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NFKINOAEDRWRIANNAETWAKA

Rs 150

KARANATAKA – A
HAPPENING STATE

Karnataka is a land of immense opportunity as its The First Steps
manufacturing process is supported by critical enablers
such as a thriving ecosystem, highly talented workforce, The beginning has been made at the policy level. The
and empowering institutional and policy environment, coupled Government has taken many initiatives to enhance its stature
with a favourable business climate and robust infrastructure. as one of the leading hi-tech industrial states of the country.
This is reflected in the way investments started pouring in and
“The Karnataka State has earned a prestigious position in the Karnataka ranks First in attracting investments since 2016.
developmental map of the country due to its natural resources,
knowledge-based enterprises, diverse agro-climatic zones, rich “We want to achieve higher development, particularly in
culture and heritage. Our priority is to create an environment of agriculture, industry and service sectors by public participation.
ease of living for common people with a balanced and all-round So that we can build Nava Bharathakkagi Nava Karnataka (New
development by proper utilisation of the inherited resources,” Karnataka for New India) with new zeal and a new outlook,” the
Chief Minister Basavaraj Bommai said while presenting his Chief Minister said.
maiden budget for the FY 2022-23.
The Nava Karnataka scheme envisages the establishment
Budget at a Glance: of job-creating textile parks in Kalaburagi,
Vijayapura, Navalagunda, and Ranebennur.
Budget estimate: Rs 2,65,720 crore Even the Government has proposed
incentives establishment of semiconductor
chip manufacturing plants in the State.

Allocation made for different Sectors: As the startups are modern-day concepts,
 Agriculture and Allied Activities: Rs 33,700 crore the government is aligned to their growth
 Welfare and Inclusive Growth: Rs 68,479 crore and launched Elevate-Kalyana Karnataka
 Stimulating Economic Growth: Rs 55,657 crore Programme to promote 25 innovative
 Comprehensive Development of Bengaluru: Rs 8,409 crore startups in Kalyana Karnataka. Cluster Seed
 Conservation of Culture, Heritage and Natural Resources: Rs 3,102 crore Fund has been created to promote startups
 Administrative Reforms & Public Service Delivery: Rs 56,170 crore in Mysuru, Mangaluru, and Hubballi. The
 Allocation of grants for Women Empowerment and Welfare: Rs 43,188 crore silver lining is the establishment of the
 Allocation of grants for Children Welfare: Rs 40,944 crore Global Emerging Technology Design Center
 Allocation of grants for SCSP/ TSP: Rs 28,234 crore (increase over previous at a cost of Rs 150 crore. Besides, the
government has given Rs 20 crore for the
year is Rs 2,229 crore) setting up of the ‘Karnataka Acceleration
Network’ in collaboration with the
entrepreneurs.

 Funds to improve 100 Primary Health Centres: Rs 1,000 crore The Clear Priorities
 Allocation for B R Ambedkar hostels: Rs 750 crore
 Department of Housing has been allocated: Rs 3,594 crore The priorities of the Government is clear and
is based on ‘Pancha Suthra’ (five formulae)
which includes comprehensive economic

development in the State, to protect weaker sections, to identify students government has decided the distribution of Lab-in-a-
backward regions of the State in a scientific manner, so as to kit to 169 Government Girls High Schools under ‘Nodi Kali Madi
bring the Human Development Index on par with the State; to Thili’ concept.
increase public participation in agriculture, industry and service
sectors and to build Nava Bharathakkagi Nava Karnataka. In higher education, seven Government Engineering Colleges
The State Government has allocated Rs 3000 crore for the will be upgraded into Karnataka Institute of Technology besides
development of aspirational talukas in the education, nutrition seven new Model Universities would be set up in educationally
and healthcare sector and intends to bring the parameters of backward areas of the State.
these talukas to the State average.
Enabling Connectivity
The resilience shown by Karnataka is immense. Despite
economic distress during the last two years because of Covid, The government has also envisaged ‘Belaku’ programme under
the revenue collection has been improving in recent times as which electricity connection will be provided to about 1.65
seen in the revenue collection figures for 2021-22. This has lakh un-electrified households. “To increase the renewable
been possible due to the efforts made by the Government energy source of the State, we have proposed to implement
to combat the pandemic as well as to push growth. In 2021- 2000 megawatt capacity Underground Storage Centre in the
22 all sectors have shown growth compared to 2020-21. The Sharavathy basin at an estimated cost of Rs.5391 crore,” the
industrial sector has grown by 7.4 per cent, the service sector Chief Minister said.
has grown by 9.2 per cent and the agriculture sector has grown
by 2.2 per cent. Overall GSDP for 2021-22 at constant prices Any economic activity depends on connectivity and for
is expected to grow by 9.5 per cent compared to the previous this Karnataka has robust air, water and road
year. connectivity. In the budget, the government
has proposed to enhance economic activities
The Growth Multiplier in coastal areas of the State. Therefore, the
government proposes to undertake 24 projects,
Industrial progress is always complimented with an at an estimated cost of Rs 1880 crore, under
advancement in the farm sector. The Budget 2022-23 has Sagarmala scheme of the Government of India.
come up with innovative schemes such as Raitha Shakti, diesel “The vision of the government is supported by
subsidy to boost farm mechanisation, stress upon the post- budgetary allocation. The Budget for the year
harvest management and export promotion, setting up of mini 2022-23 is aimed at achieving all the aspirations,
food parks etc. These initiatives aim at enhancing farmers’ aims and goals of our Government in a systematic
income by value addition and avoiding wastage of crops. and time-bound manner,” the Chief Minister
stated.
Imparting quality education is the mainstay of this
government. It has decided to upgrade Hobli level schools
with basic infrastructure as ‘Model Schools’. To improve
infrastructure, Rs 100 crore has been allocated for new furniture
in schools and an additional Rs 500 crores for the development
of infrastructure in the schools of the aspirational taluks. For girl

THE TIME THAT part of the Amrith Mahotsav of Indian Independence in 2021
TRANSFORMED on Independence Day. They are being implemented on a war
LIVES footing under constant supervision

Six months is a short time but it is long enough to judge Janasevaka Scheme Chief Minister launched the Janasevaka
the intention of a government. The pro-poor policies of Scheme in the 198 wards of the Bruhat Bengaluru Mahanagara
Chief Minister Basavaraj Bommai, who took over as Chief Palike (BBMP), in the 27 Assembly Constituencies on November
Minister of Karnataka on July 28, 2021, with the mantra of 3Es 1, 2021. The Janasevaka Scheme covers 79 services offered by
- education, employment and empowerment for the welfare nine different departments. Citizens have availed of more than
of the poor and the weaker section has made it clear that his 1,32,000 services so far.
government is this Government is result-oriented, all-pervasive
and inclusive. Grama One Project Grama One is a flagship project of the
Government, which aims at providing the citizens’ services of all
The State Government is set to realise Prime Minister departments to the people in their villages, under one roof. Chief
Narendra Modi’s concept of ‘Ease of Living’ by taking the Minister launched the first phase by virtually inaugurating over
administration to the doors of the citizens. The government 3,000 Grama One Centres in Gram Panchayats of 12 districts.
machinery is marching with the objective that ‘people should
not go around for development; rather development should ‘CM’s Raitha Vidya Nidhi’ programme to disburse scholarships
happen around the people.’ for students from farmers’ families. Under this scheme,
scholarships are being disbursed for girl students from farmers’
Key Schemes families studying in classes 8, 9 and 10 and also to farmers’
The Chief Minister announced a slew of Amrith Projects as children studying in PUC and degree colleges.

The pension amount under Sandhya Suraksha, widow pension
and the pension for the disabled has been enhanced by Rs 200
each per month. This enhancement benefits more than 58.12
lakh beneficiaries. The government has incurred an additional
expenditure of Rs 863 crore for this purpose.

Belaku Programme launched in rural areas to provide power
connection to every household on 01.09.2021. About 1.55 lakh
houses without power supply connections were identified under
the programme. Over 76,088 houses were provided with power
connections.

The Dharwad- Kittur- Belagavi new railway line project is the
long pending demand of the region. At present, the Dharwad-
Kittur rail line passes via Londa and the distance between
Belagavi and Dharwad is 121.39 km. The journey time between
these two cities is three hours. The new DharwadKittur-Belagavi
rail line will be 73.10 km in length which is 31.47 km shorter in
distance, saving a travel time of over an hour. The total project
cost is Rs 927.4 crore.

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MOST

IWNFOLUMENTEIANL

Seventy-five
leaders who
are defining
India@75

(from L-R)
SUCHITRA ELLA,
Co-founder &
Jt MD, Bharat
Biotech Int’l,
HINA
NAGARAJAN,
MD & CEO,
Diageo India,
PRATIVA
MOHAPATRA,
MD, Adobe India

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EDITOR-IN-CHIEF’S NOTE

INDIA SHINES AT 75 ON CHOSEN PATH

ANNURAG BATRA “We rise by lifting others.” — Robert Ingersoll

 [email protected] THEY SAY AN EFFECTIVE LEADER must embrace uncertainty. And, we
certainly do live in uncertain times, what with the Covid-19 pandemic still
upending world affairs and now a war raging between Russia and Ukraine.
At times, I wonder whether all the progress mankind has made in science,
technology, and medicine, was worth its while. Should progress not have
been a precursor to good health and peace in the world?

Talking of progress, India at 75 is a nation that has made giant strides
in science and technology. It now strives to establish itself as a leader in
the field, evident in the whopping Rs 14,217 crore budgetary allocation
for the Union ministry of science and technology for the 2022-23 fiscal.
Agrarian India will transform too, with the government investing in
another technology-driven Green Revolution. Yes, we are moving in the
right direction with science and technology.

I also want to highlight another area where we have made considerable
progress – Inclusion. India at 75 values diversity, equity, and inclusion. We
are in a better place with gender equality today and more opportunities
are available for women. But we need to do so much more. Women in
rural India need to be our focus, considering that agriculture is still the
occupation of a majority of Indians, half of whom are women. Women
comprise 48 per cent of the rural population. Even though agriculture
contributes to around 18 per cent of India’s GDP, it is the primary source
of income for half our population. We must provide access to healthcare,
education and economic development for these women to be able to make
a real difference to our society.

Gender inequality is a global issue. Reports suggest that gender
inequality has cost the world $70 trillion since 1990. Even in developed
economies, do women really earn as much as men? Are they really equally
represented in industry, business and politics? In the developing part
of the world, they definitely enjoy less advantages in terms of education
and healthcare. A change can only occur when each individual considers
himself a stakeholder in gender equity. Each of us should encourage,
support, and mentor young women and help them achieve their dreams.
It would be the right path toward creating a progressive world.

The issue in your hand celebrates women achievers. Our annual Most
Influential Women listing features inspiring women who have contributed
to their industry and the economy. Read about these super achievers in
the pages ahead. We also have our regular columns and features from top
industry leaders that you look forward to. We welcome your suggestions
and feedback. Do write in to my team.

4 | BW BUSINESSWORLD | 26 March 2022



VOL. 41, ISSUE 11 26 MARCH 2022

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6 | BW BUSINESSWORLD | 26 March 2022

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INTERVIEW: TARUN BAJAJ, REVENUE SECRETARY MAILBOX

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

DISIYNROUDUPIANT’GOSRS

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

Rs 150 THEWINNERS:Top row (L-R):Aakash REWARDS, INCENTIVES AND PAYOUTS
Anand, Alok Patil, Archit Garg, Bhavin Patel,
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Jain, Azeez Gupta, Dhiraj Agarwal, Divay elucidates on how Xoxoday, a SaaS platform,
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address and be sent by email to the INSTANTLY
editor at [email protected] DIABETES CARE PROGRAMMES
or by mail to 74-75, Scindia House,
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CONTENTS

VOLUME 41, ISSUE 11 26 MARCH 2022

MOST

INFLUENTIAL

WOMEN

12 Jottings Celebrating India’s 30

Planet earth takes a turn for the Women Achievers
worse; Heavy penalty; Giving
housing a miss?; Enabling smart India@75 is progressive and inclusive. There
T and more is no dearth of inspirational woman today. We
showcase 75 of them to mark 75 years of Indian
14 Columns independence. There are countless others who
are achieving milestones after milestones
Ashutosh Garg (p. 14); Minhaz
Merchant (p. 16); Vikas Singh (p. Cover design by DINESH S. BANDUNI
18); Amit Kapoor (p. 20);
Aniruddha Bose (p. 22); Srinath 10 | BW BUSINESSWORLD | 26 March 2022
Sridharan (p. 24); Noor Fathima
Warsia (p. 28); Gowthaman
Ragothaman (p. 116); Nidhi Jain
(p. 120); Rachna Chhachhi (p.
130)

98 In Conversation

Baba Kalyani of Kalyani Defence
on his company’s efforts to
achieve indigenous capabilities
for the Indian armed forces and
more

102 In Jeopardy

How the revival of the construc-
tion industry may derail due to
the rising cost of raw materials
and overly cautious buyers

104 In Conversation

Boman Rustom Irani, CMD,
Rustomjee Group &
President Elect, CREDAI National
on why a rise in property prices is
imminent in the months ahead

122 DESIGNOMICS

Everyone has their dream
homes etched in their
minds. Read about the five
architectural trends that are
likely to dominate 2022

MOST 66 Aditi Gupta, Ankiti Poonawalla, Radhika Jha 81 Dipali Goenka
INFLUENTIAL Bose, Anshula Kant, 82 Nisaba Godrej, Radhika
WOMEN Aparna Purohit 73 Maithali Raj Gupta, Renuka Ramnath,
Samina Hamied
34 Falguni Nayar 67 Alka Mittal 74 Mira Kulkarni 83 Pallavi Shroff
84 Prativa Mohapatra
36 Hima Kohli 68 Alka Upadhyaya 75 Rekha Menon 85 Suparna Mitra, Upasana
Taku, Vibha Padalkar,
38 Hina Nagarajan 69 Arundhati Bhattacha- 76 Roshini Nadar Annpurna Devi
rya & Gita Gopinath 86 Zarin Daruwala
40 Kiran Mazumdar-Shaw 77 Smriti Irani 88 Anupriya Singh Patel,
70 Debanjali Sengupta Anuradha Thakur, Atishi
41 Nirmala Sitharaman 78 Sulajja Firodia Motwani Marlena, Darshana Vikram
71 Divya Gokulnath Jardosh
42 Soma Mondal 80 Ashu Suyash, Harsh- 89 H.K. Joshi, Punita Kumar
72 Isha Ambani, Monika beena Zaveri, Mahima Sinha, Pushpa Subra,
44 Soumya Swaminathan Shergill, Natasha Datla, Mahua Acharya Meenakashi Lekhi
90 Leena Nandan
46 Suchitra Ella 138 LAST WORD 91 Renuka Singh Saruta,
Sadhvi Niranjan Jyoti, Sushri
48 Reddy Sisters Sadhguru on why the feminine has Pratima Bhoumik
been represented as the most powerful 92 Sushri Shobha Karand-
50 Swati Piramal dimension of life in Indian culture laje, Usha Sharma

52 Ajaita Shah 108 MBA Education

54 Dilafrose Qazi & Joyita How the pandemic, the upgrading
Mondal of B-school curriculum, a push
towards diversity and the rise of
56 Shivangi Singh the digital university are
transforming the management
58 Priyanka Chopra education classrooms

59 Leena Nair 132 Bookmark

60 Revathi Advaithi & A review of The Pathless Path:
Sharmistha Dubey Imagining a New Story for Work
and Life by Paul Millerd
61 Anita Dongre, Arundhati
Roy, Chiki Sarkar, Dayanita TOTAL NO. OF PAGES
Singh INCLUDING COVER 140

62 Ekta Kapoor & Zoya
Akhtar

64 Masaba Gupta

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

Thesepagesshouldnotbeconfusedwith BW Businessworld’seditorialcontent.

26 March 2022 | BW BUSINESSWORLD | 11

JOTTINGS

PLANET
EARTH TAKES

A TURN FOR
THE WORSE

E VEN AS ECOLOGISTS mull on the populations vulnerable to the effects of extreme weather,
depredations of the environment that eventually leading to their displacement. It warns that
missile attacks on nuclear power plants globally, heat and humidity will create conditions beyond
and other sensitive installations in human tolerance if emissions are not rapidly eliminated.
Ukraine may have on an already fragile India and South Asia, the IPCC report says, will be among
planet, comes the sixth assessment report of regions that will experience these intolerable conditions.
the Intergovernmental Panel on Climate Change It warns that the pace of climate change, is outstripping
(IPCC). The report, which comes eight years after climate adaptation measures. — Arjun Yadav
the IPCC released its last findings, underscores
the severe consequences of a warming world and
emphasises that things are getting worse.
The pace of climate change is leading to increased
instances of extremely high temperatures on land and in the
seas, torrential rains, droughts and weather conducive to
wildfires. As temperatures hover between 1.1-1.3°C above
pre-industrial levels, natural ecosystems are struggling and
they are either approaching or are surpassing their capacity
to adapt. The report says these changes are leaving large

Heavy of it, can afford to stave off
Penalty fossil fuel imports, if at a
cost. Europe’s dependence
ON 8 MARCH United on Russian oil and gas
States President Joe Biden pose a stumbling block in
announced that Russian implementing its sanctions.
oil tankers were no longer Europe plans to switch to
welcome on American liquefied natural gas (LNG)
shores. Earlier on 2 March, imports from Qatar, which
the White House had incidentally, is an extremely
announced restrictions on expensive fuel. British
exports of oil technology energy major BP intends
to Russia. Almost on cue came announcements from the to sell its stake in Russia’s
European Union that it would reduce its dependence on state-owned oil giant
Russian natural gas by two thirds by the end of the year. As Rosneft, which had last year accounted for 50 per cent of
much as 40 per cent of Europe’s gas supplies and 10 per cent its reserves and 11 per cent of its operating profits. The exit
of the world’s oil supplies now come from Russia. of Shell, Norway’s Equinor and Exxon Mobil from Russia will
prove equally tricky.
The United States, which has enormous strategic reserves So at the end of the day, sanctions announced by NATO
of crude oil, not to speak of yet untapped proven reserves allies will hit Russia alright, but also pinch the pockets of
energy consumers, particularly in Europe. — Team BW

12 | BW BUSINESSWORLD | 26 March 2022 Photograph by Icholakov, Cobalt

HOW FDI HAS total foreign investments has reduced to 11 per cent in 2017-2021,
GIVEN from 37 per cent in a preceding five-year period,” the report
said. Something has obviously spooked big foreign investments
HOUSING A in housing. Should the rules be tweaked to encourage certain
MISS LATELY minimum mandatory allocation to the housing segment?
Perhaps yes! — Ashish Sinha
THERE IS SOME GOOD news and some bad news for the
Indian real estate sector. First, the good news: In the five-
year period (2017-2021), the sector saw foreign investment
of around $25 billion.

The better news: Around $15 billion of that amount had
come in from global investment companies based in the
United States, Canada and Singapore. Specifically, three
categories were the major recipients of overseas funds, the
industrial segment, office buildings and mixed-use assets
like malls and data-centres.

What’s the downside? A declining inflow of foreign
capital in the housing segment. Only $2.7 billion of foreign
investment has flowed into the real estate sector since
2017, according to the latest data from Colliers report (in
association with FICCI). “The share of residential assets in

SMART CUSTOMERS, NOT PHONES

THE BANKING REGULATOR, the Reserve Bank of India
(RBI), wants to make “smart customers” out of the 40 crore
users of “non-smart phones” or feature phones. How? It has
launched an instant payment system called ‘UPI 123PAY’.
The new Unified Payments Interface (UPI) will allow India’s
40 crore feature phone users to access the payment service
in a more secure manner, said RBI Governor Shaktikanta
Das. This means no dependence on internet on the phone.

Transactions on such phones can be made using options
like calling an IVR system (voice based system), calling
a dedicated number and making a transaction using
PIN. Giving a missed call, sound-based payments and
introduction of application functionality in non-smart
phones are three other options. DigiSaathi, a dedicated
helpline has also been launched. First mooted in December
2021 by Das, the transaction volume of UPI is expected to
touch Rs 100 lakh crore this year.

Last year, some 3,800 crore UPI transactions, amounting
to Rs 73 lakh crore were conducted. So with the RBI’s
blessings, the ubiquitous handset, will soon also assumes the
role of a bank. — Ashish Sinha

Photographs by Indiapicturebudget, Mari Baben 26 March 2022 | BW BUSINESSWORLD | 13

COLUMN Ashutosh Garg

F AILUREPRECEDESSUCCESS. We fail because of lack of self-dis-
Think of all the times that you have wanted to accomplish or achieve
something and did not go past your thinking of planning stage. Then cipline, and we get easily distracted:
think of some reasons that you may have come up to justify to yourself Success requires discipline. If we lack
why you did not even start the process of wanting to achieve what you set self-discipline and get easily distracted it
out to do. This is failure. is more likely that our short-term tempta-
It is in our nature to procrastinate and to come up with reasons for not tions will lead us nowhere. If we cannot
doing something that will need an effort on our part. Some of us procras- discipline ourselves there is no point in
tinate better than others while others can come up with reasons for not doing something making any sacrifice for tomorrow.
better than others. There is also another category among us who have finetuned the
ability to blame someone else or something else for failing. There is too much happening around
Let us examine some of the reasons why we fail and how we can develop coping us. We are being bombarded with infor-
strategies for these failures. mation every waking hour and we are
always struggling to keep track. This can
be very disruptive when we are at work or

Why We
Fail

Part- 2

We fail because we do not network or build strong relationships: We are social in a relationship. Think of the times you
people. We need communities to survive and thrive. We depend on our networks and have been asked by your boss or your col-
relationships. If we shy away from these, we are making ourselves lonely. leagues to stop looking at your phone in
a meeting. Think of the time your family
We will miss quite a number of opportunities if we do not invest time to build strong or partner has asked you to pay attention
relationships with those who can help us. Unfortunately, many underestimate the and not respond to messages while you
importance of networking. Networking helps us to meet exactly those people whose are in a conversation with them.
interests align with our own.

We fail because we refuse to take good advice: To succeed at anything, we follow We fail because we do not take re-
the tried and tested process of planning, executing, getting feedback, course correcting sponsibility for our actions: Life is
and planning all over again. Those of us who believe that we know everything and refuse unfair. Our first reaction after disbelief
feedback are committing a grave error. Most people who refuse feedback are protecting is to find someone to blame. The unwill-
their ego. They cannot believe that anyone has the ability to improve upon what they ingness to take responsibility is closely
have planned and set out to achieve. related to making excuses.

Some people fail because they do not accept valuable feedback. On the contrary We look around to find a scapegoat.
they start getting into an argument to prove that they are right. The reason for this is To fix our challenges, we need to hold
simple. Listening to feedback and other people’s advice, in their opinion is akin to an ourselves responsible and accountable.
acknowledgment of their own faults, which is something they try to avoid at any cost. If we do not assume responsibility for

14 | BW BUSINESSWORLD | 26 March 2022

us feel uncomfortable with the idea of ac-
complishing too much too soon.

Success sits very lightly on some shoul-
ders and is a big burden for others. This
could manifest itself in multiple scenari-
os. A dream job. The love of your life. The
creative opportunity you have been look-
ing for. Travelling to places in your bucket
list. Getting invited to a talk with someone
you admire. Your self-belief will find ways
to raise so many questions in your mind
that you will either pass the opportunity
or mess it up.

We fail because of our inability to
manage our distractions: Our life is
full of distractions. These always look far
more attractive and interesting than the
task that we are setting out for ourselves.
Think of all the times that you are grap-

our actions, we will never be able to solve Successful individuals avoid procrastination. It is
the challenges we are confronted with. an important capability that helps them to keep
To solve the challenges, we must be in their productivity at a constant high level. Some of
a position of control. Otherwise, every- us procrastinate simply to avoid starting off
thing that happens to us happens by co- something new. Others procrastinate the moment
incidence or accident, which means we they are faced with any difficulties or challenges
cannot do anything to change.
individuals avoid procrastination. It is an pling with a difficult situation and your
We fail because we do not believe we important capability that helps them to mind keeps wandering to do more inter-
can do it: Our unconscious mind governs keep their productivity at a constant high esting things. Distractions take away our
our beliefs and behaviours. The effort to level. Some of us procrastinate simply to focus from the task at hand and this could
reward ratio is well understood by our avoid starting off something new. result in the difference between success
mind and communicated to our body be- and failure.
fore we start a task. Others procrastinate the moment
they are faced with any difficulties or Our ability to ignore our distractions is
Intelligence and talent are not neces- challenges. In both cases procrastination a major factor for our success. If we have
sarily what separates successful people leads to a delay in decision making and the mental strength to abstain from all
from the not so successful ones. The ma- probably jeopardises what we are setting the distractions, we will be far more pro-
jor difference lies in the fact that success- out to do. ductive and achieve the goals that we are
ful individuals believe in themselves. This setting out for ourselves.
belief helps them accomplish the goals We fail because we believe we do not
they set for themselves. Their strong deserve what we want: A lot of us live When we learn from our failures, we
belief in themselves encourages them with an inner belief that we either do not are opening the doors for our success.
to seize opportunities that others pass deserve more or we already have more
on. People who are not so successful are than we deserve. Our mindset has a de- The author is a CEO Coach, a storyteller and an
constantly looking for excuses to pass op- gree of guilt associated with success and angel investor. He hosts the highly successful
portunities. prosperity. Something inside us makes podcast titled The Brand Called You. He is also the
founder Chairman of Guardian Pharmacies and
We fail because we defer decisions,
or we simply do not care: Successful author of eight best-selling books

Photograph by Alphaspirit 26 March 2022 | BW BUSINESSWORLD | 15

The UndervaluedCOLUMN Minhaz Merchant
Rupee

I T’S THE PERENNIAL QUESTION: is the Indian rupee undervalued
or overvalued – or indeed, is it currently at its correct value? There’s a
strong lobby in India that believes in a weak rupee. Led by exporters,
this lobby has over the years successfully created an ecosystem among
economists, analysts and the bureaucracy which propagates the belief
that a constantly depreciating rupee is good for the Indian economy.

So powerful is the impact of this decades-long lobbying that it is now

accepted wisdom that a weak rupee is a good rupee.

Are the votaries of a weak rupee right? The answer: no. A constantly

depreciating rupee is a Sword of Damocles over the heads of importers.

With crude oil prices rising to over $100 a barrel, India’s trade deficit in 2021-22 is

likely to hit record highs.

Weak rupee advocates ignore several facts. First, the most successful export levia-

than in history, China, with exports of over $3 trillion a year (equal to India’s entire

GDP) has never suffered due to a strong yuan. The Chinese currency has been trading

at a steady exchange rate of 6-8 yuan per US dollar between 2006 and 2022.

In 2006, the yuan was trading at 7.97 per dollar. In 2022, it is trading at 6.35 per

MINHAZ MERCHANT dollar. Thus in 16 years, the yuan has actually strengthened by around 20 per cent
IS THE BIOGRAPHER
against the US dollar.
OF RAJIV GANDHI AND
ADITYA BIRLA AND Have China’s exports been adversely affected as a consequence? In 2006, Chinese

AUTHOR OF THE NEW merchandise exports totalled $1.43 trillion. In 2022, Chinese exports are expected to
CLASH OF
be well over $3 trillion. The increase in Chinese exports by over 100 per cent, despite
CIVILIZATIONS (RUPA,
2014). HE IS FOUNDER the strengthening of the yuan against the dollar by 20 per cent during the same 16-

OF STERLING year period, speaks for itself. The clear inference is that other factors affect exports
NEWSPAPERS, WHICH
more than just a weak currency. The first among these is quality. The second is timely
WAS ACQUIRED BY
THE INDIAN EXPRESS shipping. The third is a diverse range of exportable merchandise. The fourth, finally,

GROUP is scale.

Scale and range need large investments. Timely shipping requires impeccable

logistics, quick local transport, low taxes and flexible labour. Quality obviously needs

skilled manpower.

The Narendra Modi government is aware of the importance of these four factors. It

has laid great emphasis on upskilling to improve the quality of Indian products across

the supply chain. It appointed A. M. Naik, Group Chairman of Larsen & Toubro, as

Chairman of the National Skill Development Corporation (NSDC).

Meanwhile Road Transport and Highways Minister Nitin Gadkari has focused

on improving logistics with new highways criss-crossing the country to speed up

delivery of merchandise to ports while saving on fuel costs. Railway Minister Ashwini

Vaishnaw is enhancing faster dispatch of freight to ports for export.

Finally, scale and range of merchandise. This needs private industry to step up.

The Production Linked Incentive (PLI) scheme is proving to be a winner. India is set

to become an export hub for passenger cars, mobile phones, electronics equipment

and over a dozen other manufacturing sectors. This will provide India’s export basket

16 | BW BUSINESSWORLD | 26 March 2022

40 years. In 1990 it traded at 17.01 to the dollar. The

slide started in 1992. By 1995, the rupee had plunged

to 32 to the dollar and by 2014 to 60. In the past eight

years, the slide has slowed but not stopped. The con-

trast with the yuan is striking.

A stronger rupee would dramatically cut India’s

merchandise trade deficit. Would software exports

be affected? Not if they climb up the value chain. And

indeed they are doing precisely that. The digitalisa-

tion of global enterprises has given the big four IT

services companies – TCS, Infosys, Wipro and HCL

Technologies – an opportunity similar to Y2K in 1999.

The transformation to digital and a slew of innova-

tions in artificial intelligence, deep machine learning

and SaaS (Software as a Service) will give Indian IT

companies new business opportunities well through

with both range and scale. A stronger rupee this decade.
In 2021-22 Indian exports are likely would dramati- Commerce and Industry Minister Piyush Goyal

to cross $400 billion for the first time. cally cut India’s declared recently at a FICCI event: “Aspiring for $1 tril-
The rupee has been steady at around 75
to the US dollar for the past two years. lion exports of services and merchandise each by 2030
In pre-pandemic 2019-20 too, the ex-
change rate was stable. Yet exports have merchandise is possible. India in 2024 should be a transformative
risen from $314.31 billion in 2019-20 to trade deficit. change from our current thinking. We must set aggres-
an estimated $405 billion in 2021-22. sive and accelerated goals and business and industry

At $405 billion, exports will still com- Would software will also have to look at extremely large targets into
prise only 13 per cent of India’s GDP
($3.1 trillion). For China that figure is exports be the future. The world is looking at us and the country
over 20 per cent ($3 trillion exports on a affected? Not needs to start looking at big picture ideas and oppor-
GDP of around $15 trillion). India’s high tunities. We are looking at getting more opportunities
import bill (due mainly to crude oil and
gold imports) has caused an unsustain- if they climb up for Indian businesses and I have no doubt that this
able trade deficit. Were it not for boom-
ing services exports (largely software), the value chain. will give us a huge leg up in international trade. For
foreign direct investment (FDI), foreign And indeed they economies of scale, we will be able to bring down costs
institutional investment (FII) and NRI and improve the quality of our products.”
remittances, India’s balance of payments
(BoP) would have plunged into negative are doing The Indian-UAE Comprehensive Economic Part-
territory. precisely that nership Agreement (CEPA) is a precursor to similar
Free Trade Agreements (FTAs) with Britain, Australia,
Historically, the Indian rupee was
pegged at 3.30 to the US dollar in 1947. the European Union and the GCC. This would help
It remained relatively stable for the next
boost exports further. As Goyal said after the CEPA

deal with the UAE was inked: “The CEPA will create

jobs for our youth, open new markets for our startups, make our businesses more

competitive and boost our economy.”

All of this will moderate pressure on the rupee even as the US Federal Reserve be-

gins its taper programme. It is clearly an appropriate time to rethink India’s traditional

weak-rupee policy.

Photograph by Denis Vostrikov 26 March 2022 | BW BUSINESSWORLD | 17

COLUMN By Vikas Singh

Growth & Jobs
Correlations
have Weakened,
Job Polarisation
Rising

ECONOMISTS AND EXPERTS make convincing arguments that a certain distress.
level of unemployment is ‘natural and normal’ and cannot be erased. Intangible cost outstrips financial cost
However, India, blessed with its demography, can neither afford to, nor
accept this ‘natural and normal’ level. multiple times. The unemployed lose in-
Unemployment imposes significant, often unsurmountable costs on come; suffer physical and mental health.
the individual. High unemployment has a self-perpetuating and negative impact on Unemployment erodes skills, evaporates
the economy and society. savings, and diminishes income out-
comes for years. Unemployment depre-
Labour Data Is Treacherous, Patchy, Lagged, & Opaque. Reveals Little ciates human capital.
Our labour data is a mirage. It is not robust. Often not credible. Measures as well as the
periodicity are ill defined. Right high-frequency data is rare. There are quality chal- Unemployment cripples the poor. It’s
lenges too. Employment data captures underemployment and disguised numbers. It the only asset they have.
however, ignores the ‘discouraged’ who don’t even ‘look’ for jobs. Thus, policymaking
is based on shallow data, several flawed assumptions. Work is a ‘Primary’ Definer of Self
The Crux study articulates that most
Policymakers fly blind. Practitioners drive looking in the rear-view mirror. mature-age men view work as the ‘pri-
The Crux study titled Growth-Job Elasticity, covering 14 economically ‘significant’ mary’ definer of self. Unemployment
states, across six key economic indicators with 30,000 households and 250 econo- diminishes self-esteem. It takes away
mists and policy influencers, has bad news. Employment data of the manufacturing something more vital than their jobs and
sector, discretionary spending is low. Auto sales, housing units, and white goods careers. They lose their dignity.
numbers are flattish. Other economic indicators too do not repose confidence.
Societal costs of pervasive unemploy-
Formalisation has Inadvertently Discouraged Hiring. Short-Term Negative ment are visible; cost is equally opaque.
The government has been solving the wrong problem. Formalisation will not cre- It provokes crime, prompts gender in-
ate well paid jobs. It will neither secure tenure, nor ensure social protection. It has equality, sparks social unrest, and deep-
inflicted back-breaking, value subtracting regulatory filings on the middle-income ens marginalisation. Disgruntled people
firms, and imposed cost. Formalisations bereft of the enabling ecosystem, is value lose faith in the system, which gets man-
depreciating. It has proved to be a stumbling block for the growth of the medium ifested as an indifferent participatory
enterprises. democracy. Prolonged unemployment
leads to deeper scepticism, wider pessi-
They are the job providers. mism, and shows up as unwillingness to
Policymakers resort to ‘work’ welfarism. The MGNREGA is not a substitute for em- invest in key multipliers to upward mo-
ployment, nor a growth trigger. Unemployment necessitates higher welfare spending bility i.e., health, skill, and education.
on the one hand, lowers tax revenue on the other. The long-term ramification of lower
consumption triggers a vicious effect. It ripples and cascades through the economy. Micro constituents of the economy,
The MGNREGA highlights acute unemployment, points to continuing economic particularly the large organisations, pay
the cost of unemployment. The govern-
ment imposes higher taxes, counter-

18 | BW BUSINESSWORLD | 26 March 2022

Societal costs of pervasive
unemployment are visible;
cost is equally opaque. It
provokes crime, prompts
gender inequality, sparks
social unrest, and deepens
marginalisation. Disgruntled
people lose faith in the
system, which gets
manifested as an indifferent
participatory democracy

intuitively discouraging growth, thus hiring. Industry loses skilled workforce and jobs for every percentage rise in GDP.
confidence; is reluctant to invest. But of late, that hasn’t been the case. We
have experienced jobless growth in the
India Needs a Differentiated Growth Framework last decade. The low growth job elasticity
Manufacturing has changed, and is no longer the bulwark of the job market. Jobs is a result of substitution of large-scale
have halved in the last five years, even as the share of manufacturing has grown in the labour with automation and capital. This
GDP. Capital drives scale, technology powers productivity. Automation and logistics accelerating trend is in line with develop-
optimisation is driving value. Shop-floor workers have become cogs. Most others are ing economies. However, India has been
the nuts-bolts. hit the hardest as we fail to provide; and
are not able to capitalise on our empow-
‘Axillary and value enhancers’ to the manufacturing sector will be the job creators. ering demography.
India must value-add by going ‘niche’, not aspire to be the factory of the world. We must
aim higher, pick and choose our ‘tools’ in the global trade war. We must manufacture Growth & Jobs are Delinked
what we can competitively, ‘move’ and trade what we can’t. The Crux study insight is that the cor-
relations between growth and jobs have
The big don’t ‘offer’ jobs. Capital-jobs measured in the context of the Crux study, weakened in the last 30 years, diminish-
Jobs-Growth Elasticity, highlights that MSMEs create 20 times more jobs compared ing from 0.4 per cent to 0.25 per cent.
to larger organisations for every unit of investment. Similarly, the enterprises-to-jobs This effectively means that for every per-
multiple is the highest for medium-scale units. centage of GDP growth, the jobs growth
is only 0.25 per cent. Earlier it used to be
Farm Sector Overburdened, Growth under Threat 0.4 per cent. The government’s incen-
The farm sector is spewing aspiring youth. Policymakers must reconcile with the fact tive structure favours capital-intensive
that a sixth of the GDP cannot sustain half the population. India must plan holisti- growth at the cost of labour, deepening
cally, invest in the value migration agri-ecosystem. Similarly, India needs to augment the unemployment crisis.
the SEZ framework, and create at least five ‘free’ business hubs modelled around
Singapore and Hong Kong. It has the potential to create five million jobs annually Policymakers need to understand that
and increase GDP growth by a couple of percentages. the future growth cycle will not lead to
co-related job creation. India needs a
India’s unemployment crisis is arguably the economy’s biggest. Ideas like an urban robust 10.5 per cent of GDP growth to
MGNREGA may provide the balm, especially for the millions scarred by the pan- start creating new jobs. Anything lower,
demic, but only just. It will not address the real issues. Not even the fringe. in a rising automation ecosystem, will
subtract jobs.
Our young will exert pressure on the job market for the foreseeable future. Policy-
makers must brace for worse as more women seek employment. Similarly, the gov- The author is an economist and columnist
ernment must address the ‘polarising’ of the job market i.e., ‘vanishing’ of the middle The views expressed are personal and do not
skill jobs. Polarising is the advent of AI, cyber-security jobs at one end and blue-collar
jobs at the other end. reflect those of BW Businessworld

Under ideal conditions the economy has the potential to create about a million

Photograph by Microstock Asia 26 March 2022 | BW BUSINESSWORLD | 19

ARTHSASTRA By Amit Kapoor

I N THE LAST TWO YEARS of the Latin America faring poorly among other the government surveys have their own
pandemic, the world has been a regions. In India, the PLFS 2019-20 data set of limitations, but what these num-
witness to the play of the rich get- has presented zero and even negative bers tell us at a macro-level is the extent
ting richer and at the cost of the annual incomes, meaning that there are and intensity of poverty and inequality.
poor. The World Inequality Re- individuals with no savings or where ex- Income is a marker that influences the
port 2022, reveals that globally, penditure exceeds the income with a pos- consumption, expenditure, and savings
the wealthiest 10 per cent capture sibility of debt. Second, the yearly income patterns of a household. Assessing indi-
60-80 per cent of income while of Rs 3,00,000 (Rs 25,000 a month) is viduals’ behaviour at the two ends of the
the bottom 50 per cent get a mere five already captured in the top 10 per cent income scale helps us determine who is
per cent of it. In India the top 10 per cent of the income (as per PLFS 2019-20). resilient to economic shocks and who is
control 57.1 per cent of the income, and With the average annual income being not. At another level, looking from the
the bottom 50 per cent hold 13.1 per cent. approximately Rs 12,500 (a little over Rs welfare perspective, the degree of de-
One could argue that this gap could be 1,000 a month), hardships and depravity pendence on social protection schemes
due to sudden economic changes trig- among the bottom is certain. Third, the alsohighlightstheimpactof lowincomes
gered by the pandemic, but trends from data revealed that the top 10 per cent grew on poor households. A low income con-
pre-pandemic times have a similar story by 8.1 per cent as compared to 2017-18, centration among the bottom-most also
to tell as well. As per the unit-level data re- while the bottom 10 per cent registered suggests a dismal disposable household

SKEWED AT THE TOP:

India and
its Income
Inequality

leased by the Periodic Labour Force Sur- a downfall by 0.94 per cent. Whereas the income which further impedes their ac-
vey (PLFS) in 2017-18, the top 10 per cent bottom 50 per cent accounted for some cess to proper healthcare, education and
of salaried incomes held 32.5 per cent of growth – 3.75 per cent, it is clear that the resources required for sustenance, lead-
the total incomes generated in that year. growth rate is slow-paced and has mar- ing to stagnated economic mobility. Low
By 2019-20, this number rose to 33.58 ginalised the poorest of the poor. In terms incomes or loss of income is also a reason
per cent. In both surveys, the top 10 per of workforce share, 20.8 per cent of casual for households descending into multi-
cent continues to earn twice as much as labourers earn less than Rs 50,000 in a dimensional poverty.
the bottom 50 per cent. year (less than Rs 5,000 a month), while
nearly nine per cent of regular-salaried In this scenario, redistributive meas-
The concentration of income at the top employees earn less than Rs 50,000 in a ures like the transfer of benefits and
has significant implications for under- year (as per 2019-20 PLFS data). proactively increasing income and em-
standing inequality and poverty in the ployment for the bottom-most are ways
country. First, as the gap between the top- There is no easy way to account for to enhance the financial and existential
few and the bottom-most widens, wealth individual experiences of depravity, and security of poor households.
inequality gets intensely profound. Glob-
ally, the bottom five per cent barely holds The author is Chair, Institute for Competitiveness, India and visiting scholar and lecturer,
any wealth (according to the World In- Stanford University. Jessica Duggal, researcher, Institute for Competitiveness
equality Report 2022), with India and has contributed to this article

20 | BW BUSINESSWORLD | 26 March 2022

REWARDING THE EXCELLENCE OF EDTECH IN INDIA

#BWEduTechAwards

MARCH, 2022 NOMINATE NOW

LAST DATE TO NOMINATE MARCH 25, 2022

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

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

Services Limited (AESL)

Padma Shri
T. V. Mohandas Pai

Chairman

Manipal Global Education

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

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

COLUMN The author is an Editorial Consultant
for BW Businessworld. An MBA from
By Aniruddha Bose Oxford, he writes independently on
personal finance & financial practices

Investment
Actions
of the Day

goals are long term, this would be a great time to start increasing your equity allocation
in a staggered manner through SIP’s and STP’s. Strap on your seat belts and be patient
though; markets are going to remain volatile for a while.

Avoid Long Term Debt: The easy liquidity and accommodative stance that we’ve

seen post 2020 may very well be nearing an end, with crude soaring past $100 a barrel

W ITH RUSSIA invad- amidst supply concerns. If inflation starts to creep up, it’s almost a certainty that the
ing Ukraine, global RBI will at some stage start reversing its low rate stance and turn more hawkish. Even
equity markets have a 50-basis point hike could result in a five per cent negative impact on a long term
gone into a tailspin. debt fund with a modified duration of 10 years. Best to steer clear of them and choose
The last week of arbitrage funds to park your low-risk moneys for now.

Make a strategic allocation to Gold: Geopolitical tensions have traditionally au-

February witnessed gured well for the yellow metal, and we have now seen international gold prices break-

some incredible see-saws in domestic ing past the $1900 per ounce for the first time in close to eight months. Whether or not

as well as global stock prices, with the it will sustain or continue to rally would depend on how long the resolution takes and

Sensex crashing more than 2,700 points how long sentiment remains risk-off. Fed rate hikes may also cap the upside in the near

on 24 February before recouping some term. However, it makes sense to not speculate but rather make a strategic allocation of

of its losses the day after. Crypto mar- approximately 10-15 per cent of your overall portfolio to gold right now.

kets too bore the brunt, as gold broke

out with sentiment turning ‘risk-off ’. If Steer Clear of Crypto: The crypto market seems to be cooling off for the past several

you’re an investor, you could months now, with many question-

be getting nervous with all How to keep your investment ing their long-term viability as well
as value as an asset class. For the past
the noise around you. Take couple of years, abundant liquidity

thesefivesimpleactionsand portfolio safe when the ripple

yourportfoliowillbeingood effect of geopolitical tensions and a risk-on sentiment have kept the
crypto markets afloat (although BTC
stead. is nowhere close to its heady 65K+

spread across financial markets

Start Accumulating Eq- heights). If liquidity starts drying up

uity: The past one year has seen the cur- and the mood continues to be pensive, there’s no saying how deep a cut the crypto

rent PE of the Nifty dropping from 40x markets may witness if investors start dumping them en-masse.

to roughly 21x, which is a very respectable

number. The domestic economy has per- Don’t Panic – Geopolitical Issues Have a Short-term Impact: A final word – geo-

formed well with earnings growth on an political tensions have rarely had a lasting impact on stock markets in recent years. We’ll

uptick, while the recent tensions have likely see equities resuming their normal rhythm in a month or two, and the focus will

shaved off some of the froth that had built shift to macros and earnings. So, do not panic and take any knee-jerk actions on your

up when the Nifty had crossed an astro- portfolio. Keep your head down and stay focused on your long-term goals. Remember,

nomical 18,500 points in 2021. If your a notional loss only becomes a realised one, after you’ve booked it!

22 | BW BUSINESSWORLD | 26 March 2022



(A) MUSE & MUSINGS By Srinath Sridharan

I pering, today there is at least one startup in 625 districts of
the country”.
N CALENDAR YEAR 2021 alone, the
Indian startup IPOs (initial public of- As much as we have to celebrate the success of our startup
ferings) raised over Rs 45,000 crore enterprises, and even celebrate the failures and learnings
from the public market. A few of them from every entrepreneurial attempt, we have to proactively
are even among the top-25 valuable worry about their missing or can-be-bettered governance
companies on the bourses – no mean aspects.
task – considering that their peer-enti-
ties are as old as these new-age found- Are Indian corporate boards, including that of the large
ers! The unlisted private investment startups, meek and mere puppets, when it comes to dealing
space saw 42 Unicorns being minted. with anger issues or public-outbursts of CEOs or Founders
of their organisations? It’s amazing that many founders or
CEOs get carried away with their swagger and throw away
their hard earned goodwill over a temper tantrum and ego.
When will the investor world get the comfort and the confi-
dence that Indian corporate board members are not part of
such puppetry in the board room?

Doesn’t any negative public outburst of its leaders hurt the

STARTUPS & SATRAPS:

GoveTrhneance
Debate

It is also a sign of present day India. organisational brand? Even if those comments were made
It is socially acceptable – and in smaller in their private capacity? What’s the role of the board in this
towns too – and entails a sense of pride aspect? Especially in a private unlisted entity (including
to say that one or one’s child works in large-scale funded startups), are the boards influenced by the
a (tech) startup. This is a marked dif- nominee-directors of the large investors – considering that
ference culturally, where not so long their role is to protect the interest of these (private) investors,
ago, a so-called government job or job and their investments?
with a known-brand was the only way
to socio-economic acceptance. We now Corporate Governance
even have 16 January celebrated as the Good governance is the soul of any sustainable successful
‘National Startup Day’. Prime Minis- corporate enterprise. Enterprises have to achieve their vi-
ter Narendra Modi in a recent speech sion by sticking to legal, as well as ethical foundations. The
said, “While in the pre-2014 era, only hallmark of a well-governed enterprise is that it would be
big businesses in the metros were pros- inclusive in the way it deals with all its stakeholders, be ac-

24 | BW BUSINESSWORLD | 26 March 2022

countable, transparent in its dealings, Are Indian business clubs.
ethical in its dealings, responsive in its corporate Some of these founders or the CEOs
communication, and importantly equi- boards,
table. It is also a system of developing including that take their ‘larger-than-life’ image-per-
a management team to be accountable of the large ception to the external ecosystem, with
for effective management of the busi- startups, meek their “because I am saying so” attitude
ness. In this journey, conduct and be- and mere and expect subservient behaviour. This
haviour of leaders and directors in the puppets, when narcissistic control-obsession starts to
organisation, more in a crisis or stress- it comes to hurt them, even if they don’t agree or
ful times, will determine their govern- dealing with acknowledge it.
ance intent. anger issues or
public-outbursts The founders’ behaviour, in many
Founder: the Key-(wo)man risk of CEOs or cases, is the ‘Key-(Wo)Man risk’ in it-
The founder(s) are the ideators of Foundersoftheir self ! That should be sufficient provo-
enterprises that have been funded. organisations? cation for many of their investors to
Founders or the CEO build their entity It’s amazing take note and to take action. But most
with the deepest passion and absolute that many investors cannot even dare to castigate
execution focus. They are concerned founders or the founders. For the entire team owes
with the outcomes of their plans. Dur- CEOs get carried its allegiance to the founders / CEO
ing this process, a few of them forget away with their and the ESOP structure put for them.
their values and respect for people swagger and And investors mostly are at the mercy
around them. Because they think that throw away their of these founders or CEOs to shape the
“team is one large family” (haven’t you hard earned destiny of the company.
heard this a lot?), they think they can goodwill
get away with any sort of behaviour Fearing Exit Delays
within that family. There are many Startup India, as well as Corporate India have many such
cases of such toxic-culture behaviour instances of founders destroying value, reputation, valu-
across Startup India or even large In- ation through their tantrums or poor personal behav-
dian corporates. Very few will ever be iour. In almost all of these instances (but for very rare
discussed in an MBA case study. Many bold and governance-driven individuals), no investor
do get discussed in the gyms, bars and or independent director has stood up to the governance
norms that they generally spell out from various public
forums as their personal and professional value system!
Not surprising, as it has a lot of money at stake. And the
much-elusive word called ‘exit’ of their investment. Exit
of a founder or a leader could delay that (financial) exit,
and necessitate more hands-on attention and time of
the investors and the board members in stabilising the
organisation.

Independence of Startup Directors
The fundamental objective of corporate governance is to
enhance shareholders’ value while protecting the inter-
ests of other stakeholders. A company’s board of directors
is the primary force influencing corporate governance.
The board is expected to approve the strategies to develop
long-term value and appoint an appropriate candidate
as the CEO.

It is also tasked with overseeing the performance of the
CEO and the value system with which the CEO operates.
In a private unlisted entity, how much of these are possi-
ble? In most startups, governance is equated with ticking
the compliance and regulatory factors, rather than the

Photograph by Indiapicturebudget 26 March 2022 | BW BUSINESSWORLD | 25

(A) MUSE & MUSINGS By Srinath Sridharan

spirit of the governance test!

Test of Independence Governance plenty. Rarely do they get discussed in the euphoria that we
What happens when some of these will bring are creating Unicorns, Decacorns, etc.
directors are compensated by the stability and
investors directly (apart from the long-term This is where their boards, mentors and advisors to the
usual sitting fees for the board’s role) confidence founders and CEOs have to be firm when things go sour.
and at times have side-contracts of in an Well, if their investors don’t act up now, let them hold their
commercial nature that would refer organisation. silence forever; for they cannot claim to be pundits of corpo-
to the engagement as “advisory”? The Governance rate governance ever. They are then around only for booking
larger the investor, wider the set of is a way of life valuation-profits.
‘friendly external’ entities they might and needs to
have access to; which can ‘house’ be proactively Governance will bring stability and long-term confidence
these side-contracts, so that it ticks built from in an organisation. Governance is a way of life and needs to
all the compliance boxes for the so- day-one: be proactively built from day-one: day-o being the day when
called test of ‘independence’. day-o being the founder thinks of her/his idea!
the day when
Also the truly independent direc- the founder Else the governance risks, lapses and failures get passed on
tors, who are not nominee directors thinks of her/ with amplification to the public markets, when these firms
or those ‘head-hunted’ by the NRC his idea! get IPOd!
(Nomination & Remuneration Com-
mittee of the Board), will be the actual A Wishlist and a Hope
minority on the board. In most cases, de- l Business idea would be treated with importance.
spite having independent directors, the l Purpose of existence of any firm would be its consumers.
nominee investor-directors are far bet- l Musical chair of passing the stake with increasing valua-
ter clued-in as they might end up par- tions will become passé.
ticipating in the regular investor-update l Culture will rule.
calls or are briefed by the investor who l Stakeholders will receive granular disclosures, on time,
onboarded them in the first place. every time.
l Founder-Stardom will tone down.
The Governance Journey l Founder-legacy will survive.
To flip the argument, after many rounds l Governance will scale upwards.
of funding or larger funding rounds, in l Boards will be active, engaged, and intervene when need-
many cases, the founders become the ed; not as an after-thought.
minority shareholders. In such cases,
do the independent directors, who are The author is a corporate advisor & independent markets commentator
supposed to protect the interests of the
minority shareholders, have a stronger
voice on the board? If there is a conflict
between investor-shareholders and the
founders (as minority shareholders),
how conflicted are the independent
directors?

Does the influence or the public
persona of some of these investors /
directors overweigh the actual data of
what’s in the governance journey? Do
some of them use their influence to be
kosher in regulatory compliance, but
poor in their behaviour by the spirit of
the rules?

Well, arguments of these nature are

Photograph by Attostok 26 | BW BUSINESSWORLD | 26 March 2022



Noorings [email protected]

EQUALITY: facing at the BW Businessworld
EVERYONE’S PROBLEM family, took the stage together for
the first time to share some of their
As the world becomes more conditioned to observations as media profession-
celebrate and accept the celebration of women in als. Our teams were excited, cheer-
society and at the workplace, the meaning of parity ing us on, leaving a sense of
achievement. At the session, we
must be remembered celebrated all our women col-
leagues, highlighting how BW
by Noor Fathima Warsia Businessworld has been an inclu-
sive organisation on gender, age
D URING THE International Women’s Day (IWD) week, like and other parameters.
many of our peers, government bodies and several large cor-
porates, we as BW Businessworld undertook several initia- Our social media pages were
tives to celebrate women leaders. The annual initiative cele- abuzz with former and current col-
brating top leaders across sectors was undertaken this year as leagues, just revelling in some kind
well. Seventy-five leaders became part of the BW Most Influ- of bonds we form as ex-colleagues.
ential Women’s list, a first in its history. What perhaps pleasantly surprised
Recognising the growth of communities, we expanded the Most Influential me though is some of our younger,
Women proposition to eight other sectors including education, healthcare, male colleagues. Their reaction to
startups, HR, media and marketing, wellbeing, investors and the legal com- these initiatives was very different
munities. In all, we would have celebrated more than 200 leaders who are from many of our seniors. Our sen-
making an impact in their sector and also on India on the whole. iors have now taken this all in their
stride. They may understand or
Many industry captains, men and women, messaged and called us congrat- not but they don’t question, and
ulating us on the initiatives. A sense of camaraderie out there. We even even support, some of the gender
hosted a two-day virtual session dedicated to women’s issues. Women leaders parity activities.
from across sectors took the screen to not only celebrate women’s achieve-
ments and the difference they make to the workplace but what more can be My junior colleagues however
done, the hidden concerns to achieve the dream of gender parity. wanted to understand. The data in
front of them clearly indicates In-
At the same forum, women leaders, both from behind the scenes and front- dia is on the decline when it comes
to women’s participation in the
workforce but their own experi-
ence may not align. I found myself
in more than one conversation on
why this focus was a must if we
have to reach Planet 50-50 by any
period in time.

I was interested in answering
every question because the imbal-
ance to be balanced must be un-
derstood by exactly this new force
that will comprise the leaders of
tomorrow. The more I connect
with them, the more I am optimis-
tic about the future that awaits us.
My IWD takeaway --- the defini-
tion of parity must be reminded
again and again to remember the
problem that is not a women
equality problem, but everyone’s
equality problem.

28 | BW BUSINESSWORLD | 26 March 2022

#BWHRTech

MARCH, 2022

REGISTER ON

https://bit.ly/HRtechsummit

BW HR Tech Summit brings Together all facets of leadership in innovation, driven by HR
Tech that Contributes to sustainable economic development at scale. BW HR Tech
Summit seeks to Provide a platform for Industry stakeholders to share a road map for
unleashing the true potential of the business. The discussions at the forum would focus
on the ongoing changes including the evolution in the workforce Industry, People
Management, Digitization in Workforce etc. with a view to understand the influence of
these developments on business and explore the need for operations excellence; new
strategies and a pool of next gen leaders to sustain high growth in the present changing

working environment.

For Delegate Registration :
Ashish Kumar | [email protected] | +91 97179 22747

For Sponsorship :
Talees Rizvi | [email protected] | +91 93106 34007
Cynthia Majhi | [email protected] | +91 95724 35591

For Speakeship :
Sugandh Bahl | [email protected] | +91 99997 15607

Resham Suhail | [email protected] | +91 98732 58128

MOST
INFLUENTIAL
WOMEN

ESSAY

Inclusion:

A Long Road

Ahead

Theworldtodayismuchfairerthan
before.Webelieveweareinclusiveand
valueequality.Butthetruthofthematter

isthatthere’sstillalongwaytogo

By Jyotsna Sharma

When one thinks of Indira Gandhi, Saro-
jini Naidu, or Meena Kumari, there’s
a sense of pride. That is because they
managed to succeed despite the re-
strictive social and cultural norms of
their time. Women have dealt with in-
equality and have been at the receiving
end of discrimination for centuries. That is why a woman
achiever is always a reason to cheer.
Gender equality and ending discrimination against wom-
en is part of the 2030 agenda for Sustainable Development
laid down by the United Nations. Yes, we are talking inclusion
now more than ever. Individuals and organisations are ready
to discuss equality — at home, in the office for promotions
and pay packages.
Over the years, the Indian psyche has also changed. We

30 | BW BUSINESSWORLD | 26 March 2022

Photographs by Anefo, SM Sriramulu Naidu, Wikimedia Commons,
Lata Ramdas, Imagex, India Post, Govt of India, Kieselbach,
Mehboob Production, Bombay, India; Wikimedia Commons,

26 March 2022 | BW BUSINESSWORLD | 31

MOST
INFLUENTIAL
WOMEN

Over the years, the Indian psyche has also
changed. We celebrate women, encourage them,
we make way for them. The Devi is worshipped at
home too. But this does not mean there are no
challenges; last year’s WEF Global Gender Gap Re-
port saw India slip to rank 140 among 153 countries

celebrate women, encourage them, we make way for them. against women, as it remains a menace and a hurdle to all
The Devi is worshipped at home too. But this does not the progressive work done across other fronts. We need
mean there are no challenges; last year’s World Economic to work across all these areas together to make progress.
Forum (WEF) Global Gender Gap Report saw India slip to A recent report by BofA Securities indicates that gender
rank 140 among 153 countries. Poor ranking across met- equality globally would increase the world GDP to $28
rics such as economic participation and opportunity, edu- trillion by 2025. Of course, the need for gender equality is
cation, and health are reasons for the overall low ranking. not to increase the GDP alone. It is essential for progress,
and a peaceful, sustainable world.
GETTING THERE
India still has pockets where a mindset change is required, A REASON TO CHEER
which will come with education. As per recent data put out Our annual feature on the Most Influential Women (MIW)
by the National Statistical Office (NSO), the literacy rate is a celebration of some of the most inspiring women in re-
in India (2021) is approximately 77 per cent, with over 80 cent years. This list of achievers was arrived upon through
per cent for men and over 70 per cent for women. As these a rigorous editorial process. And, after a fair amount of
figures rise, we will see more support for women. Health debate and discussion.
and nutrition for women is another area of focus. The
government’s anganwadi system and initiatives such as We must admit that India@75 is progressive and inclu-
Poshan 2.0, Mission Shakti, Mission Vatsalya are helping sive. Today, you do not need to look far to find an inspira-
here but more needs to be done. tional woman in modern-day India. For instance, the new
Securities and Exchange Board of India (Sebi) chairperson,
When looking at support for women, an essential aspect Madhabi Puri Buch, or Shivangi Singh, the Indian fighter
we must address is mentorship. The corporate sector has pilot. These ladies and several others like them are achieving
embraced the concept in a big way, but we must go beyond one milestone after another. Yes, the mindset is changing,
it. Our focus should be on those pockets of India where and we are offering more support to our womenfolk and
women lack access to basic amenities. A mentorship pro- cheering them for being independent thinkers and doers.
gramme on a national scale will be beneficial, where top We certainly need to do more, and that change is happen-
leaders guide and support those who want to progress, ing even as you read this article – someone, somewhere is
personally or professionally. Support from the private sec- making way for another future power-woman.
tor, including educational institutions and top corporates,
will help drive the initiative. As you go through our list of MIW 2022, you will find
that they have a couple of things in common, a drive to
A report by UNESCO on gender equality and masculin- succeed and the ability to keep going despite challenges.
ity in India highlights the need for the engagement of men
and boys in attaining gender equality. When men become Of course, we focused on their contribution to the econ-
stakeholders of gender equality, the change will be faster omy and the industry, but giving back to society was a key
and longer-lasting. factor for consideration.

In addition to all these factors, we must curb violence [email protected]; @Jyotsna_off

32 | BW BUSINESSWORLD | 26 March 2022



MOST
INFLUENTIAL
WOMEN

THE ILLUSTRIOUS

F Falguni Nayar, CEO, Nykaa

Bacuusmineensspar
excellence

Nayar’sunderstandingoftheconsumer,
appetiteforriskandopen-mindedthinking
hashelpedrevupNykaa’sprofitablegrowth
andheadline-grabbingsuccess

alguni Nayar has redefined the norms, founder & CEO has been the main loads of 43.7 million across all its
opened a new world of beauty and driving force in developing and grow- mobile applications. During FY2021,
built an empire for herself. She has ing the business. 86.7 per cent of its online Gross Mer-
dramatically transformed the dynam- chandise Value (GMV) came through
ics of the beauty business from typi- BEAUTY ECOMMERCE BOOM its mobile applications.
cal touch-and-feel stores to an ever- Being aligned with the company’s vi-
evolving online ecosystem. sion, Nayar works to inspire and bring Apart from an online well-settled
joy to people, everywhere, every day. base, Nykaa’s offline channel compris-
The online beauty retail platform, Nykaa has the distinction of being not es 73 physical stores across 38 cities in
Nykaa, was founded by Nayar in 2012. just the country’s first women-led uni- India in three different store formats.
Today, it is among India’s largest on- corn (it became one in March 2020),
line fashion and lifestyle portals. Na- but also of debuting in the public * Nykaa Luxe, which offers a luxury
yar’s understanding of the consumer, markets, which is a rarity among the beauty experience and showcases
appetite for risk and open-minded internet startups. FSN E-Commerce prestige and luxury international and
thinking has helped accelerate the Ventures, Nykaa’s parent entity is In- domestic brands;
company’s profitable growth. dia’s first unicorn to be listed on the
stock exchange. It priced its initial * Nykaa On-Trend stores, which
Nykaa is a digitally native consumer public offering (IPO) at the top end of offer a differentiated experience for
technology platform delivering a con- a marketed range, raising Rs 53.5 bil- its consumers with the current best-
tent-led lifestyle, retail experience to lion ($722 million). Nykaa’s IPO was selling products chosen across beauty
consumers. open for subscription from October and personal care brands and;
28 to November 1, 2021.
It has a diverse portfolio of beauty, * Nykaa Kiosks, which are free-
personal care and fashion products, The company’s online channels in- standing units usually in the atriums
including its own brand of products clude mobile applications, websites of shopping malls.
manufactured by Nykaa. As a result, and mobile sites. As of March 31,
it has established itself not only as a 2021, Nykaa had cumulative down- LIFE BEFORE NYKAA
lifestyle retail platform but also as Last year, Nayar became India’s
a popular consumer brand. Nykaa’s wealthiest self-made woman entre-
preneur in her 50s. An alumnus of

34 | BW BUSINESSWORLD | 26 March 2022

Nykaa has the distinction of being not just IIM Ahmedabad, Nayar started her
the country’s first women-led unicorn, career in consulting with AF Fergu-
but also of debuting in the public markets, son & Co. Prior to establishing Nykaa,
which is a rarity among the internet startups she worked for Kotak Mahindra Bank
spearheading several businesses ver-
ticals. She was the managing director
of Kotak Mahindra Investment Bank,
and director at Kotak Securities, the
bank’s institutional equities division.
She then successfully concluded her
nearly two-decade-long stint at Kotak
Mahindra Bank in 2011 to move on
and start her own entity.

JUGGLING ROLES IN STYLE
Nayar’s interests go beyond business.
Along with being a successful entre-
preneur, mother of two children and
a homemaker, Nayar is a source of in-
spiration to many and especially to
budding women founders. Her un-
wavering conviction, resilience and
passion for the business will take her
to greater heights.

HUGE FUTURE POTENTIAL
The company’s mission is to create a
world where its consumers have ac-
cess to a finely curated, authentic as-
sortment of products and services that
delight and elevate the human spirit.

In the world of constantly changing
technological advancements, the sec-
tor holds great potential to expand the
business further. Nayar will continue
to remain in the headlines for the glo-
ry she and her company deserves.

By RESHAM SUHAIL

Photograph by Ritesh Sharma 26 March 2022 | BW BUSINESSWORLD | 35

MOST
INFLUENTIAL
WOMEN

THE ILLUSTRIOUS

Hima Kohli, Supreme Court Judge

Dispensing
justice with a
soft touch

JusticeHimaKohli’sdazzlingjourney
frombeingafirst-generationlawyerto
theSupremeCourtisasilverliningfor
womeninlaw

F Her golden journey
is a testimony to
rom starting her practice in a car’s what women law-
boot to being appointed a judge of the yers can achieve
Supreme Court of India, Justice Hima if they put consis-
Kohli’s journey is an inspiring tale of tent efforts with
determination and grit in a profession the right amount
that demands supreme patience. Her of discipline and
elevation as a Supreme Court judge in perseverance
2021 is considered by many as the ze-
nith of what a first-generation woman ment to the service of the legal profes- seen a steady growth. But a career in
lawyer can achieve. sion. law was not the first choice for the
63-year-old jurist.
A former Chief Justice of the Tel- With a no-nonsense approach to
angana High Court, she was the first justice administration, her court has While she was torn between pur-
woman to hold the prestigious post. seen quick disposal of cases, decorum suing a settled career as a professor
Prior to that, she served as a judge of of the highest order and an empathetic and taking the Civil Services route,
the Delhi High Court. outlook to the cause of justice delivery. admission to Campus Law Centre
meant access to a library to start her
Peers hail Justice Kohli’s intellec- ACCIDENTAL LEGAL CAREER IAS preparation. But destiny coupled
tual rigour and unparalleled commit- Justice Kohli’s career as a judge has with her mother’s interest in Erle

Photographs: SUPREME COURT OF INDIA 36 | BW BUSINESSWORLD | 26 March 2022

Stanley Gardner’s crime novels tilted ment departments like the Delhi matters where the human angle has
her towards giving a serious thought Municipal Council to building a solid been more poignant. She takes a larger
to a career in law. private practice, Kohli did everything picture as to what is right and what is
with elan. wrong, and then she goes to the facts of
And there was no looking back. the case and then she would apply the
On completing the law course in A HUMANE JUDGE law and more importantly her com-
1984, she got enrolled as an advocate It was in the summer of 2006 that mon sense.”
with the Bar Council of Delhi in the Kohli started the new innings as a
same year. Those were the days when justice administrator after her el- After serving for more than 14 years
female lawyers in the profession could evation as an additional judge at the in the Delhi High Court, she was sworn
be counted on fingertips. Add to this, Delhi High Court. And in 2007, she in as the Chief Justice of the Telangana
the bias that existed in the minds of took oath as a permanent judge at the High Court in 2021 where she contin-
clients towards her male counterparts same court. ued her efficient judicial oversight of
when it came to seeking legal advice. the Covid situation.
By own admission, the bar was a little During her tenure at the Delhi High
higher when it came to women in law. Court, she won accolades for her sen- Her golden journey is a testimony
But nothing deterred a young Kohli sitive approach to matrimonial dis- to what women lawyers can achieve
as she blazed past the social and per- putes, ecological issues and deconges- if they put consistent efforts with the
ceptual hurdles woman lawyers face tion of jails. right amount of discipline and perse-
at work. verance. After all, sky is not the limit
Her career as a lawyer saw many Hailing her impeccable sensitivity, for those who choose to believe in
high points. From working as a stand- ASG Chetan Sharma once remarked at themselves, it is the starting point.
ing counsel for prestigious govern- a public event, “She has distinguished
herself on the Bench and especially in By KRISHNENDRA JOSHI

Photograph by TK Kurikawa 26 March 2022 | BW BUSINESSWORLD | 37

MOST
INFLUENTIAL
WOMEN

THE ILLUSTRIOUS

A ported women every day, which pro- geography with immense potential but
vided me with a sense of purpose and also working in the alcohol beverage
significant part of the last three dec- fulfilment and fuelled my passion for sector. The company’s culture and val-
ades saw Hina Nagarajan work across inclusion and diversity (I&D),” remi- ues, focus on inclusion and diversity,
large companies in the consumer nisces Nagarajan. as well as its brands, encouraged me
packaged goods (CPG) sector. Each to take up this opportunity. Africa has
of these added a slew of capabilities to In 2013, Nagarajan joined Reckitt vibrant demographics and is similar
her leadership prowess that eventually Malaysia and Singapore as its CEO, to India in many ways: potential for
made Nagarajan the perfect choice where she turned the company from growth, volatility and tough regula-
to lead Diageo’s India business as its a declining cash cow to a fast-growing tory environment. We delivered great
Managing Director and CEO. With a business with renewed investments business results during the two years
sharp business mind that understands and superlative employee engagement I spent there – I was then offered the
how a company can grow, Nagarajan levels. She repeated this feat when she role of MD & CEO of Diageo India,
has prioritised the ‘people’ aspect of led Reckitt North Asia, with a focus which I was thrilled to accept,” says
the company as well in all her assign- on China, Hong Kong and Taiwan. Nagarajan.
ments. During her stint there, Reckitt was
the fastest-growing CPG in China and A NEW ALCO BEV SECTOR
THE ALL-ROUND LEADERSHIP within Reckitt, globally. Recalling the time of her appoint-
When Nagarajan spearheaded Mary ment, Nagarajan says, “The alco-bev
Kay in India as its CEO, back in 2007, “This opportunity provided me with industry is a very different place today
the role fuelled the entrepreneur in huge learning on digital and ecom- from where it was, several years ago.
her. “I helped set up the business brick merce, an essential skill to run busi- When I joined Diageo India last year,
by brick. The mission at Mary Kay was ness today,” says Nagarajan. I observed very positive comments on
to enrich the lives of women. I sup- various social media platforms. The
Equipped with these experiences, industry has been very welcoming to
it was in 2018, her journey with Dia- me. I am delighted to be a part of an
geo began. She joined the company in organisation that has I&D at its core,
London to run Africa Emerging Mar- sitting at the heart of our strategy and
kets (AEM).

“This assignment was extremely ex-
citing to me. Not only was Africa a new

Hina Nagarajan, MD & CEO, Diageo India

A tale of
spirited
leadership

Nagarajan’sleadershipisinclusiveand
future-looking,asshetakesDiageo
forwardinitsIndiajourneythathasdiversity
andinclusionatthecoreofitsstrategy

38 | BW BUSINESSWORLD | 26 March 2022

“Being the CEO of a beverage alcohol issues in male-dominated industries,
company in India is a great opportunity she also had pressure on work-life bal-
for me personally to continue to pave the ance when she had to juggle being a
way for more women in our industry” mother, wife, manager, daughter, and
more.
mission.” women in leadership roles by 2025.
Diageo India has been setting sev- I&D is something I am very passionate “I managed to overcome these with
about and being the CEO of a bever- the incredible support of my family
eral benchmarks with regard to the age alcohol company in India is a great and ensuring my time away from work
representation of women in this in- opportunity for me personally to con- was fully devoted to my family. I also
dustry. Today, 22 per cent of Diageo tinue to pave the way for more women took a ‘Go Fast, Go Slow, Go Fast’ ap-
India’s overall workforce consists of in our industry,” Nagarajan adds. proach to my career — I grew at a fast
women, as against 7.5 per cent in 2015. pace before my children were born,
Four of eight executives in the Execu- THE BALANCING ACT took a step back when they needed me,
tive Committee are women, while 31 Nagarajan faced most of the chal- and then picked up pace when they
per cent of the Diageo India leadership lenges women generally encounter in were grown up. Last but not least, I
team comprises women. their careers. In addition to inclusion just kept pushing and never gave up,”
shares the rising business leader.
“Our goal is to have 50 per cent
By NOOR FATHIMA WARSIA

26 March 2022 | BW BUSINESSWORLD | 39

MOST
INFLUENTIAL
WOMEN

THE ILLUSTRIOUS

S Kiran Mazumdar-Shaw,
Chairperson of Biocon

The Biosimilar
Unique

TheChairperson&ManagingDirectorof
Biocon&BioconBiologics,Mazumdar-
Shaw’sinitiativesmakeIndiashineglobally

uccess is often achieved by those who growth in this sector. acquisition gave the company, and
don’t know that failure is inevitable. India, an opportunity even in the
This Coco Chanel quote is evident THE JOURNEY developed markets apart from key
in Kiran Mazumdar-Shaw. The Mazumdar-Shaw was just 25 when emerging markets. With the new
Chairperson and Managing Direc- she decided to get into the biotech- fully integrated global biosimilars
tor of Biocon and Biocon Biologics, nology sector. She began with a seed structure, Biocon is expected to put
Mazumdar-Shaw is a woman with capital of Rs 10,000. Her con-
a vision and the desire to achieve it. versations with banks were another feather in its cap, aiming to
barely fruitful at the time announce its initial public offer-
Known for breaking barriers in the as they hesitated in issuing ings in the next two years.
corporate world, she turned entre- a loan for a relatively new
preneur when women building ca- sector. From then to now, THE GIVING GENIUS
reers was not the societal norm. She when in 2022, her com- Biocon and Biologics have
aspired to become a doctor, but des- pany Biocon acquired a strong global play under
tiny led her to entrepreneurship. In a Viatris’ biosimilar
media interview, she had once aptly business for a deal her leadership. Over and
summed up her experience saying, sum of Rs 24,990 above this, however,
“Two roads diverged in a wood, and I crore, her jour- Mazumdar-Shaw
took the one less travelled by, and that ney has been belongs to the
has made all the difference.” filled with tribe of geniuses
one inspir- for whom suc-
From setting up Asia’s largest in- ing mile- cess is not just
tegrated insulin manufacturing and stone tak- marked by
research and development (R&D) fa- ing over their achieve-
cility in Malaysia to acquiring Viatris’ another. ments but also
biosimilars business, Mazumdar- Shaw be- by giving back
Shaw not only became one of India’s lieves this to the world.
richest self-made women but she She continues
pushed India itself on a global map of to prove her
merit through her
‘Two roads diverged in a wood, work and constantly
and I took the one less travelled endeavours to learn
by, and that has made all the and grow.
difference
By POONAM
SINGH

40 | BW BUSINESSWORLD | 26 March 2022

MOST
INFLUENTIAL
WOMEN

THE ILLUSTRIOUS

Union Finance Minister Nirmala
Sitharaman is an inspiration to all
and epitomises hard work,
dedication, and a firm resolve

NIRMALA Sitharaman while she (Sitharaman) was a member
epitomises BW Business- of the National Commission of Wom-
world’s criteria of the Most en (2003-2005). Swaraj was so im-
Influential Women’ of the pressed with her measured-yet-honest
day – and it is not just be- views about national and world affairs
cause she is the first woman Finance that she recommended her to the BJP.
Minister of India in Prime Minister
Narendra Modi’s Cabinet or because THE POLITICAL PERSONA
she was the second woman Defence Sitharaman excelled in her role right
Minister of India (after Indira Gan- from the start after she joined the BJP
dhi). in 2006. A trained economist, Sithara-
The meteoric rise in her stature and man quickly caught the attention of
responsibilities flows from her unique the party leadership and was assigned
ability to understand, tackle and solve more responsibilities. Within a short
some of the complexities thrown up span of four years, she was appointed
by the polity. She showed her mettle, its national spokesperson. In June
first as a party spokesperson of the 2014, she was inducted into Prime
Bharatiya Janata Party (BJP) when it Minister Modi’s Cabinet as a minister
was the principal opposition party and of state. She was elected a Rajya Sabha
later as a Union minister of a BJP-led Member from Andhra Pradesh. Two
coalition. years later, she successfully contested
her Rajya Sabha seat from Karnataka.
THE FIRST BREAK
It is widely believed that Sitharaman Born in a Tamil family, Sitharaman
once came in contact with the late Su- did her schooling in the state of Tamil
shma Swaraj, then a senior minister Nadu. She attained her bachelor’s
in the Atal Bihari Vajpayee Cabinet, degree in arts in economics from a
College in Tiruchirappalli, and later
Nirmala Sitharaman, went on to attain her master’s degree
Union Finance Minister in economics from the Jawaharlal Ne-
hru University. She also did her M. Phil
The Lady with a from JNU. She did enrol for a Ph.D. in
Steely Resolve economics, with a focus on Indo-Eu-
ropean Trade, but she had to move to
Thesheerdeterminationthatenabled London with her husband and was not
able to attain the degree. That small
hertobreakthroughglassceilings, setback did not stop her from aiming
high in life. She was a determined soul,
steersherforththroughadversities right from the start, which probably
accounts for her success in all her en-
deavours over the years.

By TEAM BW

26 March 2022 | BW BUSINESSWORLD | 41 Photograph by Ritesh Sharma

MOST
INFLUENTIAL
WOMEN

THE ILLUSTRIOUS

THE RIGHT SHIFT A MODERNISED SAIL

Mondal sees her SAIL appointment as For Mondal, SAIL’s growth story is
one of the significant steps in her career. linked to the “glorious India@75”. She
“The move was truly a watershed mo- says, “SAIL has been the most trusted
ment as it offered me a greater canvas steelmaker of the nation for over six de-
and challenges that come along with it. cades. We have been a part of nation-
Considering the company’s size across building since the late fifties. We are
parameters, it has been a great learn- associated with most of the important
ing experience and a fulfilling working national infrastructure projects and
opportunity. It has provided me with have contributed our might to the eco-
an opportunity to make a meaningful nomic, social and industrial develop-

E Soma Mondal,Chairman, SAIL

ven in a short conversation with Soma The
Mondal, her mindset to be inclusive customer-first
while understanding all viewpoints leader
cannot be missed. Her style of leader-
ship is to take everyone forward and ForMondal,runningagiantlikeSAILwas
her journey, therefore, inspires many. assimpleasunderstandingcustomerneeds
andprioritisingtheirexpectations,resulting
Mondal’s decision-making is ingrowthforthesteelmaker
driven by some basic principles that
have held her, and the Steel Author- impact in the lives of a large number ment of the country.”
ity of India (SAIL) under her charge, of people, both directly as well as in- Her mantra is to respect the past and
in good stead. After she joined the directly.”
company as Director (Commercial) strive to bring in continual improve-
in March 2017, SAIL took up various Her early changes at SAIL were done ment based on customer expectations
initiatives to bring in focus on key with the short-term and the larger ob- and market trends, and to make SAIL’s
customer business, enhance market jectives in mind. “Looking ahead, we product and services future fit. Sus-
reach, improve service standards and will scale up our current efforts and tainability, though, remains at the core
create a stable retail base, especially course-correct if necessary to orient of the business’ future form.
in the rural sector. Following this, ourselves to changing customer ex-
SAIL’s continued growth resulted in pectations and improving our market “Our productions, marketing and
her rising in the ranks to become the presence. There would be huge scope the supply chain will be governed by
chairperson of the company in Janu- for increasing steel consumption in the ESG (environment, social, governance)
ary 2021. country and we shall seize every oppor- goals. We have signed the World Steel
tunity to make SAIL a better company,” Association’s Sustainability Charter
She was SAIL’s first woman func- Mondal explains. to reaffirm our commitment to global
tional director and then the first wom- efforts and have drawn our roadmap
an to be named as the top boss.

42 | BW BUSINESSWORLD | 26 March 2022

“Today, though women aren’t com- She points out that in sectors like
pletely missing, metals in general and these, many a time, challenging roles
steel, in particular, is conventionally are not offered to women by even
men’s domain” well-meaning leaders because of the
anticipated physical hardships and
towards carbon neutrality and green industry, which conventionally is a safety concerns. She advises, “In the
steel. Not only our processes and prac- male-dominated sector. Recalling an long run, this impacts the growth of
tices will be tweaked to make this jour- experience, she shares, “I remember, in the particular woman though she is
ney fruitful but sustainability will also our college, we were two girls in a batch competent. She could also miss out
shape our technology adoption and the of about 200. Today, though women on a place in the pool of potential
way we conduct business. SAIL intends aren’t completely missing, metals in leaders for senior positions. I would
to be regarded globally as a contempo- general and steel, in particular, is con- like to exhort all leaders to extend op-
rary and relevant steel company.” ventionally men’s domain. However, portunities to their young colleagues
things are gradually shifting in terms along with mentoring so that the in-
BREAKING THE BIAS of available opportunities and the hibitions and self-doubts do not mar
Mondal has worked in the metals mindset.” the prospect of a potential woman
leader.”

By NOOR FATHIMA WARSIA

26 March 2022 | BW BUSINESSWORLD | 43

MOST
INFLUENTIAL
WOMEN

THE ILLUSTRIOUS

Soumya Swaminathan, Chief Scientist,
World Health Organisation

Achiever par
excellence

I JustlikeherfatherMSSwaminathan,the
fatherofIndia’sgreenrevolution,Soumya
hasclimbedthesummitofsuccessinher
chosenfield—healthcare
f you know about WHO, or Covid-19 a clinical scientist, Swaminathan is Revolution in India.”
for that matter, then you would surely known for her work on tuberculosis Growing up on the campus of the
know about Soumya Swaminathan, and HIV, two of the major contagions
the World Health Organisation’s to have afflicted mankind. Indian Agricultural Research Insti-
Chief Scientist since March 2019. tute (IARI) in Chennai, she was influ-
Earlier, she was Deputy Director Before moving to the WHO, Swa- enced by the good work her parents
General of Programmes at WHO. minathan served as secretary in the did for the community. They steered
As a WHO veteran, she has been a Department of Health Research, her towards a career in healthcare
key member of the team helming Government of India and as Direc- and public service.
the health agency’s multi-pronged tor General of the Indian Council
efforts in managing the global fight of Medical Research (ICMR) from SHE WANTED TO BE A VET
against the coronavirus pandemic. 2015 to 2017. Swaminathan desired to be a doctor
Whether it is helping countries to — not for humans, but as a veterinar-
prepare and respond to the health TOP ACADEMIC CREDENTIALS ian! Fate played its cards, and she got
crisis, spreading awareness, train- Swaminathan holds an MBBS degree admission to the prestigious AFMC
ing and mobilising health workers, from the Armed Forces Medical Col- Pune in 1976. That is where I met her
or finding a treatment for Covid-19, lege (Pune) and an M.D. from the All for the first time. In addition to be-
the WHO has been at the forefront of India Institute of Medical Sciences. ing a faculty member, I was also an
the global response to the Covid-10 She is an elected foreign fellow of assistant warden at AFMC Pune at
pandemic. the National Academy of Medicine the time, and have vivid memories
(NAM) in the US and a fellow of all of the day I went to pick her up from
Swaminathan has been an asset for three science academies in India. the railway station. I remember her
the health agency as it led the fight clutching her violin and had an un-
against the worst global health crisis Swaminathan is one of the three canny feeling that she would do us
in more than 100 years brought on by daughters of Mina Swaminathan, proud one day.
Covid-19, thanks to her training and an educationist, and M.S. Swamina-
prior experience. A paediatrician and than, the renowned agricultural sci- After completing her MBBS from
entist, celebrated as “Father of Green AFMC Pune, she was supposed to

44 | BW BUSINESSWORLD | 26 March 2022

A paediatrician and a clinical scientist, and Secretary, Health Research. She
Swaminathan is known for her work on focused on bringing evidence-based
tuberculosis and HIV, two of the major science into health policymaking and
contagions to have afflicted mankind building research capacity in Indian
medical schools.
join the MD programme in PGI Los Angeles. After this, she also did
Chandigarh but got rejected as she a fellowship from the University of On a lighter note, Swaminathan
arrived five minutes late for the coun- Leicester, UK. always listens patiently even when
selling. She was not demoralised. She her mind is made up on something
went on to do an MD in Paediatrics In 1992, she returned to India and to the contrary.
from AIIMS, New Delhi. PGI’s loss devoted herself to serious research on
was AIIMS’s gain. tuberculosis and HIV for more than However, the only exception is
two decades. At the same time, she when she is in the driver’s seat of a
Later, she was a post-doctoral also took on several administrative car; then, she often thinks some peo-
researcher at the Children’s Hospi- responsibilities. In 2015, she was ap- ple on the road need to be urgently
tal, Keck School of Medicine, USC, pointed Director-General of ICMR, reformed.

By Dr. ARVIND LAL, Executive
Chairman, Dr. Lal PathLabs

Photograph by PIB 26 March 2022 | BW BUSINESSWORLD | 45

MOST
INFLUENTIAL
WOMEN

THE ILLUSTRIOUS

‘It was a life-changing decision I
took in the mid-nineties to
relocate to India, leaving behind a
successful career in the US.’

SUCHITRA ELLA co- The Joint Managing Director of
founded Bharat Biotech Bharat Biotech International feels
with Dr Krishna Ella in entrepreneurship was a programme
1996, a company that has designed for her, bringing to the fore
been in the news of late for her risk-taking nature and out-of-the-
Covaxin, the indigenous Covid-19 vac- box thinking. “It was a life-changing
cine developed in collaboration with decision I took in the mid-nineties to
the Indian Council of Medical Re- relocate to India, leaving behind a suc-
search and the National Institute of cessful career in the US. It was a huge
Virology. The couple have been award- risk, and without any guarantees, I co-
ed the Padma Bhushan this year for founded a startup biotech company
their achievement. Since the pandemic based on research, scientific skillset,
struck, Bharat Biotech has supplied technology, innovation and people as
more than 300 million doses of Cov- our core strengths.”
axin within India and to neighbouring
countries under the Vaccine Maithree Under her leadership, Bharat Bio-
initiative. The World Health Organiza- tech has established an excellent track
tion has now added Covaxin to its list of record of innovation with more than
vaccines authorised for emergency use. 145 global patents and a wide product
portfolio of more than 16 vaccines, four
Suchitra Ella graduated with dis- bio-therapeutics, and registrations in
tinction from the University of Ma- more than 120 countries. Among the
dras in Economics and Social Sciences. accomplishments she cherishes are
She studied Marketing and Business at the product and clinical development
the University of Wisconsin in Madi- competencies for vaccines such as Ro-
son. She also has a post-graduate di- tavirus, Typhoid TCV, JE, Covid-19,
ploma in Patent Law from NALSAR Zika, Chikungunya.
Hyderabad.
Suchitra Ella believes in the value
Suchitra Ella, Co-founder & Joint MD, of inclusion, but acknowledges that
Bharat Biotech International it requires a mindset change. “Let us
aspire to celebrate every woman’s ac-
Accomplished complishments. Let us create a varied,
and Altruistic equal, and inclusive world without
bias. Let us create a world where di-
Thisyear’sPadmaBhushanawardeeisa versity is revered and celebrated,” says
Ella. She feels empowering women
hardcorebusinesswomanwithasoftheart and girls will enhance their lives. The
hardcore businesswoman with the soft
thatdriveshertophilanthropicventures heart, divides her spare hours between
philanthropic activities and spending
time with her family.

By JYOTSNA SHARMA

46 | BW BUSINESSWORLD | 26 March 2022