Seasonal Magazine - Cover Story on JSSAHER by John Antony

Seasonal

Managing Editor

Jason D Pavorattikaran

Editor

John Antony Director (Finance)

Ceena

Associate Editor

Carl Jaison

Senior Editorial Coordinator

Jacob Deva

Senior Correspondent

Bina Menon

Creative Visualizer

Bijohns Varghese

Photographer

Anish Aloysious Office Assistant

Alby CG

Correspondents

Bombay: Rashmi Prakash

Delhi: Anurag Dixit Director (Technical)

John Antony

Publisher Jason D Pavorattikaran

Editorial & Business Office Cochin: 36/1924 E, Kaloor-Kadavanthra Road, Near IGNOU, Kaloor, Cochin-17. Ph:0484- 2345876, 2534377, 2340080 Mob. 09947141362

Delhi: H.No: P-108, Uppal Southend, Sector 48, Sohna Road, Gurgaon, Haryana – 122018 Ph: 9891771857|099471 41362

Mumbai: 202, Woodland Heights Building, St. Martins Road, Bandra West, Mumbai400 050 Mob: 919947141362

Bangalore: House No: 493, Block 3 3rd Main, HBR Layout, Bangalore-4209731984836, Email:skmagazine@gmail.com www.seasonalmagazine.com

UK Office: “CRONAN”, Boundaries Road Feltham, Middlesex, UK TW13 5DR Ph: 020 8890 0045, Mob: 00447947181950 Email: petecarlsons@gmail.com

Reg No: KERENG/2002/6803

Printed & Published by Jaison D on behalf of PeteCarlson Solutions Pvt. Ltd. at Cochin. Printed at Rathna Offset Printers, Chennai-14. All Rights Reserved by PeteCarlson Solutions Pvt. Ltd. No part of this publication may be reproduced by any means, including electronic, without the prior written permission of the publisher.

5 WAYS INDIA CAN TACKLE CURRENT GLOBAL CHALLENGES

Indian markets have turned highly volatile due to uncertainties related to US President Donald Trump, as well as our relatively rich valuations. However, it is not definitely a downswing as of now, but just high volatility, as is evident from the sharp sells and the subsequent sharp buys, as institutions make the best of the profit making opportunities. But is the market reading too much into Trump’s threats? This is a definite possibility as many of his claims have proven to be hollow.

A case in point is the creation of the much hyped Strategic Bitcoin Reserve. Crypto markets, and even global stock markets, were all gung-ho about it, but finally it turned out to be a damp squib except for its name, which he maintained as per the poll promise! This sent the global crypto and stock markets reeling, including India’s. But to his credit, there are strategic wins, like how he prevailed over Ukraine, despite President Zelenskyy’s valiant efforts right in the Oval Office.

India’s emerging leadership in GDP is assured as of now, based on its stable political leadership under PM Narendra Modi, balanced economic policies and its unassailable population size resulting in an unbeatable demographic dividend. India will surely march on to become the third largest economy overtaking Japan and Germany, as those developed countries are now within striking distance. While overtaking these long-term leaders is commendable, our real focus should now shift more on improving our per capita GDP as only then will our per capita income increase substantially.

As per IMF estimates for 2025, India ranks only 119 in per capita GDP among all nations. But we should not be discouraged by this metric, as many nations ahead of us are too small in population and with too high resources like oil, to be of any meaningful comparison with a huge nation like ours. The perfect example is the 11th largest oil producer Norway with less than 1/250th of our population! But we should be concerned about another list, which is the list of the world’s top economies by absolute or nominal GDP. This is the list where we now occupy a place of pride of 5th rank, and now on the cusp of overtaking Japan and then Germany, to reach the 3rd rank. But in this list, despite our current 5th rank, countries with ranks up to the 34th position rank much higher than us when it comes to per capita GDP.

This is why India, with its vast population and a dynamic economy, is now standing at a crucial juncture, facing formidable challenges in enhancing its per capita GDP and income. The headwinds include the need for an even higher economic growth to match our population, global economic slowdown, inflationary pressures, stubbornly high interest rates, and now AI driven disruptions, as well as reciprocal tariffs from our major trading partner, the United States. To counter these challenges and achieve long-term economic prosperity for its vast population, India can adopt many innovative, unconventional, and creative approaches in key sectors. Here are 5 of them:

1) STAY GLOBALLY COMPETITIVE

Most nations including India and China will have to modify their import tariffs, owing to the pressure from President Trump. In many sectors, this may be beneficial too for India, especially where the optics of unnecessarily high tariffs (70-100% or more) harmed us rather than benefited us. But in other sectors, especially where

our import tariffs are internationally competitive (but maybe higher than that of the US), we should remind the US that higher import tariffs in developing economies vis-a-vis developed nations, has never been a charity, but a sustainable way for the whole world to be developed, which would only benefit the US immensely and not harm it a bit. At the same time, we should also be rationalizing our import tariffs to be at least globally competitive. India has already kickstarted this process. The strategy should be to align ourselves with tariffs in comparable countries, so that we will remain a competitive destination for global commerce.

2) FORTIFY GLOBAL FRIENDSHIPS

Many people think the US President is unduly worried about BRICS nations creating a currency of their own. Why should he be worried over something that even the EU couldn’t pull off with the Euro, despite earnest efforts? In fact, he is not worrying as much as he should in this regard. Huge bilateral agreements between major countries are surely threatening US supremacy in trade. The best example is how India deftly manoeuvred necessary trading arrangements with Russia and Iran. China too is doing the same with more nations and at a much larger scale. This is why former US President Biden remarked that the BRICS nations have placed a gun on America’s head. President Trump is too macho to concede that, and claims that he is the one who has now placed a barrel on BRICS - 100% tariff if they even think of dedollarization. But the fact of the matter is de-dollarization is already happening in a big way, by not promoting an alternative to the dollar, but by forging huge bilateral deals. This focus should be strengthened at any cost.

3) MAKE INDIA A WELLNESS DESTINATION

The healthcare world is witnessing a tumultuous shift - from reactive treatments to proactive prevention. Major global studies done in this regard estimate that by 2040, preventive healthcare industry would have overtaken reactive healthcare industry (the current medical setup) 60% to 40%. Preventive healthcare bases itself on healthy lifestyle modifications across diet, exercise, sleep, stress management etc, and is perfected by tools like genetic testing. If there is one nation that can claim to be the ancient capital of preventive medicine, it is none other than India. We can

prove that a healthy nation is the really wealthy nation. This is the land of Ayurveda and Yoga, which pioneered the supreme importance of lifestyle (pathya), the gut microbiome, the science of breathing (pranayama) )and the importance of physical and mental discipline. But we need to move faster for the clinical validation of such ancient sciences, as well as in growing India as the ultimate preventive medicine destination.

4) EASE THE ROADBLOCKS

India is not only the world’s most populous, but its largest democracy too. This twin advantage can however also play to our disadvantage by creating bottlenecks in everything from traffic to logistics to environment to governance. For instance, a robust public transportation system can unlock billions in economic gains through reduced congestion, lower fuel consumption, and enhanced worker productivity. Investing in cutting-edge transportation systems like high speed trains and hyperloop can revolutionize long-distance travel, reducing travel time, business inefficiencies, fuel wastage and carbon emissions, thereby indirectly boosting productivity and GDP. Even more is the impact of removing bottlenecks in the logistics sector, which can help everyone from farmers to consumers to corporates. Bottlenecks in the environmental sector contribute to environmental degradation which has economic consequences, from healthcare costs to reduced worker productivity. Removal of such bottlenecks will transform air and water quality into serious economic catalysts. A cleaner environment can surely translate into economic growth.

5) GO FOR TECH LEADERSHIP

As things stand now, AI may evaporate lakhs of existing jobs across the world, including in India too. But what if it can create millions of new, higher paying, socially transformative jobs? This is possible only if AI is leveraged the right way by using it to address our pressing problems first - in education, in healthcare, in transportation, in logistics, in environmental protection and more. For example, the next generation of AI, often called Agentic AI in contrast to the current Generative AI, will be capable of teaching and training students and employees at all levels, in a truly personalized way. Different students may face varied difficulties in grasping a particular topic, but what if an Agentic AI program can generate educational content on the go, finetuning itself to the needs of each student for each topic? Millions of students and workforces across the world would be customers to such AI based online EdTech. India with its massive software engineering talent pool is holding a massive advantage in creating such tools that can prove to be India’s unique resource to usher in prosperity.

John Antony

JSSAHER FAMILY GETS EVER BIGGER, WITH OVER 5500 DOCTORS & 2500 POSTGRADUATES

Nestled in the culturally rich city of Mysuru, JSS Academy of Higher Education and Research (JSS AHER) stands as a higher educa tion destination of academic excellence, innovative research, and societal impact. Under the visionary leadership of its Chancellor, His Holiness Jagadguru Sri Shivarathri Deshikendra Mahaswamiji of Suttur Math, Dr. C.G. Betsurmath, Executive Secretary of JSS Mahavidyapeetha, Pro-Chancellor Dr. B. Suresh, and Vice-Chancellor Dr. H. Basavana Gowdappa, the university has emerged as a global leader in higher education, healthcare, and sustainability. With a legacy of transformative education, groundbreaking re search, and a commitment to community welfare, the institution is redefining the boundaries of academic and societal progress. The deemed university is forging ahead with its remarkable leadership, international collaborations, and ambitious growth plans for the future.

IFHE CLIMBS THE LADDERS OF RANKS AND PLACEMENTS

ICFAI Foundation for Higher Education (IFHE), the Hyderabad based flagship deemed university of the ICFAI Group is steadily improving its performance on all counts, especially in academic rankings and placements performance. Home to ICFAI Business School (IBS), whose MBA/PGDM is now ranked 39th nationally, the quantity and quality of IFHE’s placements too across its Schools in Management, Engineering, Law, Architecture and Social Sciences are rising

HOW GALGOTIAS UNIVERSITY STANDS AS A CLASS APART IN EMPOWERING STUDENTS

INDIA’S FIRST CONSTITUTION MUSEUM AT JGU: A TRIBUTE TO THE WORLD’S LARGEST DEMOCRACY

STUDY AT KARUNYA CAMPUS, WHICH THE WORLD HAS TAKEN NOTE OF

When Indian universities feel the need to tie-up with US universities, they visit the US campuses. When US Universities feel the need to tieup with Karunya Institute of Technology & Sciences, they visit the Karunya campus, as it happened last year with delegations from 18 US universities visiting it together. Under Chancellor Dr. Paul Dhinakaran, Karunya ranks top in the domestic NIRF and the QS

BRACE YOURSELF, SPECIALIZED AI PROGRAMS ARE COMING

If anyone thought Large Language Models (LLMs) like ChatGPT and Gemini cannot do specialized tasks yet, they are right. Such tasks are deemed too tough and complex for them. But what if LLMs aren’t

PRODUCT & GEOGRAPHIC DIVERSIFICATIONS TO STABILISE SKM EGG PRODUCTS’ GROWTH

The Russian invasion of Ukraine and the resultant surge in maize prices during much of FY24 might have thrown a spanner in SKM Egg Products’ growth march, but under its

THE DEEP DANGERS OF MICROWAVING & PLASTIC BOTTLES

Microwaving food in plastic containers and drinking bottled water may increase dementia risk due to microplastic exposure, according to new research. Microplastics found in

THE

ULTRA PROCESSED FOOD THAT CAN KILL YOU EARLY

I’m Eliza Cheng and come from a Blue Zone where people often live 10 years longer than average. This is the No. 1 ultraprocessed food I always avoid.

FOCUS ON THE FLAVONOIDS IN FOODS

Are you getting enough flavonoids in your diet? You should be - here’s why.

INDIAN BANK’S THIRD QUARTER HEALTHY, AS A NEW MD & CEO ASSUMES OFFICE

Indian Bank has a new MD & CEO in Binod Kumar, a banking industry veteran, even while this leading Chennai based PSU lender reported a

THE FUTURE IS ELECTRIC, WHEN IT IS BY REC

In the heart of India’s rapidly evolving power and infrastructure landscape, REC Limited stands as a titan, driving the nation’s energy transition and infrastructure growth with unparalleled ambition. As a Maharatna Central Public Sector

ARE SOME OF INDIA’S BEST STOCKS CHEAP NOW?

The fall in the shares of IT companies has pushed Nifty IT sharply lower, after Morgan Stanley’s latest note cited shifting global macro

UNION BANK’S PERFORMANCE

IS DRIVEN BY A LEGACY OF STRENGTH AND INNOVATION

For over a century, Union Bank of India has been a cornerstone of the nation’s financial landscape, evolving from its modest origins in 1919 to a

WHY SOCIAL LEARNING IS THE BEST WAY TO LEARN ANYTHING NEW

Brain science called it: This is the best way to learn anything new. When done right, social learning activates crucial networks of the brain that deepen understanding and ease of recall, and enable the development of new behaviors.

HOW TO UNDERSTAND THINGS

True intelligence isn’t just about raw ability - it’s about the discipline to investigate things creatively and directly rather than settling for shallow explanations. In this essay, writer, entrepreneur and polymath Nabeel S. Qureshi

HOW NBCC IS PLAYING A PIVOTAL ROLE IN BUILDING THE FUTURE OF INDIA

In the vibrant world of India’s infrastructure development, NBCC (India) Limited stands

MEET FOODS THAT ENERGIZE YOU BY IMPROVING BLOOD CIRCULATION

Are you ready to transform your energy? For that you need to transform your circulation from sluggish to supercharged. Your body’s 60,000 miles of blood vessels - enough to circle the

A NEW SIMPLE, POSITIVE PSYCHOTHERAPY HOLDS HOPE AGAINST DEPRESSION & ANXIETY

New psychotherapies like PAT and ADEPT that focus on positive experiences can help people with depression and anxiety find joy in life. What is

MANAPPURAM’S VISIONARY LEAP: HOW BAIN’S BUY SIGNALS A NEW ERA

MARUTI RECAPTURES BESTSELLER SPOT, MAHINDRA OVERTAKES HYUNDAI

FEBRUARY 2025 WAS FULL OF SURPRISES IN THE AUTO WORLD. WE GOT TWO HOT DEVELOPMENTS, ONE, MAHINDRA MANAGING TO BEAT HYUNDAI, AND SECOND, MARUTI’S FRONX BECOMING THE BEST-SELLING CAR, ENDING TATA PUNCH’S SHORT LIVED GLORY AT THE TOP SPOT.

The bestselling scene was heavily dominated by the Punch, Nexon and Creta and everyone expected it to be continued. However, Maruti Fronx shocked everyone with such amazing sales figures!

In February 2025, Maruti managed to sell around 21,000 units of the Fronx. With Fronx, Maruti beat not only competitors but its own bestselling cars – the WagonR, Swift, & the Dzire.

Currently, the Fronx is priced between Rs 8.85 lakh & Rs 15.42 lakh (onroad, Mumbai). Maruti Fronx’s NA petrol variants are available with a discount of up to Rs 40,000. Whereas the CNG models are available with benefits of up to Rs 25,000.

However, it is the turbo petrol variants of the Fronx which see maximum benefits. The models equipped with this engine are available with benefits of up to Rs 98,000. This also includes the Velocity accessory package of Rs 43,000. Overall, you can get India’s new favourite SUV with benefits of up to Rs 1 lakh.

Fronx is an all-round package which

is based on the Baleno. Buyers have preferred the SUV for its unique design. Also, it has better road presence & ground clearance compared to the Baleno.

In terms of features, it shares the equipment list with the Baleno. The feature list includes – head-up display, 360-degree camera, 9-inch touchscreen system, ARKAMYS surround sound system, UV-cut window glass, LED headlamps, and more.

Even the engine options are shared with the Baleno. So just like the Baleno, Maruti Fronx is offered with a 1.2-litre NA petrol engine – with an option for CNG. However, not to forget the fact that it is the only Maruti which also gets a turbo petrol engine! Yes, the Maruti Fronx is offered with a 1.0-litre turbo petrol engine (99bhp & 148Nm) – mated to manual & automatic gearbox options.

For those who prefer a Toyota, there is a rebadged version of Fronx called Toyota Urban Cruiser Taisor which also comes with its own variants with some distinct advantages.

(Credit: Nachiket Bhole, MotorOctane)

TREAT EMPLOYEES AS HUMANS, REDUCE GAP BETWEEN HIGHEST AND LOWEST SALARIES: INFOSYS FOUNDER

NARAYANA MURTHY

Infosys founder NR Narayana Murthy on March 12 said that businesses and entrepreneurs need to treat employees as humans, reduce the pay gap between lowest and highest salaries, by embracing "compassionate capitalism."

One needs to uphold the respect and dignity of every corporate employee. "To praise people in public and criticize in private, and to the extent possible, to share the fruit of the corporation in a fair manner amongst all employees of the company," he added.

WHY KIDNEY DISEASES ARE INCREASING IN YOUNG ADULTSDR RUCHI SAMDANI

Kidney diseases were once thought to be a health concern for the elderly, but today, an alarming number of young adults are being diagnosed with chronic kidney disease (CKD) at an early age. The kidneys, often overlooked until a problem arises, play a critical role in maintaining overall health – filtering waste, balancing fluids and regulating blood pressure. As we observe World kidney day, it's important to shed light on this rising epidemic. Aditya, a 20-year-old boy, initially mistook his symptoms of kidney failure as gastritis. His subsequent journey through dialysis and then kidney transplant has restored his health and given him the zeal to pursue medicine in the future.

MEET FOODS THAT ENERGIZE YOU BY IMPROVING BLOOD CIRCULATION

ARE YOU READY TO TRANSFORM YOUR ENERGY? FOR THAT YOU NEED TO TRANSFORM YOUR CIRCULATION FROM SLUGGISH TO SUPERCHARGED. YOUR BODY’S 60,000 MILES OF BLOOD VESSELS - ENOUGH TO CIRCLE THE EARTH MORE THAN TWICE - AWAIT THE NOURISHMENT ONLY YOU CAN PROVIDE.

Have you ever noticed your fingers or toes getting cold or numb frequently? Or are you often experiencing that midafternoon energy crash? These could be signs of poor circulation. Your blood is like a delivery service - when it flows efficiently, every cell gets its nutrients on time. Let’s uncover the secrets of boosting your blood flow with everyday foods you probably already have in your kitchen.

By incorporating these circulationboosting foods regularly, you’re not just improving blood flow – you’re enhancing every aspect of your health, from energy levels to heart function and beyond. Your circulatory system is the river of life within you – make it flow strong and clear.

What you eat directly impacts how well blood travels through your vascular system. “The foods we consume can either create highways or roadblocks in our circulatory system,” explains Dr. Emily Richardson, nutritional cardiologist at Austin Heart Center. “Small dietary changes can yield remarkable improvements in overall circulation within just weeks.”

There are many foods that are natural vasodilators. They naturally help your blood vessels relax and expand, improving flow throughout your body. Some of these are watermelon due to its citrulline that convert to arginine; bananas due to their high potassium content; fatty fish due to its omega-3s; beetroot and leafy greens due to their nitrates that convert to nitric oxide; pomegranate which is rich in antioxidants that prevent arterial stiffness; garlic due to its compounds that relax blood vessels; and citrus fruits that provide flavonoids that improve blood vessel flexibility.

natural relaxant for your arteries,” says nutritionist Mark Stevens. “It’s nature’s way of lowering blood pressure and improving circulation.”

A handful of nuts daily can significantly

“Beetroots are like natural pipe cleaners for your arteries,” notes Dr. Richardson. “I’ve seen patients reduce their blood pressure by 5-10 points simply by adding a glass of beetroot juice to their daily routine.”

Fatty fish like salmon and mackerel contain omega-3 fatty acids that work wonders for blood flow. These healthy fats reduce inflammation and help blood vessels dilate properly. Two servings weekly can significantly lower cholesterol and improve circulation.

Dark leafy greens are circulation powerhouses. Spinach, kale, and arugula are rich in nitrates that help blood vessels expand. They also provide essential vitamins for healthy collagen production, keeping vessel walls elastic and strong. Consider adding green smoothies to your routine for a circulation boost.

Foods high in potassium naturally help relax blood vessel walls. Bananas, avocados, and sweet potatoes excel in this mineral. “Potassium works like a

impact circulation. Almonds, peanuts, walnuts, pumpkin seeds and flaxseeds contain healthy fats and antioxidants that support vascular health. Nuts and seeds can improve cold and numb extremities like in fingers and toes due to poor circulation.

There are also foods to minimize for improving circulation. These include highly processed foods with trans fats; excessive sodium that can constrict vessels; and added sugars that increase inflammation.

Your blood vessels are like garden hoses – they work best when clear and flexible. Processed foods can create buildup similar to sediment clogging a pipe, while natural unprocessed foods keep the pathways clear.

Beyond specific foods, staying wellhydrated keeps your blood flowing smoothly. “Blood is like a river that requires adequate water to maintain proper flow,” explains Dr. Richardson.

(Credit: Journee Mondiale)

JSSAHER FAMILY GETS EVER OVER 5500 DOCTORS & 2500

Nestled in the culturally rich city of Mysuru, JSS Academy of Higher Education and Research (JS excellence, innovative research, and societal impact. Under the visionary leadership of its Chancellor, of Suttur Math, Dr. C.G. Betsurmath, Executive Secretary of JSS Mahavidyapeetha, Pro-Chancellor the university has emerged as a global leader in higher education, healthcare, and sustainabili research, and a commitment to community welfare, the institution is redefining the boundaries of ac ahead with its remarkable leadership, international collaborations, and ambitious growth plans for

At the heart of JSS AHER’s success is the inspiring leadership of its Chancellor, His Holiness Jagadguru Sri Shivarathri Deshikendra Mahaswamiji. As the spiritual head of Suttur Math, he brings a unique blend of compassion, wisdom, and foresight to the institution. His vision emphasizes innovation, inclusivity, and sustainable stewardship, aligning education with societal needs.

His presence at key events, such as the 15th convocation and MBBS graduates’ reception, underscores his commitment to nurturing future leaders. His message, as quoted in the Times Higher Education Impact Rankings announcement, resonates deeply: “The spirit of innovation, compassion, and sustainable stewardship should continue to illuminate the path ahead, inspiring generations to strive for excellence in service to society and the world at large.”

Dr. B. Suresh, the Pro-Chancellor, is a towering figure in Indian academia and pharmaceutical sciences. As the Founder Vice-Chancellor of JSS AHER, he laid the foundation for its global reputation. His leadership has fostered interdisciplinary research, international collaborations, and innovative academic programs.

A four-time President of the Pharmacy Council of India, Dr. Suresh has transformed pharmacy education in India, earning accolades for his

BIGGER, WITH 0 POSTGRADUATES

SS AHER) stands as a higher education destination of academic

His Holiness Jagadguru Sri Shivarathri Deshikendra Mahaswamiji

Dr. B. Suresh, and Vice-Chancellor Dr. H. Basavana Gowdappa, ty. With a legacy of transformative education, groundbreaking cademic and societal progress. The deemed university is forging r the future.

contributions to the Indian Pharmacopoeia Commission. His vision for the upcoming global campus in Varuna reflects his ambition to position JSS AHER among the world’s elite institutions, integrating education, research, and health technology.

Dr. H. Basavana Gowdappa, who joined as Vice-Chancellor recently, brings over three decades of experience in medical education and healthcare. A respected educator and compassionate clinician, he has mentored countless

students and professionals. His leadership is driving JSS AHER toward greater heights, with a focus on interdisciplinary research, industryready education, and community engagement.

At the 15th convocation, he highlighted the institution’s near-100% placement rate, a testament to its relevance in the global job market. Together, this trio of leaders is steering JSS AHER toward a future where education and innovation converge to address global challenges.

Recently, JSS Medical College, a constituent of JSS AHER, hosted a memorable graduates’ reception for 208 MBBS students. The ceremony, held on the college’s sprawling campus, was a celebration of academic achievement and professional commitment. Graced by His Holiness Jagadguru Sri Shivarathri Deshikendra Mahaswamiji, and presided over by Dr. C.G. Betsurmath, Executive Secretary of JSS Mahavidyapeetha, the event highlighted the institution’s dedication to producing skilled medical professionals.

Dr. Achal Gulati, Vice-Chancellor of Mahatma Gandhi University of Medical Sciences and Technology, Jaipur, served as the chief guest, distributing graduation certificates, medals, and awards. Six meritorious students received 12 gold medals and 11 cash prizes, with Dr. Nimisha Sinha from Patna topping the list by securing six gold medals and three cash prizes. The graduates took the Hippocratic Oath, reaffirming their commitment to ethical medical practice.

Dr. Gulati’s address emphasized the irreplaceable role of doctors’ humane values, stating, “Artificial Intelligence is beneficial for collating information, but it cannot be an alternative for doctors imbued with humanitarian values.” The ceremony also honored faculty with the Best Teacher Award and Research Excellence Award, recognizing their contributions to education and scholarship.

JSS Medical College, established in 1984, has produced 5,604 MBBS graduates and 2,490 postgraduates, contributing significantly to healthcare in India and abroad. Its Platinum Plus

rating from the QS-I Gauge Subject Ranking 2024 and JSS AHER’s NAAC A++ accreditation and 24th NIRF ranking underscore its academic prowess.

The 15th convocation of JSS AHER, held on January 10, 2025, was a landmark event, showcasing the institution’s academic diversity and commitment to gender equity. Former Chief Justice of India, D.Y. Chandrachud, delivered a stirring convocation address, emphasizing sustainable development, accessibility, and empathy as core values shaping a better future.

He praised JSS AHER’s global recognition in sustainable practices and its inclusive approach to healthcare education. A total of 2,795 graduates,

including 1,660 women, received degrees across various disciplines, while 104 scholars, 63 of them women, were awarded PhDs. The ceremony celebrated academic excellence, with 56 meritorious students receiving 75 medals and awards.

Women dominated the medal tally, with 43 recipients, including top achievers Subhradeep Dhar and SM Tejashree, each securing four medals. The event, attended by the Chancellor, ProChancellor, and Vice-Chancellor, highlighted JSS AHER’s role as a cradle of talent and innovation.

A highlight of the 15th convocation was the conferment of a D.Litt degree on Dr. C.G. Betsurmath, Executive Secretary of JSS Mahavidyapeetha, for his thesis, Change Management in Education:

Dr. B. Suresh, Pro-Chancellor

Dr. C.G. Betsurmath, Executive Secretary, JSS MVP

Comprehensive Analysis of Planned and Forced Transformations. Presented by Justice D.Y. Chandrachud and Chancellor His Holiness Jagadguru Sri Shivarathri Deshikendra Mahaswamiji, the honor recognized Dr. Betsurmath’s transformative contributions to educational administration. His leadership has been instrumental in JSS AHER’s high global rankings and its commitment to sustainable development, making him a pivotal figure in the institution’s success.

JSS AHER’s commitment to global academic partnerships was exemplified by its Memorandum of Understanding (MoU) with the University of Wolverhampton, UK, signed recently The agreement led to the inauguration of the ‘JSS AHER–Wolverhampton Centre for Future Healthcare and Policy Innovation, a Centre of Excellence aimed at advancing interdisciplinary research and evidence-based policy formulation.

The MoU establishes a framework for faculty and student exchanges, joint research proposals, and co-developed academic programs focused on innovative healthcare solutions. The inauguration, presided over by Dr. B. Suresh and Dr. C.G. Betsurmath, featured Ebrahim Adia, Vice-Chancellor of the University of Wolverhampton, as the chief guest.

The collaboration strengthens academic ties between India and the UK, fostering

A VISIONARY CHANCELLOR AND SPIRITUAL REFORMER

A A A A A

t the confluence of spiritual wisdom and modern progress stands His Holiness Jagadguru Sri Shivarathri Deshikendra Mahaswamiji, the 24th Peethadhipathi of the Sri Suttur Math. As the Chancellor of JSS Academy of Higher Education and Research (JSSAHER) and JSS Science and Technology University, his leadership spans across the domains of education, healthcare, and social upliftment, thereby touching the lives of over 100,000 students and 20,000 employees globally.

Since assuming his responsibilities in 1986, Mahaswamiji has steered JSS Mahavidyapeetha (JSSMVP) with spiritual foresight and a global vision. Under his guidance, the Mahavidyapeetha has grown into one of India’s most impactful educational missions, operating more than 300 institutions across India and internationally in countries like the USA, Mauritius, and Dubai.

A reformer at heart, Mahaswamiji has broken systemic barriers in education, expanding access to marginalized communities. A shining example of this mission is the free residential school at Suttur, which educates over 5,000 underprivileged children regardless of caste or creed.

Inaugurated by former President of India, Dr. A.P.J. Abdul Kalam, the school is proof to his commitment to inclusive growth.

He also pioneered institutions for the differently-abled, including India’s first Polytechnic for the Physically Challenged and the ‘SAHANA’ schools for special children in Bengaluru and Mysuru—empowering them with skills to lead dignified lives.

In healthcare, Mahaswamiji’s vision has materialized through the JSS Medical Trust, which manages a 1,600-bed hospital, specialty clinics, and rural healthcare programs. Collaborations with leading hospitals and the adoption of modern telemedicine practices ensure that even the remotest villages receive quality care.

With value-based education, international collaborations, and holistic development at the core of his philosophy, His Holiness continues to inspire a future where learning, compassion, and service walk hand in hand. In every sense, he embodies the spirit of a modern sage, rooted in tradition, yet reaching far into the future.

sustainable healthcare innovation and global research initiatives. This partnership reflects JSS AHER’s ambition to create robust academic bridges and address future healthcare challenges through collaborative excellence.

Earlier, JSS AHER hosted the two-day “Research Scholars’ Conference in Health Sciences and Life Sciences2025" at JSS Medical College. Themed “Frontiers in Health and Life Sciences: Innovations, Challenges, and Future Directions,” the conference attracted nearly 450 participants, including academicians, researchers, and industry experts.

It featured 286 poster presentations and 104 oral presentations, showcasing cutting-edge advancements in health and life sciences.

Dr. C.G. Betsurmath emphasized the conference’s role in fostering selfreliance and excellence in research, while Dr. B. Suresh highlighted the importance of embracing technology.

Vice-Chancellor Dr. H. Basavana Gowdappa outlined JSS AHER’s efforts in interdisciplinary research across medicine, dentistry, pharmacy, and biomedical sciences.

Gareth Cave, Principal Lecturer at Nottingham Trent University, UK, reaffirmed his commitment to research collaborations with JSS AHER. The event also marked the launch of the EBSCO

suite website and the release of the conference souvenir, celebrating the institution’s research milestones.

JSS AHER’s role as a hub for intellectual exchange was further solidified by the National Conference on “Applied Biotechnological & Biosciences Interventions in New Age Translational Therapeutics (ABBINATT-2025),” held recently. Organized in association with the International Applied Biologists Association (IABA), the conference attracted distinguished researchers and industry leaders.

Supported by the Department of Biotechnology (DBT), Council of Scientific and Industrial Research (CSIR), and the Ministry of Science and Technology, it featured keynote addresses by luminaries like Prof. Appa Rao Podile, former Vice-Chancellor of the University of Hyderabad.

With 222 registered participants from across India, the conference covered topics such as liquid biopsy, molecular diagnostics, and cancer therapeutics. Awards like the Maheshwarappa M. Basalingappa Memorial Award and the Prof. Dr. Pasupuleti Vishweswara Rao Young Scientist Award recognized outstanding research contributions. The valedictory address by Dr. Sandeep M. Eswarappa of the Indian Institute of Science, Bengaluru, underscored the importance of collaborative research in advancing global health.

JSS AHER’s commitment to sustainable development and social impact has earned it remarkable global recognition. In the Times Higher Education (THE) Impact Rankings 2024, the institution secured the top global rank for Sustainable Development Goal (SDG) 3: Good Health and Well-Being, reflecting its contributions to healthcare, medical research, and community wellness.

It also achieved impressive rankings in other SDGs, including 12th for Affordable and Clean Energy, 21st for Ending Poverty, 49th for Life on Land, 60th for Clean Water and Sanitation, and 78th for Responsible Production and Consumption.

These rankings highlight JSS AHER’s holistic approach to addressing global challenges through education, research, and outreach. The institution’s NAAC A++ accreditation with a score of 3.61 and its 24th position in the NIRF 2024 rankings further cement its status as a leader in Indian higher education.

JSS AHER’s most ambitious project is the global campus in Varuna, Mysuru, set to redefine higher education in the region. Spanning 101 acres and developed at an estimated cost of INR 1,200 crore, the campus is expected to be operational by 2027, with construction completion slated for 2026.

Dr. B. Suresh envisions it as a world-class

THE FARSIGHTED FORMER BUREAUCRAT STEERING JSS MAHAVIDYAPEETHA

In the powerful corridors of both higher education and public administration, few names command as much respect as Dr. C.G. Betsurmath, the Executive Secretary of JSS Mahavidyapeetha (JSS MVP), Mysuru. A seasoned civil servant turned academic administrator, Dr. Betsurmath brings a rare blend of scholarly depth and bureaucratic experience to one of India’s most expansive educational organizations.

Before joining JSS MVP in 2016, Dr. Betsurmath served the Karnataka Administrative Service in several highranking roles, including Special Secretary to the Government of Karnataka and Commissioner of Mysuru City Corporation. During his tenure, Mysuru earned the prestigious title of India’s Cleanest City twice in a row, which is an achievement that reflects his administrative acumen and vision for sustainable urban development.

At JSS MVP, which oversees over 300 educational institutions, Dr. Betsurmath has been instrumental in charting new academic directions and promoting institutional excellence. His leadership is firmly anchored in holistic development, digital innovation, and ethics-driven governance. He introduced performance-based digital appraisal systems, helping modernize educational management across the

Mahavidyapeetha’s sprawling network. Dr. Betsurmath’s academic pursuits are as impressive as his administrative résumé. He holds a Ph.D. in Economics, an MBA from IGNOU, and a Doctor of Literature (D.Litt.) from JSS Academy of Higher Education and Research for his groundbreaking research on “Change Management in Education.” A prolific author, he has penned over 13 scholarly works covering diverse topics from the National Education Policy 2020 to heritage conservation and digital governance.

He is also credited with the preservation of more than 130 heritage monuments during his stint as Commissioner of Archaeology, Museums, and Heritage, an endeavor that blended his deep respect for tradition and progressive action.

Deeply committed to student empowerment, Dr. Betsurmath champions wellness, yoga, and personality development camps across JSS institutions. His approach blends traditional values with contemporary best practices, creating a learning environment that shapes not just scholars but well-rounded citizens.

With clarity of purpose and a heart for service, Dr. C.G. Betsurmath continues to guide JSS MVP into a future rich in innovation, inclusion, and integrity.

hub integrating education, research, and development in engineering and healthcare, with a focus on future health technologies. The campus will house over 15,000 students, 2,000 teaching faculty, and 4,000 research scholars, fostering a vibrant academic community.

It will feature an integrated research center, incubation hubs for health technology startups, and advanced infrastructure for clinical and translational research. Offering undergraduate and postgraduate programs in digital health technologies, hospital management, and clinical research, the campus aims to bridge academia and industry, preparing students for global challenges. Dr. Suresh’s vision aligns with the world’s best universities, positioning Varuna as a beacon of innovation and excellence.

JSS AHER’s journey is ample proof of the transformative power of education and research. With 311 research projects worth INR 26 crore in 2024, 13,008 publications, and a Scopus Hindex of 117, the institution is a powerhouse of knowledge creation.

Its introduction of specialized programs, such as MSc in Health Technologies and Master of Occupational Therapy, reflects its responsiveness to emerging needs. Community outreach initiatives, like the Yusuf Hamied Chemistry Camp and tribal health programs, underscore its commitment to inclusive growth.

Under the stewardship of His Holiness Jagadguru Sri Shivarathri Deshikendra Mahaswamiji, Dr. C.G. Betsurmath, Executive Secretary of JSS Mahavidyapeetha, Dr. B. Suresh, and Dr. H. Basavana Gowdappa, JSS AHER is not just an educational institution but a catalyst for global change. As it prepares to launch its Varuna campus, the academy stands poised to redefine higher education, fostering innovation, compassion, and sustainability for generations to come.

In the words of its Chancellor, JSS AHER’s mission is to “inspire generations to strive for excellence in service to society and the world at large” - a mission it continues to fulfill with unwavering dedication.

THE INDIAN BORN GENIUS AT THE TOP RUNG OF AI REVOLUTION

IITIAN AND BERKELEY ALUMNI ARAVIND SRINIVAS, CO-FOUNDER OF PERPLEXITY, WANTS TO MAKE THE PLANET

SMARTER

CREATING A BETTER AI CHATBOT.

Since ChatGPT’s launch two years ago, people have been exploring new ways to use generative AI chatbots to automate tasks and answer questions.

But while AI chatbots are useful tools, they are not always trustworthy sources of information.

Now imagine an AI chatbot that operates like a virtual Ph.D. student, citing sources for all the information that it provides. That’s what Aravind Srinivas (Ph.D.’21 CS) is trying to do through his AI-driven search company, Perplexity, which he co-founded in 2022, along with Andrew Konwinski (M.S.’09, Ph.D.’12 CS), among others, shortly after completing his doctoral studies at UC Berkeley.

“Ph.D. students write papers, and for every sentence they write, they reference another paper. That way, the paper is [based on] scientific facts,” said Srinivas. “We baked that principle into an AI chatbot, and that ended up

becoming Perplexity.”

AI technologies can sometimes hallucinate and make up answers. Srinivas aimed to reduce this problem by building a search engine that would only provide results that it could cite or reference.

“From the beginning, Perplexity has been this marriage of Wikipedia and ChatGPT having a baby together. Except the data for that marriage is coming from the entire internet, not just Wikipedia,” said Srinivas. “You can still converse and chat like in ChatGPT, but the response would be like a Wikipedia article, with subsections, citations and sources. It’s like ChatGPT’s educated uncle.”

Perplexity is also part of Srinivas’s quest to help humans satisfy their need for entertainment and their unending curiosity about the world.

“Our broader vision is to make the planet smarter. After just 30 seconds on

Perplexity, you should learn something,” said Srinivas. “Catering to curiosity at the scale of humanity is the grand mission we’re working toward.”

Srinivas first became interested in AI while at IIT Madras in India. There he focused on machine learning and was invited to join a research project on teaching AI to play the 1970s Atari games Pong and Breakout.

Srinivas then ran similar experiments on transfer learning, a machine learning technique that uses knowledge gained from one task to improve performance on a related task, and hierarchical reinforcement learning, in which AI tackles more complex decision-making problems by breaking them down into smaller sub-tasks. After publishing a few papers about his findings, he undertook an internship at Montreal Institute of Learning Algorithms, where Turing Award winner Yoshua Bengio introduced him to deep learning concepts. Srinivas then set his sights on Berkeley.

“When it came to AI, I think Berkeley was the most happening university at the time,” he said. “Two [EECS] professors, Pieter Abbeel and Alexei Efros, were cranking out these amazing papers. And a Berkeley student named John Schulman [Ph.D.’16 EECS] was publishing a lot of cool papers and open-source code. I knew this was the place to be.”

Studying at Berkeley was both challenging and inspiring for Srinivas. He appreciated that Ph.D. students at Berkeley were expected to drive every step in the research and development process, from conceiving the idea to

SEASONAL MAGAZINE

running the initial experiments and performing all the engineering.

“By watching other students in Pieter Abbeel’s lab, like Jonathan Ho [B.S.’14 EECS, Ph.D.’20 CS] and Peter Chen [B.A.’14 CS, B.A.’14 Statistics], I saw the amount of work they did all on their own,” said Srinivas. “From them I learned that software engineering is critical to doing great work in AI. It’s not just about mathematical equations on a whiteboard, but rather making them work in practice. So you need to be a good engineer.”

Following his first year at Berkeley, Srinivas was recruited by Schulman to work as a summer intern at OpenAI. It proved to be a transformative experience.

“The core idea of GPT was being conceived there at the time, and that changed my worldview a lot,” said Srinivas. “It also increased my level of ambition by about ten thousand times.”

Srinivas wanted to start a company the moment he came to Berkeley. Although he spent time in the Berkeley Artificial Intelligence Research (BAIR) Lab under Abbeel and considered himself a researcher, he also wanted to be an entrepreneur. He just needed to figure out his angle.

Many of the startups that he had heard about, like those that came out of Y Combinator and similar incubators, were usually founded by people who had dropped out of college with the goal of changing the world. But Srinivas was looking for a different, more practical startup model. Specifically, he wanted to leverage his academic roots to build a solution that, once in the hands of users, could drive momentum and sustain growth.

“The immediate example I could think of was Google,” said Srinivas. “It was started by academics. The core idea is you can have a great academic idea or insight, convert that into a product and get it into the hands of a lot of people. As they use it, you gather a lot of data, and that data should fuel the product to be even better and help you garner more users.”

He also drew inspiration from the comedy TV show “Silicon Valley.” “The plot revolved around this company

developing the fictional Pied Piper compression algorithm,” said Srinivas. “At the time, some people in my lab and I were very interested in generative models and compression. And so that got us all into generative AI without us even realizing it.”

Srinivas soon realized that launching a startup wouldn’t be easy. Many things had to come together: the idea, the people and the funding. After completing his Ph.D., he worked for a year at OpenAI and saw “how AI went from a research thing to driving real usage.” He then crystallized his idea for Perplexity, reached out to investors and went to work building his team.

THE CORE IDEA OF GPT WAS BEING CONCEIVED THERE AT THE TIME, AND THAT CHANGED MY WORLDVIEW A LOT

For Abbeel, his Ph.D. adviser, Srinivas’s talent and drive were evident early on. “When it came to research, Aravind was the kind of student who not only brought great execution, but who was also capable of bringing great vision,” he said. “And now we are seeing him do the same thing with Perplexity, combining deep AI expertise with unique vision and exceptional execution, building one of the most useful AI products and one of the biggest AI companies to date.”

Srinivas’s advice to other Berkeley engineers who want to make the leap from researcher to entrepreneur is simple: start with a vision.

“With Perplexity, for example, we had a vision for creating a completely new search experience, where you’re now able to ask questions that you otherwise would not have been able to ask before,” he said. “Remember that a true vision, a true obsession about something, can be seen by other people, too. And that is what’s going to help you recruit people and attract funding.”

Srinivas added, “But the most important part - and the hardest - is to persist through the phase where you’re not sure. Never give up, just keep at it.”

HOW LONG WILL IT TAKE TO DOUBLE YOUR INVESTMENT? FIND OUT WITH RULE OF 72 WHY IS THE RULE OF 72 USEFUL?

The Rule of 72 is a powerful financial planning tool because it helps investors quickly assess potential investment growth. Whether you are investing in stocks, bonds, mutual funds, or savings accounts, this rule allows you to set realistic expectations about your investment’s future value. Additionally, the Rule of 72 can be used to understand the impact of inflation. For example, if the inflation rate is 6 per cent , the purchasing power of money will halve in 72 ÷ 6 = 12 years. This highlights the importance of investing in assets that generate returns above inflation.

KOTA FARMER EARNS 9 LAKHS ANNUALLY IN GROSS PROFIT FROM BEEKEEPING AND CROP POLLINATION WITH INNOVATIVE FARMING PRACTICES

Ratan Lal, a small-scale farmer from Kota, transformed his 4bigha farm into a successful enterprise by integrating beekeeping. With 300 bee boxes, he now generates 9 lakh rupees annually in gross profit, while also boosting crop yields through enhanced pollination and innovative farming practices.

THE DEEP DANGERS OF MICROWAVING & PLASTIC BOTTLES

MICROWAVING FOOD IN PLASTIC CONTAINERS AND DRINKING BOTTLED WATER MAY INCREASE DEMENTIA RISK DUE TO MICROPLASTIC EXPOSURE, ACCORDING TO NEW RESEARCH. MICROPLASTICS FOUND IN THE BRAIN ARE THREE TO FIVE TIMES HIGHER IN DEMENTIA PATIENTS. EXPERTS SUGGEST USING GLASS OR STAINLESS STEEL FOR FOOD STORAGE AND SWITCHING TO TAP WATER TO REDUCE EXPOSURE. THIS SIMPLE HABIT CHANGE COULD PROTECT BRAIN HEALTH.

Asimple habit many people do daily in their kitchen could be silently

increasing their risk of dementia, doctors have warned. While most health Doctors warn that reheating food in plastic containers may increase dementia risk due to microplastics entering the brain.

New research suggests how we prepare and reheat our food may be too important - especially when it comes to plastic use.

A groundbreaking study has revealed alarming findings: a tablespoon’s worth of microplastics and nanoplastics (MNPs) was discovered in the brains of individuals, with levels found to be three to five times higher in those diagnosed with dementia. The revelation has left health experts deeply concerned, as it suggests that the invisible plastic particles we unknowingly ingest could be influencing brain health more than ever suspected.

One of the biggest culprits is reheating food in plastic containers using

microwave ovens. According to Dr. Nicholas Fabiano from the University of Ottawa’s Department of Psychiatry, this common practice could be accelerating the buildup of harmful plastic particles in the body.

“The dramatic increase in brain microplastic concentrations over just eight years, from 2016 to 2024, is particularly alarming,” Fabiano explained. “This rise mirrors the exponential increase we’re seeing in environmental microplastic levels.”

Dr. Brandon Luu, an Internal Medicine Resident at the University of Toronto, emphasized that microwaving plastic doesn’t just heat food - it releases billions of microscopic plastic particles into what we eat. “Switching to glass or stainless steel alternatives is a small but meaningful step in limiting exposure.”

A separate 2023 study from the University of Nebraska had also revealed just how severe the problem is. BPA (bisphenol A) and phthalates, chemicals commonly added to plastics for durability, have been linked to a range of health risks, including hormonal disruptions, reproductive issues, and now, potentially, neurological damage.

Doctors are also urging people to rethink their bottled water consumption. Studies have shown that bottled water alone can expose individuals to nearly as many microplastic particles annually as all ingested and inhaled sources combined.

“Switching to tap water could reduce this exposure by almost 90 percent,” Dr. Luu advised, calling it one of the simplest ways to cut down on microplastic intake.

With dementia rates rising and plastic pollution worsening, experts say now is the time to act. Avoiding plastic food storage, switching to glass or stainless steel, and limiting bottled water intake could all play a critical role in reducing microplastic exposure.

So, before you pop that meal into a plastic container and press start on your microwave, you might want to reconsider - because your brain health could depend on it.

HOW TO UNDERSTAND THINGS

TRUE INTELLIGENCE ISN’T JUST ABOUT RAW ABILITY - IT’S ABOUT THE DISCIPLINE TO INVESTIGATE THINGS CREATIVELY AND DIRECTLY RATHER THAN SETTLING FOR SHALLOW EXPLANATIONS. IN THIS ESSAY, WRITER, ENTREPRENEUR AND POLYMATH NABEEL S. QURESHI EXPLORES HOW GREAT THINKERS DEVELOPED THEIR INSIGHTS BY TESTING IDEAS FROM MULTIPLE ANGLES, REFUSING TO FOOL THEMSELVES, AND BEING UNAFRAID TO LOOK STUPID. IN THIS RECENT MASTERFUL ESSAY ON HIS SUBSTACK, QURESHI GUIDES YOU TO HABITS THAT SEPARATE DEEP UNDERSTANDING FROM SUPERFICIAL KNOWLEDGE — AND HOW TO CULTIVATE THEM. A MUST READ FOR STUDENTS, TEACHERS, RESEARCHERS, PROFESSIONALS, BUSINESSMEN, EVERYONE.

The smartest person I’ve ever known had a habit that, as a teenager, I found striking. After he’d prove a theorem, or solve a problem, he’d go back and continue thinking about the problem and try to figure out different proofs of the same thing. Sometimes he’d spend hours on a problem he’d already solved.

I had the opposite tendency: as soon

as I’d reached the end of the proof, I’d stop since I’d “gotten the answer.”

Afterwards, he’d come out with three or four proofs of the same thing, plus some explanation of why each proof is connected somehow. In this way, he got a much deeper understanding of things than I did.

I concluded that what we call

“intelligence” is as much about virtues such as honesty, integrity, and bravery, as it is about “raw intellect.”

Intelligent people simply aren’t willing to accept answers that they don’t understand — no matter how many other people try to convince them of it, or how many other people believe it, if they aren’t able to convince themselves of it, they won’t accept it.

NABEEL S. QURESHI

Importantly, this is a “software” trait and is independent of more “hardware” traits such as processing speed, working memory, and other such things.

Moreover, I have noticed that these “hardware” traits vary greatly in the smartest people I know — some are remarkably quick thinkers, calculators, and readers, whereas others are “slow.”

The “software” traits, though, they all have in common — and can, with effort, be learned.

What this means is that you can internalize good intellectual habits that, in effect, “increase your intelligence.” “Intelligence” is not fixed.

This quality of “not stopping at an unsatisfactory answer” deserves some examination.

One component of it is energy: thinking hard takes effort, and it’s much easier to just stop at an answer that seems to make sense than to pursue everything that you don’t quite understand down an endless, and rapidly proliferating, series of rabbit holes.

It’s also so easy to think you understand something when you actually don’t. So even figuring out whether you understand something or not requires you to attack the thing from multiple angles and test your own understanding.

This requires a lot of intrinsic motivation because it’s so hard; most people simply don’t do it.

The Nobel Prize winner William Shockley was fond of talking about “the will to think”:

Motivation is at least as important as method for the serious thinker, Shockley believed…the essential element for successful work in any field was “the will to think”. This was a phrase he learned from the nuclear physicist Enrico Fermi and never forgot. “In these four words,” Shockley wrote later, “[Fermi] distilled the essence of a very significant insight: A competent thinker will be reluctant to commit himself to the effort that tedious and precise thinking demands — he will lack ‘the will to think’ — unless he has the conviction that something worthwhile will be done with the results of his

efforts.” The discipline of competent thinking is important throughout life.

But it’s not just energy. You have to be able to motivate yourself to spend large quantities of energy on a problem, which means on some level that not understanding something — or having a bug in your thinking — bothers you a lot. You have the drive, the will to know.

Related to this is honesty, or integrity: a sort of compulsive unwillingness, or inability, to lie to yourself. The theoretical physicist Richard Feynman said that the first rule of science is that “you must not fool yourself — and you are the easiest person to fool.” It is uniquely easy to lie to yourself because there is no external force keeping you honest; only you can run the constant loop of asking, “Do I really understand this?”

This is why writing is important. It’s harder to fool yourself that you understand something when you sit down to write about it and it comes out all disjointed and confused. Writing forces clarity.

The physicist Michael Faraday believed nothing without being able to experimentally demonstrate it himself, no matter how tedious the demonstration.

Simply hearing or reading of such things was never enough for Faraday. When assessing the work of others, he always had to repeat, and perhaps extend, their experiments. It became a lifelong

habit—his way of establishing ownership over an idea. Just as he did countless times later in other settings, he set out to demonstrate this new phenomenon to his own satisfaction. When he had saved enough money to buy the materials, he made a battery from seven copper halfpennies and seven discs cut from a sheet of zinc, interleaved with pieces of paper soaked in salt water. He fixed a copper wire to each end plate, dipped the other ends of the wires in a solution of Epsom salts (magnesium sulfate), and watched.

Understanding something really deeply is connected to our physical intuition. A simple “words-based” understanding can only go so far. Visualizing something, in three dimensions, can help you with a concrete “hook” that your brain can grasp onto and use as a model; understanding then has a physical context that it can “take place in.”

This is why Jesus speaks in parables throughout the New Testament — in ways that stick with you long after you’ve read them — rather than just stating the abstract principle. “Are not two sparrows sold for a cent? And yet not one of them will fall to the ground apart from your Father” can stick with you forever in a way that “God watches over all living beings” will not.

Faraday, again, had this quality in spades — the above-mentioned book makes clear that this is partly because

SEASONAL MAGAZINE

he was bad at mathematics and thus understood everything through the medium of experiments, and contrasts this with the French scientists (such as Ampere) who understood everything in a highly abstract way.

But Faraday’s physical intuition led him to some of the most crucial discoveries in all of science:

Much as he admired Ampère’s work, Faraday began to develop his own views on the nature of the force between a current-carrying wire and the magnetic needle it deflected. Ampère’s mathematics (which he had no reason to doubt) showed that the motion of the magnetic needle was the result of repulsions and attractions between it and the wire. But, to Faraday, this seemed wrong, or, at least, the wrong way around. What happened, he felt, was that the wire induced a circular force in the space around itself, and that everything else followed from this. The next step beautifully illustrates Faraday’s genius.

Taking Sarah’s fourteen-year-old brother George with him down to the laboratory, he stuck an iron bar magnet into hot wax in the bottom of a basin and, when the wax had hardened, filled the basin with mercury until only the top of the magnet was exposed. He dangled a short length of wire from an insulated stand so that its bottom end dipped in the mercury, and then he connected one terminal of a battery to the top end of the wire and the other to the mercury. The wire and the mercury now formed part of a circuit that would remain unbroken even if the bottom end of the wire moved. And move it did—in rapid circles around the magnet! (source)

Being able to generate these concrete examples, even when you’re not physically doing experiments, is important.

Another quality I have noticed in very intelligent people is being unafraid to look stupid.

My father has zero intellectual insecurities… It has never crossed his mind to be concerned that the world thinks he’s an idiot. He’s not in that game. So if he doesn’t understand

something, he just asks you. He doesn’t care if he sounds foolish. He will ask the most obvious question without any sort of concern about it… So he asks lots and lots of dumb, in the best sense of that word, questions. He’ll say to someone, ‘I don’t understand. Explain that to me.’ He’ll just keep asking questions until he gets it right, and I grew up listening to him do this in every conceivable setting. If my father had met Bernie Madoff, he would never have invested money with him because he would have said, ‘I don’t understand’ a hundred times. ‘I don’t understand how that works’, in this kind of dumb, slow voice. ‘I don’t understand, sir. What is going on?’

Most people are not willing to do this — looking stupid takes courage, and sometimes it’s easier to just let things slide. It is striking how many situations I am in where I start asking basic questions, feel guilty for slowing the group down, and it turns out that nobody understood what was going on to begin with (often people message me privately saying that they’re relieved I asked), but I was the only one who actually spoke up and asked about it.

This is a habit. It’s easy to pick up. And it makes you smarter.

I remember being taught calculus at school and getting stuck on the “dy/dx” notation (aka Leibniz notation) for calculus.

The “dy/dx” just looked like a fraction, it looked like we were doing division, but we weren’t actually doing division. “dy/dx” doesn’t mean “dy” divided by “dx” — it means “the value of an infinitesimal change in y with respect to an infinitesimal change in x,” and I didn’t see how you could break this thing apart as though it was simple division.

At one point the proof of the fundamental theorem of calculus involved multiplying out a polynomial, and along the way you could cancel out “dy*dx” because “both of these quantities are infinitesimal, so in effect this can be canceled out.” This reasoning did not make sense.

The proof had this line - dz/dx = dz/dy * dy/dx. Amusingly, you can even get correct results using invalid

mathematics, like this. Even though this is clearly invalid, it doesn’t feel far off the “valid” proof of the chain rule I was taught.

It turns out that my misgivings were right, that the Leibniz notation is basically just a convenient shorthand, and that you more or less can treat those things “as if” they are fractions, but the proof is super complicated, etc. Moreover, the Leibniz shorthand is actually far more powerful and easier to work with than Newton’s functions-based shorthand, which is why mainland Europe got way ahead of England (which stuck with Newton’s notation) in calculus. And then all of the logical problems didn’t really get sorted out until Riemann came along 200 years later and formulated calculus in terms of limits. But all of that went over my head in high school. At the time, I was infuriated by these inadequate proofs, but I was under time pressure to just learn the operations so

Malcolm Gladwell on his father: Malcolm on father: Malcolm Gladwell on his father: Malcolm on father:

Michael Faraday

that I could answer exam questions because the class needed to move on to the next thing.

And since you actually can answer the exam questions and mechanically perform calculus operations without ever deeply understanding calculus, it’s much easier to just get by and do the exam without really questioning the concepts deeply — which is in fact what happens for most people. (See my essay on education.)

How many people actually go back and try to understand this, or other such topics, in a deeper way? Very few. Moreover, the “meta” lesson is: don’t question it too deeply, you’ll fall behind. Just learn the algorithm, plug in the numbers, and pass your exams. Speed is of the essence. In this way, school kills the “will to understanding” in people. My countervailing advice to people trying to understand something is: go slow. Read slowly, think slowly, really spend time pondering the thing. Start by thinking about the question yourself before reading a bunch of stuff about it. A week or a month of continuous pondering about a question will get you surprisingly far.

And you’ll have a semantic mental “framework” in your brain on which to then hang all the great things you learn from your reading, which makes it more likely that you’ll retain that stuff as well. I read somewhere that Bill Gates structures his famous “reading weeks” around an outline of important questions he’s thought about and broken down into pieces. For example,

he’ll think about “water scarcity” and then break it down into questions like, “how much water is there in the world?”, “where does existing drinking water come from?”, “how do you turn ocean water into drinking water”, etc., and only then will he pick reading to address those questions.

This method is far more effective than just reading random things and letting them pass through you.

The best thing I have read on really understanding things is the Sequences, especially the section “Noticing Confusion.”

There are some mantra-like questions that can be helpful to ask as you’re thinking through things. Some examples:

But what exactly is X? What is it? Why must X be true? Why does this have to be the case? What is the single, fundamental reason?

Do I really believe that this is true, deep down? Would I bet a large amount of money on it with a friend?

Two parables:

First, Ezra Pound’s parable of Agassiz, from his ABC of Reading (incidentally one of the most underrated books about literature). I’ve preserved his quirky formatting:

No man is equipped for modern thinking until he has understood the anecdote of Agassiz and the fish:

A post-graduate student equipped with honours and diplomas went to Agassiz to receive the final and finishing touches.

The great man offered him a small fish and told him to describe it.

Post-Graduate Student: “That’s only a sun-fish”

Agassiz: “I know that. Write a description of it.”

After a few minutes the student returned with the description of the Ichthus Heliodiplodokus, or whatever term is used to conceal the common sunfish from vulgar knowledge, family of Heliichterinkus, etc., as found in textbooks of the subject.

Agassiz again told the student to describe the fish. The student produced

a four-page essay.

Agassiz then told him to look at the fish. At the end of the three weeks the fish was in an advanced state of decomposition, but the student knew something about it.

The second, one of my favorite passages from Zen and the Art of Motorcycle Maintenance:

He’d been having trouble with students who had nothing to say. At first he thought it was laziness but later it became apparent that it wasn’t. They just couldn’t think of anything to say.

One of them, a girl with strong-lensed glasses, wanted to write a fivehundredword essay about the United States. He was used to the sinking feeling that comes from statements like this, and suggested without disparagement that she narrow it down to just Bozeman.

When the paper came due she didn’t have it and was quite upset. She had tried and tried but she just couldn’t think of anything to say.

He had already discussed her with her previous instructors and they’d confirmed his impressions of her. She was very serious, disciplined and hardworking, but extremely dull. Not a spark of creativity in her anywhere. Her eyes, behind the thick-lensed glasses, were the eyes of a drudge. She wasn’t bluffing him, she really couldn’t think of anything to say, and was upset by her inability to do as she was told.

It just stumped him. Now he couldn’t think of anything to say. A silence occurred, and then a peculiar answer: “Narrow it down to the main street of

Albert Einstein

Bozeman.” It was a stroke of insight. She nodded dutifully and went out. But just before her next class she came back in real distress, tears this time, distress that had obviously been there for a long time. She still couldn’t think of anything to say, and couldn’t understand why, if she couldn’t think of anything about all of Bozeman, she should be able to think of something about just one street.

He was furious. “You’re not looking!” he said. A memory came back of his own dismissal from the University for having too much to say. For every fact there is an infinity of hypotheses. The more you look the more you see. She really wasn’t looking and yet somehow didn’t understand this.

He told her angrily, “Narrow it down to the front of one building on the main street of Bozeman. The Opera House. Start with the upper left-hand brick.”

Her eyes, behind the thick-lensed glasses, opened wide. She came in the next class with a puzzled look and handed him a five- thousand-word essay on the front of the Opera House on the main street of Bozeman, Montana. “I sat in the hamburger stand across the street,” she said, “and started writing about the first brick, and the second brick, and then by the third brick it all started to come and I couldn’t stop. They thought I was crazy, and they kept kidding me, but here it all is. I don’t understand it.”

Neither did he, but on long walks through the streets of town he thought about it and concluded she was evidently stopped with the same kind of blockage that had paralyzed him on his first day of teaching. She was blocked because she was trying to repeat, in her writing, things she had already heard,

THE PHOTOGRAPHER ROBERT CAPA ADVISED BEGINNING PHOTOGRAPHERS: “IF YOUR PICTURES AREN’T GOOD ENOUGH, YOU’RE NOT CLOSE ENOUGH.”

Robert Capa

just as on the first day he had tried to repeat things he had already decided to say. She couldn’t think of anything to write about Bozeman because she couldn’t recall anything she had heard worth repeating. She was strangely unaware that she could look and see freshly for herself, as she wrote, without primary regard for what had been said before. The narrowing down to one brick destroyed the blockage because it was so obvious she had to do some original and direct seeing.

The point of both of these parables: nothing beats direct experience. Get the data yourself. This is why I wanted to analyze the coronavirus genome directly, for example. You develop some basis in reality by getting some first-hand data, and reasoning up from there, versus starting with somebody else’s lossy compression of a messy, evolving phenomenon and then wondering why events keep surprising you.

People who have not experienced the thing are unlikely to be generating truth. More likely, they’re resurfacing cached thoughts and narratives. Reading popular science books or news articles is not a substitute for understanding, and may make you stupider, by filling your mind with narratives and stories that don’t represent your own synthesis.

Even if you can’t experience the thing directly, try going for information-dense

sources with high amounts of detail and facts, and then reason up from those facts. On foreign policy, read books published by university presses — not The Atlantic or The Economist or whatever. You can read those after you’ve developed a model of the thing yourself, against which you can judge the popular narratives.

Another thing the parable about the bricks tells us: understanding is not a binary “yes/no.” It has layers of depth. My friend understood Pythagoras’s theorem far more deeply than I did; he could prove it six different ways and had simply thought about it for longer.

The simplest things can reward close study. Michael Nielsen has a nice example of this — the equals sign:

I first really appreciated this after reading an essay by the mathematician Andrey Kolmogorov. You might suppose a great mathematician such as Kolmogorov would be writing about some very complicated piece of mathematics, but his subject was the humble equals sign: what made it a good piece of notation, and what its deficiencies were. Kolmogorov discussed this in loving detail, and made many beautiful points along the way, e.g., that the invention of the equals sign helped make possible notions such as equations (and algebraic manipulations of equations).

Prior to reading the essay I thought I understood the equals sign. Indeed, I would have been offended by the suggestion that I did not. But the essay showed convincingly that I could understand the equals sign much more deeply. (link)

The photographer Robert Capa advised beginning photographers: “If your pictures aren’t good enough, you’re not close enough.” (This is good fiction writing advice, by the way.)

It is also good advice for understanding things. When in doubt, go closer.

CAREERS TOP UNIVERSITIES IN 2025 FOR LAUNCHING REWARDING CAREERS TOP UNIVERSITIES IN 2025 FOR LAUNCHING REWARDING

If you thought Generative AI like ChatGPT was disruptive enough in 2024, wait till you witness the next revolution in the making - Agentic AI - unfold sometime soon in 2025. Agentic AI is what its name suggests, an AI program as a standalone entity, that when once unleashed in a corporate network, will do the job entrusted to it much like a super trained professional, but without any fatigue or stop, and also learning and perfecting itself along the way! But wait, if you thought this would evaporate jobs, you are slightly wrong; it will evaporate many jobs, but will create numerous new jobs - hopefully more than it replaces - as the world scrambles to create Agentic AI programs for every task out there, during the next several years. And if you thought this will only be an opportunity for software engineers, you are again slightly wrong; it will demand almost anyone to play a dual role - of being a Subject Matter Expert (SME) as well as a coder, but without formal languages like Python, but by natural English language processing, and hopefully by Indian languages too! This is the near future in which India aspires to become a global education hub, and now you will be able to appreciate the role of private and deemed universities in the times to come. They already have an edge in multidisciplinary education, employability, and research. But only a handful of such universities are focusing on strategic measures to enhance the value they provide to global standards. These measures include integration of AI, industry ready programs, comprehensive placements training, fostering research, strengthening public-private partnerships, promoting global integration, and expanding their outreach activities. Here is a compilation of such a select group of private and deemed universities delivering high on their promises to students.

India, with its burgeoning population and evolving

economy, has emerged as a global hub for education and talent development. In this transformative landscape, private universities and deemed-to-be universities play a pivotal role in shaping the future workforce. In the backdrop of the AI revolution, as the demand for quality education and industry-relevant skills intensifies, these institutions have stepped up, blending innovation, technology, and traditional academic rigor to prepare students for rewarding careers.

The establishment of private universities and deemed-to-be universities in India began as a response to the limitations of public universities in meeting the surging demand for higher education. While the Central Government under the aegis of the University Grants Commission (UGC) regulates the deemed universities, the various State Governments

under appropriate legislations regulate private universities. These regulations allow select institutions to innovate and expand their academic offerings beyond the rigid structures of public universities.

Private universities gained prominence in recent years, driven by liberalization policies and an increasing recognition of the role private players could play in filling educational gaps. Today, India boasts over 400 private universities and 130 deemed-to-be universities, offering programs ranging from engineering and medicine to liberal arts and entrepreneurship.

Institutions like JSS AHER, OP Jindal Global University (JGU), VIT, SRM University, Manav Rachna University, Symbiosis International University, Alliance University, Sathyabama University, Galgotias University, Karunya University, ICFAI University, Nitte University and more have redefined academic standards in India. These universities focus on interdisciplinary education, global exposure, and fostering critical thinking. Many of them have carved niches in specialized fields like medical sciences, engineering, law, management, governance and information technology.

Their focus on quality infrastructure, student-centric pedagogy, and partnerships with global institutions ensures students receive a holistic education. Some of them have established overseas campuses too, especially in the Middle East, catering to international students. Many of them are renowned for their emphasis on liberal arts education too.

The hallmark of private and deemed universities lies in their ability to align education with industry needs. These institutions collaborate extensively with corporations to design curricula, provide internships, and facilitate placements. The result is an education system that equips students with job-ready skills. For example, many of them emphasize on placement training that has consistently led to high employability rates, with top recruiters like Microsoft, TCS, and Deloitte hiring graduates.

Private and deemed universities are at the forefront of pedagogical innovation too. Leveraging technology, they have introduced hybrid learning models, online courses, and AI-driven platforms to enhance the learning experience. The COVID-19 pandemic acted as a catalyst for many of these institutions to adopt cutting-edge digital tools, ensuring continuity and quality in education. While private and deemed universities have achieved significant milestones, they face challenges that require strategic interventions, too. Maintaining affordability remains a challenge as high tuition fees at many institutions make education inaccessible to a large segment of the population. Also, while urban students benefit significantly from these institutions, rural and underprivileged students often miss out due to a lack of awareness and resources. Some of the best run institutions are tackling this through scholarships, fellowships and financial aid, to make education more inclusive.

Assurance of quality is also a big headache for parents and students with the proliferation of private institutions, and many of them struggling to maintain consistent quality, which should be a non-negotiable. Regulatory bodies like NAAC, ranking mechanisms like NIRF and entrance infrastructure like CUET / NEET / JEE etc must fine tune accreditation, admission and monitoring processes further without hindering innovation at these institutions.

Unlike earlier, a small and select group of private and deemed universities from India like JSS AHER, JGU, VIT etc have broken into global rankings like THE and QS in recent years. However, despite this progress, it is a fact that many Indian private and deemed universities struggle to secure high ranks in global university rankings. This necessitates a stronger emphasis on research output and international collaborations.

There are several measures that private and deemed universities should take to elevate their value among students. Firstly, they need to update all their professional curricula - and not just software engineering courses - to integrate AI into it. Secondly, increased investment in research infrastructure and funding is essential to enhance global competitiveness. Thirdly, the need to expand their outreach programs. Institutions should establish satellite campuses and outreach programs in rural areas to bridge the accessibility gap.

They also need to strengthen Public-Private Partnerships (PPP) collaborations with public universities, public institutions like PSUs and government bodies that can lead to resource sharing and joint initiatives. And lastly, promoting global integration is a must by encouraging student and faculty exchange programs, dual degree offerings, and international partnerships can elevate global standing.

Private and deemed universities in India represent a bright ray of hope in the country’s quest for educational excellence and economic growth. By fostering innovation, emphasizing employability, and ensuring quality education, they are pivotal in shaping the leaders of tomorrow. As the education landscape continues to evolve, these institutions must navigate challenges with resilience and foresight, ensuring they remain at the forefront of launching rewarding careers.

HOW GALGOTIAS UNIVERSIT STANDS AS A CLASS APART EMPOWERING STUDENTS

TY T IN

Nestled in the bustling hub of Greater Noida, Uttar Pradesh, Galgotias University stands as proof of the transformative power of higher education. Under the visionary leadership of its CEO, Dr. Dhruv Galgotia, the institution has evolved from a promising private university into a global powerhouse, redefining higher education in India. With a dynamic blend of cutting-edge infrastructure, industry-aligned programs, and a relentless focus on innovation, Galgotias is shaping the next generation of leaders, entrepreneurs, and change-makers. From hosting international conferences to fostering startups, achieving global rankings, and celebrating student victories on the world stage, the university’s journey is nothing short of inspiring.

A A A A At the heart of Galgotias University’s meteoric rise is Dr. Dhruv Galgotia, its young leader whose forwardthinking approach has propelled the institution to new heights. With a keen understanding of the evolving needs of today’s youth, like their need for speed, Dr. Galgotia has spearheaded initiatives that bridge the gap between traditional academia and the demands of a rapidly changing world.

“At Galgotias University, we are committed to shaping the future by empowering students to reach their fullest potential,” he says, a mantra that echoes through every facet of the institution.

Under his stewardship, the university has embraced a student-centric model, integrating technology, active learning, and real-world relevance into its DNA. His emphasis on innovation is evident in the university’s top-tier rankings for patent filings - No. 1 in Uttar Pradesh and among the Top 3 in India - as well as its robust incubation ecosystem, which has nurtured over 135 startups till now.

Dr. Galgotia’s vision extends beyond

academics; he sees education as a movement, a catalyst for sustainability, creativity, and global impact. “Creativity dies in stagnation. Change is essential,” he asserts, a philosophy that has driven Galgotias to pioneer India’s first Active Learning Space and forge strategic partnerships with global leaders like Nanyang Technological University (NTU), Singapore.

Founded with a mission to provide quality education, Galgotias University has grown exponentially since its inception in 2011. Today, it boasts over 40,000 students across 20 schools and 30 departments, offering more than 200 programs ranging from polytechnic diplomas to PhDs.

Says Chancellor Suneel Galgotia, “We remain committed to realizing Prime Minister Narendra Modi’s vision of making India a developed nation and a global leader and Vishwa Guru, and to Uttar Pradesh Chief Minister Yogi Adityanath’s dream of establishing UP as a global knowledge superpower.”

Galgotias University has strong departments and courses spanning

Engineering, Law, Business, Media, Pharmacy, Liberal Arts, Hotel Management, Science, Arts, Commerce and more.

Spread across a sprawling, green 52acre campus, Galgotias University boasts infrastructure that rivals top international institutions. The latest addition - a futuristic academic block with smart classrooms, AI labs, innovation spaces, and collaborative work zones - is proof of the university’s investment in next-gen education.

With an A+ accreditation from the National Assessment and Accreditation Council (NAAC), the university is a hub of academic rigor and excellence. Its faculty, numbering over 1,500, includes industry experts, researchers, and educators dedicated to fostering a culture of inquiry and innovation. At the core of Galgotias’ rise is its world-class faculty. They include PhDs from IITs, IIMs, and global institutions, ensuring that students learn from the best. Faculty members are encouraged to pursue patents, publish in international journals, and lead research projects, many of

Suneel Galgotia, Chancellor

Dr. Dhruv Galgotia. CEO

which receive government and private grants. Over 100 patents have been filed in recent years, underscoring the university’s commitment to original research.

The university’s alumni network, exceeding 80,000 in strength, is a testament to its impact. Graduates have excelled globally, from corporate boardrooms to international sports arenas, carrying forward the Galgotias legacy.

The university’s Alumni Connect Program organizes global reunions, mentorship programs, and networking summits that help current students access career opportunities and guidance from seasoned professionals.

With an annual intake of over 12,000 new students - as seen during the Orientation 2024 - the campus buzzes with energy, supported by one of India’s largest Student Councils, overseeing 50+ active clubs that nurture leadership and collaboration.

Galgotias University is not just a place of learning; it’s a platform for groundbreaking events that connect students with industry and innovation. The 10th edition of the Electric Solar Vehicle Championship3000 (ESVC-3000), held recently, in collaboration with ISIEINDIA, showcased the ingenuity of young engineers.

Teams from across India competed in categories like the SIEP E-Bike Challenge and the Solar Vehicle Championship, testing their designs for endurance, efficiency, and sustainability. With 20 teams clearing rigorous technical inspections and a Red Bull vehicle exhibition adding flair, the event underscored Galgotias’ commitment to green mobility. Similarly, the Smart India Hackathon (SIH) 2024, hosted on December 13,

2024, brought together innovators to solve real-world problems. The Ministry of Education’s Innovation Cell praised the students’ dedication, engaging with projects like an IoTbased smart irrigation system aimed at tackling water scarcity. These events highlight Galgotias’ role as a catalyst for practical, industryrelevant solutions.

Entrepreneurship is a cornerstone of Galgotias University’s ethos, embodied by the Galgotias Incubation Centre for Research, Innovation, Startups & Entrepreneurs (GIC RISE). Since its inception, GIC RISE has supported over 135 startups, with 35 still active and more than 30 generating stable revenue - three surpassing INR 1 crore annually.

Vineet Mittal, a medical biotechnology graduate, exemplifies this success with Biopractify, a startup transforming biotech education through skill development and virtual labs, crediting GIC RISE for turning his dream into reality.

The incubator offers a robust ecosystem, including a co-working space, FAB Lab, EV lab, 3D printing facilities, and centers of excellence in AI law and intellectual property. With over 120 events, 10 startup challenges, 35 mentors, and 10 investor partners, GIC RISE empowers students to innovate

Singapore has brought active learning expertise, with faculty training under NTU’s InsPIRE program.

Industrial tie-ups with JSW MG Motor India and Kansai Nerolac Paints Ltd. enhance student exposure to automotive and construction fields, offering hands-on training and placement opportunities. The MoU with Zell Education integrates the ACCA certification into the BBA program, preparing students for global finance careers.

With over 300 national and international awards, Galgotias University blends academic rigor with extracurricular vibrancy. Its School of Hospitality & Tourism ranks among the world’s top 50 institutions as per CEO World.

Placements remain stellar, with industry giants like Microsoft, Amazon, Cognizant, Infosys, Capgemini, Wipro, Samsung, and

Intel tapping its talent pool. The university’s INR 600 crore roadmap includes a medical college and K-12 school, ensuring sustained growth without compromising quality.

Beyond academics, Galgotias is a vibrant hub of student life. Its annual tech-fest, G-Quasar, attracts thousands from across India, blending innovation with entertainment. Cultural fests, music gigs, TEDx events, and international cuisine days make campus life electric. More than 50 student clubs, ranging from robotics and coding to theatre and entrepreneurship, ensure that every student finds their niche.

Apart from becoming one of the top 100 universities globally, Dr. Dhruv Galgotia’s plans include building Asia’s largest Innovation Park and launching global dual-degree programs. Under his vision, Galgotias University also wants to be

a net-zero, sustainable campus. He is also focusing more on strengthening the University’s pioneering courses in AI, Blockchain, and Green Tech.

Galgotias University, under Dr. Dhruv Galgotia’s leadership, is proving to be more than a private institution, and is fighting and overcoming public universities in many facets. By fostering innovation, embracing global partnerships, and celebrating student achievements, it’s carving a path toward becoming a world-class university. As it continues to break barriers and inspire, Galgotias stands as a model for what education can achieve when vision meets action.

With a deep commitment to quality, innovation, and inclusiveness, Dr. Dhruv Galgotia has positioned the university at the intersection of industry, academia, startup incubation and cutting-edge research.

“At Galgotias, we don’t just prepare students for jobs,” Dr. Dhruv asserts. “We prepare them to be leaders, entrepreneurs, and changemakers.”

His leadership has ignited a movement that’s much bigger than any one institution. It’s a reimagination of what Indian higher education can be - vibrant, inclusive, innovative, and globally respected.

STUDY AT KARUNYA CAMPUS, WHICH THE WORLD HAS TAKEN NOTE OF

When Indian universities feel the need to tie-up with US universities, they visit the US campuses. When US Universities feel the need to tie-up with Karunya Institute of Technology & Sciences, they visit the Karunya campus, as it happened last year with delegations from 18 US universities visiting it together. Under Chancellor Dr. Paul Dhinakaran, Karunya ranks top in the domestic NIRF and the QS Asia rankings. For students seeking an institution that prioritizes academic rigor, ethical grounding, and a spirit of service, Karunya University emerges as a compelling choice.

Karunya’s sprawling 720-acre campus is equipped with modern facilities that not only enhance the learning experience, but equips students to be productive in their jobs from day one or with just minimal on-the-job training

at the leading corporates that are known to place them, including TCS, Amazon, Wipro, Sony, Samsung R&D, Biocon, Nestle, Tata Consulting Engineers and more. Many such MNC giants are also providing live wire internships and project facilities to Karunya students.

Established in 1986 by educational visionaries DGS Dhinakaran and his son Dr. Paul Dhinakaran, Karunya is also known for its value based education in a green and sustainable campus. Nestled amidst the serene landscapes of Coimbatore, Tamil Nadu, Karunya Institute of Technology and Sciences, formerly known as Karunya University, stands as a destination for academic excellence, research prowess, international tie-ups and holistic development.

The institution has evolved from a

modest engineering college in the 80s into a distinguished deemed university in the new millennia, accredited with the top-most ‘A++’ grade by the National Assessment and Accreditation Council (NAAC) in 2022. The university offers a wide array of undergraduate, postgraduate, and doctoral programs across various disciplines including engineering, sciences, management, agricultural sciences, arts, media studies and more. Karunya continually updates its curriculum to meet the evolving demands of the industry. The university has beaten many of its peers in introducing programs in Artificial Intelligence, Data Science, Cybersecurity, and Renewable Energy, a few years back itself. These courses are designed in collaboration with industry experts to ensure that graduates are job-ready and equipped with the

latest skills. Various BTech and MTech degrees are available in these sunrise sectors.

Karunya also offers B.Tech and M.Tech programs in traditional disciplines such as Computer Science, Mechanical, Civil, Electrical, and Electronics Engineering. B.Sc & M.Sc courses are available in Physics, Chemistry, Mathematics, and Biotechnology. Karunya’s agricultural programs focus on modern practices and research. It offers MBA programs with all popular specializations, while the campus is also home to courses in visual communication, journalism, and digital media.

Research is a fundamental objective of Karunya’s mission. However, rather than pursuing just scientific research or applied research for the industries, the university has made it a focal point to facilitate research that is also socially relevant and conforming to the broader Sustainable Development Goals (SDGs) outlined by the UN. The university has thus been playing a nation building role in areas like water conservation, medical research and in gamechanger technologies.

Towards this, Karuna has established

several centers of excellence, including its Water Institute which is focused on sustainable water management solutions; its Stem Cell Research Center that is advancing studies in regenerative medicine; and its Centers for emerging technologies like VLSI Design, IoT, and Cloud Computing. Though many of them are relatively young, they already have impressive achievements to speak about. These centers foster interdisciplinary research, encouraging students and faculty to collaborate on projects that address real-world challenges. The university’s research initiatives have attracted funding from prestigious organizations such as the Defense Research and Development Organization (DRDO), the Indian Space Research Organization (ISRO), the Department of Science and Technology (DST), and the Indian Council of Medical Research (ICMR).

Karunya has been a trailblazer when it comes to global collaborations. Some months back, it had hogged international limelight for signing MoUs with 18 US Universities which came visiting to the Karunya campus as a single delegation. Other renowned universities and institutions with which Karunya has already forged ties include Harvard Medical School; Ben-Gurion University Israel for joint research initiatives; and Technion – Israel Institute of Technology for exchange programs.

It would be an understatement to say that Karunya has state-of-the-art facilities. These include excellent libraries well-stocked with a vast collection of books, journals, and digital resources, and advanced laboratories for various disciplines, providing handson experience with the latest equipment. Its hostels are known for comfortable and secure accommodations with all necessary amenities, while its sports complex offers facilities for various sports and fitness pursuits.

Karunya’s commitment to student success is evident in its robust placement records. The university’s dedicated placement cell works tirelessly to connect students with leading companies across various

sectors. Companies also prefer Karunya campus, as their students lead in industry-readiness. Moreover, the deemed university has been coming on top in various domestic and national rankings, including NIRF, QS I-GAUGE and Times Higher Education World University Rankings 2024.

Beyond academics, Karunya under the visionary leadership of its Chancellor Dr. Paul Dhinakaran emphasizes the importance of community service and ethical values. Karunya takes on societal challenges, ensuring that graduates are not only skilled professionals but also responsible citizens destined to make a positive impact. Karunya stands out as a university that blends tradition with innovation, providing students with the skills, knowledge, and values necessary to excel in a dynamic world.

Dr. Paul Dhinakaran Chancellor

Dr. G. Prince Arulraj Vice Chancellor

INDIA’S FIRST CONSTITUTION MUSEUM AT JGU: A TRIBUTE TO THE WORLD’S LARGEST DEMOCRACY

India’s emergence as the world’s largest democracy is deeply rooted in its constitutional values, which have guided the nation since the adoption of its written Constitution in 1949. Seventy-five years later, a historic initiative has been realized with the establishment of India’s first Constitution Museum at O.P. Jindal Global University (JGU). The brainchild of JGU Chancellor, industrialist and parliamentarian Shri Naveen Jindal, and Vice Chancellor and ace legal scholar Prof. (Dr.) C. Raj Kumar, this pioneering museum serves as a treasure house of knowledge, offering visitors an immersive exploration into the origins, evolution, and enduring impact of the Indian Constitution. As its full name indicates - The Constitution Museum and The Rights & Freedoms Academy - this is more than a museum, as it also fulfills the role of a specialized academy not just for JGU students, but for students, scholars, researchers and legislators from across India and the world, who have come to appreciate this unique blueprint of this planet’s largest democracy.

Shri Arjun Ram Meghwal, Hon’ble Minister of State for Law and Justice, inaugurating the Constitution Museum. SEASONAL MAGAZINE

O.P. Jindal Global University (JGU) has long been at the forefront of academic excellence in India. Founded with a mission to provide world-class education and foster intellectual growth, JGU has built a reputation for its focus on innovation, interdisciplinary learning, and global perspectives. The establishment of the Constitution Museum aligns perfectly with the university’s vision to promote legal scholarship - which is one of its key strengths - and deepen understanding of India’s constitutional values.

Under the leadership of its Founding Chancellor Shri Naveen Jindal and Founding Vice Chancellor Prof. (Dr.) C. Raj Kumar, JGU has consistently emphasized the importance of social responsibility and civic engagement. However, the university’s role in creating the Constitution Museum takes this social responsibility to new heights, demonstrating its broader mission to contribute to India’s democratic discourse and to foster informed citizenship among its students and the wider public.

A significant component of the museum is the ‘Wall of Busts’, which features sculpted busts of the 300 Constituent

Assembly members. They give life to the figures behind the Constitution, providing a deeper connection with the history of the creation of the Republic.

One of the most engaging sections of the museum is dedicated to interactive displays and multimedia presentations, allowing visitors to learn about the social, political, and cultural forces that influenced the drafting of the Constitution. This section features short films, documentaries, and interviews with prominent historians and legal scholars, creating an immersive experience that brings history to life.

The museum also features a dedicated space for contemporary legal and political issues, where visitors can learn about the current debates surrounding the interpretation of the Constitution, and how it continues to evolve in response to India’s changing political landscape. This space fosters critical thinking and dialogue about the role of the Constitution in modern India.

AN INAUGURATION BEFITTING THE INSTITUTION

The museum was inaugurated in November 2024, marking the 75th

anniversary of the adoption of the Constitution of India. This significant occasion was graced by key dignitaries, including Shri Om Birla, Hon’ble Speaker of the Lok Sabha, Shri Arjun Ram Meghwal, Hon’ble Minister of State for Law and Justice, and Shri Naveen Jindal, Chancellor of JGU and Member of Parliament. 7 Sitting Judges of the Supreme Court of India graced the occasion and participated in the National Convention on the SEASONAL MAGAZINE

Shri Arjun Ram Meghwal, Hon’ble Minister of State for Law and Justice, with Shri Naveen Jindal, Jindal family members and Professor (Dr.) C. Raj Kumar.

Constitution of India. Shri Bandaru Dattatraya, Hon’ble Governor of Haryana, also participated in the grand event.

THE ARCHITECTS BEHIND THE MUSEUM

The establishment of this museum is the result of the efforts of two visionary leaders - Shri Naveen Jindal and Prof. (Dr.) C. Raj Kumar. Chancellor of JGU and Member of Parliament Shri Naveen Jindal has been a strong advocate of democracy and education, and played the most pivotal role in bringing this idea to fruition.

His contribution to the creation of the Constitution Museum stems from his unwavering belief that the Constitution is the foundation upon which India’s democracy stands. Through this initiative, he aims to ensure that the legacy of the Constitution is preserved for future generations.

Naveen Jindal’s commitment to public service is evident not only through his role at JGU but also in his philanthropic efforts aimed at creating a more informed and equitable society. By establishing the Constitution Museum, he has added a new dimension to his lifelong pursuit of social justice and human rights. He believes that the museum will serve as an educational lighthouse, guiding young minds toward civic engagement.

Prof. (Dr.) C. Raj Kumar, a Rhodes Scholar educated at both Oxford and Harvard, and the founding Vice Chancellor of JGU, is known internationally for his contributions to legal education. Prof. (Dr.) Raj Kumar spearheaded the conceptualization and realization of the museum, ensuring that it stands as an everlasting tribute to India’s constitutional legacy.

A highly respected academic and legal scholar, Prof. (Dr.) Raj Kumar’s efforts in promoting legal education and research in India have earned him recognition across the country. He has long championed the idea of creating a space dedicated to the study and appreciation of the Constitution, believing it to be essential for understanding the country’s democratic ethos.

Shri Naveen Jindal

Under his guidance, JGU has grown into an institution that not only provides academic excellence but also emphasizes social responsibility and the values enshrined in India’s Constitution. His tireless efforts to make the Constitution Museum a reality are a testimony to his leadership and his deep understanding of the significance of the Constitution in contemporary Indian society.

Prof. (Dr.) Raj Kumar emphasizes that the Constitution Museum is also a tribute to the visionaries who drafted India’s Constitution, particularly Dr. B.R. Ambedkar, the chief architect of this comprehensive and timeless document.

Together, the vision of Shri Naveen Jindal and Prof. (Dr.) Raj Kumar has been translated into the Constitution Museum, which is poised to become an academic and cultural hub for students, educators, legislators, and citizens

seeking to deepen their understanding of India’s democratic principles.

EXPLORING THE MUSEUM: A JOURNEY THROUGH HISTORY AND DEMOCRACY

The museum is not just an archive but a dynamic space for learning, encouraging future generations to engage with the rights, freedoms, and responsibilities enshrined in India’s Constitution. Spread across three floors, the Constitution Museum provides a multi-dimensional experience, allowing visitors to engage with India’s constitutional journey through interactive exhibits, multimedia displays, and historical artifacts. The museum is designed to be an experiential space, where visitors can not only learn but also feel the spirit of the Constitution.

A REPLICA OF THE FOUNDING DOCUMENT

At the heart of the museum lies a photolithographic reproduction of the

original Constitution of India, one of the rare copies that bear the signatures of the founding members. This exhibit highlights the artistic brilliance of Prem Behari Narain Raizada, who calligraphed the document, and Nandalal Bose, who illustrated it.

Interactive touchscreens allow visitors to explore the historical context of various constitutional articles, providing insights into the thought processes of the Constituent Assembly members.

CONSTITUENT ASSEMBLY DEBATES: THE MAKING OF THE CONSTITUTION

A dedicated section showcases audiovisual recordings and dramatized reenactments of key moments from the Constituent Assembly debates. Visitors can witness the passionate speeches of Dr. B.R. Ambedkar, Jawaharlal Nehru, Sardar Vallabhbhai Patel, and Maulana Abul Kalam Azad, thus bringing history to life.

SEASONAL MAGAZINE

Shri Arjun Ram Meghwal, Hon’ble Minister of State for Law and Justice, with Shri Naveen Jindal, Jindal family members and Professor (Dr.) C. Raj Kumar.

TRIBUTE TO THE WOMEN OF THE CONSTITUENT ASSEMBLY

The museum highlights the oftenoverlooked contributions of female members of the Constituent Assembly. Animated presentations and interactive installations tell the stories of remarkable women like Sarojini Naidu, Hansa Mehta, and Rajkumari Amrit Kaur, who shaped India’s constitutional framework.

PROF. ANJCHITA B NAIR: BEHIND THE MUSEUM’S CURATORIAL EXCELLENCE

The Constitution Museum owes much of its curatorial excellence to Prof. Anjchita B. Nair, Professor of Practice & Director, Centre for Culture, Heritage and Museum Studies, JGU, and curator of the museum, who has played a pivotal role in shaping the museum’s vision, exhibits, and educational initiatives, under the guidance of Shri Naveen Jindal and Prof. (Dr.) Raj Kumar. A seasoned museum professional with extensive experience in curating historical and educational exhibitions, Prof. Anjchita B Nair has brought her expertise in both design and scholarship to the Constitution Museum.

Prof. Anjchita B Nair’s commitment to

presenting the Constitution in an accessible, engaging, and educational way is evident throughout the museum. Drawing on her background in history and museum studies, she has carefully selected and organized the artifacts, documents, and multimedia resources to ensure that each exhibit tells a compelling and cohesive story about India’s democratic history. Under her guidance, the museum has created a space that goes beyond traditional exhibits, transforming the visit into an interactive learning experience.

Prof. Anjchita B Nair has worked closely with legal scholars including Prof. (Dr.)

Raj Kumar, historians, and designers to create a space that is as much about education as it is about emotional and intellectual engagement. Her thoughtful curation has transformed the museum into a living testament to India’s Constitution, showcasing its past while also highlighting its continuing relevance in the present and the future.

EVOLUTION OF FUNDAMENTAL RIGHTS

One of the most engaging exhibits in the museum focuses on Fundamental Rights, which form the backbone of India’s democracy. This exhibit traces

Shri Om Birla, Hon’ble Speaker of the Lok Sabha and Shri Arjun Ram Meghwal, Hon’ble Minister of State for Law and Justice with Shri Naveen Jindal

the evolution of India’s Fundamental Rights, from their roots in the freedom struggle, to landmark Supreme Court cases that have shaped their interpretation.

This section traces the evolution of these rights from the time of the British colonial rule to the present day, highlighting the shifts in legal, political, and social thought that have influenced the development of these rights. This exhibit explores how these rights have expanded over time, with particular focus on landmark judgments and legislative changes that have expanded protections for various marginalized groups. This section includes visual timelines that trace key moments in the evolution of fundamental rights, from the Right to Equality to the Right to Education.

JUDICIAL REVIEW THROUGH LANDMARK JUDGMENTS

A section dedicated to Judicial Review provides insight into the crucial role the judiciary has played in interpreting and safeguarding the Constitution. This section explores the power of judicial review in India and highlights key judicial decisions that have influenced the application of constitutional principles.

Visitors can explore cases such as the Kesavananda Bharati case of 1973 that established the Basic Structure Doctrine. Also on display are celebrated cases like Maneka Gandhi vs. Union of India (1978), a ruling that expanded the interpretation of personal liberty, and the Justice K.S. Puttaswamy case (2017), that recognized the Right to Privacy as a fundamental right.

THE CONSTITUTION AVENUE AND GARDENS: A LIVING MONUMENT

Adjacent to the museum is The Constitution Avenue (Samvidhan Marg), a symbolic walkway lined with sculptures and murals representing constitutional values. The Constitution Gardens, spanning 16,000 square feet, features sculptures like ‘We, The People of India’ and ‘Echoes of Liberty’, which depict India’s constitutional journey. A hologram exhibit of Dr. BR Ambedkar, allows visitors to hear his thoughts on democracy and justice, while an art installation dedicated to the Preamble, emphasizes the core principles of justice, liberty, equality, and fraternity.

INNOVATION MEETS HERITAGE: THE ROLE OF TECHNOLOGY

A highlight of the museum is that it integrates cutting-edge technology to make history accessible. There is a unique robotic tour guide named S.A.M.V.I.D. (Smart Assistant for Museum Visitors and Interactive Displays), developed in collaboration with IIT-Madras, providing real-time information on exhibits.

An AI based interactive installation allows visitors to step into a historical moment and experience oath-taking as a Constituent Assembly Member at the stroke of midnight on August 14, 1947. Also, a digital archive of interviews with legal experts helps visitors understand the contemporary relevance of constitutional principles.

A HUB FOR EDUCATION AND CIVIC ENGAGEMENT

Beyond being a museum, the institution serves as an academic hub under the banner of the ‘The Constitution Museum and The Rights & Freedoms Academy’. The academy hosts workshops, debates, and conferences on constitutional law and democratic governance. Legal literacy programs for students to engage with issues of human rights and social justice are provided, and there is even a Children’s Corner, where young visitors can learn about constitutional concepts through games, quizzes, and graphic pamphlets.

The Constitution Museum at JGU is not just a static collection of artifacts; it is a dynamic resource aimed at educating

Prof. (Dr.) C. Raj Kumar

Prof. Anjchita B Nair

Judges of the Supreme Court of India at JGU during the Inauguration of the Constitution Museum.

and inspiring the next generation of legal professionals, scholars, and lawmakers. For students, the museum provides an invaluable resource for learning about the Constitution’s history, the principles it enshrines, and its relevance in contemporary India. It serves as a rich repository of knowledge, offering students a hands-on experience with the original documents, debates, and materials that shaped India’s legal system.

For law students, in particular, the museum offers a unique opportunity to

engage with the Constitution in a way that goes beyond textbooks. The interactive exhibits and multimedia presentations allow students to engage with key legal concepts and understand their application in real-world scenarios. Through guided tours, workshops, and seminars, students can deepen their understanding of constitutional law and its role in shaping governance and public policy in India.

For legislators and policymakers, the museum serves as a space for reflection and learning, encouraging them to engage with the foundational values of India’s democracy. The museum’s exhibits and resources offer valuable insights into the history and interpretation of the Constitution, helping lawmakers understand the importance of their role in upholding constitutional principles and ensuring the rule of law in India’s diverse society.

THE ROLE OF ART IN CONSTITUTIONAL HERITAGE

The Constitution Museum at JGU is also home to an extraordinary collection of art inspired by the Indian Constitution. Artists such as Debashish Mukherjee, Valay Gada, Megha Joshi, and Pradeep B. Jogdand have contributed sculptures,

murals, and mixed-media works, showcasing the blend of history, law, and artistic expression.

A LEGACY FOR FUTURE GENERATIONS

The Constitution Museum at O.P. Jindal Global University is more than a repository of historical documents; it is a living institution that reflects India’s past, present, and future. It stands as a glowing tribute to the democratic ideals enshrined in the Constitution, inviting citizens to engage, reflect, and participate in the nation’s ongoing constitutional journey.

Through the visionary leadership of Shri Naveen Jindal and Prof. (Dr.) C. Raj Kumar, and the curatorial excellence of Prof. Anjchita B. Nair, the museum offers an unparalleled opportunity to appreciate the rich legacy of India’s Constitution.

As visitors step out of the museum, they leave not just with knowledge, but with a renewed sense of responsibility towards upholding the principles that define India. This landmark institution is ensuring that the spirit of the Constitution will continue to inspire the generations to come.

BRACE YOURSELF, SPECIALIZED AI PROGRAMS ARE COMING

IF ANYONE THOUGHT LARGE LANGUAGE MODELS (LLMS) LIKE CHATGPT AND GEMINI CANNOT DO SPECIALIZED TASKS YET, THEY ARE RIGHT. SUCH TASKS ARE DEEMED TOO TOUGH AND COMPLEX FOR THEM. BUT WHAT IF LLMS AREN’T REQUIRED AT ALL FOR SOLVING SUCH PROBLEMS? THIS IS WHAT SMALL LANGUAGE MODELS (SLMS) ARE ALL ABOUT, AND AI PIONEERS INCLUDING OPENAI, GOOGLE, MICROSOFT AND IBM HAVE ALL STARTED RELEASING THEIR SLMS THAT SHOW IMMENSE PROMISE IN SOLVING SPECIALIZED PROBLEMS, EVEN WHEN KEEPING THEIR COMPLEXITY AND ENERGY REQUIREMENTS LOW!

Large language models work well because they’re so large. The latest models from OpenAI, Meta and DeepSeek use hundreds of billions of parameters - the adjustable knobs that determine connections among data and which get tweaked during the training process. With more parameters, the models are better able to identify patterns and connections, which in turn makes them more powerful and accurate.

But this power comes at a cost. Training a model with hundreds of billions of parameters takes huge computational resources. To train its Gemini 1.0 Ultra model, for example, Google reportedly spent $191 million. Large language models (LLMs) also require considerable computational power each time they answer a request, which makes them notorious energy hogs. A single query to ChatGPT consumes about 10 times as much energy as a single Google search, according to the Electric Power Research Institute.

In response, some researchers are now thinking small. IBM, Google, Microsoft and OpenAI have all recently released small language models (SLMs) that use a few billion parameters - a fraction of their LLM counterparts.

Small models are not used as generalpurpose tools like their larger cousins. But they can excel on specific, more narrowly defined tasks, such as summarizing conversations, answering patient questions as a healthcare chatbot and gathering data in smart devices. “For a lot of tasks, an 8 billion parameter model is actually pretty good,” said Zico Kolter, a computer scientist at Carnegie Mellon University. They can also run on a laptop or cellphone, instead of a huge data center. There’s no consensus on the exact definition of “small,” but the new models all max out around 10 billion parameters. To optimize the training process for these small models, researchers use a few tricks. Large models often scrape raw training

data from the internet, and this data can be disorganized, messy and hard to process. But these large models can then generate a high-quality data set that can be used to train a small model. The approach, called knowledge distillation, gets the larger model to effectively pass on its training, like a teacher giving lessons to a student. “The reason why SLMs get so good with such small models and such little data is that they use highquality data instead of the messy stuff,” Kolter said.

Researchers have also explored ways to create small models by starting with large ones and trimming them down. One method, known as pruning, entails removing unnecessary or inefficient parts of a neural network - the sprawling web of connected data points that underlies a large model.

Pruning was inspired by a real-life neural network, the human brain, which gains efficiency by snipping connections between synapses as a person ages. Today’s pruning approaches trace back to a 1989 paper in which the computer scientist Yann LeCun, now at Meta, argued that up to 90% of the parameters in a trained neural network could be removed without sacrificing efficiency. He called the method “optimal brain damage.” Pruning can help researchers fine-tune a small language model for a particular task or environment.

For researchers interested in how language models do the things they do, smaller models offer an inexpensive way to test novel ideas. And because they have fewer parameters than large models, their reasoning might be more transparent. “If you want to make a new model, you need to try things,” said Leshem Choshen, a research scientist at the MIT-IBM Watson AI Lab. “Small models allow researchers to experiment with lower stakes.”

The big, expensive models, with their ever-increasing parameters, will remain useful for applications like generalized chatbots, image generators and drug discovery. But for many users, a small, targeted model will work just as well, while being easier for researchers to train and build. “These efficient models can save money, time and compute,” Choshen said.

(Credit: Stephen Ornes for Quanta Magazine)

MANAPPURAM’S VISIONARY L HOW BAIN’S BUY SIGNALS A N

Manappuram Finance, a name synonymous with gold-backed lending in India, is poised for a transformational leap. With Bain Capital acquiring a significant stake in the company, the gold loan giant is shifting from a promoter-driven entity to a professionally managed non-banking financial company (NBFC) of global standards. This move, spearheaded by the visionary leadership of VP Nandakumar, Managing Director & CEO of Manappuram Finance, reflects a calculated strategy to enhance corporate governance, drive efficiencies, and attract global investors. The deal is widely hailed as a win-win for not only the current promoter group led by VP Nandakumar and Bain Capital, but for all stakeholders like employees and minority shareholders, as this paves the way for a possibly brighter future even while it removes a key overhang on the company future as well as its stock.

LEAP: NEW ERA

The significant stake acquisition by Bain Capital, a globally renowned private equity giant, in Manappuram Finance, marks a pivotal moment in the company’s history, as it transitions from a family-promoted business to an institutionally managed financial powerhouse. The infusion of capital and expertise from Bain is expected to propel Manappuram into a higher growth trajectory, with a sharper focus on diversification and digital transformation.

Bain Capital is acquiring an 18% stake in Manappuram Finance for Rs 4,385 crore ($525 million) at Rs 236 per share, representing a 30% premium over the then prevailing market price. Currently, Manappuram is trading near the issue price to Bain. The deal values Manappuram Finance at approximately Rs 20,000 crore ($2.4 billion).

The transaction has triggered an open offer as per SEBI regulations, which may allow Bain to further increase its holding depending on

shareholder response. Thus Bain Capital will have the option to increase its stake to over 40%, securing a more influential role in the company’s strategic direction.

The VP Nandakumar-led current promoter group, which currently holds 35%, will see its stake diluted to approximately 28.9% posttransaction. Bain Capital will also gain executive board representation and operational control, marking its position as a co-promoter of the company alongside Nandakumar.

This shift underscores the transition of Manappuram from a traditionally managed lender to a modern, institutionally governed NBFC. The deal is especially hailed as a win-win for both parties, as initially Bain wanted to buy only the flagship gold loan business, and to buy it fully, whereas Nandakumar preferred a part stake sale of the whole listed firm.

While it can be thought that Nandakumar eventually prevailed over Bain in the negotiations, with

the contours of the final deal appearing as more favorable to Nandakumar, reality is that it is a win-win for both, as Bain would have struggled without a seasoned gold-loan entrepreneur like Nandakumar as co-promoter and mentor. It is a win-win for Manappuram investors and employees too, as this deal secures a bright future for all stakeholders.

Under the leadership of VP Nandakumar, Manappuram has consistently demonstrated resilience and innovation. From expanding beyond gold loans to venturing into microfinance, housing finance, and vehicle loans, the company has shown remarkable adaptability. The Bain Capital deal underscores Nandakumar’s ambition to make Manappuram a major force in the financial services sector.

By welcoming Bain Capital as a strategic promoter, Nandakumar has taken a crucial step toward institutionalizing the management, improving governance structures, and ensuring sustainable long-term

growth. This move aligns with global trends where financial institutions transition from being promoter-led to professionally managed entities, ensuring greater transparency and accountability.

Bain Capital’s investment in Manappuram Finance is not an isolated move. Bain has a strong track record of investing in and scaling up Indian companies across sectors. Some of its key India portfolio companies include Axis Bank where Bain Capital’s investment played a significant role in strengthening the lender’s capital base and operational efficiencies.

Similarly, Bain had infused significant capital into L&T Finance Holdings, enabling it to improve its asset quality and digital capabilities, thus propelling the NBFC into the frontline of this highly competitive sector.

Hero FinCorp is another Indian financial services firm that has scaled with Bain’s support, by expanding its reach and diversifying its product offerings. Bain’s expertise was also visible in technology sector investing, with

Genpact, the noted business process management major benefitting significantly from Bain’s operational expertise and global connections.

Given this impressive track record, Bain’s involvement in Manappuram Finance is expected to bring not just financial resources but also operational expertise, risk mitigation strategies, and access to a global investor pool.

The financial world has taken note of this game-changing deal, with major credit rating agencies and brokerage firms weighing in on the implications of Bain Capital’s entry into Manappuram Finance.

S&P Global Ratings has suggested that the deal will likely enhance Manappuram’s governance and risk management frameworks, positioning it for sustained long-term growth, while Fitch Ratings sees the Bain Capital stake as a positive development that could lead to a rerating of Manappuram Finance’s credit profile, given the expected improvements in corporate governance and operational efficiency.

Brokerages such as Jefferies, ICICI Securities, and Motilal Oswal have issued optimistic outlooks on Manappuram Finance postacquisition. They highlight the potential for improved asset quality, lower cost of capital, and a broader

product suite, all of which could lead to higher valuations and stronger financial performance in the coming quarters.

As Manappuram Finance embarks on this transformative journey, the company stands to benefit immensely from Bain Capital’s expertise. The focus is expected to shift toward a stronger digital lending platform, enhanced credit underwriting models, and a diversified lending portfolio beyond gold loans.

VP Nandakumar’s leadership will be critical in steering this transition, ensuring that Manappuram retains its core strengths while evolving into a professionally managed, globally recognized NBFC. The Bain Capital stake acquisition is more than just a financial transaction; it represents a strategic pivot that could redefine the future of Manappuram Finance and set a precedent for other Indian NBFCs aspiring to achieve global excellence.

With the support of Bain Capital and the confidence of analysts and investors, Manappuram Finance is well on its way to establishing itself as a world-class financial institution, ready to compete on a wider stage.

HOW NBCC IS PLAYING A PIVOTAL ROLE IN BUILDING THE FUTURE OF INDIA

brant world of India’s infrastructure ment, NBCC (India) Limited stands tall as a mative force, turning blueprints into reality, and ns into achievements. A Navratna Public Sector king under the Ministry of Housing and Urban NBCC has redefined the contours of urban g, project consultancy, real estate, and ring construction in India and beyond. NBCC’s not just one of financial numbers but of bold ns, transformative projects, and strategic ations under the astute leadership of its n and Managing Director, K.P. Mahadevaswamy.

NBCC’s operations are structured into three key business verticals. Project Management Consultancy (PMC) dominates the company’s portfolio, with this segment contributing a staggering 91% to its revenues in the first nine months of FY25. This division specializes in civil construction, redevelopment, infrastructure for national security, and implementation of flagship government schemes like PMGSY and developmental projects in the North East. PMC also saw a healthy 13% YoY revenue growth in the 9M FY25 period.

Its second largest segment of Engineering, Procurement & Construction (EPC), forms only a modest 7% of NBCC’s revenue mix, but this segment has punched way above its weight with a remarkable 52% YoY revenue growth in the 9M FY25 period. From high-rise chimneys to coal handling systems, NBCC provides end-to-end solutions to marquee clients like NTPC and IOCL, among several others.

Accounting for only 2% of its total revenue, is NBCC’s Real Estate and Other business segment, which focuses on both residential and commercial development, including modern corporate offices and townships.

NBCC’s performance in the first nine months of FY25 demonstrates strength and resilience across these segments. Net profit for Q3FY25 surged 25.1% YoY to Rs 138.5 crore, while revenues rose 16.6% to Rs 2,827 crore. The company’s operating performance too displayed strength with EBITDA climbing 22% to Rs 142 crore and margins improving slightly to 5%.

Behind these figures lies NBCC’s ability to navigate a dynamic market environment while driving consistent performance across its verticals.

With a consolidated order book exceeding Rs 1 lakh crore as of January 2025, NBCC has never been better poised for growth. Compared with its current annual revenue run rate of around 10,500 crore, this order book is massive enough to last more than a few years.

Its order book now includes a Rs 12,712 crore project for a 406-acre satellite township in Srinagar, Rs 9,445 crore worth Supertech project completion, and a Rs 3,500 crore worth mixed-use development in Lucknow’s Poorvi Vihar.

Breaking down the order book between the standalone NBCC and its subsidiaries, the standalone entity accounts for Rs 82,500 crore worth of projects, while the rest is split between its key subsidiary firms. Among these, HSCC has an order book of Rs 10,600 crore, HSCL has an order book of Rs 6,800 crore and NSL has attracted Rs 200 crore worth of orders. Such a robust pipeline reflects the company’s rising stature as a one-stop solution provider for high-impact infrastructure projects.

In a bid to expand its operational bandwidth, NBCC has inked several significant Memoranda of Understanding (MoUs) in recent quarters and months. In February 2024, NBCC inked a deal with fellow public sector company HUDCO, which is focused on asset monetization and joint consultancy projects. In September 2024, NBCC tied up with railway PSU RITES which is aimed at leveraging synergies in consultancy and EPC contracts.

Perhaps the most ambitious collaboration yet that NBCC has inked is with MAHAPREIT, a Maharashtra Government company. This Rs 25,000 crore partnership will see NBCC enter Maharashtra’s redevelopment sector, covering slum rehabilitation, cluster housing, and smart urban projects.

Through this tie-up with MAHAPREIT, NBCC will execute green infrastructure projects including solar and sustainable housing under PMAY, thus playing its nation building role in renewable energy and urban development.

Recently, in April 2025, NBCC tied up with another noted railway PSU, RailTel, which is a major leap into the digital frontier, with this MoU targeting the co-development of data centres across India and abroad. Beyond conventional infrastructure, NBCC is thus stepping into new domains by targeting the booming digital economy.

These strategic alignments signal NBCC’s vision to become a diversified, multi-vertical infrastructure behemoth. In recent years, NBCC has also emerged as a turnaround expert for stuck real estate projects, especially in the National Capital Region.

Its recent achievements include sale of 1,185 units in Aspire Dream Valley, Greater Noida, for Rs 1,505 crore; bulk sale of Ashiana flats fetching Rs 1,153 crore; and auction of Amrapali flats, generating over Rs 7,000 crore, with further land monetization projected to yield an additional Rs 14,000 crore.

NBCC earns a 1% marketing fee on these high-value transactions, boosting non-operational income and showcasing its real estate management prowess.

Internationally, the company is active in the Maldives, Mauritius, Seychelles, Dubai, and Jeddah, while exploring opportunities in Fiji, Morocco, the Philippines, and Africa.

At the helm of this ambitious expansion drive at NBCC is KP Mahadevaswamy, a visionary leader

whose tenure is marked by strategic execution and sectoral diversification. Recently elected as the Chairman of SCOPE (Standing Conference of Public Enterprises) for 2025–2027, Mahadevaswamy’s elevation is a proof of his influential role in India’s public sector ecosystem.

His leadership has not only stabilized NBCC’s operational efficiency but also amplified its visibility through aggressive yet calculated project acquisitions. Under his guidance, NBCC is targeting Rs 5,000 crore in revenues in FY26 from its MAHAPREIT collaboration alone.

Despite high volatility in the markets in recent quarters, NBCC has delivered over 270% returns, over a two-year period, reinforcing its multibagger status. Most analysts remain bullish, expecting FY25 revenue, EBITDA, and net profit to grow at 13%, 15%, and 18% respectively.

Looking forward, NBCC is focused on achieving a 20-25% annual revenue growth, and expanding its order book by 25-35% over the next 2-3 years. Apart from targeting revenue growth, deepening its footprint in states like Maharashtra and various Union Territories through smart city projects, as well as

becoming a global player in IT infrastructure through its RailTel and international partnerships, are also among its objectives.

With a rock-solid balance sheet, and declining contingent liabilities - Rs 2,645 crore in FY24 vs Rs 2,964 crore in FY22 - attributable to tax disputes, and a well-diversified business model, NBCC is charting a growth path that blends its traditional strengths with future-forward thinking.

In a world craving sustainable urbanization and smart infrastructure, NBCC (India) Limited is proving to be an effective nation-builder. From transforming government colonies in Delhi to reviving stalled housing dreams in Noida, from revitalizing spiritual towns like Haridwar to venturing into data centres and international markets, NBCC is scripting a bold, new growth narrative.

As India marches ahead on its $5 trillion economy ambition, NBCC remains one of its steadiest and most strategic partners. Under the visionary leadership of its CMD KP Mahadevaswamy, and with an ever-expanding arsenal of capabilities, NBCC is not just constructing buildings, it’s playing its role in building the future of India.

THE FUTURE IS ELECTR

In the heart of India’s rapidly evolving power and infrastructure landscape, REC Limited stands as a titan, driving the nation’s with unparalleled ambition. As a Maharatna Central Public Sector Enterprise under the Ministry of Power, REC has solidif electrification and sustainable development goals. Recent developments, ranging from mega investment plans to leadership partnerships, underscore REC’s pivotal role in shaping India’s future. Under its new CMD Jitendra Srivastava, REC is destined and infrastructure financing sector, to stay ahead as a standout performer in both financial markets and national developme

RIC, WHEN IT IS BY REC

energy transition and infrastructure growth fied its position as a cornerstone of India’s p transitions, bond issuances, and strategic d to leverage its unique position in the power nt.

In April 2025, REC welcomed a new Chairman and Managing Director (CMD), Jitendra Srivastava, a 2000batch Indian Administrative Service (IAS) officer from the Bihar cadre. Srivastava’s appointment, approved by the Appointments Committee of the Cabinet, marks a significant transition for REC as it diversifies its operations beyond traditional power financing into broader infrastructure projects.

Srivastava brings a wealth of experience from key administrative and leadership roles across sectors such as finance, power, education, public health, and infrastructure. Prior to joining REC, he served as Joint Secretary in the Department of Drinking Water and Sanitation under the Ministry of Jal Shakti, and held critical positions in Bihar’s Home Department and Public Health Engineering Department.

His academic credentials, including a Bachelor of Arts (Honours) in Economics from Hansraj College, Delhi University, and an MBA in Finance from Cochin University of Science and Technology, equip him with the financial acumen and strategic vision needed to steer REC through its ambitious growth phase.

Srivastava’s appointment comes at a time when REC is expanding its footprint in renewable energy and infrastructure. His diverse experience positions him to navigate the complexities of financing large-scale projects while aligning with the government’s clean energy and infrastructure development goals. Srivastava is poised to lead REC into a new era of innovation and growth.

REC’s recent investment commitments reflect its bold vision to transform India’s infrastructure landscape. One of the most significant

developments is REC’s recent Memorandum of Understanding (MoU) with the Mumbai Metropolitan Region Development Authority (MMRDA), signed during the India Global Forum Mumbai NXT 25 event in 2025.

This landmark agreement pledges Rs 1 lakh crore over the next five years to finance a wide range of infrastructure projects in the Mumbai Metropolitan Region (MMR). The MoU, executed by Harsh Baweja, Director (Finance) at REC, and Dr. Ankush R Nawale, Financial Advisor at MMRDA, focuses on urban mobility, affordable housing, and essential civic infrastructure.

Maharashtra Chief Minister Devendra Fadnavis and other senior officials witnessed the signing, highlighting its importance to the region’s development. REC’s Rs 1 lakh crore commitment reflects their strong dedication to supporting large-scale infrastructure projects that will significantly improve the living standards for the people of Mumbai Metropolitan Region.

This partnership also underscores REC’s growing role in urban transformation and sustainable development, beyond its original mandate which is reflected in its earlier name and branding, Rural Electrification Corporation.

Beyond Mumbai, REC has also signed an MoU with the Energy Management Centre (EMC), Government of Kerala, for Rs 18,360 crore in financing for pumped storage projects (PSPs) over the next five years. Signed during the Global Green Hydrogen & Renewable Energy Summit 2025, this agreement aligns with India’s renewable energy goals, particularly in enhancing energy storage to address the intermittency of solar and wind

Jitendra Srivastava, IAS

power.

These investments demonstrate REC’s strategic focus on renewable energy infrastructure, a critical component of India’s commitment to achieving 50% non-fossil fuel-based energy capacity by 2030.

REC’s financing prowess extends to high-impact renewable energy projects, exemplified by its Rs 2,147 crore term loan agreement with Chenab Valley Power Project Limited (CVPPL) for the 1,000 MW Pakal Dul Hydro Electric Project in Jammu & Kashmir.

Signed on February 11, 2025, this agreement supports the development of a project estimated to cost Rs 12,669 crore, located on the Marusadar River in Kishtwar district. The project is a cornerstone of India’s efforts to bolster renewable energy capacity and energy security in the region.

This follows REC’s earlier commitment of Rs 1,869.265 crore to CVPPL for the 624 MW Kiru Hydro Electric Project, also in Kishtwar.

These agreements highlight REC’s critical role in financing hydropower, a renewable energy source that complements India’s solar and wind initiatives.

By supporting such projects, REC is helping India harness its hydropower

potential while fostering economic growth in strategically important regions like Jammu & Kashmir.

To fund its ambitious investment plans, REC has been actively tapping the bond market and expanding its borrowing program. In 2025, the company raised Rs 5,000 crore through two bond issuances - Rs 3,000 crore via five-year bonds at a 6.87% coupon rate and Rs 2,000 crore via 10-year bonds at a 6.86% coupon rate.

These bonds, listed on the BSE and NSE, received an overwhelming response from investors, reflecting strong confidence in REC’s financial stability and growth prospects. Assigned “AAA” ratings by CARE Ratings, ICRA, and India Rating & Research, the bonds underscore REC’s low credit risk and high investor appeal.

In December 2024, REC had raised Rs 2,195 crore through bonds with tenures of 10 years and four months (Rs 1,620 crore at 7.10%) and 15 years (Rs 575 crore at 7.14%). These issuances demonstrate REC’s ability to secure cost-effective financing to support its expanding loan book.

Looking ahead, REC’s board has approved a revised borrowing plan of Rs 1.8 lakh crore for FY26, up from Rs 1.6 lakh crore. This includes Rs

1.55 lakh crore through domestic bonds, debentures, capital gains bonds, rupee term loans, and external commercial borrowings (ECBs), alongside Rs 10,000 crore in shortterm loans and Rs 5,000 crore via commercial papers.

The flexibility to interchange instruments ensures REC can adapt to market conditions and funding needs, positioning it to sustain its robust loan growth of 15-21% over recent quarters.

REC’s financial performance and

strategic initiatives have earned it high praise from analysts. CLSA, a leading brokerage, maintains a “highconviction outperform” rating on REC, citing its best-in-class loan growth, return on equity (ROE) of 19-20%, and an attractive dividend yield, which now stands around 4%.

The brokerage highlights REC’s strong sanction pool, with 55% of sanctions from the past 2.75 years still undisbursed, primarily in generation, renewable, and infrastructure segments. This pool supports expectations of double-digit to midteen loan growth through FY 26-27.

CLSA also notes REC’s impeccable asset quality, with no slippages since FY22 and gross non-performing assets (NPAs) reduced to 2% as of December 2024, a significant improvement from a peak of 7.2% in the last bad cycle. The company’s cautious approach to financing, primarily targeting government-owned projects, further mitigates asset quality risks.

Including CLSA, most analysts covering REC have “buy” ratings now. The company’s consistent dividend payouts - Rs 15.4 per share in FY25, including a fourth interim dividend of Rs 3.6 per share - further enhance

its appeal to income-focused investors.

REC’s role in India’s power and infrastructure financing sector is unparalleled, driven by its status as a Maharatna company and its 20% market share in power sector financing. Unlike its parent, Power Finance Corporation (PFC), which focuses on large-scale power generation projects, REC specializes in transmission, distribution, and rural electrification, aligning with government initiatives to expand energy access in underserved areas.

Of REC’s outstanding loans of Rs 5,65,621 crore, 88% are to state entities, with top states including Tamil Nadu, Telangana, and Maharashtra, while 33% of its portfolio is in infrastructure and logistics.

REC’s financing model addresses critical challenges in the renewable energy sector, such as intermittency, grid stability, and land acquisition. By providing long-term loans, bridge financing, and structured financial products, REC mitigates risks associated with high upfront costs and long gestation periods.

Its support for projects like pumped storage and hydropower aligns with India’s goal of achieving 500 GW of non-fossil fuel-based capacity by 2030, as outlined by the Ministry of New and Renewable Energy.

REC’s parent, PFC, holds a 52.63% stake and is a leading NBFC focused on power generation and infrastructure financing. While PFC’s loan book is larger, REC’s specialized focus on rural electrification and transmission complements PFC’s strengths, creating synergies that enhance their combined impact on India’s power sector.

The historical trend of external appointments for REC’s top management, including high-caliber professionals like Jitendra Srivastava to the CMD post, ensures fresh perspectives and robust leadership, distinguishing REC from many of its peers.

REC’s financial performance continues to be a proof of its resilience. For Q3 FY25, the company reported an 18.42% yearon-year revenue increase to Rs 14,272 crore and a 23.21% rise in net profit to Rs 4,076 crore. Its loan book growth, low NPAs, and high ROE position REC as a leader among NBFCs.

The company’s ability to secure AAA-rated bonds and maintain investor confidence further bolsters its financial stability. Strategically, REC is diversifying into non-power infrastructure, as evidenced by its MMRDA partnership, while maintaining its core focus on renewable energy and rural electrification.

The inauguration of a state-of-theart Experience Centre in Gurugram recently, showcases REC’s contributions to the power and infrastructure sectors. Featuring digital displays and interactive exhibits, the centre serves as a knowledge hub, reinforcing REC’s commitment to innovation and transparency.

REC Limited is at the forefront of India’s energy and infrastructure transformation, leveraging its financial strength, strategic investments, and visionary leadership to drive sustainable growth. Under Jitendra Srivastava’s guidance, REC is poised to capitalize on its Rs 1.8 lakh crore borrowing plan, mega investment commitments, and robust loan agreements to power India’s renewable energy and infrastructure ambitions.

With a stock that combines high dividend yields, strong fundamentals, and analyst confidence, REC remains an investment worth considering and a vital partner in India’s journey toward a cleaner, more connected and electric future. Since its IPO and listing in 2008, that is within 17 years, REC has grown investor wealth by more than 30 times.

THE GLITTERING LEGACY

JOYALUKKAS SET TO SHI BRIGHTER IN KOCHI

JOYALUKKAS SET TO SHI BRIGHTER IN KOCHI THE GLITTERING LEGACY

OF INE OF NE

Joyalukkas has inaugurated its new Signature Jewellery Showroom in Kochi. But the glittering legacy of Joyalukkas is set to shine brighter not just in Kochi, but across the world, as its Founder & Chairman Joy Alukkas has also unveiled a grand expansion plan that will add 40 more jewellery showrooms across 14 countries including India, to achieve a revenue target of $4 billion or over Rs 34,000 crore by FY26 itself. With 175 showrooms in 11 countries across the globe now, including India, it owes its success to the pioneering leadership of its Founder & Chairman Joy Alukkas, who is often credited for bringing in global best practices to the country’s jewellery retailing scene. The mega Kochi showroom comes on the backdrop of the jeweller achieving a nine-monthly turnover of over Rs 14,826 crore and net profit of over Rs 1,191 crore, in this ongoing fiscal, which means it has already crossed last fiscal’s net profit by the first nine months itself. In FY24, Joyalukkas had crossed the coveted Rs 1000 crore profit mark for the first time. This kind of industry-leading financial performance is sure to make the IPO circles buzzing again, but for now Chairman Joy Alukkas is keeping the cards close to his heart.

In the dazzling world of jewellery, where craftsmanship meets heritage and innovation, one name stands out globally - Joyalukkas. With a legacy of trust, quality, and opulence, Joyalukkas has been synonymous with premium jewellery for decades. With an impressive heritage stretching over 68 years, this iconic brand has made history again, by opening its new magnificent Signature Jewellery Showroom in Kochi.

The new showroom on Kochi’s arterial MG Road was inaugurated by Adv. Anil Kumar M, Kochi Mayor; Hibi Eden, MP; TJ Vinod, MLA; and Joy Alukkas, CMD, Joyalukkas Group. The other chief guests at the grand opening included Jolly Joy Alukkas, John Paul Alukkas, Antony Jose, Thomas Mathew, Mary Joy Alukkas, Elsa Joy Alukkas, and Kochi Municipal Corporation Councillor Sudha Dileep.

The event witnessed a huge gettogether of VIPs, celebrities, industry leaders and key executives from the Joyalukkas Group, all coming together with their best wishes for the opening of this flagship showroom that promises to elevate the jewellery shopping experience in Kerala.

Positioned in the heart of Kochi, the new Joyalukkas showroom promises more than just exquisite jewellery - it offers an unparalleled experience. Spread over an impressive 15,000 square feet, this four-story flagship showroom is

designed to transport patrons into a world of luxury, tradition, and modern elegance.

What makes this showroom exceptional is its exclusive Bridal Jewellery floor, a dedicated space catering to the dreams and desires of soon-to-be brides and their families. Also, each floor of this architectural marvel has been meticulously curated.

The Ground Floor features a treasure trove of gold jewellery, where the traditional meets the contemporary, while in the First Floor what awaits you is an opulent display of sparkling diamonds, perfect for marking life’s milestones.

The Second Floor features the much-

anticipated bridal jewellery collection, showcasing pieces that turn weddings into dreamy affairs, and in the Third Floor there is an artistic blend of silver and gold masterpieces, reflecting the heritage and artistry of Indian craftsmanship.

To commemorate the launch, Joyalukkas is rolling out an exclusive promotional offer - flat 2.5% making charges on daily wear bangles and chains, and 2.5% onwards on wedding jewellery purchases. This initiative is not just about discounts; it reflects the brand’s ethos of making luxury accessible to all.

What truly elevates Joyalukkas is its commitment to diversity in design.

Patrons visiting the Kochi showroom will be enchanted by collections such as the Anugraha Temple Jewellery, which is Inspired by South Indian temple art, with the collection embodying divine elegance.

The showroom also features Eleganza Polki Diamonds that highlights uncut diamonds’ brilliance, with a regal touch. Also featured are Yuva Everyday Jewellery encompassing modern designs crafted for the bold, young generation and the Apurva Antique Collection showcasing ethnocontemporary creations that blend tradition with today’s fashion sensibilities.

The showroom is not merely a place to

JOY ALUKKAS CONFERRED WITH HONORARY DOCTORATE BY CHITKARA UNIVERSITY

World renowned retail entrepreneur from India and Joyalukkas Group Founder & Chairman Joy Alukkas has been conferred with the esteemed Doctor of Literature (Honoris Causa) by Chitkara University, a leading private university based in Punjab, noted for startup incubation and entrepreneurship promotion for its students. During the prestigious occasion of conferring this doctorate, Chitkara University noted Joy Alukkas’ outstanding contributions to entrepreneurship, business excellence, and philanthropy, as well as unwavering commitment to his core values of hard work, integrity and excellence. Present on the occasion were the university’s Founding Chancellor Dr. Ashok K Chitkara, Pro-Chancellor Dr. Madhu Chitkara, Vice-Chancellor Dr. Sandhir Sharma, Pro ViceChancellor Dr. Cavita Taragi and Director & Professor of Practice at Chitkara University, Prof. Sourav Roy. After accepting the doctorate, Joy Alukkas made an inspiring speech before the dignitaries, faculty and students of Chitkara University, who appreciated the down-to-earth attitude, humor and pearls of wisdom from this self-made billionaire entrepreneur and philanthropist of global stature.

purchase jewellery - it has been designed as an immersive retail destination, with a sophisticated layout ensuring that every customer enjoys a seamless and memorable experience.

While Kochi is already making this new showroom a favorite shopping destination, Joyalukkas’ corporate story is equally dazzling. The fiscal year FY24 was a landmark year for Joyalukkas India Ltd (JIL), its group company handling the Indian operations. The company had crossed the coveted Rs 1,000 crore profit mark for the first time in FY24, recording Rs 1,020 crore in Profit After Tax (PAT), which was a robust 13.46%

increase compared to the Rs 899 crore recorded in FY23.

Now, JIL has achieved a nine-monthly turnover of over Rs 14,826 crore and net profit of over Rs 1,191 crore, in this ongoing fiscal, which means it has crossed last year’s net profit level by the first nine months of this fiscal. This kind of industry-leading financial performance is sure to make the IPO circles buzzing again, but for now Chairman Joy Alukkas is keeping the cards close to his heart.

This achievement underscores the brand’s resilience in a competitive and evolving jewellery market. Operating

income for JIL soared from Rs 14,513 crore to Rs 16,903 crore, reflecting robust demand and operational efficiency, even while the high gold prices remained a challenge for the entire industry.

According to Crisil Ratings, JIL’s future looks promising. The rating agency forecasts a 14-15% revenue growth for FY25, with an expected operating margin in the healthy range of 10-11%, translating into an estimated EBITDA of over Rs 2,000 crore.

The company’s net worth, too, has seen a sharp upward trajectory - from Rs 3,317 crore in March 2023 to Rs 4,337 crore by March 2024, with projections aiming for Rs 5,500 crore by the end of the current fiscal year.

This financial strength has allowed Joyalukkas to maintain a balanced approach, with total debt rising only slightly from Rs 1,668 crore to Rs 1,707 crore, primarily to support inventory needs for its growing chain of showrooms.

Joyalukkas currently operates 175 showrooms across 11 countries including India. Its strongest footprint is in the states of Kerala, Tamil Nadu, Andhra Pradesh, Telangana, and Karnataka. The company has also expanded into major metro markets including Delhi, Mumbai, Chennai, Bengaluru, Hyderabad & Kolkata - a strategy that has broadened its national appeal.

While many in the industry race toward public listings, Joyalukkas has taken a different route. In 2022, the company filed its draft red herring prospectus (DRHP) with SEBI, eyeing a Rs 2,300 crore IPO. However, by early 2023, the management deferred these plans, opting to focus on organic growth and fortifying its already strong balance sheet.

Says Founder and Chairman Joy Alukkas, “With one of the best balance sheets in this sector, funding is not a challenge for us. Our internal accruals and bank facilities are more than enough. For now, we remain focused on doubling our group revenue from Rs 25,000 crore to Rs 50,000 crore by the next seven years. But we are not ruling out an IPO in the future.”

While financial figures and expansion strategies highlight the brand’s corporate acumen, it is the customer-first philosophy that truly differentiates Joyalukkas. The brand is globally recognized for providing certified jewellery that guarantees authenticity. Its online division has also gained much traction with unique features like easy exchange and 14-day return policies, ensuring customer satisfaction. Joyalukkas also offers lifetime product servicing, keeping treasured pieces as radiant as the day they were purchased.

With 175 showrooms worldwide, Joyalukkas has curated a jewellerybuying experience that blends

convenience, luxury, and trust. Thanks to its signature brands that define elegance, Joyalukkas has proved to be much more than just a jeweller, to being a curator of fine stories.

Each in-house brand is designed to resonate with different emotions, cultures, and occasions. For instance, its Sita Kalyanam brand evokes the sacred bond of Lord Ram and Sita, thus proving itself perfect for traditional Indian weddings.

Pride from Joyalukkas is a bold, modern diamond collection for the contemporary wearer, while Veda is a temple-inspired set of designs rooted in India’s spiritual and cultural heritage.

Similarly its Ratna collection is a kaleidoscope of colours and artistry with premium gemstones, while its Li’l Joy collection is a whimsical, child-friendly jewellery set inspired by cartoons and nature’s wonders.

Whether it’s for a bride looking for the perfect wedding necklace or a young professional seeking minimalist everyday wear, Joyalukkas offers a treasure chest of possibilities.

Looking ahead to FY 25-26, Joyalukkas has laid out ambitious expansion plans, with nearly 40 new showrooms in the pipeline, including forays into new international markets. This signals not just growth, but the continuation of a global legacy built on trust, innovation, and excellence.

As Joyalukkas presents its latest Signature Jewellery Showroom in Kochi, the brand stands as a shining example of how tradition can evolve with modernity. Balancing time-honored values with future-facing business strategies, Joyalukkas is not just selling jewellery - it is crafting experiences, memories, and milestones.

In an era where even luxury is getting to feel transactional, Joyalukkas’ unwavering focus on customer-centric values, coupled with its financial prudence and the visionary leadership of its Founder Joy Alukkas, sets it apart. For the people of Kochi - and indeed jewellery lovers worldwide - the new showroom is more than just a shopping destination; it is a glittering symbol of Joyalukkas’ past, present, and resplendent future.

LESSONS FROM BYJU’S FOR THE EDTECH INDUSTRY

Dr. Madhukar G Angur, a distinguished educator, thought leader, innovator, researcher, entrepreneur and the Founding Chancellor of Alliance University, has dedicated his career to enhancing the educational landscape through leadership, innovation, and a commitment to excellence. He took his PGDM from the prestigious IIM Ahmedabad, and later went on to achieve a PhD in Business from the renowned University of Texas at Arlington, USA. Dr. Angur then held the coveted position of David M. French Distinguished Professor at the School of Management, University of Michigan-Flint, where he was instrumental in developing and enhancing the management curriculum, during a nearly two decades long stint. A renowned scholar and practitioner across various business and management domains, especially his doctoral topics of strategic marketing and statistical methods, Dr Angur has published extensively and contributed to advancing the academic and management discourse. Here, he enumerates the multiple cost control failures at Byju’s that led to its downfall from the pinnacle of global edtech success.

W W W

While the government and banks are striving for financial inclusion, I have always been an ardent advocate of educational inclusion. Education is the great equalizer, a powerful tool that empowers individuals from all strata of society to rise above their idiosyncratic circumstances and achieve their aspirations. Platforms like Khan Academy have exemplified how innovative, free, and accessible content can democratize learning. When Byju’s launched, it appeared to be the next big step in educational inclusion, leveraging technology and creative methods to bridge learning gaps. Their early success in combining engaging content with adaptive technology offered hope for millions of students, especially in India. Unfortunately, this promising trajectory was short-lived.

It is not my intent to read the minds of Byju’s leadership, but their trajectory suggests they succumbed to the venture capital (VC) mindset of relentless growth, often at the expense of sustainability and ethics. Instead of focusing on enhancing educational outcomes, the company seemed intent on inflating its topline revenue to boost valuation. A series of ill-advised acquisitions followed, with Byju’s buying other edtech firms at exorbitant valuations. This spree, driven by VC pressure to scale quickly, reflected a shortsighted strategy. Where were these investors when Byju’s embarked on these questionable decisions?

The outcome is now clear. From a peak valuation of $22 billion, Byju’s has plummeted to an estimated worth of a

THIS MODEL LED TO WIDESPREAD MIS-SELLING, ESPECIALLY IN RURAL AND LOWER-INCOME HOUSEHOLDS. PARENTS WERE COERCED INTO BUYING PROGRAMS UNDER THE GUISE OF ENSURING THEIR CHILD’S SUCCESS.

mere $200 million (perhaps even less) - a catastrophic fall. Allegations of financial impropriety and a toxic corporate culture have further tarnished the brand. What could have been a symbol of India’s edtech prowess is now a cautionary tale of unchecked ambition.

There have been numerous articles and opinions about what may have gone wrong with Biyu’s and those opinions are as diverse and contentions as the author(s) themselves. And, of course, diverse opinions lead to better outcomes. Here is another perspective that is worth considering. Byju’s missteps can be analyzed through three pivotal cost centers: the Cost of Acquisition, the Cost of Retention, and the Cost of Termination / Separation.

Cost of Acquisition

Byju’s relied heavily on inorganic growth, using an aggressive salesforce incentivized to push multi-year programs and hardware. This model led to widespread mis-selling, especially in rural and lower-income households. Parents were coerced into buying programs under the guise of ensuring their child’s success. Tactics such as unethical EMI schemes and hidden loans facilitated by NBFCs like Capital Float left families in financial distress. In many cases, loans were taken without appropriate parental consent. These practices, while boosting initial revenues, eroded trust - the foundation of any customer relationship.

Cost of Retention

Efforts to retain customers are critical for any business, and Byju’s was no exception. However, the company’s approach revealed systemic failures. Retention efforts should typically

ITS RETENTION PRACTICES WERE CHARACTERIZED BY AGGRESSIVE UPSELLING AND INADEQUATE CUSTOMER SUPPORT. MANY FAMILIES WHO SOUGHT ASSISTANCE OR MODIFICATIONS TO THEIR PLANS WERE MET WITH UNRESPONSIVE SUPPORT TEAMS OR EXCESSIVE DELAYS.

include strategies like personalized support, product enhancements, and transparent communication to foster customer loyalty. Instead, Byju’s retention practices were characterized by aggressive upselling and inadequate customer support. Many families who sought assistance or modifications to their plans were met with unresponsive support teams or excessive delays. Efforts to address grievances were insufficient, further alienating their user base. The company failed to build meaningful relationships with its customers, instead prioritizing short-term profit over long-term trust. This neglect in investing in genuine retention strategies not only hurt their customer base but also demonstrated a lack of confidence in their offerings.

Cost of Termination / Separation

The third and perhaps the most glaring failure was in managing the exit process for customers. For families seeking to unsubscribe or exit their programs, Byju’s created a labyrinth of obstacles. Parents, already struggling financially, were forced to endure an exhausting process to cancel subscriptions. In many instances, they were unable to unsubscribe at all, leaving them trapped in programs they could no longer afford. This approach not only alienated customers but also revealed a lack of empathy and ethical responsibility.

These failure points - first in acquisition, then in retention & finally in separation - cemented Byju’s reputation as a company that prioritized profits over people. Distrust grew, and the backlash followed. Byju’s story is a stark reminder that good governance and customer-centricity are nonnegotiable in any business, especially one as sensitive as education. While financial prudence and operational efficiency are critical, a company that loses sight of its core mission - serving its customers - is doomed to fail. Byju’s had the tools, talent, and opportunity to revolutionize education, but their approach betrayed a fundamental disconnect with their audience.

FOR FAMILIES SEEKING TO UNSUBSCRIBE OR EXIT THEIR PROGRAMS, IT CREATED A LABYRINTH OF OBSTACLES. PARENTS, ALREADY STRUGGLING FINANCIALLY, WERE FORCED TO ENDURE AN EXHAUSTING PROCESS TO CANCEL SUBSCRIPTIONS.

For edtech firms and startups in general, the lesson is clear: growth should never come at the expense of trust. Without a genuine commitment to addressing the needs of their customers, even the most innovative companies risk losing their way. Byju’s downfall is not just a corporate misstep; it is a cautionary tale for an entire industry.

UNION BANK’S PERFORMAN

DRIVEN BY A LEGACY OF ST AND INNOVATION

NCE IS RENGTH

FOR OVER A CENTURY, UNION BANK OF INDIA HAS BEEN A CORNERSTONE OF THE NATION’S FINANCIAL LANDSCAPE, EVOLVING FROM ITS MODEST ORIGINS IN 1919 TO A DYNAMIC, DIGITAL-FIRST INSTITUTION THAT MIRRORS INDIA’S ECONOMIC TRANSFORMATION. IN THE FISCAL YEAR 2024-25 (FY25), THE BANK HAS ONCE AGAIN DEMONSTRATED ITS RESILIENCE AND ADAPTABILITY, POSTING STELLAR FINANCIAL RESULTS, LAUNCHING INNOVATIVE PRODUCTS LIKE THE UNION WELLNESS DEPOSIT, AND REINFORCING ITS COMMITMENT TO SHAREHOLDERS AND COMMUNITIES UNDER THE VISIONARY LEADERSHIP OF ITS MANAGING DIRECTOR AND CEO A. MANIMEKHALAI. WITH STRATEGIC RECRUITMENTS, ROBUST ASSET QUALITY, AND A FOCUS ON DIGITAL AND SUSTAINABLE BANKING, UNION BANK IS NOT JUST KEEPING PACE WITH THE TIMES, IT’S SETTING THE PACE.

Union Bank of India’s financial performance in Q4 FY25 (January–March 2025) and the full fiscal year underscores its ability to thrive amid economic uncertainties. The bank reported a remarkable 51% year-onyear (YoY) surge in standalone net profit for Q4, reaching Rs 4,985 crore, up from Rs 3,311 crore in Q4 FY24.

This growth was driven by a combination of strong net interest income (NII), a significant rise in noninterest income, and reduced provisions, reflecting disciplined financial management. For the full year, the bank’s net profit soared to Rs Rs 17,987 crore, a 31.79% YoY increase, showcasing consistent profitability across quarters.

Total income for Q4 FY25 rose by 7.07% to Rs 33,254 crore from Rs 31,058 crore in the same quarter last year, fueled by a 6.3% increase in interest earned, which reached Rs 27,69,522 lakh.

Non-interest income, encompassing fees, commissions, treasury revenues, and recoveries, grew impressively by 23.21% YoY to Rs 5,559 crore, highlighting the bank’s success in

diversifying revenue streams. This diversification has been a critical factor in bolstering financial resilience, especially in a challenging interest rate environment.

Net interest income for Q4 stood at Rs 9,514 crore, a modest 0.8% YoY increase from Rs 9,436.5 crore, but the bank faced pressure on its net interest margin (NIM), which dipped to 2.87% from 3.03% in Q4 FY24. This decline was attributed to the Reserve Bank of India’s (RBI) policy repo rate cuts of 25 basis points each in February and April 2025, which impacted lending margins.

MD & CEO A. Manimekhalai noted that 29% of the bank’s loan book is linked to the repo rate, making NIMs sensitive to rate fluctuations, while 44% is tied to the marginal cost-based lending rate (MCLR), with repricing expected over the next year. Despite these challenges, the bank’s operating profit rose by 2.78% quarter-onquarter to Rs 7,700 crore, reflecting effective cost management.

Asset quality improvements were a standout feature of FY25. The gross non-performing asset (NPA) ratio

dropped to 3.60% in Q4 from 4.76% a year earlier, while the net NPA ratio improved to 0.63% from 1.03%. The provision coverage ratio (PCR) reached an impressive 94.61%, signaling a robust balance sheet.

Provisions for non-performing assets increased marginally to Rs 1,675 crore from Rs 1,477 crore in Q3, but lower write-offs (Rs 1,230 crore in Q4 vs. Rs 4,059 crore in Q3) and controlled slippages contributed to the enhanced asset quality. The bank’s capital adequacy ratio (CRAR) strengthened to 18.02%, with the Common Equity Tier 1 (CET1) ratio at 14.98%, providing ample room for future growth.

Loan growth, however, fell short of the bank’s ambitious 11–13% target for FY25, achieving 8.62% YoY growth to Rs 9,82,875 crore. Deposit growth was also modest at 7.22% YoY, reaching Rs 13,09,750 crore. The retail, agriculture, and MSME (RAM) segments performed strongly, growing by 10.17% YoY, with retail advances surging 22.14% and MSME advances up 12.50%.

The bank’s focus on high-yield retail loans, which now constitute 56.20% of domestic advances, has been a strategic move to offset slower corporate loan growth amid competitive pricing pressures.

Analysts have lauded Union Bank’s performance, raising target prices, citing strong NII, fee income, and asset quality. The bank’s core return

on assets (RoA) improved to 1.26% from 1.03%, and return on equity (RoE) rose to 17.20%, up 162 basis points YoY. With a valuation at 0.7x on March 2027 adjusted book value, the stock is seen as undervalued compared to peers like State Bank of India, reinforcing its ‘BUY’ rating.

In a bold move to blend financial security with healthcare, Union Bank launched the Union Wellness Deposit scheme on May 13, 2025, setting a new benchmark in retail banking. This innovative term deposit product combines a competitive interest rate, health insurance, and lifestyle benefits, catering to customers aged 18 to 75.

With a fixed tenure of 375 days, the scheme offers 6.75% per annum interest, with an additional 0.50% for senior citizens, and requires a minimum investment of Rs 10 lakh, up to a maximum of Rs 3 crore.

The standout feature of the Union Wellness Deposit is its 375-day Super Top-up Health Insurance cover, providing Rs 5 lakh in cashless hospitalization benefits.

For joint accounts, the insurance applies only to the primary holder, ensuring clarity in coverage. The scheme also includes a RuPay Select Debit Card, offering lifestyle perks such as discounts and rewards, enhancing its appeal. Customers benefit from flexibility, with options for premature closure and loans against the deposit, making it a

Nitesh Ranjan

Ramasubramanian S

Sanjay Rudra

versatile financial tool.

MD & CEO A. Manimekhalai described the product as a “first-ofits-kind offering” that reflects the bank’s commitment to innovation.

“The Union Wellness Deposit combines wealth creation with a range of healthcare benefits, delivering a premium banking experience,” she said.

By integrating health insurance with a fixed deposit, the bank is addressing the dual needs of financial growth and medical security, particularly relevant in a post-pandemic world where healthcare costs are a growing concern. The scheme has been widely praised for its forward-thinking approach, positioning Union Bank as a trailblazer in the banking sector.

Union Bank’s commitment to shareholder value was evident in its announcement of a 47.5% dividend for FY25, translating to Rs 4.75 per equity share of Rs 10 face value - the highest in a decade. Approved by the Board of Directors on May 8, 2025, the dividend is subject to statutory and shareholder approvals at the 23rd Annual General Meeting (AGM).

This payout reflects the bank’s strong financial position and confidence in sustained profitability, balancing shareholder rewards with the need to maintain a healthy capital buffer. The record date for eligible shareholders will be announced later.

The dividend declaration aligns with Union Bank’s capital adequacy, with a CRAR of 18.02% and CET1 ratio of 14.98% as of March 31, 2025. Analysts note that the bank’s robust capital position eliminates the immediate need for external fund infusion, though Manimekhalai indicated readiness to tap markets if credit demand surges due to increased private capital expenditure. This strategic approach ensures the bank can sustain its dividend policy while funding growth initiatives. At the helm of Union Bank since June 2022, A. Manimekhalai has been instrumental in driving its transformation into a modern,

customer-centric institution. With over three decades of banking experience, beginning her career at Vijaya Bank in 1988, Manimekhalai brings a wealth of expertise and a progressive outlook. Her tenure as MD & CEO has been marked by strategic decisions that prioritize high-quality growth, digital innovation, and social impact.

Manimekhalai’s leadership shone in FY25, as evidenced by the bank’s strong financial metrics and innovative product launches. Her decision to avoid low-margin corporate loans in Q2, despite slower loan growth, preserved profitability, a move she justified by emphasizing sustainable margins over topline expansion. “While expanding the topline is important, it cannot be at the cost of shrinking margins and sluggish profits,” she had remarked post-Q2. This prudent approach paid dividends, with the bank achieving a 31.79% YoY net profit growth for FY25.

Her focus on retail banking has been a game-changer, with retail advances growing 22.14% YoY in FY25. Manimekhalai’s vision also extends to inclusivity, exemplified by the launch of four women-centric branches to support women entrepreneurs and a Rs 5.01 crore donation to Kerala flood relief efforts in Wayanad, personally handed over to the state’s finance minister. These initiatives underscore her commitment to social responsibility and gender equity in banking.

Manimekhalai’s digital-first strategy has positioned Union Bank as a leader in technological innovation. The bank’s revamped mobile banking app, AI-driven customer service platform, and increased digital transaction volumes reflect her push to cater to a tech-savvy clientele. Her leadership was celebrated on November 11, 2024, during the bank’s 106th Foundation Day, marking three years of transformative growth under her stewardship.

In April 2025, Union Bank recruited 1,500 local bank officers across

Pankaj Dwivedi

various states to enhance its regional outreach and customer engagement. This initiative leverages the officers’ proficiency in regional languages and cultural nuances to deliver personalized banking experiences.

The bank stated that these officers will strengthen customer relationships, manage branch operations, and promote products tailored to local needs, bridging communication gaps and fostering trust.

This recruitment drive aligns with Union Bank’s goal of deepening its presence in rural and semi-urban areas, where it has opened new branches to serve unbanked populations. The focus on local talent underscores Manimekhalai’s strategy of combining operational efficiency with community-centric banking, ensuring the bank remains accessible and relevant across diverse regions.

Union Bank of India’s performance in FY25 reflects a harmonious blend of financial strength, innovation, and

social impact. The bank’s 31.79% YoY net profit growth, improved asset quality (gross NPA down to 3.60%), and robust capital adequacy (CRAR at 18.02%) highlight its operational excellence. Despite challenges like NIM pressure and slower loan growth, the bank’s strategic focus on retail banking, non-interest income, and digital transformation has driven sustainable growth.

The Union Wellness Deposit scheme has redefined retail banking by integrating health insurance with fixed deposits, appealing to a broad customer base. The Rs 4.75 dividend underscores the bank’s shareholderfriendly approach, while the recruitment of 1,500 local officers strengthens its regional footprint.

Under A. Manimekhalai’s leadership, Union Bank is pursuing green banking, with Rs 1,500 crore financed for renewable energy projects, and financial inclusion, with a 12% YoY growth in its microfinance portfolio.

Looking ahead, Union Bank is wellpositioned to navigate economic uncertainties. With a pipeline of Rs 63,000 crore in sanctioned corporate credit and Rs 75,000 crore in pending loan disbursements, the bank is poised for growth in sectors like infrastructure, renewable energy, and real estate.

Manimekhalai’s cautious optimism about private capex revival and her focus on high-quality earnings suggest a bright future. As Prabhudas Lilladher notes, the bank’s valuation at a 24% discount to SBI offers significant upside potential, making it a compelling investment.

Union Bank of India’s journey over 106 years is a testament to its ability to adapt and thrive. In FY25, the bank has not only delivered exceptional financial results but also redefined banking with products like the Union Wellness Deposit and initiatives like women-centric branches and local officer recruitments.

A. Manimekhalai’s leadership has been pivotal, blending prudence with innovation to steer the bank toward sustainable growth. As Union Bank continues to embrace digital transformation, sustainability, and financial inclusion, it remains a financial institution of trust and progress in India’s banking sector, ready to shape the future while honoring its storied legacy.

MAHABANK DELIVERS MAHA RESULTS, NEED TO FOCUS ON HUMAN RESOURCES

BANK OF MAHARASHTRA (BOM) HAS REPORTED A STRONG FINANCIAL PERFORMANCE FOR THE FOURTH QUARTER AND THE FULL FISCAL YEAR 2024–25, REFLECTING ITS STRATEGIC FOCUS ON CORE BANKING OPERATIONS AND PRUDENT RISK MANAGEMENT UNDER THE LEADERSHIP OF MANAGING DIRECTOR AND CEO NIDHU SAXENA.

In Q4 FY25, BoM’s net profit rose by 22.6% year-on-year to Rs 1,493 crore, up from Rs 1,218 crore in the same quarter last year. This growth was driven by a 20.6% increase in Net Interest Income (NII), which reached Rs 3,116 crore, and an

improved Net Interest Margin (NIM) of 4.01% . Operating profit for the quarter also saw a 14.03% rise, totaling Rs 2,520 crore. For the full fiscal year, BoM’s net profit surged by 36.1% to Rs 5,520 crore, compared to Rs 4,055 crore in FY24. The bank’s total income for FY25 increased to Rs 28,402 crore from Rs 23,493 crore the previous year . This performance underscores BoM’s effective strategy in enhancing profitability and operational efficiency. Asset quality remained strong, with the Gross Non-Performing Asset (GNPA) ratio improving to 1.74% as of March 31, 2025, down from 1.88% a year earlier. The Net NPA ratio also declined to 0.18% from 0.20% . These figures highlight the bank’s commitment to maintaining a healthy loan portfolio. BoM’s total business grew by 15.3% year-on-year, reaching Rs 5.47 trillion. Deposits increased by 13.44% to Rs 3.07 trillion, while gross

advances rose by 17.76% to Rs 2.39 trillion . The bank’s Capital Adequacy Ratio (CRAR) improved to 20.53%, with a Common Equity Tier 1 ratio of 15.83%. Under MD & CEO Nidhu Saxena’s stewardship, BoM has focused on expanding its retail, agriculture, and MSME lending segments, contributing to its robust growth. The bank’s digital transformation initiatives have also played a role in enhancing customer experience and operational efficiency. Going forward, a key challenge for Bank of Maharashtra is expanding and

upgrading its human resource pool at the branch level, to keep up with its blistering growth momentum. In recognition of its strong performance, BoM’s Board has recommended a 15% dividend, or Rs 1.50 per equity share, for FY25 . This move reflects the bank’s commitment to delivering value to its shareholders.

Overall, Bank of Maharashtra’s FY25 results demonstrate a solid financial position and effective leadership, positioning it well for future growth while highlighting areas for operational improvement.

NIDHU SAXENA, MD & CEO

BOB’S FY25 BUSINESS OVER 27 TRILLION, Q4 PROFIT GROWTH MODEST, NII FALLS

Bank of Baroda (BoB), under the dynamic leadership of MD & CEO Debadatta Chand, has solidified its position as a global banking powerhouse, surpassing a global business of Rs 27 lakh crore in FY25.

In Q4, BoB reported a profit after tax of Rs 5,048 crore, fueled by a 13.7% surge in domestic advances, with retail loans growing an impressive 19.4%. However, the net interest income declined 7% to Rs 11,020

crore and profit growth was modest at 3%. Deposits rose by 10.3%, with domestic CASA (Current Account Savings Account) up 6.4% YoY, reflecting strong customer trust in BoB’s lowcost funding products. Asset quality saw significant improvement, with gross NPAs at 2.26% and net NPAs at 0.58%, underscoring Chand’s focus on prudent risk management. His emphasis on digital transformation has

been transformative, with initiatives like the B3 Silver Account and instant loan approvals enhancing customer engagement. Globally, advances grew 12.88% to Rs 12.3 lakh crore, and deposits climbed 10.25% to Rs 14.72 lakh crore, strengthening BoB’s international footprint. Chand’s strategic vision includes expanding retail and MSME lending, positioning BoB as a leader in inclusive banking. The bank’s adoption of AI-driven analytics has streamlined operations, while its 9,500+ branch network ensures accessibility. However, BoB slightly adjusted its deposit growth

target to 9-11% due to competitive market dynamics, a minor challenge that Chand’s team is addressing through innovative savings products. BoB’s commitment to sustainability, with green financing initiatives, aligns with India’s economic goals. Moving forward, BoB aims to deepen its digital offerings and explore new markets, ensuring sustained growth. Chand’s leadership, blending tradition with innovation, makes BoB a bank of stability. Key challenges for BoB include tackling deposit competition with creative products while scaling its digital ecosystem to maintain its edge.

Debadatta Chand, MD & CEO

BANK OF INDIA’S Q4 & FY25 STRONG, NEEDS TO REVERSE FALL IN NIMS

BANK OF INDIA (BOI) HAS WRAPPED UP THE FISCAL YEAR 2024–25 ON A STRONG NOTE, DELIVERING IMPRESSIVE RESULTS THAT REFLECT ITS STEADY RESURGENCE AND OPERATIONAL DISCIPLINE. UNDER THE ASTUTE LEADERSHIP OF MD & CEO RAJNEESH KARNATAK, THE BANK HAS SHOWN MARKED PROGRESS ACROSS PROFITABILITY, ASSET QUALITY, AND CAPITAL STRENGTH, EVEN AS IT CONTENDS WITH SECTOR-WIDE MARGIN PRESSURES.

For Q4 FY25, Bank of India reported a striking 82.5% year-on-year jump in net profit to Rs 2,626 crore, up from Rs 1,439 crore in the same quarter last year. This robust growth was fueled not only by higher recoveries from written-off accounts but also by a sharp 96% increase in other income, which reached Rs 3,428 crore. Net Interest Income (NII) for the quarter grew modestly by 2.14% to Rs 6,063 crore, showcasing a stable interest income base despite tightening margins. For the full year, the bank reported a 46% surge in net profit, clocking Rs 9,219 crore compared to Rs 6,312 crore in FY24. Operating profit stood at Rs 16,412 crore, marking a healthy 17% yearon-year rise, signaling improved cost efficiency and income diversification. One of the standout achievements for BoI this fiscal year has been the significant

Rajneesh Karnatak, MD & CEO

improvement in asset quality. The Gross NPA ratio fell sharply by 171 basis points to 3.27%, while the Net NPA ratio improved by 40 basis points to just 0.82% in FY25. This substantial cleanup of the loan book reinforces the bank’s emphasis on prudent underwriting and effective recovery mechanisms. Moreover, the Provision Coverage Ratio (PCR) rose to a commendable 92.39%, up from 90.59% last year - an indicator of strong financial provisioning and future resilience. The Capital Adequacy Ratio (CAR) also remained sound at 15.94%, supporting BoI’s growth ambitions and credit expansion capacity. MD & CEO Rajneesh Karnatak, who took charge in April 2023, has played a pivotal role in

steering the bank through an evolving economic landscape. Drawing on decades of experience in the Indian banking system, Karnatak has focused on expanding BoI’s retail, agriculture, and MSME lending verticals, while investing in technology-led initiatives to improve customer engagement and operational agility. His vision has been instrumental in positioning Bank of India as a growing public sector lender with renewed focus and stability. While the financials are largely encouraging, some headwinds persist. The bank’s Global Net Interest Margin (NIM) declined to 2.82% in FY25, down from 2.97% in FY24. This compression, though in line with broader industry trends, underscores

the challenge of sustaining lending profitability in a competitive and high-liquidity environment. Balancing loan growth with healthy margins will be a key focus in the coming quarters. Reaffirming its financial strength, BoI’s Board recommended a dividend of Rs 4.05 per equity share for FY25. The move aligns with the bank’s strategy of rewarding shareholders while retaining adequate capital for growth. Bank of India’s FY25 performance reflects a story of consistent execution, visionary leadership, and improved financial health. As the bank looks ahead to FY26, it does so with a stronger balance sheet, sharper focus, and renewed confidence, which are hallmarks of a public sector bank on the rise.

CENTRAL BANK’S PROFIT GROWTH STRONG, INTEREST INCOME NEEDS A RESURGENCE

CENTRAL BANK OF INDIA (CBI) HAS REPORTED A STRONG FINANCIAL PERFORMANCE FOR THE FOURTH QUARTER AND THE FULL FISCAL YEAR 2024-25, REFLECTING ITS STRATEGIC FOCUS ON CORE BANKING OPERATIONS AND PRUDENT RISK CONTROL UNDER THE LEADERSHIP OF ITS MD & CEO MV RAO.

In Q4 FY25, CBI’s net profit rose by 28% year-on-year to Rs 1,034 crore, up from Rs 807 crore in the same quarter last year. This growth was driven by a reduction in bad loans and an increase in total income, which grew to Rs 10,433 crore during the quarter, up from Rs 9,699 crore a year earlier. For the full fiscal year, the bank’s net profit surged by 48.5% to Rs 3,785 crore, compared with Rs 2,549 crore in the previous financial year. The bank’s total income for the

MV RAO, MD & CEO

year rose to Rs 39,521 crore in FY25 from Rs 35,434 crore a year earlier. Asset quality improved significantly, with the Gross Non-Performing Asset (GNPA) ratio easing to 3.18% of gross advances by March-end, down from 4.5% a year earlier. Net Non-Performing Assets (NNPA) declined to 0.56% of advances by March-end, from 1.24% in Q4 FY24. The Provision Coverage Ratio (PCR) grew even higher to 96.54%. Under MD & CEO M.V. Rao’s stewardship, CBI has focused on expanding its retail, agriculture, and MSME lending segments, contributing to its robust growth. Rao, who assumed charge as MD & CEO on March 1, 2021, had brought a wealth of experience from his previous varied leadership roles in the banking sector. Under his visionary leadership, Central Bank’s total business crossed Rs 7 lakh crore to reach Rs 7,02,798 crore, a 10.37% growth year-on-year. Its Advances

rose healthily by 15.24% to Rs 2,90,101 crore, and deposits grew by 7.19% to Rs 4,12,697 crore. Its net interest margin (NIM) could be maintained at 3.40%, while its return on assets (ROA) improved to 0.86% and return on equity (ROE) grew to 12.48%. The bank’s operating profit rose 10.34% YoY to Rs 8,124 crore, while net interest income (NII) for FY25 increased by 7.76% to Rs 13,897 crore. Despite this strong annual performance, CBI faces near-time challenges related to its Net Interest Income (NII), which declined to Rs 3,399 crore in Q4 FY25 from Rs 3,541 crore in the same quarter last year. This decline

indicates pressure on the bank’s core lending profitability and underscores the need for strategic initiatives to enhance interest income. In recognition of its strong performance, CBI’s Board has proposed a dividend of 18 paise per equity share, equivalent to 1.87% of the face value of Rs 10 for FY25, which though not high, is a return to being a dividend paying company after a break. Overall, Central Bank of India’s FY25 results demonstrate a solid financial position and effective leadership, positioning it well for future growth while highlighting areas for operational improvement.

IOB ACHIEVES RECORD PROFIT, DESPITE A MAJOR SLIPPAGE

INDIAN OVERSEAS BANK (IOB) HAS REPORTED ITS HIGHEST-EVER QUARTERLY NET PROFIT, MARKING A SIGNIFICANT MILESTONE IN ITS FINANCIAL PERFORMANCE FOR THE FOURTH QUARTER AND THE FULL FISCAL YEAR 2024-25. UNDER THE LEADERSHIP OF ITS MD & CEO AJAY KUMAR SRIVASTAVA, THE BANK HAS DEMONSTRATED ROBUST GROWTH, IMPROVED ASSET QUALITY, AND STRATEGIC INITIATIVES AIMED AT STRENGTHENING ITS MARKET POSITION.

In Q4 FY25, IOB’s net profit surged by 30% year-on-year to Rs 1,051 crore, surpassing the Rs 1,000 crore mark for the first time in a quarter. This impressive growth was driven by a 13% increase in Net Interest Income (NII), which rose to Rs 3,123 crore, and a 33.5% rise in operating profit to Rs 2,618 crore. The bank’s domestic Net Interest Margin (NIM) remained stable at 3.77% during the quarter. For the full fiscal year, IOB’s net profit increased by 27% to Rs 3,395.51 crore, up from Rs 2,665.66 crore in FY24. Total operating income grew by 17% to Rs 28,143.64 crore, reflecting the bank’s strong operational efficiency and revenue generation capabilities. IOB made significant strides in improving its asset quality. The Gross Non-Performing Asset (GNPA) ratio declined by 96 basis points to 2.14% as of March 31, 2025, from 3.10% a year earlier. Similarly, the Net NPA ratio improved to 0.37%, down from 0.57% in the

previous fiscal year. The Provision Coverage Ratio (PCR) also increased to 97.30%, indicating a stronger buffer against potential loan losses. The bank’s capital adequacy ratio rose to 19.74%, up from 17.28% at the end of FY24, providing a solid foundation for future growth and lending activities. Under the stewardship of MD & CEO Ajay Kumar Srivastava, IOB has focused on expanding its retail, agriculture, and MSME lending segments, contributing to its robust growth. Srivastava, who assumed charge as MD &

CEO in January 2023, brings a wealth of experience from his previous roles in the banking sector. The bank’s board has approved a fundraising plan of up to Rs 5,000 crore for FY26, comprising Rs 4,000 crore through equity share capital and Rs 1,000 crore via Basel-III compliant Tier II bonds. This capital infusion aims to support the bank’s growth objectives and reduce the government’s shareholding from 94.61% to 90%. Despite the strong performance, IOB faces challenges related to slippages in

the corporate segment, with the highest slippage of Rs 2,330 crore in Q4 FY25 pertaining to MTNL. This underscores the need for continued vigilance in credit risk assessment and management. The bank is already doing this under MD & CEO Srivastava’s guidance, with an example being 100% provisions already being given for the MTNL account. Overall, Indian Overseas Bank’s FY25 results reflect a solid financial position and effective leadership, positioning it well for future growth.

INDIAN BANK’S Q4 & FY25 ROBUST, HR NEEDS UPGRADE TO PURSUE GROWTH

INDIAN BANK HAS REPORTED A ROBUST FINANCIAL PERFORMANCE FOR THE FOURTH QUARTER AND THE FULL FISCAL YEAR 2024-25, SHOWCASING SIGNIFICANT GROWTH IN PROFITABILITY AND ASSET QUALITY. UNDER THE STEWARDSHIP OF ITS NEWLY APPOINTED MANAGING DIRECTOR AND CEO BINOD KUMAR, WHO ASSUMED OFFICE ON JANUARY 16, 2025, THE BANK HAS DEMONSTRATED RESILIENCE AND STRATEGIC FOCUS IN NAVIGATING THE EVOLVING BANKING LANDSCAPE. THIS IS THE FIRST ALMOST FULL QUARTER UNDER BINOD KUMAR.

BINOD KUMAR MD & CEO

In Q4 FY25, Indian Bank’s net profit surged by 31.6% yearon-year to Rs 2,956 crore, up from Rs 2,247 crore in the same quarter of the previous year. This growth was driven by a 6.2% increase in Net Interest Income (NII), which stood at Rs 6,389 crore for the quarter. The bank’s operating profit also saw a 17% rise, reaching Rs 5,019 crore. For the full fiscal year, the bank reported a 35% increase in net profit, totaling Rs 10,918 crore compared to Rs 8,063 crore in FY24. Total income for the year rose to Rs 71,226 crore from Rs 63,482 crore in the previous year, reflecting strong operational

efficiency and revenue generation capabilities. Indian Bank made significant strides in improving its asset quality. The Gross NonPerforming Asset (GNPA) ratio declined to 3.09% as of March 31, 2025, from 3.95% a year earlier. Similarly, the Net NPA ratio improved to 0.19%, down from 0.43% in the previous fiscal year. The Provision Coverage Ratio (PCR) also increased to 98.10%, indicating a stronger buffer against potential loan losses. The bank’s capital adequacy ratio rose to 17.94%, up from 16.44% at the end of FY24, providing a solid foundation for future

growth and lending activities. Under the leadership of its MD & CEO Binod Kumar, Indian Bank has focused on expanding its retail, agriculture, and MSME lending segments, contributing to its robust growth. Kumar, with over three decades of experience in the banking sector, previously served as the Executive Director of Punjab National Bank, overseeing corporate banking, treasury, international banking, finance, and data analytics. In recognition of its strong performance, Indian Bank’s Board has recommended a dividend of Rs 16.25 per

equity share for FY25. This reflects the bank’s commitment to delivering value to its shareholders while maintaining a strong capital position. Despite the strong performance, Indian Bank faces challenges related to manpower shortages, particularly among frontline employees in rural and remote areas. This shortage can impact the quality of service and the well-being of staff, highlighting the need for strategic workforce planning and resource allocation. Indian Bank’s FY25 results reflect a solid financial position and effective leadership, positioning it well for future growth.

UCO BANK’S PROFIT GROWTH HEALTHY, NET INTEREST MARGIN TAKE A HIT IN Q4

UCO BANK HAS REPORTED A STRONG FINANCIAL PERFORMANCE FOR THE FOURTH QUARTER AND THE FULL FISCAL YEAR 2024-25, SHOWCASING SIGNIFICANT GROWTH IN PROFITABILITY AND ASSET QUALITY. UNDER THE LEADERSHIP OF MANAGING DIRECTOR AND CEO ASHWANI KUMAR, WHO TOOK CHARGE IN JUNE 2023, THE BANK HAS DEMONSTRATED RESILIENCE AND STRATEGIC FOCUS IN NAVIGATING THE EVOLVING BANKING LANDSCAPE.

In Q4 FY25, UCO Bank’s net profit surged by 24% year-onyear to Rs 665.7 crore, up from Rs 537.86 crore in the same quarter of the previous year. This growth was driven by a 23.4% increase in Net Interest Income (NII), which stood at Rs 2,698 crore for the quarter. For the full fiscal year, the bank reported a 47.8% increase in net profit, totaling Rs 2,445 crore compared to Rs 1,654 crore in FY24. For the full fiscal year FY25, UCO Bank’s total income increased by 17.3% year-on-year to Rs 29,473.53 crore, up from Rs 25,119.87 crore in FY24. UCO Bank made significant strides in improving its asset quality. The Gross Non-Performing

Asset (GNPA) ratio declined to 2.69% as of March 31, 2025, from 3.46% a year earlier. Similarly, the Net NPA ratio improved to 0.50%, down from 0.89% in the previous fiscal year. The Provision Coverage Ratio (PCR) also increased to 96.69%, indicating a stronger buffer against potential loan losses. The bank’s capital adequacy ratio stood at 16.03%, with a Common Equity Tier-1 (CET-1) ratio of 12.26%, providing a solid foundation for future growth and lending activities. Under the stewardship of MD & CEO Ashwani Kumar, UCO Bank has focused on expanding its retail, agriculture, and MSME lending segments, contributing

to its robust growth. The RAM (Retail, Agriculture, MSME) portfolio expanded 25.74% year-on-year to Rs 1,22,613 crore, driven by a 35.09% surge in retail advances, a 20.02% rise in agriculture advances, and an 18.55% growth in MSME lending. In recognition of its strong performance, UCO Bank’s Board has proposed a dividend of 3.90%, or 39 paise per equity share for FY25, subject to shareholder approval. As of March 31, 2025, the bank operated a network of 3,302 domestic branches, two international branches in Singapore and Hong Kong, and one representative office in Iran. Notably, 61% of the bank’s branches are located in rural

and semi-urban regions, underscoring its commitment to financial inclusion. Despite the strong performance, UCO Bank faces challenges related to maintaining and improving its Net Interest Margin (NIM), which stood at 3% for Q4, compared to 3.17% in the preceding quarter. Managing director Ashwani Kumar has provided guidance of 3-3.10% NIM for FY26, indicating the bank’s focus on sustaining profitability. UCO Bank’s FY25 results reflect a solid financial position and effective leadership, positioning it well for future growth while highlighting areas for operational improvement. Under Ashwani Kumar’s guidance, the bank is poised to continue its upward trajectory in the coming fiscal year.

Focus on the Flavonoids in Foods

ARE YOU GETTING ENOUGH FLAVONOIDS IN YOUR DIET? YOU SHOULD BE - HERE’S WHY.

like flavanols, isoflavones, flavanones, anthocyanins, chalcones, flavones etc. Among these, flavanols are linked to many health benefits, including decreasing risk for heart disease. Some sources are lettuce, tomatoes, onions, apples, berries, and tea.

e’ve been seeing the socalled “super veggies” in the news - most recently onions and broccoli - that help to lower the risk of heart disease and some cancers. What do these vegetables have in common? Flavonoids. Thanks to these vegetables, we’re able to keep some of nature’s most powerful defense mechanisms for our overall health stocked aplenty in our refrigerators.

Flavonoids are a type of phytochemical. Don’t let the “chemical” part of that designation deter you – phytochemicals are natural compounds that contribute to plants’ color, flavor, and resistance to disease. They help plants resist fungi, bacteria, and viruses.

Your body handles flavonoids

differently from other nutrients, such as carbohydrates or proteins. Rather, gut bacteria break down flavonoids and put them to use in various parts of the body. One of these jobs is to function as antioxidants.

Antioxidants help neutralize free radicals, which are unstable molecules that cause oxidative stress. Free radicals are produced during normal metabolism and enter the body from external sources like tobacco smoke, ultraviolet light, and air pollution. The oxidative stress damages cells, proteins, and DNA. It is linked to aging and various diseases, including cancers, heart disease, and neurodegenerative diseases, such as Alzheimer’s disease. There are several classes of flavonoids

Isoflavones are phytoestrogens, a form of estrogen in food, while flavanones found in citrus fruits function as antioxidants, lower cholesterol, and reduce inflammation. Anthocyanins are the coloring in a wide variety of berries, fruits and vegetables that help eyesight among its many benefits.

Chalcones have antioxidant action and are used in beauty products. Sources include tomatoes, pears, strawberries, and wheat. And finally, flavones are found in herbs and spices such as thyme, oregano, celery, peppermint, and parsley.

Getting all the types of flavonoids for your health underscores the need to have a wide variety of vegetables and fruits in your diet.

Long-term studies have found that a diet rich in flavonoids reduces the risks of

colorectal, prostate, and breast cancers. Different flavonoids protect against specific types of cancers. Anthocyanins reduce the risk of lung cancer. Flavanols reduce the risk of prostate cancer.

Your heart also benefits from a diet rich in flavonoids. A 2021 study found an association between lower blood pressure and foods rich in flavonoids. You’ll notice many flavonoid-rich fruits in the Mediterranean diet. The flavonoids help with blood vessel relaxation and prevent blood clots from forming.

Flavonoids are linked to brain health, decreasing inflammation in the nervous system and improving blood flow to the brain. A review in 2022 found that a diet rich in flavonoids is associated with better cognitive and memory function, especially in older adults.

Flavonoids can also improve how your body uses glucose and digests carbohydrates, reducing risk for Type 2 diabetes.

A review study looked at flavonoids’ pain-relieving and anti-inflammation effects. Flavonoids were found to diminish cellular response to pain.

Scientists are working on using flavonoids to manage chronic pain.

Flavonoids are known to have antiviral and antibacterial properties. Studies show certain flavonoids can stop several viruses from reproducing, including H1N1 flu, SARS, HIV, and RSV. How those could be used in the human body is still a matter in research.

You can also find a healthy dose of flavonoids in dark chocolate - but just don’t go overboard on this delicious, but sugary snack.

There is no established recommended daily intake of flavonoids, but a higher intake has health benefits. The amount needed in the diet varies with age, sex, and overall health.

Although flavonoids can be ingested as supplements, it is best to get them from food.

Berries contain flavonoids, with the greatest concentration in blackberries. Blueberries, cherries, and raspberries contain all the subclasses of flavonoids. Strawberries contain moderate amounts of the subclass anthocyanins.

Red cabbage is another reliable source of anthocyanins. These flavonoids have protective effects against cancer, cardiovascular disease, diabetes, and age-related cognitive disorders.

Onions are basic to many native cuisines and are full of nutrients, including flavanols, which can reduce the risk of prostate cancer.

Kale is also a useful source of flavanols. It’s a good base for salads, soups and stews, smoothies, and protein shakes.

Parsley contains more than 130 milligrams of flavanols per gram, more than any other food in modern diets. It’s often added to soups and sauces or sprinkled over food and used as a garnish.

Tea, as a hot or cold drink, is an effortless way to add flavonoids to your diet. These include black, green, and oolong teas, good for both heart and brain health.

Red wine is also a reliable source of flavanols. It remains, however, a controversial element of diet. Some studies showed potential benefits of one glass of wine per day on decreasing heart disease, but it increases the risk for cancer.

Dark chocolate and cocoa are both high in flavanols. In particular, cocoa has been studied for its protective effect on the cardiovascular system and for boosting cognitive function.

Citrus fruits contain flavanones. Using their juice will concentrate the compounds. You may like lemon or lime juice added to hot or ice water.

Soybeans are one of the best sources of isoflavones. You can eat them as tofu, tempeh, and edamame. They are believed to help protect against reproductive cancers such as breast, ovarian, prostate, and testicular cancers.

As you can see, there is no shortage of ways you can add more flavonoids to your daily diet. And there is no shortage of reasons you should find ways to add more - from head to toe, these powerful chemicals can help you live longer, healthier - and when that happens, you’ll be happier too.

(Credit: Dr. Faith Coleman for StudyFinds)

WHAT IS THICK HEART SYNDROME, AND WHY ARE INDIANS PRONE TO IT?

Hypertrophic cardiomyopathy, also known as HCM or thick heart syndrome, is a genetic condition that causes your heart muscle to thicken, affecting 1 in 200 people across the world. According to experts, the condition, which most Indians are prone to because of no initial symptoms, is also known as a silent killer, as it can lead to heart failure, irregular heartbeats, and sudden death.

SOCIAL JET LAG: WHY YOUR SLEEP FEELS OUT OF SYNC?

Ever feel like your weekend lie-ins put the balance of your whole week out of its natural rhythm? That groggy, out-ofstep sensation may not be just laziness; it could be social jet lag. This catchy term describes the clash between our body’s natural sleep cycle and the timetables that society forces upon us: think early work alarms and late-night Netflix indulgence. Coined by researchers, it’s a modern sleep snag that’s more common than you’d think. In this article, we’ll address what social jet lag is really about and how it disrupts your shut-eye. With three troubling questions to explore, along with a short wrap-up, we will explore what your sleep may be crying about—the scientific answers, of course.

ARE SOME OF INDIA’S BEST STOCKS CHEAP NOW?

THE FALL IN THE SHARES OF IT COMPANIES HAS PUSHED NIFTY IT SHARPLY LOWER, AFTER MORGAN STANLEY’S LATEST NOTE CITED SHIFTING GLOBAL MACRO ENVIRONMENT AND TECHNOLOGICAL CHANGES AS RISKS TO VALUATIONS AND REVENUE GROWTH. HOWEVER, MOST OF THESE BLUECHIP IT SHARES HAVE ALREADY FALLEN WELL BELOW MORGAN STANLEY’S NEW TARGET PRICES.

nfosys and Wipro are leading the selloff in IT shares over concerns of risk to revenue growth as spending by US clients slows down due to global uncertainties.

International brokerage Morgan Stanley’s latest note cited shifting global macroeconomic environment and technological changes as increasing risks for the tech sector, potentially putting valuations and revenue growth at risk.

The fall in the share prices pushed Nifty IT down to its lowest level since July 2024, with TCS, HCLTech, Infosys and Tech Mahindra emerging as top losers on Sensex. Nifty IT is down about 16% so far this year.

According to Morgan Stanley, the revenue growth and valuations in the IT sector face strong downside risks amid global uncertainties, prompting it to cut target prices for domestic IT majors.

The brokerage note downgraded Infosys

to equal weight and cut target price to Rs 1,740 per share from the earlier Rs 2,150 per share. The stock is at its lowest level in over eight months. The latest target, however, implies a small upside potential.

Infosys shares also received a downgrade from Motilal Oswal Financial Services, who rated the stock ‘Neutral’, adding that the sentiment has turned cautious, with businesses taking a ‘wait-and-watch’ stance, as tariff-

related uncertainties play out. Motilal Oswal added that the outlook for discretionary spending by US clients has become more uncertain.

Morgan Stanley said it prefers the shares of TCS over Infosys, keeping an ‘Overweight’ rating but cutting target price to Rs 3,950 per share from earlier Rs 4,660 per share. The target price implies a small upside potential.

The brokerage has kept an ‘Overweight’ on Coforge while cutting target price to Rs 9,400 per share from Rs 11,500 per share. The latest target price implies a fair potential of nearly 24 percent. Morgan Stanley added that it prefers Coforge over Mphasis.

For HCL Tech, Morgan Stanley kept equal weight while cutting the target price to Rs 1,600 per share from the earlier Rs 1,970 per share. The latest target price however implies a small upside potential.

The brokerage preferred Tech Mahindra over HCL Tech. Morgan Stanley kept an equal weight for TechM shares, while slashing the target price to Rs 1,550 per share, from the earlier Rs 1,750 per share. The latest target price implies a small upside potential.

However, ICICI Securities sees the situation stabilizing. “Nifty IT has corrected by 13 percent in the past two months and stocks in our coverage are trading near, or below, their 5-year average P/E. We believe multiples should sustain at these levels,” ICICI Securities said in its latest note.

6 NUTRIENTS FOR PEAK EYE HEALTH, AND THE BEST SOURCES FOR THEM

MAKE SURE YOU’RE GETTING ENOUGH OF THESE EYEFRIENDLY NUTRIENTS FOR PROTECTING YOUR VISION. DID YOU KNOW THAT YOUR DIET IS ONE OF THE MOST IMPORTANT FACTORS IN DETERMINING YOUR EYE HEALTH? THESE ARE THE VITAMINS AND NUTRIENTS YOU NEED PLENTY OF TO ENSURE YOUR EYES ARE AS HEALTHY AS POSSIBLE.

Vitamin A

Vitamin A supports your vision, immune system, heart, lungs and overall growth and development. Specifically, vitamin A helps you see a full spectrum of light, as the vitamin produces pigments in the retina. It can also keep your eyes from drying out. You can find vitamin A in foods such as salmon, broccoli, eggs, carrots and fortified breakfast cereals. You have probably heard of the magic of carrots. Yes, it’s true: Carrots are great for your eyes. Carrots (and other vividly colored fruits and

vegetables) are high in beta-carotene, which is a compound that your body uses to make vitamin A.

outside and under the sun, the greater the risk for damage. According to the American Academy of Ophthalmology, too long in the sun can cause irreversible damage. Vitamin C can also lower your risk of cataracts, a disease that causes the lens of your eyes to become cloudy. In addition to getting enough vitamin C, avoid tanning beds, and if you are outside, wear sunglasses and a hat to protect your eyes.

Foods with vitamin A

Foods vitamin A

Foods

Salmon

Broccoli

Carrots

Eggs

Fortified breakfast cereals

Vitamin C

Vitamin C is like sunscreen for your eyes: It helps protect them from UV damage. The more time you spend

progression of age-related macular degeneration.

to retinas. These carotenoids can also slow the progression of age-related macular degeneration.

Foods with vitamin E

Foods with vitamin Foods with vitamin E

Foods with vitamin vitamin

Sunflower seeds

Almonds

Peanuts

Collared greens

Red bell peppers

Mangoes

Avocados

Foods with lutein and zeaxanthin

Foods lutein and zeaxanthin and Kale

Spinach

Peas

Broccoli

Orange juice

Red peppers

Honeydew melons

Foods with vitamin C

Foods vitamin C

Foods vitamin

Kale

Broccoli

Oranges

Lemons

Strawberries

Brussels sprouts

Omega-3s

Optometrists regularly recommend their patients consume foods containing omega-3s, especially if they aren’t getting enough of these fatty acids in their diet. Omega-3s are mainly found in fatty fish such as tuna, salmon, mackerel or herring and some nuts and seeds. Omega-3s is a nutrient that can slow the progress of age-related macular degeneration. Studies have also found that they can help prevent dry eye disease. These nutrients are great for both conditions due to their antiinflammatory effects.

Foods with omega-3s Foods with Foods with omega-3s Foods with with Tuna

Salmon

Herring

Mackerel

Chia seeds

Flaxseed

Walnuts

Vitamin E

Another powerful antioxidant, vitamin E is vital to all our cells and cell functions. It helps to protect our bodies from cancer-causing free radicals and plays an important role in vision. Studies have shown that vitamin E can help protect the retinas from free radicals that can cause eye disease. Vitamin E can also slow the

Zinc

Zinc is found in almost all multivitamins because it is such an essential nutrient to the body. It is used to boost the immune system and help the body heal from wounds quickly. Zinc also aids in eye health. Zinc helps vitamin A create melanin (a pigment that protects the eyes) and may shield the eyes from age-related macular degeneration.

Foods with zinc Foods zinc

Meat

Shellfish

Chickpeas

Lentils

Pumpkin seeds

Cashews

Almonds

Eggs

Cheese

Milk

Lutein and zeaxanthin

Lutein and zeaxanthin are known to be important to our eyes. Lutein and zeaxanthin are carotenoids found in red and yellowish fruits and vegetables, as these compounds give the produce their vibrant colors. Carotenoids, also powerful antioxidants, are vital to eye health. They protect the eyes from free radicals that can cause damage. Lutein and zeaxanthin, specifically, have been found to prevent damage

Grapes

EYE HEALTH TIPS

In addition to the best vitamins and supplements for eye health, there are other ways you can protect your eyes and preserve your vision health:

Wear sunglasses: sunglasses: Sunglasses block harmful UV light, decreasing your risk of cataracts, eye cancer and sunburn.

Screen breaks: Follow the 20-2020 rule, which states that every 20 minutes, you look away from your screen at something 20 feet away for 20 seconds.

Physical activity: Physical activity: A study has found a solid correlation between exercise and eye damage prevention.

Avoid smoking: Avoid smoking: Avoid smoking: Avoid smoking: Smoking cigarettes can lead to eye diseases that result in vision loss and blindness.

Remove your makeup: Remove your makeup: Remove your makeup: Remove your makeup: makeup: Before bed, always remove your makeup to prevent eye irritation and inflammation.

HOW COCHIN SHIPYARD LTD HAS EMERGED AS A NATIONAL TREASURE

IF THE WORLD KNOWS COCHIN SHIPYARD LTD BEST FOR BUILDING INDIA’S FIRST EVER INDIGENOUS AIRCRAFT CARRIER, INS VIKRANT, THE INVESTING WORLD KNOWS IT BEST FOR ONE MORE FEAT - FOR MULTIPLYING INVESTOR WEALTH BY OVER 10X DURING THE LAST 12 MONTHS! TO PUT THIS FEAT IN PERSPECTIVE, IT MADE COCHIN SHIPYARD (CSL), THE KOCHI, KERALA BASED CENTRAL PUBLIC SECTOR UNDERTAKING IN SHIP BUILDING AND MAINTENANCE, RACE PAST 99% OF LISTED COMPANIES AND ENTER THE TOP 1% OF WEALTH CREATORS IN THE COUNTRY DURING THE PAST 12 MONTHS. WHAT IS DRIVING THIS UNPARALLELED MOMENTUM IN COCHIN SHIPYARD? IS IT THE NEW DRY DOCK, WHICH IS INDIA’S LARGEST AND THE WORLD’S LARGEST STEPPED DRY DOCK? OR IS IT THE NEW INTERNATIONAL SHIP REPAIR FACILITY (ISRF)? OR IS IT THE PROSPECT OF WINNING A SECOND MAMMOTH ORDER FOR BUILDING INDIA’S SECOND INDIGENOUS AIRCRAFT CARRIER? IN ANY CASE, UNDER CHAIRMAN & MANAGING DIRECTOR MADHU S NAIR’S STRATEGIC VISION, AND THE EFFORTS OF THE WHOLE CSL TEAM, THE COMPANY HAS EMERGED AS A NATIONAL TREASURE.

o put Cochin Shipyard Ltd’s (CSL) stock market performance during the past 12 months in absolute terms, barely 50 companies out of the 5000 odd companies listed in India fared better than CSL. Many of them are penny stocks that have surged senselessly, and there is not even one more PSU company in this Top 50 list of gainers. Even more impressively, Cochin Shipyard with its current market capitalization at around Rs 75,000 crore is the largest among these 50 companies by market cap - by a huge differencewhich implies that most probably CSL is the largest wealth creator among these 50 firms in absolute terms.

What was the miracle behind this amazing turnaround in a public sector enterprise that was listed in 2017 and traded flat to negative to its IPO price till mid 2022? Was it a case of fundamental improvement in its business, or a rerating by way of price-multiples, or both? It was clearly a case of both. Cochin Shipyard, which had a quarterly profit run rate of Rs 39 crore in the March 2023 quarter, steadily improved it across the next four quarters to clock a profit run rate of Rs 258 crore - a 6.61 times surge - by the March 2024 quarter.

The whole Cochin Shipyard team led by its visionary Chairman & Managing Director, Madhu S Nair, can be proud of this remarkable turnaround and steady acceleration in its performance. Madhu S Nair, a veteran of Cochin Shipyard with a 36 year old stint behind him, had taken over as CMD in 2016 beginning, had led its IPO and listing in 2017, and now this remarkable turnaround. The CMD has been helped in this daunting responsibility by his core executive team led by Director (Technical) Bijoy Bhasker, Director (Finance) Jose VJ, and Director (Operations) Sreejith K Narayanan.

Market never fails to note such turnaround fundamental performances, and that is what happened to the Cochin Shipyard stock during the last 12 months. From 52-Week Lows of sub Rs 300 levels to recent 52-Week Highs near Rs 3000 levels, the Cochin Shipyard stock has done a more than 10X surge within the past 12 months. Obviously, this surge was due to the soaring earnings-per-share (EPS), but it was not all. The market steadily rerated the CSL stock over the past 12 months from a P/E ratio of just around 12 times to an unbelievable 96 times now, both being on a Trailing Twelve Months (TTM) basis.

In other words, as institutional and public investors made a beeline for the stock, Cochin Shipyard’s price-earnings multiple moved from PSU or heavy manufacturing territory to blue-chip or high-growth private sector territory. Why are the Indian market participants, that includes foreign

institutional investors, so gung-ho about this PSU player, awarding its top-of-the-line valuations? Before finding answers to this question, one clarification is warranted.

A cursory look at Cochin Shipyard’s shareholding patterns during these past 12 months, indeed reveals that many institutions including domestic mutual funds and FIIs have made wrong calls in the counter, often selling a couple of quarters earlier and now coming back at higher levels. In contrast, the ‘public’ category of investors, comprising non-institutional and retail investors, seems to have made better calls in the Cochin Shipyard counter, staying on for the full might of the rally.

Coming back to our core question of why investors are now collectively and superlatively bullish about Cochin Shipyard, another note too is warranted. Is Cochin Shipyard really overrated? It is a fact that high growth stocks often appear overrated in TTM terms. For instance, the world’s largest company by market cap now, the fast growing AI chipmaker Nvidia now trades at a TTM P/E of 79 times. So going by that standard, we will have to admit that Cochin Shipyard is overrated, at least for argument’s sake.

The reason why such high-growth companies trade at lofty valuations is simple - the market is just forecasting higher earnings for the next couple of fiscals and pricing it in. Taking Nvidia’s case itself, its forward P/E for the next 12 months is a much more digestible 51 times only. But in the case of Cochin Shipyard, forward P/Es and price targets are hard to come by. Not because there aren’t enough analysts covering the stock - there are around four to five research houses covering it on a fundamental basis - but because all of their targets have been broken long back. What remains is only technical analysts, who continue to see great promise in the stock based on its momentum.

What has made Cochin Shipyard enter into such an unchartered territory? Let us first look at the well defined factors, and then move on to the not so well defined factors. Firstly, Cochin Shipyard is sitting on an order book of around Rs 22,000 crore, which is quite robust given that its annual revenue for FY24 is Rs 3,830 crore, making the order book enough for the next 5 to 6 years, even with execution not being linear across the years.

However, while such an order book position is strong, in comparison with its current market cap, it is relatively small, which means the stock has run up way too fast,

compared with peers like GRSE and Mazagon Dock. But there is more to Cochin Shipyard’s order book than meets the eye. For instance, it has an additional pipeline of highly probable projects amounting to Rs 10,000 crore. And in addition to even this highly probable pipeline, Cochin Shipyard is competing for Rs 50,000 crore of projects that are under various tendering stages now like RFI, mid stage etc.

The quality of Cochin Shipyard’s order book is also telling. It arises from the nature of its promoter, and also how CMD Madhu S Nair and team have cultivated this pedigree over the years. Though many investors and analysts mention Cochin Shipyard as a defence company or defence stock, it is technically incorrect, as its promoter is not India’s Ministry of Defence, but its Ministry of Ports, Shipping & Waterways. This has always made Cochin Shipyard look beyond defence orders for growing its business. At the same time, such an approach didn’t deter this civilian shipyard from bagging the biggest defence order of them all - for building INS Vikrant, India’s first indigenously built aircraft carrier.

This is readily reflected in its current core order book of Rs 22,000 crore, where around 27% is made up by the commercial shipbuilding segment, with the rest 73% being its mainstay of defence. Even this significant commercial segment is diversified with over 73% of it being export orders, with the rest 27% being domestic commercial orders. Cochin Shipyard’s commercial segment - especially its export sub-segment - is also gathering pace, going forward. For instance, in its Rs 10,000 crore of projects in pipeline, around 85% is commercial, of which over 76% is for manufacturing commercial vessels to overseas clients. This not only makes Cochin Shipyard enjoy better margins than its peers, but also gives it a second engine for growth, even if defence orders were to slow down in the future.

Cochin Shipyard is also a very technologically advanced facility, with proven abilities and leadership in the newly emerging green vessels that use environment friendly energy sources. CSL’s leadership in this regard is evident from the fact that out of its current order book for commercial vessels, around 59% is for green vessels like electric hybrid and hydrogen fuel cell vessels. In fact, India’s first indigenously built Hydrogen Fuel Cell Vessel is from Cochin Shipyard, which was completed in February 2024.

Orders have been flowing in for Cochin Shipyard from India and overseas. In January, CSL had signed a contract

with a European Client for the design and construction of a Hybrid Service Operation Vessel (Hybrid SOV). In May, CSL also bagged another order from the same client for the design and construction of a second Hybrid SOV with an option for two more such vessels. All these orders are expected to be completed by the end of 2026. In February, CSL also entered into a contract with the Indian Navy for undertaking Medium Refits of Two Indian Naval Vessels. Cochin Shipyard’s execution also continues to be strong with work on nearly 28 vessels in various stages now. These include 8 numbers of ASW SWC Corvette for Indian Navy; 9 more numbers of Hybrid Electric Catamaran Hull Vessels for KMRL (after delivering 14 such vessels already); 8 numbers of Multipurpose Vessels for European Clients; Commissioning of 2 Service Operation Vessels; and 1 number of 12000 Cu. M. Trailer Suction Hopper Dredger.

Cochin Shipyard is geographically diversified too, with its two subsidiaries - Hooghly Cochin Shipyard Limited (HCSL) at Howrah, West Bengal, and Udupi Cochin Shipyard Limited (UCSL) at Malpe, Karnataka. Both the Hooghly and Udupi units have been winning notable orders from Indian and overseas clients and carrying out impressive shipbuilding works. In March 2024, HCSL had secured an order for construction of 2 numbers of 40T Bollard Pull ASD Tugs for Industrial Handling Pvt. Ltd, while in April and May, UCSL had secured orders for 1 number of 70T Bollard Pull Tugs for Polestar Maritime Limited and 3 numbers of 70T Bollard Pull Tugs for Ocean Sparkle Limited. April 2024 also witnessed at UCSL the keel laying of 1 number of New Generation Diesel Electric 3800 DWT General Cargo vessel being built for Wilson Shipowning AS, Norway.

Apart from such order book and execution strengths, Cochin Shipyard is currently undertaking a major capex in both ship building and repair facilities, which is a prime reason why the stock has been booming without limits. There are two projects basically - a new Dry Dock at its core Ravipuram campus in Kochi and an International Ship Repair Facility (ISRF) at Willingdon Island near Kochi, which will complement each other. The new Dry Dock, which will be Cochin Shipyard’s third dry dock and India’s largest dry dock till date, is the larger of these two projects, and is being built at a cost of Rs 1,799 crore. This is suitable for both building and repairing large ships like LNG vessels, Aircraft Carriers, Jack-up Rigs, Drill Ships, Large Tankers & Merchant Vessels. It was inaugurated by Prime Minister Narendra Modi in January of this year, and is expected to be operational by August. It is also the world’s first stepped dry dock enabling it to repair vessels of various sizes simultaneously. The new dry dock can also function as an important strategic asset for India, which can handle critical naval assets and commercial ships in the event of an emergency.

The International Ship Repair Facility (ISRF) being built at a cost of Rs 970 crore at Willingdon Island is also a huge affair spanning a land area of 16.25 hectares and a marine area of 16.15 hectares. This too was inaugurated by PM Modi in January, and is expected to be operationalised in August. CSL is now seeking a global partner who is expected to not only market the facility globally, but establish a supply chain

and service provider chain for ISRF like how major repair facilities in Singapore & Middle East operate. This will make Kochi a maritime hub in the years to come. The ISRF and the third dry dock, when fully operational, will boost Cochin Shipyard’s revenue from repair and maintenance works significantly, which will come in handy when shipbuilding orders slow down. The company is already eyeing a big boost in this business, as it has signed a Master Ship Repair Agreement (MSRA) with the United States Navy, in April. This will facilitate the repair of US Naval vessels under their Military Sealift Command in Cochin Shipyard.

Under CMD Madhu S Nair’s strategic vision, Cochin Shipyard has also been moving fast in utilizing its natural and unique advantage as the only shipyard coming under India’s Ministry of Ports, Shipping & Waterways. For instance, Cochin Shipyard had utilised its shared pedigree with the Ports Wing of the Ministry to start the ISRF in land leased from Cochin Port Trust. Similarly, Cochin Shipyard (CSL) has also started three facilities in association with Mumbai Port, Kolkata Port and Port Blair in Andamans. These units are the CSL Mumbai Ship Repair Unit (CMSRU) at Mumbai Port; the CSL Kolkata Ship Repair Unit (CKSRU) at Syama Prasad Mookerjee Port, Kolkata; and the CSL Andaman & Nicobar Ship Repair Unit (CANSRU) at Marine Dockyard, Port Blair. With such facilities, along with its Udupi and Hooghly subsidiaries, Cochin Shipyard has ensured that it has strong ship repairing and maintenance facilities for national and international vessels traversing along India’s west, south and east coasts.

While such comprehensive facilities for the upcoming boom in ship repairing business is a major reason why the market is valuing Cochin Shipyard richly, that is not all. An even bigger reason is the prospect of Cochin Shipyard eventually bagging a repeat mammoth order for India’s second indigenous aircraft carrier after INS Vikrant which it had built successfully. In fact, the reason why Cochin Shipyard went in for building India’s largest dry dock and the world’s largest stepped dry dock is speculated to be for better positioning when this tendering comes up.

But does this all mean that Cochin Shipyard’s stock will only move up and up? Of course not, as in all overheated counters, healthy corrections which can go up to 10-25% will occur every now and then in CSL stock too. Shipbuilding business is especially prone to such corrections as the complex execution of building a huge vessel is never linear. But as and when its ship repairing facilities gather momentum, Cochin Shipyard is likely to stabilise its earnings across years.

PRODUCT & GEOGRAPHIC DIVERSIFICATIONS TO STABILISE SKM EGG PRODUCTS’ GROWTH

THE RUSSIAN INVASION OF UKRAINE AND THE RESULTANT SURGE IN MAIZE PRICES DURING MUCH OF FY24 MIGHT HAVE THROWN A SPANNER IN SKM EGG PRODUCTS’ GROWTH MARCH, BUT UNDER ITS FOUNDER, MD & CEO SKM SHREE SHIVKUMAR’S STRATEGIC VISION, THIS LEADING EGG PROCESSOR OF ASIA IS EYEING A TURNOVER OF RS 1000 CRORE EVENTUALLY AND MUCH MORE STABLE MARGINS VIA PRODUCT & GEOGRAPHIC DIVERSIFICATIONS. WITH SKM ALREADY PROCESSING 18 LAKH EGGS A DAY AND WITH ITS PRODUCTS REACHING 23 COUNTRIES, ALL THE WHILE MAINTAINING PRUDENT RETURN RATIOS AND DEBT LEVELS, MARKETS ARE BOUND TO WAIT OUT THE LULL BROUGHT ABOUT BY A SURGE IN INPUT PRICES.

he stock of SKM Egg Products Export (India) Ltd is at crossroads now, after having done a nearly 10X growth in FY23 and then falling by around 60% in FY24. Just like how many investors missed the bus in FY23, many existing investors were caught off guard in FY24 when it dived down.

However, from a fundamental perspective, SKM Egg Products’ performance is much above its historical averages, and this kind of price volatility is not peculiar to SKM, but typical in agro and food processing industries. For instance, most of its peers in the poultry and hatchery businesses experienced this kind of volatility in business, especially in their bottomlines.

SKM Egg Products had achieved a 2.6X surge in its annual revenue run rate from Rs 269 crore in FY21 to Rs 701 crore in FY24. Its bottomline performance was even more impressive due to operational leverage kicking in, with its annual profit run rate expanding from Rs 15 crore in 2021 to Rs 75 crore by FY23 end itself.

SKM Shree Shivkumar

But its bottomline growth started faltering from the first quarter of FY24 itself, with sequential or QoQ performance dipping with each quarter. Still, under the visionary leadership of its dynamic Founder, Managing Director & CEO SKM Shree Shivkumar, the company managed to grow its annual net profit marginally in FY24 too.

SKM Egg Products is a finely run business with its FY24 Return on Equity (RoE) being nearly 31%, much above many of its peers, even though it was a fall from the sky high 39% it was during the previous year. One of Asia’s largest egg processors, SKM is also noted for its prudent debt management with the debt-equity ratio in FY24 showing only a modest rise to 0.53 from the 0.45 it was the previous year.

That is why the market is still largely positive about SKM, and willing to wait out the crisis in the poultry business that started last year. While many factors contributed to this hit on profitability, the main factor was the soaring maize prices due to Russia’s sudden invasion of Ukraine. Maize is the largest input that goes into poultry feed, amounting to around 60% of the input costs of companies like SKM Egg Products.

Market is also appreciative of Shivkumar’s tireless initiatives that has seen SKM acquire unbelievable capacities and capabilities in this business. SKM’s state-of-the-art egg processing plant at Erode, Tamil Nadu, processes 18 lakh eggs per day to achieve an annual production of 6500 tonnes of egg powder and other processed egg products like liquid eggs in tetra packs and frozen egg white cubes which look and feel like paneer.

The 1300 member strong SKM team which started off with the Japanese market, and made a big move by winning export orders from Russia, now regularly exports to 23 countries across the world including Far East Asia, Southeast Asia, Middle East and Singapore.

While around 80% of the eggs that it processes daily comes from its own farms which includes a 75 acre mega farm in Karur, the rest is sourced from leased farms. The Karur farm is ISO 22000 certified, and maintains high biosecurity measures to comply with the European Union standards, so much so that the eggs are pesticide free, with the six lakh hens being fed a vegetarian diet.

These high quality eggs have also hit Indian supermarkets under the SKM Best Eggs brand. Originally a 100% Export Oriented Unit (EOU), SKM today has a Rs 50 crore business in the domestic market too, which it plans to scale up, as customers get attracted to better produced and better packed ready-to-use products that offer high convenience and extra long shelf life.

Shivkumar’s wife Kumutaavalli too is an entrepreneur who leads the group firm SKM Siddha and Ayurveda Company, while their son Sharath Ram has recently joined the Group as Executive Director after completing his post-graduation from King’s College, London.

SKM Group was founded by Shivkumar’s father SKM Maeilanandhan who had set up SKM Animal Feeds and Foods in Erode, decades back. Under Shivkumar’s watchful eyes, SKM Egg Products is now eyeing an annual turnover of Rs 1000 crore, with the various diverse product lines expected to stabilise the bottomline in the coming quarters.

AIRTEL AND JIO JOIN HANDS WITH ELON MUSK’S STARLINK

AFTER A BITTER FIGHT OVER SPECTRUM ARRANGEMENTS REGARDING STARLINK’S INDIA ENTRY, MUSK JOINS HANDS WITH AMBANI AND MITTAL IN A SURPRISE STARLINK INDIA INTERNET DEAL, WHICH SEEMS TO BE A WIN-WIN FOR ALL. WHILE IT PROVIDES MUSK WITH INSTANT REACH ACROSS INDIA THROUGH JIO’S AND AIRTEL’S FORMIDABLE MARKETING REACH, IT PROVIDES THE INDIAN GIANTS WITH MARKETING ADVANTAGE IN THIS NEW SATELLITE COMMUNICATIONS SPACE, BY THE TIME THEIR OWN SATELLITE OFFERINGS BECOME AVAILABLE.

Mukesh Ambani’s Reliance Jio signed a deal with Elon Musk’s SpaceX to bring Starlink satellite internet services to India, a surprise move from the billionaires after being at odds for months over how the country should grant them spectrum.

India’s largest telecom operator will stock Starlink equipment in its retail stores, giving Starlink a direct distribution point in thousands of such outlets across the country.

Musk and Ambani had fought intensely over how airwaves should be assigned for satellite internet, with New Delhi finally allowing the allocation approach the U.S. billionaire requested for.

Ambani’s Reliance had been concerned, that Musk could dominate the telecom space once he launches his products, but the distribution deal will eventually see the Indian billionaire offering his rival’s products in the fastgrowing market, while also competing with them.

“While it has been surprising, it’s a prudent strategy for Starlink to enter the India market and a win-win for all the parties involved earlier competing for the pie and now cooperating and

sharing,” said Neil Shah, co-founder of research firm Counterpoint.

The Reliance deal follows a similar partnership announcement between Starlink and India’s No. 2 telecom player Bharti Airtel a day before. Both the Airtel and Jio deals are conditional upon Starlink obtaining government approval to begin operations in the country.

The agreements come weeks after Indian Prime Minister Narendra Modi met with Musk in Washington, where they discussed issues including space, mobility, technology and innovation.

India’s satellite service sector is set to grow 36% a year to $1.9 billion by 2030, according to Deloitte.

Starlink has been waiting since 2022 for licenses to operate commercially in India, with no clear timeline yet on a decision. It has been delayed for reasons including national security concerns.

The Jio-SpaceX deal is tied to certain financial terms and will help Reliance offer Starlink products in areas where the Indian company doesn’t have offerings, a source with direct knowledge of the matter said, without disclosing details.

“This is a low-cost entry model” for Starlink in India, the person added.

Jio Platforms, which runs Reliance Jio, will also provide installation and activation support for the Starlink devices.

Reliance said in a statement that Jio and SpaceX are also evaluating other areas of cooperation to leverage their respective infrastructure, without elaborating.

Starlink provides coverage to over 125 markets around the world. As it awaits a license, it has faced some challenges in India, where authorities seized two of the company’s devices, one in an armed conflict zone and another in a drug smuggling bust, prompting Musk to say that its satellite internet service is inactive in India.

The stakes are high for Musk in India, where he also recently signed a deal for the first Tesla showroom to sell its imported electric cars.

Yet, tariffs of over 100% weigh on the carmaker, with Musk repeatedly complaining that they are among the steepest in the world.

“The (Starlink-Jio) deal creates a business modality for Starlink to make government approvals easier,” said Chaitanya Giri, Space Fellow at the Observer Research Foundation.

“The advantage with Starlink is that it is a larger constellation, it benefits from SpaceX’s high rocket launch frequency, and the geopolitical heft thanks to the Trump-Musk relationship,” Giri added.

Jio Platforms, which already operates a satellite internet joint venture with Luxembourg-based SES, has secured approvals from India’s space regulator to launch commercial satellite broadband services in the country.

In previous stand-offs with Starlink, Ambani’s Reliance had urged an auction but the Indian government allowed Musk’s requests, who wanted it to be allocated administratively, in line with global trends.

Ambani had requested New Delhi that he wanted a level playing field. His executives have been worried his telecom company, which spent $19 billion in airwave auctions, risks losing broadband customers to Starlink and potentially data and voice clients as technology advances. But with the new deal, all three players stand to benefit.

(Credit: Reuters)

WHY HAVE LONG TERM INVESTORS IN CUB LARGELY MISSED INDIA’S GREATEST BULL MARKET?

AS CITY UNION BANK DELIVERS YET ANOTHER QUARTER OF MODEST YEARON-YEAR GROWTH AND FLAT SEQUENTIAL GROWTH IN Q1, THE BANKING SECTOR ITSELF IS COMING OUT FROM A FIVE YEAR BOOM PERIOD IN INCOME, PROFITS & STOCK MARKET GROWTH, THAT CITY UNION BANK HAS LARGELY MISSED. NOW, WHEN THE BANKING SECTOR IS ONCE AGAIN STARTING TO FACE ASSET QUALITY STRESS IN SOME KEY SEGMENTS AS WELL AS MOUNTING STRESS IN ATTRACTING LOW COST DEPOSITS, THE CHALLENGES BEFORE CUB’S MD & CEO DR N KAMAKODI ARE ALSO HIGHER.

India’s key banking index, the Nifty Bank, had fallen sharply in reaction to the unprecedented Covid pandemic in the third quarter of FY20, but had swiftly recuperated all its losses and made a fresh All Time High (ATH) as early as the third quarter of FY21. And ever since then, the Nifty Bank has surged on and on, making All Time Highs again and again, with the latest ATH coming during the last month.

In many ways this has been a no-brainer, as the Nifty Bank couldn’t have done otherwise, as almost all businesses from India’s largest conglomerates to its MSMEs emerged stronger and hungrier for growth, driving banking sector’s credit growth and its valuations, as what is perhaps India’s largest ever bull market unfolded.

This period also witnessed an additional advantage in that almost all the banks became finally equipped to tackle NPAs in an effective manner, backed by the support of Government and RBI, and using tools like stressed asset sales to Asset Reconstruction Companies, which made their balance sheets clean and sent their profits surging as provisions started reversing.

But long term investors who got into the City Union Bank counter just before Covid struck were in for a rude shock. The stock of this traditional private sector bank has never recovered enough to make an All Time High since then. When December 2024 arrives, just one quarter from now, City Union Bank (CUB) stock would have completed five years of lost opportunity for its investors.

Mind you, it was no ordinary five years, but a period when Nifty Bank surged nearly 3 times from sub 19,000 levels during FY20 end, to over 52,000 levels recently. The lost opportunity for CUB investors is even more striking when compared with another similar-sized traditional private sector bank from Tamil Nadu itself, whose stock went up by 10X during these same 5 years.

This bank’s performance is no anomaly either as three comparable traditional private sector banks in the neighbouring state of Kerala had surged by over 10X, 7X & 4X during this five year period, even when City Union Bank struggled to reach anywhere near to the All Time High it had set in December 2019. In fact, CUB’s current 52-Week High is still over 40% away from this All Time High.

Just a cursory glance at CUB’s balance sheet during these 5 years is enough to understand its market under performance to a staggering degree vis-a-vis many of its comparable peers. CUB’s annual revenue

DR N KAMAKODI, MD & CEO

run rate grew by just over 26% during these five years, while its annual profit run rate just doubled in the same period, whereas for some comparable banks the profit run rate went up by 7 times or more.

This kind of sluggish growth has continued in CUB during almost all of FY23 and FY24, two of the very best years for the Indian stock market and its listed entities including banks. Even in its latest quarterly numbers, CUB is exhibiting this trend of minimal growth. While its total income and net profit for Q1 has grown by 8% and 16% respectively on a YoY basis, on a sequential or QoQ basis both income and profit growth are nearly flat.

This pattern of modest YoY growth and flat QoQ growth was visible throughout the quarters of FY24, which were among the best for many other comparable banks. Is this a case of CUB being a late bloomer in this post-Covid cycle? Even if this is the case, this may present higher challenges before CUB, going forward.

Because, an overheated stock market that is driven by surging domestic inflows by way of mutual fund SIPs, is presenting a unique problem for banks, as they are struggling to garner enough low cost liabilities like Current Accounts & Savings Accounts (CASA) deposits. This may squeeze a late bloomer like CUB further.

The Kumbakonam, Tamil Nadu, headquartered City Union Bank has long been led by its MD & CEO Dr N Kamakodi. A CUB veteran since 2003, Dr Kamakodi was elevated to the post of MD & CEO in 2011. Despite the gross underperformance of the bank since FY20, the Director Board and shareholders of this 120-year old bank reaffirmed its faith in Dr Kamakodi’s leadership last year, by recommending him for reappointment as MD & CEO for another 3 years, which the RBI also approved.

Of course, it goes to his credit that from FY12 to FY20, the bank had performed exceedingly well, with its stock surging by 7 times within 9 years. The CUB family is seemingly placing all their bets on this past track record. But only time would be able to tell the outcome, as Indian banking once again enters choppy waters after a five-year boom that CUB seems to have largely missed.

VINEGAR CAN HELP COMBAT DEPRESSION, STUDY FINDS

RESEARCHERS HAVE DISCOVERED THAT A DAILY DOSE OF VINEGAR COULD IMPROVE SYMPTOMS OF DEPRESSION, POINTING TO THE POSSIBILITY THAT FUTURE TREATMENTS MIGHT COME WITH A FEW SPOONFULS OF SOUR.

team led by Arizona State University not only tested the effects of regular vinegar consumption but also looked at metabolic activity – the chemical processes that convert food into energy and other biological materials – to look for reasons for the benefits seen with vinegar.

AA significant 86 percent boost in the levels of nicotinamide (a form of vitamin B3) was noticed across the study participants who took liquid vinegar each day. The nutrient has previously been linked to anti-inflammatory effects.

“This data provides additional support that daily vinegar ingestion over four weeks can improve self-reported depression symptomology in generally healthy adults and that alterations in [vitamin B3] metabolism may factor into this improvement,” write Arizona State University dietician Haley Barrong and colleagues in their published paper.

The trial was completed by a total of 28 overweight but otherwise healthy adults, who were split into two groups: one group taking two tablespoons of red wine vinegar twice daily, and the other group taking a daily pill with a very small amount of vinegar in it.

Across the course of the four-week experiment, the participants were asked to answer questions across two standard mental health surveys: the Center for Epidemiological Studies Depression

(CES-D) questionnaire, and the Patient Health Questionnaire (PHQ-9).

Although there was no significant difference between the groups on the CES-D, on the PH9-Q, there was an average drop of 42 percent in depressive symptoms for the high vinegar level group compared with 18 percent for the control group taking the vinegar pill.

There are some limitations: it was a small sample size, the patients had low-level depression to begin with, and the improvements in PHQ-9 symptoms were not significant in a secondary analysis that adjusted for baseline survey scores. But Barrong and her team say the findings warrant a closer look at the relationship.

“Depressive disorders are the most prevalent mental health conditions in the world,” write the researchers.

“The commonly prescribed anti-

depressant medications can have serious side effects, and their efficacy varies widely. Thus, simple, effective adjunct therapies are needed.”

Studies continue to make progress in better understanding what depression is and all the different factors that can potentially play into it – from sleep quality to body temperature.

What’s clear is that depression varies a lot between individuals, and that’s where having a wider range of potential treatments can be so useful.

“Future research examining the effects of vinegar administration in clinically depressed or at-risk populations, and those on antidepressant medications, is warranted,” write the authors. “A focus on mechanisms and large patient samples will strengthen the science and provide the evidence to more firmly demonstrate vinegar’s role in health promotion.”

MEET THE HIDDEN CANCER RISK LURKING INDOORS

ALL INDOOR ENVIRONMENTS LIKE HOMES, OFFICES, CARS, GYMS, RETAIL STORES, PUBLIC TRANSPORT ETC CARRY A DEADLY CANCER RISK THAT IS OFTEN IGNORED. HERE IS HOW TO UNDERSTAND THIS ENEMY AND FIGHT BACK.

Cancer. That dreaded C-word that no one wants to hear uttered by a medical professional. Yet, it seems more prevalent than ever. In 2020, there were an estimated 19.3 million new cancer cases and, devastatingly, 10 million cancer-related deaths worldwide. This disease is the first or second leading cause of premature death in 134 out of 183 countries.

Over the last few decades, researchers have learned more and more about this wide-ranging disease. But it seems the more we learn, the more questions we’re left with. What causes the various types of cancers? How do we avoid them? Is there a way to better diagnose and treat affected patients?

It will take decades to uncover the answers to these questions. What we do know, however, is that exposure to specific substances and factors can lead to uncontrollable cell growth within the body.

Tobacco chemicals are a prime example. Another is ultraviolet radiation from the sun. If we avoid smoking and protect ourselves from the sun, we decrease our risk of cancer.

The point is that by being aware of the dangers of specific products and environmental factors, we can take steps to prevent their harmful impact.

Strangely, one aspect that has not garnered attention, and one you probably haven’t considered, is the air you breathe. Exposure to pollutants in the air can increase the risk of developing cancer.

The average person spends around 90% of their time indoors and breathes around 20,000 breaths per day. Have you ever really sat down and considered what’s in it, though?

Chances are, it’s packed with all sorts of things. Dust, pet dander, dust mite fragments, pesticides, mold spores, bacteria, volatile organic compounds (VOCs), per & polyfluoroalkyl substances (PFAS), mycotoxins, chemicals, radon, and more. How does all of that impact your health?

Let’s take a look at VOCs alone. According to the EPA, indoor levels of VOCs can be 2 to 5 times higher than outdoors on average. Short-term exposure to these compounds can lead to eye, nose, and throat irritation, as well as headaches and dizziness. Chronic exposure to VOCs can lead to central nervous system and organ damage. Some can even cause cancer.

As one study states, “...human tissues, including kidney, liver, leukemia, nasal cavity, paranasal sinus, liver and bile duct, could be more involved in the development of cancers or tumors when people are exposed to these VOCs through inhalation route in buildings over a long period of time.” VOCs are just one piece of the puzzle. What about the countless other invisible threats circulating through our indoor air? Much more research is needed to better understand how our indoor air impacts our health and the relationship it has with cancer development.

Nevertheless, here’s what we know so far - and why focusing on improving the quality of the air you breathe is absolutely crucial for well-being.

As you may have guessed, the harmful impact of air pollution on the lungs can result in cancer and is one of the major focuses of current research. The UICC reports that around 7 million deaths each year are linked to air pollution, with lung cancer being one of the leading causes of death.

That said, our lungs aren’t the only organs negatively impacted by toxic air. Emerging research has also begun to link air pollution to various cancers, including bladder, breast, liver, kidney, brain, and pancreatic cancers.

At the moment, the main focus has been assessing how tiny particles, called fine particulate matter or PM2.52, impact the body. These can range from soot, dust, smoke, mycotoxins, bacteria, and more. The main problem with these tiny airborne particles is that they can penetrate deep into the lungs and enter the bloodstream, significantly raising cancer risks.

That being said, particulate matter isn’t the only problem. As mentioned previously, VOCs are a major concern for cancer risks, as well as pollutants like nitrogen dioxide (NO‚ ), ozone (Oƒ ), and heavy metals.

A study from Harvard on PM2.5 found that for every one microgram per cubic meter increase in fine particulate matter, the risk of developing non-lung cancer goes up by 3%. Another linked PM2.5 exposure to higher rates of neck and head cancer.

Various research into the impact of nitrogen dioxide has found that NO‚

exposure increases the risk of lung cancer, even in non-smokers. Exposure to Ozone can harm lung cells, increasing the risk of lung cancer.

VOCs have been linked to various types of cancer, including lung, liver, and kidney cancers. Benzene, one type of VOC, has been linked to leukemia and blood cancer. Another study found that the chances of developing cancer increase threefold on polluted days with high VOC levels compared to cleaner days.

These are just a few instances showing how pollutants in your air can impact health and potentially lead to lifealtering conditions like cancer and more. These same studies have also found that certain groups of people are more vulnerable to cancer risks from polluted air. Older adults, children, and those with existing health issues are particularly vulnerable.

One interesting note from many researchers is that there is no completely safe level of air pollution.

As the European Environmental Agency states, “There are no safe exposure levels for key cancer-causing pollutants like PM2.5, which means that even minimal exposure contributes to increased cancer risk. This calls for a reevaluation of what constitutes ‘safe’ air quality standards.”

Think about what locations you spend the most time in. Now, here’s what might be in the air:

Inside your home, VOCs from cleaning products, furniture, and paints; NO‚ from gas stoves; PM2.5 from candles, cooking, and dust buildup.

In your car, there is exposure to NO‚ and PM2.5 from traffic pollution, especially when idling or driving in tunnels and congested areas. Cars still count as indoor environments!

While at work in office buildings with poor ventilation, you can have elevated VOCs from carpets, office furniture, printers, and cleaning products, as well as PM2.5 from HVAC systems and a myriad of other sources.

In public spaces like gyms, high VOC levels from cleaning products and PM2.5 from microbial sources due to increased moisture are prevalent; whereas in retail stores unpacking of

new products produces the off-gassing effect, which you may feel as the ‘new smell’ from new products and materials, which is basically the release of trapped VOCs.

In schools & daycares, especially in older buildings, one issue is poor ventilation, leading to higher concentrations of NO‚ and VOCs from materials, cleaning products, and school supplies like markers and adhesives. Not to mention, PM2.5 from the constant flow of children in and out and the increasing issue of microbial growth.

Everyday environments can expose you to various harmful pollutants, making indoor air quality awareness essential for long-term health.

With buildings being built tighter than ever to promote energy efficiency and chemicals being added to everyday items like furniture, our indoor spaces are becoming toxic bubbles.

Highlighting the increased risk of cancer due to air pollution isn’t intended to cause harm - it’s intended to create greater awareness about the importance of working to promote healthier air.

So, what can we do to create healthier, cleaner air? Lots of things! Here are some ways you can improve the air you breathe:

Air purifiers are a phenomenal way to reduce contaminants indoors. These machines help to eliminate airborne particles and gases so that they’re not circulating through our indoor spaces and making their way into our bodies. Not all air purifiers are built the same, though. You want to go with a unit that removes the maximum number of contaminants possible.

Using botanical cleaners, microfiber towels, and a HEPA vacuum cleaner to tackle daily, weekly, monthly, and seasonal cleaning to eliminate contaminants like fine particulate matter will be helpful. The fewer there are on surfaces throughout the homes, the less it will be in your air.

Switching to the highest-rated MERV filters possible for the specific HVAC system is a phenomenal way to improve indoor air quality and decrease particles in the home. Choose HVAC filters with advanced technology designed to

remove these contaminants from the air. Otherwise, they’ll circulate back into the home, creating a dirtier and unhealthy environment. Also, change these on time. A dirty filter will not cleanse the air as needed.

Avoid buying things high in VOCs of PFA content and instead look for VOCfree and PFAS-free or low-emission alternatives. You can check product labels to determine if the item contains certain harmful chemicals or look for certain certifications.

Address leaks and moisture intrusion as quickly as possible to avoid issues such as mold and bacteria growth. These can wreak havoc on your indoor air quality and cause harmful exposures.

Porous surfaces like curtains and carpets are particularly difficult to clean because microscopic particles can settle within the fibers of the surface. Over time, this can lead to a buildup of fine particles and contaminants. This will negatively impact your air quality because any time the surface is disturbed, those contaminants become airborne. Stick to more cleanable surfaces within the home as much as possible to help prevent contaminant buildup.

This is a brief list, but it showcases just how much we can do to improve the air we breathe.

Exercising, eating a balanced diet, getting enough sleep, reducing stress, and avoiding harmful substances are all ways to decrease the risk of developing cancer. While these are well-known ways, the neglected way is breathing clean air. The fewer substances in our air, the healthier it will be for our bodies.

Promoting healthy indoor air quality will benefit humanity as a whole. With chronic disease and cancer rates increasing, this will be a key component to living healthier lives and preventing illness. It’s high time we started paying attention to the greatest route of exposure we face and actively working to ensure it promotes wellness rather than harming our bodies.

This is one piece of the puzzle in helping people live healthier, happier lives for generations to come.

(Credit: Michael Rubino for MindBodyGreen)

K K K K

A NEW SIMPLE, POSITIVE PSYCHOTHERAPY HOLDS HOPE AGAINST DEPRESSION & ANXIETY

NEW PSYCHOTHERAPIES LIKE PAT AND ADEPT THAT FOCUS ON POSITIVE EXPERIENCES CAN HELP PEOPLE WITH DEPRESSION AND ANXIETY FIND JOY IN LIFE. WHAT IS MORE, ELEMENTS OF SUCH PSYCHOLOGY CAN BE SELF-PRACTICED TOO BY PATIENTS.

atie, a 40-year-old woman in the county of Devon in England, has battled depression most of her life. She’s received lots of treatment, including with cognitive-behavioral therapy (CBT). The latter approach did help, she says. “I am prone to catastrophizing, and CBT helped me reduce those fears and some self-harming behaviors,” Katie adds, “But I never felt joy.”

CBT is the gold standard therapy for treating depression and anxiety, one or both of which will afflict around 20 percent of people during their lifetime. It may be the best remedy we have, a growing number of scientists say, but it doesn’t help everyone. Research shows that only half of patients benefit and that only half of those who do benefit do so long-term. CBT does reduce symptoms such as low mood and fearfulness. For many, however, it doesn’t restore positive feelings such as happiness or excitement.

“We had always assumed that by reducing negative emotions—anger, fear, anxiety, sadness—the natural consequence would be for positive emotions to rise on their own,” says clinical psychologist Michelle Craske of the University of California, Los Angeles. “And they don’t—well, not reliably.”

Feeling the pressing need to do better, Craske and other scientists are developing new treatments to fill this gap. They are using elements of CBT but turning it on its head. Instead of working to reduce patients’ unrealistic worries or self-defeating beliefs, the researchers focus on helping them identify and enlarge their positive

emotions, no matter how transient or tiny. These new approaches are now being tested in large-scale clinical trials in the U.S. and the U.K. and are showing great promise.

One of the largest efforts underway involves a technique called positive affect treatment (PAT),which was developed by Craske, clinical psychologist Alicia Meuret of Southern Methodist University and their colleagues. The researchers are now conducting their third National Institute of Health–funded clinical trial of PAT. In the two trials published so far, they compare the results of 15 weeks of PAT against the same time frame for a version of CBT, which they call negative affect treatment (NAT). The participants, who have been randomly assigned to a treatment, have all been diagnosed with depression and/or anxiety. Most have also suffered from anhedonia, a reduced ability to feel positive emotions.

Craske’s team based PAT on decades of research that has showed that people

with limited ability to feel pleasurable emotions were likelier to develop anxiety or depression. Brain research revealed that people whose neural circuits did not show activation in the region that registers “reward” correlated with those who experienced depression and anxiety.

Craske and her colleagues hypothesized that targeting this mechanism for reward sensitivity could help strengthen affected people’s ability to feel positive emotions. Getting the mind and brain to process rewards consists of three parts: anticipation, consumption and learning—or, in plainer English, wanting, enjoying and learning.

Imagine a teenage girl who hears Taylor Swift is coming to town and offers to clean the house for a month if her parents will buy tickets. That’s wanting. At the concert she’s euphoric. That’s enjoyment. She notices the cheaper seats are almost as good, and that might make it easier to go next time. That’s learning.

Someone with depression and anxiety may fall short on any or all of these measures. For instance, let’s say a woman with these conditions tells her therapist that she used to love lunching with a friend, but lately, even when she was able to make herself go, she felt numb when there and worse afterward. The therapist then assigns this patient to schedule a lunch date, and she does so but feels down afterward. Her friend had to leave early, and she’s sure that she was boring, that her friend won’t want to see her again, and that she’ll end up friendless and alone.

In typical CBT, the therapist would help this woman assess her beliefs and show her they’re faulty. The therapist would also examine her catastrophic fears and scale them down to realistic and manageable size. If the patient hyperventilated, she might be taught breathing techniques to gain calm.

In PAT, the therapist would ask this patient to identify anything enjoyable about her lunch date, however tiny. Let’s say that the patient offers that the fragrances from the kitchen made her hungry, that her friend laughed at an anecdote she told and that, at the end, her friend gave her a hug. The therapist then asks her to savor those “silver linings,” to stay with them in all their sensory and emotional dimensions— the scents, her friend’s laugh, the warmth of the hug—and to imagine having these experiences in the future. PAT also incorporates elements such as practicing gratitude and generosity. Trial results showed that PAT was significantly more effective than NAT for those with anhedonia, moderate to severe depression and anxiety. Another therapy called augmented depression therapy (ADepT) overlaps with PAT, says clinical psychologist Barney Dunn of the University of Exeter in England, who developed the treatment with his colleagues. It includes identifying and savoring positive experiences. But it goes further. “ADepT focuses on both positive and negative affect in a pragmatic, solutionfocused way,” Dunn says. For example, it helps patients identify and change patterns of thought and behavior that interfere with achieving their goals in

life. If someone who was about to give a talk felt like an imposter, he says, CBT would test the validity of that feeling. “ADepT,” he says, “would instead ask what thought might be useful and try this on for size: ‘I know enough about this topic and will do an okay job.’”

In the first clinical trial for ADepT, it was more effective than CBT at reducing symptoms of depression and anxiety and improving overall well-being, including by making people feel more pleasure and function better in life. Eighty percent of the ADepT participants showed reduced symptoms compared with 60 percent of the CBT group. Significantly, a year later, 60 percent of those who had improved with ADepT stayed well compared with 50 percent of those who had done so with CBT. “So we’re getting more people better, and they’re staying better for longer by choosing to turn toward the positive,” Dunn says.

A challenge to focusing patients on the positive is that many fear happiness. Some believe it is fleeting and will be followed by a terrible fall. Others feel they don’t deserve to be happy. “People with depression do a whole set of behaviors to snuff out the joy because it’s so weird and uncomfortable,” Dunn says. For that reason, he says, it’s necessary to help them accept happiness in very small steps. “If someone’s afraid of spiders, you don’t stick a tarantula in their face.”

Many anxiety sufferers believe that worrying prevents bad things from happening. They’re certain that expecting the worst protects them from one of their biggest fears: letting themselves feel happy and then being

felled by the gut punch of a horrible event. Experts call this fear contrast avoidance. To circumvent it, anxious people apply killjoy thinking to any glimmer of glee.

One new tool to target contrast avoidance is an experimental phone counseling app called SkillJoy. Created by Skidmore College psychologist Lucas LaFreniere and Pennsylvania State University psychologist Michelle Newman, the app prompts users to notice and savor positive experiences throughout the day and, despite discomfort, to stay with the good feelings as long as possible. In a randomized clinical trial that compared the tool against an app that did not encourage savoring, SkillJoy significantly reduced contrast avoidance.

Other examples of such “positive therapies” are emerging: among them are amplification of positivity treatment, which was designed to improve social connectedness, and behavioral activation therapy, which has been used to treat anhedonia. Such positivepsychology-focused therapy may, some argue, eventually become the treatment of choice for a certain kind of patient, or it could become a key element in a hybrid therapy that will become the new gold standard. When these techniques are used in psychotherapy with private patients, Craske says, they will be adapted to the individual. A patient whose priority is getting rid of panic attacks should probably start with CBT, she says. A depressed patient who most wants to feel a sense of contentment and joy should probably go for a positive therapy.

Katie, the English woman who yearned to feel pleasure, is finding it with the help of an AdepT therapist. She’s been able to identify things she loves such as swimming in the ocean. Whether taking her regular dip along her local Devon coastline or reliving her vacation plunge into the frigid waters off Iceland, she experiences a joy that permeates her life and makes the hard things easier to handle. “Capturing these moments and building on them has been transformative,” she says. “I feel like I am starting to live for the first time.”

SEASONAL MAGAZINE

ARE YOU BORN TO RUN OR DO YOGA?

ARE

ATHLETES BORN OR MADE? A

NEW STUDY REVEALS WHICH FITNESS TRAITS ARE PRIMARILY GENETIC. IF YOU FEEL LIKE YOUR ATHLETIC PERFORMANCE IS FALLING SHORT, THIS NEW RESEARCH MIGHT EXPLAIN WHY

Iran elementary school cross country for the first time when I was in third grade. The main thing I remember about our practices was that we spent a lot of time trying to touch our toes, and I was terrible at it. Years later, that would become a reassuring memory, because as a teen and adult runner I spent hours each week stretching and yet remained absurdly inflexible. I even have a kindergarten class photo where all the other kids are sitting happily crosslegged while I’m clearly uncomfortable, my knees nearly touching my chin. This is a fitness affliction shaped by my genetics, not a reflection of my laziness and hate of stretching.

So it’s no shock to me that a new study finds that, of all fitness domains, flexibility is the one most determined by your genes. The study, which is published in Medicine & Science in Sports & Exercise, uses data from twin pairs to tease out the respective contributions of genes and environment—talent and training, you might say—for fifteen different fitness tests. Overall, the results support the notion that picking your parents well is a crucial step on the road to athletic stardom, but they also reveal some surprising nuances about how nature and nurture interact.

An international team of researchers led by Karri Silventoinen of the University of Helsinki tested a group of 198 pairs of twins between the ages of 6 and 18 in the Portuguese archipelago of Madeira. All the twins completed a battery of 15 fitness tests, and the results were analyzed to figure out how much of the variation between individuals was determined by their genes versus

SEASONAL MAGAZINE

their environment.

The key point is that 78 of the twin pairs were identical, meaning that they share exactly the same DNA, while the rest were fraternal (or sororal), meaning that they share on average half of their DNA. If the results of a given test are more similar within identical twin pairs than fraternal pairs, that indicates that there’s a genetic influence.

You can split the role of the environment into two components. There are shared environmental factors, like the neighborhood you grow up in, your socioeconomic status, the opportunities available to you to play sports, and so on. And there are unique environmental factors, which reflect your particular path through life: whether you joined a sports team or

broke your ankle or had a great gym teacher. Surprisingly, in contrast to some earlier data, the effects of shared environmental factors appeared to be negligible in the new study, so the analysis focused only on genetic and unique environmental factors.

The 15 fitness tests came from two different standardized testing batteries. Eurofit involved the flamingo test (balancing on one leg), plate tapping (moving your hand back and forth between two plates as quickly as possible to test reaction time and quickness), sit-and-reach (touching your toes from a sitting position), standing long jump, handgrip, sit-ups, bent arm hang (holding the top position of a pullup for as long as possible), shuttle run of 10 times 5 meters, and 12-minute run/walk. Fitnessgram involved sit-and-

reach separately on the right and left sides, trunk lift (lying on the floor and lifting your stomach and upper body as high as possible off the ground), curl up (a partial sit-up), push up, and 20-meter shuttle run (better known as the Beep Test, where you have to cover the 20 meters faster and faster until you can no longer keep pace with the beeps).

Overall, genes played a big role in the results, with genetic contributions ranging from a low of 52 percent for the standing long jump to 79 percent for the sit-and-reach flexibility test. According to the researchers, that range of heritability is similar or slightly lower than for height and childhood BMI; on the other hand, it’s higher than the heritability of adult personality and other psychological traits.

One of the most interesting questions is the degree to which performance in one test predicted performance in other tests. After all, why do a ninecomponent fitness test if the same people do well in all of the components? Overall, the correlation between different tests was “modest to moderate”—that is, far from perfect. In fact, they found very little redundancy between tests (other than the three versions of the sit-and-reach test, which were measuring essentially the same thing).

The test that was most uncorrelated with the others was the trunk lift. This seems to be a skill that’s separate from, say,

how fast you can run or how far you can jump. At the other extreme, the three exercises that were most correlated with the rest of the tests were push-ups, standing long jump, and the Beep Test. If you want a simple and quick way of assessing someone’s overall physical fitness, these three tests are your best bet.

If I’d had to guess, I would have said that sprinting and explosive power abilities would be far more heritable than aerobic endurance. We’ve all heard stories about “talentless” grinders who’ve spent years putting in miles until they blossom into great marathoners. Less common, at least as far as I know, are slow, uncoordinated stumblers who put in long hours of plyometrics and weighted-sled pulls and emerge as champion sprinters. The results here don’t back up that assumption, though. Standing long jump is probably the best measure of explosive power among these tests, and it had the lowest genetic contribution.

This may be a function, in part, of the distinction between two facets of talent: untrained performance level, and trainability. This is an idea that David Epstein discussed in his 2013 book, The Sports Gene, and that has been expanded on in long-running debates about the nature of talent. Life in the 21st century being what it is, we can probably assume that the vast majority

of these twin pairs were untrained, at least in a formal sense. Standing long jump performance may reflect the explosive properties of their muscles, along with the degree of coordination that they’ve developed from active (or inactive) childhoods. But it doesn’t reflect a concerted effort to train.

Similarly, the high heritability of the 12minute results don’t reflect the effects of, say, 100-mile weeks. All these estimates of heritability reflect our starting points, but don’t tell us much about where, with sufficient hard work, we might end up. Trainability, too, is partly dictated by our genes—but for the most part, it’s dictated by different genes than your untrained performance level. There’s one final point to make. Digging into the data, you see that flexibility (as measured by the sit-andreach test) and aerobic fitness (as measured by the 12-minute run/walk) have some of the highest genetic contributions. It’s not necessarily the same genes, though! Those who are naturally good at one fitness domain may be terrible at another, and vice versa. And that’s not always a bad thing. In fact, there’s solid evidence that people who are less flexible tend to be more efficient runners. My pathetic inborn flexibility, it turns out, was a superpower all along.

(Credit: Alex Hutchinson for Outside)

SEASONAL MAGAZINE

HERE IS SOMEONE WHO LEARNED CODING IN HIS 50s

ANDREW SMITH,A WRITER WITH NO TECHNICAL BACKGROUND RECOUNTS HIS INCREDIBLE JOURNEY INTO THE REALM OF CODING AND THE INVALUABLE LESSON IT TAUGHT HIM ABOUT THE MODERN WORLD.

ne day in 2017 I had a realisation that seems obvious now but had the power to shock back then: almost everything I did was being mediated by computer code. And as the trickle of code into my world became a flood, that world seemed to be getting not better but worse in approximate proportion. I began to wonder why.

Two possibilities sprang immediately to mind. One was the people who wrote the code – coders – long depicted in pop culture as a clan of vaguely comic, Tolkien-worshipping misfits. Another was the uber-capitalist system within which many worked, exemplified by the profoundly weird Silicon Valley. Were one or both using code to recast the human environment as something more amenable to them?

There was also a third possibility, one I barely dared contemplate because the prospect of it was so appalling. What if there was something about the way we compute that was at odds with the way humans are? I’d never heard anyone suggest such a possibility, but in theory, at least, it was there. Slowly, it became clear that the only way to find out would be to climb inside the machine by

learning to code myself.

Each language has its own distinct ethos and followers, parlayed into subcultures as passionate and complete as youth subcultures

As a writer in my 50s with no technical background, I knew almost nothing about how code worked. But I had come across – and been intrigued by –coders when writing a magazine feature about bitcoin a few years before. The cryptocurrency’s pseudonymous creator, Satoshi Nakamoto, had left few clues as to his identity before vanishing. Yet he had left 100,000 lines of code, which I found his peers reading like literature. I learned that there were thousands of programming languages used to communicate with the machines, including a few dozen big ones whose names tended to suggest either roses or unconscionably strong cleaning products (Perl, Ruby, Cobol, Go), and that each had its own distinct ethos and cultish band of followers, parlayed into subcultures as passionate and complete as the youth subcultures – punks, mods, goths, skinheads – I grew up with.

It seemed there could be rivalry, even mild animosity, between these tribes, a

friction coders half-jokingly referred to as “religious wars” on the grounds that no one was ever going to change their mind. Suddenly, the coder’s realm looked rich and intriguing. Later, I spoke to a theoretical physicist who had been studying “high frequency trading” on the stock market, wherein algorithms working outside human control fight to fool one another as to the market’s state. I was aghast but fascinated when he referred to this cosmos of code as “the first truly human-made ecosystem”. His team’s study was published, not in a physics or computing journal, but in Nature.

A residue of curiosity was all I had on my side as I set out to learn in a domain that proved quirkier – and often funnier – than I would have dared imagine. As with all code naifs, my first task was to choose a language. But on what basis?

At length, I found an extraordinary website called freeCodeCamp, where I learned there was a classic trio of languages behind most websites and that many learners started with these. HTML, for Hypertext Markup Language, was created at the dawn of the world wide web by Tim Berners-Lee and is used to define the structure of a webpage, while CSS (Cascading Style Sheets) allows for the styling of HTML elements. Optionally, JavaScript could be used to animate those elements. I enjoyed the first two, working through my first code crisis and experiencing the joy of seeing the machine do something I’d intended. Until someone pointed out that I probably liked HTML and CSS because they weren’t “algorithmic”: I was just moving stuff around. This was coding, in other words, but not programming.

Some swearing happened then. Yet in my heart I knew my choice hadn’t been random. Algorithms are slippery and hard to control in an essentially binary, alien and unforgiving environment, where a misplaced comma can cause a plane to crash or a satellite to explode. Obviously, part of me had wanted to avoid them. Then I looked at JavaScript, the powerfully algorithmic pillar of the web triad – and hated it.

At root, algorithms are simple things, mostly consisting of “if” statements (if “x” happens, do “y”; else do “z”) and “while loops” (so long as “x” applies, keep doing “y”; when “x” no longer applies, stop doing “y”). So by their nature,

algorithms concentrate and reinforce what they are given. In principle, if those things are good, the world gets better; if they are bad, the world gets worse. In fact, it’s not so simple. My dismay at JavaScript was about more than discomfort with algorithms, though. Strange as it seemed for what I’d always thought of as a hyperrational realm, the primary problem was aesthetic. Emotional. Just looking at JavaScript, with its ugly flights of brackets and braces and unnecessary-seeming reams of semicolons, made me miserable. There also seemed to be 25 different ways to accomplish every task and these were constantly changing, turning the language into a kind of coding wild west. The more time I spent with it, the more I thought: “I can’t do this; coding’s not for me – I don’t have the right kind of mind (and never liked Star Wars).”

My first day at the Python coders’ conference was less like the stiff gathering of my imagining than the first day back at Hogwarts

At this low ebb, I had a stroke of luck when a pro-coder friend of a friend suggested I try another language before giving up. He put me in touch with a man called Nicholas Tollervey, who was prominent within the Python language community. Before calling Tollervey, I looked at Python and instantly felt more at home with it. The first thing I noticed was the spare simplicity of its syntax, which used indentation rather than ugly symbols to delineate instructions to the machine. The language was designed by a naturally collaborative Dutchman named Guido van Rossum, who prized communication, community and concern for how his language would behave in the wild – in other words, empathy – above all else. He named his language Python after Monty Python, a whimsical, human touch that seemed promising. When Tollervey suggested I travel to Cleveland, Ohio, to experience the 4,000-strong PyCon conference, I found myself agreeing, with no idea what I was agreeing to.

The first day was less like the stiff gathering of my imagining than the first day back at Hogwarts. I met up with Tollervey, who graduated from the Royal College of Music as a tuba player before pivoting to code – the kind of backstory I’d hear often at PyCon. I learned that Python first appeared in the early 1990s but took the better part of

two decades to catch on: Van Rossum tells of calling a meet-up at a large computing conference early this century, to find only a handful of enthusiasts turning up. Yet, as programs grew in size and complexity, his priorities for the language began to tell. When I asked the then Python Software Foundation chair Naomi Ceder how Guido – to “Pythonistas”, he is always just Guido – had foreseen the way the coding environment would change, she said he didn’t.

“No one could! This may sound weird coming from a coder, but I think what Guido brings is an aesthetic sense… his strong attention to the aesthetics of the language gave it a form and structure amenable to adaptation and scaling, like a classical building.”

The values and assumptions in programming languages inform the software that’s written with them and change the world accordingly

This may sound unremarkable in the outside world but in code it is not. Larry Wall, the fascinating polymath who created Perl – which seemed to be eclipsing Python and most of its peers in the 1990s – specifically defined his language in opposition to Python. The latter, he said, was a modernist creation, imposing its own aesthetic and limiting freedom of choice or interpretation, deprioritising the individual. Perl, he claimed, was explicitly postmodern, providing the individual with as many options as possible and leaving them to decide what to use. I think Wall is right on both counts, even if this is a discussion I never expected to have in connection with code. There is a serious point, though, which I started to glimpse at PyCon: that the values and assumptions contained in programming languages inform the software that’s written with them and change the world accordingly.

I was surprised how much fun I had with the Pythonistas. Coding has a gender

and race problem, with only about 5% of professionals identifying as women or either Black, African or Caribbean. It would take me several years to get to the bottom of why this is. But strenuous efforts were being made to address the problem within Python communities around the world, notably in Africa. One organisation trying to reverse this imbalance is PyLadies, which traditionally holds a fundraising auction on the Saturday night of conference. I scored a ticket and got a first real sense, in microcosm, of a community that, while still too narrow in terms of gender and race, is easily the most culturally and neurologically diverse group I’ve ever seen.

The auction highlight for me involved a painting by one of the younger PyLadies. The auctioneer explained how, the previous year, Lynn had suffered a severe burnout – common in a field where small actions can have massive effects. She’d retreated from code and started painting watercolours in her search for peace. The other PyLadies had worked hard to persuade her to offer a painting of her cats, but from where I sat I could see she was shaking with anxiety, clinging to a colleague behind the scenes. The painting had meant so much to her, but what could it mean to others?

I watched in wonder as bidding started slowly then accelerated to a peak of $1,410, as the young coder dissolved into tears then floods of tears with the visceral release of a cliff crumbling into the sea, and I went away thinking this was one of the most beautiful things I had ever seen; knowing this was a community I wanted to get to know better.

Two years later I would be writing my first nervy Python as a volunteer in the San Francisco brigade of Code for America, the nonprofit coding equivalent of the Peace Corps, working on a pandemic dashboard for the Bay Area and feeling like the world’s unlikeliest convert to code culture.

Even so, as I burrowed deeper into Silicon Valley and what I came to think of as the “microcosmos”, I did find a hidden wrinkle in the way we compute, something intrinsic to the code itself, which is at odds with the way we’ve evolved to be. Something that has been concentrating power, abrading society and casting an algorithmic spell over us as a species – and will continue to do so until we bring it under control. Just when I thought my work was done, it was about to begin in earnest.

(Credit: The Guardian) SEASONAL

THE ULTRA PROCESSED FOOD THAT CAN KILL YOU EARLY

I’M ELIZA CHENG AND COME FROM A BLUE ZONE WHERE PEOPLE OFTEN LIVE 10 YEARS LONGER THAN AVERAGE. THIS IS THE NO. 1 ULTRA-PROCESSED FOOD I ALWAYS AVOID.

’m from Loma Linda, California, a small city known as the only Blue Zone in America. Studies have shown that residents live up to around a decade longer than the rest of the United States.

Today, much of my work is informed by my upbringing, and the strong emphasis my community in Loma Linda put on on health and nutrition.

Based on principles of longevity and research from Blue Zones, I encourage my clients to focus on balanced nutrition, regular joyful movement, developing healthy coping mechanisms for stress management and adequate sleep. My ultimate goal is to encourage my clients to pay attention to the foods that give them energy — and help them avoid foods that are ultraprocessed and lack key nutrients.

Now on to why I never consume energy drinks. Energy drinks have become popularized through social media over the years. They’re often marketed as quick solutions for boosting energy, fueling during a preworkout and enhancing alertness.

As a dietitian, though, here’s why I advise caution:

1. Energy drinks can disrupt your sleep and your appetite

One of the main ingredients in many energy drinks is caffeine. While it can improve alertness and concentration, excessive consumption of it can lead to adverse effects such as increased heart rate, high blood pressure and anxiety. It can disrupt sleep patterns, which can lead to fatigue and further reliance on these beverages. Caffeine is known to have appetite-suppressing properties. Many of my clients have reported a reduced desire for meals

after consuming caffeinated drinks. While an energy drink may provide temporary fullness, it is not a meal and should not be used as a replacement for one.

2. Energy drinks can spike blood sugar and increase inflammation

A typical can of an energy drink often contains up to 30 grams of sugar per serving. Too much sugar can contribute to various health issues, including increased inflammation and dental problems. In addition to caffeine and sugar, energy drinks may include other stimulants such as guarana and taurine. While these ingredients are generally recognized as safe, their combined effects with caffeine are not as well-researched and may pose additional health risks.

3. Energy drinks can affect your physical and mental health

Frequent consumption of energy drinks is associated with increased symptoms of anxiety, depression and stress, studies have shown, and with a substantial increase in norepinephrine, a stress hormone that could potentially lead to increased heart rate and blood pressure. Individual responses to energy drinks can vary significantly. Factors such as age, medication use and underlying health conditions can influence how your body reacts to these beverages.

Knowing that, it is important to consult with a physician before consuming energy drinks regularly, especially if you have any pre-existing health concerns. For my clients, I always recommend water, green tea, herbal teas, coconut water and kombucha as great alternatives for energy drinks.

If you find yourself constantly needing energy boosts, my best advice is to consider discussing your lifestyle and eating patterns with a registered dietitian. That can help you identify a healthier and more sustainable relationship with food and your body.