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EDITOR-IN-CHIEF’S NOTE

FIGHTING FOR MOTHER EARTH

ANNURAG BATRA “The Earth is a fine place and worth fighting for.”

 [email protected] —Ernest Hemingway

THE HIGHEST EVER APRIL temperatures in the national capital in 72
years and summer heat swallowing up the sweet interlude of spring in
most parts of the world, tells us that climate change has moved way
beyond melting glaciers. Even as the world acknowledged the need to
cut back on carbon emissions at the Conference of Parties (COP 26) for
the UN Climate Change Conference summit in Glasgow, differences
arose over the need to phase out fossil fuels. India, which committed
to ensure net zero carbon emissions by 2070, also demanded a change
in the text, because most of the electricity generation in our country is
through thermal power plants. India has prioritised and incentivised
sustainable energy sources, such as solar and hydro power, but the
coal-fired power stations cannot be abandoned overnight. Nor can a
developing nation’s energy security be compromised without hurting
industry and the domestic consumer.

BW Businessworld finds that not just nations, but also corporate
houses that are striving to adopt sustainable practices, today struggle
with these contradictions between growth and sustainability. The
commitments made by nations at the COP 26 summit, now need to
be translated into business practices that respect the environment,
sustainability and governance (ESG). The need to adopt sustainable
business practices have compelled industries, companies, businesses,
organisations, and governments to rethink the way they have worked
so far and rise to the challenge. Our cover feature examines these
challenges on the ground and also tracks the rapid progress being made
by Indian businesses to incorporate ESG goals.

India’s southern neighbour, Sri Lanka, is in the throes of a severe
financial crisis and in danger of faulting on sovereign bonds. Its foreign
exchange reserves have dipped to less than $2 billion. In an exclusive
interview with BW Businessworld, Sri Lanka’s Foreign Minister G.
L. Peiris, talks of the crisis and some mega projects the country is
embarking on.

The war in Ukraine continues to rattle the world and has led to the
largest refugee crisis since World War II. Pradeep Multani, President,
PHDCCI, assesses the impact the Russia-Ukraine conflict could have
on India’s trade in The Last Word. Of course, we also bring to you all
the regular columns and features you look forward to. I hope you enjoy
reading the magazine as much as we did compiling it.

Happy Reading!

4 | BW BUSINESSWORLD | 23 April 2022



VOL. 41, ISSUE 13 23 APRIL 2022

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www.businessworld.in RNI NO. 39847/81 I 09 APRIL 2022 MAILBOX
Avani Singh Rashi Gupta
YOUR COMMENTS

Meghana Narayan
Kirandeep Dham

Loveena Namita Banka

WOMENSirohi
ENTREPRENEURS
Suchitra Ella CELEBRATING
THE NEXT GROWTH

DRIVERS

Vidya Arika Bansal
Narayanan

Saumya Veena Ashiya DRDO POISED TO PUSH BOUNDARIES
Singh
BLIPP This refers to the editorial (“DRDO Aims
Rathore THIS PAGE Higher ”, BW, April 9). It is indeed heartening to
TO GIVE US know that with structural changes and thrust on
Pallavi YOUR FEEDBACK accountability, DRDO is poised to push boundaries.
Shrivastava INSTANTLY The man responsible for much of the changes
lately, G Satheesh Reddy, Secretary DDR&D and
Neha Indoria Chairman DRDO, emphasises on the crucial
link between DRDO and industry. Among the
Rs 150 Jia Pamnani most crucial project that promises to showcase
the successful collaboration between DRDO and
TALKBACK industry is the Advanced Towed Artillery Gun
Systems (ATAGS). After years of futile effort by
Submissions to BW |Businessworld Ordnance Factory Board (OFB), the project was
should include the writer’s name and handed over to private industry to develop the gun
address and be sent by email to the system designed by DRDO. Now, ATAGS is under
editor at [email protected] the final leg of the trials with BFL and TATA. While
or by mail to 74-75, Scindia House, winter trials in Sikkim have concluded successfully,
Connaught Place, New Delhi-110001 some minor issues pertaining to the rate of firing and
other issues are being addressed following the trials
at Pokhran last year. Hopefully, all these issues will
be sorted out by April, which is good news!

KIRAN WANKHEDE , EMAIL

ADDRESSING REAL-WORLD PROBLEMS

This refers to the editorial (“ Fundraising The
Right Way”, BW, April 9). The author states that
for startups that are at an early stage, it is important
they have built something which will create revenues
and that is what encourages investors to write
cheques for their business. When a startup raises
funds, it competes not only for investors’ money but
also competes with other companies from multiple
sectors who are also fundraising. Out of the 19+
sectors where Indian Angel Network invests, the
focus has always been on investing in companies that
address real-world problems.

VAISHALI JAIN, EMAIL

8 | BW BUSINESSWORLD | 23 April 2022

6th

CONTENTS

VOLUME 41, ISSUE 13 23 APRIL 2022

Photograph by Light Field Studios 42 Metaverse & Celebs 68

14 Jottings Vijay Singh, CEO, Sony Entertainment More than a
Talent Ventures India tells you the Pretty Buzzword
India’s wheat exports soar; Which way do Metaverse is witnessing growth in
fuel prices go from here?; Swiggy, Zomato on engagement, not just in value, and Sustainability is now a
CCI radar; The cobweb of work models, and celebrities need to be where the target with a timeline for
more audience is industry as India gets
set to meet its COP 26
18 Columns 44 TV Ads to Dominate commitments. A ground
report
Ashutosh Garg (p. 18); Minhaz Merchant Simran Hoon, CEO, QYOU Media argues
(p. 20); Vikas Singh (p. 22); Amit Kapoor that TV’s unique characteristics and Cover design by DINESH S. BANDUNI
(p. 24); Sandeep Goyal (p. 26); Kiran evolution with time will remain the key
Karnik (p. 28); Srinath Sridharan (p. 30); driving forces for its demand
Noor Fathima Warsia(p. 36); Harit
Chaturvedi (p. 54); Aswathy Sreedevi (p. 46 In Conversation
56); Parag Rindani (p. 58); Deepa A.
Agarwal (p. 60); Viiveck Verma (p. 92); S. Outgoing Tourism Finance Corporation
Ravi (p. 94); Jogin Desai (p. 110) of India (TFCI) MD and CEO, Anirban
Chakraborty looks back at his tenure
38 M&A Impromptu including , challenges and triumphs, and
much else
Bikram Singh Bedi, MD, Google Cloud India,
on how his company will continue to
strengthen its presence with valued
partnerships and customer collaborations

10 | BW BUSINESSWORLD | 23 April 2022



CONTENTS

VOLUME 41, ISSUE 13 23 APRIL 2022

62 A Gold for

Healthcare

Ayushman Bharat Digital

Mission seeks to bring

equity in healthcare

76 Best Practices Photograph by Chanut45 88 Land Monetisation

Sanjiv Mehta, MD and CEO of HUL says 50 In Conversation India now has an agency to monetise
businesses that are born to serve the the surplus land and building assets
society, have the responsibility to make V. Vijayasai Reddy, MP from Andhra Pradesh & of the government. Its success
sustainability integral to their growth and Chairperson of the Parliamentary however will solely depend on
Standing Committee on Commerce on the time-bound execution
77 The 4R Mantra progress made by his state and its future plans
98 Personalised
C. P. Gurnani, MD and CEO, Tech 82 Crisis in Sri Lanka
Mahindra firmly believes that the 4R Nutrition
mantra of Reduce, Reuse, Recycle and Sri Lanka’s Foreign Minister Gamini Lakshman
Recover is the only way to restore the Peiris on the severity of the current economic Varun Suri, CEO – Consumer
world of yesterday crisis facing the country and the measures Division, Morepen Laboratories talks
needed to alleviate the situation about how the era of personalised
78 Batting for a greener nutrition is dawning, where science
122 LastWord and technology can dictate which
tomorrow foods are right for us
Pradeep Multani,
K. K. Natarajan, C00 of Galaxy President, PHD 100 Holiday Homes
Surfactants Limited emphasises that Chamber of
sustainability reporting not only Commerce and Punit Agarwal, MD and CEO, Nirvana
ensures transparency and account- Industry on the Realty on how second homes
ability but also measures the intangible implications of the offering options for work and stay
impact a business has Russia-Ukraine war have been gradually gaining traction
on the Indian
48 Auto Sales Uptick economy TOTAL NO. OF PAGES
INCLUDING COVER 124
The demand for passenger cars is
picking up fast as life returns to normal
post-Covid, but there are inherent
challenges facing the auto manufac-
turers

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

Thesepagesshouldnotbeconfusedwith BW Businessworld’seditorialcontent.

12 | BW BUSINESSWORLD | 23 April 2022



JOTTINGS

YEAR OF THE
FARMER?

T HE EUPHORIA OVER the $50 billion exports of security risks …”
Indian agricultural produce in the year just gone Russia and Ukraine together account for a
by, comes amidst a spike in food prices in the world
market, fuelled to a great extent by Russia’s invasion quarter of the world’s wheat supplies, among
other agricultural produce. The destruction of
of Ukraine. The International Grains Council says port facilities and other infrastructure in Ukraine
and the sanctions on Russia by the NATO allies,
on its website, “With Russia and Ukraine among the world’s now choke off wheat supplies to Europe, Africa
and East Asia from this region.
largest exporters of grains and oilseeds (and products),
Global wheat prices in April reflect this supply
the ongoing conflict and resulting spike in agricultural crunch, showing a spurt of more than 50 per
cent since a year ago. Just at this juncture export
commodity prices has fuelled concerns about potential food data in India shows a 273 per cent jump in wheat
exports, from $568 million in 2020-21 to $2119
million in 2021-22. Baisakhi celebrations in the
wheat farming belt of Punjab, Haryana and Uttar
Pradesh, no doubt, will be jubilant.
New year celebrations in the farmlands of Bihar, West
Bengal, Chhattisgarh, Madhya Pradesh, Telengana, Andhra
Pradesh and Maharashtra should be ecstatic too, for the
basket of high export earnings from farm produce include
rice, other cereals and sugar, as well.
The year 2022, let us recall, was the targeted year for
doubling the farmer’s income!

— Madhumita Chakraborty

No Discount
for Consumers

UNION PETROLEUM MINISTER Hardeep Singh Puri duty then as a relief for consumers. Cynics will says that with
informed the Lok Sabha on 5 April that fuel prices had gone
up by “merely 5 per cent” in India compared to more than 50 elections not scheduled till winter, the daily revisions in fuel
per cent in some western countries. India after all, had the
benefit of purchasing some Russian oil at discounted rates, prices are unlikely to be paused. The hopeful may hope for
notwithstanding diplomatic homilies from the West, which
incidentally, continues to source its own oil and gas supplies rationalisation of the rather heavy tax burden on petroleum
from Russia. But the moot question here is, will the discounts
pass on to the end consumers in India? Probably not! fuels or the inclusion of petroleum products within the

Since the daily fuel price revisions resumed on 22 March, GST regime. But for now, that good old bicycle is the most
petrol and diesel rates have been hiked 14 times till 6 April,
when the total increase in transport fuel prices amounted affordable mode of transport. — Arjun Yadav
to Rs 10 per litre. This daily revision, ranging from 0.40
paise per litre to 0.80 paise per litre, is taking fuel prices to
November 2021 levels when retail fuel prices had hit a record
high. The Union government had rolled back some excise

14 | BW BUSINESSWORLD | 23 April 2022 PhotographsbyIndiapicturebudget,BivashBanerjee

FOOD FOR THOUGHT exists a prima facie case with respect to some of the conduct
of Zomato and Swiggy, which requires an investigation by the
WILL CONSUMERS BENEFIT from this? Yes, the Competition director general (DG)...”.
Commission of India (CCI) has ordered an investigation
on Zomato and Swiggy on ‘some of their conducts’. This is The NRAI had complained that Swiggy and Zomato were
based on the information filed by the National Restaurant indulging in deep discounting, data masking, exorbitant
Association of India (NRAI), which works closely with both, in commissions, and had been imposing price parity terms on
July 2021. The allegation from NRAI is that both platforms restaurant partners. This is what the CCI will probe. Zomato
have been indulging in anti-competitive practices. Of course, has informed BSE of its cooperation and reaffirmed that its
this has been denied by both in their submissions. But CCI practices are competition law compliant. Meanwhile, discounts
thinks otherwise. “The Commission is of the view that there and offerings will continue as usual for the end-consumer.
Happy ordering, is all we can add here!

—ASHISH SINHA

COBWEB OF WORK MODELS

I CONSIDER HUMANS as fairly adaptive as a species. With cent home-office model.
a rather coerced work-from-home (WFH) model that was
enforced on us two years back, we quickly transitioned With so many disruptions in work models over the past few
ourselves into a comfy pyjama wearing workforce and got
used to binge-watching our favourite shows each night. years, I am yearning to see how we humans will again pick

Now, a gradual easing of this WFH model is visible across up our lost spirit of waking up early in the morning to plunge
tech giants, startups and other corporates. Most of them are
reorganising into a more flexible, hybrid model in a phased back into the rat race. — By Soumya Sehgal
manner, without putting a complete full stop on working from
home.

While ‘work-from-anywhere’ emerged as a workable
solution to many employee problems, some corporates
today are encouraging employees to join back office or
even their local centres in small cities. They believe that
maintaining social distancing among double-vaccinated
employees constitutes an extremely safe environment at
the workplace. Some companies are still monitoring the
situation, while their employees work from their respective
locations. Interestingly, some organisations are calling
in only a handful of their employees to office for priority
projects or training sessions, while maintaining the 100 per

PhotographbyAmlanMathur, Indiapicturebudget 23 April 2022 | BW BUSINESSWORLD | 15

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Progress and achievements 2020

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23 April 2022 | BW BUSINESSWORLD | 17

COLUMN Ashutosh Garg

M OST OF US WOULD HAVE READ the vision statement and the Your personal Mission statement must
mission statement of the organisation we work for and some of us be short and easily understood and must
may have had an opportunity to work on developing or re-writing light that “fire in your belly” each time
such statements. you read it. It should be a statement that
Very few individuals can articulate their personal vision and creates priorities and one that will lead
mission statements. What vision and mission statements you you to act. Your personal mission state-
may have seen for your organisation are no different from what ment can never be permanent or cast in
you need to define for yourself. stone. It is a dynamic guide to your own
How many of us have actually sat down to understand what a Vision statement is or path in life and will keep changing as you
a Mission statement is? gain more experience and get older with
Your Vision statement communicates both the purpose and values for yourself. a much greater knowledge of yourself and
l It concentrates on the future your realities.
l It is a source of inspiration
l It provides clear decision-making criteria Therefore, while your Vision statement
will remain reasonably consistent, your

BRAND YOU

Personal Vision
vs Mission
Statement

l It answers the question, “Where do I aim to be?” Mission statement will keep changing
l It talks about your future. depending on the stage of life you are in
l It must have clarity and no ambiguity. and the success or failure you have expe-
Therefore, your Vision statement outlines where you want to be. rienced before you make a course correc-
Your Mission statement defines the purpose and primary objectives related to your tion.
needs and team values.
l It answers the question, “What do I do? What makes me different?” As we gain more experience, we should
l It talks about the present leading to its future. have much greater clarity on who we are,
l It focuses on the present where we want to be and how do we plan
l It defines the customer, critical processes and informs about the desired level of to get there. Some of us know where we
performance want to go and recognise what we stand
Therefore, your mission statement outlines how you will get there. for. Some of us understand or have an as-
Your personal Vision statement guides your life and provides the direction necessary piration of what we would like to become.
to chart the course of your days and the choices you make about your career. It is the light Some of us may have figured out how to
shining in the darkness towards which you turn to find your way. It illuminates your way. get there.
Keep in mind that your personal vision statement can change over time, depending on
what is happening in your life. You will be amazed, however, at how many components Think about your personal brand as a
of your personal vision statement remain consistent over time. collection of values you stand for and the
offerings you consistently deliver to your
audience. Be clear on what differentiates

18 | BW BUSINESSWORLD | 23 April 2022

Mahatma Gandhi’s vision was to free India. His and remembered? How will you tell your
mission statement clearly highlighted his beliefs story? Once you have defined your brand,
and stated who he was as an individual. It had a you need to take stock of where you are
specified time frame and undoubtedly stated as compared to where you wish to be
actions that he was willing to take ... and then strategise on how you wish to
get there. Along the way, you will have to
you and your unique value proposition l “Can you write your obituary?” or develop a plan to market yourself and a
from others. Once you know what differ- l “Write down the one line or a set process to monitor where you are headed.
entiates you from others, you can custom- of words that will be engraved on your You will also need to continuously accept
ise your brand offering to make it much tombstone.” feedback, positive or negative, and course
more concise and focused. What are the To truly live your brand, you must correct your path as often as may be nec-
special assets, skills and experience you first define it. So how do you see yourself essary.
bring to the table? How do you want to and how do you propose to build your
be known? brand? Three important points required to
Taking the time to first understand write a personal mission statement are:
Your personal brand is like your trade- and then define what you stand for is
mark. It is not a list of accomplishments invaluable and a tremendous learning l Purpose
or an exercise in self-promotion. You experience. This requires introspection l Values
must therefore carefully manage, protect and self-analysis. Something that most l Actions
and project your brand. people are not good at though most of us Mahatma Gandhi’s vision was to free
are very quick to pass value judgments on India. His mission statement clearly high-
When you live by what you stand for, others! Once we have defined our attrib- lighted his beliefs and stated who he was
you are being true to yourself and that utes, the next challenge is to live a life in as an individual. It had a specified time
comes through when you are interact- accordance with these attributes. Very of- frame and undoubtedly stated actions
ing with others. It shows because you are ten we find that we do things because we that he was willing to take, to change the
acting in a way that is consistent with your think that is what others expect of us even course of his life and the lives of others.
vision of who you are, what you are good though we do not agree with them. Let the first act of every morning be to
at and what matters most to you, both What have you trained yourself as? make the following resolve for the day:
professionally and personally. What are you passionate about? In what l I shall not fear anyone on earth.
specialty do you consider yourself an ex- l I shall fear only God.
A very difficult question that most peo- pert? For what do you want to be known l I shall not bear ill toward anyone.
ple hesitate to answer is: l I shall not submit to injustice from
anyone.
l “How do you want to be remembered l I shall conquer untruth by truth.
after you die?” or l And in resisting untruth, I shall put
up with all suffering
Your statement must be unique to you
and only you. It must be achievable within
a finite period. There is no point in work-
ing towards achieving a mission that you
know cannot be met in your lifetime. It
should be real and sincere.
It must never pretend to be someone
you are not. Remember that your vision
statement and your mission statement
are the starting point for your planning
the next steps to build The Brand Called
You.

The author is a business and executive coach, a

storyteller and an angel investor. He hosts the

podcast titled ‘The Brand Called You’. He is also

the founder Chairman of Guardian Pharmacies

and author of eight best-selling books

Photograph by Dario Studios 23 April 2022 | BW BUSINESSWORLD | 19

Minhaz Merchant COLUMN

A Geopolitical

Moment for India

A DVERSITY CREATES OPPORTUNITIES. The Russia-Ukraine war
has imposed three adversities on India. One, absorbing high crude
oil prices that will impact the trade and fiscal deficits. Two, paying
circuitously for sanctioned Russian imports. And three, resisting
pressure from the United States-led West to join the ostracism of
Russia.

In each case, India has emerged largely unscathed. The country’s

nominal GDP, projected at $3.3 trillion as on 31 March, 2022, is now

the world’s fifth largest, overtaking Britain this fiscal. Think tanks in

the West estimate that India’s economy will overtake Germany and

Japan by 2030 to become the world’s third largest after the United States and China.

The Western establishment, for all its recent rhetoric, is not unmindful of this. It

knows that India’s consumer market is the world’s second largest after China. And it

is aware how 50,000 Indian soldiers with advanced weaponry, Rafale fighter jets and

strategically positioned ballistic missiles have held the powerful People’s Liberation

Army (PLA) at bay for 22 months in eastern Ladakh.

India, the West recognises, is a force to reckon with today and will be an even more

potent one in the next decade. It is hardly a coincidence that China is signalling a new MINHAZ MERCHANT
IS THE BIOGRAPHER
modus vivendi with India. Wang Yi, China’s foreign minister and state councilor (a OF RAJIV GANDHI AND
ADITYA BIRLA AND
powerful position in the Chinese Communist Party) says China wants to reset the frac- AUTHOR OF THE NEW
CLASH OF
tured India-China relationship. CIVILIZATIONS (RUPA,
2014). HE IS FOUNDER
Beijing is anxious that Prime Minister Narendra Modi visits China for the BRICS OF STERLING
NEWSPAPERS, WHICH
summit scheduled later this year. Modi has refused a face-to-face meeting with Chinese WAS ACQUIRED BY
THE INDIAN EXPRESS
President Xi Jinping since the Ladakh standoff began in May 2020. GROUP

China wants to capture a dominant position in its ongoing geopolitical contest with

the US. Hosting India and Russia along with Brazil and South Africa on the BRICS

platform would burnish China’s global credentials that have been tarnished in Western

Europe by its refusal to condemn the Russian invasion of Ukraine.

The Russia-India-China (RIC) trilateral on the sidelines of the BRICS summit with

Modi attending in person, Beijing believes, would show Washington that a swing power

like India need not necessarily be confined to the US-led Western camp.

The Western coalition is equally keen to keep India onside. The recent visit by Japa-

nese Prime Minister Fumio Kishida, Russian Foreign Minister Sergey Lavrov and the

India-Australia virtual summit re-emphasised India’s growing geopolitical role as a piv-

ot in a rapidly shifting balance of geopolitical power. The Israeli prime minister, who is

playing a key mediating role in the Russia-Ukraine dispute, will visit New Delhi shortly.

If it gets its strategy right, India can use the economic and political turbulence set off

by the Russia-Ukraine conflict as a key geopolitical moment. New Delhi has for long

punched below its weight. But a legacy friendship with Russia gives it leverage. The

trade and investment partnership with the US in turn offers it room for manoeuvre. The

2+2 India-US strategic dialogue, to be held this month, demonstrates the importance

Washington places on India’s role as a counterweight to China.

20 | BW BUSINESSWORLD | 23 April 2022

While US Congressional leaders have The US-led West month in Moscow: “Today the initiative of holding the
been vocal in calling for sanctions on is now fighting RIC summit is up to China, and we are ready to com-
India through CAATSA (Countering a battle on two prehensively support dialogue in this format. This is a
America’s Adversaries Through Sanc- dialogue between three major powers of Asia who bear
tions Act), the Biden administration has
taken a softer line. It knows that sanc- fronts: Russia special responsibility for upholding security in the Asia-
tioning India could drive it closer to the in Europe and Pacific region.”
Russia-China axis. China in Asia.
Clearly the Russia-Ukraine conflict, however it ends,
The US-led West is now fighting a bat- is a historical turning point. The rift between Russia and
tle on two fronts: Russia in Europe and
China in Asia. It needs India more than It needs India the rest of Europe has widened more than at any time
ever within the Western geopolitical or-
bit to counter China in the Indo-Pacific more than ever since the Cold War. China is watching events carefully,
and ensure that it doesn’t drift too close within the hoping that America’s attention stays on Europe and
to Moscow. Sanctions under CAATSA away from the Indo-Pacific.
would achieve precisely that.
Western India’s future strategy should be finely calibrated. It
Washington is also keeping a wary eye
on who represents India at the BRICS geopolitical has already called out Western hypocrisy over pressure
summit in Beijing, tentatively scheduled orbit to on India to stop buying Russian oil and gas while West
for September 2022. If Modi attends, it European countries continue to buy Russian energy in
will be seen as a setback for Washington. counter China
Modi faces a tough choice. To travel to largequantities. Torubitin,Indiaannouncedthatitwas
Beijing for an in-person summit with Xi
would negate India’s strong stand on the and ensure that inviting major global energy producers to bid to supply
Line of Actual Control (LAC) that has it doesn’t drift oil and gas to India at the lowest price. That includes
not only cost the lives of Indian soldiers too close to Russian producers, India added with unusual asperity.
but imposed heavy costs on manning the
contested border with China. Unless that So has India finally recognised its position as a swing
is resolved, Modi would find it politically
difficult to go to Beijing or take part per- Moscow power in the emerging reset of global politics? Possibly.
sonally in the RIC trilateral with China External Affairs Minister Dr S. Jaishankar is an expe-
and Russia.
rienced diplomat who recognises the warp and weft
Russia’s foreign ministry spokesper-
son Maria Zakharova said pointedly last of geopolitics. Jaishankar speaks fluent Russian and

Mandarin. As a former foreign secretary and ambassador to both China and the US, he

is a realist. At the 2022 Munich Security Conference held in February, Jaishankar was

blunt in his assessment of the future of India-China relations: “The state of the border

willdeterminethestateoftherelationship. Soobviously,relationswithChinarightnow

are going through a very difficult phase.”

Turning points come rarely in history. We are seeing one now as the conflict in

Ukraine causes economic disruptions and a shift in the balance of global power.

Notwithstanding the challenges India faces, it could prove a defining geopolitical

moment for the country.

Photograph by MEA 23 April 2022 | BW BUSINESSWORLD | 21

COLUMN By Vikas Singh

Holistic Reforms
Can Address
the Challenge of
Unemployment

DEBATES ABOUT THE FUTURE of work, its evolving nature and the the economy. It will have a larger, even
implications of its changing nature has never been timelier. Equally sig- more profound impact on society. While
nificant is the discussion around the changing structure of ‘occupations’ the trajectory is easy to foresee, the ve-
and industries and its larger consequences for society. locity needs more than a looking glass.
Work encompasses and relates to most aspects of everyday life. Job One needs insight, and vision. The study
is a means to make a living, and largely defines and affects the standards of living of articulates that several policymaking
its members and their families. It exemplifies their relationship with the community, institutions lack the insight to foresee,
epitomises social status. Work has the most significant bearing on one’s self-esteem. the agencies lack the ability to plan for
the work evolution that may be upon us
Most Potent Vehicle To Upward Mobility sooner (not later). We need to be better
A Crux qualitative study titled, Evolving Nature of Work to understand, and analyse prepared.
the nature and forces that shape work, and how these forces impact organisational,
social, and individual contexts, has several lessons. The goal of the study was to ascer- Growth-Job Linearity Is Ebbing
tain India’s ability and the optimum framework needed to cope with the change. While we focus on reinforcing our econo-
my to create opportunities; there are sev-
Unemployment in India is linked to several inherent challenges. It has numerous eral ‘unexpected and unknowns’. Manu-
variables, many assorted moving parts; few global in nature, some systemic and many facturing jobs are diminishing at a rate
others ‘non-addressable’. However, many of the ‘addressable’ challenges are of our of 10 per cent per year, even as the sector
own making. For example, tackling the fragility of the MSMEs is a low hanging-high grows at a healthy 12 per cent. We will
multiplier. So are the much-needed reforms in the education system. also see a structural but weakening shift
in our demography over the next 10 years,
A fourth of all job roles are ‘automatable’ over the next five years. Polarisation will denying us the growth momentum. Simi-
disrupt a third of middle jobs in five years; over a fourth of graduating students will be larly, unemployment will push many into
working on roles that don’t exist today. the poverty trap, watering down the ef-
fort of the last three decades.
Many Young Envision A World Without Work
Explosion of digital technology, microelectronics, AI, robotics, and computer-in- However, under an enabling ecosys-
tegrated manufacturing may render many skills redundant. Industrial revolution tem, we may even profit from automa-
demolished several vocations, altered the nature of many industries. History also tion. India is a ‘growth’ economy, has low
tells us that the western world seized the growth baton, even as eastern societies like consumer penetration across several cat-
China and India ‘ignored’ the reality; grappled with industrialisation for the next few egories pointing to a huge potential. In-
decades. Unsuccessfully. novative solutions can ride on technology

Events of the present point to an accelerating and mushrooming change across

22 | BW BUSINESSWORLD | 23 April 2022

infrastructure. Additionally, India has the capability, pivoted on a healthy demography, overstated, even alarmist.
supported by entrepreneurial spirit to ‘embrace’ change. The shift and evolution of markets,

Tech Prompts Productivity, Enhances Competitiveness industry structure, demography and
The study articulates that India’s job ecosystem, and its trajectory will be defined as technology are more ‘gradual’ in India;
much by digitisation as several other forces. Globalisation of markets, demography so are the adaptations to these shifts. Ad-
(both age and gender) of the workforce, and the laws and regulations governing work ditionally, automation is yet not viable
and employment are particularly important forces. We can influence only one corner for a low wage-high growth economy. Job
of the field i.e., laws and regulations. polarisation is a decade away as we are
not a nation of highly skilled technicians,
Sample this. The MSMEs are the job ‘factories’ employing over 80 per cent of the professionals. We are a consumer driven
workforce, but over 80 per cent plateau at ten people companies. The mortality rate of economy, with several under-penetrated
the MSME sector is worrying. The ecosystem makes them inefficient. Most have little sectors.
or no competitive advantages. They are much too frail to adapt and adopt. They spend
resources to ‘battle’ inspectors and ‘comply’ with value subtracting filings. They invest Holistic, Solution-Centric
a large proportion of their effort to ‘acquire and run’ businesses; and frustrating effort
to ‘collect’ from the government and its bodies. The government schemes and support Reforms Will Create Jobs
India is a high growth economy,

Unemployment in India is
linked to several inherent
challenges. It has numerous
variables, many assorted
moving parts; few global in
nature, some systemic and
many others
‘non-addressable’. However,
many of the ‘addressable’
challenges are of our own
making. For example,
tackling the fragility of the
MSMEs ...

bypass them. The government must address this. and its job market as a result, may not
The MSMEs will feel the pinch of automation when larger organisations automate, be impacted significantly in the short
run.
relying less on ‘outsourcing’ to the smaller players. India needs to protect its MSMEs.
God forbid if they fail. The domino effect will lead to mushrooming unemployment. However, this must not console us.
It will cripple the economy. The government has initiated labour reforms, but in the The unemployment problem is not going
absence of skill and education reforms it gets ‘watered’ down; has no impact. Several away, nor is there a magic wand to make
‘reforms’ lead nowhere. it disappear. India cannot afford to be in
denial, needs a holistic, solution-centric
Our policymakers need a better understanding of the forces driving economic framework to address the challenges of
change and its impact. Similarly, they need to appreciate the weakening growth-jobs unemployment. And a pulley.
correlation. We need an enabling ‘job’ framework that dovetails education and skills,
intertwine labour laws with the MSME support ecosystem. We may also need to radi- It must charge the policymakers into
cally reform the economic facing policies, junk several value subtracting schemes and action, driven by a missionary zeal.
initiatives.
The author is an economist and columnist
‘Doomsayers’ predict the ‘disappearance’ of work altogether for a significant section The views expressed are personal and do not
of the workforce. However, the fear of robots taking away jobs, on balance is unfounded,
reflect those of BW Businessworld

Photograph by Vadimphoto 23 April 2022 | BW BUSINESSWORLD | 23

ARTHSASTRA By Amit Kapoor

T HE CONSTANT meta- exchange. It is a citizen-centric model Command and Control Centers (ICCs),
morphosis of urban that ensures easy access to urban ser- which had a crucial role in managing
spaces in India is vices, thereby strengthening the govern- the Covid-19 response and tracking the
overwhelming to its ance framework. The current model also progress of vaccination drives in the city.
observers. Structural creates learning spaces for its citizens The ICCs have also been effective in the
transformation of our through programmes like The Urban monitoring and evaluation of issues like
economy is bound to Learning Internship Programme (TU- traffic management, access to water and
drive more people to- LIP). Launched in 2020, TULIP posted solid waste management.
ward cities, further intensifying the pace over 19,000 internships across various
and scale of urbanisation. Burgeoning smart cities. Despite facing obstacles, the mis-
cities present both opportunities as well sion has done well to facilitate inclusive
as challenges. In this respect, the Smart The Smart Cities Mission is aligned growth in cities. It has also been success-
Cities Mission was launched in 2015 by with the targets of Sustainable Devel- ful in raising funds through innovative
the Government of India to enhance the opment Goals. To synergise urbanisa- sources. Around 220 multi-sectoral
quality of life in 100 cities and towns. tion with inclusive growth, the Ministry projects worth about Rs 22,000 crore
The mission is an inclusive space for in- of Housing and Urban Development are being developed with Public-Pri-
tegrated development programmes to released the Ease of Living Index in vate Partnerships (PPPs). This model
2019. This facilitates better planning has been successfully implemented in

Revisiting
India’s Smart
City Mission

rejuvenate cities in India. As the project and management of smart cities within smaller cities as well. The task now is to
enters its eighth year in the backdrop of the framework of sustainability. After favour more pan-city projects than the
a pandemic, it begs the need to strategise all, smart cities must stay smart in the area-based approach without much de-
for the future. future. To make cities more livable, the lay. Excessive focus on small areas within
mission has supported transition to re- a city can intensify inequalities and affect
Indian cities, especially with their newable energy sources. As many as 94 the social mobility of citizens. Also, a re-
brimming population, put undue pres- smart solar projects worth Rs 1,266 crore newed thrust for Greenfield projects is
sure on urban resources and infrastruc- were implemented across cities. essential to take this mission forward.
ture. A smart initiative addressing di-
verse portfolios and developing core The lethal waves of the pandemic cou- Currently, we are battered by waves,
urban infrastructure is indeed the right pled with the rising incidence of climate variants and climate change. The Smart
way to go. It is now the state’s responsi- catastrophes revealed the interdepend- Cities Mission offers a way out with
bility to tailor high impact interventions ent nature of problems facing humanity. smart policymaking. The onus is on the
for extended benefits. The reliance on se- It called for concerted efforts of all the government and stakeholders to chan-
cure digital ecosystems and data driven stakeholders and coordination across nelise this mission and positively harness
governance is what makes a city truly diverse sectoral services. In this spirit, the opportunity for a sustainable urban
“smart”. Indian Urban Data Exchange 76 cities had operationalised Integrated renaissance in India.
(IUDX) was launched in 2020-21 to fa-
cilitate secure and authenticated data The author is Chair, Institute for Competitiveness, India and visiting scholar and lecturer, Stanford University

24 | BW BUSINESSWORLD | 23 April 2022



FIFTY-FIFTY / Sandeep Goyal

Purchasing
Power

Parity and
The Big Mac

Index

W HILEDELIVERINGthe2ndSureshTendulkarMemorialLecture and today you can buy one in more than
on ‘Big Data and Measurement: From Inflation to Discrimi- 70 countries. For the record, McDon-
nation’ in September 2018 at the Reserve Bank of India, Prof. ald’s, the brand itself, was launched on 15
Roberto Rigobon of MIT Sloan dwelt on the topic of trying to September, 1955 in San Bernardino, Cal-
measure the real exchange rate or deviations on purchasing ifornia. The Big Mac, therefore, is almost
power parity worldwide. “There are two standards in the meas- as old as the parent. The price you pay for
urement of PPP”, he said. “One is a massive effort by the World a Big Mac varies based on where you are,
Bank (WB) that puts 105 statistical offices together to produce as evidenced by the Big Mac Index.
the PPP adjusted measures. And then we have the Big Mac Index fromThe Economist
that is probably the simplest statistic ever created. Sadly, for the World Bank, the Big The Big Mac Index is intended to be
Mac is just as good as the PPP. There are many things to criticise about the Big Mac In- a lighthearted way to demonstrate the
dex. Regardless of what you think about it, there is something brilliant in its simplicity. concept of purchasing power parity. It
It is an identical item around the world. I know, nobody consumes it anymore, but it is helps illustrate the idea that market ex-
the same item. The WB data has a big problem matching identical items. The advantage change rates between countries may be
of the WB is that it has more than one item. But its cost and complexity makes it harder “out of whack” when compared to the
to interpret; and what is worse is that, it can render it irrelevant”. cost of buying the same basket of goods
and services in those places. Given that
Last month The Big Mac Index was back in focus with a cute animation on change McDonald’s is one of the biggest com-
in prices of the Big Mac over two decades doing the rounds on Whatsapp, also captur- panies in the world and the Big Mac is
ing cross-valuation of country currencies based on the price of the burger in different widely available globally, it means that
countries, and thereby arriving at purchasing power parity across nations. The Big the famous burger can be used as a basic
Mac Index was introduced by Pam Woodall in The Economist in September 1956 as goods comparison between most coun-
an illustration of Purchasing Power, and is now published by the paper annually. tries. It also has the advantage of having
the same inputs and distribution system,
The Big Mac itself was created in 1967 by Jim Delligati, a McDonald’s franchise with a few minor modifications (like
owner in Pennsylvania. It was then launched throughout the U.S. the following year,

26 | BW BUSINESSWORLD | 23 April 2022

The Big Mac Index may represent the over-the- The Big Mac Index’s biggest criticism
counter price of just one burger. But then the price of is that it lacks diversity. The index is
a Big Mac is itself the result of many local economic made up of just one item: the Big Mac.
factors, such as the price of the ingredients, local Because of this, it lacks the inclusivity
wages, and how much it costs to put up billboards and of other economic metrics such as the
buy TV ads. My vote for The Big Mac Index is not my Consumer Price Index. But then Prof.
usual 50:50 but a clear 100:0 in its favour! Rigobon loved it just for this very sim-
plicity.
chicken patties in India instead of beef). Venezuela, in fact, saw the largest jump
And yes, India which does not have the in burger prices, with the cost of a Big But still, Rigobon partnered Alberto
Big Mac on the McDonald’s menu, and Mac climbing nearly 250 per cent since Cavallo to try another more inclusive in-
instead has a Maharaja Mac is not fea- 2004. The country, we all know, has been dex. They gleaned item IDs from two of
tured in the index. plagued by hyperinflation for years, so the best webpages on earth – in terms of
it’s no surprise to see large price swings their transparency – Zara and H&M. So,
Using the price of a Big Mac in two in the country’s data. The price of a Big for men, they took fast fashion – young-
countries, the index can also give an in- Mac actually decreased in Turkey. This jackets-denim, and similar items in
dication as to whether a currency is over maybe so because the prices in the in- stores in two different countries – the
or undervalued. A Big Mac costs ¥24.40 dex are all denominated in US dollars UK and the US. They took taxes out and
in China and $5.81 in the United States. and the new Turkish lira has depreci- computed the ratio of the prices. That
By comparing the implied exchange rate ated against the US dollar more than 90 is the implied nominal exchange rate
to the actual exchange rate, the Yuan is per cent since it was introduced in 2005. for the H&M jacket. After doing this for
actually undervalued by 34 per cent. Prices in home country United States each item, the professors pulled thou-
for the Big Mac galloped up by 100 per sands of those products, weighted them
Switzerland, Norway and Sweden cent, and climbed 129 per cent in neigh- within each category, and produced an
took the cake in most years for the prici- bouring Canada. Russia, in the period index for the country. The Big Mac Index
est Big Macs. But then these countries under review, had the cheapest Big Mac, on steroids? Well, maybe. Maybe not.
have relatively high price levels perhaps reflecting the country’s comparatively
because of higher wages when compared lower price levels. This Rigobon-Cavallo Index had sev-
to other OECD countries. Venezuela eral characteristics. It had no services at
too did pop onto the top in some years. all, it had not a single non-tradable prod-
uct, and almost all the goods were traded
internationally. Furthermore, these were
actually items people purchased. They
included electronics, clothing, personal
care, gasoline, etc. for a more representa-
tive comparison.

But was their Index superior to The
Big Mac Index? Naw!

The Big Mac Index may represent the
over-the-counter price of just one burg-
er. But then the price of a Big Mac is itself
the result of many local economic fac-
tors, such as the price of the ingredients,
local wages, and how much it costs to put
up billboards and buy TV ads. My vote
for The Big Mac Index is not my usual
50:50 but a clear 100:0 in its favour!

The author is Managing Director of ad agency,
Rediffusion. He also heads the Indian Institute

of Human Brands (IIHB). Dr. Goyal is a prolific
writer with eight books to his credit including the

bestsellers, The Dum Dum Bullet, Point Blank,
Konjo – The Fighting Spirit and Japan Made Easy

Photograph by MingPhoto 23 April 2022 | BW BUSINESSWORLD | 27

KIRAN’S KONTRARIAN KORNER

By Kiran Karnik

COVID
CONUNDRUMS:

PANDEMIC
POSERS

T O MOST PEOPLE, a corporate business. The intention is to sell a different idea; rather, it is to
board room evokes the picture stimulate thinking on alternative perspectives on an issue.
of top honchos, attired in ties
and suits, engaged in deep dis- For more than two years now, Covid has been on top of the
cussions on critical matters. The agenda for business organisations, as also for educational institu-
image of a business executive as tions, governments, and individuals. Just as the weather serves as
a serious and no-nonsense person has an icebreaker for conversations in the UK, Covid is an inevitable
long been embedded in our minds. topic – around the world – when groups of people meet.

Of course, times have now changed Whether it is a meeting of the Cabinet or of a corporate board, a
and while shorts (a not-uncommon chat amongst friends or a few words with an unknown co-passen-
sight in Silicon Valley startups) – even ger in a plane, Covid is certain to be on the agenda. Thousands of
jeans – are yet a rarity in offices here, hours of primetime TV and reams of newspaper have been devoted
ties have disappeared, and suits have to it. Yet, there are some aspects which continue to mystify laymen
largely been replaced with informal and like me.
more colourful couture.
A VIRUS THAT FLIES BY NIGHT?
Coffee machines and pantries have Take the night curfew imposed by many states. There are only a few
expanded the “water-cooler moments” restrictions in the day (for example, gatherings of up to 200 people for
for gossip and banter. It is this new weddings and other occasions are permitted). Even pre-Covid, not
mood of informality, of casual conversa- too many people were roaming the streets in the middle of the night.
tions on the topic-of-the-day, of jokes So, why the night curfew? Cindrella-like, does the virus change form
and leg-pulling that this column seeks and suddenly become more virulent at night? If so, am I safe at home
to reflect. However, while humour as and the more virulent mutation is limited to the outdoors? With easy
business has grown (witness the numer- access to the best scientific advice, I am sure there must be logic in this
ous stand-up comedians, of more that eludes me – and the many others who are as clueless as I am.
humour in cinema and streaming plat-
forms), humour in business is yet at a What baffled me even more than the curfew was the sight of
low ebb. policemen – dressed like black-cat commandos and standing with
guns at the ready – patrolling the streets in an armoured vehicle.
This column seeks to remedy it. We Such a sight amidst a terrorist alert would be understandable, but
will also provide contrarian takes on there was no such publicly known threat. This was a routine sight
various topical matters, not limited to for many days in the city in which I live. Was it for enforcement of

28 | BW BUSINESSWORLD | 23 April 2022

the lockdown? But then, there were There are only a few restrictions in the day (for
many checkpoints and patrols that were
doing this effectively, all with regular example, gatherings of up to 200 people for
and unarmed police. Was the deploy-
ment intended as a deterrent to the weddings and other occasions are permitted).
virus?
Even pre-Covid, not too many people were
Or maybe someone heard a high dig-
nitary say that the country was at war roaming the streets in the middle of the night.
with the virus and so armed commandos
were immediately sent out to fight the So, why the night curfew? Cindrella-like, does
battle and shoot the virus wherever it
appeared?? Of course, there may be a the virus change form and suddenly become
simpler or more obvious explanation
but, again, it eludes me. more virulent at night? If so, am I safe at home

SPREADING FOOTFALLS and is the more virulent mutation limited to
Another mystery was the limited time
for which shops were allowed to open. In the outdoors? With easy access to the best
most states, the administration decreed
after every lockdown that shops should scientific advice, I am sure there must be logic

be open only for a defined and very in this that eludes me – and the many others
restricted period of time.
who are as clueless as I am.
Since the number of people who
needed to buy essentials was likely to be but, more importantly, spreading footfalls over longer hours.
fairly invariant, this meant more people A more complex mystery is the spread of the infection. Different
in a shop at any one time. This concen-
tration of footfalls resulted in crowding. parts of the country were affected at various times, with some
It is a mystery as to why it was felt that being more severely hit. However, over an extended period, three
limiting the hours of shopping is of help. states were consistently worst hit, showing the highest positivity
rate: Maharashtra, Kerala and Mizoram. No one I talked to could
Instead, would it not have been better give a satisfactory explanation, beyond easily demolished argu-
to do the opposite and mandate that
shops be open for longer-than-normal ments like “more testing” or “better
hours, not only providing the conveni- health care facilities” making for
ence of flexible shopping time to buyers greater identification of cases. After
all, other states had healthcare that
was at least as good (Tamil Nadu,
for example).

M’S THE WORD
There is little in common amongst
the three states: not genes, nor diet,
not weather. I finally concluded
that the only commonality – and
one that distinguishes them from
other states – is that the primary
language in all three begins with
the same letter, “M”. Quite crazy,
but can anyone offer a better
hypothesis?

MYTH & MYTHOLOGY
Finally, amongst many other unsolved mysteries is the report of a
survey which said that 30 per cent of Indians thought that the
Covid epidemic is a myth. One does not know details to confirm
the representativeness of the sample, but the finding is strange
when over 90 per cent of adult Indians have chosen to get vacci-
nated. Unless, of course, they think of myth as being the same as
truth. May be because many believe all mythology to be fact?

Strange answers to the many mysteries of Covid, but something
to think about …

Kiran Karnik loves to think in tongue-in-cheek ways, with no maliciousness or offence
intended. At other times, he is a public policy analyst and author. His latest book is
Decisive Decade: India 2030 Gazelle or Hippo (Rupa, 2021).

Photograph by Coffeekai 23 April 2022 | BW BUSINESSWORLD | 29

(A)MUSE & MUSINGS By Srinath Sridharan

T young population (~50% below 25). Grocery spend as a propor-
tion of income remains high at ~ 30%”.
HE INDIAN RETAIL MARKET is es-
timated to be around $800 billion. Pre- Traditionally, the Indian households bought monthly gro-
dominantly, it is unorganised and operat- ceries in bulk. With the advent of nuclear families, this slowly
ed by over 11 million kirana shops. These segmented into buying groceries as dry goods and fresh goods
kiranas depict the power of MSME or (like vegetables, fruits, meats, etc.) as separate purchase pat-
even nano-SME entrepreneurs, using terns. With usage of marketing mediums to communicate
their native intelligence and commercial freshness, price bargains, free home deliveries, special SKUs
acumen to trade. They continue grow- (stock-keeping-units), seasonal merchandise and more, the
ing despite the past two decades of large formal retailers have been trying to capture territory and con-
brands of formal retailers having entered sumer mindshare, as well as a share of their wallets. Fairly,
this space. This retail space has its set of the consumer behaviour of planning the monthly groceries
purchase has changed and continues to shift more towards
Just-in-Time (JIT).

In today’s instant-gratification world, should this shopping
basket, or rather the shopping experience be left out? But as the
internet became popular, online delivery became easy. That’s
why earlier Internet grocery brands started delivering groceries

2-Minutes
Meal to

10-Minutes
Delivery

complexities of hyper local consumer be- with a lead time of one to three days.
haviour, local product preferences, price Now the race is on to deliver it in 10 minutes! Even the food
sensitivity, packaging requirements,
brand vs product trade-offs and much aggregator platforms want to deliver food in 10 minutes, with
more. questions abundantly being raised about whether fresh food can
actually be prepared in less than that time.
The Indian grocery ecommerce mar-
ket is estimated to grow to around $25 Quick Commerce
billion by 2025. The research firm San- The availability of cheaper internet data, a plethora of smart-
ford C. Bernstein’s report mentions that phones with cost barriers being slashed down, ecommerce is
“Online grocery penetration is expected becoming an easy adoption facility. It is not just restricted to top
to reach ~3-5%, by 2025 from less than Indian cities, but well accepted across the Indian geographies
1% today. Long-term structural drivers and socio-economic consumer segments. Also the majority of In-
remain strong: rising income and afflu- dian demographics being in the less than 30 years of age bracket,
ence, lower tier consumption, e- com- the concept of instant gratification is a consumer priority. This
merce penetration (~30% CAGR) and a has sparked the 10-minute delivery trend. Instead of planning

30 | BW BUSINESSWORLD | 23 April 2022

their grocery shopping in advance, the As the delivering them to consumers.
younger audience is using multiple un- internet The typical journey starts with the order coming in on the app.
planned and last (10)-minute shopping became
to get their groceries. popular, The items are picked up at those mini-warehouses, also known
online delivery as dark stores. The delivery partner (typically on a motorbike or
Well, the basket also includes items became scooter) picks it up at that warehouse and heads to the customer
not usually ordered frequently, thereby easy. That’s address. In most cities where apartments are common-place, the
increasing the volumes and increased why earlier delivery person has to cross the security check at the building
basket value. Impulse purchases would internet main gate and then at the tower lobby. Then he has to head into
end up adding to these. grocery the elevator to the specific apartment address. Then the order
brands is delivered.
The backend of this concept is its started
true hero. The agility and strength of delivering This entire process would have to take into account other ex-
the supply chain and delivery mecha- groceries with ternalities like road traffic, weather patterns like rains, flooding,
nism decides the probability of the trend a lead time of scorching summer, cold winter, foggy conditions and delays in
succeeding. To deliver groceries in 10 one to three packing or items ordered not being available.
minutes, warehouses need to be in the days. Now the
midst of dense residential pockets. It is race is on to Risks and Adding to Worries
precisely for this reason that 10-minute deliver it in 10 Even in our major cities, most roads have sufficient potholes to
delivery services demand creation of minutes! risk lives and limbs of riders on those roads. The onerous condi-
multiple mini-warehouses or logistical tion that any delay in order would be penalised from the earnings
hubs where products are located. Cur- of these delivery-members, makes for speeding as a necessary
rently, using data science as a tool, these condition to mitigate the risk. While all startups would claim
startups are able to store frequently or- that they have factored in sufficient time for safe and careful
dered items (and with predictive ana- ride in the delivery process, the claims should be taken with a
lytics, even get the orders ready, based lot of discount.
on seasonality and other consumption
trends). Hence the SKUs would be limit- For a market that has a death on the road every four to five
ed and not comparable to a fully stocked minutes (going by World Bank data), India has to be concerned
store. But in general, this would serve about its businesses encouraging more rash and unsafe speeding
the need of the consumers, and allow on the road. We don’t want our digital startups to become or add
for the speed of picking the products and to the dark side of the gig economy.

The large brands and investors have started betting on this

Photograph by Amaviael 23 April 2022 | BW BUSINESSWORLD | 31

(A)MUSE & MUSINGS By Srinath Sridharan

Will Quick commerce be the next battleground for the Indian
e-commerce sector in 2022? Looks like it, now that the
behemoth RIL is also said to be kickstarting trial runs in Navi
Mumbai. In a market where consumers are used to delays, this
10-minute delivery could be a change agent

market opportunity. India’s largest offline human base available for mundane and odd jobs, home delivery
retailer is seeing an opportunity for scal- and free delivery concepts are not surprising. To enhance their
ing up in this segment and has invested in revenues and actual potential for quick commerce, these com-
a startup. This is premised on the quick panies need to operate not just in the top ten cities, but also in
delivery market being a $50 billion white the smaller towns and they have to offer private labels to improve
space. The Indian grocery delivery sector their unit economics and margins.
has seen multiple startups being funded
for getting to the 10-minute delivery Whereas, in other parts of the globe where such consumer
promise. behaviour or cost structures don’t exist, investors have invested
billions of dollars into on-demand grocery delivery firms. This
Consumers and Consumption has been accelerated especially after the Covid pandemic when
The Indian retail space has been largely consumption dropped with strict global lockdowns. Unlike the
in the informal space, despite efforts over other markets where retail infrastructure is poor, India has its
the past two decades by the organised own micro and nano retailers across its geographies. The larger
retail chain. The long pending disrup- question is, if India really needs a 10-minute delivery model and
tion could be fast-tracked by ecommerce is it sustainable once people start moving about, post the unlock-
chains promising delivery based on a ing of the pandemic? It serves both the needs of easy ordering
shorter time. and lazy-to-order-on-time.

These brands are promising con- Will Quick commerce be the next battleground for the In-
venience cheaper price points and more dian e-commerce sector in 2022? Looks like it, now that the
(product) choices. Offering these by using behemoth RIL is also said to be kickstarting trial runs in Navi
technology seems to be attracting private Mumbai. In a market where consumers are used to delays, this
investors’ capital, as well. For a market 10-minute delivery could be a change agent. Hopefully quick
that has always had sufficient low-cost commerce will stay the course and not become quirky com-
merce.

32 | BW BUSINESSWORLD | 23 April 2022 Photograph by Mlanmathur



(A)MUSE & MUSINGS By Srinath Sridharan

Integrating the informal sector mom- Is face to either work with or fight the large giants?
n-pop grocers and other service provid- q-commerce And yet putting some other life and limb at risk, we want a
ers into this quick commerce game could creating a
lead to inclusive growth. What is not said consumer- 10-minute commerce. For a market, where many proudly ab-
openly but practised as dark stores shows need from breviate IST to ‘Indian Stretchable Time’, we surely seem to have
that Q-Commerce is in fact, a Phygital consumer- the wrong time pressure priorities. After all, serious investors
model that uses the digital medium to want? Or are betting larger funds on quick commerce becoming the new
connect, communicate and transact, is it the norm. Hopefully for many lives and for their better living stand-
but with physical stores where items are brute force ards, we don’t put certain lives and livelihood at stake for others
stocked. of private who serve them! To rightfully seek a 10-minute ambulance ac-
investing cess as mentioned by many critics, this q-commerce could be an
To keep its realty costs lower, these capital idea for another set of healthcare startups to emulate.
quick-commerce (Q-Commerce) plat- availability
forms have to set up dark stores at a that is Is q-commerce creating a consumer-need from consumer-
lower cost base; these could include shaping want? Or is it the brute force of private investing capital availabil-
unused building basements, cheaper consumer ity that is shaping consumer behaviour? It is worrisome to see the
or unused commercial spaces, underu- behaviour? way the market is pushing or the brands are offering everything
tilised parking spaces, mall parking, ‘instant’ – instant credit, instant matchmaking, instant grocery
and any other empty space. The worry delivery, and more such instant offerings! Nature still has not
is that the working conditions for those made human birth instantaneous – one still needs to wait 10
at these dark stores may not be of de- months (and not 10 minutes)!
cent living standards. In addition, what
would be the other (hidden) costs and (Disclaimer: the time taken to read this article would be simi-
other terms and conditions that these lar to that of a 10-minute delivery process. No one was injured in
individual unorganised retailers would the process of writing this article!)

The author is a corporate advisor and independent markets commentator

Photograph by Valeriia Myronova 34 | BW BUSINESSWORLD | 23 April 2022



Noorings [email protected]

THE INDIVIDUAL VS. The subject is extremely im-
THE COLLECTIVE portant, no doubt, but people-
centric conversations were still
Organisations ask for the best from very slightly on number nine or
their people, people compare – how does one ten on a top ten list for a journal-
balance the individual versus the collective to ist looking to wring out a story or
two from everything she could.
create a team goal Over time, this discussion delved
more into team spirit and work-
by Noor Fathima Warsia ing together. The need for equal-
ity and equal say on the decision-
I WAS ATTENDING a Microsoft forum held during the Cannes Lions making table. The ‘Me-Too’ days
Festival of Creativity back in 2012. This forum, unlike the usual for- had not reached us by then and
mats, where one addresses and the rest learn or question, was more diversity and inclusion were still
of an unconference format. In this, anyone can pick up a subject and a subject in small circles.
then find like-minded people to create their customised on-the-spot
roundtable on the discussion. In this meeting, one of the
We see many of these different kinds of versions now and saw leaders from Microsoft suddenly
some of them in the pre-2012 time as well for the ‘me’ of then, this was a explained that team spirit is all
very interesting experience. I would have chosen to create my own topic or good and the collective matters
found a subject on the business of creativity or where India stands on the but the ‘collective thinking’ can-
global advertising stage or the rise of social media but, as a typical Cannes not be at the cost of the individ-
Lions journalist, I reached the sessions late. My only choice left by then was ual. While I was lost in thought of
to attend an ongoing session, and the only one that was not houseful al- how one balances this, everyone
ready was on company culture. echoed their agreement, signal-
ling the dangers of losing out on
what an individual brings to the
table while creating a structure
or system to scale growth.

It is now a decade later, and
interestingly this question
comes to mind again. As the
post-pandemic phase settles
down, many companies find
themselves revisiting their style
of working and how they can
build on the growth or the
changes of the last year. There is
a need to ensure that a new gen-
eration of processes is in place.
There is a need for these to be
more transparent and equal.

But how right are we in the ‘eve-
ryone must do’ asks? Are we com-
promising the individual for what
we think is the right way to grow?
And how do we balance this? My
vote would be on the individual.
Any company that solves for the
collective and not the individual
will find it difficult to grow in the
age of a talent war.

36 | BW BUSINESSWORLD | 23 April 2022



MARKETING AND ADVERTISING

IMPROMPTU that the first Googlers in
the space in its cloud prod-

uct engineering, technical

support and global delivery

CO-CREATING center organisations

It has been a year since
you took charge of the

THE FUTURE company in India. With
your previous experi-
ence in technology,

On the back of its powerful infrastructure, in- sales, strategy and
leadership roles, how

sights, collaborations, sustainability and security, will you leverage this

Google Cloud will continue to strengthen its at Google Cloud? What
presence with valued partnerships and customer
collaborations By Soumya Sehgal gaps are there to prob-

ably fill?
I continue to be inspired by

our dynamic organisation

and at the opportunity to

leverage my experience

to help scale our business

by focusing on our people,

COMPANIES and its key highlights in the high-performance net- partners and products.
organisations across past, especially in the work, helping customers Decades of experience have
every industry are past two years, when better serve their users and taught me that custom-

accelerating their shift to the strength and poten- customers ers must continue to be at

digital solutions, turn- tial of technology were * In October 2021, Google the heart of everything we

ing to cloud technology substantially tested? Cloud committed to train- do—we are their trusted

to solve complex business Technology has played a ing more than 40 million partner in co-creating the

challenges and explore critical role during this new people globally on future. As an organisation,

unique opportunities time and we’ve been fortu- Google Cloud skills as part we are committed to listen-

amidst changing customer nate to partner with and of our Cloud Skills Boost ing to our customers to

demands and regulatory serve people, companies, program which many in learn from them, aligning

frameworks. Navigating and government institu- India continue to take across the organisation to

the past two years has been tions around the world to advantage of win together, delivering re-

a challenge for companies help them adapt. India is a * We also recently an- sults for customers quickly

as they grapple with these strategic market for us and nounced that we will open and being accountable for

swinging demands and we will continue to grow a new office in Pune and their success.

economic uncertainty. We and invest in the success of While there is a rapid
spoke with Bikram Singh our customers here. Some upsurge in the demand for
Bedi, Managing Director, highlights include: cloud technologies, it’s also
Google Cloud India, to get * In the last two years, we
a sense of the overall busi- announced our valued col-
ness in India, along with laboration with organisa-

strategies to solidify its tions of all sizes important to stress that it’s
position further. Excerpts * Last year, we launched still early days for the cloud
our Delhi NCR cloud
Tell us about Google region. Delhi NCR joins

Cloud’s business in 28 existing Google Cloud

India. What have been regions connected via our

38 | BW BUSINESSWORLD | 23 April 2022

India is a that it’s still early days for
strategic and the cloud. We’re currently
important operating in a multi-
market for us cloud world, where more
and we will organisations are learning
continue to the importance of having a
grow and multi-cloud setup. Gartner
invest in the estimates that 81 per cent
success of our of organisations are work-
customers here ing with two or more public
cloud providers and going
BIKRAM forward, we would expect
SINGH BEDI, to see continued growth in
Managing this sector.
Director, Google
Cloud India What will your strat-

What will be your man- they started in 2020, and our customers with people egy be to solidify your
our customers need a true and education programs.
tra for Google Cloud’s partner to solve their future We’re investing in local tal- presence in the Indian
needs and opportunities. ent and the local developer
transformational community to help enter- market? What are some
What are some of the prises digitally transform
growth? and support economic of the insights that you
Looking ahead in 2022, key announcements recovery.
we believe the best way have gathered about
to predict the future is to that we can expect in What are some of the
create it. The situation the Indian audience?
with Covid continues to be the coming days? challenges and silver India is an important
dynamic in India and the Google Cloud is here to market for us and is one
rest of the world. Countries, support businesses, help- linings in this space? of the fastest-growing
communities and compa- ing them get smarter with cloud marketplaces in
nies cannot take things for data, deploy faster, connect What are some of the the world. We are help-
granted; some are on the more easily with people ing our customers to
road to recovery — others and customers through- trends that will float in build a digital-first future
are on the road to revolu- out the globe, and protect and helping them scale
tion. Companies must everything that matters to the coming years? their infrastructure and
continue on the path of their businesses. We will While there is a rapid operations for a multitude
digital transformation that also continue to support upsurge in the demand for of applications. Our USP
cloud technologies, it’s also continues to be:
important to emphasise * Delivering a data cloud
that provides deep insights
into their organisation
* Having an open cloud
with the flexibility to
integrate across multiple
providers, so customers
don’t have vendor lock-in
*Having a collaboration
cloud to connect teams and
accelerate workforce col-
laboration, which is vital as
the world moves to a hybrid
working

A trusted cloud to ensure
important data stays pro-
tected.

23 April 2022 | BW BUSINESSWORLD | 39





MARKETING AND ADVERTISING

STANDPOINT RTFKT; Coke auctioning
NFTs for half a million
INDIAN CELEBS for the Special Olympics;
AND THE Pepsi giving you a virtual
METAVERSE peep with Eminem, Dr
Dre into the Superbowl
The Metaverse is witnessing growth in engagement, not just halftime performance;
in value. And celebrities need to be where the audience is Gucci selling a digital
By Vijay Singh bag for $4,115 [it’s price
IRL $3,000]; Samsung
launching the new S22
line in the Metaverse and
more. Ditto for interna-
tional celebrities.

Snoop Dogg bought a
giant plot of virtual land
[yeah, virtual] in the Sand-
box; Paris Hilton has her
own island; Travis Scott’s
virtual ‘Astronomical’ con-
cert in Fortnite [gaming
universe] had 27.7 million

AFRIEND found some industry is bigger than the If you’re still waiting for the
old floppy disks movie and music industry Metaverse to arrive, you’re
while clearing out put together at $146.7 already late for the party.
junk and his teenage son billion. The digital goods There are over 3.5 billion
thought that was a ‘3D market is going to be bigger virtual avatars of people
print of the save icon’! The than gaming at $190 bil-
pandemic accelerated lion by 2025. The biggest party, explore with other unique viewers with 45.8
digital adoption for people companies in the world are people who aren’t even in million views; Ariana
across demographics — making a dash to build a the same physical space as Grande, L’il Nas X, and
from content consump- presence in the Metaverse. you – while retaining your even ABBA followed with
tion, digital payments to From Facebook rebrand- individual digital identities their own gigs; Eminem,
lifestyles in general. What ing itself to Meta; Micro- and assets across different Justin Bieber, Kevin Hart,
Web 2.0 and the mobile soft building an Enterprise worlds. Sounds complex? Neymar Jr., Mark Cuban,
phone did for the internet Metaverse; Disney, Google, It’s not. Ask any 13-year- Steph Curry, Jimmy Fal-
was bring in mobility as and more following, with old. They’re celebrating lon all own the Bored Ape
a lifestyle. The power of investments bigger than birthdays there these days! NFT; Ashton Kutcher, one
connectivity, knowledge the GDPs of several coun- And if audiences are there, of the biggest startup inves-
and more is in the palm of tries. So, what the hell is can brands be far behind? tors [earlier investments
your hands. The Meta- this Metaverse? included AirBnB, Uber],
verse is the next level of the From H&M building a set up a dedicated fund to
internet. Hello, Web 3.0. Virtual spaces virtual store; Nike acquir- look at Crypto/ Metaverse-
and Crypto! It’s the digital twin of ing virtual sneaker brand
the physical world, only,
If you’re still waiting for interconnected, and seam-
the Metaverse to arrive, less. A set of virtual spaces
you’re already late for the where you can create, work,
party. There are over 3.5 play, collaborate, hang
billion virtual avatars out, shop, attend events,
of people. The gaming

42 | BW BUSINESSWORLD | 23 April 2022

led opportunities. But is your gym look… they would this shift to the Metaverse tar, a game, an NFT, or buy
this just a fad or something have laughed at you. Insta- will happen even faster. But you a Bitcoin. The number
only rich celebrities do? gram launched in October the engagement will have is set to outstrip aspiring
2010. Today, not being to be meaningful. writer-director-actors
Just a fad? on it is unimaginable. It’s sitting in Versova. The fact
Clearly not. Given the essential to stay relevant, An industry veteran that you must be there is a
growth that the category is to stay connected. And it’s called the craze for launch- given. The question is not
seeing not just in value, but also a large revenue source ing your NFTs the parallel if, or when. It’s only how.
engagement. And celebri- for influencers. Projected of selling chicken momos. But not too many seem to
ties need to be where the to grow at a CAGR of 25 per Everyone is setting up a have a plan.
audience is. Ten years back, cent for the next decade, to stall. Tons getting on the
if you were to tell a celeb- hit Rs 2,200 crore by 2025. crypto/ exchange band- There’s one Indian musi-
rity that you will be on an Brands like Unilever alone wagon [despite the uncer- cian who accepted pay-
app posting photos of your spend upwards of Rs 100 tainty… God bless Sri Ravi ment in cryptocurrency.
work, where you’re shoot- crore on digital influencer- Shankar!] every day there A couple of actors who’ve
ing, what you’re eating, driven marketing. Now, are ‘experts’ and agencies endorsed some crypto
launching to build an ava- exchanges. A few who’ve
even created a basic avatar.
And many who’ve put out
an NFT. But neither brand
building, nor monetisation
can happen by accident, or
tactically. This holds true
in the Metaverse as much
as the physical world. A
strategy, a roadmap in a
phased manner starting
from building a vir-
tual identity to enter the
Metaverse; creating digital
assets/ goods and content,
interactions, promotions
to build engagement; and
eventually monetising the
same is critical not just to
succeed, but to survive. The
new generation of audi-
ences, Gen Z/ Gen Alpha,
are citizens of a world
where they co-create, own,
and are defining a new, in-
clusive, immersive, ethical
world. The future is already
here, it’s just not widely
distributed yet. And it will
be interesting to see how
Indian celebrities navigate
their way through it.

 SinghisCEO,Sony
Entertainment Talent

Ventures India

23 April 2022 | BW BUSINESSWORLD | 43

MARKETING AND ADVERTISING

STANDPOINT

TV Ad conversations and has given wings to talent across the
Dominance To globe.
Continue
Changing content needs
Despite perpetual threats from other medi- The pandemic certainly altered consumption patterns
ums, TV’s unique characteristics and evolu- and content needs and demands. Unlike a decade ago,
tion with time continue to be the key driving today there is a growing appetite for short format content
forces for its demand and finite TV shows. Moreover, like digital or any other
medium, content on TV continues to evolve, programme
By Simran Hoon after programme, and season after season. Content that
takes a viewer closer to ground realities has a lasting
T HE EMERGENCE and bloom impression. Comedy as a genre has emerged as a clear
of digital is expected to pose winner over the last two years and innovative comedy
enough competition for tradi- formats have surfaced to satiate viewers’ needs winning
tional television and possibly eat into over minds, eyes and attention of advertisers.
its share. Contrary to this expecta-
tion, television continues to lead by While content has evolved, the
share and by spends. According to equation between broadcasters and
recent industry reports and esti- advertisers also has. Today, brands
mates, television continues to be the are moving beyond the traditional
strongest and the leading medium ad spot and are integrating within
for brands for effective communica- the content being showcased for
tion with a measurable factor. The deeper impact and stronger messag-
30-second ad spot continues to be a ing. Integrations beyond FCT (free
favourite amongst marketers across commercial time) are becoming a
brands and agencies. The medium’s brand favourite as it allows creative
expansive reach also makes it a pre- minds to put their best foot forward
ferred choice. Reports also indicated and drive innovation in how a brand
that TV is the only traditional medium that has comfort- is presented to its consumers. The
ably surpassed the 2019 figures by more than 10 per cent. approach pushes boundaries, aids
discovery and appeals to the audi-
Despite tough competition from other mediums, ence of today.
television is characteristically different and continues to
evolve — in shape, size, technology and, most important, Collaboratively these insights
content, a driving force for its demand and thus strong indicate the TV will continue to play
growth figures. a significant role equally in living rooms and media plans
in the decade ahead of us. And although digital will con-
India is largely a single TV household and unlike digi- tinue to grow, television as a medium has created a space
tal which is meant for personal viewing, television has an of its own in living rooms in India. It is a medium that has
inclusive entertainment outlook, offering content for all. become an integral part of daily living and continues to
Moreover, owing to the quality and nature of the content, showcase a strong appointment viewing trend thus giving
be it sports, infotainment, kids or general entertain- advertisers a broad canvas to craft messaging that has the
ment, co-viewing is a strong dominant trend and more potential to reach 200 million households. Historically,
so in prime time. Television content is known to spark off it has delivered the expected RoI on every buck that an
advertiser spends. More importantly, it is considered to be
a benchmark in a way; continuing to attract legacy brands,
young startups and unicorns of today.

 TheauthorisCEO,QYOUMedia

44 | BW BUSINESSWORLD | 23 April 2022



IN CONVERSATION

‘IWILL Afterathree-
MISS yearstintat
THE theTourism
PEOPLE’ Finance
Corporation
ofIndia(TFCI)during
whichheovercame
severalchallengesand
diversifiedtheportfolio
ofthecompany,placing
itonagrowthtrajectory,
TFCI’sManagingDirector
andChiefExecutive,
Anirban Chakraborty,
hasdecidedtomoveon.
HehelmsTFCItill15April.In
anexclusiveconversation
withBWBusinessworld,
Chakrabortytalksabout
histenureatTFCIandthe
legacyhissuccessorwill
inherit.Excerpts:

Mr Chakraborty, you have announced your decision to leave the Tourism Finance
Corporation of India (TFCI), where you have been the MD and CEO. Please tell us
what triggered this decision?
More than anything else, I feel that I have completed what I set out to do at TFCI. My ac-
complishments are many, and I have met all and more of the targets I had set for myself. I
have dealt deftly with the many challenges I faced. I would say, it was time.

Indeed there were several challenges you overcame during your tenure at the corpora-
tion. What kind of legacy are you leaving behind?
My journey at TFCI has been memorable, from start to finish. As I was heading the institu-
tion, my role included critical decision-making and setting up the advisory led investment
banking process at TFCI. As a leader, it is important to keep a balance for both your organi-
sation and the associated travel and hospitality ecosystem.

I also take pride in the expansion of our well-diversified portfolio, which has continued to
yield good results over the years. The fast-changing dynamics of these sectors brought many
predicaments, especially during the pandemic, which, I can say with confidence, were met
with enthusiasm and appropriate action.

What did you like the most and the least about being the MD and CEO of TFCI?
As an organisation, TFCI has grown to build strong connections with its stakeholders. I
have enjoyed working with some of the finest minds in the sector and have had the oppor-
tunity to create a lasting impact on the travel industry. I am leaving with the memory many
memorable moments and have cherished the opportunity to lead such an inspiring team of

46 | BW BUSINESSWORLD | 23 April 2022

“I think a leader should possess empathy, talented individuals.
cultivate a healthy work environment, One of the best things I both liked and
create effective communication, remain
calm under pressure, take timely detested, was the disruption that hap-
pened during the pandemic. This period
decisions, be able to influence others, and came with its challenges and, while we
lead by example. A core area of impact is were able to overcome these hurdles with
handling the responsibility of charting flaring success, it did slow down some criti-
cal projects.
out the growth strategy,”
What is it about TFCI that you will miss
the most?
I will miss the people here, as they have
been greatly proactive in the workings and
functioning of the organisation. We have
undertaken this journey together. Besides
my employees and partners, I would also
like to thank the board members, who have
been a source of great inspiration to work
with over the years.

What qualities do you think the com-
pany should look for in your successor?
I think a leader should possess empathy,
cultivate a healthy work environment, cre-
ate effective communication, remain calm
under pressure, take timely decisions, be
able to influence others, and lead by exam-
ple. A core area of impact is handling the
responsibility of charting out the growth
strategy for the organisation.

As a leader, there is a need to continu-
ously minimise the risk of the business
portfolio and build an increasing revenue
stream for a higher net interest margin.

What are your expectations from your
successor?
The TFCI is a specialised institution and
an industry leader in its segment and is
well-positioned to witness multi-year
growth in its loan book. From here on, I’m
confident that my successor will take the
organisation to even greater heights, and
create pioneering legacies.

Where would you be going from here?
Please share your plans for the future.
At this moment, I am focussed on my du-
ties at TFCI as I serve my final days at the
company. However, when the time is right,
I will keep you updated about the develop-
ments in my plans ahead.

23 April 2022 | BW BUSINESSWORLD | 47

IN DEPTH AUTO

SHIFTING

GEARS

The demand for sub-10 lakh rupees passenger cars
is picking up fast as life returns to normal post-Covid.

But there are many inherent challenges facing the
automotive manufacturers

By Ashish Sinha

T HE LAST FIVE years have been a one hell of a domestic wholesale volumes at about 320,000 units rep-
bumpy ride for India’s domestic automotive resented about 6 per cent growth on a sequential basis and
sector, completely devoid of any charm and only a marginal 0.4 per cent decline on y-o-y basis,” Rohan
cheer. Passenger vehicle sales over the years Kanwar Gupta, Vice President & Sector Head - Corporate
have largely been a tale of setbacks for the car- Ratings, ICRA said.
makers. The outbreak of the corona virus only
added to the misery in the last two years. But now, there is a For the fiscal year 2021-22, the overall growth in passenger
faint but positive hope, especially for the four-wheeler mak- vehicle sales stood at 13 per cent compared to the previous
ers. For the financial year ended 31 March 2022, the auto fiscal. And this happened despite some serious supply chain
industry notched up sales of nearly 3 million passenger cars, bottlenecks including constraints on chip availability.
which was more than 13 per cent higher compared to 2020-
21. Back then, 2.71 million units were sold. In actual terms, the Maruti’s rival and the second largest carmaker Hyundai
passenger car market in India is back to the level of 2016-17. Motors India posted a growth of 2 per cent in domestic sales
to 4.71 lakh units. Overall, it clocked a 6 per cent growth in
It’s not just the overall numbers that are giving positive sales for FY22 selling over 6.10 lakh units. Hyundai’s exports
vibes to the domestic carmakers. There are some other bright jumped by 23 per cent for the entire fiscal.
spots as well. For instance, Maruti Suzuki, India’s largest car-
maker sold 1.36 million passenger vehicles during FY22, or SUVs Pushing Sales
3 per cent higher than last fiscal. The silver lining here is that Riding on the success of their sports utility vehicles (SUV), car-
Maruti exported 2.38 lakh units in FY22 -- the highest so far makers Tata Motors and Mahindra & Mahindra performed
in any financial year. The newly appointed managing director very well in FY22. Tata Motors’ FY22 sales, including those of
and chief executive officer for Maruti Suzuki India (MSIL), its electric vehicles, grew 67 per cent compared to the previous
Hisashi Takeuchi said: “These export numbers are a reflection fiscal year. It touched a record 3.70 lakh units. The company’s
of India’s manufacturing potential and the acceptance of India EV production was 353 per cent higher than the previous year
manufactured vehicles all over the world.” And he is right. at 19,106 units. The March sales numbers for Tata Motors
were also excellent, posting a 43 per cent growth over the year
Overall, the domestic wholesale volumes also showed a ago sales numbers for March.
6 per cent growth on a sequential basis. “In March 2022,
On market challenges Tata Motors seems cautious. Shailesh

48 | BW BUSINESSWORLD | 23 April 2022

Chandra,ManagingDirector,TataMotorsPassengerVehicles sincetheSUVsegmentisnowalmost40percentoftheoverall

and Tata Passenger Electric Mobility said the company will market and growing, the overall share of the hatchback seg-

continue to monitor the evolving situation closely. “We are ment has come down to around 38 per cent.

refining our agile, multipronged approach to continue to fulfil

customer orders,” he added. Price Rise?

On its part, M&M said it clocked wholesale dispatches Itisnosecretthatinordertotacklethemassivechallenges,all

of SUVs at 27,603 units in March, 65 per cent higher than carmakerskeptincreasingtheprices,sometimeseachsucces-

the same month last year. “Demand continues to be strong, sive month. This started happening from the middle of 2021

even as we remain watchful of the global sup- Maruti Suzuki when the demand was rock bottom, the input
ply chain and take appropriate action as re- prices were on the upswing and the carmakers

quired,” Veejay Nakra, Chief Executive Officer, sold 1.36 million were operating at around half their capacity.
Automotive Division, M&M said. passenger The situation started to improve from festive
period but at a snail’s pace.
Of course, semiconductor shortages cou- vehicles during
pled with the ongoing war between Russia Is there another price hiwke on the anvil?

and Ukraine and the rising fuel prices may FY22, or 3 per “The possibility is there. That is also one of the
act as points of major concern in the coming cent more than last measures. Fortunately, things are look-
months. The industry, however, is keeping it did in the last ing up and there are some exciting new offer-
a close eye on all developments. “We expect ings in the pipeline. Let us keep our fingers

supply chain problems to persist this quarter,” fiscal. The silver crossed,” said a senior marketing executive of
Shashank Srivastava, ED, MSIL said. lining here is a leading carmaker.
that Maruti
Maruti numbers also throw up some in- We hope that the bright sparks will con-
teresting facts. Without counting the SUV tinue for now and the challenges would be

segment, MSIL has a market share of over exported 2.38 aptly tackled by our carmakers.
65 per cent. But taken together with SUVs, it lakh units in
comes down to 43.4 per cent (used to be above [email protected];
50 per cent for several years before). However, FY22 @Ashish_BW

Photograph by Neeraz Chaturvedi 23 April 2022 | BW BUSINESSWORLD | 49

IN CONVERSATION

By TEAM BW

Andhra making
rapid strides

50 | BW BUSINESSWORLD | 23 April 2022 Photographs by Ritesh Sharma