31 DECEMBER 2022 BW BUSINESSWORLD

AUTHOR

SPEAK

This book documents BIBEK DEBROY
the history of fountain
pens (ink and nibs) Chairman, Economic Advisory Council to the Prime Minister
manufacture in Featured Book: Inked in India: Fountain Pens and a
India and links it with Story of Make and Unmake
economic policy

A Make & first thing this book does. It is a documenta-
Unmake tion, hopefully exhaustive, of all Indian man-
Story ufacturers of fountain pens, ink and nibs,”
says Debroy.
By Team BW
Linked to the Economic Story
When Bibek Debroy, Chairman of the The book also illustrates how faulty economic
Prime Minister’s Economic Advisory policies destroyed the manufacture of foun-
Council decided to write this book tain pens and inks over time. At the time of
along with Sovan Roy, the duo chose a independence, there were foreign and domes-
somewhat unusual topic. As the name suggests, tic manufacturers. The first thing that cut the
‘Inked in India - Fountain Pens and a Story of Make economic story short was the clamping down
and Unmake’ is about fountain pens, nibs and ink. on ink pots.
The book traces the history of not pens in general but
the ones specifically made in India. “That was competition from abroad,”
explains Debroy, adding, “The next thing was
Why Fountain Pens? the reservation for the small-scale sector,
“Most will wonder why is one talking about fountain restricting entry from the large-scale sector.
pens. Aren’t fountain pens dead? The way technology The third thing was the Foreign Exchange
is advancing will people write anymore?,” asks Regulation Act of 1947 which led to several
Debroy, who has authored several books, as he took exits of large companies. Then there was lib-
the stage at the India Business Literature Festival eralisation that made it difficult for Indian
(IBLF) – Delhi Chapter. companies to survive.”

Industry estimates indicate that fountain pens The Changing Story
account for about 10 per cent of the writing instru- In the last two decades, much has changed.
ments market in India. Indian manufacturers today can hold their
own with the best of the world. Debroy states
“This book does two different things. Apart from that they have marketing and distribution
journalistic accounts, you will not find an account problems as they are micro, small and
that catalogues the manufacturing of all of these medium enterprises. “Not many would know
items in India. There is no coherent history in one that a brand such as Sheaffer is now an Indian
place of the manufacture of all of these. This is the company by acquisition. Among the five best
nib manufacturers in the world, two are
Indian,” he says.

The book documents the history and links
it with economic policy. Hence it is called
‘make and unmake of India’s fountain pens’.
The co-author is also a collector of Indian
fountain pens like I am and is based in
Kolkata, where he works for the West Bengal
government. This is all I have to say. For the
rest, read the book,” asserts Debroy.

101 | BW BUSINESSWORLD | 31 December 2022

KARAN BAJAJ Codifying
Life
Founder Whitehat Jr. (acq Byju’s) & Bestselling Novelist Lessons
Featured Book: The Freedom Manifesto: 7 rules to live the life of your calling
The great part of a creative The freedom in the book is about spiritual
project is that you pour all of your freedom in some sense. The first rule is
life into it. When you attempt very mathematical on what is financial
another, you have to fill up the freedom. I did not have a concrete answer
well again to that question. The four per cent rule is
very well-researched. It is basically that if
By Team BW you have a projected annual income on
which you want to live all your life, the
This is your first non-fiction book. What is dif- capital you need is that amount divided by
ferent about it? four per cent.
I have written three novels before this. The single big-
gest difference is that novels are very character-led How do you make a book interesting?
and you follow that journey as they evolve. In this one, Is it an innate talent or acquired?
codifying certain principles was very new to me. Non- If you live an interesting life, you will write
fiction writing is different from writing a novel as the interesting stories. Since I was backpack-
focus here was on sharing lessons learned from my ing a lot early on, I wrote about that and
experiences. the book did well. But when I tried to write
my second book, I realised there was noth-
How did you plan and go about the book? ing to write.
I was trying to codify many of the rules that I learned.
For example, the 90 per cent failure, 100 per cent The great part of a creative project is
learning rule. that you pour all of your life into it. When
you attempt another, you have to fill up
I was very fortunate to see three creative industries the well again. I wrote my first book in my
upfront. In my novel writing days, I learned how a early 20s and one of my biggest regrets is I
zero-to-one novel is created. In media, I saw how did my first creative project very late. If it
movies and TV channels work and then the startup was earlier, I would have much more pan-
sector. Surprisingly, the stats of the three industries oramic life.
are the same. Only 10 per cent of zero-to-one projects
work. There is a 90 per cent failure rate. Also, a disciplined routine frees you up
to live your life. I would come back from
To me, that was not important. Because when you the office and write 400 words daily and
do a zero-to-one project, you learn so much about about 1000 words over the weekend. If
yourself and grow so much that the next better will you can just do that, you realise you can
have better odds. finish a book in three months.

Tell us more about the ‘freedom’ and the ‘four
per cent rule’ in the book.

102 | BW BUSINESSWORLD | 31 December 2022

AUTHOR

SPEAK

To Love GURCHARAN DAS
What
You Do Former CEO, Procter & Gamble, India and Author
Featured Books: Making a Life trilogy
There are about 100
books that I would say Shakespeare and Greek tragedies or even the Karl
to anyone to just search Marx book Das Kapital, which too is a classic.
online. If you just read There are about 100 books that I would say to any-
these, you have made a one to just search online. If you just read these, you
life, you don’t need to go to have made a life. You don’t need to go to Harvard or
Harvard or Oxford Oxford or any such places. You can be anywhere.
But don’t just consume them, you must interrogate
By Team BW them, question them.

You have a trilogy on books decoding How long did it take for you to write a book?
life. Please tell us more about them and What was the process like?
why a trilogy. It takes me four to five years to write one book. I try
These are essentially the three goals of life. to confine myself to writing one at a time. I research,
The first book ‘India Unbound’, focuses on to begin with, but I am also writing at the same
artha, which is material well-being. The sec- time. Every day, I try to write a para or two. Even
ond book, ‘The Difficulty of Being Good’ when I am researching, I write down what it had
emphasises dharma, which is moral well- meant for my book.
being. And the ‘Riddle of Desire’ is on kama.
Would you like to share any advice for aspir-
It was not a deliberate decision to write ing writers?
about the three goals but it was my good for- You have to first learn to love what you do. You have
tune that I have covered these three. The to acquire a love for writing, a love for words and
goals of life are human potentialities. When then you have to take it seriously. Many people do it
you fulfil your capabilities, you are on your as a hobby but you have to take the hobby seriously.
way to living a flourishing life and that is one It cannot be that you come at it on and off depend-
way to be happy. Each book deals with one. ing on your mood. That cannot be the approach.
There are four books in this series. The
fourth one, on moksha, is coming next year.

Who are some of your favourite writ-
ers?
For me, it is the classics like Mahabharat,

103 | BW BUSINESSWORLD | 31 December 2022

MUKESH BATRA Remembering
Roots
Founder & Chairman, Dr. Batra’s Group of Companies
Featured Book: The Nation’s Homeopath I was very keen that this
book is published as a
biography as well as a
business book because it’s
your past that determines
your present and future

By Deep Majumdar you can imagine what Agra was like when I lived
there. You can imagine what World War II was like
You have written several books so far. when my nana left Burma and came back. It is very
What makes ‘The Nation’s Homeopath’ vivid and visual, almost like watching a film.
distinct?
This book was published last year on my 70th This book chronicles seven decades of your
birthday and I was very keen that it should be experience. Could you tell us how homoeopa-
published as a biography as well as a business thy’s perception changed during your career?
book. I believe that it’s your past that deter- It has changed a lot. When I started practising in
mines your present and future. So, you must 1974, which is almost 50 years ago, people didn’t
learn from the values with which you were believe in homoeopathy. You had to be passionate
brought up and the experiences during your about it. You had to talk about it as missionaries do
childhood. and convince them of the goodness of homoeopa-
thy. Today, it is the fastest-growing medicine in the
Please tell us a bit about some of the most world. It is also the second largest system of medi-
important moments that you have tried cine in the world according to the WHO. Today,
to capture in the book. people are moving towards integrated medicine.
I’ve tried to capture everything that I could. I Complementary medicine, as it is also called, is
tried to write this book keeping in mind the now a part of mainstream medicine in many coun-
‘insta’ generation today. I tried to make sure tries.
that each chapter is not more than three to
four pages. Every chapter is written as an inci- The future of medicine is going to be very differ-
dent from which one could learn and they are ent. It is going to be driven by IT and artificial intel-
an important part of my life, be it my business ligence. Alternate medicine is geared toward that
life or my personal life. because many of these are social problems and not
just medical problems. People are looking forward
The way I’ve written my book is almost like to safer medicine since modern medicine has many
a screenplay. When you are reading this book, side effects. They are looking for medicine which is
holistic, cost-effective and easily available.

104 | BW BUSINESSWORLD | 31 December 2022

AUTHOR

SPEAK

Facing Risks KAPIL MEHTA
Head-on
Co-founder, SecureNow Insurance Broker
We tend to not look bad Featured Book: Happily Insured
news in the face. If there
are risks attached to it, we
are more inclined to brush
it under the carpet

By Resham Suhail One of the areas of improvement is the
way grievances are handled. This busi-
What was it that you wanted people to understand ness has many claims, particularly in
when you chose to pen a book on insurance? specific areas such as health insurance.
It is common to see some hesitation when people think about Out of the lakhs of claims that come up
insurance because it is perceived as complicated. I was hop- every day, some get rejected or are
ing that people who read this book, can understand the basic ignored. Eventually, people have to
principles. We tend to not look bad news in the face. If there keep chasing, which is not the best
are risks attached to it, we are more inclined to brush it under experience. I think the way such com-
the carpet. plaints are handled can be better. More
focus on the product to maintain con-
I want people to understand what can go wrong and sistency is also required. In health
make an assessment. In some cases, insurance can help peo- insurance, the regulator has put in a
ple and then they will be much more relaxed about moving minimum standard to ensure certain
forward. That is why the book cover says it’s a guide to lead- guaranteed quality. Similar concepts
ing a stress-free life. Risks are an inherent part of life and we must be put in place for the other
often forget their enormity. insurance as well.

Through this book, how are you attempting to offer an How was your experience of writ-
easy and thoughtful approach to dealing with risks? ing a book?
When I look at my future liabilities in my family and only I loved it but it was a lot more hard
after I understand my personal requirements, I can buy work than expected. I have spent four
insurance. The book focuses on principles. If everybody years doing this. The editors, Harper
understands the basic principles, they can very quickly know Collins, have made me turn things
the requirements and buy the right kind of insurance for around. But it’s been a great experi-
them. It is a very personal decision. ence.

You have been in the sector for so long. What are some
of the areas that can be improved?

105 | BW BUSINESSWORLD | 31 December 2022

SONU BHASIN The Unsung
Heroes
Independent Director and Business Author
Featured Book: Gujarmal Modi: The Resolute Industrialist The challenges for writing
this series are different
from the other books I’ve
written because it is about
bringing alive the stories of
people who are no longer
with us

By Team BW DCM would be among the stories that
began pre-independence. How do you go
This book is part of the series ‘Entrepreneurs about researching and writing these sto-
who built India’. Tell us more about why you ries?
wanted to write about something like this. The challenges that exist for writing this
This is the third book I have written on family busi- series are very different from the other books
nesses, and is the first of the series ‘Entrepreneurs I have written. The other books are about
who built India’. The reason why I write on this sub- people who are still alive, and still in the busi-
ject is that I work in this area. I believe family busi- ness. It is easy to speak with them or people
nesses are the unsung heroes of the Indian economy. who know them or work with them. But this
We know they exist around us but we don’t give them cannot be done with people such as Gujarmal
the acknowledgement they deserve. Many of them Modi or Lala Shri Ram, who are no longer
also have special family issues that are often not dis- with us and whose contemporaries too are no
cussed. longer alive.

Through my writing, I want to bring out the suc- I have to go through archives that exist but
cess stories of various family business owners. In in a very unorganised manner. I have to also
particular, this series showcases the entrepreneurs talk to family members and rely on their
who existed before liberalisation, even before inde- memories. This needs some care because in
pendence and they set the foundation for the Indian some cases, it is the third generation that I
industry as it exists today. speak with and their memories are passed
down from what they have heard from the
When can we expect more under this series? previous generation. It is tedious but I find it
I have just submitted my second manuscript to very enjoyable as it brings alive the people
Harper Collins. It is the story of Lala Shri Ram. His and the stories that have contributed to India.
name is associated with the DCM group and there
are many more to come.

106 | BW BUSINESSWORLD | 31 December 2022

Leaving AUTHOR
The
SPEAK
Comfort
Zone RAKESH DEWAN

Don’t worry too much about Chairman, Star Academy & Home Appliance Company
how long you are going to Featured Book: Take the Chance. Don’t Say No, If You Can Say Yes
live. The more important
part is how much life is there
in your years

By Utkarsh Agarwal What is the one key takeaway you hope
the readers have from the book?
Please tell us more about the thought process I’ll quote from the book- ‘It’s not the years in
behind your book’s title. Were you seeing more your life that matter, it is the life in your
people today saying a ‘no’ or not taking up newer years’. Don’t worry too much about whether
things? you are going to live 80 or 100 years. That is
The instinct to say ‘no’ instead of a ‘yes’ is a comfort desirable for most people but the more
zone phenomenon. People who are in their comfort important part is how much life is there in
zones prefer to be safe. Every time they step out of it, your years. I am living, you are living but
they feel discomfort because they are not used to that some of us are going to use that to enhance
area or to taking a risk. For me, it is not just about the our life and for some, it is about just morn-
people today or this generation but about how their ing, evening and night. One must under-
thought stream runs. Being in a comfort zone is an stand this. When people say life is short,
instinct. It does not matter what age a person is but check how much life is there in your years.
because of this, they miss out on several opportunities Some people are over-focused on the word
in life. success, but success is not about financial or
career success. One needs to relook at life. If
Why did you decide to write this book now? life is short, then am I doing justice to it?
I have had many life experiences that have taught me
that there is a huge difference between being in the We understand you are already work-
comfort zone and being out of it. There are innumera- ing on your next book. What is that
ble examples in my life of how hanging on, and taking a about?
positive view of the situation can turn the situation The second book is already out and it is in
around. Positivity is infectious. We must move forward print right now. The book is about parent-
even in the worst circumstances. We may fail and there ing, a completely different area. But I always
is no guarantee to be successful but not being defeated believe in experimenting. So, my books will
is victory in itself. The situation cannot change, it’s only certainly follow that as well.
our thoughts and mind that can change the situation.
Ultimately, it is about taking control and not being
habitual in your response.

107 | BW BUSINESSWORLD | 31 December 2022

MUZAFFAR ALI Deep
Reflections
Film maker
Featured Book: Zikr: In the Light and Shade of Time Observe people, life and
your environment very
carefully and don’t be in a
hurry because if you are,
you won’t find anything

By Himanshu Kumar Ojha

Could you tell us how you came up with the English, a lot of English poetry, read
name of the book and how it describes the lots of translations of Rumi and read
book? a lot of Urdu poetry and Persian
I think I would give the credit of ‘Zikr’ to my pub- poetry. I’m a very poetry-driven per-
lisher. Zikr is a good name, so I went with it. In son, and I also like to read classics. I
essence, this book is about Zikr — talking about believe whatever has shaped me is in
people whom I have met, who shaped my life, and this book.
whom I have, to some extent, shaped. It’s a com-
pendium of stories, projects, places and anecdotes One key takeaway from this book
of people. That’s how it came to be. for your readers…
Observe people, life and your envi-
Looking back, what is the one thing that you ronment very carefully and don’t be
regret, and one thing that brings a smile to in a hurry because if you are, you
your face? won’t find anything. The observation
I think there are no regrets. This is because I have must be of deep intensity. This is also
followed my heart. Whatever I have done, in reflec- something that I learned from my
tion, brings a smile to my face. Obviously, there father. Many people don’t observe
have been numerous journeys, tasks, love and their parents. They don’t go into what
unfinished poems in my life. Nevertheless, I fol- has made them and how parents are
lowed my heart and tried to do whatever was my concerned about their being what
calling. Therefore, no regrets. they want their child to be. Every
parent wants them to be good human
Who are your favourite writers and which beings, I don’t know any parent who
books do you read? doesn’t. But when you observe them,
I have a very strange combination of reading. I read there is much to be learned.

108 | BW BUSINESSWORLD | 31 December 2022

AUTHOR

SPEAK

A Different NAMRATA RANA
Perspective
Director - Strategy, Futurescape
I don’t think of myself as a writer Featured Book: Shift: Decisions for a Net Zero World
but a person with a point of
view. These are just notes taken
at various points in time and
eventually stitched together

By Shruti Tripathi As a writer, what subjects inter-
est you and what would be the
Why did you decide to pen down on this subject? topic of your next book?
What was the idea behind it? I’m a boring person and my next book
I write regularly but mostly on LinkedIn. The idea was to will again be on the same subject.
put all my thoughts together in a consolidated way and pre- This subject itself is so fascinating
sent them to everybody. There is much that is happening all and is changing so dramatically.
around us. And perhaps we need to look at the net zero Specifically, now that India has
transition as an opportunity, rather than a challenge alone. announced decarbonisation targets,
India will be a net zero country by
What kind of research did you do? And how much 2070, which is in continuation of the
time did you take before writing this book? Paris agreement. The world over
For the past nine years, every year, we’ve taken out a study countries and companies are part of
on how top Indian companies are performing in terms of this transition.
environment, social and governance (ESG). Parts of this
research are really what has resulted in this book. But what How do you take out time from
is also been a learning for us is how we can look at the your schedule to write books?
changes that companies are making within policies and I genuinely don’t think of myself as a
governance, and also what’s happening in the external writer but as a person who has a point
world that will impact corporate decision-making. This is a of view on something and I express it.
book for strategists, CEOs, and for anybody who wants to These are just notes that are taken at
understand how corporate life, companies and businesses various points in time and eventually
are likely to change because of energy and net zero transi- stitched together.
tion.
What is the key takeaway for the
What would be the steps that companies need to take readers from the book?
immediately to move towards net zero? That is a time of significant change.
If you shift to renewable sources of energy, you will get And to navigate the future you need
some benefits. But really, the only thing that you need to do to understand it first. That’s what
is to look at how you can transform your products and ser- ‘Shift’ actually does.
vices and look at what you will provide to customers that
are better for the environment and will benefit society at
large.

109 | BW BUSINESSWORLD | 31 December 2022

HARDAYAL SINGH Finding
Purpose
Former Chief Commissioner, Income Tax & Ombudsman,
Income Tax Department, Ministry of Finance Writing this book was to
Featured Book: The Moral Compass find ways and means to
restore objectivity and a
sense of fairness to our
decision-making

By Resham Suhail jects interest me and I’ve been read-
ing classics in these varied fields. I
What was the inspiration behind writing the certainly enjoyed books on India
book? though from different authors such
There were two reasons. The first was that I wanted to as Rudyard Kipling, John Masters,
share my 39 years of experience in public life. Six out of Arthur Koestler and V.S. Naipaul. I
these, I spent advising the government, public sector liked reading about my country and
undertakings and public sector banks on disciplinary seeing it from diverse perspectives.
action. When I retired, I wanted to share my experience
because I felt I had some understanding of why people What is your advice for aspiring
deviate from the straight and narrow path. writers, especially given the digi-
tal age we live in?
The second reason was that I found that people often My advice to young people would be
flounder when they take big decisions. This applies to that if you feel you have got some-
me as well. The thought of writing this book was to find thing to share, then write and don’t
ways and means to restore objectivity and a sense of fair- worry whether you will get the fruits
ness to our decision-making. which you are aspiring for. We always
must do our duty for our karma. That
What would be that one key takeaway from this is something we can’t avoid because
book for your readers? we can’t run away from life. If you are
Life doesn’t allow success all the time. You have to deal fond of writing, then do write.
with failure, misfortune and even the death of loved
ones. Sometimes, due to no fault of yours, you may incur I have a Kindle at home as well. It
a business loss but how do you cope with it? Leading a saves a lot of space but you lose out on
successful life also involves coping with failure. When something vital. One reads a book to
things happen that one does not like or want, and it hap- get the feel of the book which does
pens despite best efforts, one must move on and find not happen digitally. I still prefer
ways to accept it along the way. hard copies to a screen but it is also
true that we must change with the
As a writer which books do you like to read? times.
I studied history, economics, politics and English litera-
ture in college and I graduated in 1969. All these sub-

110 | BW BUSINESSWORLD | 31 December 2022

AUTHOR

SPEAK

It’s extremely important DHRUV NATH
to learn from failures to
not repeat them but the Director, Lead Angels Network, Former SVP, NIIT and
thing about this is that Professor, MDI Gurgaon
people rarely open up Featured Book: Funding Your Startup And Other Nightmares
about misfires

Learning came from the fields of Punjab with a similar
From dream and didn’t succeed despite investing
Failures the years. Eventually, he leaves in frustration.
It is very important to talk about that person’s
By Deep Majumdar story as well because one will learn from it.

Please share more about your writing experi- It’s extremely important to learn from fail-
ence and what stood apart during the process ures and not repeat them but the thing about
of writing the book. this is that people rarely open up about mis-
It was a wonderful experience. I received a lot of fires. What makes the book unique is that it
feedback from readers and fortunately, most of it also discusses failures. Readers have come
was positive. One underlying comment was that back to me saying that they’ve liked the ‘suc-
when they read the book, they didn’t feel like they cess’ stories but they’ve appreciated the ‘fail-
were reading a book but were in a conversation ures’ even more. This is because it offers a new
with me. As an author, that’s just great to hear. perspective.

You’ve alluded to some of the failures in start- When investors evaluate a startup, what
ups and the investing ecosystem. What was are some of the major things they are
the readers’ feedback on some of these sto- looking for?
ries? I would say that the most important thing is
If you want to learn about acting, you’ll probably the founder or the founders’ team. If you have
learn from Shah Rukh Khan or maybe another film the right founder and you have a bad or an
industry giant. But there is also the person who average business model, the founder will fig-
ure out a way to make it work. On the other
hand, if you have a wonderful business model
but a very average founder, even a great busi-
ness model will collapse and I’ve seen several
examples of that.

The other thing one looks for is passion.
This is very important because you know, you
will always have ups and downs. Covid-19
brought us down for two years. Passion is the
only thing that kept us going. If someone is
only looking at making money, he or she will
eventually give up in hard times. What we
also look for in the business is how big is the
market and how scalable it is. You have to
have a strong growth model focused on profit-
ability. Therefore, team, passion and the
growth model towards profitability are the
key areas.

111 | BW BUSINESSWORLD | 31 December 2022

VAIBHAV DANGE Building
A Future
Independent Expert on Infrastructure & Governance
Featured Book: Building Bridges - Shaping The Future We have shared our experiences
to show that things can be
changedforthebetter. Whatis
needed is for people to believe
and be passionate about what
they do

By Jaidev Malik Are you working on any other
books that we can expect?
What inspired you to write this book? Everyone has given us great encour-
This book is about bridges. The idea came from the recent agement and I am looking forward to
bridge incident in Gujarat where we lost many lives. When coming up with another book. But
I was working in the road transport ministry, I had seen a apart from a book, I am also coming
similar incident back in the year 2015. It was a severe up with a series on Discovery TV shar-
human tragedy. Through this book, (co-authored with ing how infrastructure is changing
Sachidanand Joshi), we endeavour to bring some systems India’s landscape. That is another
that can reduce such incidents. medium I am keen to explore because
I believe it fits the storytelling format.
The thought came from the experience and bridge man-
agement systems and we felt it was a good experience to What do you want your readers to
share this with our colleagues, engineers, officers and poli- walk away with after they read this
ticians. We tried to share one positive experience with peo- book?
ple, wherein after some effort, things changed for the bet- The objective is to make people believe
ter. We believe more can happen with the right kind of that things can be changed. There is
action. This was what inspired the book. cynicism in our country, especially in
some circles, that things cannot
What were some of the books that you would say have improve. But this is not acceptable to
influenced you as you chose to write one yourself ? everyone. We have shared our experi-
I used to read Arther Hailey a lot. His books are about man- ences to show that things can be
agement experiences. They are the greatest management changed. What is needed is to believe
learning books one can read and the narration is in a simple and be passionate about what people
format. When you read his books on a particular industry, do, thereby ensuring that the change
such as airports or banking, you feel you are transported happens. I will be more than happy if
there. Storytelling is a very powerful way of explaining people take away this message.
something. I read his books in the very early days and I
believe they have had a great influence on me. They helped
me decide writing this book also in a storytelling format.

112 | BW BUSINESSWORLD | 31 December 2022

AUTHOR

SPEAK

Learnings For All PRIYANK NARAYAN & MUKESH SUD

Co-authors Priyank Narayan and Mukesh Sud aimed Director - InfoEdge Centre for Entrepreneurship, Ashoka University, and
to take away research and discussions from journals Associate Professor, Business Policy Area, IIM, Ahmedabad
and classrooms to a book, for many to gain from Featured Book: Leapfrog

By Team BW startups use to craft their journey. We
used this to help our students craft their
How did the two of you come together and decide journeys and through many iterations,
to author the book? we have used this in our classes to see
Priyank Narayan: We have been working together as how it works.
faculty at Ashoka University. Prof. Sud visits us and
that is how we met. Many of our students, alumni and The design element of the book was
recruiters have shared stories and anecdotes of what very interesting given the focus on
has worked for them at the workplace. We have been visuals and making it very easy to
discussing this in our classrooms last many years and read. What made you go down that
we thought why not put it in a form that many more can road?
consume and benefit from. The idea of writing a book Narayan: This is a manual for our stu-
came from there. dents. We dedicated this to them as it is
Mukesh Sud: We do a lot of research with academics an outcome of the conversations we
and it gets into journals that are refereed and reviewed. have with them. But it has to be usable
After a four-to-five-year cycle, this gets into journals for everyone. It had to come down from
and probably a dozen people, mostly PhD students, technical jargon and the research-ori-
read them. We wanted to take out the research that is ented mindset that many academicians
tucked away in journals and put it where common peo- have to a practical approach. This was
ple could gain from it. We have used nuggets, stories why we made it an easy read. Our stu-
and frameworks to make things easily understandable. dents love it and we have a great
response. But this is a book not only for
Did you test some of what you were writing with those beginning their careers but also
your students? for those who are navigating through it
Sud: We did that with the personal journey map, which in different stages of their lives. It has
is how you operationalise these six so-called practices. the entire range.
This map is a six-box framework. It is derived from the
business model canvas, which is a standard tool that

113 | BW BUSINESSWORLD | 31 December 2022

RAJNISH KUMAR Bankers have often been
painted as villains without
Former Chairman, State Bank of India realising the contribution
Featured Book: The Custodian of Trust: A Banker’s Memoir they made to the economic
development of the country

Breaking
Misconceptions

By Team BW addressed some of this in the book?
Whenever I heard TV debates or read news-
What inspired you to put your story out there papers on subjects such as NPL, I would feel
through this book? that the discussions were not well-informed.
The main reason was that the period when I became They were not based on facts and figures or
the Chairman could be said to be one of the most on how decision-making happens in banks.
tumultuous periods of the Indian banking sector. Bankers have often been painted as villains
The banking system was facing concerns about non- without realising the contribution they
performing loans (NPL) and profit pressures. Public made to the economic development of the
sector banks were battling competition from the pri- country. Banks in India have played a very
vate sector and new-age companies from the fintech significant role in taking banking to every
sector. corner of the country.

During my period as managing director, the These are some of the issues I wanted to
banking system had to deal with demonetisation. highlight in the book and remove the mis-
There were also many positive things at the time like conceptions as much as possible.
digitisation and financial inclusion initiatives from
the government of India in which banks were play- What are some of the feedback that you
ing a critical role. When the Yes Bank incident hap- received so far?
pened, and State Bank stepped in for its rescue, peo- I am very satisfied with the kind of response
ple wanted to know why and how it happened. Many it received. Many people, whom I don’t
would ask me these questions. know, would tell me they have read the
book and have liked it. These are people I
Therefore, I decided to put my thoughts together have met at airports and such places and
and give some answers to the questions that the gen- most are from the banking and financial
eral public is interested in. This book is not only for sector. I feel content that the purpose with
bankers but has been written keeping the layman in which the book was written is served to a
mind. large extent.

Policy changes do lead to mistrust among peo-
ple. Could you share more on how you

114 | BW BUSINESSWORLD | 31 December 2022

Saturday, 17th & Sunday, 18th December

The Square, GMR Aerocity, New Delhi

Thank You For Making Food For Thought Fest 2022
A Glorious Success !

COLUMN Srinath Sridharan & Nilesh Khare

Khabri,
Kaikeyi,
Khata,
Kaash
and the
Boss
From left to right: Srinath Sridharan & Nilesh Khare

K AIKEYI is an important Kaikeyi, a boss who suffers from Khabri’s influence
character in the Indian If you are familiar with the epic of Ramayana you would
epic – Ramayana. More recall queen Kaikeyi’s personal servant Manthara. She argu-
importantly, do you ably played the most important role in the epic. Manthara
know Manthara in that heard about Ram’s elevation to the prince regent status, saw
story? this development from her own sense of insecurity and the
Without Manthara, likely loss of status for Kaikeyi and her son, prince Bharat.
the Ramayana might have not had She informed Kaikeyi and influenced her to demand exile for
the long twists and turns it does. But Ram, and a throne for Bharat. Manthara might not qualify
what’s that got to do with Indian family as an appointed Khabri, but this episode comes very close to
businesses? how the Khabri system works.
Businesses, led by promoters in In-
dia, and family businesses in particular, Khabri – an informant.
have many idiosyncratic and interest- The quintessentialKhabri is a trusted informant who passes
ing characteristics. information on activities and people to the promoters or
These could be flawed but fabu- top bosses. We observe that the promoters’ ability to have a
lous, amusing but adorable, messy but network of such informants across their organisation – the
man-made, irreverent but important, length and breadth of their business empire – is astounding.
but not ignorable. A few peculiar ones Being a Khabri is not easy. It involves the ability to identify
– Khabri (informer) and Khata (old- information that may be of interest to the promoters and
fashioned daily accounts of profit and retain it, and to pass it on without arousing suspicion among
loss)– relate to how information flows the other stakeholders. Khabries, regardless of their actual
to the promoters with their interest- work performance in their assigned roles are often retained,
ing, often less-well-appreciated con- encouraged, and rewarded – even outside the formal system
sequences. – by the promoters.

116 | BW BUSINESSWORLD | 31 December 2022

Photograph by Dotshock promoters to always question “what if ” and prepare for those
scenarios. The other side of such a behavior is the doubting-
Khata— MIS system. Thomas syndrome, who constantly badger their teams about
The Khata is a homegrown MIS prac- “if” something does not happen.
ticed by certain business communi-
ties in India. It captures daily business The other side
KPIs often covering accounting and, ThereisaflipsidetotheKhabri syndrome–aleader’sreliance
or finance, and sometimes operational on an informal, and almost deeply personally entrenched
numbers. Some business communi- network of those who pass on news, views, comments, and
ties have their own accounting norms, in many cases with their own twists and turns, sometimes on
which in their own way, is the thumb purpose, sometimes subconsciously or even ignorantly.
ruleforthehealthof thebusiness–beit
trading, manufacturing or services! There seem to be several issues. What information gets
captured and how it is conveyed, is bound by the Khabries’
Some businesses need to see their cognition even when a Khabri did not have any self-interest
own simple Khata statement every init. ItcannotescapetheChinesewhisperphenomenon,and
night, despite the business scale and even the most alert promoters may be vulnerable to undue
scope – even global. The Khata infor- influences at a subconscious level. Khabries over time often
mation is available to select individuals begin to exploit the insecurities and vulnerabilities of lead-
usually only from within the promoter ers to further their own self-interest. Worst, having Khabries
group, and a few select trusted lieuten- often undermines the development of a robust formal infor-
ants, if any. mation system. Underinvestment, lack of faith, disrespect,
and confusion with respect to formal information systems
Kaash– what if I had not. ensue. Khabries often ignore their formal work without any
Back to Kaikeyi from the epic Rama- visible consequences, or even get rewarded by top bosses, and
yana. Manthara’s influence led Kai-
keyi to lose her husband –Dashrath ThequintessentialKhabriisatrustedinformantwhopasses
– who passed away, the loss of respect informationonactivitiesandpeopletothepromotersortop
from everyone including her own son, bosses.Weobservethatthepromoters’abilitytohaveanetwork
Bharat, and ultimately the loss of re- ofsuchinformantsacrosstheirorganisation– thelengthand
spect in her own eyes. She could only breadthoftheirbusinessempire–isastounding
wish that she had not done what she
had. The ever present “if ” in a fam-
ily business is a double edged knife. It
works positively with the ability of the

117 | BW BUSINESSWORLD | 31 December 2022

COLUMN Srinath Sridharan & Nilesh Khare

Photograph by Pressmaster Carefully Conventionally, the concerns of
mapping minority shareholders, systemic fra-
they show off their power. All of this information, gility and the cascading impact on
destroys the trust in a fair culture. its flows, the economy that the opacity of firms
templates, create, make a strong case for firms
Khata has its flip side too. It (and reporting to be transparent. Business families
perhaps, the Khabri system) served frequency, are growing – in business complexity,
well in the pre-digitalised world, with and the business scale, scope, and family size.
less complex and relatively smaller size system At least a few members of the enlarg-
business operations, smaller scope, needed to ing clan are simply not interested in
slower pace, and above all, centralised support continuing in the executive roles in
command and control. The organisa- and capture the family business, would eventually
tions in the VUCA world with their workflows have asymmetric holdings, or some
complexity, scope, and pace of change, and formats who want executive roles are simply
require agility and demand decen- would help. not fit to run a business to protect the
tralisation. In such a world, Khata-led It requires a family wealth, let alone grow it. As an
simplification of complexity could be shift from a enlarging clan begins to mimic a mini-
costly. Bigger organisations today pre- culture where institution, the benefits of transpar-
fer formalised systems such as balance the privilege ency become apparent. Additionally,
scorecards. The culture of withholding of information the emerging VUCA world is making it obvious that formal
information that goes with the Khata is used to transparent information flows and systems help build effec-
would have its own cost, among others, wield power tive and efficient coordination, facilitate control, create fair
on agility and the kind of talent one can culture, and attract, nurture and retain better talent – all that
attract and retain. leads to superior performance.
Fortunately, a shift is taking place. One hears a cautious
Beyond Khabri, Khata & Kaash reference to the T word as families that aspire to build last-
Used to Khabries and Khatas, and ing enterprises are realising the challenges and the need for
oblivious to its power, it is not surpris- transparency, professionalising, and opting for best practices
ing that traditional businesses and in governance. Any attempt to build a robust transparent
leaders fear the T word – Transparency. information system needs to start with intent and resolve
The old-school family businesses with at the very top. Carefully mapping information, its flows,
their command and control style, age- templates, reporting frequency, and the system needed to
led hierarchy, equated loyalty to lead- support and capture workflows and formats would help. It
ers to competency, preferred informal requiresashiftfromaculturewheretheprivilegeof informa-
opaque information systems for both tion is used to wield power, to a culture where information is
internal and external stakeholders. used to facilitate, empower and enable candid and informed
conservations and fair systems.
Despite such merits and obvious shortcomings and flaws
khabri and khata systems are not going anywhere. It boils
down to promoters’ and similar styled (professional) leaders’
personal insecurities, desire to hold control, and confusing
these preferences and interests of theirs’ with the organisa-
tion’s well-being. The khabri and khata school of thought
need disruption of mindset, else it is just a matter of time
–businesses would simply not survive this or another genera-
tion. But who will tell the Boss?

(The views expressed by the authors are personal, and do
not reflect those of organisations they are associated with)

Srinath Sridharan is an author, leadership coach and corporate advisor
Nilesh Khare is an executive coach, Board and CxO Advisor & startup mentor

118 | BW BUSINESSWORLD | 31 December 2022

ATRIA INSTITUTE thought process through a detailed academic course.
OF TECHNOLOGY: The faculty team is drawn from the premier institutes

NURTURING belonging to academia as well as industry. The department
MANAGERIAL is reorganising the learning experience in a manner that
TALENT places the student at the centre. Also, the department has
been working tirelessly on achieving its vision of providing
Theteachingmethodologyofthetwo-year transformational learning to develop socially conscious and
MBAprogrammeattheAtriaInstituteof competent professionals.
Technologycoversreallifecasestudies,
role-playing,gamificationandindustry The institute’s mission is to enable every student to
exposurethroughregularindustry craft their learning pathways in a way that uniquely works
interactions,internships,andprojects. for them and gives them the scope and courage to explore
interests, pursue their passion, define a career path, and
At the Bangalore-based Atria Institute of carve out their distinct journeys into the future.
Technology, the Department of Master of
Business Administration was established in The students are taught the principles of ‘learning by
the year 2004 and is affiliated to Visvesvaraya doing’ by supporting academics with hands-on projects to
Technological University (VTU) and sustain education par excellence.
accredited by NBA.
The Atria Institute of Technology goes quite a few
The current business environment requires managers steps ahead of the ordinary and imparts outcome-based
with integrity, accountability, and individuals with a education (OBE) that is a blend of classroom learning
strong sense of social responsibility. An MBA at the supplemented with project-based learning, to provide
Atria Institute of Technology provides students with an
opportunity to explore beyond their limits and enrich their holistic development of
every student.

The teaching
methodology covers real life
case studies, role-playing,
gamification and industry
exposure through regular
industry interactions,
internships, and projects.

The students become
well-rounded, and
industry-ready to start
contributing in a practical
way from day one in their
jobs. They are taught to
focus on assignment/job
outcomes and be result-
oriented and not get lost in
management theory and
excessive analysis.

Students are also
encouraged to take part
in multiple extracurricular activities like cultural fests,
business quizzes and games, movie club, fashion shows and
photography clubs for overall personality development.
The two-year MBA programme develops and nurtures
managerial talent in its students so that they can
successfully enter the corporate world of digital India.
The students have been placed in several leading
multinational companies, reputed Indian organisations
and start-ups across a wide spectrum of industry verticals
like Banking & Finance, IT, Management Consultancies,
Manufacturing and Consumer Goods. n

119 | BW BUSINESSWORLD | 31 December 2022

AFTER HOURS/ HEALTH By Rachna Chhachhi

F
OR MOST OF US, 2022 is now a blur.
The crawling pace of recovery from Why 2023
Covid, the limping back of the economy Will be Your
and the workplace dynamics changing
have all impacted us. So how do we en- Year
sure that we remember the lessons and
imbibe them well, so that we can attract become fitter, talked about getting healthy and become com-
goodwill, good health and success in passionate towards employee and employee family health.
2023? Cited below are ways in which you As someone who is rising up the ladder, you want to be the
will blaze your own path and get noticed epitome of good health so that your team and your organisation
as a leader of substance. can learn from your vision. You want stamina and you want
to exhibit the stamina to your superiors so that they have the
u You embrace the hybrid culture. confidence that you can take the work pressure and deliver well.
Work from home became the norm for Your juniors will look up to you for this and get inspired to get
two years and towards the end of 2022,
and many people still prefer doing that.
A recent poll by Partners In Leadership,
a pathbreaking consulting firm focused
on leadership training and develop-
ment, confirms that when employees
are happier at work, 85 per cent say they
take more initiative; 73 per cent say they
are better collaborators; and 48 per cent
care more about their work. Effective
leaders who understand the correlation
between higher levels of engagement,
happiness, and productivity facilitate
movement in the right direction – and
have people feel good about it. Under-
standing and helping colleagues and
teams be happier will impact their effi-
ciency positively even in this hybrid sce-
nario. As a business leader who stands
up for this hybrid flexibility, you will
invite higher loyalty and an increase in
team output with your support.

v You will focus on health. If busi-
ness leaders have learnt something con-
cretely, it is to value their own health,
the health of their employees and their
families. So many business leaders have

120 | BW BUSINESSWORLD | 31 December 2022

healthier themselves. Staying healthy
then must become top priority so that
you can seize opportunities more effi-
ciently.

w You will talk about mental health. Photograph by Pat138241
In October 2021, Apple CEO Tim Cook
is quoted to have said that mental health The learnings of 2022 will propel you
is a “crisis” and was stigmatised too into the limelight of success and attract
much. In 2022, mental health came to
the forefront due to top leaders openly positivity. Make sure that you remind
talking about it. In 2023, emerging lead- yourself of the learnings cited here so
ers who talk about mental health openly
and support mental health initiatives that you can shine in 2023
will be looked up to and appreciated. If
you want to be seen as a compassionate businessman and spearhead of sustainability initiatives. As
leader, equip yourself with sensitivities CEO of Unilever (2009-2018), he set a bold vision to decouple
around mental health and make the the company’s growth from the overall environmental footprint
right noises as well as have a deeper com- and increase its positive social impact through the Unilever
mitment towards your colleagues’ and Sustainable Living Plan. In July 2019, Polman began Imagine
teams’ moods and struggles with mental to help combat poverty and climate change. This concern for
health. Push your organisation to con- our planet will continue from 2022 to 2023. Any emerging
cretise support for mental health initia- or business leader who talks about the health of the planet as
tives within the company so that people connected with the health of human beings will be seen as a
do not hesitate to speak up about their forward-looking visionary. Policies like incorporating solar
mental health issues. This of course, power to take care of your companies electricity bills, a no-
will lead to better harmony and more plastic policy and helping employees to take concrete greener
conducive teamwork leading to higher initiatives will make you the beacon of light for your bosses.
productivity.
The above five are not just trends. They impact people, or-
x You will sensitise others about in- ganisations and our planet positively. And at the heart of a true
clusivity. As per a Harvard Business business leader is compassion towards all. Walk confidently
Review analysis, there are very few lead- towards 2023 with the vision of implementing these five and
ers who have an inclusive communica- you will walk towards positive growth, success and the promise
tion style. And leaders who talk about of love and loyalty from those who work with you.
inclusion in the organisation, stand out
and get noticed. Inclusivity in organisa- The writer is a certified holistic cancer, nutrition and yoga expert and author
tions is not just about gender equality. of four bestselling books on health. She treats across 27 countries
It is about giving equal opportunities to
all genders as well as differently abled
people. In 2022, there was a lot of con-
versation around this and leaders who
carry this to create concrete steps about
inclusivity in 2023 will truly be looked
up to.

y You will persuade your organisa-
tion towards sustainable initiatives.
“We cannot choose between (economic)
growth and sustainability – we must
have both,” said Paul Polman, Dutch

121 | BW BUSINESSWORLD | 31 December 2022

WHA T TO EXPEC Last Word

T IN

“ADFC offers 30 per cent cash
rebate on production of feature films,

TV series, and commercials”

HANS FRAIKIN, Film & TV Commissioner, Abu Dhabi Film Commission (ADFC) on ADFC’s rise
as a global entertainment hub and more By Ruhail Amin

Abu Dhabi has emerged as a top location for the government formalised the Culture and

Indian filmmakers and has already served Creative Industries (CCI) sector. They

as a location hub for several big films such announced a big investment into

as Priyadarshan’s Malayalam movie Oru the CCI sector as part of their eco-

Marubhoomikkadha, Tiger Zinda Hai, and nomic development programme.

Race3. Excerpts fromaninterviewwithHans One of the four priority sectors is

Fraikin, Film & TV Commissioner, ADFC. the CCI because they see it as a key

sector to diversify from oil and gas.

What makes Abu Dhabi such a On the film side, the government has an-

big destination for global film nounced AED 30 billion investment to

productions? develop the ecosystem.

Over the years, ADFC has worked hard to

make it easier and cost-effective for global Please tell us about the impor-

productions to shoot in Abu Dhabi, thus tance of the Indian film indus-

making it a favourite destination. Whether try for the ADFC?

it’s filming permits, the crew, the equip- The community is synonymous

ment transfer, visual effects, and all with experience. It means a

that red tape which makes it easier The reason why Indian model for filmmakers all

for the producers, actors, company productions like Abu Dhabi as a location aroundtheworld.Exceptfor

owners and the workers. The rea- is because they easily find talented and Hollywood, no one makes

son why Indian productions like experienced crew that speak the films like Bollywood. You

Abu Dhabi as a location is because language and understand the culture developed a whole industry,

they easily find talented and experi- a star system. You have the big-

enced crew that speak the language and gest award show in the world,

understand the culture. the IIFA is going to be happening here

again in Abu Dhabi.

The government has formalised the Culture and

Creative Industries Sector (CCI) last year, how Which countries are spending most to shoot in

has this helped build a robust entertainment eco- Abu Dhabi?

system in Abu Dhabi? It is truly global I would say, we have crews from Hollywood,

The ADFC offers 30 per cent cash rebate on production Israel, India, Turkey and a lot of other countries shooting

of feature films, TV series, and commercials, and last year here on a regular basis.

112222 ||BBWWBBUUSSIINNEESSSSWWOORRLLDD||0391-D2e3cAeumgbuesrt22002220 Photograph by Suresh Gola