16 JULY 2022 BW BUSINESSWORLD

Interview:BasavarajSomappaBommai,ChiefMinister,Karnataka

www.businessworld.in RNI NO. 39847/81 I 16 JULY 2022

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EDITOR-IN-CHIEF’S NOTE

CHOICES THAT MATTER

ANNURAG BATRA “Wherever the art of medicine is loved, there is also a love of humanity”
— Greek physician Hippocrates
 [email protected]
CALAMITIES like pandemics only reinforce the conventional wisdom
that good health is the bulwark of any great nation. The healthcare sector
in India has taken giant strides, nudged both by government policy and
private sector endeavours. Since the outbreak of Covid-19, the Union
government has leveraged technology to deliver affordable health services,
making them accessible to all.

A testament to this achievement is the significant vaccine coverage. As
of June, 2022, the Union ministry of health has ensured dispensation of
more than 197 crore doses of Covid vaccines, mainly through the CoWIN
platform. The CoWIN platform highlights India’s digital push and progress
in the digital public infrastructure (DPI) space. In an exclusive interview
with BW Businessworld, Dr R.S. Sharma, Chief Executive Officer of the
National Health Authority (NHA), talks of unlocking the value of India’s
digital public infrastructure.

It is widely acknowledged that medical education and research facilities
in India still need a push, as do women and child care. In this issue, we
feature Rainbow Children’s Hospital, the largest chain of multi-speciality
hospitals for paediatrics, obstetrics and high-risk pregnancy care. In May
this year, it became the first children’s hospital in the country to be listed
on the Bombay Stock Exchange. Through its initial public offering (IPO),
the hospital chain, with a footprint across six cities, has been able to rake in
more than Rs 1,500 crore. In an exclusive interview, Rainbow Children’s
Hospital Chairman and Managing Director, Dr Ramesh Kancharla,
emphasises the need for a robust healthcare system and for bridging the
gap between primary and tertiary care. His contentions echo across a host
of other senior medical practitioners we speak to, who also underscore the
importance of intensive care facilities at children’s hospitals and the need
for integration of obstetric care services with childcare.

In Karnataka a government led by Chief Minister Basavaraj Bommai is
making massive efforts to modernise and develop state infrastructure to
make Karnataka a preferred destination for investors and multinational
companies. At the recently concluded Davos Summit, the state signed
MoUs worth Rs 60,000 crore for sectors spanning IT, renewable energy
and manufacturing. Bommai shares his vision for Karnataka in an
exclusive interview with BW Businessworld .

This issue also offers insights into the framework of India’s most credible
workplaces. Read all about them in the pages ahead that capture the Great
Place to Work Institute’s study on India’s Great Mid-size Workplaces.

We hope you enjoy reading this issue.

4 | BW BUSINESSWORLD | 16 July 2022



VOL. 41, ISSUE 19 16 JULY 2022

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6 | BW BUSINESSWORLD | 16 July 2022



www.businessworld.in RNI NO. 39847/81 I 02 JULY 2022 MAILBOX

The Big Bet YOUR COMMENTS

Diverse forces representing different

sectors are moving in unison to push India’s

Atmanirbharta agenda AKHILESH REDDY
Director, MEIL &
Chairman, RPPL

ASHISH T. KOSHY,
BHUTANI, CEO, CEO, ONDC
Bhutani Group

SCHAUNA
CHAUHAN, CEO,
Parle Agro

ASHISH REVAMPING DIGITAL COMMERCE
BHUTANI,
the BHUTANI This refers to the editorial (“ Our Focus Is To Give
group CEO Small Businesses Access To Large Markets”,
BW, July 2). How The Open Network for
Rs 150 Digital Commerce (ONDC) aims to democratise
ecommerce by bringing small businesses and
TALKBACK BLIPP unorganised retailers online and increase India’s
THIS PAGE ecommerce penetration to 25 per cent, made for an
Submissions to BW |Businessworld TO GIVE US interesting read. It is good to know that with ONDC,
should include the writer’s name and YOUR FEEDBACK even if you happen to be a small seller coming from
address and be sent by email to the INSTANTLY a small town and have something unique to offer,
editor at [email protected] you will have the same discoverability as if you were
or by mail to 74-75, Scindia House, part of a large platform because you have something
Connaught Place, New Delhi-110001 special to offer. Also, ONDC will present an equal
opportunity to small kirana and mom-and-pop
stores to make themselves and their catalogues
digitally visible on the network without becoming a
part of a big established platform. When the buyer
attempts a search, he/she will be able to discover the
kirana store next door and get items delivered. Thus,
in addition to the regular physical set of buyers that
these stores have, they will also get a new breed of
digital customers.

KIRTI SINGH, EMAIL

THE B2B MARKETING LANDSCAPE

This refers to the editorial (“Marketing B2B
Products To End-Users ”, BW, July 2). The
author rightly points out that out that since B2B
products and services are aimed at an audience
with a particular need, the marketer must not only
understand the product or service being sold but he/
she needs to be able to communicate the coherent
message that accompanies the seller’s organisation.
B2B marketers must constantly upgrade themselves
to remain updated with their consumers while also
identifying the right target audience to engage with.

VIJAY RAWAT, EMAIL

8 | BW BUSINESSWORLD | 16 July 2022



CONTENTS

VOLUME 41, ISSUE 19 16 JULY 2022

Dr Ramesh Kancharla, Chairman & MD, Rainbow Children’s Hospital

12 Jottings 34 From Melodies to Movies 36

Hunt on for a new Chief of Defence Staff; Bhushan Kumar, MD & Chairman, T-Series A Rainbow of
Office space occupancy spikes; Oil sector on the many facets of the music industry, Hope
windfall takes a fall, and more the latest movie releases, the impact of
digital collaborations on traditional music, With nearly 26 million
14 Columns marketing strategies, trends to look out for babies born in the
and more country every year,
Minhaz Merchant(p. 14); Vikas Singh top-quality as well as
(p. 16); Amit Kapoor(p. 18); Ashutosh 40 Vision for Paediatrics effective paediatric care
Garg (p. 20); Kiran Karnik(p. 22); Srinath is increasingly becoming
Sridharan(p. 24); Prasad Kaushik(p. 28); Ramesh Kancharla, Chairman and a necessity. The Rainbow
Noor Warsia(p. 30); Rachna Chhachi Managing Director, Rainbow Children’s Children’s Hospital chain
(p. 118) Hospital, shares his experience in setting up leads by example
the hospital chain and his vision for
32 M&A Standpoint paediatrics in India Cover design by DINESH S. BANDUNI

Vinit Kapahi, Head of Marketing, Aviva 46 Obstetric Care Services
India on how the high rate of financial
illiteracy in the country can be combated Pranathi Reddy, Clinical Director, Obstetrics
by marketers and banking and financial and Gynaecology, at Birth Right by Rainbow
services brands using human interest Hospitals, emphasises the importance of
stories to nudge people in a specific integration of obstetric care services with
direction childcare

10 | BW BUSINESSWORLD | 16 July 2022

Meghna
Mishra

Akshata
Namjoshi

90 India’s Top Law Vaibhav
Kakkar
Schools
Anuroop Sreerupa
BW Legal World launches its Omkar Chowdhury

maiden ranking of India’s top law

schools

50 Intensive Care 65 Modicare 83 In Conversation
66 Fingent
Dinesh Kumar Chirla, Director of 67 Junglee Games Karnataka Chief Minister
Intensive Care Services at Rainbow 68 Altudo Consultancy Services Basavaraj Bommai on how he
Children’s Hospital, talks about the 70 CrowdStrike wants the state to contribute
significance and importance of 71 Gera Developments one-fourth of the $5 trillion vision
intensive care facilities at a children’s 72 Colobar Cosmetics that PM Modi has set for the
hospital 73 RVU India Indian economy, decongesting
74 Bacardi India Bengaluru, and much more
54 Value of Digital 76 Space Teleinfra
77 Esri India Technologies 86 The Beautiful City
Judging by reports, and the assessment
of experts, the digital economy could 121 How the Basavaraj Bommai-led
create value in excess of $1 trillion by Karnataka government is going
2025. National Health Authority (NHA) Last Word all out to spruce up the infra-
Chief Executive Officer R.S. Sharma, structure in India’s Silicon Valley
discusses unlocking the value of the Poonam Khetrapal, to make it the most attractive
digital public infrastructure WHO Regional investment destination in the
Director, country
56 New-age Workplace South-East Asia on
the importance of 116 Business of
Businesses will need to cultivate a traditional
culture premium to attract, recruit and medicine, its fight Beauty
retain the best talent, says a Great against Covid, and
Place to Work® Institute study of top more Globally, the clean beauty
Mid-size Workplaces segment is estimated to be
valued at $22 billion by 2024,
PROFILES OF TOP growing at a spectacular pace
15 WORKPLACES
TOTAL NO. OF PAGES
60 Version 1 Services INCLUDING COVER 124
61 GUS Global Services India
62 Mahindra Accelo
64 Chalet Hotels

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

Thesepagesshouldnotbeconfusedwith BW Businessworld’seditorialcontent.

11 | BW BUSINESSWORLD | 16 July 2022

JOTTINGS

Hunt on for a Photograph courtesy Indian Navy
New Chief of
Defence Staff Admiral’s case is a sound one.

IT’S BEEN A MYSTERY to most why the government As General Bipin Rawat’s deputy, he is credited with
had not appointed a successor to Chief of Defence
Staff (CDS) General Bipin Rawat even seven months drawing the blueprint for integration, jointness and
after his tragic demise. The defence grapevine
recently became abuzz again with speculations about Theatre-isation, which was the primary mandate of the
who his likely successors could be.
CDS. He is seen as someone who’s co-opted with the
Soon after the tweaking of rules to widen the pool
of selection for the CDS to include retired three-star mandate, and hence, suitable.
officers below the age of 62 years, rumour mills were agog
with chatter about the chances of the well-regarded The verdict of the decision makers is doubtlessly being
Lt. General Anil Chauhan (Retired), the former Eastern
Army Commander who is now the Military Adviser to the pensively awaited. — Vishal Thapar
National Security Council. What goes in his favour, it was
being reasoned, is that he’s networked with the power
loop, has the support of the numerically dominant Army,
and is also senior to all the three serving chiefs.

Only a few days later, this chatter was buried by an
avalanche of grapevine gossip insisting that the Navy
Chief, Admiral R. Hari Kumar was the frontrunner. The

OFFICE SPACE OCCUPANCY SPIKES

WITH MOST OFFICES million square feet of ‘Grade
opening up across the top six A’ office stock in the last
cities in the country, vacancy quarter (April-June 2022).
rates have come crashing “The quarter saw increased
down for the first time in ten office occupancy after a
quarters. The latest report hiatus, as demand outpaced
from Colliers shows that the supply by a significant
pan-India office absorption margin.
has surpassed 27 million
square feet. Absorption in the first
two quarters of the year has
On a quarterly basis, there already surpassed more
is a three-fold rise in office than 80 per cent of the total
absorption in the six cities absorption seen in the whole
(four metros plus Hyderabad of 2021,” says Ramesh Nair,
and Bengaluru). What is office absorption? It is the space CEO, India and Managing Director, Market Development,
taken on rent by tenants, mostly companies taking space Asia, Colliers. Hard luck for those who are still on Work-
on rentals in commercial buildings. from-Home mode.

The new office supply space also saw an addition of 9.4 —Ashish Sinha

12 | BW BUSINESSWORLD | 16 July 2022 Photograph by Robuart

FROM BOOM
TO BLOWS

ON 1 JULY INDIA joined a growing tribe of

nations who have imposed a windfall tax on oil

firms, thereby putting a spoke in their wheel

of fortune since the dramatic rise in crude oil

prices. The Indian government has slapped a

tax of Rs 6 per litre on petrol and ATF (aviation

turbine fuel) exports and Rs 13 per litre on

diesel exports. The Union government has

also imposed an additional Rs 23,320 per

tonne tax on domestically produced crude

oil to take away windfall gains accruing to

producers from high international oil prices. Photograph by T T Studio

Fuel shortage in the home market and

offsetting some losses since the excise duty cut on fuels by the government in May are being cited as reasons for

the imposition of the tax.

The tax comes as a huge blow to the energy sector after a phase of windfalls that saw fossil fuel prices reach

for the sky. Petroleum refining companies have been raking in profits from higher refining margins and exports of

petroleum products, even while fuel prices remained unchanged for three months in India. Stock market analysts

have described the move as the last blow that would consolidate a bear market. This view was reflected in the stock

price movements of oil majors, Reliance Industries Limited and ONGC, with brokerages trimming their profits for

the fiscal. The Union government has indicated that it would drop the tax if oil prices fall below $40 a barrel. Given

the prevailing movements in global oil markets and the geopolitical situation, that seems to be a distant dream for

petroleum producing and refining companies for now. — Arjun Yadav

TUMAKURU MACHINE TOOL PARK :

A CLASS APART WITH IMPRESSIVE INFRASTRUCTURE

T UMAKURUMachineTool massive industrial hub in Karnataka
Park is India’s first integrated and that makes it an attractive
machine tool park established investment destination.
in Tumakuru, in the state of Karnataka.
It is developed in 530 acres as They have received applications
a well-planned industrial gated from all major Indian Machine Tool
community with state-of-the-art world OEMs and quite a few supply chain
class physical, technical and social units. The first batch of applications
infrastructure with all the modern has been considered by the
amenities available. Tumakuru Machine Tool Park will be a cluster of empowered committee (SLSWCC) and
machine tool industries and is expected to generate approximately land allotment has started. They have already allotted 120 acres of
10,000 jobs in the area (both direct and indirect). TMTP will also the 340 acres available for allotment at TMTP.
ensure that Karnataka will continue to be India’s number one
contributor in machine tool produce. For more details log on to
www.tmtp.in and https://kum.karnataka.gov.in
This industrial park has first grade concrete roads, underground
utility ducts for power and water supply and provision for rainwater Dr. E.V. Ramana Reddy, IAS, Additional Chief Secretary to
harvesting and other civic amenities. The infrastructure is Government, Commerce and Industries Department
commendable. Tumakuru Machine Tool Park is located within 100 Off: +91 080 22252443
kilometres from Bengaluru and is well connected by road & rail. The
nearest airport is 110 kms away and the nearest seaport is 350 kms. Smt. Gunjan Krishna, IAS, Commissioner for Industrial
Development and Director of Industries & Commerce, GoK
This park is located adjacent to the Japanese Industrial Township
and is part of the Tumakuru node of Chennai - Bangalore Industrial Dr.N.Shivashankara, IAS,ChiefExecutiveOfficer,Tumukuru
Corridor. Over the next few years, Tumakuru will emerge as a Machine Tool Park
Off: +91 080 22267901, email: [email protected]

For queries please contact:
L. Manjunath, Chief Marketing Officer,
Ph: 9845525245, e-mail: [email protected]

COLUMN Minhaz Merchant

A Shrinking
World
T
HE WORLD IS EMPTYING. According to a United Nations study
titled World Population Prospects, falling birth rates could trans-
form the world. The economic and geopolitical implications could
be disruptive.

Consider Japan. Its population has been shrinking for years. The
country has nearly 2,000 municipalities. Of these 869 could “van-

ish” by 2040, warns the UN report.

Atul Thakur analysed the UN’s grim projections in The Times of

India (5 June 2022): “By 2060, 80% of municipalities in some pre-

fectures may disappear altogether. In some rural settlements, known as genkaishuraku

or marginal villages, the residents that remain are mostly senior citizens. Across Japan’s

rural provinces, millions of homes and properties now lie abandoned.”

Other countries at risk include South Korea, Singapore and Taiwan where the total

fertility rate (TFR) is likely to fall below one by the end of the decade. A TFR of 2.1 is

required to maintain a stable, zero-growth population.

In Europe, Russia and Italy are in the danger zone. China’s population has already

plateaued and begun shrinking and ageing.

How about India? At present, India is in a sweet spot. The median age of an Indian is

MINHAZ MERCHANT 28 compared to 40 for a Chinese. But India is not entirely immune to ageing. By 2050,
IS THE BIOGRAPHER
India will be significantly older and greyer. The demographic dividend will peak in the
OF RAJIV GANDHI AND
ADITYA BIRLA AND 2030s and then begin to subside.

AUTHOR OF THE NEW The UN report takes a leap of faith by projecting population figures for different
CLASH OF
countries in 2100. Such long-term forecasts come with a health warning: parameters
CIVILIZATIONS (RUPA,
2014). HE IS FOUNDER can change and disruptive factors may emerge. Nonetheless it is important to study

OF STERLING these forecasts and plan for the changes that could impact India’s economic and societal
NEWSPAPERS, WHICH
challenges.
WAS ACQUIRED BY
THE INDIAN EXPRESS By 2100, the UN report says, countries like India and China will witness a dramatic

GROUP fall in population. China’s fall is projected as the steepest: from 1.439 billion today to just

684 million in 2100. If proved right, that could be catastrophic for Beijing’s ambitions

to be a global hegemon. It simply won’t have the human resources.

India’s population decline by 2100 will be gentler but significant nonetheless. The

UN report projects India’s total population by the end of this century to fall from 1.38

billion today to 911 million. This was India’s population in 1997.

Nigeria will be the most interesting outlier. Its population is projected to rise from

206 million today to 531 million in 2100, making it the third most populous country

in the world after India and China. Growth will be centred around Africa. Population

matters; so does age. For example, in South Korea today 100 workers between the ages

of 15 and 64 support through taxes the pensions of 22 retirees above 65. By 2050, that

proportion will change to 100 workers supporting 79 retirees. And by 2100 the number

of South Korean retirees (117) will exceed the number of workers (100). The economic

and social ramifications can’t be overstated.

Japan will fare equally badly with 111 retirees for 100 workers in 2100. In Europe,

Italy will be hardest hit with 103 retirees for 100 workers.

14 | BW BUSINESSWORLD | 16 July 2022

India is well protected till 2050. To- The geopolitical shrinking population and an ageing population. Alarm
day, we have just 9.8 retirees for every 100 ramifications for bells have started ringing in Beijing.
workers. By 2050, that will climb slowly China are severe.
to 21.5 retirees for 100 workers – a level Writing for the BBC’s Future platform, Xiujian Peng
South Korea reached in 2020. By 2100, warned: “The Shanghai Academy of Social Sciences
India will have 68 retirees for 100 work-
ers. That is what Indian policymakers It has enjoyed a team predicts that China’s total fertility rate slips from
have to keep in mind. The top priority is
pension reform and a social security net golden 40 years 1.15 to 1.1 between now and 2030, and remains there
as India becomes more prosperous. of extraordinary until 2100. The rapid decline will have a profound im-
pact on China’s economy.
India’s per capita income in purchas-
ing power parity today is $6,500. Poverty growth. That era “China’s working-age population peaked in 2014
levels have fallen but inequality persists.
Those at the bottom of the pyramid still is drawing to a and is projected to shrink to less than one-third of that
live hand to mouth, have no social secu- close. For India, peak by 2100. China’s elderly population (aged 65 and
rity and face a difficult job market. in contrast, an above) is expected to continue to climb. The annual
average decline of 1.73 per cent in China’s working-age
The good news is that India has time
to plan its strategy. For the next 25 years era of population sets the scene for much lower economic
or so, India will be the fastest growing
large economy. It will also overtake China extraordinary growth, unless productivity advances rapidly. Higher
as the world’s most populous country by growth could be labour costs, driven by the rapidly shrinking labour
2025.The task ahead is to provide jobs to force, are set to push low-margin, labour-intensive
India’s bulging youth demographic be-
fore the inevitable demographic decline opening up manufacturing out of China to labour-abundant coun-
sets in after the 2040s.
tries such as Vietnam, Bangladesh and India.
The world’s population, according to
the UN study will peak in the next 30 “At the same time, China will be required to direct
years at 8.9 billion. The decline will start
then and by 2100 there will be less people more of its productive resources to provision of health, medical and aged-care services
on earth ( just over seven billion) than
there are today (nearly eight billion). to meet the demands of an increasingly elderly population. Modelling by the Centre

China faces a double whammy: a of Policy Studies at Victoria University in Australia suggests that without changes to

China’s pension system, its pension payments will grow five-fold from 4 per cent of

GDP in 2020 to 20 per cent of GDP in 2100.

“Despite forecasts that this will be ‘the Chinese century’, these population projections

suggest influence might move elsewhere – including to neighbouring India, whose

population is expected to overtake China within this coming decade.”

The geopolitical ramifications for China are severe. It has enjoyed a golden 40 years

of extraordinary growth. That era is drawing to a close.

For India, in contrast, as the world’s fastest growing major economy, an era of ex-

traordinary growth could be opening up.

Photograph by Indiapicturebudget 15 | BW BUSINESSWORLD | 16 July 2022

COLUMN By Vikas Singh

Free & Non-
Merit Subsidised
Power a Political
Lever. Unethical

ELECTRICITY IS AMONGST the most important drivers of good living. Power sector institutions are ineffi-
It fuels the economy. Availability of power determines several upward cient. Ageing infrastructure, technical
mobility benchmarks, impacts almost every socio-economic indicator. and commercial losses, pilferage, trans-
India needs a radical but holistic reform in the power sector. Reforms mission loss and theft are rampant.
must focus and fix some of the longstanding issues that have crippled the There are other challenges too. Given.
sector. An inefficient power sector lowers competitiveness, hurts economic growth, However framing inefficiency as the
and impedes human development. It has excluded most of the poor for decades. challenge is akin to blaming it on the
‘other door’, suits the polity. It masks the
Misallocation of resources. Carries high intangible cost. Not equitable real problem i.e., of political interven-
Power reforms must start by decoupling the electoral process with non-merit power tions and political ambitions.
subsidy. India produces the cheapest electricity in the entire Asia Pacific region, which
doesn’t, however, show up in the electricity bills of consumers. Most middle-class Political overreach
consumers, not covered under the subsidy schemes, pay twice the cost of generation. Upgradation and modernisation get the
short shrift in a hugely capital-intensive
The poor among them end up spending about 10 per cent of their total household sector. Technology and investment in the
expenditure in electricity bills. They accept the polity’s ‘cross subsidisation’ frame- system can reduce distribution losses.
works and are coaxed, persuaded, and even forced into paying for the neighbours, for There are several low hanging fruits.
the rich farmers and for most who do not deserve the subsidy. They don’t voice their Even a one per cent increase in efficiency
anguish (but) suffer their bad luck. Consumers must pay the true costs; and not what reduces loss by Rs 3,500 crore. Similarly,
the politicians are able to ‘extract’. Discoms need the ‘freedom’ to negotiate
with producers, based on the ‘power pur-
Power reform has failed. The power sector needs unshackling chase cost adjustment framework’. They
Distribution entities (Discoms) are the most vulnerable part of the power sector. De- must be empowered.
spite the high retail power tariffs, most Discoms are perpetually in the red, invariably
bailed out by the government (the latest bailout was to the tune of Rs 40,000 crore). The power entities need funding to
According to the Union power ministry’s portal, PRAAPTI, outstanding dues from expand coverage and enhance customer
Discoms to power generators is over Rs 1.2 lakh crore. They are inefficient service satisfaction. However, those decisions
providers too and are losing business. The future is dark. Most resourceful commercial are made at the ministry. Sample this:
and industrial (C&I) customers (cash cows) are charged very high tariff. They seek Solar power projects through dedicated
alternatives, will negotiate power purchase through open access. agriculture (Agri-power is most subsi-
dised) feeder routes can save hundreds
Power sector entities must function as business entities. There are several examples of crores. Intangibles like environmental
of political overreach that have destroyed public enterprises; even as tax payers con- benefits, are even higher. Free power has
tinue funding the value subtracting entities.

16 | BW BUSINESSWORLD | 16 July 2022

India produces the cheapest
electricity in the entire Asia Pacific
region, which doesn’t, however, show
up in the electricity bills of
consumers. Most middle-class
consumers, not covered under the
subsidy schemes, pay twice the cost
of generation

a huge, avoidable fiscal implication. But there are more serious consequences. When for not treating these ‘promises’ as cor-
some get free power, it opens up the doorway for others too, distorting demand rupt practices. Distribution of cash and
patterns. It incentivises politicians to offer ‘that and much more’. They induce and liquor are termed thus.
encourage this behaviour.
A majority amongst beneficiaries
Electricity is a utility and a commodity, needs to be paid for. It’s not a right believe ‘free’ is not free; and there is a
The culture gets rooted in. History tells us that reversal is difficult. Similarly, it en- collateral and ‘future costs’. The vulner-
courages, and incentivises groundwater usage, resulting in falling water tables. The able, and the deserving such as marginal
ecological costs and the price are staggering. A Crux study across 25 states and 16,000 farmers and people below the poverty
consumers highlights that ‘theft’ is not restricted to those who do not have the means line must be supported. However, subsi-
to pay: even the larger and richer consumers resort to pilferage, ‘tampering’ and other dies should be replaced with an efficient
unfair practices. This mind-set of ‘taking back’ is justified on the ground that they are direct cash transfer. The behavioural
paying higher tariff on the one hand and paying for most others who do not deserve impact will be much larger if people are
the subsidy, on the other. It sets bad precedents. made to realise that electricity is a com-
modity, has a cost and must be paid for.
A Crux study on the electoral manifestoes with a focus on the ‘economy and devel- Payments can then be enforced. Con-
opment’ points to a spreading malice. There has hardly been an instance of either the sumers will, additionally imbibe the
incumbent or the challenger offering ‘growth for votes’. The study of 100 state election discipline to use a scarce ‘commodity’
manifestoes confirms an exacerbating culture of translating ‘gratitude into votes’. Free judiciously.
and non-merit subsidised electricity is amongst the top ‘attractions’. Most ‘promise the
‘usage’ of state resources to ‘give’ and deliver targeted private benefits against broad- Gaining popularity
based services that many would have access to. Promises are often opaque, narrated as
‘redistribution’, and presented as ‘social
Subsidies extremely popular election promise. ‘Free’ power most attractive justice’. The narrative passes the election
Over 75 per cent of the respondents in the study termed non-merit subsidies as reck- commission’s muster, gains legitimacy.
less give-aways of the taxpayer’s money for electoral gains, undermining ‘equity’ and
‘fairness’. Most amongst them believe it abets corruption, erodes ethics; amounts to Free and non-merit subsidised power
bribing voters. They are both disappointed and vexed with the Election Commission is an attractive slogan. And works. But
must be opposed by the people. They ul-
timately pay the price.

The power reforms have failed to de-
liver; are long overdue. However, they
will need to be holistic, approached with
an open mind and clear thought. They
must address the elephant in the room
i.e., political actors, and their ambitions.
Reforms require courage and conviction
in equal measure.

The author is an economist and columnist
The views expressed are personal and do not

reflect those of BW Businessworld

Photograph by Bivash Banerjee 17 | BW BUSINESSWORLD | 16 July 2022

ARTHSASTRA By Amit Kapoor & Kundan Kumar

ANTIFRAGILE
ECOSYSTEM

A Road To
Sustainable
Export
Growth
For
India

DESPITE THE T HE COVID-19 PANDEMIC and other global events of significance,
UNPRECEDENTED such as the Suez Canal blockage and semiconductor shortage, halted
DISRUPTION IN trade worldwide. The randomness of these global events has allowed
INTERNATIONAL us to rethink our existing economic systems, which are more volatile
TRADE, INDIA’S than ever due to global value chain interlinkages.
EXPORT ECOSYSTEM
HAS SHOWN Despite the unprecedented disruption in international trade,
RESILIENCE. INDIA’S
EXPORTS STOOD AT India’s export ecosystem has shown resilience. India’s exports stood
$670 BILLION, OF
WHICH at $670 billion, of which merchandise exports exceeded the target of
MERCHANDISE
EXPORTS EXCEEDED $400 billion. Our systems continue to be more volatile, and thriving
THE TARGET OF
$400 BILLION through and within crises would require the country’s ecosystem to

be antifragile. The concept was first described in the book Antifragile: Things That

Gain from Disorder by Nassim Nicholas Taleb. In Taleb’s words, “Antifragility is beyond

resilience or robustness. The resilient resists shocks and stays the same; the antifragile

gets better.” This term becomes exceedingly important as the road to global trade re-

covery is not easy with the advent of recent geopolitical tensions between Russia and

Ukraine and its economic consequences on the global economy. India should focus

on building the antifragile export ecosystem at the sub-national level for a sustainable

export growth trajectory. Therefore it becomes vital to understand the overall picture of

individual states’ by identifying drivers, bottlenecks, and intra-state disparities within

the country’s export ecosystem.

India needs to address the existing regional disparity across states to build the

18 | BW BUSINESSWORLD | 16 July 2022 Photograph by Druid007

Left to right: Kundan Kumar, Advisor, NITI Aayog, & Amit Kapoor, Chair, Institute for

Competitiveness, India and visiting scholar and lecturer, Stanford University

antifragile export ecosystem. There is equally. Most states, except those in coastal regions, struggle to enable their export in-
Regional Disparity as coastal states con-
tinue to be the flag bearer of the export frastructure as transport connectivity and essential trade support continues to be a sig-
sector growth in India. This is reflected
in their share of exports in India. In nificant bottleneck in expanding their export footprint. Moreover, they lag in creating
2021-22, Gujarat (30.06), Maharashtra
(17.33), Tamil Nadu (8.34), and Karna- Special Economic Zones (SEZs), Agri Export Zones and Export promotion industrial
taka (6.14) together accounted for over
61 per cent of India’s exports. Since In- parks despite having a valid export promotion
dia aims to double its merchandise and
service exports to over $1 trillion under States must work policy. And finally, to improve the state’s export
the New Foreign Trade Policy by 2030, closely with the footprint globally and, in turn, further influence
it would be crucial for the export share of central government, the country’s overall export performance, states
other states to increase. must focus on the export basket’s diversification

To achieve this ambitious target, states export by improving market penetration in existing
must do more to support a conducive organisations, firms, markets and introducing new goods and services
business environment and export ecosys- in the export basket mix to new destinations.
tem for exporters, especially in hilly ter-
rains that struggle to uplift their export and exporters to To address these concerns, states must work
potential even after sharing borders with
neighbouring countries. This is because formulate a roadmap closely with the central government, export or-
even though states have rightly identified based on their ganisations, firms, and exporters to formulate
specific export promotion policy meas- a roadmap based on their geographical con-
ures and district export action plans, they
are also required to build the necessary geographical straints and a diverse export basket where the
infrastructure to implement the vision
constraints and region has a static and dynamic comparative
a diverse export bas- advantage. Overall, the learning for states is
to adopt a slightly multifaceted export growth

ket where the region strategy to become Antifragile to thrive in a
has comparative crisis-like situation that the future may pose. It
advantage would be critical for states to focus on enhancing
innovation and manufacturing capacity of do-

mestic firms and existing export infrastructure,

and trade support to exporters.

19 | BW BUSINESSWORLD | 16 July 2022

COLUMN Ashutosh Garg

Y OUR PERSONAL BRAND is composed of many attributes that help It is important to remember that
to define you. These attributes are partially how you see yourself what is consistent for someone could
and partially how you think others see you. Your thoughts and be completely inconsistent for some-
perceptions are ratified through the people you interact with or the one else.
consumers who come in contact with Brand You.
If you think of yourself as a brand, you are no different from Do you change dramatically between
anyone else who believes in leaving their name as a legacy in this times when you are happy and stressed?
world. A strong personal brand must have several attributes. Think about whether your behaviour is
The combination of physical form, your qualifications and your achievements are consistent in times of stress and wheth-
the skeleton, the flesh, blood and muscles of Brand You. These attributes coupled er you can be relied upon, especially in
with your skills, intelligence and wisdom, is your persona. times of stress?

Your persona, Brand You, will define how you will be perceived by your audience The consistency of your persona is
what others look for in you.

Attributes of
Your Personal

Brand

and in the rest of your world. you be relevant to someone? l Proper Positioning.
You need to consider the following Within a family or your circle of A strong brand should be positioned so
that it makes a place in the mind of the
eight attributes to understand and friends you could be relevant as the target audience.
evaluate your personal brand and to head of the family, the primary bread
understand how Brand You measures winner or a trusted member of the com- Each one of us believes we under-
up against each. munity. In an organisation, you could be stand how we are being seen or per-
a person who others can trust. ceived by others. We are always looking
These attributes are as applicable to for a reinforcement of these beliefs in
the brand of your company, your prod- l Consistency. our interactions with others. Think of
uct, your service as they are to your per- Consistency in a brand is seen when all the times you have looked at your
sonal brand. you communicate your message in a friends and family for a tacit or express
way that does not deviate from the core approval of your actions. You need
l Relevance. brand proposition. to understand why your consumers
A strong brand must be relevant in the should prefer Brand You over others.
context of bridging customer expecta- While our personal brand must al-
tions and supplier deliverables. ways be seen to convey a consistent Understanding and accepting where
message, we are human beings and we our perceptions differ from what we see,
You need to be relevant for others if will bring in our personal biases in our hear and experience is necessary for us
you expect them to give you a share of interactions. to work on making changes in the per-
their already cluttered mind. How can

20 | BW BUSINESSWORLD | 16 July 2022

a regular basis is how to keep saying in-
spirational things to keep their brand
value consistently high.

l Uniqueness.
A strong personal brand should be
unique and different from competition.
It should set you apart in a clear and un-
ambiguous manner.

It is important for you to understand
all the areas where you believe you are
unique before you are able to leverage
your uniqueness.

l Appealing.
A strong brand should be attractive and
appealing. Your appeal will have ration-
al and emotional elements. There are
people who talk down to you and make

ception of our brand. How you choose to present your attributes will
determine how your audience perceives you.
l Sustainable. Perception is what will drive the value of your
A sustainable brand drives an organisa- brand leading to your acceptance or rejection
tion towards innovation and success. A from the community you choose to live in
sustainable personal brand will survive
in the long run. you make to them and do not want to be it known that they are superior to you.
disappointed. Do you find such people appealing to
Your personal brand has to be sus- you in any way and would you make any
tainable and ensure that the consumer It is better to under promise and over effort to communicate with them?
remains attracted to it over time, result- deliver than the other way around.
ing in repeat purchase or repeat con- How you choose to present your at-
tact. You, knowingly or unknowingly, l Inspirational. tributes will determine how your audi-
keep sending out signals and impres- A strong inspirational brand should ence perceives you. Perception is what
sions about yourself to the people and transcend the category it is famous for. will drive the value of your brand lead-
the world around you. These signals are When inspirational people speak, the ing to your acceptance or rejection from
both positive and negative. audience listens with rapt attention. the community you choose to live in or
Their communication skills are out- be a part of.
l Credibility. standing.
A strong brand must be credible. It The appealing characteristics of
needs to deliver all the attributes that it Many corporate leaders and political Brand You will always attract your au-
has promised. leaders are very inspirational speakers dience as you work towards leaving your
and have a very large following, not just legacy.
The way you communicate your among their employees or their political
brand to your audience and your cus- parties but across boundaries of compa- The author is a business and executive coach, and
tomers should be realistic. It should nies, parties and possibly across several an angel investor. He hosts the highly successful
not fail or appear to fail to deliver what countries.
it promises. Do not exaggerate the at- podcast titled The Brand Called You. He is also the
tributes of Brand You or overstate the The challenge most of them face on founder Chairman of Guardian Pharmacies and
performance you can deliver. Your cus- author of eight best-selling books
tomers want to believe in the promises

Photograph by Jesadaphorn 21 | BW BUSINESSWORLD | 16 July 2022

KIRAN’S KONTRARIAN KORNER

By Kiran Karnik

SEGREGATION,
BINS AND BANS

S EGREGATION is the flavour of the sourced one – is seen to mix all the different categories. Sometimes,
times. Not the type of separateness this is because the collection staff is looking for something of possible
or apartheid enforced in South Af- value and does so by just emptying the different containers into a
rica in days of yore, but the prac- common whole. Finally, as a short-cut or due to a lack of sufficient
tice of segregating garbage into processing facilities, all garbage is dumped into a common landfill.
various categories.
The purpose is to facilitate their sepa- GARBAGE MOUNTAIN
rate processing: “wet” waste (basically The problem of “dumping” is a severe one, best exemplified by the
cooking residues) into compost; bio- garbage mountain in Delhi (competing to be Delhi’s highest peak).
waste, if any, handled with special care; Now and again, not unlike our society, it spontaneously bursts into
plastic and other non-bio-degradable flames – spewing unhealthy gases and smoke into a wide neighbour-
waste for re-cycling. Housing societies hood. At other times, it continuously emanates a foul stench, which
generally have separate bins – mandated “all the perfumes of Arabia will not sweeten…”, as Lady Macbeth says
by law in many cities – where the collective in a different context in Shakespeare’s Macbeth.
garbage is stored in distinct bins.
Apparently, one cause for the growing mountain is the insufficient
SEGREGATION BINS capacity and other inadequacies of processing facilities (another
In theory, such segregation is an impor- reason may be the unstated desire to enter the Guinness Book of
tant step to minimise pollution, including World Records). Elsewhere, debris from construction and demoli-
of water resources. However, before ex- tion is dumped, with impunity, wherever convenient. It is sad to see
tending unreserved and politically-correct lovely, forested areas right along the roadside (in the Aravalli’s on the
support, one might note the many pitfalls. outskirts of Gurgaon, for instance) despoiled by such rubble. It is un-
First, even when individual households imaginable how truckloads of it are unloaded, and yet the authorities
separate their garbage, the collector may, are unable to stop it.
for his convenience, club smaller quanti-
ties into a bigger bag, thereby mixing the Going back to the individual household, many RWAs are insist-
different categories. ing not only on segregation, but on “wet waste” being handed over
to the garbage collector in a paper bag or directly from the dustbin.
Second, in the large collective bins, While the former (segregation) makes sense, if it is followed, the lat-
the distinction may not be maintained. ter is impractical. Can you imagine left-over curries being put into
Third, as actually observed, the municipal a paper bag? Alternatively, the dustbin gets continuously dirty and
garbage collection agency – often an out- will require constant cleaning. It is more practical for households to
store and hand-over wet waste in plastic bags, which the collector can

22 | BW BUSINESSWORLD | 16 July 2022

and hygiene (if not re-used;
if they are, then they are not
SUP: Catch 22!). Alterna-
tives – from metal to wood
to innovative edible spoons
made of multi-grain flour –
are more expensive.

PENCHANT FOR REUSE

With our penchant for reuse

and improvisation, plastic is

a versatile and much-used

source. Plastic bags, for

example, decried by envi-

Plastic is, without doubt, a serious threat, choking drains, killing ronmentalists, are used for
carrying tea from a vendor

animal and fish, polluting the land, water and air. We do need to a worksite, or for taking

alternatives for many items that use plastic. Should we not invest chutneys and curries from
in R&D on this as a long-term solution? In India, practically nothing home to work, or as a rain-
is one-time use. We are world-beaters in recycling and innovative coat/shower cap in the rain.

reuse. Therefore, would it not be better to immediately focus more As noted earlier, most

homes also use them for

on quickly and hugely ramping up the re-cycling and re-processing collecting/storing garbage.
facilities for plastic? There are myriad other uses
one sees daily. Glass water

bottles (open and refilled)

transfer into the appropriate community are now fashionable in restaurants and seminars, but sealed pack-

bin and then put the empty plastic bags aged-water bottles are yet perceived as safer. More importantly, the

into the plastic-waste bin. latter too are re-used times without number.

BAN ON SINGLE-USE PLASTIC LONG-TERM SOLUTION
Plastic is, without doubt, a serious threat, choking drains, killing ani-
From 1 July, there is a ban on single use mal and fish, polluting the land, water and air. We do need alternatives
plastic (SUP); an “environment friendly” for many items that use plastic. Should we not invest in R&D on this
move – like waste segregation – which no as a long-term solution? In India, practically nothing is one-time use.
one will dare to oppose. Yet, the practical
aspects are again daunting. If seriously We are world-beaters in recycling and innovative reuse. There-
enforced, items like plastic straws will not fore, would it not be better to immediately focus more on quickly
be allowed. These are included in small and hugely ramping up the re-cycling and re-processing facilities for
packs of various juices and drinks, much plastic, preceded by an efficient collection mechanism which ensures
appreciated by travellers and those on the an efficient supply chain for them? Though we love bans (be it books,
road, since they ensure both convenience food, clothes or social practices), should we put a blanket ban on
and hygiene. something that the deprived, in particular, find useful? Should this
be done even before we can provide viable alternatives?
Paper straws, suggested as an alterna-
tive, are apparently more expensive and Are we putting the cart before the horse, and just aping the pres-
– as per contested reports – require import ently-fashionable Western agenda? Batteries are huge and dangerous
of paper. High-end restaurants can afford polluters of ground water, but we don’t ban cell phones (or batteries).
the changeover, but the economics may Is this an unfair analogy?
be deterring for low cost, low profit packs
which depend on a mass market. Questions and contrary views, especially for “environmental ex-
tremists” to think about ...
There are similar problems with plas-
tic cutlery (another item on the banned The author loves to think in tongue-in-cheek ways, with no maliciousness or offence
list). Plastic spoons are a common sight intended. At other times, he is a public policy analyst and author. His latest book is
in roadside eateries, ensuring convenience Decisive Decade: India 2030 Gazelle or Hippo (Rupa, 2021).

Photograph by Bignai 23 | BW BUSINESSWORLD | 16 July 2022

(A) muse & Musings By Srinath Sridharan

Banks & Fintechs

Is the Crisis
Co-existential
as Yet?

F INTECHSBEINGhammered.” known or unknown risks that impact the
“Valuations down.” larger economy or markets.
“Banks are under digital transformation and own
the consumer wallet.” A learning over the years of market ob-
“Banks are upgrading their digital systems.” servations and regulatory development is
“FinTechs will increase financial inclusion.” that a regulator reacts either when some-
“Collaborative efforts between banks and FinTechs one is showcasing systemic risk capabil-
will enhance consumer convenience.” ity that worries them, or when someone
“Banks will rule.” becomes a communication nuisance that
“FinTechs will overtake banks.” consumers would complain about loudly,
One heard many such statements announcing the exist- or when the communication nuisance is
ence and existential worries of the sectoral players. What was politically sensitive.
celebrated just a few months ago was how the FinTechs were
changing financial narratives. The valuations were celebrated After what the world went through
as if they were singularly changing the economic destiny of the in the shape of the great financial crisis
population. And unicorns were celebrated as national achieve- (GFC) of 2008, financial regulators do
ments. The winds of change in the tonality has shifted with a few rightfully worry if any lending product
recent regulatory announcements by the RBI. The media and has the potential to create a society with
social media goes berserk, as if it’s war declared by the regulator high levels of indebtedness. For a mar-
on FinTechs. ket with large young demographics, that
could end up as a national security con-
Regulations exist for a reason cern as well as a social pain.
The prime regulatory role is towards consumer protection. It is
that unique aspect that builds trust in the regulatory system over Over the past seven or eight years, In-
a period of time. In this process, financial regulators are tasked dia has witnessed the evolution of many
with ensuring fiscal stability, reducing or managing any type of FinTech ideas and scaled entities. Many
of them brought in the framework that
the governmental policies encouraged
and helped actually shape Indian tech

24 | BW BUSINESSWORLD | 16 July 2022

and digital stack, usage of the wide- After what the novation to be at the edges, that cannot infringe on current rules
spread availability of internet access, world went of the system. Regulations will need to be heeded. Importantly
encouragement of entrepreneurship through in the for a conservative fiscal regulator, the jargonised discourse about
and availability of private capital. These shape of the valuations won’t cut any ice. But again, to be fair to FinTechs,
were ably steered by the various sand- great financial they have had enough positive impact on consumers as a show
box policies of the financial regulators. crisis (GFC) of of intent and potential. They have the potential to do more. Yes,
More importantly, these ideas offered 2008, financial they have been disruptive.
convenience to the consumers, whose regulators
demographics were changing the way do rightfully Questions abound on whether FinTechs have used regula-
they looked at accessing finance! worry whether tory loopholes to design products to serve consumer needs. The
any lending answer is ‘yes’. The same accountability also rests with the regu-
Regulations product has lators in setting a timeline to steer any gaps, and to proactively
Of late, the regulators have been plug- the potential take the views of market participants. In the same breath, let’s
ging any arbitrage available to the par- to create a say that there is a vehement consensus that banks do hold the
ticipants. Some of these changes would society with upper edge in the licensing arbitrage against non-banks (includ-
push for the digital ecosystem to reshape high levels of ing FinTechs). But that’s a fair arbitrage, considering the state of
product offerings. Some of these in the indebtedness. current rules that offer such an advantage.
lending ecosystem include regulatory For a market
views on co-branded cards, lending into a with large So the unnecessary worries that the regulator stifles innova-
wallet (PPI), BPNL products, etc. young tion is misplaced and needs to be offset with continued innova-
demographics, tion-to-consumer offerings. It is in the consumers’ interest that
While many of these products were, that could end the regulator hold up the mirror. And that includes for shaping
and are, offering consumer convenience, up as a concern innovation too, even as it is almost impossible for regulators to
they were in many cases, using regula- keep pace with industrial innovation.
tory gaps. For a serious topic like finance,
regulations have to be firm, even if nim- Power play
bleness is expected for allowing for inno- Regulatory systems and capacity building will take time around
vation. While some quarters will want in- digital finance. Regulations, especially being run outside of pri-
vate sector industry, will not be able to build capacity overnight.

Photograph by Jamesteohart, Satheesh Nair 25 | BW BUSINESSWORLD | 16 July 2022

(A) muse & Musings By Srinath Sridharan

The supervisory aspect will be of concern, So the current regulatory updates, as well as the ones that could
till they have surety of their team strength come up in the near future, might indicate a step towards clearly
and ability to monitor all stakeholders. segregating who can own the customer, whose balance sheet will

Let us not demean digital financiers have to be used and regulatorily supervised
for the fault of a few who may be away
from regulatory scrutiny. Most large shown that parties use their influence to fight for their rights
FinTechs are well capitalised, are run – rather than their wants. So the lobbying and pushing and
by smart young professionals and have pulling, prodding and plodding will continue between all com-
known board members. petitors.

The shallowness of our debt market Consumers’ voice
and its implications on non-banks is not Surprisingly, none of the conversations place the consumers at
understood from the business model the centre. We seem to have forgotten that and been carried away
perspective. And it is also underrated by valuations. Yes, technology offers convenience to consumers.
by private investors. Globally the bond But what if regulatory signals are valuations-risk to current busi-
markets are robust and deep. They take ness model changes?
care of large borrowers, including corpo-
rates. Their banks take care of medium The phrase “neo bank” has been misused in consumer com-
and small-sized borrowers. Whereas munication so openly that it’s surprising that it has not gathered
in India, our bond market is just about regulatory action yet. It misleads consumers into believing that
growing up. Numbers notwithstanding. they have regulatory backing as quasi-banks. Hopefully this will
Hence large borrowers end up borrowing be plugged soon by the regulator. Money or valuations or mass
from the banks. And the government of media cannot get you fit and proper. That’s the larger message
India (GoI) and it’s entities are large bor- to understand. That the regulator has the final word.
rowers in our financial system. Who can
compete with sovereign backing? So the current regulatory updates, as well as the ones that
could come up in the near future, might indicate a step towards
This makes banks a large lender to clearly segregating who can own the customer, whose balance
non-banks. The non-banks don’t have sheet will have to be used and regulatorily supervised and who
many other sources to borrow from in will have recourse to any consumer complaint.
the domestic debt market. If the banks
and non-banks are targeting the same Hierarchical prejudices around promoters’ age, legacy and
set of consumer segments, why would vintage have to be unshackled. Over a point in time, the regula-
banks fund the non-banks? Are there any tory outlook will play out how much of licensing-arbitrage banks
expectations from banks that FinTechs will hold against FinTechs in this competitive landscape.
should only be vendors and not com-
petitors? One wonders whether this is a The author is a corporate advisor and independent markets commentator
slow movement of shaping FinTechs into
mere digital banking correspondents. It’s
a power-play currently.

The biggest disruptor in the lending
sector has been technology. Earlier, fi-
nance companies with large branch
networks across the length and breadth
of the country were seen as a business
moat. With the adoption of technology
by the consumers, this physical distribu-
tion network is challenged by the ability
to use technology to acquire, serve, and
retain consumers. FinTech investors are
also scaling up by using their equity capi-
tal as a surrogate debt line and using data
science to effectively serve consumers.

The history of financial markets has

Photograph by Jamesteohart 26 | BW BUSINESSWORLD | 16 July 2022



COLUMN KAUSHIKPRASAD

Marketing’s Code language serves as a smokescreen for
Talkers mediocrity. Like Hans Christian Ander-
son’s The Emperor’s New Clothes, a lot of
DURING WORLD WAR I Often, baloney escapes scrutiny when dressed
when the Germans managed complicated up baffling nothingness meets a complicit
to tap phonelines, intercept language serves audience who simply nod along. And like
messages and break their the folk tale, it just needs someone to raise
codes, the Allied forces were a wor- as a their hands and ask, “what does this really
ried lot. One day, an American captain, smokescreen for mean”. Raising our hands forces plain-
walking past a trench, overheard two mediocrity. Like speaking instead of being tripped up by
native American soldiers talking in an Hans Christian mumbo-jumbo. But doing this needs us
unfamiliar language. He paused to ask Anderson’s The to give up our hesitation, acknowledge
them and learnt that the soldiers were Emperor’s New that we may not be fully informed. It also
speaking Choctaw, a language spoken by Clothes, a lot of needs us to be confident about what we
about 7,000 speakers and the tenth most baloney escapes know and curious about what we don’t.
spoken Native American language in the
United States. scrutiny when “Because the purpose of business is to
dressed up create a customer; the business enterprise
The captain had an idea; to use this has two – and only two basic functions;
language to send secret military mes- marketing and innovation,” Peter Druck-
sages. He reasoned that the Germans er wrote these timeless words in 1954.
could never decipher messages sent in a
language they had no knowledge of or ac- Marketers need to stop being “Code
cess to. Within hours a group of Choctaw Talkers” and start speaking the language
speakers were dispatched to various posi- of business. That’s how we can put
tions and a Choctaw Telephone Squad marketing at the heart of the business.
started exchanging messages in their Raising our hands and de-jargonising
mother tongue. Historians acknowledge also gives us the ability to understand
that these messages were crucial to win- issues at a much deeper level. In his book
ning some key battles in the final weeks of The CEO Factory, Sudhir Sitapati writes
the war. about how the jobs-to-be-done process is
the HUL way of framing and structuring
Like the Code Talkers, many of us in problems. Consider this example from
marketing speak a language that people his book, ‘get rural users of Clinic Plus
outside the marketing’s echo chambers shampoo to use it a bit more often.’ Here a
have a hard time following. We use business problem has been framed simply
jargons, shapeshifting buzz words and in consumer terms without any mumbo-
like to think that using such words make jumbo and holds the potential to mobilise
us look impressive and be seen as experts. the organisation and generate a host of
While this may be cheered on by smug strategic alternatives.
experts in marketing’s echo chambers
with its self-congratulatory awards and Taken in by salesmen masquerading as
boosted by a credulous Press, the truth thought leaders, it’s easy to get afflicted by
is a lot sobering. Our sloppy language FOMO and become a Code Talker. How-
excludes us from the rest of the organisa- ever, the ability to cut through jargon,
tion, encourages shallow thinking and distil what’s vital for business, to simplify
distances marketing from the CEO’s and generate momentum for execution, is
office. an increasingly important skill. And you
can make a start by simply raising your
Complicated jargons are endemic to hand and asking, “what does this really
the industry today. Often, complicated mean?”

The author is a marketing profes-
sional with over 20 years of experience.
He currently leads ecommerce for inter-

national markets at Ford

28 | BW BUSINESSWORLD | 16 July 2022

IN DEPTH LEADERSHIP

YADU CORP. EYES
ENHANCEMENT
OVER EXPANSION

Startingwiththetakeoverofasick We are also working on two ethanol projects. Bioenergy is an-
unittomarketleadershipintosugar other priority for us where we generate electricity from bagasse.
manufacturingandalliedindustries,Yadu
Corp.hascomealongway.Ithasbeenthe As an entrepreneur, what is your take on national eco-
frontrunnerinadoptingstate-of-the- nomic development? Can India achieve the mark of a $5
arttechnologyandmodernprocesses trillion economy by 2026-2027?
tofuelsustainablegrowth.Todayit I think the long-term prospects of the Indian economy are very
hasadiversifiedpresenceinsugar bright. The $5 trillion economy goal is achievable, and India Inc.
manufacturing,education,retail,and is working towards it. Policymakers have a greator role to play
realestate.KunalYadav,Chairmanand here. They must take stock of the ground realities and problems
CEO,YaduCorp.speaksaboutthejourney faced by the various sectors and formulate policies accordingly.
andthewayforward. Though governments are trying to provide a level playing field
through numerous reforms, the pace could be faster.
You are one of the top players in high-quality sugar man- To hit the desired mark, all the stakeholders (industrialists,
ufacturing today. Tell us about the key milestones of your authorities, government, etc.) must engage in regular dialogue
journey. to identify pain points and offer timely solutions. Having said
Weenteredthesugarsectorin2002bytakingoverasugarmillin that, we must acknowledge and appreciate the government’s
Punjab. It was a sick unit and we turned it around successfully. efforts to support industry particularly MSMEs throughout
Theinstancegaveusmoreconfidenceandwetookovermoreunits the pandemic by delaying the timeline for bank payments and
gradually and turned them around through our management extending financial support in form of relief packages.
practices and innovation-driven process.
We did our first horizontal expansion in 2006, second in 2012, What are your next big plans and any sustainability-
and then in 2017 to achieve the group’s total production capacity centric strategies in play?
of 22,000 tonnes per day. We believe sustainability will be the core of transformation. We
are accelerating modernisation by adopting cutting-edge tech-
Besides sugar, what are other sectors in which Yadu nology. It’s no secret that shifting to modern and smart technol-
Corp. has business interests? What are its growth plans? ogy can cut down business losses and carbon footprints hence we
We have evolved from being a sugar manufacturing company are gradually adopting newer and cleaner industrial processes.
to an integrated player across retail, energy, education, and real For example, developed economies like USA and Europe are
estate. We are the top player in sugar manufacturing in Punjab processing sugar through the double refining process whereas
and have a significant presence in UP after we launched our India is still processing with the double sulphation process. At
greenfield project there in 2011. Yadu Corp. however, we take pride in being able to implement
In the education sector, we have schools and colleges in vari- the double refining process in our sugar mills.
ous cities of Uttar Pradesh. In the retail segment which has In the education segment, we plan to fully integrate digital educa-
significant growth potential, we have a store chain named ‘City tion with mainstream education to provide an advanced learning
Bazaar’. Furthermore, we are deepening our footprints in real environment. We are happy to see children are loving to come
estate, bottled alcohol supplies and exports. back to school, and as far as numbers are concerned, we expect
To accelerate the next leg of growth, we are working on forward more admissions than in the pre-pandemic times. On the retail
integration. We are retailing sugar and allied products under the front, four stores of ‘City Bazaar’ started in Punjab are fully op-
brand name of Yadu Sugar with a growing market share Y-o-Y. erational. We are currently looking for operational managers and
focusing on strengthening the leadership before expanding geo-
graphically in Haryana, Punjab, Himachal Pradesh and Jammu.

29 | BW BUSINESSWORLD | 16 July 2022

Noorings [email protected]

MAKING evolution of social media connec-
METAVERSE WORK tion and believed in it enough to
use that as the name for its rechris-
The debate on whether the metaverse will tened avatar. In the post-pandemic
thrive or fail is strong on both sides but the world, the metaverse gained such
uncertain world we live in suggests that only the popularity that even the chief mar-
very brave or foolish wager on the latter keting officer was called the chief
metaverse officer. When asked,
by Noor Fathima Warsia CMOs will offer different points of
view as not all are on board. But
C AN THE METAVERSE WORK? Will it really become the fu- the number that is, is not few.
ture of the internet? A very large section at present contends
that it will not. The argument is on lines of the theory that The arguments against the
the metaverse will not change our lives too much, it may not metaverse cannot help but remind
be the solution to the several challenges we face and that one of how social media platforms
technology can address but not by way of the metaverse, and would be dead and gone as virtual
that it will never be profitable so there won’t be many that connections like those would
will continue to invest in it to convert the ‘concept’ into a ‘reality’. never compare to real life. Face-
book was even criticised once for
Interestingly, the debate more often than not will cite the example of Fa- becoming a platform that failed to
cebook and how turning into Meta to reflect its future-looking platform engage a newer generation and
and creating a metaverse strategy will be its biggest failure yet. True, Face- hence would not last.
book, now Meta, has had several failed products to its credit, some buried
deep in the annals of social media history. Remember Facebook Inbox or While on the subject, Face-
Facebook Credits or Facebook Places… you get the gist. This is expected of book’s mobile-first approach too
any company that claims to experiment and innovate. was seen as an experiment at best
because even till that point in
However, the metaverse is something that Facebook defined as the next time, the famous ‘year of the mo-
bile’ had not yet arrived.
30 | BW BUSINESSWORLD | 16 July 2022
Let’s take the video conferenc-
ing example we have heard nearly
a zillion times in the last two
years. The tech was in place, it just
was not used enough even by its
makers since it was not needed.
What the pandemic taught is one
cannot predict what will be
needed. It is very difficult to imag-
ine a situation where the current
version of the metaverse is
needed. But if one had to look at it
up to that point, then that is limit-
ing its application.

This uncertain world has
changed people and their behav-
iour. Will the metaverse take off ?
Why not? Will the experience it
creates not have takers? Why
not? In this world order, where
experience matters most, can
we say metaverse is not the next
important opportunity? I, at
least, cannot.

For Nominations: For Sponsorship: Shruti Arora
[email protected] | +91 79826 28913
Chetan Mehra Somyajit Sengupta
[email protected] | +91 98117 02464 [email protected] | +91 98182 47444

MARKETING AND ADVERTISING

STANDPOINT

Enhancing
Financial Literacy With

Relevant Stories

In a country like ours, the ‘life skill’ of money management isn’t introduced in
educational institutions until it’s too late By Vinit Kapahi

FINANCIAL Literacy in financial uncertainties not designed to process on human interest stories
is, by far, the most arising from job loss, do- complex numbers, sta- featuring different char-
successful vaccine mestic or global economic tistics, and unstructured acters and life scenarios.
against financial anxi- downturn, geopolitical tur- information. Instead, we A good story keeps people
ety. While the country’s moil, or prolonged illness. learn from stories that are at heart, which helps
financial literacy rate has However, the widespread constantly shaping around readers relate with the
been increasing due to the misinformation and dated us and then they are protagonist, understand
uncertainty caused by the facts available on the inter- passed from one sapiens to the plot, and imbibe the
pandemic, India has the net make it challenging for another.’ larger message. Similarly,
lowest financial literacy people to find meaningful marketers need to un-
rate among major emerg- information about finan- This is a crucial insight derstand their audience’s
ing economies. Accord- cial planning. for BFSI marketers, who financial nuances and
ing to a recent report by are often obsessed with use them to build stories.
SEBI, only 27 per cent of Given this delicate numbers and romanticise Stories based on real-life
the country’s population is scenario, banking and the same through their situations such as studies,
financially literate and pos- financial services brands communications to the marriage, the birth of a
sesses the awareness and shoulder the responsibil- audience. While inculcat- child, retirement, vaca-
proper money manage- ity of bridging the gap and ing goal-based investing is tions etc., impart lessons,
ment skills. The ‘life skill’ of nurturing a financially an essential communica- give a nudge to think and
money management isn’t aware society. Here are my tion ask, they need to rely
introduced in educational four cents about the role of
institutions until it’s too BFSI marketers in address- Banking and financial
late. To combat financial ing the situation: services brands shoulder the
illiteracy, education needs responsibility of bridging the
to start in the classroom. Make your own
With adequate financial stories gap and nurturing a
literacy, people shall be financially aware society
empowered to create a Celebrated author, histo-
robust financial plan that rian, modern philosopher,
matches their life goals and and academician Yuval
expectations. They shall Noah Harari argues in
also know how to factor his book 21 Problems for
the 21st Century that ‘the
Homo Sapiens’ brain is

32 | BW BUSINESSWORLD | 16 July 2022

act in a specific direction,
and can be passed on by
word-of-mouth. Isn’t it the
perfect way to strengthen
financial literacy, which
is often considered a com-
plex subject?

Keep it real best friends and trusted Build a positive minds of consumers, not
family members for their dialogue financially educate them.
Marketers are inher- perspectives or help when Instead of relying on fear,
ently creative folks. Their in doubt. As a support- Stories carry emotion in we should adopt positive
natural endeavour is to ing actor, BFSI brands them, which acts as a pow- dialogue and meaning-
unleash their creativity have an opportunity to erful tool. Emotions can ful marketing messages
when making or telling be the Hero’s best friend sway people’s opinions and that would resonate with
stories. However, these in the story. It only takes motivate them to act. These customers.
stories always flow on the staying ‘truthful’ and emotions could be love,
sword’s edge and stand a ‘trustworthy’ throughout friendship, patriotism, etc. With a populace of 1.3
chance of sounding real or your communication. The However, one emotion that billion, the importance of
gimmicky. Only the stories recipe for the magic sauce marketers should not tap financial literacy will have
that flow toward the side that instils trust is pur- into is fear. Often, some an enduring effect. Brands
of realism can success- pose, integrity, and ethics. narratives try to persuade can go a long way with a
fully deliver the message of Consumers are looking people to buy their offer- customer-centric market-
financial planning. Today, for brands that positively ings by instilling fear in ing approach to inculcate
consumers may not under- impact societal issues, them, with the underlying financial literacy among
stand a complex message. provide accurate, reliable, message being “your family the masses. A financially
Still, they can undoubtedly and unbiased informa- will be miserable without savvy India would be a sig-
see through gimmicks tion, and show concern for money” or “you’re too late to nificant force in the world.
and do not shy away from their heroes. invest.” Such an approach With shifting priorities and
calling it out on digital will only create dread in the media consumption, being
channels. Here, a thumb mindful and considerate
rule is to weave stories that With a populace of 1.3 billion, the as a marketer is of utmost
are relatable to customers. importance of financial literacy importance.
Like in a movie, the cus-
tomer is always the Hero of will have an enduring effect  KapahiisHeadof
the Story, while the Brand Marketing, Aviva India
plays the supporting role
of the Trustworthy Best
Friend by giving Hero the
confidence to make critical
financial decisions.

Be the hero’s best
friend

We often turn to our

33 | BW BUSINESSWORLD | 16 July 2022

MARKETING AND ADVERTISING

INTERVIEW

Magic Of been a very good start for tal collaborations?
Melodies the entire industry, where The music business is not
& Movies people were feeling In- impacted by digital plat-
dian films were working forms. In fact, both film
T-Series, which started off as a music com- only on OTT. Bhool Bhu- and music businesses
pany, has transformed itself into a formidable laiya has changed that are growing with digital
film studio today. Along with independently perception and we are re- platforms. During the
producing films, it has also spread its wings ally looking forward to a lockdown, the film in-
to produce digital content for OTT platforms great future in Bollywood dustry had no way to earn
recently By Soumya Sehgal movies. money and release mov-
ies. Thanks to these OTT
The bigwig of the traditional music, mar- If you had to make pre- platforms we released 12
Indian music and keting strategies, trends dictions for the next 12 movies during this time.
film industry for to look out for and more. months, what are some When the movies release
more than 30 years, T-Se- Excerpts: of the trends that are in theatres, the music
ries was recently adjudged likely to become main- business also grows be-
the most subscribed In- The entertainment busi- stream and bigger? cause the audience expe-
dian-language YouTube ness seems to be mak- I always believe in work- riences the music along
channel globally. Over ing a comeback with a ing in the present. But I with the film. We always
the years, T-Series has vengeance. Do you feel strongly feel that because of maintained that if a film
etched its name in popu- that we will be able to the potential of Indian con- works, the music does
lar Hindi and regional make up for the loss of tent, with the kind of direc- so alongside. The same
commercial music, hav- box office collections tors we have and the kind of thing happens on digital
ing transformed into a witnessed over the last storytelling which is com- platforms. An example is
21st century multi-crore few years? ing, I am very confident the music of Shershaah.
media and entertainment Absolutely. Films like that our film industry will The film was released on
conglomerate. Pushpa, KGF, RRR and go worldwide soon. There a digital platform and its
now Bhool Bhulaiya have are so many films that have music did very, very well.
In a freewheeling con- certainly given the relief already crossed the bridge So digital platforms are
versation with BW Busi- that Bollywood was look- and done great business. not hurting the music or
nessworld, Bhushan Ku- ing at. After Covid, every- The future is bright for Bol- film business, they are, in
mar, MD & Chairman, T body was dependent on lywood movies. fact, helping it.
Series, takes us through OTT platforms. I want
the many facets of the to thank the audience for How are music and films But yes, in the last two
music industry, his latest showering love on Bhool being impacted by the years, people have iden-
releases, the impact of Bhulaiya 2 and that has creator economy or digi- tified the kind of cinema
digital collaborations on and content they wish to

There are so many films that
have already crossed the
bridge and done great

business. The future is bright
for Bollywood movies

34 | BW BUSINESSWORLD | 16 July 2022

watch on OTT and in cin- There are many movies music?
emas. Producers and crea- which will go for OTT re- While I keep a tab on the
tors are still figuring out lease and many that will everyday content, I am
what kind of films people go for theatre release and very privileged to be work-
want to see in theatres. then OTT. ing with many artists ex-
clusively. As far as music is
I have a big line of mov- What are some of the concerned, it is too much
ies coming in the next four marketing strategies dependent on the ear sense
years, nearly 100 movies. that you typically lever- that people have. I have
age for promoting your inherited a great ear sense
I want to thank films? from my father. He could
the audience First of all, content is the judge music for the public
for showering real king. If you have the very well.
love on Bhool right content, carve its
Bhulaiya 2 and first teaser which a large Whenever I choose mu-
that has been a majority of people imme- sic, I don’t choose it for
very good start diately accept. There are personal taste, I choose it
for the entire some things which people for the public. That kind
industry, where may like and some that of ear sense has helped
people were they won’t like. Initially, we me vouch for what kind
feeling Indian were very depressed about of music can work. That
films were how films were perform- thing is really helping us
working only on ing in theatres. Neither as a company.
OTT our films were doing well,
nor other banners’. So we Melody is the king of
BHUSHAN KUMAR, were quite stressed about music. Melody and lyrics
MD & Chairman, whether we are doing the are the same as they were
T-Series right kind of marketing or in the 1970s, 80s or 90s. In
not. But Bhool Bhulaiya all this time, you pick up
made us realise that it is any song that has a great
the content that rules. melody and it has worked.

Our marketing essen- What is the next big fo-
tially starts with an im- cus area in digital for T-
pactful teaser and trailer. Series?
Once we have that, we YouTube, for us, is very im-
engage in the regular tac- portant because it has the
tics that grab maximum visual medium to promote
eyeballs — interviews, go- the artists. Music is con-
ing to the Kapil Sharma sumed almost 100 per cent
Show, a couple of dance on digital platforms. So all
programmes, etc. I firmly these digital sites where we
advocate building a prod- sell music are very impor-
uct that people instantly tant for the independent
love. artists and for our cata-
logue. It has grown 10-fold
As a leader, how do you since from the time we used
keep up with the chang- cassettes and CDs.
ing trends in cinema and
[email protected]

35 | BW BUSINESSWORLD | 16 July 2022

COVERSTORY

RAINBOW
CHILDREN’S
H O S P I TA L

A RAINBOW
OF HOPE
FOR
CHILDREN

Withnearly26millionbabiesborn

By TEAM BW inIndiaeveryyear,theneedfortop-
qualityandeffectivepaediatriccareis

I increasinglybecominganecessity
NDIA IS AT THE CUSP of greatness in healthcare. It is envisaged that after information technology,
healthcare will emerge as the next big offering from India that will likely take the world by storm.
The Indian model which has succeeded in managing pandemics despite the large volume of critical
disease load will become a blueprint for the developing world.
This model needs consolidation and improvements in specific sectors. While the healthcare system
in India has made rapid strides over the last few decades, more so with the bigger participation of
private players, there is one area that is still at a nascent stage of growth. Women and child care is an
area that still lags behind and provides an opportunity for all stakeholders to put in place an action
plan that will be very relevant in the current context.
It may be noted that 444 million people in India are between the ages of 0 to 18 years, and every third
person is between the age of 10 to 19 years. In the last few years we have witnessed the emergence of a few
healthcare chains in India that cater to children and adolescent healthcare. In the same time frame, India
has witnessed an increase in the number of paediatricians. But the irony is that we are still not able to keep
pace as the population growth has outpaced the rate at which paediatric service is growing. It is time to
change this situation, since a society with an enviable women and child healthcare contains within it, the
trigger to lessen morbidity and pave the way for a healthy nation.

RAINBOW CHILDREN’S HOSPITAL

In tune with this vision, Dr Ramesh Kancharla, a paediatric gastroenterologist, who has had a successful
career in the United Kingdom, decided to return to India. By leveraging his expertise and knowledge, he
ventured to nurture paediatric speciality care in India. Thus, was born Rainbow Children’s Hospital, a
50-bed modern children’s hospital with ICU services in Hyderabad. Over the years, Rainbow Children’s
Hospital has become the largest chain of multi-speciality hospitals for paediatrics and perinatal services,
with 14 hospitals and three clinics in six cities. Birthright by Rainbow is an integrated perinatal service

36 | BW BUSINESSWORLD | 16 July 2022

within the children’s hospital that of- DR RAMESH KANCHARLA,
fers normal and complex obstetric care, CMD, RAINBOW CHILDREN’S HOSPITAL
multi-disciplinary foetal care, perina-
tal genetic and fertility care, along with “In the United States, 97 per cent of children’s
gynaecology services. healthcare services are done only in children’s
hospitals, especially organ transplants, serious
Rainbow Children’s Hospital be- brain surgeries and other critical procedures.
came the first children’s hospital chain Likewise, at Rainbow, our clinicians are very well
in India to be listed on the National trained and produce excellent outcomes that are
Stock Exchange in May this year.
Through its Initial Public Offer (IPO), on a par with those in western countries”
which was oversubscribed nearly 13
times, the hospital raked in over Rs
1,500 crore.

Rainbow Children’s Hospital follows
a hub-and-spoke operating model in
Hyderabad, with its Banjara Hills hos-
pital (comprising 250 beds) being the
hub, with four spokes at four locations
in the city. This successful model is also
gaining traction in Bengaluru. The
hospital chain proposes to replicate
this approach in Chennai and across
the National Capital Region. “We in-
tend to significantly expand our pres-
ence in existing cities by fortifying hubs
and adding additional spokes. Subse-
quently, we intend to expand into tier-2
cities in the states of Andhra Pradesh
and Tamil Nadu in Southern India. We
are also exploring an opportunity to
open a hospital in North East India,”
says Dr Ramesh Kancharla.

In the financial year 2021-22,
Rainbow Children’s Hospital per-
formed considerably better than in the
previous fiscal. Sample this: The rev-
enues for FY 2022 were Rs 973.7 crore,
a 50 per cent growth compared to Rs
650 crore in FY 2021. The operating
EBIDTA for FY 2022 was Rs 304.9
crore, a growth of 87 per cent over the
comparative number for FY 2021. The
profit-after-tax for FY 2022 stood at
Rs 138.7 crore, registering a growth of
250 per cent over the PAT in FY 2021.

“We are implementing several pro-
gressive initiatives that give us the con-
fidence that we will continue to grow
in the current year,” says Dr Ramesh.
“We are hopeful that we will witness
normalcy this year and are working
diligently to ensure the continuity of

37 | BW BUSINESSWORLD | 16 July 2022

COVERSTORY

RAINBOW
CHILDREN’S
H O S P I TA L

business across the group hospitals tors, paramedics, specialists and an of the surgeries laparoscopically even
to deliver excellent clinical results,” advanced clinical infrastructure that in infants and specialised organ trans-
he says. Asked about the origins of facilitates the overall healthcare needs plants and surgeries for children. “In
the venture, he says, “Rainbow was of children. the United States, 97 per cent of chil-
initially set up as a children’s hospital dren’s healthcare services are done
with the intensive care services and Multi-speciality hospitals for chil- only in children’s hospitals, especially
paediatric speciality services. While dren are an imperative stepping stone organ transplants, serious brain sur-
building expertise in paediatrics and for holistic care. Children can be treat- geries and other critical procedures.
robust patient retrieval services are ed for different diseases during their Likewise, at Rainbow, our clinicians
being offered in and around Hyder- childhood, thus reducing the risk of are very well trained and produce ex-
abad for neonates and children from carrying the diseases into their adult- cellent outcomes at par with those in
nearby districts, we observed gaps in hood. Experts claim that 10 per cent of western countries,” says Dr Ramesh.
perinatal healthcare and realised that the renal problems and 12 per cent to
the best place for risky pregnancies is 20 per cent of the cardiac problems go The hospitals are located in the cit-
a children’s hospital, as it reduces time undiagnosed in childhood, presenting ies, but a lot of the sick children are
to reach a children’s hospital when the such problems in early and later adult- transported from the surrounding
new-borns need clinical hood in advanced stages. This can be districts without any essential gad-
intervention.”
avoided through robust healthcare ser- getry and expertise, re-
“Realising the im- vices and early screening programmes sulting in ailing babies
portance of integrated during infancy and childhood. In neu- succumbing to their
services in promoting rology, behavioural diseases like au- ailments on the way to
holistic care,” Dr Ra- tism and attention deficit disorders are the hospital. Rainbow
mesh tells us, “we de- becoming common among children. Children’s Hospital has
cided to offer obstetrics Such disorders also need special atten- its own dedicated fleet
and perinatal care for tion by experienced specialists in the of ambulances, with
high-risk pregnancies very early stage to improve social and advanced gadgetry and
in 2007.” educational abilities. ventilators, which ca-
ter to the different dis-
BREAKTHROUGHS To cater to the emerging needs, the tricts around the city.
In a children’s hospital hospital has built interlinked paediat- The hospital chain, on
admissions happen ric specialities like paediatric neurol- an average, does 2,000
during the day and ogy, gastroenterology, nephrology and transports every year.
mostly at night, with haemato-oncology services, all under
about 75 per cent of ad- one roof and backed by intensive care To tackle rising cardi-
missions through emergency services. services centred on better child care. ac problems in children,
To cater to the need for such care ser- the hospital group also
vices, the hospital ensures availability The hospital is now able to offer most runs a dedicated Children’s Cardiac
of specialist medical consultants, fully Centre. The Rainbow Children’s Heart
dedicated to the service 24/7 at the hos- Institute, a stand-alone paediatric car-
pital. The unique doctor engagement diac centre, serves the special needs for
model is another breakthrough that heart procedures among children. The
the hospital has achieved since its in- stand-alone cardiac facility has about
ception. Most doctors at the Rainbow 100 beds and performs 60 surgeries on
Children’s Hospital are trained outside an average in a month and 700 surger-
the country in different specialities and ies and over 750 cardiac catherisation
intensive care services. procedures, including device closure of
congenital heart defects, annually. The
As a children’s care hospital group, paediatric cardiac facility ensures that
Rainbow has established a one-of-a- childhood cardiac needs are met at the
kind paediatric intensive care service right age, thereby averting any further
with multidisciplinary services sub- cardiac risks in adulthood.
suming a child centric approach. The The hospital chain has been con-
approach involves teamwork of doc- sistently investing in and striving to
develop technologies with an eye on

38 | BW BUSINESSWORLD | 16 July 2022 Photograph by Indiapicturebudget

improving outcomes. Dr Ramesh tors and this is where the dual chal- country is the rise of medical tourism,
takes pride in the fact that a device lenge of quality and quantity lies. which has grown exponentially over
invented and patented by Dr Koneti the years, due to the ‘Indian Model’.
Nageswara Rao, Director, Rainbow With India making tremendous Patients from neighbouring countries
Children’s Heart Institute, addresses progress in information technology like Bangladesh, Myanmar, Nepal, Sri
critical heart conditions in children. across domains, leveraging this for Lanka, the CIS countries and other
The device, called KONAR- MF– Niti- healthcare could be a win-win situa- South East Asian countries are choos-
nol Occluder, is used to close ventricu- tion both for healthcare service provid- ing India, as medical treatment is more
lar septal defects and other holes in the ers and patients,” says Dr Ramesh. He affordable here. The medical tourism
heart and abnormal ventricles. This adds that a greater emphasis should be industry is expected to expand at a
device is being utilised in more than provided for medical research which CAGR of 21.1 per cent between 2020
60 countries across the world to treat needs to be incentivised, as this pro- and 2027.
patients with congenital heart defects. vides a new window of opportunity to
find better treatment protocols and In the days ahead, the dependence
A ROBUST HEALTHCARE SYSTEM also customise the existing ones to suit on the Indian Model is set to increase.
Dr Ramesh underlines the need for local conditions. “Online consultations have increased
a robust healthcare system. “For any for speciality consults from the foreign
country to claim to be a healthy nation, The need for paediatric hospitals and neighbouring countries as they
it needs to have healthy healthcare in- in India has persisted since the pre- don’t have specialities in their resident
dices like the neonatal mortality rate, Independence era. While the private countries. They don’t have organ trans-
infant mortality rate and maternal sector adult multi-speciality hospitals plantation facilities, brain surgeries
mortality rate,” he says. have grown in number exponentially, and other specialised procedures in
no significant progress is evident in the their own countries, so medical tour-
“Even as India has made rapid women and children’s healthcare seg- ism is going to be a big opportunity,”
strides,” he points out, “there is still ment, with a comprehensive speciality says Dr Ramesh.
enormous scope to streamline and hospital approach.
revamp the healthcare system, keep- “Advancements and multi-speciality
ing in mind the changed paradigm Being a niche area, sustaining and care in India is beneficial not just to our
we are witnessing, in order to make wooing investors to this segment is an- country, but also to CIS countries, Af-
it more efficient and affordable.” Dr other big challenge. Owing to an acute rica and other neighbouring countries.
Ramesh says, “Building a robust pri- shortage of dedicated paediatric hospi- India is a destination for a larger part of
mary healthcare delivery system is tals, there is a backlog in providing ap- the world for affordable and advanced
crucial. To achieve this objective, the propriate care to children. The need of healthcare services and none of these
healthcare delivery system needs to the hour is more speciality doctors and countries can achieve these medical
be manned by skilled manpower com- dedicated children’s hospitals along advancements in the coming two de-
prising paramedics, nurses, and doc- with integrated perinatal services cades”, he adds. All this while, the ‘In-
across the country. dian Model’ will prevail.

Another opportunity arising in the

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COVERSTORY

INTERVIEW

CHILDREN NEED
CHILDREN’S HOSPITALS

Rainbow Children’s Hospital is the largest chain of multi-speciality hospitals for children
andperinatalservicesinIndia.Dr Ramesh Kancharla, ChairmanandManaging

Director, Rainbow Children’s Hospital, shares his experience in setting up the hospital
chainandhisvisionforpaediatricsinIndia. Excerpts:

Globally, how did paediatrics originate as a special- much as 97 per cent of all children’s operations in the
ity? How does India compare in terms of primary United States are done in children’s hospitals, including
and tertiary care in paediatrics? complex procedures like heart surgeries, brain surger-
Paediatrics as a speciality has been in existence for ies and organ transplants for children.
over 400 years. The first paediatric hospital globally,
Hôpital des Enfants Malades, was started in Paris in In India, paediatrics as a speciality has come up in the
1802 and was taking care of patients up to the age of 15 last few decades. In the early days, children’s hospitals
years. Currently, children’s hospitals worldwide are of were mostly run by trusts or the government sector. In
substantial size in terms of beds, with 500-600 beds in the last two decades, a visible trend witnessed is that of
the larger ones and 150-200 beds in mid-sized ones. In paediatric-focused hospitals and also mother and baby
the United States, there are 250 children’s hospitals — boutique hospitals in the private sector. These hospitals
one children’s hospital for every 20 adult hospitals. As have come up mainly in metro cities across the country.
However, children’s multi-speciality focus to address
the tertiary and quaternary care is still in the nascent
stage even in the large metro cities. While paediatric
hospitals in the government or trust segments continue
to serve a large number of paediatric patients from all
sections of society, they clearly have not progressed in
offering complex multi-speciality care as well as qua-
ternary care for children.

The government could start pushing primary care
under preventive care, and by infusing technology and
expertise to secondary care, hastening the process of
upgrading secondary care into tertiary care.

What prompted your decision to choose paediatric
care in your medical practice?
Hailing from a village of Southern Andhra Pradesh
and having spent my formative years there, I witnessed
children being taken to Chennai, which was around 150

“The philosophy of
Rainbow Children’s
Hospital is to provide

comprehensive
multi-speciality pediatric
and perinatal services and
this concept has strength-

ened over time”

41 | BW BUSINESSWORLD | 16 July 2022

COVERSTORY

INTERVIEW

kms away, either by ambulance or core philosophy of building the Rainbow Children’s
any other available mode of trans- Hospital and this concept strengthened over time with
port. Even so, the number of chil- newer innovations and finally, we are able to today of-
dren were restricted owing to logis- fer quaternary care services like heart surgeries, brain
tical reasons. surgeries and paediatric organ transplants like liver,
kidney and bone marrow transplantation. We have
Paediatric care was never a prime worked as a team on these fundamentals and were able
focus and was always seen as a unit to build a robust children’s healthcare model and also,
of multi-speciality hospitals. This we realised the need for perinatal services to integrate
could partly be due to the low finan- within the children’s hospital to address neonatal medi-
cial viability of such a dedicated care cal and surgical problems seamlessly without any delay.
centre. All this gave me a glimpse of
children’s sufferings and the need of The model which Rainbow adopted to build its robust
a dedicated children’s hospital in the children’s multispeciality care is very similar to the best chil-
neighbourhood. dren’s hospitals in developed countries like United States and
Europe. The predominant feature which makes children’s
Post my education, when I started hospitals unique is the multi-disciplinary approach and
working at the Royal Free School of 24/7 consultant-led services, because children’s hospitals are
Medicine, King’s College Hospital always an emergency-based healthcare service.
and Great Ormond Street Hospital
for Children, London, I got a deep Congenital heart diseases account for ten out of every
insight into what could be expect-
ed from a children’s hospital. This
strengthened my resolve and trig-
gered in me the desire to start a chil-
dren’s hospital back home in India.

As children are the future of any
country, we cannot afford morbid-
ity and mortality to affect them ow-
ing to lack of appropriate dedicated
medical facilities. The better medi-
cal care accorded to needy children,
will help the nation in the long run in
building a healthy society. With this
vision, I ventured into starting the Rainbow Children’s
Hospital in Hyderabad.

Would you say that you have achieved the objectives
you set out for?
My experience of working with the National Health
Services, UK for a long period, and also having worked
in one of the world’s best children’s hospitals like Great
Ormond Street Hospital for Children in London, has
given me a deeper understanding of the concept of child
healthcare. We conceptualised a multi-disciplinary ap-
proach with a team of well qualified doctors working to-
gether on a full-time basis, coupled with a child-centric
environment with advanced medical infrastructure and
trained paramedics. This resulted in delivering great
care to salvage many sick new-borns and children.

We further envisaged building multi-speciality pae-
diatric services to make it a comprehensive paediatric
multi-speciality hospital. This was our fundamental

42 | BW BUSINESSWORLD | 16 July 2022

1000 births, so more than 200,000 babies are born etc. are at maximum pace during this age. Any infection
every year with congenital heart disease and approxi- or disorders at this stage will have a serious impact on
mately one-fifth of these infants are likely to have a seri- the rest of the life of the child. In children, many genetic
ous birth defect, requiring intervention during the first and metabolic conditions that manifest predominantly
year. We, therefore, set up Rainbow Children’s Heart in the first two years of life and their vulnerability to
Institute, an exclusive cardiac centre for children, at infections are different to those of adults. Therefore,
Hyderabad. Based on our learnings, we are keen to paediatric medicine evolved as an independent medi-
strengthen training programmes at our hospital chain cal speciality to treat children. Children’s hospitals are
for paediatric surgery, paediatric anaesthesia, paediat- built very differently from multi-speciality hospitals,
ric neurology and other paediatric specialities. as a child-centric environment becomes the essence of
the hospital. Its design and settings are kept friendly for
As adult multi-speciality hospitals grow significantly children to feel comfortable.
to the increasing needs of multi-speciality for adults,
the focus on children is always left behind. As children’s The doctors and nurses are trained to examine the
medical needs grow multi-fold, right from problems of children in an informal and playful way. The doctors at
new borns to genetic, congenital and
many acquired diseases have to be ad- children’s hospitals don’t wear coats or aprons and their
dressed very differently. Therefore, the attire is completely civilian. All this is done to create an
world has recognised this and built environment in the hospital that is acceptable to the
children’s hospitals for children-only child. In a children’s hospital all the clinical gadgetry
healthcare needs. is completely child-focused. Many technologies are
different from those in adult hospitals, right from the
What we envisage is to integrate beds to essential equipment, everything is specialised.
perinatal services within the children’s
hospitals to make them comprehen- The children’s equipment is size appropriate and
sive multi-speciality hospitals so that caters to the specialised needs of a child. Technological
they are able to address all their medi- solutions are often expensive in a children’s hospital
cal needs, beginning from the unborn as the technology is finer and superior compared with
child to adolescents. those of adult hospitals. It is very difficult to integrate
children’s centres in a multi-speciality hospital due to
Rainbow was started over 20 years the dominant adult environment.
ago and is now a hospital chain with over
1,600 beds and 640 doctors. Today it Would you like to tell us about the research and
successfully discharges over 70,000 pa- development that Rainbow Children’s Hospital is
tients per annum, of whom over 12,000 undertaking?
very sick patients from the NICU and PICU and are doing Rainbow takes pride in delivering great care to save
14,000 low risk and high-risk deliveries together. We are
performing paediatric surgeries of which 85 per cent are
laparoscopic. Children are able to feed within six hours of
these surgeries.

The push for making the women and children seg-
ment the forte of healthcare in India can come from
the private sector, trusts and governments. All the three
structures combined might be able to do better justice
than a push in bits and pieces.

How is a children’s hospital different from other
multi-speciality hospitals, in terms of facilities and
technology?
A child is not a miniature of an adult. The first three
years of life are the most vital for human development.
As much as 97 per cent of the brain grows during this
age. Their acquisition of the learning and development
milestones, psychological and emotional development

43 | BW BUSINESSWORLD | 16 July 2022

COVERSTORY

INTERVIEW

the sickest of children and the tiniest of babies and also
in training young doctors in sub-specialities. We are
investing in human capital, with many of our doctors
doing exceptional work. Training plays a major role
in a developed country like ours. Rainbow runs one of
the largest paediatric training programmes within the
country for DNB paediatrics programme and fellow-
ship programmes in intensive care services as well as
paediatric super specialities for over 200 trainee doc-
tors as of September 30, 2021.

We do a lot of scientific research as well. Our doctors
regularly publish their research papers in peer reviewed
national and international journals and have published
115 research papers since 2019. We have made huge
progress with 85 per cent of our total surgeries being
laparoscopic even in tiny new borns. I am happy to say
we have largely moved towards advanced laparoscopic
surgeries to lessen the post-operative pain and babies
can be fed as early as six hours after surgery.

The hospital chain has been consistently investing
in and striving to develop technologies with an eye on
improving outcomes. I take pride in the fact that a de-
vice invented and patented by Dr Koneti Nageswara
Rao, Director, Rainbow Children’s Heart Institute,
addresses critical heart conditions in children. The
device, called KONAR- MF– Nitinol Occluder, is used
to close ventricular septal defects and other holes in
the heart and abnormal ventricles. This device is being
utilised in more than 60 countries across the world to
treat patients with congenital heart defects.

What are the expansion plans of the Rainbow Chil- intends to expand into tier-2 cities of Southern India in
dren’s Hospital chain in the near future? the states of Andhra Pradesh and Tamil Nadu. Rainbow
Rainbow Children’s Hospital comprises 14 hospitals is also exploring an opportunity to open a hospital in
and three clinics in six cities, with a total capacity of North East India.
1,630 beds. Our paediatric services under ‘Rainbow
Children’s Hospital include new-born and paediatric How do Indian medical professionals fare globally?
intensive care, paediatric multi-speciality services, Across the globe today, Indian doctors are among the
paediatric quaternary care (including organ trans- most competent and respected medical community for
plantation); whereas our women care services under their skill and commitment. Indian doctors have occu-
‘Birthright by Rainbow Hospitals’ offer perinatal care pied key positions in some of the world’s best hospitals
services which include normal and complex obstetric and are also engaged in research and innovation. The
care, multi-disciplinary foetal care, perinatal genetic robust Indian healthcare would not only address our
and fertility care, along with gynaecology services. fellow Indians but also address many of our neighbour-
hood and developing countries, which depend on our
The company follows a hub-and-spoke operating healthcare system. I personally believe that we have a
model that is successfully operational in Hyderabad huge responsibility as a nation to offer our superior, yet
and is gaining traction in Bengaluru. The endeavour is affordable medical services not only to our country but
to replicate this approach in Chennai and across the Na- also to several other developing nations, dependent on
tional Capital Region. Rainbow intends to significantly Indian healthcare services.
expand its presence in existing cities by fortifying hubs
and adding additional spokes. Subsequently, Rainbow

Photograph by Ritesh Sharma 44 | BW BUSINESSWORLD | 16 July 2022



COVERSTORY

INTERVIEW

“HEALTHIER
CHILDRENARETHEFUTURE

OFANATION”

Rainbow Children’s Hospital was set up in Hyderabad on 14 November 1999. In 2006
it became the first children’s hospital with a perinatal sub-speciality. The obstetrics,
foetal medicine and gynaecology departments were also set up then and have together
made a huge impact on child care in Andhra Pradesh and Telangana. The hospital
developed numerous support services to optimise outcomes for expectant mothers and
newborn babies like pre-pregnancy counselling, childbirth education classes, etc. In a
conversation with BW Businessworld, Dr Pranathi Reddy, Clinical Director, Obstetrics
and Gynaecology, at BirthRight by Rainbow Hospitals, emphasises the importance of

integration of obstetric care services with childcare. Excerpts:

By Team BW

Please share your vision of integrated obstetrics ser- This can only happen if obstetrics (childbirth and preg-
vices in a children’s hospital? nancy) is integrated into the children’s hospital. Child-
First, let’s start with the scientific evidence. And there’s birth alone cannot take place without providing the an-
enough evidence actually that childhood and subsequent- tenatal and foetal medicine services.
ly adult health is shaped right from the foetal (unborn
baby) period. Therefore, for the child to be born in the Do we need more children’s hospitals integrated with
best of health, supervision and care should start from women’s healthcare?
the foetal period and it seems like a no-brainer that the Absolutely. I think that makes a lot of sense. And it’s not
best place for a child to be born is at a paediatric hospital something new. We always had this concept of maternal
because the first breath that the child takes should essen- and child health. It was always there. And now it’s just a
tially happen in a hospital that will care for him or her for revival of that in a more scientific and structured manner.
the rest of childhood.
If you look at pregnancy and childbirth, this is actually

46 | BW BUSINESSWORLD | 16 July 2022

Photograph courtesy: Rainbow Children’s Hospital

47 | BW BUSINESSWORLD | 16 July 2022

COVERSTORY

INTERVIEW

a very important event in a couple’s life. All of us
agree that it’s like a transition. And this transition
into parenthood is like entering a territory, which
is not familiar to them.

I always feel when I cut the umbilical cord, I am
cutting so much of my connection with this couple
and leaving them to navigate uncharted territories
on their own. They need to go look for services for
their child, which is a very sensitive area. Hence if
this child is born in a hospital, which can provide
multidisciplinary care for the baby, I think that
makes more sense.

Therefore, world over perinatology is now be-
coming a sub-speciality of paediatrics. Rainbow
Children’s Hospital was among the first corporate
hospitals in the country to make this integration.
And when we talk of perinatal services, there are
three pillars, namely foetal medicine where we
look after the unborn baby, obstetrics where we
look after the mother during pregnancy and child-
birth, and finally neonatal services where we look
after the newborn baby. And if these can happen
in a seamless manner under one roof, it provides
a lot of comfort to the couple, both from a clinical
perspective and even from a societal perspective.

Are there any challenges in the integration pro- personalised attention when they deliver in a maternity
cess? What do you think is the future of women home, where only birthing occurs. And people may hesi-
and child healthcare in India? tate to come to bigger hospitals because it may seem over-
At this point in time, the biggest challenge is rais- whelming when it’s a multidisciplinary children’s hospital.
ing awareness that integration is the best way forward.
Governments, healthcare providers and people in general And with regards to the future of a child and women’s
have to understand that this is based on science and has healthcare, essentially in India, I think things are on the
the additional advantage of convenience. Understanding right track on a lot of counts at this point. The Government
the connections between a mother’s health and that of her of India has taken significant commendable measures
newborn is crucial for addressing maternal and infant in this area and the private healthcare industry has also
mortality and morbidity. evolved with regard to maternal and child health. However,
the journey is still long and it needs relentless consistency of
The majority of maternal and infant deaths occur dur- perinatal healthcare models, both in the public and private
ing pregnancy, childbirth or the immediate postpartum sectors, to even reach sustainable development goals.
period. Ensuring that both mothers and babies receive
timely, high-quality care during these critical periods is Do you also think that maternal and child health needs
essential. And this can happen only with integration of more focus? And where do you think the change will
services. come from?
Yes, definitely maternal and child health is the beginning
Apart from awareness, there may be financial, human of establishing any form of good overall healthcare for a
resources and societal challenges. It is no doubt expensive nation. If you shape a child’s health, you’re actually shap-
to set up a large multi-disciplinary perinatal service. Hir- ing the future of the nation. And the shaping of a child’s
ing and retaining clinical talent in the fields of obstetrics,
foetal medicine and neonatology, who are willing to work
together, is also no mean task.

From a societal perspective, women may find more

48 | BW BUSINESSWORLD | 16 July 2022 Photographs by Ritesh Sharma

If you shape a child’s health, you’re actually
shaping the future of the nation. And the shaping

of a child’s health starts right from the
foetal stage when the baby is born or when it is in
the mother’s womb. So definitely, if we focus on

these areas, I think we will produce a
healthier population going forward

health starts right from the foetal stage when the baby is improving her general health, be it in improving anaemia
born or when it is in the mother’s womb. So definitely, if or be it in improving nutritional deficiencies. Everybody
we focus on these areas, I think we will produce a healthier is a willing partner at this point of time — the healthcare
population going forward. providers, the woman herself and the family.

Pregnancy is the time when I think you have a very cap- And this is also a time when a woman definitely and
tive audience to improve the overall health of the woman. voluntarily gets in contact with the healthcare system.
You will find that pregnant women, their partners / hus- She comes for checkups. In our country, it’s still rare for
bands, families and healthcare providers are willing to people, particularly from a rural background, to go for
invest a lot in improving a woman’s health during the regular health checkups.
period of her pregnancy.
So, a lot of focus needs to go into pregnancy care in our
It is such an important period in their lives and they are country, because it is a period when there is genuine op-
willing to go to extra lengths to make it safe and success- portunity to improve women’s health. And obviously, if
ful. And therefore, pregnancy is the captive period that you improve a woman’s health and take care of the foetal
healthcare services and governments should use to opti- life, you will also produce healthier children who are the
mise a woman’s health, be it through vaccinations, be it in future of this nation.

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COVERSTORY

INTERVIEW

“NONEWBORNORCHILD
SHOULDDIEFORLACKOF

TERTIARYOR
QUATERNARYINTENSIVE

CARESERVICES”

Dr Dinesh Kumar Chirla,Director,IntensiveCareServices,
Rainbow Children’s Hospital talks about the importance of
intensive care facilities at a children’s hospital. Excerpts of a

conversationwith BWBusinessworld:

Why are intensive care services needed in a children’s To save some very sick children we will need advanced
hospital in the first place? intensive care services like ECMO, high frequency ven-
The incidence of neonatal mortality rate is 20.3 per thou- tilation, neuromonitoring, CRRT (dialysis), nitric oxide
sand live births in our country and under five years of therapy and other supportive therapies. For pre-term ba-
age mortality rate is 35.73 per thousand live births. Pre- bies, we are now able to save those born as early as within
maturity, birth asphyxia and sepsis are the commonest 24 weeks of gestation and weighing 500 grams at birth.
problems for which newborn babies need intensive care This is possible with expert medical and nursing care and
services, apart from congenital problems detected ante- advanced infrastructure.
natally during the foetal scan or after birth.
To be able to save critically ill children and newborn
Children with pneumonias, severe gastroenteritis, den- babies, every children’s hospital will need intensive care
gue fevers, cancer, heart disease, seizures, liver failure, services. At Rainbow, we have established the most ad-
trauma following surgery, post-transplant — all need vanced intensive care services for newborn babies and
intensive care services. The levels of intensive care services children and are able to save the sickest and smallest child
can be graded from 1 to 4, based on the support they need. and newborn babies.

50 | BW BUSINESSWORLD | 16 July 2022