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Published for September 2023; Total number of pages: 132, including covers
4 September 2023 /
EDITOR’S NOTE
BE OVER
THE MOON
With Chandrayaan 3, India shed light on the darker bugle is sounded. Add to this Modi’s personal appeal.
side of moon in a televised landing, bringing back Despite setbacks in state elections, it is safe to say that
memories of the extravaganza around the exploits of his popularity will earn his party another term at the
Apollo 11 way back in 1969. But then it was a different Centre. He knows this and made no attempts at hiding
world order defined by the Cold War, marked by state his confidence during his Independence Day speech.
propaganda to drum up nationalism. A lunar mission What is baffling, then, is the need for his supporters to
became a key ingredient to stay ahead in the struggle regularly stoop to uncouthness to drown out criticism.
for geo-supremacy. It was a symbol of America’s power, Chest thumping has many facets which requires
whose potency could go beyond the globe. reality dressing. And, in this pursuit, data becomes an
The nationalism playbook used to drum up fervour important tool, where it is used as a weapon to build fa-
has remained unchanged through the ages. Scientific vourable narratives. Communists used it to show they
triumph, sporting glory are all tenets of that playbook. brought heaven on earth. Capitalists use it to prove
The Indian left and the West have decried India’s theirs is the best economic model. But what if there is
space mission for ages, calling it wasteful expenditure no data? What if it is deliberately frozen in time?
when millions languish in poverty. But decades of devel- In this issue of Outlook Business, we discuss missing
opment have shown the left binary to be flawed, as tech- data and its impact on welfare schemes and, in turn,
nological advancements have co-existed with poverty on efficacy of policymaking. Despite being the fifth
alleviation schemes. Achieved at a modest $75 million largest economy in the world, India’s record in data
(compare it to the over $250 billion America spent on its collection has been poor, especially in recent times. As
Apollo missions between 1960 to 1973), Chandrayaan 3 I write this, the Modi government’s record in creating
is truly a milestone in India’s space mission. infrastructure, digitising large swathes of the economy
But what is problematic with ISRO’s recent accom- and pushing incentive schemes, especially in manufac-
plishment is reducing its triumph by viewing it through turing, will show results when growth data pours in a
the lens of nationalism. Its every criticism is being seen few days from now. Then why the absolute reluctance
as an affront to national pride. A large section of the in embracing data collected through national surveys?
ruling party’s digital army is working overtime in creat- As ISRO sheds light on moon, back home, 14 crore
ing narratives—read memes—of Chandrayaan 3 being people languish in the darkness of poverty without
India’s answer to silence critics—read both the West and the benevolence of welfare schemes touching their
liberals—instead of disseminating information about lives. A census could change this. Then why delay it?
the criticality of this mission in humanity’s quest for The ruling party might do well to remember that in
better understanding of outer space. the trajectory of time, nationalism is always a phase.
Another crucial aspect of this mission is its timing. The longevity of a party in power is guaranteed by the
Narendra Modi seems all set for a third-term next year, poverty it alleviates.
and the way this year has shaped up so far, it has only
added feathers to his already crowded cap: Modi’s state
visit to the US; the success in making G20 relevant
again, especially when the war in Europe hurtles to-
wards its second anniversary; and now Chandrayaan 3. Suchetana Ray
There are still eight months to go before the election email: suchetana@outlookindia.com
/ September 2023 5
Contents
VOLUME 18, ISSUE 9, SEPTEMBER 2023 PUBLISHED ON SEPTEMBER 1, 2023
12
MISSING IN THE
SCHEME OF THINGS
The delay in conducting Census 2021 has
resulted in government policies continuing
to rely on outdated data. This, in turn, has
kept crores of eligible beneficiaries out of
ambit of welfare schemes
32
NO FAULT IN
THE SAMPLING
There is nothing wrong in the sampling
methodologies conducted for national surveys
in the country, former chief statistician of India
Pronab Sen insists. No procedure can correct
faulty sampling due to delayed census, he says
39
ALL IN THE FAMILY
In the second part of the 17th
anniversary coverage, Outlook Business
profiles five business groups which are
held together through kinship
6 September 2023 /
DESH KI MITTI SE BANI TILE SE,
DESH KO BANATE HAIN.
INDIA’S NO. 1 TILE COMPANY
Follow us on: Visit us at: www.kajariaceramics.com Scan the QR Code to see our latest
TVC, a tribute to Desh ki Mitti
Contents VOLUME 18, ISSUE 9, SEPTEMBER 2023
50
BYJU ON THE
CHOPPING BLOCK
Byju Raveendran finds himself staring at an
imminent threat of being sidelined or removed from
the company that he led all these years. Can he
withstand the new power centres?
56
FADED EMAMI GLOW
In over four decades, FMCG major Emami
has filled up its basket with popular brands
like Navratna oil, BoroPlus, Kesh King and
others. However, the past five years have been
disappointing, especially at the bourses
118
SEBI’S SOFT TOUCH
ON ESG COMPLIANCE
SEBI’s BRSR Core framework, though
an additional burden for companies
already struggling to meet existing ESG
requirements, is aimed at preparing them
for a global business ecosystem
8 September 2023 /
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trademarks of Exxon Mobil Corporation or one of its subsidiaries.
Pioneering Hybrid Workspaces
for Multigenerational Teams
In today’s typical
workplace, the concept
of multigenerational
teams working alongside
each other has become
the norm. With distinct
generational cohorts,
including Baby Boomers
(those born between 1946
- 1964), Generation X (1965
-1980), Millennials (1981-
1994), and Gen Z (1995 –
2009), collaborating side Ankur Goel
by side, the workplace Senior Director for Hybrid
Work Solutions, HP India.
has transformed into an
amalgamation of different
experiences, perspectives, t Flexibility: Different generations Different generations have
and skills. While having such often have varying work styles varying preferences for their work
and preferences. Baby boomers environments. Some employees
a dynamic mix of employees might appreciate a more thrive in a bustling office
has the potential to foster structured and traditional work atmosphere, while others find
a rich cross-generational environment, while younger that they can be more productive
generations, like millennials and and experience better well-being
learning environment, Gen Z, often value flexibility and when working remotely. A hybrid
effective communication work-life balance. Hybrid work model allows individuals to
and collaboration remain allows employees to customize choose the work environment
their work schedules to align with that suits them best, ultimately
essential to navigate their individual needs, which can contributing to higher job
differences in work styles, help accommodate the satisfaction and performance.
preferences of different
communication preferences,
generations. While hybrid work has the potential
and expectations. t Retention and Attraction: to address the needs of
Offering hybrid work options can multigenerational teams, it’s
help organizations attract and important to note that successful
retain talent from different age implementation requires careful
Hybrid Work: The Secret Sauce groups. Younger workers might planning, effective communication,
for Handling Multigenerational be more attracted to companies and ongoing evaluation to ensure
Teams that offer flexible work that it meets the needs of all
Hybrid work has gained popularity arrangements, while older employees and supports the
as an approach to accommodate employees might appreciate the organization’s goals.
multigenerational teams due to its opportunity to transition
potential to address the diverse gradually into retirement by Poly-HP: The Ideal Collaboration
needs and preferences of employees working remotely part of the Vendor
from different age groups. It offers time. Selecting the right collaboration
several advantages such as - t Productivity and Well-being: vendor to implement hybrid work is
10 September 2023
Mr. Sanjeev Chhabra
MD & CEO,
Beetel Teletech Limited
seamless hybrid work solutions,

Beetel has meticulously crafted a
comprehensive 360° strategy for
Poly Products comprising an
extensive network of over 10,000
retailers and 500 distributors. This
has enabled Poly to even reach out
to the vibrant landscapes of tier 2
and tier 3 cities.
Mr. Sanjeev Chhabra, MD & CEO,

Beetel Teletech Limited, spoke
about the rise in popularity of
customers using Poly-HP products for
their hybrid work collaboration needs,
and added, “We have been working as
one of Poly’s distributors for over 16+
years. Since the pandemic, the number
of organisations implementing hybrid
work solutions as their core strategy
essential for the success of handling integration of Poly HP’s tools with has only exponentially increased, and
multi-generational teams. existing systems allows for easy we foresee hybrid work to be the norm
Poly HP’s comprehensive adoption and use across all across organisations.”
collaboration solutions are uniquely generations. Our products such as
positioned to address the diverse Voyager Free 60+ UC, Voyager 5200, He added, “As we move forward,
needs of multiple generations in Poly Studio P15, etc., resonate with the and more Gen Zs enter the
today’s dynamic workplace. With a spirit of Gen Z, a generation fluent in workplace, it is critical for companies
focus on inclusivity and user-centric the language of digital collaboration to implement technologies that feel
design, Poly HP’s technology and seamless communication. By natural and is easy to use across
bridges generational gaps, ensuring providing a platform that caters to generations, Poly’s solutions offer all
seamless communication and different work styles and preferences, this and more. Given the company’s
collaboration for all employees. The Poly HP empowers organizations to rich six-decade history and
intuitive interface and user-friendly build cohesive and collaborative experience in innovating in audio-
tools cater to tech-savvy millennials multigenerational teams, ultimately video technology, is a popular
and Gen Z while providing a gentle leading to increased productivity and choice across generations, from a
learning curve for older generations. harmonious work environments.” Baby Boomer to Gen Zs.”
As organizations continue to
“As we designed our collaboration As Hybrid Work takes center stage, navigate the complexities of a
tools, we kept the diverse needs of integration of effective technology multigenerational workforce,
multigenerational teams at the has become paramount for embracing hybrid work is not just a
forefront,” explains Ankur Goel, seamless communication and strategic choice, but a testament to
Senior Director for Hybrid Work collaboration within dispersed adaptability, responsiveness, and the
Solutions, HP India. “Our goal was teams. Through the integration of unwavering commitment to
to create an environment where each unified communication solutions, empower every employee to excel.
generation can contribute their businesses can bridge geographical Through hybrid work, organizations
unique strengths, fostering divides and ensure that hybrid work forge a path forward that transcends
intergenerational knowledge sharing remains not only productive and generational divides and paves the
and innovation.” efficient but also inclusive. way for a united, agile, and thriving
Ankur added, “The seamless To empower businesses with workforce of tomorrow.
September 2023 11
MEN & WOMEN
HOW INDIA ABANDONED 14 CRORE
CITIZENS ON A POLICY PAPER
THE UNCOUNTED INDIAN
The government of India runs the world’s biggest food security

scheme, which provides free ration to more than 80 crore people. The
scheme has won Prime Minister Narendra Modi accolades. But what if
we realise that there are over 14 crore people who have been omitted
JVSQXLIFIRIƼXSJXLMWWGLIQIFIGEYWIXLIKSZIVRQIRXLEWRSX
counted Indian citizens in over a decade? Can its intransigence break
the welfare structure of governance?
Rajat Mishra
aŽ agaz has become a crucial And this is not just a result of India’s infamous red-
word for people in their strug- tape syndrome. There is much more to it.
gle for daily survival as they
look up to the government for Outside the Government’s Benevolent Gaze
succour when economy fails It is 11 am in Sona Dabar village in the Dabhaura area
them. The 2021 movie Kaagaz, of Rewa district in Madhya Pradesh. This village, en-
starring actor Pankaj Tripathi circled by the Belwa forest, is already grappling with a
as Lal Bihari Singh from Uttar sweltering heat wave. The arid land along with rapidly
Pradesh, seems straight out of a depleting groundwater seems to be a double whammy
rural Indian landscape, where for its tribal population. In a bid to get respite from the
bureaucracy pushes a person into the darkness of a soaring temperature, a group of women are perched on
dreaded file by declaring him dead. Then starts Singh’s a pavement encircling a banyan tree, beneath which sits
quest to be counted alive in the government roll call. the idol of a local holy figure called Danavbir baba.
The story of the film may seem disjointed and unreal, The women are discussing a message which was
but a part of it is certainly playing out in India’s hinter- delivered to them—that the fair price shop will remain
land. Take, for example, the case of 50 villagers of Kha- shut today. But Suraj Kali, 58, who is accompanied by
juria Jagir village of Kurwai tehsil in Madhya Pradesh’s her daughter-in-law Vandana Kol, is confronted with
Vidisha district who were declared dead on the Samagra a different problem. She is unable to get ration under
portal in July 2023 when they were still alive. (Samagra the National Food Security Act (NFSA) of 2013. She
is a social security programme of the state government.) laments, “Life has turned upside down for my family
The quest of the villagers to prove themselves alive be- ever since my two sons succumbed to tuberculosis. My
gan with earnestness, as being declared dead means that husband is already bed-ridden, and, hence, we have no
they can no longer be beneficiaries under the many wel- earning member in the family.” Vandana is trying to get
fare programmes of the state and Central governments. her name registered for free ration as a new beneficiary.
Unlike the people from Khajuria Jagir, who were Parliament enacted the NFSA in 2013 to provide sub-
officially counted before they dropped “dead”, many of sidised food grains to approximately two thirds of India’s
India’s poor wait endlessly to be included in government population. The food grains entitlement prescribed un-
lists of welfare programmes even when they can prove der the act is 35 kilogrammes per household per month
that they are deserving candidates. Governments and for the poorest of poor families under the Antyodaya
bureaucrats are, in fact, fighting a self-inflicted poverty Anna Yojana and five kilogrammes per person per
of its own kind that has jammed public policy of welfare month for the remaining priority households.
economics in the country. The act, which completes 10 years of implementation
/ September 2023 13
COVER STORY
in September, entitles up to 75% NFSA beneficiaries. Vandana made ceremony at the White House South
of the rural population and 50% many rounds to the block office in Lawn, he told a gathering of the In-
of the urban population—that is, Dabhaura with a pile of documents dian diaspora, with US president Joe
67% of national population—to for being declared a beneficiary Biden in attendance, “This grand
receive subsidised food grains under under the NFSA, but got no positive welcome ceremony at the White
the Targeted Public Distribution response from the officials. With a House today is an honour and pride
System. K.V. Thomas, the Union sombre look on her face, she said, for the 1.4 billion people of India.
minister of consumer affairs, food “After my husband died in 2020, one This is also an honour for more than
and public distribution at the time day a sarpanch came to our house four million people of Indian origin
of implementation of the NFSA in and told me that we would get ration living in the US. For this honour, I
2013, says, “The NFSA was imple- soon.” The village head’s assurance express my heartfelt gratitude.”
mented in 2013 when I was a cabinet stays empty till date. How did Modi know that India
minister. There is no shying away Vandana’s pain is not exacerbated had crossed the 1.4 billion-mark
from the fact that this act, along by inefficient local administrators with its people? Two months earlier,
with the Mahatma Gandhi National but because of decisions being the UN estimated that India had
Rural Employment Guarantee Act, taken far away from their village, in overtaken China in population
turned out to be a lifeline during New Delhi. with a total figure of 1,425,775,850.
the pandemic. I must say that no Though the government liberally
government can afford to have its 8LI4SPMG]QEOIVƅW&PMRH7TSX uses such estimates for hyperbolic
eyes off the act and its problems.” In June, when Prime Minister claims, it shies away from counting
However, despite the past and con- Narendra Modi went to Washington people and beneficiaries of welfare
tinuing political importance of the on his first state visit, he claimed schemes in the old-fashioned way
act, the reality is different for people to represent a number he had not through the decennial census and
who are trying hard to be counted as yet counted. During the welcome many statistical surveys. Over
the years, this unwillingness has
created a data deficit of humungous
STUCK IN TIME proportion which has humane and
statistical implications for the most
Major surveys in the country which form the backbone of the
marginalised among Indians.
welfare state have been delayed in the last decade
When the Modi government opted
out of the census that should have
Household Consumer been conducted in 2021, it sent back
Population Census
*ƩűĉňĄĩƃƉŴĉɫƉŴƣĉƪ
the country’s policymaking by a
decade, says P.C. Mohanan, former
acting chairman of the National
Statistical Commission, who has had
Last
10* 5 a troubled relationship with Modi’s
government. “We have a problem
released in
2011 2011–12 of data deficit in India. We do not
have updated census and socio-eco-
ƃƉĄĩĉźɫʫɫőűƉŀáƃĩőň ʫɫ*þőňőŇĩþɫĄáƃá
nomic caste-based census, National
DELAYED Consumption Survey and MSME
őűƉŀáƃĩőňɫýƪɫ
Survey. Even our civil registration
Socio Economic system of recording deaths and
Caste Census Religion births is not robust, which leads to
data gap or data deficit.”
While agencies like the UN can
NF 10 rely on population estimates, the
policymaker has no other choice but
2015 2015 to bank on a physical census. India’s
first chief statistician Pronab Sen
ʫɫőűƉŀáƃĩőň ʫɫőűƉŀáƃĩőň
says that India is not like European
* Designated frequency of the exercise in years • NF: Not fixed countries which are not dependent
14 September 2023 /
¡ĥĉɫűőűƉŀáƃĩőňɫĩňɫǔǒǓǓȶɫƤĥĉňɫƃĥĉɫþĉňźƉźɫƤáźɫ
ŀáźƃɫþőňĄƉþƃĉĄȶɫźƃőőĄɫáƃɫǓȵǔǓɫýĩŀŀĩőňɫȵȵȵɫȵɫfőƤɫĩƃɫĥáźɫ
ĩňþŴĉáźĉĄɫƃőɫáŴőƉňĄɫǓȵǖɫýĩŀŀĩőňȵɫ¡ĥĉɫňƉŇýĉŴɫőĞɫ
ýĉňĉǈþĩáŴĩĉźɫĥáźɫŴĩźĉňɫáźɫƃĥĉɫűőűƉŀáƃĩőňɫĥáźɫğŴőƤňȶɫ
ýƉƃɫƃĥĉɫųƉőƃáźɫĄĉƃĉŴŇĩňĉĄɫőňɫƃĥĉɫýáźĩźɫőĞɫƃĥĉɫǔǒǓǓɫ
þĉňźƉźɫźƃĩŀŀɫĥőŀĄɫþƉŴŴĉňþƪȵɫ¡ĥĩźɫþŀĉáŴŀƪɫĥáźɫŀĉĄɫƃőɫƃĥĉɫ
ŀĉƃƃĩňğɫğőɫőĞɫŇáňƪɫĉŀĩğĩýŀĉɫűĉőűŀĉɫƤĩƃĥőƉƃɫĞőőĄȶɫƤĥĩþĥɫ
ĩźɫáɫĞƉňĄáŇĉňƃáŀɫŴĩğĥƃ
ANJALI BHARDWAJ Co-Convener, National

Campaign for People’s Right to Information
ĩňþĉɫƃĥĉɫğőƣĉŴňŇĉňƃɫźƃĩŀŀɫĄĉűĉňĄźɫőňɫűőűƉŀáƃĩőňɫǈğƉŴĉźɫĞŴőŇɫƃĥĉɫǔǒǓǓɫþĉňźƉźɫ
ƃőɫĄĉƃĉŴŇĩňĉɫƤĥőɫĩźɫĉŀĩğĩýŀĉɫĞőŴɫáĩĄȶɫŇőŴĉɫƃĥáňɫǓǒǒɫŇĩŀŀĩőňɫűĉőűŀĉɫáŴĉɫĉźƃĩŇáƃĉĄɫƃőɫ
ýĉɫĉƩþŀƉĄĉĄɫĞŴőŇɫƃĥĉɫűƉýŀĩþɫĄĩźƃŴĩýƉƃĩőňɫźƪźƃĉŇ
REETIKA KHERA Professor, Indian Institute of Technology, Delhi
on physical census to count their the National Campaign for People’s beneficiaries under the NFSA at
people. “Their civil registration Right to Information, says. “The 67% of the population to over 951
system is so robust that they can population during 2011, when the million. The non-availability of the
recompute their population at any census was last conducted, stood 2021 census, thus, puts a whopping
given time,” he says. at 1.21 billion, witnessing a decadal 14 crore plus people, or around 10%
Experts argue that the data gaps growth of 17.7% between 2001 and of the Indian population, outside the
caused by the absence of the census 2011. Now it has increased to around purview of the food security net.
and a lack of reliable ways to count 1.4 billion. The number of beneficia- Reetika Khera, a professor of
people through secondary means ries has risen as the population has economics at the Indian Institute of
make the implementation of welfare grown, but the quotas determined Technology, Delhi, dubs the old cen-
policies difficult and lead to the on the basis of the 2011 census still sus as the culprit behind the massive
exclusion of a large chunk of eligible hold currency. This clearly has led exclusion happening on the ground.
beneficiaries from availing benefits. to the letting go of many eligible “Since the government still depends
people without food, which is a on population figures from the 2011
(EXE(IƼGMXEW(IZIPSTQIRXEP fundamental right.” census to determine who is eligible
(IƼGMX How does data gap lead to exclu- for aid, more than 100 million people
Data deficit works in myriad ways to sion? A simple mathematical cal- are estimated to be excluded from
deny the poor access to government culation can produce the answer to the public distribution system,”
schemes. In village after village, a this question. According to the 2011 she says.
huge number of eligible people is census, India’s population was 1.21 Mohanan calls the census “the
being left out from the food security billion. Since the NFSA mandates bedrock of Indian statistical sys-
act because of the government’s the coverage of 67% people under tem” because it impacts other sur-
inability to count all Indian citizens. its ambit, the act should have issued veys—for example, the Consump-
Since the NFSA determines ration benefits to more than 810 million tion Expenditure Survey—whose
quotas for states and Union territo- people in 2011. Going by the UN samples are either taken from the
ries using the census data, experts and other estimates, India’s popula- larger census pool or based on its
rue the delay in conducting census. tion stands at over 1.42 billion now, representative data.
Anjali Bhardwaj, co-convener of taking the number of legitimate Sen agrees with Mohanan, saying,
/ September 2023 15
COVER STORY
“The census is called the frame for velopment economist and professor their parents are facing problem.
all household surveys, as all sample of economics at the University of New entrants of all hues and colour
surveys are drawn from it. Sample Massachusetts, says these words are facing trouble in getting covered
surveys are detailed questionnaires with caution but with a sense of under the food safety act because
and their size ranges between 1.4 despondency. And they sum up the their updated status does not show
lakh and two lakh people. This is condition the country finds itself in up in the official records. The old list
a large enough sample to provide today: a country that does not count continues to be operational in the
state- and national-level estimation its poor and, thus, becomes a dark backdrop of “a serious data deficit”,
of how the population is distributed.” hole for economists and policymak- says Mohanan.
He adds that since the survey sam- ers and underserves its people. The BPL criterion is a contested
ples are old now, they are becoming On the ground, exclusion is mani- domain among economists and pol-
less representative, leading to an er- festing in innumerable ways. icymakers. It is determined by the
roneous conclusion that population Apart from the NFSA, Central Suresh Tendulkar Committee stan-
distribution has not changed. pension schemes and the Pradhan dards, which were created in 2009.
“It is a state where we are shooting Mantri Awas Yojana—this scheme “By and large, the government still
in the dark. We do not know how draws from the census as its ben- follows the Tendulkar Committee
many people are poor in India and eficiaries are counted in the Socio [criteria],” says Sen.
how many have transitioned from Economic Caste Census—are also The Tendu lk a r Com m ittee
the BPL to the above-poverty-line hamstrung in the absence of census. computed new poverty lines for
(APL) category in the last 12 years. People who married or became rural and urban areas in 2009 and
We do not know where these poor adults after the 2011 census was fixed the all-India poverty line for
people are. The area is not clear; the conducted and are demanding 2004–05 at Rs 446.68 per capita per
number is not clear. It is unthinkable ration cards in their names rather month in rural areas and Rs 578.80
for me.”Jayati Ghosh, who is a de- than being declared dependents to per capita per month in urban areas.
The Dialect of Exclusion

PROJECTED POPULATION Cut to the nondescript block build-
AND EXCLUSIONS ing in Jawa, 60 kilometres away

from the Rewa city in Madhya
The Ministry of Health and Family Welfare has made population Pradesh, which houses a large
estimates till 2036. Since the Centre continues to use the 2011 number of bureaucrats. A crowd has
census for the NFSA, a large number of people will stay out of gathered as the state government
the food safety net unless these estimates are accommodated has announced the Ladli Behna Yo-
jana, under which women from 23 to
1,60,00,00,000 60 years of age having less than five
acres of land or an annual income
1,40,00,00,000
of less than Rs 2.5 lakh are eligible
1,20,00,00,000 to get Rs 1,000 monthly assistance
POPULATION
1,00,00,00,000
from it.
The scheme is targeted to woo vot-
80,00,00,000 ers, as the state is set to go to polls
60,00,00,000 later this year. The city walls are
adorned with names of government
40,00,00,000
welfare schemes, some of which are
20,00,00,000 made illegible by the red stains of
gutka. C.M. Soni, the tehsildar, or the
0
tax officer of the local sub-district, is
2011 2016 2021 2026* 2031 2036
presiding over a meeting of patwaris,
Counted and projected population No. of people who should be covered under the or the land keepers. He says, “On an
NFSA if the government sticks to the 67% logic
No. of Indians who will not get their rations if the government does not conduct another census
average, the population increases
by 10% to 15% every 10 years or
*The ministry expected population to breach the 1.42 billion mark in 2026, but the United Nations so. Obviously, the population has
estimated in April that India had become the most populous country with more than 1.42 billion people
Source: Ministry of Health and Family Welfare increased since the last census. We
16 September 2023 /
P.C. MOHANAN Former Acting Chairman, National Statistical Commission

ÂĉɫĥáƣĉɫáɫűŴőýŀĉŇɫőĞɫĄáƃáɫĄĉǈþĩƃɫĩňɫIňĄĩáȵɫ
ÂĉɫĄőɫňőƃɫĥáƣĉɫƉűĄáƃĉĄɫþĉňźƉźɫáňĄɫ
źőþĩőɏĉþőňőŇĩþɫþáźƃĉɏýáźĉĄɫþĉňźƉźȶɫ
fáƃĩőňáŀɫőňźƉŇűƃĩőňɫƉŴƣĉƪɫáňĄɫee*ɫ
ƉŴƣĉƪȵɫ*ƣĉňɫőƉŴɫþĩƣĩŀɫŴĉğĩźƃŴáƃĩőňɫźƪźƃĉŇɫ
őĞɫŴĉþőŴĄĩňğɫĄĉáƃĥźɫáňĄɫýĩŴƃĥźɫĩźɫňőƃɫŴőýƉźƃȶɫ
ƤĥĩþĥɫŀĉáĄźɫƃőɫĄáƃáɫğáűɫőŴɫĄáƃáɫĄĉǈþĩƃ
IɫźĉĉɫƃĥĩźɫƃĩŇĉɫáźɫƃĥĉɫğŴĉáƃɫIňĄĩáňɫ
őűűőŴƃƉňĩƃƪȵɫIɫĄőɫňőƃɫáğŴĉĉɫƤĩƃĥɫƤĥáƃɫ
ĩźɫýĉĩňğɫźáĩĄɫáýőƉƃɫƃĥĉɫųƉáŀĩƃƪɫőĞɫĄáƃáȶɫ
Photo: Suresh K. Pandey

ýƉƃɫIɫĄőɫáğŴĉĉɫƃĥáƃɫƤĉɫňĉĉĄɫƃőɫĩňƣĉźƃɫĩňɫ
ŴĉźőƉŴþĉźɫĞőŴɫĄáƃáɫþőŀŀĉþƃĩőňȵɫ¡ĥĩźɫźĥőƉŀĄɫ
ňőƃɫýĉɫźĉĉňɫáźɫáňɫĉƩűĉňĄĩƃƉŴĉȵɫáƃĥĉŴɫĩƃɫ
źĥőƉŀĄɫýĉɫźĉĉňɫáźɫáňɫĩňƣĉźƃŇĉňƃ
Former Chief Statistician of India PRAVIN SRIVASTAVA

are doing work according to the 10 kilometres every day to collect government introduced the green
budget allocated to us, but no new tendu leaves from the forest. “Com- category for the state-sponsored
names are being added to the list of bining all 12 people in the family, we food security scheme. Started in
beneficiaries.” However, on the con- earn Rs 350 per day in this season,” 2020, this scheme is specifically
dition of anonymity, a government Munni Devi says. She brandishes a meant for people who are left out of
official from the area told Outlook box, having a written complaint on a the NFSA coverage. The moment
Business, “There are many deserving piece of paper in it, which she made some names are deleted under the
people for inclusion in the NFSA list, on April 11, 2023, to local officials. yellow and red categories, the peo-
but since the state quota is full, we “Mera card hare se laal aur laal se ple holding the green cards make a
cannot add new names. In some cas- peele colour ki category mai aa gya. transition first to the red and then to
es, we have no option but to accept Par abhi tak ration nahi mila. Hame the yellow categories.
new applications and tell applicants hamara bakaya 455 kg ration deejiye Kanhai Singh, who was elected
that their names will be added soon. (‘My card has switched from green as a member of the Latehar district
However, even we do not know when to red to yellow category, but I have council in 2022 from the Barwadih
it will happen.” not got my ration so far. Give us division, says, “The addition of
Over 400 kilometres east of Rewa, our remaining 455 kilogrammes of names under the yellow card has
the story in the Latehar district of ration’),” the complaint reads. been stopped in the last three years.
Jharkhand, once under the strong Munni Devi is befuddled about Considering the extent of exclusion,
influence of Naxalites, is no differ- the logic of colour transition to her the Jharkhand government came
ent. Munni Devi, 26, hailing from family getting ration. It is a kind of up with its food security scheme
Joruhar village in the district’s Bar- waiting list. Since the state quota and created the green card. But
wadih block, has just returned from for the yellow card of the Antyodaya people have not got ration for the
work. Her house is the only one at Anna Yojana and the red card of the last five months under this scheme
the foothill of a mountain with dense priority households scheme under as well due to friction between the
forest encircling it. The family walks the NFSA are full, the Jharkhand Food Corporation of India (FCI)
/ September 2023 17
COVER STORY
and the Jharkhand government,” he existing quota even if they are qual- and Maharashtra. Some states have
says. “The FCI has stopped giving ified to obtain ration cards under demanded re-determining of the
us rice, citing logistical issues. The the act. For example, in Bihar, the beneficiary quota under the NFSA,
government is roping in private intended coverage under the NFSA but their requests have not elicited
players now, which has made the stands at around 8.71 crore, which the desired result from the Centre.
situation much worse here,” says a was achieved three years back. On December 17, 2021, the Telanga-
government official, on the condition Similarly, Delhi had to cover 72.78 na government wrote to the Centre,
of anonymity. lakh people under the NFSA, which requesting it to increase the NFSA
it did in 2021, leading to a situation beneficiary quota. After the letter
An Act Frozen in Time where no new names have been remained unattended, Telangana
The erstwhile Planning Commission added under the NFSA since then. again wrote to the Centre in July
determined the percentage coverage Astonishingly, Delhi has nearly 2023, requesting it for additional
of states and Union territories under three lakh pending applications food grain for a chunk of migrants
the NFSA by using the 68th round for new ration cards, the answer to who did not have ration cards in the
of the Household Consumption a query made under the Right to state. It demanded 50,000 metric
Expenditure Survey (2011–12) of the Information Act revealed. tonnes of rice to be distributed at Rs
National Sample Survey Organisa- As recently as on July 31, the High 10 per kilogramme per person. But
tion (NSSO), Tendulkar Committee Court of Delhi directed the Delhi the request stays unmet.
poverty estimates (2011–12) and the government to conduct surveys of Activists claim that there is just
2011 census data. Since the census all pending applications for ration 2% margin left for the whole coun-
and National Sample Survey figures cards. Justice Subramonium Prasad, try to hit the maximum limit under
have not been updated, the 2011 while directing the government to the NFSA—14 of the 36 states and
data continues to be used even in complete the exercise expeditiously, Union territories have exhausted
2023, which has frozen the number asked it to reach out to the needy, their quota under the act, while
of beneficiaries at 81.35 crore. rather than waiting for them to most of the remaining ones, such
As a result of the frozen ceiling, petition the government. as Odisha, Jharkhand, Assam,
the NFSA quota of 14 states and Some of the other states that Rajasthan, Telangana, Tripura and
Union territories has been exhaust- have no scope left to add more Uttar Pradesh, have exhausted 98%
ed. It means that no more people in beneficiaries to their respective to 99% of it. The remaining margin
these states and Union territories NFSA lists include Haryana, Ut- will hardly cover one million out
can be accommodated within the tarakhand, West Bengal, Kerala of the over 140 million people
currently excluded. “The states
have very little breathing space
ANJALI BHARDWAJ Co-Convener, National left. … And the states where there
Campaign for People’s Right to Information is still margin left are doing badly
because they have not identified
beneficiaries in the last 12 years,”
Per capita income is not the right metric, as it says Amrita Johri, a member of the
does not take into account the deep disparity and Right to Food Campaign, a network
inequality in income and wealth concentration. An of individuals and organisations
working on the issue.
increase in national income would not be distributed
equally across the population of the country Non-Preference for Estimates
The matter of exclusion was raised
in the Supreme Court in a case filed
¡ĥĉɫűĉŴɫþáűĩƃáɫĩňþŴĉáźĉɫĩňɫIňĄĩáɫŴĉǉĉþƃźɫŇőŴĉɫáƃɫƃĥĉɫ by the Bandhua Mukti Morcha in

July 2021. The court said that an
macro level, but when it comes to the state level, increase in the NFSA coverage was
there is huge divergence necessary and that Right to Food
was a fundamental right. The apex
court directed the Centre to contrive
N.R. BHANUMURTHY Vice Chancellor, a formula to ensure that the benefits
B.R. Ambedkar School of Economics University under the NFSA are not limited to
18 September 2023 /
COVER STORY
WHAT CITIZENS GET

How delayed
National Food Security Act
census jams welfare 35 kg of subsidised foodgrain per
governance beyond month at Rs 3 per kg for wheat and Rs 2
per kg for rice, besides 1 kg of sugar for
food safety act Rs.18.50 to the poorest of poor families
under Antyodaya Anna Yojana
T
he National Food Security Act 5 kg of food grains per person per
(NFSA) is not the only one affected month, with wheat, rice and coarse
F]KETWGEYWIHF]MRWYƾGMIRXERH grains priced at Rs 3, Rs 2 and
outdated data. The Centre’s National Social Re 1 respectively for remaining
Assistance Programme (NSAP) has sub- priority households
schemes targeted at individuals below the
poverty line: Indira Gandhi National Old Age Indira Gandhi National Old-
Pension Scheme, Indira Gandhi National Age Pension
Widow Pension Scheme and Indira Gandhi Monthly pension of Rs 200 up to 79
National Disability Pension Scheme. As years of age, and Rs 500 thereafter
per a 2021 Parliamentary panel report on
rural development, the targets set for these
schemes are nearly exhausted, because of Indira Gandhi National Widow
which no new names are being added. Pension
Monthly pension of Rs 200 for
8LI2EXMSREP*EQMP]&IRIƼX7GLIQI[LIVI FIRIƼGMEVMIWEKIHƁ]IEVW
a BPL family gets a lumpsum amount of
Rs 10,000 on the death of the breadwinner, Indira Gandhi National
and Annapurna scheme that provides Disability Pension
10 kilogrammes of food grain for free to Monthly pension of Rs 300 for
eligible senior citizens who have been left FIRIƼGMEVMIWEKIHƁ]IEVW
out of the old age pension scheme, are also Rs 500 for those aged 80 or above
sub-schemes of NSAP.
PM Awas Yojana—Gramin
“It is not just the NFSA for which people The scheme aims to provide a pucca
are running from pillar to post. In fact, the house with basic amenities to all
Awas yojana and the pension scheme houseless families and families living in
of the central government are facing the kutcha and dilapidated houses in rural
same issues,” says Pushpender Kumar, EVIEWF]
coordinator of the non-governmental
organisation Rewanchal Sewa Sansthan
the beneficiaries counted in the 2011 census.
Samiti which helps villagers access
“Per capita income is not the right metric, as it does
government schemes.
not take into account the deep disparity and inequality
in income and wealth concentration. An increase in na-
The Pradhan Mantri Awas Yojana (PMAY) tional income would not be distributed equally across the
aims to provide affordable houses to the population of the country,” says Bhardwaj. Vice chancel-
poor. It relies on the housing deprivation lor of B.R. Ambedkar School of Economics University
data from the Socio Economic Caste N.R. Bhanumurthy makes a similar argument. “The
Census (SECC) 2011 which, again, is per capita increase in India reflects more at the macro
outdated. level, but when it comes to the state level, there is huge
—Rajat Mishra divergence,” he says.
Economists believe that the government should find
20 September 2023 /
COVER STORY
Photos:
Rewanchal
Members of NGO Rewanchal Sewa Sansthan Samiti sensitising villagers Sewa Sansthan
on the NFSA provisions in the Dabhaura area, Rewa, Madhya Pradesh Samiti
ways to use population estimates for economic life of citizens, and the Na- “Sabka Sath, Sabka Vikas”, the key to
food security, as suggested by the tional Family Health Survey, which winning votes lies in the perception
Supreme Court, even as it takes time is a comprehensive household survey of the government’s track record in
to conduct the census. “The main of health and social indicators— poverty alleviation.
point of focus should be to revise the draw their samples. “Policies and But a lack of data is not considered
population estimates,” says Khera. programme objectives are to target a handicap by all economists. One
“The government can use its own beneficiaries; census gives you an section is out to prove that “extreme
population projections to revisit the idea about dispersion. I see there is poverty” has been either eradicated
ceilings,” says Mudit Kapoor, asso- a dichotomy of intent. If policymak- or reduced under the Modi govern-
ciate professor of economics at the ers need to reach beneficiaries, the ment, while another is of the view
Indian Statistical Institute, Delhi. “I census will give you certain details,” that any methodology that shows
think it is all about political will that says Pravin Srivastava, former chief reduction in poverty is flawed. In
is needed to revisit quotas. I cannot statistician of India. the meantime, the NITI Aayog has
understand why, if the government Despite all the hue and cry in the come out with a multidimensional
can provide free ration to over 80 monsoon session of Parliament, min- poverty report that states that the
crore people for a year starting from ister of state for rural development number of “multidimensionally
January 2023 to December 2023 at Sadhvi Niranjan Jyoti said, “At poor” individuals in India has de-
a cost of Rs 2 lakh crore to the ex- present, no proposal to modify the clined from 24.85% in 2015–16 to
chequer, it cannot revisit the NFSA [NFSA] scheme for enhancement 14.96% between 2019 and 2021.
quotas,” Johri says. Her reference is of coverage of beneficiaries under “In July, the United Nations
to the Modi government’s decision to the Act is under consideration of Development Programme (UNDP)
provide free ration to beneficiaries in the Government.” came out with a multidimensional
a pre-election year, which is other- poverty index, according to which
wise supplied at a cost of Re 1 to Rs 3 The Politics of Data 415 million Indians came out of
per kilogramme to them. In India, no incumbent govern- multidimensional poverty in 15
Apart from the direct impact on ment can return to power without years. Even internationally, multi-
welfare schemes, the census also convincing the electorate of the dimensional poverty is an accepted
provides data from which other efficiency of its poverty alleviation concept. I think statisticians need
crucial studies—such as, the Na- schemes. From Indira Gandhi’s to come out of the mindset of statis-
tional Sample Survey, which collects slogan of “Gareebi Hatao” in the tics,” says Ashwini Mahajan, profes-
information on all aspects of the 1970s to Narendra Modi’s pitch of sor of economics at the University of
22 September 2023 /
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COVER STORY
Delhi and national co-convener of is no systematic underestimation of

the right-wing think tank Swadeshi
AS THE INTENSITY development in the national surveys.
Jagran Manch. He made this com- OF THE DEBATE Other experts suggest that the
ment while referring to the findings RISES AND THE fierce data debate can have posi-
in India: National Multidimensional tives. “I see this time as the great
Poverty Index, A Progress Review CENSUS EXERCISE Indian opportunity. I do not agree
2023, a report published by the STAYS SUSPENDED, with what is being said about the
NITI Aayog in which the UNDP quality of data, but I do agree that
is a partner. Mahajan believes that
THERE IS NO SIGN we need to invest in resources for
poverty is a deprivation concept, THAT THE PEOPLE data collection. This should not be
not an income concept. “Imagine seen as an expenditure. Rather it
two individuals: one earns Rs 5,000
WHO ARE MISSING should be seen as an investment,”
per month and avails government FROM THE LIST OF says Srivastava.
benefits. His children attend school. BENEFICIARIES WILL Interestingly, while remaining
He has a house with an LPG connec- non-committal about the census,
tion. The other one does not have all GET ANYTIME SOON a senior government functionary
this but earns Rs 20,000 per month. WHAT SHOULD explained to Outlook Business the
Who is better off?” he asks. efficacy of Aadhaar-based identi-
The naysayers cite the govern-
HAVE BEEN THEIRS fication of beneficiaries of welfare
ment’s decision to release data ALREADY schemes. “This way, we will be
selectively in public as a reason for more accurate compared to what
distrust in the multidimensional Azim Premji University. the [conventional] surveys and the
poverty index report. After all, census tell us. If we have the digital
the Centre rejected the last set of Data Gaps and Quality footprint of people’s consumption
Consumption Expenditure Survey, The population census is not the through Aadhaar, it provides accu-
citing problems in the methodology. only large data-gathering exercise rate information about the deserved
A leaked media report of the survey that has been delayed. The last beneficiaries of welfare schemes,”
had claimed that the per capita agriculture census was conducted in the source said.
expenditure of India had declined 2015–16, Socio Economic and Caste As the intensity of the data debate
by 3.7% to Rs 1,446 per month in Census in 2011–12, MSME Census in increases and the census exercise
2017–18. The unemployment data 2006–07 and the Livestock Census stays suspended, there is no sign that
of 2017–18 was also held back by the in 2019. The Economic Census of the people who are missing from the
government, as it had shown a spike 2019 is still not ready. The last Na- list of beneficiaries will get anytime
in the unemployment rate to over tional Sample Survey Organisation soon what should have been theirs
6%. “When [employment] data was data is for 2011–12, while the last already. With state elections round
not released, I resigned. I believe Annual Survey of Industries data is the corner, followed by the General
that whether you like it or not, data for 2019–20. Election in 2024, the government is
should be released,” Mohanan, Moreover there is a debate on unlikely to undertake any exercise
who quit from his post as acting the quality of data and statistical that can change the narrative on
chairman of the National Statistical systems in India. Recently, Shamika poverty numbers or the socio-eco-
Commission, had said in 2019. Ravi, a member of the Economic nomic condition of Indians.
There are instances when other Advisory Council to the Prime Min- And in case the government is ac-
governments had also either delayed ister, argued that national surveys tually going to discard the physical
or trimmed the data which did not are based on unsound frameworks census in favour of a digital count-
suit their narrative. “When the and systematically underestimate ing of Indians through Aadhaar
Jawaharlal Nehru-led government India’s development owing to archa- card, India may be entering an era
conducted the 1951 census, the ic survey mechanisms. of annihilation of the old welfare ap-
language data for Punjab was not Disagreeing with her, statisticians paratus to make space for a digital,
released. The disaggregated find- like Pronab Sen and Mohanan ar- but untested, system. Until there is
ings for Punjab were not declared, gue that it was unfair to blame the clarity of how India counts its people
fearing communal clashes between survey methodology when results and the poor officially, the likes of
Hindus and Sikhs,” says Vikas caused discomfort. They also stand Munni Devi will continue to wait for
Kumar, professor of economics at their ground and argue that there their deserved food grain.
24 September 2023 /
Why Debt Mutual
Funds Matter
Despite the change in taxation, debt funds continue
to remain a favourable option than traditional debt
instruments like FDs
M
utual funds and fixed Mutual funds, in contrast, provide greater
deposits have been popular comfort and flexibility as they do not have
investment options in the any exit loads, enabling investors to access
Indian financial ecosystem. their investments as and when needed.
Sandeep Gandhi CFPcm,
These choices give people a way to Further, if the need of the fund is CEO, Mega Financial
increase their financial security while after some time of maturity, in case of Services.
skilfully controlling risk. To make wise traditional debt investment option, the
choices, it is necessary to thoroughly interest earned will be very nominal. On
analyse the unique characteristics the other hand, in case of debt mutual at this juncture of interest rate cycle, debt
and implications associated with each fund, the portfolio would continue to earn mutual fund offers better potential for
investment vehicle. With a focus on their the prevailing rate of return for remaining capital growth, thereby enhancing the
merits and demerits in the Indian context, period as well. As a result, the return tends overall portfolio returns.
this article seeks to provide an in-depth to much better than a short term fixed Additionally, both debt mutual fund and
analysis of how debt mutual fund stacks deposit rate or saving bank rates. Hence, traditional investment strategies have very
up against the other traditional options debt mutual funds provide investors the different tax consequences. The interest
available. opportunity to optimise returns. earned in case of an instrument like the
fixed deposit is subject to annual taxation,
Interest Rate Flexibility which reduces the compounding effect of
It is widely assumed that interest In India, it is important to differentiate returns. Mutual funds, on the other hand,
rates have peaked out in the current between traditional investment options provide a deferred tax payment structure.
economic situation and is expected to and mutual funds by taking their Tax on the gains is only considered at the
go down in the future. This has serious transferability into account. A debt time of redemption, giving investors the
consequences for an investor looking to instrument like fixed deposit is non- opportunity to benefit from compounding
make a debt investment. If the interest transferable in nature. Due to this, investors and deferred taxation. Given this structure,
rates are headed lower, then at the time cannot adapt their financial plans as per investors who are trying to maximise their
of reinvestment in case of traditional debt their changing conditions. But when it post-tax returns will find debt mutual
option like the fixed deposit, risk-averse comes to debt mutual fund, the fund funds to be better placed.
investors are vulnerable to reinvestment units are transferable. An investor has
risk at low interest rates. Debt Mutual the flexibility to switch funds, alter their TDS
funds, on the other hand, in a falling investing strategy with the changing In certain situations, fixed deposits are
interest rate scenario has room for capital time and the nature of fund requirement, liable to Tax Deducted at Source (TDS).
appreciation allowing investors to make thereby providing investors absolute When interest income is above a certain
some meaningful gains over and above flexibility. threshold, banks deduct TDS. Such a
the interest earned by the portfolio of the deduction reduces an investor’s cash
scheme. Capital Gain and Taxation flow. On the other hand, mutual funds
Understanding the treatment of capital do not charge TDS, giving investors the
Penalty for Premature Withdrawal gains and taxation becomes important benefit of accruing full interest income and
When comparing two debt investment when assessing the potential advantages maximising investment profits.
options, the fee for premature withdrawals of traditional debt instruments and To conclude, at a time when interest
must be taken into account. If depositors mutual funds in India. Here, an instrument rate has peaked, to take advantage of
need to access their money before the like fixed deposit cannot compete with potential capital gain when interest rates
investment matures, in case of traditional mutual fund in terms of capital gains. start coming down, it is advised to invest
options, there are fees involved. This This is because existing debt mutual fund in debt mutual fund. To pick the most
penalty has a sizeable impact on total has the potential to witness capital gains suitable debt scheme as per one’s portfolio
returns. It also restricts liquidity in case of as interest rates decrease, which is not and financial goal requirement, it is better
unanticipated financial requirements. Debt possible with fixed deposits. As a result, to consult a financial advisor.
September 2023 25
COVER STORY
The delay in conducting

the census, which was
due in 2021, is making
old population samples
less representative,
Pronab Sen, head of the
Standing Committee on
Statistics and former
chief statistician of
India, tells Rajat Mishra.
He insists that there is
nothing wrong with the
sampling methodologies,
rebutting allegations by
Shamika Ravi, member
of the Economic
Advisory Council to
the Prime Minister,
about the samples of
national surveys being
faulty. According to
him, the discrepancies
that she has referred
to were because of the
GettyImages
difference in purpose-
WTIGMƼGHIƼRMXMSRW
PRONAB SEN
‘Nothing Can Correct
Faulty Sampling Due to
Delayed Census’
32 September 2023 /
What is the difference be- the faulty samples which drawing a sample from an old cen-
tween the Socio Economic need overhaul. What is your sus, and we cannot do much about
and Caste Census (SECC) view on this issue? it till the Census 2021 is conducted.
and the Consumption Expen- There is nothing wrong with the As far as non-sampling errors are
diture Survey? sample. Those who are saying this concerned, they depend on the data
The SECC was conducted for the do not understand that it is not the given by respondents. In surveys,
first time in 2011. The way it was problem of sample, it is the problem the cooperation from rural areas is
done was to construct a multidi- of frame. I think there is a serious more prominent than from urban
mensional index, but there was no lack of understanding. When the areas, as people in urban areas are
cut-off that was specified, which surveys are done, they are not done less likely to tell you the truth. In
means that the line which is called at the level of individuals; they are my opinion, the urban estimates
the poverty line was not there. The done at the level of households. So, are more questionable than the
SECC is a census, which means the thing to understand here is that rural data, as, at the end of the
that it is done at the individual lev- samples are representative at the day, you have to take whatever your
el. However, all sample surveys are household level. If you are getting respondents have given. There is no
conducted at the household level. a difference between census pop- substitute for the census.
The consumption survey measures ulation results and sample survey
only expenditure poverty. It is used population results, this is because You have been appointed as
as a proxy for the income. It does of the difference in the average the member of a committee
not measure multidimensional household size. They would have to review the data quality in
poverty; it is not designed to do been right if the sampling had been India. What is the progress
so. The SECC was designed to done at the level of individuals, but on that and what is your
identify individuals. You cannot it is not. vision on that?
use the National Family Healthy The work has not started yet, since
Survey to identify particular The recent debate on data it is an internal committee of the
households. According to me, quality has divided experts ministry. I have not decided. We
poverty is an income concept, not into two blocks. How do you will see what comes forward.
a deprivation concept. see India’s data quality?
There is no doubt that India’s What is your thought on doing
How do you see the impact data quality is better than that of SECC and census together?
of the delay in conducting many other countries. As far as I think it is impossible, and doing
census in India? the debate is concerned, we need this will make census data com-
Census is very important, as it to understand that there are two promised. The SECC used 2.5 lakh
forms the basis for all household different things: one is the frame enumerators, while the census used
surveys. It is the frame for all sur- and the other is the sample. The 25 lakh enumerators. Accuracy of
veys. The sample surveys are drawn frame is the census or the economic the census will be compromised if
from the census. Sample surveys census, both of which are outdated. the SECC is conducted with the
are detailed questions; you get a So, whatever sample we draw will census. It is next to impossible.
sample size that is large enough not represent the change. The fur-
to give you state-level estimations. ther you go away from the census, Which is the reference point
But now, the problem is that the the worse the sample will become. of determining the poverty
2021 census is delayed. Samples There is no sample procedure that line in India?
have become old and they are be- can correct that. You have to do the Recommendations of the Ran-
coming less representative. We are census. If you are not going to do garajan Committee were not
assuming that it has not changed. the census, then you are going to accepted by the government.
So, it is not only about a particular have to live with this problem. As The Tendulkar Committee rec-
scheme; census is most important far as data quality is concerned, ommendations are, by and large,
for the Indian statistical system. I must tell you that there are two still being used to identify the
kinds of errors—sampling and line below which people are
There have been concerns non-sampling errors. There is a eligible under many government
aired by the EACPM about sampling error because you are schemes.
/ September 2023 33
KINSHIP & The family that stays together
grows together. After featuring
the success of 17 centennial
BUSINESS companies of India in the previous

issue as part of the 17th anniversary
celebration of Outlook Business,
we now follow the growth trail of
ǈƣĉɫĞáŇĩŀƪɏŴƉňɫýƉźĩňĉźźɫğŴőƉűźɫ
in the country, each founded by
visionary individuals and nurtured
by subsequent generations into
successful conglomerates. They
have weathered many a storm in
ƃĥĉĩŴɫźĉƣĉŴáŀɏĄĉþáĄĉźɏŀőňğɫĺőƉŴňĉƪźɫ
and managed to stick together, each
ǈňĄĩňğɫĩƃźɫőƤňɫźƃŴáƃĉğƪɫĞőŴɫğŴőƤƃĥȵ
1 WADIA GROUP Est. 1736
The foundation of the group was laid when Loeji Nusserwanjee Wadia
started a marine construction company to supply ships to the British.
oƣĉŴɫƃĥĉɫƪĉáŴźȶɫƃĥĉɫğŴőƉűɫĄĩƣĉŴźĩǈĉĄɫĩňƃőɫźĉƣĉŴáŀɫĩňĄƉźƃŴĩĉźȶɫĩňþŀƉĄĩňğɫ
FMCG, real estate, textiles, etc. Currently, four of the group companies—
Britannia, Bombay Burmah, Bombay Dyeing and National Peroxide Ltd—
are listed on the stock exchange.
$3.9 billion
is the net worth of Wadia Group chairman Nusli Wadia, placing him at the
721st position in the Forbes list of richest billionaires in the world in 2023
/ September 2023 39
17ǘǤ ANNIVERSARY
Key People
Loeji Nowrosjee Sir Ness Wadia Nusli Wadia

Nusserwanjee 1873–1952 Chairman
Nusserwanjee
Wadia Wadia After the death of He is the son of Neville
1702–1774 1849–1899 Nowrosjee Nusserwanjee Wadia and grandson of Sir
ÂáĄĩáȶɫĥĩźɫźőňɫfĉźźɫ Ness Wadia. He started
Loeji was a Parsi from He was the founder ÂáĄĩáɫƃőőĽɫőƣĉŴɫőŇýáƪɫ his career as a trainee at
Surat in Gujarat. He got őĞɫőŇýáƪɫ$ƪĉĩňğȶɫ Dyeing. He received őŇýáƪɫ$ƪĉĩňğɫĩňɫǓǛǘǔȵɫ
contracts from the British ňőƤɫáɫƃĉƩƃĩŀĉɫŇáĺőŴȵɫ knighthood for his IňɫǓǛǙǓȶɫĥĉɫŇáňáğĉĄɫƃőɫ
East India Company in The company started services to the British prevent his father from
ǓǙǕǘɫƃőɫýƉĩŀĄɫźĥĩűźɫáňĄɫ operations in 1879 when empire. Besides the źĉŀŀĩňğɫƃĥĉɫƃĉƩƃĩŀĉɫþőŇűáňƪȵɫ
ĄőþĽźɫĩňɫeƉŇýáĩȵɫEĉɫƤáźɫ őŇýáƪɫĥáĄɫýĉþőŇĉɫáɫ ĞáŇĩŀƪɫýƉźĩňĉźźȶɫĥĉɫƤáźɫ EĉɫýĉþáŇĉɫƃĥĉɫþĥáĩŴŇáňɫ
őňĉɫőĞɫIňĄĩáɢźɫǈŴźƃɫŇáźƃĉŴɫ ŇáĺőŴɫþőƃƃőňɫĥƉýɫ also involved in several after the latter resigned
źĥĩűýƉĩŀĄĉŴźɫ in the world philanthropic activities in 1977
Milestones
Bombay Dyeing National Peroxide Ltd Bombay Realty
IƃɫźĉŀŀźɫýĉĄȶɫýáƃĥɫáňĄɫĥőŇĉɫ It is the largest manufacturer The real estate venture
ĞƉŴňĩźĥĩňğɫűŴőĄƉþƃźȶɫáźɫƤĉŀŀɫáźɫ őĞɫĥƪĄŴőğĉňɫűĉŴőƩĩĄĉɫĩňɫ has two projects in
þŀőƃĥĩňğɫĞőŴɫŇĉňȶɫƤőŇĉňɫáňĄɫ India. It has a fully integrated eƉŇýáĩɒ¡ĥĉɫIźŀáňĄɫ
children through its network of ŇáňƉĞáþƃƉŴĩňğɫźĩƃĉɫĩňɫ[áŀƪáňȶɫ City Centre in Dadar
őƣĉŴɫǕǒǒɫĉƩþŀƉźĩƣĉɫŴĉƃáĩŀɫźĥőűźɫ Maharashtra and Wadia International
all over India Centre
1863 1879 1918 1954 2005 2011
Bombay Burmah Trading Britannia Go First

Corporation Ltd Initially Britannia Biscuit *áŴŀĩĉŴɫ?őĩŴȶɫƃĥĉɫ
Having found success in teak őŇűáňƪɫ]ƃĄȶɫƃĥĉɫþőŇűáňƪɫ áǅőŴĄáýŀĉɫáĩŴŀĩňĉɫƤáźɫ
ýƉźĩňĉźźȶɫőŇýáƪɫƉŇŴáĥɫ changed hands several times ĞőƉňĄĉĄɫýƪɫfƉźŀĩɫ
ĄĩƣĉŴźĩǈĉĄɫĩƃźɫĩňƃĉŴĉźƃźɫĩňƃőɫ ýĉĞőŴĉɫĩƃɫƤáźɫƃáĽĉňɫőƣĉŴɫýƪɫ Wadia’s son Jehangir
ƃĉáȶɫþőǅĉĉȶɫýĩźþƉĩƃɫáňĄɫĄáĩŴƪɫ Nusli Wadia. It is currently a ÂáĄĩáȵɫIƃɫƤáźɫŴĉýŴáňĄĉĄɫ
űŴőĄƉþƃźȶɫáƉƃőɫĉŀĉþƃŴĩþɫáňĄɫƤĥĩƃĉɫ ŀĉáĄĩňğɫĞőőĄɫýŴáňĄɫĩňɫIňĄĩáȶɫ as Go First in 2021
ğőőĄźɫűáŴƃźȶɫĥőŴƃĩþƉŀƃƉŴĉɫáňĄɫ őǅĉŴĩňğɫáɫƤĩĄĉɫŴáňğĉɫőĞɫĞőőĄɫ
ŀáňĄźþáűĩňğɫźĉŴƣĩþĉźȶɫĉƃþȵ products
40 September 2023 /
KINSHIP & BUSINESS
2 DABUR Est. 1884
One of India’s leading FMCG companies, Dabur began its operations

as an ayurvedic medicine company by S.K. Burman, an ayurveda
practitioner in Calcutta. The name “Dabur” is derived from daktar
Burman (Doctor Burman), as his patients used to call him. Over the
years, Dabur added several popular products to its basket, including
Dabur Amla oil, Dabur Chyawanprash, Dabur Red paste, Dabur Honey,
Dabur Gulabari, etc. It was among the earliest companies to separate
family from management.
Key People
FINANCIALS
CURRENT LEADERSHIP
96,543
Market capitalisation in
Rs crore in FY23
6%
ĉƣĉňƉĉɫğŴőƤƃĥɫőĞɫ$áýƉŴɫ
in FY23
S.K. Burman
11,529.9 1856–1907 Founder
Revenue from operations in Rs
S.K. Burman was a licensed
þŴőŴĉɫĩňɫ>ÈǔǕȶɫƉűɫĞŴőŇɫ Mohit Burman
ayurveda practitioner. With
źɫǓǒȶǚǚǚȵǙɫþŴőŴĉɫĩňɫ>Èǔǔɫ áňɫáĩŇɫƃőɫűŴőƣĩĄĉɫĉǅĉþƃĩƣĉɫ Chairman
áňĄɫáǅőŴĄáýŀĉɫĥĉáŀƃĥþáŴĉȶɫĥĉɫ
started making formulations Mohit is the son of S.K.
1,707.1 for commonly prevalent Burman’s great grandson V.C.
ƉŴŇáňɫáňĄɫƃĥĉɫǈĞƃĥɏğĉňĉŴáƃĩőňɫ
$áýƉŴɢźɫűŴőǈƃɫáĞƃĉŴɫƃáƩɫĩňɫ ĩŀŀňĉźźĉźɫŀĩĽĉɫþĥőŀĉŴáȶɫŇáŀáŴĩáɫ
ŴƉűĉĉźɫþŴőŴĉɫĩňɫ>ÈǔǕȶɫ and plague. As the popularity ŇĉŇýĉŴɫőĞɫƃĥĉɫƉŴŇáňɫĞáŇĩŀƪɫ
őĞȶɫáňĄɫƃĥĉɫĄĉŇáňĄɫĞőŴȶɫĥĩźɫ ƃőɫýĉɫáƃɫƃĥĉɫĥĉŀŇɫőĞɫƃĥĉɫ
marginally down from
źɫǓȶǙǕǛȵǔɫĩňɫ>Èǔǔɫ ŇĉĄĩþĩňĉźɫĩňþŴĉáźĉĄȶɫĥĉɫźĉƃɫƉűɫ company. He took charge
a manufacturing plant in 1896 after his cousin Amit Burman
for their mass production. resigned in 2022.
Source: Dabur Integrated
Annual Report 2022–23
/ September 2023 41
17ǘǤ ANNIVERSARY
Milestones
Dabur becomes Dabur’s operations shift to Delhi.

áɫĞƉŀŀɏǉĉĄğĉĄɫ A new manufacturing plant is
company, named 1936 1972 set up in temporary premises in
Dabur India (Dr S.K. Faridabad
Burman) Pvt. Ltd
Dabur becomes a public

limited company. Dabur India
1884 1886 1986 Ltd comes into being after
reverse merger with Vidogum
Limited
S.K. Burman, licensed Burman sets up a

ayurveda practitioner, manufacturing plant to
starts making and increase production of Dabur India Ltd raises its
selling ayurvedic his formulations 1994 ǈŴźƃɫűƉýŀĩþɫĩźźƉĉȸɫźĥáŴĉźɫ
formulations oversubscribed 21 times
DABUR FAMILY’S Dabur demerges its

RULE BOOK 2003 pharmaceuticals business
from FMCG business
To avoid family feuds, the Dabur family
decided to give up executive positions
in 1990s and hired professionals to run
the show in the group. Consulting major
McKinsey & Company was hired for $áýƉŴɫŇáĽĉźɫĩƃźɫǈŴźƃɫőƣĉŴźĉáźɫ
advice and creating the path for a smooth acquisition, buys Hobi Kozmetik
2010 Group, a personal care products
transition of the family members into
non-executive roles. company in Turkey, for $69 million
After several months of discussions and

negotiations, it was decided that the
Dabur family will have a constitution and a
council to abide by. Dabur crosses billion-
2012 dollar turnover mark
All the members above the age of 25
were required to be part of the council.
Since the transition into the non-executive
positions, the family members hold the
ŴĩğĥƃɫƃőɫğĉƃɫźűĉþĩǈþɫĄĉƃáĩŀźɫőĞɫƃĥĉɫþőŇűáňƪɫ
ǈňáňþĉźɫáźɫƤĉŀŀɫáźɫýĩğɫĄĉþĩźĩőňźɫƃĥáƃɫþáňɫ
áǅĉþƃɫƃĥĉɫĞƉƃƉŴĉɫőĞɫƃĥĉɫþőŇűáňƪȵ Dabur’s revenue crosses
2022 Rs 10,000 crore
42 September 2023 /
KINSHIP & BUSINESS
3 GODREJ GROUP Est. 1897
The origin of the Godrej Group can be traced back to Godrej Brothers,
founded by Ardeshir Godrej and his brother Pirojsha Bujorji Godrej.
They started out by making and selling locks. Over the years, Godrej
ŴőƃĥĉŴźɫĥáźɫĄĩƣĉŴźĩǈĉĄɫĩňƃőɫźĉƣĉŴáŀɫźĉþƃőŴźȶɫŀĩĽĉɫþőňźƉŇĉŴɫğőőĄźȶɫŴĉáŀɫ
ĉźƃáƃĉȶɫĞƉŴňĩƃƉŴĉȶɫáűűŀĩáňþĉźɫáňĄɫǈňáňþĩáŀɫźĉŴƣĩþĉźɫáŇőňğɫőƃĥĉŴźȵɫ¡ĥĉɫ
ğŴőƉűɫƤáźɫƃĥĉɫǈŴźƃɫĩňɫƃĥĉɫþőƉňƃŴƪɫƃőɫŇáĽĉɫźƃĉĉŀɫþƉűýőáŴĄźɫƉňĄĉŴɫƃĥĉɫ
brand Godrej Interio.
Key People
COMPANIES UNDER CURRENT LEADERSHIP

GODREJ GROUP
Godrej & Boyce
Godrej Industries
Godrej Properties
Godrej Agrovet Ardeshir Godrej

1868–1936
Godrej Consumer He, along with his brother
Products Pirojsha, co-founded Godrej Adi Godrej
ŴőƃĥĉŴźȶɫƤĥĩþĥɫŀáƃĉŴɫĄĩƣĉŴźĩǈĉĄɫ Chairman
into several verticals and
Godrej Infotech became the Godrej Group. Adi Godrej is the son of Burjorji
They belonged to a Parsi family Godrej and grandson of Pirojsha
in Bombay. Ardeshir died Godrej. He is also the chairman
Godrej Koerber emeritus of Godrej Properties. He
childless, and the Godrej Group
was inherited by Pirojsha’s sons is assisted by his brother Nadir
Godrej Capital and grandsons. and cousin Jamshyd, son of Naval
Godrej, in managing the Group
business. While Nadir heads
Godrej Industries and Godrej
Agrovet, Jamshyd is the chairman
of Godrej & Boyce, the group’s
ǉáğźĥĩűɫþőŇűáňƪȵɫEĉɫƃőőɫĩźɫáɫ
recipient of Padma Bhushan.
/ September 2023 43
17ǘǤ ANNIVERSARY
Milestones
Godrej Agrovet incorporated;

Godrej
it is launched to address
Properties 1990 1991 India’s key agricultural crisis. It
launched
is publicly listed in 2017
Godrej acquires
Transelektra, owner of
1923 1951 1994 leading brands like Good
Night and Hit
After locks, Godrej The group makes

& Boyce, the 1.7 million ballot
ğŴőƉűɢźɫǉáğźĥĩűɫ boxes for India’s Enters gourmet retail
company, forays ǈŴźƃɫĉŀĉþƃĩőňźɫ 2005 with Godrej Nature’s
into furniture with Basket
steel almirahs
Adi Godrej steps

Partners with Indian
down as chairman
Space Research
Organisation for its Mars
2014 2021 of Godrej Industries;
Nadir Godrej takes
mission
charge
Glamour
in the Family
Parmeshwar Godrej, philanthropist and socialite, was the wife
of Godrej Group chairman Adi Godrej. A former air hostess, she
was famous for throwing Page 3 parties, in which top celebrities
of Bombay participated. If her husband was the rockstar of the
corporate world, she was an equal match in social dos and global
philanthropic circuit.
She became the voice of the rich on social causes when she
spearheaded the mission to stop the spread of AIDS in India. In
2004, she co-founded the Heroes project to spread awareness
about the disease with Hollywood actor Richard Gere. She also
associated closely with the Melinda and Bill Gates Foundation.
Parmeshwar also produced movies with the likes of Ismail

Merchant, James Ivory and Shekhar Kapur.
Adi Godrej (left) with wife Parmeshwar Godrej
44 September 2023 /
KINSHIP & BUSINESS
4 BAJAJ GROUP Est. 1926
Jamnalal Bajaj laid the foundation of the Bajaj Group with Bachhraj
Factories Private Limited in 1926. The fourth generation of the family
has entered the business. The Bajaj Group has diverse interests across
sectors like automobiles, investment, insurance, electricals, among
others, with 40 companies under its umbrella. There are around 36,000
employees across 40 companies of the group. The approximate maket
capitalisation of the Group is $105 billion.
Key People
CURRENT LEADERSHIP
Jamnalal Bajaj Rahul Bajaj

1889–1942 Founder 1938–2022
Adopted as his grandson by As the group head, he oversaw

Seth Bachhraj Bajaj, a distant company activities related
relative, Jamnalal entered to manufacture and sale of Rajiv Bajaj
his family business and motorised vehicles, general
Managing Director, Bajaj Auto
acquired trade-related skills. and life insurance, investment
Besides business, Jamnalal áňĄɫþőňźƉŇĉŴɫǈňáňþĉȶɫĥőŇĉɫ
The elder son of Rahul Bajaj,
was also drawn towards the appliances, electric lamps,
Rajiv Bajaj took over as the MD
national movement under wind energy, special alloy
of Bajaj Auto after his father
Mahatma Gandhi. He led and stainless steel, material
stepped down in 2005. He has
several movements to support handling equipment and travel,
been instrumental in introducing
khadi, national unity, rural among others. He was a former
Bajaj Auto to the motorcycle
development, etc. member of the Rajya Sabha.
market.
He also received the Padma
Bhushan award.
/ September 2023 45
17ǘǤ ANNIVERSARY
Madhur Bajaj
Non-Executive Director, Bajaj Auto
Madhur, the second son of Ramkrishna Bajaj, is

the chairman of Maharashtra Scooters Limited,
besides being director of Bajaj Electricals, Bajaj
Finance and several other companies of the
Group.
Sanjiv Bajaj Shekhar Bajaj
Chairman and Managing Chairman and MD,
Director, Bajaj Finserv Bajaj Electricals
Sanjiv Bajaj is the younger He is Ramkrishna Bajaj’s

son of Rahul Bajaj. son and Rahul Bajaj’s Niraj Bajaj
Under his leadership, cousin. Under him, the Chairman and MD, Mukand Limited
Bajaj Finserv emerged company entered the high
as one of India’s leading mast and transmission Niraj Bajaj is also the chairman of Bachhraj &
ĄĩƣĉŴźĩǈĉĄɫǈňáňþĩáŀɫ line tower business. The Company, Jamnalal Sons and various other
services companies with company has also witnessed Bajaj Group Companies. Besides business, he
solutions across lending, successful international tie- is an accomplished table tennis player. He is a
life insurance, general ups under him, like Morphy recipient of the Arjun Award for table tennis
insurance and wealth Richards, Delta Controls,
advisory categories. Securiton, etc.
Milestones
Bajaj Finserv Rahul, Shekhar,
Insurance joint Madhur and
Bachraj Trading ventures Bajaj Niraj Bajaj sign
Ltd rechristened as Allianz Life Insurance an agreement
Bachhraj Trading Bajaj Auto; becomes and Bajaj Allianz Shishir Bajaj related to
Pvt Limited was a public limited General Insurance separates from succession and
established company announced the Bajaj Group ownership plan
1938 1945 1952 1960 1987 2000 2007 2008 2018 2019
Radio Lamp Group enters travel Bajaj Auto Bajaj Finserv Bajaj Group
Works business; the Finance formed after becomes fourth
established company is called incorporated; it demerger from largest group in
EĩňĄɫeƉźáǈŴɫğĉňþƪɫ specialises in hire Bajaj Auto India by market
1960 purchase and Limited capitalisation
Radio Lamp Works ŀĉáźĉɫǈňáňþĉȶɫ
merged with the primarily for
newly created Bajaj Bajaj’s customers
Electricals
46 September 2023 /
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retirement.outlookindia.com
17ǘǤ ANNIVERSARY
5 TTK GROUP Est. 1928
Key People
CURRENT LEADERSHIP
T.T. Krishnamachari founded the

group as an indenting agency
in 1928. A pioneer in organised
T.T.
distribution in the country, he set Krishnamachari
up distribution of a wide range of 1899–1974 Founder
products, including food, personal
care products, writing instruments, He founded TTK Group T.T. Jagannathan
etc. The brands included Cadbury’s, as an indenting agency in Executive Chairman,
Ponds, Horlicks, Lux, Lifebuoy, 1928, pioneering organised TTK Prestige
Kellogg’s, etc. TTK Prestige Ltd, distribution in the country.
ĩƃźɫǉáğźĥĩűɫþőŇűáňƪȶɫýĉğáňɫ Jagannathan has been on the board
Krishnamachari later became
manufacturing pressure cookers in of TTK Prestige from over 47 years.
a Union minister and held
1959. The other group companies
űőŴƃĞőŀĩőźɫŀĩĽĉɫǈňáňþĉȶɫĩňĄƉźƃŴƪɫ He is the author of the book Disrupt
include TTK Services Private Ltd
and commerce. and Conquer: How TTK Prestige
and TTK Healthcare Ltd. The group
Became a Billion-Dollar Company.
has 30 products categories and a
turnover of over Rs 2,500 crore.
Milestones
FINANCIALS
TT Private Limited Signs
goes public, becomes Aishwarya Rai
2822.79 TT Limited; changes
its name to TTK
1988 2013 and Abhishek
Bachchan
is the consolidated income, in as brand
Prestige Limited
rupees crore, from operations for in 1994 ambassadors
TTK Prestige in FY23
Company
252.73 acquires UK’s
ĩźɫƃĥĉɫþőŇűáňƪɢźɫűŴőǈƃɫáĞƃĉŴɫƃáƩɫ 1955 1959 2016 Horwood
in rupees crore for FY23 Homewares
Limited
9,691 TTK Prestige

incorporated as
Company collaborates with
Prestige Group of UK, begins
is its market capitalisation as on
March 31, 2023 (NSE) TT Private Limited manufacturing pressure
in Chennai cookers in India
Source: Financial results released by TTK Prestige Ltd
48 September 2023 /
REC Helping
Energize India
Vivek Kumar Dewangan, Chairman & Managing
Director, REC Limited, shares his vision on how
the Maharatna company is using its funds to
help reform, revamp and transform the power
and logistics sector.
In your new avatar, how is REC faring especially the agriculture

in the revamping of the power consumers, is the investments
distribution sector? planned for feeder
REC is the nodal agency for the Revamped segregation.
Distribution Sector Scheme (RDSS) in 19 Also, RDSS plans for a phased-roll out of pre- the promotion of green power, green
States/ Union Territories covering 32 Discoms paid smart meters for all consumers in both fuel and making affordable energy
and the key focus areas include smart urban as well as rural areas. These smart available to the deprived communities?
metering in prepayment mode and meters are planned to be installed in a REC is relentlessly engaged in supporting
distribution infrastructure up-gradation and prepayment or pay-as-you-use model which green energy projects of various
modernization so as to drive greater would help enhance cash flows for the technologies such as solar, wind, hybrid,
participation of consumers as well as Discoms and also drive greater participation waste to energy and other upcoming
improve grid resilience and stability. of consumers in the energy landscape. technologies such as Green Hydrogen/
RDSS poses as the solution to ensure ammonia, E Mobility, etc., through project
financial viability and funding of major smart How are reforms in the power sector to financing. We always strive to ensure the
metering projects as well as for turn power utilities into healthy entities availability of low-cost funds for
strengthening & modernizing the progressing? development of the projects
distribution network infrastructure. RDSS is a The Government has made relentless efforts commensurate with national targets of
reform-based and result-oriented to connect every village and home to achieving 500 GW through Renewable
Distribution Sector scheme with an outlay of electricity, ensuring universal access. The Energy by 2030.
INR 3,03,758 Crore. RDSS scheme aims to reduce AT&C losses to Also, REC is acting as a nodal agency for
The scheme is designed in a unique 12-15% and close the gap between the various central government schemes to
manner by providing each State the average cost of supply and average ensure good quality round-the-clock power
opportunity to devise a state-specific action realizable revenue by 2025-26. With a focus supply to each and every household of the
plan along with customized targets and on 100% installation of smart meters in country. We will also continue as a project
requirements with the end objective of prepaid mode for all consumers by 2025 funding agency for viable projects at low
reducing losses & ensuring 24x7 quality under RDSS, it is envisaged that this would cost and customized conditions as per
power supply. On a holistic level, Scheme lead to better accountability and eradication specific requirements of the project/ sector.
envisages bringing down the AT&C losses to of the concept of arrears. This would
12-15% pan India and reducing the ACS-ARR enhance Discom’s cash flows thereby REC has been allowed to diversify,
gap to zero. Additionally, as part of the helping in financial sustainability. allowing one-thirds of its loan book to
evaluation framework of the scheme, Within one year of the RDSS scheme and be used for non-power and logistics
weightages have been provided for various initiatives by the Nodal agency as projects. What are the plans?
parameters like SAIFI/ SAIDI, etc. which are well as the Ministry of Power, early results are The Government of India has given REC the
key indicators for evaluating the reliability of already visible with a marked reduction in mandate to foray into the Infrastructure &
Discoms and targets have been clearly set AT&C losses of DISCOMs. The AT&C losses, Logistics sector other than the power
for these parameters for each of the which indicate the performance of utilities, sector ever since it has become a
evaluation years. have decreased from around 22% in FY2021 Maharatna Company. We have sanctioned
to below 16.5% in FY2022. This reduction in more than Rs.1,00,000 Cr until now in
Power for all has long been a losses has improved the finances of several large-scale Infrastructure projects
government commitment, how is REC DISCOMs, allowing them to better maintain including the electro-mechanical scope in
helping in the progress? the system and meet consumer demands. areas such as the development of
REC Ltd plays a significant role in the Legacy government dues have been expressways, metro rail systems, airports, IT
development of the power sector in both reduced substantially. communication, social & commercial
rural and urban areas. One critical initiative infrastructure (educational institution,
which would benefit the rural population, What role do you see REC playing in hospitals), ports, etc.
GET, SET, START
THE CORPORATE
GUILLOTINE
Will educator-turned-entrepreneur Byju Raveendran
be sidelined in—or even ousted from—his eponymous
edtech as the newly constituted board advisory
council struggles to bring the company back on to the
TVSƼXEFMPMX]TEXL#
Vinita Bhatia
50 September 2023 /
BYJU ON THE CORPORATE GUILLOTINE
n July this year, Think and ousted from it in 2019 after a failed siduus Global Inc., agrees with this
Learn Pvt. Ltd (T&L), the IPO attempt and growing concerns conjecture. “Raveendran has been
parent company of edtech de- about corporate governance and credited with building a successful
cacorn Byju’s that hit rough financial mismanagement. edtech start-up that garnered sig-
waters a year ago, appointed nificant attention and investment.
former State Bank of India Heavy Lies the Head However, like any business leader, he
chairman Rajnish Kumar and A start-up founder notes, anony- made both prudent and less prudent
former chief financial officer mously, that it is up to the BAC to decisions that impact the company’s
of Infosys T.V. Mohandas Pai bring the company back on track. performance,” she says.
to its newly formed board “While Raveendran did have many For instance, changes in market
advisory council (BAC). advisors earlier too, especially inves- demand, competition or economic
Byju’s, India’s most valued start- tors who were backing Byju’s, it is conditions might have impacted
up, is currently juggling multiple possible that they either did not give growth and revenue. T&L’s heavy
issues ranging from lawsuits, capital him judicious and timely advice, or dependence on the online education
crunch and slashed valuations to he was unwilling to listen to them,” model was one reason for its finan-
governmental investigation into he says. cial difficulties in a post-pandemic
its financial activities, layoffs and Praroop Lodha, an analyst at era. Similarly, its rapid expansion
closure of offices. While it remains Samarthya Investment Advisors, without adequate financial planning
to be seen if Kumar and Pai can feels that the responsibility for or resources to sustain their growth
put in place the missing corporate these issues does not lie solely with strained the company’s finances.
governance guardrails that brought the founder; it is a collective failing Additionally, poor operational
Byju’s to its current state, T&L will involving the founder, management management, inefficient processes
have to make some drastic changes team, board of directors and inves- and lack of cost-control measures
to survive. tors. “The lack of questioning on led to higher expenses and lower
One such option on the cards is re- matters of these imprudent decisions profitability.
moving its co-founder and CEO Byju has contributed to challenges like
Raveendran from his current posi- devaluation by investors, delays in A Litany of Misadventures
tion. This is akin to what happened financial reporting, adverse impact While Raveendran and his wife
with Ashneer Grover, co-founder of on the company’s reputation and Divya Gokulnath founded Byju’s
fintech start-up BharatePe. Both governance-related complications,” in 2011, the company got its second
founders are in the dock for finan- says Lodha. wind during the pandemic when
cial discrepancies. Their start-ups Somdutta Singh, angel investor students and their parents turned
witnessed resignations of senior and founder and CEO of multina- towards online education with gusto.
executives amid reports of corporate tional ecommerce accelerator As- Investors like Peak XV Partners,
misgovernance and both roped in
industry veterans to put the house Without a long term ...
in order. While Grover was ousted
from the company, is Raveendran
vision for the acquisition
too headed in the same direction? portfolio strategy,
A change in leadership might not individual companies
be as far-fetched as it appears, nor lose value and direction.
is it an unprecedented one. In 1985,
Apple’s board of directors removed
This erodes the initial
the company co-founder Steve Jobs buy-out cost for such
from his operational role following companies without
conflicts over his management style. Ŵĉáŀĩźĩňğɫƃĥĉɫýĉňĉǈƃź
Facing significant criticism over his
leadership style and pressure from
investors, Uber’s co-founder Travis
Kalanick resigned as the company’s
ASHWANI SINGH
CEO in 2017. Adam Neumann, Managing Partner
co-founder and former CEO of 35 North Ventures India
co-working start-up WeWork, was Discovery Fund
/ September 2023 51
GET, SET, START
Prosus NV and Blackstone Inc. were

only too happy to back the edtech
HOW THE COOKIE
firm, elevating its valuation to $22 CRUMBLED
billion. The money kept flowing as
On its downward trajectory, edtech
the company went through round
major Byju’s, once synonymous with
after successful funding round,
India’s emerging start-up landscape,
which it used to acquire other edtech
ƼRHWMXWIPJTPEKYIHF]WIZIVEPMWWYIWPMOI
companies. Raveendran was lauded
LMKLGSWXEGUYMWMXMSRWHIFXWVIHYGXMSR
as the founder with a Midas touch,
until things started turning to dust.
MRZEPYEXMSRF]MRZIWXSVWPE[WYMXWIXG
Industry experts say this was
because the company was busy April 2021 EGGYWIMXSJFVIEGLMRK
chasing valuation over value cre- &]NY WEGUYMVIW%EOEWL GSZIRERXWSJXLIEKVIIQIRX
ation in its seemingly unstoppable )HYGEXMSREP7IVZMGIW0XHJSV
rush to raise funds. Moreover, its EVSYRHFMPPMSR April 2023
ostentatious marketing invest- &]NYƅWGVIHMXSVWWIIOYTXS
ments—sponsoring India’s cricket November 2021 QMPPMSRMRTVITE]QIRX
team and roping in actor Shah &]NYƅWVEMWIWFMPPMSR along with a higher interest
Rukh Khan and footballer Lionel XLVSYKLE8IVQ0SER& VEXIXSVIWXVYGXYVIXLI80&
Messi as brand ambassadors—cou- 80& XSJYRHMXWKPSFEP Ajay Goel joins the company
pled with uninhibited acquisitions FYWMRIWWTPERW as CFO
did not result in topline growth.
June 2022 May 2023
In April 2021, T&L announced
its ambitious plans to buy Aakash
Toppr and WhiteHat Jr, part &]NYƅWGPSWIW6WGVSVI
SJ&]NYƅWTSVXJSPMSPE]SJJ VSYRHJVSQ97FEWIH
Education Services (AES), an offline
test preparation company, for almost
500 people (EZMHWSR/IQTRIV'ETMXEP
a whopping $1 billion. “This organic EKEMRWX%EOEWLƅWGEWL
September 2022
growth route must have appeared ƽS[W-XTPERWXSYWIE
&]NYƅWVIPIEWIWMXW*=
as a valid strategy as learners TSVXMSRSJXLIWIJYRHWXS
IEVRMRKWEJXIVERQSRXL
shifted back to the offline mode in VITE]MXW80&
HIPE]VITSVXMRKERIXPSWWSJ
large numbers. AES would have
6WGVSVIERHVIZIRYI June 2023
provided some fencing to Byju’s and
SJ6WGVSVI 'VIHMXSVWJMPIEPE[WYMX
the customer acquisition cost was
likely to be lower in AES versus its EGGYWMRK&]NY WSJLMHMRK
October 2022
QMPPMSRSJXLIJYRHW
online businesses,” says Davinder &]NYƅWHIGMHIWXSPE]SJJ
VEMWIH-XGSYRXIVWYIW
Singh, chief executive officer of AC- TISTPI-XEPWSVEMWIW
IC-BMU Foundation at BML Munjal PIRHIVWJSVEGGIPIVEXMRK
QMPPMSRJVSQI\MWXMRK
University. VITE]QIRXSJXLI80&
MRZIWXSVW
Neeraj Tyagi, co-founder and (IPSMXXI,EWOMRW 7IPPW
CEO of We Founder Circle, a global December 2022 resigns as the edtech’s
community of founders and angel 0IRHIVWEWO&]NYƅWXSVITE] EYHMXSVXLVIIMRHITIRHIRX
investors, also finds it probable TEVXSJXLIFMPPMSR80& HMVIGXSVWI\MXXLIGSQTER]
that the acquisition spree of Byju’s
was just a way to show profits in
its books to justify its $22 billion While Aakash was considered a cost-cutting measures like layoffs
valuation. “However, none of these good acquisition for T&L, the price and shutting down of offices were not
acquisitions has been profitable for tag raised eyebrows since Byju’s helping. Many felt that Raveendran
Byju’s. Additionally, the acquired lacked the requisite fiscal where- was too emotionally involved with
companies dragged down T&L’s withal to buy it. Securing funds for the AES deal, literally wanting it to
overall revenues, because they were the deal, whilst continuing business succeed against all odds.
not generating enough revenue as normal, was definitely a chal- In November 2021, Byju’s raised
to offset their acquisition cost,” lenge. In this dire time, the company $1.2 billion through a Term Loan
he elaborates. had to find ways to stay afloat, and B (TLB), where it had to pay 5.5%
52 September 2023 /
BYJU ON THE CORPORATE GUILLOTINE
interest with 0.2% LIBOR, a bench- According to Ashwani Singh,

mark interest rate for unsecured managing partner of 35 North Ven-
short-term loans. “Raveendran then tures India Discovery Fund, Byju’s
struck a deal with investors like the spent over $2.88 billion on 10-odd
Qatar Investment Authority to share acquisitions, including Aakash,
profits instead of raising debts. The Toppr, TutorVista, WhiteHat Jr,
deal was done under exceptional Vidhyartha and Scholr. “Without
circumstances and such a structured a long-term, and well-thought-out,
deal was also a message to other in- vision for the acquisition portfolio
vestors that he was committed to be- strategy, individual companies lose
coming profitable earlier than later,” value and direction. This erodes the
Singh recalls. initial buy-out cost for such compa-
By striking a deal with investors nies without realising the benefits of
to share profits, Byju’s could raise acquisitions, integrated sales teams,
capital without taking on debt. The cross-selling, rationalisation of tech
edtech could also avoid the imme- efforts and size of teams or offices,
diate pressure of repayment and etc.,” he explains. In addition to
interest associated with loans. This acquiring companies with weak
provided it with more financial flex- financial performance, as per news
ibility, especially while it was facing reports, Byju’s spent over Rs 2,000
mounting losses. However, the jury
Raveendran has crore on marketing during FY21.
is still out on whether this was a been credited with
far-sighted decision by Raveendran. building a successful A Bleak Future?
edtech start-up that While Byju’s revitalised the edtech
The Chickens Come Home
to Roost
ğáŴňĉŴĉĄɫźĩğňĩǈþáňƃɫ segment, it is staring at fiscal
collapse, from which it might not re-
Raveendran’s hopes hinged heavily attention and cover. Many hope this situation does
on Aakash’s profitability and its im- investment. However, not come to pass and the company
minent IPO, which he hoped would like any business can refocus on fundamentals like
also help in servicing the TLB. unit economics and profitability,
However, this was not to be. Some
leader, he made both even if it means slow growth. The
lenders pushed for faster repayment prudent and less constant scrutiny from regulatory
of part of the loan, putting further prudent decisions that authorities following the corporate
financial pressure on the edtech, impact the company’s governance mishaps at Byju’s has
which was already in the limelight instilled uncertainty amongst all
following multiple rounds of layoffs, performance stakeholders, with giant question
questionable accounting practices, marks appearing on the larger
the resignation of its financial audi- investment landscape.
tor Deloitte and the stepping down SOMDUTTA Moreover, it would cast aspersions
of three independent directors. SINGH on the prospects of India’s start-up
The company’s earliest investors landscape, the third largest in the
Founder and CEO
also started reviewing their invest- world, and keep investors at bay.
ment in the company. BlackRock,
%WWMHYYW+PSFEP-RG This is something the government
which owns around 1% equity in would like to avoid at all costs.
Byju’s, slashed its valuation twice vestment to $493 million, effectively As the beleaguered Byju’s tries
this year—in February, it reduced bringing down Byju’s valuation to navigating through throes of crisis,
it from $22 billion to $11.5 billion $5.1 billion. will its investors and the newly
and, in March, it estimated the Fingers were increasingly pointed constituted BAC push for leadership
company’s fair value at $8.4 billion. at Raveendran’s capability as a changes to help the company navi-
In June 2023, Prosus NV, which had leader, with questions being raised gate through a turnaround? Will
invested $536 million in the start-up as to whether the issues confronting Raveendran’s fall from grace result
since 2018 and has 9.6% stake in the the company had resulted from his in his head being placed on the
firm, slashed the valuation of its in- imprudent decisions. chopping block?
/ September 2023 53
Ulipsu: EdTech Powerhouse
in Skill Education
Ulipsu is a global platform curated to explore and master skills. The platform is designed for
learners from grades 1–10, offering innovative, engaging, and joyful learning solutions.
Ulipsu effectively equips schools with the means to integrate vital skills into their existing
framework. These span from fundamental skills like language and communication, life skills,
maths, and new age skills like coding, artificial intelligence, finance & entrepreneurship to
trending subjects like digital citizenship, space tech, data science, and design thinking &
innovation, as prescribed in both NEP 2020 and CBSE skill modules. The platform also includes
hands-on skills like music, art and craft, science DIY, robotics, and yoga.
What led to the inception of a

skill education platform?
Sumanth Prabhu: With over a
decade of firsthand experience in
the edtech sector, both me and
Nikhil embarked on a journey
that stemmed from a shared
passion for teaching during our
college days. By closely observing
educational gaps and recognizing
untapped learning needs, our vi-
sion evolved into a transformative
solution for children’s learning. In
light of the evolving education-
al landscape and the immense
potential of education technol-
ogy, our mission became clear:
democratise skill education with
a value-enriched platform that Nikhil Bhaskar Co-Founder & Sumanth Prabhu Co-Founder
empowers learners while lever- CTO, Kidvento Education & & CEO, Kidvento Education &
aging technology for impactful Research Pvt Ltd Research Pvt Ltd
outcomes. Nikhil Bhaskar began his journey as With over 8 years of experience as
an entrepreneur right after gradu- an entrepreneur, Sumanth Prabhu has
How does Ulipsu contribute ating with a bachelor’s degree in been instrumental in bootstrapping
to education and skill develop- Electronics. Throughout his journey Kidvento to success. A Mechanical
ment? as an entrepreneur, he has created Engineer by education, Sumanth
Sumanth Prabhu: Ulipsu aims award-winning, industry-first prod- Prabhu is a passionate educator and a
ucts for Kidvento. Nikhil Bhaskar is proficient speaker. He is instrumen-
to bridge the gap in skill educa-
a true customer-centric co-founder tal in building innovative business
tion by providing a platform for and a passionate technocrat. models at Kidvento.
young learners to pursue their
interests and learn skills of their
choice rather than being limited with educational institutions to prepared for the future workforce.
to prescribed subjects. It offers provide learners with tailored
over 350+ gamified and Inter- learning experiences, enhancing ` What are the advantages of
active Learning Modules (ILMs) their skills beyond conventional introducing skills at an early
spanning 17 different skills that subjects. By integrating Ulip- age?
can be accessed both at school su, schools contribute towards Nikhil: Introducing skills at an ear-
and at home. Ulipsu partners shaping well-rounded individuals ly age offers several advantages.
54 September 2023
It fosters cognitive development, globe to seamlessly integrate a spectrum of skills. This cohesive
enhances problem-solving abili- skill development activities into structure ensures that learners
ties, and promotes creativity. Early their academic framework and receive a comprehensive and
skill development also instills con- It eliminates the need for spe- high-quality educational journey.
fidence, adaptability, and a strong cialised infrastructure or trainers, Flexibility is another key facet of
foundation for lifelong learning. as all the resources are available Ulipsu’s approach. With a selec-
Early skill development promotes within the platform. It not only tion of ILMs encompassing 17
a rich landscape of creativity, enhances the educational offer- diverse skills, including new-age
encouraging exploration across ings of schools but also optimises subjects like Artificial Intelligence,
various domains and paving the resource utilisation and provides Coding, and, Finance & Entre-
way for an imaginative approach a well-rounded learning experi- preneurship, learners have the
to learning and life. ence for learners. flexibility to choose skills that
This creative spark remains a align with their interests and
constant companion as individu- How is learning facilitated on aspirations.
als venture into different spheres, Ulipsu’s platform?
enriching their perspectives Nikhil: Ulipsu employs digital Where do you envision Ulipsu
and approaches. Additionally, it pedagogy, utilizing audio-visual in the sector of skill develop-
equips individuals with practical content to enhance the learning ment in the coming years?
tools for success in an ever-evolv- experience and cater to different Sumanth: Our competitive edge
ing world. learning styles. The integration comes from an established Ed-
of bite-sized content, developed tech foundation built on research,
`How does Ulipsu incorporate with learners’ attention span in expertise, and data from our
gamification into its platform? mind, ensures sustained engage- partnerships with 350+ schools.
Nikhil: Ulipsu employs a gamified ment. This firsthand experience gives us
approach, seamlessly integrating In this digitally immersed era, an understanding of student and
it into the learning experience. Ulipsu’s integration of digital management needs.
Throughout and following the pedagogy aligns seamlessly with Maintaining relevance in the skill
completion of an ILM, learners modern student preferences. education sector is paramount.
actively participate in a variety of Through visual immersion and To achieve this, our strategic
interactive activities and this ap- auditory engagement, learners approach entails adaptability
proach sets it apart from its ability gain a deeper understanding of and staying attuned to evolving
to make learning interactive by the chosen skill. This approach trends and technological ad-
inculcating both intrinsic and ex- transcends boundaries, fostering vancements. This enables us to
trinsic gamification approaches. global perspectives and prepar- regularly update our offerings to
This unique method ensures that ing them for a dynamic world. align with future skill demands.
the learning outcome becomes Ulipsu doesn’t just teach; it trans- Furthermore, we prioritize con-
an organic part of the learning forms education for a new age of tinuous improvement. Feedback
process, offering valuable insights learners. from learners, educators, and
into a learner’s progress and abili- parents helps refine our platform.
ties while maintaining an enjoy- What are the advantages of We actively seek input to enhance
able and immersive educational choosing Ulipsu? the user experience, course effec-
environment. Sumanth: Ulipsu brings forth a tiveness, and overall satisfaction.
range of compelling advantages
`What benefits do schools for learners, including its dis- Conclusion:
gain from adopting Ulipsu? tinctive approach to education. Skills are the stepping stones
Sumanth: Schools that adopt Learning within the platform is to realising true potential. As
Ulipsu are furnished with a both gamified and hands-on, advocates of lifelong learning, we
comprehensive standardised skill ensuring engagement and inter- understand that there is no limit
curriculum, meticulously crafted activity. to learning, and we are paving
content, an advanced monitoring Aligned with NEP 2020, Ulipsu pathways for learners to engage
dashboard, and thoughtfully cu- integrates skill modules that in continuous skill development.
rated learning outcomes estab- align with its guidelines. Our Ulipsu is here to stay, shaping
lished taking into account K-10 standardized skilling curriculum skill education, transforming
curricula of India, USA, UK, and is a standout feature, providing lives globally, and crafting a
Singapore. This holistic package consistent content, assessments, tomorrow that resonates with
empowers schools around the certifications, and projects across untapped potential.
September 2023 55
EMAMI’S
PERSISTENT
BEAR HUG
EMAMI’S PERSISTENT BEAR HUG
After more than four RETURNS ON INVESTMENT

successful decades,
FMCG major Emami, ;LMPI)QEQMLEWWIIREHS[RWPMHIMRPEWXƼZI]IEVWMXW
GSQTIXMXSVWLEZI[MXRIWWIHWLEVTVMWIMRXLIMVWXSGOTVMGI
which owns popular
brands like Navratna -20.32%
oil, BoroPlus, Kesh Emami
King, etc., seems

FIVE-YEAR RETURNS
NSE 71%
to be losing its
Dabur 27%
charm among retail
investors. Why has it HUL 44%
PSWXWMKRMƼGERXZEPYIEX Marico 62%
the bourses in the last
ƼZI]IEVW#
Nestlé 120%
-40.0% -20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0%
Devanshu Singla Source: NSE Market data retrieved on August 2
*Ž
ew can boast of a history as to investors, the Nifty FMCG index Overshadowed by Rivals
dynamic as that of FMCG gained nearly 70% during the same The company’s profit after tax (PAT)
major Emami Ltd. It was period. has increased from Rs 306 crore in
born half a century ago, The company’s stock has been FY18 to Rs 627 crore in FY23. A rise
in 1974, when friends R.S. trading below the all-time high of of 104% in PAT would generally
Agrawal and R.S. Goenka set up a Rs 682 that it had touched on Janu- be seen as a reason for investors’
small manufacturing unit called ary 10, 2018, on the NSE for a while confidence in a company’s stock.
Kemco Chemicals for ayurve- now. On the BSE, the Emami stock But the case of Emami shows that
dic medicines and cosmetics in has slipped over 19%, compared to the sentiment of investors in the
Kolkata. However, it is the impres- a 55% growth in the BSE FMCG stock market depends on an overall
sive growth of the company with index. outlook of company’s business.
strategic and successful acquisitions “The 2018 level of the stock was While the company was able to
over more than four decades, juxta- result of high valuation multiple post growth in some key indicators,
posed with the not-so-impressive as the stock was trading at 2x P/E it was lower than its competitors in
run at the bourses for some time multiple of the current. Even as the market. From Rs 2,540 crore in
now, that makes it a fascinating the pledged shares went down, the FY18, Emami’s gross sales increased
case study. impact of Covid-19 on demand also by 34% to Rs 3,405 crore in FY23.
The last five years have seen sev- dragged the share value down. Cur- Its total income in the same period
eral bull runs on the stock markets. rent valuation multiples are much increased by 32% to Rs 3,474 crore.
While the BSE 30 index has given lower than historical level and hence However, Emami’s performance
75% return in this period, the NSE stock is trading lower,” says Ajay pales in comparison with the num-
50 index has also increased inves- Thakur, research analyst at Anand bers of competitors Dabur India
tors’ wealth by 71%. Despite the blip Rathi Institutional Equities. Ltd, Hindustan Unilever, Nestle
of Covid-19, most listed companies Despite the solid performances of and Marico India. In the last six
with a sound business model have FMCG and benchmark indexes and financial years, the company was
given decent returns to investors. having several popular brands in its lagging in terms of growth in all the
But Emami Ltd stands out as an ex- portfolio, the fall in Emami’s share indicators analysed, except PAT.
ception. The Kolkata-headquartered price makes one wonder if it is a case Shashwat Grover, senior con-
company’s stock price has plunged of undervaluation or a reflection of sultant at financial advisory and
over 20% in the last five years. For a underlying issues with the compa- valuations services provider Aran-
perspective on the opportunity cost ny’s business. ca, attributes the plight of Emami
/ September 2023 57
DECODED
of the company was its high price to

earnings (PE) ratio. According to
LAGGING BEHIND data sourced from Ace Equity, the
)QEQMWLS[IHKVS[XLMRPEWXƼZIƼWGEP]IEVWFYXXLI firm’s PE ratio was over 70 in FY18.
GSQTER][EWFILMRHMXWGSQTIXMXMSRMREPPXLIƼRERGMEP “The stock was trading at a higher
MRHMGEXSVWEREP]WIHI\GITXTVSƼXEJXIVXE\ price compared to its earnings. To
justify that kind of value over the
long term, a company needs strong
Indicator Emami Dabur HUL Marico Nestle*
growth and stable margins,” Grover
explains.
+VSWWWEPIW 34 53 64 60 71
Promoters’ Stake in the Game
8SXEPMRGSQI 32 49 70 54 67 While the company’s underperfor-
mance in several key indicators
8SXEPI\TIRWIW 35 53 65 53 67 translated into lower confidence
among investors, analysts point
4&-(8 to the decision of pledging a large
26 35 86 60 68 number of shares by the firm’s
promoters as a reason behind the
PAT 104 25 94 60 95 negative sentiment around Ema-
mi’s stock.
%PPƼKYVIWWLS[TIVGIRXEKIMRGVIEWIFIX[IIRXLIIRHSJ*=ERH*=
According to the available data,
2IWXPIJSPPS[W.ERYEV](IGIQFIVG]GPIJSVJMPMRK
the promoters’ shareholding that
7SYVGI%GI)UYMX]
was pledged was as high as 89% in
2020. Pledging of shares refers to
to better performance by rival products, maintained steady growth the situation when the promoters
companies. “From FY18 to FY23, and a substantial market share,” she of a company pledge their shares
Emami’s revenue growth was only elaborates. as collateral to secure a loan or
modest, while some competitors like Given the performance of Emami meet their financial requirements.
Godrej Consumers, Hindustan Uni- compared to its peers, another fac- In simple terms, pledging in the
lever and Marico saw much better tor that weighed on the stock prices stock markets means taking a loan
growth,” he says. against its securities. A high number
Competitors’ better performance of pledged shares is perceived neg-
is reflected in the strong growth of The mixed demand atively by investors, which in turn
their share prices in the last five environment, especially reflects in the price of the company
years, suggesting that they have in discretionary on the bourses.
benefitted from the multiple bull Gandhi believes that the pledging
categories like personal
runs and confidence of investors in of shares by promoters might have
the stock market. care, has raised raised concerns among investors,
According to Anita Gandhi, uncertainties about the leading to negative market sen-
whole-time director and head of company’s prospects. timent. According to the BSE
institutional business at Arihant website, promoters own 54.52% of
Improvements in
Capital Markets Ltd., Emami’s com- the stake in the company currently.
petitors were able to match the pace distribution channels To address investors’ concern, the
of the industry’s growth. “HUL has and consistent long-term promoters vowed to reduce their
capitalised on increasing consumer growth may be required pledged shares to zero by hiving off
demand in segments like personal the Group’s assets. In the last few
to regain investor trust
care, home care and refreshments. years, they have sold their stake in
Nestle exhibited significant growth, several businesses. In 2021, the com-
expanding its market presence with pany had sold its cement business to
diverse products like water, coffee, ANITA GANDHI the Nirma Group for Rs 5,500 crore.
tea and food. Dabur India, focusing Whole-Time Director This deal helped the promoters re-
on ayurvedic and personal care Arihant Capital Markets Ltd duce their pledged shares ratio from
58 September 2023 /
EMAMI’S PERSISTENT BEAR HUG
89% to 45%. The Emami group needs to have a serious

Emami’s vice chairman Mohan
Goenka had said last year that the
relook at its various businesses and regroup its
number of pledged shares would resources towards those businesses where its core
further be reduced by selling the strength lies and it sees maximum potential in
Group’s hospital chain and real the years to come
estate owned by the promoters and
a few Group companies. Emami is
awaiting the West Bengal govern-
ment’s approval to sell its AMRI
AMAR SINGH DEO Head Advisory, Angel One Ltd
Hospitals Ltd to Manipal Health
Enterprises. Emami Group owns fidence. Compared to other FMCG regroup its resources towards those
98% in AMRI Hospitals, while the brands like ITC, Britannia, Nestle, businesses where its core strength
West Bengal government owns the Marico, Colgate Palmolive and lies and it sees maximum potential
remaining 2%. A no-objection cer- Hindustan Unilever, Emami has not in the years to come,” Amar Singh
tificate is required from the govern- been able to capitalise on its brand Deo, head advisory at Angel One
ment for the proposed takeover. In and build upon its past growth. Ltd, says.
May 2023, the Group sold its solar “The Group needs to have a serious Emami’s strength lies in its
power business to a Canadian in- relook at its various businesses and range of products. The firm can
vestment company, Brookfield Asset boost its market position and
Management, through a 100% stake growth potential by focusing on
sale. Thanks to these efforts, the
number of pledged shares further EMAMI OVER marketing the well-known brands
in its portfolio and launching new
dropped to 33% in the first quarter
of FY24.
THE YEARS products. According to Kaustubh
Pawaskar, deputy vice president,
fundamental research at broking
Reclaiming the Past 1974 Established house Sharekhan, sustained focus
With the Indian markets setting on product launches, distribution
new records and the economy 1974 Radheshyam Goenka expansion, scale-up of emerging
continuing its recovery from the and Radheshyam Agarwal channels, a strong pipeline of D2C
pandemic shock, there are hopes set up Kemco Chemicals, brands, growth in international
that the company’s stock may final- an ayurvedic medicines and business and improved penetration
ly post positive momentum in the cosmetics manufacturing unit, will help to improve its growth
coming years. “We expect the stock in Kolkata’s Burra Bazar with a prospects in the medium term. With
to rebound and rerate as many of capital of Rs 20,000 stabilising raw material prices, the
the concerns are behind us now,” margins are expected to improve in
says an optimistic Thakur. 1978 Kemco Chemicals the coming years.
Analysts suggest that the compa- acquires Himani Ltd, which The story of the last five years
ny will have to work on the funda- was incorporated in 1949 has been one of disappointment for
mentals of its Group’s business to and manufactured cosmetic investors of the Emami Ltd, but the
gain investors’ trust. “The mixed products; launches the popular ball is in the latter’s court. Whether
demand environment, especially in Boroplus antiseptic cream in it is able to capitalise on the several
discretionary categories like per- 1984 and Navratna oil in 1990 brands it owns and reap the benefits
sonal care, has raised uncertainties under brand Himani of the sustained investor confidence
about the company’s prospects. Im- in the stock market remains to
provements in distribution channels 1995 Kemco Chemicals be seen. To its credit, the FMCG
and consistent long-term growth converted into public limited major has come a long way from
may be required to regain investor company; its name is changed where it started almost half a cen-
trust,” says Gandhi. to Emami Ltd tury ago, but to remain relevant for
The company’s inability to gain another half a century, it will have
market share in its product segments
has raised worries about its growth
1998 Himani Ltd. merged to at least match the performance
of its popular competitors if not
with Emami Ltd
prospects, impacting investor con- outdo them.
/ September 2023 59
DECODED
FINTECH GAME IS
IN THE DATA CLOUD
8
Ž
he race to go from insights to action drives
With customer acquisition India’s fintech industry. Catalysed by
and retention as prime drivers, innovations, like digital payments, UPI,
ƼRXIGLTPE]IVW[ERXHEXE tap-and-go payments and subscriptions,
it has become the bedrock of the country's
TEXXIVRWSRƼRKIVXMTW8LI] burgeoning digital financial ecosystem, with an
EVIIQFVEGMRKHEXEGPSYH ever-increasing demand to cater to a wider customer
base safely.
to make a concerted move The National Investment Promotion & Facilitation
XS[EVHWHEXEMRJSVQIH Agency claims that the fintech market opportunity
is estimated to be $2.1 trillion by 2030, while the
IƾGMIRG]ERHTVSHYGX country’s payments landscape is expected to reach
$100 trillion in transaction volume and $50 billion in
innovation revenue in this period. As these advancements contin-
ue to grow at a rapid pace, fintech companies are in-
Vinita Bhatia undated with customer, transaction and other types of
60 September 2023 /
FINTECH GAME IS IN THE DATA CLOUD
financial data that poses two types is available, it is sought by many workflows and machine learning
of challenges. First is the challenge teams—marketing, operations, models to build, deploy, share
of data management, which covers business or product—within the and monetise applications. At one
the issues of enormous data volume, organisation. Snowflake separates juncture, fintech start-ups could be
data posture, data sensitivity and computing and storage, making it collecting transaction data on apps
the speed and complexity of data extremely easy to query the same built in their preferred languages
structures. The second challenge data across hundreds of dashboards and in popular databases, while,
involves data utility for product simultaneously,” Lahoti says. at another juncture, they could be
innovation and creating customised porting this data to a regulator’s
solutions while maintaining custom- Single-Location Data Agility choice of development ecosystem or
er anonymity. The fintech sector sits at the communicating with security archi-
The fintech space is dominated intersection of retail customers, tecture built on an entirely alien set
by start-ups that have used product policymakers, reg ulators and of code.
innovation to create a whole new interoperable competitors and part- A robust data cloud comes to the
market segment within the larger ners. This location forces it to seek rescue of fintech players in this
financial services industry. It is iron- solutions that can accommodate situation. To reap the benefits of the
ical, then, that start-ups are taking multiple programming languages, data cloud, start-ups tend to for-
time to turn the piles of data they sit open standards, data engineering mulate a data strategy that is fully
on as assets. However, the ones that
have taken a leap of faith know that
a whole new industry exists around
data management and curation for
them to join hands with.
PILLARS OF SOUND
DATA CLOUD STRATEGY
The Multi-Channel Challenge
Fintech start-ups were born out of
SPEED
and exist in the cloud, with their Access to the right data to the right person
multiple channels of data entry EXXLIVMKLXXMQIIQTS[IVWƼRXIGLWXSQEOI
forming its various streams. This UYMGOERHXMQIP]HEXEHVMZIRHIGMWMSRW8LIWI
is where they need data cloud com- HIGMWMSRWLIPTXLIQMHIRXMJ]XVIRHWMRGYWXSQIV
panies to help them manage and FILEZMSYVERHTSXIRXMEPVMWOWEPPS[MRKXLIQXS
leverage their growing data. VIWTSRHW[MJXP]ERHTVSEGXMZIP]XSQEVOIXH]REQMGW
Gaurav Lahoti, chief technology
officer of Khatabook, states how the COMPETITIVE DIFFERENTIATION
billing, inventory, business man- 7ERMXMWIHHEXETVSZMHIWƼRXIGLWZEPYEFPIMRWMKLXWMRXSGYWXSQIV
TVIJIVIRGIWRIIHWERHTEMRTSMRXW%VQIH[MXLXLMWORS[PIHKI
agement and accounting start-up
XLI]GERHIZIPSTGSRXI\XYEPMRRSZEXMZIERHGYWXSQIVGIRXVMG
has clear-cut requirements where
TVSHYGXWERHWIVZMGIWKMZMRKXLIQEGSQTIXMXMZIIHKIMRXLIQEVOIX
the data from production databases
must be available instantaneously
OPERATIONAL EFFICIENCY
to its operations team. This ensures %VSFYWXHEXEWXVEXIK]WXVIEQPMRIWHEXETVSGIWWIWƂKSMRKEPPXLI[E]
agility in the data management JVSQHEXETVSGIWWMRKXSFYMPHMRKTVIHMGXMZIQSHIPWERHETTPMGEXMSRWXLEX
process to analyse the data in real GERTVIWGVMFIXLIRI\XFIWXEGXMSR8LMWWIEQPIWWGSRRIGXMSRVIHYGIW
time and feedback to the platform. GSQTPI\MX]ERHSTIVEXMSREPFSXXPIRIGOW%XXMQIWEUYMGOMRWMKLXEPPS[W
Khatabook engaged the US-head- SVKERMWEXMSRWXSW[MJXP]VIWTSRHXSGLERKMRKH]REQMGW[LMGLELSPMWXMGHEXE
quartered data cloud company GPSYHTPEXJSVQGERIREFPI
Snowflake for data management
and its granular access across its dif- COMPLIANCE AND SECURITY
ferent teams. The accounting start- 6IKYPEXSV]GSQTPMERGIHEXETVMZEG]EYHMXEFMPMX]VSPPFEGOWHEXE
VITVSHYGMFMPMX]EGGSYRXEFMPMX]MRJSVQEXMSRWIGYVMX]ERHEHLIVIRGIXSPSGEP
up uses Snowflake to maintain data
ERHGVSWWFSVHIVVIKYPEXMSRWEVITEVEQSYRXXSƼRXIGLGSQTERMIW6SFYWX
storage and usage layers, making
WIGYVMX]QIEWYVIWMRGPYHMRKHEXEIRGV]TXMSREXXVERWMXERHEXVIWXVSPIFEWIH
the same real-time data available EGGIWWGSRXVSPWH]REQMGQEWOMRKSJTIVWSREPHEXEIXGEVIJSYRHEXMSREPXS
to many teams within the organisa- TVSXIGXMRKWIRWMXMZIGYWXSQIVMRJSVQEXMSRJVSQFIRMKRERHQEPMGMSYWEGXSVW
tion within seconds. Once the data
/ September 2023 61
DECODED
ňőƤǉáĽĉɫĩźɫĉňáýŀĩňğɫǈŴŇźɫƃőɫŴĉŇőƣĉɫŀĉğáþƪɫ
ƃĉþĥňőŀőğƪɫýőƃƃŀĉňĉþĽźɫáňĄɫĩŇűŀĉŇĉňƃɫɫ
áňɫĉňƃĉŴűŴĩźĉɫĄáƃáɫźƃŴáƃĉğƪɫĩňɫƃĥĉɫþŀőƉĄɫƤĩƃĥɫɫ
źƃŴőňğɫğőƣĉŴňáňþĉɫáňĄɫþőňƃŴőŀźɫƃőɫĩĄĉňƃĩĞƪɫýĉƃƃĉŴɫ
ĄĩźþőƣĉŴƪɫáňĄɫáþþĉźźɫƃőɫĄáƃáɫƃőɫźƉűűőŴƃɫýƉźĩňĉźźɫ
Ąĉþĩźĩőňźȵɫ¡ĥĩźɫğĩƣĉźɫƃĥĉŇɫáɫǕǘǒɏĄĉğŴĉĉɫƣĩĉƤɫőĞɫ
ƃĥĉɫþƉźƃőŇĉŴȶɫĥƪűĉŴɏűĉŴźőňáŀĩźáƃĩőňɫáňĄɫĩŇűŴőƣĉĄɫ
źĉŴƣĩþĉɫŀĉƣĉŀźɫĩňɫǈňáňþĩáŀɫźĉŴƣĩþĉ
RINESH PATEL
,IEH*MRERGMEP7IVZMGIW-RHYWXV]7RS[ƽEOI
managed, secured, governed and cial services industry at Snowflake, transform burdens and deepening
transparent on the go. This empow- claims that the company's data insights,” Patel elaborates. “More-
ers them to make timely decisions cloud is uniquely positioned to cater over, it can analyse data by scaling
on strategy, develop new products, to challenges faced by start-ups and limitlessly outwards and upwards
improve operational efficiency and allow them to iterate, analyse, inno- on demand without resource con-
maintain regulatory compliance. vate and collaborate with data. It tention in Python, Java, Scala and
With this approach, they can focus does this by breaking down tech and SQL to maximise insights,” he adds.
on their core business activities and data silos across the client organi-
innovation. sation and ultimately enabling its Cloud to Cloud
Uni Cards, a rewards-based credit managers to make better decisions Interestingly, Snowflake enables
card company whose business logic with data, he adds. clients to share data across clouds,
rests on customer-centric innova- “Snowflake is enabling firms to re- regions and teams in a governed
tion, has gone through this learning move legacy technology bottlenecks and secure way to allow better
curve. Like others in the fintech and implement an enterprise data collaboration. This is essential since
industry, its key challenges includ- strategy in the cloud with strong technology and data strategies are
ed maintaining data transparency governance and controls to identify now inseparable when one consid-
within the organisation and for better discovery and access to data ers how organisations approach
regulatory purpose, complexity of to support business decisions. This the cloud, moving from being
data structure and cumbersome gives them a 360-degree view of data-informed to becoming more
data management processes in gen- the customer, hyper-personalisation data-driven in their actions and
eral. Abhishek Gupta, CTO at Uni and improved service levels in finan- business decision-making.
Cards, says that the fintech is trying cial service,” Patel says. In the fast-evolving fintech
to not only solve these problems but Snowflake pitches itself as a landscape, data cloud companies
go a step further to bring relevant cloud-native data platform that play a crucial role in enabling, man-
credit-first solutions to contempo- enables financial services compa- aging, securing and leveraging the
rary customers. “To achieve this nies to centralise data, bringing in colossal amount of data generated.
vision, we rely on Snowflake to internal and external or structured By working closely with fintech
help us visualise all our data in one and unstructured data by reducing companies, they ensure agility in
place seamlessly and securely. It onerous data pipelines, something the data management, enabling
helps us collaborate among teams that fintech players may not be engineering, analysis and feedback
without fear of data leakage and capable of doing themselves or to fintech platforms. While they
make informed decisions based on incur huge cost if they decide to do still have a long way to go, all stake-
a comprehensive understanding of so. “Snowflake also enriches data holders recognise that this is more
our business,” he adds. by joining first- and third-party of a marathon than a sprint and are
Rinesh Patel, head of the finan- data and lowering extract, load and gearing up for the finish line.
62 September 2023 /
PRE S EN T S
Business
Excellence
Awards
2023
POWE RED B Y
PFG LOGO | HORIZONTAL | ON WHITE
LOGISTICS PARTNER PRINTING SOLUTION PARTNER GAMING PARTNER

Makarand Narwekar
Former Corporator
Vibhav Agarwal, CEO

Power, Vedanta Ltd
OUTLOOK HONOURS
Panel Discussion
MSMEs for their Stellar Role

MSMEs are India’s real stars, but they are often unsung. Outlook Business
makes it a point to honour the achievers among them every Year
M
icro, small and medium Narwekar to share their perspectives. The panel discussion featured Aakanksha
enterprises (MSMEs) are The chief guest was Makarand Narwekar, Bhargava, CEO of PM Relocation Pvt Ltd,
important players in the Indian an advocate and former corporator now Nishant Seth, Director of Rainbow Aviation
economy, whether by share of chairman of the Municipal Corporation of Pvt Ltd, Amit Jain,CEO of AAIS Global, and
gross domestic product or manufacturing Greater Mumbai’s committee on Law, Gunish Jain, CEO of BlueKaktus. Anshu Mor,
or share of exports or role in employment. Revenue & General Purpose. Aastha Gill, a a leading stand-up comedian who quit a
But they are relegated to the back of our leading actress, and Harshita Shekhar Gaur Microsoft job at 44 to pursue his passion,
minds because most cannot afford the (of Jehanabad: Of Love & War fame) were moderated the discussion.
brand game, even if they have remarkable the guests of honour. The Outlook Business Spotlight - Business
stories of achievement. Recognising this Vedanta’s Agarwal said creating a business Excellence Awards honour industrialists
fact, the Outlook group bestowed a clutch for future generations is important. “One with remarkable insight, leadership
of awards for the sector under different cannot continue to live in a world where we qualities, and strategic thinking to deliver
categories to felicitate them. are emitting carbon or not following what sustainable growth and profitability.The
At a recently held event in Mumbai this has been committed by our honourable awards recognise leaders who have set
year, Suchetana Ray, Editor of Outlook prime minister, that by 2070 we have to exalted standards of excellence in their
Business, said MSMEs are expected to play achieve decarbonisation, ” Agarwal said. industries and have made an indelible mark.
an even more crucial role in powering India Narwekar noted that corporates are The awards ceremony provided a
into its Amrit Kaal. Ray said the ‘Make in today looking differently at spending on formidable platform to celebrate the
India Call’, which aims to manufacture CSR or corporate social responsibility. success of these remarkable leaders and
things now imported, should be expanded “Corporates look at partnering with the organisations, thereby catalysing an
to “Make for the Globe”. government to execute [projects] on which exponential impact on the business
“That is where the global the government would have spent money landscape.
competitiveness of MSMEs will be called anyway,” Narwekar said. The list of 58-odd awardees included a
into question as India turns 100 in the The awards focus on MSMEs who have chartered accountants firm (Bansi S. Mehta
next few years,” Ray said at the Outlook shown how to overcome obstacles and & Co), a freight forwarder (Globe Line
Business Spotlight--Business Excellence excel in their fields. Held every year in June, Shipping), hotels and hospitality and
Awards 2023 function. The event the 2023 awards ceremony centred around education technology, showing the
provided a platform for distinguished a panel discussion on Make in India: diversity of the entrepreneurs. Around 20
speakers such as Vibhav Agarwal, CEO, Strategies to Build Global Competitiveness won the Company of the Year title, while
power, Vedanta Ltd, and Makarand among Indian MSMEs. three got Brand of the Year awards.
64 September 2023 /
Complete List of Honourees For The Evening”
Company Name Awardee Name Company Name Awardee Name
Bansi S. Mehta & Co Drushti Desai AGI Milltec Machinery Pvt Ltd Rajan Aggarwal
Warner Music India Jay Mehta Bennett Coleman & Co Ltd Anish Srikrishna
Inboundsys Thirumalesh Prasad C G NextGn IceCream Engineering Pvt Ltd Raju Jituri
Grant Medical Foundation -

Behram Khodaiji AAIS Amit Jain
Ruby Hall Clinic
Plotters Ink Saachi Agrawal RainBow Aviation Nishant Seth
Techademy Learning Solu-
N Keshava Raju Vedistry Pvt Ltd Kirti Ashar
tions Pvt Ltd
Sathyabama Institute of Science and
Raffels Udaipur Rajesh Namby Dr. Mariazeena Johnson
Technology (Deemed to be University)
TARC Ltd Amar Sarin Xperitus Insurance Brokers Pvt Ltd Sudhir Gudal
First Games Abhishek Kumar Globe Line Shipping Sudha Madhuri Mantena
Integrated Personnel Ser-
Tarang Goyal Raphe mPhibr Pvt Ltd Vivek Kumar Mishra
vices Ltd
Moglix Labs India Pvt Ltd Rahul Garg ThoughtSol Infotech Pvt Bindiya Vohra
The House of Abhinandan
Samujjwal Ghosh Bootlabs Technologies Ramkumar Sambasivan
Lodha
The Arya Vaidya Pharmacy
C. Devidas Varier BlueKaktus Gunish Jain
(Coimbatore) Ltd
Priyanka Srivastava & Amit
FujiĆlm Sericol India Pvt Ltd M P Raghav Rao Nutrify India
Srivastava
Airtel Business Ajay Chitkara Clientscape Services India Pvt Ltd Praveen Anna
Yogalakshmi & Balakr-
Basilic Fly Studio Ltd Stay Pattern Hospitality Services Faheem Qureshi
ishnan R
Innova Solutions Raj Sardana Lightstorm Amajit Gupta
Lloyd Healthcare Pvt Ltd Vikram Narayana Rao Royzz & Co Mahua Roy Chowdhury
Pridel Pvt Ltd Aaryav Gupta Focus PR Mona Jaswani

Narasimha Sharma
Podobrace India Pvt Ltd Pentatonix Technologies Pvt Ltd Hassan Ahmed
Narayanam
Monika Alcobev Kunal Patel MyGate Rohit Jindal
Redington Ltd Ramesh Natarajan P.M. Relocations Pvt Ltd Aakanksha Bhargava
Welspun India Manjari Upadhye AGI Milltec Machinery Pvt Ltd Rajan Aggarwal
Sakshath Technologies Pvt
Shravan Kumar ApMoSys Technologies Pvt Ltd Bibhu Prasad Padhi
Ltd
RNIT Solutions and Services
Raja Srinivas Nandigam VICAT India Anoop Kumar Saxena
Pvt Ltd
Jubilant Biosys Ltd Giuliano Perfetti Primary Plus Media Pvt Ltd Manbir beedi
Homekraft Infra Pvt Ltd Mohit Arora Vardhman Textiles Suchita Oswal Jain
Rahee Infratech Ltd Pradeep Khaitan Aastha Gill
Unihealth Consultancy Pvt Dr. Akshay Parmar & Dr.

Harshita Shekhar Gaur
Ltd Anurag Shah
/ September 2023 65
OUTLOOK BUSINESS SPOTLIGHT’S-BUSINESS EXCELLENCE AWARDS 2023
BRIDGING THE GAP BETWEEN

BUSINESS CONSULTING
AND TECHNOLOGY
IMPLEMENTATION
4@<G=4<A
Founder & CEO, AAIS Global
I
n the dynamic business environment, it is inevitable By implementing industry-focused Oracle Cloud (SaaS)
for enterprises globally to transform themselves to applications & Tech revamp using OCI, AAIS is helping
remain competitive, create value for their customers, clients to adopt industry best practices with sustainable
drive innovation & operating efficiency, while running as growth. Innovation, adoption & ethics are an integral part
a well-oiled engine. AAIS Global with ERP/HCM/Cx/EPM of our work.
expertise & services enables businesses to transform
digitally and scale up operations. Vision & Mission
Founder & CEO, Amit Jain, shared the journey of AAIS Amit said, The ultimate goal is to help businesses grow
Global with Outlook team. “Either companies were providing and make IT a true growth enabler. With our IT & industry
pure-play business consulting or technology solution, excellence, we want our customers to increase revenue, get
there has been a gap for combo of business consulting & the competitive advantage, create value to their customers
technology implementation together”. To cater to this need, & build resilient and sustainable operations.
the idea of AAIS Global was born. Aditi Patil, COO, AAIS said, I am happy to state that
From a start-up in an apartment room, in a decade long our intrinsic spirit is to continue delivering value to our
amazing journey, AAIS has a global base with employees/ customers through a highly structured, proven delivery
operations in 5 countries viz. USA (San Jose & Cheyenne), methodology that effectively caters all the strategic
Dubai, Saudi Arabia (Jeddah), Egypt (Cairo), India (Pune & priorities & KPIs of our customers.
Jaipur). This brings Local Workforce and Global Expertise Service Offerings include business consulting &
as value-add to the clients. The company has 175+ implementation of Oracle Cloud SaaS solutions
customers across 15+ countries, including One of the largest Fb_hg\baf include ERP, Supply Chain, Human Capital
conglomerates (USD 25+ Billion) in India, A large enterprise Management (HCM), Projects, Enterprise Performance,
based in New York with operations and distribution centres BI/Analytics, Industry 4.0 (smart factory, IOT), AI & ML.
across 90 countries, One of the world’s top three duty free <aWhfgel fb_hg\baf 8kgXaf\baf comprising Best
over international airports, etc. Especially in Middle-East practices, use cases, Extensions over and above Oracle
(GCC) region, AAIS have catered almost one of the top five SaaS to delivery industry-specific solutions for EPC,
companies across most of the verticals. Professional Services, Logistics verticals, among others.
?bVT_\mTg\baf XkcXeg\fX Ybe $( countries, including
Local GAAP/ Accounting standards, Tax/ compliance,
HR/Payroll for multiple countries including India, Middle-
East, US, South-East region, etc.
7X_\iXel8kVX__XaVX
AAIS has built robust and highly structured delivery
process that is backed by a modern age, AI driven Internal
digital systems across all departments. These provide
ready snapshot of project progress anytime, anywhere for
clients with social contextual collaboration & interactions.
This represents a predictable project success and unique,
seamless project experience to customers. With this
mainstay, the company is ready for 10x growth.
66 September 2023 /
AGI’S INDIAN OPERATIONS

AND LEADERSHIP
RECOGNIZED FOR BUSINESS
EXCELLENCE
E4=4A4::4EJ4?
Executive Director and CEO, AGI Milltec
A
s a primary source of energy and nutrition, rice plays it acquired Milltec Machinery Ltd. and began offering a
a vital role in feeding the world. Increased demand range of equipment under the AGI Milltec brand, which
for Indian rice processing has helped to drive the facilitates rice milling, pulses, seeds, maize, and multi-
steady progress of AGI Milltec – one of the recipients of the commodity processing. Backed by a dedicated R&D team
2023 Business Excellence Awards presented by Outlook to drive innovation and a customer support center to serve
Business Spotlight. the value chain, AGI Milltec supplies end-to-end turnkey
The distinction, awarded annually by India’s principal solutions for rice processing activities in India and beyond.
business magazine, Outlook India, recently recognized AGI According to Aggarwal, AGI’s success is driven by the
Milltec and its Executive Director and CEO, Rajan Aggarwal, hard work, dedication and innovation of AGI’s team from
for showing sustainable, profitable growth in 2023 and sales to manufacturing. AGI Milltec has helped to advance
setting standards of leadership and excellence in the the Indian rice processing industry by locally designing
agricultural sector. and manufacturing top quality equipment, while following
“On behalf of AGI’s dedicated employee teams in four international quality standards. This allows AGI Milltec
state-of-the-art manufacturing facilities in Bengaluru, to deliver innovative storage, handling, conditioning, and
India, we are honored by these distinctions,” says AGI’s processing equipment and systems at affordable prices.
Rajan Aggarwal. “We are proud that AGI Milltec plays a Following this model, AGI has made grain and rice milling
vital role in supplying and serving AGI customers in India, solutions available to a wide range of global customers.
Southeast Asia, the Middle East, Africa, Europe and Latin Today, AGI is the market leader in paddy processing and
America with storage, handling and processing solutions has commissioned more than 15,000 rice mills in India.
for the grain, feed, seed, fertilizer and food sectors.” AGI also has installations in Honduras, Nigeria, Oman,
AGI Milltec is part of Ag Growth International (AGI), a and Dubai. Future growth plans include bringing world-
provider of engineering and manufacturing solutions for the class grain storage and handling solutions to India, APAC
global food infrastructure including seed, fertilizer, grain, and Australia as well as providing Indian companies with
feed, and food processing systems. With manufacturing livestock feed and pet food processing solutions.
facilities in Canada, the United States, Brazil, India, France, Rajan Aggarwal credits AGI and AGI Milltec’s steady
and Italy, AGI distributes its products worldwide. contributions to the hard work, dedication, collaboration,
and innovation of employees and the customers they serve.
4fgbelbYe\VXTaWZeT\a “What has most impressed me about AGI is that as a global
AGI’s operations in India were launched in 2019 when company, it has a deep appreciation for the importance of
teamwork and understanding local market needs,” says
Aggarwal. “The growth potential is tremendous in India and
the APAC region. With our ability to deliver comprehensive,
customized solutions, we are well-positioned to help meet
the needs of a changing grain, feed and food industry.”
In 2016 Rajan joined Milltec as Executive Director
and CEO prior to the company’s acquisition by AGI and
has remained with AGI leading the company’s Indian
operations. Earlier this year he was named Times Ascent
Business 2023 Leader of the Year and was recognized as
CEO of the Year at the 2019 Food Show India.
/ September 2023 67
UNLOCKING BUSINESS
GROWTH: AIRTEL BUSINESS,
INDIA’S TRUSTED TECH
PARTNER
4=4L6;<G>4E4
Director & CEO, Bharti Airtel
A
irtel Business is the B2B arm of Bharti Airtel and is Championing an extensive suite of end-to-end
India’s largest and most trusted partner for secure connectivity solutions that enables ease of doing business,
connectivity, technology, and communications Airtel Business is the partner of choice for enterprises
solutions. The company serves over 1200 global globally, especially new-age businesses venturing into
enterprises, 2000 large and 1 million medium/small India and Africa markets. The company’s differentiated
businesses across India. offerings like CPaaS, SD-WAN, Cloud and others,
It is India’s largest B2B company and ranks amongst especially cater to new age businesses and can solve all
the top providers of Connectivity, IoT, CPaaS and Data their unique connectivity requirements.
Centers in India. With customers at its core and a vision to enrich the
With a wide gamut of end-to-end solutions spanning lives of customers for life, the company deeply focuses on
cloud, data centre services, cyber security, IoT, Ad Tech ensuring the delivery of superior service quality. In line
and cloud-based communications, the company’s offerings with this commitment to being an agile brand and evolving
are engineered to deliver high-speed connectivity, with the customer, Airtel Business is always innovating
unparalleled wide coverage and scalable bandwidth. and building future ready technology solutions.
Airtel Business was the first to deploy a private 5G Sustainability is high on the agenda for Airtel Business
network for businesses in India. It has an unmatched and the brand has been deeply committed to the cause of
data center footprint across the length and breadth of climate change. Through its Data Centre arm - Nxtra by
the country with 12 large datacenters and 120+ edge Airtel, the company is already working towards achieving
data centers. Net-Zero by 2031. Nxtra by Airtel sources 40% of its
Airtel Business has a strong global presence spanning energy requirements through clean energy and is the first
USA, Europe, Africa, Middle East, Asia-Pacific, and SAARC, Data Center company in India to deploy Solid Oxide Fuel
amongst other locations. The company’s strategically Cell on its premises for clean energy.
located submarine cables and satellite network of Given its commitment to serve as a catalyst of digital
4,00,000 Rkms+ cover 50 countries across 5 continents. transformation, the company ensures a digitalized
journey for its customers on its one-stop digital platform
- Enterprise Hub. Offering a single interface with a single
sign-in, the unified portal also offers easy self-care for
all services starting from bill-payment to 24X7 customer
support to complete management of solutions.
The company also collaborates with industry best
partners like Google, TechMahindra, Vultr, Apollo, and
IBM to together solve problems of affordability, access,
and digital inclusion to deliver innovative and top-notch
solutions to serve every customer need.
With its people at the core of the brand DNA, the
company fosters a culture of chasing customer obsession
through collaboration and execution excellence while
navigating change, agility, diversity, and inclusion.
68 September 2023 /
BEACON OF
RELIABILITY
ENGINEERING
5<5;HCE4F47C47;<
CEO, ApMoSys
A
pMoSys, is a pacesetter committed to provide ApMoSys’ advanced automated testing solutions, leading
enterprise-grade quality assurance with its future to considerable cost savings and a quicker time to market.
ready products and services. ApMoSys is motivated ApMoSys understands the value of genX testing in the
by a strong focus on quality and delivery-oriented continuously changing technological environment and
development, automation, and genX testing practises platforms and can test on cloud, mobile, IoT, and AI/ML.
that help organisations accomplish their functional, ApMoSys enables organisations to stay ahead by assuring
performance, and automation goals. interoperability and optimal efficiency across various
In today’s software-driven world, comprehensive testing contexts.
is crucial, and ApMoSys is aware of this. ApMoSys’ all- ApMoSys is dedicated to advancing organisations’
encompassing testing solutions include the frontend, functional, performance, and automation excellence
backend, APIs, databases, and integration layers of the centre elements through a wide variety of testing
software stack. ApMoSys make sure that the software services. ApMoSys painstakingly checks that software
applications for clients satisfy the highest standards of programmes work as intended, making sure they adhere to
quality and dependability by doing thorough testing at every the specifications and provide a positive user experience.
stage of the development lifecycle. In addition, its performance testing specialists execute
ApMoSys’ 1,000+ member professional team excels thorough analyses to spot bottlenecks and eliminate them,
at development and whole stack quality assurance. Its assuring optimal performance, scalability, and reliability
team consists of highly skilled and experienced testing under a variety of load scenarios.
professionals who are well-versed in the latest tools, ApMoSys promotes quality- and delivery-focused
technologies, and industry trends. ApMoSys invests in business practises. To ensure high-quality deliveries within
continuous learning and improvement to stay updated with the established timescales, ApMoSys adheres to industry
the latest advancements in testing practices. By combining standards, including Agile and DevOps approaches. ApMoSys
our expertise with cutting-edge tools and technologies and uses a client-centric approach and works extensively with
deliver efficient and effective testing solutions. organisations to comprehend their needs and then customise
A key component of testing is automation. To boost its solutions to meet those needs. With ApMoSys reliable and
test coverage, save manual effort, and quicken release efficient testing services, it address the needs of its clients
cycles, ApMoSys uses state-of-the-art frameworks and first and work hard to go above and beyond.
technologies. Organisations may achieve speedier test The recognition ApMoSys has received in the industry is a
cycles, higher accuracy, and increased efficiency with testament to its excellence in testing services and products.
ApMoSys track record of successful engagements spans
across various industries, including Banking, finance,
Insurance and more. Organizations trust ApMoSys to
deliver results that align with their business objectives and
drive their success.
In conclusion, ApMoSys is your go-to partner for high-
quality full-stack testing. ApMoSys offers complete
solutions for development, automation, and genX testing
with a focus on quality and delivery-oriented practices.
“Engage with ApMoSys to utilise our market-leading
testing services to fully realise the potential of your product.”
/ September 2023 69
BRIDGING TRADITION
AND MODERNITY: THE
ARYA VAIDYA PHARMACY’S
AYURVEDIC ODYSSEY
From Coimbatore to the World: AVP’s Journey of Tradition, Innovation, and
Healing; Guided by C. Devidas Varier’s Vision
6!78I<74FI4E<8E
Managing Director, The Arya Vaidya Pharmacy (CBE) LTD
I
n the heart of Coimbatore, India, stands a beacon of 28 years of operational acumen, Varier’s influence extended
Ayurvedic excellence - The Arya Vaidya Pharmacy beyond boundaries. His leadership was instrumental in
(Coimbatore) Limited. A name synonymous with propelling the brand onto the global stage, exemplified by
heritage and innovation in the realm of Ayurveda, AVP the establishment of AVP Baltics in 2015, expanding the
Group has been a trailblazer since its inception in the 1940s. brand’s footprint significantly.
Embarking on a journey to ‘Touch Lives Through Ayurveda’, Varier’s journey began as a management trainee in
AVP has not only upheld tradition but also ventured into 1993, a humble yet pivotal start that allowed him to
uncharted territories to become a global source of authentic immerse himself in the company’s ethos. His profound
Ayurvedic products and services. understanding of Ayurveda, coupled with a strategic vision
Central to AVP’s philosophy is an unwavering for the company’s growth, bore fruit in collaborations with
commitment to quality and authenticity. The selection of giants like Hindustan Unilever (Ayush) and Kama Ayurveda.
herbs and ingredients for their formulations is a meticulous His role in fostering these partnerships showcased his
process, guided by the wisdom of ancient Ayurvedic texts. ability to blend tradition with modernity, a hallmark of
Rigorous testing in state-of-the-art research facilities AVP’s approach.
ensures that efficacy remains the hallmark of every A testament to his dedication, Varier’s leadership has
product bearing the AVP seal. This devotion to aligning steered AVP towards uncharted territories. His steadfast
with Ayurveda’s core principles has elevated AVP to a commitment to taking Ayurveda global, underpinned by a
revered position in the industry. deep-rooted industry perspective, has yielded remarkable
Leading this endeavor is C. Devidas Varier, a visionary who outcomes. As Managing Director, his diverse insights
assumed the mantle of Managing Director in 2021. With a and unwavering determination have charted a trajectory
lineage steeped in Ayurveda, being the grandson of Arya of outstanding results for AVP (CBE), marking a trail of
Vaidyan P.V. Rama Varier, and son of P.V. Chandrasekhara excellence in the industry.
Varier, his ascendancy was a natural progression. With over In an age where ancient wisdom meets contemporary
demands, The Arya Vaidya Pharmacy stands as a vanguard,
preserving and propagating the essence of Ayurveda. With
C. Devidas Varier at the helm, AVP’s voyage continues,
bridging tradition and modernity to bring the timeless
benefits of Ayurveda to a global community.
In a significant development in 2020, the Ministry
of AYUSH approved financial support for the inaugural
international clinical trial investigating the efficacy of
Ayurvedic interventions in managing diabetes. During the
same year, the Ministry of AYUSH also allocated funds for
conducting clinical research focused on harnessing the
principles of Classical Ayurveda for managing Covid-19.
70 September 2023 /
GROWING
STRONGER AT 65
7EHF;G<78F4<
Partner, Bansi S. Mehta & Co
B
ansi S. Mehta & Co., a firm of Chartered Accountants Overview of the Suite of Services rendered by the firm:
was founded in 1958, by the esteemed Mr Bansidhar 7\eXVgTaW<aW\eXVgGTkTg\ba- Advisory; Litigation; Health
S. Mehta. With over six decades of experience, the Check-ups and Compliance Services.
firm operates at high levels of quality to deliver efficient, <agXeaTg\baT_GTk-Advisory on cross border transactions,
innovative and 360-degree solutions in a timely manner. POEM evaluation, Equalisation Levy, Significant Economic
Keeping the interests of the client is at the heart of Presence in India, MLI and BEPS impact; Litigation and
everything the firm does. Compliance Services
The firm provides a diverse range of services with GeTafYXe Ce\V\aZ- Transfer pricing audits along with
specialisation in Direct and Indirect Taxation, International ex-ante studies and benchmarking of transactions and
Taxation, Transfer Pricing, Mergers and Acquisitions, Litigation
Valuation, FEMA, Accounting, Audit and Assurance and GeTafTVg\ba Fhccbeg Ã 4Wi\fbel TaW IT_hTg\ba-
Corporate Advisory. Support in mergers, acquisitions, restructuring, hive-off
The name ‘Bansi S. Mehta & Co.’ is synonymous with “in- of business vertical, expansion of business, exploring
tegrity”. The firm enjoys a reputation of ensuring uncom- synergies, etc.
promised ethical standards in the services rendered at all 4hW\g TaW 4ffheTaVX- Comprehensive audit and
levels and for all stakeholders involved. The firm’s adher- assurance services including handling of statutory
ence to the Code of Ethics has allowed them to be advanta- audits, internal audits, tax audits and other special audits;
geously positioned in the industry and to set a high standard Certifications under Income Tax Act, FEMA, Banking and
for the profession of Chartered Accountants in India. SEBI regulations
Under Mr Mehta’s stewardship, the firm has grown in Bg[Xe FXei\VXf- Family Settlements, Succession
size and strength. Today, they have 12 partners working Planning, FEMA Advisory, IndAS implementation,
across Mumbai, Delhi and Surat, leading a team of over 120 Accounting Advisory, etc.
professionals. The firm has an optimum mix of experienced In over 64 years of experience, the firm has witnessed
and young partners, employees and interns which allows several sectors emerge globally and have provided support
them to bring the wisdom of experience and the vigour of functions to businesses based on their evolving needs and
youth to every assignment handled. models. The firm caters to a wide range of large companies
Over the years, the firm has transcended geographical across sectors including FMCG, Pharmaceuticals, Finance,
boundaries and now serves countless clients across Banking, Insurance, Infrastructure, Energy, Manufacturing,
the globe. Media, Aviation, Education, Conglomerates, Start-ups, etc.
The firm envisions to make a mark on the global
professional landscape as an effective and innovative
service provider with highest level of integrity, serving
clients with care and diligence,
and with due cognisance of our responsibility towards all
stakeholders.
To conclude with Mr Mehta’s words “The attitude of a
professional mind is to accept a challenge and approach
the allotted task with reverence and dedication”. He firmly
believes that one’s attitude is instrumental in determining
one’s success.
/ September 2023 71
STANDS PROUDLY AS ONE

OF INDIA’S FOREMOST
VISUAL EFFECTS (VFX)
POWERHOUSES
LB:4?4>F;@<"54?4>E<F;A4AE
Director and Managing Director, Basilic Fly Studio
B
asilic Fly Studio [BFS] began its journey of VFX the technical and artistic quality of the shots are of
in 2013 with talented artists all enjoying our high standards.
state-of-the-art facilities while working on a
whole spectrum of Visual Effects projects. We 6[e\fg\aT:eT[T`@7 H>TaW8hebcX
have demonstrated our capability of executing the entire Christina provides strategic advice and guidance, ensuring
spectrum of services required in the making of feature the objectives are met. She also helps in preparing and
films, television and commercials. There is no doubt that implementing comprehensive business plans.
Basilic Fly Studio has become one of the finest visual effects
(VFX) houses with offices in Chennai, Pune, Vancouver =Xaa\YXe;TeZeXTiXf:@5hf\aXff7XiX_bc`Xag
and London. Abeg[4`Xe\VT
Jennifer takes care of ideas, initiatives, and activities
5T_Tê\f[aTaE68B@TaTZ\aZ7\eXVgbe involved in building long-term, trusting relationships with
Balakrishnan directs the strategy toward profitable clients worldwide. Also, she is responsible for business
growth, makes overall decisions, and controls /oversees all development.
business operations, people, & ventures.
Our clients are usually of two natures - major VFX
LbZT_T^f[`\F7\eXVgbe studios and direct production houses across the globe.
Yogalakshmi manages day-to-day business activities, Basilic Fly Studio in its initial stage was a Roto, Prep,
company finances, and administrative functions; determines Matchmove focused company. Now, we aspire to become
strategic objectives and policies. a full-service VFX studio offering services right from
pre-production and post-production to final delivery.
CeTU[T^Te7heT\fjT`l;XTWbYFghW\b"7\eXVgbe Toward the goal, we have successfully built CG and Comp
Prabhakar oversees scheduling, workflow, and overall departments with skilled artists in Chennai & Pune offices.
creative success, including personally making sure Establishing strong creative leadership teams in
Vancouver (Canada) and London (United Kingdom) can be
counted as one of our achievements. And we are happy to
have evolved as a strong contender in the VFX industry. We
take great pride in achieving a workplace where constant
learning and a “curious mindset” is rewarded.
We would like to shed some light on India’s VFX industry
as a whole. Indian VFX studios have already made their
mark in global cinema. Thanks to the abundant talent and
creativity available in India, clients are now flocking in. This
was not the case about two decades back. We had to mostly
rely on domestic projects which posed many challenges.
72 September 2023 /
A SNEAK PEAK INTO THE WORLD

OF BLUEKAKTUS - A LEADING
TECHNOLOGY COMPANY
TRANSFORMING THE FACE OF
SUPPLY CHAIN IN APPAREL AND
LIFESTYLE INDUSTRY
:HA<F;=4<A
Founder & CEO, Bluekaktus
B
luekaktus is a leading technology company that transformation. As pioneers in the field, Bluekaktus has
firmly believes that digitization and the use of been at the forefront of integrating technology with the
cutting-edge technology is the only way to transform age-old processes in the industry successfully. We are
the supply chain. With a strong focus on the fashion revolutionizing the way the global fashion and lifestyle
and lifestyle sector, we have developed smart, simple, industry operates. We also believe artificial intelligence
and swift technology tools that empower companies to and machine learning will transform the way the global
achieve extraordinary results by automating their supply fashion industry operates in the future and are working
chain processes. towards this integration.
Since our establishment in 2000, we have passionately Through these advanced technologies, we enable our
worked towards digitizing the end-to-end supply chain customers to gain valuable insights, optimize inventory
processes in the fashion & lifestyle industry. We specialize management, automate repetitive tasks, and make data-
in providing fashion manufacturing, sourcing, and retailing driven decisions that propel their businesses forward.
companies with innovative solutions to enhance their lead Our impressive customer base consists of renowned
times, reduce costs, and optimize overall performance fashion and lifestyle brands that have placed their trust
through the use of cutting-edge technology. in Bluekaktus to digitize their supply chain operations.
At the heart of our offerings is a user-friendly cloud- We take pride in our expanding global reach and strategic
based platform that is highly flexible, scalable, and tailored collaborations with international brands, solidifying our
specifically to the unique needs of the fashion and lifestyle position as a key player in the industry.
industry. This platform serves as a centralized hub, Driving Bluekaktus forward is a dynamic leadership
connecting disparate entities into one connected network. team comprising industry leaders, technology experts,
It enables seamless collaboration and communication manufacturers, sourcing stalwarts, and supply chain
between various stakeholders in the fashion supply chain, professionals. These individuals bring a wealth of domain
from raw material suppliers to final goods manufacturers. knowledge and diverse experience to the table, ensuring that
We are firm believers in harnessing the latest our platform remains a unique solution designed specifically
technological advancements to drive industry for the fashion and lifestyle industry. Collectively, our team
boasts an impressive cumulative experience of over 250
years, guaranteeing that Bluekaktus is backed by a wealth
of expertise and industry insights.
As we continue to innovate and push the boundaries of what
is possible in the fashion and lifestyle sector, Bluekaktus
remains committed to providing our clients with the most
advanced and tailored technology solutions available. We
are driven by a shared vision of transforming the fashion
supply chain through digitization and technology, and we
look forward to partnering with companies worldwide to
unlock their full potential and achieve unrivaled success in
the industry.
/ September 2023 73
SAAS PRODUCT DESIGNED

TO EMPOWER BUSINESSES
WITH SEAMLESS CLOUD
MANAGEMENT
E4@>H@4EF4@54F<I4A
Founder & CEO. Bootlabs
I
ndia’s digital market continues to experience rapid @h_g\f^\__XWGXT`j\g[VTcTU\_\glgbUh\_W\aYeTbaV_\Xagf
growth, creating a strong demand for public cloud ceXYXeeXWV_bhW
service providers. This surge in demand is driven by The team working on Sailor in Bootlabs is driven by a
large enterprises, digital natives, and small and medium- passion for building future-ready intelligent enterprises.
sized businesses seeking digital innovation. In response They provide accelerators, cloud platforms, security
to this growth, Bootlabs was established in 2019 as a checklists, and cloud operation solutions tailored to the
Bangalore-based firm specializing in boutique consulting demands of the current business landscape. The company’s
and product-based solutions in the areas of DevSecOps and founder and CEO, Ramkumar Sambasivan, started his
Cloud Technologies, and that is where we designed Sailor – journey as a developer and transitioned into DevOps due to
which is simplifying cloud. the increasing complexity of managing distributed systems.
JX[TiXXkgXaf\iXVTcTU\_\glbY`h_g\c_X;lcXefVT_Xef- Motivated by the desire to simplify the Cloud journey for
As a trusted partner of Google and AWS, Bootlabs offers everyone, he laid the foundation stone for Sailor in 2021.
a comprehensive range of services, including Cloud The core team at Bootlabs consists of developers and
Consulting, 360 Degree Ops Digital Transformation, DevOps engineers who bring a wealth of technical expertise
Cloud Assessment & Cloud Migration, and Platform to the table. This expertise has been instrumental in driving
Engineering with a focus on DevSecOps, SRE (Site the company’s success. Additionally, Bootlabs places
Reliability Engineering), and building Cloud Accelerators. great importance on nurturing new leaders and engineers
The company’s mission is to accelerate cloud adoption by through training and project opportunities.
leveraging cutting-edge technologies while minimizing JX[TiX[X_cXWbeZTa\fTg\bafZXgg[Xe\Z[gV_Te\glba
the total cost of ownership. They facilitate organizational V_bhWUbg[<aW\TTaWTUebTW
transformation to support rapid application development As the fastest-growing company in the cloud management
and consistent releases. and development sector, Bootlabs has achieved remarkable
With over a decade of experience in Cloud Adoption business momentum, generating revenue exceeding one
Journeys, Bootlabs has gained expertise in various areas, million USD and aiming for an eight-fold growth within the
including Multicloud, Cloud Governance, Cloud-based year. We have been chosen cloud accelerator by Mahindra
Migration, SRE, and Auto Scalability. The company is group, Sanabil investments, Astrazeneca, Bewakoof.com
currently developing a SaaS platform called ‘Sailor,’ which any many similar organisations who trusted us to initiate
aims to simplify and customize cloud adoption through a their cloud journeys.
self-service model, incorporating cloud governance and
infrastructure creation. FT\_be[TfUXXaÐefgV[b\VXbYW\fge\Uhgbef\a
V_bhWXVbflfgX`
Sailor is a game-changing cloud management platform
that empowers businesses with seamless, efficient, and
customized cloud adoption. With its Low Code/No Code
approach, businesses can leverage the full potential of
cloud infrastructure without being limited by technical
complexities. Sailor’s unified control panel, simplified self-
service platform, enhanced visibility and control, and robust
security and governance features make it an invaluable
tool for businesses of all sizes. Thus it was identified as
a user experience product in cloud space particularly in
Technology Innovation Forum, 2023 by J.P. Morgan Chase.
74 September 2023 /
CLIENTSCAPES:
EMPOWERING GLOBAL
ENTREPRISES WITH
INNOVATIVE IT SOLUTIONS
CE4I88A4AA4
Director, ClientScapes
C
lientScapes, a global technology solution, Service Based Industries, Logistics,Manufacturing, IT
management consulting, and outsourcing services Engineering, Financial Sectors, To name few in specific
provider. Based in Hyderabad, India, our core focus Techmahindra, NTTDATA, SAP LABS, PEPSICO, Hinduja
areas include IT Staff Augmentation, Managed Services, Group, Gramener, Etc..
Corporate Training, and Business Consulting. We specialize Our goals at ClientScapes are to achieve customer
in delivering innovative web based workforce management satisfaction, deliver exceptional quality and excellence,
solutions to clients worldwide. With our end-to-end human drive innovation and adaptability, develop and retain
capital management solutions and a track record of top talent, foster collaboration and partnership, ensure
superior service delivery, we cater to companies of all sizes operational efficiency, and continuously improve our
and industries. Our mission is to maximize productivity, services. We strive to achieve these goals through
enhance performance, and provide thoughtful and effective understanding client needs, delivering innovative
IT consulting and staffing services. We are committed to solutions, maintaining high standards of quality, fostering
building centers of excellence and maintaining the highest a culture of learning and development, collaborating
standards of integrity and quality in all our operations. closely with clients, optimizing our processes, and
Thank you for your attention.” embracing a proactive approach to continuous
Praveen Anna the CEO of the company responsible improvement.
engaging on day to day activities with the clients serving their Want to thank all my Clents for trusting Clientscapes,
needs and providing the best IT Consulting services. and to all my team members who made it possible.
/ September 2023 75
THE INCREDIBLE FUJIFILM

SERICOL PRODUCT I CAN’T
LIVE WITHOUT
@CE4:;4IE4B
Managing Director, Fujifilm Sericol India
F
ujifilm Sericol India, being an integral part of six sales and distribution offices in Delhi, Mumbai, Kolkata,
Fujifilm Ink Speciality Group (FISG) which consists Tirupur, Hosur, and also along with the central warehouse
of Fujifilm Speciality Ink Systems UK (FSIS), COUS, at Sanaswadi, Pune makes its products and services
and Fujifilm Ink Colourants, has come a long road to easily available to all customers spread across India and
achieving 27 years of being in the forefront of the Printing to export territories as well. With the focus on the Indian
Industry in India. Has ISO 14001:2015, ISO 45001:2018, subcontinent, South-East Asia & East Asian markets.
and ISO 9001:2015 certifications in its advanced Please take the entire note from our recent publication
manufacturing facility at Pune, Maharashtra, for Screen with FORBES INDIA- ( take indu help)
inks and chemicals, Digital inks, UV Flexo inks, and UV
Offset Inks. With its State-Of-The-Art R&D and Innovation Our clients-
Centre, and Colour Management Laboratory along with Graphic & Sign Printing Industry
a fully equipped Technical Training and Demo center for FMCG Industry
screen printing and wide format digital printers has been TEXTILE PRINTING Industry
an important pillar for providing innovative solutions, that LABEL & PACKAGING Industry
are synonymous with excellent printing ink quality and is AUTOMOTIVE INDUSTRY
known to develop competitive products regularly for the
printing industry. Achievements-Continue to be a global leader, in the
The company has laid down a framework to innovate printing industry & offering innovative & sustainable
eco-friendly printing solutions, introduce good quality products for the global market needs.
cost-effective products and customize products for Achiv- 1. IFCA- Innovation in Packaging, 2. QCI- Silver
special printing applications. Amply guided by our Board of Award, 3. 20 plus in-house patents, 4. Govt. of India
Directors include Dr. Scott D. MacMillan - Chairman, Board recognized lab- DSIR,
of Directors, Mr. Rob Fassam - Director, Mr. Lasantha Peiris- and much more awards from the printing Industry for
Executive Director Commercial, Atithi Majumdar -Executive recognizing our Innovation, Quality, Products & Customer
Director Finance & Admin, Dr. Prasanna Raghav Rao Services.Our aim is to create a great future for the community
Motupalli - Managing Director and Occupier of FSID have by nurturing talent and taking it as a responsibility to be the
grown from strength to strength over the years. Having change for a good and sustainable future.
76 September 2023 /
TO FLAGSHIP SHIPMENT OF
GOODS ON TIME, EVERY TIME,
EVERYWHERE
FH7;4@47;HE<@4AG8A4
CEO - India, Globeline Shipping Services Pvt Ltd
Bhe5XfgfXei\VXf
L
ogistics is not simple as everyone thinks,but could be
simplified if in the hands of experts like us. Air Freight
We, Globeline Shipping services, have been in the Sea Freight
arena of Shipment for the last two decades. We profess Customs Clearance
the aspiration of delivering shipments and services both Warehousing
domestically and internationally, at reasonable prices and Project Cargo
timely safe delivery and commitment. Transportation
We preach what we practice. Undoubtedly, shipment for
the customer’s point of view is simplified to the least point Cost – effectiveness, time – bound air freight service,
of hassles / follow ups as we position your shipments with reliability and trust are key to opting for air mode of shipment
great analysis and track the same right from the POL to of cargo services. We at Globeline International Shipping
POD, be it exports or imports/Door to Door or Door to Port services provide superfluous services with unmatched
etc. You ask for it and you can CONSIDER IT DONE! professionalism and flexibility to meet the needs of every
Globeline Shipping is a representative logistics operator evolving market needs. Top notch service standards and
providing full range of service in the sphere of customs cutting-edge solutions for air shipments across the globe is
clearance transportation worldwide for any cargo. the promise that we make and stand by. We reiterate sublime
We pride ourselves on providing the best transport and work ethic, expert industry knowledge in air shipment, low
shipping services available all over the world. Our skilled prices and unprecedented customer services that make us
personnel, utilising the latest communications, tracking, stand apart from our peers in the market.
and combined with experience through integrated supply Ocean freight (or sea freight) ranks first among all modes
chain solutions! of transport for importers and exporters, transporting 90%
of the world’s cargo. Transportation logistics is exclusively
JXTeXF[\ccXeÇfWX_\Z[gTfjXcebi\WX about managing material as it moves through the supply
Cost-Effectiveness With Competitive Pricing Offered. chain. Well Our chairman Vishnukanth Started Globeline
The Benefits of Large Shipment Handling and Storage. Shipping in 2009 after almost a decade and half experience
Eco-Friendly Transportation of Goods Hoarding Brand in the field of Shipping and Freight Forwarding. We are
Reputation At par. extended our services by starting up our Branches in Qatar,
Track And Trace Your Shipment 24/7. US, UK and Germany. Today we can proud say Globeline
Shipping is the Indian Multinational freight forwarding
company preferred by majority of INDO-US traders.
Our clientele would include Aurobindo, Alkem, Bharath
biotech, DRL, Hetero etc when it comes to temperature-
controlled exports and imports, both by air and sea. BHEL
is our client in regard with government sectors.
Globeline Shipping will be one stop shop for all exporters
and Importers, with complete 3PL and 4 PL services
accordingly as are also moving towards asset based
company with a target to purchase 100 Truck and Trailers in
the next 18 months along with 100000 SFT of warehouses
across India and US.
/ September 2023 77
TECH-DRIVEN REVOLUTION:
HOABL DEMOCRATIZES
LAND OWNERSHIP IN
INDIA, MAKING INTER-
GENERATIONAL WEALTH
ACCESSIBLE TO ALL
F4@H==J4?:;BF;
CEO, House of Abhinandan Lodha
O
ne of India’s fastest growing consumer-tech With branded land, they get the promise of secure
brands, The House of Abhinandan Lodha (HoABL) ownership, transparent process and documentation and
was born out of a vision to democratize land in also data on appreciation to build intergenerational wealth.
the country. The recent soft launch of the HoABL app which can
Lack of physical security and legal clarity of land are help you buy land in just 3 clicks is one of the many steps
very large barriers that impede large consumption of land to pioneer this category. Through the app, we are giving
at retail level. control back to customers. We’re empowering them to
To ensure that land can be a part of every retail investor’s purchase land online, view the entire paperwork of their
asset portfolio, we’ve made the process simpler with the land investments, make timely milestone payments online
use of technology. We’ve curated New Generation Land and keep abreast with all the progress in their investment.
which is built on the promise of security, transparency, This is one of its kind app in the industry today.
liquidity and means to create inter-generational wealth. Since it’s inception in 2021, HoABL has successfully
The HoABL tech platform unleashes the power of sold more than 3.3mn sq. ft. of land across western India
technology to deliver its brand promises & makes it such as Dapoli, Anjarle, Alibaug, Neral and Goa. We are a
integral to the existence & growth of business. family of more than 3000+ investors who bought their first
With the usage of DigiTech we are disrupting the land with us.
category. From using AI for booking, registration and In FY23-24, we plan to roll out 11 news projects. Some
documentation processes, technology has ensured the of these new projects in the pipeline are in Alibaug, Goa,
land purchase can happen with a click of a button. Ayodhya, Lonavala and two locations in the Konkan region.
78 September 2023 /
ATS HOMEKRAFT:
REDEFINING REAL
ESTATE WITH EXEMPLARY
HOMES AND CUSTOMER
SATISFACTION
@B;<G4EBE4
CEO, Homekraft Infra Pvt Ltd
A
TS HomeKraft, a distinguished real estate transparency, best practices, and client satisfaction. He also
development company, is revolutionizing the serves as the Chairman of CREDAI (Confederation of Real
industry by creating homes that go beyond bricks and Estate Developers’ Associations of India), representing
mortar. With an impressive portfolio of over 10 projects in private real estate developers nationwide.
the NCR region, ATS HomeKraft is known for its unwavering
commitment to delivering high-quality construction and 6_\Xagf
ensuring customer satisfaction. Their exceptional work ATS HomeKraft takes pride in serving a diverse clientele,
has earned them a nomination in the prestigious Outlook catering to the needs of first-time homebuyers, families,
Business Spotlight’s - Business Excellence Awards and investors alike. Their projects are designed to provide
2023, a testament to their industry leadership and residents with spacious apartments featuring large
outstanding achievements. balconies, high-quality finishes and fixtures, well-designed
layouts, and secured gated communities. The state-of-the-
4Ubhg4GF;b`X>eTYg art amenities offered, including swimming pools, gyms,
ATS HomeKraft was founded in 2018 and is headquartered and playgrounds, further enhance the living experience for
in Noida, India. Guided by the vision of Chairman & their esteemed clients. One unique feature that stands out
Managing Director, Mr. Getamber Anand, the company has is the fact that ATS HomeKraft has only 2 apartments per
become a symbol of excellence in the real estate sector. Mr. floor across their developments which offers privacy and
Anand’s extensive industry experience, market expertise, openness to the customers.
and visionary leadership have propelled ATS HomeKraft to Objectives and Achievements:The primary goal of ATS
stand out among its peers. HomeKraft is to create homes that transcend traditional
notions of living. They aim to build residences that are
>XlCXefba\ag[XVb`cTal a reflection of their customers’ unique personalities
At the helm of ATS HomeKraft, Mr. Getamber Anand, as and aspirations. To achieve this, the company combines
Chairman & Managing Director of ATS Infrastructure Ltd, innovation, cutting-edge technology, and an unwavering
has played a pivotal role in the company’s success. With commitment to quality. With an impressive track record
an illustrious career spanning over two decades, he has of delivering projects on time and within budget, ATS
brought revolutionary changes to the real estate sector. HomeKraft has set new industry benchmarks.
Recognized as an industry leader, Mr. Anand has championed ATS HomeKraft’s dedication to customer satisfaction has
been recognized through numerous accolades and industry
recognition. Their nomination in the Outlook Business
Spotlight’s - Business Excellence Awards 2023 further
reinforces their position as an industry leader.
ATS HomeKraft’s nomination in the Outlook Business
Spotlight’s - Business Excellence Awards 2023 is a
testament to their commitment to excellence and
customer-centric approach. With visionary leadership, a
diverse clientele, and a track record of achievements, ATS
HomeKraft continues to redefine the real estate landscape.
As they move forward, they remain dedicated to delivering
exemplary homes and exceeding customer expectations.
/ September 2023 79
THE INBOUNDSYS APPROACH:

EMPOWERING BUSINESS
GROWTH THROUGH RESULTS-
DRIVEN MARKETING AND
TECHNOLOGY (MARTECH)
SOLUTIONS
G;<EH@4?8F;CE4F476:
Founder & CEO, Inboundsys
T HubSpot CMS and Web Development

oday, technology, sales, and marketing are the
essential foundations of any business. We at HubSpot Migration
Inboundsys specialize in providing comprehensive HubSpot Marketing & Sales Implementation
business solutions and services that cater to organizations HubSpot Native & Custom Integration
of all sizes, including small, medium, and enterprise- HubSpot Audit and Reporting
level entities. Our primary goal is to address their unique
business challenges and actively contribute to their growth. JX7Xf\Za JX7XiX_bc JX\agXZeTgX JXBcg\`\mX
By doing so, we are honored to be an integral part of their We at Inboundsys strategically plan and creatively
growth journey and contribute to their success story. approach web development projects to ensure that your
Inboundsys is an award-winning Marketing and website content uniquely positions in the digital space
Technology (MarTech) company based in Bangalore, India. reaching the right audience, captivating their interests, and
We started our journey in 2012 from a small room with two driving the desired results.
people, and at present, Inboundsys is proud of having a
team of 60+ professionals catering to various areas of web Our strengths in web development include the following:
development and digital marketing. Website Design & Development
We are the leading HubSpot Platinum Partner agency in Integration with Other Platforms
India. We are also the SEMrush Certified Partner, Shopify Website Maintenance
Partner, and WP Engine Agency Partner Member. We are Website Performance Optimization
also a top-rated agency on Upwork with a 100% Job Success Payment Integration
Score. Over the years, we have been helping diverse clients Custom App Development
and industry domains across the globe by solving their
7e\i\aZ5hf\aXff:ebjg[j\g[7\Z\gT_@Te^Xg\aZ
marketing challenges and contributing to their business
At Inboundsys, we provide comprehensive digital
growth. A result-oriented approach, customer delight, and
marketing solutions to help businesses thrive online.
special delivery have been the ideology of Inboundsys.
Through our expertise in various digital marketing channels
4aTjTeW j\aa\aZ;hUFcbgÇfC_Tg\ah`Fb_hg\bafCTegaXe and strategies, we assist our clients in building their
We have been catering to the various requirements of online presence, driving website traffic, generating leads,
the HubSpot Platform ranging from simple to complex and converting them into loyal customers. We tailor our
solutions & implementations. Our proficiency in HubSpot approach to each client’s unique goals and target audience,
covers the following: ensuring our strategies are practical and cost-efficient.
HubSpot Setup and Management Our digital marketing services encompass a wide range
HubSpot Onboarding of areas, including:
Digital Marketing Analytics and Strategy
Email Marketing, SEO, and PPC
Account Based Marketing (ABM)
Social Media Management
Managing Content Calendar
Being in the industry for over a decade, our unwavering
mission has guided us on our journey. We believe in
prioritizing customers’ needs by constructing a robust and
flexible structure that has helped us prosper in today’s fast-
paced, growing environment.
With a focus on innovation and a customer-centric
approach, we continue to forge ahead, overcoming obstacles
and making a significant impact in the digital realm.
80 September 2023 /
DRIVING DIGITAL
TRANSFORMATION ACROSS
INDUSTRIES, EXPANDING
FOOTPRINT IN INDIA
AND BEYOND
E4=F4E74A4
CEO, Innova Solutions
F
ounded in 1998 by Raj Sardana, Innova Solutions said Pradeep Yadlapati, Sr. Vice President & Country Head,
employs approximately 50,000 professionals Innova Solutions.
worldwide and reports an annual revenue approaching To deliver digital solutions for emerging business
$3 billion. Headquartered in Atlanta, Georgia, Innova is challenges, Innova offers a flexible mix of services
expanding its presence and investing in the Indian market customized to match the needs of each client. For example,
to ensure best-in-class delivery for local businesses. leveraging Innova’s Build-Operate-Transfer (BOT) model,
With capabilities spanning across each stage of the clients can accelerate the building of remote technology
digital-first journey—from early-stage opportunity teams while retaining control of intellectual capital and
assessments to implementation of data programs, cloud optimizing outcomes. To deliver the BOT model, Innova
services, AI/ML models, automated processes, customer leverages its global delivery centers, including locations in
engagement programs, and cyber security—Innova Bangalore, Chennai, Hyderabad, Noida, and Pune.
delivers strategic technology and business transformation Raj Sardana, CEO of Innova, stated: “Innovation has
solutions to clients, enabling them to operate as leaders always been at the core of our robust technology offerings
within their fields. and industry solutions. ‘Innova’ represents the unyielding
Innova serves clients ranging in size from SMB to spirit of innovation that has driven us to accelerate our
Fortune 1000 across several industries including: growth and become industry leaders employing 50,000+
Healthcare, Insurance, & Life Sciences; Communications professionals in locations across four continents and
& Media; Retail, Manufacturing, & Transport; Banking reporting an annual revenue approaching $3 Billion.
and Financial Services; and Hi-Tech. “Innova in India As Innova, we will continue to pioneer technological
is uniquely positioned to help SMBs, Large Enterprises and business solutions and serve as change agents for
and startups on their digital transformation journey and opportunity and value.”
accelerate growth. We have ambitious plans to invest and Looking to the future, Innova plans to scale-up global
expand the business and create 5X employment in 3 year delivery to meet evolving client needs, particularly by
timeframe. India will be at the epicenter of our strategy & expanding its presence across Europe and Asia. To
help drive value for our clients through industry specific learn more about Innova Solutions, please visit www.
investments & Domain centric Digital-First capabilities”, innovasolutions.com.
/ September 2023 81
IPS GROUP YOUR PARTNER

FOR HR STAFFING AND
WORKFORCE MANAGEMENT
G4E4A::BL4?
Managing Director, Integrated Personnel Services Ltd.
I
ntegrated Personnel Services Limited has been personality that moulds IPS Group as a comprehensive
a valued partner for offering human resource solution provider.
services to the top industries located all over Globe Discover the latest report projecting the HR consulting
since the year 2004. This firm is listed on the Indian services market to soar to a staggering USD 49.7 billion by
National Stock Exchange. And having a presence in 2027. With a wealth of experience working with businesses
Countries like the US, Australia, Bulgaria, UAE, Nepaland across various industries, HR consultants are well-
the Middle East. equipped to provide expert guidance and support. With
Mr Tarang Goyal, the managing director, and Mrs their extensive exposure and insights, they possess the
Sandeep Kaur Goyal, the director, are the foundational knowledge of the best practices to follow and implement.
pillars of Integrated Personnel Services Pvt. Ltd. With the Our clients demand precise, open, and timely outcomes
application of best management practices and strategic when it comes to managing their workforce.
planning, these visionary ideas sustained the organization’s The IPS team is committed to realizing its vision of
high-growth trajectory. becoming one of India’s most reliable and technologically
Mr. Tarang and Mrs. Sandeep Goyal oversee all company advanced HR professional companies. With IPS Vision
operations personally, and endeavoursin order to maintain 2030, we are leaving no stone unturned to make this vision
and expand the business. a reality.
Mr Tarang’s business accomplishments have garnered IPS aspires to achieve a visionary status. At our
international recognition. He contributes more than fifteen company, we strive to be the top provider of comprehensive
years of diversified industry experience to the strategic HR solutions for our valued clients. We recognize
design of IPS Group. the importance of staying up-to-date with the latest
Mrs Sandeep Kaur Goyal is an expert in quality technological advancements happening worldwide.
management; she was one of the architects of the IPS That’s why we’ve invested in our own team of expert IT
group and is continually striving to expand the company professionals who are dedicated to supportour vision.
in all aspects. Each of them are an entrepreneur, and a And Our IT team has managed to develop a cutting-edge
visionary, and possesses a multidimensional, dynamic web application designed to streamline complex business
operations and revolutionize HR functionality. With our
innovative solutions, managing your HR needs is as easy
as the tap of a finger. Experience seamless installation
and implementation of our product into your existing
business. Our team is here to assist you in minimizing
any issues you may encounter, such as attendance and
regularization, employee setup, obtaining daily attendance
reports, and calculating individual or team productivity.
Our App helps you streamline your processes and achieve
optimal efficiency. Easily access attendance reports on a
daily or selected period basis. Maximize your productivity
with our powerful tool that calculates individual or team
productivity, travel reimbursements and many more day-
to-day activities of your business.
82 September 2023 /
“TRUSTED SCIENTIFIC
PARTNER FOR DRUG
DISCOVERY, DEVELOPMENT
AND MANUFACTURING”
:<H?<4ABC8E98GG<
CEO-CRDMO, Jubilant Biosys Limited
J
ubilant Biosys Limited provides clients, To put his role & responsibilities in words it will be
comprehensive drug discovery, contract research, prudent to say that company is progressing well under
development and manufacturing services. The his supervision, guidance and support. He is assisted
Company is a part of the Jubilant Pharmova family of by functional leaders in scm, Finance, HR, BD, EHS and
companies, which is one of the flagship companies of the Marketing. The leadership team gives strategic direction
Jubilant Bhartia Group (*). to the business.
We service clients via our global team of 1120+ scientists, The CCMDs of our business is Mr Shyam Bhartia and
supported by our proprietary AI/ML accelerated drug Mr Hari Bhartia who are also promoters of the Jubilant
discovery platform while maintaining the highest standards Bhartia Group to which we belong.
of integrity and excellence in execution through our world- In brief our clients fall under the categories of Pharma
class QMS, Project Management, ESG and HSE protocols. Innovators: We have clients who are the leading bio
We use flexible business models, investments in new techs, big pharma companies, niche biotech’s, start-ups,
technologies and rigorously robust supply chains ensured academia, leading universities of the world, chemical
by internal capacity and a qualified network of external conglomerates who work with us. Client confidentiality
manufacturing partners. is key for us so we cannot name specific entities.
We have a global team of 1120 scientists who have The goal of our company is to become leading global
qualifications ranging from MSc, PhDs and Post Docs from “trusted partner in science” and provide world class
the reputed universities of India and the world. This is our differentiating services in Integrated Drug Discovery,
real talent pool. However, from a leadership perspective development and manufacturing. Enable our clients to
our business is led by Mr Giuliano Perfetti who is an Italian make the end product commercially available and filing
national and the CEO of the company. He is the driving force of valuable patents. We are happy to inform you that in
of the company under his guidance the team stays motivated the last three years of our aggressive growth we have
and is always ready to contribute their best. Giuliano has helped all our clients successfully do all of this with no
deep industry knowledge backed by his experience of failures of any kind. We are exceptionally proud of this
working with some of the leading big pharma. work that we have done.
We would like the world to know we are a very
young company. We started in 2006. We started with
a contract of USD 500 dollars and now we are working
on projects worth millions of dollars. We have doubled
in the last 2 years both in revenue, manpower, the
number of sites we operate in etc. We are nimble and
young and we want to create our space in the global
CRO market. Our client approach is personal and
professional and 90% of our clients do not leave us
and because of our work when our clients branch out
they ensure they take us with them. We are very proud
of this space we have created in the clients’ hearts
and minds.
/ September 2023 83
BUILDING THE
INEVITABLE NETWORK
Lightstorm has built a first-of-its-kind networking infrastructure designed
specifically for hyperscale networking in South Asia, Southeast Asia &
Middle East.
4@4=<G:HCG4
Group CEO & MD, Lightstorm
L
ightstorm is resolving these issues by adopting Lightstorm operates under the telecom license granted
a multi-pronged approach and through three key by the government of India in 2020 and is India’s only
solutions. It is building a Data Center Interconnect carrier-neutral telecom infrastructure and network
(DCI) network, SmartNet, which is focused on resolving services platform.
the interconnection gap prevalent in Datacenter, Cloud, India’s born-in-the-pandemic telecom start-up,
and Internet infrastructure connectivity in several Lightstorm, has made a significant investment in building
emerging markets in the South East Asia region. Secondly, and operating a world-class network platform across
Lightstorm has recently introduced self-serve Network-as- India -presently in 50+ cloud locations, five cities, 200+
a-Service (NaaS) platform, Polarin by Lightstorm to provide countrywide nodes, which support global players to
unprecedented scalability and visibility in the network offer content and digital services through the mobile and
for improved monitoring and faster and more informed broadband telecom connections of local telcos to millions
decision-making. Lightstorm is also working to boost the of consumers and enterprises across India.
submarine cable landing ecosystem in India . He, along with other founders, is credited with creating
In India, the network includes 30,000+ km of fiber and implementing Lightstorm’s vision and direction and
network that connects ~75 data centres and two state- developing business strategies and new expansion plans in
of-the-art NOCs. This network also caters to customers line with the strategic direction provided by the boards.
in Nepal and Bangladesh. In Indonesia, ~1000 km fibre A trusted partner of several Fortune 500 companies,
connects 40+ data centers. Lightstorm has recently started Lightstorm is building a robust foundation of digital
operations in Thailand and the Middle East and will soon infrastructure to create new sources of value and
begin operations in other regions of South Asia. differentiation for businesses in the Middle East, South Asia
Lightstorm is part of I-Squared Capital’s vision of building and South East Asia region.
a global fabric of state-of-the-art digital infrastructure. Lightstorm is working towards expanding the state-of-
Along with EXA Infrastructure and BDx, I-Squared wants the-art SmartNet network in several South East countries
to build a global network of terrestrial and subsea fiber Thailand, replicating its successes in India and Indonesia.
networks for the cloud economy. Lightstorm has recently launched operations in the
Amajit’s driving passion to address the lack of quality Middle East. Over the next few years, it plans to make a
underlying digital infrastructure, fiber network services multi-million-dollar investment in the region to expand its
and data centers, to support the exploding use of cloud- presence and strengthen its digital infrastructure in the
based digital services in the South Asian region led to the region. Further, the company plans to transform the subsea
formation of Lightstorm in 2020 with the help of large system in the region by bringing new and open submarine
global US-based private equity institutional investors and cables to the region.
fellow industry professionals. Lightstorm is a proud born-in-the-pandemic company. We
started operations in 2020 in the midst of a global pandemic
which made hiring, building and managing networks
extremely challenging. Lightstorm acquired the required
licenses to operate and also set up a ~30,000+ km ùtility-
grade’ fiber network connecting ~75 data centres across
seven key economic hubs during the pandemic. “Lightstorm
believes in the power of technology in changing people’s
lives. A robust and agile network will boost the region’s
digital economy, thus improving the lives of people across
all sections. We are committed to enhancing the digital
infrastructure in the South Asia and South East Asia region
to ensure that business growth is not hampered by the lack
of required networks.”
84 September 2023 /
LLOYD HEALTHCARE
PVT LTD: WHERE EFFORTS
MEET VISION…
I<>E4@A4E4L4A4E4B
Managing Director, Lloyd Healthcare Pvt. Ltd.
T
he story of Lloyd Healthcare is the story of an ordinary of Business Excellence, Pragati Maidan, New Delhi.
Indian who has dared to dream, believe in himself, As a reliable & trustworthy pharmaceutical organisation,
and has walked towards his objective. Founded in Lloyd Healthcare follows strict norms for providing
2011 with a team of 12 employees & handful of brands at quality medicines. Hence, all Lloyd Healthcare brands are
Vijayawada, Lloyd Healthcare transgressed to a 250 Crs manufactured with 100% Indian Active Pharmaceutical
house in just a decade. No Wonder, Lloyd Healthcare is the Ingredients (API). Around 8000 plus doctors appreciated
youngest recipient of “CIMS Medica Healthcare Excellence and supported this cause and have assured to prescribe
Award” for 2021 & 2022. Lloyd Healthcare brands for their Indian API. This feat was
Commitment, dedication, hard work and an unwavering recorded in “ Asia Book of Records 2022”.
belief to achieve one’s own goalpost saw Lloyd Healthcare As a corporate, Lloyd Healthcare supports the cause of
emerge as a strong player in the Indian pharmaceutical reducing its carbon footprints by using recycled paper for
industry. The founder person, Mr Narayana Rao Vikram, its promotional inputs. On the other hand, the corporate
understood the nuances of the pharma industry in depth obliges its social responsibility by supporting programs for
as he started his career as a medical representative & the growth of trees, saving rivers etc. On 30th Sept 2022
rose rapidly. This enabled strong decision-making, a sharp at India Pharma Expo, Pragati Maidan, New Delhi Lloyd
understanding of the surroundings and a grass root connect Healthcare Pvt Ltd. was awarded the “Best Eco-Friendly
which strengthened the company over a period. Marketing Initiative Award “for its brand Telzox.
Shri Narayana Rao Vikram believes that the single most The company’s vision is backed up by a set of
important factor which has contributed to his success competent, well-qualified, industrious senior team with
is “People”. Lloyd’s value system of ‘Ethics’, ‘Politeness’, an entrepreneurial mindset. Their rich work experience
‘Transparency’ & ‘Role Modelling’ enshrine ‘Teamwork’. enables seamless innovation on a day-to-day basis building
Hence, every senior of Lloyd Healthcare strives to be a strong processes & systems for today and tomorrow.
good coach and role model as they understand people Lloyd’s senior team understands that organisations are
come with different mindsets, attitudes & experiences. The made only when they can create a rung of leaders who can
company process & system are all geared to assimilate explore, learn, innovate, and add value to existing systems
this huge diversity of mindset and work experience for and processes. Hence, the thrust to develop internal
the betterment of the company thereby enabling the leadership is high at Lloyds.
development of a unique working culture which has created Shri. Narayana Rao Vikram along with his board of
a “Lloyd Healthcare Family”. Commitment to a good working directors have taken the organization to a new horizon
ecosystem earned Lloyd Healthcare the “The Company with where many from the industry want to join hands. The
Great Work Environment” award at the 11th Grand Edition organization is currently ranked amongst the top 30 in
the chronic segment of Indian pharma. The company
has a vision of being a leading speciality-focused Indian
pharmaceutical company offering quality medicines & aims
at Rs 1000 Cr turnover from its domestic operation by 2030.
In conclusion, Lloyd Healthcare’s impressive journey over
the past decade is a testament to its dedication to improving
the lives of individuals affected by chronic conditions. With
its specialization in cardiac and anti-diabetic medicines, a
workforce of over 800 employees, a turnover of 250 crore
rupees, and a focus on quality and social responsibility,
Lloyd Healthcare continues to be a trusted name in the
healthcare industry.
/ September 2023 85
A VISION FOR PROGRESS:

RAHUL GARG'S JOURNEY
IN REVOLUTIONIZING B2B
COMMERCE
Rahul Garg's Moglix is at the forefront of digital transformation,
effectively bridging gaps in B2B commerce.
E4;H?:4E:
Founder & CEO, Moglix
@bZ_\kf7\fg\aVg\iX4ccebTV[
R
ahul Garg, Founder, and CEO of Moglix is a first-
generation entrepreneur. Rahul embarked on his Moglix revolutionizes industrial procurement holistically,
entrepreneurial journey in 2015 after working creating a robust manufacturing framework through
with Google. An engineer from IIT Kanpur, an MBA from services spanning procurement, packaging, supply chain
Indian Business School and a member of Harvard Business financing, and software integration.
School Owners/ President Management Cohort 62, his
academic underpinnings illuminate his path in the realm @bZ_\kf<`cTVg
of entrepreneurship, shaping his remarkable odyssey as Moglix, founded in 2015, introduced a pioneering
a visionary leader. Mr. Garg, a YPO Delhi & International concept ahead of its time – a fully digitized B2B platform
member, affiliated with FICCI, serves as Co-Chair of offering doorstep delivery to manufacturing sectors and
Unicorn Forum, Delhi State Head of Startup Committee, and infrastructure companies.
CII Manufacturing Council Member. Moglix's marketplace, featuring 500,000+ SKUs, leads
4 I\f\baTel ?XTWXe Rahul Garg adds, "India operated India's industrial e-commerce, backed by Unilever's global
pretty much without catalogues pre-Moglix. I would take adoption of its software in 70 countries.
the liberty of saying that Moglix is the catalogue for India,"
encapsulates the disruptive force he envisioned. BiXeVb`\aZ6[T__XaZXf
Under Rahul Garg's guidance, Moglix has shown remark- Rahul tackled uncharted challenges, educating stakehold-
able growth since 2015, driving a phygital procurement ers and demonstrating benefits to transition traditional
transformation that brings B2B operations on par with industries onto digital platforms.
consumer convenience and technology. Garg's mission Navigating shifts in audience behavior and operational
redefines supply chain processes for enhanced efficacy. challenges, Rahul's strategic leadership and skilled team
drove successful scaling and supply chain efficiency.
4a8kX`c_TelGeT\_U_TmXe-EXVbZa\g\baf
TaW6bage\Uhg\baf 8ai\f\ba\aZ<aWhfgelGeTafYbe`Tg\ba
With 16 US patents in wireless tech and titles like Fortune's Rahul's ambition extends to seeing India evolve into a $10
40 under 40, Rahul exemplifies innovation, also earning trillion economy over the next decade, a feat requiring
recognition as Business World Young Entrepreneur and IIT collective effort. It would require policies that foster
Kanpur Distinguished Alumnus. innovation, attract foreign investment, and boost various
Rahul, an investor and leader, supports seven startups sectors of the economy.
globally and leads CII Delhi Startup Committee for Rahul advocates collaborative tech-industry digital
fostering growth and innovation facilitating startup growth transformation for streamlined supply chains and promotes
and industry innovation. eco-friendly practices to minimize carbon footprint.
?XTWXef[\c8g[bf
Rahul Garg encapsulates his leadership ethos in the words,
"Innovate, Adapt, Succeed."
Rahul's journey as an entrepreneur underscores the
importance of starting for the right reasons, persevering
through challenges, and maintaining intrinsic motivation to
stay the course.
Rahul Garg's visionary leadership propels Moglix's
impact in global industrial procurement, driving digital
transformation and unleashing disruptive manufacturing
potential.
86 September 2023 /
REDEFINING THE ALCOBEV

INDUSTRY WITH ONLY THE
BEST IDEOLOGY
>HA4?C4G8?
Managing Director, Monika Alcobev
M
onika Alcobev has been on a journey to provide In terms of our products, we offer a range of
unique and new-wave products in the Alcobev innovative beverages that cater to a variety of tastes and
industry. Our focus has always been on delivering preferences. Our range includes premium spirits, wines
high-quality, premium products that cater to the evolving and liqueur.
tastes of our customers. We believe that our success lies In addition to our products, we also offer a range of
in our ability to offer something different and exclusive services that differentiate us from our competitors. Our
to our customers, whether it be through our products, team of experts works closely with our clients to create
services, or overall approach to doing business. custom solutions that meet their specific needs, whether
One of the key differentiating factors that set us apart it be in terms of knowledge processing or experience for
from our competitors is our #OnlyTheBest ideology. We their consumers. We also offer a range of educational
import #OnlyTheBest brands from around the world, resources, including tastings and training, to help our
ensuring that our customers receive the best possible customers learn more about our products and the industry
experience every time they consume one of our products. as a whole.
This approach has helped us create a strong reputation In conclusion, what sets us apart is our culture, built
for quality and consistency, which is something that we on ownership, transparency, and meritocracy defines and
are very proud of. provides the strength as well as the focus required to
Another innovative factor that sets us apart is our drive forward and achieve our goal of becoming the top
dedication to sustainability. We believe that businesses importer & distributor of India’s sought-after brands.
have a responsibility to take care of the environment. For The company does not solely aim for luxurious liquor,
example: Last year we launched a sustainable rum. This but a selection of range that holds remarkably a high level
was India’s first introduction to an international rum that of caliber in each brand.
is made using green energy, bottled in a 100% recycled Through our efforts, we have been able to continuously
glass bottle and recyclable packaging because it’s what’s grow over the years despite the pandemic. In FY22-23,
on the inside (and outside) that counts. Monika Alcobev achieved a revenue of over INR 150 Cr.+
The growth has also been reflected in the increase in team
size over the years. Currently, the company employs more
than 200 employees across the country.
Significant awards/achievements (in the last 3 years).
Secured rights of Jose Cuervo, Bushmills, and Ron
Diplomatico. Recently, also launched Maestro Dobel
Tequila in India. Won multiple awards. For Example - The
gold award for Avalon Pinot Noir at India Wine Awards in
2019. The silver award for Avalon Cabernet Sauvignon.
Similarly, the silver award at the India Wine Awards in
2020 for the most popular Fantini Pinot Grigio from Italy
and the infamous El Goru from Spain won. Lastly, the
silver award at the India Wine Awards 2021 for Fantini
Calalenta Rosé, from Italy.
/ September 2023 87
ENABLING SMART, SECURE

COMMUNITY LIVING
EB;<G=<A74?
Director & Business Head, MyGate
M
yGate was started in Bengaluru, India in 2016 Dues Payments), manage staff easily (eg. Attendance),
by former Indian Air Force pilot Vijay Arisetty and save costs via complete digitisation (eg. Resident
along with Shreyans Daga and Abhishek Kumar Intercom, Communications module).
to address efficiency and security gaps at the gates of FXVhe\gl-A premium gate entry experience for all types
communities. of visitors, an easier time for the security guard and a
The simplicity of this innovative app - and its positive safer community for your residents. All made possible
impact on residents, managing committee members, with the world’s most experienced & robust visitor
guards and the overall community - led to strong organic approval system.
adoption in many Indian metros. From here, MyGate has 4VVbhag\aZ-A powerful tool to take care of all community
built on its original idea to create the most comprehensive accounting needs, from expense management and
solution, impacting every aspect of community living. invoice generation to balance sheet creation and audit-
Residents can use the MyGate app to communicate ready reports.
with neighbours, discuss matters of the community and Beyond its core functionalities, MyGate also offers a
society on internal discussion forums, manage visitors range of value-added services such as a real estate listing
(guests, deliveries, cabs etc.), maintain attendance record, space, a peer-to-peer marketplace, airport cab rentals &
and salary payments for daily help, discover services, pay various other home services.
society maintenance bills, among much else. The all in
one app has set a new standard for modern community 6heeXagFVT_XbY@l:TgX
management, ensuring convenient living or working MyGate is the largest community app in the world, with
experience for residents, RWA, security personnels and all 25,000 communities and 3.5 million homes in all major
other stakeholders within a gated community. metros and, increasingly, has found favor even in smaller
cities and towns. Every year, the app facilitates over 1 billion
BiXei\XjbY@l:TgXÇfVb`ceX[Xaf\iXVb``ha\gl check-ins, helps resolve over 6 million tickets and enables
`TaTZX`Xagfb_hg\ba collection of $300 million in dues. Since their launch in
6b``ha\gl- The largest selection of community features 2016, it has also trained over 1.7 lakh guards on its platform.
to keep residents happy (eg. Helpdesk, Amenities Booking, From Bengaluru to Bilaspur, MyGate is everywhere!
Fge\aZXagWTgTce\iTVlcb_\V\Xf
MyGate sets the bar high when it comes to prioritizing data
privacy in the realm of community management & security
services. By implementing GDPR guidelines, adhering to data
minimization, encryption and purpose limitation principles,
granting granular user control, protecting data when
shared with third-party vendors, and conducting regular
security audits, MyGate ensures that user information is
safeguarded and treated with the utmost confidentiality.
With MyGate, residents can enjoy the benefits of advanced
features while maintaining trust in the app’s commitment
to data privacy.
88 September 2023 /
ENGINEERING THE ART OF

FROZEN DELIGHTS: NEXTGN
ICECREAM ENGINEERING PVT
LTD ICE CREAM MACHINE
MANUFACTURER’S JOURNEY
OF INNOVATION
E4=H=<GHE<
Founder & CEO, NextGn IceCream Engineering Pvt Ltd
<aabiTg\iXEbUbg\VGXV[ab_bZ\Xf
I
n the world of frozen delights, NEXTGN ICECREAM
ENGINEERING stands as India’s leading ice cream Setting itself apart from the competition, NEXTGN
machine manufacturer, spearheaded by visionary Mr. ICECREAM ENGINEERING is the only Indian company in its
Raju Jituri. With a remarkable commitment to innovation field to adopt robotic technologies for linear ice cream cone
and a passion for redefining the realm of ice cream, this filling machines, boasting a capacity ranging from 8,000
pioneering company has emerged as a trailblazer in to 24,000 pieces per hour. Our feature-rich machines also
the industry. From businesses to ice cream enthusiasts incorporate robotic systems, including hardening tunnels,
worldwide, NEXTGN has become the preferred choice, ensuring optimal texture and quality of the ice cream.
transforming the landscape of frozen desserts.
7\iXefXBYYXe\aZfTaWGhea ^XlFb_hg\baf
HacTeT__X_XWGXV[ab_bZlTaW:_bUT_EXTV[ NEXTGN ICECREAM ENGINEERING specializes in
Harnessing state-of-the-art technologies, NEXTGN automatic ice cream stick lines, rotary cup and cone filling
ICECREAM ENGINEERING has secured its position as the machines, and undertakes turn-key projects for setting
foremost ice cream machine manufacturer in India and up ice cream manufacturing plants. Our comprehensive
abroad. Renowned ice cream brands such as Kwality Walls, range of services caters to the diverse needs of the
Havmor, Vadilal, Mother Dairy, Ideal Ice Creams, Uncle industry, providing customized solutions to meet
John, Dairyrich, Kiwi, Joy, and Cold Stone Jakarta have specific requirements.
chosen the company for its cost-efficiency and improved
production capabilities. 6hgg\aZ XWZX@TahYTVghe\aZ9TV\_\gl
Situated in Pimplas, Maharashtra, India, on the Thane-
8aZ\aXXe\aZ8kVX__XaVXTg\gf6beX Nashik highway, NEXTGN ICECREAM ENGINEERING’s
At the heart of NEXTGN ICECREAM ENGINEERING’s manufacturing plant sprawls across 20,000 square feet.
success lies its unwavering commitment to engineering Equipped with the latest CNC equipment, the plant produces
perfection. The company boasts a team of skilled engineers high-precision components that ensure the efficiency and
and technicians who work tirelessly to design and durability of our ice cream manufacturing machines.
manufacture cutting-edge ice cream machines that set
new industry standards. Through meticulous attention to @T^X\a<aW\T
detail and an unwavering pursuit of excellence, NEXTGN’s By manufacturing ice cream machines within the country,
machines deliver unparalleled performance, precision, and NEXTGN ICECREAM ENGINEERING contributes to the
efficiency. In fact, our machines have surpassed many growth of the Indian economy while also offering several
European counterparts in terms of quality, reliability, advantages to its customers. Instead of relying on imported
and efficiency. machines, businesses can now source high-quality ice
cream machines locally, reducing foreign currency outflow.
This not only strengthens the Indian economy but also
provides a cost-effective solution for businesses in the ice
cream industry.
In conclusion, NEXTGN ICECREAM ENGINEERING
has revolutionized the ice cream industry through its
unwavering dedication to engineering excellence. By
combining advanced technologies, robotic innovations,
and a customer-centric approach, the company continues
to shape the future of frozen indulgence. With NEXTGN
ICECREAM ENGINEERING, businesses and ice cream
enthusiasts can experience the perfect blend of innovation,
efficiency, and superior quality in every frozen treat.
/ September 2023 89
NUTRIFY TODAY:
REVOLUTIONIZING THE
NUTRACEUTICAL INDUSTRY
WITH AI AND ML
4@<GFE<I4FG4I4
CEO, Nutrify India
N 7e! 4aTaW FjTebbc Co-founder and US Entry Lead:

utrify Today is an innovative company that is
transforming the nutraceutical industry by Dr. Swaroop is spearheading Nutrify Today’s expansion
leveraging emerging technologies such as Artificial into the US market. His expertise in the nutraceutical
Intelligence (AI) and Machine Learning (ML). Led by Mr. industry and strong network contribute to the company’s
Amit Srivastava, a pharmacist with extensive experience global reach.
in the field, and supported by a team of industry experts, >[Tf\` @G< - Director of IT and Operations: Mr. MTI
Nutrify Today aims to democratize the nutraceutical supply is driving innovation in AI technologies to enable
chain and accelerate the commercialization process. Their the nutraceutical industry to design, develop, and
flagship product, Nutrify Genie, is a curated AI engine that commercialize differentiated products. His expertise
combines 2.5 million scientific and commercial resources ensures that Nutrify Today stays at the forefront of
on a single platform to design, develop, and commercialize technological advancements.
ethical nutraceuticals in record time. This Indian innovation
has positioned Nutrify Today as a global thought leader in 6_\XagX_X
advanced ethical nutraceuticals, and they are actively Nutrify Today serves a wide range of clients, including
contributing to the growth of the industry through pharmaceutical companies with an interest in nutraceuticals,
collaborations and policy advocacy. large nutraceutical companies, and ingredients and contract
manufacturing companies. Some notable clients include
>Xl9\ZheXf\ag[X6b`cTal
Euro Alliance, Jubilant Pharma, Bharat Serum, Legacy
4`\g Fe\iTfgTiT Founder and Chief Catalyst: Mr.
Health-Switzerland, Fuji Chemicals, and IFF.
Srivastava is the visionary leader driving the company
towards its goals. With his background in pharmacy and
6b`cTal:bT_fTaW4V[\XiX`Xagf
expertise in nutraceutical ingredients and medical foods,
The primary goal of Nutrify Today is to create a
he brings valuable insights and strategic direction to
democratized nutraceutical supply chain that promotes
Nutrify Today.
responsible commercialization worldwide. To achieve this,
Ce\lTa^TFe\iTfgTiT Co-founder and HR Director: Mrs.
they have developed several groundbreaking innovations
Srivastava, a gold-medalist MBA in HR, is responsible
and achieved notable milestones, including:
for creating a robust team at Nutrify Today. She has
1. World’s first nutraceutical industry networking mobile
developed a sustainable business model that promotes
platform.
remote working and empowers employees to achieve
2 First nutraceutical industry Radio Podcast channel.
their targets with 100% freedom. It is with her smart
3. World’s first Idea to commercialization Curated AI
Hybrid methodology for working that Nutrify Today has
platform with over 1.2 million scientific and commercial
earned coveted “Great Place to work” certification.
resources.
4. World’s first Nutraceutical academy powered by
esteemed institutions such as IIT Jammu, Monteux
Institute of Business Development-Switzerland, and
Centurion University.
These achievements have garnered significant industry
recognition and have established Nutrify Today as a leading
player in the nutraceutical sector. They have successfully
commercialized ethical nutraceutical brands such as
Nurturance, Esperer Nutrition, and Nanoveda. Additionally,
Nutrify Today launched the world’s first global nutraceutical
summit, Nutrifycsuite.com, and has trained over 15,000
industry executives through the Nutrify Today Academy.
90 September 2023 /
EMPOWERING BRANDS WITH

HEARTFELT CREATIVITY: THE
RISE OF PLOTTERS INK, THE
HOMEGROWN ADVERTISING
TRAILBLAZERS
Championing Design Excellence and Personalized Engagement, Plotters
Ink Redefines the Landscape of Advertising for Every Business.
F446;<4:E4J4?
Co-founder, Plotters Ink
P
lotters Ink is a homegrown creative agency born We are now a homegrown creative agency that competes
out of the passion for creating superlative work for with the biggies of the advertising world with ideas,
industries that traditionally had little or no budgets thoughts, and world-class design execution to back it.
to partner with the mainline advertising agencies. Over the How does a homegrown advertising agency compete
last 9 years, Plotters Ink has been consistently partnering with global ad agencies was a question once posed to us
and providing brands with strategic, design, and creative by an industry stalwart. The way we saw it, we actually had
support to achieve their communication needs. an advantage. We were faster and more agile, we were at
With a young team at hand Plotters Ink started its journey par with design quality and ideas, and more personal and
with its 2 cofounders cramped up in busy coffee shops involved than global agencies could ever be.
trying to win over clients and explaining the importance of We are the new generation of advertising, the home
good design and communication. This has now transformed grown, we understand that advertising is more than just
into a young team of professionals with mixed skills and being glamorous, it is a necessity and should be made
talents working hard to deliver the dreams brewed over available to every business that wants to have a voice. We
cups of coffee. are here for them.
/ September 2023 91
AAKANKSHA BHARGAVA:
PIONEERING GROWTH
AND DIVERSITY IN INDIA'S
RELOCATION INDUSTRY
From Modest Beginnings to INR 200 Crores: Aakanksha Bhargava's
Journey of Revolutionizing India's Relocation Service Industry.
44>4A>F;45;4E:4I4
CEO, P.M. Relocations Pvt Ltd
A
akanksha Bhargava, the CEO of P.M. Relocations Pvt staggering growth rate of over 4000% under her exemplary
Ltd (PMR), has emerged as the influential figurehead leadership, all while remaining self-funded.
in India's relocation service industry. Her relentless Aakanksha's contributions to the industry have garnered
drive and astute business acumen have propelled PMR from widespread recognition, with a myriad of prestigious
an annual turnover of INR 54 crores in 2020 to a staggering accolades to her name. Notable among them are the
INR 200 crores this year, with a bold ambition to reach 'Excellence in the Field of Relocation Services' award
INR 350 crores by the end of the current financial year. In at the Times Business Awards 2023, 'Woman CEO of the
an industry plagued by disorganization, male dominance, Year' at the Her Zindagi Womenprenuer Awards 2023,
and labor-intensive practices, Aakanksha has positioned 'Women Leader of the Year' at the GIWL Awards 2023,
relocation services at the forefront, transforming the and the distinction of being named one of India's Most
landscape through her visionary approach, commitment to Inspirational Leaders by Whitepage International in 2020.
diversity, and dynamic values-centric strategies. Despite Additionally, she has been honored as 'The Extraordinaire
the hurdles posed by the pandemic, limited resources, - Powerful Women Achiever' at the Brand Vision Summit
logistic complexities, talent acquisition, unorganized market 2020, received the 'WeInspire' accolade from WeConnect
conditions, and the need for agile and resilient business International in 2018, and was recognized as a Woman
services, PMR has achieved an extraordinary growth rate of of Worth by Outlook Business Magazine in 2017. Further
over 130% in the past two years. highlighting her achievements are titles such as Woman
Established in 1986 as PM Packers, the company Entrepreneur of the Year at the Franchise India Awards
underwent a strategic rebranding to PM Relocations, aiming 2016 and Best Woman Leader at the Business Today SME
to expand its footprint and cater to the global relocation Awards 2015, among many others. Aakanksha currently
market. With over 16 years of experience, Aakanksha holds the position of Vice Chair with the WBE Council
embarked on her career journey at PMR in international India for WEConnect International, serving as a member
sales when the company's turnover was a modest 3 crores. of IAM's Core Member Management Board (CMMB) and
Later transitioning to corporate sales and marketing, her the IAM's Leadership Alliance Council. Her exceptional
primary focus over the past 16 years has been on driving academic background includes a graduation in commerce
exponential business growth, nurturing exceptional leaders from the Hindu College, an MBA from the prestigious SP
and teams, cultivating a legacy, and fostering a credible Jain Institute of Management (Dubai and Singapore), and
brand image. In addition, Aakanksha has been actively the distinction of being a leading Global Mobility Specialist
involved in empowering underprivileged communities (GMS) from the FIDI Academy since 2007.
through initiatives centered around food, education, and Beyond her professional achievements, Aakanksha
livelihood support. Remarkably, PMR has achieved a embraces her wanderlust, eagerly exploring new
destinations alongside her daughter, Samaira. As a
seasoned travel blogger, she imparts valuable insights on
business travel and shares practical tips for new moms.
During her leisure time, Aakanksha prioritizes quality
moments with her family, indulging in cricket matches, and
enjoying movies starring the iconic Shahrukh Khan.
Today, Aakanksha spearheads the organized relocation
segment in India, serving as a beacon of inspiration for
emerging leaders. Her resounding message to the new
generation is to foster the 'Right Intent to Achieve the
Impossible,' a testament to her unwavering determination
and unyielding spirit.
92 September 2023 /
PODOBRACE INDIA.....
ALWAYS THE RIGHT
SUPPORT!!
A4E4F<@;4F;4E@4A4E4L4A4@?
CEO (APAC & MENA), Podobrace India Pvt Ltd.
T
he Podobrace Group is (online) marketleader karma, helping people and in the philosophy: “What you give
for medical and sport supplies in Europe en with with your left, you get back with your right”, so therefore also
Podobrace we are now active in more than 25 in the future Bill will give even more with the foundation and
countries and we just expanded to Asia with our; “Podobrace try to help as much people as he can, and really try to make
Asia” department, where we also recently bought a factory a difference in the world, because that’s what life is truly all
(Podobrace industry) to provide our clients with even better about and matters the most for him and the whole Podobrace
quality and prices. In this factory with 1400 employees we GBNJMZ t 1IJMBOUISPQJTU 4FSJBM &OUSFQSFOFVS *OGMVFODFS
currently produce braces, compression shorts, but also t'PVOEFS$&0PG1PEPCSBDF(SPVQ-UEt'PVOEFS$&0PG
t-shirts, socks, hoodies, tracksuits, jackets, satin pillows 1PEPCSBDF(MPCBM5SBEJOH-UEt'PVOEFS$&0PG(MBEJBUPS
sheets and towels. Worldwide we produce millions of &OFSHZESJOL-UEt'PVOEFS$&0PGUIF(MBEJBUPS'PVOEBUJPO
towels and garment items every year for our clients. And t 3BCPCBOL 4UBSUJOH &OUSFQSFOFVS PG UIF :FBS "XBSE
with Podobrace.com we have the largest webshop for t*#&7&OUSFQSFOFVSPGUIF:FBS"XBSEt708"
medical devices in Europe, specializing in orthopedic care Entrepreneur of the Year Award
and sports podology. We have been bringing the best of Podobrace India - Narasimha Sharma Narayanam
orthopedics, physiotherapy, and rehabilitation supplies to Narasimha is an extraordinary and inspiring entrepreneur.
those in need across Holland, Belgium, Germany, and the It has always been his dream to build a successful business
UK. Limiting the right preventive measures and/or timely that would change lives. With nothing but determination,
medical treatment of musculoskeletal conditions can lead hard work, Narashimha embarked on a challenging
to chronic pain and disability. To tackle this problem, we entrepreneurial journey that would eventually lead to the
offer a wide range of medical care products and services establishment of Podobrace India. Despite all the odds, he
that have been carefully selected to optimize the quality was educated in England because he believed that with his
of life for anyone with recurring sports injuries and other gained knowledge he had the power to change lives and
orthopedic or rehabilitation requirements. improve communities in his home country. After completing
As Founder and CEO of the Podobrace Group, Bill Duin is the his degree in the UK, Narasimha was determined to pursue
leader, inspirer and visionary of the whole Podobrace Group. his dream. Now many years later he has become an
Bill was only 24 years young when he started Podobrace with influential entrepreneur and proud to really make a diffrence
his father with nothing. Now, many years later, the company to the world with the whole Podobrace family.
has 1500+ employees active worldwide. Under the leadership Lbhe6_\Xagft5BSHFU64"t1FQQB1JHt)&."t/%%$t
of Bill, Podobrace has become the market leader in many "DUJPOt,FTTFMTUFYUJMFt1SJNFYt#BMJOt#3²$,/&35FYUJMF
European countries and will continue to expand in the coming t(5/&OHJOFFSJOH-JNJUFE
years. In 2014 he won the Rabobank Starting Entrepreneur of
the Year Award, 2018 IBEV Entrepreneur of the Year Award @T^X<aW\TT:_bUT_@TahYTVghe\aZ;hU
and in 2018 also the VOWA Entrepreneur of the Year Award. With the Make in India and Atmanirbhar Bharat as our
But what Bill is most proud of is the starting and founding of motives, we are determined to revolutionize India’s
the Gladiator Foundation. Because Bill truly believes in good manufacturing sector. By partnering with global leaders and
investing in production facilities staffed by highly qualified
personnel, we will become a key player on the international
stage. This monumental effort will generate game-changing
progress within India’s manufacturing sector, allowing us
to shape smarter solutions that push boundaries forward
toward lasting success
Bhe@\ff\ba
Adhering to our principles, we bring the best of ourselves
forward in providing superior products and services.
By collaborating with leading players abroad, we open
new doors for exciting possibilities that benefit all those
connected to us. “A Move to Atmanirbhar Bharat”
/ September 2023 93
FROM HUMBLE BEGINNINGS

TO GLOBAL LOGISTICS
DOMINANCE: THE INSPIRING
JOURNEY OF PRIDEL
PRIVATE LIMITED
Right - @e!CeTWlhàT:hcgTChairman and Managing Director,

Centre - @e!4TelTi:hcgT Director - Global Business Development,
Left - @e!FjTca\_:hcgTDirector - Sales
P
ridel Private Limited is a global logistics organisation forwarding, customs house brokerage, transportation
established in the year 1994 in the city of Moradabad powered by a self-owned fleet of 220 vehicles and Free
by Mr. Pradyumna Gupta. The company is recognized trade warehousing zone facilities. In over three decades,
among the top 3 customs house brokers in North India Pridel has served more than 1000 clients, including
since 2005 and offers services across land, air and sea imminent industry players like Jubilant Ingrevia, Greenlam
through state-of-the-art, technologically-driven logistics Industries, Merino Industries, Dabur, Surya Roshini, Jindal
solutions. As a Authorised Economic operator, Pridel follows Poly films, Escorts, Uflex Limited, LG, and many more.
global standard processes and gives utmost attention to Pridel aims to cross Rs 1000 crores in revenue by 2026.
compliances which gives them an edge over the competitors. Pridel’s market credibility has been built by its impeccable
Mr. Pradyumna epitomizes the power of perseverance, services made possible through its network of offices in
who led by example. His journey started as an executive Noida, Moradabad, Kashipur, Pantnagar, Agra, Ludhiana,
with an export company in the city of brass, Moradabad, Jaipur, Jodhpur, Chennai, Cochin, Mumbai, Gandhidham,
to build Pridel that came to be recognized as one of the and Mundra. During the pandemic, Pridel recovered quickly
pioneers in the logistics industry. From a small team of from the initial hiccups due to lack of clear Covid guidelines
4 people, the company grew into one of the finest hand- with the support, hard work and never say no attitude of the
picked team of 500 members offering integrated logistics team. Pridel’s team aims to make the life of their clients
solutions across the globe. easier by offering them end-to-end solutions for logistics
Mr. Pradyumna quit his job to establish Global Cargo powered by technology. The differentiator lies in the culture
Forwarders as a customs house brokerage company in of keeping the company’s people, vendors and clients at the
1994 and together with his dedicated team, kept working centre of any strategy they implement.
towards achieving their shared vision with the guiding
principle – Be kind and ethical to all. Following the same JTl4[XTW
principles his son’s Mr Swapnil Gupta and Mr Aaryav With a vision to cross a top line of INR 1000 Crores by
Gupta have taken over the business operations taking the 2026, Pridel is investing heavily in people, technology and
organisation to a new horizon. Under their guidance Pridel infrastructure for vertical and horizontal growth. Pridel
has been slowly transitioning from medium to large scale plans to add 2 new locations this year in India and enter
enterprise. It offers a range of services such as global USA market for the global expansion.
94 September 2023 /
EMPOWERING EDUCATION
PIONEER: BRIDGING
KNOWLEDGE AND INNOVATION
FOR A BRIGHTER FUTURE
From Pioneering AR in Education to Transforming EdTech: A Journey of
Inspiring Achievements and Unwavering Commitment
@4A5<E587<
Founder, Primary Plus Media Pvt Ltd
T
hroughout my life, I’ve been driven to help others Over the years, I have developed tools and curriculum on
through the power of knowledge and learning. how to teach coding without screen time - a high-demand
Whether I was starting a classroom magazine, skill and targeted need, particularly in primary divisions of
training teachers on Multiple Intelligences, being the first schools, and have trained over 12,000 teachers.
educator to embrace augmented reality for kids, or creating More recently, I was honored to receive the Outstanding
a way forward to build High Performance kids, I have Achievers Award from Amicators Diplomatic Club at the
remained at the forefront of this critical work throughout Global Business Summit held in Varanasi and another
my career. Outstanding Achievers award at the Business Excellence
Like many educators, the pandemic posed specific Awards by Outlook Magazine. In my newest initiative,
challenges, but these obstacles allowed me to think outside Incredible Kids of India, I am working to ensure that kids
the box, resulting in the development of schoolyears.org. are recognized for their merits and excellence in education,
Created out of the need for children to maintain a dossier of sports, and extracurricular activities.
their educational journey from grades Nursery to XII, this Today, I stand with pride in the EdTech industry, a
platform allows students to consolidate their achievements community I have contributed to with innovation, creativity,
and store them for life to apply for universities and and unwavering devotion. My passion for education and
scholarships down the road. unyielding commitment to kids will forever drive me forward.
/ September 2023 95
RAFFLES UDAIPUR: AN
EMBODIMENT OF TIMELESS
LUXURY FOR THE DISCERNING
Raffles Udaipur's unwavering commitment to excellence has been
recognized through numerous accolades and awards. In a recent
achievement, Mr. Rajesh Namby, General Manager, was honored with the
Best Luxury Hotel Chain of India award at the Outlook Business Spotlight
- Business Excellence Awards 2023, Mumbai Edition.
E4=8F;A4@5L
General Manager, Raffles Udaipur
N
estled like a hidden gem in the embrace of the event with an aura of divine blessings. a lavish wedding,
enchanting city of Udaipur, Raffles Udaipur beckons a milestone anniversary, or a corporate extravaganza,
travelers to a realm of unparalleled luxury and Raffles Udaipur's unwavering commitment to excellence
refinement. As the first Raffles hotel in India, it exudes an air ensures that every detail is flawlessly executed. From
of magnificence and sophistication that is unrivaled. Picture the intricately designed decor to the sumptuous culinary
yourself transported to a realm of opulence, where every offerings, every aspect is thoughtfully curated to surpass
corner reveals a new chapter of splendor and indulgence. expectations and create memories that will forever linger
This architectural masterpiece rests gracefully on a in the hearts of the guests.
sprawling 21-acre private island, a serene oasis in the
heart of the tranquil Udai Sagar Lake. Here, the boundaries 8kdh\f\gX6h_\aTelBYYXe\aZfTaWHaYbeZXggTU_X
between fantasy and reality blur as guests find themselves 7\a\aZ8kcXe\XaVXf
immersed in a world where Western influences intertwine Raffles Udaipur caters to culinary enthusiasts with its array
seamlessly with the regal heritage of Rajasthan and the of gastronomic delights. The scrumptious realm of Sawai
timeless allure of Mughal architecture. Kitchen, the Indian specialty restaurant that unveils the
A sanctuary of lavishness awaits within the walls of hidden treasures of lost recipes from the region's opulent
Raffles Udaipur, with 101 exquisitely appointed rooms royal households.
that redefine the concept of luxury. Adorned with tasteful To unravel the secrets of the kitchen, Rasoi, the esteemed
furnishings and adorned with intricate details, every space cookery school, offers a co-cooking experience like no
becomes a sanctuary of comfort and elegance. As the soft other. The vibrant flavors and aromatic spices of Indian
rays of the sun dance upon the tranquil lake, guests are cuisine as skilled chefs guide you through the art of creating
greeted with panoramic views that transport them to a exquisite dishes. The refined elegance of The Writers Bar,
place of serenity and awe-inspiring beauty. where intimate conversations find solace amidst the plush
surroundings, while the iconic Long Bar beckons with its
6eXTg\aZHaYbeZXggTU_X@b`XagfTaW6X_XUeTg\baf lively ambiance, bespoke cocktails, and a curated selection
The Grand Ballroom at Raffles Udaipur is a sanctuary of the finest spirits.
of celebration, where cherished moments unfold and
milestones are etched in the fabric of time. A delicate 4aBTf\fbYFXeXa\glTaWJX__ UX\aZTgETYÑXfFcT
touch of spirituality graces the surroundings, as an on-site Raffles Spa is a realm of serenity and restoration, where time
temple adds an ethereal charm to the setting, infusing each slows down and the worries of the world melt away. This
sanctuary of tranquility is bathed in the soft glow of natural
light, casting a gentle radiance upon its embroidered canopy.
Feel the tension melt away as the soothing touch of
a massage unravels the knots within. Allow the healing
properties of rejuvenating therapies to replenish the energy
and restore balance to well-being. From age-old traditions
to innovative techniques, Raffles Spa offers an array of
authentic treatments tailored to meet individual unique
needs. With the tranquil ambiance, enveloped by the gentle
melodies of soft music, one can't help but surrender to the
blissful serenity that surrounds.
96 September 2023 /
BUILDING RAILWAYS,
CONNECTING INDIA
CE4788C>;4<G4A
Managing Director, Rahee Infratech Limited
R
ahee Infratech Limited is a leading Railway Rahee has significantly contributed to various rail link
construction company in India, operating in the connectivity projects of national importance for India; Major
field of Bridge Construction, Track Construction, Bridges for Jiribham- Imphal Rail link, Ballastless Tracks for
Flash Butt Welding of Rails, Manufacturing of Rail Turnout Udhampur-Srinagar-Baramulla Rail Link, 4.5 Km Rail Cum
Systems and Rail Fastening Systems. Established in Road Steel Bridge over River ganga near Patna, Ballastless
1948, the group has grown over the last 75 years and has Track for under water tunnel between Howrah and Salt lake for
established itself as a leading civil engineering company in Kolkata Metro, H-Beam Sleepers with Fastenings for Worlds
the railway segment. highest Rail Bridge (Chenab Bridge), Major Bridges for Char
The group has six manufacturing facilities, manufacturing Dhaam Yatra Rail Link between Rishikesh and Karanprayag in
various track products for Railways. Rahee’s manufacturing the state of Uttarakhand and many more such projects.
plants are spread across the Eastern region of India around Rahee’s clientele in India includes some of the most
Kolkata and Southern region of India around Hyderabad. In prestigious organisations of the country, including Indian
addition, there are several infrastructure projects executed Railways, Metro Railways, IRCON, Rail Vikas Nigam Limited,
and under execution across India creating a pan India Konkan Railway and several other construction companies.
presence for the group. Rahee is also one of the leading exporters of track products
Rahee is executing turnkey construction Bridge projects to Bangladesh & Sri Lanka Railways.
including sub structure and super structure work. Having Featuring quality materials, providing experienced
successfully completed over 75 Major Bridges and 200 + and reliable services; Rahee provides holistic solution
KM of Metro/Mainline Track Construction, Rahee is today including innovation, cost effectiveness and performance
one of the leading construction companies in the Railway during execution of contracts. Quality and on time delivery
sector. With order book of over INR 1750 Crore, Rahee is are Rahee’s core values and it strive to live by the motto
set to achieve a milestone of INR 1000 Crore of turnover “Quality First, Speed always”. These values give Rahee an
by 2024. edge and are a great source of convenience for its clients.
/ September 2023 97
RAPHE MPHIBR: ELEVATING

INDIAN SECURITY WITH
CUTTING-EDGE DRONES AND
UNPARALLELED INNOVATION
A game-changing Indian company with top-notch drones, innovative
manufacturing, and extensive service to security agencies.
I<I8>>H@4E@<F;E4
CEO, Raphe mPhibr Pvt Ltd
R
aphe mPhibr is a truly self reliant hi-tech software technologies render the Raphe’s UAV platforms
manufacturing start up, comprising of more than their best-in-class efficiency, robustness and payload
a hundred world class scientists and engineers carrying capabilities.
propelled by a work culture that suppports innovation.
@TahYTVghe\aZ
After three years of rigorous research using latest
The research activities performed at Raphe are not only
technology, fused with the experience and feedback from
limited to the product development but also span over the
different armed forces and security agencies, the company
manufacturing processes. Armed with over 130 engineers
has created 16 different products that cater to the specific
and technicians earnest efforts are made in process
needs of the Indian security forces.
innovation for manufacturing with an aim to reduce the
The drones developed at Raphe have one of the best
production time, increased quality of production, achieve
power to weight ratio in the world, laced with soaring
modularity and scalability in production processes. As
autonomous capabilities. They can operate in high altitude
a result of these efforts, Raphe has been able to achieve
Himalayan areas of Siachen, lift 100kg stores and can also
significant reduction of the time that is taken to convert an
be launched from the palm of the user. Real time monitoring
idea into a product.
and mission planning is made possible by ground support
set up comprising of ground control stations, remote video 4`baZg[XiTe\bhfTWiTaVXf\a`TahYTVghe\aZ`TWXTg
terminals and ultra long range communication equipment. ETc[Xg[XYb__bj\aZTeXg[X`bfgf\Za\ÐVTag
$! 6TeUba ÐUeX TaW Vb`cbf\gXf `TahYTVghe\aZ- Raphe
EXfXTeV[7XiX_bc`Xag can truly boast about having one of a kind facility where
Raphe’s ability to indigenously design and manufacture every part of the drone is manufactured in-house
customized UAV platforms can be attributed to its research through the process of cutting, chemical treating and
and development wing which comprises of Aeronautical, heat treating the carbon fibre cloth to give it required
Mechanical, Material, Chemical, Electronics, Controls and strength while maintaining its light weight.
Software Research departments. Comprising of over 125 %! 4WW\g\iX `TahYTVghe\aZ YTV\_\gl- India’s largest
scientist and engineers from top institutes from India and facility of its kind, comprising of – 3D printers that can
all over the world, Raphe’s team has developed over 169 manipulate thermoplastics, resins and metals such as
patentable technologies to support their UAV platforms. – Aluminium, Titanium, Copper and Steel. This enables
Novel carbon fiber composite materials developed at every small and hard to design and manufacture
Raphe are light weight, robust and have superior thermal & components to be made within our facility.
electrical properties. The bio-inspired designs of airframes, &! 8aZ\aX `TahYTVghe\aZ TaW gXfg\aZ YTV\_\gl- Using
high density electronics along with efficient and reliable a mix of latest technology such as metal additive
manufacturing and conventional means of machining,
Raphe makes its own engines for the long range and
high endurance drones. This enables the UAVs to
carry out versatile operations without much impact of
externalities.
'! 8_XVgeba\Vf`TahYTVghe\aZTaWgXfg\aZYTV\_\gl- Raphe
is home to India’s 1st PCB line for manufacturing, in-
line testing and storage of MIL grade PCBs.
The drones developed at Raphe are already in service
with DRDO, Indian Army, Indian Navy, CRPF, BSF and other
police forces. The company provides end to end customer
support and assistance as per the requirement of the
security agencies.
98 September 2023 /
“REDINGTON LIMITED:
A TRUSTED PARTNER IN
DIGITAL INNOVATION”
E4@8F;A4G4E4=4A
CEO, Redington Limited
R
edington Limited, an integrated technology solutions able to deliver XaaS (Anything as a Service), including
provider , enables businesses in their digital Cloud and a wide gamut of IT products, through an OPEX
transformation journeys by addressing technology model. While it continues to strengthen its portfolio of
friction – the gap between innovation and adoption. With traditional products, services and solutions, it is actively
presence across 38 markets through 60 subsidiary offices, exploring emerging technologies - 5G, Internet of Things
over 300+ brand associations, and 43,000 channel partners, (IoT), Generative AI - and their potential impact on
Redington enables seamless and end-to-end distribution the IT landscape in India. Redington understands the
for all categories of IT/ITeS, Telecom, Lifestyle, and Solar requirements of its customers and tailors solutions to
products in India, Singapore, South Asia, Middle-East, address their specific needs. By collaborating closely
Africa and Turkey. Over the years, it has transformed from with partners, it can provide IT solutions that cater to
a volume player to a value player. Its offerings include PCs, different use cases, thus, placing a strong emphasis on
Notebooks, Tablets, Printing Solutions, Servers, Storage, customer-centricity.
Software, Networking Solutions, Security Solutions, Smart In FY23, Redington made significant investments to
Phones and Cloud. improve its digital capabilities, build platforms and create
Established in 1993, it has constantly moved up the processes to accelerate time to market and provide flexible
distribution value chain over the past thirty years and engagement options to customers. While technology
today, it is one of the most trusted distributors of products, distribution is its core value proposition, it has been also
services, and solutions. It has adapted its technology building capabilities to provide managed services for
distribution model to respond to the market trend of private and public Cloud, Security and audits. All of this
‘uberization’, where businesses are increasingly seeking has ensured a sustained business growth momentum for
on-demand, scalable IT solutions. Through Redington Redington as it reported a revenue of Rs. 79,519 Crores in
Online and CloudQuarks, it has successfully pivoted FY23, which is a growth of 27% YoY.
towards a digital business model through which it is For FY24, Redington will focus on deepening its
engagement with customers, by working in close
associations with their partners. This collaborative
approach will enable Redington to understand the evolving
needs and challenges faced by businesses across various
industries, and align its offerings with their requirements.
Further it will stitch together relevant solutions from the
diverse landscape of technologies and services, to provide
end-to-end solutions that streamline processes, enhance
efficiency, and drive business growth for its customers.
Minimizing Technology Friction will continue to be a
key focus area for Redington. It aims to achieve this by
driving innovation, fostering partnerships and leveraging
world-class technologies to meet the evolving needs
of customers.
/ September 2023 99
LARGEST FACIAL RECOGNITION

SOLUTION [FRS] EXPERT, PROCESSING
ONE CRORE PLUS FACIAL TEMPLATES
PER DAY FOR VARIOUS GOVERNMENT
DEPARTMENTS ACROSS THE COUNTRY
E4=4FE<A<I4FA4A7<:4@
Director & CEO, RNIT Solutions and Services limited
R
NIT Solutions and Services Limited is an innovative e-governance domains] across the country.
and forward-thinking organization that specializes Several successful Large scale customized IT solution
in harnessing emerging technologies to drive rollouts across the domains, territories.
digital transformation in State & Central Government Youngest IT company having credentials on massive
departments and corporate businesses across the country. successful rollout capabilities.
RNIT is at the forefront of technological advancements, Award winning solutions, empowering various
constantly exploring and adopting cutting-edge solutions government departments in taking the “Governance to
to meet the evolving needs of clients through their Digital the doorsteps” of citizens.
transformation journey. Largest domestic SaaS [Software as a Player] player in
RNIT believes in a collaborative approach in delivering citizen centric & e-governance domains.
tailored solutions that addresses clients’ specific needs as Time & ground tested solutions created brand for
part of their digital transformation journey. As an emerging themselves.
technologies IT company, RNIT has become preferred Became a preferred emerging technologies company
technology vendor for the needs of Central & State right from North east to Southern state government
Government departments, business corporates which are departments across the country.
in citizen centric and e-Governance domains. Being in the Hunger for continuous innovation.
forefront of help the clients stay ahead of the competition, Year on Year constant addition of new domains from
unlock new opportunities, and drive digital transformation. various Government departments.
RNIT’s core strengths is developing of various frame works Empowering of the customers with future readiness
in emerging technologies such as Artificial Intelligence inline with latest advancements in the technologies with
[AI], Internet of Things [IOT] and Open source ERPs which ease of doing business.
can be quickly customized for customer’s specific needs.
6baV_hf\ba
EA<GÇfha\dhXaXff\aV_hWXfUhgabg_\`\gXWgb Under the thought leadership of it’s Founder & CEO, Mr.Raja
Expertise in Emerging Technologies such as AI, IoT, Srinivas Nandigam who created a niche for himself in
Predictive Analytics. designing enterprise IT solutions across the globe - RNIT has
Proven IT player in quick rollouts in the Industry. become a proven, time tested preferred technology partner
Pioneer in the massive rollouts of AI based Facial in driving digital transformation for it’s customer base in
recognition solutions [FRS] for various State and Central particular various state & central government departments.
Government departments across the country. With his deep expertise in AI, Facial Recognition Solutions,
Playing critical role in bringing the last mile Open source technologies, IoT, AR/VR and data analytics
accountability in various Government he is relentlessly driving various corporate businesses and
Departments [i.e. working in citizen centric & citizen centric departments to thrive in a rapidly evolving
digital landscape.Driven by his unwavering passion for
technology and unwavering commitment to client success,
Mr.Raja continues to lead RNIT towards new frontiers.
With a clear vision and an unwavering dedication to staying
ahead of the curve, he ensures that RNIT remains a driving
force in the digital transformation landscape for various
State & central government departments in such a short
time since inception.
As technology continues to reshape industries, now
is the time to embrace the future and RNIT is the right
technology partner to propel your business towards
unparalleled success.
100 September 2023 /

‘IF YOU ARE GOOD, DO NOT

CHASE MONEY, SOMEDAY
MONEY WILL CHASE YOU’
@4;H4EBL6;BJ7;HEL
Managing Partner, Royzz & Co
I
t is a 16-year-old law firm founded by our Managing behind. She bagged a scholarship for LLM in IP in year
Partner Ms. Mahua Roy Chowdhury. The Firm initially 2000, quit her successful independent practice and joined
started as an IP& TMT Boutique Firm. The Firm was world renowened college for IP in the USA, that is Franklin
re-structured to full service with the present name ROYZZ Pierce. She specialised in Patent including Patent drafting,
& Co in 2016. While retaining its core strength in technology, IP asset management and valuation.
science and IPR, ROYZZ & Co is now a Go-To Firm for many However, coming back to India in 2001, she faced many
techs driven companies for corporate transactions, dispute challenges to diversify in a subject which was still evolving.
resolution including arbitration and litigation. She joined a corporate law Firm in Mumbai wherein
Based on the fact that the Firm is helmed and comprises she got exposure to diverse subjects like anti-dumping,
mostly techno lawyers (dual qualified), it has carved out disinvestment, India-entry, commercial litigation and M&A.
a niche domain of advising and assisting tech dominant While all these subjects gave her a wholistic experience, she
companies, tech transactions and litigations as well. successfully built an IP practice around anti- counterfeiting.
The Firm has indigenously built its own software for She formed association of IT companies, worked with
Client’s portfolio management. Even, the COO heading Crime branch and Police for IP awareness, with Customs
administration and HR is also an Engineer and comes for enacting appropriate law, while conducting enforcement
with experience of working in leading IT companies. No actions with Police all over India.
wonder the Firm is thus supported by robust IT tools However, her employer was still not ready to start a
and software. hard-core Patent practice, which eventually led her to
ROYZZ & CO has clients in varied domain spectrum open her own boutique Firm in 2007. She realised that
ranging from nano technology to aerospace, from MNC before promoting her Firm she has to promote IP as an
giants to individual scientists. asset to the management of companies. She thus started
Mahua Roy Chowdhury the Founding Partner of ROYZZ propagating significance of allocating resources in IP by
& Co. and has more than 26 years of experience. She conducting workshops and speaking at several forums on
started as a litigator in Delhi High Court and successfully IP Valuation, Licensing and how it can improve balance
filed and argued several landmark cases in Delhi High sheets. She also found challenges in hiring resources from
Court soon after her law school. However, she wanted to varied engineering domain with skills in patent drafting.
enrich her knowledge further in a subject which is futuristic ROYZZ comprises mostly techno lawyers (dual qualified)
yet has practical value. Way back in 1999 she envisioned and this makes the Firm truly unique. Our customers
intellectual property as a subject where India is lagging acknowledge our uniqueness in terms of our understanding
of their business and technology. Our Multinational IT
clients commend our quality services given our expertise
in handling technical transactions with finesse. We have
been participating in critical cross-border licensing and
technology transfer agreements and have resolved several
disputes especially of IT companies
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"Mahua and her team always rise up to the challenge and
deliver, especially with the tight time constraints that we
put on them. Keep up the good work." Bahwan Cybertek
/ September 2023 101

STANDING TALL AS A
PIONEERING HEALTHCARE
INSTITUTE
58;E4@>;B74<=<
CEO, Ruby Hall Clinic
R
enowned for its clinical excellence and extensive philanthropist and social reformist. A trailblazer in the field
range of specialised services, Ruby Hall Clinic in of cardiology, he introduced a new cath lab in Pune in 1987
Pune stands as a beacon of exceptional medical along with a heart transplant unit in 2017.
care combined with personalised attention. Offering a ray Over the past six decades, Ruby Hall Clinic has carved a
of hope, restoration, and well-being to the community, niche for itself in providing high quality care and creating
patients entrust their most precious asset—their health—to successful clinical outcomes whilst harnessing the benefits
this esteemed institution. technology has had to offer.
Nestled within the bustling confines of a 600-bedded
medical stronghold, Ruby Hall Clinic also boasts two satellite 4V[\XiX`Xagf
centres—a 120-bedded unit in Wanowrie and an 80-bedded Only hospital in India to have acquired eight NABH and
unit in Hinjawadi. Extending its reach further, the hospital NABL accreditations/certifications by the Quality Council
operates over 20 diagnostic centres across the nooks and of India in Healthcare through the years
crannies of Maharashtra and Karnataka. Within these walls, One of the first hospitals in the country to receive the
a dedicated team of over 4500 consultants, doctors, and cGreen OT accreditation by Bureau Veritas with one of the
support staff toil ceaselessly, delivering a wide spectrum highest pan-India rankings
of multidisciplinary healthcare services. From cutting-edge Best Medical Tourism facility in India by Ministry of
cardiac surgery, cancer treatment, and organ transplants to Tourism, Government of India
advanced neurosurgery, hip and joint replacements, urology, Best Hospital for Cadaveric Organ Donation across India
bariatrics, and even state-of-the-art imaging and diagnostics, by NOTTO, Govt. of India
every aspect of medical care is catered to. Best Organ Transplant Centre award by Chief Minister
As the Chief Executive Officer, Behram Khodaiji commands Devendra Fadnavis
the wheels of Ruby Hall Clinic, Pune’s largest medical Best Companies to Work For – Ranked 1st amongst
system, encompassing three hospitals, a leading nursing Hospitals
college, an internationally renowned cancer centre and a First Prize for Energy Saving by MEDA in the whole of
vast network of healthcare diagnostic centres. With nearly Maharashtra – Commercial Building category
two decades of dynamic leadership roles in healthcare, he Best Hospital to work for in India by The Economics Times
has been a driving force in the industry’s modernisation. Best Hospital to work for by AHPI, Green Hospital award
Serving as a Managing Trustee and the Chief Cardiologist for Ruby Hall Clinic Wanowrie
at Ruby Hall Clinic, Dr. P.K. Grant is a doctor, healer, mentor, Best Energy Conservation and Management Award by CII
Express Healthcare IT Award by Express Group
Healthcare Excellence Award for Patient Safety by FICCI
IMC Ramkrishna Bajaj Award for Excellence in Crisis
during COVID-19 and best HR practices
Best IT Enabled Hospital at the Health Technology Awards
Digital Technology Senate Award for Artificial Intelligence
Certified as a Great Place to Work 2022-23
Honoured as the one of the Best Multispecialty Hospitals
in India 2022 by Outlook Health
Recognised amongst the World’s Best Hospitals in 2022
by Newsweek

THE RISE OF SAKSHATH-

WHERE INNOVATION MEETS
EXCELLENCE
Sakshath Technologies achievement below-We are ISO 9001, ISO 27001,
and Great Place to Work certified, FlowCentric Partner for India and
Africa, Talend Gold Partner India, and AWS Partner.
F;E4I4A>H@4E
Founder and Managing Director, Sakshath Technologies Pvt Ltd
T^f[Tg[ GXV[ab_bZ\Xf- 7e\i\aZ <aabiTg\ba TaW
S
organization has fostered a dynamic work environment
6b__TUbeTg\ba\ag[X<G<aWhfgel that thrives on teamwork, synergy, and shared expertise.
In today's rapidly evolving technological landscape, With a diverse team of 200+ professionals from various
Sakshath Technologies® has emerged as a trailblazer, backgrounds, Sakshath harnesses the collective skills and
revolutionizing the way businesses leverage IT solutions. talents of its employees to drive the organization's mission
With a strong emphasis on collaboration, innovation, and forward. By promoting a positive work culture, encouraging
customer-centricity, Sakshath has earned a well-deserved innovation, and providing opportunities for professional
reputation as a trusted partner for organizations across growth, Sakshath creates an environment where each
various sectors. team member feels valued, empowered, and motivated to
contribute their best.
FT^f[Tg[GXV[ab_bZ\Xf-8`cbjXe\aZ:ebjg[
In 2012, Saaksh8 Consulting Services embarked on a journey 8`cbjXe\aZ5hf\aXffXfj\g[<aabiTg\iX<GFb_hg\baf
that would lead to the birth of Sakshath Technologies® Sakshath Technologies® is at the forefront of empowering
in 2015. With humble beginnings as an IT Recruitment businesses with state-of-the-art IT solutions. Specializing
Services firm, Sakshath Technologies® has since become in user-friendly and scalable ERP solutions, Sakshath
a prominent player in the IT industry, specializing in ERP leverages cutting-edge technologies such as SYSPRO,
solutions, QA, BI & Analytics. With a dedicated team EPICOR, PowerBI, .NET, QA, and Talend to help
and a commitment to growth and profitability, Sakshath organizations streamline their operations and make data-
Technologies® has thrived, expanding its presence across driven decisions. With a strong focus on facilitating digital
India and serving clients worldwide. Their success is built transformation journeys, Sakshath acts as a trusted partner
on the collective effort of their employees and a strong to small to medium enterprises, offering tailored solutions
belief in collaboration and progress. that align with their unique needs and drive growth. By
delivering excellence in products and services, Sakshath
5e\aZ\aZCXbc_XGbZXg[XeYbeBcg\`T_CXeYbe`TaVX empowers its clients to stay competitive in a rapidly
At the core of Sakshath Technologies® lies a deep belief in evolving marketplace.
the power of collaboration. Under the visionary leadership
of Founder and CEO – Mr. Shravan Kumar, Chief Operating AbgTU_X6_\XagX_XTaW<`cTVgYh_CTegaXef[\cf
Officer (COO) – Mr. Gouriprasad Velagada and Chief Sakshath Technologies® boasts an impressive portfolio
Technology Officer (CTO) – Mr. Krishnananda Hegde, the of renowned clients across diverse sectors. Strategic
partnerships with industry leaders such as ABInBev, Piramal
Finance, Fullerton, Clix Capital, Aditya Birla Fashion & Retail
Limited, AkshayPatra, and Daikin Airconditioning exemplify
Sakshath's ability to deliver customized IT solutions that
optimize operations and enhance customer experiences.
6b``\g`Xaggb8kVX__XaVXTaW<aYbe`Tg\baFXVhe\gl
Sakshath Technologies® is dedicated to delivering excellence
in every aspect of its operations. The organization has
achieved significant milestones and certifications that
underscore its commitment to quality, information security,
and employee satisfaction. Certifications such as ISO:9001
and ISO:27001 highlight Sakshath's adherence to stringent

ACADEMIC EXCELLENCE
PERSONIFIED
7E!@4E<4M88A4=B;AFBA
Chancellor, Sathyabama Institute of Science and Technology
D
r. Mariazeena Johnson, Chancellor of Sathyabama of Education. Sathyabama has emerged as a leading
Institute of Science and Technology won the institution and achieved excellence in higher education
prestigious title of Excellence in Education Award to the international standards through 49 Undergraduate
2023 in Outlook Business Spotlight’s-Business Excellence Programmes, 25 Postgraduate programmes, Research,
Awards 2023. The event was organized by Outlook Business Technology Incubation, Product innovation in Science
Spotlight on 24th June 2023 in Mumbai to recognize and and Technology. The Sathyabama Centre for Advanced
celebrate excellence in business innovation, creativity, Studies is one of its kind in the campus that ensembles the
and leadership. Professionals and leaders from different conjunction of academic and research expertise. This state-
industries attended the event. of-the-art establishment is in a gargantuan area of 60,000
Sathyabama Institute of Science and Technology Sq.ft with total built up space of 2,40,000 Sq.ft having
(Deemed to be University) is one of India’s premier Academic 360 feet facade with two courtyards one representing the
and Research universities that offers multi-disciplinary academic block comprising ICT enabled classrooms and
academic programmes in various fields of Engineering, advanced research facility.
Science, Technology, Architecture, Law, Pharmacy, Dental, The Institute has become the potential destination in
Nursing, Management, Arts, Science , Physiotherapy, Allied offering world class academic and research ambience,
health sciences and Hotel Management. The institution therefore attracting students from different parts of
was established in 1987 by founder Chancellor Hon.Col.Dr. the globe. The International Research Centre and Col.
Jeppiaar.It was established under Sec.3 of UGC Act, 1956 Dr.Jeppiaar Research Park housing advanced research
and is been Accredited with ‘A++’ Grade by the National facilities with globally recognized research and scientific
Accreditation and Assessment council and recognized by talent. There are 15 centres of research are working in close
AICTE. The Institution is reaching newer heights under the coordination with these monumental research installations.
dynamic leadership of Dr.Mariazeena Johnson, Chancellor 10+ Technology Transfers, 100+ patents, 10000+ reputed
and Dr.Marie Johnson, President, Vice Presidents publications reflect the quality and quantity of the research
Mr.ArulSelvan ,Mrs.Maria Bernadette Tamilarasi, Ms.Maria in the campus. Our institution has signed more than 250
Catherine Jayapriya and with a team of outstanding faculty, MoUs for research collaborations, faculty and student
innovative pedagogical practices with state of the art exchange, and internship programs, with international
Research Facilities. Universities. We have collaborated with 51 international
Sathyabama’s standing in rankings and ratings are and 25 national institutions. Our institution distinguished
unique at National and International level. The Institution itself in receiving grants from the major research funding
has been ranked one among the top 50 Universities for the initiatives by MHRD including SPARC, SPARSH &,
last seven consecutive years in NIRF ranking by Ministry IMPRESS programme, NPDF, RTF, DST-OVDF, ICMR-
RA and CSIR-SRF, Korean research fellowship, through
various projects.
First Successful Student Satellite ‘SATHYABAMASAT’
developed & designed by staff & students of the
Sathyabama, launched in 2016 by ISRO and team had an
interaction with the honourable Prime Minister Narendra
Modi and was highly appreciated for the achievement.
The placement record of the institution is consistent with
around 93% of placement every year and 300+ companies
involved in the recruitment process that are dream
companies and super dream companies furnishes lucrative
offers to students.

STAY PATTERN HOSPITALITY

SERVICES: ENHANCING
HOSPITALITY EXPERIENCES
WITH EXCELLENCE
94;88@DHE8F;<
Founder & Director, Stay Pattern Hospitality Services
S
ince its establishment in 2019, Stay Pattern to conceptualize, develop, and operate high-performance
Hospitality Services has been at the forefront of businesses in the hospitality industry. Our services are
providing hotel and resort owners with exceptional tailored to meet the unique needs of each project, whether
operational, sales, and marketing solutions. With a it involves hotels, resorts, or restaurants. The company
commitment to innovation and customer satisfaction, Stay caters to the luxury boutique hotels and have established
Pattern continuously introduces new services that bring partnerships with renowned 5-star and 4-star properties.
happiness to clients. Stay Pattern has created a platform The aim is to provide exceptional management services that
for corporate branding and offer exclusive services that enhance their partners' return on investment (ROI) and
cater to the needs of the exclusive business visitors. The help them achieve their dreams in a responsible manner.
team of experienced professionals are driven by a desire to
succeed and deliver the best in the industry. @\ff\baI\f\baTaW6beXIT_hXf7e\i\aZFhVVXff
@\ff\ba- Our mission is to guide and assist travelers
9T[XX`DheXf[\-4I\f\baTel\a;bfc\gT_\glCebYXff\baT_ and hospitality partners in achieving their dreams in a
Faheem Qureshi, the Founder and Director of Stay Pattern responsible manner. We strive to provide exceptional
Hospitality Services, is a high-performing and strategic- management services that boost our partners' ROI and
thinking professional with over 15 years of experience in drive their success.
marketing and communication, branding, PR, advertising, I\f\ba- We aspire to be one of the leading and most
digital marketing, sales, and customer care. His expertise trusted hospitality management companies globally. Our
lies in building strong relationships with clients and teams vision is built on building trust among our partners and
across organizations. Faheem excels at assessing needs, clients through excellence in service.
generating innovative solutions, and implementing them 6beX IT_hXf- Stay Pattern Hospitality Services upholds
in collaboration with clients and business partners. His the following core values:
organizational skills and work ethics have earned him Gehfgjbeg[\aXff- We prioritize integrity, honesty,
outstanding feedback throughout his career. With a passion and transparency in all our dealings, fostering strong
for learning and sharing experiences, Faheem easily adapts relationships based on trust with our trade partners
to new situations and environments, driving the success of and clients.
Stay Pattern Hospitality Services. CebZeXff\iXaXff- We are driven by passion and constantly
seek to set the highest standards of quality, embracing
6b__TUbeTg\aZj\g[?hkhel5bhg\dhX;bgX_fTaWEXfbegf challenges that push us to improve and innovate.
Stay Pattern Hospitality Services collaborates with clients 8kVXcg\baT_\f`-We are committed to delivering quality
work and exceeding expectations for our partners and
clients.
8kcXeg\fX- With a team of highly qualified and experienced
professionals, we embrace new challenges and stay
updated with industry developments to offer cutting-
edge solutions to our partners and clients.
Stay pattern has signed an MoU with MMT and started
the first franchise outlet in the Srinagar City. The
company is recognized as a member Hotel and Restaurant
Association of North India, besides being a member of
J&K hotelier Club.

END TO END TALENT

LIFECYCLE MANAGEMENT
SOLUTION
A>8F;4I4E4=H
Founder & CEO, Techademy Learning Solutions Pvt. Ltd.
T
echademy is an enterprise learning solutions tech learning drop-offs and delivers an experience that is
company offering experiential and immersive tech unparalleled.
learning experiences to enterprises through its Unified Ó 4ff\fgXW`Xagbe\aZ- Techademy’s workforce is mentored
Learning Experience Platform (ULXP). Through Techademy’s by industry veterans, offering learners the opportunity
ULXP, companies can amp up their Learning and Development to interact with peers from learning cohorts, internal
programs, conduct assessments and plus skill gaps through SMEs, or choose from a range of consultants, developers,
an integrated assessments engine, and help their teams gain entrepreneurs, architects, and more.
hands-on experience in technologies of the future! Ó :T`\ÐVTg\ba bY ?XTea\aZ- Techademy’s gamification
Through the industry’s best talent mobility and workforce approach to learning boosts engagement and motivation
transformation practices, Techademy aligns business and by incorporating game elements such as points, badges,
learning goals to create a personalized learning ecosystem and leader boards into training programs.
for organizations through: Ó @\Veb_XTea\aZTaW=hfg \a G\`X?XTea\aZ- Techademy’s
Ó <agXZeTgXW ?KC- Techademy’s Unified Learning microlearning and just-in-time learning approaches break
Experience Platform offers a blended learning approach down complex topics into smaller, digestible chunks.
that seamlessly integrates work and learning through This personalized approach caters to individual learning
immersive learning experiences. This approach drives styles, preferences, and busy schedules.
higher user-adoption rates, employee engagement, and Ó 6b__TUbeTg\iX ?XTea\aZ TaW FbV\T_ ?XTea\aZ- Techad-
delivers value to both learners and organizations. emy’s collaborative learning approach encourages em-
Ó I\eghT_ GXV[ ?TUf- Techademy’s personalized, cloud- ployees to work together, share knowledge, and learn
based ‘pay-for-usage’ lab environment provides learners from one another. Social learning leverages peer feed-
with the opportunity to learn by doing. This immersive back and mentorship programs to create a culture of
learning experience enables learners to acquire the continuous learning and improvement.
skills they need on the very technology they are being Ó ?XTea\aZ TaW 4aT_lg\Vf- Techademy’s data-driven
skilled upon. learning approach analyses data on learner engagement,
Ó 4ffXff`XagXaZ\aX- Techademy’s integrated assessment performance, and preferences to tailor training initiatives
framework evaluates workforces’ core competencies, and measure ROI.
monitoring skill growth and talent progress across
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multiple metrics. This data-driven approach to talent
Keshav made his foray into entrepreneurship at the age of
development enables organizations to upskill their
23 immediately after graduating. From inception, Keshav
workforce effectively.
was focused on enabling people, institutions and enterprises
Ó 7\Z\gT_ VbagXag- Techademy’s integration of its created/
to stay relevant with respect to technology advancements.
curated content library into learning programs prevents
His foresight has driven IIHT-Techademy growing from a
IT Training services company into a Tech Skilling Platform
of Platforms over the years. Being overly obsessed about
customer-centricity, Keshav has spearheaded Techademy
into a global partner for marquee brands who seek to further
their learning initiatives and match the speed of change.
@Ta]haTg[ETb;EÂ6[\XY5hf\aXffBYÐVXe
Manjunath heads the enterprise business of IIHT-
Techademy in the ability of Chief Business Officer. Having
dedicated almost 1.5 decades to the organisation, he has
been a pivotal force in transforming the organisation into
a learning SuperApp. Personally anchoring the strategic
alliances, Manjunath’s presence brings a sense of
reassurance to all the associated accounts.

THOUGHTSOL INFOTECH,
A PIONEER IN IT SOLUTIONS
AND SERVICE PROVIDER
5<A7<L4IB;E4
Co-Founder, ThoughtSol Infotech Pvt Ltd
F
ounded in 2014, ThoughtSol is a prominent, youthful, delivering successful projects for clients in different industry
and dynamic IT services and solutions provider verticals. Since its inception, they have had a successful
company that focuses on empowering businesses journey of 35% CAGR YoY. This significant growth has
with digital transformation. They provide a complete been driven by their customer-centric approach and their
range of services including IT strategy, deployment, and commitment to providing exceptional value to our clients.
management while specializing in two core aspects of digital ThoughtSol is currently trusted by more than 400
transformation, i.e., Cloud computing and Cybersecurity. customers, which includes some of the biggest names in
The company is committed to providing innovative solutions the industry like Fortis, Mankind, Bata, Vishal MegaMart, JK
to various businesses, ranging from start-ups to large Tyre, etc. They are also renowned certified partners with
enterprises. Their goal is to help businesses maximize one of the biggest names in the industry like HPE, HP Inc,
their productivity and efficiency by leveraging the latest Google, Apple, Microsoft, etc. They have a long-standing
technology solutions. reputation for providing quality services and solutions, and
It is a private limited venture founded by four first- their commitment to customer service and support ensures
generation entrepreneurs whose collective experience at that businesses are always in good hands. With a strong
present exceeds 27 years. The company is based in Delhi, commitment to customer satisfaction, ThoughtSol is an
and it has a strong team of certified professionals and ideal partner for businesses that are looking to leverage the
experienced engineers who are well-versed in the latest latest technologies to enhance their operations and stay
technologies. ThoughtSol has a proven track record of ahead of the competition.

LEARN. BECOME: INDIA’S

GATEWAY TO NEW-
AGE SKILLS
4A<F;FE<>E<F;A4
CEO, TimesPro
T
imesPro, established in 2013, is a leading Higher that it has become today. Drawing on his twenty-five-plus
EdTech platform dedicated to empowering the years of experience as a sales, marketing and strategy
career growth of aspiring learners by equipping leader, Anish brings an infectious energy and vision in
them with skills to rise in a competitive world. TimesPro’s equal measure to his role. Having built several marquee
H.EdTech programmes are created to help learners meet brands and businesses during his career, Anish is focused
the rapidly changing industry requirements and have on building a sustainable business proposition at TimesPro.
been blended with technology to make them accessible Anish has articulated a clear, learner-centric vision for
& affordable. TimesPro which lays emphasis on making excellence
TimesPro offers a variety of created and curated learning accessible and affordable through technology.
programmes across a range of categories, industries, and TimesPro has strategically collaborated with several
age groups. They include employment-oriented early career premier educational institutions like IIMs and IITs
programmes across BFSI, e-Commerce, and technology and leading private institutions and universities offering
sectors; executive education for working professionals employability programmes for young graduates and new-
in collaboration with premier educational institutions age mid-career upskilling courses for professionals &
like IIMs and IITs; and organisational learning and senior executives. The programmes offered by TimesPro
development interventions at the corporate level. are bridging the industry-academia gap by building learner
TimesPro also collaborates with India’s leading competencies and making them industry and future ready.
organisations across varied sectors to provide upskilling TimesPro applauds the vision of the Government under
and reskilling solutions to boost employability and create a the New Education Policy to increase the Gross Enrolment
robust workforce. TimesPro is a Higher EdTech initiative by Ratio from 27 per cent to 50 per cent over the next five
the Times of India Group. years and is committed to strengthening our participation
Anish Srikrishna is the CEO of TimesPro and led a to offer Online Degree Programmes in collaboration with
strategic pivot to the rapidly growing Higher EdTech brand the NIRF 100 universities.
:bT_- To provide Excellence in Education by making
Higher Education Accessible and Affordable to millions
of learners.
4jTeWf
8ageXceXaXhe<aW\TÂEducation Innovation Awards 2022
&2023 – Best Employability Award
5J CXbc_X ;E 8kVX__XaVX 4jTeW %#%% Â Equal
Opportunity Employer
G[X :eXTg EXg[\a^ ;E 4A8K< Fh``\g %#%% Â Top 10
Companies Providing Holistic Well-being at Workplace
%%aW Jbe_W 8WhVTg\ba Fh``\g Â Digital Learning
Initiative under Skill Development & Leading Training
Provider to Working Professionals

UNIHEALTH DEVELOPING
SKILLS, DEVELOPING
HEALTHCARE: BRIDGING
THE DIVIDE
7E!4>F;4LC4E@4EFounder & Managing Director
7E!4AHE4:F;4;, Founder & Director
Unihealth Consultancy Private Limited
F
or many in underserved populations around the of leading Indian manufacturers like Reliance Lifesciences,
globe, basic healthcare remains out of reach due to Levram Lifesciences, Hemant Surgical and Unisur Lifecare
lack of infrastructure, medical supplies, and skilled in these countries.
professionals. UniHealth, through its innovative approach, The Group presently operates a combined capacity of 200
is working to bridge this healthcare divide and empower tertiary care beds across its hospitals in Uganda and Nigeria.
local communities across underdeveloped and developing UMC Victoria Hospital, its flagship facility in Kampala,
nations in Africa and Asia. By setting up hospitals and Uganda, is the largest private sector hospital of the country.
medical centers under its flagship brand, ‘UMC Hospitals’, UMC Zhahir Hospital, it’s tertiary care facility in Kano is the
the Group is making healthcare accessible to those who largest private sector hospital in Northern Nigeria.
need it most while facilitating knowledge transfer and Guided by its mission, UniHealth has invested and set-up
developing skills to help build self-sustainable, long-lasting hospitals and medical centers in strategic locations to make
infrastructure for the local populations. tertiary care healthcare services accessible to surrounding
The Consultancy Services vertical of the Group is helping communities that previously lacked access. All facilities
build technologically advanced patient-friendly hospitals set up by the Group are equipped with modern medical
in a cost-effective manner in multiple geographies across equipment and staffed by well-trained doctors and nurses.
Asia, Middle East and Africa. The cumulative bed-strength We have key focus on knowledge transfer and skills
of hospitals under various stages of planning and execution development as part of our overall vision. Our facilities
being assisted by UniHealth exceeds 1500 beds, with the serve as training hubs where local healthcare professionals
Group being the Lead Project Management Consultant gain valuable experience through mentorships, internships
for a single-site Health City Project of 500 beds in and skill-development programs.
Pune, India. Telemedicine and outreach camps further extend our reach
To plug the long-standing supply-demand gap in essential into remote areas. By leveraging technology and mobility, we
medical supplies, the Group has recently ventured into have been able to diagnose and treat patients who cannot
distribution of medical consumables and pharmaceuticals easily access our facilities. These innovative solutions are
in select African countries and is the authorized distributor helping bridge the healthcare divide in populations that need
it most. We collaborate with local governments, healthcare
organizations, and corporate companies to fully understand
regional needs and tailor solutions.
UniHealth is committed to sustainable change. By
expanding access, building capacity, fostering innovation
and collaboration, we aim to strengthen healthcare
systems across the geographies that we work in and
create a future of healthier communities. As we expand our
presence in India and in newer geographies across Africa
and Asia, to achieve our aim to set up a cumulative capacity
exceeding 1000 beds by Year 2025, the UniHealth Family
of 500+ overcomes differences of geographies, languages
and cultures and unifies with the single motto of bridging
the healthcare divide.

VARDHMAN TEXTILES LTD:

LEADING THE WAY IN TEXTILE
INNOVATION, SUSTAINABILITY,
AND EMPOWERMENT
FH6;<G4BFJ4?=4<A
Vice Chairman & Joint Managing Director, Vardhman Textiles
I
n the vast landscape of India’s textile industry, women workers, Vardhman stands out for its commitment
one name shines bright as a beacon of innovation, to empowerment. Acknowledging this need, Gap Inc.
sustainability, and empowerment – Vardhman initiated the Gap Inc. P.A.C.E. (Personal Advancement
Textiles Ltd. With a turnover exceeding a billion dollars, & Career Enhancement) workplace education program.
Vardhman stands as the largest vertically integrated textile “Under this program, we aim to empower female garment
manufacturer in India, a testament to its unwavering workers by enhancing both their technical skills and life
commitment to excellence. skills. By participating in P.A.C.E., these women gain access
At the heart of Vardhman’s success story is its dedication to opportunities that can transform their lives, enabling
to pushing boundaries and setting new industry standards. them to rise above the challenges and limitations they may
Boasting an impressive spindle count of 1.19 million, face,” says Suchita Oswal Jain, Vice Chairman & Joint MD
Vardhman holds the distinction of being the largest of Vardhman Textiles Ltd.
producer of cotton yarn in India. This massive capacity Sustainability is not just a buzzword for Vardhman; it’s a
speaks not only to the company’s operational prowess but guiding principle deeply embedded in their operations. The
also to its role in shaping the fabric of India’s textile sector. company has developed an exciting green product portfolio,
Moreover, Vardhman’s influence extends beyond the focusing on three core aspects: Green Inputs, Green
realms of yarn production. The company’s state-of-the-art Processes, and Green Collaborations. This commitment
facilities can manufacture over 1.8 million premium-quality is demonstrated through initiatives such as the “Renova”
shirts annually, a testament to their seamless integration of plant in Baddi (H.P.), a cutting-edge Recycle Fiber plant.
craftsmanship and technology. This prowess in production Additionally, Vardhman takes a proactive stance on water
positions Vardhman as a global player, catering to the management, recycling its water through advanced in-
demands of international markets. house treatment processes.
However, Vardhman’s impact reaches far beyond the Vardhman’s commitment to sustainability goes beyond
balance sheets and production numbers. In a world where the environment, encompassing energy conservation.
the garment industry often relies on the labor of low-skilled Selected as a model factory for crafting energy-saving
guidelines, backed by an India-Japan MoU, Vardhman
emerges as a pioneer in responsible industry practices.
Within these achievements, Vardhman acknowledges
its workforce as the bedrock of its success. Initiatives like
“Respect for All,” “Swasth Raho Mast Raho,” and “Lead
by Example” instill an inclusive, healthy, and leadership-
oriented culture. These endeavors not only ensure
employee well-being and engagement but also cultivate the
dedication propelling the company’s advancement.
In the dynamic global market, Vardhman showcases
agility and innovation. Strategic product and market
restructuring fueled its customer base growth across
Europe, Japan, and the USA, highlighting Vardhman’s
ability to excel in competitiveness.

VEDISTRY: ELEVATING
LIVES THROUGH
AYURVEDIC EXCELLENCE
Blending Ancient Wisdom with Modern Science to Foster Holistic
Well-being
><EG<4F;4E
Senior Vice President, Vedistry Pvt. Ltd.
W
ith a remarkable 75-year legacy, Charak has and haircare. This Ayurvedic brand offers a comprehensive
emerged as a distinguished Ayurveda Pharma range of products formulated to rejuvenate and nourish the
company, establishing a renowned brand: skin and hair. Each of our blends goes through more than 20
Vedistry. This brand has successfully added value to the quality checks to ensure that people receive the safest and
lives of countless individuals by embracing the principles finest quality solutions.
of Ayurveda. All our brands are readily available on various online
Vedistry, a pioneering Ayurvedic brand, is devoted to platforms, ensuring easy accessibility for everyone. Most of
enhancing customers’ quality of life through its range of our products have garnered widespread acclaim across the
health care and personal care products. By blending the globe, with a presence in over 30 countries and counting. To
ancient wisdom of Ayurveda with modern science, Vedistry achieve these high standards, Charak utilizes a WHO-GMP-
offers a range of carefully formulated products. Each certified facility for product manufacturing. Additionally,
product undergoes rigorous quality assurance measures Charak boasts a top-notch team of experts who bring their
to ensure both efficacy and safety, guaranteeing that extensive knowledge & expertise to the development of each
customers receive only the best. product. With their dedication & passion, Charak continues to
Vedistry’s range of healthcare brands, which includes create products that enhance both health & beauty.
KOFOL for respiratory health, DIPYA for digestive health, Central to the success of Vedistry is the leadership of
GO365 for joint support, Zzowin for restful sleep, and more, Dr. Ram Shroff, the Director of Vedistry Pvt Ltd. Dr. Ram’s
is thoughtfully designed to promote holistic well-being. vision and business acumen have been instrumental in
Additionally, our personal care brand, moha:, is dedicated guiding Vedistry toward success in the health & personal
to applying Ayurvedic principles specifically to skincare care industry.

VICAT INDIA’S SUSTAINABLE

LEGACY: 200+ YEARS OF
EXCELLENCE AND INNOVATION
IN THE CEMENT INDUSTRY
Demonstrating VICAT’s multifaceted operations, resolute green energy
commitment, circular economy drive, and unwavering quality focus.
4ABBC>H@4EF4K8A4
CEO, VICAT India
V
ICAT has been operating in India since 2008. VICAT With a strong dedication to community development, the
India is part of the French Multinational group VICAT Group aligns with circular economy and biodiversity. To
and comes with 200+ years of legacy since Mr. Louis exemplify our coexistence with nature, we have established
VICAT invented artificial cement. VICAT is operating in an artificial lake behind a cement plant and transformed a
India with two companies; Bharathi Cement Corporation quarry waste site into “The Belle Vue” garden.
Pvt. Ltd. and Kalburgi Cement Pvt. Ltd. Bharathi Cement VICAT’s India operations have led the way in adopting
has one state of art Integrated plant at Cuddapha, Andhra green energy, initiating a Waste Heat Recovery System at its
Pradesh, with 5 MTPA capacity and one bulk terminal at Kalburgi Cement plant. As early as 2012, while the industry
Coimbatore, Tamil Nadu. Kalburgi Cement has one state average for green electricity was about 5% by FY 2015,
of art integrated plant at Kalaburgi, Karnataka, and one VICAT India had already reached around 10%. Our entire
bulk terminal at Mumbai, Maharashtra with a total capacity manufacturing facility is now driven by self-generated
of 3.6 MTPA. VICAT operates in India with two brands – solar power. Our distinction includes being among the top
VICAT and Bharathi Cement. In the last 15 years, the five companies utilizing over 25% of total energy from
company has expanded its markets in 8 new states in India, green sources. Pioneering efforts in substituting fossil
namely Andhra Pradesh, Telangana, Goa, Karnataka, Kerala, fuels with diverse waste materials further underscore our
Maharashtra, Puducherry, and Tamil Nadu. It has a strong commitment to sustainability.
network of 3500+ dealers. They became the first southern The cornerstone of our company is unwavering quality
player to incorporate fully automated dual bulk terminals, consistency. We are resolute in never compromising
enhancing service efficiency and customer satisfaction to quality, ensuring that every cement bag leaving our facility
the utmost extent. to customers reflects our strength in product consistency.

WARNER MUSIC INDIA:

REDEFINING INDIA’S POP
CULTURE SCENE AND GLOBAL
MUSIC LANDSCAPE
=4L@8;G4
Managing Director, Warner Music Group
E
stablished in April 2020, Warner Music India has agreement with Tips Music, a prominent domestic label
quickly emerged as a prominent player in India’s pop with rights to a vast collection of soundtracks from iconic
culture scene. With renowned domestic artists like Bollywood movies of the ‘90s and 0’0s. This strategic move
Diljit Dosanjh, Armaan Malik, KING, Aastha Gill, Darshan expanded the label’s repertoire and broadened its appeal.
Raval, Munawar Faruqui, and Srushti Tawade on their Furthermore, the label forged partnerships to distribute
roster, the company has experienced impressive growth. popular regional-language music in India, catering to
Additionally, its international portfolio boasts notable the diverse tastes of music enthusiasts. Recognizing
achievements, positioning India as one of the top five the emerging genre of Indian folk music, Warner Music
countries for global sensations such as Ed Sheeran, Ckay, India established Maati, a specialized label dedicated to
Dua Lipa, Alec Benjamin, and Masked Wolf, who have made this genre.
significant strides on the charts. In the Punjabi music scene, Warner Music India formed
Under the adept leadership of Jay Mehta, Managing partnerships with Ziiki Media and Sky Digital, strengthening
Director for Warner Music India and SAARC, the label has its presence in this vibrant musical landscape. Additionally,
witnessed unprecedented expansion, with its workforce the label acquired a majority stake in DIVO, a prominent
growing tenfold in less than three years. Jay, a seasoned Chennai-based digital media and music company.
leader with extensive experience in the telecom and KING, 28 year old artist on the label’s roster is a
music industries, joined Warner Music India with a testament to the label’s vision of building global pop stars.
clear objective of establishing it as one of the nation’s His achievements that include accumulating over 1 billion
top three music labels. Despite the challenges posed streams, and rapidly entering the Spotify TOP 200 charts
by the pandemic, the label demonstrated resilience along with securing a spot on the Spotify Viral 50 Global
and determination. chart. Moreover, his subsequent release, “Maan Meri Jaan,”
Within just six months of its launch, Warner Music India became a beloved anthem that maintained top positions for
achieved a significant milestone by securing a licensing 12 weeks.
Warner Music India’s success in global music markets is
further exemplified by breakthrough collaborative efforts.
The label not only established its artists in the local music
industry but also elevated their international presence.
Collaborative crossovers like Diljit Dosanjh and Tory Lanez,
Armaan Mallik and Ed Sheeran for the remix of “2 STEP,”
Diljit Dosanjh and Anne Marie for “Peaches,” and KING
with Nick Jonas for “Maan Meri Jaan (AFTERLIFE)” serve
as evidence of the label’s growing influence in the Indian
Music Industry.
In a short span of time, Warner Music India has achieved
its initial objectives, blurring musical boundaries along the
way and this is just the beginning for Warner Music India,
with promising prospects on the horizon.

“INNOVATIVE COMFORT
FOR EVERY HOME:
WELSPUN’S TRIUMPH IN
HOME TEXTILES”
@4A=4E<HC47;L8
CEO, Welspun India
X_fcha successful demonstration at Kumbh Mela, which has
W Brand Welspun began with a vision, to offer quality

products to consumers who desired branded bed
and bath products at accessible price points. Since its
become a talking point and case study.
Most distributed brand in towels, with 12000+ retailers &
growing
launch, brand Welspun has grown steadily in a very short As per AC Nielsen, it holds the distinction of being the
span of time, having garnered the widest distribution with most visible brand in the retail home textile segment
12,000+ stores and growing. Welspun is winning hearts with
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its innovative product line and consistent quality. According
Welspun’s success can be attributed to several key
to AC Nielsen reports, we are the most distributed & visible
strategies that have set it apart in the market. Offering
brand in retail home textile. *(Retail census study 2021)
World-Renowned Quality at Accessible Price Points,
Ge\h`c[bY6X_XUeTg\ba Welspun has made branded quality home textiles accessible
Welspun has built a legacy of home textiles with high to a wider audience, ensuring that everyone can experience
quality and aesthetically appealing products to consumers. comfort associated with the brand.
5eTaWDhbg\Xag @XTa\aZYh_<aabiTg\ba
At the heart of Welspun’s success lies its customer-centric By developing products that address real consumer
approach. The brand endeavors to deliver an unparalleled problems, such as the QuikDry Towel and the 2in1
product experience, always keeping the best interests of Reversible Bedsheet, Welspun has established itself as
its customers in mind. Welspun has won hearts with its a pioneer in bringing meaningful innovation to the home
innovative product line and unwavering commitment to textile industry.
consistent quality. Consumers have come to appreciate Welspun understands the diverse needs of consumers
features such as skin-friendly materials, long-lasting and offers an extensive choice of designs to cater to
durability, color-fastness, quick-drying properties, and soft individual preferences, ensuring there is something for
finishes, all of which have become hallmarks of Welspun everyone.
products. Through smart and clutter-breaking communications,
Welspun has strengthened its brand recall, ensuring it
5eTaW9TVgf remains at the forefront of consumers’ minds when it
Welspun has gained recognition as the first brand to comes to home textiles.
effectively address real consumer pain points through
innovative product offerings, as evidenced by their 5eTaW6b``\g`Xagf
Welspun’s unwavering dedication to understanding its
consumers is a key source of strength. The brand will
continue to leverage this understanding and combine it with
ground breaking innovation to offer meaningful products
that embody the Welspun quality assurance. Welspun’s
vision for India is to make #HarGharWelspun, a testament
to its commitment to understanding and meeting the desires
and aspirations of Indian households. The brand’s latest
innovations, such as the ‘quick-dry’ towels and ‘reversible’
bedsheets, are a testament to its commitment to delivering
new and exciting offerings that exceed the expectations of
the evolved Indian consumer.

TRANSFORMATIVE EXCELLENCE
IN INSURANCE SERVICES:
XPERITUS LEADS THE WAY WITH
EXPERTISE AND INNOVATION
Twenty Years of Excellence in Claims, Expertise, and Tailored Solutions
FH7;<E:H74?
Director, Xperitus Insurance Brokers Private Limited
X
peritus Insurance Brokers Pvt. Ltd., established establishing an ecosystem that continuously evaluates
in 2004 as a direct non-life broker, has evolved and responds to changing risks. This proactive approach
significantly over the past twenty years. It initially ensures that claims are managed using predefined
operated as a Non-Life Broker and has since transformed processes outlined at the policy’s inception. This focus on
into a comprehensive composite broker, offering expertise “Claims First” has been instrumental in the company’s rapid
across all lines of Non-Life and Life Insurance. This includes growth, expanding its operations to over 150 employees
proficiency in areas such as reinsurance, protection and across four branches, with three more branches scheduled
indemnity, hull, aviation, and crop insurance. Additionally, to open in the current fiscal year.
the company provides specialized services in claims With a deep understanding of diverse industries and
consultancy and risk management to a diverse clientele. the associated risks, Xperitus has introduced a tailored
The company’s foundation is supported by a group solutions vertical. This initiative collaborates with insurers
of seasoned professionals with over two decades of to design coverage that addresses gaps in existing policies.
experience in insurance claims, insurance arbitration, and These proprietary policies are uniquely tailored to respond
insurance claims litigation. Their remarkable track record to claims scenarios that conventional policies often
is highlighted by numerous accomplishments. They have overlook. The range of tailored solutions now encompasses
secured two influential judgments on insurance law from multiple industries, including warehousing, cold chain,
the Supreme Court of India, achieved one of the most transport, document storage, malls, and hedge funds.
substantial Insurance Arbitration Awards totaling Rs. 125 In a recent development, the company launched
crores, and successfully resolved hundreds of high-value its employee benefits platform (eb.norisx.com). This
Insurance Claims across various categories and forums, in-house solution manages the complete lifecycle of
exceeding a total value of Rs. 1,500 crores. employee benefits products, from member onboarding
Xperitus has not only advised prominent Indian to claims processing through the platform and mobile
corporations but has also extended its expertise to banks, application. The addition of a WhatsApp Chatbot enhances
insurance companies, and trade associations, providing user interaction and document submission, significantly
guidance on diverse aspects of risk and insurance. enhancing user experience. Additionally, the company is
The company’s philosophy places paramount importance in the final stages of unveiling its proprietary customer
on the effectiveness of an insurance policy in addressing relations management software, poised to further elevate
claims. To ensure efficient claims processing, organizations efficiency and client satisfaction.
must adopt practices and processes that align with the Leveraging their expertise in Claims handling, deep
requirements of Insurance. Xperitus assists its clients in product knowledge, industry insights, and advanced
technology, Xperitus aims to be India’s preferred
intermediary as the nation works towards its “Insurance
for All” vision by 2047. With an exceptional commitment to
customer service, Xperitus maintains a remarkable client
retention rate of over 90% across the past decade, serving a
substantial base of 35,000+ active clients. Their authority in
Insurance Law is demonstrated through their contribution
to two Supreme Court Judgements, while their impressive
track record includes settling 20,000+ claims with a 95%
success rate. They excel in representing corporate clients
in 50+ Arbitration proceedings and assisting in over 300
litigation cases against insurance companies.

PENTATONIX TECHNOLOGIES
PVT LTD
This commitment stems from our

agency’s roots, which are not tied to
former agencies, but rather the
marketing and communications
departments within tech companies.
Having managed multiple PR
agencies in-house, our founding team
experienced firsthand what it’s like to
work with PR agencies – what we
liked, and what we didn’t. As a result,
Pentatonix was built from the ground
up around how an agency should
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SEBI’s Got Indian

Thoughts on ESG Push
The markets regulator has, from time to time, updated the terms
of environmental, social and governance compliance for corporates.
Its latest direction, BRSR Core, is aimed at ensuring better
transparency in ESG reporting. While BRSR Core can bring in an
additional burden in terms of compliance and costs, it also provides
an opportunity to businesses to prepare themselves for global
markets, says Naina Gautam

SEBI’S CORE PUSH TO ESG COMPLIANCE
INDIA’S ESG MAP From CSR guidelines to BRR, BRSR and now BRSR Core,
the ESG landscape in India has continued to evolve as SEBI tries to keep up with the increasing
demands of accountability from businesses over their ESG performance
Ministry of Corporate Affairs introduces Voluntary SEBI introduces Business Responsibility Report, makes it
Guidelines on Corporate Social Responsibility mandatory for the top 100 listed companies
2006 2009 2011 2012
United Nations Ministry of Corporate Affairs

Principles for brings in National Voluntary Corporate social
Responsible Guidelines on Social, 2014 responsibility made
Investment comes Environmental and Economic compulsory
into force Responsibilities of Business
3
Ž
Business
Responsibility
n July 12, the Securities Sustainability reporting offers Reporting extended
2015 to the top 500 listed
and Exchange Board many advantages for businesses. It
companies, and then
of India (SEBI) sur- enhances prospects of attracting to top 1,000 listed
prised market watchers capital, as investors are interested companies in 2019
when it cut down the in environmental and social issues.
number of guidelines in a proposed ESG reporting offers analysis on Bombay Stock
environmental, social and gover- risk and opportunities in their in- Exchange comes up
nance (ESG) framework for the vestments, and, therefore, they ac- 2018 with the Guidance
Document on ESG
top 1,000 listed companies down tively seek such information. Disclosures
to less than 50 for the purpose of Since the profile of the investor
third-party audits and assurances. into Indian businesses is fast acquir-
Ever since it announced the earlier ing a global character, SEBI’s initial National Guidelines
on Responsible
set of reporting guidelines, termed aggressive push on ESG disclosures Business Conduct
the Business Responsibility and was in tune with international de-
2019
issued by Ministry of
Sustainability Report (BRSR), in velopments. However, with BRSR Corporate Affairs
2019, which expected the top listed Core, SEBI seems to have faced a
Ministry of Corporate
companies to make ESG disclosures reality check and concluded that Affairs comes
on 800 counts, there were murmurs even global regulatory frameworks up with Business
in the industry about the extra require Indian solutions. Responsibility and
2020 Sustainability Report
work this type of ESG compliance
framework for
would entail. Declaring Goalposts listed and unlisted
Investors the world over are seek- ESG reportage leads to an increase companies
ing to engage with companies that in the value of a business. This is
make elaborate ESG disclosures. how the narrative around a global BRSR made
compulsory by SEBI
In the wake of climate change and ESG regime is being built. Emerg- 2021 for the top 1,000 listed
focus on social and governance ing global research shows that companies from
aspects of business, investors and companies that are ESG-focused FY2022–23
regulators prefer companies that perform better than their counter-
are sustainable and responsible. parts in the same industry. Apart
This has made ESG reporting not from improving their business, it
SEBI introduces
just a business obligation but a legal also helps businesses attract human 2023 BRSR Core
requirement as well. capital and score high on reputation.

Dipankar Ghosh, partner and and environmental impacts.” would ease it out for the first-time
leader, sustainability and ESG, at With this grand statement of in- filers of sustainability report.
BDO India, feels that the global tent, SEBI set down nine principles
ESG morality has moved out of of ESG disclosures under the BRSR. Underprepared India Inc.
the domain of the optional now. It said that businesses should (a) The Outlook ESG Bharat Survey,
He says, “Understanding the ESG conduct and govern themselves the Outlook Group’s exclusive
framework is not just necessary, it with ethics, transparency and ac- survey on ESG adoption in the in-
is also a duty. Business leaders must countability; (b) provide goods and dustry, found that only 33% of the
recognise the significance of envi- service that are safe and contribute surveyed business leaders thought
ronmental, social and governance to sustainability throughout their their organisations were equipped
factors and take them into account life cycle; (c) promote the well-being to build a long-term strategy for
while making decisions. We can of all employees; (d) respect the in- ESG adoption. They cited confusion
genuinely create a better future for terest of, and be responsive towards, around a multiplicity of ESG com-
the organisation, stakeholders and all stakeholders, especially those pliance standards, among other is-
the planet by embracing sustain- who are disadvantaged, vulnerable sues, as an impediment for adoption
ability, encouraging inclusion and and marginalised; (e) respect and even when they saw value in it.
keeping strict ethical standards [of promote human rights; (f) respect, SEBI seems to have sensed this
corporate governance].” protect and make efforts to restore feeling among business leaders
SEBI responded to this under- the environment; (g) when engaged and finally accepted the proposal
standing of the new business envi- in influencing public and regulatory of the Ministry of Corporate Af-
ronment when it made filing of the policy, do so in a responsible man- fairs to adopt the lighter version of
BRSR compulsory for the top 1,000 ner; (h) support inclusive growth the BRSR; however, it has a twist.
listed companies from 2022–23. and equitable development; and (i) Named BRSR Core, the lighter
While announcing the standards, engage with and provide value to version, it is seemingly a term that
it stated, “The BRSR is intended their customers and consumers in a does not connote a dilution of the
towards having quantitative and responsible manner. comprehensive provisions that SEBI
standardised disclosures on ESG In 2020, the Ministry of Corpo- introduced through the BRSR.
parameters to enable comparability rate Affairs made recommendations The BRSR Core, while reducing
across companies, sectors and time. on the BRSR structure. It proposed the number of reporting param-
Such disclosures will be helpful for two BRSR formats: a comprehensive eters to 46 from the earlier 800,
investors to make better investment format and a lite version. This was focusses on assurance, the aspect of
decisions. The BRSR shall also done after a ministry committee reporting that ensures accountabil-
enable companies to engage more noted that only the top 500 listed ity through a process of verification
meaningfully with their stakehold- companies file business responsibil- and includes an ESG layer not just
ers by encouraging them to look be- ity reports, and thus a level down of on disclosures but on investing and
yond financials and towards social the BRSR, then termed BRSR Lite, rating as well. A SEBI consultation
ƉźĩňĉźźɫŀĉáĄĉŴźɫŇƉźƃɫŴĉþőğňĩźĉɫƃĥĉɫźĩğňĩǈþáňþĉɫ
of environmental, social and governance factors
and take them into account while making decisions.
We can genuinely create a better future for the
organisation, stakeholders and the planet by
embracing sustainability, encouraging inclusion and
keeping strict ethical standards
DIPANKAR GHOSH Partner and Leader,

Sustainability and ESG, BDO India

SEBI’S CORE PUSH TO ESG COMPLIANCE
paper on the issue, titled Consul-

tation Paper on ESG Disclosures, AMBIT OF of audit and third-party assurances
in a graded manner, which puts an
Ratings and Investing, states that BRSR CORE extra compliance burden on the
to ensure “twin objectives” of en- companies.
hancing “credibility” and “limiting The format of BRSR Core The industry realises that ESG
the cost of compliance, BRSR Core covers the following nine compliance is both necessary as
has been developed for reasonable attributes: well as cumbersome. Jitendra
assurance which consists of select Sharma, managing director and
Key Performance Indicators (KPIs) Greenhouse gas footprint CEO of Andhra Pradesh Medtech
under E, S and G attributes/areas Zone Limited, the world’s largest
that need to be reasonably assured.” Water footprint medical technology cluster, says
The assurance process involves Energy footprint that the BRSR is both necessary
parties other than the entities and challenging but for the sake of
making ESG disclosures. Inderjeet Embracing circularity advancement of sustainable busi-
Singh, partner at Deloitte India, ness practices, both regionally and
says, “The BRSR Core essentially Enhancing employee globally, its short-term weight needs
covers the most important set of in- well-being and safety to be ignored. He adds, “Economies
dicators prescribed in the BRSR that will increasingly demand the ESG
should be considered for third-party
Enabling gender diversity practice as a packaged compliance
reasonable assurance by the top 150 in business along with goods and services.
companies to begin with. These re- Hence, while its adaptability may
quirements will be extended to the
Enabling inclusive take a graded or phased approach,
complete set of 1,000 companies. It development its necessity is beyond debate, and
is also important to note that rea- indeed desirable.”
Fairness in engaging with
sonable assurance requirements are
far more stringent compared to lim-
customers and suppliers Investor’s World
ited assurance that has been intro- Openness of business By choosing to focus on third-party
duced in Europe through Corporate audits of ESG disclosures, SEBI has
Sustainability Reporting Directive Source: SEBI put investors at the centre of the
in January 2023.” ESG debate. Since ranking and rat-
SEBI defines the BRSR Core as a ing companies play a significant role
subset of the larger BRSR format. in creating a conducive image for a
In fact, it has updated the BRSR
Economies will company that can impact invest-
format to include KPIs that are the increasingly demand ments in it, SEBI’s move to create
area of focus in the BRSR Core. the ESG practice as a an accountability framework for rat-
Bose K. Varghese, who heads the packaged compliance ing agencies within the BRSR Core
ESG practice at law firm Cyril Am- appears logical. Singh says that the
archand Mangaldas, wrote on Out-
along with goods and BRSR Core confirms the serious-
look Planet, “From a practitioner’s services. While its ness of SEBI on how non-financial
point of view, the BRSR Core is not adaptability may take performance is also instrumental in
a subset of the BRSR main format. a graded approach, its long-term growth of companies. He
It has KPIs that are not covered in says, “Technically, this should also
the main BRSR format. SEBI has
necessity is beyond greatly help the ranking and rating
addressed this and included an up- debate agencies, both active and passive, in
dated reporting format as a part of recalibrating the outlook of Indian
the circular.” companies and their commitment
SEBI’s approach gives the im- JITENDRA towards stronger ESG performance.
pression that it does not want to un- Not to forget that the BRSR Core
derplay its insistence on the larger
SHARMA disclosures will also help investors,
BRSR format, which continues to be MD and CEO, be they institutional, treasury or
mandatory for the top 1,000 listed Andhra Pradesh Medtech funds, to make decisions on fresh in-
companies by market capitalisation, Zone Limited vestments as well as staying invested
but it wants to introduce the concept in a particular sector or company.”

BROADENING THE CORE

SEBI has announced the schedule as per which top listed companies by market capitalisation
will have to undertake reasonable assurance under BRSR Core *Year of applicability
Top Top Top Top

150 250 500 1,000
2023–24* 2024–25 2025–26 2026-27
Since ESG compliance are assured by third-party audits to fund management commentary and
ensure more credibility. The amend- case study, etc.”
and disclosures, and ed regulations [of the BRSR Core] It has taken sustainability report-
now assurance as require rating providers to disclose ing in India more than a decade to
well, have a steep cost the rating rationale based on qual- reach this stage today. The Ministry
itative and quantitative factors, key of Corporate Affairs stepped in the
attached to them, drivers of ESG framework and the ESG terrain with the launch of the
observers have noticed weight assigned.” Voluntary Guidelines on Corporate
a trend where With the global discourse on ESG Social Responsibility in 2009. Two
disclosures becoming dominant, years later, the ministry introduced
companies fake SEBI wants to avert a greenwashing a refurbished version of the 2009
environmental impact of crisis in India as well. Since ESG guidelines and called them Nation-
their business practices compliance and disclosures, and al Voluntary Guidelines on Social,
now assurance as well, have a steep Environmental and Economic Re-
cost attached to them, observers sponsibilities of Business.
SEBI adds in the paper that with have noticed a trend where com- In 2012, SEBI announced the
the BRSR becoming compulsory panies fake environmental impact Business Responsibility Report for
and stakeholders, like investors and of their business practices. To deal the top 100 listed companies by
ESG rating providers, relying on the with this problem and ensure trans- market capitalisation that became
information disclosed, “assurance parency and inappropriate selling the precursor to the BRSR for the
becomes key for enhancing credi- of green securities, SEBI has made top 1,000 companies in 2019.
bility of disclosure and investor con- it compulsory for the ESG-related In 2022–23, in an attempt to
fidence”. Thus, this step in the new schemes offered by asset manage- bring its practices on par with global
ESG regime became SEBI’s ratio- ment companies, notably mutual standards, SEBI engaged with the
nale for mandating third-party as- funds, to invest 65% of assets in list- Financial Services Agency, Japan,
surances. Under this provision, ESG ed companies that have embedded for sharing knowledge on ESG-re-
rating providers will be required to the BRSR Core. lated matters, like ESG ratings,
take into account India and emerg- Rao adds, “Mutual fund regu- sustainable finance, disclosures,
ing market characteristics to come lations have also been amended etc. While, through the BRSR Core,
up with ESG rating systems within to introduce criteria and expand the market watchdog has increased
the BRSR Core framework. disclosure norms for ESG-labelled pressure on listed companies and
Upasana Rao, partner at law schemes with focus on mitigating funds to become more responsible
firm Trilegal, says, “A regulatory risks of mis-selling and greenwash- around ESG issues and reassure
framework has been introduced for ing. This includes third-party assur- global investors, it has also given
ESG rating providers. They will be ance and certification on compli- leeway to top listed companies to
required to apply a minimum set ance with the objective of the ESG invest in the learning and assurance
of defined ESG parameters based scheme, enhanced disclosures on processes to be battle-ready in the
on the BRSR Core indicators that voting decisions on ESG disclosures, global market.

Strategic Asset Allocation
& Rebalancing: The Back
Bone of your Portfolio
A
lmost every investor is by putting fresh money in the asset
aware that optimal asset class which has corrected and bring
allocation is at the secret the percentage allocation to the
to successful long term desired level. If this is not possible,
wealth creation. But in this journey, then rebalancing is achieved by
there are times when the portfolio selling the asset class which has
needs to be rebalanced such that the rallied and deploying the gains in
original spirit of the asset allocation the other asset class. Prakash Hariram Lohana,
is not lost. However, it is often seen, For the sake of comparison, if an Managing Director,
that investors tend to overlook the investor had invested the entire Ascent Financial Solutions
importance of portfolio rebalancing. sum of R. 1 lakh in Sensex for the
Private Limited
Here, we will try and understand why time frame under consideration,
asset allocation and rebalancing of the return would have been to the
portfolio at periodic frequency is a tune of a CAGR of 9.01% while a
necessary step. Historical data shows well performing short term debt Benefits of Asset Allocation
that asset allocation and rebalancing fund at the same time would Risk Management: By rebalancing,
actually works and aids in reducing have delivered a CAGR of 9.53%. an investor ensures that the fresh
portfolio risk and helps make However, if this allocation was investment is going into an asset
reasonable returns. rebalanced on half yearly basis, the class which has attractive valuation
To understand this, let us consider investment experience would have and is not overpriced. This is reason
an investment made between better with the portfolio delivering why asset allocation is one of the
December 2006 to December a CAGR of 10.43% i.e. higher than most effective methods of risk
2014. Here, the assumption is an both asset classes if invested management.
investment amount of Rs. 1 lakh individually. Enables to Buy Low, Sell High:
divided equally between equity Even when it comes to the risk While every investor aims to buy
and debt. The equity allocation is profile, a rebalanced portfolio low and sell high, rarely does
made in S&P BSE Sensex while the presents moderate risk. This is in anyone succeed at it. This is largely
debt allocation is made in a leading comparison to equity which has a because behavioral challenges of
short term bond fund. Thereafter, higher risk profile and debt which greed and fear that an investor
the portfolio is rebalanced on a half has a lower risk profile. By being is constantly challenged with.
yearly basis. equally invested in both equity and Given that asset allocation is a
debt, the overall risk profile of the mathematical model, the confusion
Portfolio Rebalancing portfolio is neutralized. Historical part is taken care of easily.
The portfolio of Rs. 1 lakh was return profile shows that such a Discourages Market Timing:
rebalanced every six months, i.e. balanced portfolio also has the Investor spent a lot of time trying
the allocation to both equity and ability to generate higher returns. In to predict the future movement
debt was rebalanced to 50- 50. This effect, adhering to asset allocation of the market. But a landmark
rebalancing is generally achieved offers higher returns at lower risk. research by Brinson, Hood and
Beebower, “Determinants of Portfolio
Performance” (1986, 1991) argues that
asset allocation accounts for 94% of
DATE SENSEX DEBT PORTFOLIO WITH the variation in returns in a portfolio,
REBALANCING leaving market timing and stock
selection to account for only 6%.
31-12-2006 100000 100000 100000 To conclude, while asset allocation
may not look fancy, it is the simplest
31-12-2014 199460 207316 2,21,308.81 and the most effective way to
balance out of the overall risk of the
CAGR 9.01% 9.53% 10.43% portfolio, thereby leading to higher
portfolio returns over the long term.
September 2023 123

PAINTING THE
ORCHARDS RED
Coca-Cola India's Project Unnati is rejuvenating the
EKVMGYPXYVIIGSW]WXIQ[MXLMXWJSGYWSRIƾGMIRX
farming practices like ultra-high density plantation,
drip irrigation, etc. This has helped apple farmers
MR9XXEVEOLERHWMKRMƼGERXP]VEMWIXLIMVTVSHYGXMZMX]
Naina Gautam
&
Ž
ack in 2011, when Coca ic, geopolitical and environmental
Cola India Private Lim- concerns. Resource optimisation
ited (CCIPL) launched became the key word as stakehold-
Project Unnati—as part ers started paying attention to farm
of its environmental, so- productivity, food wastage, weak
cial and governance commitments supply chain, lack of resources, etc.
—to support the agricultural eco- According to the Food and Agri-
system in the country, food security cultural Organization of the United
did not seem as big a concern as it Nations, more than 40% of the food
does now. However, things changed loss in developing countries occurs
in the wake of rising global econom- at the post-harvest and process-

PAINTING THE ORCHARDS RED
ing levels. CCIPL is working with grew two varieties of apples. “They lower plantation density of Uttara-
farmers in India to address the issue are growing very well. I then started khand made it a natural choice for
of low farm productivity, poor tech- with 50 trees. With my association the project. After this success, CCI-
nology adoption and fruit wastage with CCIPL, I got a unit of 250 PL has also expanded into Himach-
by harnessing higher productivity rootstocks and my village got seven al and Jammu and Kashmir.
potential, both at the farm as well to eight such units in total. A year
as the processing level, says Rajesh later, the trees bore fruits and I sold 'MVGYPEV)ƾGMIRG]
Ayapilla, director, corporate social the apples in Haldwani for Rs 180 CCIPL hopes to promote fruit
responsibility and sustainability for per kilogramme.” circular economy through Project
India and the southwest Asia region The earlier harvesting season for Unnati. “Fruit circular economy is
for CCIPL. Project Unnati’s focus these trees is another advantage. Coco Cola’s endeavour, which aims
on ultra-high density plantation and “We are able to supply applies 10 to transform the country’s agri-
drip irrigation has led to substantial to 15 days earlier than Himachal cultural ecosystem by enhancing
increase in quality, productivity and Pradesh, so there is market advan- farming efficiency, strengthening
profitability per unit of land. So far, tage,” says Chausuli. forward linkages and building food
CCIPL has worked on varieties of Usually, the peak comes in Au- processing capacity in the country.
orange, apple, grapes, litchi, mango gust, and the harvest happens in This programme aims to uplift
and sugarcane in various states un- July. Thanks to technological in- farmers and the horticulture sector
der the project. tervention by CCIPL, these apple by addressing pressing challenges
In 2018, CCIPL launched Project farmers have an additional planting like poor technology adoption, low
Unnati Apple in Uttarakhand to season. Usually, planting is done farm productivity and fruit wast-
promote production of apples. It in February and March, but un- age,” says Ayapilla.
partnered with Indo Dutch Horti- der Project Unnati, it is also being CCIPL also provides infrastruc-
culture Technologies Private Lim- done pre-monsoon. CCIPL is now ture support. There is cold storage
ited (IDHT) as its implementation focussing on low chilling varieties infrastructure, where trees are
partner for the project. of apples, which will help create grown at a temperature as low as 3
Explaining the need for such in- a new geographical belt for the degrees to 1 degree Celsius. A mo-
tervention, Ayapilla says, “Agricul- fruit—traditionally grown at higher bile display van is used to provide
ture is the largest source of liveli- altitudes. This in turn will increase training, and awareness to interest-
hood in India. Farmers have always its production. ed farmers in villages.
struggled to make ends meet, and Prakash Chanoula, a farmer in No initiative is complete unless it
now, with the vagaries of climate Bhimtal, started growing apples benefits communities at large, says
change threatening their livelihood, under the project in 2021. “I get 12 Ayapilla, as he talks about CCIPL’s
they face challenging times ahead.” to 14 quintals of produce from about work on fruit circular economy in
Till now, more than 1,000 or- 250 trees. For other crops there is re- different geographies and with dif-
chards have been established petitive investment, but here a one- ferent fruits. The adoption of good
through technology interventions time investment will give returns for agricultural practices has not only
as part of this initiative, Ayapilla 10 to 15 years,” he says. increased fruit yield but also im-
says. According to him, the apple If farmers embrace the new tech- proved its quality and profitability,
yield per hectare has remarkably nology and the ultra-high density he says.
increased due to such interventions. plantation, we can double the pro- Over the years, Project Unnati
“Even those farmers who used to get duction of apple in next five years, has also made a social impact.
low yields due to lack of proper land feels Sudhir Chadha, founder and CCIPL has provided training and
usage earlier have reported 100-time director of IDHT, Bhimtal. “Earlier, access to markets to women, thus
increase. Our technology provides farmers used to plant their trees five empowering them. Additionally,
an average income enhancement by to seven metres apart, whereas the with more benefits attached to apple
five times over traditional farming,” world has moved to planting 1,000 farming, the project is expected to
he adds. to 12,000 trees per acre, which is stop migration from the mountains.
like planting trees at every one me- Chausuli points to the trend of
Impact on the Ground tre,” he says. youngsters leaving their jobs to get
Initially unsure about the promise The higher plantation density has back to orchards. “Project Unnati
of higher returns, Devendar Singh helped them earn more money from will help deal with unemployment
Chausuli, a farmer in Nainital, their land, say farmers. In fact, the to a great extent,” he says.

C’EST BOOK EXTRACT
LA
VIE THE IMBALANCES
IN INDIA’S
GROWTH STORY There is a serious lack of understanding regarding the connections
ýĉƃƤĉĉňɫƃĥĉɫŴĉáŀɫĉþőňőŇƪɫáňĄɫƃĥĉɫǈňáňþĩáŀɫĉþőňőŇƪȶɫźáƪźɫáƉƃĥőŴɫ
Nikhil Gupta. This interconnectedness is what makes the economy
áɫþőŇűŀĉƩɫźƉýĺĉþƃɫƃőɫƉňĄĉŴźƃáňĄȵɫIňɫĥĩźɫýőőĽȶ The Eight Per Cent
őŀƉƃĩőňȶɫGupta harps on the need to make fundamental structural
changes if the country wants to attain 8% economic growth rate
ublic finances are one Total spending by the general
P of the most researched

segments in the Indian
economy. No other
macroeconomic event
gets as much attention
as the Union Budget, currently an-
government, that is, the Centre and
state governments, amounted to Rs
53.9 tn (or 26.8 per cent of GDP)
in F Y20, of which only 40 per
cent, amounting to Rs 21.5 tn (or
10.7 per cent of GDP) was spent by
nounced on the first day of Febru- the GoI and the remaining 60 per
ary each year. Since actual policies cent by the states. In spite of this,
can be announced on any day of the state Budgets do not get as much
year, the exclusivity of the Union attention as received by the Union
Budget has fallen over the years. Budget. Subsequent analyses of In-
Data shows that the bigger action dia’s fiscal policy The Government
happens through the state govern- Sector 153 are also largely based on
ments, which rarely gets as much the data released by the GoI on a
attention. monthly basis. Such analyses can
Includ ing the transfers and be highly misleading, and it reflects
devolution of taxes by the GoI (or lazy (or ignorant) analysis on the
the Union government) to the state part of us economists. Unlike the
THE EIGHT PER CENT governments, the states together Union Budget, the documents for
SOLUTION: A STRATEGY FOR
INDIA’S GROWTH account for about 60 per cent of all which are easily and conveniently
government receipts (excluding bor- available at one place in proper or-
AUTHOR: NIKHIL GUPTA
rowings or debt receipts) collected der, it is a mammoth task to main-
PUBLISHED BY: BLOOMSBURY INDIA
in the country. Consequently, the tain and follow the annual Budgets
PAGES: 400 | PRICE: RS 699 total expenditure of all the state of the country’s twenty-eight states
governments is also around 60 per and eight Union Territories (UTs).
cent of all government spending. The only exhaustive annual study

BOOKMARKED
on state finances is released once every two months. However,

by the RBI, but it is available in the wake of the COVID-19 pan- BOOKMARKED
with a lag of almost eighteen demic, there was a large shortfall Take a look at what’s
months—actual accounts for in the Compensation Fund, which new in the business section
FY21 was available in the publi- increased the gap between the of Amazon’s bookshelf
cation released in January 2023 guaranteed and actual receipts
with revised estimates for FY22 of states. To meet the shortfall
(FY22RE) and Budget estimates in GST compensation to be paid
for FY23 (FY23BE). to the states, the GoI borrowed
The task is further complicated Rs 1.1 tn from the market under
because monthly data for the the special window in FY21 and
states/UTs is not available on a passed it on to the states as loans.
fixed schedule or in a uniform The Centre borrowed another Rs
manner. However, the monthly 1.59 tn under the special window
reporting on states’ finances has in FY22 and passed it on to states
improved dramatically in the as back-to-back loans in tranches.
past few years. Just like the con- As GST collections posted strong
troller general of accounts (CGA) growth in FY22, which continued
publishes monthly data on the into FY23, the GoI released the Busted
Centre’s finances, the comptrol- entire amount of GST compensa- Ashok Soota, Peter de Jager,
ler and auditor general (CAG) of tion payable to states (Rs 869 Sandhya Mendonca (Aug. 2023)
India produces monthly data on bn) up to 31 May 2022 on 31 May The book focuses on commonly
most Indian states except Goa, 2022. On 25 November 2022, the accepted management principles
and explains why these cannot be
that is, for more than 93 per cent government released an additional accepted as universal truths. It
of all states (data for the UT of amount of Rs 170 bn towards the nudges readers to question, test and
Delhi is also not available on a balance GST compensation for the validate advices.
monthly basis). period April to June 2022.
To understand the quality Since there were some months Unlocking Unicorn Secrets
of government spending, state when the G oI did not clear Kushal Lodha, Ishan Sharma
government finances are more its entire dues to the states, a (August 2023)
The book captures entrepreneurial
relevant because the GoI trans- standalone analysis of the GoI fi-
journeys of some of India’s new-
fers grants to the states (amount- nances would overestimate fiscal age founders and the challenges
ing to Rs 5.3 tn in FY20, which spending in the country because they faced. It covers themes like
increased to Rs 6.4 tn in FY21), a part of that spending should developing an idea, building out the
which are spent by state govern- ideally have been transferred to minimum viable product, setting up
the states on account of the GST the founding team, raising funds, etc.
ments through allocations to
various departments/ ministries. shortfall. When the GoI spent the
Upgrade
A comprehensive analysis of the money that should have been al-
Priyesh Khanna, Alasdair Ross
general government (or govern- located to the states, it curtailed (July 2023)
ment, hereafter) has become even the ability of the states to grow The authors provide easy-to-apply
more important after the intro- their spending. Therefore, only methods for growth that can help
duction of the goods and services an inclusive analysis will help us people stand out from the crowd.
tax (GST) in India with effect understand the true picture. These methods and exercises extend
across professions and are aimed at
from 1 July 2017. States were as- In this chapter, therefore, strengthening key habits, mindsets
sured of 14 per cent compounded the combined finances of the and actions of highly successful
growth over the base year 2015–16 government—the Centre and corporate performers.
for loss of revenue arising on ac- state governments together—are
count of GST implementation for analysed to understand the true Karma Sutras
a period of five years ending June fiscal policy in India. Four broad Debshis Chatterjee (July 2023)
2022. Therefore, the GoI levied topics are covered in this chapter. Karma Sutras decodes the secrets
of effective leadership in uncertain
a ‘compensation cess’ on certain The role of government spending
times. It has management mantras
GST items, which is eventu- in India has increased in recent from thought leaders and gives
ally credited to the Compensation years and its contribution to real lessons in the art of effective
Fund for apportioning to states GDP growth has also risen. OB followership.

C’EST
LA THE CONSTANT
VIE LEARNER
Raghavendra Vaidya, MD and CEO of Daimler Truck
Innovation Center India, is a man of varied and deep interests.
From riding bikes to automating things at home, from making
furniture to constantly studying new subjects and listening to old
Hindi songs, he pursues all of them with passion
Chitra Nair

PURSUIT OF HAPPINESS
otorbiking, studying,
innovating and listening
to music … these pretty
much s u m up t he
activities of Daimler
Truck Innovation
Center India’s MD and CEO Raghavendra
Vaidya outside work. And he pursues each
of these with equal passion. For instance,
the entire staff at the Daimler Truck
Innovation Center India in Bengaluru is
now aware of his love for Royal Enfield
bikes. However, there was a time when
the security guards, expecting the boss to
arrive in his Mercedes Benz, would stop
this helmeted man trying to park his bike
in the reserved slot.
Vaidya cannot hide his amusement
when we ask him about it. But besides the
passion, it is also about convenience, he
insists. “When I am on my bike, I reach
the office in 40 minutes. In the car, I am
at the mercy of the Bengaluru traffic,”
he explains.
Biking is cultish, says Vaidya. During
the weekends, he takes off for a couple of
hours to ride through village roads. “It
helps me clear my mind. The air on the face
gives quite a liberating feeling,” he says. If
he is going on a long drive in the car, he the middle path. Also, it is not an intellectual
prefers to be at the wheel. And, driving is exercise. It is experiential in nature,”
never without music, particularly old Hindi he explains.
songs. His favourites are Kishore Kumar, Vaidya’s romance with spiritual studies
Mohammad Rafi and Mahendra Kapoor began after reading a book, The Tao of
among others. In fact, he has a playlist for Physics , which he had picked up at an
every occasion. Then there are weekends airport. These are abstract concepts that
when he sits down with some do-it-yourself are difficult to describe, he says. “We face
activities, mostly related to automation and abstract problems in business. My learning
carpentry at home. has helped me to look at an abstract
Vaidya likes travelling, His favourite Leadership problem, slice it into pieces and derive some
destination is Lisbon in Portugal, a place he strategic pieces out of it. It also helps deal
has visited several times. “I feel like these
is not a with the stress,” he adds.
small European cities have a soul of their spectator His leadership journey, Vaidya says, has
own. They have historical significance. sport. You been to watch and learn. “One must keep
There is no pattern to these cities, unlike cannot read learning constantly and be in touch with
the ones in the US,” he remarks. He also happenings in the field to succeed,” he says.
wants to go to Man Sarovar, a trip that he
a leadership “One must also know what one wants. Do
had planned and cancelled twice. book and not confuse that with having a plan for next
Vaidya loves studying subjects that are become a 10 years. You cannot plan for future when
completely unrelated to his profession, like leader. It is you do not know about the future,” he adds.
physics and cosmology. Another subject of “Leadership is not a spectator sport. You
interest is eastern spiritualism. These days,
a sport that cannot read a leadership book and become
he is reading about Buddhism. “The most you need to a leader. It is a sport that you need to play,”
striking feature of Buddhism is it preaches play he says as he signs off.

C’EST TAKING OFF
HIGH FIVE
LA CONVENIENTLY
főɫűŀáþĉɫĩźɫĞáŴɫáƤáƪɫáňĄɫňőɫƃŴáƣĉŀɫűŀáňɫĄĩǆþƉŀƃɫƃőɫŇáĽĉȶɫƃĥáňĽźɫ
ƃőɫőňŀĩňĉɫƃŴáƣĉŀɫþőŇűáňĩĉźɫƤĥĩþĥɫĥáƣĉɫŴĉĄĉǈňĉĄɫþőňƣĉňĩĉňþĉɫ
VIE
ƤĩƃĥɫƃĥĉĩŴɫŴáňğĉɫőĞɫűŴőĄƉþƃźɫáňĄɫźĉŴƣĩþĉźɫƃĥáƃɫþáƃĉŴɫƃőɫĉƣĉŴƪɫáźűĉþƃɫ
of travel. Rajesh MagowȶɫþőɏĞőƉňĄĉŴɫáňĄɫğŴőƉűɫ*oɫőĞɫőňŀĩňĉɫ
ƃŴáƣĉŀɫþőŇűáňƪɫeáĽĉeƪ¡ŴĩűȶɫĄĉźþŴĩýĉźɫǈƣĉɫƤáƪźɫĩňɫƤĥĩþĥɫƃĥĉźĉɫ
þőŇűáňĩĉźɫĥáƣĉɫþőŇĉɫőĞɫáğĉɫĩňɫIňĄĩá
1 WIDE RANGE OF SERVICES

Travellers today prefer a single-point shopping
experience with all travel products and services at one
place. Online travel companies provide convenience,
transparency and, most importantly, a comparison of
prices and benefits offered by different service providers,
helping their customers make an informed choice.
2 PERSONALISATION
In today’s times, technology has evolved so much
that you can leverage data in a constructive way to offer
solutions catering to individual preferences. Future
technologies, like Chat GPT, and extensive data tools are
being deployed to power personalised recommendations,
curated itineraries and customised services.
3 DISCOVERABILITY OF THE UNEXPLORED

Travel as a sector can be enriched only when
discoverability and research for potential destinations
become deeply entrenched with the service supply
ecosystem. User reviews and curated content are
increasingly offered in formats that are easy to consume
using the latest technology like artificial intelligence.
4 CONSCIOUSNESS TOWARDS
SUSTAINABILITY
Many travel companies now emphasise on eco-friendly
accommodations, carbon offset programmes and
collaborations with local organisations to promote
responsible tourism. They are playing an essential role in
promoting sustainable tourism to their accommodation
partners like hotels and homestays, and in educating
travellers to act responsibly.
5 ENHANCED CUSTOMER SERVICE

Online travel companies have raised the bar
for customer service efficacy by shifting to self-serve
models that expedite issue resolution. Round-the-
clock assistance through multiple channels, including
chatbots, self-help automation and social media are now
being used effectively.

Contemporary office sofas
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RNI NO. DELENG/2006/16808
Magazine Post No. DL (DS)-29/MP/2022-23-24

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INSIDE Family businesses that shaped India Inc.

September 2023 100 Subscription Copy Not For Resale

INDIAN HOW 14 CRORE CITIZENS

COMPANY SECRETARY & LAW OFFICER

Cover Illustration: Saahil Bhatia

INDIA’S NO. 1 TILE COMPANY

The more reliantly

Increased Optimized Enhanced

seamless hybrid work solutions,

Mr. Sanjeev Chhabra, MD & CEO,

The government of India runs the world’s biggest food security

ANJALI BHARDWAJ Co-Convener, National

REETIKA KHERA Professor, Indian Institute of Technology, Delhi

The Dialect of Exclusion

AND EXCLUSIONS ing in Jawa, 60 kilometres away

P.C. MOHANAN Former Acting Chairman, National Statistical Commission

Photo: Suresh K. Pandey

Former Chief Statistician of India PRAVIN SRIVASTAVA

¡ĥĉɫűĉŴɫþáűĩƃáɫĩňþŴĉáźĉɫĩňɫIňĄĩáɫŴĉǉĉþƃźɫŇőŴĉɫáƃɫƃĥĉɫ by the Bandhua Mukti Morcha in

WHAT CITIZENS GET

ENJOY ZERO CHARGES ON

Scan the QR code

Delhi and national co-convener of is no systematic underestimation of

The delay in conducting

BUSINESS companies of India in the previous

1 WADIA GROUP Est. 1736

Loeji Nowrosjee Sir Ness Wadia Nusli Wadia

1863 1879 1918 1954 2005 2011

Bombay Burmah Trading Britannia Go First

2 DABUR Est. 1884

One of India’s leading FMCG companies, Dabur began its operations

Dabur becomes Dabur’s operations shift to Delhi.

Dabur becomes a public

S.K. Burman, licensed Burman sets up a

DABUR FAMILY’S Dabur demerges its

After several months of discussions and

3 GODREJ GROUP Est. 1897

COMPANIES UNDER CURRENT LEADERSHIP

Godrej & Boyce

Godrej Agrovet Ardeshir Godrej

Godrej Agrovet incorporated;

After locks, Godrej The group makes

Adi Godrej steps

Parmeshwar also produced movies with the likes of Ismail

Adi Godrej (left) with wife Parmeshwar Godrej

4 BAJAJ GROUP Est. 1926

Jamnalal Bajaj Rahul Bajaj

Adopted as his grandson by As the group head, he oversaw

Madhur, the second son of Ramkrishna Bajaj, is

Sanjiv Bajaj is the younger He is Ramkrishna Bajaj’s

O 2-DAY EXPO O 4000+ ATTENDEES

Jio World Convention Centre

5 TTK GROUP Est. 1928

T.T. Krishnamachari founded the

9,691 TTK Prestige

In your new avatar, how is REC faring especially the agriculture

Prosus NV and Blackstone Inc. were

interest with 0.2% LIBOR, a bench- According to Ashwani Singh,

What led to the inception of a

T HubSpot CMS and Web Development

N 7e! 4aTaW FjTebbc Co-founder and US Entry Lead:

Right - @e!CeTWlh`aT:hcgTChairman and Managing Director,

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