IPOs” COVER STORY
01 July 2023 | B W BUSINESSWORLD | 51 of bids by institutional investors, and streamlining exit by institutional allocations are some of the steps being taken by the regulator by way of reforms. “Recent amendments like KPI-related disclosures, appointment of credit rating agencies as monitoring agencies, timing for executing the underwriting agreement and proposed change related to reducing the listing timelines to three working days are all aimed at boosting investor confidence,” says Bahl. Explaining further, Kalyaniwala says, “There is a move to shorten the time-frame between closing an IPO and allotment-cum-listing. This will be a challenge but can be addressed. After seeing the IPO of LIC being wrongly priced, there is need for the regulator to take measures which can arrest the rampant over-pricing of IPOs.” In the SME segment, many powers have been given to the exchanges, and they frame their policies over and above Sebi regulations. “Recently we have seen NSE changing the policy related to SME companies migrating to the main board. According to the new circular issued by NSE on April 20, 2023, SME companies will have to wait for three years now to migrate from the SME platform to the main board of NSE against the Sebi requirement of minimum two years. Additionally, companies with a net worth of Rs 50 crore and more than 1,000 shareholders will only be eligible to migrate to the main board,” says Shah of Beeline Capital Advisors. “Due to this circular, we can see fewer companies migrating to the NSE main board over the next few years. BSE has not issued any circular after this. Many more reforms/ policy changes are expected this year from the regulators,” Shah adds. All in all, if all goes well, more companies will get listed on the bourses in the next 10-12 months as sections of the economy get into a faster growth trajectory thereby needing more funds to fuel the next phase of growth. Watch this space for the latest developments in the stock markets. [email protected]; @Ashish_BW and auto ancillary stocks do well, we could see IPOs from such sectors,” Kalyaniwala adds. Parashar of Corporate Capital Venture says that companies providing niche product and services rather than commoditised offerings are in key focus this time. “Companies that resolve fundamental problems of today have the best chance to emerge as future business leaders,” he remarks. Regulatory Changes Regulators are looking to democratise the primary market process with the objective to promote higher retail participation. In this regard, SEBI is looking to cut timelines to make it easier and convenient for retail investors to invest in good companies, while also making the process more transparent. UPI enablement, listing in T+3, non-withdrawal n IPO pipeline remains strong n Over 55 companies holding Sebi approval n 2-dozen companies awaiting approval FY24 may see Rs 1 lakh crore raised via IPO/FPOs n Nearly 12 crore active demat accounts n SME raising big money via IPOs n 33% jump in IPO numbers in Q123 KULBHUSHAN PARASHAR, Founder & MD, Corporate Capital Venture “We are hoping for a primary market revival. We are seeing green shoots of investors’ confidence but they remain cautious and value conscious and it will be a gradual process of recovery”
By Ashish Sinha Visualisation by Shiv Kumar * Issue Size inclusive of Fresh Equity Shares + Ofier For Sale (OFS) Source: DRHPs Filed With Sebi Photo: Freepik Great Expectations Market experts note a shift in this year's IPO landscape compared to the past two years when many "hot" IPOs disappointed. EbixCash, a Noida-based digital products provider, plans to raise Rs 6,000 crore through its IPO, potentially boosting its stock price significantly. Previous several IPOs in FY21 and FY22, including One97 Comm., Rategain Travel Tech, Car Trade Tech, Inox Green Energy, and LIC, among others, disappointed the markets. Several were listed below the issue price. Misplaced valuations at IPO time and lack of profitability in some instances contributed to their poor post-listing performance. The hype surrounding tech IPOs in 2021 initially drove up premiums, but as investors recognized the lack of profitability, market prices tumbled point experts like Samir Bahl, CEO of Anand Rathi Advisors, and Dara Kalyaniwala, ED, Investment Banking at PLCM. 7000 6000 5000 4000 3000 2000 1000 0 EbixCash PayMate SOME PROMINENT COMPANIES WITH SEBI’S NOD FOR THEIR IPOs Rs 6,000 Cr Rs 1,500 Cr HealthVista India*Rs 1,000 Cr Ideaforge Technologies Rs 300 Cr Cyient DLMRs 740 Cr IndiaFirst InsuranceRs 500 Cr Utkarsh Small Finance BankRs 500 Cr Issue Size (in Rs Crore) 52 | B W BUSINESSWORLD | 01 July 2023 COVER STORY MARKETS
#FOUNDERSFORUM FOUNDERS FORUM 2023 FORUM OF INDIA’S TOP FOUNDERS ACHIEVERS 7TH EDITION AWARDS 2023 #BWDISRUPT40UNDER40 CELEBRATING INDIA’S TOP 40 DISRUPTORS UNDER 40 OCTOBER 2023 | NOMINATE NOW OUR EMINENT JURY NIKHIL BHANDARKAR Founding Partner Panthera Peak Capital ANKIT KEDIA Founder Capital A ANUP JAIN Managing Partner Orios Venture Partners SHASHANK RANDEV Founder VC 100X Chetan Mehra: +91 98117 02464, [email protected] Ritika Nagpal: +91 93548 91696, [email protected] For Nominations: Aparna Sengupta: +91 99580 00128, [email protected] Ravi Khatri: +91 98913 15715, [email protected] Somyajit Sengupta: +91 98182 47444, [email protected] Kiran Dedhia: +91 98333 99009, [email protected] CS Rajaraman: +91 93422 62859, [email protected] For Sponsorship: NOMINATE NOW
NDIA HAS WITNESSED increased retail investor participation in recent years, driven by factors such as easier access to markets, technological advancements, and a desire for diversification. Retail investors have shown enthusiasm for initial public offerings (IPOs), seeking to capitalise on potential gains during the listing period. After a market lull, as the IPOs seem set to make a comeback, what can retail investors expect this year? Will they flock to the markets? The previous season of flow had been driven by robust investor appetite, improved market conditions, and a wave of entrepreneurial enthusiasm. Several high-profile IPOs had attracted substantial investor interest, leading to oversubscription and impressive listing gains. Do the upcoming IPOs mean potentially good investments for retail investors? As the IPO season unfolds in India, retail investors are faced with crucial decisions that can impact their financial well-being. With heightened market volatility, the fear of missing out (FOMO), and concerns over potential valuation slumps as in the previous season, it is essential to examine the landscape carefully. At the same time, the market has been witnessing significant fluctuations in recent times, partly owing to global economic uncertainties and local factors. Investors must acknowledge the inherent volatility and be prepared for shortterm market turbulence. This is where the markets regulator, the Securities and Exchange Board of India (SEBI) has been bringing in steady regulatory improvements to refine disclosures and the quality of disclosures for IPOs. But then, the regulator cannot solve for investors’ greed or irrational behaviour like FOMO. Also the regulator cannot solve for valuation pricing or investors’ not doing their research. The fear of missing out or FOMO, is a psychological phenomenon that often drives investors to participate in IPOs based on the anticipation of significant initial gains. While certain IPOs have delivered impressive returns, investors should exercise caution and avoid succumbing to the FOMO frenzy without conducting proper analysis. Blindly following market tips or biased unsolicited advice or unregistered Finfluencers might lead to investment decisions that are disconnected from the underlying fundamentals of the companies going public. The potential for valuation slumps following the initial euphoria of an IPO is a valid concern for retail investors. In the past year, many stocks have seen their valuations corrected significantly after the initial hype, causing losses for those who entered at inflated prices. To mitigate this risk, investors should carefully assess the company’s growth prospects, industry dynamics, competitive landscape, and the sustainability of its business model. Additionally, investors should consider the broader market conditions and seek advice from financial experts to make informed decisions. Will this imply that retail investors would stay away or move to advise-led investments like mutual funds (MF) or alternative investment funds (AIFs)? The IPOs of growth companies could offer retail investors the opportunity to create gains. As these companies go public, retail investors can benefit from their future success and potentially capitalise on the appreciation of their investI Will Retail Investors Flock In? Markets/Expert Opinion By Srinath Sridharan Photograph by Ai825 54 | B W BUSINESSWORLD | 01 July 2023
Maintaining a well-diversified portfolio is crucial in managing risk. While IPOs offer exciting opportunities, retail investors should not overly concentrate their investments in this asset class alone. Retail investors, especially those lacking expertise in analysing IPOs, may benefit from seeking professional advice. Financial advisors or experts can provide valuable insights, assess the risks and opportunities, and guide investors through the selection process. The comeback of good quality IPOs could provide an opportunity for retail investors. The democratisation of IPO participation, access to promising startups and growth companies, potential for listing gains, professional research and analysis, portfolio diversification, and long-term investment potential make the IPO boom a win-win situation for retail investors. Valuations play a critical role in the response to IPOs. Market analysts closely scrutinise the pricing of IPOs to ensure that they are justified, based on the company’s fundamentals, growth prospects, and market conditions. Rational decision-making is crucial to avoid speculative behaviour driven by FOMO. Also in the investment markets, with the run up of gold prices, lower returns on fixed deposits, realty picking up valuations, Crypto not in favour with investors, the stock markets are an open investment avenue. They could nudge investors into IPOs. With prudence and strategic decision-making, retail investors can leverage the current IPO wave to their advantage and unlock significant value in their investment journeys. Depending on the quality of companies that go for listing, we could see either a Pied Piper syndrome or retail investors who will stay invested for long. l Disclaimer: This is not investment advice, but simply a commentary on investor behaviour With the run up of gold prices, lower returns on fixed deposits, realty picking up valuations, Crypto not in favour with investors, the stock markets are an open investment avenue. They could nudge investors into IPOs. With prudence and strategic decisionmaking, retail investors can leverage the current IPO wave ments. Another important factor in the market’s response to IPOs is the sectorspecific appeal. Certain sectors, such as technology, ecommerce, and renewable energy, have generated considerable interest among investors because of their growth prospects and alignment with current market trends. Participating in IPOs allows retail investors to diversify their portfolios and gain exposure to a wide range of sectors, unlocking the potential for long-term wealth creation. It is essential for retail investors to recognise the potential short-term volatility associated with IPOs. While some IPOs have delivered significant gains, others have experienced price corrections post-listing. The frenzy surrounding certain IPOs can lead to inflated valuations, making it crucial for investors to exercise caution and conduct thorough due diligence before investing. Retail investors should consider market timing and investor sentiment before participating in IPOs. A booming IPO market does not guarantee immediate success, as factors such as market conditions, overall sentiment, and economic indicators can impact the performance of newly listed companies. Investors should evaluate the prevailing market sentiment and align their investment decisions accordingly. The writer is an author, corporate advisor and independent markets commentator Photograph by Umesh Goswami 01 July 2023 | B W BUSINESSWORLD | 55
ROBIN RAINA, Chairman, EbixCash
In an exclusive conversation with BW Businessworld, ROBIN RAINA, Chairman, EbixCash, shares his mantra for consistent growth and profitability and how through his company’s Rs 6,000 Crore IPO, he wants to create value for all COVER STORY MARKETS “PROFITABILITY AND GROWTH NEED TO GO HAND IN HAND - GROWTH WITHOUT PROFITABILITY IS RATHER MEANINGLESS” By ARJUN YADAV 01 July 2023 | B W BUSINESSWORLD | 57 Photographs by Ritesh Sharma
he IPO fillings in FY23 halved as compared to FY22, given the prevailing macroeconomic conditions last year. Now that EbixCash has got the nod for its IPO, how do you see the market sentiment at present which makes it the right time for EbixCash to hit the primary market? As a prudent company, we focus on our fundamentals rather than just market sentiment. Our fundamentals are strong; if the markets perform well, that is icing on the cake. But even if the market would not have been performing well, we would still like to believe in our fundamentals. When times are tough, people look for good stories — companies that are growing consistently, while being consistently profitable. And with EbixCash, I believe that we have that story. What are the key areas where the proceeds from this IPO would be utilised? Which are the business segments that you wish to expand aggressively? It’s going to be a 100 per cent primary issue with proceeds earmarked for three things — Rs 1,200 crore for working capital requirements to fund our growing businesses, purchase of convertible debt instrument for approximately Rs 2,800 crore to retire convertible debt from the parent company, and the remaining proceeds will be utilised for organic and inorganic growth initiatives of the company. The company essentially has no other external debt. In FY23 EbixCash reported a 46 per cent YoY increase in its revenue from operations, and a 55 per cent YoY rise in its net profit. How do you describe this growth? What is the ‘Robin Raina mantra’ of profitability that others have failed to crack? We had CAGR of 52.6 per cent between FY21 and FY23. Our FY23 EBITDA margins stood at 36.1 per cent. I do not know about the Robin Raina mantra; but I can tell you that I believe in keeping the financial vision simple. I am a big proponent of the simple common sense thought that selling price should be a lot more than the cost price. I always say that there is no shame in making money. Once you have the ability to generate income and cash consistently, you are setting the basis for a fundamentally strong enterprise and you will be able to grow all your businesses faster than others. If one looks at the EbixCash track record, you will see that our mantra has been profitability all through the 23 years of our existence in India. Profitability accompanied by growth has been our focus all through these years consistently. The EbixCash story is rather simple; we did not want to grow for the sake of growth; we were always focused on consistent profitable growth. The other thing is, if you want a high degree of profit, you must have a moat; you should have something that differentiates your business. In our case, we built our business on the basis of platform-as-a-service product that rides on our technology focus. EbixCash is a fintech story; with 52 per cent of our revenues coming from the fintech areas of our business. Beyond that, we have been always focused on customer diversity. If you want to insulate your company, then amongst other things, you must have a highly diverse customer base. Otherwise, if a few large clients terminated their contracts, then it could really hurt the company in terms of profitability and revenue streams. We do not have that problem. Of course, customer retention is key too; if you can retain your clients, your revenue will become more recurring, and you build a business model whereby every new client you add beyond a threshold number results in increased profitability. How would you trace EbixCash’s journey in India and the path towards organic growth? EbixCash started operating in India in 2001. Since then we have been through three phases — 2001 to 2016 was a period wherein we created platform-as-a-service on-demand fintech products for the insurance industry worldwide. The period from 2017 to 2019 was one of inorganic growth with EbixCash making acquisitions in the areas of fintech, financial exchanges and travel industry. The period 2020 onwards would primarily be known for the organic growth experienced in the EbixCash businesses, with the company clocking 52.6 per cent CAGR between FY21 to FY 23. One common thread through all these years has been that EbixCOVER STORY MARKETS “If one looks at the EbixCash track record, you will see that our mantra has been profitability all through the 23 years of our existence in India” T 58 | B W BUSINESSWORLD | 01 July 2023
Cash exhibited consistent profitability through each of these years, including the Covid-19 period. Some business segments in which you operate are very competitive and price sensitive. Given your focus on profitability, and especially when we look at discounting by some competitors, do you think it can affect your transaction volumes? Not really, because among our business segments, 52.6 per cent of it is platformas-a-service. We are not price sensitive here because we have emerged as a key technology player providing missioncritical services to our clients. We are deeply entrenched and as long as we continue to provide world-class services, we will not need to aggressively under-price ourselves against our competition. Our next big segment is payment solutions which accounts for approximately 26 per cent of our business. In that, there are two key segments — inward money remittances and foreign exchange services. In the area of inward money remittance, the biggest reason the world’s top-3 MTOs utilise us is because of our vast distribution network. We are paid because of the efficiency and reach associated with that network, rather than on the basis of our pricing competitiveness. The foreign exchange business could be reasonably price sensitive. However, the price sensitivity is different in different segments of this business. It also depends on whether our competition can even service a particular currency, the expansiveness and efficiency of our reach amongst other things, including our presence at key international airports, seaports, five-star hotels, etc. and whether that presence is exclusive or non-exclusive. In the travel segment, parts of our business are price sensitive while others are not as sensitive. Take, for example, the B2C business where you are going to the consumer to sell tickets over the web. We decided we were happy not being number one or two in the business in India in the B2C area. We decided that we did not want to subsidise the sale of travel products and lose money like many of our esteemed competitors. We decided to focus our travel efforts in areas where we have less price sensitivity and “When times are tough, people look for good stories — companies that are growing consistently, while being consistently profitable. And with EbixCash, I believe that we have that story” 01 July 2023 | B W BUSINESSWORLD | 59
60 | B W BUSINESSWORLD | 01 July 2023 where we can be one of the leaders — areas like events travel, corporate travel and B2B travel. Also, we focused our attention on international geographies like the Asean countries, where price sensitivity is lower and thus profitability is higher. If somebody wants to sell at a loss, that’s their problem; we need to respect their decision and move on and follow our own business mantra, which for us revolves around profitability. How do you plan to increase the customer touch points as well as improve the backend technology side to handle the large volumes of transactions? On the technology side, the key part is that we have cuttingedge proven technology, that is not a greenfield trial effort. Our technology is on-demand, SaaS, highly scalable and open architecture oriented. Even in areas where might be a dominating player, we continue to enhance our technology. As regards touch points, of course, we would endeavour to continue increasing the touch points. Today, we have 650,000-plus touch points. And we want to continue growing that. We also want to increase our presence internationally further. We are there in 70+ countries today. Our financial systems are already deployed across 60-plus countries; our insurance systems are deployed across 70-plus countries. So, we have mature technology and reach, but we will endeavour to continue increasing it over the next few years. What is the valuation the company is looking at? What is the story with which you are going to investors considering the valuation game that we saw with some of the players in this space and the post-listing debacle? I believe that a high or low valuation is a relative concept, that can only be seen best from the eye of the investors. Ours is a 100 per cent primary issue. No senior management person or promoter has any goal of selling any part of their stake. Ideally, we want to have a valuation wherein we are perceived to be leaving money on the table with respect to other listed companies, for our investors. Our job should be to try to create consistent and sustainable value for our investor by focusing on our fundamentals. The EbixCash management needs to focus on the fundamentals, on the strength of the balance sheet, the revenue stream growth, the strength of our products, the efficiency we bring for all the constituents who use our services and, of course, most importantly, EbixCash profitability and operating cash flows. The valuation is something the bankers and investors are going to focus on. From a management and company perspective, our thought process is rather simple. We want a value whereby investors feel that enough value is left in the market. I would consider my IPO successful only if people at the lower-middle and middleclass levels have invested in it and made a decent amount of money. There is no point in delivering an IPO, wherein a company is perceived to have dumped its stock and booked profits at the cost of the public investors. We just do not subscribe to that thought process. That is not the thinking with which we want to list the company – I would consider our IPO a success, only if investors on the street make money on our IPO and feel that the company left money on the table. [email protected] COVER STORY MARKETS “Ideally, we want to have a valuation wherein we are perceived to be leaving money on the table with respect to other listed companies, for our investors”
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62 | B W BUSINESSWORLD | 01 July 2023 THE leading home healthcare player of the healthcare industry, Portea Medical will soon make its debut on both, the Bombay Stock Exchange and the National Stock Exchange under its parent company’s name Healthvista India. And this feat can be seen as the arrival of the home healthcare industry on the centre stage, with Healthvista India becoming the first company of the sector to offer an Initial Public Offering (IPO). The company will be looking to raise approximately Rs 1000 crore from its IPO with a fresh issue of equity shares worth Rs 200 crore and an offer for sale (OFS) of up to 56,252,654 shares worth Rs 800 crore as part of its impending IPO. In its IPO bid at the Indian stock exchanges, the company will seek inorganic growth initiatives, while also looking to fund working capital requirements in its pharmaceutical company Medybiz Pharma, purchase of medical equipment and pay back certain debts incurred by the company over the years. Founded in 2013 by its three Co-founders, Meena Ganesh, Ganesh Krishnan and Vaibhav Tiwari, the Bengaluru-based healthtech company offers various services such as out of hospital clinical care, companionship and attendant services, home diagnostics, telemedicine, among other services. Speaking to BW Businessworld, Meena Ganesh, Cofounder and Chairperson, Portea Medical stated, “India is experiencing a remarkable surge in home healthcare services with the rapid growth of the elderly population and prevalence of chronic diseases. This trend reflects a shift towards personalised and convenient care, ensuring patients can receive the medical attention they need while staying in the comfort of their own homes.” Ganesh further pointed out that this also means that the sector is becoming more competitive, and thus maintaining a leadership position requires strategic planning and adaptability. “At Portea Medical, we always strive to maintain our leadership position in this segment through several key strategies. We firmly believe that patient safety and maintaining trust is the foundation of the healthcare ecosystem,” she stated. In its Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI), Portea revealed that for fiscal year 2021, the company clocked a revenue of Rs 130 crore which it said is double in size compared with its market competitors such as Healthcare at Home and Apollo Home Healthcare. The company presently claims the biggest market share in the Indian home healthcare industry which stands at 21 per cent. The healthtech company is COVER STORY MARKETS Healthvista India’s debut on the Indian exchanges will be the first from the $6-billion home healthcare stable Homing In On Growth By Shivam Tyagi
01 July 2023 | B W BUSINESSWORLD | 63 “At Portea Medical, we always strive to maintain our leadership position in this segment through several key strategies. We firmly believe that patient safety and maintaining trust is the foundation of the healthcare ecosystem” Meena Ganesh Co-founder & Chairperson, Portea Medical present in close to 40 cities in India, employs around 4,000 people and has partnerships with over 63 hospitals. As per the financials filed by the company till fiscal year 2021, Portea Medical has shown consistent improvement in narrowing its losses and slashing its expenses to almost half of what it was three years ago in the fiscal year 2019. Industry Outlook The home healthcare industry is being recognised as a sunrise sector and presently comprises 2 per cent of the overall healthcare industry with industry reports pegging the growth rate at over 17 per cent CAGR, expecting the industry to expand to USD 21.3 billion in size by 2027 from USD 6.03 billion in 2021. “Around 3-4 per cent of the market size is in the organised sector today. While the whole market is growing at about 17 per cent CAGR, the organised sector is growing at more than 30 per cent of CAGR because patients have realised that home healthcare starting from primary care, chronic disease management, post-hospitalisation and elder care cannot be provided by the hospital alone. And the continuum of care can only be maintained with homecare which offers specialised services at a reduced cost,” Ganesh had said in an earlier interaction with BW Businessworld.
I NDIAFIRST LIFE Insurance was among the fastest growing private life insurers in India in terms of New Business Individual Rated Premium (IRP) in FY 2021-22, according to a Crisil report. The firm significantly benefits from its relationship with its promoters – the largest shareholder – Bank of Baroda (BOB) and Union Bank of India (UBI). As of 31 March 2022, its association with BOB and UBI provided it access to an aggregate of 260 million customers through 17,587 branches across India. IndiaFirst Life Insurance recorded the highest growth in New Business IRP among life insurers with PSU bank parentage, with a CAGR of 27.3 per cent for the five years ending FY2021-22. This was a noteworthy achievement considering that the Indian private life insurance industry grew at a CAGR of 13.9 per cent during this period. R.M. Vishakha, Managing Director and CEO, IndiaFirst Life Insurance, says that when she joined the insurance firm, it was the 19th largest player in the industry. At the end of FY2022-23, IndiaFirst Life Insurance ended up as the 10th largest player in the industry. Maiden Issue & OFS The company seeks to raise Rs 500 crore through a fresh issue of equity shares and an offer-for-sale (OFS) of up to 141,299,422 equity shares by the promoter and other selling shareholders. IndiaFirst Life Insurance filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in October last year and got the capital market regulator’s nod for its initial public offering (IPO) on 15 March. Issue to Augment Capital Base The company proposes to utilise the net proceeds from the fresh issue to augment its capital base to support solvency levels in the current fiscal. “Life insurance firms are measured using a host of metrics and terminologies, but from a value perspective, it is the firm’s group protection and individual new business and renewal which contributes to long-term value,” explains Vishakha. Being a relatively new entrant in the life insurance industry in India with significant headroom for expansion, the life insurer believes that its track record of consistent and rapid gain in market share, strategic focus on profitable growth, strong market penetration, a high-performing agent network, and significant technological investments focused on customer experience and operating efficiencies, will enable it to effectively capitalise on the growth opportunities in the Indian life insurance industry. Strength in Tech Vishakha sees the life insurance industry introducing more products in customer interest and firms and having far more effective distribution channels. She says the firm is very tech-savvy. “More than 97 per cent of our applications and almost 99 per cent of our transactions are digital. Our focus on technology and backend distribution has been our strength, and we have leveraged on it extensively,” she says. Vishakha recalls how even before Covid, the company had zero cash transactions and paper, attributing it to the firm’s 25 per cent growth that year compared to an industry growth of five per cent. MARKETS INDIAFIRST LIFE INSURANCE The company seeks to raise Rs 500 crore through a fresh issue of equity shares and an offer-for-sale (OFS) of up to 141,299,422 equity shares by the promoter and other selling shareholders By Arjun Yadav IndiaFirst Life Gears Up For D-Street R.M. Vishakha - MD & CEO 64 | B W BUSINESSWORLD | 01 July 2023
CELEBRATING THE TRUST BUILDER & CHANGE MAKERS 2ND EDITION #BWFinance40under40 FINANCE Presented by In Association With NOMINATE NOW NITIN PAREKH Group CFO Zydus Lifesciences DR. ANNURAG BATRA Chairman & Editor-in-Chief BW Businessworld & Founder, exchange4media KAPIL MANTRI EVP & Head of Corporate Strategy and M&A Jindal Steel & Power Ltd. PANKAJ VASANI Group CFO Cube Highways InvIT NOOR FATHIMA WARSIA Group Editorial Director BW Businessworld TALEES RIZVI Director BW People & BW CFO World Community DHARMENDER TUTEJA CFO Dalmia Bharat Ltd. & Dalmia Cement (Bharat) SAMEER MADAN Director-Finance Agilent Technologies MAMTA JANAK GORE Finance Director, Controller South East Asia Region 3M POORNIMA SUBRAMANIAN CFO Reliance Nippon Life Insurance JURY MEMBERS For Nominations: Akash Kumar Pandey +91 78989 08944 [email protected] For Speakership and Partnership: Reeti Gupta +91 98996 10630 [email protected] EVENT PARTNERS EVENT PARTNERS KNOWLEDGE PARTNER
66 | B W BUSINESSWORLD | 01 July 2023 HILE WORKING as Additional Secretary General of FICCI, I had the privilege to meet and interact with Mr Narendra Modi – then Chief Minister of Gujarat – several times in connection with his signature project, Vibrant Gujarat. I also got the opportunity to travel with him to Singapore, China, Russia. During these sojourns I got to notice up close several remarkable traits of the great man – which I want to share with the readers. Mr Modi used to take weekly monitoring meetings for Vibrant Gujarat and people from FICCI stood outside his room, Mr Modi walking in briskly, enquired as to what had happened about the ‘A List’? My colleagues – to whom the query was addressed – had no answer; they were quiet. The Chief Minister repeated his question a little loudly “Aap se poochh rahe hain, ‘A List’ ka kya hua?” It was only then that one guy picked up courage to mumble an apology and informed the CM that he and his seniors had all tried but were not able to get confirmation from anyone on the ‘A List’. “You know; our event cannot happen without the presence of ‘A List’; so what do you propose we do. Cancel the event?” His sharp tone terrified everyone. Modi ji was obviously angry. My colleague, perhaps sweating already in the air-conditioned room, again very humbly mentioned that the CM himself would have to speak to everyone on the list. “So, what is the problem, why are you whimpering, why W The Modi I Got to Know in 2006 By Krishan Kalra Narendra Modi Up-close Modi at FICCI Dinner in Moscow during the last couple of months before the big day in January 2007. As industry coordinators for the event, FICCI was invariably invited to these discussions. At times my boss the Secretary General – Dr Amit Mitra – was not able to travel, I was deputed to stand in for him. Vibrant Gujarat One particular meeting, which somehow I too couldn’t attend, but got the usual report from a colleague, stands out clearly in my memory even after so many years. This was to review the crucial case of ‘A List’. As several Secretaries of the Gujarat government Photograph courtesy Krishan Kalra
01 July 2023 | B W BUSINESSWORLD | 67 Some of the conversations were remarkable. Tata was reminded that his ancestors were Gujaratis. Chat with Anil Ambani began with the sentence “Mukesh is coming for the inaugural session on day one and I would request you to be the lead speaker at the valedictory on day two” thus foreclosing any possibility of queries about ‘speaking order, seating arrangements etc. or even a straight refusal to share the dais with his sibling. This was during the period of the battle royal between the two brothers. Exchange with Mukesh was the longest and most interesting. Ambani started with an apology saying he had never refused an invitation from Narendra Bhai, indeed he had attended all earlier editions of Vibrant Gujarat, but this particular day he had a crucial full day meeting with collaborators which was fixed several months ago. Perseverance of the Big Man The CM’s response was classic, “Mukesh Bhai, I know your meeting is in Mumbai and you and your collaborators are very busy men and yet, you must be taking a break for lunch. I am also aware that both of you travel in private jets. So why don’t you just continue your discussion on the flight to Ahmedabad and give us only one hour of your time. Your firangi visitor can either sit with you on the dais or we can send him for kite flying (Gujarat’s famed kite festival), or whatever… but you simply have to come. My event just can’t happen without you”. Modi had an answer to every question from Ambani and finally the guy was left with no choice but to agree. So much for perseverance of the big man. He wouldn’t give up till the job was done. Another time, as we got down from the Singapore Airlines flight from Delhi to Singapore, Modi Ji was already on the ground and, in his typical folded hands style, told me “So Kalra Ji, it is now 7:30, shall we start the first meeting with Gujarati Samaj at 09:30?” I was shocked; but had the presence of mind to say “Sir, you’ll have pilots riding in front of your car; your bags will be collected by someone, you don’t have to spend time for the check-in, but rest of us have to go through the drill, so may I suggest that we start only at 11:30?” “Ok, matter closed, I will be there at 10:45, please tell everyone to be on time”; and he started walking towards the waiting car. Same night, at a dinner hosted by a local minister, I was summoned to the top table. “When are we leaving for Shenzhen tomorrow night?” didn’t you say so to begin with, I have no problem in calling them; come, let’s get cracking.” Conquering the ‘A’ List Two assistants were summoned and instructed to get the ‘A List’ people on the line, one by one. As all of us sat around his table, Mr Modi spoke with Ratan Tata, Mukesh Ambani, Anil Ambani, Kumar Birla, Shashi Ruia, Adi Godrej, Sunil Mittal and a few others. We had begun the meeting around 6:30 p.m. and it was well past 9:30 when all the calls were finished. All ten on the list had accepted to attend the event! Since the phone was on speaker mode, all present were privy to what the guy at the other end was saying. Two assistants were summoned and instructed to get the ‘A List’ people on the line, one by one. As all of us sat around his table, Mr Modi spoke with Ratan Tata, Mukesh Ambani, Anil Ambani, Kumar Birla, Shashi Ruia, Adi Godrej, Sunil Mittal and a few others. We had begun the meeting around 6:30 p.m. and it was well past 9:30 when all the calls were finished. All ten on the list had accepted to attend the event ! Photograph by Tribhuwan Sharma
68 | B W BUSINESSWORLD | 01 July 2023 “Sir, our departure is day after in the morning; tomorrow the High Commissioner is hosting a dinner in your honour.” “Arre Bhai, these dinners end early, let’s leave tomorrow night. Now that we are on a chartered aircraft, the change should not cause a problem. And don’t forget to tell the Shenzhen hotel for an early check-in. Also inform everyone to bring down their bags, check-out and put the bags in the bus before we sit for dinner. We will all board the bus immediately after the meal and go to the airport directly. Let’s schedule the departure at 11:30. I don’t want to kill half a day by leaving next morning. Discussion over.” The guy just didn’t want to rest and wouldn’t even let others take it easy. The Shenzen Visit The third similar incident happened on arrival at Shenzhen at 05:00 a.m. We had got the airport opened specially and by the time we reached the hotel, Mr Modi had finished breakfast and was strolling in the lobby. The moment he saw me, he said, “You guys shower and have breakfast quickly; we will go and see ‘Windows of the World’, I believe it is very good; this way we won’t waste time before the formal lunch here itself at 11:45.” It is another matter that I just didn’t have the energy to go on at his pace and managed to excuse myself by telling him the truth and deputing a colleague to accompany this unbelievably agile leader. And, of course, the group came back straight to the lunch hosted by the local chamber. There were many other incidents on the trip that brought out the man’s untiring vigour and youthful zeal to accomplish more in the same time – something like the famous book by Amber Johnson, Eight Days a Week. Endless number of meetings, state banquets – try sitting through a 17 course one especially if you are a strict vegetarian – visit to the ‘3 Gorges Dam’ that would generate a mind boggling 18,000 MW hydel power when completed, some cultural shows, visit to the Great Wall where he was the fastest walker and went the farthest, even a ride on the world’s fastest train that touched 382 kmph on the short run from downtown Shanghai to the airport. Never once did we see a shade of tiredness or boredom on his face. Always radiant, smiling and youthful looking. His energy, restlessness, composure and the sheer joy of living amazed everyone – many of them much younger than him. The In-flight Bar The last flight on the trip, from Shanghai to Ahmedabad, probably presented our most interesting encounter. Modi Ji called me and asked loudly, “I have heard people are complaining.” I was taken off guard and only managed Our guide from Dhordo village, close to the Great Rann – Nadu Khan, 67 – had been with us for two days and just before paying him off – even though anticipating some tongue lashing from this old Muslim about the tragic Godhra incident and the riots that followed, I mentioned cautiously that his people must be very angry with Modi? His answer stunned us, “sahib, whatever happened was Allah’s Will; I don’t know who is responsible but what Modi has done for us no one did since 1947; we have an all-weather road, school, hospital, 24-hour electricity and piped water, good milk yielding cattle, factory close by to employ our young … everything that we could wish for; he is our messiah, we pray for his long life”. Photograph by Amlanmathur / CANVA By Krishan Kalra Narendra Modi Up-close
01 July 2023 | B W BUSINESSWORLD | 69 exchequer!” He had a big laugh and called one of the secretaries to the Government of Gujarat. “Vijaylakshmi, I am appointing you official bartender for the flight. Please open the bar and let everyone enjoy, as long as they are sober when we land; unlike my state, there is no prohibition here! Kalra ji, you will ensure that no one gets drunk.” A Pragmatic & Practical Man All rumors about his inflexibility and rigidity were obviously not true. Here was a very pragmatic and practical man. On another trip, there was a similar incident on our last evening in Moscow. There were no official engagements, so I sought permission for hosting a small dinner, on behalf of FICCI, at a good Indian restaurant. He graciously agreed. I reached the place early; reserved a table for ten and cautioned the captain to not serve any alcohol or non-vegetarian food on our table. At 07:30 p.m., nine of us, including Gautam Adani, Nirma’s Karsan Bhai Patel, Wellspun’s Goenka, two Government Secretaries and others were seated when Modi ji walked in briskly, took his seat and floored us all with his first sentence, “Kalra Ji, I am a tea totaller and strict vegetarian but I hope you are serving everything to the other guests, who might enjoy a drink and some chicken etc.” The local at Dhordo Village I can’t close this narrative without mentioning another incident that happened much later in 2012 when my wife and I did a nine-day driving trip in Gujarat. Our guide from Dhordo village, close to the Great Rann – Nadu Khan 67 – had been with us for two days and just before paying him off – even though anticipating some tongue lashing from this old Muslim about the tragic Godhra incident and the riots that followed, I mentioned cautiously that his people must be very angry with Modi? His answer stunned us, “sahib, whatever happened was Allah’s Will; I don’t know who is responsible but what Modi has done for us no one did since 1947; we have an all-weather road, school, hospital, 24-hour electricity and piped water, good milk yielding cattle, factory close by to employ our young … everything that we could wish for; he is our messiah, we pray for his long life”. All this was many years ago but I still cherish those few days in the company of this visionary leader. I have no interest in his politics but even his detractors now agree that his government has handled the economy better than any prime minister before him. to stammer “Sir, there are no complaints; everyone seems to have enjoyed the trip.” “No, I have heard that some members of the delegation are unhappy because we haven’t made use of the inflight bar.” Aware of the strict prohibition law in his state, I was not sure how to react. However, having spent six to seven days with him, I thought one could take some liberties. “No Sir, no one is complaining but yes, their Gujarati pride could be hurt! Indeed, we have paid for the fully loaded bar and haven’t even opened it. Perhaps unfair to the state The author is a former Additional Secretary General of FICCI, a former President of AIMA & former Member, BOG of IIMC Kolkata
70 | B W BUSINESSWORLD | 01 July 2023 H AILING FROM RURAL Madhya Pradesh, I have seen the pain of non-availability of water in the water stressed region of Damoh, where women are forced to travel long distances in search of water. I feel privileged that the Hon’ble Prime Minister Shri Narendra Modi has bestowed upon me the trust to be a part of the ‘Vikasvaad’ journey. The year 2023 marks nine years of governance by the national government. These nine years have been dedicated to inclusive, progressive and sustainable development. The government is working hard to honour its commitment of equity and opportunity for all citizens irrespective of their region, caste, economic bracket etc. Since assuming office, the present government has resolved to keep ‘India first’ in every policy formulation and action and as a result, India, a country with a population of over 1.3 billion people, has witnessed a remarkable transformation in sanitation over the past few years. To reduce the rural-urban divide, two flagship programmes were started under the Department of Drinking Water and Sanitation. Swachh Bharat Mission – Grameen (SBM-G) was launched in 2014, while Jal Jeevan Mission (JJM) was launched from the ramparts of the Red Fort by the Hon’ble Prime Minister on 15 August, 2019, as the country celebrated its 73rd Independence Day. NINE YEARS OF VIKASVAAD The Swachh Bharat Mission - Grameen has been a game-changer in ensuring access to safe sanitation practices and improving overall cleanliness across the nation. This ambitious mission launched by our visionary leader, Prime Minister Modi, aimed to achieve 100 per cent sanitation coverage and make India open defecation free (ODF). Today, we can proudly say that India has achieved this monumental feat, with sanitation coverage soaring from a mere 39 per cent in 2014 to a remarkable 100 per cent in 2019. The SBMG focused on creating awareness and instilling safe sanitation practices among the masses. The mission aimed to eradicate the age-old practice of open defecation by constructing millions of toilets across villages throughout the country as well as ensure behaviour change in the rural population. On 2 October, 2019, India declared itself open defecation free, having successfully constructed over one hundred million toilets across its villages. This remarkable achievement garnered global recognition, leading to Prime Minister Narendra Modi receiving the prestigious Global Goalkeeper Award for the Swachh Bharat Abhiyan in 2019. The successful completion of PhaseI of the SBM-G marked the beginning of Phase-II, which was launched in February 2020. Phase-II focuses on sustaining the achievements of PhaseThe mission not only focuses on total sanitation but also contributes to the circular economy and supports the government’s Mission LiFE initiative. GOBARdhan stands for Galvanising Organic Bio-Agro Resourcesdhan and is a set-up for bio-degradable waste, especially animal, farm and market waste of villages. This is an initiative involving 10 other stakeholder ministries, to support biodegradable waste recovery, conversion of waste into resources and for creating clean and green villages COLUMN By Prahlad Singh Patel The author is Minister of State, Ministry of Food Processing Industries and Jal Shakti
01 July 2023 | B W BUSINESSWORLD | 71 To achieve the target of 100 per cent ODF Plus villages by 2024, a comprehensive “Whole of Government” and “Whole of Society” approach is imperative. This will require sustained efforts I and aims to provide adequate facilities for solid and liquid waste management, including the management of plastic waste, across rural India. Villages are now striving to achieve the Open Defecation Free Plus (ODF Plus) status, which goes beyond just sanitation and encompasses management of all types of waste, such as biodegradable waste, plastic waste, greywater, and faecal sludge. Waste Management As the Minister of State for Jal Shakti, I am proud to announce that due to the collective and untiring efforts of state governments, stakeholder ministries, gram panchayats, Swachhagrahis, and the rural population, more than 51 per cent of villages in the country, which is over three lakh villages, have already declared themselves ODF Plus. Of the 3.23 lakh ODF Plus villages 2.27 are ODF Plus Aspiring, 35,658 are ODF Plus Rising and 60,298 are ODF Plus Model villages. The top performing states in terms of ODF Plus villages are Telangana (100%), Karnataka (99.5%), Tamil Nadu (97.8%) and Uttar Pradesh (95.2%) among the big states and Goa (95.3%) and Sikkim (69.2%) among the small states. Among the Union Territories (UTs), Andaman & Nicobar Islands, Dadra Nagar Havelli & Daman Diu and Lakshadweep have 100 per cent ODF Plus Model villages. These states and UTs have shown remarkable progress in achieving the ODF Plus status, and their efforts have been instrumental in reaching this milestone. Under Phase-II, a dedicated initiative called GOBARdhan has been implemented to manage large quantities of animal and agricultural waste. This initiative follows the principle of ‘waste to wealth’ and utilises biodegradable waste to generate clean energy in the form of gas and organic fertiliser. The mission not only focuses on total sanitation but also contributes to the circular economy and supports the government’s Mission LiFE initiative. GOBARdhan stands for Galvanising Organic Bio-Agro Resources-dhan and is a set-up for bio-degradable waste, especially animal, farm and market waste of villages. This is an initiative involving 10 other stakeholder ministries, to support biodegradable waste recovery, conversion of waste into resources and for creating clean and green villages. It is a ‘waste to wealth’ initiative wherein waste generated in villages is used to generate bio-gas/CBG as well as bio-slurry/bio-fertiliser and is in tune with the circular economy and Mission LiFE initiatives of the GoI. Currently there are 665 functional Bio-Gas/CBG Plants across 214 districts. To achieve the target of 100 per cent ODF Plus villages by 2024, a comprehensive “Whole of Government” and “Whole of Society” approach is imperative. This will require sustained efforts, continued awareness campaigns, and active participation from all stakeholders involved. The Swachh Bharat Mission has demonstrated that the collective will of a nation – the janandolan, when channelised towards a common goal, can bring about transformative change. Tap Water Connection Even after 70 years of freedom, in May 2014 when the NDA government came to power, only 2.19 crore rural households had access to tap water connection and as on 30 May 2023, under the visionary leadership of the Hon’ble Prime Minister we have provisioned drinking water through taps in over 12.14 crore rural households. This is a phenomenal rise, as on 30 May 2023, more than 62 per cent of rural households have access to drinking water within their premises. It gives me great pleasure to inform the public that following the motto of speed and scale, now we are providing one potable tap connection every second. Working on the motto of ‘SabkaSaath, Sabka Vikas, Sabka, Sabka Vishwas aur Sabka Prayaas’, the twolife changing missions will bring about a transformational change in the rural demography. It is an exciting time for us and me in person. Photograph by Aliaksandrbarysenka / CANVA
72 | B W BUSINESSWORLD | 01 July 2023 ‘BUSINESSES HAVE A KEY ROLE IN DRIVING INDIA’S GREEN TRANSITION’ IN CONVERSATION
01 July 2023 | B W BUSINESSWORLD | 73 utilisation having crossed trend levels in several industries. The CII Business Outlook Survey for Q4 FY22-23 affirms fresh sightings in private investment, with majority of the respondents expecting capacity utilisation levels to be 75-100 per cent in Q4FY23. Going forward, India must continue to build its infrastructure. The focus on ease of doing business, cost of doing business and decriminalisation of business and economic laws should also continue. We need to make progress on factor market reforms — land, labour and power. Here consensus building with states is crucial for which CII has suggested setting up formal and informal mechanisms for each of these areas. Reforms for lowering cost of funds are important. These include channelising long-term pension and insurance funds into capital markets and creating avenues for growth capital from banks. As CII President, what should be prioritised to enhance India’s manufacturing sector and make it more globally competitive? The global environment is just right for India’s manufacturing ambitions. with the global supply chains looking at new destinations. India’s large and growing domestic market, a stable political and policy regime, rule of law, sound macroeconomic fundamentals and India’s track record as a trusted partner, all make India an attractive destination for the shifting global supply chains. The reforms I mentioned earlier are necessary to take ‘Make in India’ to a new level. To enable availability of industrial land, the India Industrial Land Bank (IILB) may be evolved as the National Level Land Bank. What specific recommendations or advocacy efforts do you plan to make to further improve the business environment and foster entrepreneurship in the country? The CII has been working very closely with the government on various reWhat is your assessment of India’s GDP growth performance, and what role do you see the private sector playing in sustaining and accelerating this growth in the coming years? The acceleration in GDP growth to 7.2 per cent in 2022-23 as compared to advance estimate of 7.0 per cent is encouraging. The strength in the full-year number is attributable to a rise in domestic demand drivers of consumption and investment despite a high base. The latter is salutary and will drive bulk of the growth in the current year too. The private sector is expected to compliment the public sector by partaking in driving the overall capital investments in the economy. This, we feel, will kickstart the virtuous cycle of boosting the exports momentum too. How do you perceive the current state of investment from the private sector in India? What reforms do you believe are necessary to attract more domestic and foreign investments? Private sector investments are slowly but steadily recovering, with capacity “India’s large and growing domestic market, a stable political and policy regime, rule of law, sound macroeconomic fundamentals and India’s track record as a trusted partner, all make India an attractive destination for the shifting global supply chains” R DINESH, the newly elected President of the Confederation of Indian Industry (CII), shares his views on the current state of the Indian economy , and the pivotal role of the CII in driving growth, in an interaction with ASHISH SINHA. Excerpts
74 | B W BUSINESSWORLD | 01 July 2023 forms and other initiatives. At the macro level, the capex-led growth strategy of the government has been in sync with CII suggestions; in fact, the capex number announced in the last Union Budget was exactly what CII had wished for. We have been working with the government on ease of doing business, decriminalisation and sustainability, and many of our suggestions have been actioned. We also work with the government on many sectoral issues, and have been able to make a contribution to some of the important sectoral policies and initiatives. What role do you believe the CII should play in facilitating skill development and bridging the gap between industry requirements and the education system? The CII along with its membership has been focusing on demand-led skilling, re-skilling and up-skilling to improve workforce productivity and also making a social impact. The advent of Industry 4.0 and digitisation necessitates greater focus on developing industry ready workforce. The CII is mapping new and emerging job roles in relation to future of work, will lay out standards and help develop curriculum. Industry-academia connect is an important part of this, wherein industry is helping build capacity of trainers at both school and higher education level. We are imparting soft and employability training as well as career counselling to youth. The CII is also promoting internships and apprenticeships, benefiting about 20,000 youth. What steps do you think should be taken to improve the efficiency, infrastructure, and connectivity within the logistics sector, and what role can the CII play in these efforts? The government’s thrust on connectivity and logistics infrastructure through initiatives such as the National Infrastructure Pipeline and Gati Shakti will bring down logistics costs. Going forward the focus should be on effective operationalisation of the National Logistics Policy. Other imperatives include use of multi-modal logistics and shift towards less carbon-intensive modes such as waterways and railways, better utilisation of infrastructure and logistics assets and promoting standards in logistics such as warehousing standards and truck body sizes. The CII has been actively engaged with the government in formulating the logistics policies at the central and state levels. The CII can play a key role in improving efficiency of the sector by providing industry inputs for the effective implementation of PM Gati Sakthi Master Plan, developing standards and promoting their implementation, developing solutions for green logistics and skill development in the sector. What measure or strategies do you think Indian businesses and the CII should adopt to address ESG challenges effectively and promote sustainable growth? Businesses face ESG challenges at two levels: one, at own-business level and two, at the macro level. The starting point for addressing own business ESG challenges is to assess the ESG risk exposure and then chart out short-term and long-term strategic actions to manage the exposures. Macro-level challenges are several, such as increasing regulatory push, increased focus of investors on ESG, lack of universal standards/ frameworks on ESG disclosures, increasing consumer expectations. To a large extent businesses can deal with macro-level challenges if they have mapped their risk and taken action. The CII is helping businesses understand their ESG risk exposures, identify and prioritise ESG gaps, prepare plans and ESG reports. It has developed specialised tools on ESG diagnostic assessments through its Centre of Excellence on Sustainable Development. How do you see the role of the private sector in driving India’s transition to a greener economy, and what are the key challenges and opportunities in this regard? The key challenge in this transition is to manage decarbonisation without impacting growth. Financing the transition will need mobilising capital from and creating the pull for investments. The CII is working on defining sectoral pathways and creating a pipeline of investment opportunities. It is equally important to build climate resilient infrastructure and the CII has suggested allocation towards this in existing infrastructure programmes. Businesses have a key role in driving India’s green transition. They should adopt low-carbon technologies and decarbonisation solutions such as green hydrogen and carbon capture, utilisation and storage. Businesses have a role in innovating on low-carbon technologies. For example, India’s success with solar has been a combination of favourable government policies backed by industry innovation and onground implementation. [email protected]; @Ashish_BW IN CONVERSATION Photograph courtsey: CII
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76 | B W BUSINESSWORLD | 01 July 2023 The large-scale lay-offs by large corporates, especially in IT and software development, coupled with the incursion of AI in workplaces, signals hard times for engineers too. Bright minds who would have joined the mega race of cracking IIT-JEE since high school, foregoing fun that other peers would have been part of, along with parents who would have shelled out substantial amounts for much sought-after tuition centres and for college education, might be spending anxious moments as they are about to enter the job market and companies announce a freeze. Add to that the reports that have been published over the years by different agencies, revealing how engineering passouts are unemployable. Also, the growing awareness about scores of avenues other than engineering and medicine available to students would make one think that the popularity of engineering discipline is waning. But looking at the total number of registrations for IIT-JEE this year – 11.62 lakh – that doesn’t seem to be the case. Engineering colleges, led by IIT Bombay, IIT Madras and IIT Delhi continue to be among the most coveted campuses for science students, followed by legacy institutes IIT Kharagpur, IIT Kanpur, IIT Roorkee, IIT BHU and IIT Guwahati. The demand for quality education being exponentially high, several private universities and institutes have stepped in, often more in tandem with 21st Century industry needs on account of healthy industry connects and ability to pay handsomely to faculty and invest in latest infrastructure. Impact of Engineering Institutes The question is, where do engineering institutes figure in the 21st Century economic framework, what kind of manpower are they providing to the country, and how are they realigning themselves with the ever-changing TOP ENGINEERING COLLEGES ENGINEERING IN THE AGE OF AI Opening Essay needs of the world? One big shift that has come about on the campuses is in terms of the end result. Placements, followed by MBA admission two years down the line are not the end goal of increasing number of students, who join these institutes with a clear understanding of what they want from that experience (although placement figures at many a institutes reveal offers over Rs 1 crore to scores of students, and companies across sectors recruiting from these campuses). And students’ expectations are largely in terms of gaining the required skills and inputs for an idea that they might already have. They would like to do further research on that idea, aided by faculty, and supported perhaps by the incubation infrastructure of the campus, to fructify it for a startup. The faculty too, is invested in carrying on research work, publishing their papers in high impact journals and filing for patents. Interestingly, the work being done on these campuses is directly linked to social needs. Thus, IIT Madras is invested in eradicating manual scavenging through technological intervention. During Covid, it was at the forefront of supplying beds to needy patients. IIT Guwahati, which is in seismic zone 4, and a floodprone area, is utilising the expertise of various departments to develop disaster relief mechanisms. It is also working in the area of developing building material from waste matter, which is of great use in high altitudes. At IIT Roorkee, as it celebrated its 175th year, an exhibition of products devised by faculty and students showHow are campuses bracing for the impact of rapidly changing technologies, and how they themselves are shaping the narrative By Meha Mathur
01 July 2023 | B W BUSINESSWORLD | 77 cased technologies for early earthquake warning, faster sowing methods on fields, irrigation techniques, technologies to assist election process, and health and hygiene solutions during menstrual cycle of women. All of these high-impact areas in the true sense of the term require multidisciplinarity. New Areas The other major shift that has occurred is engineering institutes venturing into other disciplines. IIT Madras recently launched Department of Medical Sciences & Technology, The aim of which is to equip scientists and engineers with the necessary skills to advance medical research. IIT Jodhpur has a Department of Bioscience and Bio Engineering where the expertise of these two disciplines is utilised to provide healthcare solutions. Similarly, there is a great thrust on design solutions. At IIT Guwahati, using the expertise of three sub-disciplines – product design, visual communication and user experience – the research teams are involved in making smarter decisions. At IIT Gandhinagar, while there is no design programme, the faculty from this field instructs students from engineering disciplines, adding to the functionality and human touch of the products. Engineering institutes are also opening management departments, liberal arts and humanities and courses are offered under these schools or departments to address the concern that engineering students do not get a holistic education at engineering campuses. Present Challenge The key question is, what is the concern of students of engineering at this stage. Sam Altman, Founder and CEO of OpenAI and the creator of ChatGPT, during his India visit, had an interaction with the students of Indraprastha Institute of Information Technology (IIIT Delhi) where he allayed fears associated with AI, saying it can never take over human creativity. But a few students that this writer spoke to revealed that many of his ilk are willing to dump the discipline of their choice to take up AI as their area of work. Since AI is here to stay, their strategy is to master AI to be on the winning side. And engineering colleges, left with no choice but to embrace AI, are launching programmes to that effect. Students’ expectations are largely in terms of gaining the required skills for an idea that they might already have Photograph by Alphaspirit
78 | B W BUSINESSWORLD | 01 July 2023 Expectations from educational institutes change with time. The year 2020 best exemplifies this statement. Overnight, institutes which could provide seamless online learning experience became the trailblazers. Now, with AI causing the next big disruption, providing answers to the new industry needs will decide the leaders. BW Businessworld Engineering Rankings aim to rank institutes based on the agility of engineering colleges to deal with the ever-changing industry situations and provide most up-to-date learning experience. An engineering college must be able to incorporate in its curriculum the latest developments in technology; it must be able to rev up its infrastructure, especially machiner y and software without delay; and upgrade manpower to impart that technical knowhow to students; it must ensure that students get actual experience through industry connects, and keeping up with the spirit of the times, it must encourage research and development, incubation and startup temperament among faculty and students. At the same time, engineering institutes can’t be islands of excellence whose benefits do not reach out to the society and surrounding ecosystem. Present-day engineering institutes are mindful of that and carry on projects and encouraging startups helping society. Work on sustainability is included therein, though several academicians we have interviewed round the year have stated that sooner or later environment impact will come to constitute a separate criterion in global and national rankings. Thus, here is the breakup on which institutes were TOP ENGINEERING COLLEGES assessed for the BW Businessworld rankings: Teaching (20): Experienced, qualified educators are the most important criterion for a student in choosing a university, with employability being the end goal. Institutes should be able to draw faculty members with great research credentials and who have published extensively, as also industry experts. Research Excellence (20): Research labs, tinkering centre, incubation centre, and faculty that can guide students appropriately, is what makes an institute a great research and development hub. These are measured through papers published and patents filed and registered. Innovation (15): Appropriate use of technolog y to facilitate better outcomes, ensuring that innovative ideas can be translated to concrete results, and much more. Employment (20): Making students employable at the end of the course (which can be measured through placements), or providing them the tools and enhancing their confidence to become entrepreneurs and job givers. Infrastructure (15): From lab set-ups described above to digital infrastructure, well-lit and creative classes, interactive tools, proper hostel, recreational facilities and food and hygiene, students place premium on all these. Inclusion and Social Impact (10): This criterion is about taking steps to ensure equal opportunity and making the campus an equitable place. Engineering colleges, both public and private, were assessed on six criteria to arrive at the rankings By Team BW DEFINING PARAMETERS Methodology Photograph by Indiapicturebudget
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80 | B W BUSINESSWORLD | 01 July 2023 Concerns have been raised in several reports regarding the unemployability of engineering graduates. What is at the core of the problem? The core underlying problem behind the lower employability of engineering graduates in India can be attributed to a combination of factors which include saturation in the job market, gap between industry requirements and the skills imparted in the education system, inconsistent standards of quality of education in certain cases, and oversupply of graduates in certain engineering disciplines. Furthermore, engineers need to commit to life-long and continuous learning and one cannot just depend on a degree to secure a job. For engineering graduates to stay relevant in the job market, they must stay on the top of emerging and relevant tech and digital skills such as artificial intelligence, machine learning, data science, etc. Engineering grads may have theoretical knowledge but lack hands-on experience and exposure to real-world scenarios in most cases, making them less attractive to employers. There have been layoffs in several sectors in the last one year. What challenges does this pose for fresh engineering graduates, and how can they brace for this challenge? Layoffs happen for a range of reasons. Skill relevance is TOP ENGINEERING COLLEGES HR Perspective one of them. Shifting industry demands and rapid advancements in technology, such as AI, automation, and digital transformation, can disrupt typical job roles and render certain skills or positions obsolete. This could lead to companies restructuring or downsizing their workforce with an aim to optimise operational efficiency. Another key aspect with respect to engineering job market in India is the limited job opportunities amidst intense competition. With more experienced professionals now seeking new job opportunities, fresh grads could find it harder to secure employment. To brace for these challenges, while the fresh engineering graduates should look at continuously upgrading their skills and acquire relevant skills, they need to build resilience. They can engage in self-learning, online courses, or certifications to meet any skill gaps. While technical skills are important, they should also foADITYA KOHLI, CHRO, Orient Electric, explains the factors behind employability concerns of engineering graduates and how engineering colleges and students can brace for the impact of AI By Meha Mathur “Agility In Reskilling Is Of Utmost Importance” Q & A “As technology continues to disrupt businesses and job roles, the half-life of a skill, that is the time taken for a skill to lose 50 per cent of its relevance is shrinking fast”
01 July 2023 | B W BUSINESSWORLD | 81 cus on enhancing their soft skills such as communication, teamwork, analytical thinking, etc. which are essential for success in today’s workplace. One more thing fresh engineering graduates must do is networking, join professional groups, attend industry-specific events, and make use of professional platforms like LinkedIn, GitHub, etc. to highlight their skills and capability. How can engineering colleges ready their students for the world of work where AI is causing disruption? AI is getting bigger and disrupting industries and businesses across sectors, hence the importance of incorporating AI related courses or specialisations into their curriculum for the engineering colleges is a must. We must support interdisciplinary collaboration for students by creating a unique environment that fosters innovation in this space. It’s important for the colleges to create a proactive network or an advisory board of industry experts to give early exposure to new sectoral developments, provide internships, mentorship opportunities to expose students at scale. We have also seen many colleges have invested in creating research incubators to help drive new-age thinking. These practices will help give the student an early edge as they enter the world which has a growing influence of AI. What would you say about re-skilling and skill upgradation of employees that is now being much talked about? As technology continues to disrupt businesses and job roles, the half-life of a skill, that is the time taken for a skill to lose 50 per cent of its relevance is shrinking fast. The conventional approach of learning certain skills once and depending on them throughout one’s career is now obsolete. The new mantra for employees to survive and thrive in today’s competitive business landscape is lifelong learning, and therefore agility in re-skilling and skill upgradation of employees is of utmost importance. Take for example AI. The technologies in this field continue to evolve at a fast pace, making it imperative for engineering professionals to stay updated with the latest developments and gain relevant skills, as a means to enhance their employability. What is the scope for core engineering disciplines in Industry 5.0? The nature of work is changing rapidly, driven by digital tools and technologies. Industry 4.0 focussed on automation and efficiency, while Industry 5.0 will focus on personalisation and machines working alongside humans. As we prepare for this shift, engineers from core disciplines will play a critical role in driving innovation, productivity, human-machine collaboration, and sustainable growth for industries across sectors. Here are some examples of the roles that engineers will play in Industry 5.0: • Electrical and electronics engineers will develop intelligent control systems that can sense and respond to their environment. • Mechanical engineers will drive innovation in machinery by designing machines that are more efficient, productive, and safe. • Software engineers will work on AI algorithms and advanced software applications that can automate tasks and make decisions. • Civil engineers will be instrumental in developing smart infrastructure that can collect and use data to improve efficiency and safety. In addition to these core disciplines, I expect to see a surge in interdisciplinary engineering capabilities, as engineers from different disciplines work together to solve complex problems. The transition to Industry 5.0 will be a challenge, but it also represents an incredible opportunity for engineers to make a significant impact on the future of work. ADITYA KOHLI, CHRO, Orient Electric
82 | B W BUSINESSWORLD | 01 July 2023 How does IIT Madras retain its position in national rankings year after year? The secret is very straightforward. We have been working as a cohesive unit. There is a Tamil saying which translates to ‘Together, you win’. So, the faculty, students, industry partners, alumni, Ministry of Education of the Government of India and the Tamil Nadu state government, all of them have contributed to this. There are 5 parameters and 74 data points. On every data point the contribution comes from all of them. And we intend to continue to work cohesively to keep maintaining that record. With AI causing big disruptions, and also with the massive layoffs by big corporations in the last one year or so, how are engineering colleges bracing for the new challenges at this juncture? Let me just put the perspective here. The core engineering disciplines need to be nurtured. Just look at the infrastructure projects that are happening in India and how the aerospace is growing. We need to have people working in these core areas. That is not happening because even students who are pursuing some interesting core subjects cross the barrier of AI-ML and go on to do high frequency training. I am a computer science professor in the area of computer architecture. Even for my sub-field in computer science, I am not getting students. People are blindly TOP ENGINEERING COLLEGES IIT Madras leaving their core disciplines in favour of high-paying jobs and cool environs. The parents should talk to their wards about jobs that are important for the country. That kind of passion needs to be inculcated among youngsters. Also, the layoffs are not because of AI. The layoffs are happening because the corporates are resetting things because of economic slowdown. So, how can engineering colleges enable a meaningful career for their students, one that gives financial empowerment and also impacts the society positively? Two things are very important today. One is interdisciplinary education. As a computer scientist I have to understand many other fields. We have mechanical, metallurgy, robotics and embedded systems. So experts from these disciplines have sat together to find out solutions to remove manual scavenging. These are the kind of highimpact and socially relevant projects we are doing. V. KAMAKOTI, Director, IIT Madras, ponders on the thrust areas in engineering that are for societal and country’s benefit By Meha Mathur “Core Engineering Disciplines Must Be Nurtured” Q & A V. KAMAKOTI, Director, IIT Madras
01 July 2023 | B W BUSINESSWORLD | 83 So, colleges will have to start thinking of an interdisciplinary approach, which will pave the way for innovation and entrepreneurship. Also, we need motivation for innovation and entrepreneurship. We have seen a lot of success in the last three-four years - the 3D building startup, modular housing startup, AgniKul startup in space sector, and our tutor startup on the hyperloop are some examples. Innovation and entrepreneurship are also very important for the country and for India to be a super power. That is the approach that engineering colleges should follow. What have been some of the landmark transitions in the pedagogy, course structure and experience that students got at IIT Madras in the last five years? Moving forward, what elements of Covid-time teaching-learning does the institute plan to retain? When we started the Swayam platform, we never thought it would become so critical during Covid. Today we see tens of thousands of people taking exams on it. That experience motivated us to start the online programme in online electronic system and data science. So online degree programme with multiple exit options is a big thing. The other thing that emerged during this period is medical technology. Many institutes have realised its importance - IIT Kanpur, IISc Bangalore, IIT Guwahati and IIT Jodhpur. We have introduced bachelor of medical science and engineering. It’s really a Covid lesson for us because we did some trials of a drug here with doctors. It was difficult to take it forward and prove to the world that it works. But it did work. Medical science and engineering is a critical area of work as health is very important. What is the role that faculty is playing in research work? Also, what is the success of the faculty in filing patents. We are sensitising our faculty and students that protecting ideas is very important, irrespective of whether we monetise it or not. Last year we touched around 240 patents. The patent application is very simple and the charge from an educational institution is Rs 1,800. And even if one wants a faster confirmation, the charge is approximately Rs 4,000. We are pushing for patents really fast and our target is a patent a day, which means 365 patents this year and 366 in the leap year 2024. We are striving to achieve Sustainable Development Goals (SDGs) by 2030. As the head of a premier engineering college, what approach would you suggest towards sustainability? Fulfilling the commitments of SDGs is important, not just to prove to the world that we have done it, but for our good. Wherever I go, be it school or college functions, I talk about SDGs, and I encourage the faculty to do the same. We have set up a school of sustainability addressing some of the key environment-related issues. And our BS data science and BS electronics systems programmes address the need for equitable, affordable education for all, which is SDG 4. “We are sensitising our faculty and students that protecting ideas is very important, irrespective of whether we monetise it or not. Our target is a patent a day”
84 | B W BUSINESSWORLD | 01 July 2023 With AI causing big disruptions, and also with the massive lay-offs by big corporations in the last one year or so, how are engineering colleges bracing for the new challenges at this juncture, and what is the priority for faculty and students at premium institutes like IIT Roorkee? IIT Roorkee has established a specialised school for data science and artificial intelligence, where students can pursue BTech, MTech, and PhD degrees. Also, in our new academic structure, AI/ML courses are a part of each engineering discipline. With the help of our comprehensive resources, we are training students to be prepared to work in the AI-based industry. In addition, IIT Roorkee is offering courses on data science, machine learning, cyber security, data analytics etc. to external students and professionals through E-Learning Centre and Continuing Education Centre. Training of professionals is needed not only in existing and advanced technologies but also in the fields of electronic manufacturing. To meet this objective MeitY has approved a scheme and set up an Electronics and ICT (E&ICT) Academy at IIT Roorkee. The institute has also collaborated with industries to deliver rigorous, immersive courses in AI & ML. We are training the employees of corporates like Deloitte in the emerging areas of AI & data science. What specialised programmes on AI are you planning? At IIT Roorkee, we have already launched specialised programmes on data science and artificial intelligence, TOP ENGINEERING COLLEGES IIT Roorkee supported by the Rahul Mehta Foundation from the US. These programmes include BTech and Master’s programme, embracing a multidisciplinary approach with the involvement of faculty members from various branches of science and engineering. We have also introduced minor degree programmes to cater to students who have a specific interest in computer science or related fields. How can engineering colleges enable a meaningful career for their students, one that gives financial emIn an interview with BW Businessworld, Kamal Kishore Pant, Director, Indian Institute of Technology Roorkee, highlights the utilisation of artificial intelligence and machine learning in optimising the efficient use of resources in the agriculture sector By Poonam Singh “We Embrace AI To Tackle Disruptions” Q & A KAMAL KISHORE PANT, Director, IIT Roorkee Photograph courtesy: IIT Roorkee
01 July 2023 | B W BUSINESSWORLD | 85 powerment and impacts the society positively? It is essential to recognise the startup culture in today’s dynamic environment by creating an ecosystem that supports young minds. Healthcare, defence, AI, urban planning, and mobility have developed into key research areas today. Since these fields are expanding rapidly, we must inspire students to learn more about them, express their creativity, or launch their own businesses. Our focus covers science, technology, math, medicine, and management in addition to more conventional fields. We work on projects with different teams that include scientists, economists, and management experts. Our goal is to instil an entrepreneurial mindset in students and empower them to create jobs and contribute to the ‘Make in India’ initiative. What have been some of the landmark transitions in the pedagogy, course structure and experience that students get at IIT Roorkee in the last five years? Moving forward, what elements of Covid-time teaching-learning does the institute plan to retain? In recent years, there have been significant changes in the pedagogy, curriculum structure, and overall student experience at IIT Roorkee. Courses like Indian knowledge system, cognitive science, behavioural management and the concept of inclusivity, diversity and equity (IED) aiming at holistic development of the students have been included. IIT Roorkee also has an Extensive Professional Experience Scheme under which candidates working in government organisations/laboratories, PSUs, and reputed companies who have demonstrated research potential through research papers in reputed journals/patents/technology transfer may apply for PhD in the institute. We have shifted towards a more practical-oriented approach which is relevant to the society, startups etc. where knowledge is applied and implemented and technology can be developed aiming towards an Aatma Nirbhar Bharat. We emphasise the importance of impactful research and projects that address real-world problems faced by industries, MSMEs, and society at large. The teaching-learning process has undergone a significant transformation. We have adopted new teaching styles and techniques to engage students and promote active learning. What work has been done on the research, incubation, and startup front in the last few years? What has been the translatability of that research? A s mentioned, we encourage students to develop ideas and projects, providing financial support and mentorship. They have fostered around 150 startups, with notable examples including Sattviko, a healthy snack startup; CogniAble, focussed on autism therapy using AI and ML; Log 9 Materials, a nanotechnology startup for advanced energy solutions; FieldEz, offering field service management solutions; Proctur, an edtech startup for exam management; Cellestial E-Mobility, developing electric vehicles; and Oizom, an environmental monitoring startup. The institute actively supports entrepreneurship through various incubation schemes for faculty, for example Technology Readiness Level Booster Scheme (TRLB) and Faculty Entrepreneurship Policy (FEP). The main purpose is to promote technology advancement and to cultivate an entrepreneurship culture. Many centres, mentorship programmes, and funding opportunities enable students to transform their innovative ideas into successful ventures. “The institute actively supports entrepreneurship through incubation centres, mentorship programmes, and funding opportunities, enabling students to transform their innovative ideas into successful ventures”
86 | B W BUSINESSWORLD | 01 July 2023 IIT Guwahati has been doing phenomenally well in national and international rankings. What goes into the success of the institute? Also how does the institute attract the best of faculty and industry experts for the benefit of students? Definitely the success of any institute depends on the quality of manpower that it has. Just 15 to 20 years ago, IITs were really very famous for their UG students alone. We get the best of the best from across the nation through our JEE exam, the Joint Entrance exam, preparing the question paper, analysing how they were performing. Once they enter the IIT, then the engineering faculty takes over their education. But now we realise that academics and the research must go hand-in-hand. We also have to develop labs and foster research. We have created positions like visiting professors, honorary professors, and invite industry experts as ‘professor of practice’. It’s not only at an entry level that we are inviting them; they can be at an associate level or even a full professor level. And they can also be guide or co-guides for guiding MTech or PhD students. That is how we ensure that the best manpower available anywhere in the country comes to us and we also ensure that the research ecosystem grows and is at par with the best in the world. What is the social impact of the research that you are TOP ENGINEERING COLLEGES IIT Guwahati doing, especially since IIT Guwahati is placed in a seismic and landslide zone? Our responsibility in this regard is very high. This region is prone to natural disasters – we are in seismic zone 4, and we suffer floods and cyclonic storms. We are working together with various disaster management authorities. In fact, on the insistence of the Prime Minister, we have set up the Centre for Disaster Management and Research (CDMR) to integrate expertise of various departments. We are testing the impact of high speed railways to anaylse what happens when a train passes at very high speed, in different soil conditions. And we are working very closely with various self-help groups in the region to provide technologies that enhance productivity. The region is rich in biodiversity, but most PARAMESWAR K. IYER, Officiating Director, IIT Guwahati, describes the social impact that this lone IIT in the North-East is creating By Meha Mathur “Providing Technologies For Regional Development” Q & A PARAMESWAR K. IYER, Officiating Director, IIT Guwahati
01 July 2023 | B W BUSINESSWORLD | 87 of the places are not acceptable. We provide technologies to increase the shelf-life of food items. It also helps the armed forces where transportation in remote locations is a problem. We have technologies for waste management that are of use for the armed forces at higher altitude. Rather than bring it down, the waste can be used as construction material, using a 3D printer. These technologies are economically very beneficial for a country like India. We are striving to achieve Sustainable Development Goals (SDGs) by 2030. As the head of a premier engineering college, what approach would you suggest towards sustainability? The United Nations has come up with 17 SDGs and every nation in the world has to implement these by 2030. In addition to the 17 goals, there are 169 targets to be achieved. We as an academic institute are involved in implementing those goals in whatever way that we can do. As a leading technology institute, we are also ensuring that the technology related to all these goals is developed and we are really focussed on developing technologies that are needed, rather than depending on technologies from the western countries. The Times Higher Education Rankings bring out Times Higher Education Impact Ranking and this year we have performed well in Goal 7 that is affordable and clean energy and have been ranked 6th. We are working very hard to develop technologies pertaining to sanitation and clean water. We have a Water Centre at IIT Guwahati and we are working very closely with almost all the governments in the North-East region to ensure utilisation of rainwater. The institute has also initiated a special course on Sustainable Development Goals as a compulsory course. Given the centre-stage that AI has come to occupy, how is the institute responding to the industry needs? And what are some other new-age courses that the institute is offering? This is the era of artificial intelligence and data science and we definitely cannot get away from that. We have been teaching different aspects of AI, data science and data system for quite some time and by multiple departments which have been updated. Various departments like computer science, engineering, mathematics and computing and electronics department have come together to initiate a masters programme on data science. We were also fortunate to have a philanthropist from the US who has funded a School for Data Science and Artificial Intelligence. We are also looking at other emerging programmes where interdisciplinary expertise is needed. We have also started a School of Business where again our students because of the demand from the industry can audit courses in various management courses. We have a School for Health Science and Technology, we have a masters programme in biomedical devices. Regenerative medicine is another important area where we are working. We have got a major funding from Assam state that is funding us to set up a medical school. The foundation stone for that was laid on April 14 by the Prime Minister of India. “As a leading technology institute we are focussed on developing technologies that are needed for fulfilling SDGs, rather than depending on technologies from the western countries”
88 | B W BUSINESSWORLD | 01 July 2023 What goes into the making of a great engineering institute, and how has IIT Kanpur, which has a great legacy, transformed itself to meet the 21st Century needs? Building a pioneering and state-of-the-art engineering institute or any academic institution, not only takes years of collective efforts from all stakeholders but is a continuing process of adapting to rapid changes in the field in addition to contributing by engaging in path-breaking research. The institute has always stayed ahead in terms of outlook and output. August 1963 changed the face of computer education and research in the country with the first IBM 1620 computer installed at IIT Kanpur. This marked a new era for India, with the first-ever computer course starting at IIT Kanpur. Since then, we have never looked back and have consistently been maintaining our leadership position in this domain. Our strong emphasis on interdisciplinary education, promoting collaborations across engineering, sciences, humanities, and management, enables our students to develop a broader perspective and interdisciplinary problem-solving skills, which are crucial in today’s complex and interconnected world. Our flourishing technology business incubator – Startup Incubation & Innovation Centre – offers entrepreneurship opportunities across diverse domains such as cyber security, blockchain, defence, medtech, AI/ML, cleantech, greentech, agritech, fintech etc. Whether it is in academTOP ENGINEERING COLLEGES IIT Kanpur ics or in research and innovation, we cater to the growing needs of the present and the future. With AI causing big disruptions, and also with the massive lay-offs by big corporations in the last one year or so, how are engineering colleges bracing for the new challenges at this juncture, and what is the priority for faculty and students at a premier institute like IIT Kanpur? As a higher educational institute, we recognise the criticality of addressing these challenges and preparing our faculty and students accordingly. For students, rather than fixating on potential job losses with the advent of AI, the emphasis should be on preparing for the new paths and opportunities it will create. A well-rounded education ABHAY KARANDIKAR, Director, IIT Kanpur, describes how this legacy institute continues to be in the top league of engineering colleges By Meha Mathur “We Have A Portfolio Of Over 150 Incubated Startups” Q & A ABHAY KARANDIKAR, Director, IIT Kanpur
01 July 2023 | B W BUSINESSWORLD | 89 that combines technical proficiency with soft skills, critical thinking, and adaptability, will be key, going ahead. IIT Kanpur is already actively offering various UG, PG and eMasters programmes that cater to AI/ML directly or correlatively. Under the guidance of renowned faculty members, students are being engaged in large and collaborative R&D projects having real-life applications, ensuring they are job-ready upon graduation. How can engineering colleges enable a meaningful career for their students, one that gives financial empowerment and also impacts society positively? At IIT Kanpur, we have an impressive track record of placements, with our students securing significant opportunities nationally and globally. Apart from the regular placements, one of our key focus areas over the last few years, has been to promote entrepreneurship among graduating students so that they can become job creators, rather than merely job seekers. We have a Student Entrepreneurship Policy which encourages students to incubate startups. This policy provides an option for students to undertake entrepreneurship activities under a faculty or external mentor by two distinct routes - (1) by registering for the semester and opting for ‘Innovation and Entrepreneurship Credits’ (IEC), or (2) by taking a semester drop for doing innovation and entrepreneurship activities (in which case, no IEC credit registration is necessary). What work has been done on the research, incubation, and startup front in the last few years? IIT Kanpur has made significant strides in research and innovation in recent years. We’re glad that in the recent NIRF 2023, we have been ranked number one in the Innovation category. This bears testimony to the significant growth of IIT Kanpur’s innovation ecosystem in recent years. Our Startup Incubation & Innovation Centre has experienced rapid expansion, nurturing startups in some of the most cutting-edge technologies such as cyber security, blockchain, defence, AI/ML, cleantech, greentech, agritech, and fintech. One of our notable strengths at IIT Kanpur is the establishment of a robust management system for intellectual property rights protection and technology commercialisation. We filed a record-breaking 109 IPRs in 2022 and 960+ overall IPRs till date, along with licensing 132 technologies to industry partners. Our diverse portfolio of more than 150 incubated startups covers innovations in social impact, disability assistance, medical technology, agritech, sustainability and various other areas. In terms of research, during Covid, our research team completed the herculean task of developing a low-cost ICU ventilator within just 90 days. We also worked on developing N95 masks, ‘Sanjeevani’ oxygen concentrator, and many more life-saving devices. We are striving to achieve SDGs by 2030. As the head of a premier engineering college, what approach would you suggest towards sustainability? Sustainability is a collective responsibility of all. As higher educational institutes, we do have a greater role to play in terms of newer innovations and execution of sustainability frameworks. But before starting elsewhere, I think we can start within our own campuses. One prime step is to make IIT campuses carbon-neutral as these already cover large landmasses. Under the Chandrakanta Kesavan Centre for Energy Policy and Climate Solutions at IIT Kanpur and with collective efforts under the Sustainable Energy Engineering Department, we’re aiming for a net-zero campus by 2030 in carbon, water and landfill waste. We already have vehicular regulations in place. Moreover, with the formation of students-led ‘sustainability cell’ and Indian Green Building Council (IGBC) Student Chapter, we are connecting the students to a larger community. “We’re glad that in the recent NIRF 2023, we have been ranked number one in the Innovation category. This bears testimony to the significant growth of IIT Kanpur’s innovation ecosystem in recent years” Photograph courtesy: IIT Kanpur
90 | B W BUSINESSWORLD | 01 July 2023 In the wake of rapidly changing technologies, especially AI, how is your institute preparing its students for the future? At Amity University Gurugram (AUG), we are conscious of the tremendous opportunities provided by the global tech revolution, which has given rise to phenomena like user experience, artificial intelligence, machine learning, and robotics. By introducing domain specialisations in line with the most recent industry requirements, the Amity School of Engineering and Technology is preparing its students to be future-ready and multitaskers. The teaching-learning environment at AUG has been revitalised to create a greater space for application orientation TOP ENGINEERING COLLEGES Amity University and project-based learning. The Engineering School of AUG has facilities like smart classrooms, robot lab and smart labs outfitted with topof-the-line computing equipment to augment the overall learning experience of the young inspired minds of students. The advanced research labs and innovation incubator of AUG further provide opportunities for deep learning and translation of ideas into products and innovative applications to further enhance students’ capabilities of joining the hi-tech enterprise development and foster start-ups. What are the skill areas that you are focussing on? At AUG the focus of higher-end skill development is on P. B. SHARMA, Vice Chancellor, Amity University Gurugram, says the emphasis is on enabling students to become multitaskers and future-ready By Shruti Tripathi “Our Focus Is On Higher-end Skills Development” Q & A P. B. SHARMA, Vice-Chancellor, Amity University Gurugram Photograph by Suresh Gola
01 July 2023 | B W BUSINESSWORLD | 91 areas such as blockchain technology, machine learning, artificial intelligence, data science, big data analytics, cloud computing, internet of everything, cyber security, robotics and unmanned autonomous vehicles. Blockchain is a very powerful technology which is still in its infancy, but its future is very exciting. There are many ways that blockchain technology can be applied to our world today to make certain industries more secure, efficient, and trustworthy. Artificial intelligence and machine learning are at a very exciting stage right now, and many people are excited about what the future holds for them. This is also in line with the NEP 2020 which is talking about a multidisciplinary and holistic approach. We also focus on cloud computing, data science, cyber security and the internet of everything. AI in the current world is omnipresent; it has made its way in the service sectors on numerous levels. In the current automated world, it is quite rare to find a sector or horizon untouched by AI. Thus, pursuing this field will enable the individuals in obtaining these highly favourable jobs which are only bound to increase with time. What are the industry connections and tie-ups that the institute has forged for the benefit of students? Industrial connections can have access to the latest technology and management developments. Industry can keep the students updated in terms of skills and knowledge through refresher courses. To provide the same, there are several collaborations and tie-ups with the industry like CICSO, Microsoft, and Network Bulls. Several industrial visits are planned from time to time for industrial exposure. MoUs are signed for providing students and faculty with hands-on experience during various internships, workshops and faculty development programmes (FDPs) on the updated technology. What is the research thrust at the institute? Amity University Gurugram is a research and innovationdriven university with a strong focus on research in thrust areas and on the translation of research to serve the cause of solution research for the industry and India’s science and technology missions. The university focusses on interdisciplinary and inter-departmental collaborative research which also includes consortia research in partnership with other reputed institutions and R&D organisations in India and abroad. The functional research clusters at AUG are in the following specialities: data science, blockchain technology, quantum computing, cyber-physical systems, etc. What are some of the significant infrastructure upgrades that have happened on the campus? AUG is one of the top ranked universities in India and is equipped with world-class infrastructure. The classrooms have been remodelled to facilitate a smart tech-savvy learning environment and the laboratories have been revitalised to provide research-integrated skill development. The university has also set up a centralised instrumentation research facility, CIRF, that has the most modern equipment for research in areas of nano science and technology. Overall, what kind of experience do students get on the campus? The university provides an amazing and world-class experience to the students. In terms of academics, students are facilitated with the availability of several software, hardware, and fully equipped hi-tech research labs to pursue their interest in project-based learning and technology incubation in emerging areas of science and technology. The lush green campus, duly certified as LEED Platinum Green Campus by USGBC provides an environment of living and learning in harmony with nature and with high compliance to sustainability. “The university focusses on interdisciplinary and inter-departmental collaborative research which also includes consortia research in partnership with other reputed institutions and R&D organisations in India and abroad”
92 | B W BUSINESSWORLD | 01 July 2023 RANKINGS 2023 OVERALL 1 Indian Institute of Technology Bombay Maharashtra West India Public 19.2 14.8 19.4 18.5 15 9.6 96.5 2 Indian Institute of Technology Madras Tamil Nadu South India Public 18.8 14.5 19.4 19 14.8 9.2 95.7 3 Indian Institute of Technology Delhi Delhi North India Public 18.6 14.3 19.2 19 14.8 9 94.9 4 Indian Institute of Technology Kharagpur West Bengal East India Public 18.5 14.3 19 18.8 14.7 8.8 94.1 5 Indian Institute of Technology Kanpur Uttar Pradesh North India Public 18.5 14.2 18.8 18.6 14.7 8.8 93.6 6 Indian Institute of Technology Roorkee Uttarakhand North India Public 18.3 14 18.8 18.6 14.6 8.7 93 7 Indian Institute of Technology (Banaras Hindu University) Varanasi Uttar Pradesh North India Public 18.3 14 18.7 18.4 14.5 8.6 92.5 8 Indian Institute of Technology Guwahati Assam North East India Public 18.2 14 18.6 18.3 14.4 8.6 92.1 9 Indian Institute of Technology Indore Madhya Pradesh Central India Public 18.1 13.9 18.5 18.3 14.4 8.5 91.7 10 Indian Institute of Technology (Indian School of Mines) Dhanbad Jharkhand East India Public 18 13.8 18.7 18.3 14.2 8.5 91.5 11 Institute of Chemical Technology Maharashtra West India Public 17.9 13.7 18.7 18.3 14.2 8.6 91.4 12 Jadavpur University West Bengal East India Public 17.9 13.7 18.6 18.1 14 8.6 90.9 13 Anna University Tamil Nadu South India Public 17.7 13.6 18.6 18.2 14 8.5 90.6 14 Birla Institute of Technology & Science Rajasthan North India Private 19 13.4 19 18.3 13.8 6.7 90.2 15 Manipal Institute of Technology Karnataka South India Private 18.9 14.4 19.2 18.3 11.6 7.7 90.1 16 Indian Institute of Technology Hyderabad Telangana South India Public 17.6 11.5 18.5 18 14.2 8.5 88.3 17 Indian Institute of Technology Ropar Punjab North India Public 17.6 13.5 17.1 18 13.4 8.4 88 18 Indian Institute of Technology Mandi Himachal Pradesh North India Public 17.7 13.3 18.4 15.8 13.8 8.4 87.4 BW Rank 2023 Institution State Region Category Research Excellence (20) Innovation (15) Teaching (20) Employment (20) Infrastructure (15) Inclusiveness And Social Impact (10) Total (100) BW BUSINESSWORLD BEST ENGINEERING COLLEGES & UNIVERSITIES 2023
01 July 2023 | B W BUSINESSWORLD | 93 19 Indian Institute of Technology Gandhinagar Gujarat West India Public 17.5 13.4 18.2 15 13.8 8.2 86.1 20 SRM Institute of Science and Technology Tamil Nadu South India Private 17 13.3 18.9 14.1 14.4 7.6 85.3 21 Amity University Uttar Pradesh North India Private 18.1 14.2 14.9 14.1 14.3 9.5 85.1 22 Galgotias University Uttar Pradesh North India Private 12.6 14.1 18.7 16 14.2 9.4 85 23 PSG College of Technology Tamil Nadu South India Private 14.6 14 14.8 18 14.4 9.1 84.9 24 Birla Institute of Technology Jharkhand East India Private 14.5 13 15.9 17.8 14 9.2 84.4 25 Amrita School of Engineering Tamil Nadu South India Private 14.4 13.4 16.4 17.9 13.9 8.3 84.3 26 Indian Institute of Technology Patna Bihar East India Public 17.3 13.3 14.1 17.3 13.9 8.2 84.1 27 Indian Institute of Technology Bhubaneswar Odisha East India Public 17.3 13.2 18 17.7 11.7 6.1 84 28 National Institute of Technology Tiruchirappalli Tamil Nadu South India Public 17.3 13 14 17.7 13.7 8.2 83.9 29 National Institute of Technology Rourkela Odisha East India Public 17.2 13 13.9 17.7 13.8 8 83.6 30 National Institute of Technology Surathkal Karnataka South India Public 17.1 12.9 15.8 17.6 11.6 8.1 83.1 31 National Institute of Technology Warangal Telangana South India Public 15.4 13.9 12.6 17.8 14.1 9.2 83 32 Shanmugha Arts Science Technology & Research Academy Tamil Nadu South India Private 15.3 13.8 13.5 17.9 13.9 8.1 82.5 33 Sri Sivasubramaniya Nadar College of Engineering Tamil Nadu South India Private 18.2 13.7 12.2 15.7 13.2 9.4 82.4 34 RV College of Engineering Karnataka South India Private 16.1 13.7 12.3 17.1 13.8 9.3 82.3 35 Thiagarajar College of Engineering Tamil Nadu South India Private 15 12.9 15.8 17.6 13.6 6.8 81.7 36 Indian Institute of Technology Jodhpur Rajasthan North India Public 14 13 15.7 17.5 13.5 7.8 81.5 BW Rank 2023 Institution State Region Category Research Excellence (20) Innovation (15) Teaching (20) Employment (20) Infrastructure (15) Inclusiveness And Social Impact (10) Total (100) BW BUSINESSWORLD BEST ENGINEERING COLLEGES & UNIVERSITIES 2023
94 | B W BUSINESSWORLD | 01 July 2023 37 Visvesvaraya National Institute of Technology Maharashtra West India Public 16.9 13 13.8 17.4 13.3 7 81.4 38 National Institute of Technology Kurukshetra Haryana North India Public 16.9 12.9 14.5 17.4 13.5 6.1 81.3 39 Aligarh Muslim University Uttar Pradesh North India Public 16.8 12.8 16.6 17.5 9.7 7.8 81.2 40 National Institute of Technology Durgapur West Bengal East India Public 16.7 11.8 14.3 17.4 13.8 7.1 81.1 41 National Institute of Technology Calicut Kerala South India Public 14.2 13.5 13.2 17.5 13.8 8.8 81 42 Sathyabama Institute of Science and Technology Tamil Nadu South India Private 14.4 13.4 14.5 16.4 13.6 8.6 80.9 43 BMS College of Engineering Karnataka South India Private 18 13.3 14.4 15.2 12.7 6.8 80.4 44 Karunya Institute of Technology and Sciences Tamil Nadu South India Private 14.8 13.4 16.9 15.1 12.9 6.9 80 45 MS Ramaiah Institute of Technology Karnataka South India Private 13.9 13.2 15.2 17.1 13.4 7.1 79.9 46 Coimbatore Institute of Technology Tamil Nadu South India Private 14.1 13.1 13.1 17 13.8 8.6 79.7 47 Indian Institute of Engineering Science and Technology, Shibpur West Bengal East India Public 14.7 12.7 14.5 17.2 12.7 7.8 79.6 48 Motilal Nehru National Institute of Technology Uttar Pradesh North India Public 14.7 13.5 15.6 14.3 13.4 7.8 79.3 49 Jawaharlal Nehru Technological University Telangana South India Public 13.7 12.9 17.9 12.6 13.1 8.9 79.1 50 Delhi Technological University Delhi North India Public 16.6 12.6 13.4 16.1 12.7 7.6 79 51 National Institute of Industrial Engineering Maharashtra West India Public 16.5 12.3 13.5 17.1 12.3 7.1 78.8 52 Sona College of Technology Tamil Nadu South India Private 14.7 11 18 15.1 13.3 6.5 78.6 53 Kalinga Institute of Industrial Technology Odisha East India Private 17.3 12.8 13.8 16.8 11 6.8 78.5 54 Kongu Engineering College Tamil Nadu South India Private 13.5 12.8 13.7 16.8 13.2 8.2 78.2 RANKINGS 2023 OVERALL BW Rank 2023 Institution State Region Category Research Excellence (20) Innovation (15) Teaching (20) Employment (20) Infrastructure (15) Inclusiveness And Social Impact (10) Total (100) BW BUSINESSWORLD BEST ENGINEERING COLLEGES & UNIVERSITIES 2023
01 July 2023 | B W BUSINESSWORLD | 95 undergraduate and postgraduate education, student intake, curriculum improvement, infrastructure enhancement, accreditation, research and development, industry interaction, internal revenue generation, collaboration with foreign universities, alumni interaction, entrepreneurship, and social responsibility initiatives. Sona has excellent built and natural campus environment sprawling over 50 acres in the heart of the smart city of Salem. It is one of the first educational institutions to get certified for green building construction. 31 student clubs that shape the personality of students, exceptional placement record, student scholarships programme, Memoranda of Understanding with prominent international and national organisations, incubation and innovation cells, and worldclass R&D facilities define the quality of education. Sona’s world-class facilities include the 36+ Advanced Centres for Research which were inaugurated by former President, Dr.A.P.J Abdul Kalam. One of the centres, Sona Speed, has been developing and supplying flight model brushless motors for ISRO and VSSC space missions. Awards Sona College of Technology has been recognised with awards and accolades for its efforts to build a world-class institution. The awards include the Education Evangelist of India Award and the Edupreneur Award for our Chairman, Shri C. Valliappa’s extraordinary steps in institutional building. Sona has been conferred with AICTE-CII award for the Best Industry Connect for seven consecutive years. Placements Sona College of Technology has nurtured strong industry connections and has a successful placement track record. In the current year, 94.5 per cent of students were placed, with an average CTC of Rs 5.5 lakh per annum. The placement cell has close ties with 75 major recruiting partners. Sona College of Technology’s Centre for Japanese Language offers courses by native Japanese language teachers, in addition to the training by bi-lingual professionals. During the last three years 50 students have got placed in Japan. S ona College of Technology takes immense pride in shaping thousands of highly skilled engineers who are making a distinct mark in the industry. As one of the most reputed technological colleges in South India, Sona continues to carry forward the legacy of excellence in education, philanthropy, and social responsibility that was inherited from its Founders, Shri Karumuttu Thiagarajar and Shri M.S. Chockalingam. The focus has always been on providing world-class technological education to rural and small-town students, while scaling global identity. Sona College of Technology has been paving the way forward under the visionary leadership of Chairman, Shri C. Valliappa, ViceChairmen, Mr. Chocko Valliappa and Mr. Thyagu Valliappa. Their unwavering commitment to quality education has resulted in the college becoming one of the leading institutions in the country within a span of 26 years. Growth and Development Sona College of Technology has grown from 165 students in 1997 to over 5000 today, offering 12 UG, 12 PG, MCA, MBA, and Ph.D. courses in all major disciplines. Sona has recently started B.E. in AI&ML, and Data Science in order to prepare students with the most in-demand industry skills in these emerging areas. The college takes earnest steps to implement its perspective plan of improving Dr Senthilkumar S R R, Principal, Sona College of Technology Sona College of Technology: BREAKING BARRIERS, SHAPING THE FUTURE OF THE NEXT GENERATION Sona College of Technology’s focus has always been on providing world-class technological education to rural and small-town students, while scaling global identity BW; BUSINESSWORLD Feature Presentation
96 | B W BUSINESSWORLD | 01 July 2023 55 Jaypee Institute of Information Technology Uttar Pradesh North India Private 13.4 12.7 15.5 16.4 13.1 7 78.1 56 PES University Karnataka South India Private 14.3 12.6 15.6 14.6 13 7.9 78 57 GITAM University Telangana South India Private 14.1 12.6 13.2 16.5 13.1 8.3 77.8 58 Pondicherry Engineering College Pondicherry South India Public 14.2 12.4 15.1 16.8 13.3 5.9 77.7 59 Jamia Millia Islamia Delhi North India Public 15.4 12.4 13.9 16.6 13.3 5 76.6 60 College of Engineering Maharashtra West India Public 12.1 12.2 14.5 16.7 13.2 7.7 76.4 61 Chitkara University Punjab North India Private 13.1 12.5 14.4 16.4 12.6 7.3 76.3 62 Bharati Vidyapeeth Deemed University College of Engineering Maharashtra West India Private 12 12.2 15.4 16.4 12.7 7.5 76.2 63 MIT - World Peace University Maharashtra West India Private 13.3 12.3 15.4 16.3 12.7 6 76 64 CV Raman College of Engineering Odisha East India Private 12.9 12.1 14.9 16.2 12.9 6.9 75.9 65 Hindustan Institute of Technology and Science Tamil Nadu South India Private 12.8 12 14.3 16.1 12.6 7.7 75.5 66 Malaviya National Institute of Technology Rajasthan North India Public 12.4 12.3 13.2 17 13 7.4 75.3 67 Maulana Azad National Institute of Technology Madhya Pradesh Central India Public 13.4 12.4 13 17 12.2 7 75 68 Sardar Vallabhbhai National Institute of Technology Gujarat West India Public 12.4 12.2 13 16.9 13.3 7.1 74.9 69 National Institute of Technology Silchar Assam North East India Public 13.9 12.1 14.4 13.8 13.5 6.9 74.6 70 Punjab University Chandigarh North India Public 12.6 12.2 13.7 15.7 13.3 7 74.5 71 Apeejay Stya University Haryana North India Private 14.4 11.6 13.9 16 12.5 5.7 74.1 72 Kumaraguru College of Technology Tamil Nadu South India Private 13.7 11.8 13.6 16 11.3 7.6 74 73 CMR Institute of Technology Karnataka South India Private 13.6 11.9 14.4 14.8 12.3 6.9 73.9 RANKINGS 2023 OVERALL BW Rank 2023 Institution State Region Category Research Excellence (20) Innovation (15) Teaching (20) Employment (20) Infrastructure (15) Inclusiveness And Social Impact (10) Total (100) BW BUSINESSWORLD BEST ENGINEERING COLLEGES & UNIVERSITIES 2023
01 July 2023 | B W BUSINESSWORLD | 97 74 Sharda University Uttar Pradesh North India Private 13.3 11.8 13.1 15.8 12.4 7.4 73.8 75 KIET Group of Institutions Uttar Pradesh North India Private 13.4 10.7 14.8 15 12.5 7 73.4 76 Koneru Lakshmaiah Education Foundation University Andhra Pradesh South India Private 12.5 11.5 13.6 15.7 12.4 7.3 73 77 Mukesh Patel School of Technology Management and Engineering Maharashtra West India Private 12.8 11.4 14.8 14.8 12.3 6.7 72.8 78 National Institute of Technology Hamirpur Himachal Pradesh North India Public 12.2 12.3 13.5 14.7 13.2 6.5 72.4 79 Defence Institute of Advanced Technology Maharashtra West India Public 13.7 12 12.7 14.8 13.1 6 72.3 80 Sri Venkateswara University Andhra Pradesh South India Public 12.6 12 13 14.6 13 6.8 72 81 Manav Rachna International Institute of Research and Studies Haryana North India private 13.1 11.8 11.6 15.5 12.8 7 71.8 82 AU College of Engineering Andhra Pradesh South India Public 12.2 11.9 12.4 16.4 12.9 5.8 71.6 83 College of Engineering Trivandrum Kerala South India Public 12.3 11.7 13.4 16.2 12 5.9 71.5 84 Indraprastha Institute of Information Technology Delhi Delhi North India Public 13.2 11.8 11.3 16 12.6 6.3 71.2 85 University College of Engineering Telangana South India Public 12.8 11.6 11.6 16.3 12.7 6 71 86 Army Institute of Technology Maharashtra West India Public 11.8 11.5 12.7 15.2 12.9 6.8 70.9 87 Government College of Technology Tamil Nadu South India Public 11.5 11.6 12.6 16.1 13 5.8 70.6 88 Guru Gobind Singh Indraprastha University Delhi North India Public 11.7 11.4 12.4 16 12.6 6.2 70.3 89 Indian Institute of Information Technology Allahabad Uttar Pradesh North India Public 12.3 11.3 12.1 15.9 12.7 5.7 70 90 National Institute of Technology Agartala Tripura North East India Public 12.3 11.2 12 15.9 12.5 5.9 69.8 RANKINGS 2023 OVERALL BW Rank 2023 Institution State Region Category Research Excellence (20) Innovation (15) Teaching (20) Employment (20) Infrastructure (15) Inclusiveness And Social Impact (10) Total (100) BW BUSINESSWORLD BEST ENGINEERING COLLEGES & UNIVERSITIES 2023
98 | B W BUSINESSWORLD | 01 July 2023 91 National Institute of Technology Meghalaya Meghalaya North East India Public 11.4 11 12.7 16 12.8 5.7 69.6 92 National Institute of Technology Raipur Chhattisgarh Central India Public 12.1 11.3 12.4 15.8 12.4 5.5 69.5 93 Sir Padampat Singhania University Rajasthan North India Private 12.3 11.6 13.5 13.6 12.2 6.1 69.3 94 NITTE Meenakshi Institute of Technology Karnataka South India Private 11 11.4 12.9 15.7 12.2 5.8 69 95 REVA University Karnataka South India Private 12 11.2 13.2 14.6 12.1 5.8 68.9 96 International Institute of Information Technology Maharashtra West India Private 11.9 11.2 12.9 13.5 12.2 6.9 68.6 97 Dayanand Sagar College of Engineering Karnataka South India Private 12.2 11.1 13.1 14.5 12 5.5 68.4 98 Sagi Ramakrishnam Raju Engineering College Andhra Pradesh South India Private 12.2 11.1 13.1 14.5 12 5.5 68.4 99 Vel Tech Rangarajan Dr Sagunthala R&D Institute of Science and Technology Tamil Nadu South India Private 12 11 12.3 15.4 12 5.5 68.2 100 Presidency University Bangalore South India Private 12.2 11.1 11.3 15.3 11.8 6.3 68 101 Alliance University Karnataka South India Private 11.4 11.2 12.3 15.2 11.8 6 67.9 102 Pandit Dwarka Prasad Mishra Indian Institute of Information Technology, Design and Manufacturing (IIITDM) Jabalpur Madhya Pradesh Central India Public 11.7 10.8 12.1 15.3 12.3 5.6 67.8 103 Shri Mata Vaishno Devi University Jammu and Kashmir North India Public 12 10.5 12.2 15.2 12.1 5.5 67.5 104 Sreenidhi Institute of Science & Technology Telangana South India private 11.3 11 12.4 14.4 12.3 5.9 67.3 105 Kalasalingam Academy of Research and Higher Education Tamil Nadu South India Private 12.4 11 11.2 15.2 11.6 5.7 67.1 106 Saveetha Engineering College Tamil Nadu South India Private 12 10.9 12.2 15 11.3 5.6 67 BW Rank 2023 Institution State Region Category Research Excellence (20) Innovation (15) Teaching (20) Employment (20) Infrastructure (15) Inclusiveness And Social Impact (10) Total (100) RANKINGS 2023 OVERALL BW BUSINESSWORLD BEST ENGINEERING COLLEGES & UNIVERSITIES 2023