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VOLUME 21 ISSUE 11 NOVEMBER 2023

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INDIA HAS SOME UNIQUE CAPABILITIES, BUT THESE AREN’T WHAT MOST PEOPLE THINK.

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

If you think that India becoming the fourth nation ever on this planet to successfully land an unmanned probe on the moon is one such capability, you are right, but in a very superficial kind of way. The real Indian achievement behind this is something else, something much deeper. But to appreciate that, you should realise why most of the world stopped sending probes or people to the moon.

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All health related articles are for first information purposes only. Always consult your doctor before taking any decison affecting your health.

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EDITORIAL

For instance, after the US put the first two people on the moon on Apollo 11 in 1969, and despite being in the height of the cold war and space war back then, the Soviet Union or China or any other such capable nation didn’t ever try to put a man on the moon. The reason is simple enough to understand - exorbitant cost.

The US itself pursued the moon landings vigorously, in the 6 subsequent missions from Apollo 12 to Apollo 17 in 1972. Of these, except for Apollo 13, all the other five missions succeeded in placing people on the moon. But it is noteworthy that despite having financially well-off allies like the UK, France, Australia, Canada, Israel etc, none of them invested seriously in any of the Apollo programs. Again, the reason was the same - exorbitant cost.

Finally, NASA itself was forced to call off further moon missions as the Apollo missions were becoming prohibitively expensive for even a country like the US. At the same time, benefits from the moon missions were tapering off, and the US realised that it is far better

While the ties of many of these companies with ISRO predates PM Narendra Modi’s tenure, there is no doubt that PM Modi’s political leadership and his vision behind the ‘Make in India’ initiative have played a crucial role in the success of Chandrayaan. And even more importantly, it will play a greater role going forward, as many of these companies and their peers may emerge as export powerhouses in space and ancillary space business as India markets its newfound space prowess.

from a research point of view to create a manned space station and thus happened Skylab in 1973.

The Soviet Union did a one-up on the monolithic design of Skylab, by creating the first modular space station, assembled in space, the Mir in 1986. Meanwhile, the US had perfected the reusable Space Shuttle in 1981, and the cold war was ending, and the US and Russia decided to cooperate on creating a common space station along with Japan, European Union & Canada, and thus was established the International Space Station (ISS) in 1998. ISS was indeed more bang for buck, compared with manned or unmanned moon missions.

This is where the Indian genius behind the Chandrayaan program shines through. For instance, the Chandrayaan3 that finally succeeded in placing our own unmanned probe on the moon in 2023 cost merely Rs. 615 crore or around $75 million. As someone recently pointed this out in X / Twitter, it is less than half of the $165 million it cost for making the Hollywood space thriller ‘Interstellar’ in 2014, nine years back! This unbelievable cost-effectiveness of India was appreciated even by Elon Musk, the world’s richest person and owner of both X and SpaceX, the world’s most successful private spaceflight company.

What contributed to this world-beating cost effectiveness of ISRO and Chandrayaan is undoubtedly the lean nature of ISRO and the moon mission’s ‘made in India’ nature. Several Indian companies - from both public & private sectors - including L&T, Mishra Dhatu Nigam, Bharat Electronics, Bharat Heavy Electricals, MTAR Technologies, Godrej Aerospace, Ankit Aerospace, Walchandnagar Industries, Centum Electronics and more have contributed significantly to the Chandrayaan mission.

Of course, much more can be done, like bettering the production linked incentive (PLI) scheme to bring in more high-technology manufacturing with real transfer of technology that matters. As former RBI Governor Dr. Raghuram Rajan had pointed out recently, India has much more talent and innovation to create world beating companies in the manufacturing design arena like chip designers Arm and Nvidia (that doesn’t manufacture chips on their own), rather than chip manufacturing giants like TSMC of Taiwan.

Incidentally, the strength of the UK based Arm is now out in the open, as every tech giant from Apple, Amazon, Intel, Nvidia, Alphabet, Microsoft, Samsung and TSMC are vying for a pie in the upcoming $7 billion Arm IPO in NASDAQ, under the 10% client category, in a desperate attempt to control their competitors’ influence over this unique chip designer that designs over 99% of mobile processors and the majority of cloud & AI processors in the world.

Nvidia’s attempt to buy Arm from the current owner SoftBank for $40 billion had failed in 2020 due to antitrust issues, but the upcoming IPO may see Arm ending with a $70-80 billion valuation, just three years later.

While India can definitely create companies like Arm if it puts its mind and soul to the task, it can do even better in the healthcare sector, especially now, as the post-Covid world is moving to Health 5.0 standards that stress on preventive protocols, rather than the expensive and aggressive last minute treatments.

Almost on a weekly basis, medical researchers worldwide are ‘discovering’ breakthroughs that have been millennial old practices in Ayurveda and Yoga.

Just two recent examples are how isometrics lower blood pressure and how gut ill health is behind almost all lifestyle diseases - facts that Ayurveda and Yoga had figured out long back. If these systems are properly leveraged, India stands to not only lower its disease burden dramatically, but to end up as the world’s wellness destination.

John Antony SEASONAL MAGAZINE

CONTENTS

EVOKING AWE IN EVERYTHING IT DOES Different leaders evoke different emotions in their followers as well as competitors. Some evoke respect, some evoke fear, yet others envy, and so on.

But there are a very select group of leaders who evoke awe in everyone else, in everything they do. Jitu Virwani belongs to this select club of leaders.

Embassy Group which he founded in 1993 is today one of India’s largest real estate conglomerates with a broad portfolio of over 1700 acres land bank, over 70 million sq. ft. of prime

commercial, residential, retail, hospitality, services, and educational spaces across NCR-Delhi, Bengaluru, Chennai, Pune, Mumbai, Noida and Trivandrum, as well as Serbia in the international market. Embassy is also the sponsor of India’s first publicly traded REIT and Asia’s largest REIT by

WHO WILL BE HELPED

BY DRINKING WATER BEFORE BED Is it good to drink water before sleeping? There are pros and cons of drinking water before going to bed: While hydration aids muscle

WHEN WILL MARKETS REALISE LIC OF INDIA’S TRUE POTENTIAL? Life Insurance Corporation of India’s stock might not have performed as per investors’ expectations after its IPO. But the underlying organisation is fighting fit as it has never been, with its renewed focus on growing its nonparticipating products, tech-led customer acquisition and premium

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MAZAGON DOCK SHIPBUILDERS

THE PSU MULTIBAGGER

PSU Multibagger might sound like an oxymoron, as despite their best intentions, many listed PSU companies have traditionally struggled to emerge as multibaggers for their investors, as they try to do the delicate act of balancing their nation building mandate with the kind of returns that markets appreciate. However, in recent years, spurred on by the government’s focus on defence manufacturing, a few state-owned defence stocks have turned multibaggers in the market, and leading this niche pack is India’s largest defence shipbuilder Mazagon Dock Shipbuilders.

HOW SAFE ARE OUR UNIVERSITIES COLLEGES AND SCHOOLS FOR OUR CHILDREN?

OVER FOUR DECADES OF CONSISTENT PROGRESS IN ACADEMIC EXCELLENCE Under the visionary leadership of its Founder Chancellor N Vinaya Hegde, Pro Chancellors Vishal Hegde and Prof. Dr. Shantharam Shetty, and Vice Chancellor Dr MS Moodithaya, Nitte Deemed-to-be University has been ranked among

HOW JGU STAYS AHEAD OF THE CURVE Imagine a higher education institution in India that brings together faculty from over 50 countries. No, not visiting or parttime faculty, but full-time faculty. A campus where students themselves come from 70+ countries. This

DIFFERENT SLEEP POSITIONS FOR DIFFERENT WELLNESS GOALS Which is the best position to sleep in? Some swear by a night on their side, others on their back. But which sleeping position is the best for a good

HOW TO AVOID 5 BIG MISTAKES WHEN APPLYING FOR A JOB

Since 2017, self-harm by students has been on the rise, and by 2021 itself, India has been losing around 13,000 students per year to suicide, which translates to over 35 student suicides a day. And in the last two

THE REWARDS OF DIVERSIFICATION With a pan India network of over 5000 branches on a consolidated basis and over 45,000 employees, Manappuram Finance is bigger than most small finance banks and even a few universal banks in the country. Over 2.4 million active customers have entrusted their household gold jewellery,

Keep firing out CVs and getting zilch back? You might be making one of these five common job application mistakes.

6 WAYS TO TO CULTIVATE HOPE WHEN YOU DON’T HAVE ANY There’s a sense, once a whisper, that’s growing louder every day. Glaciers are melting; children are being slaughtered; hatred runs rampant. Sometimes it feels

AROUND THE WORLD ON ROAD AND RAIL Meet the man who visited every country in the world without boarding a plane. At 34, Torbjørn Pedersen embarked on a seemingly impossible journey that would take 10 years – and involve cerebral malaria and being held up at gunpoint. He reflects on the highs, the lows and the joy of getting married en route

WHY CHATGPT FAILED TO REPLACE HUMANS FINDING THE BEST TIME TO EXERCISE Morning, afternoon, or night: When is the best time to exercise?

Scientists have extensively studied this question. Here’s what they found. Although morning workouts may be optimal for circadian rhythms, afternoon exercise tends to be slightly more efficient.

ChatGPT hasn’t ignited the employment apocalypse that so many predicted, proving once again that jobs are for humans.

WHY FRIENDSHIPS ARE CRITICAL TO HEALTH, LONGEVITY AND SUCCESS

By Jessica D. Ayers, Assistant Professor of Psychological Science, Boise State University.

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FITNESS

FINDING THE BEST TIME TO EXERCISE Morning, afternoon, or night: When is the best time to exercise? Scientists have extensively studied this question. Here’s what they found. Although morning workouts may be optimal for circadian rhythms, afternoon exercise tends to be slightly more efficient.

key part of starting to exercise is choosing when to work out.

Morning, afternoon, or evening: Which time is best? Scientists have studied this dilemma extensively.

For novice exercisers, morning workouts are often the most dreaded. Trading a cozy, nurturing bed for a sterile, unforgiving fitness center can be a rude awakening to say the least. But morning workouts have their advantages. Challenging the body triggers the release of endorphins, uplifting one’s mood following exertion. These chemicals, along with a few others, boost energy levels, alertness, and focus, which can make you more productive and attentive at work.

Moreover, for those who struggle to fall asleep at night, habitual morning exercise may help to reset their circadian rhythms, the internal, biological processes that regulate the 24-hour sleep-wake cycle.

While early workouts could be a struggle for night owls to grow accustomed to, sticking with them could make these individuals more alert in the morning and more tired at night, hopefully resulting in more sleep and improved health outcomes.

But alas, early exercisers may not be able to achieve peak performance. Stiffer muscles, fewer stored energy reserves from overnight fasting, and a slightly cooler body temperature in the morning add up to hamper exercise output. Therefore, more avid exercisers might prefer working out in the afternoon.

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“The best window for explosive athleticism seems to be between 1 p.m. and 6 p.m.”

Shawn Arent, chair of the Department of Exercise Science at the University of South Carolina told CNN. For example, in one study, young men instructed to cycle to exhaustion at a set difficulty were able to ride 20% longer in the afternoon compared to the morning. A review of studies also found that muscle strength, muscle power, and sprinting abilities all peaked in the afternoon, topping morning performance by anywhere from 3% to 20%.

Exercise itself may also be more efficient in the afternoon. A small, 12-week study focusing on pre-diabetic and diabetic men found that afternoon training produced slightly more beneficial metabolic effects and resulted in a little more fat loss compared to morning training. The advantages, however, were marginal.

Finally, some folks may decide to work out later in the evening. Studies centered around this time of day tend to focus on whether or not nightly exercise negatively impacts sleep quality. Gathered research suggests it does not and, instead, actually improves sleep.

This finding comes with a big asterisk, however. Intense exercise performed within an hour of one’s bedtime absolutely will make it more difficult to fall asleep. For this reason, most exercise experts recommend at least 90 minutes of downtime between

the conclusion of an exercise session and attempting to fall asleep.

Whether morning, afternoon, or evening, it is optimal if exercise timing remains somewhat consistent, research has found.

“For example, a competitive marathon runner will exhibit the best performance when his/her exercise training sessions occur at the same time-of-day as the marathon. Circadian biology may underpin this observation, including diurnal variations in body temperature, substrate metabolism, neuromuscular function, and hormones,” researchers from the University of Utah wrote last year in a study published to the journal PLoS ONE. Still, it is perfectly fine to mix up your workout times to fit with your schedule.

The average person need not worry over when to work out just because of some slight bodily differences based on timeof-day. Regular exercise is, after all, perhaps the single best thing that humans can do for their health, and ideally, it should serve as stress relief rather than something to stress over.

So, taking everything into account, when is the best time to exercise? There actually is a straightforward answer! If you’re not about to go to sleep, if you’ve got some free time on your hands, and if you haven’t already exercised today, the best time to exercise is now.

HEALTH

WHY SUGAR MAY BE THE ULTIMATE CAUSE OF OBESITY A NEW HYPOTHESIS ACCUSES THE SIMPLE SUGAR OF WRECKING ENERGY METABOLISM AND THUS DRIVING THE OBESITY EPIDEMIC. n a recent study, researchers put forth a new theory to explain obesity. They suggest that consuming the simple sugar fructose alters the body’s metabolism to encourage overeating and fat storage. While this mechanism likely served our ancestors well when food was scarce, today, with food in abundance and fructose-containing sugars found in most processed foods, it could very well be the main driver of weight gain and obesity. Lead author Richard Johnson recommends avoiding soft drinks and fruit juices and exercising regularly, among other diet and lifestyle tips.

Numerous hypotheses attempt to explain obesity‘s meteoric rise over the past few decades. There’s the energy balance hypothesis, which states that weight gain is due to consuming more calories than the amount expended. There’s the carbohydrateinsulin hypothesis, which argues that excess consumption of carbohydrates stimulates an insulin response that drives cells to accumulate fat. Then there’s the protein-

leverage hypothesis, which suggests that we don’t eat enough protein, driving incessant hunger. Now, researchers have put forth a new hypothesis that places the blame on a sugar ubiquitous in modern food: fructose.

Commonly known as “fruit sugar,” fructose is a simple, monosaccharide sugar found in many plants. But the compound that sweetens your watermelon, apples, and oranges can mess with your cells’ energy metabolism, Richard Johnson, a professor of medicine at the University of Colorado, and his co-authors Laura G. SánchezLozada and Miguel A. Lanaspa explain in a paper published October 17 in the journal Obesity.

“We suggest that obesity is not a disease of energy excess but rather a disease of energy crisis,” they wrote.

As studies in rodents have elucidated, fructose uniquely suppresses the function of mitochondria compared to other nutrients. When these cellular powerhouses are slowed, the cells get stuck in a lowenergy state, triggering hunger and thirst.

Eating nutrients including fats and protein eventually restores cellular energy levels, but not before we’ve eaten more calories than we need. This excess gets stored as fat.

In the long term, frequent fructose exposure can damage mitochondria and reduce the amount of mitochondria in cells, the researchers say, locking people in a lowenergy state which drives chronic overeating.

High-fructose corn syrup in processed foods is a common source of fructose, but many other sugars such as honey and cane sugar also contain the compound. Due to our body’s metabolism, refined carbohydrates, salty foods, and alcohol (particularly beer) also generate fructose. As already mentioned, fruits contain fructose, but Johnson and his colleagues say that they are still quite healthy to eat. The amount of fructose inside whole fruits is far less than what is inside juices or candy. Moreover, the fibers present counteract fructose’s negative metabolic effects.

Like physicists attempting to combine general relativity and quantum mechanics with a “theory of everything,” the researchers behind the fructose-survival hypothesis say that it unifies the other obesity-explaining hypotheses rather than competes with them. Fructose’s energyreducing effect underlies all of them.

With food in abundance, the metabolic changes driven by fructose result in obesity and poor health today, but they would have aided our survival in the deep past, when food was scarcer. For example, finding a fruit tree would likely have been a rare, fortuitous event for our ancestors. It would have been in their interest to eat as much as possible before the fruits fell off and rotted or were eaten by another animal. These calories could then be stored as fat to provide energy when food was not as plentiful.

But in much of the world today, food scarcity is not a problem, and fructose can be found in a great many of the things we eat, particularly those that are processed. So what can be done?

In a book published last year, Johnson recommended avoiding soft drinks, fruit juices, and other super sugary foods, watching salt intake, and limiting red meat and alcohol consumption, among other basic dietary tips. He also urged regular exercise as it stimulates mitochondrial activity and growth.

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FRIENDSHIP

WHY FRIENDSHIPS ARE CRITICAL TO HEALTH, LONGEVITY AND SUCCESS

By Jessica D. Ayers, Assistant Professor of Psychological Science, Boise State University.

The benefits of friendship go far beyond having someone to confide in or spend time with – it can also protect you from physical and mental health problems. For example, people with good friends recover more quickly from illnesses and surgeries.

They report higher well-being and feel like they live up to their full potential.

Additionally, people with good friends report being less lonely across many life stages, including adolescence, becoming a parent and old age.

In fact, friendships are so powerful that the social pain of rejection activates the same neural pathways that physical pain does.

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Behavioral scientists like me have tended to focus our research about friendships on their benefits. How to cultivate these powerful relationships hasn’t been as deeply researched yet.

Understanding more about what people look for in a friend and how to make and sustain good friendships could help fight the loneliness epidemic.

Previous generations of behavioral scientists traditionally focused on the notion that people form friendships with those who are similar, familiar and in close proximity to them.

When you look at all the friendships you’ve had over your life, these three

factors probably make intuitive sense.

You’re more likely to have things in common with your friends than not.

You feel an increased sense of familiarity with friends the longer you know them – what psychologists call the mere exposure effect. And your friends are more likely to live or work near you.

Researchers in this field have also typically divided friendship preferences based on gender. The dichotomy suggests that women prefer one-on-one, emotionally close and face-to-face friendships, while men prefer multi-person, taskoriented and side-by-side friendships, with the focus on a shared activity.

HEALTH Again, when looking at your own friendships, these findings may seem intuitive. Women on average prefer to engage in activities that allow for self-disclosure and sharing secrets, such as spending time one-on-one talking about their lives. Men, on the other hand, tend to prefer to engage in activities that are group-based and have a clearly defined outcome, such as playing sports together. Findings such as these show that gender and preferences on how to connect are important in friendships.

But these explanations of friendship do not address the most important aspect of making friends – choosing the individual people you want to turn into your pals. Friendship decisions are not random. There are many people who are similar, familiar, in close proximity and have similar preferences as you. Yet few of these individuals end up being your friends.

So, in a world full of possibilities, how do people pick those who will become their friends?

New ways to think about friendship Within the last decade, researchers have begun investigating the roots of friendship preferences beyond the classic descriptions.

For example, social scientists see there are strong preferences for friends to be loyal, trustworthy and warm. Additionally, researchers find there are preferences for friends who help you solve specific kinds of problems and are generous and caring with you instead of others.

These preferences help people navigate making friends, given limited reserves of time and effort. In short, they help you find the best possible friends you can in a world full of friendship possibilities.

Social scientists have also learned that, while there are some important gender differences in what people want in friends, it is not accurate to say that men and women want one

kind of friendship over another. In fact, when we take a more holistic approach and consider broader categorizations of emotional closeness and tasks, the gender differences in these preferences are reduced. And of course, people don’t exclusively pick between face-to-face and side-by-side friendships. Instead, it is more likely that they focus on what they want from their friends and let these needs guide how friendships form.

Ultimately it’s your individual preferences that guide you toward the people who will best meet your particular social needs. With a little luck, you’ll find buddies who can lend a hand when you need one and support you in reaching your goals.

In all, your preferences are the key to finding friends who can buffer against feeling lonely and provide you with the social, emotional and health benefits of friendship.

It’s hard to provide clear guidelines for improving friendships because the research about friendship preferences is still developing. But there are some clear points for consideration: 1) Determine what you value in friends. Do you want one-on-one, emotionally close friendships or multi-person, task-oriented friendships? Depending on your preference, different kinds of activities will be helpful for finding others who fit the bill and cultivating these friendships.

Ultimately it’s your individual preferences that guide you toward the people who will best meet your particular social needs. With a little luck, you’ll find buddies who can lend a hand when you need one and support you in reaching your goals.

2) Know that it will take time to make close friendships. Research suggests that it takes 30 hours of interaction to make a casual friend, 140 hours to make a good friend and 300 hours to make a best friend.

3) Consider what you bring to the table. Everyone has unique strengths they bring to their friendships.

Research shows that, when you’re able to demonstrate that you have characteristics people want in friends, you’re able to make more satisfying friendships.

Considering the nuances of friendship preferences will be extremely important in reducing not only loneliness, but other related public health crises. For example, loneliness is associated with likelihood of attempting suicide. Recent surveys have found that men are suffering big declines in the number of close friends they have, as well as experiencing higher rates of suicide compared to women.

The U.S. Surgeon General’s recent recommendations for fighting the loneliness epidemic focus on public policies and infrastructure. But fostering community spaces for connection – such as parks, libraries and playgrounds – prioritizes the preferences of those who favor the one-on-one, emotionally close and face-to-face connections more often preferred by women. These places are less beneficial for people with more typically masculine preferences, as there is no guarantee that these spaces will foster side-by-side, task-oriented connections unless areas for sports and other team-based activities are also included.

To counter this inequity, researchers and public health officials first need to understand what makes friendships satisfying. Then they can ensure that recommendations to curb loneliness address all of the pathways that people use to cultivate high-quality friendships.

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EMBASSY GROUP

EVOKING AWE IN EVERYTHING IT DOE Different leaders evoke different emotions in their followers as well as competitors. Some evoke respect, some evoke fear, yet others envy, and so on. But there are a very select group of leaders who evoke awe in everyone else, in everything they do. Jitu Virwani belongs to this select club of leaders. Embassy Group which he founded in 1993 is today one of India’s largest real estate conglomerates with a broad portfolio of over 1700 acres land bank, over 70 million sq. ft. of prime commercial, residential, retail, hospitality, services, and educational spaces across NCRDelhi, Bengaluru, Chennai, Pune, Mumbai, Noida and Trivandrum, as well as Serbia in the international market. Embassy is also the sponsor of India’s first publicly traded REIT and Asia’s largest REIT by area, the Embassy Office Parks REIT with a market capitalization of over Rs. 29,000 crores now.

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ES

Embassy Group is by no means India’s largest real estate developer yet. But those who have observed Jitu Virwani’s moves so far know very well that he will take a shot at it eventually. He may or may not win in that, but the industry knows that either way Embassy Group will evoke further awe, even in a partially successful move.

This kind of strategy dates to Embassy’s very first deal under Jitu Virwani in the office space segment, decades back, in 1993 to be precise.

For this first project in Bengaluru’s Infantry Road, that was mostly taken up by Kirloskar Group companies, instead of paying out and eliminating the landowner from the project as most developers would have done, Virwani made him a partner in the project by giving him 50% of the developed square feet in lieu of getting to keep half of the land cost for completing the project!

And this same win-win model Virwani would follow in many of his later projects, giving him an

JITU VIRWANI, CMD

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unmistakable edge in the market in both conceiving and executing even large-scale projects faster than most of his peer developers could dream of. Even in some of his larger projects like Embassy GolfLinks Business Park, this same model was followed initially, together with Virwani’s another unique skill in stitching up huge land parcels patiently.

This is one developer who loves land so much that he says the lands that he previews almost talk back to him.

Virwani says he instantly imagines what is possible with that land at first sight, and that the land concurs! That is how Embassy GolfLinks grew from an initial plan of 5 acres to over 70 acres when completed.

His passion for land made him one of the earliest and largest landowners in the North Bengaluru region, long before all the developers made a beeline for it. For more than a decade, Jitu Virwani would stitch up and amass a formidable land bank for Embassy in North Bengaluru, and while doing it he almost went down in debt owing to such purchases. But fortunately for him, his bets played out just in time, when North Bengaluru eventually emerged as the most buzzing hotspot in India’s Silicon Valley.

One of the mega projects of Embassy Group that has benefited directly from this farsighted vision of Jitu Virwani is Embassy Springs. Being designed and constructed as Bengaluru’s biggest and best-planned city, Embassy Springs, is the epitome of urban planning, spread across 288 acres.

This self-sustainable township offers residents an exquisite living experience amidst nature, even when situated in the hotbed of North Bengaluru, complete with a worldclass school, retail and commercial spaces, and more. Embassy Springs features 32 community parks and link SEASONAL MAGAZINE

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parks, a 55-acre man-made lake, 3.5 lakhs sq. ft. private club house, 22 bus bays, an 18 km internal road network, an 8 km cycling track and 45+ acres of green spaces.

This is, in fact, something that differentiates Jitu Virwani from most other real estate developers operating at this scale. The Embassy Group founder has never been averse to taking on debt but makes sure that he takes it on only if the cash flow can service it. In fact, for the last few years now, Embassy has been on a significant drive to pare its debts, with much of it already neutralized.

Yet another factor that keeps Jitu Virwani and his life’s work, Embassy, in industry’s awe, is his people skills.

From his very first customer for office space, Vikram Kirloskar in 1993, Virwani has exhibited a passion for never letting go of a friendship. This has resulted in almost all of Embassy’s Fortune 500 clients to end up as repeat customers, while with some like the Kirloskar family, things have progressed to co-developed projects.

His people skills are so strong even inside the Embassy Group that the loyalty he evokes is legendary. Even amid a corporate culture where spending more than a couple of years in a company is looked down upon as stagnation, many in Virwani’s core team have been with him for more than a decade, some even two.

This includes Narpat Singh Choraria, Director (from inception of Embassy in 1993); S Chandra Das, Independent Director (since 2010); Reeza Sebastian Karimpanal, Executive President - Residential Business (for more than 15 years); Rajesh Bajaj, Executive Director, Corporate Affairs (for last 25 years); Maria Rajesh, Chief Human Resources Officer (since 2006); and Rajesh Kaimal, CFO (for last 6 years).

It also includes Embassy’s heads of subsidiaries or divisions like Pradeep SEASONAL MAGAZINE

Lala, MD & CEO, Embassy Services (since 2013); Giulia Baima Bollone, Director, Embassy Interiors (since 2017); and Kahraman Yigit, CoFounder & CEO, Olive by Embassy (since its inception). The mutual loyalty of this team is unique that Jitu Virwani has remarked that in case he is starting anything new, outside of Embassy Group, he would be taking this core team along!

At its heart, Embassy Group is a family business. Also, Jitu Virwani’s elder son, Karan Virwani, who had long shadowed his father as his Executive Assistant at Embassy, has since then been heading the joint venture WeWork India as its CEO. Unlike in the US, the home of the collaborative working space giant WeWork, its Indian JV with Embassy has continued to gain good traction under Karan’s strategic leadership, which has positioned it as a dynamic and fast-growing startup in India.

With its leading space-as-a-service platforms and 7 million+ sq. ft. of assets and 84,000+ desks across 50 locations pan-India, WeWork India cultivates creativity, boosts productivity, and reimagines the workplace for everyone, from freelancers to Fortune 500 companies.

Younger son Aditya Virwani has been working as the Chief Operating Officer (COO) of the Embassy Group and is a board member of Embassy Office Parks REIT. Aditya was mentored for this role by Jitu Virwani for 2 years before he took up the role as Group COO. He was also a member of the team that successfully filed India’s first REIT. Aditya holds a bachelor’s degree from the University of San Francisco and is the winner of a bronze Duke of Edinburgh Award.

Embassy Group’s greatest strength remains Founder & Group Chairman Jitu Virwani’s flair for staying ahead of the curve. He has repeatedly demonstrated this, right from his start

KARAN VIRWANI, CEO, weWork India

in 1993, by expanding from residential real estate to office spaces, just when the outsourcing wave was gathering momentum in Bengaluru, buoyed by the country’s economic liberalization of the 1990s.

Years later, Jitu Virwani would rightly predict the industry’s major shift to leased office spaces, instead of outright selling, as many US based companies had internal policies that prevented office space purchases in other countries. This switch proved to be the gamechanger for Virwani as suddenly Embassy Group started to have a healthy cash flow unlike most of its peers.

Jitu Virwani’s magnum opus so far is of course how he de-leveraged the Group significantly by tying up with Blackstone for office spaces and taking this company public as India’s first listed Real Estate Investment Trust (REIT). Today, Embassy Office Parks REIT owns and operates a 45 million square feet portfolio of eight large scale office parks and four city centre office buildings in India’s best-performing office markets of Bengaluru, Mumbai, Pune, and NCRDelhi.

Home to 234 of the world’s leading companies, its portfolio also comprises strategic amenities, including four operational business hotels, two under construction hotels, and a 100 MW solar park supplying renewable energy to tenants.

Embassy Office Parks REIT is headed by Aravind Maiya as CEO. A Chartered Accountant by training, Aravind has 22 years of experience in real estate, capital markets, audit and consulting, of which 3 years were with Embassy REIT itself earlier as its CFO. In recent years, Jitu Virwani has again proved his flair for staying ahead of the curve, by expanding its residential offerings, correctly sensing the resurgence in this segment. Embassy’s residential projects are breathtaking in scale and opulence and have taken the market by storm under the towering vision of Jitu Virwani and the execution capabilities of a high achiever like Reeza Sebastian Karimpanal, its Executive President for Residential Business.

Embassy Lake Terraces at Bengaluru exemplifies this momentum in design, execution and sales.

Redefining luxury standards in not only Bengaluru, is the Infinite Series at Embassy Lake Terraces. Delivering breathtaking views of Hebbal and Nagavara lakes, these ultra-luxury SEASONAL MAGAZINE

ADITYA VIRWANI, COO, Embassy Group

condominiums are really mansions once you get inside. Starting from Rs. 5.40 crore, the Infinite Series is ready to move in, with the OC received.

As the cherry on the cream, there is a GST benefit too if you decide fast enough.

Located at the epicentre of growth in Hebbal, North Bengaluru, these limited-edition collection of 3bedroom condominiums offer not only expansive indoor spaces but equally impressive balconies, across its 3,913 sq ft and 4,189 sq ft options.

Embassy Lake Terraces also offers Sky Blocks that offer a brilliant perspective, Garden Blocks that deliver nature inspired luxury and Signature Residences of bespoke luxury. These options range from 4BHKs of 4440 sq ft to single-orduplex mansions of 9156 sq ft.

In residential real estate, Embassy is active in four segments - Luxe Collection, Premium Residences, Integrated Townships and Senior Living. Some of the Group’s major projects include Embassy Springs, SEASONAL MAGAZINE

Four Seasons Private Residences at Embassy One, Embassy Grove, Embassy Edge @ Embassy Springs and Serene Amara by Seattle based Columbia Pacific at Embassy Springs.

With an anticipated continued upcycle in the residential market and to meet the current demand for homeownership, Embassy Group is reinventing its residential portfolio by migrating towards the premium segment. They have a 5 million sq. ft. pipeline and Rs. 3,000 crores of inventory ready to be launched in the current and upcoming financial year.

With over Rs. 2,000 crores of OCcompliant projects ready for possession this year, it is targeting unlocking its existing inventories as well as launching new projects and activating their land bank. The Group is also actively looking for jointventure partnerships in other cities and micro markets.

A pioneer in co-working spaces through WeWork India, Embassy has also pioneered the hybrid hospitality segment in India by starting Olive by

Embassy in 2019 itself, targeted at young working professionals and students. Now spanning 1,764 keys, Olive combines short and long stays with vibrant communities and the best of experiences, events, and culture,

located in India’s top destinations.

Embassy’s hospitality division is a full-fledged operation running hotels, clubs, restaurants, and event management. Embassy’s hotel properties are managed by world leaders in hospitality including Hilton and Four Seasons.

Embassy also runs a renowned Interiors division, as well as Embassy Services Pvt. Ltd., an integrated facility management services company that has outgrown its mandate of serving Embassy’s facilities, by attracting several clients from outside the Group too, thanks to its superior and consistent services.

Embassy Services now manages 130+ million square feet of real estate assets across the commercial,

residential, co-working, airport, retail, hospitality, energy, education, industrial, and warehousing segments. In addition to ISO, CII, BSI, and other certifications for globally acceptable standards and benchmarks, they are recipients of the prestigious ‘Sword of Honour’ from the British Safety Council and manage some of the largest business parks carrying LEED, WELL, GRESB, and IGBC Platinum certifications, among others.

Apart from real estate development, Jitu Virwani is also passionate about education and sports, especially equestrian.

Embassy Group’s flagship project in education is the Stonehill International School of North Bengaluru. Italian-born Stefano De SEASONAL MAGAZINE

Napoli, postgraduate electronics engineer and former corporate sector leader, is presently the Chairperson of the Stonehill International School Governing Council.

Founded in 2008, Stonehill International School is the only school in South India offering all three International Baccalaureate programs - the Primary Years Programme, the Middle Years Programme, and the IB Diploma Programme. With a highly trained international faculty from across 35 nationalities and world-class infrastructure spread across a 34-acre campus, Stonehill is one of the most preferred international institutions in Bangalore.

Embassy Group is also working on establishing the Embassy Academy, SEASONAL MAGAZINE

a new progressive K-12 co-education day-school offering the CBSE Curriculum to students of the age group 3-18 years, at Embassy Springs, one of the best-planned townships in the North of Bengaluru. Coming up on its own 5.3-acre campus, the school will feature extensive facilities hitherto unseen in city based CBSE schools and will be home to 1350 students in its first phase, with the first batch intake planned for the academic year 2024-25.

The Group also runs the Embassy International Riding School, which is headed by Italian-born Silva Storai, India’s only professional woman jockey and the only woman jockey in the world to have won two Derbies. Under Virwani’s vision, Silva runs Embassy International Riding School with unsurpassed

dedication and attention to detail and has already produced national and international level champions for India.

A firm believer in giving back to the society around its properties, Jitu Virwani has a deep held conviction that education can change the lives of communities and generations to follow, and that giving back to the community is the way forward for this. Sharing this vision with his father, COO Aditya Virwani today directs Embassy’s support for 73 government schools and rural schools, offering holistic education to over 42,000 children. Additionally, Embassy Group also drives positive change by providing several infrastructure-based solutions to uplift basic amenities around Embassy communities.

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6 WAYS TO TO CULTIVATE HOPE WHEN YOU DON’T HAVE ANY THERE’S A SENSE, ONCE A WHISPER, THAT’S GROWING LOUDER EVERY DAY. GLACIERS ARE MELTING; CHILDREN ARE BEING SLAUGHTERED; HATRED RUNS RAMPANT. SOMETIMES IT FEELS LIKE THE WORLD’S APPROACHING A NADIR. OR LIKE YOU ARE.

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The antidote to any despair might be hope, experts say. It’s one of the most powerful— and essential—human mindsets, and possible to achieve even when it feels out of reach. “Hope is a way of thinking,” says Chan Hellman, a psychologist who’s the founding director of the Hope Research Center at the University of Oklahoma. “We know it can be taught; we know it can be nurtured. It’s not something you either have or don’t have.”

Many people, he notes, don’t fully understand what hope is—and what it isn’t.

Being hopeful doesn’t mean engaging in wishful thinking or blind optimism. Rather, it’s “the belief or the expectation that the future can be better, and that more importantly, we have the capacity to pursue that future,” Hellman says. The opposite of hope, therefore, is not pessimism, but rather apathy, with its loss of motivation. And while wishing is passive, hope is about taking action.

Being hopeful is associated with a wide array of health and life benefits. “Our capacity for hope is one of the strongest predictors of well-being,” Hellman says.

Research suggests, for example, that people with more hope throughout their lives have fewer chronic health problems; are less likely to be depressed or anxious; have stronger social support; and tend to live longer. As Hellman points out, “Hope begets hope, and it has such a significant protective factor.”

We asked Hellman and other experts for strategies that can help cultivate hope— even when it feels unattainable.

1. First, give yourself permission to be hopeful.

Remember when you were a kid, and wellintentioned adults cautioned you not to get your hopes up? That mentality can linger, notes David Feldman, a professor of counseling psychology at Santa Clara University in California who studies hope.

“The truth is, whether or not we allow ourselves to hope, at some point we’re going to be disappointed. I don’t think the solution is never allowing ourselves to feel hopeful or giving up on hope altogether.”

Feldman—who designed a widely used single-session “Hope Workshop”—thinks of hope as the psychological engine that drives progress in our lives. He worries that if we all give up on it, “we’re creating a self-fulfilling prophecy.” So go ahead and

grant yourself permission to look toward the future with excitement and ambition.

2. Set at least one meaningful goal.

In the mid-1980s, the psychologist Charles Snyder set out to determine what qualities hopeful people had in common. He landed on three key factors that form the basis for Hope Theory, a model researchers still rely on today: First, in order to be hopeful, Snyder found, people must think in a goaloriented way. (More on the other two elements, pathways and agency, in a moment.)

Make it a point to always be working toward at least one goal that’s intrinsically meaningful, Feldman advises. In other words, it shouldn’t be something you have to do—like crossing off your work to-do list— but something you want to do. “Goals can be anything that’s important to us,” he says.

Feldman recalls a friend who reached out to him in May 2020, newly furloughed from her job, scared about the pandemic, and feeling utterly hopeless. He asked her if she could set one goal that would allow her to use her talents and make her feel empowered. The woman, who enjoyed sewing, ended up pledging to turn scraps of fabric into face masks—and donated 200 to local nonprofits and charity groups.

“When I caught up with her a month later, she was transformed—she felt so much more hopeful,” he says.

3. Brainstorm solutions.

Another key element of Snyder’s Hope Theory is “pathways.” Feldman describes this as “kind of a strange psychology term that means having the perception that there are plans or ways of getting you from where you are to your goals.” If you’ve set a goal that’s meaningful to you, but you can’t figure out a way to achieve it, you’ll probably feel pretty hopeless. People who are high in hope, meanwhile, tend to generate lots of pathways—so if one doesn’t work out, they have an alternative at the ready. If you’re struggling to make a plan, or you keep being blocked—by someone else, or an unfair system, or bad luck— Feldman suggests sitting down with a pen and paper and giving yourself an hour to brainstorm solutions.

4. Call your support team.

According to Snyder’s research, people who are hopeful tend to have a lot of “agency,” which means the motivation to

actually achieve their goals. Getting a good night’s rest, following a healthy diet, and meditating can all promote agency, Feldman says. So can tapping into our own positive beliefs about ourselves; there’s a certain power to reminding yourself: “I got this.”

Sometimes, however, the strongest source of agency is other people. When Feldman is feeling low, he calls his father, who’s his biggest cheerleader. Having someone you care about tell you they believe in you “can give you a kick in the behind,” he says.

Make a list of your biggest supporters, Feldman suggests, so when you’re feeling unmotivated, you know exactly who to call for a boost.

5. Seek out success stories.

Mary Beth Medvide has long been curious about the ways hope manifests in the lives of marginalized groups, like first-generation immigrants. So she set out to explore how low-income students of color experienced it in their daily lives.

In part, she found, they cultivated hope by seeking support from their parents and specific teachers. But they also got a lot out of meeting or learning about other people who had done well for themselves. “By seeing other people succeed—like maybe a senior, when they were a sophomore— they felt like they could succeed,” says Medvide, an assistant professor of psychology at Suffolk University in Boston.

Indeed, research suggests that high levels of hope are associated with academic achievement and career exploration.

That’s something we can all apply to our own lives: Make it a point to read books about or even befriend people who have overcome adversity to achieve their goals, and you’ll likely feel more hopeful about your own future, Medvide says.

6. Tap into your imagination.

Hellman thinks of imagination as “the instrument of hope.” Let’s say you set a goal for the week, like applying for five jobs, helping your kid adjust to preschool, or volunteering for two hours. Spend a few minutes reflecting on or talking about what would happen if you achieved it. “How does it impact you, or how would it benefit others, and who are those other people?” he says. “You and I have this wonderful capacity to play a movie in our head. And when you can see yourself in the future, that is the very essence of hope.”

(Credit: Angela Haupt for Time) SEASONAL MAGAZINE

MAZAGON DOCK SHIPBUILDERS

THE PSU MULTIBAGGER PSU Multibagger might sound like an oxymoron, as despite their best intentions, many listed PSU companies have traditionally struggled to emerge as multibaggers for their investors, as they try to do the delicate act of balancing their nation building mandate with the kind of returns that markets appreciate. However, in recent years, spurred on by the government’s focus on defence manufacturing, a few stateowned defence stocks have turned multibaggers in the market, and leading this niche pack is India’s largest defence shipbuilder Mazagon Dock Shipbuilders.

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Sanjeev Singhal Chairman, MD & CFO

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On October 12, 2023, Mazagon Dock Shipbuilders Ltd (MDL), completed three years as a listed entity. After a blockbuster IPO that was oversubscribed by over 157 times, Mazagon Dock Shipbuilders started trading on October 12, 2020, opening at around Rs. 215 in NSE as against its final issue price of Rs. 145, and saw hectic trading before closing at around Rs. 172 levels.

The irony of the stock market is that both the buyer and the seller in any stock at any level are hoping that their decision is the right one. Obviously,

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only one of them can be right, and the other will be sorely wrong. In the case of October 12, 2020 and MDL, it was a date and counter that the sellers would badly regret for the rest of their lives.

Because, MDL stock has appreciated by over 17 times from its IPO price within three short years!

While most brokerages and analysts had advised to subscribe to MDL’s IPO, and the market had heeded that call too, it is clear that almost none of them could have predicted Mazagon’s march from Rs. 145 to as high as Rs. 2484 within less than 36 months. This was

especially so, as the MDL public issue happened when the pandemic was raging on, and there were big uncertainties surrounding how this manufacturing business will cope, as shipbuilding can’t be done remotely or on a work-from-home basis!

What is actually driving MDL’s stupendous march on the bourses? It is not an easy answer in any way. Several factors have come together synergistically to catapult the market value of MDL from just Rs. 2693 crores during the IPO time to over Rs. 45,783 crores now. But to cut a long story

Cdr. Jasbir Singh, Director (Submarine & Heavy Engineering)

Shri Biju George Director (Shipbuilding)

Cdr Vasudev Puranik IN(Retd) Director(Corporate Planning & Personnel)

short, Mazagon’s rise is both a case of incredible revenue and profit growth, as well as an incredible rerating it received due to that growth, like how the best and unbelievable multibaggers are made.

despite delivering an unbelievable quantum of growth during these three years.

MDL’s annual revenue had soared from Rs. 4047 crores in FY’21 to Rs. 7827 crores by FY’23. And its annual profit had surged even higher, from Rs. 453 crore in fiscal 2021 to Rs. 1046 crore in fiscal 2023. In terms of compounded annual growth rate, this translates to a three-year revenue CAGR of 26.33% and a three-year net profit CAGR of 66.54% And that was not all.

If the quantum of growth was this impressive, its quality was even more astounding to the market. MDL’s return ratios were very good during its IPO time itself, with its FY’20 consolidated Return on Equity (RoE) being 15.00%, its Return on Capital Employed (RoCE) being 23.86% and Return on Assets (RoA) being 2.25%. But during the next three years, all these three core ratios surged further, with FY’23 consolidated RoE being 25.97%, FY’23 RoCE being 32.70% and FY’23 RoA being 3.78%.

This kind of high quality growth from a complex manufacturing industry was rare in the market, and especially so in the public sector. There were other quality factors too that were unique to MDL. For one, it was a zero debt company during the IPO time, and it has remained a zero debt company

Secondly, Mazagon Dock Shipbuilders has consistently worked on bettering its margins, and has come across as a strong winner in this regard too. While MDL’s Gross Profit Margin (EBIT) has improved from 15.26% in FY’20 to 18.00% in FY’23, its Operating Profit Margin has fared even better, rising from 3.69% in FY’20 to 9.15% in FY’23. But it is in its Net Profit Margin that MDL has really stunned the market, with NPM surging by 49.03%, from 9.59% in FY’20 to 14.30% in FY’23.

This kind of blistering performance is something the whole MDL team and especially its top management can be proud of. MDL has almost always enjoyed a high quality of leadership, and this has turned even better in recent quarters. From February 1 2023, its Director (Finance) and Chief Financial Officer (CFO), Sanjeev Singhal was given the Additional Charge of being Chairman & Managing Director of MDL. Sanjeev Singhal is a veteran finance professional with over 35 years of experience in PSUs including as Director Finance at Mishra Dhatu Nigam Limited and prior to that at Steel Authority of India Limited. A Cost Accountant by profession from the Institute of Cost Accountants of India, Sanjeev Singhal has been associated with MDL since its IPO days as he was SEASONAL MAGAZINE

chosen by the firm in January 2020 to helm the IPO among other responsibilities.

This CMD & CFO is ably assisted by a core team of full-time Directors who are all thoroughbred defence & engineering professionals in their respective fields. They include Cdr. Jasbir Singh, IN (Retd.), an alumnus of NDA / JNU, who is the Director in charge of MDL’s Submarine & Heavy Engineering Division; Mr. Biju George, an alumnus of IIT Kharagpur, who is the Director in charge of the company’s Shipbuilding Division; and Cdr. Vasudev Puranik, Indian Navy (Retd.), an alumnus of INS Shivaji / JNU / Pune University, who heads MDL’s Corporate Planning & Personnel Departments.

The beauty of the stock market is that when a company outperforms itself under the leadership of such veteran professionals, the market doesn’t stand still, waiting for the earnings to grow, but rewards it by re-rating it to a higher

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valuation. As mentioned earlier, that is how unbelievable multibaggers are made within the shortest possible time, and the case of MDL too was not different.

Still, in the case of MDL it was a bit surprising, as such rapid re-rating is usually seen in the case of bluechip private sector companies. But then, MDL’s performance on most metrics were even better than the best of the private sector manufacturing leaders.

When MDL went in for its IPO, its promoter the Government of India, acting through its Ministry of Defence, had asked for only modest valuations.

The MDL IPO was offered at a price-toearnings (P/E) multiple of just 6.39 times on a fully diluted post issue basis on its FY’20 earnings.

While this may sound grossly underpriced by today’s standards, this was not so, considering the fact that the market was reeling from the pandemic onslaught back then, and MDL’s comparable peer group consisting of

Cochin Shipyard, GRSE & Reliance Naval were trading only at an average P/E of 7.5 times.

The issue was also reasonably priced at a price-to-book-value (P/BV) of 0.95 times based on its Net Asset Value (NAV) or Book Value Per Share (BVPS) of Rs. 152.17 per share as on June 30, 2020, and as calculated based on the upper limit of the price band. But as of FY’23, Mazagon Dock Shipbuilders’ BVPS stands at Rs. 207.13.

While this is a healthy appreciation within 3 years, it is obvious that it alone was not enough to propel the stock’s exponential growth during the last three years. And this is precisely where the magic of rerating kicked in. From an IPO time P/E of 6.39 times, MDL now trades at 40 P/E and from a P/BV of 0.95 times during its public issue, MDL now commands a P/BV multiple of nearly 11 times.

Most investors, especially retail investors, fail to understand the power

of this kind of rerating when it is coupled with earnings expansion too.

As an old tongue-in-cheek remark in the stock market goes, price is nothing but the result of earnings multiplied by price-to-earnings. But there is hidden wisdom in that joke, as price skyrockets only when both these multiplicative factors soar.

Mazagon Dock Shipbuilders’ stock is now taking a breather after its blistering rise, especially during the past 12 months when it soared over 6 times from a 52-Week Low of Rs. 411 to a recent 52-Week High of Rs. 2484.

This breather is much in line with almost all other defence stocks, both in the private and public sectors, that have run up. But most analysts don’t expect MDL to lose its momentum as the fundamental business remains as strong as ever, and with new opportunities emerging too for it.

MDL has recently signed a master ship repair agreement (MSRA) with the US Government, represented by US Navy’s NAVSUP Fleet Logistics Center (FLC) Yokosuka. While this is a nonfinancial agreement, the agreement is expected to open-up voyage repairs of US Navy Ships at MDL. Currently apart from MDL, only one private

sector shipyard in the country has signed an MSRA with the US Government.

Mazagon Dock Shipbuilders continue to perform well on a quarterly basis. For the most recent published quarter ended June 2023, MDL reported a 39.84% YoY jump in consolidated net profit at Rs 314.34 crore, and 30.51% YoY jump in EBITDA at 404.35 crore, while revenue was flat, falling 2.58% percent to Rs 2,172.76 crore.

The sluggishness in revenue and EBITDA signals execution challenges before the company, as shipbuilding is a complex and time consuming affair.

Some of Mazagon Dock’s core products like the highly specialised ships and submarines with large project size, take years to execute.

But MDL is gearing up for faster execution by planning a capex of Rs. 500 crore for a new floating dock, among other such infrastructural expansion. This would help the company to construct eight nextgeneration destroyers for the Indian Navy.

MDL has acquired a strong order book, which provides robust revenue visibility

till fiscal 2025. The current order book size stands at Rs 39,117 crore, which is almost 5 times its annual revenue.

The order pipeline too has been good.

MDL has submitted bids for six submarines, tying up with the Germany-based TKMS. It is also expecting three add-on submarines that are part of the Scorpene platforms.

MDL’s trackrecord in delivering complex ships and submarines over the past few decades will keep it in good stead. Its current product portfolio encompasses a diverse range of products for both domestic and International clientele. During its chequered existence since 1960 when it was nationalised, MDL has built a total of 801 vessels, including 27 warships, ranging from advanced destroyers to missile boats as well as 7 submarines.

For both national and global clientele, MDL has also provided cargo ships, passenger ships, supply vessels, multipurpose support vessels, water tankers, tugs, dredgers, fishing trawlers, barges, and border outposts.

Jackets, wellhead platform main decks, process platforms, jack up rigs, and other products have also been manufactured and delivered by MDL.

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MANAPPURAM FINANCE

THE REWARDS OF With a pan India network of over 5200 branches on a consolidated basis and over 45,000 employees, Manappuram Finance is bigger than most small finance banks and even a few universal banks in the country.

Over 2.4 million active customers have entrusted their household gold jewellery, amounting to 59 tonnes of gold, to Manappuram Finance, as collateral for gold loans. The company has been India’s first listed player in the gold loan sector, with its IPO happening way back in 1996.

Manappuram has several firsts to its credit in the gold loan business, like online gold loans and the cellular vaulting mechanism. It is one of the strongest NBFCs operating in India by way of capitalization with its Tier 1 Capital Adequacy Ratio at 30.5%, strong Asset Liability Management and access to diversified source of funds.

Yet, around 10 years back, under the guidance of its Founder, MD & CEO, VP Nandakumar, Manappuram Finance embarked on a diversification spree, which now stands at an inflection point, due to the proposed Rs. 1500 crore IPO of its subsidiary Asirvad Microfinance Ltd. Its other diversifications too have been faring well with its vehicle financing and home financing operations growing at a CAGR of 27% and 23% respectively since the last 5 to 6 years. Once regarded as one of the Indian market’s fastest wealth creators, growing 30X between FY’08 & FY’12, Manappuram stock has since then been consolidating, and the Asirvad IPO may be the trigger it has been waiting for, for a breakout.

Mr. V.P. Nandakumar Managing Director & CEO SEASONAL MAGAZINE

DIVERSIFICATION

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Most investors choose companies and stocks based on their graphs. This is true of retail investors who don’t know the nitty gritty of valuation metrics, as well as institutional investors who know all that stuff but still prefer to choose graphs that keep on soaring northwards.

The reason for this behaviour is simple.

All kinds of investors migrate from fixed income instruments to equities in the hope of making a quick buck. If a stock is consolidating and consolidating with no end in sight, this ambition of making fast money is not fulfilled, and hence the forever flight to northward graphs.

But a sobering fact is that practically no company in the world can keep on satisfying investors, especially new investors who come to own its shares, every passing year. This is true of even highly prospective biggies like Reliance Industries or Bajaj Finance or Eicher Motors or midcap companies like Page Industries or Dr Lal PathLab. More often than not, even the most wellperforming companies will pass through a phase in which the companies would seem to be doing nothing special to pursue growth, when looking from the investors’ angle. But the billion dollar question is whether this is really true, or whether the company is strategically repositioning itself through diversifications and other such means.

Discerning institutional investors understand this game well and either enter such companies during such seemingly lacklustre spells or stick with those companies through such phases.

Foreign Institutional Investors in Manappuram include Bank of America Securities, BNP Paribas and APG Emerging Markets, and domestic mutual fund majors include SBI MF, Axis MF & DSP MF.

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Classic examples are how discerning mutual funds continue to back Reliance Industries, Bajaj Finance & Eicher Motors, without these stocks doing anything spectacular for some time now.

Manappuram Finance is another such company from India’s smallcap space.

Historically one of the biggest wealth creators in the country’s listed realm, Manappuram’s stock has been consolidating for the last four years or more, neither registering a positive nor negative breakout from its long-term trading range.

Still, a clutch of marquee institutional investors have either entered or continued to hold Manappuram stock during this seemingly lethargic phase.

They include overseas institutions including Bank of America Securities, BNP Paribas and APG Emerging Markets, as well as domestic mutual fund majors including SBI MF, Axis MF & DSP MF. What is making such discerning and high quality investors remain invested in Manappuram? While the long answer to that question is the subject of this story, the short answer is without doubt Manappuram’s earnings yield and dividend yield. In this overheated bull market where yields are running quite thin, Manappuram enjoys an earnings yield of over 14%, which is double than that of some of its peers and most fixed income instruments. Its dividend yield now stands at 2.14%.

Earnings yield is the rate of return of earnings you get when you buy a stock at a specific price. It is calculated as earnings-per-share (EPS) divided by current price (E/P) and can thus be thought of as the reciprocal of the commonly used price-to-earnings (P/E) ratio. Discerning institutional investors always look for the earnings yield, as ultimately that is the return ratio to which they get locked-in at their investment price for that stock.

If the earnings or the numerator improves, the yield becomes even more attractive, and it will invariably drag the price or denominator up, and such patient investors win. On the contrary, even if the price or denominator only

Shailesh. J. Mehta, Chairman

improves without the earnings improvement, they are the winner as even though the earnings yield comes down, the price is moving up. In other words, a high earnings yield provides a greater margin of safety. For instance, if the price increases without matching earnings rise, and Manappuram’s earnings yield falls to 10%, it is still way above most of its peers.

Now, to the long story why Manappuram has been ticking all the right boxes in the strategic and sustained growth of the organisation. But to appreciate this, you will have to first understand how Manappuram became a rapid growth story between FY’08 to FY’12, resulting in 30 times wealth creation for its equity investors within these four years that led to the forever high expectations from the company’s stock.

Gold prices had nearly tripled between FY’08 and FY’12. Being a primarily gold loan focused NBFC back then, Manappuram used this window of opportunity to grow its branch network exponentially. From just 436 branches in FY’08, which were all mainly in Kerala and South India, Manappuram rapidly spread across all of India to register 2,908 branches by FY12!

With such rapid growth in its branch network, Manappuram’s Assets Under Management (AUM) also soared at over 90% CAGR during those four years, propelling its stock to grow by 30X in value. But such a hectic growth phase for the industry was sure to attract stricter regulations, and that is what happened when RBI decided to control the gold loan industry by removing its priority sector status as well by limiting the Loanto-Value Ratio to 60% for NBFCs like Manappuram.

All gold loan companies took a hit from this move, and it was soon followed by

a sharp correction in gold prices, which proved to be a double whammy.

Manappuram registered around a 30% reduction in gold loan AUM and tonnage during the next two fiscals, with stability coming back only by the beginning of FY’15 with gold prices stabilising and RBI removing some curbs.

Manappuram did grow healthily on the gold loan front ever since, but it could never be at the scorching pace witnessed during those four years. To ensure that only high quality growth is pursued, Manappuram turned

Dr. Sumitha Nandan, Executive Director

extremely judicious in its branch expansion, and this can be seen from the fact that it added only 692 branches during the next 9 years, from 3293 branches in FY’14 to 3985 branches in FY’23. The gold loan branches now stand at 4039.

Now, this phase marked a clear divergence in strategy by Manappuram Finance vis-a-vis most of its peers. While most of them waited out the lull in gold prices and the regulatory hurdles, and while some of them also pursued their public listing and other such stages, Manappuram being a listed entity for long, and being far ahead of the curve, decided to branch out bravely into diversifications including in home loans, microfinance, MSME credit, vehicle loans and more. This vision was personally led by Founder and Chairman of the Group, VP Nandakumar, who also took back the executive reins of Manappuram Finance into his own hands as its Managing Director and CEO during this period.

For Nandakumar, a postgraduate in science and a career banker earlier, navigating the vagaries of gold price as well as the sectoral regulations on an adhoc basis was too much of a long-term risk, especially as the company was answerable to its public investors.

Having 100% of its AUM in gold loans didn’t come across as a sound strategy for Nandakumar, as then the company would remain a slave to gold prices and the ever changing gold loan regulations.

Nandakumar strategised that diversifying its AUM or loan book with at least 50% participation by other buzzing credit sectors like home loans, microfinance, MSME and vehicle loans would hugely de-risk Manappuram Finance for the long-term. While some industry observers felt that it was practically not possible within a few years, Manappuram under Nandakumar’s detailed vision, did prove that it was an eminently workable solution.

By the end of Q1 of this fiscal, which ended June 30, 2023, Manappuram’s gold AUM had come down to 55.53% from the nearly 100% it was when this diversification drive began almost a SEASONAL MAGAZINE

decade back. The non-gold AUM is led by microfinance at 25%, vehicle loans at 8%, MSME credit at 6%, housing finance at 3% and on-lending at 2%.

While these figures - except for microfinance - may appear small, some of them like vehicle finance and housing finance have been growing at a quick pace.

some of its bigger peers have grown during this period, there is a possibility that Manappuram too would have fared better in absolute growth metrics if it had remained with only gold loans. But then, Nandakumar knows that for a company of the size of Manappuram, the challenge is never to win a sprint, but a marathon.

Now, one obvious question is whether Manappuram Finance would have fared better if it had stuck to its original core competence in gold loans without any such diversifications. Looking at the way

Corporate strategies come in different shapes and sizes, and their objectives too differ. While some strategies are geared for the continuous achievement of topline and bottomline growth, some others sacrifice short-term growth for the

even-greater future potential. Both models can’t be criticised, as their objectives differ.

For instance, when Reliance Industries created Jio in 2016 with a hefty initial investment of Rs. 1.5 lakh crore, many analysts were sceptical of the eventual returns, as the telecom sector had this reputation for sinking huge investments without any kind of meaningful returns.

But today, Jio is the crown jewel of RIL, valued at over Rs. 5 lakh crore, with its demerger or IPO one of the most eagerly awaited events in the Indian capital markets. Another such jewel in the RIL crown is Reliance Retail.

Manappuram and its investors are also likely to reap rich dividends from one of its crown jewels, Asirvad Microfinance, a company that it acquired in 2015 to jumpstart its microfinance business. After nearly 8 years of mentoring and nurturing by Manappuram, Asirvad Microfinance has scaled its business to be the country’s largest microfinance institution in the NBFC sector (MFI-NBFC) by geographic reach and the third-largest by AUM, and has recently filed the Draft Red Herring Prospectus (DRHP) for its IPO. Asirvad Microfinance’s Rs 1,500 crore IPO will feature issue of 100% new shares by the company, with no Offer-

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For-Sale (OFS) component by the promoter, Manappuram Finance, which now owns 98.61% stake in Asirvad with the rest 1.39% belonging to the earlier promoter. Hence, the entire proceeds from the IPO will be used to augment the capital base of the firm to meet future business requirements. With it already being well capitalised as far as regulatory norms are concerned, Asirvad is obviously eyeing a surge in future credit growth.

Leading domestic and overseas investment banks including JM Financial, Kotak Mahindra Capital, Nomura and SBI Capital are the bookrunning lead managers for the IPO. Asirvad’s IPO filing comes at a time when the microfinance industry has emphatically come out from the Covid blues, and also when the regulatory winds are blowing once again in favour of NBFC-MFIs. Until last year, banks and NBFCs active in the microfinance space have been regulated separately with the norms being tougher for NBFC-MFIs. But now the regulator of the sector, RBI, has harmonised regulations for microfinance as an asset class, across both banks and NBFCs, and this augurs well for players like Asirvad.

As mentioned earlier, Asirvad Microfinance is the absolute leader

among NBFC-MFIs when it comes to geographic reach, with the firm present in India’s 450 districts across 22 states and 4 UTs through a network of 1684 branches. Apart from being the third largest player by AUM, it is also the third largest NBFC-MFI by clients, with over 3.25 million active borrowers now.

During FY’23, Asirvad Microfinance had an AUM of Rs 10,041 crore as against Rs 7,002 crore for the previous fiscal. Its Profit After Tax stood at Rs 218.13 crore in FY’23 as compared to Rs 15.26 crore in FY’22. This performance by Asirvad in FY’23 made it the second-best microfinance institution in terms of yearly growth among its peers.

While Asirvad Microfinance is the first major subsidiary which will witness huge unlocking of value, some of Manappuram’s other businesses too are fast approaching inflection points. Its vehicle loans business had grown rapidly at 27% CAGR from FY’17 to FY’22. Around 62% of Manappuram’s auto loans are for commercial vehicle purchasing, 18% for two wheelers and the remaining 20% for passenger vehicles.

The housing finance business of Manappuram is an equally compelling growth story. It focuses on the mid to low income self-employed customers, with nearly 90% of its home loan customers being self-employed, which is a segment that many housing finance companies are not focusing on due to perceived risks, but having better

During FY’23, Asirvad Microfinance had an AUM of Rs 10,041 crore as against Rs 7,002 crore for the previous fiscal. Its Profit After Tax stood at Rs 218.13 crore in FY’23 as compared to Rs 15.26 crore in FY’22. profitability. Thanks to this strategy, its home finance AUM has grown at a CAGR of 23% during the same period.

In its core gold loan business, Manappuram has been the company to unleash innovation after innovation. It was the first company to start online gold lending in 2015, and online gold loans account for 50% of its overall gold loans now. Manappuram has been the country’s second largest gold loan player among lenders with gold loan as the core product.

Apart from its diversifications, due to its diversified borrowing pool too, Manappuram has a de-risked business model. Its borrowing pool includes approximately 23% from bonds and NCDs, 53% in the form of term loans, 23% from working capital and cash credit facilities, and 1.1% from ECBs and commercial papers. Recently, it has hit the market with two bonds maturing in 539 days and 724 days to raise Rs 600 crores.

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When Will Markets Realise LIC of India’s True Potential?

LIFE INSURANCE CORPORATION OF INDIA’S STOCK MIGHT NOT HAVE PERFORMED AS PER INVESTORS’ EXPECTATIONS AFTER ITS IPO. BUT THE UNDERLYING ORGANISATION IS FIGHTING FIT AS IT HAS NEVER BEEN, WITH ITS RENEWED FOCUS ON GROWING ITS NON-PARTICIPATING PRODUCTS, TECH-LED CUSTOMER ACQUISITION AND PREMIUM COLLECTION, GROWTH IN ITS BANCASSURANCE CHANNELS, AND BETTER RETURNS FROM ITS HUGE INVESTMENT PORTFOLIO. LEADING THIS CHANGE AT THE LIFE INSURANCE GIANT IS CHAIRMAN SIDDHARTHA MOHANTY, GOVERNMENT NOMINEE DIRECTOR SUCHINDRA MISHRA,AND MANAGING DIRECTORS M JAGANNATH, TABLESH PANDEY AND R DORAISWAMY. LIC REMAINS THE MASTER OF INNOVATIVE PRODUCT DESIGN AS IS EVIDENT FROM ITS NEW JEEVAN KIRAN PRODUCT THAT NOT ONLY COVERS YOUR LIFE, BUT REIMBURSES THE FULL PREMIUM ON MATURITY. WITH INDUSTRY LEADING PERFORMANCE ACROSS ALL METRICS THAT MATTER - REVENUE GROWTH, PROFIT GROWTH, PROFIT MARGINS AND RETURN ON EQUITY - AND AT THE SAME TIME WITH THE LOWEST PRICE-TO-EARNINGS BASED VALUATION, IT IS ONLY A MATTER OF TIME BEFORE LIC OF INDIA GETS POSITIVELY RE-RATED BY THE MARKET.

“M

arkets can remain irrational longer than you can remain solvent,” remarked John Maynard Keynes, the Father of Macroeconomics, during the Great Depression of the 1930s. Due to the wry humour and the great experiential truth embedded in this quote, this has been requoted often by numerous luminaries including Warren Buffett in the modern age.

Keynesian economics is credited with pulling the Western nations from the Great Depression, and though its popularity waned by the 1970s, the world revisited and relied on it again in

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the aftermath of the Global Economic crisis of 2009, with leaders including Dr. Manmohan Singh and Barack Obama calling for a return of the policies of John Maynard Keynes.

While the specific quote mentioned above is most often used by Buffett and other celebrity investors to discourage retail investors from taking on excessive leverage, expecting the market to start behaving rationally regarding a stock, there is also a reverse wisdom hidden in it.

This wisdom is nothing but the long-term observational insight that one day markets are going to behave rationally, that is, value

life insurer and its peers fare in growth.

The second largest player SBI Life Insurance has a 3 year profit growth rate (CAGR) of 9.99%. For HDFC Life, the profit CAGR for the same period is 2.69%, and for ICICI Prudential Life the 3-year profit growth rate is -12.68% (profit degrowth).

something as per its real value.

Look no further than the stock of Life Insurance Corporation of India to see a modern day example. LIC is the sector leader, being the largest life insurance company in the country, by a good measure. Usually, sector leaders command the most premium valuation when compared with peers. But when it comes to LIC of India, it trades at an unbelievably low price-to-earnings multiple of just 9 times.

While 9 is an attractively low P/E by any measure, wait till you hear how LIC’s

peers are valued. India’s second largest life insurance company by revenue and profits, SBI Life Insurance, trades at a P/E of 70 times. The country’s third largest, HDFC Life Insurance, trades even higher at a P/E of 96 times, making it the second most valuable life insurer by market cap, above SBI Life. And the fourth largest life insurer, ICICI Prudential Life Insurance, trades at a P/E of over 95 times.

The knee jerk reaction of almost anyone reading this would be to put the blame on either LIC’s profit growth or its return ratios. Let us first see how India’s largest

Now, coming to LIC, you will have to hold your breath before hearing the 3year profit CAGR. It is over 266%.

Coming to return ratios too, LIC is way ahead of all its peers by a good margin.

Against SBI Life’s Return on Equity of 13.21%, HDFC Life’s RoE of 10.53% and ICICI Prudential’s RoE of 8.09%, LIC’s Return on Equity is simply breathtaking - 79.69%.

While critics may cite that it is a one-off performance in FY’23 due to LIC’s exceptional profit in the last fiscal, the correct way to look at this is whether peer insurance companies’ RoE in the fiscal year before this, is any match to LIC’s RoE. Here too, there is no comparison in performance, as the best performer, SBI Life’s FY’22 RoE was only SEASONAL MAGAZINE

12.95% as against LIC’s 38.84% recorded in that fiscal.

What is even more interesting is that this FY’22 RoE of LIC was its lowest in the last 5 years, but which was over 70% higher than the best RoE performance recorded by any of its peers during these last 5 years, which was the 22.64% RoE achieved by HDFC Life in 2019! When it comes to revenue growth too, LIC exhibits a predictable and steady growth, whereas most of its peers are struggling to register a meaningful topline growth, whereas some like ICICI Prudential is witnessing steady degrowth.

Profit margins are another area where LIC outshines and outperforms all its peers by an unbelievable margin. LIC’s Gross Profit Margin, Operating Profit Margin and Net Profit Margin are 5.57%, 5.51% & 4.05% respectively. For SBI LIfe, these figures are 2.54%, 2.54% & 2.13%, whereas for HDFC Life it is even poorer at 2.12%, 2.01% & 1.94% during the last fiscal. ICICI Prudential fares better than SBI Life & HDFC Life in Gross & Operating Profit Margins with 3.17% & 3% respectively, but in Net Profit Margin fares worse at 1.64%.

From the above apple-to-apple comparison, it should be clear that LIC stock’s underperformance in the market since its IPO days is a case of the market not awarding it its due valuation. And the even stranger fact is that it is not an apple-to-apple comparison really, but an apples-to-golden-apple comparison. LIC is not just India’s largest life insurer, but its largest institutional investor in equities and debt.

This makes LIC a double-engined locomotive, an advantage which the company is yet to fully demonstrate to the market, and hence something the market is not accounting for now. Market returns from its massive equity investments are never going to be a linear source of growth, but when it starts coming in, expect LIC to deliver outsized returns to investors. The market got a whiff of it in Q1 when its equity portfolio yielded substantial profits.

LIC is continuing its investment strategy of making incremental investments in SEASONAL MAGAZINE

both equity and debt, with the stated objective of creating enhanced value for all its stakeholders. While its total equity portfolio is Rs 10 trillion, its total investment portfolio is Rs 46 trillion, with the majority being in debt, including central and state government securities.

This structure gives LIC’s portfolio great stability as well as deep pockets to draw from during any emerging market opportunities.

When it comes to its core business of Life Insurance, LIC’s stature is not just national but global. It is the fifth-largest life insurer in the world in terms of life insurance gross written premiums (GWP). LIC is also the tenth-largest insurance company in the world by total assets.

When compared to the second-largest life insurer in the Indian market, SBI Life, LIC has the largest market share margin among all market leaders in the top 7 markets worldwide. The company has 13.35 lakh agents and services policies worth Rs 27.80 lakh crore, making it the third strongest insurance brand globally.

With LIC’s core performance and relative valuations with peers being such, what exactly is preventing LIC from attaining its rightful position in the Indian equity markets? Some market analysts attribute it to LIC’s product mix, and this may be partly true.

Conventionally, LIC's product portfolio has been largely dominated by the socalled participating products, where

rules, the promoter holding needs to be brought down to 75% eventually, which means the supply of LIC shares to the market may surge in the future via an OFS or FPO.

WITH LIC’S CORE PERFORMANCE AND RELATIVE VALUATIONS WITH PEERS BEING SUCH, WHAT EXACTLY IS PREVENTING LIC FROM ATTAINING ITS RIGHTFUL POSITION IN THE INDIAN EQUITY MARKETS? SOME MARKET ANALYSTS ATTRIBUTE IT TO LIC’S PRODUCT MIX, AND SOME OTHERS TO THE HIGH PROMOTER HOLDING THAT MAY NEED PARING.

profits are shared as dividends and bonuses with policy holders. But since its public listing, and its newly assumed responsibilities to its public shareholders, LIC is now concentrating more on increasing premium contributions from its non-participating products.

In the first quarter of FY'24, the proportion of non-participating premiums in LIC's total annualised premium equivalent (APE) was 10.22%, as compared to 7.75% for the same period in the previous financial year, and it also marked the first time LIC has gone above a double-digit non-participating APE. This will definitely benefit its margins, which is already at double of its peers.

Another overhang on the stock might be the exceptionally high promoter holding of 96.5% by the Government of India.

This must be troubling to the market, as according to market regulator SEBI’s

But the Government is highly unlikely to offload such a huge stake in one go due to the insurmountable practical difficulties involved in such a huge share sale, and will approach it in a phased and highly calibrated manner.

Meanwhile, LIC continues to be a high return investment for the Government.

Recently, LIC Chairman Siddhartha Mohanty and a core team had visited Finance Minister Nirmala Sitharaman to hand over a dividend cheque of Rs. 1831 crore.

LIC’s dividend yield is now only 0.46%, and if LIC improves its dividend payout policy much like some of its peer PSUs, the dividend income itself will be a major source of return for its shareholders including the Government of India. Several PSUs, ranging from Coal India to Oil India to ONGC are known to pay hefty dividends with yields going above 8-6%.

The Government on its part has been supporting LIC and its commendable work force consisting of employees and its unique agent army. Recently, the Finance Ministry had unveiled a series of welfare measures for the benefit of agents and employees of LIC of India.

The measures are related to the amendments to LIC (Agents) Regulations, 2017, enhancement of the gratuity limit, and uniform rate of family pension among others. More than 13 lakh agents and more than 1 lakh regular employees, who play a pivotal role in the growth of LIC are expected to benefit from these welfare measures.

Under the visionary leadership of Chairman Siddhartha Mohanty, LIC is pursuing a three pronged strategy of fortifying its agents, bancassurance and digital channels, to boost its growth and margins. Towards this, it has already initiated an ambitious project for a technology overhaul, which should boost product sales and enhance the customer experience.

Strategic changes in terms of product

mix and distribution are also eyed.

A comprehensive digital transformation project is underway at LIC, which is aimed at transitioning all processes to a digital mode. A digital customer onboarding project is scheduled to take effect from December this year. Even now, LIC collects 52% of its premiums digitally, but with such a tech overhaul in place, this percentage will move even higher up, resulting in faster growth and better profitability.

LIC will also continue with its often stated objective of matching or even slightly exceeding the overall life insurance industry’s growth rate. In FY'23, it had achieved a growth of 16.47% in New Business Premiums (NBPs), which is one of the overall industry’s best ever performances.

The fact that all of its three major competitors - SBI Life, HDFC Life & ICICI Prudential - are banking majors is not lost on LIC. It has rightly understood the importance of the bancassurance channel, and is now emphasising the promotion of premiums through such tie-ups.

Innovative product design is another area where the insurance giant is focusing on.

LIC had recently launched a new product, Jeevan Kiran, the design of which sent competitors scrambling for cover. It has been well received by consumers and not without reason.

Jeevan Kiran is an innovative product that provides not only coverage for life risk, but at the policy’s maturity, the total premium is refunded. Thus it offers a risk cover at no cost, as the total amount paid is reimbursed.With such innovations and growth strategies in place, LIC of India’s stock is likely to get re-rated eventually by the market. John Maynard Keynes who wryly commented on the time it may take for markets to do such things, was not just an economist, but an astute investor himself who kept on outperforming the overall market by 8%, for several years. His strategy was simple - picking undervalued stocks like LIC. Decades later, Buffett and several other celebrity investors continue to follow this timeless principle.

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NITTE DEEMED UNIVERSITY

OVER FOUR DECADES OF CONSISTENT PROGRESS IN ACADEMIC EXCELLENCE Under the visionary leadership of its Founder Chancellor N Vinaya Hegde, Pro Chancellors Vishal Hegde and Prof. Dr. Shantharam Shetty, and Vice Chancellor Dr MS Moodithaya, Nitte Deemed-tobe University has been ranked among India’s Top 100 universities for the 5th consecutive year in the NIRF rankings, and it has also jumped 10 ranks this year to the 65th position. Two of Nitte’s eminent scientists Dr Indrani Karunasagar and Dr Iddya Karunasagar have also bagged top ranks of 11 and 13 respectively in the field of microbiology by Research.com. Nitte alumni like Vidya Kamath Pailodi and Dr. Saritha Arunkumar have brought global accolades to the university recently, while on the national stage two of Nitte students have won the 1st and 6th rank in the Joint CSIR-UGC NET Examination under the Life Sciences category.

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iebel Scholars program needs no introduction among cutting-edge universities in the world and their graduate students and startup entrepreneurs. Established by the Thomas and Stacey Siebel Foundation in 2000, the Siebel Scholars program selects around 90 graduate students each year from some of the finest universities in the world to be a Siebel Scholar. So far only 1800 Siebel Scholars have been selected and they form an elite club of researchers, entrepreneurs, engineers, scientists and top rung of managers.

N Vinaya Hegde Chancellor

There are only 16 universities from which Siebel Scholars have so far been selected and they include prestigious names like Harvard, Stanford, John Hopkins, MIT, Princeton, UC Berkeley, University of Chicago, Wharton, and University of Illinois Urbana-Champaign, which is also incidentally the alma mater of billionaire businessman Thomas Siebel, one of the world’s most successful tech entrepreneurs who founded Siebel Systems which was later acquired by Oracle.

Recently, the Siebel Scholars Foundation announced its 2024 Class of Siebel Scholars, honouring 83 exceptional graduate students from top universities around the world in the fields of bioengineering, business, energy science, and computer science. Five Computer Science students from the University of Illinois Urbana-Champaign were named to this year’s class, and among them is Vidya Kamath Pailodi, a second-year graduate student working with Professor George Chacko to explore the field of Computational Scientometrics.

Before arriving at the University of Illinois Urbana-Champaign, Vidya worked as a software engineer in the thermotechnology department at Robert Bosch Engineering and Business Solutions in Bengaluru, India. This was shortly after Vidya graduated as a Gold Medalist in ECE from the NMAM Institute of Technology in Nitte, India where she earned an undergraduate degree in Electronics and Communication Engineering.

Vidya’s achievement is something about

which Nitte Deemed University can be proud of as Nitte Mahalinga Adyanthaya Memorial Institute of Technology (NMAMIT) is a constituent engineering college of Nitte Deemed University. This achievement is all the more impressive as 4 out of the 5 students from University of Illinois who won this prestigious scholarship are from India, from prestigious institutions including IIT Indore, IIIT Hyderabad & Manipal Institute of Technology.

Oscars of Engineering.

Vidya’s and Nitte Group’s achievement in this regard is by no means a one-off phenomenon on the world stage.

Recently, Dr. Saritha Arunkumar who holds the position of IBM’s Public Cloud World Wide Technical Leader in Security, in the United Kingdom, won the prestigious award, The Princess Royal Silver Medal, often called the

Earlier, Dr. Saritha has been recognised as an IBM Master Inventor, an IBM Super Hero, Financial Times' Top 100 BAME Technology Leaders Award, and The Inc Magazine’s Top 10 Business Women to Follow in 2022. Her achievement of winning the The Princess Royal Silver Medal is regarded as an achievement for India, and of course for Nitte Group as

Bestowed by the United Kingdom’s Royal Academy of Engineering, the award was presented to Dr. Saritha by none other than HRH Princess Anne, Sister of King Charles, in London. The award was in recognition of this leading cyber-security expert’s invaluable and critical contributions to shaping security in emerging areas such as the cloud, blockchain, and biometrics.

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Dr. Saritha had graduated from the NMAM Institute of Technology in 2000 as an Electronics & Communication Engineer, and was also the topper of her batch.

Vidya’s and Dr. Saritha’s education and grooming at NMAM Institute of Technology happened much before it became a constituent college of Nitte University. But this only goes on to add further sheen to the farsighted vision and care accorded by Nitte Educational Trust led by its Chancellor N Vinaya Hegde, years or even decades before it became a formal university.

Nitte Deemed University is a part of Nitte Group run by Nitte Education Trust, which was founded in 1979 by Justice Kowdoor Sadananda Hegde, former Chief Justice of the Supreme Court and former Speaker of the Lok Sabha.

Offering education in diverse areas of learning, Nitte today offers a total of 130+ programs including medicine, engineering, management, hospitality, allied health sciences, dentistry, pharmacy, nursing, physiotherapy, speech and audiology, media & communication and architecture. The Trust has established 40+ institutions spread across three campuses at Nitte, Mangalore and Bangalore and has over 20,000+ students and 4500+ faculty in its campuses.

Equipping its students for outperformance continues even to this day at Nitte University. In the national level Joint CSIR-UGC National Eligibility

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Vishal Hegde Pro Chancellor Test (NET) exam conducted a few months back, a total of 78,168 students had appeared under the Life Sciences category. NET exam is conducted to determine the eligibility for Junior Research Fellowship (JRF) and Lectureship (LS) / Assistant Professor post in Indian universities and colleges.

Among these over 78,000 students who appeared under the life sciences category, there were students from the Nitte University Centre for Science Education & Research (NUCSER) too.

And guess who won the national level top ranks? Twin sisters, Rhea Kishore and Reena Kishore, MSc Biomedical Science students at NUCSER, achieved the 1st

Prof. Dr. Shantharam Shetty Pro Chancellor

and the 6th Rank nationally!

It was an incredible performance by these Nitte students as Rhea scored a total percentile of 99.94 whereas Reena scored 99.66. Both of them were mentored at the university by Dr. Akshath US, Scientist G-II, and Dr. Anirban Chakraborty, Professor & Director of NUCSER, and the achievement of these twin sisters has become another proud moment in these recent times for Nitte University.

Such mentoring in both the academic and leadership aspects is a culture that permeates the entire university starting from the very top rungs. Vice Chancellor

there were only three to four orthopaedics, including myself, in Mangaluru, while at present, there are over 200 orthopaedics in the city, which is a tremendous growth in this field. Yes, we all want to earn money but always remember to serve your patient first and then think of money. Practice for need and not for greed,” added Dr Shantharam Shetty.

N Vinaya Hegde and Pro Chancellor Vishal Hegde have been known to intervene for the student community at every appropriate forum. Such an instance happened during the university’s 2022 convocation, when Vinaya Hegde requested UGC Chairman and Chief Guest Prof. Mamidala Jagadesh Kumar to upgrade the Mechanical, Civil and Electrical Engineering courses with components from computing and electronics to make them relevant at the changing workplace.

NMAMIT that produced winners like Vidya and Dr. Saritha today offers both conventional and advanced engineering branches like Artificial Intelligence & Machine Learning, Robotics & AI, Biotechnology, Civil, Computer & Communication, Electrical & Electronics, Electronics & Communication, Information Science, Mechanical Engineering etc.

Pursuit of values is another dimension where the Nitte University leaders excel, starting right from the Chancellor.

Recently, pioneering orthopaedic

Dr MS Moodithaya Vice Chancellor surgeon and Pro Chancellor of Nitte University, Prof. Dr. Shantharam Shetty, who was the Chief Guest of OASISCON 2023, a 3-day Conference Of Orthopaedic Associations Of Six South Indian States Hosted By Karnataka Orthopaedic Association, delivered such a value based lesson for fellow orthopaedic surgeons.

Said the Nitte Pro Chancellor, “During those years (when I started my practice),

Startup incubation is another domain where Nitte University is starting to make impressive gains. Recently, an innovative betel leaf tea bag product was developed by young startup entrepreneur Sandeep Eshanya with the support of Nitte University’s DST Technology Enabling Center and Dr Mamatha BS, an expert in food technology and faculty at Nitte University Center for Science Education and Research.

While the nutritional value of betel leaf is noteworthy, being rich in fibre, vitamins A, B, C and minerals like calcium, iron and potassium, it was an arduous and time-consuming process that took several iterations of laboratory studies and consumer acceptance trials to ready a process for preparing tea bags from betel leaves without losing nutrients, medicinal properties and in the original flavour as well as incorporating additional flavours as per user preference.

Entrepreneur Sandeep Eshanya was all praise for Nitte University’s support, when he said, “NITTE University boosted my confidence when I pitched my idea.

They have been a constant support to convert my dream into reality. I have now sent samples to 10 countries such as Sri Lanka, United States, UK and many more.”

There is more to Nitte University’s support for such startup entrepreneurs than in product development. Under the guidance of Prof. Dr Iddya Karunasagar, Advisor - Research and Patents, at Nitte University, the process of producing the betel leaf tea bags has been protected by a shared patent, and Nitte University has authorised Eshanya Beverages, the concerned start-up to commercialise the technology through an agreement, so that the product is effectively made available in the Indian and overseas markets.

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Nitte Deemed University also has a robust research program that offers Fulltime and Part time Ph.D Course in the faculties of Medicine (including PreClinical, Para-Clinical & Clinical), Dentistry, Pharmacy, Physiotherapy, Allied Health Science, Nursing, Biological Sciences, Speech & Hearing, Engineering, Commerce & Management, Applied Sciences, Business Administration and Humanities.

Meritorious Full Time candidates receive Nitte PhD Fellowships of Rs. 20,000/- per month as per the University’s guidelines.

Nitte takes the quality element of its PhD program quite seriously, and there is an impressive lineup of Research Guides, and the selection of candidates is based on a national-level entrance test, statement of purpose and personal interview.

Nitte University organises various workshops and seminars to bring industry experts right into the campus.

A similar workshop to mark the World Food Safety Day was organised by Nitte DST Technology Enabling Center in association with CII, FSSAI & KCCI, and was moderated by Nitte faculty Dr. Indrani Karunasagar. She emphasised the need to understand the basis for food safety standards and the best practices that food business operators from farm to plate need to follow to comply with the standards. The discussions covered improving food hygiene and food safety in all segments of the food industry including street vendors, quality control, certifications and accreditations required by food

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testing laboratories.

Nitte is also forever forging meaningful tie-ups with select industry majors in training and certification for the employability of its students. A few months back it forged such a tie-up with upGrad Campus, the higher education arm of upGrad, one of Asia’s largest integrated career skilling, workforce development & placement companies.Under this collaboration, UpGrad Campus will support Nitte BTech students with one of the hottest coding skills today - Full Stack Development (FSD) - so that they are adept with the tech requirements of the modern day workplace.

Spread over a period of 4 years, the FSD specialisation begins in the first year integrated within the university

curriculum and has been designed for engineering aspirants who aim to build a career in the Information Technology domain. It will cover around 1400 hours of learning content with over 300 live sessions, 11 projects and case studies, in sync with the B.Tech syllabus to ensure learners get higher experiential learning.

It will also encourage live & interactive faculty engagements, alumni networking, and industry-specific sessions/simulations to enhance the overall subject understanding to further enable them with the expertise required to succeed in the said industry. The tieup is aimed at making Nitte students stand out from the lakhs of Engineering students in India.

Management education is another domain where Nitte Deemed University is a force to reckon with, thanks to its longstanding experience through its Justice KS Hegde Institute of Management (JKSHIM). This highly ranked MBA institute recently welcomed its 26th batch of MBA students, with a unique value-add. A guest of honour at the event was former alumni Sajan Murali, who is now the CEO of Turtle Wax Media Ltd. Sajan belongs to the 1999-2001 batch of MBA at JKSHIM, and called upon the current batch of MBA aspirants to focus on imbibing the soft skills.

JKSHIM which recently celebrated its Silver Jubilee, had Dr. Debashis Chatterjee, Director, IIM Kozhikode, delivering the Silver Jubilee lecture on the theme of ‘Leadership Challenges'.

Noting that Nitte Founder Justice KS Hegde was a visionary with values, Dr. Chatterjee said, “Principle and value centred leadership is the need of the hour. Life has no meaning without values and principles. Integrity is the hallmark of life. These virtues need to be imbibed during schooling and college days.”

Bengaluru based Nitte Meenakshi Institute of Technology (NMIT), which is promoted by Nitte Education Trust, but which is not technically part of Nitte Deemed University yet, recently hosted its 1st International IEEE conference on ‘Networks, Multimedia and Information Technology’, NMITCON 2023.

Sponsored by the AICTE, the conference brought together experts and enthusiasts from across the domain of information technology, including AICTE Chairman Dr. T. G. Sitharaman, Dr. David Camacho from the Technical University Of Madrid, Spain, and Ms. Namrata Dutta, Senior IT Auditor, from Mumbai, whose keynote addresses at the event was a great source of inspiration to the participants. Authors from countries including the USA, the UK, and Germany, and also from premier Institutions like IISc., IITs, IIITs,

and NITs presented their papers at this Conference.

Also marking the occasion was the inauguration of the AICTE-IDEA Lab by Dr. T. G. Sitharaman. The focus of the lab is to encourage students to apply Science, Technology, Engineering, and Mathematics (STEM) fundamentals on ideas for enhanced hands-on experience and even product development. The AICTE has also sanctioned Rs.15 lakh to NMIT to help establish the lab.

Nitte Institute of Communication (NICO), another constituent college of Nitte Deemed University, is also acing its game above peers with international industry certifications. Recently, it received the prestigious Godox Certification under which Godox, a world leader in professional and studio

quality lighting, will conduct workshops on lighting for students, where they will learn from the Godox Team about latest lighting techniques and practices. With this tie-up, NICO has become India’s Only Godox Certified Training Centre.

Besides the Godox partnership, NICO also hosts workshops by experts in photography, feature writing, video editing, VFX, and short filmmaking.

These workshops give students exposure to real-world challenges and opportunities in the media industry.

Besides offering five comprehensive programs in media and communication, the institution also organises the Nitte International Film Festival (NIFF), which is one among the few student-managed film festivals in the country. Nitte communication students thus get an opportunity to interact with filmmakers, technicians, actors, cinematographers, scriptwriters who participate in the festival, which is so characteristic of the way Nitte Deemed University grooms all its students.

With such initiatives across the campus and all its constituent colleges, it is no wonder really that MNCs and large Indian corporates have been placing students from Nitte Campus. These include renowned names like Mercedes Benz, Toyota Kirloskar Motors, Hitachi, ABB Power Grids, Juniper Networks, Intel, Novo Nordisk, L&T Technology Services, Syngene International, JSW Group, Prestige Construction, JK Cement etc.

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ESAF SFB IPO BACKED BY ROBUST PERFORMANCE ESAF Small Finance Bank’s IPO comes at a time when the bank has achieved a remarkable turnaround in growth, with a diversified retail loan book, and sharply better asset quality. Founded and led by one of India’s microfinance pioneers, K Paul Thomas, ESAF SFB’s IPO follows the blockbuster IPO from peer firm Utkarsh Small Finance Bank recently. ESAF SFB has an impressive 3year AUM CAGR of 39% and a deposit CAGR of 28%, which is likely to make investors make a beeline for the issue, if offered at a reasonable valuation. ESAF SFB is also the first bank to be set up post Independence in Kerala, a cradle of banking in the country, and home to Federal Bank, South Indian Bank, CSB Bank & Dhanlaxmi Bank. Along with them, ESAF SFB enjoys a strong positioning in Kerala’s strengths like NRI remittances and gold loans, that can be replicated elsewhere in the country. With a successful IPO, ESAF SFB will join this league of listed Kerala based banks, as well as a faster growing pan-India league of listed small finance banks including AU SFB, Equitas SFB, Ujjivan SFB, Suryoday SFB & Utkarsh SFB. ESAF SFB also has some aces up its sleeve like its internationally rated leadership in ESG practices.

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Indian banks, both in the private and public sectors, have never been this healthy, for almost two decades.

This includes the country’s small finance banks (SFBs), most of them coming from a microfinance background. In fact, their turnaround has been sharper, as most of them have rebounded from the pandemic years’ losses.

This was reflected in the IPO market too, as recently seen in Utkarsh Small Finance Bank’s blockbuster IPO, which was oversubscribed by nearly 111 times and almost doubled investors’ money on the listing day itself. The next small finance bank to go for its IPO is likely to be Thrissur, Kerala, headquartered ESAF Small Finance Bank that recently got its final approval from the market regulator SEBI to launch its IPO.

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WHILE THE BANK REGISTERED A 23% GROWTH IN ITS NET PROFIT IN Q1 AT RS.129.96 CRORE, THE NET INTEREST INCOME INCREASED BY 30.46% TO RS. 585.45 CRORES, REVEALING THE BANK’S PRUDENT CREDIT AND MANAGEMENT STRATEGIES.

to Rs 1,836.34 crore. While the superlative growth in FY’23 was on lower bases recorded in the previous fiscal due to the Covid impact, what needs highlighting is the fact that ESAF SFB has performed quite well on a three-year basis too.

Founded by one of India’s pioneers in microfinance, K Paul Thomas, who continues to lead the bank as its MD & CEO, ESAF Small Finance Bank had recorded a spectacular turnaround in FY’2023 with its net profit soaring by 452% or over 5.5 times to Rs. 302.33 crore from the Rs. 54.73 crore it was during the last fiscal.

For instance, its Assets Under Management (AUM) grew to Rs. 16,331.26 crore as on March 2023 from Rs. 8,425.93 crore as on March 2021, registering a compounded annual growth rate (CAGR) of over 39%. While some new SFBs are struggling to garner deposits, ESAF SFB has fared well in this regard too with its deposits rising to Rs. 14,665.62 crore in March 2023 from Rs. 8,999.42 crore in March 2021, which implies a CAGR of around 28%.

The bank’s net interest income surged by over 60% from Rs 1,147.14 crore

But what is most impressive in ESAF SFB’s long-term performance is that

from once a 100% microlending institution, it has successfully expanded its loan book with additional retail assets including gold loans, auto loans, MSME loans, affordable housing loans, agriculture loans etc, which together constitute 30% of the book now.

This is even more appreciable as this expansion into other assets has happened, even while the core microlending business continued to grow healthily. ESAF SFB has also recently proved that the FY’23 performance was not a one-off achievement, in its FY’24 Q1 numbers.

While the bank registered a 23% growth in its net profit in Q1 at Rs.129.96 crore, the net interest income increased by 30.46% to Rs. 585.45 crores, revealing the bank’s

prudent credit and management strategies. The total Advances Under Management increased by over 35% to reach Rs. 17,203 crore, while the total deposits increased by 16.33% to reach Rs. 15,656 crore.

This kind of robust growth has happened even while ESAF SFB has improved significantly in its asset quality. The GNPA ratio has been reduced to 1.65% from 6.16%, and the NNPA ratio has improved to 0.81% from 3.78%.

The bank has a steadily growing branch network, which now stands at 700 banking outlets, 743 customer service centers, 20 business correspondents, 2,023 banking agents, 481 business facilitators, and 528 ATMs spread across India’s 21 states and two union territories, together serving an ever growing customer base, that stood at 6.83 million as of March 31, 2023.

With ESAF SFB’s overall performance showing such strong improvement, the bank’s imminent IPO is likely to evoke healthy response from investors, if offered at reasonable

THIS KIND OF ROBUST GROWTH HAS HAPPENED EVEN WHILE ESAF SFB HAS IMPROVED SIGNIFICANTLY IN ITS ASSET QUALITY. THE GNPA RATIO HAS BEEN REDUCED TO 1.65% FROM 6.16%, AND THE NNPA RATIO HAS IMPROVED TO 0.81% FROM 3.78%.

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also tied up with NABARD to launch a financial literacy programme in this district to educate the tribal population there on the basics of banking.

The Founder of ESAF SFB, K Paul Thomas, has some unique credentials in not only the microfinance sector, but in his understanding of the power of financial inclusion across a vast country like India. He has been a management professional for over 32 years, and had worked with the Indian Farmers Fertilizers Co-operative Ltd (IFFCO) which is the world’s largest cooperative owned fertilizer company, for 18 years.

valuations vis-a-vis its peers. The IPO includes a fresh issue of up to Rs. 486.74 crore and an offer for sale (OFS) of up to Rs. 142.30 crore by the promoter group, ESAF Financial Holdings, and other selling shareholders including PNB MetLife India and Bajaj Allianz Life Insurance.

The proceeds from the fresh issue will be used towards augmenting the bank’s Tier-I capital base to meet its future growth requirements. ICICI Securities, DAM Capital Advisors and Nuvama Wealth Management are the book running lead managers for the ESAF SFB IPO. The bank’s IPO is also likely to evoke much interest from ESG focused funds and investors. ESG stands for Environmental, Social, and Governance, and some of the largest institutional investors in the world are increasingly applying these nonfinancial factors as part of their analysis process to identify sustainable growth opportunities.

ESAF SFB is a leader in ESG, as seen from CareEdge Ratings evaluation SEASONAL MAGAZINE

with the bank getting best-in-class rating for its ESG practices. What makes this even more remarkable is that ESAF SFB’s work in sustainable banking has been without any impact to its business and profit momentum.

Demonstrating its ESG practices further, ESAF SFB has opened three outlets in Attapadi, the biggest tribal taluk in Kerala, which does not have even a single branch of any other new generation private bank. The bank has

THE FOUNDER OF ESAF SFB, K PAUL THOMAS, HAS SOME UNIQUE CREDENTIALS IN NOT ONLY THE MICROFINANCE SECTOR, BUT IN HIS UNDERSTANDING OF THE POWER OF FINANCIAL INCLUSION ACROSS A VAST COUNTRY LIKE INDIA. HE HAS BEEN A MANAGEMENT PROFESSIONAL FOR OVER 32 YEARS, AND HAD WORKED WITH THE INDIAN FARMERS FERTILIZERS CO-OPERATIVE LTD (IFFCO) WHICH IS THE WORLD’S LARGEST COOPERATIVE OWNED FERTILIZER COMPANY, FOR 18 YEARS.

During this stint, he travelled extensively through rural India, which convinced him that community transformation is possible through creation of credit opportunities. This inspired him to start microfinance lending under the ESAF Society, which later culminated in the award of a Small Banking License by RBI. ESAF started the ESAF Small Finance Bank in 2017, and thus became the first new bank to be set up in Kerala after Independence. Kerala has long been a cradle of banking and finance in India, being home to listed banks including Federal Bank, South Indian Bank, CSB Bank & Dhanlaxmi Bank, apart from some of the largest NBFCs like Manappuram Finance, Muthoot Pappachan Group & Muthoot Finance.

ESAF SFB which later became a scheduled bank as well as a bank with NRI services, is benefitting from its roots in Kerala as the state is a leader in NRI remittances as well as gold loans. With a successful IPO, ESAF SFB will join this league of lenders, as well as a faster growing pan-India league of listed small finance banks including AU SFB, Equitas SFB, Ujjivan SFB, Suryoday SFB & Utkarsh SFB.

FITNESS

THE PERFECT PLANK EVER STRUGGLED WITH HOLDING A PLANK, WONDERING HOW MUCH LONGER YOU NEED TO KEEP ON GOING TO GET RESULTS? LET’S FIGURE IT OUT ONCE AND FOR ALL.

Optimal plank duration: Now, coming to the big question — the answer isn’t that simple. Experts believe that maintaining proper form is crucial, even if it means holding the plank for a shorter time. Ideally, the length of time you should hold a plank for can vary from 10 seconds to a minute.

id you know there’s a simple yet highly effective isometric exercise that has gained immense popularity for its ability to sculpt a strong core, enhance posture, and improve overall body stability? Whether you are a fitness enthusiast or a beginner on the wellness journey, incorporating planks into your workout routine can yield remarkable results. But then, the biggest question that often arises is, "How long should you hold a plank to truly reap the benefits?" Before we get into details, let’s understand what a plank exercise is and how to perform it with perfection.

What is planking?

The plank exercise is a static corestrengthening workout that engages multiple muscle groups simultaneously.

The primary target is the transverse abdominis (abdominal muscles extending between the ribs and the pelvis), which acts as a natural corset, supporting your spine and maintaining stability.

Planks also engage the rectus abdominis

Beginners may start with 20-30 seconds and gradually work their way up to 1 minute or a little more. Once you are sure you’re in the right position, start with a comfortable time frame and gradually increase it. It's better to maintain proper form for a shorter duration than to compromise your technique for a longer time. Inhale and exhale deeply throughout the exercise. Proper breathing helps you maintain stability and control while holding the plank. (front of the abdomen), the obliques (side abdominal muscles), the erector spinae (back muscles), and the glutes. This comprehensive engagement makes planks a fundamental exercise for building a strong and stable core.

How to perform a perfect plank?

While many people focus on how long they can hold a plank, in reality, it is more important to perfect the posture while performing this exercise. Here’s how to tap into all those core strengthening and balancing benefits by performing the perfect plank. Begin on your hands and knees.

Place your hands directly beneath your shoulders, slightly wider than shoulderwidth apart. Extend your legs straight behind you, balancing on your toes.

Your body should form a straight line from your head to your heels. Engage your core muscles to prevent your hips from sagging or rising. Look down at the floor, with your gaze slightly in front of you. Now, tighten your abs, quads, glutes, and hold.

The benefits of planks: 1. Increased core strength: Planks are exceptional for building core strength. A strong core contributes to improved posture, reduced risk of back pain, and enhanced overall stability.

2. Improved posture: As you strengthen your core, your posture naturally improves. This can alleviate strain on the spine, reduce the risk of injuries, and boost your self-confidence.

3. Enhanced flexibility: Planks engage muscles that affect your flexibility, such as the shoulders, collarbone, and shoulder blades. Regular practice can lead to increased range of motion in these areas.

4. Increased muscle definition: Engaging multiple muscle groups during planks helps define not only your abs but also your back, shoulders, and glutes.

5. Injury prevention: By stabilising your spine and improving your core strength, planks can reduce the risk of lower back injuries and provide better support during other workouts.

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COVER STORY

HOW JGU STAYS AHEAD OF THE CURVE Imagine a higher education institution in India that brings together faculty from over 50 countries. No, not visiting or part-time faculty, but full-time faculty. A campus where students themselves come from 70+ countries. This deemed university in the National Capital Region - Delhi (NCR-Delhi) has also forged collaborations with leading institutions in 70+ countries so far to enable a truly international learning experience. With multiple

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engagements spanning over the world, this university based in Sonipat, Haryana, has collaborations with 400+ leading institutions worldwide. No wonder then that when the Government of India’s Ministry of Education chose a creamy layer of universities to be ‘Institutions of Eminence’ in 2020, O.P. Jindal Global (JGU) was a natural choice. Today, JGU offers a variety of programmes to cater to the diverse needs of Indian and overseas students.

With over 45+ programmes available, including 30+ undergraduate programmes, 15+ postgraduate programmes, and doctoral programmes, JGU with its 12 Schools, 3 Research Institutes, 2 major Research Initiatives and 60+ Interdisciplinary Research Centres, is a force to reckon with in most domains, even on a global stage. JGU has unique institutions like the Jindal Institute of Leadership Development and Executive Education (JILDEE) under its fold.

JILDEE has had unparalleled success in providing quality training and education to student officers of India’s public and private sectors. Since its inception, JILDEE has trained over 6,000 student officers and conducted 250 programmes in collaboration with 12 universities across the country. Eminent educational

institutions like JGU will invariably have eminent leaders and academicians behind them, and JGU is no exception with its Founder & Chancellor, Mr. Naveen Jindal, former Member of Parliament, billionaire industrialist and philanthropist, and its Founding Vice Chancellor, Prof. (Dr.) C. Raj Kumar, a Rhodes Scholar, trained at both Oxford & Harvard and an accomplished legal scholar with nine books and over 200 publications to his credit. JGU's 12th Convocation Ceremony and Founder's Day was held recently, for which the Presidential Address was by Hon. Mrs. Justice BV Nagarathna, Judge, Supreme Court of India, and the Convocation Address was by Dr. Joanna Newman, MBE FRSA, Chief Executive & Secretary General, Association of Commonwealth Universities, UK.

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uality is never an accident, and the emergence of O.P. Jindal Global University (JGU) proves it yet again. A non-profit, multidisciplinary and research oriented university founded in 2009, JGU was established as a philanthropic initiative of its Founding Chancellor, Mr. Naveen Jindal in memory of his father, Shri. OP Jindal, who was one of India’s pioneering industrialists. JGU maintains a 1:9 faculty-student ratio and appoints faculty members from India and different parts of the world with outstanding academic qualifications and experience.

Mr. Naveen Jindal, who was only 39 years old, when he decided to start a university, entrusted the job to an even younger scholar of eminence. The Founding Vice Chancellor of JGU, Prof.

(Dr.) C. Raj Kumar, was appointed as VC at just 34 years, and conceived the idea of establishing India’s first Global University. With the visionary leadership and philanthropic support of Mr. Naveen Jindal, JGU was established in Sonipat, Haryana in 2009. Under this duo’s tireless leadership, within 10 years, JGU became one of the only 20 universities in India and the only nonSTEM university, to be declared as an ‘Institution of Eminence’ by the Government of India.

been recognised among the Top 150 universities globally under the age of 50 years by the QS Young University Rankings 2022 and among the Top 500 Universities as per the QS Graduate Employability Rankings 2022.

When it comes to global rankings, Quacquarelli Symonds (QS) is one of the world leaders and it has rightly recognized JGU under several categories. JGU is ranked as India’s Number 1 Private University in QS World University Rankings 2023, for the third year in a row. JGU has also

JGU has steadily grown in its 14 years of existence, to claim some impressive stats now. With 10,000+ students and 1100+ full time faculty members, studying and living on a fully residential campus, JGU has 12 renowned Schools, and a unique institute for Executive Education, the Jindal Institute of

Mr. Naveen Jindal Founder Chancellor

Leadership Development and Executive Education (JILDEE).

The two other institutes at JGU are the International Institute for Higher Education Research & Capacity Building (IIHEd) and the Jindal Institute of Behavioural Sciences (JIBS). The two research initiatives in the campus are Jindal Initiative on Research in IP and Competition, and the Jindal Centre for Social Innovation + Entrepreneurship.

JINDAL GLOBAL LAW SCHOOL Jindal Global Law School (JGLS) has been the flagship Global School of JGU. In April 2023, JGLS retained its position as the No. 1 Law School in India as per the QS World University Rankings by Subject 2023. JGLS is committed to provide global legal education to its students. To fulfil this objective, the curriculum and pedagogy are designed to give extensive exposure to domestic, international and comparative law courses. JGLS has also entered into collaborations, exchange programmes,

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research partnerships and other forms of engagements and interactions with leading law schools, such as Harvard, Yale, NYU, Sydney, Keio and many others. Prof. (Dr) C. Raj Kumar is the Dean of JGLS, and it delivers undergraduate, postgraduate and doctoral level programmes.

JINDAL GLOBAL BUSINESS SCHOOL

Prof. (Dr.) Mayank Dhaundiyal Dean, JGBS

Jindal Global Business School (JGBS) is a leading private business school in the country renowned for its premier education in business management, with research and industry partnerships as high priority areas. JGBS offers a multidisciplinary global business education to foster academic excellence through industry partnerships and global collaborations, and seeks to make an impact through its various undergraduate, postgraduate, integrated and doctoral level programmes, as well as executive education, research and consulting. A globally focused faculty deliver globally relevant courses and curriculum, strengthened with global research and collaborations. Prof. (Dr) Mayank Dhaundiyal is the Dean of JGBS.

JINDAL SCHOOL OF INTERNATIONAL AFFAIRS Jindal School of International Affairs (JSIA), founded in 2011, is India’s first global policy school, and has remained as its foremost international affairs institution. JGU established this pioneering institute, as India’s rising economic and military strength must be complemented with a world class

Prof. (Dr.) C. Raj Kumar, Vice Chancellor

students are regularly finding placement in reputed think tanks, MNCs, Media and PR groups, UN and multilateral bodies, diplomatic missions, NGOs, and other such organisations. Dr. Sreeram Sundar Chaulia is the Dean of JSIA, which offers undergraduate, postgraduate and doctoral level programmes.

Prof. (Dr.) Sreeram S. Chaulia Dean, JSIA

international affairs and social sciences base that will generate and test theories and present a customised Indian variant of global studies. JSIA is enriched by its diverse faculty – comprising academics, scholars, researchers, social scientists, authors, practitioner lawyers and diplomats and other such eminent experts – drawn from both India and abroad. It is a matter of satisfaction that for many years running now, JSIA

JINDAL SCHOOL OF GOVERNMENT & PUBLIC POLICY Jindal School of Government and Public Policy (JSGP) is India's first public policy school and strives to keep that lead.

JSGP equips its students to become public policy practitioners, capable of constructively shaping public policies that contribute to overall human development, empower marginalised and disadvantaged groups, and eliminate poverty. JSGP faculty use their theoretical knowledge and practical expertise to deliver a multidisciplinary

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Prof. Sudarshan Ramaswamy Dean, JSGP pedagogy, whereas JSGP students will create, expand and assimilate this knowledge to become future leaders, pursuing interdisciplinary practice. Prof.

Sudarshan Ramaswamy is the Dean of JSGP, which delivers undergraduate, postgraduate and doctoral level programmes in public policy.

JINDAL SCHOOL OF LIBERAL ARTS & HUMANITIES

standard. The aim is to educate young adults to become informed citizens of the world who are best equipped to solve the complex problems of our times, approaching them from multiple perspectives and with creativity. Faculty chosen from some of the best institutions across the world facilitate rigorous classroom study combined with experiential learning. Prof. Kathleen Modrowski is the Dean of JSLH, which delivers four different undergraduate programmes and a postgraduate diploma programme. One of the undergraduate programmes is a unique four-year dual degree programme with Rollins College, one of the top liberal arts colleges in the United States.

JINDAL SCHOOL OF JOURNALISM & COMMUNICATION

Founded in 2013, Jindal School of Liberal Arts and Humanities (JSLH), is India’s first transnational humanities school. The school provides an interdisciplinary liberal arts education of a global

schools or global media organisations or MNC communication departments, after the three BA (Hons.) programmes.

JSJC provides a vibrant and scholarly setting for the study of journalism, film and new media studies. The JSJC studio with its extensive infrastructure including editing bays and sound labs enable the learning of practicals as well as theory making the students great storytellers in any global setting like radio, film, or TV production. Prof. Kishalay Bhattacharjee is the Dean of JSJC.

JINDAL SCHOOL OF BANKING & FINANCE Jindal School of Banking & Finance (JSBF) is a research-led, future oriented and interdisciplinary global school focused on developing a new generation of leaders for the financial services industry. With the increased sophistication of corporations and demand for competitive, complex, fast and reliable financial services and solutions on a national and global scale, there is a need for highly trained recruits in the areas of technology, innovation, analytics, finance, accounting and banking. The fundamental strength of

Prof. Kishalay Bhattacharjee Dean, JSJC

Prof. Kathleen A. Modrowski Dean, JSLH

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Jindal School of Journalism & Communication (JSJC) is the country's first global media school, with hands-on multimedia training, a rigorous writing programme in the interdisciplinary social sciences, making its students compatible with international media

Prof. (Dr.) Dayanand Pandey Dean, JSBF

JSBF is its cutting edge curriculum and interdisciplinary education with global exposure. Prof. (Dr) Dayanand Pandey is the Dean of JSBF, which delivers undergraduate, postgraduate and doctoral level programmes in banking and finance related areas.

JINDAL SCHOOL OF ART & ARCHITECTURE The Jindal School of Art and Architecture (JSAA) has a vision and strategy to emerge as one of the foremost schools of learning of the visual, material and the built environments. The school follows internationally accepted best practices of the academia and is supported by an acclaimed faculty. JSAA pursues research and innovative excellence that fosters interdisciplinary research initiatives cutting across academic programmes, thereby allowing students and faculty to actively engage in addressing the most pressing issues facing our world today. JSAA has ample facilities including a fabrication lab, a construction yard & lab, an environment research lab and a digital centre. JSAA is headed by its Dean, Prof. (Dr) Jaideep Chatterjee, and offers undergraduate and

doctoral programmes as well as the unique Jindal Adelaide Architectural Pathway programme.

JINDAL SCHOOL OF ENVIRONMENT & SUSTAINABILITY

Prof. Dr. Maharaj K. Pandit Dean, JSES.

Prof. (Dr.) Jaideep Chatterjee Dean, JSAA

perspective, through faculty drawn from around the world. The school provides interdisciplinary environment and sustainable development education through innovative teaching, impactdriven research, and practice-based engagement. The aim is to allow students to widen their horizon and develop skills required for solving the complex environment and sustainability challenges of our times. Interestingly, JSES offers two undergraduate programmes in Environment & Sustainable Development, as BA (Hons.) and BSc (Hons.) programmes. Prof. (Dr) Maharaj K. Pandit is the Dean of JSES.

JINDAL SCHOOL OF PSYCHOLOGY & COUNSELLING

The Jindal School of Environment & Sustainability (JSES) is India’s first environment and sustainability school for undergraduates. JSES fosters curriculum, research, and collaborations of the highest standards, and with a global

Prof. (Dr.) Derick Hall Lindquist Dean, JSPC

Jindal School of Psychology & Counselling (JSPC) has been developing a new generation of thought leaders in the fields of psychology and counselling thanks to the world-class interdisciplinary education delivered here, that enhances the students' prospects for employment and higher SEASONAL MAGAZINE

education. Students are encouraged to select from a large and customizable set of courses based on their specific interests. The research oriented faculty employs experiential and goal-based learning strategies based on a course curriculum structured along the latest theory and practice from the frontiers of psychology. Prof. (Dr) Derick Hall Lindquist is the Dean of JSPC.

JINDAL SCHOOL OF LANGUAGES & LITERATURE

collective future. JSLL currently offers two undergraduate programmes - BA Honours English and BA Honours Spanish. Prof. (Dr) Denys P. Leighton is the Dean of JSLL .

Prof. (Dr.) Denys P. Leighton Dean, JSLL.

The Jindal School of Language and Literature (JSLL) provides an environment for holistic study of languages, literature and culture with organic connections to other JGU schools and centres. JSLL gives attention to not only multiple languages and their literatures but to comparative literature, world literature and cultural studies. Students in JSLL programmes will encounter not only languages and texts but other cultural forms such as performing arts and cinema. JSLL is devoted to the proposition that language and literature matter today more than ever for human fulfilment and a safe

JINDAL SCHOOL OF PUBLIC HEALTH & HUMAN DEVELOPMENT

Professor (Dr.) Stephen P. Marks Dean, JSPH

The Jindal School of Public Health and Human Development (JSPH) was founded in 2020, right amidst the pandemic, and aspires to be a worldclass public health institution, that meets the constantly-evolving and dynamic needs of public health in India, and across the world. JSPH with its research driven approach and interdisciplinary studies aims to create leaders who can bring thought leadership to create a constantly-evolving, adaptable and sustainable public health ecosystem for India and the world. Prof. (Dr) Stephen P. Marks is the Dean of JSPH, which currently offers as its flagship programme, the Masters in Public Health (MPH), which is a highly innovative and specialised programme of study that leverages JGU’s extensive engagement in the field of public health in India.

JINDAL INSTITUTE OF BEHAVIOURAL SCIENCES Established in 2014, the Jindal Institute of Behavioural Sciences (JIBS) stands as a cornerstone of value-driven research within JGU. This institute also proudly bears affiliation with the Academic Council on the United Nations System (ACUNS), as a testament to its international academic standing.

Dedicated to the intricate realm of behavioural sciences, JIBS is committed to the pursuit of empirical research that interweaves various disciplines. With an unwavering emphasis on applied and

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Organizational Development, and Leadership. He holds a Ph.D. degree in Organizational Behaviour. He possesses an extensive and rich experience of 32 years in Academia, Industry and Governmental Sector. His industrial expertise and extensive research allow for a more pragmatic approach in teaching, thus narrowing the industryacademia gap.

Prof. (Dr.) Sanjeev P Sahni, Principal Director, JIBS experimental methodologies, JIBS’ primary spheres of exploration encompass a diverse array of subjects: mental health, competency mapping, neurosciences, neural decision sciences, psychobiology, management sciences, forensic studies, social psychology, and the complexities of criminal behaviour.

Collaborating with leading scholars across an array of fields and working in concert with both domestic and international researchers, the JIBS’ mission is to understand the complexity of human behaviour. Through this multifaceted lens, JIBS addresses the pressing issues with a keen awareness of their interdisciplinary nature.

Prof. (Dr.) Sanjeev P. Sahni is the Principal Director of JIBS. He is also the Advisor to the Vice-Chancellor of JGU and the Member of the Governing Body of the university. As a founding member of the management team, he was instrumental in establishing the university in the year 2009 along with the Vice Chancellor. Dr. Sahni fosters collaboration across the university and manages changes in policies and practices that affect the academic and administrative life of the university as a whole. He also serves as a Professor in the university and as the Director of the Centre for Victimology and Psychological Studies, Centre for Leadership and Change, and Centre for Community Mental Health.

Dr. Sahni is a distinguished scholar in the field of Psychology and his research interests span in the areas of Criminal Psychology, Cognitive and Neuropsychology, Competency Mapping,

JINDAL INSTITUTE OF LEADERSHIP DEVELOPMENT AND EXECUTIVE EDUCATION From its very outset, JGU’s motto has been ‘A Private University Promoting Public Service’, and this reflects in the university’s ethos to foster academic excellence, intellectual engagement and social responsibility, across all its schools, institutes and research initiatives. But nowhere is it more seen than in its executive education initiative, the Jindal Institute of Leadership Development and Executive Education (JILDEE).

In today’s fast-paced and ever-changing business landscape, the need for effective leaders has become more crucial than ever. With a vision to promote leadership development and executive education within various sectors, JILDEE collaborates with its 12 schools and national and international academic partners to provide topnotch programmes tailored to mid and senior-level career officers.

These programmes cater to professionals in areas such as Financial Management, Law and Corporate Governance, Leadership and

Lt Gen Dr Rajesh Kochhar, Senior Director, JILDEE

Professional Development, Project and Process Management, Economics, Marketing and Sales, Technology, Innovation, Strategy, Government and Public Policy, Taxation, Diplomacy, and International Affairs.

One of the main strengths of the executive education at JGU is its globally focused faculty. The faculty members are highly qualified and trained, with expertise drawn from leading institutions such as Harvard, Yale, Columbia, Stanford, Oxford, Cambridge, and more. Their diverse backgrounds and experiences bring a global perspective to the programmes, enriching the learning experience for all participants.

Some of the domains where JGU offers unparalleled expertise for executive education include Strategic Management, Technology Based Programmes, Quantitative Research Methods, IS and Analytics, Digital Transformation, Data Visualization, Machine Learning, AI, Leadership, Organisational Behaviour and Human Resource Management and Supply Chain Management.

A recent instance of JILDEE’s success was the first Online Certificate Executive Education Programme with CAG for 25 officers of a Maharatna Public Sector Undertaking, the Power Grid Corporation of India Limited. This programme was a resounding success and received positive feedback from all participants.

In June 2023, JILDEE collaborated with Jindal School of Government and Public Policy (JSGP) to conduct an on-campus training programme for officers of the Indian Forest Service. The programme aimed to provide specialised training to officers in various areas such as forest conservation, wildlife management, and sustainable development. The programme was well-received by all participants and helped enhance their skills and knowledge in their respective fields.

JILDEE’s commitment to providing quality education and training to student officers across India is SEASONAL MAGAZINE

commendable, as its efforts have helped bridge the gap between academia and industry, thereby creating a skilled workforce that is well-equipped to tackle the challenges of the future. The Chief Administrative Officer of JGU, Lt Gen Dr Rajesh Kochhar, also heads JILDEE as its Senior Director .

The Office of Executive education in Jindal Global Business School (JGBS), provides programmes that are designed to tackle real-world business problems and enable executives to generate the best return on investment. JGU collaborates with industry practitioners, experts, and organisations to resolve real world business issues, build diverse capabilities, and prepare for a dynamic future.

THE OUTSTANDING SUPPORT FROM THE FOUNDER CHANCELLOR The outstanding DNA of a high-flying institution like JGU can definitely be traced back to its Founding Chancellor and Founding Vice Chancellor. JGU’s Founding Chancellor Mr. Naveen Jindal also serves as the Chairman of Jindal Steel and Power Limited, and has been an active campaigner for population stabilisation, women’s empowerment, environmental conservation, healthcare and education. After graduating in Commerce from Hans Raj College, Delhi University, in 1990, Mr. Jindal completed his MBA at the University of Texas at Dallas in 1992.

He was the President of the Student Government and recipient of the Student Leader of the Year Award at the University of Texas. Later on, as an

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acknowledgement of Jindal’s donations to his alma mater, the University of Texas at Dallas renamed its School of Management to Naveen Jindal School of Management in 2011. Mr. Naveen Jindal is most famous in India as the leader who won the right to display the National Flag on all days of the year for all Indians, after a protracted legal battle with state and central governments, that he finally won at the Supreme Court.

THE EMINENT VISION & SCHOLARSHIP OF THE FOUNDING VICE CHANCELLOR Founding Vice Chancellor of JGU, Prof.

(Dr) C. Raj Kumar, was awarded the prestigious Rhodes Scholarship at the University of Oxford, UK, where he obtained his Bachelor of Civil Law (BCL) degree; a Landon Gammon Fellowship at the Harvard Law School, USA, where he obtained his

Master of Laws (LLM) degree and a James Souverine Gallo Memorial Scholarship at Harvard University.

Later on, he received his Doctor of Legal Science (SJD) from the University of Hong Kong. He has also obtained a Bachelor of Laws (LLB) degree from the University of Delhi, India; and a Bachelor of Commerce (BCom) degree from the Loyola College, University of Madras, India. He served as a faculty member at the School of Law of City University of Hong Kong, where he taught for many years.

Professor Kumar has held consultancy assignments in the field of human rights and governance. He has been a Consultant to the United Nations University (UNU), Tokyo; United Nations Development Program (UNDP); UN Office of the High Commissioner of Human Rights, Geneva; and the International Council for Human Rights Policy (ICHRP), Geneva. He has advised the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) in Sri Lanka and the National Human Rights Commission (NHRC) in India on issues relating to corruption and good governance.

Professor Kumar is also an Attorney at Law and is admitted to the Bar Council of Delhi, India, and the Bar of the State of New York, USA.

FITNESS

WHY ISOMETRIC EXERCISE IS THE RAGE NOW LIKE THE IDEA OF BUILDING STRENGTH AND FITNESS WITHOUT MOVING? NO WONDER, ISOMETRIC EXERCISES ARE TRENDING RIGHT NOW - AND THESE ARE THE 4 BEST MOVES FOR BUILDING STRENGTH, FITNESS & MUSCLE DEFINITION FROM HOME.

ou've likely seen isometric exercises trending recently as a fresh study has found they're the best way to lower your blood pressure.

Not only that, but isometric moves are also one of the simplest ways to improve your physical endurance, strength, and muscle tone, making them a clear contender for the best home workout.

Never heard of them and wondering what exactly an isometric exercise is? Are they weight training, HIIT or, well, cardio? Let's clear it up. "Isometric exercises are static muscle contractions, aka the holding of static positions over a period of time," says personal trainer Nicole Chapman. "Examples include planks, wall sits and glute bridges - think positions where your muscles are activated and working in order to maintain the position."

While often, people associate a "good" workout with one that sees them jumping all over the gym or their living room, these challenge that status quo.

As the latest study on isometric training confirms, it's more effective than HIIT, weight training and aerobic training for reducing blood pressure. Researchers from Canterbury Christ Church and Leicester universities analysed studies including more than 15,000 participants.

According to Jamie Edwards, one of the lead authors of the study, "Although it’s a complicated area, isometrics may be so effective for cardiovascular health due to the unique nature of holding a static muscle contraction. This compresses the blood vessels and then on release of the isometric hold, leads to greater blood flow to the previously compressed vessels."

Sound like something you want to add to your training programme? We've found out everything you need to know about isometric exercise so you can do just that.

3 benefits of isometric training Now you know what an isometric exercise actually is, let's read up on the

benefits of the workout. If lower blood pressure from not moving isn't enough to get you wanting to add isometric movements to your plan, maybe the following benefits will entice you.

1. They build strength "Isometric exercises are proven to help build strength and endurance to muscle, improving overall muscle performance and reducing the risk of injury," says Chapman. Studies show that around three months of isometric training resulted in a 23% increase in muscle and a 91% increase in strength. We can't argue about that being an effective way to get strong.

2. They're low impact Because your muscles and joints aren't moving under load, isometric training is a form of low-impact exercise. "That makes them a fabulous tool if building strength postpartum, recovering from injury or have reduced mobility or a joint SEASONAL MAGAZINE

STATE

KEEPING PROMISES, WHATEVER IT TAKES SIDDARAMAIAH HAD SURPRISED ALMOST EVERYONE BY ACHIEVING A SURPRISE WIN IN THE ASSEMBLY POLLS. NOW, THIS SECOND-TIME CHIEF MINISTER IS SURPRISING EVEN HIS DETRACTORS BY BEING EQUALLY DEFT AT EXECUTING HIS SOCIAL HANDHOLDING PROMISES AND THE ECONOMIC DEVELOPMENT OF THE STATE.

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oliticians are good at making promises, but not so good at keeping them. And when it comes to poll promises, the promisekeeping rate is even more dismal, as often the moon itself would have been offered, to come to power. Things had come to such a situation that people had started taking poll promises with a generous amount of salt.

Siddaramaiah’s poll promises in Karnataka this time were also not much different. They were too good to be true that many didn’t take it seriously. But as the election results showed, many more took it seriously indeed, as the person promising it was Siddaramaiah, a man of the masses. And the unique leader that he is, the new Karnataka Chief Minister is hellbent on keeping his promises to the electorate.

Key among the Congress Party’s promises in Karnataka this time was the Five Guarantees, which are all targeted towards economically deserving segments of the population like the poor, the women, and the educated unemployed. Among these five social guarantees, the first two schemes to get implemented were the 'Uchita Prayana' and the 'Gruha Jyoti' guarantees. 'Uchita Prayana' came into force on June 1, and guarantees free travel for women in public transport buses other than AC and luxury buses in Karnataka.

The 'Gruha Jyoti' program came into force on July 1, and guarantees 200 units of free electricity for the poorer households that consume only less than 200 units per month.

Another social guarantee that came into effect on July 1, but in a slightly different way than was originally intended, was the 'Anna

Bhagya' scheme. Under this, 10 kg of food grains were to be given free to all in the BPL households and Antyodaya card holders. But since the rice procurement ran into trouble with the Central Government expressing its difficulty to allot the necessary quantity of rice, Siddaramaiah went ahead and paid a cash compensation of Rs 170 to every member of the BPL households, numbering about 1.19 crore people, who were eligible for the free rice scheme. The next social guarantee that came into force on August 15, India’s Independence Day, was the 'Gruha Lakshmi' program under which the Karnataka Government provides Rs. 2,000 as monthly aid for the women head of families that earn less than Rs. 2 lakh per year. Now, the only promised guarantee that

Under the revolutionary ‘Yuva Nidhi’ scheme, the government will provide Rs. 3,000 per month for unemployed graduates, and Rs. 1,500 per month for unemployed diploma holders, for two years or until they get a job, whichever is earlier.

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remains to be implemented is the revolutionary ‘Yuva Nidhi’ scheme under which the government will provide Rs. 3,000 per month for unemployed graduates and Rs. 1,500 per month for unemployed diploma holders for two years, or until they get a job, whichever is earlier. ‘Yuva Nidhi’ is one of the most eagerly awaited schemes in the state, especially among the educated unemployed, and the government has recently announced that it will soon launch the applications for this scheme’. While there are many detractors for such subsidy or freebie schemes, arguing they are anti-development, the new Karnataka Chief Minister can silence them all with his firm conviction that the economically underprivileged classes should be handheld for as long as it is necessary, for truly inclusive economic development to happen. And at the same time, focus on such social guarantee schemes has not come at the cost of ignoring industrialisation. Under CM Siddaramaiah’s vision, the state is soon to have a brand new Industrial Policy. But even without such competitive updates to the policy coming into effect on paper, it is there in the spirit, as the new iPhone

Close on heels of Foxconn’s plans for a Rs. 13,600 crore project with potential for 50,000 jobs, it has come up with a supplementary investment proposal in which its subsidiary Foxconn Industrial Internet (FII) will invest Rs 8,800 crore and create 14,000 jobs in an ancillary plant for iPhone components. manufacturing plant by Foxconn shows. Foxconn will be given possession of 300 acres of land at the Information Technology Investment Region (ITIR) in Devanahalli where Apple iPhones will be made. The project promises to create 50,000 jobs with an investment of Rs 13,600 crore. Recently, this Taiwanese manufacturing giant has come up with a supplementary investment proposal in which its subsidiary Foxconn Industrial Internet (FII) will invest Rs 8,800 crore and create 14,000 jobs in an ancillary plant that will manufacture screens, outer coverings and mechanical components needed for IPhones.

Since this requires another 100 acres of land, and in keeping with the government’s policy of developing hubs other than Bengaluru too, the Foxconn delegation was taken to the Japan Industrial Township at Tumakuru where such suitable land is available. As per the recently released Export Preparedness Index (EPI) ranking by NITI Aayog, Karnataka is the No.1 State in the country on two parameters namely Policy Pillar and Business EcoSystem Pillar. The state has also secured the status of 'Achiever' in the 'Leads Ranking' of the NITI Aayog for the logistics sector, thanks to its rapidly developing infrastructure, connectivity network and transparent ecosystem.

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TRAVEL

AROUND

THE WORLD ONROADAND

RAIL

MEET THE MAN WHO VISITED EVERY COUNTRY IN THE WORLD WITHOUT BOARDING A PLANE. AT 34, TORBJØRN PEDERSEN EMBARKED ON A SEEMINGLY IMPOSSIBLE JOURNEY THAT WOULD TAKE 10 YEARS – AND INVOLVE CEREBRAL MALARIA AND BEING HELD UP AT GUNPOINT. HE REFLECTS ON THE HIGHS, THE LOWS AND THE JOY OF GETTING MARRIED EN ROUTE orbjørn Pedersen has always dreamed of being a famous adventurer. He spent his childhood building dens in the woods, pretending to be his hero, Indiana Jones. Even as an adult, he couldn’t shake the sense that he was destined for greatness.

There was just one problem. “I was born at least 100 years too late,” he tells me over video call from his home in Copenhagen. “I had a profound feeling that everything had been done.

The great adventures took place in the past. It was all over.”

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Things reached a tipping point in 2013.

He was 34 and had a successful career in shipping and logistics. He had just bought a flat and started a serious relationship. It was time to give up his childish dreams. Then his dad sent him an article about people who had travelled to every country in the world.

“I didn’t know you could do that,” he says. “Certainly you would have to be a millionaire.”

But here were ordinary people walking, cycling and hitchhiking around the globe on shoestring budgets. Then came his eureka moment: “I discovered that no one had ever gone to every country

in the world completely without flying [in one unbroken trip].” (A British man, Graham Hughes, has set foot in every country without flying, but took two breaks from the journey for personal reasons.)

Pedersen was already obsessed with world firsts: “The first to go to the north pole, the south pole, the deepest sea, the highest mountain, the longest river.”

Now he had a chance to set a world record himself. “It was right in front of me,” he says, eyes gleaming. “It could be Ibn Battuta, Marco Polo … Thor Pedersen! I could do something of significance with my life, something worth putting in a book, something worth remembering. And it would be a great adventure!”

Pedersen spent the next 10 months planning the journey – the route, budget, what to pack – without ever making a conscious decision to go. It was only

when he turned down an opportunity to work in South America that he realised he was fully invested in the project, as he had started to call it. He set himself three rules: at least 24 hours in each country; no visits home; and absolutely no flying. His list of countries included the 195 states recognised by the UN, plus extras such as Kosovo and Taiwan – 203 in total. He figured the journey would take him about four years. His budget was $20 a day, funded by savings, supporter donations and sponsorship. He would be acting as a goodwill ambassador for the Danish Red Cross, raising awareness of its work in 199 countries and encouraging people to give blood. He also aimed to share something positive about every single country – “even the ones we hear horrible things about” – on social media.

What made him think he had even a hope of completing such an epic task?

“I was born to do this.” Pedersen had lived in three countries by the age of seven – Denmark, Canada and the US – and spent holidays in a fourth, Finland (his father is Danish, his mother Finnish).

“I was uprooted a lot as a child,” he says.

After school and business school, he completed military service and became a UN peacekeeper, stationed in Ethiopia, Eritrea and Djibouti. But he says it was his first overseas logistics job after leaving the army that really shaped him.

He went to Libya, then still under Muammar Gaddafi’s rule. “I can barely recognise the person who was sent to Libya and the one who came back,” he says. “I was green, lacking in self-

confidence. I came back after two years with proper life experience.”

to stay,” he says. They agreed to give things a go.

He started to work all over the world: in Bangladesh, Greenland, the Arctic Circle, Kazakhstan and Azerbaijan, as well as Florida and a number of European countries. He also trained in humanitarian aid and volunteered at a homeless shelter.

Pedersen left Denmark on 10 October 2013, heading first to Europe and then North America. “These continents were very easy in terms of logistics and bureaucracy,” he says. The difficulty in Europe was sticking to the budget. He got a rail pass that allowed him unlimited travel for a month, and travelled as quickly as possible within the 24-hoursper-country rule. “I lost about 10 kilos in the first month. I was skipping meals, I didn’t get a lot of sleep. I was so exhausted.” He realised that moving on so quickly was impossible and he settled on a minimum of three days in a country.

His parents, who had divorced when he was 15, each reacted differently to his project. His dad was convinced he was throwing away a glittering career.

Pedersen had to explain to him that this wasn’t an extended gap year; he would not be “sitting on a beach with long hair, playing a guitar and smoking something I shouldn’t”. His mum, who had taken a young Thor mushroom hunting and told him tales about trolls, accepted the idea.

“I also like to travel,” was all she said.

It was a lot harder breaking the news to his girlfriend, Le. They had been together less than a year, and now he was going into self-imposed exile. “I have had previous experience with long-distance relationships and it’s hard. I was trying to warn her against it while wanting her

AFTER SCHOOL AND BUSINESS SCHOOL, HE COMPLETED MILITARY SERVICE AND BECAME A UN PEACEKEEPER, STATIONED IN ETHIOPIA, ERITREA AND DJIBOUTI.

As he ticked off countries, moving into Central and South America and to the Caribbean, his “no flying home” rule began to bite. “My grandmother died and I couldn’t come back for her funeral,” he says. A close family friend also died.

“He was on his bicycle and his heart stopped. That was someone I wasn’t expecting to lose.” Then there were friends who were struggling. “I have had people really close to me who experienced depression, and I wasn’t there. I had to weigh out: do they have enough support without me? Can I support them from a distance? Or should I be there with them?”

His relationship with Le wasn’t plain sailing either. “We had some rough patches and came pretty close to breaking up,” he says. “But we found a way to fix it. We paid more attention and she came to visit me more frequently.

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Le visited him 27 times, but they still spent nine-tenths of their time apart. He puts the survival of their relationship down to trust and honesty. “I trust her and that gives me peace. And she knows she can trust me. If that trust isn’t there, it will poison the relationship,” he says.

Pedersen in Fiji in 2023.

Things got a lot better.” So much so that on her 10th visit Pedersen proposed, on top of Mount Kenya, in a snowstorm. “I was so nervous and scared – what if she said no? But she said yes.”

That was one of the happiest moments of the entire journey. He also has a fond memory of being on top of a truck in the Republic of the Congo. “I was on this truck for two days, with 40 or 50 people.

It was slow, super-dusty, really hot and unbelievably uncomfortable,” he says.

“As the sun was setting, the woman next to me started banging her water bottle rhythmically. Then she started singing.

Another woman joined her, and then a man, and suddenly the whole truck was singing. It was beautiful, powerful, emotional – one of those moments where you realise: you could not buy a ticket for this.”

It was also incredibly satisfying when he crossed a border that had felt impossible.

“I genuinely felt pleasure every time I entered a new country. That high was the best feeling in the world.”

But if the highs were dizzying, the lows were devastating. “I was living a

PEDERSEN HAD BEEN TRAVELLING FOR MORE THAN SIX YEARS WHEN HE AND LE SET A DATE TO MARRY IN NEW ZEALAND. HE WAS ON HIS WAY TO THEIR WEDDING, VIA FOUR DAYS’ TRANSIT IN HONG KONG, IN MARCH 2020. YOU CAN GUESS THE REST:

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nightmare at times. There were hundreds of difficult checkpoints; I had to recover from cerebral malaria; I was held up at gunpoint many times,” he says. “I should have been dead. I should’ve quit even more times.”

There is one incident which haunts him, when he was stopped by drunk, armed, hostile men in military uniform in the jungle near the Cameroon/Republic of the Congo border at 3am. He recently relived the experience when filming a documentary. “Suddenly, I was back in that situation; my heart started racing and I had tears in my eyes. I feel it coming back again now,” he says. “I have trauma in my body that is buried so deep, I know I’m going to have issues with it at a later point.

I need to find a way to deal with it.”

Did he come close to giving up? “Oh yeah. I realised that I had imprisoned myself. I was in physical pain, emotional pain, I had no motivation and it felt like the world couldn’t care less about what I was doing.” How did he find the strength to carry on? “I didn’t want to be a person who quits.”

Pedersen had been travelling for more than six years when he and Le set a date to marry in New Zealand. He was on his way to their wedding, via four days’ transit in Hong Kong, in March 2020.

You can guess the rest: Covid hit, the territory locked down and he didn’t leave Hong Kong for two years. She was back home in Denmark, but after they married online she managed to get a spousal visa and visit for 100 days, after restrictions had eased. The couple later had a ceremony on a beach in Vanuatu in the South Pacific.

He kept fit on the road by doing 30 pushups and a one minute plank every day, and running when he could. Where did he most enjoy the food? “I had laksa for the first time when I got to the Malay area and it blew my mind. I had some really good food in Peru as well. In central Africa, you would get grilled fish on the roadside with some manioc (cassava), onion and a secret sauce … It was fantastic.”

And the worst? “Take your pick. I had snake, dog, horse, camel, a variety of different insects, cow’s skin, which was really gelatinous. The worst could be goat’s brain in Nigeria; I didn’t care much for that. Nigeria had amazing food too, though, such as suya – they cut meat into small strips, barbecue it, pour chilli on, add small pieces of onion, and serve it like fish and chips on newspaper with a toothpick.”

It’s unusual for someone completing a

flight-free challenge to talk so little about the environment. Was he conscious of travelling sustainably? “The environment wasn’t a motivation, but I am very proud to look back at a project like this and say my carbon footprint was at a minimum,” he says. “In 2013, the climate debate wasn’t at all what it is today. I think people should definitely limit flying when they can.” Pedersen is open about his willingness to fly in the future – and, of course, he benefited from family and friends flying to visit him.

But overland travel has become more difficult, he says, thanks to increased border security, stricter rules on container ships and disappearing ferries.

He gives Iran as an example. “They were perplexed that I wanted to enter overland when they have international airports where you can get a visa on arrival. It took me a good three weeks to get one.”

Travel has changed in other ways, too.

“Twenty years ago, when I travelled in south-east Asia, you would wave down a tuk-tuk auto rickshaw and negotiate a price. These days, you use an app. The world is super-super-connected.”

As the end of his journey approached, he struggled. It had taken far longer than planned – nearly 10 years – and, he

says, he experienced “burnout and had seen what is on the other side. I felt nothing when I reached the last two countries. Nothing at all. The smiles that I posted online were fake.” He chose a slow, 33-day voyage home from the Maldives to prepare himself. “The last three days, coming towards the port of Aarhus, I have never had more doubt in my life: He walked down the gangway on 23 May 2023 to find his wife, father, two sisters, assorted journalists and 150 wellwishers. “People had come from abroad to be there because they wanted to witness history. There was so much love and support.” He says his reception was “ace”, but perhaps after a decade away, it could never be enough. “It could have been tens of thousands of people, you know, but it was 150 people and it was nice and positive and good.” He pauses.

“And then my doubts came back. But I’m starting to figure things out now.”

What big lessons did he learn on his travels? “We are far more similar than anyone would ever believe. But we are so quick to see the differences.” Most people, he thinks, are good. “Chances are if you need help, and it is not too costly to them, people will help you.

There are very few people who actively want to harm you. I can definitely say that I had help and support from someone in every country in the world.”

Still, he was more optimistic about the future of humanity before the pandemic.

“And then I saw rich people buying up all the vaccines. There are still a lot of countries that are just getting their Covid vaccines now. That breaks my heart.”

Power and money can corrupt anyone, he believes.

If anything, his quest to become a heroic explorer has taught him to rely on others. “The solution is not necessarily in you. A lot of solutions in life are found through other people. If you feel you have reached the end of the line, you just haven’t met the right person yet,” he says. “You might have to try 1,000 closed doors, but there is always an open door somewhere.

Never, ever give up.”

‘PLACATING RUSSIA’: ELON MUSK TOLD PENTAGON HE SPOKE TO VLADIMIR PUTIN DIRECTLY

Elon Musk told Pentagon’s top policy official during an October conversation about Ukrainian forces losing connection to Starlink service.

SpaceX’s chief executive officer Elon Musk told Pentagon officials that he had spoken personally to Russian president Vladimir Putin about the satellite-based internet SpaceX supplies to Ukraine’s military, the New Yorker reported. Elon Musk told Colin Kahl, then the Pentagon’s top policy official, during an October conversation about Ukrainian forces losing connection to Space Exploration Technologies Corp.’s Starlink service as they entered territory contested by Russia, the report claimed.

NORTH KOREA'S KIM BLASTS 'IRRESPONSIBLE' TOP OFFICIALS FOR FLOOD DAMAGE SEOUL, Aug 22 (Reuters) - North Korean leader Kim Jong Un has lashed out at top officials for their "irresponsible" response to flood damage, saying they had "spoiled" the national economy, state media reported on Tuesday. Kim inspected a tideland on the west coast on Monday after seawater recently destroyed an embankment with inadequate drainage system, flooding more than 560 hectares of land, including over 270 hectares of rice paddies, news agency KCNA said.

(Credit: Rachel Dixon) SEASONAL MAGAZINE

Courses Open for Admission at SRMIST Now ARE YOU WORRIED THAT YOU MISSED THE BUS THIS ACADEMIC YEAR, BY NOT JOINING ANY PROFESSIONAL OR JOB ORIENTED DEGREES, PGS OR DIPLOMAS? WELL, YOU CAN STILL STUDY IN SRMIST, ONE OF INDIA’S TOP RANKED DEEMED UNIVERSITIES IF YOU ACT NOW.

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One-third of August is over, and admissions for most courses like BTech & MBBS for the academic year 2023-24 are over at leading universities like SRM Institute of Science & Technology (SRMIST).

However, this flagship deemed university of SRM Group, which is known for its huge student contingent of over 50,000 students and unparalleled breadth of courses, still offers selective admissions for the academic year 2023-24. Here are some of these professional and job-oriented courses that can still be applied for at SRMIST’s various campuses near Chennai. Under the faculty of Engineering & Technology, the available courses now are M.Tech, B.Arch, B.Design, M.Arch, M.Des, Part time B.Tech, Part time M.Tech, and Advanced PG

Diploma in Life Sciences. Under the faculty of Medicine & Health Sciences, the available courses now are Health Science UG, Health Science PG and Health Science Post PG. Under the faculty of Management, the only available course now is BBA. Under the faculty of Hotel & Catering Management, undergraduate degree and postgraduate diploma programs can be applied for now. Under the faculty of Law, available courses now are LL.B, LL.M, B.Com LL.B and B.A LL.B. Under the faculty of Agricultural Sciences, the time for application to all courses is now.

Distance Education and Research

(Ph.D) are two other departments where all courses can be applied for now. Finally, under the faculty of Science & Humanities, many undergraduate and postgraduate courses are now available including in Basic Sciences, Biochemistry, Biotechnology, Commerce, Corporate Secretaryship and Accounting & Finance, Computer Applications, Computer Science, Defence Studies, Education , English, Fashion Designing, Journalism & Mass Communication, Visual Communication, Physical Education, Yoga, Psychology, Economics, Statistics, Tamil, Social Work, Triple Majors and Certificate courses.

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DIFFERENT SLEEP POSITIONS FOR DIFFERENT WELLNESS GOALS Which is the best position to sleep in? Some swear by a night on their side, others on their back. But which sleeping position is the best for a good night's rest depends on your own health issues and wellness goals.

f you live anywhere affected by the recent heatwaves, you may well have spent your nights tossing and turning, trying out different sleeping positions in an attempt to get comfortable. But what does the evidence say about which sleeping positions are actually the best?

Studies on everyone from seafarers on container ships to welders in Nigeria might be able to help us, although given how important sleep is to us it's surprising how few large-scale studies have been conducted.

First you need a way of working out which position people are sleeping in.

You can ask them of course, but we only really remember the way we were lying when we were trying to fall asleep and the position we wake up in. To find out more, researchers have tried a variety of techniques including filming people while they sleep or getting them to use wearable technology that monitors their movements.

In Hong Kong researchers are developing what they call the "Blanket Accommodative Sleep Posture Classification System", which uses infrared depth cameras that can detect a SEASONAL MAGAZINE

person's sleep position even through a thick blanket.

Researchers in Denmark used small motion-sensor detectors attached to volunteers' thighs, upper backs and upper arms before they went to sleep to establish their favoured sleeping position.

They found that during their time in bed, people spent just over half their time on their sides, around 38% on their backs and 7% on their fronts. The older the people were, the more time they spent on their sides.

This bias towards sleeping on our sides is something we develop only as we become adults, because children over the age of three spend on average an equal amount of time sleeping on their sides, back and fronts.

Babies, meanwhile, sleep mainly on their backs because they're put in their cots this way for safety reasons.

So sleeping on your side is the most common position and we could trust the wisdom of the crowd to choose the position where they sleep best, but what about the data? A very small observational study in which people could sleep however they preferred found that those who slept on their right

side slept slightly better than those on their left, followed by those on their backs.

If you find it easy to sleep on your side, then it's probably also best for anyone else trying to get to sleep nearby. On one occasion, while touring a submarine for a radio programme I was making, the submariners showed me their sleeping quarters, where the bunks were stacked so closely on top of each other that it was hard to turn over. That meant they tended to sleep on their backs, so they told me it was a race to get to sleep first before the whole cabin was full of snoring men.

Another small study looked at seafarers working on merchant container ships and found that respiratory disturbances such as snoring were more common when the seafarers were sleeping on their backs.

Some snoring is caused by severe obstructive sleep apnoea, where breathing stops and starts while the person is sleeping. This has been found to be more common in people who consistently sleep on their backs.

By contrast, lying on your side helps to clear the upper airway and prevents the

uvula (the fleshy bit that hangs down in the back of your throat) and the tongue from obstructing the throat, leading to less snoring. Indeed, in some cases, a move from sleeping mainly on your back to mainly sleeping on your side has been shown to solve the problem of sleep apnoea altogether.

Sleeping on your side may well have other benefits too. For instance, research into the sleep patterns of welders on container ships in Nigeria showed that those who slept on their back were more likely to suffer back pain, compared with those who slept on their sides.

But this doesn't mean sleeping on your side works for everyone or is a panacea for all aches and pains. It depends on your ailment and the exact position you adopt during sleep. Researchers in Western Australia monitored volunteers' bedrooms for 12 hours a night using automatic cameras and found that those who said they regularly woke up with a stiff neck spent more time sleeping in what the researchers refer to as "provocative side sleeping positions".

ascertain of course is whether sleeping in the "provocative" position was causing the neck pain or whether people were adopting this position because it was the only way they could get comfortable because of neck pain.

So how about if you got people to trial a new sleeping position and then followed them to see if it made a difference to the pains they experienced?

is known as gastro-oesophageal reflux disease, which can have serious consequences. Why this should have happened is not entirely clear, but one possible explanation is that sleeping on the left keeps the junction between the stomach and oesophagus above the level of the gastric acid. Sleeping on the right relaxes the lower oesophageal sphincter, allowing the acid to escape.

In a study conducted with older people taking part in a fitness programme in Portugal, people with back pain were instructed to sleep on their sides and those with neck pain to try sleeping on their backs. Four weeks later 90% of the participants said their respective pains had reduced.

Whatever the answer, if you do suffer with heartburn, it might be worth trying to sleep more on your left side in future.

This looks like an impressive result, but there is a caveat. Only 20 people took part in the study – a small sample – so it's not possible to conclude that this simple change of sleeping position would have such a positive effect on everyone who suffers from back or neck pain. As ever in scientific research, more studies are needed.

Well, to start with, one study suggests it’s not a good idea if you suffer with jaw pain, which is perhaps not very surprising.

This phrase might conjure up all sorts of possibilities in your mind, but what it means in this context is sleeping on your side in a twisted position, for example, with your top thigh reaching across the other thigh, twisting the spine. By contrast, people who slept in a straighter, more supported side position reported having less neck pain.

For one medical issue, it's not just a question of whether to lie on your back or side, but rather, which side you lie on.

In acid reflux, gastric juices come up from the stomach, causing an intense burning in the chest. Sometimes doctors advise people to try sleeping on propped-up pillows in an attempt to relieve this very unpleasant kind of pain.

What the design of this study couldn't

If the discomfort happens repeatedly it

So far I've concentrated on sleeping on your side or your back because that is what the majority of people do. But what about those people – a small minority – who sleep on their fronts?

And what about wrinkles? Surely, lying with your face squashed into your pillow makes wrinkles worse?

Writing in Aesthetic Surgery Journal, a group of plastic surgeons suggest, rather poetically, that the skin on your face is best preserved if it is treated like "seaweed that sways while tethered to a stalk". So the idea is to impose the least strain possible on your face while you sleep and that rules out sleeping face down. And if preserving your skin is most important to you than sleeping better or dealing with aches and pains or reflux, then sleeping on your side isn't ideal either.

What then can we conclude from all this?

First that, all other things being equal, sleeping on your side seems to have several advantages, but your precise posture can have an effect on neck and back pain – and the side you sleep on can increase or reduce acid reflux.

Snoring increases if you sleep on your back, but we all vary so it could still be the way you sleep best.

It's worth trying out new sleep positions and keeping a diary if your current position isn't giving you a good night's sleep. But remember not to obsess too much about different positions or you may keep yourself awake worrying.

(Credit: Claudia Hammond for BBC Future) SEASONAL MAGAZINE

STATE

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A STATE AND ITS LEADER WITH UNIQUE PRIORITIES Kerala has never been among India’s most industrialised states, and it may never emerge in such lists too, but that is because Kerala’s priorities have always been different. No one exemplifies this unique set of priorities as much as its Chief Minister Pinarayi Vijayan. For instance, equitable development by way of say, high average wages, is something about which the man on the street and this Chief Minister are equally passionate about.

CM Vijayan is just back from a 12-day whirlwind tour of the USA, Cuba & UAE, which included a well-attended speech at the iconic Times Square in New York where the CM explained Kerala’s progressive values, social harmony & equitable development. This has resulted in Kerala maintaining its lead in the Human Development Index (HDI) parameters, with its infant & maternal mortality rates not just the best in India, but comparable to developed nations. Under CM Vijayan’s seven years of leadership, the state has achieved many firsts to its credit. Kerala is the first state in India to have a state-owned broadband fibre optic network, first state to achieve full eGovernance, first state to have a programme to eradicate extreme poverty, and home to India’s first Super FabLab, first Digital University, first Graphene Center and first Water Metro. While the state has unique challenges in attracting large scale manufacturing industries, it has fared quite well under CM Vijayan’s tenure in growing its MSMEs and startup ecosystem. In fact, during CM Vijayan’s recent stopover at Dubai, he inaugurated Kerala Startup Mission’s (KSUM) first ever Infinity Centre in this international city. Always a leader who leaves the numbers to do the talking, CM Vijayan’s track record of 81% GSDP growth and 54% per capita income growth during the past 7 years is indeed a benchmark to beat.

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ver heard of a state in India declaring the ‘right to internet’ as a basic right? Not likely, as Kerala was the first state to do it in India, and maybe the only state in the country to ever attempt this in the future too. And if you are wondering what was the need for such a declaration also, you can’t be blamed. Only the people of Kerala and their Chief Minister Pinarayi Vijayan are sensitive to such deep felt needs in the society.

This declaration was no hollow promise, as the whole of India found out recently, when CM Vijayan launched the much awaited Kerala Fibre Optic Network (KFON) project, which is Kerala Government’s unique initiative to provide internet connectivity for all households in the state. Yes, of course, many households in this relatively affluent state don’t need it at all. But that is not the point.

KFON will reduce the digital divide by ensuring high speed broadband internet access to 14,000 BPL families and 30,000 government offices at all tiers, across the state.

If you still think that it has been a hasty project or even an illconceived one, wait till you hear the full details. Under the visionary leadership of CM Vijayan, the state has chosen the very best-in-class consultants, designers &

implementers for KFON.

hotspots are now in the pipeline.

While PriceWaterhouseCoopers is the consultant of the Rs. 1611 crore project, the implementation and system integration is by India’s bluechip Central PSU Bharat Electronics Limited. The vision of CM Vijayan for KFON is that it will speed up the development of Kerala as a knowledge economy as well as accelerate the kind of e-governance needed in the coming decades.

While this is about digital infrastructure, the CM had a similar vision of development for the Silverline or K-Rail project too, which unfortunately has run into rough weather for now. But nobody who knows Pinaray Vijayan up-close will imagine that he will forsake such visionary projects, just because it has run into temporary hitches. He is one CM who really knows what will work in Kerala.

In fact, Kerala has become India’s first fully e-Governed State on 25th May 2023. It is a historic milestone in the internationally acclaimed Kerala model of development and social progress. This is not something that Kerala achieved overnight. It was built upon the foundation of declaring ‘right to internet’ as a basic right of Keralites, during CM Vijayan’s previous tenure, and later following it up with the introduction of the Kerala Fibre Optic Network (K-FON).

While the K-FON project was launched formally only recently, CM Vijayan had ensured that it hit the ground running. By the time of its launch itself, Kerala had set up 2000 WiFi hotspots using the K-FON network. These hotspots are free for the public to use, and since it included government offices too, it became a major step in the state’s e-governance initiative. Another 2000 WiFi

Due to its relatively high population, less land area and high living standards as measured by one of the highest Human Development Index (HDI) values in the country, Kerala has always had unique challenges when it came to economic development by attracting large scale investments. But then Kerala’s priorities have always been vastly different, for instance, its emphasis on ensuring equitable development at any cost.

The finest example for this ethos is the state’s unique programme to eradicate extreme poverty, which is the only such initiative by any state in the whole of India. This is despite Kerala having one of the lowest levels of extreme poverty in the country. According to NITI Aayog, only 0.7 % of Keralites experience multidimensional poverty. But taking even this low level seriously, CM Vijayan had hiked welfare pensions to Rs. 1,600 per month, which is the highest in the country.

Around 63 lakh people currently benefit from this.

Several other welfare measures too have been implemented for the benefit of the economically weaker sections of Keralites, some of which deserve special mention. Under CM Vijayan’s leadership, Kerala has built homes for 3.5 lakh families, given title deeds to 3 lakh people, and issued priority ration cards to 3.5 lakh families. Kerala also provides health insurance to 43 lakh families

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and 30 lakh people who are government servants - including retired personnel and their dependents - who benefit from this scheme titled Medisep.

Education, healthcare, literacy and the care given to its children are other areas where Kerala has been pursuing equitable development.

Kerala has been the most literate state in the country, and its infant and maternal mortality rates are at par with developed countries, and not just the best in India. Under CM Vijayan’s leadership, Rs. 3,800 crores has been invested for the modernisation of Kerala’s public schools and Rs. 19,000 crores has been invested in the state’s public health system.

No wonder then that Kerala’s staterun schools and hospitals have been adjudged as the best in the country by several agencies including the NITI Aayog. Recently Kerala also topped the State Food Safety Index 2023 in the ‘Large States’ category.

It is undoubtedly a recognition for the Government of Kerala’s committed efforts in the sector, including the implementation of a Safe and Nutritious Food Scheme in Kerala’s government and aided schools.

On the infrastructure front, even though its most ambitious K-Rail project has run into rough weather for now, the government has been forging ahead with multiple smaller projects.

The scheduled development projects of National Highways and National Waterways are nearing completion. The Hill Highway and the Coastal Highway are also being built at a cost of Rs. 3,500 crores and Rs. 6,500 crores respectively.

Kerala has unique challenges when it comes to implementing large scale industrial projects, which the state is overcoming in innovative ways.

Geographically speaking, many areas of this narrow state wedged between

Arabian Sea on the West and Western Ghats on the East, are ecologically fragile or sensitive, which makes large scale industrialization, especially of the manufacturing and polluting kind, impossible in the state.

Kerala had long countered these challenges by focusing on its strengths like its natural beauty, for growing its tourism industry, which catapulted ‘God’s Own Country’ into being one of the leading tourist destinations for domestic and overseas travellers. Kerala had also made some inroads into IT and IT Enabled Services, by establishing or facilitating various tech parks in Thiruvananthapuram and Kochi, even though it fell short of the progress made by its neighbours Karnataka and Tamil Nadu in this regard.

But after many false starts and trials, the state under the veteran leadership of Chief Minister Pinarayi Vijayan seems to have found two new niches where it is silently making much progress. Firstly, the state had designated FY’ 23 as the ‘Year of Enterprises’ with an aim of facilitating the launch of at least 1 lakh new Micro, Small & Medium Enterprises (MSMEs).

This Year of Enterprises scheme resulted in the setting up of around 1,40,000 enterprises at an investment of Rs. 8500 crores and generated about 3,00,000 new jobs.

Despite the Opposition contesting

some of these numbers, this has since then been hailed across India as a best practice in giving a fillip to the most crucial MSME segment of the economy, which is credited with the maximum job generation in the country. There is no doubt that Kerala has made some significant headway in this crucial sector due to this scheme.

Similarly, unknown to many, Kerala has been carving out for itself a significant space in the country’s startup ecosystem. Between 2016 and 2021, over 4000 startups were launched in Kerala. While most of them are still bootstrapped startups, the bigger among them have cumulatively raised $551 million in funding across 110 funding deals, since 2015. Today, Kerala’s startup ecosystem is being recognized as one of the finest in the country.

Kerala’s strength in startups lie in the fintech and SaaS space, with these startups securing the highest VC funding of $364 million (66%).

Recently the state government’s startup arm, Kerala Startup Mission (KSUM) had organised the Seeding Kerala Conclave, an investors and startups meet, where Sparks Angel Network, Kerala Angel Network and Phoenix Angels announced plans for investing Rs. 8 Cr, Rs. 5 Cr and Rs. 4.95 Cr respectively in Kerala-based early-stage startups.

Some of the recent government initiatives in science, technology and SEASONAL MAGAZINE

higher education are also helping the state’s startup ecosystem in a big way.

Examples of such projects include Kerala setting up India’s first Super FabLab, India’s first Digital University, India’s first Graphene Center and India’s first Water Metro. The foundation stone has also been laid for India’s First Digital Science Park.

Under CM Vijayan’s leadership, Kerala is encouraging startups as a long-term solution to employment generation.

Despite having made close to 2,07,000 appointments through the Kerala PSC and having created around 30,000 new posts in the government services, the pragmatic leader in CM Vijayan knows that the times have changed and that it is more fruitful to enable and facilitate the innovative spirit in its young entrepreneurs.

Pinarayi Vijayan is one leader who boasts little but lets the numbers speak for itself.

In 2016 when the LDF Government led by him came to power, Kerala’s unemployment rate was 12%. Under his leadership, it has been brought down to 5%. Kerala’s Gross State Domestic Product (GSDP) was Rs. 5,61,994 crores in 201516, and It has grown to Rs. 10,17,873 crore in 2022-23.

This has been a phenomenal growth of 81% in seven years. Similarly, Kerala’s annual per capita income has risen from Rs. 1,48,133 to Rs. 2,28,767 over the last seven years, which too is a spectacular growth of 54%. With such a sound track record there is no doubt that Kerala is in safe hands for years to come.

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RETAIL

SEEMATTI

IS SEEMATTI’S STRATEGY TO ITS OWN STRENGTHS

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OF PLAYING WORKING OUT? THERE WAS A TIME WHEN EVERYONE WROTE OFF KOCHI’S ORIGINAL CENTRAL BUSINESS DISTRICT OF MG ROAD AND TOGETHER WITH IT, ITS FAMED SHOPS LIKE THE TEXTILE MAJOR SEEMATTI. SUCH WAS THE NEW MEGA MALL PROJECTS GETTING LAUNCHED IN THE NEW HOTSPOT OF EDAPPALLY. BUT NO ONE HADN’T COUNTED ON THE RESOLVE OF ITS CEO & CHIEF DESIGNER, BEENA KANNAN. HERE IS A LOOK INTO WHETHER HER STRATEGIES HAVE PLAYED OUT WELL FOR SEEMATTI. BEENA KANNAN SEASONAL MAGAZINE

ompetition has been heating up in recent years for Seematti at Kochi, with retail chains owned by international and national level retailing chains, major brands from neighbouring states like Tamil Nadu, and homegrown retailing brands all setting shop in the city. Kochi also saw the opening of a few mega malls, most of them near Edappally, with multi-brand and singlebrand textile showrooms.

But, unlike what most people would have expected, under the leadership of its CEO & Chief Designer, Beena Kannan, Seematti had responded by limiting Seematti’s footprint to just MG Road’s North End, but expanding it to multi-times its original size in this location.

Beena Kannan has single-handedly expanded and modernised not only her textile mall into a sprawling 5 lakh square feet fashion venue, but transformed the entire north end of MG Road, traditionally called the Madhava Pharmacy Junction, to a new kind of glory it never had.

This shopping destination is now complete with a high-end Fashion TV Salon for celebrities and aspiring celebrities, as well as eateries of buzzing homegrown brands like Topi Vappa

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Biriyani and Kozhi.in Fried Chicken.

For this, the astute businesswoman in Beena Kannan bought a 25-year old commercial complex facing Seematti at the other side of the road and gave the dull-looking 12,000 sq ft building a radical makeover with cement boards and wall paintings.

While ace designer Sreejith Menon handled the overall design and aesthetics, the 6000 sq ft wide wall paintings were done by noted mural and graffiti artist Aathira Mohan who did it while dangling for days on a harness.

The final look is stunning to say the least, with wall paintings that capture the essence of Kochi, with depictions of its sea, fishes, marine drive, rainbow bridge and metro. Today, the Madhava

Pharmacy Junction is being called Seematti Urban Junction, and it will be no wonder if the new name eventually holds in the public imagination, as so much thought and work have gone towards this makeover.

However, only time would tell whether this will help the brand in sheer growth terms, compared with what could have been possible if Seematti had opened branches in Edappally, Kakkanad and other such emerging hubs.

Seematti Founder and Beena Kannan’s grandfather Late S Veeriah Reddiar who started the brand with a 4000 sq ft shop in Alappuzha in 1910 and her father V Thiruvenkitam who expanded the business and gifted her Seematti Kochi can be proud of their daughter’s achievements of not only guarding the Seematti legacy, but growing it to dizzying heights that they most probably couldn’t have foreseen.

Brand Seematti is in full synergy with Brand Beena Kannan as she carries her image as both a business tycoon and as a style and fitness icon with equal elan.

Her secret of playing to her strengths is undoubtedly the secret of Brand Seematti too. But competition in newer and newer forms have been emerging in the city.

The brand will need to have a comprehensive ecommerce strategy in place, especially as major e-tailers are all set to implement same day home deliveries of textiles in Kochi. With the textile retailing business getting increasingly commoditized, it is also an uphill challenge to make Seematti stay differentiated from the rest of the textile showrooms.

During her leadership, she has seen new competitors emerging and withering, and sometimes sticking on, but what matters for her is that she is taking Seematti to newer heights always, for delivering a better and better shopping experience to her loyal customers that span generations now.

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HEALTH

BREAKFAST IS IMPORTANT, BUT YOU AREN’T HUNGRY! NEVER HUNGRY IN THE MORNING? HERE’S WHAT YOUR LACK OF APPETITE IS TELLING YOU.

e’re always told that breakfast is the most important meal of the day, but many people struggle with a lack of appetite first thing in the morning. If that’s the case, your body could be trying to tell you something.

We all know how important eating breakfast is for our health; not only can a healthy, balanced breakfast be a nutritional powerhouse that helps you prepare for the day ahead, but eating in the morning has been shown to improve concentration throughout the day, boost energy levels and kickstart your metabolism, among other benefits.

Yet according to an association of Dietitians, only two-thirds of people eat breakfast, with many of us simply not feeling hungry when we wake up.

But should we be concerned by our lack of appetite in the mornings, or are some of us just built differently?

It’s not uncommon not to fancy eating when you’ve just got up – we’re not all morning people, after all. Morning hunger levels will vary depending on a number of factors, from what and when you ate the night before to fluctuating hormone levels, alongside our unique biological makeup.

“Whether people feel hungry for breakfast or not is individual, but there can be trends within certain demographics and socioeconomic groups,” explains Natalie Burrows, a nutritional therapist and functional medicine health coach.

But what other reasons could be causing a lack of appetite in the mornings? We asked the experts to explain more.

Chronic stress:

is lifestyle-led: stress. “Waking up with no appetite could mean you’re running on cortisol, which acts as a stress hormone,” explains nutritional therapist Cara Rose. “When we are sleeping, our body is in an overnight fast where it has to utilise reserves of glucose stored in the liver, in order to maintain blood sugar balance. This only lasts up to around eight hours, and once these stores are used up, our adrenal glands will release hormones such as cortisol to help manipulate blood sugar (by breaking down muscle) to keep us going.”

“People who tend to eat later in the day, for example in Mediterranean

The main reason the experts believe we don’t feel hungry in the morning

“Stress can delay or reduce appetite hormones, particularly if it’s chronic

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cultures, often have a much lighter or later breakfast. Especially if it’s a high protein or high-fat meal as these macronutrients can slow the emptying of food from the stomach, keeping you fuller for longer and resulting in lower hunger levels in the morning.”

stress,” agrees Burrows. “Cortisol helps us get up and get going in the mornings, but ironically, chronic stress (where there has been a high demand for cortisol for a prolonged period of time) can lead to reduced cortisol production in the morning, which can impacts appetite and energy levels, leading to reduced appetite.”

Sleep hormones: “Reduced morning appetite can also be a sign of melatonin remaining at higher levels for a longer period of time,” explains Burrows. “Melatonin is our sleep hormone and it works on an alternative ‘shift pattern’ to cortisol. When we wake it can take one or two hours for melatonin to be at low enough levels for eating and drinking to feel good.”

Prone to nausea first thing? Melatonin is the culprit. “If you’ve ever had a glass of water first thing when you wake and felt nauseous, this will be because your body is still switching from melatonin dominant to cortisol dominant and waking up,” explains Burrows. “This can be part of the natural sleep-wake cycle, but it can also be due to high-stress levels.”

“REDUCED MORNING APPETITE CAN ALSO BE A SIGN OF MELATONIN REMAINING AT HIGHER LEVELS FOR A LONGER PERIOD OF TIME,”

Is not feeling hungry in the morning really a problem?

Well, that depends. Provided you’re replenishing your body throughout the day, not necessarily. But there are other considerations to take into account. “My question would be why are you not hungry for breakfast within the first two hours of being awake?” asks Burrows. “If it’s because you’re masking hunger by consuming coffee, this isn’t a great start to the day. Caffeine does not provide energy to the cells in our body; caffeine causes neural excitation in the brain, which stimulates the adrenal glands to release adrenaline – this provides a false boost of energy. “I would recommend not having caffeine until after you’ve had breakfast to support the appropriate regulation of adrenaline and cortisol.”

She continues: “If it’s a timing issue, and you’re rushing out the door with no time to eat or you feel that you’re still too sleepy until lunch then focusing on circadian rhythm can help. Get daylight within 30 minutes of waking and work on your routine at night so you’re getting enough sleep.”

And if you’re taking medication, you need to be extra alert to the impact of a late start. “Avoiding breakfast can be an issue if you need to take medication first thing in the morning that requires food to be consumed with it,” warns Burrows. “Delaying eating can also contribute to poorer blood sugar control later in the day.”

How to boost your appetite in the mornings, apart from exercising?

Eat something small: According to the BDA, there’s no right or wrong time to eat breakfast, as long as you’re fuelling your body properly, and the experts agree that it’s not uncommon to lack an appetite first thing, but if you’re still not hungry once you’ve taken a shower and got ready for your day, it’s worth considering a nutrient-dense snack to kickstart your appetite, ideally within 90 minutes of waking, Rose advises.

Manage stress levels: If you think that stress is the root cause or if you’re feeling way too nauseous to eat, Rose suggests starting your day with warm water with fresh ginger and lemon to kickstart the liver function. “If stress is part of the picture and a likely contributor then it’s important to work on ways to manage the stress and support your body to relax,” advises Burrows.

“Starting with a small breakfast (hold the caffeine) and taking small steps into rebalancing the body’s nervous system can see your morning appetite return.”

Deep breathing: Rose advocates a little morning zen to kickstart your day. “Take a minute to do a couple of rounds of box breathing (breathing in for four seconds, holding the breath for four seconds, breathing out for four seconds and holding the breath again for four seconds). This will help regulate cortisol and get you out of ‘fight or flight’ mode,” she suggests.

It’s important to note that other factors might also be at play, from certain medications to pregnancy.

Seek medical attention if your lack of appetite persists all day long or if you’re at all concerned.

(Credit: Anna Barter for Stylist) SEASONAL MAGAZINE

STATE

A LEADER AND A STATE THAT DID THE IMPOSSIBLE Chandrashekar Rao rarely takes no for an answer from anyone. It was that trait that led KCR - as he is endearingly called - to achieve the impossible for the people of Telangana 9 years back. A sixty year old struggle to have statehood, that was long dead due to seemingly insurmountable obstacles, was single handedly resurrected by this people of the masses during a period of less than 15 years, and the new state was successfully established with a broad consensus among national parties including BJP and Congress that KCR painstakingly stitched together. This was achieved largely by way of nonviolent means, and demonstrated the superior political will and strategy of Rao.

K

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Still, there were not many leaders in India who thought that as the first Chief Minister, KCR would be able to steer growth anywhere near to that of unified Andhra.

But 9 years on, this twice elected CM is having the last laugh, as Telangana has not only grown faster than a unified Andhra could ever dream of, but has also emerged as a model state to follow for not only rapid economic development and massive job creation but for revolutionary agricultural practices and upliftment of the rural poor. While there are still many detractors who argue that Telangana could do this miracle only because it inherited the largest industrial city of Hyderabad, at the expense of Andhra Pradesh, several metrics prove otherwise.

This doesn’t mean that winning Hyderabad didn’t help Telangana -

certainly that was a game changer - but that the success of the newly carved out 29th state of India went much beyond inheriting Hyderabad. For instance, when Telangana was formed, its IT exports stood at Rs. 57,258 crore, whereas by 2022 itself the IT exports had grown more than thrice to reach Rs. 1,83,569 crore. This kind of blistering revenue growth also translated to employment growth, with the number of IT/ITES employees growing nearly 2.5 times to reach 7.78 lakhs in 2022 from the 3.23 lakhs it was in 2014. And this growth is showing no signs of slowing down. In 2022, the young state grew its IT exports by 26% against the national average of 17%. The job creation also grew by a robust 24% compared with the previous year, and in 2022, the state had the unique distinction of generating onethird of all new IT/ITES jobs in the whole of India! This is no wonder really as Telangana could convince some of the largest technology firms including Google and Amazon to create their largest campuses outside of the US, in the state.

And never ever think that Telangana is a one trick pony called IT. While it is true that IT & ITES today account for more than 50% of the state’s exports, Telangana continues to excel in almost all other happening fields too including financial services, mobile hardware, automotive, insurance, pharma, engineering services, electric vehicles, digital transformation, sports equipment and more. Some of the blue chip MNCs that have set shop in the state during the last couple of years

include Goldman Sachs, Hyundai, Stellantis (parent of Fiat, Chrysler & Peugeot), Fisker, OnePlus, Bosch, ZF, Callaway Golf and more. Altogether, by 2022 itself, Telangana had attracted investments to the tune of over Rs 2.34 lakh crore since the formation of the state in 2014. Driving this scorching pace of

growth was KCR’s brainchild TSiPASS (Telangana State Industrial Project Approval and Self Certification System) Act, that succeeded in fast tracking approvals to entrepreneurs at a pace never before seen in India.

Many states have since then copied TS-iPASS slyly in a bid to attract investments into their states, but this is something that KCR and his son KT Rama Rao (KTR) who serves as the IT & Industries Minister wholeheartedly welcome, as it endorses the Telangana model of development. And this model goes much beyond industries, and has touched the lives of millions of rural people in the state through revolutionary schemes like Rythu Bandhu that give investment assistance to farmers twice a year for planting, and landmark projects like the Kaleshwaram Lift Irrigation Project (KLIP) which became the world's largest multi-stage lift irrigation project and solved the farmers’ water woes to a great extent. With a visionary leader like KCR at the helm and a dynamic leader like KTR to spearhead the development initiatives, Telangana is set for rosier days as it steps into its year long decennial celebrations. Here is a detailed look at some of the biggest achievements of Telangana during the past 9 years, and what the future holds for the state.

KT RAMA RAO

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