Seasonal Magazine - November 2012 Issue

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VOLUME 11 ISSUE 11 NOVEMBER 2012

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MAGAZINE

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EDITORIAL

Vol 11 Issue 11 November 2012

“Because you are rich, we respect you less and suspect you more.”

Managing Editor Jason D Pavoratti Editor John Antony Director (Finance) Ceena Senior Editorial Coordinator Jacob Deva Senior Correspondent Bina Menon Creative Visualizer Bijohns Varghese Photographer Anish Aloysious Correspondents Bombay: Rashmi Prakash Hyderabad: Iqbal Siddiqui Delhi: Anurag Dixit Director (Technical) John Antony Publisher Jason D

One of the most poignant moments in USA recently was a 51-year old man losing himself, stammer, and break down into tears while thanking his huge volunteer army of supporters. The man next to him, David Axelrod, was heard chiding him, “Barack, calm down.”

The most poignant moment in India recently was, of course, a 44-year old man declaring in Farrukhabad, before a massive rally of supporters that, “I am here and will return safely too in a few hours.” The shameful threat from the country’s law minister to that lone crusader - Arvind Kejriwal was thus befittingly replied.

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And if there was one message that the lakhs of villagers in Farrukhabad and neighbouring districts sent to Salman Khurshid, and all of Khurshid’s backers in Congress, it was this: “We won‘t ever tolerate mighty-you threatening one among us.”

It is interesting that post Farrukhabad rally, Kejriwal is increasingly training his guns on the other side of the corruption - the ultra rich of India Inc. Many ranging from Ambanis to Daburs are today in his firing line.

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Page 2

If there was one simple message that ordinary Americans sent to the highest power centres across the world, during this election, it was this: “Because you are rich, we respect you less and suspect you more.”

One among us - what a simple brand positioning is that. Though volumes are being contrived and written now to explain away Romney’s unexpected defeat and Obama’s landslide win, no analyst can say something much beyond this: Obama is ‘one among us‘, for most ordinary Americans.

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Though Mitt Romney’s concession speech too was understandably in a sad tone, he didn’t cry. But that is because ultra-rich people rarely cry. At least publicly they won’t.

Where will Mukesh run and hide if the charges are proven one day? He is simply not one among us. He is allegedly so powerful that he can

even change cabinet ministers, if they doesn’t suit him, whether Congress or BJP is in power.

The selection of Obama over Romney is enough to send shivers across all rich and educated political leaders across the world. Because, there is so much economic irrationality that American voters exhibited in selecting Obama over Romney.

Obama has never ever worked in the private sector. Obama has never been an entrepreneur. There is not even an anecdotal evidence that Obama has created a direct job.

Obama’s understanding of complex economics is also obviously suspect.

Romney is everything in contrast. He has spent most par t of his life working in the highly competitive private sector. He has been a sterling entrepreneur credited with founding BainCapital, a global alternative investments major managing $66 billion in capital. Not only that, Romney and his company have numerous corporate rescues and turnarounds to their credit, which surely must have saved or created thousands of jobs across various sectors in America.

In short, Romney was the most practical candidate Yet, United States of America chose to discard his offer to lead, and went with ‘one among us.’

Romney pays only 14% tax on hundreds of millions in fortune , whereas Obama pays higher taxes on a fortune that is 2% of Romney’s.

Don’t ever think it was an easy decision for them.

Millions of swing voters made personal sacrifices to accommodate Obama. His stands on issues like abortion and homosexual marriages clearly lacked the moral compass, unlike Romney who was unwavering on those fronts.

And there is every probability that in the coming years, India and the rest of the world will only choose ‘one among us‘.

Rajiv Gandhi has already gone down in history as perhaps the last in the Nehru-Gandhi family, who was one among us. As Arvind Kejriwal himself says, “There is just one politician perhaps who understood the problems of this country. And that was Rajiv Gandhi.

He had introduced constitutional amendments to empower the people through panchayats.”

Similar is the case with Vajpayee. One among us. Ever since he left centre-stage, BJP is struggling to find a replacement that is one among us.

Nor is being Nitin Gadkari. Fighting Congress and NCP on the outside, and striking secret deals with the same for financial gains is not something ordinary Indians would digest ever.

And it is not the Vadras or Gadkaris or Mayawatis of this country who have to be careful. It is funny to see the likes of Kapil Sibal, Arun Jaitley, Sushma Swaraj, and many others on all sides, scaling new heights of fine articulation and complex rhetoric. But the more they talk, and the more they win debates, the more they are alienating themselves from the public.

Like Emerson, we can only sympathise with them: “What you are, speaks volumes in my ears, that I can‘t hear what you say.”

The doers from Obama to Anna Hazare to Vinod Rai to officers like Khemka, are barely debating anything complex. Their position remains understandably simple. One among us.

John Antony

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CONTENTS –

King is Naked! Will this Hit-and-Heal Style Destroy Our Public Banks?

Imagine a huge but inefficient conglomerate running huge businesses in several sectors. Now imagine they have several banks too in the group. And the Directors of this group instructing their banks to lend indiscriminately to their group companies, on their whims and fancies. And to even outside the group, on no criterion but favouritism. And what if more than half of all such big-ticket loans default? Now, anybody who knows India Inc and Indian banking would start objecting - this can’t be true, as our monetary umpire wouldn’t permit that. Who said? A promoter called GoI has been doing this right under RBI’s nose for years, or even decades. And that is precisely the reason ..

10 Lessons to Learn From Amitabh Bachchan

Amitabh Bachchan is one of the few Bollywood superstars whose reputation as a responsible human being precedes his long list of achievements as an actor. We bring you lessons from the life and times of the original superstar of Indian cinema

Stephanian Surge Team Manmohan now has six Stephanians.

Seven in Manmohan Singh’s new-look council of ministers studied at St Stephen’s, and six completed their degrees from the prestigious institution..

How an Indian Scientist at NASA Turned Into a Filmmaker by Betting Against All Odds

As a PhD student of applied physics at Columbia University in the early 1990s, Bedabrata Pain had perfected the "three backpacks, three sweaters" trick to stay out of trouble.

The Young Indian Economist Who Obama Admires

Raj Chetty became an assistant professor of economics at the University of California, Berkeley, at 23 and became a tenured associate professor at 27. At age 29, just eight years after graduating summa cum laude ...

“Connect between the arts and science is essential for the growth of the society.”

Perched upon a comfortable green sofa, Prof Borysiewicz is a picture of composure. As he gets ready for his interview, his focus intact, there is a palpable curiosity about..

Euro Cars Selling Hotly Only in India & China

Why doesn’t the Europeans opt for European cars first? Is it only a case of sluggish overall demand for cars in Europe? Hit hard by the economic turmoil in the Eurozone and the austerity measures..

Keep Tabs on the 3 Latest and (Now) Greatest Tabs

There are tabs, and then there are tabs like iPad Mini, Nexus 7, and Kindle Fire HD. What do these latest benchmark tablets do,

New Launches: Fresh, Luxe, & Duds Why Insurance is NEVER a Good Investment

The Success Story of BANK BAZAAR

Bank Bazaar.com was founded in 2008 by a group of young engineers, who had worked in some of the leading companies in the United States like Deloitte..

Life insurance is only for risk coverage of life. Period. However attractively insurance companies package their policies ..

Why you must eat NUTS to battle cancer, cholesterol, & heart disease

Meet the 22 Year Old Winner of Godrej LOUD Contest, An Inspiration for Disadvantaged Indian Youth

They are tasty, they are calorierich, and they are good for your heart. Doesn't that sound contradictory and too good to be..

Allied with the World’s Best to Become the World’s Best

In a nation where people with versatile background dominate education, Dr. Madhukar G Angur is..

Starbucks Smells India and why Tatas smelt sweet.

Starbucks inaugurated its first store in India recently in a historic building in southern Mumbai as the Seattle-based coffee giant seeks..

Robert Vadra's Earlier Brush with Controversy

Robert Vadra, son-in-law of Congress president Sonia Gandhi, is mired in controversy after charges of corruption were levelled against by him by Arvind Kejriwal and Prashant..

What the CEO Really Wants From You

Tata Sons’ Director, R Gopalakrishnan feels that much of corporate inefficiencies and dissatisfactions stem from subordinates’ inability to..

When Shailesh Nirala was 12 years old he left Dhuska, his..

TATA Tritvam

Live by the Sea, Live by the Mangroves, Live like a Soaring Bird

What happens when the only Indian Group to cross $100 billion in global sales, starts a residential project in God’s Own Country?

What happens when they select what is arguably the most..

Platinum takes on Gold

Festive season is progressing with platinum jewellery sales scoring over gold‘s, amid expectation of a higher potential of price spurt in the white rare metal.

Breaking BuilderPolitician Nexus, and Making Realty Business Transparent Is Robert Vadra a rule or an exception? The solution lies in radical land reforms, including slashing of stamp duty, its..

Indian Formulas for Success

Apart from our celebrity driver, F1 features several pros of Indian origin ranging from Team Principals, to Strategy Engineers, to Physiotherapists, to Mechanics.

R E A L T Y

Breaking Builder-Politician Nexus, and Making Realty Business Transparent ccording to the World Bank, India ranks 181 out of 183 countries in terms of ease of obtaining a construction permit. A 2011 survey of Indian firms conducted by KPMG found that real estate and construction was perceived to be the most corrupt sector of the economy by a wide margin. Why should we be so shocked, then, at L’affaire Vadra, merely the latest in a long, long line of examples of an endemic Indian affliction, the builder-politician nexus? Robert Vadra may not be a politician, but he is the

Examining patterns in Indian states’ consumption of cement - the indispensable ingredient for construction - it is fount that it declines during the month of elections. Why? Because as elections approach, builders are cash-strapped as they channel funds out of their operations and into political campaigns.

very definition of “politically connected”. In any event, regardless of labels – “politicians”, “mafias”, “nexuses” – there is no question that in India the use and abuse of regulation on issues related to land is rotten to the core, with beneficiaries ranging from businessmen to bureaucrats, journalists to judges, and politicians irrespective of political party, ideology or region.

In the south, the Comptroller and Auditor General’s blistering report of the Y S Rajasekhara Reddy regime, in which land concessions in Andhra Pradesh were doled out “on an ad hoc, arbitrary and discretionary basis”, said the gains being allegedly reaped by private companies linked to his son Jaganmohan Reddy. The Bharatiya Janata Party has been neck and neck with the Congress if the ambitious land scams of the B S Yeddyurappa government are any indication. The Nationalist Congress Party’s role in Lavasa and Mumbai, the Samajwadi

Party and the Bahujan Samaj Party in Noida, the Dravida Munnetra Kazhagam in Tamil Nadu, all demonstrate that at least when it comes to grand larceny, there is unity as well as consensus across all political parties. Even for the Left, for which land rights were a bread-and-butter issue; during the more than three decades of Communist Party of India (Marxist) rule in West Bengal “land scams have replaced land reforms”, as Gayathri Nivas of Deccan Herald pithily put it. Cosy links between builders and politicians have long been – and continue to be – a global phenomenon. The historical record, ranging from America’s “Gilded Age” to the post-World War II rebuilding of southern Italy, is replete with examples of politicians trading their regulatory leverage for political support from builders. Fast-forward to today, and these problems continue to fester. A recent study of 166 corporate bribery

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Is Robert Vadra a rule or an exception? The solution lies in radical land reforms, including slashing of stamp duty, its replacement with a new property tax, and demat-ing all land holdings.

INNOVATION

A small British firm claims to have developed a revolutionary new technology that can produce petrol using just air and electricity.

A company in the north of England has developed the "air capture" technology to create synthetic petrol which experts have hailed as a potential "gamechanger" in the battle against climate change and a saviour for the world's energy crisis. The technology, presented to a London engineering conference this week, works by removing carbon dioxide from the atmosphere, The Telegraph reported. The 'petrol from air' technology involves taking sodium hydroxide and mixing it with carbon dioxide before 'electrolysing' the sodium carbonate that it produces to form pure carbon dioxide. Hydrogen is then produced by electrolysing water vapour captured with a dehumidifier. The company, Air Fuel Syndication, uses the carbon dioxide and hydrogen to produce methanol which in turn is passed through a gasoline fuel reactor, creating petrol. Company officials claimed to have produced five litres of petrol in less than three months from a small refinery in Stockton-on-Tees, Teesside. The fuel that is produced can be used in any regular petrol tank and, if renewable energy is used to provide the electricity it could become "completely carbon neutral". The company hopes to build a large plant, which could produce more than a tonne of petrol every day, within two years and a refinery size operation within the next 15 years. Institution of

Mechanical Engineers (IMechE) officials admitted that while the described technology is "too good to be true but it is true", and said that it could prove to be a "game-changer" in the battle against climate change.

Stephen Tetlow, the IMechE chief executive, hailed the breakthrough as "truly groundbreaking". "It has the potential to become a great British success story, which opens up a crucial opportunity to reduce carbon emissions," he was quoted as saying by the paper. "Air capture technology ultimately has the potential to become a game-changer in our quest to avoid dangerous climate change," Dr Tim Fox, the organisation's head of energy and environment, added. Peter Harrison, the company's 58-year-old chief executive said that he was "excited" about the technology's potential, which "uses renewable energy in a slightly different way". "People do find it unusual when I tell them what we are working on and realise what it means. It is an opportunity for a technology to make an impact on climate change and make an impact on the energy crisis facing this country and the world, said Mr Harrison, a civil engineer from Darlington, County Durham. "It looks and smells like petrol but it is much cleaner and we don't have any nasty bits," he said.

Online Insurance Sale Booms, A Term Plan Sold Every 5 Minutes

The life insurance sector is witnessing a slowdown, but at least one segment of the industry is growing in leaps and bounds. Sales of online term plans are booming, with nearly 55,750 term policies sold in the past six months.

During 2011-12, roughly 49,500 plans were sold in the entire year and the figure is expected to more than double this year.

On an average, every five minutes somebody buys an online term plan in India. Insurance portal Policybazaar.com gets almost 2,600 enquiries for term plans every day. The portal has sold about 33,800 online term plans (60% of the total) in the past six months, averaging more than 140 policies per day. The average cover is 72 lakh, which is 35 times larger than the average cover for all insurance policies sold during the past six months. Aegon Religare Life Insurance, which pioneered the online sale of life insurance nearly two years ago, is the largest player in this segment.

It is followed closely by Aviva India.

Snapping at their heels is HDFC Life, which launched its Click2Protect plan in January this year. ICICI Prudential Life Insurance and Kotak Life Insurance are the other active players in this segment. While other big players such as Reliance Life Insurance and Bajaj Allianz have also jumped onto the bandwagon, Life Insurance Corporation has shelved its plans because of its powerful agent lobby.

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New Technology can Produce Petrol From Air!

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NEWSMAKER

THE YOUNG INDIAN ECONOMIST Who Obama Cited in his Speech, and How INDIA CAN USE HIS IDEAS

of r o s s ley, e f e o k r r e p ,B ant a i t n s i r at s o f s r i l a o a s n s C a e f ame iversity o ciate prof g c e b y n tt tin so aj Che ics at the U tenured as fter gradua a a m econo nd became eight years a at 23 age 29, just . ..

27. At cum laude a ideas for the benefit of the world," summ MacArthur President Robert Gallucci

... from Harvard College, he became one of the youngest tenured professors at Harvard University. The 33-year-old public economist is often mistaken for a graduate student. His unorthodox economic arguments including the theory he developed five years ago that higher interest rates sometimes lead to higher investment have been widely discussed in corporate boardrooms and mainstream media. In his State of the Union speech, President Barack Obama cited a study led by Chetty, which argued that students who had talented and motivating teachers in elementary school mainly in kindergarten had significantly higher incomes as adults and better future life outcomes.

In January, The New York Times published a front-page story about this study. Chetty is now a MacArthur Genius, the nickname given to John D and Catherine T Mac Arthur Foundation Fellows. Last week he was having lunch with his mother, Anbukili Chetty, a physician and Tufts University researcher, when his phone rang. He ignored the call. He picked up the phone at about the third time, and was told there was an urgent message for him. No, it could not wait, and could he please step out? The MacArthur nominees are not told, and the winners learn through a phone call from the foundation. When Chetty told his mother the news, she wept with joy. The

MacArthur Fellows this year include a pediatric neurosurgeon, a marine ecologist, a Washington Post reporter, a photographer, an optical physicist and astronomer, a stringed-instrument bow maker, a geochemist, a novelist, and an arts entrepreneur. 'All were selected for their creativity, originality, and potential to make important contributions in the future,' the MacArthur Foundation, which will give away $500,000 to each Fellow over the next five years with no strings attached, said in a statement.

Chetty is the second-youngest recipient this year. The oldest is 62. Of the nearly 900 MacArthur Fellows over four decades, less than 12 have roots in India.

They include sarod maestro Ustad Ali Akbar Khan, poet and professor A K Ramanujam, and computer scientist and professor Shwetak Patel, winner of the India Abroad Face of the Future 2011 award. "We believe in their creative instincts and hope the freedom the fellowship provides will enable them to pursue unfettered their insights and

Barack Obama cited a study led by Chetty, which argued that students who had talented and motivating teachers in elementary school mainly in kindergarten had significantly higher incomes as adults and better future life outcomes.

said about the Fellows. The foundation described Chetty as a "public economist, elucidating key policy issues of our time in theoretical and empirical studies that refine our understanding of the impact of public finance on economic activity."

One of Chetty's earliest studies to gain wide attention was conducted at a large supermarket chain in California. It showed that although most customers knew about sales tax rates, they purchased less of a product when the posted prices indicated the tax than when the tax was added at checkout. "It was a very ingenious way of showing how taxes actually affect shopping behaviour," Harvard economics Professor Martin Feldman, who has mentored Chetty, told The American when the magazine chose Chetty for its Young Economist Award in 2008. "That people actually shopped less when they recognised the full cost of what they were doing." Chetty is also the director of the Lab for Economic Applications and Policy at Harvard. PBS said last week his father, Boston University Professor V K Chetty, "advised then Prime Minister Indira Gandhi as India began to shift away from state socialism." The MacArthur Fellowship, Raj Chetty told India Abroad, "was totally unexpected. On one hand, I am elated, but on the other hand, I am humbled. I am hoping this will give me more flexibility and time for a research group to work on really big projects. We want to try to connect to the public discourse using rigorous scientific methods, so it's not just public opinion."

The Harvard Gazette said the award frees up his time to pursue the next big ideas

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R

EDUCATION

Study Finds Indian Private Schooled Students No Better Than Public Schooled Students ontrary to popular belief, children in India who attend private schools may not have an advantage over those attending aided schools, a study says. According to a paper published in Economics of Education Review by the Michigan State University, reading, writing and maths skills of children aged 8 to 11 in India are the same whether they attend private or public schools.

The paper, co-authored by Dr Amita Chudgar, assistant professor, department of educational, adminis tration, Michigan State University, and Elizabeth Quin, a doctoral student, is based on data collected from the Indian Human Development Survey, 2005.

“We used the India Human

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Dr Amita Chudgar “The paper found that if we systematically account for the large differences in the background of children who attend public and private schools, we do not find a consistent benefit in terms of performance that we can attribute to private schools.”

Development Survey (IHDS), a nationally representative survey of 41,554 households, conducted jointly by researchers from the University of Maryland, US, and the National Council of Applied Economic Research in India,” Chudgar said. “To conduct the analysis,we worked with data on those children who were enrolled in school at the time of data collection and for whom the test-score data were available (which constrained us to the age group eight to eleven),” he said. The researchers used a sample of 7,000 children from rural India and 3,000 from urban India. The final sample students attended either private or public schools but came from similar financial conditions and family backgrounds. This, according to Chudgar, gave the researchers a more comprehensive look at the role played by private schools in a child’s education.

Chudgar said the paper was not written to provide an assessment of the Indian educational system. “The paper found that if we systematically account for the large differences in the background of

children who attend public and private schools, we do not find a consistent benefit in terms of performance that we can attribute to private schools,” she said. This is by no means a comment on the quality of public schools, which need more attention. “We need to understand better what leads to public-

private performance gaps. How much of it can be explained by the differences in the home background of the children and how much of it is actually attributable to the schools. There is a need for more sophisticated researches, debates, and conversations on these issues in India and the developing world in general,” she said. With a sample size of just 10,000,she said this might not be a comprehensive assessment for a country with a population over a billion.

“The big challenge in studying the ‘private school advantage’ so to speak is that children who enrol in private schools on average belong to more educated, affluent and informed families. When a child attending a private school does well in school, it is hard to separate the ‘school effect’ from the ‘family effect’. There is no easy way to address this technical problem,” she said. “In this study, we used the largest, publically available data from India that is appropriate to deal with this issue. But, as we noted in the limitations and ‘conclusion’ section of the paper, a bigger sample size can only help,” she said.

in public economics -- such as the study of equality of opportunity in the United States that would track economic mobility from one generation to the next by zip code. Chetty is "unique because he's very serious about economic theory, but also very serious about the real word and empirical stuff," PhD student Adam M Guren was quoted as saying in The Harvard Crimson newspaper. "And he combines the two of them in a very powerful way."

Another PhD student, Peter N Ganong, was quoted as saying that Chetty seeks "transparent answers" to the questions that he works with, rather than "hiding behind abstract" math. Ganong called Chetty "a fantastic mentor." Speaking to The American in 2008, James Poterba, chairman of MIT's economics department who served as a member of the President's Advisory Panel on Federal Tax Reform, cited Chetty's work in 2005 on how corporations responded to a cut in dividend taxes.

In their study, Chetty and his collaborator Emmanuel Saez found The American noted 'that efficiency suffers when the dividend tax rate is too high or when top executives own too few shares.' 'Those factors can drive a wedge between the interests of CEOs and shareholders, encouraging managements to reinvest earnings in lower-priority projects or frivolous purchases, like a non-essential corporate jet or a plush office.' When rates were higher, Chetty told

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The American, executives "had a stronger incentive to keep that money within the firm and get that private jet, instead of paying it out in the form?of dividend income." Chetty, who studied in New Delhi till age nine and migrated to America with his parents, said his studies like on teachers' quality can resonate abroad, particularly in India. "I hope some of my research," he told India Abroad, "will help lower income children in India and in this country too."

Raj Chetty was just a boy when he visited the Taj Mahal. He couldn't have known that seeing the beautiful monument against the backdrop of the poverty surrounding it would shape his life in some ways. The contrast, he says, was key to shaping his interest in finding ways to change the world. The newly-

minted MacArthur Genius, who is a public economist and a professor of economics at Harvard University, made time for this interview, via phone and email, in between a number of other interviews, receiving congratulatory messages, and meeting with students at Harvard University.

What were your school days like?

I came to America with my parents and

two older sisters when I was about nine and went to a school in Bethesda, Maryland. It was a little challenging adjusting to a new environment. I had studied at St Columbus in New Delhi, where the habit of answering a teacher's question by standing up had been ingrained in me. When I would get up to answer a question in the class in Maryland, my class laughed at me. But I got over it and was encouraged by the

their study, Chetty and his collaborator Emmanuel Saez found The American noted 'that efficiency suffers when the dividend tax rate is too high or when top executives own too few shares.

What were your career goals when you were in high school?

I am the youngest of three children, and have two sisters who are older to me by 10 and 14 years. My sisters and my mother are medical researchers and at one time I thought I would be a medical researcher too. But I also found out soon enough that I was interested in abstract math and studying how the society around me could be improved and changed. This passion came partly by observing my father, a well-known economist and statistician. Both my father and mother encouraged me to think ambitiously about doing something that would have substantial impacts on the world. One of the most powerful impacts on my life was a visit to the Taj Mahal when I was a boy. I was amazed by its beauty. At the same time I was also amazed and disturbed by the poverty around the Taj. The contrast has played an important role in shaping my interest in studying social inequities and finding ways to change the world,

especially the lives of needy children.

From your early years in college you have been interested in issues affecting the common man, isn't it?

My PhD dissertation at Harvard, entitled Consumption Commitments and Risk Preferences, studied the optimal level of unemployment benefits. It asked questions such as, 'When someone is laid off, should the government provide them with substantial unemployment benefits?' Traditional theory says no, since big benefits seemingly reduce the incentive to find a job. Standard models predict that we should have a small safety net. But my research suggested that traditional economic models missed certain features of the world that really change the problem. Most people have much of their income tied up in commitments, such as payments for houses and cars, which make it very difficult for them to adjust to income fluctuations such as unemployment shocks. This 'commitment effect' greatly increases the value of having a large social safety net, and ultimately implies that a fairly generous unemployment insurance system is actually quite valuable for social welfare.

What fascinates you most as a researcher in economics?

I am fascinated by the power that economics has to transform millions of people's lives, contrasted with our relatively poor knowledge of how the economy works. I think it is immensely important that we collect data and obtain data-based answers to critical policy questions such as the best way to design health insurance policies or tax policy irrespective of any political considerations. We want to inform the public discourse using rigorous scientific methods, so that key policy choices are not just based on instinct or political opinion but rather on hard evidence. Together with my research group at Berkeley and Harvard, we have applied scientific methods to analyse a variety of policy questions, ranging from the best way to design corporate tax policies to evaluating elementary school teachers to designing unemployment insurance systems. Being able to tackle these important issues and see our work have an impact on the policy debate at a

national level is very rewarding and motivating.

Tell us about your recent studies on teacher quality and the accomplishment of the students.

We've done two recent studies on this topic. First, using data from Tennessee, we were able to calculate with precision the value of being randomly assigned to a good kindergarten classroom. We tracked down data on earnings and other outcomes of some 12,000 children and studied how they had performed over the years. We found that being assigned to a higher quality kindergarten classroom i.e., one with fewer students, better teachers, and better peers had long-lasting impacts on students well into their adulthood. In the second study, we tried to understand why the quality of early childhood education matters so much, focusing in particular on whether teachers were the key factor. In this study, my colleagues and I looked at data from grades three to eight for 2.5 million children in one of the country's largest school districts over a 20-year period. We then used other administrative records to track students after high school. One of our conclusions was that if an elementary school student has an excellent teacher even for a single year, it boosts their income by an average of about 2 percent per year. This second study involved measuring the 'value added' of teachers the impacts of teachers on students' scores on standardised tests. We identified experiments in the data when students come into contact with high value-added teachers. We found that when a HVA teacher enters a school, test scores in the grade he or she teaches rise immediately, and when such a teacher leaves, test scores fall immediately.

More importantly, children who were lucky enough to be taught by a HVA teacher earn more as adults, are less likely to have teenage pregnancies, are more likely to attend college, and live in better neighbourhoods. We found that an excellent elementary school teacher's contribution to society measured purely in terms of the earnings of her students and ignoring any other potential benefits exceeds $250,000 a year.

Arthur J Pais

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fact that I was able to do well academically. To my surprise, the school in Bethesda was actually much easier and less rigorous than the Catholic school I had attended in New Delhi, which made the transition much easier.

Moving to the US was one of the many experiences over the years that taught to me to adapt to different environments quickly. Another such experience was when my family lived in Belgium for a year when I was 2 years old. I think those experiences have had an impact on my research, by making me think more abstractly and understand that there are many different ways to look at society and social problems. I enjoyed and was lucky to excel in academics, but I also enjoyed playing cricket (when I was in India. Later, in Milwaukee (where my family had moved from Maryland) and Harvard, I enjoyed video games and intramural basketball. I was a reasonably good shooter, but not a physical player.

My friends would always make fun of me for trying to 'protect the brain.' One of the earliest principles I learned in my life is that passion makes a huge difference. It is very easy to spend time on things that you are passionate about.

I bring that passion to my research and teaching every day.

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CONTROVERSY

Robert Vadra's Earlier Brush with Controversy Kidwai, in his book, states that five years after Robert Vadra married Priyanka Gandhi in February 1997, Sonia Gandhi had gone public cautioning Congress leaders to not deal in any way with close relatives of Robert Vadra.

The directive came shortly after Vadra himself issued a public notice snapping ties with his family. Sonia's action was unusual to say the least, as she was known to guard the family's privacy zealously.

Kidwai's book states that Priyanka Gandhi first came in contact with Robert Vadra in 1986, when she was fifteen.

There was little in common between the two except for their love for dogs, music, fashion and dancing. The simple friendship developed into a relationship.

The two were spotted for the first time in public at fashion designer Ashish Soni's show in New Delhi in 1993. The next day, newspapers carried a picture of Priyanka in a sleeveless black T-shirt with Vadra.

Many were surprised by Priyanka's choice. Vadra was the son of a brassware magnate from Moradabad (about 150 kilometers north-east of Delhi). He kept a low profile till the world came to know about the marriage on February 18, 1997.

Sonia reportedly had some reservations

about Priyanka marrying him as he had not gone to college after completing his A-levels. Moreover, some members of the Vadra family had a strong Rashtriya Swayamsevak Sangh links, having donated their property and wealth to the Sangh.

Between 1997-2002, Robert ran Artex, a company that dealt in costume jewellery in bone, wood, plastic and black metal.

He used to frequently travel to Australia, USA and Europe. Priyanka too had developed an interest in designing costume jewellery and often traveled with him. Informed sources said Sonia took the step of issuing a directive to chief ministers of party ruled states, All India Congress Committee functionaries and others after receiving many complaints that the Vadras (not Robert) were seeking

Informed sources said Sonia took the step of issuing a directive to chief ministers of party ruled states, All India Congress Committee functionaries and others after receiving many complaints that the Vadras (not Robert) were seeking favours using the Nehru-Gandhi family name.

favours using the Nehru-Gandhi family name. It was said that when Salman Khurshid was Uttar Pradesh Congress Committe president, Robert's brother Richard had allegedly called him up to recommend names of some local politicians from his hometown Moradabad.

Robert's public notice published in a leading national daily on January 3, 2002, was drafted by Arun Bhardwaj, son of former law minister Hansraj Bhardwaj (the current governor of Karnataka).

It read: "It has been brought to the notice of my client that some persons including Rajindra Vadra (Robert's father) resident of C-7, Amar Colony and Richard Vadra, resident of Basant Vihar Colony, Civil Lines, Moradabad, UP are misrepresenting to the public that they are working on behalf of my client and allegedly promising jobs and other favours in return for money. Even though Rajindra Vadra and Richard Vadra are relatives of my client but they have no access to my client. Public at large is hereby put to notice that my client has not authorized Rajindra Vadra and Richard Vadra and anyone else to work for him or to use his name in any manner and make such misrepresentation to anybody. Such misrepresentations are without the knowledge and consent of my client."

Rajindra Vadra was outraged by the public notice. He accused Sonia Gandhi of 'engineering split' among the Vadras and snatching away his son. He denied any financial irregularity and insisted that Robert had not consulted him before issuing a public notice.

Domestic quarrels, defamation suits soon became public.

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Robert Vadra, son-in-law of Congress president Sonia Gandhi, is mired in controversy after charges of corruption were levelled against by him by Arvind Kejriwal and Prashant Bhushan. While Vadra continues to deny the allegations, as many in the Congress defend him, here is an extract from the book 'Sonia A Biography' authored by Rashid Kidwai which suggests that this is not the first time he is embroiled in a controversy.

CELEBRITY

10 Lessons to Learn From Amitabh Bachchan We bring you lessons from the life and times of the original superstar of Indian cinema .

mitabh Bachchan is one of the few Bollywood superstars whose reputation as a responsible human being precedes his long list of achievements as an actor.

Son of the late renowned poet Harivansh Rai Bachchan, here's a man who's braved it all and continues not only to inspire us, but leaves us amazed with his magnificent success.

In his 43-year career, he's worked in over 200 odd films, essaying various roles, some of which went on to create and break box office records like Deewar and Sholay. The recipient of both the Padma Shri and Padma Bhushan, he's also won three National Awards, the most recent being for his performance in the movie Paa directed by R Balki in 2009. But the journey to the top wasn't a piece of cake for Mr Bachchan. He has had his share of rejection, failure and low moments too. Here's what we can learn from the life of this iconic actor.

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1. Create a niche Amitabh Bachchan entered the Indian film industry when it was dominated by actors like Rajesh Khanna, Dharmendra, Sunil Dutt and Dev Anand. While most were comfortable playing the romantic hero, he took up the challenge of doing action films, thus creating a niche for himself. His success in films like Deewar, Zanjeer and Sholay saw him nicknamed the 'angry young man' of Hindi cinema.

And it is worth noting that he worked on 13 box office disasters before finally tasting success.

2. Don't take no for an answer It seems unbelievable that Mr Bachchan was once rejected by broadcaster All India Radio because they did not like his voice. Ironically, today the actor's deep baritone and impeccable dialogue delivery have acquired iconic status. He has, in fact, worked as a playback singer for 29 movies and in 2005, even lent his voice as narrator to Luc Jacquet's Oscarwinning French documentary, March of the Penguins.

3. Accept failure, but never give up In 1995, three years into semiretirement from the film industry, Big B founded Amitabh Bachchan Corporation Limited, an event management and production firm.

Although the company achieved considerable success in its first year thanks to the Miss World Pageant, which it produced in 1996, it was soon mired in controversy. It subsequently suffered crippling losses, forcing Mr Bachchan to take up acting again in order to cope with massive business debts. In July 2000, he came back with a bang to host the first instalment of reality series Kaun Banega Crorepati, which went on to become the most watched TV show in the country.

4. Learn from everyone Although Amitabh Bachchan is an experienced professional in his field, he believes that learning is an ongoing process. He's worked with junior co-stars and directors half his age, but he's never

reported to throw tantrums or push his weight around on set or otherwise. A director's actor, he tells us that one must be eager to learn through life.

5. Give everything your 100 per cent Be it his insistence to do action movies or his choice of working on projects like Boom and Nishabd, which bombed at the box office, the actor has always given his 100 per cent, never shying away from criticism or bad reviews. His dedication to his craft is apparent in the movie Paa. To get into character, Bachchan Senior had to spend four to five hours everyday donning prosthetic makeup, post which he could not eat or drink normally -- and it took two hours after each shoot to get rid of it. Despite his age and seniority, he did not complain once, which is the mark of a true professional. Paa remains one of his best performances to date. Speaking of professionalism, in one of his interviews the actor famously remarked, "Frankly I've never really subscribed to these adjectives tagging me as an 'icon', 'superstar' etc. I've always thought of myself as an actor doing his job to the best of his ability."

6. Forgive and forget, and never lose sight of the bigger picture In an industry where feuds are rampant and superstars often have 'camps' taking sides, Mr Bachchan comes across as one of the more mature and dignified personalities. To be sure, he has had his share of fall-outs, which are inevitable -- the Gandhi family, Shah Rukh Khan, Amar Singh, Anurag Kashyap, various media publications -- but there's no

9. Respect thy parents

7. You may be rich and famous, but you're never above anyone Amitabh Bachchan is one of the few stars that take their iconic status seriously. His interactions with his fans and the press are generally warm and gracious, and he makes a visible effort to remain humble and grounded.

Wherever he goes, the paparazzi follow.

And despite the constant attention,

8. Give back to society From his decision to support the nationwide polio campaign to his association with various charity organisations, Amitabh Bachchan has always found the time to give back to society. In fact, his reputation as a patron of charities is such that the Silver Star Diabetes Centre, a UK-based clinic, presented him with a mobile diabetestesting unit on behalf of the city of Mumbai as a 70th birthday present. The first of its kind, the mobile clinic will be named 'Amitabh' in his honour.

10. Have respect for other people's time and always be punctual They say time is money and that particularly holds true in the movie industry, where an actor's tardiness can cost moviemakers lakhs, if not crores.

B-Town biggies have a notorious reputation for holding up shoots, strolling onto sets five hours late, throwing tantrums that cause setbacks to the schedule and delaying projects by months, sometimes, even years. Not Amitabh Bachchan. One of very few stars known for their punctuality, he is apologetic even if he's kept you waiting a few short minutes. In fact, at a charity event held in Mumbai last month, the actor emphasised that if there was one attribute that anyone should borrow from him, it should be his punctuality and value for another's time.

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denying that the senior actor does not believe in mud-slinging and has graciously moved on from most fallouts, often extending a warm hand of friendship to former nemeses. He has never used the media as a tool, as so many celebrities often do, to lash out at his detractors.

which can get to the most patient of people, he manages to keep his cool and handles the shutterbug invasion with a smile, posing for them, answering questions and leaving them satisfied. On one such occasion, the actor even tweeted to his thousands of followers: 'Dearest TV media and vans outside my home, please do not stress and work so hard.' No matter who you are, he will acknowledge you.

Attend any event where Amitabh Bachchan is presiding and chances are you will get to hear him quote a few lines of poetry by his father, the late Harivansh Rai Bachchan. Big B finds special purpose in revisiting his father's poems to him, it's a way of paying tribute to the man who raised him. In November 2011, on his ninth death anniversary, he tweeted, "In prayer and in thoughts with him a great human, great mind, and a great Father!! All that I am is because of him his guidance, his morals, his culture and his ethics...now just fond memories of his to live with." He also often cites the late Teji Bachchan, whose love of the stage propelled her son towards a career in entertainment, as a source of love and support. Two years after her death in 2007, he was admitted to the same hospital room in which she spent her last days. Once discharged, he recounted to the media the grief he felt for his departed mother as he lay in the same bed, quoting from a letter he wrote her as a little boy in 1948, 'Ma...aap jaldi wapas aa jao. Mujhe aap ki bahut yaad aati hai. Mere pet mein dard ho raha hai! (Mother...come back soon. I'm constantly thinking of you. My stomach hurts!).'

INTERVIEW

The Success Story of BANK BAZAAR ank Bazaar.com was founded in 2008 by a group of young engineers, who had worked in some of the leading companies in the United States like Deloitte, Amazon.com, Capital One and Microsoft. The founders who were alumni of some of the most reputed universities in India and United States Guindy Engineering College, RECTrichy, BITS-Pilani, Columbia University, Georgia Tech and Virginia Tech – decided to make life easier for people who faced delays in getting loans sanctioned from banks. From dispersing loans to the tune of Rs 200 crore (Rs 2 billion) in the first year, today, after four years, annual disbursals have touched Rs 3,000 crore (Rs 30 billion). In just two years, BankBazaar.com was chosen as one of the 'Hottest Startups' in India by 'Business Today'. The company which started with a capital of Rs 45 lakh and 6 people has 130 employees and 60 consultants today.

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Adhil Shetty, the Founder and CEO talks about the amazing success story of Bank Bazaar.com.

You did your higher studies in the US and then were working there. Why did you decide to come back to India to be an entrepreneur?

My brother Arjun and his wife Rati had come to Chennai and were trying to take a home loan. They went through all the difficulties Indian consumers go through while trying to take a loan. Three major difficulties were, agents promise a lot but when it comes to approval for a low interest rate, they don't deliver. Second, it is a very opaque market that you do not know what different banks are doing. So, you can't bargain. Third is,

it's a very paper intensive process. You need to submit bank statements, pay slips, etc of six months and sign in 30 different applications. This made Arjun and his wife Rati think of an idea that can make the lives of those who want a loan, easier.

Today, we have 130 full-time employees and 60 consultants. As all of us had worked for big companies and with this background, we organised ourselves as if we were a big company.

We built the product with the capital and got a few banks to sign with us.

How long did it take you to come to the decision that you would come back to India and start a company based on the idea?

How difficult was it to convince the banks to sign with you?

It was very difficult because it was a new idea for the banks. But we were fortunate to meet the banks who were slowly realising the power of the Internet. We went to them with the prototype of the website and showed them the benefits they could get. We

It took me 2 weeks. We thought about the idea, spoke to a few people, and in two weeks, we moved back to Chennai to start a company.

Why did you choose Chennai?

We studied in the Guindy Engineering College, Chennai. So, a lot of our seniors and juniors showed interest in joining the company. We were familiar with this city. That was how Chennai was chosen.

How did you come with the name Bank Bazaar?

We wanted a catchy name that people would remember. We thought Bank Bazaar was a nice name. It's a name people can relate to across India. The name signifies a choice of banks and a comparison of banks.

How much capital did you invest to start the company?

In 2008, we put in an initial capital of Rs 45 lakh and started Bank Bazaar with a small team of six people. We approached people who were either with us or seniors at Guindy or worked with us in the US. Approaching them was almost like pitching the idea to an investor. We had to answer a lot of questions but the good thing was, we could bring together a great team.

How were the first few months?

It was very difficult. We were starting from scratch with no support system and no source of income and expenses going up. It was a very, very stressful period.

What kept you going when things were really tough?

In the beginning, it is the idea, and you want to succeed no matter what the difficulties are. The shift happens after a couple of years. Today, I feel good because we have one of the best teams.

They are the most skilled people. It

Adhil Shetty, Founder and CEO

charge the customers.

It was very difficult because it was a new idea for the banks. But we were fortunate to meet the banks who were slowly realising the power of the Internet. We went to them with the prototype of the website and showed them the benefits they could get.

We also told them that we might be a new company but our team had a good exposure working with big companies. shows we have a team and the process in place to deal with issues. So, nowadays, it is not that stressful. Today, when a problem comes up, we look at the process to deal with the problem; it's not about individuals any more.

Earlier, the confidence came from the idea and passion but today, the confidence comes from people and the process.

How does BankBazaar.com work?

The idea was to change the huge paper work in India. Our idea was to start an online website that will be integrated with banks. Because of the electronic processing, we could give a comparison of say, five best deals in the market. If a person wants to apply, he can do so online and also get it processed online.

That was the basic idea. We have a product wherein a customer can run a search for a loan that he needs and we show him the five best deals in the market. You can choose one deal, apply for it and get the approval in 7 minutes!

The process which usually takes 7 days is done in 7 minutes. He will get an approval from the bank saying that your loan has been sanctioned. We are fully integrated electronically with 6 banks like HDFC, ICICI, Axis, etc. We get commission from the bank and we don't

How did customers come to your site in the beginning?

We advertised aggressively on the internet. Our initial customers were from advertising on Google.

You also could raise funding soon after the company was launched. How did you manage that?

We started with Rs 45 lakh in February 2008. By July-August, we raised our first round of funding of Rs 4 crore (rs 40 million) from AVT Infotech. It is the belief in the idea and the team that made them fund the company so early. In March 2011, we had our second round of funding of Rs 28 crore (Rs 280 million) from Walden International.

This time, it was because of our growth and the size of the business that we were doing that we got the funding. At that time, we were only 50 people but after this, we scaled up much more rapidly.

Though we are a small company, 17 graduates from IIT Kharagpur joined us last year.

What is the profile of your customers?

Our customers are from urban areas in the age group of 30-45 years and predominantly men.

How was the company's growth every year?

Typically, we were growing by 2-3 times. We haven't grown less than 2 times in any year. This year, we are slated to disburse Rs 3,000 crore (Rs 30 billion) in retail loans in the loan market of Rs 300,000 crore (Rs 3 trillion) a year. You can say we have 10 per cent market share in India. The first thing we want to do in the next few years is, make people think of us when they think of a loan. Then, we want to introduce other financial products like insurance.

What will be your advice to young entrepreneurs with new ideas?

The most important thing is to find a good team. They must remember that starting maybe easy but execution takes a long time. It takes 5-10 years to build a world class company. So, be patient.

by Sobha Warrier

SEASONAL MAGAZINE

also told them that we might be a new company but our team had a good exposure working with big companies.

We also had some stalwarts in the field as our Board of Advisors. The first contract we signed up was with ING Vysya and soon after that, HDFC Bank.

Yes, the first client was the toughest to get but after that, it becomes easier with each client. Like it is the hardest to take the first step but once you take that step, the rest of the journey becomes easier.

HDFC Bank is our longest standing client as ING stopped lending during the financial crisis.

LEADERSHIP

Stephanian Surge Team Manmohan now has six Stephanians. even in Manmohan Singh’s new-look council of ministers studied at St Stephen’s, and six completed their degrees from the prestigious institution Jyotiraditya, the seventh, is reported to have procured admission in BA Programme, but he soon got through his undergraduate admission at Harvard, before going on to Stanford for an MBA. Principal Valsan Thampu remembers seeing Scindia in his English classes. If Thampu remembers correctly, this does place Scindia, in the royal category of Rahul Gandhi, who attended St Stephen’s, albeit notionally, and certainly without graduating. That said, it is interesting to note that one single red-brick building, with the smallest number of students passing out with a degree from the University of Delhi each year (numbers have varied across the years from around 350 to 400) has six ministers in the rejigged Team Manmohan. They are:

Society, who then completed an MA, MA LLD and PhD from Fletcher School of Law and Diplomacy, all at the age of 23;

Ashwani Kumar who then did an LLB from Law faculty Delhi, and an MPhil from Jawaharlal University, not to forget an honoris causa from Panjab University;

Sachin Pilot the minister for corporate affairs, who read literature, spent some time at IMT Ghaziabad, and then the rigorous MBA at Wharton Business School;

RPN Singh now the MoS for home affairs, read history at St Stephen’s. So, where does this leave us? The PM has entrusted

Kapil Sibal communications and IT, who read history, before doing an LLM, teaching at Hindu, dropping out of taking up a career in the IAS, and going on to Harvard Law School;

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Salman Khurshid external affairs, read literature, before St Edmund Hall in Oxford and a lectureship at Trinity;

Shashi Tharoor the human resource development minister, a brilliant historian and President of the St Stephen’s Union

Kapil Sibal

Salman Khurshid

Ashwani Kumar

Shashi Tharoor

Sachin Pilot

but add the erudite Shiv Shankar Menon, who read history at St Stephen’s. Critics would call it sheer coincidence just as Stephanians would shrug it off as only-to-be-expected, a generation that read in the college (spelt, to the infinite irritation of the rest of the universe, with a capital ‘C’) has reached dizzy heights in Team Manmohan.

Some names include, K Natwar Singh (external affairs minister), Mani Shankar Aiyer (petroleum, sports, and panchayati raj minister), Virbhadra Singh (steel), and KM Chandrashekhar (Cabinet Secretary). The present chiefs of the Intelligence Bureau, Nehchal Sandhu, and Central Bureau of Investigation, AP Singh, read there too, as did Mrs Sonia Gandhi’s trusted aide and Principal Secretary to PM, Pulok Chatterji.

As would be evident, not all have done spectacularly well.

Jyotiraditya

Befitting therefore to end with a noting that K Natwar Singh made in the college Visitors' Book, “Whatever I am, I am because of the College.”

Legend has it that Mani Shankar Aiyer was next. And his noting?

“Why blame the College!”

Tail Piece: The PM’s home team has a conspicuous number of Stephanians too. Daughter Upinder read history at St Stephen’s and is now a professor, married to her compatriot in the college from from philosophy, Vijay Tankha. Upinder’s other two siblings, Amrit and Daman read there too. Sonia Gandhi has inherited Doon School/St Stephen’s folks like Suman Dubey as personal friends from her husband’s core team. But that’s another story. by Rohit Bansal

RPN Singh

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these men with the job of leading India’s surge in communications, foreign affairs, humanresources, law, and corporate affairs, and by way of assisting P Chidambaram the job of interior affairs, and if Scindia is included, power too! If one dived a little deeper, the PM already has Montek Singh Ahluwalia, the deputy chair of the Plan Panel, in cabinet rank.

Montek’s career, rather well documented to be repeated, includes a Rhodes Scholarship via economics at St Stephen’s, an MPhil (reclassified from BPhil) from Magdalen, Oxford, where he also became the University President, and an honoris causa from IIT Roorkee.

Since the national security advisor is in MoS rank, and he’s a direct reportee of the PM, one can't help

AU TO

With Euro Sales at 20-Year Old Levels,

Are Mercedes, BMW, Audi, Porsche, Renault, JLR, & Skoda,

Surviving on Just China and India?

SEASONAL MAGAZINE

Why doesn’t the Europeans opt for European cars first? Is it only a case of sluggish overall demand for cars in Europe? Hit hard by the economic turmoil in the Eurozone and the austerity measures introduced by several national governments, Europe’s car sales are now nearing 1993 levels. In other words, Europe has regressed 20 years. ut it is not only that. European carmakers are having tough fights from the likes of Toyota, Honda, Ford, Suzuki, Nissan, Hyundai, Kia, Mazda, Mitsubishi, & Chrysler.

Perhaps apart from the leading player Volkswagen, most European carmakers like Mercedes, BMW, Audi, Porsche, Renault, Fiat, & Jaguar Land Rover, are staring at poorest demand in their home turf of Europe.

Why is this so? Discernment wise, European buyers are perhaps the most technically aware buyers, even ahead of North Americans. What do they know specially about their own brands, that some of the least aware customers in this world like the Indians and Chinese don’t know? If their latest global models are not value-for-money for their own countrymen, why do Indians blindly go for them even with 100% tax/ duty added to the original price?

The only reason seems to be the aggressive branding and marketing followed by these European companies in India, and the free run and free pricing they are enjoying in India thanks to our loose regulations.

India’s car sales may have slumped from the 30% clip it clocked two years ago but the numbers are still most attractive enough for European car majors to look at the Indian market to make up for the numbers lost in Europe. According to reports in European media, car majors like Renault are looking at their product push in the Indian market to offset the huge sales losses that their home markets in Europe are suffering.

The European market continues to slide deeper and many major European brands are looking at a combination of layoffs, plant idling, and severe belt tightening to make up for dwindling sales volumes.

According to European media, Renault is looking to increase its market-share in India to 5% by

2020. The company has had as many as five launches in the last one-anda-half years - the latest being the Scala which came just before the onset of the festival season in India.

European media quoted top Renault sources saying that the company wants to increase its total yearly sales in this market to 100,000 in two years.

Renault and its alliance partner Nissan have invested $1 billion in a production capacity just outside Chennai and both companies have been stepping on the gas to roll out new products for the Indian market.

The India-China focus is the only way out - despite current growth estimates of between 3-5% this financial year - given how poorly the European car market has been performing. While American car makers like Ford are using the turnaround in north America to offset some of the losses in Europe, for Euro-centric auto majors that option isn’t as effective. Hence the focus on the only growth markets across the world.

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At Large Private Indian Hospitals, Video Conferencing Gains Ground

were connected through hardware equipment, and other locations through third-party connectivity. The new system handled calls from other VC equipment, VoIP calls, calls from software-based solutions, and multi-party calls.

Some years ago, a patient at the operation theatre would be enraged, irritated or at the least nervous if the doctor was seen fiddling with his mobile device. Things have changed much since then and patients have begun to accept technology/mobile devices as an aid rather than a distracting element. Today, both hospitals and doctors make profound use of technology at every move.

With the new VC system in place, Allergan India has benefitted in many areas, such as HR recruitment, product launches, campaigns and employee sales review meetings. For example, earlier the HR had to invite candidates from multiple locations to Bangalore for

he Indian healthcare sector is expected to reach USD 100 billion by 2015 from the current USD 65 billion, growing at around 20 percent a year, according to rating agency Fitch.

Given the huge metamorphosis, competition and fast growth the industry is going through, healthcare providers and pharma companies are increasingly investing in IT to improve the quality and delivery of patient care.

“Video conferencing is becoming an important tool in the healthcare ICT portfolio to deliver care more effectively and efficiently. It has become an important tool within a wider portfolio of telehealth services, and is being used in a range of different healthcare settings and for a multitude of different purposes,” says Deepak Braganza, Country Manager, LifeSize India & South Asia.

The telemedicine centre of Nanavati Hospital, the largest telemedicine service provider in Western India, is an example of how a hospital has used video conferencing and communication technology based on ISDN/ broadband/ satellite-based connectivity. Using this technology, the hospital provides teleconsultation and tele-education in India through its network of 34 peripheral rural centers in India and in 45 African countries through its international network.

“Since inception in 2006, the center has provided over 4,000 teleconsultations and over 100 CME (Continuing Medical Education) programmes to doctors and paramedics in rural India and Africa.

With over 4,000 teleconsultations and

interviews and the travel charges would be reimbursed to the candidate. Now, the candidate can walk into the Allergan zonal office, connect VC to Allergan Bangalore, and interview can happen in 30 minutes at no cost. This has saved the company approximately Rs 20 lakh per annum, says KT Rajan, CIO, Allergan India.

500 treatments, the hospital has till date saved approximately over Rs 1 crore in travel and consultation fees, stay and treatment of patients,” says Dr Pavan Kumar, Head- Department of Telemedicine, Nanavati Hospital.

Consider the case of Bangalore-based specialty pharmaceutical company Allergan India, a joint venture between Allergan Inc and Piramal Healthcare that commenced commercial operations in 1996. Given that India is a vast country with varying geography, the company was facing a big challenge in meeting the needs of their customers and employees, for which, it was looking at innovative ways of making customers and employees meet virtually with a first-hand feel of virtual presence during the meetings.

To achieve this, the company embarked on an IT project called virtual connect where 7 primary locations namely Bangalore, Chennai, Hyderabad, Mumbai, Kolkata, Lucknow and Delhi

Max Healthcare which has been at the forefront of delivering healthcare services in Delhi-NCR has moved to an Electronic Health Records (EHR) system from their existing Hospital Information System (HIS). The group implemented an open source EHR system, WorldVistA, with the goals of minimizing the need for paper records, allowing order entry by the doctors in the system itself, and enabling easy access to patient records. The system was hosted on a private cloud and was interfaced with laboratory, radiology and pharmacy to allow real-time access to any patient record.

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H EALTHCARE

Y O U T H

Meet the 22 Year Old Winner of

Godrej LOUD Contest,

An Inspiration for Disadvantaged Indian Youth

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hen Shailesh Nirala was 12 years old he left Dhuska, his village in eastern Uttar Pradesh's Ghazipur district to study in Bokaro, Jharkhand. Home to about a thousand people, Dhuska was as inaccessible and backward as any Indian village in 1992, when Shailesh left the place with dreamy eyes, determined to make something out of his life. Ten years later nothing much has changed on the ground in his native place but Shailesh is close to achieving his childhood dream. Very soon, this son of a farmer, who is pursuing his first year MBA at Delhi's IIFT, plans to change how people in his hometown today Dhuska's population is around 2,200 with as many as 40 graduates communicate with the outside world.

What Shailesh plans to do is harness modern technology to connect his village from where the nearest cyber cafe is some 25 km away, the closest railway ticket booking centre is 50 km away, and the nearest bank some 15 km away to the outside world by setting up an information centre that will comprise a Wi-max Internet connection, two computers, a printer, a web cam and a couple of English and Hindi newspapers. "As soon I find time from my college I will be visiting my village for three to four days and set up this centre which would cost me up to Rs 1 lakh," says Shailesh over the phone.

"Once this centre is in place I will hire a person, teach him the basics of operating a computer and train him how to connect to the Internet and help other people in the village access information that they want. I will help queries of people through a web cam once or twice

a week and guide them with whatever I have at my disposal. This could directly benefit a pool of about 30 to 40 people," he says. Though Shailesh always wanted to do something for his village, money was a problem for this third of four children, who has availed Rs 10 lakh education loan from SBI to complete his MBA. Thankfully, Shailesh won the Godrej LOUD contest held in Mumbai recently and was awarded Rs 1.5 lakh for his 'information centre' presentation, ironing out the last crease in his plan to help people in Dhuska connect to the world. But then life was not so smooth for Shailesh when he was growing. Having to do with just a couple of hours of electricity a day – only eight hours then, today the situation has improved to 16 hours of electricity a day and paucity of good schools Shailesh quit his primary school in class V in Dhuska and left for Bokaro to stay with a relative and study further.

"I enrolled in a government school because of financial issues," says Shailesh of the hardships he faced as a kid. "I was the school topper in Class X so I got a full-time scholarship from Chinmaya Vidyalaya, a private school," he adds. Later he scored good marks in Class XI and earned another scholarship to study in Class XII as well. Life became more complex after he cleared Class XII, though. After doing his Class XII in science in Bokaro he moved to Patna to study arts. Because of financial difficulties he had to stop dreaming about being an engineer and appeared for a bank exam to qualify for a job as an assistant at the State Bank of India in Ahmedabad. In this situation he could either continue his studies or move to Ahmedabad and start earning. Without a moments hesitation Shailesh chose the

second path. But Shailesh knew he had to do more to achieve what he had set out to do when he left Dhuska. So he enrolled in a distance-learning programme from Madurai Kamaraj University. Simultaneously he gave tuitions to Class XI and XII students in Ahmedabad to save money for further studies and to send some back home.

"When I was in the second year of my graduation I thought I should prepare for my MBA. I started preparing for CAT and other exams.

Thankfully, I stood first in the IIFT entrance exam and without thinking much joined it," he says when asked

why and how he opted to do an MBA. Shailesh, in an interview with Prasanna D Zore discusses how he plans to use the money earned by winning the Godrej LOUD contest, how he motivated himself during tought times and implores to young Indians like himself to lap on to any opportunity they get and build their own world from scratch.

How did Godrej LOUD happen?

Your plan...

My plan is to set up an information centre in my village Dhuska. This is to help young people like me who are eligible to appear for government exams but cannot because of lack of proper information. I spoke with the local BSNL office and made arrangements for Internet services through Wi-Max and with that I would be setting up a kind of cyber cafe which would have magazines, newspapers and run for free for the first year. We will have to see what to do from the second year but for the first year Godrej is providing us with Rs 1.5 lakh and I have made a complete financial plan. In the second year we would collect money from the villagers or pitch for funding with the government or politicians.

Accounting the money...

As soon I find time from my college I will be visiting my village for three to four days and set up this centre which would cost me up to Rs 1 lakh. Once this centre is in place I will hire a person, teach him the basics of opearting a computer and train him how to connect to the Internet and help people in the

village access information they want. I will help queries of people through a web cam once or twice a week and guide them with whatever I have at my disposal. This could directly benefit a pool of about 30 to 40 people.

Plans to electrify your village...

Lot of things related to electricity is already happening there. What I plan to do is provide connectivity. People have cheap mobile phones but they cannot access the Internet on these handsets. People cannot afford to buy Rs 7,000 handsets here. What we need is a public place where we can provide Internet connection 24x7 with a person to provide guidance to them. The road connectivity is really poor there; for anything you need to travel 20 km, be it a bookshop or a bank. Your advice to young Indians who face a situation like you did in your village They should think properly what they want to do in life. Living in villages is also not such a bad option. What I feel is if one gets educated to the level of graduation or post graduation and want to move out of their village because of a lack of an opportunity, they should do so if they get any opportunity. They should lap on to any opportunity they get because they will have to build their own world from scratch. Values learnt from parents Be honest in whatever you do to earn your livelihood. That is the first thing. My father could have done a lot of things to earn money through socially unacceptable means because the region (eastern Uttar Pradesh is famous for its mafia) where we live is well known for

people who have made money that way.

Be optimistic. I might have thought of many reasons as to why I may not succeed because just 18 months ago I was doing three things simultaneously.

I was working full time, completing my graduation and preparing for my MBA exam. I had less than eight hours and had to compete with those who had 24 hours to do the same thing.

How would you motivate yourself at such times?

I thought I had an interest in it (going for higher studies) when I started it so I knew I had to do it for my own sake.

Also, I started working when I was 19 and had to do it to tide over financial problems. The only thing I could have done away with at that time, was my MBA preparation. But I knew it was my ambition so I told myself, no matter what, I have to continue doing all these three things together to achieve my goal.

Life after MBA...

After completing my MBA I would like to work in a good company in the sense that I get to earn decent money and it comes with a good job profile, save some money and see what I can do for my parents. They are quite old and it is my duty to take care of them. You don't want to go back to your village and plan to become an entrepreneur there?

I plan to do that but it is a long-term plan. I don't know if I will be able to save so much in the next two to three years that I will be able to bring any drastic change in my village.

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Godrej launched LOUD across various campuses in India. We had to present something we wanted to do but could not because of financial constraints.

Godrej would provide the winner with Rs 1.5 lakh and we would then have to implement our idea on ground and present a report in another eight months.

I won out of a total 450 applicants, 7 or 8 of them were from B-schools. In all there were seven winners.

F A S H I O N

Platinum

takes on Gold Festive season is progressing with platinum jewellery sales scoring over gold‘s, amid expectation of a higher potential of price spurt in the white rare metal. hile overall jewellery sales recorded five to seven per cent growth, platinum jewellery sales jumped 15-20 per cent. Dussehra is the beginning of the three-month festival season, from which come around 35 per cent of annual jewellery sales.

Customers seem to be looking at the best resale value of ornaments, in addition to daily use and a difference in appearance. Consumers consider platinum better investment option, with greater potential for its price surpassing gold in the near future.

5-7% Growth in overall jewellery sales 15-20% Growth in platinum jewellery sales 35% Contribution of the threemonth festive season to annual jewellery sales 50% Difference between platinum and gold quotations by Indian jewellers 25% Difference between platinum and gold quotations a couple of years earlier

“Unlike in the past when buyers were looking at gold as the only investment option in the metals segment, platinum has become the first preference today.

It is being perceived as more precious than gold and any other metal.

Dussehra sales have revived lots of optimism for the rest of the festive season,� said Mehul Choksi, managing director of the Gitanjali Group, one of the largest branded jewellery producers. In London, platinum was quoted at $1,580 an oz, around eight per cent lower than gold, which was traded at $1,717 an oz in early afternoon trade on Thursday. But Indian jewellers were quoting platinum 50 per cent higher than gold, due to expensive labour, refining and melting charges. While gold ornaments were sold at Rs 3,200 a gramme, platinum jewellery was quoted at Rs 4,500 a gramme on Thursday.

“Consumers are looking at platinum as the best investment option as the metal has suddenly become affordable, with jewellers offering the highest buyback value,” said Avinash Pahuja, director of the Oro brand bangles producer.Until a couple of years ago, platinum was quoted at a 25 per cent premium over gold. Consumers now prefer high quality diamond jewellery set in platinum. People are also looking at plain platinum jewellery in chains, bands and bracelets, etc. The demand is expected to increase. An overall 40– 50 per cent growth, with some part from organic growth and the rest from market expansion for the coming season cannot be ruled out. According to Vaishali Banerjee, country manager, Platinum Guild International, “Platinum has more than doubled over the last two-three years due to several factors. While retailers continue to sell platinum jewellery to existing customers, a large part of the business comes from new customers. Platinum provides an opportunity to offer something new to existing customers and attracts new customers who are keen to look different.”

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Vijay Jain, CEO of the Orra brand jewellery manufacturer and retailer, said, “Platinum has done very well, with hope for doing better in the rest of the season. Platinum jewellery sales jumped 75 per cent and sales of gold jewellery and solitaires jumped 18 per cent and 48 per cent, respectively. Gold coins and bars sales, however, saw a decline of 25 per cent.”

INVESTMENTS

Why Insurance is NEVER a Good Investment, Whatever Your Insurance Agent Says

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Life insurance is only for risk coverage of life. Period. However attractively insurance companies package their policies as investment options, the undeniable fact is that, sans the risk coverage, they are all pretty poor investment options. Unbelievable?

Here is the undeniable logic. nsurance agents are still misleading consumers by suggesting insurance products are good investments. These definitely are not. Get your life covered but don’t hand over your savings. Say you can save Rs 5,000 a month and you want to do the best you can to protect yourself and grow your savings. And, your friendly neighbourhood insurance agent suggests that the best course for you is to put all the money into an endowment plan because it will help you save in a disciplined manner and give a significant sum of up to Rs 12-13 lakh (sum assured or life cover for the product is Rs 10 lakh) 15 years later.

The emotional pitch: When your son is going for his higher education, you will have substantial savings to meet his demands. Add to that, there is no risk to your capital and the plan will help you save taxes. Many fall for this and very easily. But should you? The answer is NO. The agent is trying to confuse you by combining insurance and investment, and if you take his advice, you will end up with far lower returns than you can get elsewhere. Let us see why. If you took a term insurance policy which has no investment component, assuming you are a 35-year-old, for a life cover of Rs 10 lakh, you will need to pay only Rs 250 a month, not Rs 5,000 a month!

Of course, in a term insurance policy you get back the sum assured only if you die during the period of the policy.

But that shouldn’t bother you, because you are paying only Rs 250 a month now, so you still have Rs 4,750 every

month that you can invest elsewhere for far better returns. At the most basic level, you can invest it in debt, equity, gold or real estate. Physical gold and real estate are not good options for someone who wants to invest a fixed sum of money regularly, so let’s just consider debt and equity. The options here are the public provident fund, fixed deposits with banks, debt funds and equity funds. The simplest of all these options is, of course, the public provident fund. If you put Rs 4,750 a

after 15 years, while in the case of equity funds earning between 12-15 per cent, you’ll take home somewhere between Rs 22.39 lakh and Rs 28.93 lakh in the same time. As you can see, in all these cases, the returns are much higher than for the plan recommended by your agent. As far as liquidity is concerned, you can withdraw up to half the corpus accumulated in PPF starting from the seventh investment year. In the case of equity fund investments also , you can withdraw the corpus after one year with no tax incidence or exit load.

The catch here is that if you are using systematic investment plans (SIPs), you will have to wait for all the SIPs to complete one year. Debt funds are exempt from tax after three years of investments. If the conclusion is so clear, why do so many people still buy complicated insurance products, and why do the agents keep selling them?

The second question is easier to answer: the agents get a much higher commission for complicated insurance products than for term plans. Today, a traditional insurance product, whether term or endowment, typically earn agents up to 30 per cent of the first year premium, seven-eight per cent of the second year premium and four-five per cent of the premium during the rest of the policy term. But agents sell investment plans more because the premium amount is far higher in nonterm plans than in term plans and, therefore, so is the agent’s commission.

(Online term plans fetch agents six per cent only in the first year.) The are many reasons why consumers go for insurance-cum-investment products.

For one, some think it is much easier to deal with a single product that covers their life and also helps them save.

What they don’t realise is that a combined product is a more complex one, and the more complex a financial product is, the worse it is for them.

Some others find it difficult to come to terms with a ‘term plan’ because they want something in return for putting in their money even if they don’t die during the term of the policy. Yet, others buy insurance-cum-investment products because they find the tax savings attractive. There are even

investors who keep collecting insurance policies – 10 or 15 of them!

– as a means of saving taxes. But their reasoning is faulty. As Sandeep Shanbhag, chartered accountant and financial planner once explained, “Buying an insurance product only to save taxes would be like meeting a short-term liability with a long-term obligation. These products are of longterm nature and though you’ve saved tax this year, you will be paying for it by way of future premiums for many years to come, thus negating the effect of saving taxes.” Rajesh Kothari of Alfaccurate Advisors also thinks using insurance products for investment is not a good idea , “because you will not go to a restaurant specialising in Chinese food when you want to eat South Indian food.” Insurance companies, however, have many ways of making their non-term products look attractive. For example, you may have received messages from insurance agents or companies saying “pay only Rs 3,500 a month and get Rs 1 crore after 15 years”. When we contacted an agency on receiving one such text message, the monthly premium turned out to be Rs 8,000 instead of Rs 3,500, on account of “agent fee, administration fee, fund manager’s fee and other such costs that the company has to bear on behalf of the policyholder,” as helpfully explained by the agent who happened to be from ICICI Prudential Life Insurance. That takes us to the fundamental problem that all nonterm insurance products suffer from: Lack of transparency. If you pay Rs 5,000 a month for an endowment policy, you do not know what part of it is invested and what part is used for risk coverage – or even what part of it is used for commissions! In fact, even the maturity value is not known to investors in many cases. They only know that they will get the sum assured and some bonus – in case you stay invested for at least seven-eight years. So the next time an agent tries to convince to take an insurance product that is also an investment, say ‘thank you, but I will just take the term plan.’

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month (Rs 57,000 a year) in a PPF over 15 years, what you should get at the end of 15 years is Rs 17.61 lakh (at the current rate of 8.60 per cent), completely tax-free. In other words, if you follow the advice of the agent, you will lose Rs 4-5 lakh! For fixed deposits of up to 10 years, State Bank of India (SBI) now offers an interest rate of 8.75 per cent, which means the maturity amount will Rs 13.18 lakh 10 years hence. By way of comparison, the plan the agent is trying to sell you will get you Rs 10 lakh only after 15 years, not 10! In the case of the fixed deposit with the SBI, though, the invested amount will be tax-free, while the interest income will be added to your income and taxed according to your income slab. But even after taking this tax into account, you will be better off with the fixed deposit, no matter what your income slab. If you invest in long-term debt funds earning eight per cent a year, you will take away Rs 16.03 lakh

How to Survive Common Insurance Sales Pitches Until a year ago, all insurance agents were busy selling Unit-Linked Insurance Plans (Ulips) as the God’s gift to savers, despite their comparatively low returns. In reality, Ulips were God’s gift to agents, with their commissions being 100% of the first annual premium! Then, Irda came down hard on these insurance-cuminvestment plans and capped agents’ commission on these. One would have thought this would make agents go back to selling insurance covers the basic term plans. But, they are now focused on selling other complex insurance-cum-investment products like money-back and endowment plans. The commission rate on these products is no different from that on plain-vanilla term plans typically, up to 30% of the first-year premium, 78% of the second-year premium and 4-5% of the premium during the rest of the policy term. However, since the premiums for complex products are many times more than those for term plans, agents make much more commission when they sell insurancecum-investment products. And, they have a whole range of arguments to convince you why you should buy these products. Here’s how you counter their arguments:

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Pitch #1: ‘This is a savings product which can be surrendered after three years for a special value.’ Your Question: Why three years? If I put my money in a fixed deposit or other debt instruments, I can exit anytime for a small fee of less than 1%. What you should know: Surrendering an investment-cum-investment policy will lead to significant losses, which the agent may not be eager to tell you.

Surrendering a policy within three years will give you nothing. After three years, you get 30% of the premium paid minus the first-year premium plus partial bonus. ‘Surrender value’ is the term for what a policyholder gets if he

terminates a policy or stops paying the premium before the term ends.

Pitch #2: You will get assured returns with bonus. Your Question: What will be the rate of return after bonus? What you should know: “Invest in any debt product that gives you higher returns, apart from the liquidity,” says financial planner, Pankaj Mathpal. At present, the rate of return insurance-cuminvestment products give is 5.5-6% much less than even the post-tax returns of many debt instruments. For instance, SBI’s one-year fixed-deposit rate stands at 7.5%. For the person even in the highest income tax bracket, the post-tax return will be 5.25% after taxation of 33% on returns. And, even if you were to just recover the premiums, it is loss because money lying idle in banks would have earned at least 4% interest (savings bank rate).

Pitch #3: Traditional insurance-cuminvestment products are cheap, and no charges are applicable. Your Question: What will be the outgo from the first five years’ premiums. What you should know: Having earned at least 50% of the first year’s premiums as commission in the Ulip regime, insurance agents pitch traditional plans as cheaper. But even 30% of the first year’s premium is high. In comparison,

mutual funds charge no fee or commission for investments up to Rs 10,000. Above Rs 10,000, the charge is Rs 100, and that too if the distributor route is opted for. Funds do charge a fund management fee, but that is capped at 2.5%. There are no charges for investing in bank or company fixed deposits.

Pitch #4: Returns will be safe, unlike market-linked products. Your Question: Why should I seek safety of returns in an insurance product? What you should know: Any investment advisor worth his salt will tell you what you should seek from an insurance company is risk coverage, and not investment returns.

Pitch #5: You can take a loan against this policy to pay the premium. Your Question: Why should I do that? Will the loan be cheaper? What you should know: The answer is no. The loan against an insurance policy is 1-2% cheaper than a personal loan, but the rate of return on a traditional plan of 5-6% does not justify it you will still pay a higher interest than you will earn.

Banks will give loans only up to 70% of the total premiums paid. All policies don’t qualify for a loan.

(Credit: Business Standard)

S A T I R E

BCCI to Unveil Bronze Statue of Harbhajan Singh Slapping Sreesanth!

A 16-foot statue of the infamous head butt of Matezzari by the French footballer Zinedine Zidane was unveiled at Pompidou Centre in Paris last month. apologetic. We appeal to the new generation! Like it or lump it! It has taken years to refurbish our image. Even Ian Chappell conceded to me the other day, ‘I was accused of giving the Ugly Australian image to my team. I tell you, we seem pious, church-going mama’s boys in comparison. You guys take the cake and the bakery, mate.’

aking a cue from the French, the Board of Control for Cricket in India (BCCI) have decided to immortalise the most dramatic moment in 2008 Indian Premier League (IPL) - Harbhajan Singh slapping Sreesanth - in bronze statue and have it placed outside the Mohali Cricket Stadium.

Shukla added: “It’s in the fitness of things we could get a moment from IPL, which exemplifies the new Team India. Harbhajan has been outstanding; he not only slapped Sreesanth, but almost slapped the umpire as well.

That takes guts, you will agree. Then Shahrukh showed what showbiz is all about by giving spectators much thrills by getting into expletives-filled verbal duel. The raunchy post-match parties, players getting into trouble with women, cheerleaders making sensational allegation… Yes, we are irreverent and defiant. And we are not

Harbhajan has been outstanding; he not only slapped Sreesanth, but almost slapped the umpire as well. That takes guts, you will agree. Then Shahrukh showed what showbiz is all about by giving spectators much thrills by getting into expletives-filled verbal duel.

Speaking on the occasion, presenter Ravi Shastri said: “Ladies and gentleman, the BCCI and Srinivasan have proved that Singh is King with this bronze statue. It’s a Citi Moment of Success. When Satish Gujral’s name was proposed to the BCCI committee to pick the artist. Mr Gujral’s approval went like a tracer bullet.”

At this point a BCCI official whispered something in Shastri’s ears and he folded his three pages in his hands and thrust it in his pocket. It transpired later that Shastri was reeling off all the clichés by sheer force of habit when the BCCI official told him that the sponsors had not paid for all this and there was no need to give them free publicity. The clichés went back in the pocket and Shastri, in his inimitable manner, proclaimed, “That, ladies and gentleman, brings us to the end of the presentation.” By Sudatta Mukherjee

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Explaining the rationale behind having the bronze statue of Harbhajan and Sreesanth, BCCI heavyweight Rajiv Shulka said: “For years India has been known to be a soft nation who could be easily bullied by the whites. But Sourav Ganguly changed that image a complete overhaul during his brilliant tenure as captain. Ask Steve Waugh, if you don’t believe me. And today, our boys are a feared lot, in more ways than one. You just can’t mess with them.

The statue of Harbhajan, who was groomed during Ganguly’s tenure, is a tribute to a new generation of Indian cricketers.”

Shukla was a journalist himself and know what a scoop means to a scribe.

Before he signed off, he did me a favour: “Let me give you a scoop! I have spoken on behalf of the BCCI to Ekta Kapoor. We are soon coming up with a movie on the new Indians, the script for which will be written by Anupam Mukerji, the Fake IPL Player.”

NEWSMAKERS

Effective Tips for Studying in USA & UK United States of America If you Want to study in the USA you better get used to learning by doing. A compelling mix of advantages has established the United States of America as the Mecca of higher education for students worldwide and in India. These advantages include academic excellence, range of welldeveloped study programmes, cuttingedge technology, infrastructure, and a strong student-support network.

The total number of international students in the USA in 2010-11 was 723,277, of which 14.4 per cent i.e 103,895 were Indians, second only to China. Of the 185,000 Indian students enrolled in higher education institutions abroad, the US leads with a share of nearly 55 per cent of all Indian students followed by the UK and Australia, according to the UNESCO.

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Coming to Academic Cycle, application begins 12 to 18 months before you plan to begin studying in the US. Fill out the application form between August to October. Last date for submission is end of February. Admission results are announced between March to May. Universities notify whether you have been selected or not. Students can apply for visa within 120 days from the start date of I-20 and can travel within 30 days from the start date of I-20.

Academic sessions Commence in September/ October onwards (Fall Semester).

US universities are generally wellequipped with facilities, infrastructure and world class faculty who are involved in active research which is often done with the industry or government enterprises. The education system emphasises learning by doing, which helps one to be able to apply what one has learnt in the class to solve realworld problems. Assessments are continuous through the semester and

based on several factors like class participation, projects, field work, and assignments, and not based merely on exams. The education system allows one to explore oneself by not only taking up courses from a wide range of fields, but also by taking part in several

out of class activities like clubs, associations and communities. This helps in a strong overall development and ability to mix with people from diverse cultures. The American penchant for discovering life through enquiry and experimentation is well manifested in the education system.

US universities are generally well-equipped with facilities, infrastructure and world class faculty who are involved in active research which is often done with the industry or government enterprises.

Institutes with large Indian populations are University of Southern California, Los Angeles, California; University of Texas at Austin, Texas; New York University, Columbia, New York; University of Illinois at UrbanaChampaign, Illinois; University of Pennsylvania, Philadelphia, Pennsylvania; Ohio State University, Columbus, Ohio; Harvard University, Cambridge, Massachusetts; University of Michigan at Ann Arbor, Michigan; Rutgers, State of NJ-New Brunswick, New Jersey; and Purdue University,

Often Indian students are intimidated and overwhelmed by the costs involved in USA. Tuition fee will depend on the programme and university type. For instance, the cost of an MBA can range from USD 50,000 to USD 120,000 depending on the university type (public versus private). It is therefore very important to have a funding plan in place. Personal funds along with education loans and scholarships can help Indian students meet the high and often intimidating costs involved in studying in the United States. Needless to say, the earning potential of the student will be greatly determined by both the university attended and industry where employment is being sought. Being familiar with the legal restrictions and work culture in the United States can play a crucial role in making the most of the study abroad experience. Unlike some countries like Australia, where students are allowed to work off campus, international students in the USA can work only on campus. Another restriction is that an international student in the USA has to find a job within three months of graduation to maintain the visa status.

However, one needs to keep in mind that in spite of these regulations, USA has ample policies to address aspirations of international students to gain valuable work experience. An example of this is the 'Optional Practical Training' option that allows international students to gain valuable work experience, for a period of 1229 months, in their chosen field of study. Many Indian students avail of this option to gain valuable work experience with the final objective of getting absorbed as an employee in the same company. The more prepared and persistent the student is while navigating the US job search system, the higher his chances of being spotted by potential employers.

United Kingdom We live at a time when the world is viewed as a global village. We now consider our options globally and are cross-influenced by all cultures, whether we travel or not. Indian students today have a plethora of options, be it countries such as the US, Canada, the UK, Australia, New Zealand, Ireland and so on, to the new emerging education destinations in various European countries such as Germany, France, the Netherlands, Sweden, Italy and Spain. In addition, Asian countries like Singapore, Malaysia and China are also becoming viable education destinations. Among all these, the UK still occupies a pivotal spot alongside the US. These are the two most popular study destinations for students from all over the world.

Modern education, as it is known in the West, and indeed in our own country, is inspired by educational institutions in the UK. There are a large number of good quality institutions in the UK, many of which are over 100 years old (of course, Oxford and Cambridge are over 800 years old). Universities all over the world have modelled themselves on the Oxbridge format and developed it in a fashion that suits them.

Academic cycle starts with applications that begins in October. Late date for submission is March which can be extended to June end for international students. Regarding Visas, it is best to apply three months prior to the beginning of the first semester. Popular fields of study in UK are Management, Sciences and Engineering, Medicine, Social Sciences, & Media. Various inventions that drive today's world happened inside British universities.

For instance, the atom was first split by Rutherford in the University of Manchester in the early 1920s and the first cloning (Dolly the sheep) happened at the Roslin Institute and the biotechnology company - PPL Therapeutics near Edinburgh in Scotland. Often, the research is funded

by American companies or corporates and ends being known as American research, but is really happening in British institutions.

Institutes with large Indian populations are Cambridge University, Lancaster University, Middlesex University, Nottingham University, Oxford University, University of Cardiff, University of Leeds, University of Manchester, University of Sheffield, University of Strathclyde, and University of Warwick.

A key quality of Britain as a country is that, in Britain, communities from all over the world have migrated and settled. These communities maintain their own cultural identity even while they merge into a larger British culture.

Further on, at British universities, you will be studying with people from all over the world and share an enriching experience. Since most British universities are still publicly or government funded, they maintain a minimum standard in so far as their curriculum, infrastructure and teaching quality is concerned.

Universities in Britain provide a lot of exposure to students wanting to work on their personalities in an overall sense. All kinds of sports and games are played locally on campuses and student unions are extraordinarily proactive with all kinds of extracurricular activities.

Even though like most Western and European countries, Britain too is experiencing an economic downturn at this point of time, being the resilient country that it is, it would be amongst the first to bounce back as soon as the global situation turns for the better.

Britain allows 20 hours of work to students during term time and full-time during the holidays. However, after finishing your studies, unless you have a job offer, the British system would allow you only four months in addition to the time you have in your student visa to find work. On its expiry, you would need to return to your home country or leave Britain to find a job anywhere else in the world. After studying in Britain, the possibilities of getting employment in the Middle East, Asian countries, Africa, South America are worth exploring. British qualifications are generally highly regarded. The world is your playground if you have them.

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West Lafayette, Indiana. Popular fields of study among Indian students are Business and Management, Engineering, Physical and Life Sciences, Social Sciences, Mathematics and Computer Sciences, Fine and Applied Arts, and Healthcare.

B I K I N G

HARLEY DAVIDSON

tells Arab women to get on their bikes

S motorcycle maker Harley-Davidson is aiming to boost its sales in the Middle East by tapping into a growing demand from female riders, the head of the company’s Middle East operations told recently. “A lot of people misunderstand the concept that Harley is just for men, or just for Western expats,” Paul De Jongh, country manager for Harley Davidson Middle East and North Africa said in an interview. “We are seeing a big growth in interest over the last five years, of not just Western expats, but also Arab expats, locals, as well as women.

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“What we have found through our dealers that have that as a demonstration experience, is that a lot of women finally understand that they can ride a motorcycle. It is not too heavy for them, it is not too high for them, and I think

that experience has allowed a lot of women to feel more comfortable with it instantly,” he added.

Founded in 1903, the Milwaukee-based motorcycle maker entered the Middle

East market in 1988 with its first dealership in Dubai and in the last 24 years has expended its presence to 14 different countries. While De Jongh claimed a lot of women only ride because their husbands do, in many Arab markets, such as Lebanon and Jordan, he finds a much younger profile of women now love to ride independently. “Some of the bikes that we have introduced in the last two years are a little more nimble, and a little bit lighter, which appeals to women as well,” he said. For the first six months of the year, Harley Davidson sold 132,991 motorcycles worldwide, of which 70 percent came from North America region (US and Canada).

“The rest came from outside the US, the region that we belong to, which is Europe, Middle East and Africa, contributing the most significant sales outside the US, with 27,977 motorcycles,” De Jongh said. “So, 70 percent is from the US, and 90 percent of the remaining 30 percent is from Europe, Middle East and Africa,” he added. During the 2008 and 2009 downturn, the US manufacturer was forced to undergo restructuring. Having ridden the worst of the downturn, second quarter sales this year were up 14.6 percent year-on-year to US$1.73bn, according to the Wall Street Journal. Overall, sales rose 2.8 percent, with sales in Europe, Middle East and Africa declining 6.4 percent.

SEASONAL MAGAZINE

COVER STORY

By John Antony

SEASONAL MAGAZINE

magine a huge but inefficient conglomerate running huge businesses in several sectors. Now imagine they have several banks too in the group. And the Directors of this group instructing their banks to lend indiscriminately to their group companies, on their whims and fancies. And to even outside the group, on no criterion but favouritism. And what if more than half of all such big-ticket loans default? Now, anybody who knows India Inc and

Indian banking would start objecting - this can’t be true, as our monetary umpire wouldn’t permit that. Who said? A promoter called GoI has been doing this right under RBI’s nose for years, or even decades. And that is precisely the reason No.1 why our public sector banks are reeling under the staggering weight of massive and dubious bigticket loans given to gross inefficiencies like State Electricity Boards, Air India etc and flamboyant treacheries like Kingfisher and Deccan Chronicle. And all these are happening right when India’s private sector banks are showing how to thrive even against adversities, by hook or crook. The strategies of ICICI, HDFC, or Axis might be extreme, but what about smaller and more sober private banks? When RBI is so keen not to allow even a nominal promoter group in a private bank, what is the big logic in allowing the government to promote around 25 large banks? How can they be expected to compete professionally with each other? And when the going gets tough, our FM would offer the ‘healing touch‘. No, it is not that he would create a more comfortable environment for them by coaxing RBI to cut rates, but that they can help themselves by cutting their margins. And what do we see? Starting from the too-biggie-to-fail SBI, every public bank reluctantly falling in line by agreeing to cut rates, even when RBI wouldn’t budge a bps.

It should be remembered that this is the sorry scenario even when most of the public banks make much smaller margins than their private sector peers. And these private lenders make most of their money by lending to costconscious corporates. So, the bottomline is this - banking is not just about rates, but about the correct balance of prudence and effectiveness in meeting customer needs. It is certainly not about an all-powerful promoter meddling for unjustified loans and waivers.

Seasonal Magazine takes a king-is-naked call on some of our public sector banks, besed on Q2 results too, even as most of them are bracing for the next round of staggering defaults.

Union Bank Q2 Healthy on Most Counts Union Bank of India has announced its second quarter results. The company’s Q2 net profit was up 57% at Rs 555 crore versus Rs 353 crore, yearon-year, (YoY). Its net interest income was up 11% at Rs 1850.2 crore versus Rs 1,661 crore, YoY. Its gross NPA was at 3.66% versus 3.76%, quarteron-quarter, QoQ. and Net NPA was at 2.06% versus 2.2%, QoQ. The company’s provisions were down at Rs 487 crore versus Rs 518 crore, QoQ. Its capital adequacy ratio at 11.39% versus 11.64%, QoQ.

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SBT Q2 Shows Worsening Asset Quality Kerala-based State Bank of Travancore’s (SBT) second quarter (July-September) net profit rose more than 16% year-on-year to Rs 136 crore in 2012-13. Net interest margin stood at 2.50% as against 2.48% in the previous quarter and 2.63% in Q2, FY12. The bank’s loan book expanded 20% y-o-y to nearly 59,000 crore. However, the credit quality eroded during the quarter. Gross nonperforming asset ratio worsened to 2.98% from 2.85% in April-June quarter and 2.84% a year back. Net NPA too increased from 1.60% to 1.74% sequentially. Despite a growth in NPAs, its provisions against bad loans fell from Rs 124 crore to Rs 118 crore year-on-year. Last year, the bank had to provide more to meet RBI’s regulatory norms. SBT, an associate of India’s largest lender - State Bank of India grew its deposits by 21% to around Rs 75,000 crore. At the end of September quarter, the bank’s restructured book stood at Rs 1,828 crore compared with Rs 1623 crore, recorded in the previous quarter.

Bank of Baroda’s Q2 Performance Reasonable, But NPAs Show Troubling Uptick Public sector lender Bank of Baroda has reported reasonable numbers in the quarter ended September 2012 but the non-performing assets (NPAs) increased during the quarter. Net profit rose by 11.6 percent year-onyear to Rs 1,301 crore in the quarter. Net interest income increased 11.5 percent to Rs 2,862 crore in the second quarter of FY13 from Rs 2,567 crore in a year ago period. Gross NPAs moved up by 14 basis points quarter-on-quarter to 1.98 percent for the quarter and net NPAs went up by 17 basis points to 0.82 percent. Gross NPAs in the quarter ended September stood at Rs 5,879 crore as against Rs 5,319 crore and net NPAs came in at Rs 2,384.6 crore versus Rs 1,844.5 crore QoQ. The bank has made provisions at Rs 646 crore, which was less than Rs 893.8 crore made in previous quarter. Capital adequacy ratio declined 83 basis points QoQ to 12.91 percent in the July-September quarter of FY13.

Domestic net interest margin remained flat QoQ at 3.23 percent versus 3.22 percent. Recoveries in the quarter were Rs 239 crore as against Rs 208 crore in previous quarter. Bank of Baroda has restructured assets worth Rs 973 crore in the September quarter.

Credit growth was 18-19 percent during the quarter. Global operations contributed 26-27 percent to profit during the quarter.

Public sector lender Syndicate Bank’s net profit grew by 43.34% year-on-year to Rs 463 crore in the quarter ended September 2012, helped by tax reversal of Rs 100 crore received in the quarter. If we remove the tax reversal amount, the net profit comes to Rs 363 crore, a growth of 12.4 percent over a year ago period. The company had paid tax of Rs 61 crore in the second quarter of previous financial year 2011-12. Net interest income rose by 6 percent to Rs 1,392.8 crore from Rs 1,313 crore during the same period. Gross nonperforming assets (NPAs) increased 9 basis points quarter-on-quarter to 2.47 percent while net NPAs remained flat at 0.92 percent as against 0.93 percent QoQ. Syndicate Bank has made provisions of Rs 479 crore in the quarter ended September 2012 as against Rs 513 crore in previous quarter.

SEASONAL MAGAZINE

Syndicate Bank’s Q2 Healthy on Tax Reversal

Indian Bank’s Q2 Sluggish, NPAs and Provisions Spike Chennai-based public sector lender Indian Bank’s second quarter (JulySeptember) net profit rose at a slower pace of 6% year-on-year to nearly Rs 500 crore in 2012-13 on the back of deteriorating credit quality resulting in higher provisions against bad loans. During the quarter, net interest income (NII) or the difference between interest earned and paid out, fell marginally to Rs 1,120 crore as against Rs 1,135 crore a year back. Fee income rose 6% to Rs 363 crore. Gross non-performing asset (NPA) ratio increased 40 basis points to 2.06 quarter-on-quarter. Net NPA ratio too worsened by 29 basis points to 1.33% in the three month period. This led to higher provisions against bad loans. The bank’s provisions shot up Rs 202 crore compared with Rs 145.7 crore in April-June quarter. The bank’s loan book expanded by about 11% y-o-y to Rs 95,000 crore, way below the RBI’s projection for industry credit growth at 17% in 2012-13. However, deposits grew nearly 13% to Rs 1.31 lakh crore.

RBI projected 14% deposit growth for the industry. Capital adequacy ratio almost remained unchanged at 12.96%.

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Bank of India’s Q2 NII Growth Reasonable, Asset Quality Yet to Improve Public sector lender Bank of India has reported poor numbers due to sharp rise in bad loans in the July-September quarter. Net profit fell by 38.5 percent year-on-year and 66 percent quarter-on-quarter to Rs 302 crore in the quarter. Net interest income rose lower than expected 15 percent to Rs 2,196 crore from Rs 1,904 crore during the same period. The bank’s asset quality worsened considerably in the quarter gone by. Gross nonperforming assets (NPA) increased 86 basis points QoQ to 3.42 percent and net NPAs went up by 35 basis points QoQ to 2.04 percent in the second quarter of financial year 2012-13. Gross NPAs rose nearly 32 percent to Rs 8,899 crore while net NPAs spiked 18.5 percent to Rs 5,228 crore during the same period. Provisions against bad loans grew three times to Rs 1,552 crore in the quarter ended September 2012 from Rs 472 crore in previous quarter. Provision coverage ratio was 60.96 percent as on September 30. Capital adequacy ratio was 11.1 percent in the second quarter as against 11.42 percent in June quarter of current financial year.

PNB’s Q2 Poor, Asset Quality Worsens India’s second largest state-owned lender Punjab National Bank’s (PNB) second quarter (July-September) net profit fell nearly 12% year-on-year to Rs 1,066 crore in 2012-13.

On the back of rising bad loans, the lender made loan provisions of Rs 1,074 crore as against Rs 710 crore in the corresponding quarter of the previous year. This dented the bank’s profit margin. Net interest income or the difference between interest earned and paid out, rose just 6% to Rs 3,650 crore from Rs 3,453 crore during the three-month period. The quarterly numbers were below the market expectation. Both were flattish y-o-y bais but no fall. The bank’s loans expanded more than 18% to Rs 2.95 lakh crore supassing the projected industry credit growth of 16%. However, the incremental credit growth has been muted at around half a percent so far in FY13 (between April - September). Its gross nonperforming asset (NPA) ratio worsened by 132 basis points to 4.66% quarter-on-quarter. Net NPA ratio too increased 101 bps to 2.69% sequnetially. This suggests higher slippages in loan accounts. The public sector lender has figured in many debt restructuring cases with medium to large credit expsoures. For example, PNB loaned around Rs 373 crore to NITCO, already referred to the CDR cell. Moreover, its exposure to the beleaguered Kingfisher airlines was around Rs 600 crore, already shown as NPA in their books. Deposits grew about 6% y-o-y to Rs 4.01 lakh crore. This was way below the projected deposit growth of 14% in 2012-13. Capital adequacy ratio declined to 11.73% versus 12.57% QoQ.

IDBI Bank’s net profit fell by 6.3 percent year-on-year to Rs 483.5 crore in the quarter ended September 2012. Net interest income rose by 11 percent to Rs 1,249.3 crore from Rs 1,122 crore during the same period. Gross non-performing assets (NPA) increased 21 basis points quarter-on-quarter to 3.45 percent but net NPAs declined 3 basis points to 2.04 percent in the quarter. Provisions against bad loans declined marginally to Rs 494.6 crore in the July-September quarter from Rs 510 crore in the previous quarter. Capital adequacy ratio was 13.91 percent in the second quarter as against 14.36 percent in first quarter of FY13.

SEASONAL MAGAZINE

IDBI Bank’s Q2 Net Dips, GNPAs Rise

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“UCO Bank Remains Confident of Resurgence in Economy as well as Bank’s Health”

Arun Kaul Chairman

Chairman Kaul also elaborated on various steps the bank was taking to ensure that the bank bounces back as soon as the economy or industry bounces back.

Public sector lender UCO Bank’s net profit halved to Rs 103.7 crore in the second quarter of current financial year from Rs 230.7 crore in a year ago period due to higher provisions against bad loans. Net interest income came in flat at Rs 1,013 crore as against Rs 1,010 crore during the same period.

The provisions against bad loans were Rs 597.1 crore in the quarter, higher by 46 percent compared to Rs 409 crore in the previous quarter and 25 percent over Rs 478 crore in a year ago period. Gross non-performing assets (NPAs) increased 100 basis points quarter-on-quarter to 4.88 percent while net NPAs rose 71 basis points QoQ to 2.94 percent during the quarter. Gross NPAs jumped 27 percent QoQ to Rs 5,887.9 crore and net NPAs went up by 33 percent to Rs 3,468 crore in the three months period ended September 2012.

Capital adequacy ratio was 12.27 percent in the September quarter as against 12.33 percent in the June quarter.

On asked whether the bank had anticipated any rate cuts from RBI recently, Arun Kaul replied in the negative, saying, “all the yield indicators were clearly pointing that there won‘t be any rate cut.”

When queried on the liquidity ease due to the CRR cut, Kaul acknowledged that it would have a

small impact. He also added that due to the Iran oil trade deposit, the bank was in a comfortable position.

Regarding deposit and credit growths, Chairman Kaul said that for the whole fiscal UCO Bank will be keeping pace with RBI estimates or targets of around 15-16%.

Kaul doesn’t share the pessimism regarding Indian economy often seen in financial media, and said that, “On a relative basis with developed economies, Indian economy is still on a strong wicket.”

“Where else can we see a +5% growth still, apart from China,?” Kaul asked in return.

Asked whether he gives weightage to a recent research report that all Indian banks are severely undercapitalized due to restructuring masking troubled assets, Kaul replied in the negative, clarifying that, “For that to be true, a lot of restructured assets should

Much focus is now undertaken to promote techenabled delivery models like ATMs, debit cards, 24-hour banking access, internet & mobile banking etc.

eventually turn bad, which is not happening at all in Indian banks.”

“Some industry segments are going through a troubled phase, due to external environment, and banks are doing the most sensible thing to help them out, which is also in the banks‘ best interests.”

UCO Bank has a significant Rs. 8000 crore exposure to struggling State Electricity Boards (SEBs), out of which it had completed restructuring of around Rs. 6000 crore, by Q1 itself.

On being asked whether Government recently coming out with a plan to help State Electricity Boards, will help lenders like UCO, the Chairman replied in the affirmative, saying that it would be a much-needed relief to both the SEBs as well as the lenders.

“We are awaiting further details on the plan.”

CMD Kaul was most eloquent when he described in detail the positive steps that UCO is taking to get the bank back on the growth track, even before the economy is perfectly in track.

“Our main strategy has been transforming UCO from a traditionally corporate focused bank to a retail focused bank.”

Asked to spell out the strategies being deployed for this transformation, he said that, “much focus is now undertaken to promote tech-enabled delivery models like ATMs, debit cards, 24-hour banking access, internet & mobile banking etc.”

Speaking about the challenges being faced by the bank in its transformation to a retail bank, Kaul said that they are aggressively expanding CASA deposit ratio which now stands improved to 26%. “But there is still room for considerable improvement.”

“We are also on a fast branch expansion plan year after year. We are recruiting significantly on all fronts probationary officers, MBAs, and clerical staff,” Chairman Kaul added.

SEASONAL MAGAZINE

peaking to Seasonal Magazine a few days before Q2 results, Arun Kaul, CMD of UCO Bank said that the “ongoing performance of UCO Bank largely remains a function of the economy as well as the banking sector’s health which in turn is dependent on industry’s health.”

KVB Continues Stellar Show in Q2 Private sector lender Karur Vysya Bank’s net profit grew by 17.7 percent year-on-year to Rs 133 crore in the July-September quarter of financial year 2012-13 owing to decline in non-performing assets (NPAs). Net interest income rose by 32 percent YoY to Rs 285.8 crore during the same quarter. Gross NPAs fell by 27 basis points quarter-on-quarter to 1.26 percent and net NPA went down 6 basis points to 0.32 percent in the September quarter. Capital adequacy ratio was 14 percent in the second quarter of FY13 as against 14.72 percent in previous quarter.

State Bank of Mysore’s Q2 Reasonable Karnataka based state-owned lender and SBI associate, State Bank of Mysore has reported Interest earned for Q2 as Rs 1,489.24 crore and net profit as Rs 145.35 crore. For the quarter ended Sep 2011 the interest earned was Rs 1241.42 crore and net profit was Rs 77.78 crore.

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Yes Bank’s Q2 Healthy, Provisions Rise Private sector lender YES Bank’s net profit grew by 30.2 percent yearon-year to Rs 306 crore in the quarter ended September 2012, helped by fall in non-performing assets. Net interest income too increased 35.75 percent to Rs 524 crore from Rs 386 crore during the same period due to sustained growth in advances and investments coupled with steady net interest margin of 2.9 percent. Net interest margin improved marginally to 2.9 percent in the July-September quarter of current financial year as against 2.8 percent in the previous quarter. Gross non-performing assets (NPAs) fell by 4 basis points to 0.24 percent versus 0.28 percent and even net NPAs declined to 0.05 percent as against 0.06 percent QoQ. Capital adequacy ratio grew by 100 basis points QoQ to 17.5% for the quarter. The bank made provisions of Rs 31.73 crore in the quarter, which was marginally higher compared to Rs 30.01 crore in April-June quarter. Advances grew by 22.9 percent YoY to Rs 42,019.3 crore as on September 30, 2012 while deposits rose by 18.6 percent to Rs 52,290.8 crore during the quarter.

Yes Bank added 19 branches during the quarter, taking the total branch count to 400. It added 52 ATMs to its network, taking the total count to 694 ATMs as on September 30, 2012.

Kotak Mahindra Bank’s Standalone Profit Falls, Net NPAs Rise Private sector lender Kotak Mahindra Bank’s second quarter standalone net profit moderated nearly 8% year-on-year to Rs 280 crore on the back of higher provisions, which stood at Rs 71 crore as against an excess provision Rs 2 crore (write-back) in Q2, 2011-12. Net interest income or the difference between interest earned and paid out, grew 25% y-o-y to Rs 758 crore. The loan book expanded about 22% y-o-y to Rs 45,443 crore. The gross non-performing asset (NPA) ratio remained unchanged at 1.61% y-o-y.

However, net NPA ratio rose from 0.56 % in Q2, FY12 to 0.75% in Q2, FY13.

During the quarter the bank had acquired a portfolio of NPAs from an NBFC where the accounts were NPAs for less than two years. In accordance with the RBI guidelines, the entire amount of such purchase amounting to Rs 41.96 crore has been considered as NPA as at 30th September, 2012. The bank’s deposit base grew 25% y-o-y to Rs 45,463 crore while CASA deposits increased 32% to Rs 12,320 crore. The share of current and savings account to total deposits stood at around 27%. The new generation bank is currently offering 6-7% rate of interest on savings account (SA). In the three month period, SA recorded a growth of 66% y-o-y to nearly Rs 6,000 crore. On consolidated basis, Kotak Mahindra Bank’s net profit upped by 16% y-o-y to Rs Rs 502 crore. Net interest margin fell to 4.7% as against 4.8% a year back.

India’s third largest private sector lender Axis Bank on Monday reported 22% year-on-year rise in its second quarter (July-September) net profit to Rs 1,124 crore, boosted by growth in loans and other income. Net interest income (NII) or the difference between interest earned and paid out, rose by 16% y-o-y to Rs 2,327 crore during the quarter. Other income rose 29% to Rs 1,593 crore during the same period. The bank’s loan book expanded nearly 23% y-o-y to Rs 1.72 lakh crore. This pace of credit escalation is higher than the average industry credit growth projected at 17% by the Reserve Bank of India in 2012-13. Axis increased its share of retail lending (loans to individuals) to 26% of the total book as against 21% in Q2, FY12. However, the higher loan growth came at the cost some asset quality erosion. The lender’s gross non-performing asset (NPA) ratio worsened to 1.10% as against 1.06% in April-June quarter and 1.08% in Q2, FY12. Net NPA ratio too rose slighly from 0.31 to 0.33% sequentially. The bank made provisions of Rs 509 crore as compared with Rs 259 crore in the previous quarter. The Bank restructured assets aggregating Rs 323 crore during Q2FY13. The cumulative value of assets restructured till 30th September 2012, stood at Rs 4,068 crores constituting 2.04% of gross customer assets. Here, it is noteworthy that the private sector lender of late, figured in some moderate to big restructuring cases in consortium of lenders. Some of those loan defaults include Deccan Chronicle, SevenHills Hospital, ICOMM Tele and others. Among private banks, it apparently emerged as the lender with highest number of restructuring cases, so far.

Total deposit base rose more than 21% y-o-y to Rs 2.36 lakh crore wherein the current and savings account (CASA) ratio stood at 41%. Capital adequacy ratio declined to 12.99% versus 13.03% quarter-on-quarter.

SEASONAL MAGAZINE

Axis Bank’s Asset Quality Worsens, Exposure to Deccan Chronicle, SevenHills Hospital, & ICOMM Tele Troubling

HDFC Bank Continues Healthy Performance, Valuations Stretched Driven by a healthy loan growth coupled with lower provisions, HDFC Bank, the second largest private sector lender, reported more than 30% year-on-year jump in its second quarter (JulySeptember) net profit at Rs 1,560 crore. Net interest income (NII) or the difference between interest earned and paid out, went up nearly 27% y-o-y to Rs 3,732 crore. The bank’s loan book expanded by 23% y-o-y to Rs 2.32 lakh crore, much above the 17% credit growth mark as projected by the Reserve Bank of India for the entire industry in FY13. When the fear of nonperforming assets (NPAs) continues to loom large for most of the banks, HDFC Bank’s substantial loan growth did not come at the cost of credit quality. This was evident in its stable NPA ratios.

Gross NPA ratio improved to 0.91% as against 0.97% in AprilJune quarter and 1% in Q2, FY12. Net NPA ratio remained unchanged at 0.20%. With asset quality remaining stable, provisions and contingencies for the quarter ended September 30, 2012 were Rs 293 as against Rs 366 crore in Q2, FY12. The provisions consisted of three components: specific, general and floating. As a standard practice, the bank maintains a floating provision every quarter in anticipation of bad loans especially when it manages to keep NPAs under control. The practice, according to banking analysts, would help retain the bank’s good health. Its deposit base rose around 19% y-oy to Rs 2.74 lakh crore achieving RBI’s projection for deposit growth at 16% in 2012-13. Savings deposits grew nearly 15% to Rs 79,150 crore.

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IndusInd Bank’s Q2 Healthy, But NPAs Rise Private sector lender IndusInd Bank’s net profit grew by 30 percent year-on-year to Rs 250.25 crore in the quarter ended September 2012. Net interest income rose by 23.4 percent to Rs 517.37 crore during the same period. Net interest margin increased 3 basis points to 3.25 percent versus 3.22 percent during the same period. The bank said the second quarter has been tough overall. The drop in cost of funds has helped margins. Core fee income was up 40% year-onyear to Rs 298 crore in the September quarter. Provision coverage ratio in the quarter stood at 72.09 percent. Capital adequacy ratio was flat at 12.85 percent as on Septemberend against 12.86 percent in the previous quarter. Net non performing asset (NPA) rose to 0.29% in the July-September quarter of 2012 as against 0.27% in the earlier quarter.

Gross NPA increased 6 basis points quarter-on-quarter to 1.03%. Advances jumped by 30.83% year-on-year while deposits grew by 24.49%. Cost of deposits fell by 18 basis points quarter-on-quarter.

Public sector lender Bank of Maharashtra’s net profit grew by 65 percent year-on-year to Rs 166 crore in the JulySeptember quarter of current financial year, helped by falling non-performing assets (NPAs) and provisions. Net interest income rose by 13.6 percent to Rs 719 crore from Rs 633 crore during the same period. Gross NPAs fell by 24 basis points QoQ to 2 percent and even net NPAs declined 9 basis points to 0.88 percent in the second quarter of FY13. The bank has made provisions of Rs 222.5 crore for the quarter that was quite lower compared to Rs 315.6 crore in the previous quarter. Capital adequacy ratio stood at 10.75 percent as against 12.46 percent QoQ.-

Why Mahabank is Going No wher Nowher wheree Even in a Bull Mark Markeet ?

Market has been surging in September & October, but Mahabank scrip is not going practically anywhere. The reasons are many. Despite a reasonable Q1, no one expects Bank of Maharashtra to outperform in the long term. Despite a 78year old history, the Mumbai based public sector bank remains one of the smallest listed banks in the country, which in itself proves that it still hasn’t got its long-term priorities right. Though the bank comes out with new initiatives occasionally, none have proved to deliver a breakout for the lender.

A case in point is Mahabank’s recent aping of a move by SBI - of offering 30-year

housing loans. While the country’s largest bank may have the kind of resilience to offer such extended-term loans, it is highly doubtful whether a tiny bank like Maha can take on such long-term risky assets. It is noteworthy that except for Mahabank, no other public or private bank, nor housing finance experts like HDFC or LIC Housing Finance are offering this SBIlike scheme. Their logic is simple. These loans can only be offered to youngsters in their early to mid twenties, as beyond that the tenure will cross their retirement age. Most among such a young target group now find it difficult to make the upfront margin or customer’s share required for a housing loan. That is precisely what has made the average age of home loan customers in India nearer to 35-40. Secondly, most home loan customers are already uncomfortable with repayment periods above 15 years, and are not opting for the already available 20-year tenure. And

ever since RBI removed pre-payment penalties, home loan customers are using every extraordinary revenue like bonuses, or stock options, to wind up home loans much earlier than the tenure. Thirdly, the purported aim of trimming of the EMI size, due to a 30 year loan, is too small to make it a decisive attraction for customers. This is because visà-vis a 15-year tenure, the interest costs are much higher here. Similar is the case with the recently launched Maha Super Car Loan Scheme, by which the bank is trying to be more attractive like private sector banks, but by taking on more risks for itself. It is moving away from the highly-secure and highermargin traditional auto loan model followed by most public sector banks, and trying the newer low-security lowmargin model. The problems are obvious - it is no SBI for such a move to make a big difference to its numbers nor is it an HDFC Bank to enforce strict repayments. With these kind of lacklustre or even myopic policy making, there is no wonder why Bank of Maharashtra is where it is now. It is high time that the bank’s promoter, Government of India, takes a close look at Mahabank’s underperformance and revamp the management. The bank has also been faring poorly on the transparency front, with it vehemently opposing an RTI application to know how the BoM Employee Welfare Trust works, before being humbled by the Central Information Commissioner who ruled that all the details of the Trust be divulged as it works on public taxpayer money.

SEASONAL MAGAZINE

Bank of Maharashtra’s Q2 Reasonable, CAR Needs to be Shored Up Soon

Karnataka Bank’s Q2 Robust, Provisions Down Mangalore-based private sector lender Karnataka Bank’s second quarter net profit rose nearly 186% year-on-year to Rs 117.2 crore in the second quarter of financial year 2012-13. Net interest income increased 28% to Rs 233 crore in the three months ended September 2012 from Rs 182 crore in the corresponding quarter of last fiscal. Gross non-performing assets (NPAs) declined 9 basis points quarter-on-quarter to 3.22% while net NPAs grew by 9 basis points QoQ to 2.08% during the quarter. The bank has made provisions of Rs 22.7 crore, which were less compared to Rs 57 crore in June quarter. Capital adequacy ratio stood at 12.17% in July-September quarter as against 12.5% in previous quarter.

Oriental Bank’s Q2 Healthy, But NPAs Rise New Delhi based state-owned lender Oriental Bank of Commerce reported a 80% year-on-year jump in its net profit at Rs 302 crore for the second quarter ended September 30, helped by a combination of factors like, higher interest and other incomes as well as lower provisions against bad loans. Net interest income increased 17% y-o-y to Rs 1,157.

The bank’s loan book expanded nearly 13% y-o-y to around Rs 1.18 lakh crore. The Reserve Bank of India had earlier projected an industry credit growth of around 16% in 2012-13. The quarterly numbers were slightly below expectations. Highlights were improved asset quality and mitigated concerns over the bank’s restructured loan book. In the second quarter, other income increased 47% to Rs 407 crore. Provisions and contingencies fell to Rs 460 crore from Rs 485 crore in the corresponding quarter of the previous year. Gross non-performing asset ratio improved to 2.92 % compared with 2.95% in Q2, FY12 and 2.97% in April-June quarter, FY13. Net NPA ratio however went up from 1.90% to 2.04% y-o-y basis but almost remained unchaged at 2.05% quarter-on-quarter basis.

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OB C Lik ely tto o be a R ar e Outper OBC Likely Rar are Outperfformer Among Public Sec Secttor Bank Bankss The bank has been taking several prudential steps under Chairman SL Bansal, which is continuing into Q3. Recently, OBC has cut interest rates on select term deposits and FCNR accounts. OBC is continuing its aggressive stance on restructuring, having restructured 8.3% of its total assets since 2010. The bank will be a key beneficiary if government takes proactive steps to help State Electricity Boards, as OBC has higher exposure - of around 3.60% of its total advances - to SEBs.

ICICI Bank’s Q2 Performance Reasonable, But Deccan Chronicle Shadow Looms Over India’s largest private sector lender ICICI Bank reported 30% year-on-year growth in its second quarter net profit at Rs 1,956 crore in 2012-13, bolstered by reasonable loan growth and other income. Net interest income or the difference between interest earned and paid out, grew 35% to Rs 3,371 crore. ICICI Bank expanded its loans by 18% to Rs 2.75 lakh crore. Retail credit grew 14% y-o-y to around Rs 90,000 crore. Currently, retail book forms 33% of total loans as against 28% held by corporate credit. Other income ramped up more than 17% y-o-y to Rs 2,043 crore. This component included revenues via fees and commissions and treasury operations as well as dividend income. Dividend income of Rs 162 crore was the main contributor to the quarterly growth of overall other income. Its gross non-performing loan (NPL) ratio remained unchanged at 3.54% quarter on quarter. However, net NPL ratio rose to 0.78% in July-September quarter as compared with 0.71% recorded in April-June quarter. Provisions rose to Rs 508 crore from Rs 466 crore quarter-on-quarter. ICICI Bank was the lead lender of 13-bank consortium that jointly lent around Rs 4,100 crore to debt-ridden media company Deccan Chronicle Holding (DCH) based in Hyderabad, the publisher of three English dailies and one vernacular newspaper. The case was referred to the CDR cell but later, two main banks including ICICI Bank and Axis Bank withdrew and it could not be admitted into the cell.

ICICI Bank showed the DCH as sub-standard asset, the first stage of NPAs, in its book. When an account fails to repay loans for more than 90 days, it is called sub-standard asset under NPA category. The bank’s debacle in Deccan Chronicle is mysterious, given that an ICICI group company in the securities business was one of the first to raise a red flag about Deccan, years before it’s debt became an NPA.

Public sector lender Indian Overseas Bank’s (IOB) net profit fell by 23.7% year-on-year to Rs 158.4 crore in the second quarter of financial year 2012-13 due to increase in nonperforming assets (NPAs). Net interest income declined 1.6% to Rs 1,246.2 crore from Rs 1,266.4 crore during the same period. Numbers were far lower than expected. Gross NPAs rose by 90 basis points quarter-on-quarter to 3.87 percent while net NPAs increased 77 basis points QoQ to 2.25 percent during the quarter. Gross NPAs shot up 34.5% QoQ to Rs 5,929.6 crore and net NPAs jumped 57% to Rs 3,378 crore in the July-September quarter.

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IOB Q2 Surprises on the Negative Side

United Bank’s Q2 Reveals Asset Quality Pressure United Bank of India ‘s net profit rose by 16.2 percent year-on-year to Rs 145 crore in the second quarter of FY13, supported by other income but the non-performing assets increased during the quarter.

Net interest income fell by 2.8 percent to Rs 605.8 crore from Rs 623.5 crore during the same period. Other income spiked 49 percent to Rs 242 crore from Rs 162 crore YoY. Gross non-performing assets (NPAs) increased 41 basis points quarter-on-quarter to 3.88 percent and net NPAs went up by 18 basis points QoQ to 1.95 percent during the quarter. Provisions of the bank too went up by 11 percent QoQ to Rs 258.6 crore in the July-September quarter of FY13. Capital adequacy ratio was 12.08 percent in the second quarter as against 12.50 percent in a year ago quarter.

South Indian Bank’s Q2 Performance Timid, NPAs on an Upswing Private sector lender South Indian Bank’s net profit rose by 2 percent year-on-year to Rs 97 crore in the quarter ended September 2012. Net interest income increased 15 percent to Rs 298 crore in the second quarter of FY13 from Rs 259 crore in a year ago period. Gross nonperforming assets (NPAs) grew by 66 basis points QoQ to 1.74 percent and net NPAs went up by 51 basis points QoQ to 0.86 percent during the quarter. Capital adequacy ratio improved by 123 basis points QoQ to 14.43% in the quarter ended September 2012. The company has reported an exceptional item of Rs 32.2 crore for the quarter.

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DCB’s Q2 Numbers Reasonable, Volume Growth Sluggish Development Credit Bank’s (DCB) net profit rose by 70% year-onyear to Rs 22.1 crore in the second quarter of FY13. Net interest income went up by 8.77% to Rs 62 crore in the quarter ended September 2012 from Rs 57 crore in a year ago period. Gross nonperforming assets (NPAs) fell by 53 basis points at 3.65% and net NPAs went down by 7 basis points to 0.68% QoQ. Capital adequacy ratio declined 80 basis points QoQ to 13.7% in the JulySeptember quarter of 2012.

Central Bank Q2 Profits Jump, NPAs Jump Even Higher Aided by other income and robust loan growth, state owned Central Bank of India’s second quarter net profit shot up 35% year-on-year to Rs 330 crore in 2012-13. Net interest income was up 9% y-o-y at Rs 1,516 crore. Other income rose nearly 18% to Rs 382 crore adding to the profit margin. The bank expanded its loan book by 17% y-o-y to Rs 1.50 lakh crore surpassing RBI’s projected industry credit growth of 16% in FY13. However, the growth came at the cost of some erosion in its credit quality. Its gross non-perfoming asset ratio rose 5.54% versus 4.87% in the previous quarter and 2.94% in the corresponding quarter of the previous year. Net NPA ratio rose to 3.80% from 3.22% in April-June quarter. Its capital adequacy ratio stood at 11.61% as against 11.58%, a quarter back. Deposits grew 8% y-o-y to Rs 2.03 lakh crore.

State-owned lender Dena Bank has reported good numbers in the July-September quarter.

Asset quality worsened in the quarter but not as much as others. Net profit grew by 24 percent year-on-year to Rs 239.6 crore in the quarter ended September 2012. Net interest income rose by 15 percent to Rs 594 crore from Rs 515 crore during the same period. Gross non-performing assets (NPAs) increased 17 basis points quarter-on-quarter to 1.97 percent in the second quarter of current financial year while net NPAs went up by 21 basis points to 1.22 percent. Gross NPAs went up by 9 percent QoQ to Rs 1,170 crore while net NPAs increased 21 percent QoQ to Rs 720 crore during the quarter. Provisions against bad loans were Rs 104.5 crore in the quarter as against Rs 103.4 crore in the previous quarter. Provision coverage ratio was 72.5 percent as on September 30. Capital adequacy ratio was 12.05 percent in the three months period ended September 2012 as against 12.35 percent in the previous quarter.

ING Vysya Bank’s Q2 Growth Reasonable ING Vysya Bank’s net profit rose by 30.61 percent year-on-year to Rs 150.2 crore in the second quarter ended September 2012. Net interest income went up by 21 percent to Rs 368.8 crore from Rs 304 crore during the same period. Net interest margin improved 10 basis points to 3.45 percent in the September quarter as against 3.35 percent in a year ago period.

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Dena Bank Q2 Headline Performance Good, Asset Quality Yet to Improve

Canara Bank Q2 Reveals a Bank Struggling on All Fronts Bangalore-based state owned lender Canara Bank’s second quarter net profit dropped more than 22% year-on-year to Rs 661 crore in 2012-13 on the back of higher operating expenses and lower other income. The quarterly numbers fell short of meeting market expectations. Net interest income (NII) declined marginally to Rs 1,957 crore compared with Rs 1,962 crore a year back. During the quarter, the bank’s loan book remained almost static at Rs 2.15 lakh crore year-on-year basis. Moreover, the book contracted since March 31, 2012 when total loans were at Rs 2.32 lakh crore. Gross non-performing asset (NPA) ratio increased to 2.58% compared with 1.98% in April-June quarter and 1.75% in the corresponding quarter in 2011-12. Net NPA ratio too worsened to 2.12% as against 1.66% in Q1 and 1.42% in Q2, FY12. Poor credit quality may have led the bank to go slow in expanding its credit book. At the same time, the pace of rise in net NPA ratio suggests that the bank have not made full provisions for its bad loans. Net NPAs are determined after deducting provisions from gross NPAs. Indeed, provisions and contingencies were down in the second quarter to Rs 421 crore from Rs 548 crore a year back. The growth in deposit book was muted. It rose just 3% y-o-y to Rs 3.37 lakh crore. It was much below the industry projection of 15% in FY13. Capital adequacy ratio stood at 13.07% in the July-September quarter as against 13.22% in the April-June quarter.

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Andhra Bank Q2 Shows Soaring NPAs, Overall Performance Poor Hyderabad-based pubilc sector lender Andhra Bank reported a sluggish 3% year-on-year rise in its second quarter net profit at Rs 327 crore in 2012-13. Net interest income fell by 6% to Rs 894 crore. The reduction in NII ate way its profit margin. The bank expanded its loans by almost 16% y-o-y to Rs 85,300 crore. During the quarter, the credit quality however, eroded to a great extent. Gross non-performing asset (NPAs) ratio rose sharply to 3.48% as against 2.72% in the previous quarter and 2.67% a year back. Net NPA ratio worsened to 2.15% compared with 1.52% in April-June quarter and 1.48% in September quarter in 2011-12. This suggests, the bank may not have made full provisions against bad loans. Had it been the case, net NPAs would have lower. Provisions against bad loans were down at Rs 139 crore in Q2, FY13 from Rs 261 crore recorded in Q2, FY12. Provision coverage ratio was 53.15% as on September 30. Capital adequacy ratio was 12.39% versus 12.68% a quarter back. Deposits grew more than 15% y-o-y to Rs 1.09 lakh crore slightly surpassing RBI’s projection of 15% growth for the entire industry in 2012-13.

Vijaya Bank Q2 Profit Falls Sharply, Provisions Down State-owned lender Vijaya Bank’s net profit fell by 39 percent to Rs 123.4 crore in the second quarter of current financial year from Rs 203.5 crore in the corresponding quarter of last fiscal. Net interest income went down by 12 percent YoY to Rs 450 crore during the same quarter. Gross non-performing assets (NPAs) increased 32 basis points quarter-on-quarter to 3.17 in the three months period ended September 2012 whlie net NPAs rose by 23 basis points QoQ to 1.9 percent.

Provisions against bad loans declined to Rs 107 crore in the second quarter of FY13 from Rs 130.5 crore in the previous quarter. Capital adequacy ratio was 12.7 percent as against 13.18 percent during the same period.

Allahabad Bank Q2 Hit by Bad Loans Like SevenHills, Net Profit Plunges at Rs 15,710 crore or around 14% of the total credit book. However, Allahabad of late, figured in some significant debt restructuring cases like SevenHills and others. This suggests, the deterioration in credit quality is primarily enamating from mid corporate segments. Capital adequacy ratio was 12.16% compared with 12.94% in the April-June quarter.

Deposits grew 14% y-o-y to Rs 1.62

lakh crore wherein the share of current and savings account stood at 30.49%.

Allahabad Bank TTak ak es ake e St eps tto o TTackle ackle Inno Innovvativ tive Steps Slo wdo wn Slow down Kolkata based Allahabad Bank is not shying away from the serious slowdown, but facing it head on, and hoping to achieve 17-18% growth for the full year. Recently it took the innovative step of launching a new short-term deposit plan to attract high-value customers, which will offer 7.60% for just 179 days for deposits between 15 lakhs to 5 crore. The bank’s top management has been proactive with Executive Director TR Chawla boldly calling for a significant cut in CRR by RBI. And with a new Chairman - Subhalakshmi Panse - with significant achievements behind her at the helm now, Allahabad Bank is expected to battle the challenges head on.

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Kolkata based state owned lender Allahabad Bank’s second quarter (July-September) net profit plunged 52% year-on-year to Rs 234 crore in 2012-13. Higher provisions against bad loans eroded its profit margin. Net interest income or the difference between interest earned and paid out, dropped 11% y-o-y to Rs 1,174 crore during the same quarter. Gross nonperforming asset (NPA) ratio rose sharply to 2.95% as against 1.96% in the previous quarter and 1.77% a year back. Net NPA ratio shot up from 0.69% to 2.10% year-on-year.

Provisions against bad loans increased to around Rs 464 crore from 412 crore in the corresponding quarter of the previous quarter. Moreover, the rise in provisions was sharper by Rs 151 crore quarter-on-quarter basis. Provision coverage ratio stood at 60.80% on September 30, 2012. The bank’s loan book expanded nearly 16% to around Rs 1.11 lakh crore meeting RBI’s revised projection of industry credit growth at 16%. Its share of retail credit stood

J&K Bank Puts Up a Reasonable Show in Q2 State-owned lender Jammu and Kashmir Bank reported a growth of 35 percent year-on-year in its net profit at Rs 269.5 crore for the quarter ended September 2012 due to lower provisions. Net interest income grew by 50.3 percent YoY to Rs 652.7 crore during the quarter. Provisions against bad loans declined 34 percent quarter-on-quarter to Rs 33 crore in the quarter. Gross non-performing asset (NPAs) was 1.59 percent as against 1.6 percent while net NPA increased to 0.16 percent versus 0.14 percent (QoQ). Capital adequacy ratio was 13.73 percent in the JulySeptember quarter of FY13 as against 13.75 percent in previous quarter.

Punjab & Sind Bank’s NII Growth Reasonable, But Profit Dips Significantly Punjab & Sind Bank has reported its results for the quarter ended Sep ’12. Interest earned for the quarter was Rs 1,798.41 crore and net profit was Rs 117.07 crore. For the quarter ended Sep 2011 the interest earned was Rs 1606.53 crore and net profit was Rs 147.76 crore.

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Federal Bank’s Q2 Results Healthy Federal Bank has reported its results for the quarter ended Sep ’12. Interest earned for the quarter was Rs 1,525.63 crore and net profit was Rs 215.10 crore. For the quarter ended Sep 2011 the interest earned was Rs 1367.83 crore and net profit was Rs 191.16 crore.

MEDIA WARS

Zee Overtakes Times?

Zee could be sharing number-one perch with rival STAR India soon.

India. The upward climb of Network18 and Sony, and the phenomenal growth rates of language newspaper groups are among the other highlights of Business Standard’s listing of India's largest media groups. The listing was a difficult exercise because some of the largest firms in the Rs 80,000-crore Indian media and entertainment (M&E) business are

HOW THEY STACK UP Company/Group Zee Group (broadcasting, DTH, cable and news) The Times Group (BCCL, TV, internet and ENIL) Star India Bharti Airtel (VAS & DTH only) Sony (broadcasting only) HT Media (Group) Network 18 (Group) ESPN STAR Sports Sun Network Tata-Sky Hathway Group (publishing and cable) DB Corporation Jagran Prakashan Disney-UTV Prasar Bharati Corporation Reliance (ADAG - media) ABP (publishing & broadcasting) Kasturi & Sons (The Hindu) Deccan Chronicle Holdings Malayala Manorama

Revenues (Rs cr) FY 2011 FY 2012 5,027

5,648

NA 2,952 2,956 NA 1,810 1,693 NA 2,013 1,354 1,378 1,279 1,247 NA 1,050 976 NA 945 1,031 727

5,500 4,175 3,714 2,500 2,078 2,077 1,875 1,848 1,590 1,498 1,475 1,402 1,275 1,183 1,129 1,000 NA 914 900

Notes:1)The Times Group's flagship company is BCCL. Its revenues are Rs 4,539 crore (FY 2011) and Rs 4,852 crore (FY12) going by Crisil data. To the FY12 numbers we have added the topline of ENIL, the group's listed radio firm and estimates of its unlisted internet and broadcasting businesses. Group estimates for FY11 were not available. 2)The Star India numbers do not include its share of revenues from joint ventures such as ESPN-Star Sports 3)Bharti Airtel' s VAS revenues are assumed at an India average of 10 per cent of the revenues from mobile services. From this figure of 40 per cent, the industry average for peer-to-peer SMSes is eliminated. The remaining has been added to the DTH figure to arrive at an estimate of total media revenues. 4)The Hathway figures include the revenues for their listed cable company, the unlisted Asianet Cable and the publishing one (Outlook et al) 5)The Reliance numbers do not account for its unlisted media businesses, such as film production and gaming. 6)The figures for ABP are an estimate based on numbers available for FY11 and industry sources.

Sources: Annual reports, company websites and officials, Capitaline, Media Partners Asia, Crisil and Indiantelevision.com.

unlisted and very closely held.

Nevertheless, the list has been put together using a combination of help from within these companies, Media Partners Asia's estimates, CRISIL's credit rating notes and Capitaline. The data isn't complete. Some large groups, such as ABP, are missing. In many cases, partial numbers have been used — for example, only two companies from Reliance's media business are listed. Also, since operating profit numbers are not available for all companies, those have not been included in the analysis. Still, the list, representing roughly half the M&E industry by value, is a robust indicator of broad trends. Here are the three big insights.

Trend one: The growing power of television. It is roughly half the M&E business and this is finally showing. Once STAR's acquisition of ESPN-STAR Sports is complete, it should hit at least Rs 6,000 crore in the top line, to share the number one position with Zee. Note 'television' includes firms which distribute TV signals such as Tata-Sky and Dish TV (part of Zee). The Times is the only print media firm in the top five, dominated by electronic media firms and one telecom company (telco), Bharti Airtel.

Trend two: Three years earlier, it seemed there would be more telcos in this list. Yet, so far, Bharti Airtel is the only one to have made a serious foray into media.

All the others remain telecom companies that also do value-added services on the side. Yes, there are large conglomerates with both telecom and media on their portfolio — Tata and Reliance. But not much has happened on the 'telcos taking over the media business' front. If anything, there is a clear sense of consolidation and the party picking up all the assets is corporate India. So, Mukesh Ambani funded the merger of Network18 and Eenadu, pushing the former into the top 10. The AV Birla Group bought a minority stake in the India Today Group.

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Zee, in the news over the past week for various wrong reasons, can take heart from becoming India's largest media group, dethroning the longest-running number one, the Times Group. And, by the end of the next financial year, Zee could be sharing its number-one perch with arch rival STAR

H E A L T H

WHY YOU MUST EAT NUTS to battle cancer, cholesterol, & heart disease

hey are tasty, they are calorie-rich, and they are good for your heart.

Doesn't that sound contradictory and too good to be true? Well, think again. We're talking about nuts! Most nuts including walnuts, almonds, peanuts, and pistachios have been shown to have many health benefits when consumed in moderation. Walnuts are a particularly rich source of omega-3 fatty acids and may be better at lowering cholesterol as compared to other nuts.

The FDA has approved the heart health claim for almonds, hazelnuts, peanuts, pecans, pignola pine nuts, pistachios and walnuts. Brazil nuts are very rich in selenium, a powerful antioxidant that helps neutralise harmful free radicals.

In a recent study they were shown to lower the risk of breast cancer. Now we know you have a lot of questions about the health benefits of nuts. Let us see if we can answer all your queries:

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How many nuts should I have in a day?

Having one to two ounces (30 to 60 grams) of nuts everyday is enough to give you all their health benefits. About how much is one ounce of nuts?

Walnuts: 8-11 halves, Almonds: 18-20, Pecans: 18-20 halves, Hazelnuts: 18-10, Pistachios: 45-47, Peanuts: 28-30, In general, a handful is a good estimate of the amount that you should have in a day.

What about the calories?

Nuts are indeed calorie-rich. Having 30 to 60 gms of nuts will add about 180 to 360 calories to your diet. You can keep your total calorie consumption in check by having nuts in place of some other high-calorie item in your diet. For instance, snack on nuts instead of cookies, or add walnuts instead of cheese to your salad.

Which nuts are the best for health?

Most commonly consumed nuts are beneficial for your health. In scientific studies, the participants had walnuts, almonds, hazelnuts, pecans, peanuts, and pistachio nuts. Some notable points about different nuts are as follows: Walnuts are a particularly rich source of omega-3 fatty acids and may be better at lowering cholesterol as compared to other nuts. Though peanuts are not exactly a nut (they are a legume), they are as good as nuts for lowering the risk of heart disease. The FDA has approved heart health claim for almonds, hazelnuts, peanuts, pecans, pignola pine nuts, pistachios, and walnuts as these nuts contain less than 4g of saturated fats per 50g. The FDA has not approved heart health claims for Brazil nuts, macadamias, cashews, and pinyon pine nuts as they are high in saturated fats. Coconuts are also high in saturated fats and should probably be avoided. Brazil nuts are very rich in selenium, a powerful antioxidant that helps neutralise harmful free radicals.

In a recent study they were shown to lower the risk of breast cancer.

Pistachios are rich in iron, protein, fibre and have high levels of magnesium, which helps control blood pressure.

Hazelnuts are one of the richest sources of the antioxidant Vitamin E. Cashew nuts are a rich source of iron, which is

needed to make haemoglobin.

Chestnuts are low in fat, but they have not been studied in large scientific studies. The best approach would be to eat a mix of nuts, rather than limiting yourself to one or two types.

What is it in nuts that makes them good for health?

One of the important reasons why nuts are good for health is that they are high in polyunsaturated and monounsaturated fats, and contain naturally occurring cholesterollowering compounds called plant sterols. Nuts are also one of the best plant sources of protein besides being rich in fibre, phytonutrients and antioxidants such as Vitamin E and selenium. Nuts also contain folic acid, copper, magnesium and the amino acid arginine.

Which studies have shown that nuts are beneficial?

Some of the important studies that showed the beneficial effect of nuts are: Adventist health study: This was a large study, comprising 31,000 white Californian Seventh Day Adventists. It reported that those having nuts daily had

"Scientific evidence suggests that eating 1.5 oz per day of most nuts, as part of a diet low in saturated fat and cholesterol, may reduce the risk of heart disease."

up to 60 per cent fewer heart attacks than those who ate nuts less than once per month. The Iowa Women's Healthy Study: Women who ate nuts less than four times a week were 40 per cent less likely to die of heart disease. Harvard's Nurses' Health Study: Women who had at least five ounces of nuts per week were 35 per cent less likely to be diagnosed with coronary heart disease, compared to those who had less than one ounce of nuts in a month. The Physician's Health Study: Men who had nuts twice or more per week had reduced risks of sudden cardiac death.

What exactly are the health benefits of eating nuts?

The most studied and hence, welldefined benefits of nuts are: Lower cholesterol levels, and Lower the risk of heart disease. Some other possible health benefits of nuts are: Lower risk of stroke, Lower risk of type 2 diabetes, Protection against dementia, Lower risk of certain cancers, and Lower risk of gallstones.

Any suggestions for incorporating nuts in my diet?

Add nuts to your breakfast cereal. Add nuts in your salad or pasta in place of meat or cheese. Season your food with crushed nuts rather than butter or cheese. Snack on nuts in place of cookies, pastries and other refined foods. Use home-made peanut butter instead of regular butter or mayonnaise.

Is it okay to have salted and fried nuts?

No, it's not really a healthy choice to have salted and fried nuts. Try to stick to low-salt or unsalted varieties and dryroasted or raw nuts.

Are nuts good for everyone?

Yes, the health benefits of nuts have been observed in people from all age groups and races. However, some individuals are allergic to nuts and must avoid consuming them. The British Nutrition Foundation advises that people with a family history of nut allergies should avoid nuts during pregnancy and should not give them to their children in their early years.

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What if I am trying to lose weight?

There is a very good chance that you will lose weight in spite of adding nuts to your diet. Since nuts are calorie-rich, they will reduce your craving for other fatty food items and make you stick to your diet plan more consistently. In the Harvard's Nurses' Health Study, women who consumed nuts regularly were generally thinner than those who didn't.

What does the US Food and Drug Administration say about the health benefits of nuts? The US FDA has evaluated the effect of nuts on heart disease. In 2003, the FDA approved the following claim for nuts: "Scientific evidence suggests but does not prove that eating 1.5 oz per day of most nuts, as part of a diet low in saturated fat and cholesterol, may reduce the risk of heart disease."

P R O J E C T- I N - F O C U S

Tritvam, Kochi

Live by the Sea, Live by the Mangroves, Live like a Soaring Bird

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What happens when the only Indian Group to cross $100 billion in global sales, starts a residential project in God’s Own Country? What happens when they select what is arguably the most desirable location in Kochi, where green living meets rapid access? What happens when they bring in the most renowned international architects, landscape designers, and contractors to design and develop this one of a kind residential landmark? That is what Tritvam from Tata is all about. ave Tatas dominated India Inc. as much as they have done in 2012?

Though they were always leaders in Indian big business, even pre-Independence, that was because they were the pioneers. Those who thought that the 90s liberalization and emergence of new big businesses like Reliance and Infosys would trigger the demise of Tatas were, however, proven wrong.

Ratan Tata is retiring as a contented leader. Under his sterling leadership, Tata boldly broke its image as just a salt-to-software group, and emerged leaders in virtually every field it chose to be in. Tatas ventured out and made some of the highest profile international buys ever by an Indian business - be it Tetley, Corus Steel, or Jaguar Land Rover. On its own expertise, it showed the world that a reasonable car can be made within the 1 lakh rupee mark, pre-tax. Tata has also recently become the only Indian Group ever to cross the $100 billion sales mark. Also, almost every Tata Company is outperforming while mighty competitors are underperforming. TCS, Tata Motors, Tata Steel, Tata Global

Beverages,‌the list of out performers in otherwise troubled industry segments are nearly endless. And even while Ratan is gracefully retiring, the momentum of growth is rising steadily.

Tata has recently brought Starbucks to India, and its Indian Hotels is boldly

eyeing international luxury hotel and travel chain Orient-Express. Ratan is also carrying out a perfect leadership transition by handing over the baton to a much younger leader, Cyrus Mistry.

Though you can find multiple Tata

and international design of this residential project. Seasonal Magazine had interacted with TRIL’s Managing Director & CEO, Sanjay G Ubale; Deputy MD, Sumit Guha; and Head Sales & Marketing, Cyrus Engineer, to bring out the real value in this project.

According to these hands-on leaders heading the project, the chief differentiator of Tritvam is its unique design, which has been partly possible due to its strategic location on a

Tritvam stands for the confluence of Earth, Water, & Air, and it lives up to its name with a design that incorporates the sea, the green earth, and delivers superbly ventilated rooms with generous cross-ventilation. Anyone who has seen the design of Tritvam together with the location, would wonder about its designers, as it is almost the perfect design the locale wanted.

relatively new segment of Marine Drive.

For example, while in most of the Marine Drive projects, there are two kinds of apartments - sea-facing and non-sea-facing, here in Tritvam, apartments are either fully sea-facing or at least partially sea-facing. How this has been made possible is ingenious.

Unlike the wall-type, single-block design, facing the sea that was opted by all developers in this location, the designers of Tritvam went in for a series of separate blocks each of which are fully curved to maximize the sea view. But does that make the apartments with the least sea view less attractive for buyers? Of course not, says Cyrus Engineer. And that is only because the other side of Tritvam is equally or perhaps more beautiful, due to the one and only Mangalavanam Bird Sanctuary, an ecologically sensitive and protected area. Basically a mangrove area, Mangalavanam is noted for its large migratory bird population with an extensive survey identifying 194 birds belonging to 72 species. The virgin vegetation of Mangalavanam has attracted the sobriquet, the ‘Green Lung of Kochi‘.

Cyrus Engineer clarified that apartments with only partial sea view but more view of Mangalavanam is preferred by many customers due to a likeness for greenery as well as relatively lower rates.

Tritvam stands for the confluence of Earth, Water, & Air, and it lives up to its name with a design that incorporates the sea, the green earth, and delivers superbly ventilated rooms with generous cross-ventilation. Anyone who has seen the design of Tritvam together with the location, would wonder about its designers, as it is almost the perfect design the locale wanted. If you thought that was the idea of an architect with immense local familiarity, you can’t be more wrong.

The design, Cyrus says, is by someone TRIL handpicked for their expertise in designing architectures highly customized for their locales. The design is by Woods Bagot, a global design studio specialising in the design

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Group companies in many states of India, the southernmost state of Kerala was only home to one large Tata operation - the expansive and breathtaking Tata Tea Estates in the hill station of Munnar. The only other noticeable Tata presence in God’s Own Country was the chain of fine luxury hotels formerly known as Taj and now as Vivanta. But all that is set to change fast, as the massive structure of Tritvam is rising rapidly on Kochi’s Marine Drive, thanks to the fully mechanized round-the-clock construction carried out by its contractor, Leighton Welspun, which is an Australian JV. Tritvam is done by Tata Realty and Infrastructure Ltd (TRIL), which is fully owned by Tata Sons, the Group’s unlisted core holding company, and headed by Tata Group veteran RK Krishna Kumar as Chairman. Krishna Kumar is currently a director on the Tata Sons Board, Chairman of Tata Coffee, Chairman of Infiniti Retail (Croma), Chairman of Casa Décor, Chairman of Tata Housing and Development Company, and Vice Chairman of Tata Tea and Indian Hotels. Tritvam is attracting attention in Kochi due to the Tata lineage in quality as well as the unique location

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and planning of iconic buildings. Some of the iconic projects that this global firm of Australian origin have worked on include, Burj Dubai Residences, Nakheel Harbour and Tower, University of the Arts, London, and Marina Resort, France. Woods Bagot’s multi-disciplinary team of highly skilled individuals is providing services in architecture, consulting, interior design, masterplanning and urban design, to TRIL for conceiving and executing Tritvam. But will their international style cater to local sensibilities? Cyrus says they have been open to ideas from even initial customers and prospects, and kept some elements of the design unfrozen for months, to come up with the perfect design for interiors. One such local requirement that was added recently was a separate entrance for servants in each apartment. However, other elements like Vaastu was there from the first drawing onwards.

Eager to know the mind-blowing features of the project, beyond the ordinary or even extraordinary? How about a stunning Infinity Pool? Make no mistake, it is designed to be stunning and arguably the largest such pool-meets-sea visual luxury concept

in this part of the world. Another stunner is the central podium, which is also the largest such elevated green area in Kerala. The landscape design including the podium is by Made Wijaya a.k.a. Michael White, a renowned Australian creator of spectacular tropical landscapes.

According to Cyrus Engineer, Wijaya is noted for not only magnificence but fine detailing with terraces, courtyards, pools and garden decorations enhancing the landscape’s impact and appeal, and at Tritvam too, the landscape design will deliver both these elements.

But don’t ever think that all these greenery and water bodies will make an occasional escape to a mall or another city cumbersome. Tritvam is just 20 minutes away from Kochi International Airport on any good traffic day. Tritvam will have luxurious and spacious 3 and 4 BHK apartments spread across five towers and a signature Iconic Tower. The property will be an exclusive gated community with elaborate electronic and personal security systems. A fully-featured clubhouse with a gymnasium, squash and tennis courts, facilities for table tennis, multiple swimming pools,

banquet area, guest rooms, senior citizen corners, an amphitheatre, a jogging track, and a yoga court are some of the other unique features of this development. Construction is by Leighton Welspun, part of the Leighton Holdings Group - Australia’s leading corporation in constructions, mining and project development. Cyrus also informed that to extend and maintain the Tata quality on Tritvam, TRIL will be maintaining the project for at least 10 years after handing over. According to him, sales is seeing good traction with interest evenly distributed between domestic and NRI customers.

Speculators have been rare, while customers in cities outside the state are also evincing interest. Tritvam is designed to be a certified green building, and will go for IGBC (Indian Green Building Council) certification.

Partial sea-facing apartments start at Rs. 6000 per sq ft, and full sea-view apartments start between Rs. 7500 to 8500. Around 200 apartments in Towers 3 & 4 are now open for booking. The project is slated to be completed by 3rd quarter of 2015. Work is on in full swing. Tritvam is rising and spreading its wings. Not day by day, but hour by hour.

UNIVERSITY-IN-FOCUS

ALLIANCE UNIVERSITY

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Allied with the World’s Best to Become the World’s Best In a nation where people with versatile background dominate education, Dr. Madhukar G Angur is a refreshing change. Anyone can feel this wind of change the moment he or she enters the expansive green campus of Alliance University at Bangalore which Dr. Angur founded. Unlike the typical edupreneur you meet in India, Dr. Angur is a thoroughbred academician with an engineering degree from NIT, an MBA from IIM-A, and a PhD in Business Administration from the University of Texas, to boot. His decades long academic career in USA culminated in a Lifetime Achievement Award of David M. French Distinguished Professorship at the University of Michigan, Flint School of Management. Widely regarded for his works in the field of Business Analytics and Strategy, Dr. Angur has consulted to major corporations worldwide. Also a noted entrepreneur, one of the businesses he founded in USA is now part of the publicly traded ALLSEC Technologies. Dr. Angur’s vision for Alliance is stunning, which is nothing short of making it one of the world’s best universities by 2025. The infrastructure is world-class, one example being the Alliance University Central Library spanning 50,000 sq. ft. and having one of the largest collection of books and international journals.

Dr. Madhukar G Angur, Chancellor, Alliance University, answers Seasonal Magazine’s queries: Unlike most other founders and chancellors, you come with a good exposure overseas in academics and industry. Can you elaborate a couple of scenarios where this experience has come in useful?

Yes, definitely. Today if you look at the quality of higher education in developed countries and India, it is very obvious in terms of the key missing element here – it’s the failure to have a proper conceptualization and implementation of multidimensional quality. So, having been a part of the US higher educational system for a long time, what I concentrated on was developing this multidimensional quality aspect. We take each of the dimensions quite seriously - like admissions, curriculum, faculty, industry interface, research or knowledge creation, internationa lization and societal interface. Not surprising that in today’s globalized economy, it is the globalization of knowledge that enables us to deal with the present and future challenges that is confronting us in every sphere of life, whether it is in environment,

infrastructure, healthcare, or food security. The need of the hour is to upgrade the Indian Higher Education system to train the increasing proportion of young population so India can truly realize the prophesized “Demographic Dividend.”

Let us start with the intake. Can you provide us with an overview of your admission process to your various schools? How do you ensure that at least a good section of your students are of above average quality?

Admission to any of the courses at Alliance University is strictly based on merit. One of the unique things we practice here is that admissions is primarily undertaken by the faculty of the concerned department. We stress on accountability. Since each and every Alliance student is selected by a panel

of subject experts, they become natural mentors to their selected students from day one. Coming to the second part of your question, almost all our students are much above average quality. By quality, I don’t mean just a high entrance score. Though we follow the major test scores for admission, the weightage given for that is around 50%. The rest is made up of many factors like subject aptitude, communication skills, team skills, leadership skills etc., as measured by well-defined tests, interviews, and interactions by subject experts.

But even with all these systems in place, will a student who can get admission in IITs or IIMs, opt for Alliance?

Yes, it is happening, though to a moderate degree. Especially, if they can’t get the subject or college they

Dr. Madhukar G Angur

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We take each of the dimensions quite seriously like admissions, curriculum, faculty, industry interface, research or knowledge creation, internationalization and societal interface.

prefer from among the IITs or IIMs. We expect the preference for Alliance will keep on increasing over the next few years, as our academic mission, infrastructure and professional services become more well known. It is important to mention that even students who have got top scores in the GMAT exam have been joining Alliance.

That is very interesting. Do you offer them scholarships to attract them to Alliance?

Yes, definitely. There are different scholarships on offer, but for top scorers in GMAT, we offer full scholarships. These are the kind of students who can get admission to practically any university anywhere in the world, and we go that extra mile to attract them.

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Private universities are often in the firing line for charging exorbitantly. How do you assess your fee structure including residential facilities vis-à-vis institutions like IITs or IIMs? Are private universities in the firing line for this? I don’t think so at all.

Definitely, Alliance is not there. Our tuition fees are quite reasonable compared with, say, IIMs. Parents and students are very discerning these days.

They know that what we offer by way of curriculum, faculty, and infrastructure, as well as the total experience, is much more valuable than what we charge as tuition fee. Alliance University has a unique campus which has been designed by professionally experienced architects and has state of the art facilities for studies and an

excellent environmental ambience as well. The campus is very well designed to develop students in all aspects of social and professional life.

Alliance University has also formed academic alliances with top Universities in the world, bringing the best of global practices and thinking into our curriculum. Alliance University enjoys a high level of recruiter satisfaction from recruiting partners. Top brands and companies consistently recruit from the university and even visit us more than once in a year in search of exceptional talent among its graduates.

Universities like yours that opted to tread a path of your own, should obviously be having your own unique pedagogies. What would constitute your key differentiators from the competition in both public and private sectors?

Though there are many differentiators, I would mention just two. Firstly, we have our own contemporary program design and content. I don’t know how many private or public institutions in India can claim the same. We have invested heavily in developing our own curricula for all subjects. What this means is that the content we teach is never outdated. And, our content is no ordinary matter. We have hired some of the world’s finest experts in each subject to develop content for Alliance.

Secondly, we are one of the most internationally connected universities in India. In fact, in a nationwide study on this aspect, we came up 6th among all institutions in India, with the study also including IIMs. We have a

significant number of overseas faculty, have student exchange programs, have university visits both inbound and outbound, and have twinning programs. In short, we are like an international university operating in India. Our students and faculty can make the best use of it.

What percentage of your undergraduate and graduate students get absorbed through campus placements? Qualitatively also, are you satisfied with the kind of placements your students are getting?

The Career Advancement and Networking (CAN) cell of Alliance University provides placement assistance for all students. However, around 10% of the students either opt for family business or for further studies. The success of our placement division is due to their strategy of grooming students continuously, and making efforts to connect them with the industry from early on. Thus they have early feedback on the required employability skills, and students are enabled to adapt and prepare accordingly. Qualitatively, there will always be room for improvement, and so our placement division works meticulously to ensure that the quality of job offers improves year after year.

Do you think that lack of industry endowments in India and the resulting low level of scholarships and assistance is the main issue preventing high-quality students from opting for universities like Alliance? How do you plan to

The success of our placement division is due to their strategy of grooming students continuously from the second year onward, and connecting them with the industry from early on. Thus they have early feedback on the required employability skills, and students are enabled to adapt accordingly.

Alliance University is that it is located in Bangalore which is a hub for education for students from all over India and many parts of the world as well.

Alliance University is doing its part in addressing the lack of industry endowment aspects through some initiatives in partnership with the industry and its Alumni.

You are soon planning to get into medicine, dentistry, science, humanities, & arts. How will it be different from comparable institutions?

We know that these fields are highly competitive in every sense. But we

believe that we can excel in these disciplines, as there will always be a quality vacuum. We will focus on our strengths like world-class curriculum, international linkages and knowledge creation and research to come up as winners in these areas. I strongly believe that whatever courses and programs Alliance University offers, the quality of education shall always be at par with the international standards.

In a nutshell, why should an undergraduate or graduate student opt for Alliance?

Well, to put it briefly, we not only want to be India’s best, but our aim is to be counted among the world’s best universities by 2025 through a series of strategically crafted moves, precisely calibrated action plans and an unwavering commitment to the pursuit of excellence. Any student who wants to study the most updated curriculum, under the guidance of renowned professors in the field, to become sought after by the best in the industry, and to contribute to knowledge creation as well as to societal wellbeing should be opting for Alliance University.

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address this deficit, at Alliance?

This is an excellent question that rightly pinpoints the precise challenge on which universities and industry should be acting on with urgency. We are already in the process of creating industry funded endowments, though it is a bit early to name who exactly is cooperating with us on this venture. I hope Alliance will be a pioneer in India in this regard. Meanwhile, on our own, we do give a significant number of scholarships — both partial and full to differently abled, economically challenged, and sports achievers, apart from offers to highly meritorious students. One of the advantages of

AY U R V E D A

Kunnath Pharma Launches 5 New Products, Unveils Innovative Nationwide CSR Program New products for male & female debility, diabetes, liver dysfunction, asthma launched in New Delhi by former Central Minister. New CSR program to touch 1 lakh needy family members across India.

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unnath Pharmaceuticals Ltd, the makers of blockbuster Ayurvedic drug, Musli Power Xtra, is making the best of their corporate resurrection after their flagship product was cleared by labs, courts, and drug agencies. Apart from launching five new products, the Kochi headquartered proprietary drug maker is all set to roll out a new Corporate Social Responsibility (CSR) initiative, which will touch over 1 lakh needy family members in the Indian society, in its first phase. The new products from the Kunnath stable are Musli Power Premium (for men), Musli Power Eve (for women), Breath Power X-tra, DiaRid, & Liv Power X-tra.To address over 1 lakh family members initially, Kunnath Pharma founder Dr. KC Abraham has decided to shower his company’s generosity on the segment of auto & taxi drivers in its first phase.

The new products were launched in

New Delhi during the recently concluded mammoth Ayurvedic Exhibition, Musli Power Arogya Utsav, which saw 120 Ayurvedic product companies from all over the country enthusiastically putting up stalls. The exhibition was also noted for the professional but free medical advice to visitors by Kunnath Pharma’s panel of doctors. The launch was a high-profile event being done by former Central Minister and MP Oscar Fernandes, and TV superstar Mukesh Khanna of ‘Bhishma’ and ‘Shaktiman’ fame. A similar high-profile event is being planned in Jaipur, Rajasthan, for the launch of the new CSR initiative.

Thousands of auto & taxi drivers in the city would be gifted with a kit that will include high-quality wrinkle-free khaki uniforms, besides other items for everyone in their family. After Jaipur, each major city will witness this generous CSR program, with around 5000 drivers addressed in each city, to

make up 25,000 drivers in the first phase. Dr. KC Abraham informed that the initiative is a grand salute towards our brethren in the drivers’ community who safely transfer tens of thousands of women, children, & elderly towards their destinations, that are near and far, day in and day out. The new CSR program is in commemoration of the company coming out unscathed from the allegations instigated by big-pharma companies, and successfully launching five new products, addressing most in the family. Abraham also claimed that like their flagship product Musli Power X-tra, all the five new products are made of 100% herbal ingredients, with no side effects, and that it can be taken with other medications. Other items in the Musli Power CSR Kit for drivers include a set of notebooks and pens for their children, a mobile SIM card for their wives, a detailed drivers manual, and a display-card for the public with emergency numbers and first-aid advice.The new products from the Group are designed to address the needs of different members of the family. While Musli Power Premium is intended for general debility and lethargy for middle-aged and aged men, Musli Power Eve is directed at general debility and lethargy in women. Breath Power X-Tra is intended for cough and congestion of the chest, while Dia-Rid is for sugar metabolism. Liv Power X-Tra is designed for detoxification of liver. On being asked why Kunnath is not entering the FMCG sub-segment of Ayurvedic cosmetics like fairness creams, hair oils etc, Dr. Abraham said that he is very particular that Kunnath’s formulations should work. According to him, there is no point in launching products just for pushing sales using advertisements. Dr. Abraham expects the fame of effectiveness that Kunnath obtained from Musli Power X-Tra would prompt customers to try the five new products too. Apart from the new CSR initiative, the companies existing line of social works include financial aid to thousands of economically challenged students and senior citizens as well as Utility Bus Shelters in metro cities like New Delhi & Mumbai.

GADGETS

Keep Tabs on the 3 Latest and (Now) Greatest Tabs

There are tabs, and then there are tabs like iPad Mini, Nexus 7, and Kindle Fire HD. What do these latest benchmark tablets do, that others can’t? Here is a quick look:

he iPad Mini is here, and though the price tag of $329 may not seem like the silver bullet everyone had hoped for, it is still an affordable computing device from Apple. While the company has not announced the pricing and availability details for India, it is expected the iPad Mini should be available on online ecommerce stores within days of its US release on November 2. So, should you line up for a ‘smaller’ iPad or ask that ‘friend in the US’ to get you the firstgeneration Kindle Fire or the recentlylaunched Google Nexus 7 that retain their positions as the most affordable 7-inch tablet PCs.

IPAD MINI

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iPad Mini has a 7.9-inch display with a resolution of 1024 x 768 pixels, dualcore Apple A5 processor (that powered the iPhone 4S and iPad 2), a 5-

megapixel rear camera and a 1.2megapixel front-facing camera. The iPad Mini promises around 10 hours of battery life, dual-band WiFi, LTE, and dimensions of 7.8-inches x 5.3inches x 0.28-inches. Now, here’s where that all-important price difference comes in. The iPad Mini WiFi version is priced at $329 for 16GB and goes up to $529 for 64GB.

For the WiFi and cellular version, Apple has priced the Mini starting at $459. The company retains its premium tag when compared with other 7-inch tablets in the market. The iPad Mini will come with iOS 6, which has its own issues (mainly Apple Maps) but that also means being able to use Apple’s voice assistant, Siri, FaceTime over 3G, tab syncing on Safari and tight

iPad Mini does—this may help a few choose their preferred tablet easily. On the other hand, the much-famed Apple Retina display has not made it to the iPad Mini and the Nexus 7 therefore has the higher resolution. Our view: The Asus-built, rubber-backed Nexus 7 is a classy product to hold, coming quite close to Apple quality in terms of build and design. Not yet officially available in India, the device can be ordered online and is a fantastic portable tablet PC.

GOOGLE NEXUS 7

The Kindle Fire HD offers a 1.2GHz dual-core processor and tops Apple Mini with a screen resolution of 1280x800 pixels. Amazon claims by adding a polarising filter and anti-glare technology, Fire HD offers better

Nexus 7 is Google’s first tablet that comes with a powerful NVIDIA 1.5GHz Quad-Core processor and is equipped with the latest Android 4.1 Jelly Bean operating system. With a micro USB port and a front camera for chat (it has no back camera), it weighs just about 340 gm and has an expandable memory slot add to its features. You’re able to watch HD videos on its 1280×800 resolution display and for $200, it is reasonably priced for a powerful tablet. The Nexus 7’s biggest advantage is the stock version of Android 4.1 Jelly Bean, which is both speedy and polished, the closest Android has come to replicating the slickness of Apple’s iOS yet. Other points to consider are that the Nexus 7 doesn’t have a rear camera while the

KINDLE FIRE HD

Should you line up for a ‘smaller’ iPad or ask that ‘friend in the US’ to get you the firstgeneration Kindle Fire or the recently-launched Google Nexus 7 that retain their positions as the most affordable 7inch tablet PCs.

viewing angles. The Kindle Fire HD is Android-based, but Amazon has slathered its own user interface with little customisation options. But when Google has upped its game with Nexus 7 running the latest version of Android, 4.1 Jelly Bean, Amazon falls short with the Kindle Fire HD running the Ice Cream Sandwich version. Similar to the Nexus 7, it only has a front camera, and doesn’t have a sim tray or an expandable memory slot. Kindle Fire HD boasts of 16GB or 32GB, plus free unlimited cloud storage for your entire Amazon content, which is a big plus for those who cannot part with their data and apps.

Amazon’s tablet is packed with Dolby Digital Plus stereo speakers, and the difference can be heard (literally). Put the iPad side by side Kindle Fire and you will know what we are talking about. The iPad needs an external speaker to deliver quality volume output, while Fire HD, on the other hand, cranks out a decent decibels all on its own. The base model of Kindle Fire HD starts at $199. Our view: Fire HD is great for reading, watching videos and playing games but sadly, most of Amazon store’s multimedia content is not available in India. It, however, does have a fantastic ebookstore, which may be a compelling reason for many to invest in this tablet device.

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Facebook integration among many others. Not to forget access to hundreds of thousands of apps and games, too.

While we haven’t reviewed the iPad Mini yet, it’s features do seem to be a cut above the opposition in many respects. The build quality, portability, camera and connectivity seem to outstrip other existing models. Our view: The iPad Mini, like all Apple products, sports an enviable aluminium finish and build quality. It is a product to invest this holiday season, if you don’t already own a 10-inch iPad or similar tablet PC.

R E T A I L

St arbuck s Smells ....and why Tatas smelt sweet.

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Starbucks inaugurated its first store in India recently in a historic building in southern Mumbai as the Seattle-based coffee giant seeks growth in a market long associated with tea drinkers. "It is perhaps the most elegant, beautiful, dynamic store we've opened in our history," chief executive Howard Schultz said in an interview. A Cappuccino Café Latte will cost between Rs. 95 and Rs. 135, depending on the size, while iced coffee and blended beverages will cost Rs. 115-Rs. 200. A café latte at Café Coffee Day costs between Rs. 78 and Rs. 85, while cold coffee and beverages cost between Rs. 100 and Rs. 133. After over six years of studying the local market, Starbucks is making a rapid-fire entry into Asia's third-largest economy.

Coffee houses are still a relatively new trend in India, and the chains already in business sell cappuccinos and lattes well below Starbucks' usual prices.

The company, in a joint venture with Tata Global Beverages, opened two additional stores in Mumbai subsequently in the Taj Mahal Palace hotel and in the Oberoi hotel across town before launching in New Delhi early next year. For the flagship Mumbai store, Starbucks chose the historic Elphinstone Building in the Horniman Circle neighborhood of south Mumbai, not far from a vast Hermes shop and a stately local park maintained with funds from the family foundation of Italian designer Ermenegildo Zegna. The flagship, which can accommodate 120 people, is a cool, soaring space, with hand-carved wooden screens, thick tables of solid Indian teak, painted vintage trunks and old leather-bound books. Schultz said he hoped the effect would be like "walking into a shrine of Starbucks coffee". The shop will offer free Wi-Fi and stay open until 11 p.m. Monday through Thursday and 1 a.m. on weekends, unusually late for Mumbai cafes. The 42 menu items reflect local as well as Western tastes, featuring items such as Elaichi Mawa croissants— made with cardamom and milk solids—and tandoori paneer rolls. The prices position Starbucks at the premium end of India's coffee cafes, with a 12 ounce cappuccino retailing for a little over $2. "We've been trying to in a sense crack the code here," Schultz said. The company decided early on they needed to enter India with a local partner, as they did in China. Schultz said he spoke with many interested parties, but none "had the complete suite of things we felt were necessary to build a big, enduring business. That changed the day we met Tata".

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India...

BOOK REVIEW

What the CEO Really Wants From You

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Tata Sons’ Director, R Gopalakrishnan feels that much of corporate inefficiencies and dissatisfactions stem from subordinates’ inability to understand what their boss really wants from them. In Gopalakrishnan’s new book, ‘What the CEO Really Wants From You‘, this industry veteran builds upon the pioneering logic proposed by Gabarro and Kotter in ‘Managing Your Boss’, published by Harvard Business Review, using numerous fresh case studies.

R Gopalakrishnan, Director, Tata Sons

any years ago, I was privy to this conversation between a young executive and his colleague who was a few years senior to him. The subject matter was their common boss. After the young executive raved and ranted about the boss – how inconsiderate he is, how he doesn’t have the patience to listen to his innovative ideas, how he has the IQ (intelligence quotient) of an eraser, etc – his senior stopped him to say: “All of us have plenty of choices in life. Unfortunately, choosing your boss is not among them. So, your options are clear: either quit and find a

new boss who agrees with you always (which is anyway a pipe dream), or learn how to deal with the existing one”. It was a simple advice but a blunt truth. As I found out later, it wasn’t the problem of just one executive.

Corporate corridors are rife with questions about bosses. Why are some bosses so difficult to deal with? My boss is a narcissist. Now what? These questions just don’t seem to go away.

Management guru Ram Charan has put the issue in perspective: “When it comes to boss-subordinate relationships, upcoming managers almost always think more deeply about what the boss and the company owes

subordinate who must begin to manage it unless, of course, the boss is of that rare devil incarnate variety. When you take the time to cultivate a productive working relationship – by understanding your boss’ strengths and weaknesses, priorities, and work style – everyone wins. Research has shown why effective leaders take time and effort to manage not only relationships with their subordinates but also those with their bosses. But some managers who actively and effectively supervise subordinates, products, markets and technologies assume an almost passively reactive stance vis-à-vis their bosses. Such a stance almost always hurts the subordinates and their companies. The real value of the 211page book, What the CEO Really Wants From You, is to show how to be an outstanding subordinate to the many bosses you will have during your career. At the heart of Gopalakrishnan’s vision are the 4As – accomplishment, affability, advocacy and authenticity – that every executive must care for.

Accomplishment: The ability to execute with efficiency and deliver

results is something that is required throughout every subordinate’s working career. But that alone isn’t enough as you have to achieve the results in an acceptable manner. For example, one of the case studies in the book refers to somebody who had great ideas and could implement them well, but suffered from a sharp tongue and upset his peers quite easily.

Affability: It’s all about how can you disagree without being disagreeable; how you can listen carefully with an open mind; and how you can separate your rival’s views from your feelings from your rival.

Advocacy: In the early stage of your career, you are the recipient of instructions and get things done. In the middle management phase, you find the need to influence people without their directly reporting to you. And in the senior roles, you may exercise no control over the people you need to influence. This is the manner your skills of advocacy develop.

Authenticity: This is probably the most difficult attribute to learn and practise. Authentic people are the ones who are quick to admit when they have bungled. They confront the reality and get right out to do what is necessary.

Many think authenticity is something that is applicable more to leaders, but the fact is that you cannot be a good subordinate without the required level of authenticity.

If these sound theoretical, read the book. The huge number of case studies illustrates each of the points to make them look real. After reading the book, most subordinates would be tempted to concede that it’s not only bosses who need management expertise. Behind all the jargons, there should be a common sense: subordinates should know what they are doing, apply themselves and learn from their bosses. In other words, respect the work and the people who help you do it well.

Shyamal Majumdar

SEASONAL MAGAZINE

them, and more lightly, about what they owe in return”. That precisely is the subject matter of Tata Sons Director R Gopalakrishnan’s fourth book, ‘What the CEO Really Wants From You‘, which was formally launched recently.

It’s an interesting book for two reasons: one, while the management world is replete with literature on how to be a great leader and what successful leadership is all about, there is little on how to be a great subordinate and how to regard understanding what your boss needs as an integral part of your job.

This is important as leaders are also subordinates to their bosses. Two, more than management gyan, Gopalakrishnan relies more on case studies to drive home the point that two professors had raised more than 30 years ago in the Harvard Business Review. In ‘Managing Your Boss‘, John Gabarro and John Kotter introduced a powerful new lens through which to view the bosssubordinate relationship: one that recognised the mutual dependence of the participants. If the relationship between the two is rocky, then it is the

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HIGHER EDUCATION

Prof. Leszek Borysiewicz Vice-Chancellor of the University of Cambridge

“Connect between the arts and science is essential for the growth of the society.”

“Cambridge aims to be internationally excellent in education, teaching and learning. So that at the same time we are able to serve society,” he begins.

An accomplished painter, he adds, “I want to ensure that undergraduate education continues at a very high level and we are absolutely committed to the style of education which is unique to Cambridge and has actually sustained.

Here, both postgraduate and postdoctoral communities continue to ensure that our research has the physical and human infrastructure to remain at the cutting-edge of new discoveries.”

On the occasion of the India-Cambridge Summit, held at Delhi on September 10, Prof Borysiewicz spoke of the commitment of the University of Cambridge, which currently has 250 ‘bottom-up’ research links with India.

The collaborative partnerships between Cambridge and India, he says, are not new. “We already have several collaborations. One I would particularly highlight is the chemical biology and therapeutic partnership with the Centre for National Biological Sciences in Bangalore. We also have one in stem biology and material science in Bangalore, nanoscience interaction in Mumbai and electronics interaction in Delhi,” says the former chief executive of the UK’s Medical Research Council.

He adds that only by working together, can Indian institutions and Cambridge solve more complex problems and big

challenges such as food security, water and drug development and energy issues, which are universal.

Speaking on the Indian education scenario, he says, “I spoke to the Union HRD minister and he was very open to the challenges that India faces, and they are huge challenges. But there is a determination, not just political determination but right through all of my contacts that I’ve had in India, that the country wants an improvement in education — all the way from primary to secondary and university education.

There is a hunger for education which is great.” A Fellow of the Royal Society, Prof Borysiewicz pointed that even

On the occasion of the IndiaCambridge Summit, held at Delhi recently, Prof Borysiewicz spoke of the commitment of the University of Cambridge, which currently has 250 ‘bottom-up’ research links with India. The collaborative partnerships between Cambridge and India, he says, are not new.

At the moment, the University of Cambridge has about 214 Indian students, 70 of whom are undergraduates. “We have seen an increase in applications over the last few years, which is very good indeed.

That is because they see real merit in the education system that we actually offer,” he says. However, he adds that the stringent immigration and visa policy of Britain is not something the university supports. “We do not support the immigration policy and we have concerns over the recent development because it makes students feel that Britain may not be an education destination. What I can say is that those students who come to Cambridge, we welcome them, we believe that they add to the international diversity of the university and so far we have not experienced difficulty for those students who passed the stringent academic standards that we have at the entry-level. I hope that will continue into the future,” he concludes.

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erched upon a comfortable green sofa, Prof Borysiewicz is a picture of composure. As he gets ready for his interview, his focus intact, there is a palpable curiosity about the man who helms affairs at one of the world’s best universities.

though top institutions in the country are already globally competitive, the issue is about the scale of investment to be put in. As a proficient academic, Professor Borysiewicz believes that a connect between the arts and science stream is essential for the growth of the society. “The continued investment in science and technology is important, but the recognition of the fact that social science and humanities and arts are actually essential for the benefit of the society as a whole, is also necessary.

So you just don’t go down one way but also just as in Cambridge, there are many students who are studying the arts and humanities as science and technology is really very important,” he notes.

GLOBAL INDIANS

INDIAN FORMULA FOR SUCCESS Apart from our celebrity driver, F1 features several pros of Indian origin ranging from Team Principals, to Strategy Engineers, to Physiotherapists, to Mechanics. Meet a few of them: MONISHA KALTENBORN, SAUBER F1, TEAM PRINCIPAL

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Monisha Kaltenborn is one of the most significant women in the Formula One paddock. Dehradunborn Kaltenborn has been a regular face in F1 since 2010, when she took over as the CEO of the Swissbased Sauber F1 team. When Sauber founder and team principal Peter Sauber retired from his role as principal, Monisha assumed the mantle. This, of course, makes her the first and only female team principal in F1, which also means she is the one taking most of the major decisions for the team. It also means drivers Sergio Perez and Kamui Kobayashi ought to be on their very best behaviour when she’s around!

YASH PATHARE, CHIEF STRATEGY ENGINEER, CATERHAM F1

Ever wondered who takes the final call on exactly what race strategy a team is running? Well, that’s the race engineer. But, he has a million things to do on a grand prix weekend and needs to be supplied with proper strategy information, based on the analysis of plenty of data from past races. The person crunching the numbers for the Caterham F1 team is Yash Pathare, born and raised in Mumbai. Growing up watching F1, Yash always wanted to be a part of the sport, so, he completed his engineering in Mumbai and then studied motorsport engineering at Brunel University. Once he was done, he was snapped up by Toyota, and now finds himself an integral part of Caterham F1.

When the cars go in for their pit stops now, you know who is responsible for it.

AS BAL SIRA, MECHANIC FOR SEBASTIAN VETTEL BALBIR SINGH, PHYSIOTHERAPIST TO SCHUMACHER AND OTHER DRIVERS

In that era of Formula One, when the sport was awash with scarlet thanks to the dominance of the Ferrari team and Michael Schumacher, Balbir Singh was a prominent face even on television.

When Schumacher won a race, and would jump into the outstretched arms of the team, we’d often see Balbir smiling and celebrating with them. And, rightly so. The German of Indian origin is often credited with being the driving force behind Schumacher’s fitness streak in F1. After he retired in his role as the seven-time world champion’s physiotherapist, Singh took on a similar role with Force India. At the moment, though, we’ve spotted him marching purposefully through the paddock at the Indian GP, where he’s been working with Karthikeyan to ensure the Indian driver is at his fittest at his home grand prix.

Sebastian Vettel owes plenty of his success in Formula 1 to the men behind the scenes. This extends beyond just the genius of Adrian Newey, the brain behind Red Bull’s radical engineering success. The mechanics are just as important as the rest of the team. And, if Bal Sira wasn’t around to wield a spanner and wrench, Seb Vettel would be in something of a pickle. Sira, a British citizen of Indian origin, is responsible for tinkering with the front and rear of Vettel’s car. He’s fortunate enough to have been with the team since 2008, which means he’s been a part of Red Bull’s two title wins in 2010 and 2011.

Well, we simply cannot have a list of Indians in F1 and leave Karthikeyan out, can we? If you know all of this already, you’re a good F1 fan, is all we can say. For the uninitiated, Karthikeyan is the first Indian driver to make it to the highest echelon of motor racing – Formula One. Way back in 2005, Karthikeyan got the chance to partner Tiago Monteiro at Jordan Grand Prix, and, he didn’t do too badly. At his first race in Australia, he managed to qualify 12th and finished the race in the 15th slot. Not too bad for his first-ever grand prix. While the rest of the season didn’t go as he would have liked it to, there was that one race at Indianapolis, US, where he finished fourth (although, we must reveal, only six cars started that race). After 2005, Karthikeyan spent some time as a test and reserve driver for the Williams F1 team and also spent time racing in A1 GP and Nascar.

And, since he made a return to F1 last year, he has put in a steady performance with the HRT squad and will be looking to keep his seat next year. If you’re at the paddock during the ongoings GPs, or if you’re watching the races at home, keep an eagle eye out for these folks.

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NARAIN KARTHIKEYAN, DRIVER

A C H I E V E R

How an Indian Scientist at NASA Turned Into a Filmmaker by Betting Against All Odds s a PhD student of applied physics at Columbia University in the early 1990s, Bedabrata Pain had perfected the "three backpacks, three sweaters" trick to stay out of trouble. "I switched them around so that my advisor would think I was there everyday, working, when I would actually be somewhere else," confesses

the scientist-turned-filmmaker. Pain shares this anecdote to emphasise that he was never quite the proverbial science geek, in spite of what his stellar career may suggest.

Sure, he was part of a team that invented the CMOS image sensor, which pretty much changed the world of digital imagery and has since spawned a 10 billion dollar industry. Yes, he has been inducted into the United States Space

Technology . Hall of Fame and has 87 patents to his credit. And he has worked as a senior scientist with the Jet Propulsion Laboratory at National Aeronautics and Space Administration for 18 years.

But, says Pain, he was never really a "nerdy, techy guy". At Columbia University, Pain used his time away from the laboratory well, dabbling in a multitude of cultural activities. He wrote plays, composed songs, organised cultural events, participated in protests against the Gulf War and demonstrations against human rights violations, and even wrote a booklet on the Kashmir conflict. So the decision to apply brakes to the 'American Dream' in 2008 and take up a not-so-dreamy vocation was maybe an unusual one, but not entirely unexpected in his case.

Four years, one trial, an irreparable tragedy and several tribulations later, Pain released his first film, Chittagong, starring Manoj Bajpayee and Nawazuddin Siddiqui, on October 12.

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Incidentally, this is not the first time Pain has faced doubts and misgivings about his chosen path. When he was one of the four scientists working on a 'smart chip' during his post-doctorate at the JPL, he was used to not too many people in the scientific community taking his team's efforts seriously. They were told that the chip would never work, that it would be merely a 'toy'. The 'toy' soon went on to revolutionise the world of digital imagery. Today, it is used in nearly 95 per cent of digital equipment -- in everything from an optical mouse to cell phone cameras.

"The first time I heard about a cell phone camera, I thought 'what a stupid idea'. Why would anybody want to take pictures with their cell phones," recalls an amused Pain. The invention of the sensor, he claims, happened by accident. His advisor, presumably,

caught on the rucksack routine and gave him an earful. "He called me up one day and said 'you are not doing anything'.

My survival instinct kicked in. I thought I had to do something or I will be thrown out of the programme," says Pain. So, Pain and three of his colleagues set to work. They created a "smart chip that collects images effectively and represents it digitally. "It was a simple idea. Simplicity is the hallmark of a genius," quips Pain, adding quickly, "not that I am a genius".

For the passionate desire to make a film, a relentless (and untranslatable) keeda had gotten hold of him by then, and it was refusing to let go. By that time, Pain had already worked as the producer and principal researcher for a documentary called Lifting the Veil. He was also one

of the producers of Amu, a critically acclaimed film directed by his wife Shonali Bose. Thanking his wife for giving him the courage to leave NASA, Pains says of that turbulent time, "I was jumping into the unknown, and she was fully behind the decision".

But making a film, Pain soon learnt the hard way, required "infinite patience and infinite humility". "I was at the top of my game at NASA. And then, with films, I was at the bottom of the barrel.

I was used to picking up the phone and getting things done. Here, many people would not even respond to my calls. It was a humbling experience," Pain says of his teething troubles. People not taking his calls would turn out to be the least of his problems while making Chittagong. Murphy would have been thrilled, observes Pain wryly, for everything that could go wrong while making the film, eventually did.

To begin with, the financiers who had promised to fund the film backed out after the recession started pinching their pockets. Pain tried to raise funds in the US but struck out again. Instead of

getting disheartened, Pain decided to put "every bit of money" he had earned from his patents into funding the film. This, he quips, has made him so broke that he may soon have to "look for freeway underpasses to live in".

After Pain managed to make the film on a shoe-string budget with his own money, he was advised against releasing it because an A-list Bollywood filmmaker had, in a curious coincidence, made a film on the very same subject.

The fact that this much-hyped film tanked royally did not make things any easier for Pain. And he had to wait for months to find the right people to distribute his film as, Pain observes, "making a film and releasing it are two completely different things".

For Pain, the first day of shooting at Latagudi in North Bengal was also the first time he had ever set foot inside a film set. The challenges were numerous

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For the next one-and-a-half decade, he continued working at NASA, letting go of lucrative opportunities to cash in on his invention. "Being a good Bengali, I could not become an entrepreneur," he deadpans. Leaving his job (a highly respectable one by Bengali standards) in 2008 to make Chittagong was not easy, admits Pain. He had been toying with the idea for nearly two years before he finally took the plunge. "It was not an easy decision to make. My parents needed a house, my children needed their education. I don't know if it was the right thing to do, but I did it anyway," he says, a tad wistfully. Eric Fossum, co-inventor of the CMOS image sensor, had once told Pain that by the age of 45, one should be 'settled'.

"Well, at 45, I threw my life wide open and started on one of the most arduous journeys of my life," declares Pain.

and the time to overcome them was ticking away. His 200-odd crew was not very sure of how he would manage the show and he had to work hard to earn their respect. Pain had to learn the onset lingo about technical equipment. He had to be open to ideas put forward by other people while remaining true to his own vision. Pain sums up his first foray into direction, "It was all about planning for everything and preparing for the worst". The shoot, wrapped up in an impressive 42 days due to budgetary constraints, was gruelling. Pain and his crew members spent up to 16 hours a day on the set. The director would then have to interact at length with the actors and plan out next day's shooting schedule.

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And then, with the creaky internet connection available in rural Bengal, Pain would help his 16-year-old son Ishan, who was studying in Los Angeles, crack the mysteries of advanced chemistry on Skype. "He could make out how tired I was. He would say 'don't worry Baba, I will figure it out'," recalls Pain warmly. He finished shooting most of the film by May 2010 and planned to release it soon after. But a devastating personal tragedy completely blindsided him and relegated everything else to the background. Son Ishan was killed in a freak electrical accident on September 13, 2010.

And in a shocking verdict, a court in Los Angeles recently refused to hold the electrical razor company responsible for Ishan's death. Asked if he was bitter about the United States justice system in the wake of the verdict, Pain says that he has come to accept it. "It was an open and shut case, but the defence had put up too many red herrings. I have had two years to confront the evidence. Now I am convinced more than ever, scientifically and logically, that there was a fault with the electrical shaver.

Earlier, it had been more of an emotional response," he says. During the trial, defence lawyers had crassly asked him and his wife about how much they had spent on their son's school fees.

They were asked how much Ishan would have been able to provide to them

Bedabrata Pain with (late) son Ishan monetarily, had he lived. "They were asking the jury to determine the value of a human life. How do you put a value on someone's life? I realised that this system can't evaluate a human life beyond its money making capacity," laments Pain.

"Which parent would want to cremate their child," he adds, his voice faltering.

Ishan and his father were extremely

The shoot, wrapped up in an impressive 42 days due to budgetary constraints, was gruelling. Pain and his crew members spent up to 16 hours a day on the set. The director would then have to interact at length with the actors and plan out next day's shooting schedule. And then, with the creaky internet connection available in rural Bengal, Pain would help his 16-year-old son Ishan, who was studying in Los Angeles, crack the mysteries of advanced chemistry on Skype.

close and they used to discuss everything from history and science to politics. One of their favourite topics was Nobel Laureates and the scientific achievement that had fetched them the honour. "I used to take him to school everyday. I had helped him write his last school essay. It doesn't feel like he is gone. Sometimes I think he has just gone off to school and he will soon turn up," says Pain. The days following Ishan's death were the worst of his life. As Pain puts it bluntly, "I went from having it all to losing almost everything." But the memory of Ishan who has supported him whole-heartedly while he was making Chittagong kept him afloat. It was the hardest thing he had ever done, but Pain continued to work on the film, even reworking parts of it. While Chittagong released across India on October 12, Pain held a special memorial screening of the film in Mumbai before that, attended by Shah Rukh Khan and Amitabh and Jaya Bachchan, among others. Though he claims that "people who have seen it, loved the film", Pain is not too bothered about negative feedback from the audience or the critics. "Ishan and I shared a belief that when you want to do something, give it your 200 per cent. Make it the best it can be. There is no guarantee that others will also think it is the best. But you separate yourself from the result. Let's see what happens," he says.

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cases worldwide uncovered that construction was the single most bribe-laden industry. The reason, supported by a large body of research, is that regulatory intensity correlates highly with rent extraction potential, and land is a classic “rent-thick” sector. The heavy-hand of the state, lack of transparency and temptation to trade on inside information pave the way for transactions marked by malfeasance. India’s struggles with cronyism and land deals are not new, but they will be hard to fix since the glue that connects builders and politicians is election finance. Those involved in real estate are among the leading financiers of elections.

Politicians have discretion over permits, clearances and land conversion; and builders have liquidity. Furthermore, real estate is a cash-intensive sector riding the wave of Indian middle class growth. Indeed, in a forthcoming paper*, we examine patterns in Indian states’ consumption of cement – the indispensable ingredient for construction – and find that it declines during the month of elections. Why? Because as elections approach, builders are cash-strapped as they channel funds out of their operations and into political campaigns. What makes the problem so intractable, though, is that it is not just a simple illicit quid pro quo: land concessions in return for campaign cash. And this brings us back to L’affaire Vadra. What if, in fact, there was no illegality at all, as pointed out in an earlier column by Mihir S Sharma? Builders merely grant influential, politically connected friends a slice of their profitable pie in return for regulatory forbearance.

When a businessman makes a deal with a powerful politician, it sends a strong signal to regulators: enter at your own risk. No direct requests need to be made, nor does money have to be exchanged; the survival instincts of most government officials will ensure that acts of regulatory omission prevail. The rare official who does not toe the line is quickly brought to heel, as attested by the immediate transfer of IAS officer Ashok Khemka, who

had the temerity to probe the VadraDLF deals. The past two years have unveiled spectacularly corrupt deals across a host of India’s heavily regulated sectors. It’s not surprising that political parties seize upon the

The major stock market scams in the early 1990s led to a realisation that the old paper-based settlement of trades inevitably led to flaws in delivery and delays in transfers of title, which were an invitation to scam. This led to the Depositories Act in 1996 and the creation of the National Securities Depository Limited, resulting in securities being held and settled in dematerialised form and much more efficient Indian capital markets. India needs to urgently create a similar institution to demat properties.

latest scandal to score points — as well they should. But let’s be frank: L’affaire Vadra is as entirely predictable as it is shameful. And as history shows, it will take a lot more than handwringing to change the trajectory India is on.

Ongoing efforts on reforming the colonial-era land acquisition Bill are just a start. Parallel initiatives on transparency and taxation are critical if this cancer is to be curbed. The major stock market scams in the early 1990s led to a realisation that the old paperbased settlement of trades inevitably led to flaws in delivery and delays in transfers of title, which were an invitation to scam. This led to the Depositories Act in 1996 and the creation of the National Securities Depository Limited, resulting in securities being held and settled in dematerialised form and much more efficient Indian capital markets. India needs to urgently create a similar institution to register properties, beginning with the 35 cities above one million population (where high values considerably amplify the incentives to cheat). By making the records publicly available at a nominal fee, the urban land and property registration system will be taken out of the discretionary and non-transparent – and frankly utterly corrupted current systems – and reduce the risks and transaction costs of buying property, thereby supporting buyers, builders and urban planners.

The transparency will also allow civil society and, when needed, investigators, to swiftly track ownership changes. Once the systems are in place, stamp duties on sales/ purchases of property in urban areas should be slashed to incentivise registering the real value of a property sale and instead replaced by a property tax. This would not only more than make up for the revenue losses (a one per cent property tax should yield annual revenues exceeding Rs 5,000 crore in Delhi and Mumbai), but also make tycoons with billion-dollar homes pay annually for their extravagances.

Devesh Kapur & Milan Vaishnav:

BUSINESS LEADER

Joy Alukkas Among India’s Richest, Finds Forbes Magazine

he main companies in the group he heads Joyalukkas India Ltd and Joyalukkas Jewellery LLC, Dubai - are equally big and both are expanding at one of the fastest paces. While the current expansion in India is largely into Tier-

II cities, expansion overseas is at some of the largest markets like Singapore, Malaysia, Hong Kong, Saudi Arabia etc. Joyalukkas also runs a charter air service - Joy Jets - with a fleet of two jets and a helicopter. The latest jet in the fleet can do any international destination with just one stop over. One

of the latest ventures from the group has been Jolly Silks which is a rebranding of Joyalukkas Wedding Centre, for which they have roped in leading Bollywood actress Vidya Balan as the brand ambassadress. Joy Alukkas who has homes in many cities around the world, has however, recently built his dream castle in his hometown of Thrissur. The 40,000 sq ft mansion is coming up inside Sobha City. A hands-on entrepreneur, Joy has time for everything, and is least impressed by anyone saying there is no time for anything beyond routine.

He believes that entrepreneurship is that special fire in the belly to dream big and follow up on that dream come what may. Though he believes in delegation, he says he hasn’t found anyone good enough yet - with that special fire - to take up the mantle of a few topmost roles in his company and that he ends up doing all those duties.

He is very firm as well as very considerate with his employees and associates, with most of them calling his as ‘Chetta’, which is Malayalam for ’elder brother’. A firm believer in God, Joy is known to go for religious retreats with his wife and family. A very systematic person, with even his company’s CSR activities very organized, Joyalukkas is noted for its innovative ’My 0.50’ charitable donation program through which his employees contribute 50 fils (15 cents) daily, and management tops it up with an equal contribution. Joy speaks many languages fluently, and even runs a fine jewellery in London. His business acumen is widely acknowledged, and he is often invited for guest lectures in leading B-Schools of Kerala, where students find his no-nonsense classes truly delightful.

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Leading businessman in Middle East and India, and Chairman of Joyalukkas Group, is the 81st richest person in India, according to the Forbes. The international business magazine estimates Joy Alukkas’ personal net worth to be $700 million, which is about Rs. 3808 crore, as of October 2012.

New Launches: Fresh, Luxe, & Duds Bo ene st Botttega V Vene enetta publishe publishess it itss fir first book with Rizz oli Rizzoli egun in 1966 and guided since 2001 by the creative hand

B of Tomas Maier, Bottega Veneta stands for the discreet

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sophistication and refined individuality captured in its famous line, “When your own initials are enough,” a statement of purpose. Creative Director Tomas Maier’s understated yet rigorous design sensibility has become the hallmark of the Bottega Veneta brand. Communicating this design philosophy is a new book, the result of a collaborative effort between Maier, book designer Sam Shahid, and many fashion journalists. Each chapter is devoted to a different category of luxury goods and introduced by a thoughtful, insightful essay. In the introduction, Maier writes of his belief in the value of handcraftsmanship and his admiration for the gifted Bottega Veneta craftspeople who are his collaborators and inspiration. A richly illustrated survey of craftsmanship, design and extraordinary materials that have made the Italian label revered, this book will be the ultimate volume for the true connoisseur of luxury, and a must for anyone with an interest in the evolution of this venerable brand.

Available in English, Italian, French and German, the trade edition will be sold in Bottega Veneta and fine book stores worldwide. There will also be a luxury edition slip cased in intrecciato leather, which will be sold exclusively in Bottega Veneta boutiques.

Park Hy att Chennai opens in India Hya yatt Hotels Corporation announced the opening of Park

Chennai, marking the 30th hotel in the Park Hyatt H Hyatt collection and the first Park Hyatt hotel in the city of Chennai, India. Designed for business travellers, Park Hyatt Chennai is located next to the prestigious Governor’s residence and is also adjacent to the thriving green area of the Guindy National Park. It is a short 15-minute drive from the city’s domestic and international airport. Mr Yann Gillet, General Manager, Park Hyatt Chennai, said, “The hotel is truly a reflection of this great city, with the art and design thoughtfully encompassing Indian heritage and culture.” Park Hyatt Chennai features 201 luxury guestrooms including 20 indulgent suites. Rich travertine marble floors and plush handtufted rugs are luxuries found in every guestroom, along with polished marble bathrooms with deep-soak bathtubs. In addition, all suites feature exquisite, relaxing stone plunge tubs.

The hotel embraces the serenity of the surrounding Guindy National Park with flowing landscapes and relaxing interiors, complemented by a graceful Lily Pond dotting the heart of the inner courtyard of the hotel. The hotel also showcases beautiful, custom-made art installations that have been curated around the concept of Indian textiles and heritage.

Park Hyatt Chennai offers an array of epicurean tastes and experiences in a wonderfully sublime setting at The Dining Room where guests can enjoy all-day dining, featuring traditional South Indian cuisine alongside European bistro favourites.

Myr ah Spa cr ea Myrah crea eattes exclusiv e tr ea tmen or clusive trea eatmen tmentts ffor the w edding sea son wedding season Spa has created a variety of treatments for the bride M yrah and groom to look and feel wonderful as they begin a

Glenmor angie’s Glenmorangie’s ‘Unnec essarily W ell Made’ ‘Unnece Well initia tiv e ccome ome o India initiativ tive omess tto rafting whisky for over 160 years, Glenmorangie is known C to be one of the finest single malt whiskies in the world.

Thus Glenmorangie recently announced its ‘Unnecessarily Well Made’ initiative in India through a creative collaboration with Indian automotive design stalwart, Dilip Chhabria. The partnership is a translation of the brand’s international platform that recognizes personalities from across varied fields and their commitment to craft unnecessarily well made creations. The collaboration presented Mr. Chhabria’s passion for design and detail in the form of an automotive masterpiece which was unveiled in the presence of David Blackmore, Global Brand Ambassador, Glenmorangie. Gaurav Bhatia, Marketing Director, Moët Hennessy India said, “When the artistic turns into the passionate and the passionate to the sublime - we call it "unnecessarily well made." And it’s this quotient of obsession with beauty and perfection that both Glenmorangie and Dilip Chhabria share.” Excited about his creation for Glenmorangie, Mr Chhabria said, “As part of the creative collaboration with Glenmorangie, we are delighted to unveil DC Designs' newest concept car today. In creating this car, I've been inspired by the pioneering spirit of Glenmorangie and its many firsts. DC Designs, with its philosophy of mating artistry with engineering has created the 'Unnecessary Well Made' car - a manifestation of our innate need to shift paradigms in automotive design.”

beautiful journey of life. From diet counseling, slimming treatments to massage therapies, sensuous facials and exotic body treatments, Myrah plans to lavish brides and grooms-to-be.

Choose from treatments like Caviar Diamond and Caviar Body Envelopment. A luxurious “Her” and “His” Royal Aura Facial, Royal Foot Reflexology, and The Royal Groom will leave you rejuvenated like never before. The exotic Queens Divinity Bath, Royal De-tox Bath, and Sandalwood Body Polish are perfect ways to invigourate from a busy city life. The Myrah Aphrodisiac Couple’s Ritual, a full day retreat, is a perfect getaway for a couple. Take advantage of a Royal Aroma Massage with a sensuous Choco Almond crème and a Royal Aura Facial.

Luxuriate with champagne in a rose bath, and enjoy a love platter of strawberries, chocolates and cheese. Couples can also try the Royal Aura Wedding Pathway, an exclusive pre-wedding program for the bride and the groom, which starts 3-6 months prior to the wedding day. After a detailed consultation, Myrah Spa will customize a package especially for the couple. During this program, Myrah becomes your royal spa buddy and ensures that every problem you have simply melts away.

the overlapping of gold and diamonds. In this collection, white, pink and burnished gold blend perfectly with white, brown and grey diamonds. The combination of gold and diamonds is enhanced by a sophisticated design and attention to detail. Each creation expresses the best skills of the Valenza master goldsmiths and their clever application of manufacturing techniques. Light and volume characterize the Via Lattea rings, where white gold plays with white diamonds, burnished gold with grey diamonds and pink gold with brown diamonds, creating the captivating effect of a starry sky. Via Lattea also presents earrings and bangle bracelets, available in white gold with diamonds, burnished gold with grey diamonds and pink gold with brown diamonds.

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Damiani launches the new collection Via Lattea amiani latest collection, Via Lattea, is inspired by the beauty of D a starry sky. Via Lattea is a unique creation characterised by

Ne w LLa aunche s: FFrresh, LLux ux e, & Duds New unches: uxe A. LLange ange & Söhne la unche ange launche unchess LLange Zeit werk eitw Handw erk sk unst Handwerk erksk skunst prestigious German watch T hemanufacturer, A. Lange & Söhne, is

Etr o pr esen tro pre sentts it itss Spring Summer 20 13 ccollec ollec tion 2013 ollection for w omen women or Spring Summer 2013, Veronica Etro presents her vision of 21st century romanticism. Representing a dream-like earthly paradise, the collection delves into a female fantasy with simplified shapes and compact materials. Rejecting computer-generated prints, Etro draws upon the nearly extinct art of hand-painted prints. Each work of art has been expressly placed and printed on the garment for which it was designed. Inspired by feminine Orientalist paintings, the leitmotif of the collection are flora and fauna, conceived as a modern paisley. Painterly brushstrokes add new depth and shades to paisleys.

Birds of paradise, butterflies, flamingoes and geckos cavort within the fantasy foliage, at times mixed with graphic tie prints and Japanese vase prints. The romanticism is cut by thick trims of sporty stripes, running horizontally, vertically or asymmetrically. The liberal

F

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It alian luxur and Italian luxuryy br brand Visionnair e isionnaire la unche st unchess it itss fir first launche flagship st or e in stor ore India talian luxury furniture brand I Visionnaire launched its first flagship store in India at The Gallery on MG in New Delhi. A grand cocktail party was hosted by Mr Samvit Tara, Director, International Furniture Brands and Mr Leopold Cavalli, CEO, Ipe Cavalli who welcomed the HE Mr Giacomo Sanfelice di Monteforte, the Italian Ambassador to India. Enjoying cocktails and martinis were Delhi’s swish set who included socialites, designers, diplomats, high profile businessmen, artists and fashionistas, who admired the luxurious furniture and home accessories on display. Speaking at the launch, Mr Cavalli, said, “Visionnaire is a niche

use of black and white void spaces frame the prints, while coral, pink, lemon, lime and blue offer pops of colour. Fabrics are compact. Luxurious cady stretch, thick silk sablé, stiff cottons and drappe, underscore the constructed looks and add a sporty flair.

brand which is rich with heritage and positioned as a luxury lifestyle product.

Today, we are the pre-eminent leaders in the “design-driven” category of sophisticated furniture and home accessories from Italy. India is an important market for us and we are extremely pleased to form a strategic alliance with International Furniture Brands.” Visionnaire, from the house of Ipe Cavalli, not only offers beautiful furniture, but also accessories crafted from the finest materials and made exclusively in Italy.

casting a traditional glance at its most advanced watch. Three years ago, A. Lange & Söhne presented the Lange Zeitwerk, the first mechanical watch that featured a constant-force escapement to achieve a precisely jumping numerals display. The brand has now given birth to a new limited edition with the designation Handwerkskunst. The timepiece has risen to a new level with an exquisite case, dial and movement decorations as well as a Glashütte lever escapement which stands for the artisanal and horological proficiency of the Saxon manufactory. The dial in black-rhodiumed white gold is endowed with an elaborate tremblage engraving.

The engraver manually guides a specially crafted lining burin across the surface in precisely choreographed multi-directional movements. This produces a delicate and highly vivid granular texture. Decorated with linear graining, the time bridge in rhodiumed German silver contrasts with the dark dial. The interaction of precious metals culminates with the platinum case. The A. Lange & Söhne signature, the case number and the edition serial number on the caseback are hand-engraved as well.

A glance through the sapphirecrystal caseback of the Lange Zeitwerk Handwerkskunst reveals the highly complex manufacture calibre L043.4, which apart from classic elements such as the three-quarter plate and screwed gold chatons, also stands out with a kaleidoscope of artistic decorations.

Tod’s pr esen pre sentts it itss Bo ene esen omen’s Spring Summer Botttega V Vene enetta pr pre sentts it itss W Women’s Spring-Summer 20 13 ccollec ollec tion 2013 ollection tion 20 13 ccollec ollec 2013 ollection od’s, the Italian luxury brand, or Spring 2013, Bottega Veneta recently presented its women’s T F fashions clothes which can be collection for Spring Summer 2013 considered tough-minded and sweetnatured at the same glance. The 2013 spring collection ranges from angular, precisely tailored looks to soft, fluid pieces, all sharing a distinctive silhouette and a polished air, sometimes quite vintage as well. The starting point is a strong, padded shoulder and short sleeve. The rest of the silhouette is slim, with a narrow waist and long hem. Skirts and dresses end mid-calf, some rigid and architectural in construction, with a slit or pleat for movement, others sinuous and draped.

Pants are high-waisted and lanky, worn with tunics, shirts, or wind breakers that extend the long line.

which exudes a modern touch, yet within the traditional Italian nuances. Colourful and rich in refined details emphasize both iconic and innovative new styles.

The iconic D Bag is unveiled in new models and precious day options with a sophisticated and soft structure in a variety of luxurious degrade python. A special couture edition in precious skins brings forth the pure art of craftsmanship. The Ballerina, our personal favourite, features an artisanal, fine wedge, which is feminine while showcasing a unique style. Characterized by a wide spectrum of fun, summer colours, the wedge is recognizable by tonal colours and enveloped in the highest quality leather.

Pakist an FFa ashion De sign akistan Design Council la unched it st launched itss fir first st andalone boutique in India standalone highlight the beauty of every crafted piece. The ambience of luxury and heartfelt passion for couture make the experience of shopping at PFDC- The Boulevard a true pleasure. The design that has emerged is very contemporary with hints of Islamic forms and patterns.

The concept is of a shop-in-shop wherein individual spaces have been created for each designer where he or she can state his or her own identity while sharing a common platform.

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akistan Fashion Design Council launched its first standalone boutique in the capital sprawling over 5,500 sq at M-4, South Extension, Part II, New Delhi. PFDC – The Boulevard aims to carve a niche for Pakistani designers in India and also facilitate creating a place for Indian designers in Pakistan.

The design creations showcase garments that are sophisticated with print and intricate embroidery. Highlighting the unique craftsmanship of Pakistan, the collections give a glimpse into Pakistan’s fashion scene. The designers stocked in the new store are Karma, Libas, Kamiar Rokni, Hassan Sheheryar Yasin (HSY), Elan Design House, Sana Safinaz, Asifa Nabeel, Sonia Azhar, Fahad Hussayn, Nickie Nina, Iman Ahmed (Body Focus Museum), Nida Azwer, Ayesha Hashwani, Feeha Jamshed, Umar Sayeed, Rizwan Beyg, Layla Chatoor and Nasreen Shaikh.

Spacious, modern and yet very classic, the interiors have been designed to

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Aamb alle eek ambyy V Valle alleyy India Bridal W Week The W edding P ar ade Wedding Par arade he Aamby Valley India Bridal Week 2012 in Mumbai showcased the union of time honoured Indian traditions with an elegant air of modernity. After all, nothing defines couture better than wedding attire in India. We spell out our favourite four designers from the show! Weddings are magical – the outfits, the magnanimous paraphernalia, the entire kin’s joy as you pledge to cherish the love of your life always. Getting married can be a daunting prospect, and more so for the bride! You have the feeling that everybody is watching you, you are the centre of attention, and well, it's a feeling with substance because you are!

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brand Tag Heuer, W atch extending its range of smartphones, has launched the new Tag Heuer Racer, the world’s first Swiss luxury touch-screen smart phone to be entirely constructed from leading-edge materials of motor racing and aviation. Tag Heuer Racer, with lightweight components and shock resistant construction, has composite materials like titanium grade 2, light and strong carbon fiber, black PVD, 316L stainless steel and rubber, which were first used in professional motor-sports and aeronautics. The sporty yet elegant look is inspired from high-end GT cars, while its aggressive and energetic lines are direct expressions of Tag Heuer’s unique DNA. Tag Heuer Racer is powered with a mastering speed processor of 1 GHZ, 16 million of colours screen resolution, a large 3.5’’display, a high-definition 5 mega-pixel autofocus camera and a 640x480 pixel VGA video front camera, and 11 hours of music play time. The Android operating system allows download access to over 450,000 applications.

But the stress of finding the right outfit always leaves you exhausted, changing the pleasure of shopping for the big day into a task. To make it simpler, we give you four (yes, only four) must-visit designers, who wowed us, and will appeal to you too, as you coordinate the perfect look to take your vows! The third edition of Aamby Valley India Bridal Week 2012 dazzled and lay down the rules for brides-to-be for the next 12 months. The innovative U-shaped 70 ft ramp was used to every designer’s advantage (and fantasy) ranging from a virtual Garden of Eden, to a live opera and Hindustani singer, or even a ‘romantic renaissance’.

For evermark & TTarun arun TTahiliani ahiliani ore diamonds are a girl's best friend and Of Sparkly TTie ie iess this is one relationship that has artnerships and associations have always brought success to all parties involved. When diamonds and couture come together, what else can you expect? They say that

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passed the tests of time. Whether to adorn a gorgeous bride or just to glam up any occasion, the only luster that need anyone’s attention today are diamonds. To celebrate the association between weddings and haute couture, Forevermark diamonds collaborated for the fourth time with renowned designer Tarun Tahiliani for this year’s Couture Exposition. Held on 6-7 August, 2012 in Mumbai at Mehboob Studio, the exposition witnessed a stunning selection of Forevermark diamond jewellery from Mehta Jewellers.

Ne w LLa aunche s: FFrresh, LLux ux e, & Duds New unches: uxe Br egue t-T he LLuxur uxur Bregue eguet-T t-The uxuryy o off ust ffor or Me Mettal The LLust Frequencie equenciess & St one Stone pains to explain it to us with the help technological innovation, the diagrams, videos, sound and A newly launched Breguet Type offinally, ewellery has gone beyond its the actual inspection of the XXII is sure to appeal to lovers of J usual fashionable aspect and newly launched Type XXII high precision, as this watch features an unprecedented high frequency of 10 Hertz. It was a day well-spent understanding chronographs, as Mr Christophe Viguerie, Vice-President India & Thailand, Montres Breguet, took the

chronograph. Type XXII has an interesting and long history behind it which starts from Louis Breguet, the great-great-grandson of A. –L Breguet, the illustrious watchmaker and company founder. Louis Breguet had an immense passion for airplanes. In 1906, Louis Breguet created the world’s first helicopter to leave the ground with a pilot onboard. This was followed by his first biplane in 1909, first hydroplanes in 1912, and in 1918, the period between the two world wars, the Louis Breguet aviation company exported its planes to many countries in Europe, America and even to Japan.

Nir av Modi - O ops & Cut Nira Off Dr Drops Cutss your hands for more! r Nirav Modi loves to talk more M about his jewellery than himself. The crowning glory came when his That’s bound to happen. Once you see the brilliant jewellery that is churned out by this craftsman, you would want to become a selfproclaimed brand ambassador of the jewellery…

A young boy keenly watches his grandfather and father working on rough diamonds, accompanies them to Antwerp – the diamond capital of the world, learns aesthetic values from his mother who is an interior designer, and grows to become a niche jewellery designer. Quite an inspiring story from which we all can learn and take motivation from!

This is Mr Nirav Modi, whose exquisite jewellery will make you gasp and wring

Golconda Necklace was auctioned

by Christie’s for INR 16.29 crore.

When asked about the moment, a humble Mr Modi says, “I was honoured that that piece was appreciated.”

The said Golconda piece deserved the price. It took Mr Modi nearly 14 months to create the stunning beauty. “Sourcing the pinks, recutting the Golconda diamond, and making the necklace took about 14 months Not only did we perfect the design of the piece and source the materials, we developed and patented the Ainra Cut which has been used in the lattice of the necklace,” he explains.

Mr Modi takes inspiration from

added the consideration of investment now. While the increasing zeroes in price tags may not affect high-profile readers, they won’t complain either about jewellery climbing the investment ladder today! Jewellery in India is given paramount importance. To say the least, right from the day a girl is born, jewellery starts playing a role in her life. Though at one point it would be right to perceive jewellery as a norm rather than a luxury, this perception has swiftly reversed in the recent past. With gold and diamond prices rising heftily, jewellery is definitely an asset that has grown in value, but this is only part of why it is now considered a luxury. The prominence of fashion and beauty within a woman’s psyche grows with each progressing day, as does the appreciation for art as an investment. Jewellery, with its ability to fuse the above factors in perfect balance, is sometimes considered

the ultimate luxury, catering to the desires of women and men alike. In India specifically, the shift towards jewellery as a piece of art, rather than a complement to a garment, has been observed most recently, therefore consolidating its perception as luxury rather than a norm.

years of experience, product W ithofferings and style to their credit, take a look at what Indian men have in stock for them this season by Tous. If David Miller’s looks and names weren’t already enough to attract you towards the contemporary and masculine bottle, then let the brand name speak for itself. Tous, a leading Spanish jewellery brand, unveiled their new fragrance, Tous Man Sport in India early this year. None other than supermodel David Miller, global brand ambassador of Tous Man Sport, graced the event. Started in 1920, Tous is globally famous for their unique style of

jewellery and a variety of accessories ranging from fragrances, handbags, watches, vision, textile, leather goods and a special collection for the home.

With all this and more, it isn’t much of a surprise that the brand is present in over 400 stores spread across 45 countries. What’s so special about the brand you may ask? Give a thought to the absolute freshness of the product offerings and its unique ability to understand trends in design and style that have enabled Tous to expand rapidly in the global market. Celebrities like Kylie Minogue and Jennifer Lopez have also endorsed Tous. Coming to the fragrance, Tous Man Sport has a fruity aromatic fragrance that is fresh with a touch of modernity. It is informal, spontaneous yet with a definite style. It is best suited for those who love to live for the moment.

Time arun TTahiliani ahiliani imexx and TTarun Going up the LLadder adder t’s time to woo the Indian consumer aggressively. And Timex Group has understood that. VD Wadhwa, CEO, Timex Group India, talks about their newly launched Tarun Tahiliani watches and the strategy for their luxury watch brands like Versace, Valentino and Ferragamo.

Iconic designer Tarun Tahiliani recently launched his mono-branded watch collection in association with Timex Group and became the first ever Indian designer to do so! What sets it apart from other watches is that

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these watches are ‘Indian’.

Catering to women only for the time being, these watches will surely go well with your lehengas and sarees. No other international watch brand has been able to catch this local flavour for the Indian audience. They surely have sophisticated diamond and ruby studded watches, but Tahiliani’s watches, with their true blue Indian motif-ed designs, takes the cake. So as you browse through the following pages, enjoy the beautiful collection, as we recount our conversation with VD Wadhwa, CEO, Timex Group India.

hose large and thick dial watches do make you look as if you know your mechanisms. But is there another way to make an impression in a classier way? You should probably look at thin watches and give your wrists some relief… Have you noticed how luxury watch manufacturers are spending more time in the factories and working hard to come out with the thinnest watch possible? Each is launching a slimmer, classier and more complex version than the previous.

A Lange & Sohne, Jaeger-LeCoultre, Piaget, Vacheron Constantin – all are a part of the bandwagon. But what is it that attracts watch manufacturers and collectors to this size? We turned to two of the best timepiece creators to find the answers. Mr Tarun Sharma, Country Head, Jaeger-LeCoultre points out the change in trend – “Watch industry is seeing a trend shift from casual, big sporty look and going back to elegant, thin classic look. Our collection of Ultra Thin Reverso and Ultra Thin Master Control Moon Face is in line with the trend.” A Lange & Sohne’s Saxonia Thin is another example of this small size which is making quite some waves in the market. Mr Matthieu Dupont, Regional Brand Manager – Middle East & India, A Lange & Sohne, outlines the challenge of creating such a thin timepiece – “It [Saxonia Thin] is the thinnest timepiece we have ever made. The challenge was to keep all the elements that make every Lange timepiece an example of performance and precision.” Owing to its smaller size, the watch is more comfortable, and is therefore a better option than burdening your wrists with large cases with all those features which you might not actually require.

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Tous - Ma sculine Mae str o Masculine Maestr stro

Siz eZ er oW atche Size Zer ero Wa chess Thinning Do wn Down

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Check Out TThis his Ne w Crick et Helme New Cricke Helmett cricket equipment A yrtek, manufacturers, have launched a new type of helmet which isn’t made of metal or plastic. Its signature feature being, it is adjusted by pumping air into by pushing a button on the side to inflate it. The inner lining or the ACIS (Air Cushion Impact System) enables the user to inflate and deflate the air in the chambers to fit precisely on anyone. However, its primary purpose is to decrease the energy of the ball on impact and deflect away balls headed for a batsmen’s temple.

According to the official Ayrtek website, it has the capability to absorb 300% more impact than any other outer shell. All of this lends to its unique design and shape. The shape and design also helps in sliding balls away in case of impact. It allows for maximum strength and thickness in the centre of the helmet while the lid ensures optimum field of view for the batsmen. All of the materials used in

its production make it the lightest helmet around. A player has a choice of 3 different outer shells to choose from – Carbon Fibre, Fibreglass or the High-Impact ABS which comes with the option of a titanium or steel grill.

Many world class players already use Ayrtek helmets, Kumar Sangakarra being its most prominent ambassador.

With its new innovative features, it is sure to be a hit in the cricket world.

iPhone’s Indian A Avvataar pple has finally launched its much-heralded iPhone 5 in India with the

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A baseline model retailing at US$845. Nearly 500 fans jostled in long queues

to get their hands on the new iPhone 5 in the capital New Delhi. Actor Neha Dhupia also added a touch of Bollywood to the event. The numbers may be small when compared to iPhone 5 launches in other countries, but when compared to Apples’ previous smartphone launches in India, this was indeed a grand reception. And similar scenes were witnessed at simultaneous launches in Mumbai and Bangalore with fans, just like those in New Delhi, eager to sense the thrill of purchasing the phone on its launch day. Dheeraj, who is the first person to purchase the newly-launched iPhone 5 in New Delhi, said: “I am glad that I bought the first iPhone 5 ... the feeling is great, it’s nice. I have been waiting for it for quite sometime now and it feels great to be the first one to have it.” Apple may be a small player in India’s smartphone market, but the company is looking to cash-in on the festive spirit by launching the product just a few days ahead of the Hindu festival of Diwali. With its premium price tag, Apple currently has just 1.2 percent market share of smartphone handsets in India. Samsung, with its greater product range and prices varying from US$130 to US$700, is the top-selling smartphone maker in the country with a market share of more than 40 per cent. Nokia is second with 25 per cent and Research in Motion’s BlackBerry is third with 13 per cent. Total smartphone sales touched nearly three million units during the first quarter in India, which is the largest wireless market in the world after China, with more than 900 million subscribers.

St andar d Char ed Standar andard Chartter ered &Y atr a LLa aunch Ya tra Co-br anded Cr edit o-branded Credit Car d ard

tandard Chartered in collaboration with travel firm Yatra has launched he Standard Chartered Yatra Platinum Credit Card. The co-branded card offers benefits such as cashback and reward points on spends at yatra.com besides travel discount vouchers and free tickets. The new card will not just facilitate travel reservations, but also reward customers for their spends. The partnership claims to power customers with creative solutions combined with leisure and entertainment.

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TC is treating Indian users

H to an early Diwali

surprise. After reports that the Taiwanese manufacturer might launch its Windows Phone next week, the company has already unveiled the HTC 8X and 8S Windows Phone 8 devices in the country. Former Miss India Earth 2011 Hasleen Kaur was in the capital recently for the launch. Both devices will be available this month at best buy prices of Rs. 35,023 for the HTC 8X and Rs. 19,260 for the HTC 8S. Both devices sport a uni-body design and are based on the Windows Phone Live Tiles. The HTC 8X comes with 4.3-inch 720p Super LCD 2 display coated with Gorilla Glass. The device sports an 8MP CMOS sensor with backside-illumination (BSI) for improved low-light performance, along with an f/2.0 aperture, 28mm lens and a dedicated imaging chip. The front camera is a 2.1MP with f/2.0 aperture and 88 degree ultra-wide angle lens, which also allows for high-definition video capture. 8X is also the first Windows Phone with Beats Audio technology and an audio amplifier.There is no expandable storage on 8X but you will get 16GB of onboard storage, part of which will be used by the operating system itself. The 8S comes with a 4-inch (800x480 pixels) super LCD display with Gorilla Glass, 1 GHz dual-core Snapdragon S4 processor with 512MB RAM, 5MP auto focus camera with LED flash and 720p HD video recording, 4GB internal memory expandable memory with microSD and a 1,700 mAh battery. Both smartphones feature the Windows Phone Store and Xbox Live catering to their entertainment and gaming needs. The Windows Phone 8X will come in a variety of colours including California Blue and Graphite Black while the HTC 8S will be available in Fiesta Red and Atlantic Blue. With HTC having outed its Windows Phones, Nokia is next in line to unveil the Lumia 920 in the country this month

Mee atest: Meett Samsung’s LLa Samsung Gala Galaxxy S III Mini amsung has announced that it will officially launch Galaxy S III Mini, which was unveiled a S Samsung fortnight ago, within days. Though this date is for the UK launch, the smartphone can be expected to come to India around the same time, since the country is one of the biggest markets for Samsung. The South Korean manufacturer also announced that Galaxy S III Mini will come bundled with 50GB of free Dropbox storage and games like Sims 3 and Bejewelled 2. Galaxy S III Mini, the smaller and toned-down iteration of the current flagship smartphone, features the ‘pebble’ design language that the Galaxy S III and Note II have, but features a smaller 4-inch SuperAMOLED display.

It is closer to the Galaxy S Advance than the Galaxy S III in terms of specifications.

Samsung Galaxy S III Mini runs on Android 4.1 (Jelly Bean) with Nature UI and is powered by a 1GHz dual-core processor with 1GB RAM. The phone will be available in 8GB and 16GB variants, which will support microSD card up to 32GB. Rear camera in the S III Mini has been scaled down to 5MP, from the 8MP snapper that came with the S III. The battery has also been reduced from 2,100mAh in Galaxy S III to 1,500mAh in Galaxy S III Mini. Connectivity options in the two devices remain the same, such as NFC, 3G, 2G, Wi-Fi, Bluetooth 4.0 and S Beam. The S III Mini also comes with S Voice, the digital voice assistant that Samsung developed in order to rival with Apple’s Siri. Though the S III Mini is being launched as an extension to the S III brand, its hardware is quite similar to that of the Galaxy S Advance. The only differences between the two devices are NFC, S Voice, S Beam, slight increment in RAM and Android 4.1 instead of Android 2.3 out-of-the-box; Samsung recently announced that Galaxy S Advance will soon get the Jelly Bean update as well, skipping Ice Cream Sandwich altogether. There was no word on the pricing and availability of the Samsung Galaxy S III Mini globally as well as in India. However, considering that its competition falls in the price bracket of Rs 18,00021,000, it can be expected that it will cost approximately the same. Key specs: Display: 4-inch SuperAMOLED touchscreen; Operating system: Android 4.1 (Jelly Bean); Processor: 1GHz dual-core; RAM: 1GB; Storage: 8, 16GB, with microSD card support up to 32GB; Connectivity: 3G, 2G, Wi-Fi, Bluetooth 4.0, NFC, S Beam; and Battery: 1,500mAh .

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HT C India’s Ne w 8X and 8S HTC New Smar tphone ws Smartphone tphoness with Windo Window Phone 8

Ne w LLa aunche s: FFrresh, LLux ux e, & Duds New unches: uxe Amit abh Bachchan Amitabh Un ar Unvveils Ga Gavvask skar Luxur atche uxuryy W Wa chess bbyy Uly din Ulyssse Nar Nardin egendary cricketer Sunil Gavaskar celebrated yet another milestone with the launch of an exclusive limited edition collection of 34 watches

by Ulysse Nardin in his honour. And as a mark of respect to the outstanding batsman and world class fast bowler, Mumbai socialites, the cricket fraternity, business and Bollywood brigade turned up in full strength. These 34 watches symbolise 34 centuries made by the iconic sports star and each watch has the name of the city where the century was made, engraved on it. Aptly it was the Bollywood legend and Gavaskar’s close friend Amitabh Bachchan who unveiled the Sunil Gavaskar Limited Edition Collection by Ulysse Nardin.

“Couple of years from now I would complete 25 years since I retired from the game, and to be remembered almost 25 years later is overwhelming. It is a true honour to represent India,” said Gavaskar. The hosts of the evening were Chhaya Momaya, Patrick Hoffman, CEO, Ulysse Nardin, Sunder Chainani, chairman, Swiss Promotion Pvt Ltd, Haresh Chainani, and Nitin Chainani.

Those present on the occasion were Yuvraj Singh, Ajit Agarkar, Kapil Dev, Zaheer Khan, Sonali Bendre with Goldie Behl, Nita Ambani, Arti Surendranath, Subhash Ghai and Adi Godrej amongst others.

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GM Sale wn, Saless Sharply Do Down, Will Ne w Sail and Enjo New Enjoyy Sa Savve? he new Chevrolet Sail U-VA for 10 lakh kms prior to launch. GM India is launched with prices T hatchback expects to see enhanced sales of this new ranging from Rs.4.44 lakhs to

Rs.6.62 lakhs (ex showroom Delhi). The new hatchback will compete with Hyundai i20, Ford Figo and Maruti Suzuki Swift in India on the price front. It has been launched just ahead of the festive season to cash in on the auspicious period when purchase of new vehicles is considered lucky. Chevrolet Sail U-VA is being launched both with petrol and diesel options and considering the present scenario it is the diesel option which will be in greater demand. Sail U-VA will sport a 1.2 liter petrol engine and a 1.3 liter diesel engine. The vehicle is ideally suited for Indian road conditions and has been tested

Sail as against their current Beat, which is at present the company’s best seller.

The month of October 2012 has not been particularly noteworthy for GM. Sales in India dipped by 32.87% from 10,062 units sold in October 2011 to just 6,754 units in October 2012. However, the company is not bogged down by dipping demand and is looking forward to see enhanced sales by 2013 with targets set at 2 lakh units. General Motors is also looking forward to launch of two new cars besides the Sail U-VA. GM India will soon be launching new Enjoy MPV into the Indian auto sector.

IIM-A P ar tner edIn Par artner tnerss with Link LinkedIn he Indian Institute of Management T Ahmedabad , and LinkedIn, a professional

network today announced their partnership to launch two official networking groups for the institute’s alumni. The new groups created from the partnership will be certified by LinkedIn with an official badge to convey the authenticity of the forums and encourage participation by alumni.

These groups on LinkedIn will allow the IIM-A alumni, to connect with their contemporaries, faculty members and even current students for opportunities like networking, mentoring and recruitment. The two groups are the “Indian Institute of Management Ahmedabad” group (meant for PGP, PGPX, PGP-ABM, PGP-PMP and FPM alumni) and the “Indian Institute of Management Ahmedabad Executive Education Alumni group (meant for all eligible alumni of the Management Development Programme (MDP), Faculty Development Programme (FDP), Armed Forces Programme (AFP), 3-Tier Programme (3-TP) and Management Education Programme (MEP)). They will serve as networking platforms for alumni of both the full-time and executive education programmes.

The access to these groups will be moderated by IIM-A’s Alumni office, thereby ensuring all group members are verified alumni of IIM-A. Moreover, the IIM-A groups will facilitate members, who are mid- and senior-level executives from leading corporations and businesses, to strengthen their network and leverage it to their professional advantage. IIM-A also plans to provide recruiters access to the full-time alumni group for lateral hiring opportunities.

Wha oves tto oE at...

Whatt Sachin LLo Ea rom a middle-class Maharashtrian boy who relished mom-made food, to being the ‘God of Cricket’ who has been a globe-trotter, Sachin Tendulkar has been exposed to various cuisines during his 25 years of cricket. The cricketer recently took out time to launch sports journalist and historian Boria Majumdar’s book ‘Cooking on the Run: An Average Indian Man’s Encounters With Food.’ When Majumdar interviewed Sachin during the launch, about his favourite cuisine, apart from the food cooked by his mother Rajni, the cricketer said, “I love Japanese food, which was introduced to me around 12 years ago. Earlier, I used to eat only sushi. But now, I have developed taste for sashimi and raw fish as well.” And it’s not just about exploring various cuisines, Sachin also loves to whip up meals for family. He often pampers wife Anjali by cooking fish curry and prawn-

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masala for her. Says the master blaster, “I have learnt a few things from my mother. I have asked her to keep her recipes properly, because I want my cook to prepare food exactly like her.”

Sometimes, food has also taken him by surprise. He recalled, “It was during my first tour to England that I realised cold

chicken is also meant to be eaten. I was not used to it, but as time went by, I developed a taste for them.” And while exploring various cuisines, Sachin, who has also tasted ‘weird’ food, said, “I have tried eating snail, it didn’t taste too good.” Sachin also enjoys exposing his teammates to new cuisines. “I took Suresh Raina to a Japanese restaurant a few years ago. It was his first experience and it wasn’t too bad.

Harbhajan Singh appreciates Thai food, because it’s a little spicy.” So, have his colleagues made him taste food cooked by them? Pat came the reply, “You think I would want to try that?” He quickly added, “I am kidding, but nobody has done that so far.” Incidentally, Sachin’s daughter Sara also loves good food. He revealed, “Sara likes to taste different cuisines like me, but Arjun sticks to the basic Maharashtrian food. He likes to eat varan-bhaat.”

ndia’s first social shopping platform for women LimeRoad.com has been launched to enable female shoppers to shop-bycity, by-brand, or by-flagship store, where they can browse and connect with shops, brands and retailers of their choice. The eye-candy magazine format allows effortless flipping of the pages. The proprietary scrapbook not only enables the shopper to organize, share and shop, it also tells you what others are buying. Commenting on the launch of LimeRoad.com, Founder & CEO, Suchi Mukherjee said, “We are on a journey to build the most extensive and engaging lifestyle platform ever.

Our sole objective is to make the shopping experience on LimeRoad so delightful, that we become the online destination for women to find gorgeous yet affordable products.”

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Manish Saksena, President & Co Founder says they believe there are varied retailers pan-India, who deserve to be in the spotlight. “We are creating a pipeline for these brands to be revived and reconnected with consumers though a new medium in a curated way, just like a woman shops, combines and creates a distinct style of her own.”

LimeRoad.com has international and national mega brands in their flagship form. Home-grown brands by exporters of world-class-products

exclusively launched for LimeRoad.com. High quality brands that have been revived online and local landmark products from cities and towns, all at affordable prices.

The portal is backed by high-profile venture capital funds. Lightspeed Venture Partners, key investor, has over $2 billion (Rs 10,720 crores) under management with teams in the US, India, Israel and China.

Marquee consumer investments include LivingSocial and Playdom (Disney). Matrix Partners India, another key investor, has Rs 3,000 crores under management, is part of the global network of funds at Matrix Partners that invests in the US, China and India with US $3 billion (Rs 16,092 crores) under management. Marquee consumer investments include Apple & Gilt Group.

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Ne w E-Shopping P or or W omen C ome wist, New Por orttal ffor Women Come omess with a TTwist, Brings R eal Sho wr ooms In Real Showr wrooms Intto the Game

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Celebration

Edwin

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SONGSTRESS HARD KAUR’S ALBUM P.L.A.Y LAUNCHED IN MUMBAI Bollywood’s rap queen Hard Kaur launched her second album P.L.A.Y in Mumbai’s Hard Rock Café recently. The album which came after hiatus of five years is a party album and is acronym for PARTY LOUD ALL YEAR. The songs in the album are majorly party songs. The album was launched by Kaur in the presence of celeb friends Kailash Kher, Ganesh Hegde, Harshdeep Kaur, Chang, Neeti Mohan, Pria Kataria Puri, Leslie Lewis, Claudia, Anirudh Ravichandra, Karanvir Bohra and wife Teejay Sidhu. Music honcho Shrishar Subramaniam launched the album. The launch was followed by Hard Kaur’s rocking performance and drinks for the guests present. The album released under the banner of Sony music has songs featuring Indian singing sensations – Mika, Lehmber Hussainpuri,Apeksha Dandekar and Anushka Manchanda. Hard Kaur has also recorded a song called as Desi dance with International Rapper-singer Eminem’s former band called D12.The event was compered by RJ Rohini.

Seating Luxury Customised for You

Cheer Leader

Every actor, producer, manager thriving in the film industry wishes to climb the steps of success. The vastness of the industry and the variety of contours it has makes you try your hand in at least one field. Sunny Shah, wellknown celebrity manager in the industry, too had some similar thoughts and decided to dive in the production of the film.

Sunny Shah who entered the industry in 1988 by starting an ad agency wished to produce a film back then but owing to some crises he turned to celebrity management and with managing the TV star Deven Bhojani film Jo jeeta wohi sikandar, Shah’s flight took off.

After being in the industry for more than 25 years he has co-produced a film ‘Le Gaya Saddam’. Based on the story of a conservative Muslim society the film teaches the Muslim youths the importance of divorce in one’s life in a very jovial manner. “I am very confident that even if it’s a small budget

movie it will be appreciated by the audience.”

Supporting Shah in this venture is actor Irrfan Khan. “Irrfan Khan has busy schedule but even then he was present for the music launch of my film ‘Le Gaya Saddam’ as a chief guest and it touched me immensely. He also

mentioned that if I need any kind of support with my ventures he will be happy to help,” said Shah. Shah who has managed celebrities like Pooja Batra, Divya Datta and still is managing Rajpal Yadav,Darshan Jariwala ,Arya Babar,Anup soni ,Sakshi Tanwar,Claudia Ciesla etc. says that he shares a special bond with Irrfan Khan.

He has been with Irrfan as a manager for more than 10 years now.

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IRRFAN KHAN’S SUPPORT TO HIS MANAGER SUNNY SHAH