LOOKING AHEAD...

Who says an old horse can’t learn new tricks? Godrej, the business house that has been around for over 112 years, is learning them fast... indeed, very fast!

Last year, when we first visited the sprawling 20,000 acre Godrej campus in Mumbai, it looked like a sylvan oasis of tranquility, untouched amidst the bustling madness of Mumbai. However, only few knew that behind this serenity lay a turbulent sea, where this 112-yearold business house was fighting a high tide of calculated metamorphosis.

In fact, it was in 2007 that Adi Godrej and his senior management team realised that the brand pedigree of Godrej was not enough to tackle aggressive rivals and newcomers. The top management of this $2.8 billion conglomerate knew that the time had come to drill into the collective psyche of the 23,000 strong Godrej ‘family’, that it requires change. The ubiquitous result was the corporate logo change in 2008, followed by a slew of other marketing and organisational changes that promised to take brand Godrej to a much wider, urban and younger audience. Nobody is saying whether the slowdown precipitated matters or whether the sweeping brand repositioning is Godrej’s way of preparing itself for the future? Chairman Adi Godrej told this magazine, “Our survey showed that the perception about Godrej products required change. They needed to be connected more with today’s young Indians.” Leading from the front is Tanya Dubash, the 30-year-old daughter of Adi Godrej and Director & President – Marketing at Godrej. Starting from 360-degree advertising to changes in HR strategies, she is using all tactics to bring about a change in the positioning of the brand Godrej. Not only Tanya, even the other three young members of the family (Nisa Godrej, Navroze Godrej & Pirojsha Godrej) are seriously lending a helping hand.

No doubt, with FMCG products contributing most to the group’s profit, Godrej has all reasons to re-structure these cash-cows to maintain a steady flow of revenues in the future. But here’s why market watchers point towards the slowdown as the big catalyst. Though FMCG might be recession proof, Godrej’s other ventures like durables, appliances and furniture, et al (target audience for which are young couples in metros), have perhaps been affected by the slowdown and surely require an image makeover. “We are creating a platform that will enable synergy in distribution and supply chain management for various business,” elaborates Kamal Nandi, VP, Sales & Marketing, Godrej Appliances. After all, the times, they say, are changing... even for the Godrej Group!

Angshuman Paul

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Source : IIPM Editorial, 2010.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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We value a lot of intricacy!

“People decorate home with all kinds of products like marble, precious metals, crystal, et al. In fact, homes are now becoming more luxurious and the concept of luxury home is getting more and more popular by each day. Further, it’s no more a concept limited to super riches in India as middle and upper middle class are also adopting it quickly. People are now spending more in making their home look beautiful. But, the main idea is that we do a lot of research before, like in the case of Lakshmi we did research for three years on ornaments, colour of sari, et al. For Radha Krishna our Italian guys lived in Vrindavan for almost a year to get the perfect thing. We value a lot of intricacy and when we finally announce the piece it is consulted with the people for whom it matters or from the people who has the knowledge about it. Moreover, before we launch an Indian piece we take care that nobody’s emotions are hurt and create a piece that is loved and liked by all. Moreover, whenever Lladro family (the brand Lladro is a family name and there are four members who are running it) is in India we organise our signature event. In fact, whichever product you buy that day, it can be personalised for you and the family member signs it for you as well. No doubt, luxury market for home is expanding in India as today luxury is not just restricted to rich individuals, but it’s also for the middle class. There is certainly a huge potential in that class.”

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Source : IIPM Editorial, 2010.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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FLANKING AWAY TO GLORY

At a time when auto majors like Tata Motors have been painted in deep red, market leader Maruti Suzuki has been pulling all stops to move ahead SWIFTly

Did you know that the design for Maruti Suzuki’s bestseller Swift was initially rejected on grounds of being far too radical? “Even months after it was launched in 2005, Swift wasn’t able to generate desired volumes for us,” avers Shashank Srivastava, Chief General Manager-Marketing, Maruti Suzuki India. Even Maruti’s long standing dealers doubted the potential of this car. They perceived it as ‘made for tech-freaks’ initially.

Today, honchos at Suzuki must be thanking their stars that they stuck with their plans for nurturing the Swift at that time with a carefully selected team of ‘Swift Champions’ to push Swift sales. Not only has the car delivered Maruti from the bane of being known as a small car maker, but the model also cornered about 70% of the market share in the premium A2 segment, adding significantly to the car maker’s bottomline in FY09. “You may not be the first mover in a particular category but catch that place in the consumer mind, the race is half won,” says Srivastava, referring to the fact that even though Hyundai was the first to launch a ‘premium compact’ car in India (Getz), in popular perception Suzuki Swift wears that honour. The launch of Swift DZire in March last year ensured that Suzuki created more than a splash in the sedan segment too during the last fiscal.

But this is not just about Swift. Fact is that Maruti, which sells every second car in the country, has been driving smoothly for a long time now. The key strategy is to create new segments within segments and flank its own offerings. Market watchers believe that it is this strategy that helped the company to smooth sail even during October-December quarter last year when auto sales saw a steep fall. Sure, like other auto majors, the year on year domestic sales growth for Maruti has been minimal, but the auto maker has registered mind boggling net profits of Rs.12.1 billion. While the steep profits were partly helped by its exports that registered a growth of 32% in the last fiscal, the bulk of the credit for beating the slowdown blues goes to the growth generated from clutter breaking models like Swift DZire and A-star. “DZire has eaten on to the sales of SX4 but overall it has expanded our share in the A3 category,” adds Srivastava.

In fact, experts believe that the A-star can be the next iconic product for Maruti Suzuki as the car is successfully positioned as one for the cool young urban consumer. Apart from creating new segments, the company’s expanded reach in India’s hinterlands has also helped it to maintain its profitability. Going forward, Maruti expects the rural contribution to its total sales to go up from the present 11-12% to 19-20% in the current fiscal. And then there is the high level of consumer trust and reliability that has been working in brand Maruti Suzuki’s favour even in times of slowdown. Just one worry though. Maruti is continuing to ride high on models made on the Swift Platform (DZire and Ritz), which can surely upset the company’s apple cart when a more innovative competitor saunters in. For now, Srivastava is also predicting a robust FY10 for India’s auto czar!

Pawan Chabra

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Source : IIPM Editorial, 2009

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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You wanted Akio Morita? We get you his protégé...

IIPM only B-school in India to be Ranked Ahead of The IIMs in so Many Parameters! Regularly!

He’s not an Indian and can’t understand Hindi for nuts. But Tamagawa claims to understand India better than his competitors. Can Masaru really bite the bullet?

4Ps B&M: Has there been any impact of the slowdown on your business?
MT: Not really. Under good economic environment every brand can enjoy growth; however under difficult situations only a company which has strong brand, products and operation can keep their growth. Thus we believe that if you provide high quality products, which meet the consumers’ needs and demand through strong sales channel network, you can maintain growth momentum and we believe that Sony has the advantage of all these factors. In that sense it is a good opportunity for Sony to widen the gap from competitors with the advantage of capability and quality.

4Ps B&M: With the slowdown creeping in, are you making any changes in your marketing strategies for this summer as compared to last year?
MT: Sony’s strategy in India has not changed from previous plan. We are focusing on three pillars of marketing strategy, which are focusing on key strategic growth categories like LCD, DSC, VAIO, MP3WM, PS et al, further enhancement of sales channel network and local staff development.

4Ps B&M: Retail stores are an important platform for sales of consumer durables. So, what plans have you drawn in this regard?
MT: As a part of enhancing the quality of our stores, we have taken a number of steps, which include a change in the branding of our exclusive retail store - Sony World to Sony Centre in order to brush-up our brand-shops. Then secondly, we have also upgraded our display, way of demonstration and quality of floor salesmen to match global standards. This is done with a view to provide new shopping experience to the consumers.

4Ps B&M: What are the product categories on which you are betting high?
MT: Those categories, which are strategic growth categories for Sony like LCDs, Laptops, Digital Still Cameras, Home theatres, MP3 Walkman and PlayStation. These will be the growth categories for the industry as well.

4Ps B&M: A lot of consumer durable companies are making a shift form urban to rural areas. So are you planning anything on the similar lines?
MT: Our target customers are those households, which have an annual income of Rs.5 lakh and above. The rich who have the money are also included in this. Talking about the recession, we think the segment whose household income is less than Rs.5 lakh will be the most affected one. And this is also the segment which uses consumer finance as a means to buy their requisite consumer durables. Going by facts, nearly 30-40% of the total electronics sales are based on such finance schemes. But for Sony, it is less than 5%. This clearly indicates that Sony’s customers have a high income level and most of them buy products with cash. Thus we do not have such plans as of now.

4Ps B&M: What are the challenges you foresee for Sony this season?
MT: Exchange rate impact is currently being absorbed by Sony India, and this is possible due to the profit that we had earned in the first half of FY’08. But if current exchange rate continues or further declines in FY’09, we may not be able to avoid a price increase. Furthermore, the duty structure of India is still very high as compared to other countries, and the consumer is the one who pays this high taxes. Thus, the government should consider a reduction in the duty structure as a means to stimulate consumer demand.

4Ps B&M: What are your plans for the future?
MT: We do not see a pessimistic business environment for this year. Market growth, which has been around 10% for the past few years might slow-down forcing us to look carefully at the category wise trend rather than the total CAV market. But, it will help us to identify which categories will grow and which will shrink. We will drive the growth categories with attractive products and effective marketing communication.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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The current slowdown is taking a toll on organised retail, as players fight back to survive. Haunted by rising debt and interest cost,

Vishal Retail too is ready with its quiver to drive away the slowdown monster. But will arrows hit the bull’s-eye? Wonders Savreen Gadhoke…

“The growth in India’s organised retailing will be hit due to weak consumer sentiments and the slowdown in fresh investment…,” avers Kumar Rajagopalan, CEO, Retailers Association of India (RAI). RAI, who had once forecasted a 30% annual growth rate of this burgeoning sector, has slashed its outlook to a 12-15% growth. Raison d’être: After the nerve-wrecking Subhiksha default case, the consumer as well as the market sentiments attached with this once most sought after sector is rather incredulous. Experts even claim that the retail sector is mostly riding on the back of huge debts. All major retail chains including Pantaloons, Shoppers Stop, et al, are not only facing the heat of slowdown and low consumer spendings, but are also under the scanner for their high debt obligations. In fact, under the eagle eye this time is yet another giant retailer – Vishal Retail Limited (parent company of Vishal Mega Mart).

With Rs.10 billion turnover in 2008, and growing at 100% (y-o-y), it was little expected that Vishal Retail could also fall into the deadly debt trap. But it did! The company’s un-audited financial results for the quarter ended December 2008 reveal that the retailer’s expenditure on interest has increased by a whopping 137.26% as compared to the same quarter last year. What’s more? The profit for the December quarter too plunged by a pathetic 86% and stood at a miniscule Rs.21.5 million (as against Rs.155.6 million last year). So, with liquidity crisis, reduced cash flow, mounting debt obligations and a huge fall in profits, the daunting question arises – is Vishal Retail heading toward becoming another Subhiksha?

“Vishal Retail’s total debt obligation is about Rs.7.5 billion, of which Rs.1.4 billion is high-cost short-term debt,” avers Raghav Sehgal, Retail Analyst, Angel Broking. Considering this, the road ahead certainly offers a bumpy ride to Vishal Retail. Even the rate of interest, which the company is liable to pay on this debt, is between 14-16%. So, with an interest coverage ratio of about 1.5 and estimated debt-to-equity of about 2.66, the company certainly faces an uphill task in its effort to sustain growth and profitability.

However, in order to improve profitability and bring the conditions back to normal, the honchos at Vishal Retail have already started wasting a lot of chalk on the drawing board and are making efforts to re-organise and revive their retail venture. But will the efforts really pay-off amid slowdown is the question that’s doing rounds in many minds!

In fact, the company has already started consolidating its back-end and front-end operations. The first step in this direction has been the centralisation of its warehouses. From 22-23 warehouses across the country, the number has been drastically reduced to 4-5 warehouses and that too concentrated in north India. Avers Ambeek Khemka, Group President, Vishal Retail, “Huge warehouses in south & west India have been shut down and a centralised hub has been opened in Gurgaon.” Although Khemka agrees that this will lead to job losses, the move will certainly help in improving operational efficiency by reverse logistics. Moreover, transportation vehicles can not only be used to deliver stock & inventory to stores in far-flung areas, but on their way back to the centralised hub, can be used to collect deliveries from vendors’ en-route, thereby saving on transportation fee payable to vendors.

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Source : IIPM Editorial, 2009

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Bose Lifestyle 48 series III DVD Home Entertainment

IIPM Programme :- SUPERIOR COURSE CONTENTS

Technical Specification

Inputs and switching for 4 audio sources (4 analog, 4 coaxial digital, 1 optical digital); Digital outputs: 1 optical, 1 coaxial; Acoustimass® module • 13”H X 8”W X 21 5/8”D • (33 cm H X 20.3 cm W X 54.9 cm D) • 26.22; lbs (11.9 kg)
PRICE: Rs.2,36,138;
WARRANTY: 1 year

The Lifestyle 48 DVD system features award-winning jewel Cube speakers measuring only 4½” high – for high-quality sound. Says Ratish Pandey, GM, Bose Corp. India, “It incorporates the ADAPTiQ technology that helps the system calibrate to room acoustics ensuring optimal performance independent of the room acoustics.” The VS-2 video enhancer simplifies the system’s integration with other sources including those with HDMI.

Marketers’ delight: The uMusic® intelligent playback system records preferences – customised music in short.

Tester’s note: Con – HD & Blu-Ray incompatible.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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B&O Beosound 9000

IIPM Programme :- SUPERIOR COURSE CONTENTS

Technical Specification

60 radio presets with naming, FM (with RDS) and AM, 6 discs changer, frequency range from 20 – 20,000 Hz, ±1 dB, Typical 101 dB signal-to-noise ratio.
PRICE: Rs.3,00,000
WARRANTY: 2 years (International warranty)

The sleek and stunning BeoSound 9000 is a system which can be loaded with six CDs at a time. And well, you don’t need to worry about placing them as its unique auto-positioning technology ensures that your discs are aligned within +/- 1 degree according to the position you’ve stored. Designed to adapt to an array of placement options, BeoSound 9000 has the ability to get automatically accustomed to the physical changes in the surrounding environment. Further, the system can act as a BeoLink Master, dispensing music to any Bang & Olufsen speakers around the place. Not to forget, the rapid speed at which it zips you from first to sixth CD as if it was just one big disc that you were listening to! Marketers’ delight: Stylish & minimum lead time.

Tester’s note: Pros – Excellent sound quality complimented by design. Easy set up and control. Con – Very expensive.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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India in a trance

Now IIPM's World-Class Education... for everybody!!

Struck by back to back wars and a terrible food crisis, India had a golden opportunity back in 1966 to alter its destiny. Unfortunately, we let it pass...

Just a year before the UK devalued its pound, India, too, had done a devaluation of its currency. The magnitude of that devaluation (by 37.5% from Rs.4.75 per dollar to Rs.7.50 per dollar) and a series of policy moves before and after the devaluation present the incident as a unique case in India’s economic history.

As an evolving economy throughout the 1950s, India experienced deficits in trade and the government budget, which the government tried to cover up with foreign aids. Though the foreign aid was never greater than the total trade deficit of India (except for 1958) during the period of 1950 through 1966, it was substantial enough. But an abrupt discontinuation of aid by US and other western countries after India’s war with Pakistan in 1965 forced India to literally bend in front of the World Bank, which had been shouting for liberalisation and rupee devaluation for some time.

Apart from the foreign exchange crisis, two additional factors also played a major role in the 1966 devaluation. Firstly, there was an accelerated inflation (due to huge deficit spending required by the war) that led to a disparity between Indian and international prices. India’s defence spending was at 24.06% of total expenditure in 1965-66 (as per the book ‘Foundations of India’s Political Economy’). Second, the drought of 1965/66 caused a sharp rise in prices in this period. Severe droughts and stagnant agricultural production started to build up pressure on the government.

Subsequently, food-grain production dropped by 17% and wholesale prices of food-grain shot up by 14%. By November 1965, all buffer stocks had been exhausted. When the then finance minister Sachindra Choudhuri was asked why the government did not wait another six months to see whether a good monsoon might make the devaluation unnecessary, he replied, “If we had waited another six months, we would have had absence of imports in India… action could not be postponed because all further aid negotiation hinged on it.” This shows how critical the dependence on US and World Bank was at that time. Dr. Subrat Kumar Mandal, Senior Economist, Public Finance and Policy avers, “The food crisis is the major reason that drove the government for devaluation and export promotion measures.”

Being promised assistance, the Indian Government, then led by Indira Gandhi, devalued the currency. This was associated with dismantling of the plethora of import controls and export subsidies as asked by the World Bank. It was perhaps India’s first step towards liberalisation; but unfortunately, it was done under pressure and by a team of policy makers who never believed that growth can also be achieved by liberalising the economy. As a result, when the World Bank failed to provide assistance as promised and the government was criticised by statements like, “You sold the country and have not even got the price,” it backtracked. Thus India gave up on growth opportunities provided by international trade that Europe, Japan, Taiwan and Korea exploited so effectively. Not only that, India also gave license raj a new breath of life by reverting back to an ever more stringent form of import substitution after 1969.

If policy makers then would have carried forward with what was forced upon the country, perhaps India might have been be 10 years ahead of China instead of 15 years behind. But there’s a parallel school of thought too. Mandal says, “India was not mature enough at that time for liberalisation.”

By deepak ranjan patra

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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MICHAEL LYNTON - hollywood comes to india

IIPM INTERNATIONAL - NEW DELHI, GURGAON & NOIDA

MICHAEL LYNTON
hollywood comes to india

As Chairman and Chief Executive Officer of Sony Pictures Entertainment, Michael Lynton recognises that fiscal responsibility, technological innovation and global growth are key to the studio’s future. He and co-Chairman Amy Pascal are very enthusiastic about India and its potential as our business expands there.

Sony Pictures Entertainment produced its first Bollywood film Saawariya, directed by Sanjay Leela Bhansali last year. In an article to the Wall Street Journal (September 2007), Lynton stresses that globalisation is not turning the world into a huge shopping mall. Rather, instead of creating a boring global village, he feels that the “forces of globalisation are actually encouraging the proliferation of regional diversity.” So, in his view, the world is changing the way Hollywood works, and it makes sense to “marry our production, marketing & distribution experience with the growing global appetite for entertainment tailor-made by and for a variety of cultures.”

With strong roots in India, particularly in television, Sony Pictures is growing its film and visual effects businesses in the country and Michael is quite optimistic about our potential for future growth in the country. In the entertainment marketplace, India is an exciting place to be doing business, and Sony looks forward to deepening our ties with the very talented community of filmmakers and others involved in the film business there.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.
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AMITAV GHOSH - Messiah of literature

IIPM INTERNATIONAL - NEW DELHI, GURGAON & NOIDA

AMITAV GHOSH
Messiah of literature

A a poet, novelist, author and anthropologist, that’s what describes Amitav Ghosh. Although he was born in undivided east India (now Bangladesh), but he has a close connection with India, Pakistan, Burma, Iran and finally New York by an umbilical cord.

An artist is best known for his art and Ghosh is no exception. He is an ideal figure, travel writer to usher in a new way of investigating the world. “His travel covers long periods of time, both in lived history and in human history. He is not a consumer of landscapes but someone who inhabits a place. His first contact with Egypt was as a quiet young professional academic. His later contacts were to re-establish relationships, to revive again what he’d seen and known,” Brian Kiteley, a professor of English and creative writing at University of Denver, and a good friend of Amitav tells B&E. So, as art is outbound to land, race, religion or territory, Ghosh is no more limited to Bengal, he is in fact a messiah in ‘the world of literature’.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.
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Technology

IIPM - Admission Procedure

In this era where knowledge is the keyword for development and power, technology provides knowledge a platform to exhibit its metal. Despite the status as a world leader in information technology, India fails to get any slot in among the top 20 of the world’s ‘Most Networked Economies’. This failure is chiefly because of the poor infrastructure for information and communication network across the country. Indian telecom had set a target to install 250 telephones in the country which is far too less when compared to other developing countries in terms of per capita telephone availability. However, this target should be enhanced, and around 750 million telephones should be installed with major focus in rural area. This device does not only let one communicate but also will help in fortifying projects like e-choupals. Along with the telephone there should also be accessibility to internet (broadband) and 75 more Indian cities should be installed with free broad band facilities i.e., should be made wi-fi cities. More of Nanotechnology institutes and courses be started, a minimum of 75 institute or colleges should be asked to introduce nanotechnology courses in their curriculum.

Bridging the decade long ‘digital divide’ is not an easy task but not even impossible. But then with collaboration with private companies and by replicating viable model, this divide can at least be minimised.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.
IIPM, GURGAON
IIPM : EXECUTIVE EDUCATION
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Since the 1950s, rapid GDP growth along with social justice

IIPM - Admission Procedure

Since the 1950s, rapid GDP growth along with social justice, rural employment schemes, welfare economics, hikes in threshold limit for personal income tax, taxes on cigarettes, and proposals to broaden the tax net were the underlying themes of almost all the election Budgets.

The shackled Indian elephant is running. The Asian tigers have given way to the dragon. Globally, there’s an ongoing tussle between the ‘Lexus’ factor and the ‘Olive Green’ one. The world has changed. But there are things that seem to go on and on. The Indian Budget, especially in the year before an impending general election, is one of them. It’s surprising, even funny, how the Budget speeches of the country’s Finance Ministers through the nearly six decades of Independence have read almost the same in such crucial years. The FMs seem to just borrow the ‘right’ phrases from their predecessors.

The rhetoric is the same. So are the sound bytes. The logic is straightforward. The proposals are only a bit different, and change with the context of the era. At the end of the day, the various Finance Ministers – ranging from Morarji Desai, Indira Gandhi, S.B. Chavan, Manmohan Singh, and Jaswant Singh to P. Chidambaram have talked in the same ‘Budget’ language, used the same expressions, and openly wooed the country’s voters. The Election Budgets, dear friends, have always been the same.

Invariably, the speeches begin with how India has truly – and finally – embarked on the growth path. They talk about how India is on the verge of going beyond the past years of slow and ‘edgy’ growth. Listen to Desai who, in 1961, said: “…the last 10 years have been a period of striking development in almost all sectors of the economy. Large investments have been made in agriculture, irrigation and power, major as well as medium and small industries, transport and social services. We are perhaps too near these events to be able to assess their full impact or significance.”

Chavan continued with the same economic theme in 1989, 28 years later. “I am happy to inform the House that the latest estimates of economic performance in the drought year of 1987-88 indicate that, despite the drought, GDP grew by 3.6 per cent. This commendable performance in a year of drought has been followed by vigorous growth in the current year and we expect the GDP to grow by 9 per cent or more in real terms. For 4 years in succession, manufacturing output has grown by over 8 per cent per year which is a clear vindication of the industrial policy of the Government.” Obviously, the architect of economic reforms, Manmohan Singh, couldn’t resist talking about how he has cut through the ‘shackled’ growth, and put India on to a path where she could soon become an economic superpower. In 1995, before the 1996 elections, he announced in his Budget speech that “the growth of our economy had fallen to less than one per cent in 1991-92. We brought the economy back to a growth of 4.3 per cent per year in the two years thereafter, and growth has accelerated further to 5.3 per cent in 1994-95. Few countries can claim as quick and smooth a recovery from as deep an economic crisis.” After all, he was the ‘original’ reformer.

This year too, Chidambaram continued with the same theme. And let me not bore you with extracts from his speech. I am sure all of you heard and saw it. So, what do these Finance Ministers do then in a year that has seen unparalled economic growth? What is their focus to provide further impetus to it? Do they go ahead and announce policies that will unleash the private sector and entrepreneurial activities? Sorry, they don’t. After all, it’s their last Budget before the forthcoming general elections.

So, they contend that economic growth is fine, but it has to definitely go hand-in-hand with development and social justice. For example, Desai said that “it would, however, not be wise to rest on our oars and take the present improvement for granted. A greater intensification of our efforts will be necessary in order to achieve that target. Development involves sacrifice and the essence of democratic planning is that the sacrifice should be evenly spread and should be forthcoming readily and voluntarily. I invite every citizen to participate in this sacrifice and to save more in order to invest more in the Small Savings Schemes.”

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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The deal wouldn’t ‘Burn’ away

IIPM : EXECUTIVE EDUCATION

Even without Nicholas the deal will see through, but it may dilute the process a bit
While the Indian Left is hell-bent on seeing the Indo-US nuclear deal die its natural death – the rightist forces led by some religious groups in the US are launching a campaign against the deal on the grounds that it goes against the US non-proliferation goals & strengthens India’s strategic options. In addition, the recent resignation of US’ Under Secretary for Political Affairs Nicholas Burns, the Chief Architect of the 123 agreement sent shivers down the Indian strategic community. However, the fears were short-lived – Nicholas will continue as the Special Envoy on the nuclear deal till at least the end of the Bush Administration.

The ongoing safeguards negotiations between the India administration & the IAEA are reported to be moving in a positive direction. The IAEA is considering India’s concerns regarding ‘disruption in fuel supplies & also ‘non-intrusive inspections’ – leaving its defence nuclear reactors outside the purview of inspections. However, it is difficult to say that any kind of agreement with the IAEA will be acceptable to the Indian Left, especially because their opposition is to the Indo-US nuclear deal & not really against the de-nuclearisation of India.

Taking Prakash Karat’s statement on January 21 into account, it seems that the deal is unlikely. But, Commodore C. Uday Bhaskar, former Director, IDSA, adds, “Even if Indian Communists oppose the deal and pull down the government, then the next Congress or BJP government will have to face India’s nuclear reality of shortage of fuel and nuclear isolation and will carry though the deal.” On the success of the deal, post-Burns, Ajay Lele, Research Fellow, Institute of Defence Studies and Analysis, (IDSA) India, said, “Nicholas Burns, before resigning has said that they have done as much as they could and won’t be making any more concessions. The fructification of deal will depend on how Congress is able to manoeuvre Indian Communists.”

B&E edit bureau: Rajeev K. Singh

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Sky’s the limit

IIPM : EXECUTIVE EDUCATION

Wish a Jaguar or a Land Rover could fly...

Has anybody ever wondered why Ford, world’s third largest automobile manufacturer and seventh largest in Fortune list finds it difficult to manage such niche and high-end brands like Jaguar and Land Rover? Well, the answer lies not with the dynamics of automobile industry but something else. For long, world has witnessed the exponential consumerism of the US. And now its becoming ambitious too. Consider this: Forecast International states in its report, ‘The Market for General Aviation/Utility Aircraft 2007-2016’ that ‘makers of general aviation and utility aircraft will turn out nearly 27,140 aircrafts worth approximately $22.55 billion during the period 2007-2016.’ It further states that ‘of the total number of aircrafts produced, 22,477 piston aircrafts will account for the vast majority of units produced (82.8% of the total).

Turboprop aircraft manufacturers will turn out aircrafts in lower numbers, for total production of 4,660 units (17.2% of the total). Turboprop value of production is projected to amount to $13.7 billion or 60% of the total, while the value of production of piston aircraft will amount to $9 billion or 40% of the total, due to the much higher unit prices of turboprop aircraft.’ Moreover, Very Light Jets (VLJ) are changing the dynamics of the private jet industry. Companies such as Cessna with its Citation Mustang VLJ, Eclipse Aviation’s Eclipse 500 are revitalising the fractional ownership industry. Reports state that more than 3,000 VLJs are already on order. A report by Charles M. Schulz – Sonoma County Airport, states, ‘The FAA/Transportation Research Board Business Aviation Panel has suggested that the market for VLJs could add an additional 4,950 of these aircrafts to the general aviation fleet by 2017. Other forecasts project from 7,400 to 10,900 new business jets entering the market between 2006 and 2014.’ Furthermore, it states that Federal Aviation Administration expects another 14,000 light sport aircrafts to be added to the General Aviation fleet by 2017 and that ‘the growth of the active general aviation aircraft fleet is forecast to increase by an annual average rate of 1.4% through to 2017, growing from an estimated 214,591 aircrafts in 2005 to 252,775 in 2017.’

So what does all this have to do with the inability of Ford to manage Jaguar and Land Rover brand? Well, no prize for guessing that these are not utility cars but essentially status enhancers. Yet on any given day, even a single engine piston aircraft like Cessna 172, or a twin engine turboprop like Cessna 421C is more of a status enhancer than a Jaguar or Land Rover, simply because they can fly. Already the VLJs are being termed as SUVs of the sky. Americans now buy personal aircrafts, the way Indians buy cars now. A Very Light Jet costs a shade more than a two million dollar while one can get a second hand piston aircraft at the price of a high-end Jaguar. Expecting this craze to go northward, Honda and Toyota have started working on making private jets. In contrast, in emerging economies like India and China, the craze for high-end cars is just growing due to increased affluence, just as the demand for Rs.1 lakh car would explode. Here, Ford prefers the Tatas exactly for the same reason for which Fiat finds it more feasible to sell its cars through Tatas as dynamics of these markets are far more different than the US and Europe. Ford bettered what Fiat did first. But don’t get surprised if Tatas bid for Fiat in a few years’ time.That’s the future of automobile makers in the US and Europe. Realisisng this, Ford has already started the exit game.

Pathikrit Payne

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Unravelling the first family of sarod…

IIPM : EXECUTIVE EDUCATION

The inimitable impressions of the Bangash family on Hindustani classical music…
Melodious notes have wafted through the corridors of their homes and wide-eyed cherubs have soaked them in, learning to recognise the notes of the Sargam long before comprehending the ABCs of the spoken language. Since ages, just as family values and traditions are handed down to the next generation, the passion and understanding of music has also been sown into their souls. The Bangash family’s affair with the sarod began in mid-17th century, when Mohammed Hashmi Khan Bangash – an Afghan horse trader with a penchant for the rebab (a plucked lute) – settled in India. As he developed an interest in Indian classical music, he egged his son, Ghulam Bandegi Khan Bangash, to modify the rebab so as to allow the best of both the cultures to fuse together. Thus the sarod was born and the next Bangash – Ghulam Ali Bangash – further tuned the instrument to perfection and also the techniques of playing the ragas on the same.

“In the family of khaandaani musicians (who belong to a long lineage), it is difficult to pin-point the time, age or date of entering into the world of music. There is no way to actively decide, I just absorbed everything happening around me. I just realised one day and felt honoured to be the humble representative of the Senia Bangash gharana,” says the 6th generation scion of the Bangash family, Ustad Amjad Ali Khan. His father Ustad Haafiz Ali Khan, learnt the fundamentals of the Senia gharana from Ustad Pyar Khan and Ustad Jafar Khan, who, incidentally, traced their lineage to one of the greatest music composers of all time – Tansen. In his career, he received patronage from the courts of Gwaliar and was the recipient of many awards including the Padma Bhushan in 1960.

Ustad Amjad Ali Khan was not one to merely loll on his forefather’s fame and he would go on to become noted for his style of playing the sarod. He also brought about new changes to the sarod and is today among the most respected musicians of our country. Holding audiences across the continents captive with his mesmerising performances, Amjad Ali Khan is a sparkling gem in the current Indian music milieu and has been honoured with a host of awards and recognitions such as the Padma Vibhushan. Reminiscing the years of his struggle, the doyen of Indian classical music says, “Nothing is easy, especially in the world of classical music. There was struggle, there is struggle and there always will be struggle in the future. There is no shortcut in this field. The expectations of the world are very high and there has to be quality music.”


From the outside, it might seem simple enough to carry on the legacy and many would chastise those who patronise every new generation of the same family and neglect artistes from not-so distinguished dynasties. “It is a great bonus. Like in any field, be it films or for that matter even a business house, a legacy always helps. You get the opportunity, the attention and the love of people. Having said that, one must keep in mind that eventually your work has to speak for itself. We cannot keep getting invited to a concert hall or to a music festival because we are sons of a famous father or for that matter, having seven generations of musicians behind us. Your work has to speak for itself. In fact, your legacy and your worth should speak through your work,” opine the sons of Ustad Amjad Ali Khan, Amaan and Ayaan Ali Khan. “There are a section of people who would blindly love you because they loved your father. Then there are a section of people who love you for your own space and finally a section that would come to tear you apart! The mantra once again lies in the fact that one must never take any concert for granted. Smallest of concerts can become the turning points of your life and the biggest of concerts can be disasters. Every concert should have the same feeling and approach as if it’s your first concert,” assert the brothers.

The impression that many have of Amaan and Ayaan being privileged and given opportunities that most music enthusiasts would label as ‘unfair’, is something Amaan and Ayaan have had to contend with. While they shrug off such sentiments with a, “Like the saying goes ‘it’s not as easy as it looks’,” they also have been putting in their all to come into of their own. With concerts in 20 different nations already behind them and capital world music and electronica albums to their credit, the two have moved on and today are often compared with their father. “In all honesty,” remark the boys, “it’s an honour to be compared to a man like Ustad Amjad Ali Khan. For at the end of the day, you’re being compared to the best! We don’t think anyone takes anyone’s place in life. There is room for everyone. Our father has already done the unthinkable to the sarod. But then, the work that we have done with the sarod had also never been done before. Today, the youth connect to the instrument, we see it in films, hear it in lounges and even clubs! Collectively as a family, we are trying our best to carry forward the tradition of Indian music.” The illustrious Ustad Amjad Ali Khan perhaps sums it up the best, “It’s a commitment from generations. We must surrender ourselves to God and to our guru… We feel happy and honoured to have received so much love and blessings from the whole world.”

B&E edit bureau: Anu Gulmohar & Neha Sarin

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Mind’s like that...

IIPM’s 36th Glorious Year of Academic Excellence

The real assets are perhaps those we overlook...

The world might have come a long way since Adam Smith wrote his pathbreaking book, The Wealth of Nations, but the essence of wealth in any business or for any nation, remains as inevitable as ever, even though its paradigm is ever changing. Gone are the days of Oregon Trail and the mad rush for gold; in today’s era, gold has been replaced by many of its poorer brethren as more important assets. Late 20th century saw the ascent of many of the Middle East countries simply because they were hosts to one of the largest reserves of crude oil in the world, an incredible wealth to hold on to. Soon it became one of the richest parts of the world. Yet the Arab sheikhs were prudent enough to realise that crude oil is an exhaustible wealth which made them start investing in physical infrastructure of Arab world as well as in the global financial markets.

The Arab investments in the US markets is just a shade less than a trillion dollar and ever increasing to make sure that even when oil is exhausted one day, their owners would not be. Similarly the world was for long divided between those countries which were bestowed with rich mineral resources and those which were not. Mother Earth by that standard has been a little more generous on Africa than many others. Yet more minerals and metals does not necessarily translate into more prosperity. Africa stands testimony to that. Contrast this with a country like Japan, devoid of any mineral wealth worth talking about. Yet, when Japan imports iron ore to make quality steel and from it makes world class cars to sell at a premium, it vindicates that the real wealth is perhaps not in metals but in the mind which can add value to them.

No wonder that Japan and the US are some of the richest nations of the world as they have allowed entrepreneurs to unleash the power of their minds and catapult the society to a higher paradigm.

Today, an operating system, a mobile phone or a micro processor can be called wealth but the real wealth are those whose gave shape to them. In the same league population was considered to be a major liability. But of late, two of the most populous countries of the world, China and India have realised that if they have ever done anything worthwhile, that was to nurture such huge population. In an era of market economy, the shrinking population and saturated market of the West, leaves the MNCs with only one choice, i.e. to invest and market in India and China. Not just as markets, India’s and China’s population can be considered wealthfor the incredible source of manpower they have become for the world. While the Chinese have specialised in being the manufacturer of the world, the Indians have specialised in the after sales service of the same.

But that this population doesn’t want to get restricted in it, is vindicated by the Tatas and Lenovos calling shots in global acquisitions.It doesn’t end here only. The biggest wealth of this world is still a calm mind and hope nurtured by the principle of self actualisation of East.Even wealthy West has accepted it. Against all odds, mankind still dream to live another day and wither the next Tsunami. So long this wealth of hope remains, other assets will work too.

Pathikrit Payne

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

Read these article :-
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