Unique Times July 2023

Rising Dollar Spells Trouble

Delighting Customers,

One Stitch at a Time: The Diya Way

Vaibhav Dinesh Jhalani Director, Diya Design Studio

Chief Mentor Mr. V.P. Nandakumar

Director & CEO

Jebitha Ajit

Editor Ajit Ravi

Legal Advisor

Latha Anand

B.S.Krishnan Associates

bskrishnanassociates@gmail.com

Sub-Editor Anusha Varghese

Associate Editor

Correspondents

Ravi Saini

Athulya Pradip

Dr. Thomas Nechupadam

Vivek Venugopal- Quarter Mile

Ranjit L Morris

Creative Design PEGASUS

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Brand development presents various challenges, including differentiating in a crowded market, ensuring consistency across touchpoints, aligning with the target audience, crafting compelling messaging, managing brand evolution, building trust, navigating limited resources, and handling reputation management. Overcoming these hurdles necessitates strategic planning, extensive market research, creative execution, and ongoing brand management while remaining true to the brand's core values and vision. One example of a brand that has successfully conquered the textile industry in a short period is 'Diya.' In this month's cover story, we delve into the journey of the brand Diya and the individual behind its success, Vaibhav Dinesh Jhalani.

In this month's issue, we present an insightful article by V P Nandakumar, the MD and CEO of Manappuram Finance Limited, who offers his viewpoint on the subject of ‘Rising Dollars Spells Trouble’.

Moreover, in addition to the elements mentioned above, this edition includes our usual sections covering travel, auto review, beauty, movie and book reviews, as well as inspirational and business-focused articles.

“Books and doors are the same thing. You open them, and you go through into another world.” - Jeanette Winterson.

Happy Reading!

Vice President

Ambalika Saikia, Ambalika_saikia@yahoo.com

"If you are not willing to risk the usual, you will have to settle for the ordinary"- Jim Rohn.

Byju’s Ropes in New Auditor After Deloitte Resigns

Audit firm Deloitte has resigned as the auditor of edtech company Byju's, citing a significant delay in the submission of financial statements. Deloitte had been scheduled to audit Byju's until 2025 but stepped down, stating that the delays would impact its ability to perform the audit according to standards. Byju's has appointed BDO as its new auditor, emphasizing its commitment to maintaining high standards of financial scrutiny and accountability. Simultaneously, three board members of Byju's, including GV Ravishankar of Peak XV Partners, Russell Dreisenstock of Prosus, and Vivian Wu of Chan Zuckerberg, have resigned. The reasons for their resignations are not immediately known. Currently, the Byju's board consists of the founder family members, including CEO Byju Raveendran, his wife Divya Gokulnath, and brother Riju Raveendran.

Vistara, IndiGo to Operate Flights on New International Routes from August

The Directorate General of Civil Aviation (DGCA) has granted permission to Vistara and IndiGo airlines to commence new international flights starting in August.Vistara intends to launch flights from New Delhi to Bali, Indonesia, while IndiGo plans to provide air connectivity from New Delhi to Tbilisi, the capital of Georgia. The approval has been given for IndiGo to begin operations on the Delhi-Tbilisi route from August 7, and for Vistara to commence operations on the Delhi-Bali route from August 1. It is worth mentioning that Vistara is currently in the process of merging with Air India, which is now owned by the Tata Group. In February of this year, IndiGo had announced its intentions to expand its air services to Kenya and Indonesia.

"Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful."

Albert Schweitzer

Supertech Plans to Raise ~1,600 Crore by July to Complete 18 Projects in Delhi-NCR

Real estate company Supertech Ltd is planning to raise approximately ~1,600 crore from institutional investors by July in order to complete its 18 ongoing housing projects in Delhi-NCR, according to Chairman RK Arora. The company has already signed a term sheet with investors and is currently undergoing due diligence. The Supreme Court has given approval for interim funding to complete the projects and hand over the flats to existing customers. The funds will be used for construction purposes, while the company's receivables from customers and sales of unsold units will be used to clear outstanding amounts owed to banks, non-banking financial companies (NBFCs), new investors, and authorities. The projects comprise around 50,000 apartments, and the company aims to deliver possession of 17,000 flats to customers within the next two years. The proposed funding, combined with customer receivables, will allow the completion of these projects, which are considered net worth positive.

Yoga Guru Ramdev Says Patanjali Aims ~1 Lakh Crore Turnover in 5 Years

Baba Ramdev, the leader of Patanjali Group, has announced the company's ambitious goal of achieving a turnover of ~1 lakh crore in the next five years. The group aims to expand its reach to all sections of consumers by offering a diverse range of products. Patanjali Foods, a subsidiary of the group, also has a significant role to play in achieving this target, with a specific goal of ~45,000-50,000 crore turnover in the same time frame. Patanjali Foods has implemented a portfolio premiumisation strategy by introducing new products in the nutraceuticals, health biscuits, Nutrela millet-based cereals, and dry fruits categories. The company aims to tap into the emerging upper-middle-class segment with these premium offerings, while still providing affordable products for the masses through Patanjali Ayurved.

"Innovation distinguishes between a leader and a follower."

Steve Jobs

Apple to Shift 18% Of Global iPhone Production to India by 2025: Report

According to a report from Bank of America, Apple is considering shifting 18% of its global iPhone production to India by 2025. This move is attributed to the Indian government's production-linked incentive scheme for mobile phones, which encourages companies like Apple and its vendors to expand their operations in the country. The scheme aims to help India triple its domestic production to $126 billion and achieve five-fold growth in exports to $55 billion by FY26. Earlier reports indicated that Apple had increased its iPhone production in India from 1% in 2021 to 7% in 2023. It was also mentioned that Apple's goal is to manufacture 25% of iPhones sold globally in India by 2025. The report from Bank of America highlighted that mobile phones account for 21.5% of India's domestic electronics demand, which is growing at a rate of 15% compound annual growth rate (CAGR).

RBI Governor: India’s Economic Growth to Continue at a Rapid Pace in 2023

According to Reserve Bank of India (RBI) Governor Shaktikanta Das, India's economic growth in recent years has been primarily driven by strong domestic demand, particularly in terms of private consumption and investment. He expressed confidence that India will continue to be one of the fastest-growing major economies in 2023. Governor Das made these remarks during his opening plenary address at the Summer Meetings organized by Central Banking in London, UK. Governor Das expects India's real GDP to grow by 6.5% in the fiscal year 2023-24. He stated that India's growth has been resilient despite global economic challenges and tighter domestic monetary policies. Notably, international agencies have also predicted that India will experience robust economic growth in 2023-24, supported by strong private consumption and increased private investment.

"The biggest risk is not taking any risk. In a world that's changing quickly, the only strategy that is guaranteed to fail is not taking risks."

Mark Zuckerberg

After Discussing a Chip Facility, Berlin and Intel Will Sign an Agreement

The conclusion of negotiations for a new chip manufacturing facility on German territory will take place at 12:45 GMT on 19th June, according to the German government. Berlin's signing will be attended by Intel CEO Pat Gelsinger and Chancellor Olaf Scholz, according to a statement from the chancellery. The amount of public support the corporation is expected to get for the project in the city of Magdeburg in central Germany has not yet been verified by the German government. The U.S. corporation would receive 9.9 billion euros ($10.84 billion), up from a previously guaranteed figure of 6.8 billion euros, the Handelsblatt business newspaper said last week. The Scholz administration is putting billions of dollars into incentives to entice IT firms to Germany. This occurs at a time when concern over the brittleness of the supply chain and the dependency on South Korea and Taiwan for chips is rising.

Victor Wembanyama Chosen by San Antonio Spurs as First Pick in 2023 NBA Draft

Victor Wembanyama, the 19-year-old French basketball player, has set his sights on winning an NBA championship ring after being selected as the number one overall pick by the San Antonio Spurs in the 2023 draft. Standing at 7ft 5in with an 8ft wingspan, Wembanyama is considered one of the most promising prospects in the game since LeBron James in 2003. Wembanyama expressed his goal of learning as much as possible to achieve his dream of winning an NBA championship. The NBA draft consists of two rounds with 30 picks each, and teams select players based on their performance in the previous season, with the worst-performing teams having the opportunity to choose the best incoming talent. The draft took place in Brooklyn, with NBA commissioner Adam Silver announcing the picks. Wembanyama was overwhelmed with emotion upon hearing his name called as the first pick.

The Danger of Mosquito-Borne Illnesses is Rising Across Europe

Leading specialists warn that mosquitoes that spread diseases like dengue and chikungunya have entered new regions of Europe. According to European experts, the circumstances for the insects have improved due to more frequent heatwaves, floods, and longer, warmer summers. They are requesting improved mosquito prevention and control tactics. They assert that in the absence of these, mosquito-borne illnesses will probably cause more sickness and fatalities. The study, published by the European Centre for Disease Prevention and Control (ECDC), monitors the spread of several mosquito species that are capable of transmitting a wide range of viruses to people. These include dengue and Zika, which in the worst instances may leave individuals critically unwell and produce a variety of symptoms including fevers and muscular pains.

The Paris Air Show Begins With a Record Order From IndiGo in India

The largest single-aisle aeroplane contract ever, valued at several billion dollars, was obtained by Airbus. On the first day of the Paris Air Show on 19th June, as the industry's supply chain issues and the high demand for jets and missiles competed for attention, Airbus announced a record 500-plane agreement with the Indian airline IndiGo. The multibillion-dollar contract for single-aisle aircraft, which was the highest ever in terms of the quantity of aircraft, surpassed Air India's earlier this year preliminary purchase of 470 Airbus and Boeing aircraft. After the 2021 edition was cancelled due to the coronavirus pandemic, the largest air show in the world, which alternates with Farnborough in Britain, is in Le Bourget for the first time in four years. Airbus's newest plane, the A321XLR, and air power, notably the French Rafale fighter, were featured in a flying display that the French President Emmanuel Macron saw while travelling by helicopter to the crowded aerospace bazaar.

For more info: europetimes.co

Delighting Customers, One Stitch at a Time: The Diya Way

The Jhalanis of Mumbai nurtured and created not only Diya, but also the trust customers place over Diya. When it comes to business, a brand would only flourish with the foundation of trust it builds with its customers. With its latest designs, excellent finishing and fitment, high quality fabric, fascinating designs, decency in dress and reasonable prices; trust was certainly an area very well thought about by the business. Catering to women between the ages of 16 and 40, Diya is now a staple clothing in wardrobes all over India.

“No buyer will ever be unhappy with us,” assures Vaibhav Dinesh Jhalani, fondly known by all as Chottubhai. Picture yourself shopping with your friends, not just for clothes, but also for the experience; because there is nothing quite like shopping to help bond a few girls. One of the stores you walk into, happens to be one where the Diya brand holds a face. The mighty claim that the brand has made and lived up to is that whoever you were and whatever you need, you’d walk out just a little more happier than you already were. At the end of the day, with your shopping bags and giggles, you walk out gleaming. With the way Diya has managed to bloom over the years, it has very well trademarked its existence as a brand which didn’t just guarantee quality but also a joyful experience, bringing out shopping for everything it really is.

Over four generations, The

Jhalanis of Mumbai nurtured and created not only Diya, but also the trust customers place over Diya. When it comes to business, a brand would only flourish with the foundation of trust it builds with its customers. With its latest designs, excellent finishing and fitment, high quality fabric, fascinating designs, decency in dress and reasonable prices; trust was certainly an area very well thought about by the business. Catering to women between the ages of 16 and 40, Diya is now a staple clothing in wardrobes all over India. With its roots spreading all over India, Diya holds a memorable face in Northern as well as Southern India. A very good majority of Diya’s southern revenue emerges from the very critical and quality conscious market of Kerala alone. From Kasaragod to Thiruvananthapuram, the administration maintains excellent connections with more than 500 top retailers. 70% of the customers in this 500-person huge retail showroom

are year-round regular customers, while the remaining 20% are holiday season customers. Major retail orders typically appear in four festival seasons each year, such as Onam, Ramadan, Christmas, and Vishu. Due to the monsoon, the months from May through August are considered lean. Festival seasons are when the brand concentrates on creating new designs.Tamil Nadu holds a good reputation in regards to Diya as well. And much like the way it conquered South India, it did as well North India becoming a pan India store in the process. Adding to it all was international markets in Sri Lanka, Bangladesh, Middle East and the United Kingdom. It was safe to say that their markets knew and understood the iron clad potential of Diya.

In a world where the market takes twists and turns along its way, market evaluation remains the only way to go against the current and create work people would not only

Diya has excellent commercial relationships with all of the major players in the State's retail industry. The sales teams of many retailer giants routinely visit and interact with the Diya Headquarters in Mumbai besides meeting the top management at two trade fairs that manufacturers host every year in Kerala.

enjoy but also remember. With their continued attention to market changes and understanding of the aspirations of the generation, the Jhalanis were able to walk past it confidently. The most recent trends, outstanding finishing and fitment, premium materials, captivating designs, decent clothing, and of course, price advantage are all requirements for buyers looking at fashion. At the end of the day, the label behind the dress must hold an identity and story of its own. Diya, the brand, ensures that your money goes from your wallet to an investment which would not be regretted.

With the market in Kerala as a rather promising feather in their cap, Diya decided to foster the growing market with a few efforts focused on Keralites. With a few extra bucks and a few extra men, special marketing efforts would be made for the state of Kerala aiming to bring Diya to every nook and corner of the place. The design team would work in collaboration with the marketing team to create fashion that appeals a little more to the malayali eye. Exclusive fabrics, attractive pricing and cuts; would all play a role in growing the Kerala market. But one may wonder how Diya had actually managed to make its way into almost every clothing store in Southern India. The story behind it all began with the protagonist Dinesh Radha Vallabh Jhalani, the Diya Brand Patriarch. About four decades into the business, Mr Dinesh Jhalani managed to build a relationship with quite a few retailers in Southern India. With a credible and reliable apparel company named RB and Company, Mr Dinesh Jhalani held a word amongst the many retailers. The word was strong enough to make the retailers want to continue their link with him, all the way up to the birth and continual of the brand Diya. Right from then, the Jhalanis would distribute their work to prominent retail stores like the Seematti of Kerala. The relationship with the retailers that Mr Dinesh Jhalani had nurtured for decades laid the groundwork for Diya Enterprises to emerge. Be it the customers or retailers, there was a sense of trust that everyone, especially Keralites, placed on the Jhalani Group.

A few years into their journey, new heads emerged for the enterprise. Vaibhav and Vishal Jhalani, the next generation of the business, continued to uphold the empire that their father had created. Vaibhav handles accounts, HR, and marketing while Vishal, the eldest son, is in charge of production. Their young mindsets made a few changes here and there to

create a true corporate firm. The contemporary developments led to a new private limited company by the name of Diya Design Studio which ran with a corporate model. The business employs 130 people and has the infrastructure needed for a high-end apparel brand.

With a close eye of the company’s top management, around 350 small yet very well experienced manufacturers work exclusively for the Diya Brand under the strict quality and design specifications. With a loyal customer whose needs are met, Diya would continue to flourish even under the pressure put on by emerging competition. The talented in-house design team would play their magic on the quality fabrics that they procure to sell at prices which would defeat their competitors. With a carefully curated plan and excellent hand precision, Diya holds an edge with the market. Every single item of clothing is monitored and evaluated up to quality

standards to ensure that every customer receives the very best.

All of Kerala’s notable stores, such as Seematti, Kalyan Silks, Jayalakshmi Silks, Lulu Mall, Jolly Silks, Pulimoottil Silks, Mahalekshmi Silks, Chennai Silks, Pothys, Seema's Wedding Collections, and Swayamvara Silks, among others, engage in strong business with Diya. In reality, Diya has excellent commercial relationships with all of the major players in the State's retail industry. The sales teams of many retailer giants routinely visit and interact with the Diya Headquarters in Mumbai besides meeting the top management at two trade fairs that manufacturers host every year in Kerala. It all goes to say that Diya Enterprises stands apart as one to trust in the eyes of many.

While the Diya Brand is pri-

marily known for its well curated kurtis and western tops, the company carries a face in western collections under the brand Real Kids for girls and one for bottoms under the brand of Joss. These are primarily leggings, jeggings, short pants, denims and palazzos. An average of 30,000 pieces of clothing under the Diya brand are sold each day with almost no defects. At its headquarters in Mumbai's Santacruz neighborhood, close to the international airport, there are more than 7000 samples available at all times in a massive exhibit spread across three levels. There are enough current ready-to-deliver stocks in each of these samples. Due to this strength, the Diya brand is able to meet the shipping demands of its retailer customers.

Having journeyed across genera-

tions, Diya has indeed lived up to its name and spread its work across the country. It has created not only a customer base, but also a reputation to uphold and grow. That being said, we return to our very first statement made; “No buyer will ever be unhappy with us,”. Standing in line with those simple words, Diya would continue to deliver to every single person who walks in the very best of their efforts. Carrying on the legacy of the mighty brand is ‘Diya Vishal Jhalani’, the name behind the Diya Brand. The 21-year-old who did her undergraduate degree at Mumbai's St. Andrews College, Bandra, in Bachelor of Management Studies (BMS), is being prepared for entry into the Jhalanis' thriving branded garment firm. And so, the Indian market awaits the grand entry of the next brilliant Jhalani

To say the least, most oil importing countries are importing inflation since oil prices move up with every point increase in the value of the dollar

Shri V.P.Nandakumar MD & CEO Manappuram Finance Ltd

Rising Dollar Spells Trouble

King Dollar is crimping private consumption everywhere in the world as the high cost of imported goods burns holes in consumers’ pockets not just in the US but elsewhere in the world

Over the past few months, the word 'de-dollaraisation' is fast gaining currency everywhere in the world. It may be perhaps one of the most searched word on the world wide web after the Ukrainian War, inflation and other such trending words and phrases.

The reason for the growing interest of netizens in 'de-dollarisation' is not hard to find. The unfettered ap-

preciation of the US greenback has been creating headaches not only for the consumers of import dependent countries but also for the central bankers on both sides of the Atlantic. I will explain the reasons for this in a while. Before that, if truth be told, in the first-place, king dollar is crimping private consumption everywhere in the world as high cost of imported goods burns holes in consumers’ pockets not just in the US

but elsewhere in the world as well.

For the sake of context, the US dollar has been appreciating against all the major currencies including pound sterling, Euro and of course Indian rupee steadily despite occasional retreats now and then. The DXY or the dollar index, the go-togauge that tracks the greenback’s movements against a basket of currencies, has appreciated almost 3% during the past one month alone.

This means that all other currencies in the basket have lost almost 3% of their values by none of their own fault.

The chief reason behind the spurt in dollar value is higher and higher interest rates in the US and officials of the US central bank or Federal Reserve say they are probably not done yet since inflation in the world’s largest economy remains way above the tolerance limit of the US Fed. This means that, to use a common disclaimer used by economists, ceteris paribus or other things remain the same or constant, the

Fed will keep hiking policy rates till the price levels in the US cool off to 2% or below. (2% is the upper tolerance band for inflation fixed by the US Fed for the economy to reach full employment or equilibrium.)

Of course, one could leave the issue to settle down in the US by saying that it is their problem. But unfortunately, it is not just the problem of the US administration alone. Thanks to the status of the dollar as the global currency, since most traded commodities like oil, fertilizer, not to mention gold, are priced in the US dollar, a run-away appreciation

in the US currency invariably has its impact on other economies. To say the least, most oil importing countries are importing inflation since oil prices move up with every point increase in the value of the dollar.

That is just one side of the issue. Many export-led economies are facing a classic situation which can best be called as 'immiserizing growth' as

postulated by noted Indian economist Jagdish Bhagwati in the 1950s. 'Immiserizing growth' is an economic episode where growth could result in a country being worse off than before the growth. This is because if growth is heavily export driven, it might lead to a fall in the terms of trade of the exporting country. In rare circumstances, this fall in the terms of trade may be so large as to outweigh the gains from growth. Many commodity exporting countries are facing such a curious situation as terms of trade turn against them.

Also, it is only logical to argue that appreciating dollar has stoked inflationary fire in other economies

through the high cost of imported items. We in India have experienced this but for a short-time since synchronized policy actions by the RBI and the Government, have finally brought key inflation gauges under the upper tolerance band of the RBI. But remember that many other countries were not as fortunate as India as run-away inflation has almost crushed the economies of some of our immediate neighbours.

Another direct effect of the super dollar along with high Fed funds rate is the flight of yield chasing capital denominated in US currency to the United States of America. This has been putting tremendous pressure on central banks’ coffers since they

are ultimately responsible for settling trade payments. This phenomenon has been forcing many central banks including the RBI to look for other options to settle trade in local currencies. This, in my view, is the chief reason behind the growing popularity for 'de-dollarisation'.

On the balance, an appreciating US greenback is bad news for consumers of the world since it inter alia stokes inflationary fire across economies. This is equally true not only for the consumers in countries like India or Australia or France but also for the US as well. This is why an unbridled appreciation in the dollar’s value is said to be against everybody’s interest

'Immiserizing growth' is an economic episode where growth could result in a country being worse off than before the growth

Dr Sumitha Nandan Executive Director Manappuram Finance Ltd

Going forward, our effort will be to further democratise the gold loan industry by attempting to enlarge the organised space by supplementing and complementing the efforts of other players in the industry

Gold Loan And Its Lasting Allure

Gold as an asset class as well as an object of desire has this unique quality to buck the trend, transcend time and to surprise analysts. Gold price has stayed consistently above $1,920 per troy ounce since October-November last year despite US bond yields firming up during this period due to rate hikes by the Federal Reserve, which was actually expected to dent gold prices. Perhaps, what worked in favour of gold was the prospect of recession in the US, Europe and elsewhere. Historically, during recessions and slowdowns, gold prices surge by 10-20% depending on the duration and severity. All this should be music to the ears of the gold loan industry and the borrowers as it is mutually beneficial.

Apart from buoyancy in gold price, the mere fact that Indian households possess a treasure trove of jewellery worth Rs 85 trillion, as per a November 2022 study by Sys-

tematix, points to a robust growth outlook for the gold loan industry. At a Loan-to-Value (LTV) of 75%, this presents a potential market opportunity of Rs 63 trillion. For the nonce, only 20% of this is pledged and this is perhaps split between unorganised and organised players in the ratio of 65:35. This implies that the organised gold loan market is a mere Rs 6 lakh crore out of a potential Rs 63 trillion opportunity, leaving plenty of untapped potential for both banks and non-banks.

The reasons why gold loans are a big draw are not hard to understand. Gold loan has very low or nil risk weight, which means the lenders need not set aside additional capital buffers for this product. In case of a default, recovery is very quick as the pledged gold can be auctioned and money recovered. Moreover, the fact that only up to a maximum of 75% of the value is lent further reduces the chance of a loss in recovery. For the

borrower, it is a means to avail emergency funds in double quick time.

Interestingly, a gold loan often comes as a filler to meet shortfall in other loan categories. For instance, if a borrower wishes to buy a home but finds it difficult to get a housing loan that covers the full amount, the customer makes good the shortfall with a gold loan. It is also a great relief for agriculturists and small and medium enterprises.

Let us consider this statistic: Organised players’ share has risen to 35% compared to 24% a decade ago. While the overall industry, including the unorganised sector, grew 8% in the past decade, the organised sector posted a CAGR of 12% due to focused efforts to wean away customers from the unorganised segment.

The reasons for the spurt in demand for gold loans in the past decade are not far to seek: The lower rate of interest charged by organised players (compared to that by money-

The organised sector stands to gain even more in the coming years

lenders and pawn brokers), quick disbursement, flexible terms and safety of the ornaments. Moreover, ineligibility to get general purpose loans from banks and customers’ changing attitudes to gold loans have also contributed to the sharp spurt.

It has been estimated that every 1% additional market capture could drive about ~15% growth for the entire organised segment. With banks and NBFCs increasingly focusing on gold loans, the shift to the organised segment should be faster than in the past. The next 10% increase in market share of the organised segment could happen in another 5 years against a decade it took to achieve the last 10% gain taking the organised segment share to 45%.

It is also pertinent to note that banks and NBFCs operate on different dynamics and target different segments – organised NBFCs focus on customer convenience, quick disbursement, and flexibility,

while banks largely focus on lower interest rates and higher ticket sizes. Even though banks offer lesser interest rate, small-ticket customers prefer NBFCs, as business gets done in lightning speed.

Recognising the unique proposition of gold loan as a lifestyle product and its attractiveness as an asset class, we at Manappuram pioneered the shift of gold loan customers to the organised sector. We have also pioneered online gold loans and a big chunk of disbursals are now through this route. This is intended to keep up with the times and not to lose space to fintechs as the GenZ and millennial clients could be loathe to the idea of a branch visit. It is also a better way of enticing the daily wage earner as he loses precious time and a day’s wage by visiting a branch for the transaction.

Keeping in mind customer tastes and preferences as well as emerging dynamics in the financial landscape, we are making suitable

modifications in product design and we are going for longer duration as we feel prices are likely to stay at elevated levels, minimising the risks of principal and interest loss during collections. We are also carefully calibrating our gold loan LTVs after evaluating the environment. Meanwhile, to garner more business, we are now active in the co-lending space by entering into partnerships with potential players in the industry.

In the next five years, our gold loan book is expected to grow reasonably well. To be sure, though we have diversified into other verticals, gold loans will continue to remain a major focus and the rebalancing will still leave 50% of our AUMs and two thirds of profits accruing from gold loans. Going forward, our effort will be to further democratise the gold loan industry by attempting to enlarge the organised space by supplementing and complementing the efforts of other players in the industry

Rajesh Nair Partner, Ernst & Young LLP

The Challenges of Leadership Transition

It is the heyday of business globally. Nearly every kind of business is thriving, and the global economy has reached peaks that it never has in the history of the world. While commerce dictates everything around us from politics to boundaries to healthcare to common daily necessities – one can safely surmise that no facet of life is untouched by the business. Added to all this is the advent of technology. There is no business today which is untouched by technology and as a corollary, there is no core technology business anymore. A financial institution is as much of a technology institution as a software manufacturer. This brings in similarities as well as peculiarities in various industries which require management and leadership focus which are quite detailed. These manifest as management challenges and the leader of today has to face change management issues like she never had to, in the past. As popular management pundit Marshal Goldsmith puts it –“What got you here will not get you there” – the landscape is shifting under our feet.

Management development function in most organisations focuses

on training and development based on competencies required for roles, new technology, newer areas of management, etc. Most of the focus is on ‘development’ but not really ‘transition’. When professionals climb the corporate ladder, they often meet with challenges that they have not been prepared for. The conundrum is always because of the development vs transition mindset which the human resources function is conditioned for. It is normally presumed that someone exceptionally good at a particular job will automatically excel at the next level. This is often not a given. The workflow and the decision flow vastly change with the nature of the level and suddenly individual high performers are responsible for people who needed to be guided and the output is not dependent on the output of several of the team. At times, this lack of preparation is not just a gap in training and mindset but the need to embrace a different mindset. While there are no magic rules and silver bullets, there is a conscious set of things one can be mindful about. It will be a mixture of change management, mindfulness, time management and conscious

preparation. Chris Atkins's phenomenal masterpiece ' The First 90 Days' is one of the most referred to scholarship on the subject and the very reason that it is a global best seller of all time with reference to management books is manifest in the popular interest on the topic. It is also testimony that we often don't heed it the attention that it deserves and we are constantly looking for help to sort out these. Here are some interesting practices you could try out...

1. Understanding priorities

Every transition that you make is outlined with a surfeit of activities to accomplish. Some of them will be a logical extension of what you have been and some of them are activities that require a different approach altogether. We often tackle the activities we can individually do and there in lies the issue. These may not be the highest priority and the ones which will make the most impact. Steven Covey’s matrix classifying items into Important Vs Urgent is an interesting one that can adapt quickly. It helps to clarify the gazillion things that you do and bring in some semblance of order. A quick google will get you to the matrix and it also gives you examples that are

As a leader when we have a large team, that instance of demonstrating initiative drives the team to follow suit and also build a culture of ‘doing’.

very illustrative and descriptive. There is a clear copyright for the framework and hence not pasting the illustrations here but it is easily available on searches with exemplary descriptors.

2. Documenting your thinking process

We often make decisions on the fly and then grapple again with the thought process when a similar problem poses in a different garb. Ray Dalio in 'Principles' stresses on documenting your thoughts, your presumptions , what made you make a choice or reject another one. He avers that a clear thought process often gets lost in the rut of multiple thoughts and it when we sit to write about that it clarifies. Many famous thinkers have a similar thread of thought – we often hear them muse 'I don't know what I am thinking till I speak about it or write it down'. While speaking is

easier, writing is a more concrete and complete way as we can review, rethink and rewrite to understand better.

and also build a culture of ‘doing’.

4. Finding the ‘me time’

3.

Focus on doing rather than perfecting the thought

Even the spiritual leaders say that there is greater divinity in action and not just the purity of thought. Thoughts and plans are great but the rubber hits the road when you put it into action. The action hesitance is the most common flaw in managers and it really makes the difference between good and great. Putting things into action also clarifies and helps you alter thoughts, correct direction and polish the rough edges to plans. Doing is also a mindset – a mindset of rolling up your sleeves and taking initiative. As a leader when we have a large team, that instance of demonstrating initiative drives the team to follow suit

In the monotony and the rigmarole of daily work and life, we, at times, fall prey to mechanically following life in a routine. The, more we do similar things, the more mechanical or automatic it becomes. At times, variation lends perspective. That variation comes when we mull through various actions and focus on mindfulness. The priorities, the notes, the actions will all come together when we sit and connect the dots. The picture gets sharper in your mind when you recollect and reflect and prepare for the next action.

Transitions also give us a wider scope, a broader view, and a holistic angle to what we do. It is no more about what we do individually but what we can accomplish collectively. That is the charm of higher responsibility and moving up the echelons of one's career!

Pegasus Soars to New Heights: Miss Glam World 2023 Shines with Elegance and Grace

In the realm of beauty pageants, aspirations and hopes intertwine as contestants seize the golden opportunity for fame and glory.

Pegasus Event Production Company proudly presents Miss Glam World, an internationally renowned pageant where extraordinary women unleash their inner radiance, making a lasting impression on the world's stage. Beyond the glittering spectacle, this transformative platform

equips young women from diverse backgrounds with essential life skills, empowering them on their journey to success. As the spotlight shines, each contestant showcases their unique charm and grace, transcending boundaries and celebrating the beauty of individuality. Miss Glam World is not just a pageant but a voyage of self-discovery, uniting beauty and empowerment to leave a lasting impact on all who witness its magic.

The Miss Glam World 2023 pageant consisted of three rounds: National Costume, Red Cocktail, and White Gown. From a pool of 40 contestants who applied for the prestigious Miss Glam World pageant, a total of 16 exceptional individuals were carefully selected for the finale. Unfortunately, due to unforeseen circumstances such as visa cancellations and personal challenges, three talented contestants were unable to

make it to the highly anticipated finale. Nonetheless, the remaining 13 contestants represent an outstanding group of remarkable individuals vying for the coveted title of Miss Glam World.

In the opening round, thirteen contenders showcased their resplendent national costumes, representing their nations with pride and captivating the audience. The competition heightened in the "Red Cocktail" segment as three contestants were eliminated, and the remaining participants engaged in a thought-provoking Q&A session with the esteemed judges. Their perceptive and heartfelt responses showcased their intellect and emotional intelligence, leaving a lasting impression.

The grand finale of the competition approached, enveloping the room in a mix of excitement and nervous anticipation. With three semi-finalists facing elimination, the tension heightened. To bring levity, Pegasus Event

Production incorporated mesmerizing cultural performances between rounds, infusing the atmosphere with vibrancy and celebration. The final round featured thought-provoking common questions, and the seven remaining finalists poured their hearts into crafting thoughtful written responses. The crowd erupted with cheers and applause as the answers were read aloud, recognizing the remarkable wisdom and poise displayed by these women. In that electrifying moment, the audience anxiously awaited the crowning of the next Miss Glam World.

The highly anticipated moment arrived as the emcee asked, "Who will win the pageant?" The audience erupted with cheers for their favourite contestants, filling the venue with excitement. The finalists held hands

tightly, radiating happiness and gratitude for their unforgettable journey. In the ultimate moment, Zomky Tenzin from Belgium claimed the coveted title of Miss Glam World 2023, with Aayusha Pyakurel from Nepal as the first runner-up, and Samruddhi Shetty from India securing the second runner-up position. These remarkable women, along with the other finalists, personified grace, intelligence, and beauty.

Sajan Varghese, CMD of SAJ Group Hotels and Resorts, and Dr. Ajit Ravi, Chairman of Pegasus, proudly crowned the winners, bestowing upon them the exquisite gold crowns crafted by Parakkat Jewelers. The pageant, organized by Pegasus Global Pvt Ltd, showcased the pinnacle of elegance and sophistication, truly reflecting the compa-

ny's unique position in the fashion industry.

In addition to the prestigious main titles, the contestants of Miss Glam World were also honoured with a captivating array of subsidiary awards, each celebrating unique aspects of their beauty and talents. These accolades included Miss Glam World Solidarity, Miss Glam World Fashionista, Miss Glam World Talent, Miss Glam World Sensational, Miss Glam World Diligent, Miss Glam World Inspiring, Miss Glam World Vivacious, Miss Glam World Shining Star, Miss Glam World Ramp Walk, Miss Glam World Tenacious, Miss Glam World National Costume, Miss Glam World Adorable, and Miss Glam World Renaissance. These titles were bestowed upon deserving contestants hailing

from different nations, such as Miss Singapore, Miss Australia, Miss Sri Lanka, Miss Nepal, Miss Zambia, Miss Japan, Miss Italy, Miss Iran, Miss India, Miss Serbia, Miss Belgium, Miss Taiwan, and Miss Russia. Each award recognized and celebrated the unique qualities and contributions of these remarkable women, further adding to the grandeur and diversity of Miss Glam World.

Pegasus Event Production Company has revolutionized the beauty pageant industry by eliminating the bikini round and earning recognition in the fashion world. Alongside Miss Glam World, the company owns countable national and international

pageants including Miss Asia, Miss Asia Global and Mrs Glam World. These pageants promote tourism and showcase the diverse cultural heritage of the nations involved.

The pageant's success would not have been possible without the contributions of its esteemed partners.

Manappuram Finance Ltd and SAJ Group Hotels and Resorts, the main partners, played an integral role in bringing Miss Glam World 2023 to life. Powered by Partners, including DQUE Watch, Unique Times, Alcazar, and DQUE Face and Body Skin Friendly Soap, further added to the pageant's grandeur. Co-partners such as FICF, Parakkat Resort, Kalpana International, Times New,

UT World, Aiswaria Advertisements, Europe Times, Photogenic Fashion and Weddings, UT TV, Neenu Pro The Sound Experts, Green Media, Good Day Hotels and Resorts, Akshay Inco, and JD Institute of Fashion Technology also contributed significantly to the success of the event.

The esteemed panel of judges, including Dr. Kuriachan, an international motivational trainer, Rita Mathan, owner of Pro Nails Studio, Brandina Lubuli, winner of Mrs Glam World 2022 (Zambia), and Alesia Raut, a Russian model and groomer, meticulously evaluated the contestants, ensuring fairness and impartiality. These experts played a crucial role in selecting subtitle

winners, each awarded by a panel of eminent individuals.

From diverse corners of the globe, the radiant contestants of Miss Glam World brought their unique charms. Julia Ann Coutts from Australia, Zomky Tenzin from Belgium, Samruddhi Shetty from India, Aida from Iran, Sandra Lorenani from Italy, Risa Nakatani from Japan, Aayusha Pyakurel from Nepal, Darya Pyzhyanova from Russia, Venera Stanisavlievic from Serbia, Genevieve Tan from Singapore, Ruweena Sammani Gamaachchi Withanage from Sri Lanka, Chiu Ke-En from Taiwan, and Laurisca Kalongo from Zambia formed an exquisite constellation of beauty and talent.

Miss Glam World 2023, with its mesmerizing display of talent, poise, and cultural diversity, will forever be etched in the memories of those fortunate enough to witness its splendor. It served as a testament to the power of beauty pageants, not only in transforming the lives of the contestants but also in captivating the hearts of millions around the globe. Pegasus Event Production Company, with its unwavering commitment to excellence, has successfully created a legacy that will continue to shine brightly in the fashion industry for years to come

Dr Arun Oommen MBBS, MS (Gen Surg), MCh (Neurosurgery), MRCSEd,MBA Senior Consultant Neurosurgeon VPS Lakeshore Hospital

NH-47, Bypass, Maradu, Nettoor PO, Kochi 682040, India.

A side effect of sleep deprivation is microsleep where we sleep for only a few seconds or a few minutes, but we don’t realize it. Microsleep can get out of our control and can be extremely dangerous if we are driving.

Hazards of Sleep Deprivation

Sleep is essential as much as you need to breathe and eat. While you’re sleeping, your body is busy tending to your physical and mental health and getting you ready for another day. Sleep deprivation is dangerous to our mental and physical health and can dramatically lower our quality of life. The quality of your sleep directly affects the quality of your awake life, including your mental sharpness, productivity, emotional balance, creativity, physical vitality, and even your weight. No other activity delivers so many benefits with so little effort! Even minimal sleep loss takes a toll on your mood, energy, and ability to handle stress.

The average sleep required for adults between 18-64 years is 7-9 hours (as per the national sleep foundation). But the average adult sleeps less than seven hours per night. In today’s fast-paced and competitive society, six or six and a

half hours of sleep may sound pretty good. In reality, it's chronic sleep deprivation.

Sleep Deprivation Can Lead to Serious Health Problems like

• Heart diseases

• High blood pressure

• Stroke

• Diabetes

• Migraine

• Low immunity

• Cognitive impairment

• Behavioral abnormalities

• Overweight

Lack of sleep can double the risk of death, especially from cardiovascular diseases. In children and adolescents, hormones that promote growth are released during sleep that help build muscle mass, and repair cells and tissues. Sleep is vital to development during puberty.

Central Nervous System

Sleep is necessary to keep the CNS functioning properly. During sleep, the brain rests busy neurons

and forms new pathways so that it can start new functions in the morning. Sleep deprivation leaves the brain exhausted, producing sleepiness. It interferes with our ability to concentrate and learn new things. It negatively impacts both short-term and long-term memory. It gets in the way of our decision-making process and stifles creativity. Our emotions are also affected, making us more likely to have short tempers and mood swings. If sleep deprivation continues long enough, it increased the risk of hallucinations, mania, impulsive behavior, depression, paranoia, and suicidal thoughts.

A side effect of sleep deprivation is microsleep where we sleep for only a few seconds or a few minutes, but we don’t realize it. Microsleep can get out of our control and can be extremely dangerous if we are driving.

Brain events called “sharp wave ripples” are responsible for consolidating memory. The ripples also

transfer learned information from the hippocampus to the neocortex of the brain, where long-term memories are stored. Sharp wave ripples occur mostly during the deepest levels of sleep.

Immune System

During sleep, our immune system produces protective cytokines and infection-fighting antibodies and cells. These cytokines and

other protective substances give the immune system more energy to defend against illness. Long-term sleep deprivation raises our risk of developing chronic illnesses like diabetes and cardiovascular diseases and can prolong the time to recover from many illnesses.

Respiratory System

Sleep deprivation can weaken our immune system, hence we are

more vulnerable to respiratory problems like the common cold and influenza. Moreover, good sleep can help cure respiratory problems.

For men with obstructive sleep apnea secreted abnormally low levels of testosterone during the night.

Digestive System

Sleep deprivation is one of the risk factors for obesity. It increases the production of the stress hor-

mone cortisol. Lack of sleep lowers the level of a hormone called leptin, which tells our brain that we had enough to eat, and raises levels of a biochemical called ghrelin, which is an appetite stimulant. Sleep deprivation prompts your body to release higher levels of insulin promoting fat storage and increasing your

risk of developing type 2 diabetes. It stimulates cravings for high-fat, high-carbohydrate foods.

Cardiovascular System

Sleep plays a vital role in our body’s ability to heal and repair the blood vessels and heart. Thus, deprival increases the risk of high blood pressure, heart disease, and stroke.

Inadequate Sleep Accelerates Aging

By releasing more of the stress hormone cortisol, it can break down skin collagen, the protein that keeps skin smooth and elastic. Most people have experienced sallow skin and puffy eyes after a few nights of missed sleep. But it

turns out that chronic sleep loss can lead to lackluster skin, fine lines, and dark circles under the eyes.

Lack of Sleep Kills Sex Drive

Sleep specialists say that sleepdeprived men and women report lower libidos and less interest in sex. Depleted energy, sleepiness, and increased tension may be largely to blame.

Sleeplessness Causes Depression

The most common sleep disorder, insomnia, has the strongest link to depression. In fact, insomnia is often one of the first symptoms of depression.

Myths Regarding Sleep

Myth 1: Getting just one hour less sleep per night won’t affect your daytime functioning.

Myth 2: Your body adjusts quickly to different sleep schedules.

Myth 3: Extra sleep at night can cure you of problems with excessive daytime fatigue.

Myth 4: You can make up for lost sleep during the week by sleeping more on the weekends.

Myth 5: More intelligent people

sleep

less.

The Sleep Cycle-

The stages of REM and nonREM sleep form a complete sleep cycle. Each cycle typically lasts about 90 minutes and repeats four to six times over the course of a night. Deep sleep (Stage N3) and REM sleep are particularly important.

Our 24-hour sleep-wake cycle, otherwise known as your biological clock or circadian rhythm, is regulated by processes in the brain that respond to how long we have been awake and the changes between light and dark. At night, our body responds to the loss of daylight by producing melatonin, a hormone that makes you sleepy. During the day, sunlight triggers the brain to inhibit melatonin production so we feel awake and alert.

Our internal clock can be disrupted by factors such as nightshift work, traveling across time zones, or irregular sleeping patterns—leaving us feeling groggy, disoriented, and sleepy at inconvenient times. The production of melatonin can also be thrown off when we are deprived of sunlight during the day or exposed

to too much artificial light at night— especially the light from electronic devices, including TVs, computers, tablets, and mobile phones.

Seven Tips to Improve Sleep

1. Stick to a sleep schedule.

2. Don't go to bed either hungry or stuffed. Nicotine, caffeine, and alcohol should be taken with caution. Take only adequate water before sleep.

3. Create a bedtime ritual like taking a warm bath or shower, reading a book, or listening to soothing music - preferably with the lights dimmed. Relaxing activities like alpha meditations are useful.

4. Create a room that's ideal for sleeping. Often, this means cool, dark, and quiet. The mattress and pillow can contribute to better sleep.

5. Limit daytime naps. If you choose to nap during the day, limit yourself to about 10 to 30 minutes and make it during the mid-afternoon.

6. Regular physical activity can promote better sleep.

7. Consider healthy ways to manage stress

Adv Sherry Samuel Oommen: This article is authored by Adv Sherry Samuel Oommen. Adv Oommen, who specializes in constitution, tax and corporate laws has also cleared the final exams of the Institute of Chartered Accountants of India, the Institute of Cost Accountants of India and the Institute of Company Secretaries of India. He has also completed his Masters Degree in Commerce, apart from obtaining a Post Graduate Diploma in Business and Corporate Laws from Symbiosis Pune. The views expressly are personal and should not be construed as a legal opinion.sherryoommen@nashcp.com.

Analysis Of Article 24 Of Tax Treaties Regarding Non-DiscriminationAn Indian Context

1. The principle of non discrimination

In this article, I intend to delve into a few issues concerning nondiscrimination keeping an Indian context in mind. What is the principle of non-discrimination in international tax parlance?

The principle of “non-discrimination” in the context of the IndiaUSA tax treaty (for instance) is provided in Article 26 of the said Double Taxation Avoidance Agreement (“DTAA”). In essence, the principle of non-discrimination mandates that nationals of a contracting state should not be subjected to any taxation that is “more burdensome” or “less favourable” that the taxation of nationals in the “same circumstances” in the other contracting state. The essence of the article on non-

discrimination is to prevent a foreign investor from unfair discrimination vis-à-vis a national of the other contracting state. As a matter of principle, the burden of proving discrimination is on the tax payer.

The term “discrimination” has also been defined in the International Tax Glossary, International Bureau of Physical Documentation, 2001 as the equal treatment of different cases or the unequal treatment of comparable cases. In the context of international tax, discrimination typically takes the form of different treatment of tax payers whose situations are in essence “comparable” except in respect of certain peculiar traits such as nationality, a permanent establishment and its entitlement to deductions or ownership.

One should also note that the article regarding non-discrimination finds its place in most tax treaties signed by India excepting countries like Oman, Saudi Arabia and Greece. The principle of equity that forms the backbone of the non-discrimination article as it is aimed at promoting cross border flow of investment, technology, skills and expertise. This article plays a pivotal role in ensuring international harmony, exchange and cooperation.

i. The curious case of a French Bank

One must bear in mind that the test of “discrimination” in the context of international tax, is on account of nationality, or residence and not on account of an obligation to pay tax. Explanation 1 to Section 90 of the Income-tax Act, 1961

The term “discrimination” has also been defined in the International Tax Glossary, International Bureau of Physical Documentation, 2001 as the equal treatment of different cases or the unequal treatment of comparable cases.

(“the Act”) provides that a charge of tax in respect of a foreign company at a rate higher than that of an Indian domestic company SHALL NOT be regarded as a less favourable levy or charge of tax in respect of such a foreign company. It is not in controversy that the tax rate for a foreign company or a permanent establishment of a foreign company is at 43.68 percent including peak surcharge and cess.

A question would thus arise whether such a higher rate of tax on a permanent establishment or a foreign company would attract the provisions of the non-discrimination clause in a DTAA. This issue has been a subject matter of litigation across the globe and even in India. One such issue dealt with by the Authority of Advance Ruling ("AAR") in India was in the case reported in [1999] 102 Taxman 377 captioned “Advance Ruling Application No. P-16 of 1998”. In the said case, the AAR rejected the contention that the levy of a higher rate of tax on a non-domestic company violated Article 26 of the India-France DTAA, which deals with “non-discrimination”.

In the said case, the AAR held

that although the activities carried out by a bank in India and a French bank are similar as regards banking operations, their activities are not identical. The AAR in the said case noted that whilst an Indian banking company is under certain social and economic obligations, a foreign bank stands on a different footing as such obligations. The AAR also observed that whilst a nationalised bank has to look after the needs of the people, big or small, and take banking service even to remote and non-profitable areas, a foreign bank cannot be thrust with such obligations.

Therefore, the AAR held that an Indian bank and a foreign bank are not “equally circumstanced”, which is evident on a bare reading of the below-mentioned extract from the judgment:

“The object of a nationalised bank is not to make maximum possible profit but to 'subserve the common good. 'The professed object is to effectively mobilise savings and employ the money for productive purposes. In order to achieve this object, after nationalisation, the Indian banks have opened branches in a large number of areas to provide banking services, especially in

'the under-banked rural and semiurban area'. The purpose was not to make a profit but to make banking services available to the common man in those areas in accordance with objects and purposes of the two acquisition Acts. A foreign bank does not open a branch except for the purpose of making a profit. It does not allow a person of small means to open an account in any of its branches. In fact, a foreign bank usually requires large deposits to be made as a price for opening an account and a substantial amount has to be kept as a minimum reserve for operating a Savings Account. Further, if the deposit falls below a certain minimum, service charges are levied. In other words, the foreign bank confines its business to the more affluent section of the society which can afford to keep a large amount of money deposited with the bank. This practice restricts the number of depositors and enables the bank to have the use of the deposits for gainful purposes. It has no social obligation to open branches in unprofitable areas or to make its services available to the common people of humble means who cannot make a large

initial deposit. Moreover, as has been stated in the objects clause of the Act of 1980, after nationalisation, there has been a progressive increase in the deployment of resources of the nationalised banks for the neglected sectors and weaker sections of society. Forty percent of the resources are invested in the priority sector.” [Emphasis Supplied]

The principles in the judgment of the AAR have also been followed in various other international judgments. In one such decision, in the case of Ruckdesxel Vs Hauptzollan Hamburg St Annen (1979)

2 CMLR 445 it was held that different treatment does not constitute “discrimination” if it is objectively justified or at least in economic matters not arbitrary. Hence, one may argue that the contours of Article 24 is in the context of “taxation” and not the mere “rate of tax”. This view also finds its presence in Article 26(2) of the India-UK DTAA, which reads as under:

“The taxation on a permanent establishment which an enterprise of a Contracting State has in the other Contracting State shall not be less favorably levied in that other State than the taxation levied on enterprises of that other State carrying on the same activities in the same circumstances or under the same conditions. These provisions shall not be construed as preventing a Contracting State from charging the profits of a permanent establishment which an enterprise of the other Contracting State has in the first-mentioned State at a rate of tax that is higher than that imposed on the profits of a similar enterprise of the firstmentioned Contracting State, nor as being in conflict with the provisions of paragraph 4 of Article 7 of this Convention.” [Emphasis Supplied]

In a recent judgment, the Pune Tribunal in the case of Automated Securities Clearance Inc

118 TTJ 619 held that the principles governing non-discrimination would be available in the case of a non-resident where the differential treatment meted out by the other contracting state is considered as unreasonable, arbitrary or irrelevant. Some of the rigors in the ruling in

the case of Automated Securities was subsequently overruled by the Ahmedabad Special Bench in the case of Rajeev Sureshbhai 129 ITD 145. In the said case, Special Bench held that for invocation of Article 26(2) of the Treaty, it is sufficient to show that the nonresident taxpayer is engaged in the same business and is treated less favourably. Further, the Special Bench held that there is no scope of “reasonable” discrimination as this would be against the principle of pacta sunt servanda which disallows a favourable tax regime to companies in the “same circumstance”.

2. Contextualising the clauses of the DTAA on non-discrimination

As stated above, the objective of Article 24 on “non-discrimination” is to ensure both in letter and spirit that nationals and residents of a contracting state are not subjected to a differential or discriminatory tax treatment in the other contracting state if they are “similarly placed” as the nationals or residents of the other contracting state. Thus, to trigger “discrimination”, the criteria of being “similarly or identically placed” needs to be tested. In essence, for the provisions of Article 24 to be invoked, the activities carried out in the contracting state by the foreign national should be either the “same” or “in the same circumstance” as that of the local.

The overall spirit of non-discrimination is essentially captured in six paragraphs of Article 24. A review of Article 24 would indicate that the first five paragraphs cover the different types of discrimination that could be meted out in the source country whilst the last paragraph deals with the scope of taxes that fall within the ambit of the “nondiscrimination” article. In short, the three kinds of non-discrimination recognized under the article governing “non-discrimination” are as follows:

i. Discrimination on the basis of nationality which is encapsulated in Paragraphs 1 and 2 of Article 24, where the test is that taxation should not be more burdensome.

ii. Permanent establishment

non-discrimination which is encapsulated in Paragraphs 3 and 4 of Article 24, where the test is that taxation should not be less favourably levied; and

iii. Ownership non-discrimination, where the test is that taxation should not be more burdensome.

A broad overview of the clauses in the article governing Non-Discrimination are as under:

i. The first paragraph of the article states that a national of a contracting state shall not be subjected to any taxation or requirement which is more burdensome than what a national in the other contracting state is subjected to.

ii. The next paragraph in the article governing non-discrimination deals with a stateless person. A stateless person are those who are not considered as a national of either of the contracting states. The said article also seeks to grant stateless persons protection against discrimination akin to those granted by a national.

iii. The third and fourth paragraph in the article concerning nondiscrimination deals with a permanent establishment. Pertinently, the related provisions provide that a permanent establishment in a contracting state shall not be taxed in a way less favourably than a local entity of the concerned contracting state. Further, the deductions for expenditure applicable in respect of payments made by a resident of one state to the other state shall be on the same conditions as if they had been paid to a resident of the state in which the payment takes place. The covenants governing deductions is needless to state subject to compliance with the arms-length provisions.

iv. The fifth paragraph protects enterprises which owned by a resident of the other contracting state from discrimination. In essence, an entity owned by a resident of the other contracting state shall not be subject to taxation or connected requirements which are more burdensome than similar enterprises in the other contracting state.

v. The last paragraph in the article states that the provisions govern-

ing non-discrimination shall apply to all taxes other than those covered under the related DTAA. 3. Non-discrimination clause from the perspective of the India-USA DTAA – A few thoughts

An interesting issue that has been gaining significant attention in the recent past has been the attention surrounding Article 14(2) of the India-USA DTAA. A reading of the India-USA DTAA would reveal that Article 26(5) of the India-USA DTAA creates a carve-out from the generic principles in terms of Article 14(2) of the India-USA DTAA which reads as under:

“A company which is a resident of the United States may be subject to tax in India at a rate higher than that applicable to the domestic companies. The difference in the tax rate shall not, however, exceed the existing difference of 15 percentage points.”

Thus, on a bare perusal, Article 14(2) creates an obligation on India to ensure that the rate of tax applicable to a permanent establishment is in line with the treaty obligations. This issue has been even more interesting post the reduction of the corporate tax rate applicable to a domestic company to 22 percent, subject to the satisfaction of certain conditions. This issue gets even more enthralling considering the fact that a domestic corporation subject to satisfaction of certain conditions could be subject to an even further reduced rate of taxation at

15 percent, being a concessional tax regime. In contradistinction, a permanent establishment of a foreign company is taxed at the rate of 40 percent, whilst not being entitled to the concessional tax regime.

In my view, there lies a strong case to invoke the provisions of the non-discrimination clause as it is settled law that treaty partners ought to observe their treaties including the tax treaties in good faith. Further, the concept of “discrimination” also includes within its scope “indirect discrimination”, which appears to be one of the implications of the concessional tax regime being granted only to residents, thereby putting the residents of the other contracting state to a significant disadvantage. This does in my opinion violate the non-discrimination provisions of the India-USA DTAA, notwithstanding the carveout in Article 26(5) of the DTAA.

One must also understand that the Supreme Court of India in the landmark judgment in the case of Azadi Bachao (2003) 184 ITR 450 held that the Treaty overrides the provisions of the Act to the extent the former (ie, the DTAA) is more beneficial than the latter (ie, the Act). The supremacy of the DTAA was also upheld by the Andhra Pradesh High Court in the case of Sanofi Pasteur Holding SA 354 ITR 316 placing reliance of the principles from the Vienna Convention. Thus, one does have strong ground to contend that Explanation 1 of the Section 90 of

the Act (as stated above) would not override the provisions of the DTAA, more specifically, where the tax treaty itself acknowledges that the tax rate differential shall not exceed 15 percentage points.

As apparent, there appears to be a clear breach of the contractual obligations entered into by India. In such a situation, applying the principles laid down in the judgment of the Madras High Court in the case of T Rajkumar Vs Union of India 239 Taxman 283, USA would be free to utilize its domestic tax laws to remedy the alleged breach committed by India and the same would not fall foul of the international treaty obligations. In the context of laws governing commercial contracts, one could adopt the blue pencil doctrine, where the offending parts are severed and the rest would be enforced.

4. Parting thoughts

One would only hope that in the days to come there is convergence globally on matters concerning the interpretation of tax treaties. The need to have such convergence was observed by the Mumbai Tribunal in the case of Meera Bhatia Vs ITO 38 SOT 95 where it was held that only when views expressed by judicial bodies globally converge towards a common ground that an international tax language as visualized in the landmark judgment of the Andhra Pradesh High Court in the case of Vishakapatnam Port Trust [1983] 144 ITR 1461 can truly come into existence

Rajiv Ambat Lifestyle Disorders Coach & Founder - NuvoVivo

About NuvoVivo (www.nuvovivo.com) Rajiv Ambat is the CEO of NuvoVivo, an online health & fitness company that is into medical fitness. He is a well-known speaker and author of the best-selling book - ‘The Midriff Crisis’ and lifestyle expert. Under the guidance of Mr Rajiv, his team at NuvoVivo help their clients manage/reverse lifestyle diseases like diabetes, cholesterol, fatty liver, uric acid, hypertension, PCOS, thyroid disorders, etc.

Acidity - Cause, Symptom, Lifestyle Changes & Remedies

Our body is a complex and sophisticated biological system that functions harmoniously to sustain life! For instance, did you know that our body changes from acidic to alkaline across the length of the gastrointestinal (GI) tract to facilitate optimal digestion and nutrient absorption? To support this process, the pH levels within different parts of the GI tract vary. The Delicate Acid-Base Balance

Starting from the mouth, the pH is generally close to neutral, around 6.5 to 7.5, allowing for the initial stages of digestion through chew-

ing and saliva production. As food travels down the esophagus (food pipe) to the stomach, it encounters a highly acidic environment due to the secretion of gastric acid. The stomach pH is typically between 1.5 and 3.5, which aids in the breakdown of food, sterilizes it by killing potential pathogens, and activates enzymes involved in protein digestion. The ph level changes back to alkaline in the small intestine, and back to acidic again in the large intestine. Our body, quite remarkably, manages and controls this acidic-alkaline balance to activate various digestive enzymes, across the length of the GI tract to create an optimum environ-

ment for the digestion, absorption and assimilation of nutrients from the food.

However, quite often, due to our lifestyle choices and dietary habits, this delicate balance of acidity within the GI tract can be disrupted, leading to an increased prevalence of acidity-related issues.

Acidity - Causes

• Excessive production of stomach acid: One of the primary causes of acidity is the overproduction of stomach acid. This can occur due to factors such as certain medications, stress, or underlying medical conditions. When the stomach produces an excess amount of acid,

By being proactive in our choices and implementing healthy lifestyle habits, we can minimize the disruption of the acid-base balance in the body, promote proper digestion, and reduce the occurrence of acidity-related problems.

it can lead to symptoms like heartburn, acid reflux, and indigestion.

• Consumption of acidic foods and beverages: The foods and beverages we consume play a significant role in our body's pH balance. Some foods and drinks have naturally high acidity levels, which can contribute to increased acidity in the stomach. Citrus fruits, tomatoes, vinegar, spicy foods, carbonated drinks, and caffeinated beverages are examples of items that can trigger acid production and worsen acidity symptoms.

• Lifestyle factors: Certain lifestyle factors can exacerbate acidity. Sporadic eating habits, chronic stress, lack of sleep, and irregular eating habits can disrupt the natural balance of acid production in the stomach. Stress, in particular,

can stimulate the release of stress hormones that affect digestion and increase acid production. Factors such as a high intake of acidic foods, excessive consumption of caffeine and alcohol, smoking, and poor dietary habits also can contribute to an imbalance in the body's acidbase equilibrium. These factors can either lead to an overproduction of stomach acid or weaken the protective mechanisms in the digestive system, resulting in conditions like acid reflux, heartburn, and gastritis.

• Medical conditions: Several medical conditions can contribute to acidity. Gastroesophageal reflux disease (GERD), peptic ulcers, gastritis, and hiatal hernia can cause or worsen acidity symptoms. Additionally, certain medical conditions such as H-pylori infection can disrupt the

natural balance of acidity in the GI tract, exacerbating symptoms and increasing the risk of complications. These conditions often require medical interventions along with lifestyle modifications to manage and alleviate symptoms effectively.

Lifestyle Tips to Manage Acidity

It is crucial to be mindful of our lifestyle choices and make conscious efforts to promote a healthy acidbase balance within the body. This includes adopting a well-balanced diet that includes plenty of fruits, vegetables, whole grains, and lean proteins while limiting acidic and spicy foods. Practicing portion control, eating smaller meals at regular intervals, and avoiding lying down immediately after meals can also help prevent acidity-related issues.

Avoiding sporadic meals and maintaining a reasonable and regular schedule for meals is important to prevent acidity and gastric ulcers. However, this becomes a challenge for working professional - especially for those whose work involves a lot of travel and meetings and who ends up eating a late lunch/dinner or even skipping it. They either eat their meals very late or munch on chips, samosas, puffs, etc., to meet their hunger pangs. Most of these fried food and junk food are inflammatory, made in reheated oil and causes harm in the long term. Not eating on time leads to stomach upset, acidity, irritable bowel syndrome, and in advanced cases, it may even lead to gastric ulcers.

Most of the above-mentioned food we eat to satisfy our hunger pangs is almost always laden with unhealthy fats and excess calories leading to increased LDL cholesterol, gastric ulcers, weight gain and acidity.

A sensible alternative will be to carry some nuts! Munch on almonds, walnuts, etc., that are handy to carry and are loaded with healthy fat and a bit of protein too! You do not need a dining table to have such a quick snack and is also not messy to eat. Around 5-10 almonds and a glass of water will help you satiate your hunger and will also prevent the build-up of gastric juices leading to acidity or gastric ulcers. So, next time you are late for your lunch, attempt this trick. That

said, do not overeat nuts as they are very dense in calories and if you’re not careful, can very easily run up to a massive calorie surplus leading to weight gain!

In addition to dietary modifications, managing stress levels, quitting smoking, moderating alcohol consumption, and maintaining a healthy weight can contribute to maintaining the delicate balance of acidity in the GI tract.

Therapeutic Management of Acidity

People who suffer from acidity issues are often prescribed PPI drugs (Proton Pump Inhibitors) or H2 Blocker drugs by their physicians. These drugs like Omeprazole, Rabeprazole, Pantoprazole, Raniti-

dine, etc will inhibit excess acid production in the stomach, thereby giving relief to acidity. As with any medicines, one should refrain from self-medicating, to alleviate acidity symptoms. Do not consume these medications without the prescription of a qualified medical doctor.

That said, relying only on medicines to alleviate acidity and not working on lifestyle changes for long-term management is a recipe for many nutrient deficiencies in the future. For instance, prolonged and excessive use of such drugs is often associated with Vit-B12 and Magnesium deficiency. Low Vit-B12 can lead to anemia, impaired nervous health, and cognitive decline. On the other hand, low Magnesium level is associated with mood disorders, insomnia, weakness, muscle spasms and irregular heartbeats. Apart from B12 and Magnesium,

one may also fall short on adequate calcium, iron and Vit-C also with prolonged usage of such medications. It may be a better idea to correct one's lifestyle and get off such medications in the long run, if possible - of course based on your doctor's advice only!

A Balanced Lifestyle

By being proactive in our choices and implementing healthy lifestyle habits, we can minimize the disruption of the acid-base balance in the body, promote proper digestion, and reduce the occurrence of acidity-related problems. Remember - healthy lifestyle habit is not about stopping carbohydrates, eating a lot of protein, or having tasteless and bland foods. A healthy lifestyle involves eating a well-balanced meal that is a combination of carbs, protein and fat in the ideal ratio based on individual needs and

health conditions.

Make sure the meal plans you follow to become healthy are sustainable, sensible and scientific. There is no single fruit or vegetable that helps one become healthy. A healthy diet does not imply not having occasional indulgences, either! It is important to build a healthy relationship with food; be able to enjoy occasional indulgences and yet be healthy and fit. It only requires a bit of planning, and perhaps some support and handholding.

A lifestyle that involves proper nutrition, exercise, adequate rest, sleep and stress management goes a long way in not only improving your gut health and reducing acidity but for the overall improvement in health including better heart health, reduced insulin resistance, better bone density, strength, longevity and quality of life!

Dolly Maria

It is indeed the intensity of your love for what you do that makes you intensely focused on becoming the best in your field, no matter what.

If You Think You Can, Then You Can!

Out of all the very important traits, skills and components spread out there for Success, there is undoubtedly one element that takes the front seat for those who are determined to win – and that is Focus. There is no denying that it is indeed a very competitive world out there where you can easily get burnt out, inorder to thrive just not survive, amidst the numerous market opportunities and the push and pulls of the flourishing environment, you need to have a laser-sharp focus on your core objectives for your rapid phase of growth.

It is not easy determining the important areas to focus on when you are in entrepreneurship. There are hundreds of matters that come up on a daily basis that demands your high attention and energy. Having a strong strategy always helps; it is your long-term resilient visions that takes you farther than you ever imagined. As we know, obstacles, challenges and hurdles are common in this journey of entrepreneurship; but to be resilient to come back stronger is a trait only a few possess.

This is a behavioural trait and skill that you should focus on developing. Focus always creates a sense of direction, a solid map as to where you are heading to. With a lot of clarity on your milestones set ahead, it is easier to focus on your goals than on minor setbacks on the road. Entrepreneurship always asks you to take risks, Focus, a controllable variable, will inturn help you to take the right ones and avoid the rest. Helps you to clearly monitor the progress, steer clear, and stay organized with people and processes. A solid vision with a regularly evaluated strategy can always help you achieve your dreams faster. Your focus and your vision should go hand in hand, parallels, as it shows you're the right direction. The more passionate you are, the more focused you become. It is indeed the intensity of your love for what you do that makes you intensely focused on becoming the best in your field, no matter what.

Let’s look into what are the other areas where we need to focus more on. Strengthening your products and services is definitely one area

you need to put your complete focus into. Your brand is eventually what you really are. Your brand recognition and brand relevance are how you keep yourself distinct and high from the rest of your competitors. The services offered should be free from complaints or have minimal errors. The product that you are handling also should be tested and tried inorder to be sent out confidently into the market. The collaborations and testers that you have for this should be carefully chosen. At times, even when you have a strong array of products and services, an error from the team you are partnered with can tarnish your reputation. Hence it is important to carefully choose your associates and partners. Having a definite Process in place, that can be tracked effectively is another focus area. The Process is just as important as People. Having a concrete process helps monitor progress, measure activities and achieve key metrics. It helps you track KPIs (Key Performance Indicators) which helps you determine whether you are treading the right track at the

Dolly Maria is founder of THE IGNIST, a training company born out of a noble cause and spirit. She holds a decade long experience being a passionate mentor and entrepreneur.

right pace. Learning from mistakes is a sure thing here and correcting the route is easily possible when you have the right metrics in place.

Another important area to focus on is your customers. A customer is your most valuable stakeholder. Every single business survives and succeeds only as per its customer satisfaction index. Your brand relevance steadily increases when you are able to provide a superior customer experience. Any entrepreneur who envisions long-term business growth makes sure they have a long line of loyal customers who always come back to do business with them. Your main focus should be to have this business philosophy to have a customercentered strategy based on clients' needs to enhance their satisfactory customer experience with your product/service. Maintaining the customers is the most vital part of any successful business. Inorder to do that, you need to have a clear vision, sturdy strategies set in place, quality services, durable products and a great team with excellent communication. Team alignment is as important as customer focus.

Because your employees are your first customers. If your employees are happy, they inturn keep your customers satisfied. The management should be able to transparently communicate among its team members. The team should share the same vision as the founders and also feel the same emotions for the goals. Understanding why they do what they do helps reduce internal conflicts and have maximum efficiency in their workplace. Having superior team alignment helps them focus on their deliverables and produce better results at work. Ensure that your team is ever available to make things happen for your customer. The accessibility, involvement, commitment and passion of the team are as important as their focus on getting things done. Here the Process, Products and People can go hand in hand inorder to pan out into an effective organisation that gives out the best of what they offer. Data analysis is another important component here when it comes to monitoring, analysing and tracking the course. Sales, marketing, customer support, operation, admin-

istration and all other departments come together to positively impact the organisation's relationship with their clients. It helps and improves customer retention, and increases profitability rate. Remember to gather feedback regularly. Every single positive and negative feedback can backtrack onto your focused goal settings and help you recover, advance and exponentially expand.

The impact that you can have over the targeted market always depends on the determined focus that you have on your goals and the energy you put in at work. Focusing steadily on your targets helps to give you more clarity on your purpose and helps to align yourself to the greater vision that you hold in your heart. Focus, simply put, is equally proportional to the amount of true desire you have toward the dream project. It is so significant as it is indeed the gateway to all perceptions and thinking, strategizing, reasoning, risk-taking, decision making and progressing. If you think you can, then you can – What you stay focused on will grow!

GADGETS

OPPO Find X6 Pro

Rs . 72,190 (approximately)

 Android v13

 6.82 inches (17.32 cm) Display

 50 MP + 50 MP + 50 MP Primary Cameras

 32 MP Front Camera

 12 GB RAM

 256 GB Internal Memory

 5000 mAh Battery Capacity

Rs. 66,090 (approximately)

 Android v13

 6.9 inches (17.53 cm) Display

 12 MP + 13 MP Primary Cameras

 32 MP Front Camera

 8 GB RAM

 256 GB Internal Memory

 3800 mAh Battery Capacity

Sony Xperia 1 V

Rs. 17,590 (approximately)

 Android v13

 6.72 inches (17.07 cm) Display

 108 MP + 2 MP Primary Cameras

 16 MP Front Camera

 8 GB RAM

 128 GB + 1 TB Expandable

Internal Memory

 5000 mAh Battery Capacity

Rs. 1,14,790 (approximately)

 Android v13

 6.5 inches (16.51 cm) Display

 48 MP + 12 MP + 12 MP

Primary Cameras

 12 MP Front Camera

 12 GB RAM

 256 GB + 1 TB Expandable

Internal Memory

 5000 mAh Battery Capacity

Embrace the Rain, Radiate with Beauty: Your Ultimate Guide to Monsoon Skin and Hair Care!

Step into the realm of monsoon magic where raindrops dance and beauty reigns supreme! As the heavens pour their blessings, don't let the dampness dull your sparkle. Embrace the season with a splash of confidence as we unveil the secrets to skin that radiates like a summer sunrise and hair that cascades with unrivalled splendour. From battling humidity to taming rain-soaked tresses, we've got the inside scoop on how to slay the monsoon beauty game. Get ready to sizzle in the rain and make a splash with your stunning transformation. Let the monsoon season be your canvas as you paint a masterpiece of captivating skin and mesmerizing hair. It's time to unleash your inner monsoon diva!

Skin Care:

Cleanse regularly: Cleanse your face at least twice a day using

a gentle, pH-balanced cleanser to remove dirt, sweat, and excess oil. This helps prevent clogged pores and acne breakouts.

Exfoliate gently: Exfoliation helps remove dead skin cells and unclog pores. Opt for a mild exfoliator and use it once or twice a week to keep your skin fresh and radiant.

Moisturize adequately: Even though it's humid, moisturizing is still important to keep your skin hydrated. Use a lightweight, noncomedogenic moisturizer that suits your skin type.

Sun protection: Don't skip sunscreen, even on cloudy days. Use a broad-spectrum sunscreen with an SPF of 30 or higher to protect your skin from harmful UV rays. Reapply every two hours if you're out in the rain.

Combat fungal infections: The monsoon season increases

Dr. Elizabath Chacko, MD-Kalpana International

the risk of fungal infections like ringworm and athlete's foot. Keep your skin dry and use an antifungal powder or cream if necessary. Avoid wearing damp clothes for prolonged periods.

Hair Care: Keep hair clean: Wash your hair regularly to remove excess oil, dirt, and sweat. Use a mild, pH-balanced shampoo and conditioner that suits your hair type.

Avoid scalp infections: Dampness can lead to fungal and bacterial infections on the scalp. Keep your scalp dry and clean. If you have dandruff or an itchy scalp, use an anti-dandruff shampoo or consult a dermatologist.

Protect from rainwater: When going out in the rain, use an umbrella or wear a hat to shield your hair from direct contact with rainwater, which can cause frizz and make it more prone to damage.

Avoid excessive heat styling: Minimize the use of heat styling tools like blow dryers, straighteners, and curling irons as they can further damage your hair, which may already be affected by the humidity.

Mob: 9388618112

Deep conditioning: Treat your hair to regular deep conditioning treatments to restore moisture and nourishment. You can use a hair

mask or opt for natural remedies like coconut oil or aloe vera gel.

General Tips:

Stay hydrated: Drink plenty of water to keep your skin and hair hydrated from within. This helps maintain their health and elasticity.

Eat a balanced diet: Consume a diet rich in fruits, vegetables, and foods containing essential nutrients like vitamins, minerals, and omega-3 fatty acids. A healthy diet supports overall skin and hair health. Avoid touching your face:

During the monsoon, your hands may come into contact with bacteria and dirt. Avoid touching your face to minimize the risk of breakouts and infections.

Don't neglect your feet: Keep your feet clean and dry to avoid fungal infections. Wear open-toe or waterproof footwear to allow your feet to breathe and reduce the chances of discomfort or odour.

As the raindrops dance and the earth rejuvenates, let your skin and hair reflect the beauty of

the monsoon season. By following these essential tips and embracing a dedicated skincare and hair care routine, you can ensure that your natural radiance shines through. So, step into the rain with confidence, knowing that you have the ultimate guide to nourishing and protecting your skin and hair during this enchanting time of the year. Let your beauty bloom, and may your journey through the monsoon be filled with joy, wellness, and a captivating glow

From the captivating Night Watchman's Tour to the joyful festivities of the Christmas Market, Rothenburg is a destination that invites you to embrace its timeless allure.

Exploring the Enchanting Charms of RothenburgGermany's Timeless Gem

Prepare to be captivated as we embark on an extraordinary journey through the enchanting town of Rothenburg in Bavaria, Germany. With its medieval splendor, cobblestone streets, and rich historical tapestry, Rothenburg is a destination that ignites the imagination and transports you to a bygone era. Join me as we delve deeper into the hidden charms and fascinat-

ing secrets that make Rothenburg a true fairytale town. History of Rothenburg: Rothenburg's history dates back to the 10th century when it was established as a fortified settlement. It flourished as an Imperial Free City in the 13th century, becoming a prosperous trading center. However, the town faced hardships during the Thirty Years' War in the 17th century, leading

to a decline in its fortunes. Despite the challenges, Rothenburg managed to preserve its medieval character and architecture. In the 19th century, it gained recognition as a symbol of Germany's romantic past, attracting artists and tourists. Today, Rothenburg stands as a living museum, enchanting visitors with its wellpreserved historic buildings, cobblestone streets, and captivating

atmosphere that reflects its remarkable journey through time. Rothenburg's Enchanting Architecture:

Rothenburg's medieval architecture stands as a testament to the town's rich heritage. Begin your exploration at the iconic Plönlein, a picture-perfect spot where two half-timbered houses frame a picturesque tower. Meander through the town's cobblestone streets, marveling at the intricate craftsmanship of the wellpreserved half-timbered houses adorned with colorful flowers and ornate carvings. Immerse yourself in the romantic ambiance as you encounter charm-

ing squares, hidden courtyards, and whimsical fountains that transport you to a world of fairytales.

Unmasking Rothenburg's Historic Treasures:

Rothenburg is a treasure trove of historical wonders waiting to be discovered. Visit the Rothenburg Town Hall, a masterpiece of Gothic architecture, and venture up its tower for panoramic views that will leave you breathless. Delve into the town's intriguing past at the Kriminalmuseum, where you can explore the dark side of medieval justice through an extensive collection of arti-

facts, including torture instruments and criminal records. Don't miss a visit to St. Jacob's Church, where the grandeur of Gothic design and awe-inspiring woodcarvings will transport you back in time.

The Enigmatic Night Watchman's Tour:

As night falls, the streets of Rothenburg come alive with the enchanting tales of the Night Watchman. Join this charismatic figure on a guided tour through the town's dimly lit alleyways, as he regales you with stories of medieval life, folklore, and the legends that have

shaped Rothenburg's identity. With his lantern casting eerie shadows on the ancient walls, the Night Watchman's storytelling prowess will transport you to a world of mystery and intrigue, evoking the spirit of the town's past.

Gastronomic Delights:

Rothenburg's culinary scene is a delightful fusion of traditional German fare and regional specialties. Indulge your taste buds in the town's renowned Schneeballen, a crispy pastry resembling snowballs, available in a variety of flavors and toppings. Treat yourself to hearty

Nature lovers can immerse themselves in the stunning landscapes of the Franconian countryside, where vineyards, rolling hills, and quaint villages await exploration.

Franconian dishes such as tender roasted pork knuckle, savory sauerbraten, and flavorful potato dumplings. Pair your meal with a glass of local wine from the vineyards of the nearby Tauber Valley, or savor a pint of Franconian beer, brewed with centuries-old craftsmanship.

Celebrating Tradition: Festivals and Events:

Rothenburg's calendar is filled with vibrant festivals and events that celebrate its rich cultural heritage. Experience the magic of the Rothenburg Christmas Market, where the town is transformed into a winter wonderland, adorned with

twinkling lights and the fragrance of mulled wine and freshly baked gingerbread. Lose yourself in the festive atmosphere as you explore the market's stalls, offering handmade crafts, seasonal delights, and a chance to witness traditional carolers spreading holiday cheer. During the Imperial City Festival, the town comes alive with medieval reenactments, costumed parades, and lively music, providing a glimpse into the town's glorious past and leaving you with unforgettable memories. Exploring Beyond Rothenburg:

While Rothenburg's charms are

boundless, venture beyond its walls to discover the wonders of the surrounding region. Embark on a scenic drive through the Romantic Road, visiting neighboring towns like Dinkelsbühl, with its preserved medieval charm, or Würzburg, home to the impressive Würzburg Residence, a UNESCO World Heritage Site. Nature lovers can immerse themselves in the stunning landscapes of the Franconian countryside, where vineyards, rolling hills, and quaint villages await exploration.

Best Time to Visit:

The summer months, from July to September, offer an ideal time to

visit Rothenburg if you enjoy a lively and vibrant atmosphere. The town buzzes with activity as tourists from around the world flock to explore its medieval charm. You can wander through the bustling streets, visit the various attractions, and immerse yourself in the local culture. Enjoy outdoor dining in the picturesque squares, savoring traditional Franconian cuisine while soaking up the lively ambiance. The longer days allow for more time to explore the town's historic sites, take leisurely walks along the town walls, and participate in the vibrant festivals and events that often take place during this season.

On the other hand, if you prefer a quieter and more serene experience, consider visiting Rothenburg in the shoulder seasons of spring and autumn. During these months, from April to June and October to November, you can still enjoy mild weather while avoiding the peak

tourist crowds. The blooming flowers and autumn foliage add an extra touch of beauty to the town's already picturesque scenery. It's a perfect time for leisurely walks, exploring the hidden corners of Rothenburg, and discovering the town's history and cultural heritage at a more relaxed pace. Additionally, you may find better availability and prices for accommodations during these shoulder seasons, enhancing the overall enjoyment of your visit. Ultimately, whether you choose to visit Rothenburg in the vibrant summer or the tranquil shoulder seasons, you are bound to be captivated by its timeless charm, wellpreserved architecture, and captivating atmosphere that transports you to a bygone era.

Rothenburg – Where History Comes Alive and Dreams Take Flight

Rothenburg, a town steeped in history and brimming with me-

dieval charm, offers a journey like no other. Whether you choose to visit during the blossoming spring, lively summer, colorful autumn, or enchanting winter, Rothenburg will captivate your heart and transport you to a realm of wonder. Its wellpreserved architecture, cobblestone streets, and rich cultural heritage create an immersive experience, where you can stroll through centuries-old squares, explore fascinating museums, and indulge in the town's gastronomic delights.

From the captivating Night Watchman's Tour to the joyful festivities of the Christmas Market, Rothenburg is a destination that invites you to embrace its timeless allure. So, pack your bags, follow the winding paths, and let Rothenburg ignite your imagination and leave an indelible mark on your soul. Let your dreams take flight in this fairytale town where history comes alive with every step

Vivek Venugopal

is one of India’s top automotive writers with over a decade’s experience in road-testing and reviewing cars. He is currently the Editor of Quarter Mile magazine and a columnist in several leading magazines and newspapers. He is also a highly sought after consulting engineer and market analyst for many automobile manufacturers.

Hyundai Verna

Ever since its inception, the Hyundai Verna has always enjoyed its special place in the segment with loyal fan following. While its core values have stayed more or less similar over the years, Hyundai’s design department kept experimenting with a new design language with each passing generation. This new fourth generation, (well, fifth if you count the original Accent) is its most radical avatar yet, and is sure to split opinion.

While we are still on the fence about the way it looks, it does stand

out on the road and makes everything in its segment look bland and outdated. The front end comprises of a long light bar style LED DRL and low-set headlamps on the bumper straddling a big grille. The side profile is full of sharp creases and chiselled edges and that extends to the tail lamp design as well. The character lines are similar to the current i20's and the overall design bears a close resemblance to the Elantra sold abroad. The new Verna has grown 95mm in length, 36mm in width and 70mm in wheelbase.

The Verna’s minimalistic dashboard is quite modern and has a hint of Kia EV6 in its upper half. The dual screens sticking out of the screen look very upmarket, but the driver’s display is more of a backlit panel and not a proper colour display like that of the Alcazar.

The rear has a fastback look and the overall proportions are perfect with a good stance, but the 16-inch wheels look a size too small for the body now.

The Verna’s minimalistic dashboard is quite modern and has a hint of Kia EV6 in its upper half. The dual screens sticking out of the screen look very upmarket, but the driver’s display is more of a backlit panel and not a proper colour display

like that of the Alcazar. The infotainment screen is the familiar 10.25inch unit with all sorts of connectivity features. With minimal buttons, you have to toggle between HVAC and audio controls, but essential functions such as temperature and volume have knobs for adjustment. The twin-spoke steering wheel is polarising again, but looks and feels classy. The dashboard is of decent quality with ambient lighting that ex-

tends to the doors. You get black and beige interiors with the regular 1.5 MPI and black interiors with red piping with the turbo petrol. The front seats are supportive and offer heating and cooling functions along with partial electric adjustment for the driver's seat. It is the rear seats that have seen massive improvements in terms of legroom and headroom, this time. The boot is a commendable 528 litres too.

The Verna comes with the 115bhp 1.5 litre naturally aspirated petrol with either a 6-speed manual or a CVT and a 1.5 litre turbo petrol with a 6-speed manual or a 7-speed DCT.

The Verna comes with the 115bhp 1.5 litre naturally aspirated petrol with either a 6-speed manual or a CVT and a 1.5 litre turbo petrol with a 6-speed manual or a 7-speed DCT. The diesel has been discontinued and with that, we bid goodbye to diesel altogether in this segment. We sampled the turbo petrol which in the prev Verna was only a 1.0 litre 3 cyl. This new four-cylinder engine which replaces the old 1.4 T-GDI in the Creta/Seltos, puts out 160bhp and 253 Nm which until some time back was Laura RS performance. As a result, the Verna flies when you bury the throttle. Power delivery is much more linear than in the VW 1.5TSI. Highway performance is great and because of the wide powerband, you can pass most

cars without having to downshift. The manual has slick shifts but the clutch has a strangely high biting point. The DCT feels well suited than in previous versions but still isn't as eager as the VW group unit. Driven sedately, the new engine is also a lot more efficient than the 1.4 T-GDI.

Hyundai cars have come a long way in terms of ride and handling balance and the new car is the bestdriving Verna to date. While it's not as entertaining as a Virtus or Slavia, there is good grip and the chassis feels stiff. If you can get used to the numb steering, the car turns into corners well and has decent composure through the bends. It doesn't bounce around as much on undulations or crash into potholes as the

previous generation. Brakes feel confident too and disc brakes make a comeback in this generation.

The new Verna has a lot of driver-assistance tech, including adaptive cruise control, blind-spot monitoring, lane-keeping assist, and forward collision avoidance. Unlike the Honda City’s system which uses only cameras, Hyundai’s system works better in all weather conditions.

The new Verna marks a significant leap forward for Hyundai, with daring design, better interior packaging and great performance. It is also quite well-loaded and nicer to drive than ever before. For most people, the regular 1.5 MPI variant would do, but if it were our money, it would be on the turbo petrol

1920 Horrors of the Heart

1920 Horrors of the Heart, the fifth installment in the renowned 1920 film series, directed by Krishna Bhatt, is a riveting Indian Hindi-language horror film that surpasses expectations. With a stellar cast led by Avika Gor and Rahul Dev, this movie delves into the depths of revenge and darkness, leaving audiences spellbound. Avika Gor delivers a mesmerizing performance as the young girl seeking revenge. Her portrayal effortlessly captures the character's pain, determination, and eventual descent into darkness. Gor's nuanced acting keeps viewers emotionally invested throughout the film, as we witness her transformation from victim to the very embodiment of vengeance. The supporting cast, including Barkha Bisht, Randheer Rai, Danish Pandor, Ketaki Kulkarni, Avtar Gill, and Amit Behl, deliver noteworthy performances that enhance the movie's impact. The film's visual and sound effects contribute to the eerie ambiance, immersing the audience in the haunting tale.

Kerala Crime Files-Shiju, Parayil Veedu, Neendakara

Kerala Crime Files - Shiju, Parayil Veedu, Neendakara, directed by Ahammed Khabeer and written by Ashiq Aimar, is a compelling Indian Malayalam-language web series that keeps viewers on the edge of their seats. With stellar performances from Aju Varghese and Lal in the lead roles, this series revolves around Sub-inspector Manoj and his team as they race against time to catch a cunning murderer. Aju Varghese delivers a standout performance as Sub-inspector Manoj, effortlessly portraying the character's determination and relentless pursuit of justice. His nuanced acting captures the essence of a dedicated law enforcement officer, drawing viewers into his world of crime-solving. Aju's on-screen chemistry with Lal, who plays a pivotal role, adds depth to the series, creating an engaging dynamic between the characters. Director Ahammed Khabeer demonstrates skillful storytelling, effectively building suspense and tension throughout the series. The series offers a realistic glimpse into the challenges faced by law enforcement officers in their quest for justice.

The Flash

"TheFlash" is an extraordinary American superhero film that showcases the iconic DC character with exhilarating action, heartfelt emotion, and mind-bending time-travel twists. Produced by Warner Bros. Pictures, DC Studios, Double Dream, and the Disco Factory, and directed by the talented Andy Muschietti, this installment in the DC Extended Universe (DCEU) proves to be a thrilling addition to the superhero genre. Ezra Miller shines in his portrayal of Barry Allen, bringing a perfect blend of vulnerability and heroism to the character. The supporting cast is equally impressive, with Sasha Calle, Michael Shannon, Ron Livingston, Maribel Verdú, Kiersey Clemons, Antje Traue, and Michael Keaton delivering captivating performances that add depth and complexity to the story. Director Andy Muschietti expertly balances the film's action-packed sequences with moments of heartfelt emotion. In conclusion, "The Flash" is a sensational superhero film that satisfies fans of the DC character while delivering a fresh and exhilarating cinematic experience.

Extraction II

"Extraction II" is an electrifying American action thriller that propels viewers on a relentless adrenaline-fueled journey. Directed by Sam Hargrave and written by Joe Russo, this highly-anticipated sequel takes the excitement and intensity of the original "Extraction" to new heights. Chris Hemsworth once again delivers a powerhouse performance as commando Tyler Rake, showcasing his unmatched physicality and captivating screen presence. Hemsworth effortlessly embodies the character's determination and resilience, making him a truly compelling action hero. Golshifteh Farahani and Adam Bessa also shine in their respective roles, bringing depth and authenticity to the film. The addition of Olga Kurylenko, Daniel Bernhardt, Tinatin Dalakishvili, and Idris Elba to the cast elevates the movie's star power. Each actor delivers a memorable performance, adding layers of intrigue and excitement to the story. The action sequences in "Extraction II" are nothing short of breathtaking.

The Seven Year Slip

Author : Ashley Poston

Price : `1,761 (Hardcover)

"TheSeven Year Slip" by Ashley Poston is a heartwarming and engaging novel that seamlessly blends romance, time travel, and selfdiscovery. With its delightful characters and thought-provoking plot, this book takes readers on an enchanting journey through the intricacies of love and the consequences of cosmic mistiming. At the center of the story is Clementine, a hardworking woman who, after the passing of her aunt, immerses herself in her career at a publishing company. Little does she know that her life is about to take a magical turn when she stumbles upon a mysterious man in her kitchen. This stranger, with his kind eyes and irresistible Southern drawl, seems like the perfect match for Clementine—except for one small detail: he actually exists seven years in the past. Poston's storytelling prowess shines as she skillfully weaves together the past and the present, creating a fascinating dynamic between Clementine and the enigmatic time-traveler. The chemistry between the characters is palpable, and readers will find themselves rooting for their unconventional love to defy the constraints of time. Ashley Poston's imaginative storytelling and well-drawn characters make for an enthralling read that will leave readers pondering the intricate nature of love and the impact of timing on our lives.

The Five-Star Weekend

Author : Elin Hilderbrand

Price : `1,381 (Paperback)

"TheFive-Star Weekend" by Elin Hilderbrand is a compelling and emotionally charged novel that delves into the complexities of relationships, friendship, and the power of self-discovery. With its relatable characters and a picturesque Nantucket backdrop, this book takes readers on a transformative journey filled with unexpected twists and heartfelt moments. At the center of the story is Hollis Shaw, a renowned food blogger whose seemingly idyllic life is shattered when her husband tragically passes away following a heated argument. Left grappling with grief and her estranged relationship with her daughter, Hollis decides to embark on a "Five-Star Weekend" on Nantucket-a getaway that brings together her closest friends from different stages of her life. However, what was meant to be a perfect retreat quickly unravels when tensions arise among the friends, and Hollis's childhood companion unexpectedly invites her first love along. Hilderbrand's storytelling ability shines through as she skillfully captures the intricacies of friendships and the intricacies of navigating complex emotions. The characters are richly developed and relatable, each carrying their own personal baggage and histories that come to light during the course of the weekend. This book is recommended to anyone seeking a poignant and immersive story that reminds us of the transformative nature of friendship and the resilience of the human spirit.

Lady Tan’s Circle of Women

Author : Lisa See

Price : `1,981 (Hardcover)

"LadyTan's Circle of Women" by Lisa See is a captivating and empowering novel that transports readers to the Ming Dynasty in China, unveiling a world where women's voices are stifled and traditions dictate their roles in society. Based on a true story, this book masterfully weaves together history, friendship, and the pursuit of breaking free from societal constraints. At the heart of the narrative is Yunxian, the granddaughter of one of China's few female doctors. Growing up alongside her best friend, Meiling, a midwife-in-training, Yunxian is well-versed in the intricacies of women's health and the struggles they face. However, when Yunxian enters an arranged marriage, she finds herself trapped in a suffocating existence, forbidden from interacting with Meiling or aiding the women of her household. Driven by an unwavering determination to challenge tradition, Yunxian embarks on a path that defies societal norms, offering medical assistance and care to women from all walks of life. Lisa See's storytelling power shines as she immerses readers in the vivid and detailed world of the Ming Dynasty. Yunxian's journey is particularly captivating as she navigates the complexities of her role as a wife, a healer, and a rebel. This book is highly recommended for those seeking a captivating historical tale that sheds light on the triumph of the human spirit.

Love, Theoretically

Author : Ali Hazelwood

Price : `Rs 1,720 (Hardcover)

Theoretically" by Ali Hazelwood is an enchanting and uplifting novel that flawlessly merges the realms of theoretical physics and the complexities of love. With its intelligent and captivating narrative, this book takes readers on an exhilarating journey through the intersecting lives of Elsie Hannaway, a brilliant adjunct professor, and Jack Smith, an experimental physicist. Hazelwood's storytelling talent shines through as she skilfully weaves together Elsie's dual life, balancing her daytime commitment to teaching theoretical physics with her nighttime occupation as a faux girlfriend to affluent clients. This intriguing premise sets the stage for unexpected connections, and it is in this realm of blurred lines and unexpected encounters that the true magic of "Love, Theoretically" unfolds. One of the novel's greatest strengths is its richly developed and relatable characters. Elsie Hannaway, our tenacious and intellectually gifted protagonist, is an absolute joy to follow. As a reader, it is impossible not to be charmed by her wit, resilience, and unapologetic pursuit of her dreams. Ali Hazelwood skilfully incorporates scientific concepts, effortlessly making them accessible to readers who may be unfamiliar with the subject matter. For anyone seeking a captivating and intelligent read, "Love, Theoretically" is an absolute must-read that will undoubtedly leave a lasting impression.

"Love,