Seasonal Magazine - September 2013

Rs. 50

KERENG/2002/6803

VOLUME 12 ISSUE 9 SEPTEMBER 2013

Bahrain BD 1.50 Kuwait KD 1.50 Oman OR 1.50, Saudi Arabia SR 12.00 UAE DH 10.00 UK ÂŁ 3.00, US $ 3.00

On one hand, politicians have become increasingly adept at creating I Owe You s (IOUs) with which they control IAS officers for their own advantage at a later stage. On the other hand, non-IAS luminaries are increasingly getting a role in governing this country, due to their specialized knowledge and experience.

Seasonal

EDITORIAL

MAGAZINE

www.seasonalmagazine.com

Who will Save Rupee or India?

Only Leaders Who are Willing to Unlearn and Relearn

Vol 12 Issue 9 september 2013

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 Editorial & Business Office Cochin: 36/1924 E, Kaloor-Kadavanthra Road, Near IGNOU, Kaloor, Cochin-17.

Ph:0484- 2345876, 2534377, 2340080 Mob. 09947141362, 09947258505 Mumbai: 202, Woodland Heights Building, St. Martins Road, Bandra West, Mumbai -400 050 Mob: 919947141362 Bangalore: House No: 493, Block 3 3rd Main, HBR Layout, Bangalore-4209731984836, Email:skmagazine@gmail.com www.seasonalmagazine.com UK Office: “CRONAN”, Boundaries Road Feltham, Middlesex, UK TW13 5DR Ph: 020 8890 0045, Mob: 00447947181950 Email: petecarlsons@gmail.com Reg No: KERENG/2002/6803 Printed & Published by Jaison D on behalf of PeteCarlson Solutions Pvt. Ltd. at Cochin. Printed at Rathna Offset Printers, Chennai-14. All Rights Reserved

by PeteCarlson Solutions Pvt. Ltd. No part of this publication may be reproduced by any means, including electronic, without the prior written permission of the publisher.

All India Distributor: India Book House, Mumbai UAE Distributor: Malik News Agency & Distributors Dubai All health related articles are for first information purposes only. Always consult your doctor before taking any decison affecting your health.

MEMBER

Subscriptions Available on iPhone/iPad & Android

Page 2

“When I became the Governor, I had no great knowledge of what monetary policy is about,” admitted a former RBI Governor recently during a public function. That is rather shocking, as RBI by definition is India’s central bank that formulates India’s monetary policy with regard to the Indian rupee. In other words, setting the monetary policy is one of the most prominent duties of RBI. Before you jump into any hasty conclusion about the kind of people, our politicians have made RBI Governors in the past, a quick backgrounder on this ‘ignorant fellow’ is warranted. Apart from his lack of knowledge about monetary policy, he was reasonably educated and experienced. He had worked for UNCTAD, was Adviser to Ministry of Foreign Trade, Secretary in Finance Ministry, and was Chief Economic Adviser to FM. By way of education, he had his post-graduation in Economics from Cambridge and his Doctorate in Economics from Oxford. But monetary policy was monetary policy. If he didn’t know that, he didn’t know that. Period.

Having divulged that much, no marks for guessing who this ‘ignorant fellow’ was. PM Indira Gandhi and FM Pranab Mukherjee selected Dr. Manmohan Singh as the RBI Governor in 1982 for a couple of reasons. Firstly, he seemed to know ‘a little more’ economics than either of them. Secondly, whether they knew about his ignorance about monetary policy or not, they knew that he was very capable of learning. So, what did Dr. Singh do at that time? In that same recent speech, he continues, “…and therefore, I asked the late Prof. Sukhamoy Chakravarty to head a committee to look at the functioning, the goals, the means, and measures of monetary policy, and that report was pretty influential for a period of time.” Yes, once upon a time, such strategies were enough. Those were simpler times. If you didn’t know anything, it was enough to learn. Of course, you should have the faculty for learning. We should call it the Manmohan era.

Even before that there was an even simpler era. When there was no great faculty for learning.

When Finance Ministry itself was occupied mostly by not economists but politicians. Jawaharlal Nehru, Morarji Desai, Indira Gandhi, Charan Singh, R Venkataramanan, VP Singh, Rajiv Gandhi, ND Tiwari, and Madhu Dandavate were all politicians with limited knowledge of economics, but who served as India’s Finance Ministers. We should call it the Rajiv era. But we can’t find fault with any of them. It was the simplest of times after our Independence and that kind of knowledge was more than enough. Learning itself was not required, as leadership was enough.

There were other unsung heroes willing to do the job in background. But, unfortunately, both these simpler eras are over. Leaders unwilling to learn are not enough. Even leaders willing to learn are not enough. Complexity has grown exponentially. Celebrated futurist Alvin Toffler predicted it correctly. “The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn. “ If literates of 21st century should do this much, what should be expected of leaders?

As a nation, we have so much to unlearn and relearn. We have to unlearn habits like imported fuel, imported gold, overspending, fiscal indiscipline, corruption, un-productivity, inefficiency, unaccountability, and even, over-reliance on parliamentary democracy vis-à-vis newer forms like direct democracy.

It is noteworthy that Dr. Manmohan Singh admitted his ignorance in front of Dr. D Subbarao and Dr. Raghuram Rajan. Dr. Singh was rather appalled that the very report on monetary policy

by Prof. Sukhamoy Chakravarty that he commissioned in 1982 is still being used by RBI as the primary document in setting monetary policy! He also had two other advices for Dr. Rajan - ask smarter professionals around and build consensus. Looking from where he stands now, it is one lesson that Dr. Singh has painfully unlearned and relearned.

John Antony

Page3

Contents Is IAS Under Siege by IOUs? Indian Administrative Service is truly at crossroads. On one hand, politicians have become increasingly adept at creating I Owe You s (IOUs) with which they control IAS officers for their own advantage at a later stage.

Adviser by Karma Advisers came in various types. Duryodhana had Shakuni. Chandragupta had Chanakya. Akbar had Birbal. Nehru had VK Krishna Menon. So, who is TKA Nair to Dr. Manmohan Singh?

Was There a Creator?

Robert Lanza is an American Doctor of Medicine, scientist, Chief Scientific Officer of Advanced Cell Technology (ACT) and Adjunct Professor at the Institute for Regenerative Medicine, Wake Forest University School of Medicine. Robert Paul Lanza was born in Boston, Massachusetts.

Page 4

How KSIDC Leads the Movement For a More Industrial Kerala

As Chief Minister Oommen Chandy recently remarked, Kerala is already way above national averages in crucial service sectors like healthcare and education, but is lagging behind in core industrialization, especially manufacturing. All that is set to change, if KSIDC..

Life Customised!

Dr. KN Raghavan, IRS, Customs Commissioner of Kochi, has led a uniquely exciting and multitasking life which offers much to learn for practically anyone - Doctors, Civil Servants, Cricketers, Umpires, Cricket Analysts, Authors, Students, Multitaskers.. & High Achievers.

Is Neem the Real Indian Beauty Secret?

Does the untimely burst of pimples leave you feeling embarrassed? Are you tired of squeezing out the blackheads or irritated with dry skin? Such problems keep troubling girls and boys, time and again. But instead of going for natural ingredients to find a solution..

R-Infra Downsizes Itself

The Anil Ambani company has exited two projects and is re-thinking its growth strategy..

Big Data's Big Daddy IBM Brings it to Broadcast

J Graeme Noseworthy, Strategic Messaging Director for Big Data at IBM explains in this interview how Big Data can enable broadcast media companies to deliver their viewers what exactly they want to view when they turn on their TV or radio.change?

How to Survive a Plane Crash

Your chances of surviving an airplane crash, like the recent crash of Asiana Airlines Flight 214 at San Francisco International Airport, are surprisingly good. More than 95 percent of the airplane passengers involved in a crash survive, according to the National Transportation Safety Board (NTSB), that is, if they do the right things.

Shake When You Are Stuck

Stuck in an Emergency Situation? Shake Your Phone.

Meet Just Launched Motorola Moto X: iPhone, S4, & HTC One Have Serious Competition Here The first phone produced from scratch by Motorola Mobility since being acquired last year by Google is chockfull of cutting-edge features.

A Startup a Day Keeps Joblessness Away Kerala has decided to set up a seed capital support scheme for early stage investments to help entrepreneurs.

Meet the New Shadow Banker in India and China

It is wonderful how demand eventually meets its matching supply in the world of finance. Two sectors had a problem. The first was US Private Equity Funds which were staring at bleak growth prospects as no big buyout deals were happening in..

9 Things to Avoid, for Getting the Best Health Insurance Health insurance is the saviour of the day in case of a medical contingency. But choosing a right health insurance plan never comes easy, whether you are looking to buy a new health insurance plan or renew your existing plan.

Be on the Safe Side with Student Loans

So you have the admission letter to an expensive school and the fees is to be paid.

Your parents cannot pay the fees and you have to now borrow the amount of money that you need. So you must borrow if you want that education; so there is no..

Page 5

How MIOT Deli vers Advanced Expertise With Extraordinary Care

MIOT International of Chennai is not just another 1000 bedded superspeciality hospital, which in itself is a feat.

MIOT was born out of the..

How 7 Advantages are Turning Galgotias University Into a World Class Institution Greatness sometimes happens by birth.

Greatness often happens by deeds. What happens when an institution that is superior by ‘birth’ or pedigree, attempts good..

Dhoni’s Innings for the Business Fraternity How does Captain Cool deliver? Not just cricket analysts, but even CEOs would like to know.

Dissecting Dhoni’s leadership style has already emerged as a conference topic.

Why Cars Won't Remain Cars Several new high-tech features are transforming cars like it has never happened in history.

Cameras that check around the car for pedestrians.

Radar that stops you from drifting out of your lane..

From Nothing to Everest and to Plains Again, Can Jaypee Climb Back to Glory?

From humblest of beginnings in 1958, Jaiprakash Gaur built up the Jaypee Group which has successfully undertaken some of the largest and most..

Page 6

All Eyes on Dethroned WPP

With the ad world upended, speculation on response of the dethroned No 1..

The Promise o f Wonderla IPO ?

Can Wonderla be a 7X multibagger like V-Guard within the next 5 years? It is a complex question, as it would be the first time an amusement park business is going for listing in India.

Kerala’s Fastest Progressing Ultra Premium Realty Project

Tritvam by Tata, at Kochi, has many unique attributes.

Like, Tata’s very presence in Kerala realty. Or, the largerthan-life design and space, despite being at one of the costliest areas in Kerala Kochi’s Marine Drive.

As Delhi Relaxes its Floor Norms, Who Will Benefit, Who Will be Hurt?

Real estate services firm Jones Lang LaSalle India elaborates on Delhi's relaxed floor norms for construction of additional floors in residential flats having multiple ownerships. It is a complex development, with possibilities for good, bad, and ugly scennarios for many Delhiites.

The Emerging Conglomerate To Watch Out For Kottayam headquartered Kosamattam Group is no longer the emerging NBFC to watch out for. Chairman Mathew K Cherian, the current scion of the Kosamattam family, has played the game well during the last couple of decades, taking the group’s core NBFC operation to a stage where it is competing directly with..

Page 7

AUTO

WHY CARS WON'T REMAIN CARS Several new high-tech features are transforming cars like it has never happened in history. Cameras that check around the car for pedestrians. Radar that stops you from drifting out of your lane. An engine able to turn off automatically at traffic lights to conserve fuel.

All these and more could be on your next car.

echnology that saves lives - and fuel - is getting better and cheaper. That means it's no longer confined to luxury brands like Mercedes and Volvo. It's showing up in mainstream vehicles like the Nissan Rogue and Ford Fusion. "What we see today as slightly elitist technology is changing very, very fast," said Steven Lunn, chief operating officer for TRW Automotive, which supplies electronics and other parts to carmakers. TRW Automotive has recent––ly demosntrated a radar and camera system that warn you, with beeping sounds, of a possible frontend crash is highlighted. The systems are the outgrowth of adaptive cruise control, which came out 15 years ago and helps keep cars a safe distance from vehicles in front of them. TRW says its newest radar is a quarter of the price of the model it sold 10 years ago. Its cameras are smaller and cheaper, too, making it easier to put multiple ones on each car. High-tech options can still cost a few thousand dollars more, but those costs will come down as technology improves and automakers add them to more and more vehicles.

Here are some up-and-coming features that drivers can expect on their next cars: Seasonal Magazine

Page 8

Collision Warning with Automatic Braking: New cars have radar and camera systems that warn you, with beeping sounds, of a possible front-end crash.

Some even stop the vehicle, or at least slow it enough to make a crash less severe. More sophisticated systems apply the brakes if a car veers off the road and heads toward a moving or fixed object. The systems are the outgrowth of adaptive cruise control, which came out 15 years ago and helps keep cars a safe distance from vehicles in front of them. Mercedes, Honda,

Toyota, Infiniti, Volvo and other brands offer automatic braking to avoid a collision in select premium models; more automakers will follow soon. The systems seem to be working. David Zuby, the chief research officer at the Insurance Institute for Highway Safety, said collision warning systems alone reduced crashes by 7 per cent in a study of insurance claims for several thousand Mercedes vehicles with the technologies. Adding automatic braking doubled that benefit.

Advanced Cameras: Automotive cameras are showing up on

low a can fol tly r e m a c A and gen the road r - using the ca nudge a to stay in the brakes r of a lane. cente

more to accommodate bulbs, so designers have more flexibility on where to put lights. And LEDs, or lightemitting diodes, are letting automakers cram more brightness into smaller spaces. Audi, Mercedes, Acura, Mazda and others have so-called adaptive headlights that swivel in the direction the car is going to help drivers see around corners as they turn. And many cars now have high-beam lights that sense oncoming traffic and dim automatically. The Ford Fusion and other mainstream cars have them, and drivers can buy after-market kits to add automatic high beams to cars without them.

Stop Start: more cars ahead of a government requirement to install backup cameras, which is expected by 2015. But with cameras getting smaller and cheaper, automakers aren't just putting them on the back of the car anymore. Honda has demonstrated side cameras that come on automatically when a turn signal is employed, so drivers can spot obstacles while turning. Nissan's around-view monitor blends images from four cameras tucked in the mirrors and elsewhere around the car into a composite, bird's-eye view to help the driver back out of a parking spot. The system is available on a high-end Rogue, which costs $6,000 more than the base model. Volvo and Subaru have front-mounted cameras that can apply brakes to avoid hitting pedestrians.

According to Mobileye, an Israeli maker

of automotive cameras, car companies are adding cameras that can read wrongway road signs, detect large animals such as deer, and even note the colours of traffic lights. All that technology is coming by 2015. The next wave? Nissan and TRW are working on a system to automatically steer the car away from an obstacle. Expect that by 2016.

Lane Centering: A camera can follow the road and gently nudge a car - using the brakes - to stay in the center of a lane. These systems dubbed Lane Keep Assist - are available on some Mercedes-Benz vehicles as well as the Ford Fusion, Ford Explorer, Toyota Prius, Lexus GS and Lincoln MKZ. They aren't cheap. A combined lane-keeping and lane-centering system is a $1,200 option on the Fusion SE. Prius owners must spend $4,320 to get the system, packaged with cruise control and an entertainment system. Lane-centering is an outgrowth of lane-keeping systems, which first appeared on commercial trucks a decade ago. Those systems - now offered by Honda, Buick, Cadillac, Nissan and other brands - sound a beep or vibrate the driver's seat if a camera senses that a car is swerving out of its lane.

Adaptive Headlights: Headlights don't have to be round any

By 2025, new cars and trucks sold in the US will have to average 54.5 miles per gallon (4.3 litres per 100 kilometers) of gasoline, up from the current 30.8 mpg (7.6 litres). One feature will almost be a must-have: A "stop-start" device that shuts off the engine at a stop light and automatically turns it on when the driver releases the brake. Alex Molinaroli, a vice president with Johnson Controls Inc., which makes batteries that power the systems, estimates they raise gas mileage by a minimum of 5 per cent.

Stop-start first surfaced in Europe, where gas prices are far higher. Now, nearly all gas-electric hybrid vehicles have it, as do some cars and trucks with conventional engines. The BMW 3Series has a simple system, helping the four-cylinder version with an automatic transmission get 28 miles per gallon (8.4 litres per 100 kilometres) in combined city and highway driving. A high-mileage version of Chrysler's Ram pickup also has it, boosting combined mileage by 1 mpg to 21 (11.2 litres per 100 kms).

Currently, 5 per cent of new US cars have the systems as standard or optional equipment, up from just 0.5 per cent two years ago, according to the Edmunds.com automotive website.

Johnson Controls predicts that to rise to 40 to 45 per cent by 2016.

Seasonal Magazine

Page 9

Page 10

Page 11

TRAVELL

How to Survive a Plane Crash Your chances of surviving an airplane crash, like the recent crash of Asiana Airlines Flight 214 at San Francisco International Airport, are surprisingly good. More than 95 percent of the airplane passengers involved in a crash survive, according to the US National Transportation Safety Board (NTSB), that is, if they do the right things. espite this reassuring statistic, many people adopt a fatalistic attitude toward plane crashes — which can result in a dangerous level of apathy, especially regarding preflight safety briefings. "One reason passengers do not pay attention to the briefing may be their belief that accidents are not survivable," according to a 2001 NTSB report. But not only are plane crashes survivable, there are things you can do to ensure your safety, experts say.

Dress for Survival Before you leave for the airport, dress appropriately. In the event of an emergency, you'll want to be wearing practical shoes and clothing. "Imagine having to run away from a burning plane," Cynthia Corbett, a human factors specialist at the Federal Aviation Administration (FAA) says. "If you have to do that, how well are your flipflops going to perform? How well are your high-heeled shoes going to perform?" It's also smart to wear long pants and long-sleeved shirts to protect your skin from flames and sharp objects.

According to the NTSB report, 68 Seasonal Magazine

Page 12

percent of passengers killed in plane accidents died as a result of injuries sustained during post-crash fires. "We like to see tie-on shoes that you're not going to run out of and long pants," Corbett says. "Jeans are good. I know in the summer that's really tough, but short shorts are just real dangerous."

Choose Your Seat Wisely An oft-cited analysis performed by Popular Mechanics in 2007 found that passengers in the rear of an aircraft were significantly more likely to survive than passengers near the front. In looking at fatal airplane crashes since 1971 where seating charts were available, the analysis revealed that people sitting behind the wing had a 40 percent greater chance of surviving than passengers in the front of the plane (where first-class seats are generally located). Of course, all airplane crashes are different, and in a few crashes, passengers in the front of the plane fared better. Regardless of which section of the plane you're sitting in, try to sit in or near an exit row.

Professor Ed Galea, a fire safety engineer at the University of Greenwich

in England, found that most crash survivors moved five rows or fewer before exiting a burning plane. Galea also determined that aisle seats were somewhat safer than window or center seats, according to ABC News.

Takeoff and Landing Safety experts have found that the most accident-prone times of an airplane flight are the three minutes after takeoff and the eight minutes before landing, ABC News reports. During these times,

Before you leave for the airport, dress appropriately. In the event of an emergency, you'll want to be wearing practical shoes and clothing.

it makes sense to keep your shoes on, keep your tray table up and make note of the two nearest exits (both in front of and behind you). Experts also recommend placing a carry-on item under the seat in front of you. "That gives a block there, so the feet and legs can't go up under the seat in front," Corbett said, noting that broken bones in feet and legs are common in crashes.

If an impact is imminent, it's important to remain calm and assume a survival position: If you have a seat in front of you, cross your hands on the seat back and place your forehead on top of your hands. If you don't have a seat back facing you, bend forward and hug your knees with your head down. Passengers should also take sharp objects, like pens and keys, out of their pockets — these can stab through skin in an impact.

The 90-Second Rule The first 90 seconds after a crash are the most important — if you can stay

An oft-cited analysis performed by Popular Mechanics in 2007 found that passengers in the rear of an aircraft were significantly more likely to survive than passengers near the front.

calm and move out of the plane quickly, your odds of survival are much greater. Some passengers are in such a state of panic that they can't unbuckle their seat belts: NTSB reports have found that many crash victims are found in their seats with their seat belts still buckled. "That's why it is important to know what to do, even without the orders," Corbett told WebMD. "Some people sit and wait for orders, and if they don't hear any, then they sit right through the disaster." One reason so many passengers survived the Asiana crash was their ability to exit the airplane quickly. "If people had dawdled getting off this airplane, that would have put them at increased risk," John Hansman, director of the International Center for Air Transportation, says. Gathering luggage and other personal belongings can be a fatal mistake.

"You might get stuck on that plane with your luggage," Corbett opines.

As Safe as an Escalator One thing safety experts are quick to emphasize is the remarkable safety record of commercial airlines. Only one in 1.2 million flights ends up in an accident, according to NTSB statistics.

Vast improvements in safety training, in nonflammable aircraft materials and in firefighting equipment have made flying much safer than driving. The odds of dying in a plane crash are about one in 11 million, according to Discovery, while the odds of dying in an auto accident are about one in 5,000. "Riding on a commercial airplane has got about the same amount of risk as riding on an escalator," Hansman says.

"Flying the skies is, I believe, the safest mode of travel," Corbett says. "That doesn't mean we should take it lightly and that we shouldn't be prepared. Don't let it scare you. Just have a plan."

Safety experts have found that the most accidentprone times of an airplane flight are the three minutes after takeoff and the eight minutes before landing.

Seasonal Magazine

Page 13

Page 14

Page 15

Page 16

Page 17

RELATIONSHIPS with it.” The US army doesn’t just disapprove of fraternization between recruits and officers, it considers it a criminal offence. Considering that women are genetically wired to repeat themselves (read: nag) until they get their way, have you considered the odds that you might like her less the more you see of her? Are you completely sure that you can live with your girlfriend’s annoying habits and her little quirks for the rest of your life without wanting to pull your own hair out?

WHAT TO THINK ABOUT: Neither men nor women betray their true selves while dating. How much of what each of you appears to be is really you?

Let’s take the pessimist’s view here: what makes you think that your relationship is different? Do you really know what you’re getting yourself into? How well do you really know her? Yes, she might be your soulmate, but even soulmates have bad tempers, and expensive tastes. Research has proved that the first year of marriage is the most stressful. And pop psychology has taught us that men and women come from different planets. Ask any married man what he learned about marriage after the first year and he will say something like this: MEN AND WOMEN CHANGE AND EXPECT CHANGE DIFFERENTLY It really is true. Men assume that women will not change after marriage, while women are convinced that they can and will change their husbands. Men are, for the most part, honest, straightforward creatures. They’ve analyzed their potential spouse and they’ve accepted her foibles. They think they can live with her faults. They concentrate on the positive qualities. If she’s basically a calm, organized person now, she should remain that way, shouldn’t she? But oh how different is a woman’s perspective about such matters! Women accept themselves as irrational to a point, and they realize that changing themselves to suit their circumstances is the only way to deal with life. If they are moldable, men must be too, right? And with this firm belief does a woman enter into marriage: that he will love her enough to change for her, or that she Seasonal Magazine

Page 18

will succeed in demonstrating the rationality of her argument, that this certain quality of his is disagreeable, and that that particular habit is unacceptable.

WHAT TO EXPECT: That your spouse will change. He or she just might seem like a completely different person after marriage. Your spouse will probably expect you to change too. Can you make allowances for this? Do you know which of your traits they find the most annoying, and are you willing to give that up for love?

What about your spouse do you find most endearing, and could you live without it if it were to disappear overnight?

FAMILIARITY INDEED BREEDS SOME CONTEMPT Mark Twain once said, “The reason we hold truth in such respect is because we have so little opportunity to get familiar

DON’T START TOO STRONG They tell this to women, but men should remember it too: don’t do anything during the first few months that you don’t want to continue doing all your life. Expectations, anyone?

It’s only natural that if you begin doing something nice for her, she will expect you to continue doing it for the rest of your lives. What she learns about you in the first few months is going to shape the way she supposes you will behave forever. Whether it’s taking out the trash or buying her flowers or gadgets on every monthly anniversary, she will remember these things, and if you stop doing them, you don’t love her anymore, sob sob.

WHAT TO CONSIDER: The problem here is that small as well as big things merit the same careful consideration. Most husbands aim to please at the start of a marriage, even though they might later forget what they consider insignificant to the large picture. Women, the divinely contradictory sex, associate affection with symbolic gestures.

Marriage calls for a lot of maturity and accommodating nature. And we haven't mentioned kids, yet. They would demand you both transform into angels. Marriage is indeed designed to change you, for the better.

BEAUTY

Is Neem the Real Indian Beauty?

Does the untimely burst of pimples leave you feeling embarrassed? Are you tired of squeezing out the blackheads or irritated with dry skin? Such problems keep troubling girls and boys, time and again. But instead of going for natural ingredients to find a solution, many prefer to go for cosmetic resolutions. Neem is a natural herb that has many beauty benefits that often go unnoticed. So all you girls and boys, especially brides-to-be and bridegrooms-to-be, read on as we tell you about the beauty benefits of neem, which are certainly going to surprise you.

Neem for Skin Infections:

Neem for Skin Toning:

Boil a few neem leaves till the time they turn soft. You will notice the water turning green because of the discolouration of the leaves. Strain this water and add some of it in your bath water. Regularly taking bath with this water will help in keeping skin infections under check. Neem leaves have antibacterial, antifungal and antiviral properties and hence they are quite effective on skin infections. It also soothes irritation and reduces inflammation without drying the skin.

When used regularly, neem works as an excellent agent to prevent wrinkles and fine lines. Use the strained neem water to fight the signs of age spots or aging.

It works effectively on skin pigmentation as well. Strained neem water will help in lightening the acne scars and lesions caused due to skin conditions. Alternately, you can prepare a neem-rose face pack for a smoother complexion, free from grease and oil.

After it dries off, make sure you wash it off with rose water.

Neem for Acne:

Neem for Dry Skin:

The most favourite home remedy that has been passed on from one generation to another is about using neem to treat acne. To effectively put this to use, first boil a few neem leaves in water (as explained before) and dab a cotton ball in that water and then apply it evenly on your face. You can also use a neemcucumber face pack or neem-yoghurt face pack to keep a check on excessive oil secretion by sebaceous gland.

Seasonal Magazine

A neem pack is quite effective in taking care of an excessively dry skin. Take some neem powder and add a few drops of grape seed oil in it. Apply this evenly on your face and leave it on for a couple of minutes before you rinse it off with cold water.

Neem for Skin Pores: Neem provides an effective remedy in

tackling problems such as blackheads, whiteheads and large pores. To combat these problems, you will need to prepare a mixture of neem leaves and orange peels. Pound the two to make a pulp and add a few drops of honey, soy milk and yoghurt to it. It is recommended that you apply this face pack at least thrice a week to notice results. If you only have blackheads, apply some neem oil on the affected area.

Neem for Hair Troubles: The antibacterial and antiseptic properties of neem come in handy while treating scalp conditions. Neem oil helps in hair growth. Massage neem oil on your hair roots without breaking your hair strands. This will take care of your hair thinning problems as well. For dandruff control, apply a mixture of neem powder and water on your scalp and leave it for an hour before you shampoo your hair.

PERSONALITY

WAS WAS THERE THERE A CREATOR? CREATOR?

obert Lanza is an American Doctor of Medicine, scientist, Chief Scientific Officer of Advanced Cell Technology (ACT) and Adjunct Professor at the Institute for Regenerative Medicine, Wake Forest University School of Medicine. Robert Paul Lanza was born in Boston, Massachusetts. As a youngster, Lanza altered the genetics of chickens in his basement, and came to the attention of Harvard Medical School researchers when he appeared at the university with his results. Jonas Salk, B. F. Skinner, and Christiaan Barnard mentored Lanza over the next ten years. Lanza attended the University of Pennsylvania, receiving BA and MD degrees. There, he was a Benjamin Franklin Scholar and a University Scholar. Lanza was also a Fulbright Scholar. Lanza was part of the team that cloned the world's first early stage human embryos for the purpose of generating embryonic stem cells. Lanza demonstrated that techniques used in preimplantation genetic diagnosis could be used to generate embryonic stem cells without embryonic destruction. In 2001, he was also the first to clone an endangered species (a Gaur), and in 2003, he cloned an endangered wild ox (a Banteng) from the frozen skin cells of an animal that had died at the San Diego Zoo nearly a quarter-of-a-century earlier. Lanza and his colleagues were the first to demonstrate that nuclear transplantation could be used to reverse the aging process and to generate immune-compatible tissues, including the first organ grown in the laboratory from cloned cells. Lanza showed that it is feasible to generate functional oxygencarrying red blood cells from human embryonic stem cells under conditions suitable for clinical scale-up. The blood cells could potentially serve as a source of “universal” blood.

His team discovered how to generate functional hemangioblasts (a population of "ambulance" cells) from Seasonal Magazine

Page 20

human embryonic stem cells. In animals, these cells quickly repaired vascular damage, cutting the death rate after a heart attack in half and restoring the blood flow to ischemic limbs that might otherwise have required amputation. Lanza’s team at Advanced Cell Technology has succeeded in getting stem cells to grow into retinal cells. With this technology, some forms of blindness may be curable, including macular degeneration and Stargardt disease, currently untreatable eye diseases that cause blindness in teenagers, young adults, and the elderly. Advanced Cell Technology has received approval from the Food and Drug Administration for human trials using human embryonic stem cells to treat degenerative eye diseases. In 2007, Lanza's article titled "A New Theory of the Universe" appeared in The American Scholar. The essay addressed Lanza's idea of biocentric universe, which places biology above the other sciences. Lanza's book "How Life and Consciousness are the Keys to Understanding the Universe" followed in 2009. Lanza has received numerous awards, including a 2010 National Institutes of Health (NIH) Director’s Award for “Translating Basic Science Discoveries into New and Better Treatments”; a 2010 “Movers and Shakers” Who Will Shape Biotech Over the Next 20 Years; a 2005 Wired magazine "Rave Award" for medicine “For eye-opening work on embryonic stem cells”, and a 2006 Mass High Tech journal “All Star” award for biotechnology for “pushing stem cells’ future”.

Here is a classic article written by Dr. Robert Lanza, titled, "Did An Outside Entity Create The Universe?"

“

here were you when I laid the foundations of the earth? ... When the morning stars sang together, and all the sons of God shouted for joy?" - Job 38:4,7 As a child I found myself playing on the center of God's stage. From some hidden celestial vantage point, so I thought, I was being scrutinized and watched by the Supreme Creator, perhaps almost as narrowly as I, as a medical student with a microscope, would one day scrutinize the cells growing in a Petri dish. But that was long ago, before I had seen micrographs of DNA, or the tracks of matter and antimatter created in a bubble chamber by the collision As for the energy, of high-energy particles. But as I when asked if he became engaged upon the task of believed in God, Albert squeezing 300 years of scientific Einstein replied "There achievement into a few must be something convolutions of brain tissue, it behind the energy." became increasingly clear - in my new sophistication - that there was no need for a creator.

After four decades of scientific study, I have learned that there are natural explanations for the evolution of the stars, planets and even life. There are hundreds of textbooks and scientific journals that describe in detail how hadrons and leptons assemble into atoms and molecules, and how they in turn assemble into ants, musicians and football players. As a scientist, I was taught that an outside creator isn't needed to complete this mechanical explanation of life and the universe.

"What," wrote Thomas Hobbes, the English philosopher "is the heart but a spring, and the nerves but so many strings, and the joints but so many wheels, giving motion to the whole body." Indeed, However, "I have come biologists have discovered to suspect," said Loren Eiseley, the great that the entire human body naturalist, "that this is made up of trillions of tiny machines -- called long descent down the cells. These are made up ladder of life, beautiful of smaller components, and instructive though it such as the ribosomes, may be, will not lead us mitochondria and Golgi to the final secret. bodies, which in turn are made up of carbohydrates, lipids and proteins. As the wheels get smaller and smaller -- and the cogs spin faster and faster -- it all dissolves away into a swarm of energy.

As for the energy, when asked if he believed in God, Albert Einstein replied "There must be something behind the energy."

Seasonal Magazine

Page 21

Was there a creator who just said "Let there be light" (or more scientifically speaking "Let there be electromagnetic energy") 13.6 billion years ago?

Of course, he, she or it had to also worry about all the other details, such as the laws, forces and constants of the universe that had to be just right, or else you and I - and all the stars and galaxies - wouldn't exist. If the strong nuclear force were decreased a couple of percent, atomic nuclei wouldn't hold together and plain-vanilla hydrogen would be the only kind of atom in the universe. Oops, no carbon or oxygen!

And then there's the big question I had as a young boy: If, indeed, God made the world, then who made God? But biocentrism suggests that this is a humanly created dilemma - that the Space and time are how we primacy of consciousness, which make sense of it all. But features in the work of Descartes, Kant, they represent only one of Leibniz, Berkeley, Schopenhauer and Bergson, supports the claim that what many possible information we call space and time are forms of systems, and it's just animal sense intuition, rather than conceivable that some of physical objects. They are the tools our mind uses to put everything together. them require the influence Our consciousness animates reality of an outside entity. much like a phonograph. Listening to it doesn't alter the record, and depending on where the needle is placed, you hear a certain piece of music. This is what we call "now." In reality, there is no before or after.

All nows, past, present and future, always have existed and will always exist, even though we can only listen to the songs one by one.

"Can you comprehend the marvels of the stars," asked God "the animals, the infinite wonders of existence?

You, a worm that lives a few moments, and dies?" And thus, in their soaring argument, he concedes to Job that the missing piece is with him.

Indeed, it's us, the observer, who create space and time (which is why, in a long series of experiments, they are relative to the observer). The universe is simply the spatio-temporal logic of your existence that is, the way all the pieces, your cells, the proteins, and all the other wheels and cogs fit together.

However, "I have come to suspect," said Loren Eiseley, the great naturalist, "that this long descent down the ladder of life, beautiful and instructive though it may be, will not lead us to the final secret. ... I will wonder what strange forces at the heart of matter regulate the tiny beating of a rabbit's heart or the dim dream that builds a milkweed pod."

Space and time are how we make sense of it all. But they represent only one of many possible information systems, and it's just conceivable that some of them require the influence of an outside entity. In fact, in the lapse of eternity, advanced life forms have almost certainly figured out how to change these algorithms so that their consciousness moves beyond the dimensions we find ourselves.

Alas! It appears increasingly likely that our universe is not a closed system and that science may not be playing with a full deck. Among other things, the most current data suggests the universe will continue to expand forever and that an extraordinary "inflationary" period has to be artificially added at the beginning to make everything work correctly.

And if space and time aren't things, then what's really out there? What don't we see? What don't we know?

"Can you comprehend the marvels of the stars," asked God "the animals, the infinite wonders of existence? You, a worm that lives a few moments, and dies?" And thus, in their soaring argument, he concedes to Job that the missing piece is with him.

Seasonal Magazine

Page 22

Page 23

LEADERSHIP

Dhoni’s Innings for the Business Fraternity

How does Captain Cool deliver? Not just cricket analysts, but even CEOs would like to know. Dissecting Dhoni’s leadership style has already emerged as a conference topic. Anyway, experts from diverse fields seem to agree on some obvious giveaways. Firstly, Dhoni doesn’t care a damn about failure. Secondly, he never waits for advice. Thirdly, Dhoni shunts out all extraneous disturbances.

And lastly, he doesn’t break when pushed to a wall; instead, he coolly delivers.

ow does Mahinder Singh Dhoni losing. We can never know what’s going on inside maintain an aura of calm even Dhoni’s head. If he is stressed, he never lets it show.” when the Indian cricket team is Dissecting Dhoni’s leadership style for a corporate getting a drubbing? Why doesn’t audience at the ESPNCricinfo 20th anniversary the captain exhibit signs of event in Mumbai earlier this month, the two anguish in the face of defeat, commentators, along with Prakash Iyer, managing like Rahul Dravid and Saurav director of Kimberley Clark, agreed that this sense Ganguly quite often did before of detachment in times of crisis is him? Doesn’t he care? “Winning the hallmark of the captain’s “Dhoni is either is important to Dhoni,” says for leadership style. Manjrekar says unaware of what player and cricketer that one of the reasons Dhoni commentator Sanjay Manjrekar, commentators say about remain unruffled is because he “but losing is not that important. insulates himself from extraneous him or he doesn’t care. influences. “Dhoni is either It’s a very rare leadership quality.” A calm mind is the most He didn’t seem affected unaware of what commentators dangerous and Dhoni’s ability to say about him or he doesn’t care. by the conflict of stay cool when the heat is on He didn’t seem affected by the interest scandal, when conflict of interest scandal, when allows him to make the uncanny calls that others find hard to he was in the headlines. he was in the headlines. In that way fathom. “For champions, the big he’s different from a captain like day is like every day,” says Ganguly, who was always attuned cricket commentator and author Harsha Bhogle. to what the press was saying about him.” Dhoni’s “The great captains of the world know that if you ability to insulate himself and his team from fear losing, you will be agitated, which invites extraneous influences in order to focus on the game Seasonal Magazine

Page 24

is one of his biggest strengths. He is also known to back his players, giving them time to gain full potential. “The players know that Dhoni will not hastily judge them,” says Manrekar. “They just need to have the right attitude and show courage in the field. He “A corporate leader empowers them. He’s not a needs to personally controlling kind of captain.”

Dhoni may empower, but when effective. People in it comes to key strategic office would point at a decisions, he is his own man, CEO who fails to swing seldom seeking advice.

Manjrekar compares him to an important deal.”

Azharuddin, who would always huddle with senior players during the drink break and ask their advice on what to do next: “Dhoni doesn’t do that. He doesn’t need advice. And after losing a match, he doesn’t need comforting.” In cricket and in the corporate world, there is always a tendency to promote the best player to captaincy. This often creates tension between personal performance and team performance. In the corporate world, people do look askance at leaders who fail to perform. “A corporate leader needs to personally effective.

People in office would point at a CEO who fails to swing an important deal,” says Iyer. In cricket, however, a captain’s personal performance and team performance need to be separated. “If you’re not doing well yourself, you still have to get performance from others. These are two different things. I remember Gavaskar in 198586. He was willing to sit back and let everyone else get ahead,” says Bhogle. Is Dhoni the best captain Indian cricket ever had? And is he going to leave the game better than it was? While the rest of the panel is ambivalent, Manjrekar is unequivocal: “I’m a fan. Dhoni leads from the front and he is a much better role model for young cricketers than those who went before him. In the past, the biggest problem with the Indian team was temperament. Which is why we would lose matches we were all set to win. Today, the team is temperamentally stronger, thanks to Dhoni. He is capable of leading Indian cricket itself, not just the team.” Dhoni certainly seems to enjoy being the captain, unlike Sachin Tendulkar, who was never happy taking charge.

Bhogle believes Dhoni is a political animal at heart, which is why he’s so inscrutable: “He wouldn’t do anything to jeopordise his captaincy.

He knows when to stay quiet and what to say in any given situation. He prefers to wait and watch rather than speak out.”

Seasonal Magazine

Page 25

EDUCATION

Be on the Safe Side with

Student Loans

Student loans when recklessly taken and carelessly repaid, can cost dearly. Here is a a simple checklist for all those students who plan to go for an education loan.

o you have the admission letter to an expensive school and the fees is to be paid. Your parents cannot pay the fees and you have to now borrow the amount of money that you need. So you must borrow if you want that education; so there is no great choice, right? Well, if you must borrow, do so, but keep the following in mind: Borrow as little and as late as possible: The week the money comes from the lender it should be paid out to the college: So if your last day for paying fees is July 31, make sure that your loan is disbursed on say July 23, not on the 5th of the month and the money lies in Seasonal Magazine

Page 26

Be prepared for a recession when you finish! It is not the most encouraging advice, but be careful about a recession exactly when you finish your degree. Ouch it hurts, but being prepared is better than not being prepared.

your own account for quite some time.

Borrow the minimum amount that you HAVE TO borrow: Use most of your past savings, scholarships, money from parent, etc. And then go and borrow the minimum amount that you must.

Look real hard for part time work and save up that money.

Remember that CIBIL is watching your repayment - so take decently difficult loan amounts, but not so difficult to make you gasp and default.

Now all your credit is being watched so behave well with your credit card, vehicle loan, etc.

Be prepared for a recession when you finish! It is not the most encouraging advice, but be careful about a recession exactly when you finish your degree.

Ouch it hurts, but being prepared is better than not being prepared.

When you start to repay, be regular.

However if you cannot, go to the lender before he comes to you. But remember 'deferment' hurts real bad. It is just a way of postponing your payment - and in that period of deferment interest at high rates are being recovered from YOU. So be careful.

A foreign degree is useful only if you are seeking to make a career abroad.

That in turn depends on whether you really want to live abroad all your life. Very, very good high quality Indian education is available, explore that first.

If you need to go abroad, for all higher studies many scholarships are available. Exhaust them first. See, research, re-research, ask around, etc. You may land up with some part scholarships. After all these efforts, arrive at a sum of money that you must borrow.

(By PV Subramanyam)

Hyderabad to Have Mewar Varsity Campus The university has already identified land at Ibrahimpatnam, near Hyderabad.

Mewar University of Chittorgarh in Rajasthan has announced its plans to set up a campus at Hyderabad in the next 18-24 months. The university has already identified land at Ibrahimpatnam and the project would see an investment of Rs 15 crore, said its chairperson Ashok Kumar Gadiya.

The Hyderabad campus will have facilities essential for PhD research programmes, engineering department, humanities, management education among others. “We want to develop the campus to serve as a hub for the entire south,” he said.

Standard Chartered Enters Realty With Mahindra Mahindra and SCM Real Estate, investment arm of Standard Chartered, will together invest Rs 1,000 crore in multiple projects

An investment arm of UK's Standard Chartered Bank has made an entry into Indian real estate by signing a joint venture (JV) with Mahindra Lifespace Developers, the realty arm of the Mahindra Group.

Mahindra and SCM Real Estate, the investment arm of Standard Chartered, would together invest Rs 1,000 crore in multiple projects and hold equal stakes in the JV to be called Watsonia Developers.The first two projects under this JV would be premium residential developments in Gurgaon and Bangalore.With this JV, Mahindra Lifespace joins the likes of Godrej Properties, Peninsula Land and others who have signed JVs with foreign funds to invest in Indian properties. Godrej Properites had created a Rs 770 crore development fund with Dutch firm APG. Anita Arjundas, managing director and chief executive officer, Mahindra Lifespace Developers said, “Our association with Standard Chartered Bank marks an important milestone for us with a partner who is equally committed and optimistic about the opportunities for sustainable residential developments in India. This strategic relationship would leverage the expertise of both groups and become an important contributor towards our growth in the coming years.”

The private university is promoted by the Mewar Education Society. Currently, at least 1,000 students from Andhra Pradesh are enrolled in its BTech programme. The management, therefore, expects a good student turnout for its campus here. As part of its expansion, it launched its information, R&D centre here today. The centre will serve the purpose of research scholars registered with the university from AP. It also plans to start skill development courses to improve employability opportunities. Speaking to the media, Gadiya said, “our goal is to craft industry-ready talent. For this, we had inked tieups with national and international research institutions, National Skill Development Centre and MSME.” He said they were considering to work with the state to recognise the listed goals under the SC/ST subplan, particularly on the aspects of skill enhancement and employability.

All the projects developed under the aegis of the JV would be marketed under the Mahindra Lifespaces brand and the JV would build on the experience which Mahindra Lifespaces has developed over the last several years in the residential business

Seasonal Magazine

Page 27

AD WORLD

All Eyes on Dethroned WPP With the ad world upended, speculation on response of the dethroned No 1

he advertising world can throw up strange possibilities. Just when most had thought that Martin Sorrell’s WPP would remain unchallenged as the world’s numero uno advertising & marketing communications group, came the big surprise : foes Maurice Levy, chief executive, Publicis Groupe and his counterpart, John Wren of Omnicom, were joining hands.

Simply put, the second (Omnicom) and third-ranked (Publicis) advertising and marketing networks were coming together. As the chief executive of a Top Ten ad agency in India said, “In one fell swoop, Maurice and John have overtaken Martin. Who could have thought something like this could happen?”

Yet, it has. Predictably, agencies which are part of the Publicis and Omnicom groups are elated. Arvind Sharma, chairman, India sub-continent, Leo

Burnett, part of Publicis Groupe, says: “We are happy to be part of the largest communications combine in the world.

It’s a moment to celebrate.”

Madhukar Kamath, managing director and chief executive officer, DDB Mudra Group, and Josy Paul, chairman & chief creative officer, BBDO India, were not available for comment. Pratap Bose, chief operating officer, DDB Mudra, said it was too early to comment about the merger.

However, as the global pecking order of ad & marketing networks had changed, what would WPP, specifically its maverick promoter, Sorrell, 68, do?

Not known to tolerate anything but the best, Sorrell is expected to mount an offer for the Interpublic Group (IPG).

IPG, holding company for agency brands such as McCann Worldgroup, Lowe & Partners, DraftFCB, has been

a takeover target for some time now.

And, following Publicis and Omnicom's merger, speculation that WPP will go after IPG has gained momentum.

More so because all along it was speculated that Levy's Publicis would buy IPG. A year and a half earlier, this speculation almost reached a crescendo that Publicis was indeed close to acquiring IPG globally. When questioned about this in December 2011, Publicis’ chief operating officer JeanYves Naouri, number two after Levy, who was visiting India then, had said: “There is no truth to it.” With Publicis now joining hands with Omnicom, persons in the know say, the field is wide open as far as IPG is concerned.

The question is, will the latter blink?

Another theory doing the rounds is of Sorrell possibly looking at the Parisheadquartered Havas Group as a takeover target before training his guns on IPG. Ranked number sixth in the pecking order of global networks, Havas has also been on the hit list of the big three groups for long. With 37 per cent of Havas’ equity controlled by French businessman and corporate raider Vincent Bollore, also its chairman, speculation has been rife that the latter has been looking to cash out at the opportune time. The Frenchman did just that last year, when he sold media group Aegis, part of the Havas network, to Japanese major Dentsu.

So, WPP might not have it easy, with IPG refusing to blink easily and Dentsu as a potential bidder for Havas’ remaining assets, its advertising agencies. The next six months are likely to be crucial, then, for WPP because it could decide which way the once infallible group could head.

Seasonal Magazine

Page 28

Page 29

CORPORATE

R-Infra Downsizes Itself The Anil Ambani company has exited two projects and is re-thinking its growth strategy t Reliance Infrastructures recent strategy meeting in Mumbai, a range of issues from policy paralysis to the slowing economy and the tardy clearance for infrastructure projects came up for discussion. But what got everybody involved was whether to continue with the special purpose vehicle, Delhi Airport Metro Express, which ran the loss-making airport metro line in the capital. Delhi Metro Rail Corporation (DMRC) had outsourced the operation of the airport line to the R-Infra company. However, the earnings fell short of R-Infras expectations: against the initial projection of 45,000 passengers every day, the ridership had fallen to 10,000 when the route was reopened in January this year after fixing defects in the structure.

Everyone at the meetingcompany officials and lenderswas unanimous that the concession agreement be terminated.

Thus, notwithstanding the arbitration initiated by DMRC, R-Infra pulled out of the project on July 1.

At the same session, R-Infra pressed the exit button on two more projects that were languishing for years due to regulatory hurdles. The first was the Mumbai Metro II line. It was awarded to R-Infra way back in 2010, but work could not start because of issues related to land acquisition. The other project that was discussed at the meeting was the Rs 5,000-crore Worli-Haji Ali sea link. This sea link, an extension of the Bandra-Worli sea link, could not take off as land for a casting yard was taking years to be allocated. After an informal arbitration process, R-Infra, which had incurred expenses of over Rs 160 crore Seasonal Magazine

Page 30

on pre-project activities, finally decided to call time on the project.

distressed assets (roads wherein the developer wants to exit). We have identified six such roads. As of now, RInfra has 11 road projects, eight of which are making money. Of the remaining projects, one was commissioned recently and another will become operational soon. The last road is expected to open for traffic before the end of the current financial year. RInfra's road portfolio is worth Rs 12,000 crore as on date and the company proposes to increase it to Rs 25,000 crore in the next three years. However, Jalan says the slowing economy has dramatically reduced the number of fresh projects.

Taking Stock The exits clearly show that R-Infra is rethinking its strategy, though it is not to say the company will not bid for more projects in the segment. At the Mumbai meeting, R-Infra CEO Lalit Jalan said that the company was keen to pursue infrastructure projects, but after reworking its investment strategy first.

He ended the marathon meeting on an optimistic note: We have learnt our lessons and have developed the skills to meet the challenges. We shall utilise the lessons learnt in our future endeavour to maximise the benefits for our shareholders." What he meant for straightforward: R-Infra will be more cautious while choosing projects.

There have been no fresh bids from the National Highways Authority of India in the last one year. The bidding for road and highway projects can become more attractive, Jalan says, if the government introduces a risk-sharing mechanism.

The Planning Commission is working on a risk-sharing mechanism. Such a mechanism has already been incorporated in the Trans-Harbour Link project, which is being developed by the Mumbai Metropolitan Region Development Authority. In the event of a fall or a surge in the traffic against the projections, the risk-sharing mechanism will come into effect, he adds.

For R-Infra, roads and rail projects have been a sore point in its business for two reasons: fewer new projects in the sector and the lack of risk-sharing mechanism in public-private partnerships. Jalan says: Let there be new bids. We will participate, but our participation will be based on analysis, ensuring prudent economics. Simultaneously, we are pursuing investment options in the acquisition of secondary assets or

BEATING A RETREAT Project

Concession Date of CA* Period (in years)

Airport Metro

Aug 2008

30

Metro Line II

Jan 2010

35+10

WHSL

Jun 2010

40

*concession agreement

Status

Exited On the verge of exiting Exited

It was the lack of such a mechanism that hastened the companys exit from the Delhi Airport Metro project after ridership fell to below projections.

Another reason for invoking the termination clause was DMRCs failure to cure the defects in the civil structure of the line itself. R-Infra had sought a termination payment equal to 130 per cent of the adjusted equity and 100 per cent of the debt due for the project.

Due to poor design, construction and management, there were severe restrictions to achieving speed of 120 km. Fear prevailed over the passengers.

And if passengers do not travel, the retail will not happen and advertisements will not flow. The biggest problem for us was the lifecycle cost of the civil structure. We, therefore, terminated the contract, Jalan explains.

DMRC has disputed R-Infras claims and has served a notice to the company for alleged violation of the concession agreement. A legal battle is inevitable.

However, despite the setbacks (the Mumbai Metro II is hanging fire because of lack of clearances and the company is on the verge of exiting it), R-Infra is actively pursuing other projects among which are the Jaipur Metro and the Bangalore Airport Express. It is looking to bid for the Pune and Nagpur Metro projects too. It may also bid for the subsequent phases of the Mumbai Metro (phases III, IV and V) whenever the bids are floated. In

some measures, this has been prompted by the success of the Mumbai Metro line I project which is expected to start operation by September. R-Infra was to operate the metro line for 35 years, according to the initial concession agreement, but as costs have escalated from Rs 2,500 crore to Rs 3,600 crore due to delays, MMRDA has decided to extend the concession agreement period by another 18 months. Also on its radar screen is the Rs 23,000-crore-plus elevated corridor in Mumbai. The company is also exploring options in the Delhi-Mumbai Industrial Corridor.

However, for the roads and metro projects to become viable, says Jalan, the price-variation formula, where the developer is compensated for any escalation of price, needs to be incorporated by the Centre and the states just as it has been done in the power sector. Price variation formula is implemented by the state-run PowerGrid Corporation in transmission projects. This comes handy in engineering, procurement and construction contracts when prices of steel, cement and bitumen are variable, he says.

Risk Sharing Unlike its metro projects, the companys other businesses are doing reasonably well. It has a sizeable presence in the power transmission segment. Its distribution arm is currently looking to

increase its base in the Mumbai distribution circle. Consultancy projects are on the anvil too. In the transmission segment, R-Infra is developing five projects including two ultra-mega transmission projects.

R-Infra also has a foothold in the cement sector. It is putting up two projects in Maharashtra and Madhya Pradesh.

The 5-million-tonnes-per-annum plant in Madhya Pradesh, built at an estimated cost of Rs 2,800 crore, will be ready during the second quarter of the current financial year. Its Maharashtra project is on track too. The company has received all the necessary clearances for mining and land, and it is expected to achieve financial closure soon.

However, analysts say cost overruns could delay the breakeven for several of these build, operate and transfer projects. Any delay in the development of infrastructure projects could impact revenue projections. The companys net profit grew 41.59 per cent to Rs 2,246.83 crore in 2012-13 from Rs 1,586.81 crore in the year-ago period.

Citi Research in a recent report notes that higher interest rates and market risk premium may lead to lower valuations for various infrastructure projects.

There are other headwinds for the company too by way of clearance risks and changes in the regulatory mechanism. But the risks, as Jalan puts it, are not like going to the Himalayas.

Seasonal Magazine

Page 31

Page 32

Page 33

COVER STORY

IS IAS

UNDER

SIEGE

BY IOUs? Seasonal Magazine

Page 34

Indian Administrative Service is truly at crossroads. On one hand, politicians have become increasingly adept at creating I Owe You s (IOUs) with which they control IAS officers for their own advantage at a later stage. On the other hand, non-IAS luminaries are increasingly getting a role in governing this country, due to their specialized knowledge and experience. Both camps have enough role models to choose from, role models who distinguish themselves for their expertise as well as outstanding ability to shun IOUs.

Seasonal Magazine

Page 35

“I have a high regard for politicians. I think there are at least 20 politicians I can name off the hat who are better in intellect, integrity, and sincerity to their jobs than any bureaucrat on or across my radar in all my years of service,” said an IAS officer recently, who was most unlikely to have said so.

When one has been reposted 45 times within 20 years - mostly believed to be on the behest of politicians - and still says this, the real shock is whether senior IAS officer Dr. Ashok Khemka’s words is more a pat on the back for honest politicians, or more a kick on the butt for scheming IAS colleagues.

While most senior or celebrity-status IAS officers refrained from coming to the support of Durga Shakti Nagpal, and hid behind the toolate response by IAS Association, Khemka’s support was spontaneous. “What she did as a young officer is commendable. Very few young IAS officers would have dared to do this,” says Khemka.

Sonia Gandhi’s support to Durga was also spontaneous. “We must ensure that the officer is not unfairly treated,” Sonia wrote to PM, hours within the issue unfolded, almost a week before even the IAS Association itself could come up with a defence for Durga.

But then this was one Sonia move that many couldn’t fully appreciate for that obvious reason - she was not seen supporting Khemka who was allegedly victimised for moving against her sonin-law.

But Congressmen were quick to point out the differences. Khemka was not suspended by any Congress Governments, whereas Durga was not just suspended, but suspended “within 40 minutes”, according to an SP leader. Secondly, Khemka is a seasoned officer who knows how to defend himself, while Durga is among the youngest of IAS officers.

Anyway, there is little that Dr. Manmohan Singh could do to help Durga, as long as Durga herself was not seeking help from the Centre, was PMO’s stand. Seasonal Magazine asked TKA Nair, Adviser to PM, on whether the Durga episode shows that IAS officers need more protection. “The protective mechanisms are already there,” says TKA, but then adds, “But the more pertinent issue is the lack of motivation. Everything boils down to human resources. And humans can’t ever be conquered except through motivation.”

For a moment it was not clear what Nair meant, but the very next moment, key Akhilesh Yadav aide Ramgopal Yadav’s chest-thumping bravado Seasonal Magazine

Page 36

came to mind. Irritated by Centre‘s third letter to UP on the issue, Ramgopal had retorted, “If this undue pressure continues, my government will write to the Centre to take back all IAS and IPS officers, and we will continue with state officers.”

Mind you, he is the cleanest Samajwadi Yadav out there, who has already advised Akhilesh and dad Mulayam that Durga should be reinstated.

But Akhilesh is peeved beyond consolation - not with Durga - but with UP IAS Association.

Weren’t things even worse, just years earlier, Akhilesh asks. According to UP’s young and dashing CM, IAS officers had to remove their shoes before meeting former CM Mayawati, and the UP IAS Association had gone into hibernation during her tenure even unable to protest the alleged murder of an IAS colleague.

Akhilesh also stakes claim for reinstating freedom for IAS officers in the state, and for even rejuvenating UP IAS Association. But thereby creating powerful “I Owe You s” (IOUs) for all IAS officers to repay.

In financial parlance, an IOU is usually an informal document acknowledging debt. An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms such as the time of repayment.

IOUs usually specify the debtor, the amount owed, and sometimes the creditor. In some cases, IOUs may be redeemable for a specific product or service rather than a quantity of currency.

This definition of IOUs perfectly match Akhilesh’s credit policies. Durga took on a key SP ally, the sand mafia. She didn’t respect the IOU. Still, pardonable. But then comes a rare opportunity to kill two birds with one shot. Durga demolishes an in-construction mosque’s compound wall because it is coming up in government land.

Even a committee of the UP Sunni Waqf Board who visited the place was of the view that Durga had done no wrong, and that she had only tried to help the community by advising them the correct procedure to follow.

But by that time, the state intelligence unit had warned of possible communal tension due to the demolition. What more could a savvy political party like the SP hope for? Eventually, even the full Waqf Board would ally with Akhilesh. If even the Waqf Board can do a volte-face and support him, what prevents the UP IAS Association which owes considerable more IOUs - from supporting his masterly political move, is precisely Akhilesh’s peeve.

The Durga episode or even the Khemka episode is not earth-shattering by Indian standards. But

Dr. Ashok Khemka, IAS

IS IAS UNDER SIEGE

BY IOUs?

The Whistleblower

ome Congressmen calls him a BJP stooge. But Khmeka is sure that when BJP comes to power, he is likely to be called a Congress stooge. He is a 1991 batch IAS officer of the Haryana Cadre, now under limelight for moving against Robert Vadra. He has been one of the most scholarly civil servants in the country by way of education. Born in Kolkata, Khemka graduated from IIT Kharagpur with a BTech Degree in Computer Science & Engineering, and followed it up with a PhD in Computer Science from the Tata Institute of Fundamental Research, Mumbai, an MBA with specialization in Finance, as well as an MA in Economics. However, the same can’t be said of his professional experience, as successive governments in Haryana have never allowed Khemka to garner too much experience in any job, as he has been transferred an unbelievable 45 times within 22 years of service! In fact his longest posting has been for just 1 year and 9 months. What Khemka has unearthed about the Vadra-DLF deal rings true, because that is how most large realty companies go about acquiring land i.e. by utilizing political patronages. But there is a chance that, at least technically, Khemka might have bitten off more than he can chew in this issue. If and when the issue scales up to investigation and the courts, what is likely to be upheld is whether Robert Vadra and DLF did anything illegal. As of now, Khemka admits that he doesn’t have full proof for it, and that a criminal investigation is warranted. Secondly, the preventive action that Khemka took - of cancelling the mutation of Vadra’s land - is likely to be questioned in court, as, another of Khemka’s similar cancellation of mutation was recently annulled by Haryana High Court. Even while agreeing with the possibility that Khemka might be right in that case, Court found serious objection to the fact that Khemka didn’t provide the affected party a hearing, which is a prerequisite while cancelling a mutation. The same issue is likely to be raked up in the Vadra-DLF deal. Khemka’s strange record of postings in IAS also hints at a too rigid posturing by the officer. For example, of his 45 postings, around 20 postings has been for less than six months, with a few postings for as short as 1 month, and a few for as short as a few days. Also, this erratic pattern has continued whether it was a Congress coalition, or a BJP coalition, or other local coalitions that were governing Haryana. However, it would be wrong to asses Dr. Ashok Khemka, IAS, in a negative light due to any of these. Because, right now, he has succeeded in the Robert Vadra issue, as by convention, Caesar’s wife should be above suspicion.

S

Seasonal Magazine

Page 37

these highlight the power and expectations from IOUs, as well as what happens when IAS officers who doesn’t have any damn IOU to care about, go about doing their duty.

Seasonal Magazine recently quizzed ex-CAG Vinod Rai about his interesting position post-retirement that he faced no political pressure at all. Was he being just politically correct, we asked. “No, I am not being politically correct at all. There was absolutely no covert political pressure from any quarters, including PMO and FMO. The government has been very fair towards CAG.” But then he is Vinod Rai. Many things are left unsaid, but clear. He was a student of Dr. Manmohan Singh at Delhi School of Economics. Equally close to P Chidambaram. So, when then Principal Secretary of PM, TKA Nair, reportedly suggested his name for CAG, Dr. Singh and Chidambaram concurred. Rai had just retired. Still, he was offered the plum post. Other officers might have thought about it as IOUs. But not Vinod Rai. Why should he? There is still no evidence that he campaigned actively to become the CAG. So why should he owe IOUs? Senior IRS officer and Kochi Customs Commissioner Dr. KN Raghavan puts it more succinctly. Commenting on potential political pressure, he replied to a Seasonal Magazine query this way, “It depends on your conduct as an officer. If we give out the right signals about our intention to keep our integrity, nobody would bother us. In the final tally, what everyone appreciates and wants is an honest officer.”

But like TKA Nair, he too doesn’t feel that there is need for more protection.

When Seasonal Magazine asked him whether the Durga episode calls for more protection for civil servants, Dr. Raghavan replied, “Personally, I don’t think there is any need for additional protection for civil service officers. The system already has the necessary checks and balances, and grievance redressal mechanisms.”

So, does that mean there is no political pressure or that political pressure is ok?

Dr. Raghavan says, “Regarding my Seasonal Magazine

Page 38

own experience, I have completed 23 years of service in the Centre and various states including Kerala. I can say with certainty that I have never been pressured by any politician or party.”

But then Dr. Raghavan admits that he hasn’t yet worked in Mayawati’s or Akhilesh’s UP. “I have not worked in many states to comment on the situation there, but I am confident that an honest officer can indeed survive in this country.”

Yes, an honest IAS officer can, but don’t expect the going to be easy. An honest officer should be willing to undergo the trials and tribulations that Durga, or Khemka, or Ashish Kumar, or Raju Narayanaswamy, or hundreds of other such honest officers have had to undergo. But then if they don’t care a damn about such hardships, the path ahead is clearer.

Says Raju Narayanaswamy, who has been sidelined by all political parties in Kerala for not toeing to their line, “I lead an ordinary life and have no problem in travelling by bus or by boat.”

But then there is the question of sheer competency. Did India or Kerala really use Raju’s skills? Not even by a long shot. Raju has always been an extremely bright fellow who topped his classes in matriculation, plus-two, IIT JEE, and 1992 IAS entrance. He was offered a scholarship by MIT in USA, but chose IAS. But instead of putting his superlative skills in information technology to nation’s use in vital technical areas, he has been sidelined beyond any logic. That is where the brilliance of someone like Vinod Rai becomes clear. When Seasonal Magazine asked about his advice for IAS officers, Rai put it bluntly, “Always play by the rules of the game. That is very important in this profession if any IAS officer wants to be a high achiever.” That survival instinct is what enabled Rai not to ruffle too many feathers during most part of his career, so that he could scale the apex of that career, and then deliver spectacularly.

Then there is the question of how skilled are IASers vis-à-vis non IAS leaders. Both sides have an almost

Arvind Kejriwal, ex-IRS

IS IAS UNDER SIEGE

BY IOUs?

The Crusader is personality won’t come across as much charismatic. But his credentials sure are second to none. And he knows how to stay relevant. Kejriwal has been quick to welcome Ashok Khemka, IAS, and Durga Shakti Nagpal, IAS to his Aam Aadmi Party (AAP). His logic is simple. Khemka and Durga are trying to seek justice from the very people or system that has meted out gross injustice to them. He wants Khemka and Durga to come out of the system to fight the system. More precisely, his advice for them is to come out of the Executive and enter the Legislature.

Because, that is the precise lesson Kejriwal has learned for himself after a uniquely diverse career in civil service and social activism. Born in Haryana, Kejriwal is a graduate of IIT Kharagpur, where he studied Mechanical Engineering. He gradually came out of civil service into social activism believing that apolitical activism was the ultimate tool for social transformation.

Arvind Kejriwal was formerly with Indian Revenue Service (IRS), resigning as a Joint Commissioner of Income Tax. Kejriwal had massive initial success as an activist. In fact, he has arguably been India’s most successful social activist, credited together with Aruna Roy, ex-IAS, for getting the momentous Right to Information (RTI) Act implemented. Kejriwal won the prestigious international prize, Ramon Magsaysay Award for Emergent Leadership in 2006 for his contribution to the enactment of the RTI Act and for his efforts to empower the poorest citizens of India. RTI , enacted by the first UPA government led by Dr. Manmohan Singh, is credited with bettering accountability across diverse spheres of governance. But then Arvind Kejriwal turned too ‘ambitious‘. He resigned formally from IRS, and started to focus on something bigger. Realizing that he lacked the appeal of a senior mass leader, he teamed up with noted senior social activist from Maharashtra, Anna Hazare, to launch India Against Corruption (IAC) movement that caught the fancy of urban middleclass in India like no other. Kejriwal’s first objective for IAC - Jan Lokpal Bill - proved too much of an objective, finally resulting in IAC splitting into two and Hazare and Kejriwal parting ways. The bone of contention was whether to retain IAC as apolitical, or change it into a political movement, with Hazare favouring the former strategy. Kejriwal however felt that activism didn’t have enough teeth left and formed the Aam Aadmi Party to fight mainstream parties like Congress and BJP. The move resulted in Kejriwal losing several key supporters like Kiran Bedi and Santosh Hegde, as well as secret donators like Infosys Co-founder NR Narayana Murthy. However, many strong allies remained, notably ace lawyer Prashant Bhushan. Kejriwal has also proved that even without Hazare he can be a mass leader, the best example being he courageously taking up Salman Khurshid’s challenge to visit Farrukhabad, where he ended up addressing a massive turnout of farmers and villagers. It is highly unlikely that the original Jan Lokpal Bill drawn up

by Kejriwal and Hazare would ever end up as a law in India. It has been heavily criticised for being draconian in nature by activists of similar stature like Aruna Roy and Arundhati Roy. He has also started displaying prejudiced political tactics like his too much aggression towards Sheila Dikshit, Delhi CM, against whom he will be standing in election. Because, Arvind Kejriwal’s acid test will be the upcoming Delhi elections. Even if he ends up making a small dent to conventional parties, that will be the next feather in the cap for this crusader who has proved what an ex-IRS can achieve for the nation.

H

Seasonal Magazine

Page 39

equal number of luminaries.

While the impressive achievements of leaders like Vinod Rai, YV Reddy, Arvind Kejriwal, Yashwant Sinha, & Aruna Roy would make it appear that good IASers are capable of shining on and off civil service, the other side is even more attractive, with the impressive achievements of Dr. Manmohan Singh, E Sreedharan, Jean Dreze, Madhav Gadgil, & Nandan Nilekani to name a few.

If you add the unparalleled achievements of political leaders like PV Narasimha Rao and AB Vajpayee, or crusaders like Anna Hazare to the equation, the balance of competence obviously shifts to nonIASers.

It is also noteworthy that a non-IAS person, Dr. Raghuram Rajan, has been selected as the new RBI Governor, after three successive terms by IASers.

Both groups have their own advantages.

Tom Jose, IAS, who is currently Managing Director of KSIDC, a development financial institution, explained the IAS advantage to Seasonal Magazine this way, “As IAS officers, we are expected to be master of all trades.” But also an MBA graduate, he adds, “A background in business definitely helps.”

Non IASers on the other hand, usually comes on board with in-depth knowledge or practical experience in specialized fields. The best example would be Dr. Manmohan Singh himself, who is a rare concoction of achievements and fortune.

A disciplined academic from his early days, Manmohan stood first in his classes more often than not, and completed his Economics Tripos at University of Cambridge’s St John’s College. At Cambridge, Manmohan was tutored by some of the world’s most renowned economists like Joan Robinson and Nicholas Kaldor. After Cambridge, Manmohan returned and started teaching at Punjab University. Later, he enrolled at Oxford’s Nuffield College for his doctorate, under the supervision of IMD Little, one of the towering economists of recent times.

After Oxford, Dr. Singh went on a career that would be the dream of many for the rich experiences it offered in India as well as abroad. He worked for United Nations Conference on Trade and Development Seasonal Magazine

Page 40

Durga Shakti Nagpal, IAS

Young, But Not Naive

he latest in the Durga Shakti Nagpal episode is that Centre won’t intervene further in the matter. That was better left unsaid, as after all what could Centre do, as long as the young IAS officer herself hasn’t approached New Delhi for help. Even the Supreme Court expressed a similar view while rejecting a Public Interest Litigation asking to reinstate Durga. While observing that there is no public interest in the case, the SC Bench remarked that, “the moment she approaches the court, we will hear her plea and we may pass an interim order.” However, Durga hasn’t done that either until now. But don’t think she is too naïve. She has been trying to play the game by the rules of the game.

In fact, her reply to the charge-sheet served by UP Government, has a pivotal point. According to media reports, while explaining that she has done no wrong in ordering the demolition of the mosque wall, she has stated that she was just following a Supreme Court order that no religious construction can happen on Government land. That swiftly proved to be a master-stroke, as Supreme Court has now admitted a contempt plea against UP Government on the issue.

Now, even if Akhilesh Yadav finally prevails on this issue, such success will come at a heavy cost. As things stand now, Durga has decisively won the battle already. The 28-year old lady has clearly won the public debate. Because, she had come into public notice after acting against the sand mafia in Greater Noida, Uttar Pradesh, by forming special investigation teams to stop the illegal sand-mining in the Yamuna and Hindon river banks. Under her leadership, the administration confiscated 24 dumpers and 300 trolleys used in illegal operations, and arrested 15 people who were fined Rs. 2 crore. As of today, practically everyone in the media believes that Samajwadi Party took action against Durga for firing all guns against the sand mafia, and that the allegation of a role in the mosque-wall demolition is just a toocunning political stroke to kill two birds with one stone.

But Durga’s indirect successes go much far than that.

She has won support from unlikely quarters, including from Sonia Gandhi, on whose behest Centre dashed three letters to UP. The issue was also enough to widen the rift in SP between Ram Gopal Yadav who is known for his cleaner image and the AkhileshMulayam combine. The episode has also succeeded in creating an uncomfortable wedge in the relationship between Congress and SP, which has always been one of opportunism rather than ideology. But her greatest direct success is that she has exposed Akhilesh Yadav government not just for corruption but for unfair dealings to settle scores. Durga Shakti Nagpal is a computer science engineer by education who bagged All India Rank 20 in the Civil Services Examination in 2009.

T

IS IAS UNDER SIEGE

BY IOUs?

(UNCTAD) for three years. After getting noticed as a radical economist, Dr. Singh was made Advisor to Ministry of Foreign Trade. In 1969, Dr. Singh became a Professor of International Trade at the Delhi School of Economics, the time when he taught Vinod Rai as a student.

Dr. Singh was again called in to be part of the government, becoming successively Chief Economic Adviser in the Ministry of Finance, Secretary in the Finance Ministry, Governor of the Reserve Bank of India (during the tenure of Pranab Mukherjee as FM), and Deputy Chairman of the Planning Commission of India.

For three years, Dr. Singh was Secretary General of the South Commission, an independent economic policy think tank headquartered in Geneva. He again returned to India to become Advisor to Prime Minister of India on Economic Affairs, when VP Singh was the PM. Dr. Singh would later become Chairman of UPSC and Chairman of UGC, when he was called in to be the Finance Minister by PV Narasimha Rao in 1991.

Few IASers would have gone through such a diverse portfolio of experiences. But the reverse can also be said of him. For a leader that much experienced, Dr. Singh has been failing to deliver, especially during his second term as PM. IASers can also be proud that for all his competence, it took the initiative of AN Verma IAS, then Principal Secretary in PMO, to identify and convince Rao about choosing Dr. Singh as FM. That is why many regard AN Verma as a co-architect of economic liberalization.

Manmohan remembers that day this way, “On the day Rao was formulating his cabinet, he sent his Principal Secretary to me saying, `The PM would like you to become the Minister of Finance’. I didn’t take it seriously.

He eventually tracked me down the next morning, rather angry, and demanded that I get dressed up and come to Rashtrapati Bhavan for the swearing in.”

So, the roles of IASers and non-IASers have been complementary, and should remain complementary.

What is of greater importance is promotion of superlative merit and sheer experience, whether one is from IAS or not. And needless to say, the basic framework for steering clear of IOUs is needed for both. Says Dr. Raghavan, IRS, to Seasonal Magazine, “Often the problem starts when an officer takes refuge with a politician to get any undeserved favour. Then it is a given that the politician would want a favour in return. Civil service officers should steer clear of such practices, and everything will be fine.”

In fact, both camps should steer clear of that. That is how E Sreedharan took a career politician and then Railway Minister like Jaffer Sharief to task, and could prevail. Otherwise Konkan would have been a different story. Otherwise, he wouldn’t have survived to unleash the Metro revolution in key Indian cities.

Seasonal Magazine

Page 41

Dr. Raghuram Rajan, New RBI Governor

The Contrarian o other Governor had entered this job when the economy was going through a tougher phase.

Rupee has devalued beyond any imagination and is in dangerous uncharted territory. In fact, the going is so tough that Chidambaram directed Dr. Raghuram Rajan to be an Officer on Special Duty at RBI even while the current Governor D Subbarao was completing his last month in office. The trillion dollar question before the nation is whether Dr. Rajan who couldn’t save the rupee while he was Chief Economic Adviser to FM can do so in his new capacity as the Chief of Monetary Policy. Since he has just started off in the job, the nation should be giving him the benefit of doubt.

If not for anything else, Dr. Rajan - who is not from civil service - should be supported for the very fact that his appointment is a novel experiment after three full terms by IASers. And the civil servant from whom he takes over has not been an ordinary guy. D Subbarao has been the national IAS topper from the famed 1972 batch of IAS that include luminaries like ex-CAG Vinod Rai, Planning Commission Secretary Sudha Pillai, and Central Vigilance Commissioner Pradeep Kumar, among many others. Still, it is widely believed that Subbarao couldn’t do much to save the economy. Apart from that non-IAS background, Dr. Raghuram Rajan is also a high achiever by any measure. Among international economists, Dr. Raghuram Rajan needs no introduction. His chief claim to fame is, of course, predicting the global financial crisis in 2005, right on the face of Alan Greenspan during his retirement, and not his educational pedigree that includes IIT,IIM, & MIT, nor his youngest ever climb to being the Chief Economist of IMF. As a contrarian economist, who has had the conviction to take on even contemporary legends like Nobel laureate Paul Krugman, Rajan’s chief position these days is that monetary stimulus like, quantitative easing, can’t bring the world out of its financial crisis. According to him, austerity measures are more important, coupled with increased worker competitiveness and productivity as well as entrepreneurial innovations. But that makes him disliked generally by workers as well as politicians, with Greenspan’s strategy being called by Rajan as ‘papering-out’ issues. And that also made him an unlikely advisor for the UPA administration whose chief strategy has been generous payout schemes to poor like NREGA. Now, the fact that he has been called in to a more powerful role, despite this mismatch, indicates that UPA might be thinking about tweaking the entire economic policy framework. On the flipside, there are many weak points in Dr. Rajan’s track-record. Critics would be sure to point out the little headway he has achieved after being appointed by P Chidambaram as Chief Economic Advisor last year, and by Dr. Manmohan Singh as Honorary Economic Advisor way back in 2008 itself. Though the high-level

N

Seasonal Magazine

Page 42

committee on financial reforms headed by Dr. Raghuram Rajan did deliver a final report to the Planning Commission, it was not earth-shattering compared with the expectations.

Secondly, the current post of RBI Governor, can degrade to nothing serious for most candidates. Take D Subbarao, for example, whose contributions in this post are not likely to be debated much in the future. Ironically, if Rajan takes his own advice to the workforce to be more innovative, more productive, and more competitive, we can expect a roaring lion itself in this now globally highflying economist.

Yashwant Sinha, ex-IAS

The Pragmatist e is perhaps one of the best examples of what an ex-IAS officer can achieve in mainstream politics. Not apolitical activism like what Arvind Kejriwal or Kiran Bedi pursued for long, but just plain old mainstream politics. In that regard, Yashwant Sinha can be thought of as a pragmatic leader and not an idealistic one. He can even be thought of as an opportunist, but even then he has been an opportunist who also became a high achiever for the nation. When he resigned after a 24 year long IAS career, as Joint Secretary in Ministry of Surface Transport, he was quick to join the highly idealistic socialist outfit, Janata Party. Later, when Janata Dal was formed, he would be a part of the new party, being close to Chandra Shekhar. During Shekhar’s brief reign as PM, Sinha would get the crucial role of Finance Minister. Though it lasted for just over six months, Sinha had to tackle what was India’s worst financial crisis. With India’s foreign exchange reserves at just $1.2 billion in January 1991 and depleted to half

by June, barely enough to last for roughly 3 weeks of essential imports, India was only weeks way from defaulting on its external balance of payment obligations. The government’s immediate response was to secure an emergency loan of $2.2 billion from the International Monetary Fund by pledging 67 tons of India’s gold reserves as collateral. The Reserve Bank of India had to airlift 47 tons of gold to the Bank of England and 20 tons of gold to the Union Bank of Switzerland to raise $600 million. Though national sentiments were outraged and there was public outcry when it was learned that the government had pledged the country’s entire gold reserves against the loan, it was a masterly move that saved the country from a disastrous default. However, the unconventional move caused the Chandra Shekhar government to collapse a few months after having authorized the airlift. By 1996, when it became clear that Janata Dal was finished and that the new alternative to Congress was the BJP, Sinha joined the extreme right-wing party, thereby calling to ridicule his long-held socialist and secular history.

But the move was that of a pragmatist and not an opportunist.

And for the nation, as well as for himself, it proved quite productive. He was appointed Finance Minister by Prime

IS IAS UNDER SIEGE

BY IOUs?

H

Minister AB Vajpayee in 1998, and as Minister for External Affairs in 2002. While being FM, Sinha was widely credited for pushing through several major reform measures that put the Indian economy on a firm growth trajectory. Among them are lowering of real interest rates, introducing tax deduction for mortgage interest, freeing up the telecommunications sector, helping fund the National Highways Authority, and deregulating the petroleum industry. However, he was also heavily criticised for going back on several of NDA’s economic policy initiatives, for which he lost the job to Jaswant Singh in 2002. Will he make an eventual comeback in 2014? Always a moderate, Yashwant Sinha doesn’t originally belong to the Narendra Modi camp of BJP. But if needed, he can again take a pragmatic step. And there is that rare chance that if allies and supporting parties don’t allow Modi to be PM, Yashwant Sinha can even end up as a consensus PM. Seasonal Magazine

Page 43

INTERVIEW

S

enior IAS officers reportedly suggested by TKA Nair for key posts include former CAG, Vinod Rai; former Cabinet Secretary, KM Chandrashekhar; and current National Security Advisor, Shivshankar Menon.

ADVISER BY KARMA Advisers came in various types. Duryodhana had Shakuni. Chandragupta had Chanakya.

Akbar had Birbal. Nehru had VK Krishna Menon. So, who is TKA Nair to Dr. Manmohan Singh?

Seasonal Magazine

Page 44

hagavad Gita’s Chapter 5 on Karma Yoga has this interesting verse: “Brahmany adhaya karmani, sangam tyaktva karoti yah, lipyate na sa papena, padma-patram ivambhasa.” For those who are not familiar with Sanskrit, here goes the translation: “One who performs his duty without attachment, surrendering the results unto the Supreme God, is not affected by sinful action, as the lotus leaf is untouched by water.”

For the Adviser to Prime Minister of India, this is one principle that has always been of inspiration. This he didn’t tell us, of course, but then that is how TKA Nair tells everything - without telling. When we set out to interview him, we were not intimidated by his personality - which is a perfect blend of dignity and modesty - but intimidated by the fact that TKA is infamous for not giving media interviews. When we pressed him for an interview on a specific day, he politely declined. But that request was over phone. So, how about just a meeting, we enquired. That was fine with him. TKA Nair loves meeting people. Because he is astute enough to assess people quickly in one-to-one meetings. The Adviser to Dr. Manmohan Singh obviously wants to know what he is getting into, always. Call it his superhydrophobicity or lotus effect. The leaves of the lotus flower doesn’t just possess very high water repellence, but dirt particles are picked up by water droplets due to a complex micro and nano-scopic architecture of the surface, which minimizes adhesion. It is not without anything that Nair has not just survived but thrived in the dog-eat-dog world of Indian bureaucracy and politics, with not even a blemish on his suit. For one who entered Prime Minister’s Office as a Secretary during the days of IK Gujral, TKA thrived to be a part of AB Vajpayee’s PMO, and scaled heights during Dr. Singh’s tenure, first as Principal Secretary and then as Adviser to PM with the rank of Minister of State. TKA has been noted by India’s topmost political leaders including Dr. Singh for his numerous skills, which include building difficult consensus be it with key opposition leaders or captains of India Inc. Nair has been an expert in developmental economics, and despite his soft-spoken nature, has made lasting changes

IS IAS UNDER SIEGE

BY IOUs?

to the PMO, almost all of them ending up with increasing the monitoring capacity or power of this topmost office. For instance, it was on Nair’s suggestion that Dr. Singh agreed that PMO should regularly and directly monitor the execution of massive schemes like NREGA, NRHM, & Bharat Nirman.

Still, Nair ruffles few feathers, as he has that rare gift to wield power without showing off power. Another of TKA’s impressive skills that appeals to political bosses is his comprehensive knowledge about the aptitude and capabilities of hundreds of senior IAS officers. That makes him not only a team builder but a king maker. According to New Delhi grapevine, the list of senior IAS officers suggested by TKA for top posts, and agreed upon by Dr. Singh, is endless. It includes former CAG, Vinod Rai; former Cabinet Secretary, KM Chandrashekhar; and current National Security Advisor, Shivshankar Menon. But ask TKA about such things, and there would end even that remote chance for a media interview. We found it for ourselves during our first meeting with Nair. He was quite upfront about the fact that he wouldn’t be able to speak about any official or controversial matter. “I am still a government servant, and it is just not right speaking about such issues,” he says. But in the same breath, he adds, “There are so many other constructive issues to speak about.” So, we shared the detailed questionnaire we had prepared, and we could see his face alternate between smiles and frowns as he scanned the variety of questions we had prepared. Finally, he says, “See, if you ask me about Dr. Singh, I can’t say anything; if you ask me about Vinod (Rai) I won’t say anything. But, of course, there are other issues to converse here.” Then he adds, “Please also don‘t project me as a great figure, which I am not. I am just a small cog in the administrative machinery.” His modesty not withstanding, this cog is a pretty important cog in the machinery that governs India today. The latest instance has been government’s recent submissions to PAC titled, “VIP References for Coal Block Allocations”, which reveals that several prominent politicians including Central Ministers and Chief Ministers of all parties - including Narendra Modi lobbied hard with PMO for getting coal blocks allotted in favour of certain companies. The written requests for all these have been received and recorded by none other than TKA Nair. But ask him about this, and we receive the reply that that question is also out of bounds. “See, I am privy to a lot of such information, but I can’t speak about it with media. It can only be shared according to accepted norms and rules,” he feels. When Dr. Manmohan Singh was invincible - returning to power in 2009 even after completing a full 5-year term thereby becoming the only PM other than Nehru to achieve that feat - TKA Nair’s job was obviously easier. But today, after reeling from the impact of a global economic crisis, when Dr. Singh has been facing flak for practically everything, TKA knows that he should be extra vigilant. Only time will judge Dr. Singh’s contributions to India and its economy. Meanwhile, Thottuvelil Krishna Ayappan Nair pulls on, believing in Karma Yoga, like the lotus leaf glorified in the Gita.

Seasonal Magazine

Page 45

Seasonal Magazine in conversation with TKA Nair, Adviser to Prime Minister: You have been a part of PMO since the time of IK Gujral, serving in the offices of AB Vajpayee, and then with Dr. Manmohan Singh. Do you especially like this role of aiding the Chief Executive of the country, than any other role that you could have landed?

Being part of PMO has indeed been a great privilege. I think I was fortunate to be where I am today. Though I have been part of PMO when IK Gujral and AB Vajpayee were Primer Ministers, my role then was as Secretary. It was under Dr. Manmohan Singh that I became the Principal Secretary and later Adviser. On whether I like this role than any other roles, obviously yes. But it was not a result of any planning. It just so happened.

By leading in healthcare and education is how Kerala manages to record the highest Human Development Index in this country.

Seasonal Magazine

Page 46

Being a Punjab cadre IAS officer who spent considerable professional time in Kerala too, you would have sufficient exposure to the strength and weaknesses of both states. What lessons should both states learn from each other?

That is a very interesting question.

Both states are very developed in their own way, and they are far ahead of many Indian states in this regard. In fact, the rest of India has much to learn from both these states. Still, I would say that Punjab has a lot to emulate from the Kerala model, which leads the nation in important sectors like healthcare and education. By leading in those two sectors is how Kerala manages to record the highest Human Development Index in this country. If the whole country achieves Kerala’s HDI, that will be a major developmental milestone.

How will you assess the social commitment of our topmost political leaders of all parties - of the rank of PM, Cabinet Ministers, Chief Ministers etc. Is it worse than public and critics assess, or is it better than such assessments? Do they really have to work hard at

these posts?

It is a very difficult question to answer.

I am not even sure whether it is proper that I answer that.

But you can, as the question is not about leaders from any specific party or coalition or government…

Well, I would emphatically say that the top political leaders are much more socially committed than the assessment by critics, media, or public. I am not someone who harbours a very negative view on all politicians or politics as a whole. They indeed have to work hard.

What would be the most difficult thing that they are called upon to do on a routine basis?

I would mention something that readily comes to my mind. Managing conflicting interests in each issue is a major challenge. Almost every issue that reaches a PM, Ministers, or CMs involve these kind of conflicts. An elected administrator has to look after the interests of all sections of affected people in each issue. Managing such conflicts and developing an amicable consensus is a major challenge that they face every day.

So, you emphatically feel that our top politicians work hard on social commitment?

Yes. Even if you take a completely cynical view on it, we shouldn’t forget that all of them want to be re-elected by the people. So, no party or politician can afford to forget social commitment. If they does, it is nothing but political suicide.

Coming to the role of bureaucracy, and you being a top-most bureaucrat for many years now, how would you assess its effectiveness in this country?

First of all, I don’t believe in such elevated statures. In fact, anyone who has worked in government for some years, would agree with me in this regard, at least in private. We all are just small cogs in this huge machinery called government. When all major initiatives are fine-tuned and executed

by thousands of officers at various levels, how can a single officer be credited with success? Of course, there might be some officers who believe in projecting such larger-thanlife persona, or the media may be creating such image-building, but count me out of it.

You mean a single officer can’t make any drastic change?

He can, but what really works in the background is that such change is the net result of the planning and execution by hundreds or thousands of officers. If somebody wants to take credit for that, will he or she take the blame too when something goes wrong? The reality is that, forget officers, not even ministers or the prime minister himself has got such invincible or superlative powers to make changes on his own. Again, the blame too shouldn’t be the leader’s alone. It is not only a case with India, but with any truly democratic nation.

Earlier on, you mentioned the Kerala model. Have you analyzed how the state got such an edge and what could the rest of India do to emulate this?

Yes, I have often been surprised with Kerala’s development on these fronts, especially as I travel around a lot across India which enables me to compare. The most critical advantage that Kerala enjoyed was good leadership during its earlier decades.

When I say this, I am not mentioning any specific party or politician or anything like that. This leadership quality even predates the official Kerala formation, to the time of the princely states. Not only were the early leaders very benevolent, but they also had the foresight to bring up the living standards of all sections of the society through a focus on education and healthcare. Those two are great

equalizers, and that is how Kerala got a head-start in social development.

Everything else followed. Any state would stand to benefit from following this twin focus.

Any other significant factors that you have analyzed?

Yes, the contributions of Christian Missionaries in the state has been very valuable. They focused largely on education, and also on healthcare, and went about establishing pioneering institutions across the state, that have thrived even to this day. It was not driven by profit motive, but by social commitment. I can personally vouch for this, as I am a product of such an institution near by my home. If St. Thomas College, Kozhencherry, was not there, I wouldn’t have had a college education.

Earlier, you mentioned how Punjab could benefit from following this model. What is there for Keralites to learn from Punjab?

I would say it is sheer hard work.

Punjabis are extremely hardworking people. If Punjab has become the Granary of India or the bread-basket of India, it is not only due to the soil’s exceptional fertility; it is more due to Punjabis’ exceptional willingness to do hard work. That culture has spilled over to other sectors like steel rolling mills, infrastructure, small scale industries etc, where Punjab leads.

So, you mean to say Keralites are very lazy, comparably?

No, not like that. What I meant was that Kerala can be much more productive. Keralites are very hardworking, especially when outside Kerala. One only has to visit Gulf countries to realize this. In fact, this extreme hardwork of Non Resident Keralites has been an equally important reason for Kerala’s high

I would emphatically say that the top political leaders of all parties are much more socially committed than the assessment by critics, media, or public.”

HDI, especially in recent decades. All said and done, Kerala has remained a money order economy. But the real lesson is that if such hard work has been adopted inside Kerala too, this state would have been number one in all respects.

Kerala’s developmental challenges are not unique to the state. How would you advise states like Kerala?

Yes, Kerala’s scarcity of natural resources like mineral ores, oil, or even land, is a major challenge. Even the processing of the only available natural resource, black sand, involves many serious hurdles. Secondly, labour is quite costly over here, with wages being multi-times that of some other states, but which is a good thing that contributes to the higher HDI here. But such issues are really only a challenge for large-scale industrialization. What I have always maintained is that, in Kerala, development is indeed possible by pursuing service sectors like education, tourism, healthcare, knowledge industries etc, where the real strength is human resources. It is a well-known phenomenon that Middle East countries absorbed more Keralites than any other Indians because of the higher educational achievements of this people.

How should Kerala or other such states go about doing this development?

Well, let us speak about education alone. There was a time when Maharaja’s College, Kochi; University College, Thiruvananthapuram; or CMS College, Kottayam were ranked among the best colleges in the country.

A time when educated Malayalis were known to deliver the best written and spoken English. But today discerning Malayali parents would rather send their children to reputed colleges in Delhi or Mumbai to get the best education. What went wrong? Though we were pioneers, we lagged behind in creating Centres of Excellence.

Today, if you take any higher education stream, including science, humanities, engineering, medicine, or Seasonal Magazine

Page47

law, there is no Centre of Excellence from Kerala. It is not a matter of faculty remuneration, which is at par with the best in this country, and teacher compensation has grown multi-fold along the years. What is lacking is the vision and will to create Centres of Excellence. Motivating teachers should be a big part of this exercise. When I joined St. Thomas College, Kozhencherry, it was quite a young college; but what teachers lacked in experience they made up in their passion.

You recently visited Attapady on behalf of PMO and submitted a 12Point Implementation Plan. Can you elaborate on the ground situation there?

I did a two-day visit to Attappady in mid-July to study the situation first hand. The situation there is really very heart-rending. As you know, as many as 54 children have reportedly died in the Attappady hills, allegedly due to malnutrition, in the past 11 months. I met with lots of tribal people, especially women, who complained about various issues contributing to the current crisis. One thing that is striking about Attappady is that the infrastructure there is not bad at all.

In fact, it has significantly improved from, say, 10 or 20 years back when I visited, thanks to projects like Attappady Hills Area Development Society (AHADS), which was backed by a Japanese government loan to the tune of Rs. 177 crore. Though the ecological situation has improved, the living standards haven’t. Evidently, there are gaps in infrastructure, execution, and monitoring. So, I have written a 12-Point letter to the Chief Secretary outlining the suggestions. It includes tracking of around 900 pregnant women and all babies under 12 months in the three villages of Agali, Sholayur, & Pudur. Joint teams of medical professionals and Integrated Child Development Scheme (ICDS) staff should visit each Ooru (tribal hamlet) once a week. The report also recommended micro-plans for procuring nutrient food Seasonal Magazine

Page 48

There might be some IAS officers who believe in projecting such larger-than-life persona, or the media may be creating such image-building, but count me out of it.� requirements at each anganwadi centre (play school or day care centre), taking into account local sensibilities and local availability of edible items. Strict implementation of the midday meal programme should also be ensured at the anganawadis.

Land alienation and allegations regarding consumption of illicitly brewed liquor have also been mentioned in the report. Can you clarify?

The adivasis I met there, especially men, were unequivocal in their stand that they don’t want to be treated like beggars. What they want for the longterm is not food, but means to cultivate their own food. For this, they want to get back their alienated land, and I have addressed this issue comprehensively in my report, so that there is marked improvement in this regard within six months. Regarding illicit brewing and consumption, I am not quoting any government or media

reports, but the tribal women themselves complained to me.

Whereas long back they prepared semi-alcoholic medicinal brews with some herbs and roots, now it is the worst liquor imaginable with ingredients like crushed batteries. So measures to curb illicit brewing and consumption have also been detailed in the report.

You are a history buff by education, and even by way of your initial teaching jobs. How has a history background helped you professionally? How relevant is a background in history for various occupations like IAS, Business, Law, Politics etc?

I wouldn’t say it was of much relevance. Forget history, no subject is exceptionally relevant to a long IAS career like what I had completed. I would say that it is relevant only as a backgrounder and of course for passing the IAS entrance. This career is all about learning on the job. If you are entrusted with a revenue job in Punjab, you have to prepare yourself for that by identifying and studying relevant real-world material. No academic course is going to prepare you for that. The learning never stops.

When I visited Attapady, and interacted with the tribals there, it was the next round of learning.

You have a long association with KSIDC, and is still its Chairman.

How far are you satisfied with the role KSIDC has played over the years? Do you think that much more could be done by a state development financier? Are there better models to emulate?

Institutions like KSIDC have played a pivotal role from many years back, in initiating industrialization in various states. What is especially noteworthy is that many of them including KSIDC was instrumental in pioneering public-private partnerships in the industrial sector, much before the PPP model was introduced in the infra sector. Rather than following a better model to emulate, KSIDC has

Development financial institutions like KSIDC were instrumental in pioneering public-private partnerships in the industrial sector, much before the PPP model was introduced in the infra sector.” been re-inventing itself by participating in infrastructure development, investments, promotion, venture funds etc.

As a veteran IAS officer who has scaled the apex of that career, what would be your advice for the youth, and especially for aspiring IAS candidates?

Firstly, IAS is not the ultimate career.

The situation today is not the same as when I joined several decades back.

Today, you can be a noteworthy part of nation-building whichever profession you are in. For instance, one can just be a journalist, or be a really good socially contributing journalist, who can contribute even more than an IAS officer. Or one can be a really good engineer. Or a really good entrepreneur employing thousands of people.

Do you think IAS officers need to be protected more in light of the Durga Shakti Nagpal episode?

The protective mechanisms are already there. But the more pertinent issue is the lack of motivation.

Everything boils down to human resources. And humans can’t ever be conquered except through motivation.

If a boss calls a subordinate “scum” all day, what he will get in return is work worthy of a scum. I was associated with many Indo-Japanese JVs, and it was stunning how the Japanese bosses treated their subordinates. If a Japanese worker had to be deputed to India, the company would first arrange an all-expenses paid survey trip to India for him to visit the actual factory and residential facilities, and only if he is satisfied,

he is expected to take up the job. That is how the world operates, and Indian bosses have much to learn from it. On a personal front, I was very fortunate to have some of the most considerate of bosses, and I hope I too have extended the same to my colleagues.

You are known to be a very religious person, with a special adoration towards Sabarimala.

Nobel laureate Amartya Sen says that he can belong to a majority community and still feel the insecurity of all minority communities. In this backdrop, how do you assess the current communalism versus secularism debate. How important is Nehruvian secularism as practiced in this country for its bright future?

How many of us have selected our own religion? Not even 1% of us, right? I became a Hindu because my parents were Hindus, and they too didn’t have any choice for the same reason. Because I was born a Hindu, I go to temples, but I am equally at home at any other places of worship.

So, pursuing communalism in itself is absurd. How can any rightmeaning person segregate himself into some religion that he was born into, something for which he had no choice? And when communalism begets hatred and eventual violence, it becomes quite dangerous. That is why secularism is absolutely essential for this nation’s continued well-being and prosperity. Amartya Sen is very right in this regard.

Seasonal Magazine

Page 49

TEST DRIVE THE NEW SELF-DRIVING S-CLASS

Ready to Pay Top Dollar for Hands-Free 10-Second Texting? ’m zipping do wn the fr ee way a 0 mile down free eew att 7 70 miless per hour in a Mer cede s-Benz S-Cla Merc edes-Benz S-Classs and my hands ar en’t on the st eering wheel. aren’t steering

The wheel jogs slightly to the left, then returns to centre, moving eerily on its own.

The executive-class sedan is driving itself—gas, brake and steering. I’m trusting the digital ghost in this machine to keep us from plowing into the left-hand guardrail. I always figured the day of selfdriving cars would arrive; just not so soon.

A soft warning chime. The car will self steer for only ten seconds without a hand on the tiller. After that you get another

Seasonal Magazine

Page 50

warning beep and the wheel goes slack.

You or the car are on your own.

That’s okay, I’m happy to take back control. Mercedes’s S-Class has always been a technological powerhouse, the repository of the company’s most radical advances and forward-thinking ideas. The results can’t be denied. They include truly significant safety advances like crumple zones in the 1950s and electronic stability control 40 years

later; advances that have filtered down to every car on the market. It’s possible someone you know has had their life saved by a car that they didn’t even buy.

The all-new, 2014 S550 rear and allwheel-drive models will be released this fall, with prices likely to start just south of $100,000. (I estimate the car I tested with all the gizmos was more than $140,000.) While the sedan takes a stutter step towards autonomous driving, neither legislation nor the technology is at the point where an owner can crawl into the back seat and let the car whisk you to work. But Mercedes is telling us the day is coming.

spot or even likely to rear-end you.

In the last scenario, before a rear impact it will tighten your seat belts and automatically lock the brakes, so you’re less likely to plow into the car in front of you. By contrast, the semi-selfdriving features are destined to be used by drivers who text or e-mail in traffic.

(Everyone agrees that is a no-no, yet I see people doing it all the time.)

The S550’s latest cruise control follows the flow of highway traffic, slowing or speeding up in relation to the car in front of you. Your feet stay off brake and gas.

The steering assist helps keep centred in the lane, tugging gently when your hand is on the wheel. It also keeps you from veering into oncoming traffic.

Which means you can pay less attention, but you still need to be aware. If there are no lane markings on the road, the S550 will simply follow the car in front of you.

The 2014 Mercedes-Benz S550 Specs: Engine:

4.6-liter V-8 with 455 horsepower and 516 pound-feet of torque.

Transmission:

Seven-speed automatic.

Speed:

0 to 60 mph in 4.8 seconds.

Gas mileage per gallon: 17 city, 27 highway (estimated).

Price as tested:

$145,000 (estimated).

Best feature:

Passive safety systems.

Worst feature:

Synthetic driving experience.

Target buyer:

The rear-seat CEO who doesn’t entirely trust his driver.

There are loads of other advances and gadgets you can load on to this classic big black luxury sedan aimed at power brokers, CEOs and diplomats.

Some options are silly. You expect luxury and comfort in terms of leather, wood and superb temperature control (yes on all counts). But do you need the $350 package which places a perfume container in the glove box, atomizing the liquid at random intervals and wafting in Mercedes’s scents like Sport, Nightlife and Downtown? Perhaps they should call it the covering up an illicit affair package, masking mysterious colognes or perfumes on one’s collar.

The seats include a massaging feature that is supposed to replicate a hot-stone treatment. Sounds odd, but it feels very, very good. The biggest practical strides

are those of safety. The car is surrounded by fields of invisible radar and festooned with cameras. It knows when other cars are crossing in front of you at an intersection, entering a blind

An especially trick optional suspension ($4,450) uses twin cameras to read the road ahead and adjust wheel travel accordingly. You can literally roll over a speed bump and not spill your coffee in the back.

Fine, as long as that driver isn’t sending e-mails himself. And while the Mercedes halts for stopped vehicles in your lane, it doesn’t recognize red traffic lights or stop signs. This brings another question into focus: Do owners want to drive this car or to be driven? Optioned correctly, rear seats recline and have nifty folding tables ideal for laptops.

An especially trick optional suspension ($4,450) uses twin cameras to read the road ahead and adjust wheel travel accordingly. You can literally roll over a speed bump and not spill your coffee in the back. Bringing us, finally, to the drive itself. Because in truth, actual driving seems to be the last thing on anyone’s mind. The car has more CPUs than NORAD in the 1980s, so it perhaps come as little surprise that the experience feels synthetic and distant.

The 4.6-liter V-8 puts out a load of power (455 horsepower and 516 poundfeet of torque), and yet that potency gets lost in translation. The gas pedal is spongy, the steering drowsy. The S550 is a bore to drive. Ultimately the place you want to be is the passenger-side rear, drowsing or sending e-mails. Let’s just hope that your chauffeur isn’t doing the same thing up front.

(By Jason H. Harper for Bloomberg) Seasonal Magazine

Page51

Life Customise

INTERVIEW

Dr. KN Raghavan, IRS, Customs Commissioner of Kochi, has led a uniquely exciting and multitasking life which offers much to learn for practically anyone - Doctors, Civil Servants, Cricketers, Umpires, Cricket Analysts, Authors, Students, Multitaskers, & High Achievers.

Because, Dr. Raghavan has done all those roles with élan. ife is what happens to us while we are luck or such ’conspiracy of the whole universe’ would have making other plans,” wrote American writer it, he found accommodating bosses who supported his and cartoonist Allen Saunders way back in umpiring hobby as much as they could. That is how Dr. 1957. The quote became so popular that Raghavan could officiate around 5 ODIs, not to mention many repeated it as their own, including The numerous Ranji, Duleep, & Deodhar Trophy matches. And, Beatles co-founder John Lennon in a 1980 wonder of wonders, IRS got a sharper officer due to his quick song, ironically just three weeks before he was murdered. decision-making skills, honed on-field. But the really cool The quote has also been attributed to many later day celebrities thing about him is that Dr. Raghavan also knew when to call due to its re-tweetability and applicability for most people. it quits. That is how he retired as an International Umpire in How often do we go through life rueing at the bad educational April of this year. He had moved up too high in his IRS career or career choices we had taken or were forced to take. For by this time, to continue with a dual focus. Meanwhile, unlike many there seems to be no escape. As we advance in life, we those of us who complain of little free time to do anything realize that life can’t be customised to a great extra in life, Dr. Raghavan found time to author degree. Here is where the unique life and “Even by any stretch two books, one on cricket and the other on experiences of Dr. KN Raghavan, Customs history. His 2012 book, ‘Dividing Lines: of imagination, Commissioner of Kochi, stands as a class apart. nobody can argue that Contours of India China Conflict - A book on But the real value from studying his life is that the origins, events, and impact of the IndiaBCCI is not a public there is so much to learn for practically anyone China War of 1962,’ went on to garner critical body. So, it should Doctors, Civil Servants, Cricketers, Umpires, acclaim as the book busted several myths that indeed be under RTI Cricket Analysts, Authors, Students, Multitaskers, India’s political and military establishment had & High Achievers. At the age of 14, when most purview barring may promoted to cover up a massive defeat. But if be some gameboys were eager to follow their father’s successful you expect Dr. Raghavan to be a cynic, you will related information.” be disappointed to the core. He is the antithesis career, Raghavan chose not to be a lawyer. At the age of 16, when most boys were still unwilling of a cynic, if there ever was one. A diehard to lose their boyhood and become a man by taking up optimist, he tries to find the good in everything from BCCI to responsibilities, Raghavan became a cricket umpire. At 22 IPL to political pressure on bureaucrats, as he begins all years, when most doctors were eager to begin a flourishing discussions from the fundamental premise that society is not practice, Dr. Raghavan chose to be a civil servant, though perfect. When Seasonal Magazine met him in Custom House medicine was not available as a subject for IAS entrance and at Kochi, 50-year old Dr. Raghavan appeared as young, he had to study fresh subjects like history and public dashing, energetic, and enthusiastic as he should have been administration. At the same age, though unsure about how a when he chose to be an umpire when he was just 16! Never job like umpiring can co-exist with a demanding IRS career, ever during the two-hour interview did we find this senior he decided to pursue both by applying for and winning a bureaucrat bending his spine or slouching in his chair. Always position in the National Panel of Umpires and then the All sitting upright and alert, he lives up to the ’hawk’s eye’ for India Panel, thereby setting the stage for a unique dual career. which he is famous on-field and in his IRS career. One can “When you want something, all the universe conspires in blame him only for a tad too much of optimism, but that is a helping you to achieve it,” wrote Paulo Coelho in The risk he is obviously willing to take, that is, to err on the side Alchemist in 1988. Dr. Raghavan, IRS, knew it by nature. As of pragmatism.

Seasonal Magazine

Page 52

ed!

IS IAS UNDER SIEGE BY IOUs?

Dr. KN Raghavan, IRS Seasonal Magazine

Page 53

Seasonal Magazine in conversation with Dr. KN Raghavan, Customs Commissioner, Kochi: You are just back from an Executive Education program.

Can you update us on it?

Well, I was selected by our department for this program by IIM Lucknow. It is a two month long program, part of it in IIM, and then we do the remaining at LSE, Cambridge, Amsterdam, and at World Customs Organization at Brussels. It was a hectic schedule, but a very enriching experience.

You have a unique mix of experience, trained as a doctor, then an umpire, then a civil servant. How do you view this unique history of yours?

Well, like any other youngster doing his SSLC I too was considering the few options available before me like engineering, medicine, law etc. My father was a lawyer, so I had a rough understanding about what a law career was about, and I didn’t think I was cut out for that. Though I was reasonably good at maths, I was not inspired to pursue engineering, as engineers were finding it difficult to find jobs during that time. At least that is the impression I had from seeing the difficulty some acquaintances and relatives were facing in finding desirable jobs after engineering.

Doctors, in contrast, were never out of work, as they could at least practice on their own, or so I reasoned! Also, the medical profession had the respect and esteem everyone appreciated. I also had the marks to get a second-group or science seat. I performed reasonably well in pre-degree too to get an MBBS seat and that is how I ended up pursuing medicine at Kozhikode Medical College.

And the other two professions, civil service and cricket umpiring, which happened first?

Umpiring, of course. That happened when I was just 16 years of age. There was a small announcement in the newspaper by Kerala Cricket Association regarding an Umpiring Clinic in which they were selecting candidates for umpiring. I knew I was too young, but still I applied with a couple of my friends. But after knowing the nitty-gritty, some candidates dropped out. I, however, liked the details provided by the famous umpire, Sriramulu, and stuck with it. Finally, I was among the 10 candidates selected for the KCA panel.

It was the first time such a panel was being formed by KCA. I was lucky to be a part of that.

But nobody objected to your young age?

Yes, that was an issue. Sriramulu personally took me aside and told that I was too young for it, but that he is considering me as he sensed a potential inside me for umpiring. But he reminded me that I would have to work hard at it, due to my young age, so as to prove myself.

You were just 16 when this happened, so you were yet to join the medical college?

Both happened nearly simultaneously.

I was soon umpiring matches, even though it was difficult finding time for it amidst a tough schedule like MBBS. Steadily, I gained experience, never missing a chance to umpire a match even if it required taking leave from college, or travelling. But by the final year of MBBS, the academic load became too much to handle on a shared focus, and I dropped umpiring temporarily to focus on my exams.

It was a very sorry state at airports, as any person’s baggage is a very private affair, and forcibly inspecting it was akin to asking someone to undress for inspection.

Seasonal Magazine

Page 54

Didn’t your parents object to you doing umpiring, together with your MBBS? Not much, especially my father who was very encouraging that I should pursue something which I was passionate about. But, as you would expect, there were some objections from the family, as an MBBS seat was hard to come by, and nobody could come into terms with the chance that I could end up wasting a precious seat!

What made you switch careers then to civil service?

Soon after enrolling for MBBS, it had become clear to me that I was not really cut out for that profession. Still, I was very particular that I should complete something that I had begun. I completed successfully and did my Senior House Surgeonship specializing in General Surgery. But my prime reason to look beyond medicine, was a realization that being a good doctor demanded extreme commitment to the profession. Doctors need to keep on learning and get updated on the latest developments in their speciality. My wife is a doctor, a very good doctor with a respectable practice, and seeing her work even to this day, by reading and attending seminars, I think I took the correct decision indeed!

Still, why did you go in for your PG in medicine?

The options before me were limited.

Since I was internally planning to

Life Customised! forsake medicine as a career, I needed to choose something that was equally or more good. I had developed some love and admiration for a career in civil service. But during those times, civil service was not a sure shot bet. Another personal problem was that due to me coming after MBBS, my age was higher and I had only one chance for attempting civil service before the age bar would cut in. The bar was lower in those days. Still another issue was that medicine was not an available subject for civil service entrance, and I had opted for history and public administration for my mains, which was additional work. So, as things stood, I realized that I couldn’t totally bank on a civil service selection. That is why I opted for a PG in medicine.

But this time around, I decided to merge my passion for sports with my academics, and opted to do PG in Physical Medicine & Rehabilitation which included domains like sports medicine - at Thiruvananthapuram Medical College. But when I got selected to IRS, I discontinued my PG. Apart from umpiring, were you also playing cricket? What was your role in the team?

Yes, I was a wicketkeeper batsman. I was part of the Under-19 Cricket Team representing Ernakulam.

Which happened first - your return to umpiring or your selection to civil service?

Again, it was almost simultaneous.

While I had taken a break from umpiring for my MBBS final year and house surgeonship, one of my fellow umpires in the KCA Panel got selected as a National Panel Umpire by BCCI. This was an inspiration for me, as I thought that if he could qualify I too could make it. So I started trying for it. By that time, the civil services results were out, I was selected, and I had opted for IRS. Soon, however, BCCI also selected me as a National Panel Umpire. To this day, I am grateful that the final selection procedure by BCCI and my IRS training at Mussoorie didn’t coincide.

If it had, I would have been forced to forsake umpiring for my career!

Can you explain how your umpiring career took off from that selection?

Well, my first officiating of a Ranji match was in 1992 between Bihar and Tripura at Ranchi. Since then I have umpired numerous Ranji Tropy and Duleep Trophy matches. In 1996, I got elevated to the All India Panel of Umpires. This made me eligible to officiate One Day Internationals apart from other national matches. I made my ODI debut in 1998 for the match between India and Bangladesh, at Mohali. For the first Kochi ODI at Jawaharlal Nehru Stadium, between India and Australia in the same year, I was the third umpire. I was reserve umpire in three more ODI's- India vs South Africa at Kochi in 2000, India vs Australia at Vizag in 2001 and India vs Zimbabwe at Hyderabed in 2002.

And meanwhile, how did your IRS career span out? More importantly, how could you manage both for many years?

I joined IRS - Customs and Central Excise in 1990. I have worked in Central Service and in Kerala Service, as well as in Tamilnadu. In Kerala, I have been MD of Kerala State Cooperative Rubber Marketing Federation Ltd and CEO of Kochi’s Co-operative Medical College. I also had an overseas stint for four years from 2007 as First Secretary in the High Commission of India at Singapore. I was fortunate to have good support from my bosses to accommodate my umpiring activities. I also made it a point to reduce the number of matches, so as to fulfil my responsibilities as an IRS officer.

So, why did you finally quit from umpiring in April of this year?

There were a few reasons behind that sad decision. Over the years, my responsibilities in my IRS career had increased. It was getting increasingly difficult for me to find time for umpiring. Meanwhile, the umpiring field has also been undergoing a transformation. BCCI was increasingly in favour of full-time umpires as against part-timers. Since 2002, ICC had also constituted its Elite Panel of Umpires. For a while I mulled about attempting to gain entry to the ICC elite panel, but then official duties became paramount for me. Moreover from 2007 till 2011 I was posted at Singapore. So, there was a disconnect. That is why on April 3rd, I finally chose to retire as an international cricket umpire. I was a bit sad, but then I have to move on with my priorities. I have also been umpiring less taxing matches like Ranji Trophy, Duleep Trophy, Deodhar Trophy, other First Class matches, junior level matches etc which I can continue if I can manage the schedules.

Can umpiring be a prime career for an aspirant? You would be the best person to answer this…

It can be a prime career for aspirants especially in this new scheme of things, and in fact, that is the way ICC and Seasonal Magazine

Page 55

BCCI are designing this profession, around full-timers. The days of parttime umpires are over. In another five years, there will be only full-time umpires. A new breed of young umpires are coming in, some of them are players, being involved with the game at various levels. So, it can definitely be a prime career, at least from now on. But there is a flipside to it too. For example, cricket has always remained a passionate hobby for me.

That has been the case while I was playing cricket, and later too when I had to study cricket in-depth for umpiring. But when it becomes a fulltime career, umpiring too will be subject to all the challenges of a fulltime career like the need for networking, self-promotion etc. For me, it would have killed the passion or love for the game.

This has been very interesting, this unique mix of different careers. Do you think the rest of us, or at least our youngsters, should emulate something like what you have done?

I wouldn’t say so. Because, much of these diverse experiences were not precisely well-planned. It so happened when I pursued a couple of my passions and dropped some other options.

Secondly, it is not easy by any means. I could do it, because of my good luck, as well as due to the understanding of my bosses. But having said that, pursuing multiple careers definitely has its advantages. For instance, in umpiring, you have to take decisions on the spot and it has helped me focus and sharpen my decision-making process in other fields too.

Coming to something regarding customs, there have been allegations that certain entities enjoy the so-called Green Channel clearance in Kerala. Is there any truth to such allegations?

That is a common misunderstanding.

Green Channel clearance is something that 95% or 98% of travellers through our airports should enjoy, and are enjoying since many years now. Earlier Seasonal Magazine

Page 56

this was not the case. Everyone had to open up their suitcases or bags before the customs personnel for searching and frisking. It was a sad state of affairs, especially in a state like Kerala.

We always had a sizeable traffic of NRKs from Gulf, and most of them were not very affluent, and they had to go through this procedure every time they visited Kerala, after enduring the hardships in their workplace as well as a long travel. And most of the time there will be nothing to unearth, except for an odd gold coin or such small things. It was a very sorry state, as any person’s baggage is a very private affair, and forcibly inspecting it was akin to asking someone to undress for inspection. But thanks to modern technology like baggage scanners as well as better intelligence gathering and sharing, we could properly implement a convenient Green Channel mechanism in our airports.

The idea is that for a 2% or less than that of erring passengers, the remaining 98% shouldn’t have to face this indignation and suffering. Other than this universal Green Channel available for all passengers, there is no selective or preferential green channels for anyone.

Is gold smuggling again on the rise? There was a recent case of a family attempting to bring in gold bars. What could be contributing to this?

Yes, it is slightly on the rise again. The reasons are obvious. The import duty on gold has gone up significantly in

Cricket is what made Sreesanth.

Difficult to think that he would spoil that very foundation.

recent months. Government had to resort to it, to control the influx of gold into the country, so as to limit the Current Account Deficit. But it also created an incentive for unscrupulous elements to smuggle in gold. However, we were well prepared for this, and that is why we could make some recent interceptions. But having said that, let me assure you that the level of smuggling seen now is nowhere near the organized smuggling by large operators that was recorded between 1963 to 1990 when the Gold Control Act was in force.

A customs official was recently found to have travelled in the cockpit just like a popular actress.

Was this official from Kochi Customs?

Really? This is a shocking news to me.

I was abroad for a few weeks and might have missed it. I can’t even imagine something like that could have happened because cockpit is such a sacrosanct place as far as a flight is concerned. Absolutely nobody who is unauthorized should be allowed access to a cockpit.

Coming back to cricket, what is your opinion regarding the recent fight between BCCI and Sports Ministry to bring it under RTI? Firstly, even by any stretch of

Life Customised! imagination, nobody can argue that BCCI is not a public body. So, it should indeed be under RTI purview barring may be some information like why one player was selected and not another or such game related data. But having admitted that, let me also point to you that BCCI is a thoroughly professional body, which has nothing to hide. I was a part of BCCI for many years, and I know that they work very professionally. Also, just because some other sporting bodies have come under RTI doesn’t mean that they are anywhere near BCCI in professionalism or achievements.

When I was a young boy, India was the world leader in hockey but nothing at all in cricket. What is the situation now? The credit for improving cricket in this country largely goes to BCCI. We may find fault with certain actions of certain leaders in BCCI, but the fact is that most of them have contributed immensely to promoting cricket in this country. It has always been like that whoever has been leading BCCI. I am sure that if and when BCCI finally comes under RTI, everyone would be left wondering what was the reason to resist such a move.

Rahul Dravid has recently come out against the BCCI. Why are players so reluctant to come out such when they are on active duty?

I think it is because players are greatly appreciative of the work BCCI has been doing. Be it Dravid or Tendulkar, they should be knowing more about the professional support of BCCI, as they have been beneficiaries of it. BCCI has also tremendously improved during the last three decades. You can see it in the way cricketing infrastructure has come up in all nook and corner of the country. You can see it in the way national players are emerging from even Tier-II cities. Dhoni is from Ranchi, Sehwag is from Najafgarh, which were scenarios unthinkable twenty or thirty years back, when Indian cricket was a three-city affair.

Do you think player selection is fair in this country, at all levels,

His 2012 book, ‘Dividing Lines: Contours of India China Conflict’, went on to garner critical acclaim as the book busted several myths that India’s political and military establishment had promoted to cover up a massive defeat. including the national selection?

What do you think about the Parvez Rasool episode?

Selection is absolutely fair at most levels, especially at the higher and national level. People mistakenly think that it is biased, basically because there are so many talents to choose from. If we entrust the selection independently to three most qualified selectors, they will not come up with identical teams.

Because selection still has a subjective element to it. Ultimately, the proof of whether selection was good or not lies in the performance of the team, because we are competing with the world’s best. Regarding Rasool, my personal opinion is that he should have been played, but then the judgement of the selectors and Captain is final in that regard. Rasool will get his further chances and he will surely come up.

How come a player like Shikhar Dhawan could make a comeback after many years since his debut, while Tinu Yohannan couldn’t and lost it forever?

Tinu was playing brilliant during his debut period. Then there was a prolonged slump in form. Shikhar Dhawan too had a similar brilliant debut and then went out of form for long. But why Dhawan could make a comeback and Tinu couldn’t is also a

function of the respective Ranji sides that they are representing. A strong Ranji side like Delhi gave Dhawan ample opportunities to demonstrate his talent again and again. Such opportunity can’t be expected from any side that gets defeated in the first or second round of Ranji. Then there are the temperamental differences between players. Cricket is as much about temperament as it is about talent and hard work.

It is well understood that umpiring has its flaws. So, there is need for something like DRS. But BCCI says it is full of irregularities. Is it really so or is it more about DRS’ application failures? Can it be denied that BCCI is using its clout over other national bodies to resist this technological advancement that they somehow doesn’t like?

It is universally accepted that human beings make mistakes and umpires are no exception to this general rule.

Studies conducted amongst international umpires have shown that most of umpires in the panel make one wrong decision out of 25-26 decisions that they are called to make. In fact Simon Taufel, the Australian umpire who is considered to be the best, makes one mistake in 28 decisions. So it can Seasonal Magazine

Page 57

be taken that human beings of that level are capable of getting correct decisions in 95-97% of the decisions. Now, what is aimed by introducing technology in the form of DRS is to attain 100% accuracy. DRS has been used in many series even now involving teams other than India but it can be seen that the results have not been satisfactory.

BCCI’s major objection is to the fact that this technology is not owned by concerned cricket boards who organise the matches and are responsible for its proper conduct within the laws of the game. The technology as well as the infrastructure required for preparing the pictures for review are owned by the broadcasters who are entities of purely commercial nature. Since the entire conduct of game including appointment of umpires, scorers, and other match officials is the responsibility of the cricket boards, it would not be proper for decisions to be arrived at based on data prepared and provided by entities other than the said cricket boards. At the present juncture, some of the cricket boards (eg: Zimbabwe, Bangladesh etc) do not possess the financial resources for owning the required technology and infrastructure. Further there are also doubts that the technology involved is not fool proof especially when it comes to hot spots and snickometer. The recent England-Australia series where DRS has been used has highlighted the limitations of technology currently employed. Hence BCCI is well within its right to insist that

The Green Channel idea is that for a 2% or less than that of erring passengers, the remaining 98% shouldn’t have to face this indignation and suffering at airports.

Seasonal Magazine

Page 58

Why Shikhar Dhawan could make a comeback and Tinu Yohannan couldn’t is also a function of the respective Ranji sides that they are representing. unless the technology involved is sufficiently fool proof to convince the players about its absolute accuracy, it is not fair to employ it. It is not fair to rush in with a less than perfect technology and make the players suffer. Players accept that umpires are also human and hence prone to make the occasional mistakes but when it comes to technology they seek nothing less than an absolutely fool proof one.

Finally there lies the question of the number of reviews allotted per side which is two at present. The number of reviews have been limited to keep loss of playing time on account of such referrals / appeals to the minimum.

However this can result in the near comical situation that took place in the first Ashes test where everyone except the bowlers and umpire saw clearly that Chris Broad was out but nothing could be done as Australia had exhausted their quota of reviews. So there is scope for improvement in this area also.

BCCI feels that unless these aspects are considered, and solutions acceptable to players and officials are reached, DRS should not be employed. I think there is lot of merit behind BCCI’s line of thought. It is better to be certain about the accuracy of the technology before rushing in with an incomplete or inaccurate one. Regarding BCCI’s use of financial muscle to stall use of DRS , I feel that this allegation is not correct.

As said earlier, BCCI has only sad that

they would not be using this and England and Australia have used this during the Ashes series currently under progress. In every international body or multi-lateral organization there is some amount of muscle flexing by its prominent members and if BCCI uses that to the benefit of Indian cricket and its players I would not criticise them.

Dalmiya has recently come out against the failure to correct problems in the Duckworth Lewis system for 15 years. Why can’t BCCI endorse Jayadevan system (VJD method) which is used in some domestic leagues? Is it because of its usage in the rival ICL? Regarding Duckworth Lewis method for determining the target score in rain affected matches, I would say that too much should not be read into Dalmiya’s statement which was made in another context. Over a period, Duckworth Lewis has been subjected to lots of improvisations and the one employed at present has the advantage of having stood the test of time and gained the confidence of players and officials. The method suggested by V Jayadevan (VJD method) was certainly much superior to Duckworth Lewis when it was first mooted but for some reason BCCI was not able to get other test playing countries to agree to

Life Customised! replace Duckworth Lewis with VJD method at that juncture. Now it would not be easy to get players, officials, and other cricket boards to consider VJD method as Duckworth Lewis after its various improvisations has won the confidence of all concerned. I may be wrong on this but to the best of my knowledge modifying or changing Duckworth Lewis and replacing it with VJD is not under active consideration of BCCI at present. Having said that, I still maintain that VJD was much superior to Duckworth Lewis when it was first mooted by Jayadevan. On the suggestion that it was BCCI’s animosity to ICL that caused its lack of support to VJD method, I do not think this is correct. Jayadevan had brought out his method of calculation much earlier than 2007 when ICL was launched. It might be a fact that ICL has used VJD method but that is not the prime reason for BCCI not using this method. As I said earlier, it was BCCI’s failure to convince other test playing nations of ICC that remains the root cause for it not being used in official matches of BCCI. How do you assess the whole Sreesanth match-fixing episode?

Is this as nasty as Delhi Police swould have us all believe?

It is difficult to comment on it as it is still with the courts. I know Sreesanth for long, from when he was a young boy. It is difficult to imagine that he would do something like this. Because, cricket is what made Sreesanth.

Difficult to think that he would spoil that very foundation. But we should take the case by Delhi Police seriously.

Because rarely does such cases spring out of thin air. It is very noteworthy that Delhi Police could file the charge-sheet quickly. It is a feat in India, especially in such cases. All we can do now is keep our fingers crossed regarding Sreesanth.

According to you how can Indian cricket be cleaned up?

In my opinion, the dirty aspects of Indian cricket began with IPL and ends

with IPL. But that doesn’t mean that IPL is necessarily a bad thing. Not at all. The overall impact of IPL has been good as it gave more opportunities for more young players to emerge on the national stage. IPL also helped in popularizing cricket further, and it has been good for all concerned including viewers, BCCI, government, and advertisers. But IPL needs to be cleaned up a bit. Like how the cheer girls have gone, I expect the aftermatch parties to be curtailed. Cleaning up IPL is so easy as better models regarding code of conduct is already available. For instance, access to players is strictly prohibited during ODIs. It is almost like they are in confinement. The same model should be applied to IPL too.

Do you think betting, spot fixing, and match fixing are rampant in cricket? Do you think betting needs to be legalized in India?

Betting may be rampant, but not spot fixing, and certainly not match fixing.

But all these can happen because highstakes betting drives the need for spot fixing and even match fixing. So, betting should never be legalized. Such strange ideas - that if it is too popular or too difficult to control then legalize it - have never worked anywhere.

What would be your advice for Kerala Cricket, Cricketers, and KCA? I would say that KCA has been doing a good job, especially since the last few years. Turfs and camps have come up at many places across the state, and the

In my 23 years of service in the Centre and various states including Kerala. I can say with certainty that I have never been pressured by any politician or party.

results are showing. As you know, three of our players, Sanju Samson, Sachin Baby and VA Jagadeesh, have been selected for the Indian A Team recently.

Such focus should continue from the part of KCA as Kerala Cricket still has a long way to go.

Coming to something official, how do you assess the issue of Durga Shakti Nagpal? Do you think civil service officers need more protection? As an IRS officer, how would you assess the political pressure on these kind of jobs?

It is very difficult to comment on a contemporary issue like Durga’s suspension which is still an evolving one. Personally, I don’t think there is any need for additional protection for civil service officers. The system already has the necessary checks and balances, and grievance redressal mechanisms. Regarding my own experience, I have completed 23 years of service in the Centre and various states including Kerala. I can say with certainty that I have never been pressured by any politician or party.

But then it also depends on your conduct as an officer. If we give out the right signals about our intention to keep our integrity, nobody would bother us. In the final tally, what everyone appreciates and wants is an honest officer. I have not worked in many states to comment on the situation there, but I am confident that an honest officer can indeed survive in this country. Often the problem starts when an officer takes refuge with a politician to get any undeserved favour. Then it is a given that the politician would want a favour in return. Civil service officers should steer clear of such practices, and everything will be fine.

You come across as a diehard optimist…

Yes, I have often been blamed for being too much of an optimist! But my reply is that though the society is not perfect, it is not all gloom and doom. There is every reason to be optimistic about the future, as long as we are improving.

Seasonal Magazine

Page 59

DEVELOPMENT

HOW KSIDC LEADS THE MOVEMENT FOR A MORE INDUSTRIAL KERALA

As Chief Minister Oommen Chandy recently remarked, Kerala is already way above national averages in crucial service sectors like healthcare and education, but is lagging behind in core industrialization, especially manufacturing. All that is set to change, if KSIDC can get to implement its latest dream project for a Rs. 8000 crore / 500 acre Petrochemical Park in Kochi. Tom Jose IAS, Managing Director of KSIDC has been spearheading this initiative from its conceptual stage onward. The proposed Petrochemical Park would go a long way by providing a proof-of-concept that ‘Kerala can do massive industry‘, and bring in great socioeconomic development to Kochi, as well as exponentially grow KSIDC’s already existing portfolio of impressive projects - completed, ongoing, and proposed.

Seasonal Magazine

Page 60

hief Minister’s recent remark in favour of manufacturing, in fact, came up during a KSIDC function.

Kerala State Industrial Development Corporation had recently conducted a high-profile Business Meet in Kochi on the topic of ‘Opportunities in the Petrochemical Industrial Segment’. It was in this Meet that the KSIDC formally announced its intention to promote this new mega project.

Earlier, speaking with Seasonal Magazine, KSIDC MD Tom Jose IAS had clarified regarding Kochi’s implementation plans to be a PCPIR, which stands for Petroleum, Chemicals, & Petrochemicals Investment Region, which is a Central Government scheme for select cities and regions. “Regarding PCPIR or the Petrochemical Complex, we expect phased progress, even though a fullfledged implementation may not be immediately possible in the state,” Tom Jose had opined.

KSIDC is fulfilling that promise now.

The first phase is indeed impressive.

Coming up in yet-to-be-identified 500 acres of land adjacent to BPCL-Kochi Refinery, this Petrochemical Park will be a Rs. 8000 crore affair in its entirety. The proposed petrochemical park will have internal roads, culverts and drainage, water treatment plant, water supply and distribution, common effluent treatment plant, green belt, and facilities for feedstock transfer through pipeline. The powerful idea is to facilitate all activities in the entire value chainfrom refining to manufacturing of various industrial raw materials to downstream products.

Tom Jose IAS, MD, KSIDC

If the same project were to be mooted 5 years back, many would have expressed their scepticism. Kerala and massive-scale core industries like petroleum were two things that never went along well. But today’s scenario is different. Kochi has finally emerged Seasonal Magazine

Page 61

from its shy shell, and has started asserting its capabilities before the world.

The change started long back with India’s first airport via Public Private Partnership (PPP) model - the Cochin International Airport Ltd (CIAL) which incidentally was also a KSIDCbacked project. Then came the International Container Transshipment Terminal (ICTT), the first transshipment terminal in India and the first container terminal to operate in a SEZ. Today, Kochi’s other capabilities include a well developed Oil Terminal and Bulk Cargo Terminal.

oming up in yet-to-beidentified 500 acres of land adjacent to BPCL-Kochi Refinery, this Petrochemical Park will be a Rs. 8000 crore affair in its entirety.

The proposed petrochemical park will have internal roads, culverts and drainage, water treatment plant, water supply and distribution, common effluent treatment plant, green belt, and facilities for feedstock transfer through pipeline. The powerful idea is to facilitate all activities in the entire value chainfrom refining to manufacturing of various industrial raw materials to downstream products.

Seasonal Magazine

Page 62

While all these gradual changes started tilting things in Kochi’s favour, the real game changer has been PSU giant BPCL’s decision to go in for an Integrated Refinery Expansion Project (IREP) of its Kochi Refinery. The Rs. 14,000 crore IREP will see BPCLKochi Refinery ramping up its capacity to 15 mmtpa from the current 9.5 mmtpa (million metric tonnes per annum).

The IREP project and the opportunity it provides are indeed huge. This is what KSIDC is swiftly tapping into, under the leadership of Tom Jose.

Together, this Central-State combo project can easily be the single largest investment in Kerala.

The backdrop being such, nobody can afford to be sceptical about KSIDC’s industrialization plan any more. In fact, during the Business Meet, KSIDC’s Executive Director, TP Thomas Kutty disclosed that already seven companies have expressed interest to set up units in the proposed park.

The probable benefits to the state and region are manifold. The entire socioeconomics of the surrounding regions are going to be transformed.

That is why KSIDC is on a fast-track to implement this mega project. Land acquisition will be completed before December 2015, which will be a record in land-scarce and controversy-

ridden Kerala. To benefit from the IREP, the land can’t be anywhere but adjacent to Ambalamugal where the BPCL-Kochi Refinery is located. But thankfully, the refinery campus has already expanded much beyond Ambalamugal, and KSIDC is planning to look for land in adjacent villages like Puthencruz, Thiruvaniyur, & Kunnathunad.

Apart from the local socioeconomic development, it will be a definitive proof-of-concept that Kerala too can industrialize in a massive way, creating tens of thousands of jobs swiftly.

The Petrochemical Park will also exponentially increase KSIDC’s portfolio. So far, KSIDC has promoted more than 650 projects in the state with an investment outlay of Rs. 5155 crore providing employment to approximately 72,500 people.

Apart from the Petrochemical Park, KSIDC is playing strategic roles in several other high-profile projects of a national stature. This was disclosed

by Tom Jose while speaking to Seasonal Magazine.

KSIDC has requested for participation in the Kochi-Palakkad National Investment & Manufacturing Zone (NIMZ). It consists of developing twenty industrial townships or hubs along the NH 47 whose new name is NH 544. Tom Jose is hopeful of being included, as KSIDC can add much value to this prestigious project due to their local expertise. The project is huge in size, with a total investment outlay of Rs. 54,000 crore.

Tom Jose informed that KSIDC will also soon launch a venture capital fund, with around Rs. 50 crore corpus initially. The idea is to nurture young entrepreneurial ideas, may be right out from college, so that they will proceed to that stage where they will have bankable DPRs. This KSIDC VC fund will be more like an angel investor or seed capital provider, and more than that KSIDC will be holding their hands for more than just financial assistance.

It will be more like a comprehensive management assistance that will enable them to have robust Detailed Project Reports that banks and other institutions will find acceptable.

Each startup can avail Rs. 50 lakh onward to over Rs. 1 crore also, depending upon the real requirement of the project to start moving. But despite their low requirements, KSIDC has high hopes from this sector.

Because, the development financial institution will be assisting many bright young minds not to be job seekers like their peers, but to be job creators.

KSIDC is expecting a cascading effect from such funding, According to Tom Jose, today, if Kerala can have viable projects, there is no dearth of options for funding, from domestic or overseas institutions, irrespective of the project size.

Another major project of KSIDC that is already being executed is the KSIDC-GAIL joint venture to reach piped LNG to every household. It will nicely complement the capabilities of Petronet LNG Terminal in Kochi.

For the first time in its history, KSIDC is also planning three captive power projects, at three of its district-hubs.

The reason behind this initiative is simple. The state’s power demand is projected to grow by another 2000 odd MW within the next 3 to 4 years, according to KSEB, which is not in a position to generate that additional capacity. So, KSIDC, as the state’s industries and investment promotion agency, is planning on behalf of their industries so that at least many of them would have captive power plants.

Though captive plants are a costlier way to generate electricity, there might be no other option before their industrial units. Secondly, KSIDC has to prove that this is a viable model, so that it can attract new industries to the state without lack of power being a hindrance.

KSIDC is actively pursuing power generation from waste for these captive

models. Several factors led to this decision. One is the abundant availability of municipal waste as well as industrial waste in Kerala. In fact, garbage processing of Municipal Solid Waste has become a major challenge for the state. So, such a model of powerfrom-waste would obviously prove that it has this twin advantage. Secondly, being captive plants, these units can afford to be built on slightly higher costs, as well as deliver power on slightly higher tariff, but still can’t go overboard on expenses. That is why MSW becomes a viable input.

Tom Jose informed that KSIDC is planning the initial three plants at three of their industrial growth centres Valiavelichum in Kannur, Kinalur in Kozhikode and Cherthala in Alappuzha.

Being captive plants for the requirements there, they will be smallsized, between 10-20 MW. The KSIDC MD before being selected for IAS, had pursued post graduation in business. Tom Jose completed his MBA from Cochin University. This background as well as his wide experiences and travel is definitely helping KSIDC. According to Tom Jose, KSIDC is currently on a transformational route.

KSIDC’s current mandate is on three tasks - infra development, investments, and promotion. When KSIDC started out, the need was most acutely felt on the investments front. There was absolutely no other agency willing to fund entrepreneurs during that time, and KSIDC filled in that gap, with many productive results. But over the years, the investment situation has dramatically changed with many institutions including banks willing to invest in project finance. Meanwhile, a greater need has been emerging at the industrial infrastructure front, as no major development financial institution is there to initiate or bet on infra projects. So, now, KSIDC is filling in this new void.

Tom Jose thinks that this precisely is the right direction for KSIDC now.

he entire socioeconomics of the surrounding regions are going to be transformed. That is why KSIDC is on a fast-track to implement this mega project. Land acquisition will be completed before December 2015, which will be a record in land-scarce and controversy-ridden Kerala. To benefit from the IREP, the land can’t be anywhere but adjacent to Ambalamugal where the BPCL-Kochi Refinery is located. But thankfully, the refinery campus has already expanded much beyond Ambalamugal, and KSIDC is planning to look for land in adjacent villages like Puthencruz, Thiruvaniyur, & Kunnathunad.

Seasonal Magazine

Page 63

COMMUNICATION

The New RBI Governor is From USA, Will He Change the Jargon, UK Style? he English finally decided that enough is enough when it comes to complicating English. The UK government recently issued a style guide to its officials, banning a whole host of jargons and advising them to use plain English and avoid formal or long words in government announcements and policy documents. It is striking that even some commonly used jargon words have been axed by the UK government.

Some of the words those have been forbidden, together with their suggested plain-English replacements, are as follows:

Jargons That UK Dumped Jargon

Suggested Simple Replacement

collaborate combating countering deliver

(use 'working with')

deploy dialogue disincentivise facilitate foster key leverage liaise overarching promote streamline strengthening

(pizzas are delivered, not abstract concepts like 'improvements') (unless it is military or software) (we speak to people) (and incentivise) (instead, say something specific about how you are helping) (unless it is children) (unless it unlocks something) (unless in the financial sense)

(unless you are talking about an ad campaign) (unless it’s strengthening bridges or other structures)

tackling

(unless it is rugby, football or some other sport)

transforming

(what are you actually doing to change it?)

Back home, the Reserve Bank of India could do with simpler words while communicating its policies to the public. All the more, because RBI's actions affect every section of the society directly or indirectly. These range from a student who has taken an education loan, to a pensioner living off the interest earned on his fixed deposits. Also, given the economic turmoil, there is huge public interest to know what the RBI is doing to Seasonal Magazine

Page 64

Dr. D Subbarao

Dr. Raghuram Rajan

reduce the pressure on the financial system.

Agreed, monetary policy is complex, and the average person would not be interested in knowing about terms like M2, M3, LAF, MSF and OMO. But eliminating jargons in other parts of the policy document would certainly help convey a clearer picture of the developments in the economy, and what possibly to expect. Maybe it could even bust the myth that the RBI alone is responsible for the current mess, by refusing to reduce interest rates.

A cursory reading of the June 17 monetary policy threw up at least 18 jargons that the RBI could well do without in its future policy documents. Of course, it depends on whether the central bank wants to communicate or obfuscate (oops...pardon the jargon!)

Here's the list of jargons from RBI:

Jargons Still Used by RBI elevated mitigating pass-through patchy soft patch upside pressures upward revision suppressed inflation inflation trajectory spatial and temporal rainfall (this one deserves a prize) crowding-in reinvigorating risk-off hamstrung decelerated tapering off non-trivial risks concerted

Obviously, when it comes to English jargons, RBI is more of an Englishman than the English itself.

(By Santhosh Nair for Moneycontrol)

BROADCAST

Big Data's Big Daddy IBM Brings it to Broadcast J Graeme Noseworthy, Strategic Messaging Director for Big Data at IBM explains in this interview how Big Data can enable broadcast media companies to deliver their viewers what exactly they want to view when they turn on their TV or radio. bulk of the conversation around big data has been restricted to the retail space. When you put the concept of big data in the context of media and entertainment companies, how does this conversation change?

Media and entertainment companies are dealing with a variety of data types.

They are dealing with data that is coming from both within and outside the enterprise. They are also dealing with linear and non-linear data, social data, information coming off set-top boxes and, of course, data coming from second screens. What we are

noticing is that content providers are transitioning from simply being deliverers or producers of content to being enablers of lifestyle. And now that consumers want their content delivered across a number of devices and channels, whether bundled or unbundled, the amount of data being produced is only increasing in quantum.

Media and entertainment companies are now understanding the opportunities that live within that data.

The idea is to discover those insights and drive relevance. On our part, it is a win-win situation we are trying to create. The internal win is that we are trying to improve our processes, our content, the delivery engines and getting to know our customers as

individuals. This creates opportunities for teams internally to collaborate. So you start seeing chief marketing officers interacting with chief information officers, chief technology officers or content officers. You may see marketing play an important role in customer service and in the technologies and strategies that are being deployed not only to deliver content but also to improve processes across the enterprise.

The win on the other side is for consumers because they want information instantly with quick access. We no longer want to be bound by the rules of time schedules. We want to be able to turn a system on and tell it what content we would like. We also want the offers that are

J Graeme Noseworthy Seasonal Magazine

Page 65

personalised and tailored for us. And to do all this, one requires tremendous amount of technology, tools and talent across the enterprise to use these data sources and deliver on those insights.

You've touched on the issue of bundling and unbundling of channels by media and entertainment companies. In India, direct-to-home players are yet to unbundle the channel packages down to individual ones. It works mostly in clusters based on, say, language. But in the United States, for instance, there is an active debate on whether unbundling really works. Does it end up taxing the consumer?

Let me answer this with an example.

Netflix reinvigorated a very popular show in the United States called Arrested Development recently. The only way you can get the show is if you are a member of Netflix and you must watch that on demand. The advantage to Netflix is that it is increasing its subscriptions and producing original, award-winning content. The advantage to the consumer is that they can watch the content at their leisure. But because they are 'opting' to watch the show they are creating a lot of exhaustive data, giving data-driven companies like Netflix an opportunity to learn more about audiences.

Take my family as an example. We watch a lot of Dr Who. Based on our choice of viewing, there is a lot of data driven video recommendation that is happening. That is augmenting the value of unbundling. Another good example would be Pandora (internet radio). I listen to my music, I create my own playlists, I post what I like or don't like. As these channels are perfected with time, Pandora is learning more and more about me. I have noticed that they are not only improving the content they are delivering to me but understanding me better. They are targeting me with relevant and accurate ads.

Seasonal Magazine

Page 120 66

The win on the other side is for consumers because they want information instantly with quick access. We no longer want to be bound by the rules of time schedules.

When I first started using it, they were relevant with their advertising but not as accurate. Now they are both. The combination of relevant and accurate advertising creates unprecedented opportunities for marketers to improve the returns on their campaigns by giving consumers what they want.

Properties like Netflix and Pandora work with the ondemand model or require a more proactive role of the user. But regular channels are mostly about passive viewing. While the former can throw up a lot of data on the user, is it just as true for the latter? Is targeted advertising a possibility for regular television channels?

Absolutely. We are moving the conversation to traditional broadcast networks here. They understand the power of social data and third party data. They are also getting a lot of set top box data. They are getting the content's ratings which reveal when and how viewers are consuming content.

Earlier, customer service used to hold on to their data.

Marketing teams held on to theirs. They are now speaking about unifying and combining that data and utilising it.

What we are seeing is that these traditional broadcast companies are beginning to expand. For example, the Public Broadcasting Service in the United States has an app. I can watch its popular shows like Frontline or Nova and augment that experience by looking at extended interviews on the second screen. I can even share the content with my social networks. Even though the programming here runs on a network and by that one means on schedule, it is unbundled in part. It is optimising the data coming from the set-top box and the second screen and is using it to optimise my experience.

It is established that the copious amounts of data being generated by organisations can help them understand consumers better and serve them better as well . Are companies looking for ways to monetise big data?

The conversation on this front has indeed started gaining momentum.

Organisations have begun to put together data from various sources internally as opposed to data that previously existed in silos. That is enabling them to build systems of engagement that allow them to improve value at every touch.

Now companies are able to take data and put it in systems where they can build profiles and combine it with predictive analytics where they can forecast consumer demand. This could be in terms of the kind of offers they will want, their propensity to churn, their fan engagement levels, among other things. And as we start to predict them, we can start talking to them and actually start to monetise that data. So it is not always that they are turning around and selling that data.

Earlier, customer service used to hold on to their data. Marketing teams held on to theirs. They are now speaking about unifying and combining that data and utilising it. And this is where the revenue opportunities truly lie.

(Interview by Masoom Gupte for Business Standard)

GADGETS

Meet Just Launched Motorola Moto X: iPhone, Galaxy S4, & HTC One Have Some Serious Competition Here The first phone produced from scratch by Motorola Mobility since being acquired last year by Google is chock-full of cutting-edge features. otorola's new flagship Moto X smartphone is noteworthy for a number of reasons. It can detect whether it is in your pocket rather than, say, in the cup holder of a car going 60 miles per hour on the highway. You can ask it to do things with your voice, without having to press any physical buttons first. And you need not wake it up to peek at the time or to see if you have any new messages. You can design your own phone, too, choosing a color scheme for the front, back, accents and more, as if you were picking the colors on a new car. Motorola promises to get it to you quickly, because the phone is manufactured in Texas.

The handset is significant for at least one other key reason. It's the first phone produced from scratch by Motorola Mobility since being acquired last year

by Google. It has 2 GB of RAM and relies on what Motorola refers to as the X8 Mobile Computing System, a series of chips that includes a Qualcomm Snapdragon S4 Pro. On the software side, the phone runs a near-stock (or pure) version of Android (4.2.2 Jelly Bean for now). It also includes a 4.7-inch AMOLED high-definition display with a resolution of 720 x 1080. The back of this compact, 4.6-ounce phone has a slight curve to it because, as Google explains, your palm isn't flat. It certainly feels comfortable in my palm.

The internal battery, which cannot be removed, is also not flat, Motorola says.

The company claims you'll get more than a full day's charge on normal use.

You can summon the rear 10-megapixel camera on the phone to take pictures by pulling it out of your pocket and twisting your hand in a gesture Motorola compares to turning a screwdriver. You then tap anywhere on the screen to capture an image. Motorola says the whole exercise takes about 2 seconds, but I found it awkward and didn't get the hang of this gesture immediately. Hopefully, I'll have mastered it by the time I do a full review of the phone. When you're in the camera app, you can take multiple shots in a burst mode by holding down your finger against the screen to take multiple shots. You drag up and down the screen to zoom or swipe to either side to summon the camera settings (such things as HDR, slow motion, etc.) or the photo gallery.

The touchless controls take advantage of Google Now. Once turning on the feature during the initial setup and briefly training the phone to your voice — you are asked to say, "OK Google Now" three

times, then you are good to go. You can then say things like, "OK Google Now, is it going to rain today?" or "OK Google Now, navigate to the United Nations." If it can't give you a definitive answer, ("OK Google Now, who will start at quarterback for the New York Jets?") you'll get the most relevant Google search results. I'm eager to try the feature out in a noisy environment such as a speeding car with the windows open.

Speaking of the car, the new phone recognizes its environment. So, if you are in a moving vehicle, for example, it can automatically put the phone into a drive mode to — among other things — say aloud the name of the person calling you.

Moto X is supposed to also detect when you're no longer in the car and will change the phone's settings accordingly.

I plan to put this to test.

A new Active Display feature is on by default. If the phone is sleeping, you will see the time and a notification icon pulsing in and out on the screen every five seconds or so. The expectation is if you take the phone out of your pocket, it is probably to check the time or see if anyone is trying to get in touch — Google says the average person checks their phone 60 times a day. The ability to design your own phone comes as part of the online Moto Maker studio, which launches first with the AT&T version of the phone. You'll be able to hop online and choose from two front colors, 18 back colors, seven accent colors, plus an option to print a custom message on the back, perhaps simply your e-mail address so a Good Samaritan can find you should you ever lose the device.

Google Chairman Eric Schmidt says Motorola neither gets better or worse treatment than any other ecosystem player. "That was an important decision because we want to make sure the ecosystem continued to thrive and if we advantaged our own that obviously wouldn't work." While it's in Google's interest for Motorola to succeed, "it's more important for the ecosystem to succeed." Schmidt adds that Moto X represents "a resurgence of American manufacturing" and "is a statement that Americans can make beautiful phones."

(Edward C. Baig for USA TODAY) Seasonal Magazine

Page 67

AUTO

Will BMW's $2.7 Billion Gamble Prove Just Too ur tric vvehicle ehicle eady uree elec electric ehicless is a game tha thatt ha hass alr already disappoin tr an disappointt ed early en entr tran antt s lik likee TToo y o t a, GM, & A udi, no nott ttoo speak about the bankrup bankruptt cie ciess ooff dedic isk er and CCoda. dedicaa t ed EEVV pla playy er erss lik likee FFisk isker oda. TToo y o t a ha eady decided tha ac tic al w hass alr already thatt hybrid is the pr prac actic tical waa y ttoo go go,, and ha apidly usurped leader ship in tha ough the hass rrapidly leadership thatt segmen segmentt thr through be st-selling Prius. While GM and VVolk olk udi ha best-selling olkss w agen's AAudi havv e cut do wn elec tric plans dr ally tric mark down electric draa stic stically ally,, eevv en elec electric markee t leader Nis san ha oduc tion plans ffor or the w orld's be stNissan hass moder moderaa t ed pr produc oduction world's bestselling elec tric ccar ar ea he pur tric sc enario being electric ar,, LLea eaff. TThe puree elec electric scenario such, why did BMW be ding ttoo analy st bett $2.7 billion (ac (accc or ording analyst e stima unch ititss fir st eevv er all-ne w , allstimatt e s) ttoo de devv elop and la launch first all-new elec tric vvehicle ehicle hough pric ed abo s, i3 ha electric ehicle,, i3? TThough priced abovv e 3 Serie Series, hass a r ange ooff just 160 km on a rrechar echar ge tr ol or die sel echarge ge,, with a pe petr trol diesel r ange-e tional. BMW's only hope is rreplic eplic ange-exx t ender being op optional. eplicaa ting the suc tric-v ehicle leader TTee sla, but succc e s s ooff dedic dedicaa t ed elec electric-v tric-vehicle which ha ak en 10 yyear ear ails, BMW hass ttak aken earss ttoo turn in a pr proo fit. If i3 ffails, c an ttak ak akee a serious hit no nott just financially but image-wise image-wise,, aass the German luxur armak er is clearly going against industr luxuryy ccarmak armaker industryy logic which is driv en bbyy the ffac ac actt tha thatt EEVV s ar aree just 1% ooff the driven c ar mark ea markee t, eevv en aaff t er the suc succc e s s ooff LLea eaff and TTee sla.

Costly gamble or in tune with the public mood? BMW has launched its first allelectric car, hoping to stir demand for a pricey luxury model just as some other makers hit hurdles in selling electric propulsion. The Munich, Germanybased maker of premium models including the flagship 74,200 euro 7Series, recently took the wraps off its i3 electric hatchback in a series of glitzy Seasonal Magazine

Page 68

events in London, New York and Beijing. It was a promotion that underscored the seriousness of BMW's long-term ambitions. "We're at the dawn of this electric era," sales chief Ian Robertson said during a test drive outside Munich. Coming after an estimated USD 2.7 billion investment programme, the i3 launch is a milestone for the world's biggest luxury carmaker

Nis san LLea ea Nissan eaff

Electric Much?

BMW i3

Tesla Roadster

as well as the electric car fraternity.

"This is a significant move for BMW," said Lincoln Merrihew, vice president of transportation at market researchers Millward Brown Digital. "They're launching a new brand in a new segment with new vehicles ... And they're going all in." Yet consumers remain sceptical about electric vehicles due to their cost - the i3 will start at 34,950 euros, a fifth above the base version of BMW's bestselling 3-Series - and concerns about their driving range. Market leader Nissan, Toyota, General Motors and VW's Audi have trimmed electric-car plans or have had to offer aggressive pricing to spur their middling sales.

Specialist makers have also borne the brunt of slack demand, with Fisker Automotive Inc and Coda Automotive both having filed for bankruptcy, along with charging network firm Better Place. But there are signs too that electric cars are winning adherents, albeit from a low base.

Ten-year old Tesla Motors Inc delivered nearly 5,000 of its Model S - priced at USD 70,000 before a US Federal tax credit - in the first quarter, helping it to its first-ever quarterly profit. Its shares have quadrupled in value this year.

Perhaps the strongest motive force behind the technology is government enthusiasm for low-emission transport.

In BMW's home market, Germany, Chancellor Angela Merkel has a target of 1 million electric cars on the country's roads by the end of the decade.

Ever-tightening emissions rules in the European Union and California also offer powerful incentives for carmakers to add electrified or highly efficient vehicles to their fleets. BMW then has reason to enter the market with its fourseater i3, due to hit dealerships in November. The car is built around a carbon fibre-based shell and an aluminum chassis, offering bench seats and eucalyptus wood paneling.

The company spent at least 2 billion euros on developing the "i" series, analysts say, which the company has trademarked through to a series number i9 - hinting at the scope of its plans.

BMW is betting that the 530 million euros it has invested in production of

the i range will pay off in the race with Audi, which narrowed BMW's sales lead in the first half and has pledged to snatch the luxury sales crown by about 2020. The i3 could wrongfoot Audi, which abandoned planned electric versions of its two-seater R8 supercar and the diminutive A1 hatchback after parent VW last year opted to promote hybrids in response to EU emissions limits.

If BMW wants to prevail in the race with Audi and Daimler's MercedesBenz, it needs to be at the pinnacle of technology, said Henner Lehne, Frankfurt-based analyst with IHS Automotive, adding that the push into electric mobility may foster BMW's image as a high-tech, cutting-edge pioneer. "The i series is a true halo project for BMW," said Lehne. "If it succeeds, it will firm up BMW's lead on innovation."

EVs so far remain a niche product, thought of by many as offering few concrete advantages and with some serious drawbacks against gasoline or diesel-powered cars. Yet some analysts believe the i3 could attract tech-savvy, status-conscious buyers, or become a second car for more affluent households. BMW insists the i3's 160kilometer range is enough for drivers based in urban or suburban areas. The car recharges in less than an hour at special stations and up to eight hours from a wall socket at home.

An optional diesel or petrol range extender kicks in when the battery runs low, allowing the i3 to travel 300 kilometers. Aware that other EV manufacturers overreached with overly rosy forecasts, BMW hasn't given a sales target for the i3, saying only that it aims to be a significant player. Output of battery-powered vehicles may more than quadruple to 787,000 by 2020, says market consultancy IHS, but this would still be less than 1 percent of global auto production. Still, it remains to be seen how many BMW loyalists can be persuaded to go electric. The i3 accelerates from 0 to 100 km per hour in seven seconds - only 1.5 seconds more than a Porsche Cayman - so has plenty of performance to satisfy core customers.

Seasonal Magazine

Page 69

REALTY

As Delhi Relaxes its Floor Norms, Who Will Benefit, Who Will be Hurt?

Real estate services firm Jones Lang LaSalle India elaborates on Delhi's relaxed floor norms for construction of additional floors in residential flats having multiple ownerships. It is a complex development, with possibilities for good, bad, and ugly scennarios for many Delhiites. he Government has relaxed norms for construction of additional floors in residential flats having multiple ownerships, aiming to weed out corruption and help people get their building plans sanctioned without hassles. As per a new directive, people having right over third floor, will no longer require to obtain a no-objection certificate (NOC) from the other floor owners for the construction of a third floor.

Municipal corporations will have to examine structural safety and compliance of building bye-laws while giving approval for construction of the third floor. They will need to look into aspects such as structural safety, fire safety, no obstruction of passages, air

and sunshine for neighbours and neighbouring buildings before approving any building plans. Also, adequate parking norms will need to be followed to get clearance. As a matter of fact, there are quite a few complications that need to be resolved to be able to effectively implement the order. As of now, the three owners of ground, first and second floors share one-third land rights. If an additional floor is to be constructed, then the other floor-owners have to forfeit their land right - which will go down from 33 to 25 percent.

Moreover, if it is possible to build within the 300 floor area ratio (FAR) in any house up from 200, the other floorowners will claim 33 percent right on the extra 100, while the second floor owners would claim it as theirs. In other

words, there will certainly be legal issues that need to be addressed. It also seems evident that there will be a need to increase existing infrastructure due to this move as it will have to cater to increased population. Water, electricity and all other necessary supply systems would have to be massively ramped up in order to cater to increased demand.

In short - this directive, if not complemented along with other necessary changes in the existing laws, and with the right intent and spirit, will do no significant good in reality. That said, this move will not essentially result in any major influx of new population to put the existing facilities under stress.

Rather, it would primarily mean creation of more housing opportunities for the currently residing population. No significant additional changes will need to be made to existing colonies.

Currently in Delhi, property prices are exorbitantly high and are out of reach of middle-class consumers. This move will help to put a check on the already sky-high prices. As housing options will become more affordable, the working class population will realise their dream of owning a home in Delhi.

With the acute scarcity of land in Delhi, there is very limited scope of horizontal expansion. Vertical growth remains a viable option. The move to allow building of an additional floor will increase usable FAR resulting in more efficient utilization of land. Since many such constructions have taken place in the absence of a corresponding documented policy; formal guidelines will give legitimacy to all such constructions. It will make the process smoother and help do away with involved corrupt practices. The right way to do is via the implementation with all necessary changes in bye-laws.

Merely abolishing NOCs as an appeasement strategy is not recommended. To be able to implement this action with a view to the desired results, all involved complications and challenges also need to be proactively addressed.

(By Santhosh Kumar, CEO of operations at Jones Lang LaSalle India)

Seasonal Magazine

Page 70

SCHOOLING

Here is Some Fresh Thinking on Pedagogy The 'Kriya' way of learning focuses on values, attitude and behaviour fter completing her MBA, J Jeyappriadhevi was struck by how uninteresting the curriculum and teaching methods were at her daughter Adhithi's school. She decided she wanted to start a school where learning was a fun-filled activity for children.

For the next two years she read up on child education, psychology, pediatrics, parenting and related subjects. The result was Chennai-based Kriyative Education, a company that Jeyappriadhevi set up in 2008 to bring out educational products based on the 'Kriya' way of learning, which focuses on values, attitude and behaviour, and inspires children to learn through simple, fun-filled tools and methodologies. The Kriya system is based on multiple intelligences and simple activity-based learning, which helps children to learn naturally through everyday examples. It also aims to standardise school education across classes, schools and states.

(Jeyappriadhevi has done a three-month course on multiple intelligences from Harvard University.)

It was her professor at IIT Madras, where she did her MBA, who encouraged her to become an entrepreneur, after going through a case study that she presented

during her second year of MBA. The study was based on education solutions companies such as Educomp and Everonn. Jeyappriadhevi, who had the entrepreneurial urge from her school days - when in the seventh standard, she used to source handicrafts from her neighbours and sell them at a small profit, and later, at college, she would help her friends with their studies for a small fee - initially founded a pre-school named Kriyative Kidz in 2008.

It has since evolved into a learning solutions company offering curriculum development, innovative pedagogies, teacher training and educational resources. It is, she says, a simple framework that can be adopted for learning from pre-kindergarten to MBBS. The concept is not only meant for students, but also for teachers. Kriyative today offers its learning solutions to 50 schools and more than 25,000 students in seven states. But it has not been an easy journey. Key challenges Jeyappriadhevi faced included questioning by schools of the need for such a programme, parental doubts about the importance given to handwriting and the reluctance of teachers to change. KLS' flagship curriculum development programme, Kriya, Jeyappriyadhevi says, replaces traditional primary school pedagogies with a methodology which introduces

children to new concepts; enables them to learn through hands-on discovery activities; and helps them apply higher order thinking skills to solve real-world problems. Detailed lesson plans are provided to teachers with a teacherresource kit comprising teaching aids, books and activity manuals.

Recently, KLS launched a handwriting lab kit for students from pre-school to standard V and a maths lab kit for students from pre-school to standard X. During her team's research they found many children gripping their pencils and crayons incorrectly. The company then developed a corrective kit after brainstorming with specialist doctors and experts. The kit comprises writing aids designed to train children to hold pencils correctly. Fine motor exercises are taught through the year to correct and strengthen children's pencil grips.

Likewise, the maths kit was developed by a team of 12 subject experts and skilled external resource persons. It enables children to learn maths concepts through gaming, bartering and other activities.

Kriyative products have been successfully implemented in 50 schools across seven states, benefiting more than 25,000 students from pre-kindergarten up to standard V. Jeyappriyadhevi says that after implementing Kriyative Education's solutions, some schools have reported 20 per cent growth in enrollments.

Kriyative Education currently has revenues of Rs 2.2 crore, and has so far grown through internal funding. But with a revenue target of Rs 7.5 crore in fiscal 2014, the company is looking to spread its wings across India and reach out to more than 12 states, 200 schools (including 110 government schools) and 100,000 students by 2015. For this it is looking to raise $10 million from venture capitalists.

Seasonal Magazine

Page 71

Jaque oz la unche w aquett Dr Droz launche unchess the ne new Eclipse ccollec ollec tion ollection

Kiehl’s la unche launche unchess Power ful Wrinkle erful and P or e Por ore Reducing Cr eam Cream To counteract the effects of age and harsh environment, Kiehl’s has now launched the Powerful Wrinkle & Pore Reducing Cream. With top concerns of women being fine lines, wrinkles and pores, the new cream boosts elasticity, which helps in minimizing the appearance of fine lines, wrinkles and pores.

This effective wrinkle-fighting, pore-reducing formula is clinically demonstrated to significantly improve elasticity by 32 per cent and texture by 26 per cent within four weeks.

Jaquet Droz has launched the Eclipse collection of watches which were showcased at Baselworld 2013. The Éclipse Motherof-Pearl and The Éclipse Ivory Enamel, traditionally presented in 43 mm case with the brand’s emblematic complication, are now presented in 39 mm models. The Éclipse Mother-of-Pearl offers exceptional beauty and great delicacy with mother-ofpearl being skillfully worked by the Jaquet Droz master craftsmen. Apart from the date, day, month and time display, a gold moon is subtly revealed at six o’clock by a white motherof-pearl racquet. Like a spectacle in a night sky studded with eight stars – the watchmaker’s lucky number – the moon unveils or covers its face from full to total eclipse. The fire of the diamonds set on the white gold case light up the refined architecture of this new version of The Éclipse. The Éclipse Ivory Enamel reflects aestheticness with a dial that has Grand Feu enameling.

Jaeger-L eC oultr e la unche aeger-LeC eCoultr oultre launche unchess an India special timepiec e timepiece Watchmaker Jaeger-LeCoultre has launched an elegant ladies watch, especially for India, the Rendez-Vous Bicolor. Behind the regular beat of its Manufacture movement lies a concentrated blend of the creativity that has pervaded the history of the Grande Maison. This India exclusive piece applauds the rare crafts of the Manufacturer. The perfectly matched case and dial are accompanied by a hand-guilloché décor. The diamond-set bezel that illuminates each passing moment. Influenced by the requirement of the consumers, the Rendez-Vous Bicolor is clothed in gold and steel and embellished by the finest manually crafted finishes.

The 1930s-inspired hour numerals create a subtle link between the brand’s longstanding expertise and its perpetually renewed creativity.

Seasonal Magazine

Page 72

Est ée LLa auder stée in tr oduc es intr troduc oduce Revit alizing vitalizing Supr eme Global Supreme An ti-A ging E Anti-A ti-Aging Eyye Balm

Skincare brand Estée Lauder has now developed Revitalizing Supreme Global Anti-Aging Creme to address woman’s desire for an advanced multi-tasking skincare creme. Estée Lauder brings the benefits of this face creme to the eye area, with the introduction of the new Eye Balm, a multi-action treatment with the power to respond to skin’s changing needs and reduce multiple key signs of ageing for eyes that look firmer, brighter, more beautiful. The new product leverages the unprecedented combination of Estee Lauder’s proprietary IntuiGen Technology™ to revitalize skin from within, an exclusive NEW Triple Nourishing Complex to nourish the eye area and an advanced SIRT-1 Technology to rejuvenate the look of skin.

Revitalizing Supreme Global Anti-Aging Eye Balm significantly reduces the look of multiple key signs of ageing around the eye area.

Louis V uit Vuit uittton pr esen pre sentts it itss Spring Summer 20 14 ccollec ollec tion 2014 ollection for men

If the American road trip has always fascinated you, then this Louis Vuitton collection is for you, which moves from the East to the West Coast of the United States. The Spring-Summer collection embraces the golden, global view of America. Kim Jones, Louis Vuitton’s Men’s Studio and Style Director, says, “The clothing should have that dowhat-you-want attitude. It’s a road trip drawing on elements of classic American culture from clothes, music to souvenirs. It’s the changing environment from city to forest to desert; that journey in a day from snow covered mountains to cacti in the desert that you can only really seem to have in America. Like the radio you listen to as you travel through the states.” The collection encompasses a notion of chic eclecticism, building from a contemporary take on sixties varsity preppy, taking in the free-ranging spirit of the outdoorsman, nodding to the counter-culture credo and finally culminating in the sophisticated formality of the prom.

Louis V uit unche Vuit uittton la launche unchess the W bag

Chanel la unche launche unchess Sous le Signed du Lion ccollec ollec tion o weller ollection off je jew elleryy Chanel launches a charismatic high jewellery collection “Sous le Signe du Lion”, which showcases Gabrielle Chanel’s emblematic animal in a collection of 58 exceptional pieces. As king of the zodiac, both solar and majestic, and guardian saint of the serenissima embodying all its strength and beauty, the lion occupies a very particular place in gabrielle chanel’s imaginary world. The “Lion Céleste” brooch in white gold and diamonds represents the lion of Venice found in Mademoiselle Chanel’s apartment with its paw posed on a globe of the world, much like the “Constellation du Lion” brooch and earrings in gold with yellow and white diamonds, yellow sapphires and rutilated quartz. The “Lion San Marco” ring is sculpted in lapis lazuli and a yellow diamond-set star with a white centre diamond surmounts this sumptuous yellow gold and platinum ring, in an edition of five pieces. The “Lion Royal” set in platinum, white gold and diamonds is the star creation of the collection. This spectacular necklace is entirely set with diamonds and can be worn as a sautoir or in a shorter version. Its lion’s head motif can also be worn as a brooch. A pair of pendant earrings share the same theme. The baroque and voluptuous “Lion Solaire” is alive with the fire of diamonds and warmth of yellow sapphires.

Undertaking a new graphic shape under its wing, Louis Vuitton has launched the W bag. The tight lines, suggesting the penmanship of a W, outline a three-part body, which is enhanced by the blending of various materials.

In this new alphabet, the bag throws plenty of surprises, both visual and tactile.

Geometric and generous, supple yet not limp, the bag showcases perfect sculpting.

Externally, it offers a doubly harmonious character, combining the smooth and silky surface of rare leathers with the emblematic Monogram canvas, or with a velvety tufted effect, embroidery on leather inspired by the art of tapestry. Inside, the intelligently designed space features many different pockets, offering a logical place for all the objects which are an intimate part of a woman’s life.

Seasonal Magazine

Page 73

Viller oy & Boch illero st ar etail star artts rre oper ations with opera Gene sis LLuxur uxur Genesis uxuryy in India Villeroy & Boch AG has commenced a joint venture with Genesis Luxury Fashion Pvt. Ltd. with operations starting from in June 2013. The joint venture with Genesis will exclusively manage the distribution of Villeroy & Boch tableware products in India. The partnership ensures the establishment of a distribution network through the opening of Villeroy & Boch's own exclusive retail stores in India. “Our aim is to develop the Indian market qualitatively with the new partner.

Guc ci TTimepiec imepiec es Gucci imepiece & Je welr Jew elryy la unche launche unchess Bamboo timepiec es in timepiece black & whit e white ver sions ersions Gucci Timepieces & Jewelry has introduced two new extensions to its popular Bamboo range of women’s timepieces in black and white versions.

These Swiss made quartz watches depict Gucci’s iconic bamboo styling, featuring a painted bamboo bezel and bangle.

Clinique la unche launche unchess High Impac Impactt Waterpr oo sc ar a erproo ooff Ma Masc scar ara Providing dramatic lashes that last all day, despite humid weather, busy schedules, or vigourous workouts, Clinique introduces new High Impact Waterproof Mascara. Tailoring the technology of the award winning High Impact Mascara, Clinique delivers a dynamic way to waterproof your style for 12 hours of fresh lashes. With a lash lengthening base of polymers that immediately build volume and a brush design made of solid, stiff fibers that help comb through lashes, High Impact Waterproof Mascara quickly and easily creates a wide-eyed dramatic look.

The High Impact Waterproof Mascara is available in black, will be available across Clinique stores and counters for INR 1350.

So fit el opens the stunning So fit el Mon Sofit fitel Sofit fitel Monttevideo Casino C arr asc o & Spa in South Americ a Carr arra sco America

Seasonal Magazine

Page 74

Taking over the historical Hotel Casino Carrasco, which has been visited by personalities like Albert Einstein, Federico García Lorca, Getúlio Vargas, Felipe González and François Mitterrand, Sofitel Hotels & Resorts has restored it to create the stunning, new Sofitel Montevideo Casino Carrasco & Spa. Declared a listed national heritage building in 1975, the Municipality of Montevideo (IM) acquired the Hotel Casino Carrasco in 1915 and decided to close it down in 1997. In 2009, after an open call for tenders, the IM entrusted Carrasco Nobile, an investment group, and Sofitel, as a hotel operator, with the challenging task of bringing the building back to life. After a complex process that involved the expenditure of more than 75 million US dollars, on March 7, 2013, the Hotel Casino Carrasco has reopened its doors.

Bo ene Botttega V Vene enetta pr esen pre sentts Men’s Spring-Summer 20 14 C ollec tion 2014 Collec ollection For Spring-Summer 2014, Bottega Veneta presents a tailored collection that explores the effects of visual contradiction. The possibilities of balance and proportion play out through the overall form, for a look that is clean, contemporary, and precise. A new silhouette illustrating the refined techniques of tailoring and shirting juxtaposes a full top, emphasized by a prominently sloped shoulder and generous sleeve, with a narrow pant that is slim from the hip down. The palette incorporates both refined neutrals and saturated colors.

Black, various tones of grey, milk white, and papyrus white, as well as deep aubergine, admiral blue and military green define this collection.

Damiani pr esen pre sentts ne w ccollec ollec tions a new ollections att Ba selw orld Baselw selworld

Presenting precious metals and stones in various scintillating avatars, Damiani has launched four new collections at Baselworld 2013. The D.Lace collection, handmade by the Damiani goldsmiths, consists of rings, bracelets, pendants and earrings whose clean shapes combine with gold and semiprecious stones. The collection re-works part of the D, Damiani’s iconic symbol, and weaves it with gold and semi-precious stones. Pink gold and white agate for two rings of different sizes, each with a little diamond laterally, a pendant and a necklace, a bracelet with chain and lastly a beautiful pendant earring add to the collection.

Hammered yellow gold has been used for a pendant and

Guc ci pr esen Gucci pre sentts it itss Men’s Cruise Collec tion 20 14 ollection 2014 Gucci’s Men’s Cruise Collection, much like the women’s collection, depicts sunset and the peak of a bohemian spirit with a sartorial sensibility. No stranger to exotic escapes, the Gucci man coasts freely to Rio de Janeiro’s ebb and flow.

Creative Director Frida Giannini explored deconstructed lines, weightless materials, and euphoric print pairings. The silhouette is fluid and conducive to impromptu excursions. Deconstructed shapes have been given to low-rise, tapered pants with aviator bombers and cardiganstyle blazers which are as light as shirts. Feather-weight cocktail jackets are inspired by foulards while lightly padded Safari jackets and a Chesterfield sport coat for new outerwear complete this collection.

Paul & Shark la unche launche unchess the Kipa wa C ollec tion Kipaw Collec ollection

Paul&Shark, which has always been linked to the sea and to its philosophy, has created a special collection as inspired by the historical boat Kipawa.

The alliance between Paul&Shark and Kipawa was acknowledged in 2007 on the occasion of the 29th edition of the Regates Royales. The prestigious event is one of the most important happenings in the Mediterranean sailing circuit and Kipawa is placed third among over 150 historical boats. The new Kipawa collection by Paul & Shark has been designed with inspiration from a real sea legend. The Kipawa collection is a unique example about style and design, representing an ideal combination to the Paul & Shark world and particularly to those with the sea in their soul.

Guc ci announc es fir st men’s flagship opening in Milan’s Br er a distric Gucci announce first Brer era districtt Gucci has announced the opening of its first men’s flagship in the heart of Milan, the historic Brera district. The new shopping destination is surrounded by the Milanese art district’s prestigious galleries, design boutiques, and antique shops. The Gucci men’s store spans more than 500 square meters across three floors and features a dedicated area for the Made to Measure program: a personalized, luxury sartorial offering for the modern day gentleman.

Seasonal Magazine

Page 75

Est ée LLa auder in tr oduc es Pr etty stée intr troduc oduce Pre Na ught ollec tion Naught ughtyy ccollec ollection

Introducing a deceptively sensual limited edition trend collection for 2013, Estée Lauder’s new Pure Color Pretty Naughty collection has caught our fancy! Shades of watercolour pastels are taken to new heights by infusing an urban synthetic vibe for a youthful and modern twist. Inspired by exquisitely delicate pastoral hues from the enchanting English gardens, mischievously dusky pigments add a flash of dramatic irony. With a youthful rebellious attitude, Estée Lauder Pure Color Pretty Naughty overcomes the paradox of being romantically sophisticated and playfully sexy. Eyes are washed in a flight of fanciful soft tones and lined in discreet flashes of dark pigments to create dramatic emphasis and contrast, while cheeks are flushed with a tint of colour for a naturally innocent and glowing finish. Lips are softly touched by vividly sheer shades in satin textures and nails complete the look with a sultry new interpretation of lilac. Together, a wash of gentle tones infused with strokes of brilliant hues run against a radiant satin complexion creating a beautifully feminine, sensually innocent and playful look that any woman can fall in love with.

Miele launches Steam Only Oven with VitaSteam Technology Making tradition meet innovation, Miele has now introduced a Steam Only Oven with Vita Steam technology. Steam cooking is vastly superior for vegetables in terms of preserving delicate nutrients, minerals and trace elements. The secret of VitaSteam technology is in external steam generation. In contrast to other systems, the steam generator is situated outside the oven cavity in all Miele Steam ovens.

Fendi la unche ’A cquar os sa launche unchess the LL’A ’Ac quaros ossa fr agr anc e fragr agranc ance

Tod’s la unche ed edition pr oduc launche unchess limit limited produc oductts for their C apri st or e Capri stor ore Iconic products of Tod’s – the D.D. Bag and Gommino – take a new style, exclusively available at the Capri boutique. The Tod’s D.D.Bag Capri is available in lemon and turquoise calf leather skin. The Tod’s Gommino, on the other hand, is available in pink, turquoise and lemon python. If these colours have caught your fancy, then book tickets soon!

With the monsoons still going strong, the new fragrance by Fendi – the Fendi L'Acquarossa Perfume - is more than welcome! A tribute to women who dare to break down barriers, codes of conduct and boundaries, the muse for L'Acquarossa is one such phenomenal woman, Chiara Mastroianni, who is the daughter of the well-known Italian cinema actor Marcello Mastroianni and the greatest star of France - Catherine Deneuvre! Packaged in a precious, luxurious and one-of-a-kind bottle, the design recalls the perfect, mathematical, and majestic architecture of Roman monuments.

The scent of L’Acquarossa has also been infused into a luxurious Bath and Body line that includes the l’Acquarossa Gel Parfume Pour La Douche, L’Acquarossa Lait De Parfum Pour Le Corps and the L’Acquarossa Deodorant Spray. Ready to purchase it?

Seasonal Magazine

Page 76

The LLeela eela P alac e Palac alace Ne w Delhi New la unche launche unchess the Kamal Wing exclusiv ely ffor or clusively women

Exemplifying comfort, hospitality and security, The Leela Palace New Delhi has introduced measures to ensure a hassle-free and safe stay for single lady travellers.

Accorded with special attention throughout the duration of their visit, a lady traveller shall experience tailor made service, each designed with a view to ensure seamless safety, maximum comfort and maintain privacy. The pampering begins from the first moment itself. The hotel’s representative will await you upon your arrival at the airport, who shall complete your registration enroute to the Palace in a BMW sedan.

Not to miss out on the shawl to keep you warm in the winters and the enroute private dining food order service from the sedan so that you have your meal ready the moment you arrive.

During the course of the stay, the lady traveller will be attended by a female staff

Taj Air in tr oduc es luxur intr troduc oduce luxuryy char chartter ser vic e tto o Maldiv es servic vice Maldive Taj Air, the executive charter service of IHCL, and Business Jets India Private Ltd (BJETS), in collaboration with Taj Exotica Resort & Spa, Maldives, has introduced a 4 nights and 5 days premium package for people looking for a quick weekend getaway from the bustling city life, specially during the upcoming extended weekend holidays. The package is inclusive of facilities like complimentary spa treatment, unlimited snorkeling trips to the ocean pavilion or coral gardens and a romantic dinner for a couple at the moonlight pavilion. All of this at Taj Exotica Resort & Spa, Maldives is coupled with a roundtrip in the Taj Air Falcon charter offering direct charter flights from Delhi and Mumbai.

Guests can choose to stay in the Rehendi Suite – A Two Bedroom Presidential Villa or in the deluxe lagoon villas; all equipped with private pool facilities offering a breath taking view.

Paner ai la unche uminor Marina anerai launche unchess LLuminor 1950 3 Da ut oma tic - 42mm Dayys A Aut utoma omatic Keeping time has a new meaning with Panerai's latest launch. Say hello to the Luminor Marina 1950 3 Days Automatic - 42mm which is the first watch from Officine Panerai to introduce the original combination of the Luminor 1950 case 42 mm in diameter and a white dial. The movement is the automatic P.9000 calibre with a power reserve of three days, completely developed and made in the Officine Panerai manufacture at Neuchâtel. The forms of the case are those which have made the Luminor an icon of international sports watchmaking, with the lever device protecting the winding crown to ensure waterresistance to a depth of 10 atmospheres! With style meeting functionality, the case and the bezel have a polished finish, in contrast with that of the bridge protecting the winding crown.

Bo ene elebr ates 250th Botttega V Vene enetta ccelebr elebra anniv er sar anniver ersar saryy o off KPM

The partnership between luxury fashion brand Bottega Veneta and Koenigliche Porzellan-Manufaktur Berlin, known as KPM, which began in 2008, has taken a new turn now. Founded in Berlin and purchased in 1763 by Frederick II, King of Prussia, KPM is one of Europe’s oldest and most prestigious makers of fine porcelain. Prized for their purity, intricate shapes, and meticulously yet imaginative hand-painting, KPM porcelain is heralded for its remarkable strength and bright whiteness, and is passed down from generation to generation. To commemorate the 250th anniversary of KPM, Bottega Veneta created a limited edition of its iconic Knot. This exquisite version is created from a combination of exotic and classical accents features, Starting with bronze Ayers, the front side is embellished with a unique porcelain medallion featuring hand carved angels that has been produced exclusively for Bottega Veneta, set in Oro Bruciato and surrounded by a delicate contrasting trim of brown cubic zirconia.

Seasonal Magazine

Page 77

Burberr esen wear Burberryy pr pre sentts Mens Mensw Spring/Summer 20 14 ccollec ollec tion 2014 ollection

Luxury fashion brand Burberry presented its Spring/Summer 2014 collection for men, titled ‘Writers and Painters’.

Capturing their relaxed, intellectual style, Chief Creative Office, Christopher Bailey, showcases a collection which personifies effortless chic. “A celebration of artistic and intellectual spirit, with a

nod and a wink to Alan Bennett and David Hockney.

Easy, relaxed tailoring sits alongside lightweight pieces in linen and slouchy cashmere, while accessories add bright pops of colour among the painterly tones.

Weatherproof cagoules and sou’westers take the whole collection outdoors and into the British summer,” he says.

Blancpain ina ugur inaugur uguraates ititss thir thirdd boutique in Shanghai, the lar ge st in the w orld large gest world Watch manufacturer Blancpain has opened a boutique in the Xintiandi district in Shanghai, which is now the brand’s eighth boutique in China. The watch brand is also one of those with the longest historical presence in the land of the Forbidden City.

Thus, through this new flagship store, the Manufacture in Le Brassus intends to pay tribute to the loyalty of the Chinese people. The largest of the brand’s 30 boutiques, for the first time, offers an integrated customer service centre as well as a lounge bar, and this inauguration is being marked by the presentation of a unique version of the Calendrier Chinois Traditionnel. The moon-phase, which serves to determine the months of the Chinese calendar and has been an integral part of Blancpain’s complete calendars for 30 years, symbolises the closely interwoven parallels between Chinese culture and the world’s oldest watch brand. The new over 600 square-metre Blancpain store welcomes visitors into a decor pervaded by its horological heritage and expertise.

Mis soni la unche st Missoni launche unchess it itss fir first boutique in India and from copper-finish metal

Michael K or st Kor orss en entter erss India with fir first st or e in Ne w Delhi stor ore New The vibrant luxury fashion brand, Michael Kors, has announced the brand’s first foray into the Indian market with the opening of a store at DLF Emporio, New Delhi. The 1,500-square-foot store will carry Michael Kors Collection ready-to-wear and handbags, as well as accessories, footwear, watches, eyewear and ready-to-wear from the MICHAEL Michael Kors line. This will be the first time that Michael Kors Collection and MICHAEL Michael Kors items are directly available to customers in India. The brand’s in-house team designed the store to reflect the label’s luxe aesthetic through the use of rich leather furniture, sleek metal fixtures and mirrored surfaces. The brand already has a huge shopper fan base in the country, including us! Does the news excite you as much as it does us? Time to head to their spanking new store then!

Page 78

Missoni and Infinite Luxury Brands Pvt. Ltd. have announced the opening of the brand’s first store in New Delhi, India. Echoing the sensibilities of the brand, Angela Missoni has designed the space, furnishings and décor of the Missoni boutique, in collaboration with architectdesigner Patricia Urquiola. The new space interprets the unique Missoni language, playing on the tones and textures of different materials, from wood to etched mirrors

to polychrome lacquers. The outcome is a collage of stripes and zigzags, motifs that are dilated and variously interpreted on boiserie, panels, walls and ceilings to create an evocative and light, luminous environment specially designed to highlight each fashion piece and give it special prominence. The stars of the space, mannequins appear to levitate, hanging from structures made of metal rods, with a copper finish that takes up the company’s burnt red trademark.

Sa ut oma tic fr om A. Saxxonia A Aut utoma omatic from Lange & Soehne no w in st or es now stor ore The new Saxonia Automatic from A. Lange & Söhne, which pays tribute to Saxony, the traditional brand’s homeland, is now arriving at boutiques. For all women who look for more in a watch than external design alone, A. Lange & Söhne, the Saxonia Automatic has a bezel set with brilliants. Inside it beats the thinnest automatic watch movement that Lange’s master watchmakers have ever built, only 3.7 mm thick. Its slim housing of white or pink gold is crowned with a bezel adorned with 76 brilliants – the perfect setting for the formal clarity of the solid silver dial. The heritage of Saxon craftsmanship is mirrored in the fine surface decoration of all the movement’s components and subtle, unostentatious elegance.

Guc ci pr esen en’s Gucci pre sentts it itss Childr Children’s Collec tion ffor or Spring/Summer 20 14 2014 ollection

Clinique in tr oduc es Moistur e Sur ge intr troduc oduce Moisture Surge CC Cr eam SPF 30 Hy dr ating C olour Cream Hydr dra Colour Corr ec orrec ecttor Clinique has introduced a lightweight formula that immediately creates natural, glowing skin to battle the changes skin has to go through due to environment. Moisture Surge CC Cream SPF 30 Hydrating Colour Corrector is an instant complexion perfector designed to enhance skin’s natural radiance while leaving it hydrated and protected. Clinique’s scientific experts incorporated advanced colour correcting technology that utilizes light to achieve radiant, glowing and healthy looking skin. Duallayered colour correcting optics scatter light multi-dimensionally to neutralize skin’s complexion for an instantly brighter, natural glow. Dull, ashy skin appears more luminous and brighter; sallow, yellow skin turns into a peachy glow; and blotchy redness is neutralized. Moisture Surge CC Cream SPF 30 Hydrating Colour Corrector is infused with key hydrating ingredients from Clinique’s signature Moisture Surge. Aloe Barbadensis Leaf Water and Hyaluronic Acid instantly provide a refreshing burst of hydration while water binding agents such as Trehalose and Sorbitol protect skin against changing humidity conditions.

The Gucci children’s collection for Spring/Summer 2014 takes inspiration from the lightheartedness of the last days of school and the forthcoming seaside holidays. The collection presents a versatile, refined wardrobe characterized by lightness and colour, providing a fresh, unexpected take on the House’s sartorial spirit and infusing the collection with a stylish seventies touch. The Gucci boy is seen in classic tones of white, beige, navy blue and different shades of sky blue, combined with more quirky, vibrant hues, including ochre, bright orange, anthurium red and gentian blue, which saturate knitwear for a bold and confident look.

Starwood Hotels & Resorts partners with Kate Spade for their SPG Programmes July 17, 2013: If you like to be one step ahead of fashion, then an exclusive collection of totes with Kate Spade New York waves a fashionable hand while celebrating Starwood Preferred Guests Member Favourite Resorts in a variety of Categories (Spa Indulgence, Romantic Retreat, Island Paradise and Golf Getaway). Selected by members worldwide, SPG’s third annual survey identifies their favourite Starwood worldwide resorts across nine categories.

Page 79

HOME BUYING TATA TRITVAM

KERALA’S FASTEST PROGRESSING ULTRA PREMIUM REALTY PROJECT Tritvam by Tata, at Kochi, has many unique attributes.

Like, Tata’s very presence in Kerala realty. Or, the larger-than-life design and space, despite being at one of the costliest areas in Kerala - Kochi’s Marine Drive. And, of course, the unique international tie-ups that Tata Realty & Infrastructure Ltd have forged with the finest architects and contractors in the world, for designing and executing the project. But the latest achievement from Tritvam is something that has not only taken Kerala’s homegrown real estate developers by surprise, but something that is facilitating homebuyers like nothing else. It is all about the speed with which Tritvam is rising into the sky.

Seasonal Magazine

Page 80

ochinites cruising through the new extension of Marine Drive during nights have already experienced this surprise. While the city gets ready to down shutters and go home, a mega property on this stretch is buzzing with action - with floodlights and the constant grinding sounds of cranes and concrete mixers. No wonder, many progress-photos of Tritvam have been taken during night, with full construction going on under lights.

Tritvam almost never pauses. Such diligence from a developer means the world for a discerning homebuyer.

Usually, a homebuyer has got two options in a city like Kochi. The first is going in for an already finished ready-to-occupy apartment. There are enough of them available from many developers due to the oversupply in the market. But the disadvantages are too many. Firstly, developers demand highest prices for ready-to-occupy apartments. Secondly, most of such available apartments would be relatively old in design and style, as they were conceived probably six or more years back, and completed two or three years back.

But, on the contrary, if a homebuyer opts for a newly launched project, or even a so-called “ongoing” project, the risks are even higher. Many developers have made a bad name in the market for missed deadlines, than any other feature. And secondly, though these projects are more up-todate in design and features than completed projects, there is no guarantee that they would be modern by the time they reach the ready-tooccupy status, two or three years down the lane. Because, more and more world-class projects are coming up in this part of the world too. Ongoing projects might suffer the misfortune of existing mega malls, when a gamechanging mall like Lulu came up in Kochi.

This is the scenario where Tritvam’s market-beating speed comes to the rescue of the premium buyer.

Tritvam’s promise is simple - not only Seasonal Magazine

Page 81

y April 2013 itself, four out of five towers had sprung up magically, each upward of 7 storeys. Still, many things can extend execution in a realty project of this scale. That is where the trustworthy nature of the Tata brand comes up with reassurance. If any Indian corporate can be trusted with such a project, it should be the only Indian conglomerate to cross $100 billion in global sales, owner to operations like TCS, brands like Jaguar Land Rover and Vivanta by Taj, and partner to Starbucks.

Seasonal Magazine

Page 82

will Tata complete the project strictly within time, but that it will be the shortest possible time for such a project. But customers and critics can of course ask the question - isn’t it what other builders, at least the major ones, too are claiming?

Indian corporate can be trusted with such a project, it should be the only Indian conglomerate to cross $100 billion in global sales, owner to operations like TCS, brands like Jaguar Land Rover and Vivanta by Taj, and partner to Starbucks.

And that is precisely where Tritvam’s strategies and speed stand a world apart. It was always walking the talk, from the word go, and even before that. In order to cut the expectation time as much as possible, Tata didn’t launch the project until all sanctions and permits were acquired, which is a rare strategy by a developer. Then they put out the time schedule boldly.

Construction work for Tritvam started in June 2012, and it will be completed

by January 2015. Period.

In any case, the swift way Tritvam is growing into the skies is assuring homebuyers that they won’t be moving into an obsolete home at any cost. In fact, it is not only about sheer speed. It is equally about the sheer quality of design and amenities. This is another front where everyone is promising the sky, but few living up.

Tritvam, on the other hand, has brought together architects, designers, and contractors, who don’t turn up complacent work.

What is to be completed is, however, no easy task. Five premium residential towers, each rising 90 metres / 25 storeys, and altogether housing 475 apartments of 3 & 4-BHK configurations. Not only that, the project also include a clubhouse, landscaped podium and associated car parking facilities. Everything to be delivered complete with internal finishes. Within 32 months.

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 relatively new segment of Marine Drive.

The going has been so good, so far.

By April 2013 itself, four out of five towers had sprung up magically, each upward of 7 storeys. Still, many things can extend execution in a realty project of this scale. That is where the trustworthy nature of the Tata brand comes up with reassurance. If any

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. But

even the partially sea-facing apartments have ready takers, as it is facing the green Mangalavanam Bird Sanctuary noted for its large migratory bird population with an extensive survey identifying 194 birds belonging to 72 species!

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 crossventilation. 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 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.

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.

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. 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.

ager 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 poolmeets-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.

Tritvam is also designed to be a certified green building, and will go for IGBC (Indian Green Building Council) certification. Partial seafacing apartments start at Rs. 6000 per sq ft, and full sea-view apartments start between Rs. 7500 to 8500.

Seasonal Magazine

Page 83

PRIVATE UNIVERSITIES

Suneel Galgotia & Dhruv Galgotia Seasonal Magazine

Page 84

How 7 Advantages are Turning Galgotias University Into a World Class Institution Greatness sometimes happens by birth. Greatness often happens by deeds. What happens when an institution that is superior by ‘birth’ or pedigree, attempts good deeds too?

That is the story of Greater Noida based Galgotias University. A story of how Chancellor Suneel Galgotia and CEO Dhruv Galgotia created a leading private university of India, taking advantage of their pedigree as well as by putting in meticulous work. Here are those 7 advantages:

Seasonal Magazine

Page 85

1. Academic Heritage Galgotias University is by one of India’s most respected academic publishing houses, Galgotia Publications. That makes GU one of the rare private universities that is really born from an in-depth understanding of higher education, for decades, in diverse subjects. Interacting with higher educational institutions and universities of all types, the Galgotias had amassed a unique handle on university education in this country. This is precisely the kind of pedigree that is lacking in quite a few new generation private universities.

2. World Class Faculty Any university is only as good as its faculty, which Galgotias understood naturally. That is why at GU, Chancellor Suneel and CEO Dhruv have been instrumental in attracting one of the most formidable academic teams in any Indian university, let alone any private university. Vice Chancellor Dr. Ashok Saxena, Pro Vice Chancellor Dr. Balaji Rajagopalan, Pro Vice Chancellor II Prof. Sham Tickoo, Pro Vice Chancellor Admin Prof. (Dr.) Renu Luthra, and Dean Dr. Deependra K Jha, are all academicians who exemplify GU’s commitment towards selecting and maintaining a world class faculty.

3. High Calibre Peer Group After faculty, what matters most at a university is the kind of peer group available for students. Each year, Galgotias University attracts thousands of applications from prospective students , but admission is given only to meritorious , brilliant and outstanding students as the minimum eligibility criteria set by Galgotias University is among the highest in the country and allows only the brightest students to have the privilege of taking admission in the University.

4. International Pedagogies One of the biggest questions from critics when private universities were allowed, was whether they are bringing in anything new in terms of unique teaching pedagogies. GU has a natural edge over here. The top academic management as well as department heads bring in diverse pedagogical inputs that shape

Seasonal Magazine

Page 86

GU has a 100% placement record for the last four years supported by multinational firms like Accenture, Hewitt, IBM, Infosys, Nokia, Samsung, and several others. Galgotias Institutions have earned the respect of top performers in the industry, and Galgotias Business School was recently recognized by Dun and Bradstreet as a leading business school in India.

Seasonal Magazine

Page 87

Dr. Ashok Saxena

Dr. Balaji Rajagopalan

Dr.Deependra K. Jha up GU’s integrated approach. VC Dr. Saxena has studied at IIT Kanpur and University of Cincinnati, and taught at University of Arkansas, Georgia Institute of Technology, apart from working as one of the senior most scientist in a few US tech giants. Pro VC Dr. Balaji has been Professor at Oakland University, while Pro VC II Prof. Tickoo has been Professor at Purdue University, and Pro VC Admin Prof. (Dr.) Luthra has studied at ISB and has conducted MDPs for numerous blue-chips in India. Dean Dr. Jha has studied and taught at Hiroshima University, Japan.

5. International Tie-Ups GU students and faculty benefit from the wide-ranging international tie-ups

Seasonal Magazine

Page 88

Prof. Sham Tickoo

Prof. (Dr.) Renu Luthra

that Chancellor Suneel Galgotia has facilitated. These include Purdue University, Goethe Universitat, University of North America, Anglia Ruskin University, Georgia Tech, University of Maryland, Northern Illinois University, and University of Arkansas, to name a few.

6. Excellent Learning Environment GU has undoubtedly one of the most sophisticated and well-equipped campuses in the country. But the excellent learning environment at GU goes much above this, in fact, even beyond academics. This has been facilitated through a seven-pronged approach that complements the

Nothing succeeds like success, and placements are not just an end-result for a university, but the turbo power that breeds further success. academics. These include CoCurricular Activities, Industry Interactions, Exchange Programs, Seminars/Workshops, Guest Lectures, Educational Trips, and Social Responsibility Programs.

7. 100% Placement Is this an advantage or an end-result?

Well, nothing succeeds like success, and placements are not just an endresult for a university, but the turbo power that breeds further success. GU has a 100% placement record for the last four years supported by multinational firms like Accenture, Hewitt, IBM, Infosys, Nokia, Samsung, and several others. Galgotias Institutions have earned the respect of top performers in the industry, and Galgotias Business School was recently recognized by Dun and Bradstreet as a leading business school in India. GU also comes on top in several national media surveys like by India Today and Outlook.

FINANCE

Meet the New Shadow Banker in India and China It is wonderful how demand eventually meets its matching supply in the world of finance. Two sectors had a problem. The first was US Private Equity Funds which were staring at bleak growth prospects as no big buyout deals were happening in Asia any more. The second was the SME sector in China and India, which were starved of credit as public and private banks had turned unwilling to extend credit anymore. While only some SMEs were willing to dilute equity for PE's entry, PE in itself was unwilling to enter the equity of such medium to small companies. The solution? PE funds turned into shadow banks in India and China. In India, the move was facilitated through the NBFC route. But the new marriage of demand and supply is not without risks, for both the PE funds as well as the SMEs. Some PE funds have already run into deep trouble in China, lending to dubious firms. The risk for SMEs emerge from the fact that the loans are very costly with around 20% annual interest - and even worse, with nothing much left to pawn, often the entire SME unit should be pledged to avail these loans.

In three years, global private equity firm KKR & Co has provided over USD1.5 billion in loans to companies in India, a business traditionally handled by state-owned and private sector banks.

Encouraged by that success, KKR which rose to prominence with its hostile USD 25 billion takeover of US food and tobacco giant RJR Nabisco in 1989 - plans to expand the niche business in China, India, and across Asia.

The move by private equity into lending comes at a time when buyout deals in Asia are few and far between and as traditional banks retreat. Apollo Global Management, KKR, and Olympus Capital are raising credit funds as they seek out alternative sources of income.

At least USD 6.6 billion is being raised by 12 funds for investment in Asia, according to Private Equity International and Thomson Reuters data.

At the same time, credit across Asia has grown tight, leaving small businesses and family-owned firms short of capital Seasonal Magazine

Page 90

In three years, global private equity firm KKR & Co has provided over USD1.5 billion in loans to companies in India, a business traditionally handled by stateowned and private sector banks. as the big banks focus their attention on top-tier clients.

The business model adopted by private equity in Asia is very different to that in the United States and Europe, where private equity makes its profits through large buyouts. In Asia, loans as small as USD 50 million are a growing part of KKR's business as it expands a model developed by its India head, Sanjay Nayar, who was Citigroup's former Asia CEO. "This country is going to take time to

develop into a sophisticated private equity market. There's no point in having a single product strategy," said Nayar.

Big buyouts are rare in Asia, but the region's millions of small entrepreneurs are starved of capital for businesses from farming to software development.

And powerful families that dominate Asia's emerging economies are reluctant to sell stakes in their businesses, but will take a loan.

The next wave of credit funds is expected to target China more, where

global firms are studying a little-known, but high-risk strategy that would allow them to get money into the mainland to provide high-interest loans to China's cash-starved small and mid-sized businesses.

China's 4.3 million SMEs account for 60 percent of GDP and 75 percent of new jobs created in the country, but are forced to use the so-called shadow banking system when they need funds a market that includes pawn shops, credit guarantee firms and trust companies.

Shoreline Capital, with offices in the United States and China, started by buying non-performing loans (NPLs) in China and added lending when the supply of NPLs dried up in 2009 after China flooded the market with fresh loans during the global financial crisis.

"A lot of private companies were coming to us wanting debt finance," said Ben Fanger, co-founder of Shoreline. "Even though the government was flooding the market with loans it was going predominantly to state-owned enterprises and government projects."

Since Nayar joined in 2009, KKR has organised a series of loan syndicates, putting USD 100 million of its balance sheet into a total of USD 1.5 billion in loans.

Private equity in India lends through non-bank financial companies (NBFCs), which are more flexible than banks. NBFCs can give loans to buy land, to refinance real estate debt, or for a company to buy out a private equity investor, areas that banks find tough to lend to.

Top private equity funds can make internal return rates, a measure of profitability, of 25 percent, but returns from credit funds can be as low as 9 percent. Private equity firms like the stable income stream though, and see lending as a way to open doors to future buyout deals.

"There are huge opportunities for private equity and private debt in India.

Public markets are very shallow, and the banks are undercapitalised," said Nayar.

Now KKR is raising a rupee credit fund

Sanjay Nayar

"There are huge opportunities for private equity and private debt in India.

Public markets are very shallow, and the banks are undercapitalised." of up to USD 400 million - the Alternative Credit Opportunities Fund1 - from Indian insurance corporates and high net worth individuals, according to sources with knowledge of the matter.

In India, KKR has lent money to large companies such as insurance-tohospitals group Max India, as well as to small growing companies.

Shoreline, which has provided credits to local government projects and private companies, takes whole companies or real estate projects as collateral in return for loans with interest rates priced above 20 percent. The borrower gets the asset back if they repay the loan.

Funds like Shoreline see themselves providing a lifeline to SMEs, whose borrowing options have been cut by the credit squeeze. Short-term borrowing costs in China recently jumped when the central bank allowed interbank rates to

surge, dealing a further blow to companies in need of cash.

"These companies view us as their saviours," said Shoreline's Fanger.

Shoreline funds make returns of over 20 percent, similar to regular private equity funds. That's attracting others to study the model.

Previously, offshore credit funds have played it safe in China, lending only to the Hong Kong listed arms of Chinese companies, which then funnel the money to subsidiaries in China. But that business model does not tap the SME market, and fails to generate the kind of returns that Shoreline makes.

While the returns from SME lending are high, so are the risks.

Carlyle, Asian Development Bank, GE Capital and Citigroup Venture Capital invested more than USD 100 million in Shenzhen-based loan guarantee company Credit Orienwise. By 2007, the company was one of the biggest of its kind in China, and was being lined up for an IPO. But there were shocks in store for all lenders. A Deloitte report from 2008 noted that a Credit Orienwise general manager had disappeared, and was suspected of forging documents and using the company seal to grant unauthorised guarantees on third-party loans. The same report noted Credit Orienwise had written down over half of USD 250 million in loans at the time.

Investors never confirmed their losses, and Carlyle still lists the company as an asset.

Fanger said Shoreline decided not to invest in loan guarantee businesses because of problems assessing the risks - yet the fund still faces risks.

A common fraud, said Fanger, is for entrepreneurs to strip pledged assets out of one company and move them to another. Shoreline's experience in suing hundreds of companies allows it to write contracts it can enforce in China's courts.

"When you invest in something you don't understand, you end up having companies defraud you, and poor structures that are not enforceable," he said.

(Credit: Reuters) Seasonal Magazine

Page 91

Seasonal Magazine

Page 92

Seasonal Magazine

Page Page120 93

HEALTH

DON’T LET CAFFEINE CONCERNS AFFECT MODERATE COFFEE INTAKE Studies suggest coffee consumption reduces the risk of prostate cancer, Alzheimer’s disease, dementia, Parkinson’s disease, heart disease, diabetes type 2, non-alcoholic fatty liver disease, cirrhosis, and gout.

Specifically, the anti-diabetic effect of coffee has been attributed to caffeic acid and chlorogenic acid.

The presence of antioxidants in coffee has been shown to prevent free radicals from causing cell damage. Besides, coffee contains beneficial flavonoids. Even caffeine has its benefits. Caffeine acts as an acute antidepressant. A study indicated a negative correlation between suicide rates and coffee consumption. It was suggested that the action of caffeine in blocking the inhibitory effects of adenosine on dopamine nerves in the brain reduced feelings of depression. Coffee consumption is also associated with improved endothelial function.

Coffee extracts have also been shown to inhibit 11beta-hydroxysteroid dehydrogenase type 1, enzyme which converts cortisone to cortisol and is a current pharmaceutical target for the treatment of diabetes type 2 and the metabolic syndrome.

Page 94

affeine is a natural substance found in various plants - us humans tend to get our caffeine from coffee beans and tea leaves. We also get smaller quantities from kola nuts, the caffeine-containing fruits that impart flavour to various beverages, like cola drinks.

Caffeine is a central nervous stimulant. Put another way, once in the bloodstream, caffeine behaves like a psychoactive drug, increasing alertness and inhibiting drowsiness. As a standalone substance, caffeine can be toxic to human health when more than 10 grams are consumed in one sitting. Given that the average cup of coffee contains anywhere between 100 to 150 milligrams of caffeine, you would need to drink about 80 seven-ounce cups of coffee in one sitting to dangerously overload your central nervous system and heart, and this, quite simply, is impossible to do.

Here’s the thing: when you ingest caffeine in coffee along with other naturally existing conutrients like flavonoids (powerful antioxidants) and small amounts of minerals like magnesium, manganese, phosphorus, potassium, and even calcium, the overall effect on your physiology isn’t the same as when you ingest stand-alone caffeine found in questionable supplements and energy drinks. Think of it in this way: getting a small amount of caffeine from freshly ground

coffee beans is like getting calcium along with a number of other nutrients through green vegetables, while taking products that contain caffeine extracts is the equivalent of taking synthetic calcium supplements that are little more than crushed rock.

What about coffee’s acid-forming affect on your blood pH and its potential to cause leaching of calcium out of your bones, thereby increasing your risk for osteoporosis? Your body is well equipped to buffer the effects of acid or alkalineforming foods, including coffee, and as long as your consumption is moderate say a cup or two per day - and your diet includes a good amount of nutrient-rich plant foods like greens, legumes, and perhaps some fruit, one or two cups of coffee daily likely aren’t going to precipitate osteoporosis.

On the other hand, lack of appropriate exercise and/or failure to consume a good variety of nutrients, including healthy fats and protein may increase your risk of developing osteoporosis. In other words, having a little coffee shouldn’t be as big a concern as what you do with the rest of your day.

So one to two cups of coffee daily is likely fine for the average adult, provided that overall diet and lifestyle are relatively healthy. And you can be safer by choosing organic varieties of coffee when possible.

Given that naturally occurring fatty acids in coffee beans quickly go rancid after being pulverized, it’s best to go with coffee that is freshly ground; when you drink coffee made with beans that were ground months ago, you probably aren’t getting much more than caffeine and flavour. If you drink one to two cups of coffee daily, it’s best for your health to get used to having it without sweetener for obvious insulin and blood-sugar related reasons.

The bad effects of coffee might be getting overhyped these days. It feels a little inconsequential to strive to be healthy just to be healthy; good health is best sought to allow for a life that is abundant in meaning. The idea is to be sensibly balanced with our daily choices, and to be aware that if we choose to drink coffee, we need to be moderate in quantity and choose the best quality available.

FAQ on Coffee

1. About how many cups of coffee does the average person drink daily? a) 1 b) 3 c) 5 Ans: 3.

More than three-quarters of us drink coffee. And more than half say they drink it every day. Experts aren’t sure what the health risks are if any if you drink too much coffee. That’s why most suggest you stop at two or three cups.

2.Which has less caffeine? a) Ground Coffee b) Instant coffee Ans: Instant Coffee Ground roast coffee has about 115 mg per 5-ounce cup if it’s made in a drip brew pot. The same size cup made in an older percolator would have 80 mg. Instant coffee doesn’t brew as long. That’s partly why it has only about 65 mg of caffeine per cup.

3. Where did Coffee first come from? a) South & Central America b) Hawaii c) Africa Ans: Africa Of the 25 or more major species of coffee plants, all of them are native to the tropics of Africa, mainly Ethiopia.

4. Coffee Plants are related to a) Berries b) Gardenias c) Roses Ans: Gardenias They don’t smell the same, but they both smell good! Coffee is the biggest cash crop in the plant family called Rubiaceae. It’s a big clan, with more than 6,000 species. One member is the fragrant flower gardenia.

5.Drinking Coffee may lower your chance of a) Gallstones b) Type 2 diabetes c) Both Ans: Both Too much coffee can lead to a faster heart rate and higher blood pressure.

More and more, though, it seems your daily cup of joe could be good for you. Coffee with caffeine (not decaf) may prevent gallstone disease,

for instance. Regular coffee drinkers have a lower risk of type 2 diabetes.

6. What’s the best place to store your coffee beans or ground coffee? a) The freezer b) The refrigerator c) The counter Ans: The counter Just make sure it’s in a dark, cool place in an airtight holder. Glass and ceramic are good. Moisture can make coffee break down, so neither the fridge nor the freezer is the best home for it. If you have a lot of coffee, it’s OK to freeze it. Put it into small airtight plastic bags. To keep it fresh, don’t refreeze.

7. What’s the best way to protect your teeth from the acid in coffee? a) Brush right after drinking b) Use a straw c) Rinse your mouth with tap water Ans: Rinse your mouth with tap water If you brush your teeth right after drinking coffee, you could hurt sensitive surfaces. Better to rinse your mouth with tap water and wait half an hour to brush. Don’t swish the coffee around in your mouth or use a straw. This makes the coffee hit your teeth faster, which can cause more damage.

8. Coffee has more antioxidants than fruits and vegetables a) True b) False Ans: True We get more antioxidants (which help protect cells) from coffee than any other source. That’s partly because we drink so much coffee. But also the drink itself is rich with them. Dates, for example, are packed with antioxidants, too. But coffee is a lot more popular than dates.

9. Decaf Coffee never has caffeine a) True b) False Ans: False Almost all decaf has at least some caffeine. Five to 10 cups of decaf can give you the same caffeine jolt as one cup of the real stuff.

Page 95

HEALTHCARE

How MIOT Delivers Advanced Expertise With Extraordinary Care

Seasonal Magazine

Page 96

MIOT International of Chennai is not just another 1000 bedded superspeciality hospital, which in itself is a feat. MIOT was born out of the vision and expertise of a brilliant surgeon, who was always known for his original contributions to the Indian medical field. Still led from the front by Padmashree Dr. PVA Mohandas, MIOT has been conquering one peak after the other in the world of advanced medical expertise - the latest being MIOT Institute of Cancer Cure - which follows highest achievements in joint replacement, cardiac surgeries, and pinhole surgeries. However, MIOT International doesn’t ever forget that highest quality healthcare is equally about offering extraordinary care to its patients, thanks to the leadership of MIOT’s Chairperson Mrs. Mallika Mohandas who has proved to be the perfect mix of competence and compassion. No wonder then that MIOT is a favoured destination for international patients visiting from 100 countries around the world.

From left to right) Dr. Prithvi Mohandas - Joint Managing Director, Mrs. Mallika Mohandas - Chairman, Prof. Dr. PVA. Mohandas - Managing Director.

Seasonal Magazine

Page 97

IOT Institute of Cancer Cure has been one of the latest centres to come up inside MIOT’s Manapakkam Campus. But already Institute of Cancer Cure is as competent as MIOT’s long established Centres of Excellence like in Hip & Joint Replacement Surgery or Cardiac Surgery or Pinhole Surgery. The secret is that Dr. PVA Mohandas sets up divisions with highest of ambitions.

Set up with the vision of creating one of India’s, if not Asia’s, top oncology centres, MIOT Institute of Cancer Cure was structured from the ground up for greatness. A few years down the lane this strategy has paid rich dividends. MIOT Institute of Cancer Cure is segregated as three divisions medical oncology, radiation oncology, & surgical oncology - the three also work together, complementing each other wherever necessary to deliver the cancer patient with the most comprehensive care.

Dr. PVA Mohandas was always deeply individualistic, like truly brilliant surgeons are. Despite obtaining his postgraduate degree in surgery from University of Liverpool, and despite being in demand from practically any hospital in the West, Dr. Mohandas returned to India to pioneer internal fixation of fractures and total hip replacement in his home country. And unlike other doctors, he became a doctors’ doctor, a surgeons’ surgeon, by training numerous surgeons in these new techniques - a feat for which he was awarded Padmashree by

Despite being run by top-notch medical professionals and despite being deployed with the latest in state-of-the-art medical infrastructure, MIOT never loses its focus on delivering extraordinary care to its patients. The credit for that goes to the leadership of Chairperson Mrs. Mallika Mohandas.

Seasonal Magazine

Page 98

Delving into the mystery and science of blood, MIOT International has recently launched the MIOT Institute of Haematology, Haemato-oncology and Bone Marrow Transplant. A dedicated centre for all haematological needs, this latest entrant to MIOT’s repertoire will provide highly specialised treatment for all conditions of the blood. The centre’s comprehensive, world class facility is easily among the most advanced in India. It is also the first to perform T-replete Haplo-identical Transplant in India successfully.

Government of India. But that was not all. At the ripe age of 65, when most were planning to rest, Dr. Mohandas decided to start a new hospital by betting every penny he had made till that time. But fate never forsakes such convictions, and MIOT International was the result.

MIOT’s radiation oncology division was India’s first hospital to procure and deploy TrueBeam STX, the most advanced radiation system in the world. Developed by the international leader in this field, Varian Medical Systems of USA, and designed for even the most challenging image guided radiotherapy and radiosurgery, the advantages TrueBeam STX provides the patient are manifold shorter procedures, sharper precision, and matchless safety. For example, treatment delivery is 50% faster, while

the better accuracy ensures that even complex radiosurgery that used to take up to one hour is now possible between 5 to 20 minutes, with much better protection to non-cancerous cells. Radiotherapies like rapid arc treatment can now be completed within one minute, contributing to immense patient comfort. But the real magic of TrueBeam STX is that it can effectively treat moving cancers. For example, MIOT doctors report that due to the system’s monitoring of 1,00,000 data points every ten milliseconds, difficult targets like continually moving lung tumours can be treated as though it were stationary.

Other facilities to detect and diagnose early incidence of cancer cells include 24-hour world class Histopathology lab, Digital Mammography, and dedicated 64 Slice PET-CT. Another speciality at MIOT is that a 35 member team discuss and decide on cancer treatment plan, which is carried out by an experienced team of surgical, medical and radiation oncologists. That is what makes MIOT Institute of Cancer Cure the largest, comprehensive, diagnostic and therapeutic Cancer Centre for total care of all forms of cancer.

Years earlier, the very first unit of MIOT, the renowned ortho & hip/joint replacement division was founded by Dr. PVA Mohandas himself. Today, this original MIOT division is the leading centre for Joint Replacement Surgery, having done 35,000 successful Hip Replacements Surgeries, Knee Replacement Surgeries, Shoulder Replacement Surgeries, and Revision Surgeries

Dr. Prithvi Mohandas Takes Up Greater Responsibilities at MIOT International Dr. Prithvi Mohandas, Joint Managing Director of MIOT International has had a sterling academic and professional career, which is now complemented by an increasingly important leadership role at the 1000 bedded super-specialist hospital .

After completing school at Don Bosco, Egmore, Dr. Prithvi joined Madras Medical College. Both his great grandfather and father had studied at this prestigious institution. Soon after obtaining his medical degree, he left for higher studies to the United Kingdom. First he completed his obligatory three year General Surgical training in Manchester.

After this, he moved to the Whittington Hospital, London, to start his North Thames Orthopaedic Registrar training, a rotator appointment, spanning four years. During this period, he developed a keen interest in redo hip surgery and hip reconstruction. He lectured at the British Orthopaedic Society, The Royal Society of Medicine, and the Institute of Mechanical Engineers. He went on to do a three year fellowship purely in the surgery of the hip joint at the Royal National Orthopaedic hospital in Stanmore. He collaborated with the Hospital for Special Surgery, New York, in determining the variables that affect hip implant design, the effect of load transfer in the femoral head, and minimally invasive surgery. He returned to India in 2007 and was appointed Director of Hip Arthroplasty at the MIOT Hospitals, Chennai. In 2008, he became the secretary of the Indo German Orthopaedic Foundation. He lectured in the Atypical scenario in Indian hip

surgery at Soeul, Beijing, Bangkok, Colombo, Manchester and Rochester, Minnesota. In 2010, he was appointed Joint Managing Director of the MIOT Hospitals, Chennai. After delivering the Keynote address on Indian Healthcare at the House of Lords in spring 2011, he started the Indo British Health initiative (IBHI) in 2011. To promote the Spirit of Indian innovation, IBHI awarded grants to young Indian innovators in the field of Gastro intestinal and liver disease in 2012.

And in 2013 he is organizing the biggest ever Oncology Summit in India with 20 UK and 60 top Indian Oncologists on 6 th and 7 th September 2013 at Chennai.

Presently, he divides his time between training young Orthopaedic Surgeons in Hip Surgery and his administrative duties as Joint Managing Director of MIOT International, a 1,000 bedded Multi Speciality hospital.

through its Joint For Life programme. MIOT was the first hospital in Asia Pacific Region and second hospital in the world to have Computer Integrated Navigation System for Joint Replacement Surgery.

Subsequently, the vision of Dr. Mohandas and Chairperson Mrs. Mallika Mohandas, coupled with the incomparable expertise of cardiac surgeon Dr. VV Bashi, helped create MIOT’s two centres for excellence in cardiology and cardiac surgery.

MIOT Center for Thoracic and Cardiac Care is today the leading Cardiac Centre in Endovascular Grafting, which is about treating Aortic Aneurysm by Keyhole Surgery procedures, and Beating Heart Surgery. This Centre today performs more than 1000 surgeries annually. MIOT Heart Revive Centre is a round-the-clock dedicated centre for comprehensive cardiac care with experienced cardiac specialists on call 24x7, dedicated emergency ambulance, door to balloon in 90 minutes, and provides cutting edge equipment and treatment for everything from heart attack to arrhythmia.

Even later, the same comprehensive strategy was deployed to develop the keyhole surgery and pinhole surgery wings. A pioneer in India in this field, MIOT today has one of the best equipped Imaging Sciences Departments in the country.

Other Centres of Excellence at MIOT includes MIOT Institute of Nephrology, MIOT Centre for Children’s Cardiac Care, and MIOT Advanced Center for Gastrointestinal and Liver Diseases. Other notable facilities include a world-class Clinical Laboratory that can detect and alert for culture growth in as little as 3 hours, and a most modern infectionfree recuperating facility.

Despite being run by top-notch medical professionals and despite being deployed with the latest in state-of-the-art medical infrastructure, MIOT never loses its focus on delivering extraordinary care to its patients.

The credit for that goes to the leadership of Chairperson Mrs. Mallika Mohandas. She had boldly taken on the management side of the pioneering hospital her surgeon-husband established. Under her Chairpersonship, MIOT International has travelled from strength to strength, starting some of the most socially relevant programs like Children’s Heart Internationale MIOT (CHIME), & MIOT Organ Drive.

Page 99

Kosamattam Group

THE EMERGING CONGLOMERATE TO WATCH OUT FOR Kottayam headquartered Kosamattam Group is no longer the emerging NBFC to watch out for. Chairman Mathew K Cherian, the current scion of the Kosamattam family, has played the game well during the last couple of decades, taking the group’s core NBFC operation to a stage where it is competing directly with larger-sized groups like Muthoot Finance, Manappuram, & Muthoot Fincorp. Mathew Cherian has also travelled far in diversifying the group to new frontiers like healthcare, realty development, foreign exchange, plantations, tourism, security systems, fuel retailing, commercial spaces, and alternate energy.

Even while not being a listed firm, Mathew’s leadership shone through during the recent gold price correction, when Kosamattam’s prudent lending practices ensured that even at the corrected prices, their aggregate portfolio’s Loan-to-Value could be maintained at a safe 70%. If Chairman Mathew can display the same kind of diligence in expanding Kosamattam’s other verticals, this conglomerate that traces its business history by an incredible 162 years, is one to watch out for in the near future. On the social empowerment front too, Mathew’s leadership shines as it has the unique distinction of employing 80% women in its workforce.

Seasonal Magazine

Page 100

osamattam Finance can easily trace its business history back to 1850, when it began operating as a family-owned financing firm. Over the last two centuries, Kosamattam made a name for itself, first in the chit business, and then in gold loans. During the last decades, Kosamattam Finance started expanding across South India, and during the last few years, the Kottayam headquartered flagship of the Group, Kosamattam Finance (P) Ltd has embarked upon an all India branch expansion spree. Though 162 years mature, Kosamattam is in many ways a young organization, as the business was virtually re-invented under the leadership of current Chairman Mathew K Cherian. He repositioned the Group as a growth-oriented organization by what is perhaps the only way to go about it - by providing superior services than that of larger or more established players. The Group’s current mainstay of gold loans is all about 360 degree trust. Customers should trust the lender, the lender should trust the customers, and the lender should equally trust his staff too. There was no shortcut to the first one as such trust of customers is garnered only by being ethical in this business for long. The second trust is easier, thanks to newer technologies for measuring gold’s purity as well as clear

policies like lending only against personal gold jewellery and not bullion.

Still, this trust can be called to test when gold prices fall sharply, and customers fail to redeem. But in this front too, Kosamattam’s prudent lending practices ensured that even at the corrected prices, their aggregate portfolio’s Loan-toValue could be maintained at a safe 70%. And for the third kind of trust required for this business, Mathew had an ace up his sleeve. It is well accepted that increasing women’s participation in the work force is a powerful method to reduce fraud and increase trustworthiness. Chairman Mathew was also inspired by the social angle of such a move, as it was all about empowering

Mathew K Cherian, Chairman

women. That is how Kosamattam today has an enviable 80% participation by women workforce, with over 30% of branch heads also being women. Under Mathew’s thinking-big strategy, the Group was also quick to garner expertise in almost twenty different fields, thereby setting the stage for a massive diversification rollout. But every one of those expertise is all about the theory that ‘fortune is at the bottom of the pyramid’. According to Mathew, in whatever the Group does, Kosamattam’s focus is helping the common man succeed. It comes naturally to Kosamattam as they have been delivering financial services to common man even when the economy was crumbling and customer’s personal finances were hit. Kosamattam Finance, which is a registered NBFC with RBI, has also been doing a significant role in financial inclusion, as the Group’s customers also include persons unable to access mainstream banking. Among Kosamattam’s 20 odd diversifications, the most impressive is their foray into healthcare. 2011 saw the start of Kosamattam Healthcare & Diagnostic Centre at Perunna, Changanacherry.

Digital X-rays, Ultrasounds, a state-of-

Under Mathew K Cherian’s thinking-big strategy, the Group was also quick to garner expertise in almost twenty different fields, thereby setting the stage for a massive diversification rollout. But every one of those expertise is all about the theory that ‘fortune is at the bottom of the pyramid’.

According to Mathew, in whatever the Group does, Kosamattam’s focus is helping the common man succeed.

the-art 64 slice Computerized Tomography scan (CT), Echocardiograms, Electrocardiograms, Stress Tests, 24 hour ECG Monitor etc are some of the services offered here.

Kosamattam has already made a name for itself by offering reliable and accurate diagnostic services at affordable prices, in a customer centric manner. The Centre also offers Hi-Tech Laboratory Services, Cardiology, Consultation, and Kosamattam Health Packages. The same year also saw the beginning of Kosamattam Medi-Labs at Ettumanoor. The focus here is on providing the highest quality of clinical laboratory testing using the latest instrumentation and technology available in the field of analytical toxicology and patient drug monitoring solutions. Kosamattam is working hard to bring up both as Centres of Excellence, which would add to the pride of Kerala’s robust private healthcare sector. However, the biggest move from the Group happened recently when April 2013 became witness to the start of Kosamattam Healthcare & Speciality Centre, which is the Group’s first full-fledged hospital, at Kanjikuzhy in KK Road, Kottayam. A highlight of this hospital is the full-fledged Medical Imaging and Radiology Department, headed by Dr. K Sudheer, who is one of the most well known Radiologists in the state. The hospital also has Surgical, Gynaecology, Orthopaedics, and General Medicine Departments headed

by Senior Doctors. Other facilities includes 24hr Causality with Trauma Care Facility and a full fledged Pharmacy as well as Ambulance Services. The hospital is also noted for introducing modern diagnostics for women like Mammography, Pap Smear, & Ultra Sonogram. Kosamattam’s healtcare operations is blessed with the leadership provided by Chairman Mathew’s wife, Laila Mathew, who brings in compassionate values to this critical sector. Kosamattam’s ambition is to touch every person’s life in the communities they serve by 2020.

Mathew K Cherian and his dedicated team are planning ahead for this glorious future as a leading conglomerate from Kerala.

Seasonal Magazine

Page 101

MEDIA

Is TV Guilty of Too Much? he action has moved off-screen. From airing soaps every day, broadcasters are becoming the main actors in a daily soap that features them in the business and trade press. Whether it is ratings, rates, billing or something else, they seem to be at loggerheads with everyone. While some of it is simply years worth of muck coming out, they really should give it a break now. What the industry has achieved so far - in becoming one of the world's largest television markets - is good. But what it has given away in the process is much of its freedom on the policy front. As an industry, television in India has become far more politicised than newspapers or film.

How often have you seen the government trying to micromanage issues in the newspaper or film industry? In the newspaper industry, the history of the press alone has ensured that governments try to appease, and not get in the way of, paper barons. Most newspaper barons happily take on the government on the issue of business independence. Television, a statecontrolled media till 1991, opened up without the government's approval; but newspaper barons held off foreign direct investment (FDI) till 2002. Even now, only 26 per cent FDI is allowed.

Because of its factitious and fragmented nature, television has always been easy game for regulators and policy makers.

The players in the industry are constantly sniping at each other.

Broadcasters are fighting with cable or direct-to-home operators. Or among themselves - Indian versus foreign, Hindi versus non-Hindi, news versus entertainment broadcasters. As a result, the Rs 39,000-crore Indian television industry rarely lobbies as one.

Its divisions give governments too much leeway to interfere - a dream situation for any state. And in a market with about Seasonal Magazine

Page 102

140, mostly badly run, voluble news channels that viewers love to badmouth, it also gives any government a sort of "public interest" licence to keep butting its head in.

For instance, on television ratings the ministry of information and broadcasting has been far too interested in finding solutions. Three committees have been formed to resolve the issues.

Also, last year, Prasar Bharati filed a complaint against the ratings body TAM with the Competition Commission of India. Though ratings are a commercial metric that the industry uses to buy and sell airtime, the ministry of information and broadcasting has asked the regulator, the Telecom Regulatory Authority of India (Trai), to come up

The television industry has done India proud with its growth and with the "world's second largest TV market" tag.

with norms for the accreditation of television rating agencies.

Why on earth should the regulator be doing that? It is like telling Trai to come up with norms for accreditation of agencies that measure magazine readership data or the ones that release box-office figures. It is not the government's business to worry about how good or bad a commercial currency is.

You could argue, rightly, that regulators and policy makers are not at fault; the television industry is. It simply cannot deal with any conflict situation whether it involves distributors, advertisers or media buyers - without making a public ruckus about it. There is also a tendency to lobby for policy to queer the pitch for competitors or uncomfortable factions in the business.

This has now created a situation in which almost every politician and political party thinks that the television industry is a free-for-all. There is constant jabber about news standards, content, ratings and what not.

This extreme politicisation of an industry has a bad impact not just on television, but it has also warped the entire debate on media policy. Any talk of media policy is now synonymous with news channels. That there is a large film, newspaper, radio and mobile entertainment business hardly figures in any debate. For instance, we have the most inadequate media infrastructure theatres, cable pipes, live entertainment venues - in the world. Instead of focusing on facilitating that, so that the profitability of the industry improves and it generates more taxes and employment, the ministry of information and broadcasting is busy micromanaging the television industry.

The television industry has done India proud with its growth and with the "world's second largest TV market" tag.

But it has also done irreparable harm to the course, texture and nature of policy debate on the media in this country. Now that it has grown out of its teens and is officially over 20 years old, could it sort out its problems quietly? That way, policy makers will probably be forced to focus on the rest of the industry.

ENTREPRENEURSHIP

A Startup a Day Keeps Joblessness Away Kerala has decided to set up a seed capital support scheme for early stage investments to help entrepreneurs. he initiative will strengthen the new IT policy, which aims to nurture one product startup a day, with a target of at least 3,000 companies by 2020, said chief minister Oommen Chandy. Speaking via video link at the 'Weekend@Startup Village' celebrations on Sunday, he also announced the setting up of state-of-theart 'Kerala technology innovation zone' at Kalamasery, where India’s first telecom business incubator, Startup Village, is located.

The new hub will have a built up space of 500,000 sft with all facilities required for a world-class innovation ecosystem and will nurture startup companies in the IT and biotechnology space. The government's flagship Student Enterpreneurship Policy giving a 20 per cent attendance allowance and a five per cent grace marks for student entrepreneurs has taken effect in Cochin University of Science and Technology and Kerala University, and similar

regulations will be introduced by other universities within a month, said the chief minister.

"All student entrepreneurs will be able to avail of these benefits from this current academic year. We don’t want our students to aim for a job or a visa once they complete education. We expect them to be job creators and transform our economy that way. The government is ready to provide every possible support for any entrepreneurial venture that has potential," he added.

The state has allocated Rs 15 lakh for Startup Village’s flagship programmeSVSquare - to 'build a bridge between Kochi and California,' enabling young aspiring businessmen and women to experience the first-hand entrepreneurial culture of the global technology capital at Silicon Valley.

Winners of the 'Startup Village to Silicon Valley' programme will leave for the US in September. Industries minister P K Kunhalikkutty said the Startup Village, which was facing a space

"All student entrepreneurs will be able to avail of these benefits from this current academic year.

crunch, would be provided with workspace and hostel facilities at the Kerala Institute for Entrepreneurship Development in Kalamassery until its own building gets ready.

He also officially renamed the central avenue in the Village as the Rajeev Motwani Street in honour of the late Stanford University professor. Anil Menon, president, globalisation and smart+connected communities at Cisco, said his company was planning to set up an innovation lab at the Village.

Cisco is one of the biggest Silicon Valley success stories and would bring a wealth of experience to young startups.

US-based investor M R Rangaswami said his investment group SandHill had been providing free guidance and advice to budding entrepreneurs through its website. Indiaspora, the community of Indian Americans that Rangaswami founded last year would work with the Startup Village to support incubating companies here. "There are three million Indian Americans constituting 1 per cent of the population of the US and the country’s highest income group. They are keen to provide their mentorship and funding support for young people back home," he said.

Rentala Chandrasekhar, former IT and telecom secretary, said the $100 billion Indian IT industry was aiming to grow to $300 billion by 2020. Sanjay Vijayakumar, chairman of the Startup Village board of governors, and CEO Sijo Kuruvilla George launched the Dev1000p programme that aims to create 1000+ professional student developers.

Seasonal Magazine

Page 103

INVESTMENT

THE PROMISE OF WONDERLA IPO? Can Wonderla be a 7X multibagger like V-Guard within the next 5 years? It is a complex question, as it would be the first time an amusement park business is going for listing in India. The highly capital intensive nature of this business is not lost on anyone. In short, it is not assetlight like V-Guard. On the other hand, Wonderla is more profitable and returns-generating than the flagship electrical appliance maker of the group. Kochouseph Chittilappilly and Arun Chittilappilly have so far delivered reasonably well with their two parks, with a third Wonderla in the offing at Hyderabad using the upcoming IPO proceeds. Rating agency CRISIL has rated Wonderla IPO at 4/5 indicating above average fundamentals. On one side is the impressive metrics, and on the other is whether a too high valuation would be sought. he upcoming IPO of Wonderla Holidays Ltd, an amusement park company, would be keenly watched by the investment community.

The main reason for this investor interest, of course, will be that Wonderla Holidays is from the stable of V-Guard Group. Flagship V-Guard Industries Ltd had gone for its IPO soon after Sensex started to fall massively from its 2008 peak of over 21,000 after the controversial and market-rattling mega public issue by Reliance Power.

V-Guard went ahead unfazed with its relatively small issue to collect Rs. 70 crore from the market, despite the emerging gloom. By the time it listed Seasonal Magazine

Page 104

in mid March 2008 at around Rs. 85, markets were steadily going down, and in September 2008, the collapse of Lehman Brothers happened, sending the global capital markets into a tailspin. Smallcap stock V-Guard too was not spared, and it hit its nadir of Rs. 36.50 soon afterwards. And from there gradually V-Guard started clawing back. The going was steady but slow in initial years, but by mid 2012, the electrical appliances stock started its vertical climb. By December 2012, it had scaled up dizzying heights, marking an all-time high of Rs. 590.50, making it a nearly 7X multibagger from its IPO level, and a 16X bagger from its all-time low, within as little as 4.5 years! That is the first reason why

Wonderla IPO too would be keenly watched by investors. Group Founder and Chairman of V-Guard Industries Ltd, Kochouseph Chittilappilly is also the Founder, Co-Promoter, ViceChairman, and Whole Time Director of Wonderla Holidays Ltd. Kochouseph’s elder son Arun Chittilappilly who played the leadership role in setting up Wonderla’s second amusement park at Bangalore, is the Co-Promoter and Managing Director of the company.

Given the wealth creation and wealth sharing track record of Kochouseph Chittilappilly, the real question before investors would be how inferior or

F ?

superior would be Wonderla Holidays vis-à-vis V-Guard Industries. Compared to V-Guard Industries - which is basically an electrical appliances and electrical cable company - Wonderla Holidays as an investment opportunity is starkly different. For example, VGuard generated a Net Profit Margin (NPM) of only 4.63% in FY’13. In sharp contrast, the NPM enjoyed by Wonderla Holidays is an impressive 26.23% in FY‘12. Secondly, on the allimportant metric of Return on Equity, while V-Guard had an impressive RoE of 24.08% in FY’13, Wonderla Holidays had a superlative RoE of 32.04% in FY‘12. However, there is a flipside to it too. While V-Guard enjoys a small equity base of Rs. 29.85 crore, Wonderla has an equity base of Rs. 42 crore already, which will expand to Rs. 56.5 crore through this IPO that involves issue of 1.45 crore new shares of Rs. 10 Face Value each. This reveals the capital intensive nature of Wonderla Holidays as against the asset-light nature of V-Guard. Despite this capital intensive nature, it goes to Wonderla’s credit that it has run up a total Kochouseph Chittilappilly, Vice-Chairman

Given the wealth creation and wealth sharing track record of Kochouseph Chittilappilly, the real question before investors would be how inferior or superior would be Wonderla Holidays vis-à-vis V-Guard Industries. Compared to V-Guard Industries - which is basically an electrical appliances and electrical cable company - Wonderla Holidays as an investment opportunity is starkly different. For example, VGuard generated a Net Profit Margin (NPM) of only 4.63% in FY’13. In sharp contrast, the NPM enjoyed by Wonderla Holidays is an impressive 26.23% in FY‘12.

indebtedness of only Rs. 18.36 crore which translates to around a debt/equity ratio of just 0.15. On the issue of growth prospects, amusement parks business has a unique problem in that a new park is absolutely necessary to jumpstart growth to each higher level. And a new park is always a capital intensive and time consuming affair. For example, despite being incorporated in 1998 and their first Kochi park being opened in 2000, it took Wonderla another 5 years to launch its second park at Bangalore.

It has been taking even more time for the next one. The land acquisition itself can take significant time and resources, if not controversies. For example, the high-profile Imagica project by Manmohan Shetty in Maharashtra has run into serious controversy recently regarding land acquisition. Wonderla Kochi spans 92.95 acres of land, Wonderla Bangalore is on 81.75 acres, and their upcoming Wonderla Hyderabad will be on 46.17 acres. The planning and land acquisition for the third park at Hyderabad has been undertaken since the last few years.

Being set up at a projected cost of over Arun K Chittilappilly, Managing Director

Seasonal Magazine

Page 105

Rs. 250 crore, only around Rs. 22.60 crore has been spent by February 2013.

Around Rs. 50 crore will be the debt component for this third park, and the remaining amount of Rs. 178 crore will be from the upcoming IPO proceeds.

Adding new parks being such a challenging process, the focus will naturally be also on growth prospects without new parks. So far, Wonderla has excelled in this regard. Their total footfalls from their two amusement parks in Kochi and Bangalore have grown at a CAGR of 18.48% from FY’10 to FY’12, which is a reasonable growth record. The CAGRs of revenue and net profit have fared even better.

For FY’09-FY’12 period, revenue has risen by a CAGR of 21.85% and net profit has risen by a CAGR of 39.65%, which reveals pricing power as well as steadily improving operational efficiencies. One major issue facing

While V-Guard enjoys a small equity base of Rs. 29.85 crore, Wonderla has an equity base of Rs. 42 crore already, which will expand to Rs. 56.5 crore through this IPO that involves issue of 1.45 crore new shares of Rs. 10 Face Value each. This reveals the capital intensive nature of Wonderla Holidays as against the asset-light nature of V-Guard. Despite this capital intensive nature, it goes to Wonderla’s credit that it has run up a total indebtedness of only Rs. 18.36 crore which translates to around a debt/ equity ratio of just 0.15.

Seasonal Magazine

Page 106

amusement parks since 2011 has been the steadily weakening rupee.

Amusement parks source bulk of their rides from overseas in foreign currency, and as such, there is a forex risk or scaling up of capital costs for not only setting up new parks but new rides too.

But here too, Wonderla has a slight edge, as they have a major domestic manufacturing facility for simpler rides at Wonderla, Kochi, that can cater to 25% of their requirements. Another challenge with the amusement parks business is that around 90% of their revenue is from the sole stream of ticket sales. Wonderla has been trying to

diversify its revenue streams by starting a 3-Star Resort with 84 luxury rooms inside its Bangalore park, and by growing its foods, beverages, and merchandising activities. It has been showing slow but steady results, with ticketing being limited to 85.59% of their total sales in FY‘12. Though amusement parks is clearly a discretionary consumer spending category, higher disposable incomes as well as higher spending on leisure activities are expected to counterbalance this drawback. On the other hand, though the entry barrier to this business is quite high due to various aspects like complex land acquisition, high labour, and high capital, there is no dearth of serious competition, as India is all set to get 12 new major amusement parks that will add to 18 such parks the country already has.

However, all considered, Wonderla IPO appears to be a reasonable investment opportunity, especially if it is priced right. It remains to be seen whether promoters will leave adequate money on the table for public investors, or demand too steep a valuation citing their high NPM, RoE, or lack of competition in the listed space, like some companies have done in the last few years.

DEAL

Carlyle Likely to Invest in Medanta lobal private equity (PE) major Carlyle is in talks with renowned cardiac surgeon Dr Naresh Trehan to acquire a minority stake in his Gurgaon-based multi-super speciality hospital, Medanta -The Medicity. According to people in the know, Carlyle is keen to acquire 28 per cent stake of Avenue Capital, along with another 10-15 per cent stake owned by Trehan.

Trehan holds 55 per cent stake in Global Hospitals, which owns Medanta, while construction major Punj Lloyd owns another 17 per cent in the holding company.

According to sources, Trehan pegs the hospital’s overall valuation at 3,0003,200 crore ($500 million) four times its annual revenue at Rs 800 crore.

However, the buyers are demanding a lesser valuation saying that the hospital doesn’t have presence in other north Indian states, sources said.

Medanta includes a research centre, medical and nursing school. It has 1,250 beds and over 350 critical-care beds with 45 operation theatres catering to

Dr. Naresh Trehan more than 20 specialities.

Since Neeraj Bharadwaj joined as managing director of Carlyle Asia Buyout fund in India last year, the PE firm has been continuously exploring larger deals in Indian healthcare.

Carlyle was also engaged in discussion to acquire the domestic formulations business of Mumbai-based Elder Pharma. Bharadwaj, former India head of Apax Partners, had clinched the $170-million investment in Apollo Hospitals. Apax offloaded its entire 19

Neeraj Bharadwaj per cent stake in Apollo recently for Rs 2,240 crore, a three-time gain on its investment.

In India, Carlyle has only one investment in healthcare space, Claris Lifesciences, which was made in 2006.

As one among the sectors which is insulated from regulatory issues, healthcare remains attracted to PE investors. Last week, Hyderabad-based Rainbow Hospitals received Rs 100crore investment from UK-based CDC and Abraaj Group. Early this month, ASK Pravi had invested Rs 60 crore in Hyderabad's OMNI Hospitals.

Other hospitals which are looking for fundraising include Sri Kavery Medical Care (Trichy) Pvt Ltd, which is backed by Ajay Piramal-owned India Venture Advisors. Bangalore-based Cloudnine Hospitals is also looking for a funding of Rs 100 crore and engaged in discussion with funds such as Sequoia.

According to a CARE Research report, India has a demand of another 1.75 million beds by the end of 2025.

Currently, the country has one hospital bed for 1,000 people, against the global average of four.

Seasonal Magazine

Page 107

CORPORATE

From Nothing to Everest and Can Jaypee Climb Back rom humblest of beginnings in 1958, Jaiprakash Gaur built up the Jaypee Group which has successfully undertaken some of the largest and most prestigious projects in this country like Sardar Sarovar Dam, Yamuna Expressway, Buddh International Formula 1 Circuit, and Karcham Wangtoo Hydroelectric Project, overcoming seemingly insurmountable challenges. Today, a formidable team of 80,000 committed professionals led by Jaiprakash’s eldest son Manoj Gaur are working across 40 locations, spread across 14 states of India, to churn out an aggregate annual turnover of over Rs. 23,000 crore and build up on an asset base that is already above Rs. 73,000 crore, with a mandate to develop five townships worth Rs. 1,50,000 crore, even as it battles to overcome a lethal debt estimated recently by Credit Suisse at around Rs.63,654 crore. Manoj Gaur is sure that Jaypee Group can do it, as he has seen this company, founded by his father, doing even more formidable tasks in its long chequered history.

Seasonal Magazine

Page 108

In the beginning there was nothing.

Absolutely nothing, except for a young civil engineer’s plan to quit a short stint with UP Government to start a small contracting business.

The year was 1958. Jawaharlal Nehru was still India’s PM. Kapil Dev, Sanjay Dutt, & Anil Kapoor were yet to be born. Bajaj Auto was still to obtain a licence for making autos.

With not even a hint of economic liberalization visible on the horizon, and living deep inside a socialist and licence raj, not many young engineers would have resigned from a plum government job to get into business.

But then Jaiprakash Gaur was a bit different. He had obtained his Diploma in Civil Engineering from University of Roorkee (now IIT Roorkee) in 1950.

An eight year long career with the UP Irrigation Department was enough to convince Jaiprakash that he could do much more if he ventured out on his own.

Since he had exposure in the hydroelectric sector, Jaiprakash naturally took on dam related works.

Capital was tough to come by as he was already reeling from the death of his elder brother and failing health of his father.

So, Jaiprakash took on various partners, some of whom who stuck with him, and some who deserted him when he took on bigger and bigger projects beyond his capacity.

Jaiprakash had his quirks like opting for a telegram address that read ‘IRONWILL’, to inspire his employees

to Plains Again, to Glory?

Jaiprakash Gaur

and send a message to associate companies that he would deliver whatever it takes. By 1969, Jaiprakash Associates was formed as a partnership with six partners including his younger brother and brother-in-law, who all remained shareholders since then.

Late 70s proved to be the real game changing period for the contracting firm as it bagged some of the largest projects India has ever built, including the Sardar Sarovar Dam in Gujarat which is India’s largest, and Tehri Dam in Uttarakhand which is India’s tallest. 1979 saw Jaiprakash Associates Pvt Ltd being officially formed to undertake these works as well as the firm bagging its first overseas contract for $112 million - then a princely sum - in Iraq.

The going was not always smooth, and legend has it that Jaiprakash’s eldest son, Manoj Gaur, who was still a young boy, had to chip in to assist dad in pacifying a major strike at Sardar Sarovar site. From dams and infrastructure, Jaiprakash ventured out into hotels, opening Hotel

Manoj Gaur Seasonal Magazine

Page 109

Siddharth and Hotel Vasant Continental, both in Delhi, just in time for the 1982 Asian Games held at the capital.

By 1986, Jaiprakash Gaur had taken his next major steps, of getting into cement manufacturing and going public by constituting Jaiprakash Industries Ltd (JIL). 1986 also saw Manoj Gaur joining the company soon after completing his civil engineering degree from BITS, Pilani.

But the 90s proved to be a very challenging period for JIL. An ambitious foray into private hydroelectric power, the Iraq-Kuwait War, and the cement price crash nearly finished off the group due to a severe cash crunch. But the Iron Will prevailed.

Jaiprakash Associates’ stock was valued at just Rs. 9.79 in June of 2004.

Just an year back, in 2003, Jaiprakash Associates Ltd (JAL) was formed by the merger of Jaiprakash Industries Ltd (JIL) and Jaypee Cement Ltd. JIL, the infrastructure and construction flagship of Jaypee Group had a listed history from 1986 onward. But the stock market crash of 2000-01 had taken its toll on every stock including JIL. But the amalgamation in 2003 prepared the groundwork for impending magic. The merger, however, was just a return of offspring to parent, because it was in 2001 that the Group’s three cement plants under JIL were hived off to form Jaypee Cement Ltd. But this time, the reorganization worked its magic.

Buddh International Circuit Seasonal Magazine

Page 110

Within the next five years, everything worked for Jaypee like a charm. Manoj Gaur was steadily assuming the leadership role in the Group. In 2003, Jaypee landed the Yamuna Expressway, India’s longest six-laned controlled-access expressway to be built at a total project cost of Rs. 12,839 crore, connecting Greater Noida to Agra. The project has been unique in that Jaypee got development rights for five townships along the 165 km long route, which translates to a real estate value of Rs. 1,50,000 crore. Jaypee also commissioned several hydroelectric, thermal, & captive power plants during these five years.

In 2007, it landed the prestigious Formula One Indian Grand Prix by starting work for the Buddh International Circuit.

The magic worked on the stock prices too, and that is how Jaiprakash Gaur and Manoj Gaur, the wealth creators also became wealth sharers. From Rs. 9.79 in 2004, Jaiprakash Associates’ stock price shot up to Rs. 340 by 2008,

It goes to the credit of now 47year old Manoj Gaur that despite the difficult situation since 2008, the Group could fulfil its core commitments like the Buddh International Circuit by 2011 and Yamuna Expressway by 2012. To cut down on Jaypee’s sizeable debt, Manoj Gaur has embarked upon a focused plan of de-leveraging across businesses, which should yield results in the coming twelve months.

making it a nearly 35X multibagger within as little as 5 years. Jaypee Power Ventures similarly shot up from Rs. 30 in 2005 to Rs. 144 in 2008, which was a nearly 5X appreciation within 3 years.

But that all are history now. Taking on larger and larger projects has been taking its toll on Jaypee for the second time. Accelerating the trouble was the 2008 global financial crisis that battered Indian infrastructure sector and its stocks, due to its heavy indebtedness. Jaiprakash Gaur who had resigned from executive role in 2008, however, pulled on till 2010 before resigning finally in 2010.

It goes to the credit of now 47-year old Manoj Gaur that despite the difficult situation since 2008, the Group could fulfil its core commitments like the Buddh International Circuit by 2011 and Yamuna Expressway by 2012 (though on a two year delay).

However, the Group is only a pale shadow of what it used to be.

Jaiprakash Associates’ stock price and market capitalization has fallen by nearly 92% from the 2008 peak.

Jaiprakash Power Ventures has fallen by 94% during the same period. And for Jaypee Infratech, the company in charge of Yamuna Expressway, it has always been a fall from the post-IPO high, shedding in value by over 85%.

The problem of course is mounting debt.

The three firms put together has run up a lethal debt, estimated recently by Credit Suisse at around Rs. 63,654 crore.

But Manoj Gaur is unfazed. Like his

Yamuna Expressway

father’s ’Iron Will’, his motto for Jaypee reads ’No Dream Too Big’.

Putting aside the debt factor, Jaiprakash Associates’ EBITDA has grown by a CAGR of 14% from FY’09-FY’13.

And both Jaiprakash Power Ventures’ and Jaypee Infratech’s EBITDA have grown by a CAGR of 47% each, which is very impressive indeed.

But the debt won’t go away on growth momentum. So, Manoj Gaur has embarked Jaypee upon a focused plan of de-leveraging across businesses,

Manoj Gaur has embarked Jaypee upon a focused plan of de-leveraging across businesses, which will yield results in the next few months. Talks with Ultra-Tech to sell 51 per cent equity in their 4.8 MT Gujarat Cement plant are at an advance stage.

Similarly, talks for selling stake in some power plants are also progressing well.

which will yield results in the next few months. Talks with Ultra-Tech to sell 51 per cent equity in their 4.8 MT expressway Gujarat Yamuna Cement plant are at an advance stage. Similarly, talks for selling stake in some power plants are also progressing well. As things stand now, no dream is too big for Jaypee. May be no big dream is too easy either. But then, neither does Manoj Gaur or Jaypee expect things to be easy. The performance from this team will be watched keenly by 10,00,000 shareholders across three listed firms.

Seasonal Magazine

Page 111

HEALTHCARE

IVF, FROM THE INVENTORS OF IVF he was no ordinary baby. Her parents were unable to bring her to this world even after 9 long years of trying.

Nor were the doctors they were seeing of any help. It was 1978. Down but not out, her parents Lesley and John Brown decided to agree to a new experimental procedure proposed by a physiologist and a gynaecologist surgeon, but not really knowing that it has never proved to be successful. That is how Prof. Robert Edwards and Dr. Patrick Steptoe obtained a chance to try something for which their conviction was growing day by day. The idea was to help out infertile couples in a breakthrough fashion, by facilitating that impossible fertilization that was proving to be impossible in vivo (inside the body), by resorting to fertilize the embryo in vitro (in glass). The naysayers were too many, not just among the religious, but among the mainstream medical community. Nobody believed the seemingly mad duo. But when Louis Joy Brown survived fertilization in a petri dish, got transferred to Lesley’s womb, and came out like any other baby, crying out loud, on 25 th July 1978, the world stood up and applauded. World’s first test tube baby had arrived. Thrilled with success, and the prospect that tens of thousands of infertile couples could be helped out this way, Prof. Edwards and Dr. Patrick established Bourn Hall Clinic in Bourn, Cambridge, England, in 1980.

The clinic was named after the 400 year old breathtakingly beautiful building where it was housed. The Seasonal Magazine

Page 112

passion of this pioneering duo produced further breakthroughs. 1984 saw Bourn Hall applying cryobiology to IVF, thereby allowing embryos to be frozen for transfer at a later date.

1989 saw another Bourn Hall innovation, the first IVF Surrogacy baby. One year earlier, in 1988, Bourn Hall had suffered a setback when cofounder Dr. Patrick Steptoe passed away, while still being its Medical Director. But the stream of innovations

Dr. David Robertson, Group Medical Director

continued, as both Dr. Patrick and Prof.

Edwards had directly trained a large team of doctors to be top-notch IVF specialists, and co-owners of Bourn Hall. 1992 saw world’s first ICSI baby, another first by Bourn Hall, born from Intra Cytoplasmic Sperm Injection, which involved directly injecting a single sperm into the centre of an oocyte. Another more recent breakthrough by Bourn Hall was Blastocyst Transfer, which

significantly improved IVF’s success rate. 2010 was the year of peak recognition when Bourn Hall cofounder Prof. Robert Edwards was awarded the Nobel Prize for Physiology & Medicine. Around four months back, on 10th April 2013, Prof.

Edwards too passed away at the mature age of 87. But not before he saw 5 million IVF babies coming into this world through his technique, and not before seeing Bourn Hall Clinics expanding worldwide to cities like Dubai, Gurgaon, & Kochi. Bourn Hall India is wholly owned by Bourn Hall International, which is held by Bourn Hall UK (30%) and noted global VC & PE fund TVM Capital (70%). Bourn Hall India is currently on an expansion drive using a planned Rs. 540 crore fund infusion by Bourn Hall UK and TVM Capital MENA to start 18 more clinics in India, which will take the India tally to 20 clinics. Bourn Hall India is led by its MD & CEO Gaurav Malhotra, and guided by Group Medical Director Dr. David Roberson, and CEO of Bourn Hall Ltd and Bourn Hall International Dr. Mike Macnamee. Seasonal Magazine recently caught up with Dr. David Robertson and Ganesh Lakshmanan, Regional Business Director - South, to quiz them about Bourn Hall’s uniqueness: Bourn Hall has a simple but ambitious tagline - First Choice for IVF. Can you explain this claim?

Dr. David Robertson: Well, there are a couple of reasons behind that claim.

Firstly, as you know, In Vitro Fertilization or IVF was invented by Bourn Hall Clinic’s Founders Dr. Patrick Steptoe and Prof. Robert Edwards, in 1978. Naturally, that makes Bourn Hall the first place or first choice for IVF. Secondly, ever since our inception, Bourn Hall has been in the forefront of innovations as well as best practices in IVF. We have garnered unparalleled experience in this field and deliver our services with full transparency. That also makes us a best choice or first choice for IVF. Thirdly, we are at a lot of places internationally - we are present at four locations in UK

Gaurav Malhotra, MD & CEO, Bourn Hall India

on our own, and at three more NHS hospitals through partnerships. Then we are in Dubai, in Gurgaon, and here in Kochi. Each of our main centres might have satellite centres too under a hub-and-spoke model. So, we are a first choice at many places.

Can you explain the concept of Fertility Seminars?

Dr. David Robertson: Fertility is easy for those to whom it comes naturally, but for others it is a vexing problem that requires many knowledge inputs and awareness. Bourn Hall’s Fertility Seminars or Open Houses are intended to raise this awareness and provide would-be patients with correct knowledge regarding the options available before them. If a couple is seeking treatment for the first time,

Dr. Mike Macnamee, CEO, Bourn Hall Ltd and Bourn Hall International

they are invited to attend one of our sessions to learn more about Bourn Hall Clinic’s facilities and treatments.

Attendance requires neither a fee nor an obligation to use our services. We do these Fertility Seminars at Bourn Hall Clinics as well as at various locations through our outreach programs. Finally, if they choose Bourn Hall for their treatment, we will guide them through the next steps of your journey, something we call First Steps, which will include an individual consultation with one of our expert fertility doctors.

Do you get most of your patients through such Fertility Seminars?

Dr. David Robertson: We do get many patients through such seminars, but not all of them come through such a route.

Bourn Hall Clinic, Kochi Seasonal Magazine

Page 113

Sometimes, these seminars provide an indirect route, as somebody who attended a seminar would give a referral to a friend or relative. Ganesh, here, will give more details.

Ganesh Lakhsmanan: Well, Bourn Hall does a lot of ATL and BTL activities, and all of them contribute to our patient footfalls.

Approximately, we can say that around 50% of our patients come through fertility seminars.

What is the role of psychosocial counselling and CBT in Bourn Hall’s scheme of things?

Dr. David Robertson: Patients come from different socioeconomic backgrounds with different societal expectations and pressures. For example, last day a male patient told me that in their community or village, success is measured not by wealth but by how many kids one has. Then there are the universal pressures like from inlaws to have children as soon as possible. I was surprised with myself, when soon after my son’s marriage, I started subtly enquiring about when they would be getting a child, so that I could be a grandfather! But sadly, for couples suffering from infertility, such pressures could be very upsetting, contributing to depression etc. That is why Bourn Hall’s medical experts are complemented by our team of professional counsellors. At all Bourn Hall clinics, all couples meet with our psychosocial counsellor who guides them on the IVF/ART process. Our counsellors will be there for patients at any time should they need support, advice or assistance at any stage of their journey to parenthood.

Does such stress in itself contribute to infertility?

Dr. David Robertson: Yes, but to a small extent only. Some studies have revealed such a connection. But the point here is that many couples will be having undue stress. Some might be requiring only very simple treatments, or may be just professional advice. At Bourn Hall, the patients meet the counsellor or fertility guide a minimum Seasonal Magazine

Page 114

of four times during a cycle. Couples are introduced to Cognitive Behaviour Therapy (CBT) to help reduce anxiety and stress. Other relaxation techniques are also discussed. Patients are welcome to ask for any number of sessions required. All counselling sessions are free of charge and are part of the package.

Apart from IVF, what are the treatments / facilities that Bourn Hall provides?

Dr. David Robertson: We offer a full basket of fertility treatments. As I said earlier, not everyone requires IVF. So, we offer the full range of treatments including simpler ones like Intra Uterine Insemination (IUI), as well as advanced treatments like Frozen Embryo Transfer (FET), Intra Cytoplasmic Sperm Injection (ICSI), Egg Freezing Programs, Sperm Freezing, Donor IVF, Egg Donation, TESA, and really advanced treatments like Micro TESA (M-TESA) for conditions like Azoospermia.

How competitive are your rates compared with domestic IVF setups?

Is there anyway that the rates can be brought down in future?

Dr. David Robertson: I think we provide very competitive rates, which would be comparable with any clinic in India. But still I understand that this is a costly procedure for most couples.

Many will be shelling out a significant

portion of their life savings for such treatments. So, at Bourn Hall we are very conscious of keeping our rates at the best possible range. Ganesh may be able to give you more details on this.

Ganesh Lakshmanan: Regarding rates, we are indeed very competitive, but one thing that should be taken into account is the kind of facilities and success rates being offered vis-à-vis the rates. I can definitely say that in that regard, Bourn Hall delivers great value for money.

How many IVF cycles do you generally advise patients who are not successful in their first attempt?

Dr. David Robertson: Well, I think it is a function of affordability as well as the mental capacity of the couple to go through additional cycles for success.

It varies, but generally what I see is couples attempting a maximum of 2 to 3 IVF cycles.

What are the latest technologies being offered at Bourn Hall?

Dr. David Robertson: There are many, but I would mention two that readily come to my mind, namely Blastocyst Transfer and Micro TESA. Unlike many other clinics, we routinely undertake Blastocyst Transfer for our IVF. A Blastocyst is a 5-day old embryo. So, what that means is that we have the facilities to grow the embryo for 5-days in vitro or outside the womb.

Bourn Hall Clinics in India feature Asia’s first Clean Room IVF Lab to facilitate this procedure. Blastocyst Transfer is also called Single Embryo Transfer to distinguish itself from the older procedure in which less developed multiple embryos had to be transferred to have a meaningful success rate, even at the risk of having multiple pregnancies. Thanks to our unique Clean Room IVF, we have significantly better success rate with no risk of multiple pregnancies, as we are able to transfer a single more mature embryo at the more advanced blastocyst stage. And the great thing is that we do this latest technique routinely, so that every couple can take advantage of this technology.

Can you now explain Micro TESA? Dr. David Robertson: Micro TESA is a new technique in aid of men suffering from Azoospermia, which is the medical condition of a man not having any measurable level of sperm in his semen. It is associated with very low levels of fertility or even sterility.

Azoospermia may be seen in up to 20% of male infertility situations. Some of them were helped by earlier techniques like PESA or TESA by extracting sperms from testicles, but there are some men who can’t be assisted by such methods. That is where Micro TESA Bourn Hall Clinic, Cambridge, UK

Ganesh Lakshmanan, Regional Business Director - South

comes to their help. A couple can have their own baby, instead of resorting to sperm donor programs, even when there is a case of severe male infertility.

How does your success rates compare with rest of the clinics in India?

Dr. David Robertson: Bourn Hall has one of the highest success rates not only in India, but anywhere in the world. One reason for this is that Bourn Hall being born in UK measures birth rates and not pregnancy rates as is the norm in India.

So, from our inception onward we have been very diligent about having the best success rates. In 2012, for women aged 37 years and below, Bourn Hall Clinic’s

IVF with ICSI & Day 5 Blastocyst Transfer, had a success rate of 48.7%.

We are perhaps the most transparent IVF clinic, which publishes annual success rates as well as real numbers of successful and unsuccessful patients.

You can see the last four years’ success rates on our website, grouped according to age of the women as well as the actual IVF technique employed, without divulging any private or identifiable details. Age, as you might know, is a great determinant of success, with younger women enjoying a much higher probability for success. But even for older women, we provide one of the best success rates found anywhere in the world for their age.

In short, why should a couple opt for Bourn Hall instead of numerous other IVF Clinics?

Dr. David Robertson: In a nutshell, the Bourn Hall advantage is about a rare mix of decades-long cutting-edge experience in IVF coupled with impeccable medical ethics and transparency. Almost all our doctors are trained in UK, at the main Bourn Hall facility, and our senior experts have been trained directly by IVF inventors and our co-founders Dr. Patrick Steptoe and Prof.

Robert Edwards. United Kingdom is famous for being the benchmark in medical ethics and transparency, with hospitals and clinics under a rigorous regulatory regime. Bourn Hall’s clinics, wherever in the world they might be, follow these same UK guidelines.

Seasonal Magazine

Page 115

PRIVATE UNIVERSITIES

How Amity Widens the Lead That Amity created a lead from the word “Go” need not be overemphasized. To be more precise, Founder Ashok Chauhan didn’t even wait to hear the word “Go” regarding private universities from the government. At that time an industrialist based in Germany, who had originally gone to the European nation on a higher education scholarship, Chauhan always dreamt about setting up educational institutions back in India. That is how Amity started as a private college with just 120 students back in 1995. Believe it or not, today’s Amity attracts more than as many admissions per day!

Because, Amity has never wasted any time, with slow growth or even regular growth. By the time the regulations regarding private universities were ripe, Amity University was ready, and formed officially in 2005. To use a cliché, this educational enterprise has never looked back again. How the Chauhans did it, no business school yet teaches. That should create a new text book by itself, which will be of immense help to all aspiring edupreneurs, but the real miracle is that how Amity did it is precisely why students throng to this largest multi-campus private university of India that is home to 1,00,000 students now. So, here are those lessons:

Seasonal Magazine

Page 116

FOUNDER’S PEDIGREE: Ashok Chauhan not only studied well enough in India, to obtain a German higher-education scholarship, but became a noted techno-industrialist in the European nation in sectors like plastics and petrochemicals. Even more importantly, his later day success in higher education shows that he was indeed that rare mix of entrepreneur and educationalist. This pedigree continues in son Atul Chauhan who is an alumnus of London School of Economics, and is the hands-on leader at Amity since some years now.

PROFESSIONAL LEADERSHIP: From the word “Go”, what differentiated Amity the most was professional leadership. Despite being started by a first generation entrepreneur, and despite being a family-owned organization, Chauhans were swift to bring in professional management. And when any private university claims about professional management, it can’t go beyond Amity’s stats. Because, on Amity’s rolls are 11 former Vice Chancellors, from the country’s traditional and respected public university leadership.

Surprised? Wait, as there is something more. Amity has in its top team, a

Ashok Chauhan, Founder former Vice Chairman of All India Council of Technical Education (AICTE), and even a former Chairman of University Grants Commission (UGC). Together, these topmost academicians leads a team of 4000 strong faculty, many of them inventors, patent holders, or joint patent holders with Amity in science, technology, business etc.

UNIVERSITY GOES TO STUDENTS: Perhaps this has been one of Amity

Atul Chauhan , President University’s original innovations.

Usually universities are so huge and set in their activities that they are tied up to a particular place and campus.

Students should come to universities, and not vice versa, was the rule. But Amity merrily broke that rule, by not confining its operations to the original Noida campus in Delhi NCR. Chauhans created impressive Amity campuses at Lucknow, Gurgaon, Jaipur, & Gwalior. And that was not all. Facilitating high-quality business education wherever the bulk of the

Seasonal Magazine

Page 117

students are, Amity Global Business School Campuses were started at 13 cities - Mumbai, Bangalore, Kolkata, Chennai, Hyderabad, Ahmedabad, Bhubaneswar, Chandigarh, Indore, Kochi, Noida, Patna, & Pune. Amity’s geographical expansion story is still not complete. It has already gone international with campuses in California, New Jersey, London, China, Singapore, Dubai, & Mauritius.

COMMUNICATE: Long back, the acid test for a university’s credibility was whether it advertised its services or not. The logic was that venerated institutions like IITs and IIMs didn’t need to advertise themselves to get students. It was one another rule that Amity happily broke.

Amity advertises heavily and makes no bones about it. Because with the speed with which they were scaling up Amity, Chauhans knew they had to communicate effectively, round the year, and around the world. But it was always tasteful advertising that also built the brand Amity. That is how the word spread in India and abroad that there are world-class campuses run by Amity in India, and how Amity ended

n Amity’s rolls are 11 former Vice Chancellors, from the country’s traditional and respected public university leadership.

Amity also has in its top team, a former Vice Chairman of AICTE, and even a former Chairman of UGC. Together, these topmost academicians lead a team of 4000 strong faculty, many of them inventors, patent holders, or joint patent holders with Amity in science, technology, business etc.

Amity Lucknow Seasonal Magazine

Page 118

up teaching what has always been the largest NRI/PIO student contingents ever. On hindsight, universities and colleges that didn’t advertise heavily were the losers, as, today Amity gets as many as 5 applicants for a seat enabling it to choose the best students among them, which helps in progressively improving the quality to the best levels.

INFRASTRUCTURE: Amity campuses are second to none in India, and even abroad. Its 5 university campuses and 13 business school campuses together span more than 1000 acres. Amity libraries are equipped with over 1,00,000 books, periodicals, national and international journals, and DVDs/CD-ROMS, covering all aspects of academic studies and research material. Spread over 4.5 million sq. ft. of built up area, Amity pioneered wireless campuses in India with thousands of networked computers, and with 600 MBPS of broadband connectivity. Amphitheatre style air-conditioned classrooms, stateof-the-art labs, and ultra modern auditoriums are other features. And Amity puts these facilities to good use.

Over 1500 noted CEOs and over 50 international gurus like Tom Peters, Kenichi Ohmae, Robert Kaplan, and Ricardo Semler, have personally addressed and interacted with Amity students, using these facilities.

PURSUIT OF QUALITY: From the outset, Ashok Chauhan understood that it was quality that precedes quantity. And over the years, despite its huge portfolio of subjects, Amity has been climbing the quality ladder one sure step after the other.

Today, Amity Law School is regarded as one of the finest in the country. Amity B-School regularly comes among Top10 business schools in the country, and is known for the very best placements among all private universities. All other Amity departments too have been scaling up quite fast on the quality front, including their engineering school.

SURVIVE ADVERSITIES: An organization’s strength is known not during prosperity, but during crises. The Chauhans and Amity have had plenty of serious challenges in their history.

Amity faced its biggest crisis when the regulator, AICTE, revoked recognition

pread over 1000 acres and 4.5 million sq. ft. of built up area, Amity pioneered wireless campuses in India with thousands of networked computers, and with 600 MBPS of broadband connectivity. Amphitheatre style air-conditioned classrooms, state-of-the-art labs, and ultra modern auditoriums are other features.

Over 1500 noted CEOs and over 50 international gurus like Tom Peters, Kenichi Ohmae, Robert Kaplan, and Ricardo Semler, have personally addressed and interacted with Amity students, using these facilities.

for its B-School, many years back. It was a protracted battle, but Amity did win eventually. Similarly, Ashok Chauhan and his brother had litigations snapped upon them when some business transactions became disputed way back in Germany. Though the case is not solved yet, the Chauhans have never allowed it to distract them from pursuing growth and quality at Amity.

SCALE UP LIKE NO OTHER: In the final analysis, Amity has scaled up like no other university - private or public - in this country. Today, Amity is home to over 1,00,000 students, across its 5 university campuses and 13 bschools. This educational enterprise even takes care of parents’ greatest worry of accommodation, through the well appointed Amity Residences, which are noted for separate facilities for boys and girls, caring wardens, and tight security. Leaving students at peace to study, research, interact, and grow together. No wonder then that Amity students are placed at some of the best MNC and Indian corporates including McKinsey, Ernst & Young, Hindustan Unilever, and Reliance Industries.

Seasonal Magazine

Page 119

INSURANCE

9 Things to Avoid, for Getting the Best Health Insurance 1. Getting Underinsured

However, if you don't pay the premium, out of procrastination or carelessness, your policy will lapse and you'll have to bear the waiting period all over again, when you buy a new health plan. If a policy lapses, the policyholder can make a request to the insurer for reinstatement/ revival of his policy within 2 to 5 years of lapsing. However, s/he has to incur a penalty charge for the same.

Many people are bent on settling for an insufficient coverage just to save a few bucks. They weigh a plan on the basis of premium alone. There are other things to care about, than just the premium price.

When a medical contingency arrives without knocking, a low cover seems no better than having no cover. So, it is essential to have an adequate coverage.

2. Overlooking Riders and Benefits The experts always advice the insured to get a comprehensive plan, but more often than not, they settle for a basic coverage as opting for riders and benefits means incurring extra costs on the premium. This is a grave mistake.

Getting a personal accident rider and critical illness rider along with the basic plan is imperative. It enhances the overall coverage and ensures the insured gets the best of medical service at the time of their need. You should also look out for value added benefits such as ambulance charges, hospital cash, domiciliary hospitalisation, as these benefits come handy at the time of trouble.

3. Not Opting for a Co-Pay Most people undermine the importance of opting for a co-pay (wherein the insured pays a part of the hospitalisation charges and the rest is footed by the insurance company). Opting for as low as 10-20 per cent co-pay, substantially lowers down your premium.

4. Not Caring for the Fine Print Most of the people are concerned about what is included in the policy but do not care to know what is not included. It's good to know the coverage but even more important is to know the exclusions

Page 120

in your policy. We agree, it's not possible to go through the complete fine print at the time of buying the policy but every insurance plan comes with a free look period of 15 days. Make good use of this period and get to know what you've bought. If you feel any clause to be problematic, you can return the plan and get your money back. Believe us, paying attention to details today will save you time, money and effort tomorrow.

5. Shying Away from Switching to a New Insurer Many insurers stick to their health insurance plan even if its features and coverage fail to meet their needs. The reason for such adherence is the fear that they might have to bear the waiting periods all over again when they switch to a new plan. But this is far from the truth.

There's a mandatory feature in all the health insurance plans called as health insurance portability. This features allows the insured to switch from one insurer to another, without having to part away with the waiting period benefits. There's no reason not to switch to a new insurer, if you are getting better coverage there.

6. Letting the Policy Lapse It is very important to make due payments of your premium. Even if you fail to pay the premium on due date, you still get 15-20 days of grace period in which you can make the payment.

7. Withholding Any Medical Fact Withholding/concealing misrepresenting any important information relevant to your medical history is considered to be a fraud and may lead to non-issuance of the policy, cancellation of coverage and to your utter dismay nopayouts to any claims. Insurance is a financial instrument that is sold and bought on trust. Be honest to get the best of health insurance.

8. Ignoring the Insurer's Background No matter how popular the brand is, one should always look the company's background. There are certain parameters of trust such as the claim settlement ratio, the average turnaround time for settling a claim, and the solvency ratio. These parameters reflect the commitment of the insurer towards its customers. Always look out for such parameters before buying a health insurance plan.

9. Not Shopping Around With the help of online insurance portals, getting and comparing quotes has now become easy as a pie. Making an online comparison not just saves you time and money but also helps you to get a wider coverage suiting your specific health insurance needs. Believe us, it pays to shop around before settling for a plan.