Domination July 2011

Regardez I'economie
In this issue
Jan Lokpal Bill One or more investors All Men lets buy Diamonds Kyunki Asli Maza Sabke sath Aata Hai Special Economic Zone Financial Inclusion Growth Inclusion Story of a hat
A Monthly Newsletter from the Students of Department of Management Studies, IIT Roorkee
Dear Readers, The smell of the rain- kissed soil is in the air. Yes, its the Monsoon season again, the season of scrumptious treat for mother earth. As the first rains hit the country, the people were out on the streets celebrating the respite from the scorching sun. And as you enjoy the first shower of rains with a cup of hot chai,pakoras and jalebis we are back again with a refreshing edition of Domination with yet another unique section Regardez I'economie. This section will specifically entail the major economic activities of the month gone by, that had an impact on the Indian economy. In the environment as dynamic as ours it might be difficult to point at a just and one direction but we will try and scrutinize whether it was a fruit of our government policies or the market forces flexing their muscles. During the course well also analyse the performance of the Indian Stock Exchange in brief, the barometer that keeps us abreast of the economy Contrary to the logic of discourse, the more the concept of Lokpal bill is debated, the more does its real purpose gets lost in ambiguity. Jan Lokpal bill discusses the most heated topic of the time. Diamonds are said to be the best friend of a woman. But why should men go ahead and buy them? To get an insight into it, we have for you: All Men--Lets buy Diamonds--Not just for your women but also for yourself too. Strategizing how to raise funds is a difficult thing. Single or Multiple Investors may help you decide the better way for sponsoring your project. Special Economic Zones have always been the topic of debate. While there have been many loopholes in it, the idea cannot be outrightly rejected. Both protagonists and dissenters have their own set of arguments. The article Special Economic Zone, throws light on this double edged sword. Standing out in a mind boggling range of products, an eye-glazing gaggle of ads, a wearisome stream of information and then connecting with the customers is the call of the day. Kyonki Asli mazaa Sab ke saath aata hai, is about the new Customer connect programme of SAB TV. Financial Inclusion Growth inclusion captures the essence of financial inclusion and the initiatives taken by the government for the same. DoMS-da-Vince brings forth the interview with Sumit Kapoor,a dynamic and vibrant consultant with over 9 years of experience Winding up, a short but fascinating story of a hat awaits for you in chlorophyll section. While the Monsoons rejuvenates you, grab on this edition of Domination..We will be back again next month with some more interesting think piece. Till then its Team Domination wishing you Happy Reading and Happy Monsoons.
-Regards Team Domination
Jan Lokpal Bill

Deep Pathak
One or more investors

Divye Garg
All Men Lets buy Diamonds

Dishant Hans
Special Economic Zone

Anshika Srivastava Rohit Menon
Kyunki asli mazaa sabke sath aata hai

Rahul Rathee
Financial InclusionGrowth Inclusion
Story of a Hat DoMS-da-Evince
Paresh Kulkarni
Interaction with Sumit Kapoor
Qutopia 18
Regardez I'economie
Jan Lokpal Bill

(inspired from one of the chapters of India against corruption )
Page 44 Page
Perspective
IPL , Hawala, Fodder, Bofors, Telgi, Common Wealth, 2G There is something common in these words. Yes, indeed these are those scams which have once hit the news headlines because of the scale of scandal and were then lost somewhere. Nothing much was done to catch the big fish involved nor was anything done to protect the tax payers hard earned money from the clutches of corruption. All the anti corruption agencies formed have one of these structural loopholes because of which they are incapable of a fair and square investigation:
Lack of Transparency and internal accountability: In addition, there is the problem of internal transparency and accountability of these anti-corruption agencies. Presently there isnt any separate and effective mechanism to keep a check on the staff of these anti corruption agencies .
Chlorophyll Chlorophyll Qutopia Perspective
In the first week of April,2011 Anna Hazare a veteran social activist launched a crusade against corruption and mobilized the public for the same.He demanded the entactment of Jan lokpal bill.A quick peep through what exactly Jan Lokpal bill is: The Jan Lokpal Bill : The Jan Lokpal Bill (also referred to as the citizens' ombudsman bill) is an anticorruption bill drafted by leading members of civil society that envisages speedy action in corruption cases against everyone, including ministers and senior bureaucrats. The law would create an ombudsman called the Jan Lokpal; which would be an independent body similar to the Election Commission of India with a power to whip anyone and everyone(if found guilty of corruption).
Lack of Independence: Most of the agencies like CBI, state vigilance departments, internal vigilance wings of various depart ment s, Anti-corruption Branch of state police etc are not independent. In many cases, they have to report to the same people who are either themselves accused or are likely to be influenced by the accused. Powerless: Some bodies like CVC or Lokayuktas are independent, but they do not have any powers. They have been made advisory bodies.
Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince
Jan Lokpal Bill

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Perspective Perspective
The bill was originally drafted in 1968. For 42 years, the government-drafted bill has failed to pass the Rajya Sabha, the upper house of the Parliament of India. The first Lokpal Bill was passed in the 4
th
conviction.
How will it help a common citizen: If any work of a citizen is not done in prescribed time in any government office, Lokpal will impose financial penalty on guilty officers, which will be given as compensation to the complainant. So, you can approach Lokpal if your ration card or passport or voter card is not being made or if police is not registering your case or any other such case. Lokpal will have to get it done in a month's time. You can also report any case of corruption to Lokpal like ration being siphoned off, poor quality roads been constructed or panchayat funds being siphoned off. Lokpal will have to complete its investigations in a year, trial will be over in next one year and the guilty will go to jail within two years.
Lok Sabha in 1969 but stalled in the Rajya Sabha. Subsequent Lokpal bills were introduced in 1971, 1977, 1985, 1989, 1996, 1998, 2001, 2005 and 2008 but all failed to pass. Lets have a look at few of the salient features of Jan Lokpal Bill: Salient features of Jan Lokpal Bill:
Chlorophyll Regardez I'economie Qutopia
An institution called LOKPAL at the centre and LOKAYUKTA in each state will be set up.
Like Supreme Court and Election Commission, they will be completely independent of the government. No minister or bureaucrat will be able to influence their investigations.
DoMS-da-Evince
Its members will be se-
lected by judges, citizens and constitutional authorities and not by politicians, through a completely transparent and participatory process thus ruling out any chances of weak and corrupt people becoming a part of it.
Cases against corrupt people will no longer linger on for years. Investigations in any case will have to be completed in one year. Trial,in next one year so that the corrupt politician, officer or judge is sent to jail within two years.
Regardez I'economie
The entire functioning of Lokpal/ Lokayukta will be completely transparent. Any complaint against any officer of Lokpal shall be investigated and the officer dismissed within two
The loss that a corrupt person caused to the government will be recovered at the time of
Jan Lokpal Bill

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months.
Corruption has been silently eating the vitals of the country since long.Its high time for all of us to rise against it and pay our little to wipe it out. We hope that the bill gets passed in the Monsoon session so that we can look forward to such India which has food for all, education for all, shelter for all and no corruption.
All the existing anti corruption agencies like the CVC, departmental vigilance and anticorruption branch of CBI will be merged into Lokpal. Lokpal will have complete powers and machinery to independently investigate and prosecute any officer, judge or politician.
It will be the duty of the Lokpal to provide protection to those who are being victimized for raising their voice against corruption. - Deep Pathak DoMS, IIT Roorkee Deep.pthk@gmail.com
DoMS-da-Evince
Regardez I'economie
One or more investors Is it a good thing for the company?

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Perspective Perspective expansion.
To start a new venture or grow an existing one, what is the most essential thing that you require? The answer to this is of course the capital or money. The company can primarily raise capital either through debt or equity. Adding debt to the capital structure is known as leveraging. If a company has more debt in its balance sheet we can say that the company is more leveraged and vice versa. Debt can be funded either through a bank or by issuing bonds which are known as corporate bonds. Equity on the other hand is also an important element of the capital of the company and represents the ownership interest. Both forms of capital are provided by the investors but in this article we are largely talking about the equity investors. A company raises capital in multiple rounds since valuation of a company changes over the period of time and the company can get funds at higher valuations in subsequent rounds. Also, it may not be possible for the investor to commit large amount of capital into the company in one shot. These rounds are known as rounds of financing. Initially, the company requires the seed capital which is mainly provided by the angel investors (high net worth individuals) to start its operations. The amount of capital provided by the angel investors is usually small since the business is in the starting phase and lot of risk is associated with it and banks are not ready to provide loans to the company. Once the operations take on, the company further can raise capital through venture capitalists or private equity firms for their growth and
DoMS-da-Evince
Regardez I'economie
One or more investors Is it a good thing for the company?

Page 88 Page 8 Page
Chlorophyll Chlorophyll Regardez I'economie Qutopia Regardez I'economie Perspective Perspective Perspective Perspective
The saying There are no free lunches in this world, holds true here also. The investor will onprovide capital only if he thinks that he can get a decent return on it. Angel investors, venture capitalists and private equity firms largely finance the capital through equity and not debt since equity provides larger return to them as compared to debt. Typically, they are looking for a return of around 30-40%. Depending upon the companys profitability and its future prospects they will either go for the minority or the majority stake in the company. The investors who are the owners of the company will help the company in its operations so that they can reap profits from the company in the future. Normally, the investors are long term investors and they have investment horizon of 3-5 years. Over the period of time when the company becomes profitable, investors will exit from the company when they are almost certain that they can get their required return on investment. The investor exits either through an IPO (Initial Public Offering) or by selling his stake to the promoters of the company or to some other investors. A company is always in dilemma that whether it should raise money from a single investor or multiple investors in each round of financing. There are both advantages and disadvantages which are associated with multiple investors. One of the advantages is that the company can raise larger amount of capital through multiple investors in-
stead of a single investor. During recession it may not be possible for a single investor to invest a large sum of money and at that time resorting to multiple investors will be advantageous for the company. Another advantage is that the company can get assistance from different investors especially when it is located across the globe. If the company is looking for diversification or trying to enter new markets, it can also look for their expertise in that sector. As there are upsides, there are also some downsides of having multiple investors. It becomes difficult for the company to manage the investors especially if they are competitors. There could be difference of opinion and misunderstandings among the investors. Another downside is that the promoters shareholding may get diluted since the investors always try to maintain a certain ownership in the company (usually 20%) in each round of financing. The entrepreneurs consider both the upsides and downsides of having multiple investors on board but at the end of the day what they require is capital and the power to make decisions on behalf of the company.
- Divye Garg DoMS, IIT Roorkee divyegarg@gmail.com
All Men--Lets buy Diamonds--Not just for your women but also for yourself
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Diamonds wo men's ways
are best
files of diamond and diamond jewelry players are expected to remain stable on the back of buoyant demand outlook. China and India, the fastest growing markets in the world, are likely to continue with their double-digit growth in the medium term. The markets in India have grown by around 25 per cent in 2010, and both China and India have contributed to around 20 per cent of the global consumer demand for diamond jewelry in 2010, as against 12 per cent in 2008. India is at an inflexion point and will see a structural shift in consumer preference for diamond jewelry over the long term, resulting in a strong demand growth. Jewelry sales in the US market, which accounts for around 40 per cent of the global diamond consumption, is estimated to have increased by 7 per cent in 2010, driven by recovery in consumer spending and inventory restocking by retailers. The US market is likely to sustain the recovery in consumption over the medium term. Prices of polished diamonds have increased by more than 30 per cent over the past year, in line with the rise in prices of rough diamonds. The strong demand coinciding with lower production has resulted in prices of rough diamonds increasing significantly and surpassing the pre-crisis peak levels of 2008. Rough diamond prices will remain firm over the medium term , supported by buoyant demand and
friends. It has alfascinated women all over the world. But to really think of it we do not know whether it is obsession, craze or passion of diamond or its just jewelry that has always lured women. The jewelry in India has always been gold, which had stolen the hearts of women of all ages and class. But now gold has been replaced by diamond. Diamond which was earlier meant for the elite, now it is common for all. It is believed that possession of Kohinoor will enable women to rule the world. So, after wearing diamond women feel its state of rule. It is due to the beauty and sparkle of diamond that it attracts all its buyers. Diamond satisfies the modern woman's need for something delicate and wearable. Let's take a bird's eye view of the diamond industry and find out what will be the growth of the industry in the near future. Diamond prices, which have witnessed a sharp rebound over the past year, will remain firm over the medium term because of increasing consumption in the emerging markets of China and India and recovery in the US market. Moreover, supply of rough diamonds is expected to tightly match the demand. The credit risk pro-
Chlorophyll Qutopia Regardez I'economie Qutopia DoMS-da-EvinceI'economie Regardez Chlorophyll Qutopia DoMS-da-Evince DoMS-da-Evince
Page 10 Page 10 Page 10
cautious supply management policies by the mining players. During the downturn in 2008, miners, especially the De Beers group, the largest supplier of rough diamonds, curtailed supply in line with subdued demand. While rough diamond prices may be volatile over the short term because of temporary demand-supply mismatch, the prices will remain stable over the medium term, as the supply is expected to increase with the De Beers group likely achieving full production capacity and Rio Tintos Argyle mine commencing underground operations. The world's largest diamond producer is Russia. Alrosa, Russia's state-owned diamond producer reported excellent numbers for 2010, namely revenue of $3.4 billion in 2010 which is around 1.5times bigger than the 2009 revenue. They expect even bigger revenue for 2011. The Israeli Diamond Industry is also experiencing a dramatic recovery, with growth of about 50 percent in 2010. In the first quarter of 2011.Israels net polished diamond exports jumped 46 percent. During the same period polished diamond imports into the U.S. rose by 22 percent over the first quarter of 2010. The US accounts for about 40 percent of Israels net polished exports, which stood at $5.8 billion in 2010.. Perhaps the most symbolic indicator of the renewed strength in the diamond market is Warren
Buffet recently standing behind the counter of a Berkshire Hathaway owned Borsheim jewelry store in Omaha following the companys annual general meeting and noting to a customer that he has never regretted buying jewelry.
The fundamental question here is whether the current strong upward momentum is sustainable or is it a short-lived reactionary spike in demand in contrast to the dire situation the industry found itself in the aftermath of the global financial crisis of 2008/2009? The most prevalent risk to the positive outlook for diamond markets is the overheating of the market itself. The +30% surge rough diamond prices during 2010 caused an increase in speculative rough buying over the last six months and now with polished diamond prices breaking through price resistance barriers the prevalence of speculative trading is becoming more pronounced. The risk of buying activity in dealer markets being dislocated from reality does exist whereby more and more market participants are buying for the sake of holding inventory as opposed to buying for the sake of fulfilling real demand from further down the pipeline.
Though overall outlook for 2011 is positive with polished prices on track to post a 20 percent
gain, however it important to be cautious about an ease in prices or at least a moderation in return growth leading into the slower summer season. It is in these times of higher market volatility where trading risk becomes more pronounced as many traders experienced the hard way during the strong pre-crisis upswing of 2008. This trading risk is more prominent to new entrants into the diamond investment market who do not fully appreciate the nuances and intricacies of what is a fairly complex and unique trading environment. Hence, from a more macro perspective, there is overall positive market sentiment which is being underpinned by solid market fundamentals. All eyes are now focused on retail sales during the
current May Day retail season in China and next months all-important trade show in Las Vegas which should set the tone for the second half of the year. In India, with a number of brands like Tanishq, Gilli, Carbon, Oyzterbay hitting the jewelry sector , diamonds are being branded in a big way with new entrants in the arena everyday. So all men out there, don't hesitate to buy your women, the sparkling stone, as it is bound to give you reward in the future, both in terms of investment and women ;-).
- Dishant Hans DoMS, IIT Roorkee Dishant.hans@gmail.com
Kyonki Asli mazaa Sab ke saath aata hai

Being heard amid the roar of your competitors voice is a daunting task in todays crowded marketplace. As a result, businesses are now seeking new and more effective ways of increasing brand awareness and more importantly, creating brand loyalty. One of the most important tasks involved in ensuring a brands success, is to develop an effective Brand Promise. To successfully position your brand above your competitors, and continuously fight for your customers, you must develop a brand proposition that when conveyed in marketing and advertising campaigns, will provide an attractive, unique, and relevant message to current and potential customers. The brand proposition must be such which is clearly understood, engaging and presented in the right context for relevancy. Apart from all of these it should offer a solution to the target audiences current wants, needs & aspirations. Providing a Brand Promise that is easily understood, engaging, and offers an emotionally positive solution to needs and desires, only serves to
enhance the current customers perception of the brand. It might also conduce new customers to look your way. But following through with an excellent product/service and customer support will put an indelible mark in the memory of your existing customers; one that will create brand loyalty through good and bad times; a sure sign of a brands strength. Media and Entertainment
(M&E) is one of the fastest growing sectors in India. The entertainment industry in India is estimated at about US$ 9.4 billion in revenues in year 2010, which is expected to grow at a rate of 14.1 per cent to reach revenues of US$ 10.7 billion in 2011. Further in M&E, the television industry is expected to grow by 12.9 per cent cumulatively over 2009-14. M&E players are aggressively entering the television (TV) broadcasting space. Broadcasters have added 444 television channels in the last five years with over 100 channels getting added in 2010 alone. Last year witnessed the second highest additions of television channels in the decade

after 2008 which has a record permission for 152 channels. All this creates a highly competitive & chaotic Television space where large number of players are vying hard for your eyeballs. Amidst the highly competitive Television industry fighting ferociously for TRPs, the family comedy and entertainment channel, SAB TV has launched a unique initiative -- an exclusive club for housewives across the country, a group that forms a significant proportion of the TV channel's target audience. It will be an initiative for the housewives, by the housewives, to engage them with the brand - thereby extending the brand platform and brand promise of 'Asli mazaa Sab ke saath aata hai'. The 'Happy Housewives Club' (HHC), as it is called, is an aspirational platform for housewives, where women from across the country would get an opportunity to exhibit their skills, such as cookery, art, pottery, music, dance or painting. They could even take up a social cause, celebrate a festival or simply go for a movie or picnic. The club is being rolled out in 20-25 cities in the Hindi speaking markets (HSM) in the country. Each club will have five to eight members. In the first phase, 20 cities will be targeted; SAB TV aims to have 2,000 such clubs across India by the end of the year.SAB TV will assign an HHC
manager to each club, who will take care of its day-to-day running. The manager will coordinate the first meeting and provide information on how to conduct activities and run the club. The members will meet once every 14 days. In every club meeting; members will be given themes by SAB TV. To participate, the club members need to perform the activity according to the theme, record interesting sections and send this across to SAB TV. The selected clips will be played in the HHC show, which will be aired on SAB TV every Sunday. This initiative has been planned to target the housewives who constitute a major part of TV viewing audiences in India. TV is their only source of entertainment and favourite pastime. In order to engage and create a bond with the women viewers, SAB introduced the Happy Housewives Club. Through HHC, it hopes to win over and create a bond with the women audience among the growing base of SAB families. This initiative will extend the core values of SAB, such as positive thinking, driving core family positive values and being happy and optimistic. These clubs are unlike regular kitty parties, as they will help housewives showcase their talents to millions of viewers across the country through SAB TV. These clubs will try to provide a unique platform for the aspirations of Indian

Housewives. Majority of the female audience fall into the bracket of 15-35 years, which is highly dynamic and vibrant age band with lots of aspirations. So striking the chord with the aspirations of those millions of Housewives would lead to the establishment of a strong emotional connect with target customer base & may provide a unique competitive advantage to the SAB TV in the battle of TRPs. This comes close on the heels of the success of SAB TV's other consumer connect programme, SAB Ka Mela, a fun and entertainment fair organised in cities such as Ahmedabad. SAB Ka Mela had a myriad of attractions such as games, rides, contests, stalls, art and culture shops, traditional folk dance and song performances. Artists from SAB shows also visited SAB Ka Mela to enjoy the festivities and reach out to their fans and audiences. Event provided a strong connect with the customers in Ahmedabad, which is the strongest market of SAB TV. Riding on this wave of success, Channel plans to take the event to 15 other cities including Lucknow, Nagpur, Jaipur and Ludhiana. In each city, the local culture and art forms will be brought alive with local artists performing at the events. An important aspect of brand development is to
create a positive emotional attachment to the brand which creates a response in its audience without the audience seeing the product or directly experiencing the service. Positive emotional bonding comes from a mutually beneficial relationship built on intrigue, trust, understanding, and support. These are qualities that often separate colleagues from friends, and friends from family. Build your brand promise on the basis that your product will deliver positive, relevant, and unique emotional qualities. SAB TV through all these initiatives has been trying hard to deliver on its brand promise of 'Asli mazaa Sab ke saath aata hai'. On-air promotions have been running on SAB TV and are attracting a good response. The promo shows housewives cheerfully going about their daily activities, such as watering plants, giving their family breakfast, hanging clothes out to dry, and so on. The promo ends with all these women coming together to meet and chat. Lets spread this message to your mummas, wives, sisters & all other housewives. Kyonki Asli mazaa Sab ke saath aata hai. - Rahul Rathee DoMS, IIT Roorkee Rahulrathee.iitr@gmail.com
Financial Inclusion-Growth Inclusion

Money makes money is a common saying that I have heard since long. But does it really hold good for all. Not always!! It all depends whether that person has the requisite knowledge or access to the financial institutions. Knowledge can be gained from systematic academic learning or by the experience. Thats how we had tycoons in financial world even when they were less educated. But if there are no financial institutions how can any individual deal in financial instruments or enjoy the services of financial institutions. Therefore, financial Inclusion is very crucial for progress of a nation. What is financial inclusion? Financial inclusion is the delivery of financial services at affordable rates to sections of disadvantaged and low income segments of society. The way of delivery of essential goods and medicines is crucial for the health of rural people. Similarly delivery of services like saving account, loan facilities and fixed deposits are important to keep their financial position healthy, especially when rural landlords and private lenders charge exorbitant rates. The term came into importance since a decade or so, by
being the topic of discussion at various global conferences & platforms. United Nations main goals of Inclusive Finance are to provide holistic service covering entire range of financial services, sound institutions, financial and institutional sustainability and to bring cost-effective solutions and a wide variety of alternatives to customers. Facts in India: Though on paper we might have made remarkable progress, the reality on ground is a little different. Say for example when the National Literacy Mission defines literacy as acquiring the skills of reading, writing and arithmetic and the ability to apply them to one's day-to-day life, practically, ability to read, write ones name and to sign are considered acceptable. Similarly while the international approach for financial inclusion may be providing all types of services as per the UNs goal, India focuses on financial inclusion confined to ensuring a bare minimum access to a savings bank account without frills, to all. According to the latest data, the percentage of population having a savings account is only 57 % with a majority being from an urban background. The percentage of debit card and life insurance holders is even less at 13 % and 10% and only 0.6 % of the population has non life insurance.

The lack of availability of financial services may result in a higher incidence of theft/crime, less savings /backup for difficult days, no scope for investment or money growth, difficulties in gaining access to credit or getting credit at exorbitant rates, etc. Even the small business may suffer due to loss of access to willing and able consumers and higher capital costs. Thus lack of proper financial inclusion leads to stagnation of economic growth of rural areas, and affects overall growth rate as well. Financial Initiatives: RBI being the regulator of financial institutions in India took key steps for financial inclusion since the beginning of this decade. Initially all banks were advised to make available a basic banking 'nofrills' account either with 'nil' or very low minimum balance as well as charges that would make such accounts accessible to vast sections of population. Thus it was an attempt to reduce the monetary barriers for financial inclusion. The idea of establishing more rural bank branches brick and mortar model, since long
back, failed to include more population in the financial domain at an effective and cost efficient manner. Then in 2006 RBI through its Financial Inclusion by Extension of Banking Services - Use of Business Facilitators and Correspondents, granted banks to use the services of Self Help Groups, NGOs, Micro Finance Institutions and other Civil Society Organisations as intermediaries in providing financial services through the use of Business Facilitator and Correspondent models for providing limited services. Nonbanking financial corporation (NBFCs) and microfinance institutions (MFIs) tried to capitalize this opportunity. Very soon few MFIs like Bandhan, Microcredit Foundation of India, SKS Microfinance Private Ltd created their place in the market. SKS Microfinance also went ahead with IPO and received overwhelming response from the financial markets. With few cases of misappropriate behaviour of MFIs, Andhra government came up with Microfinance Ordinance. Result, all MFIs lost heavily on their share prices and investors interest, making money raising more difficult for them.

Government must take help of the alternative delivery systems for last-mile delivery of financial services, may be post & telegraph infrastructure or the network of mobile companies. But there should be enough incentive for private sector or public sector for developing and expanding alternative delivery systems. Also regulatory impediments and price controls should be more pragmatic rather than based on idealistic theory. Continuation of existing regulations on banks to lend to priority sectors coupled with new
instruments, means of financial services can be of vital importance. Using the mobile phone technology to provide savings product to the poor appears to be a promising new solution. The pattern of discussion on issues or inviting suggestions from experts/general people as used by Ministry of Environment and Forests can be used for this issue to come up with new innovative solutions. Government must walk an extra mile; seek help from all sectors of society to have effective and cost efficient financial inclusion to further boost the economic growth of our country.
- Paresh Kulkarni DoMS, IIT Roorkee Pareshkulkarni1@gmail.com

SEZ
(Special
Formally approved: They have been given the land they require but other conditions have not been satisfied. Currently 584 in number. In principal approval: Land has not been secured but other conditions have been satisfied. 155 have been given these kinds of approval. Notified: Final stage after which the construction work begins. 363 in number.
Economic Zones) is a geographical region that has more free marketoriented policies than other parts of the country. A SEZ is established to encourage exports and to enhance foreign investment in the country. Its history backs to year 1965 when 1 st EPZ (Export Processing Zone) was setup in 1965 at Kandla which was followed by various EPZs being set up across the country. But EPZ model could not deliver the expected. Thus in 2000, the new export and import policy allowed for SEZs to be set up in public, private or joint sectors or by state governments. All eight EPZs were converted into SEZs with a total number reaching 19,prior to the promulgation of SEZ act . SEZs have been enabled to provide hassle-free and internationally competitive environment for exports. The various incentives for the SEZ developers so as to encourage them were exemption from duties on import, exemption from service tax ,income tax exemption of 100 percent for the first five years followed by 50 percent in the next five years, exemption from CST,MAT etc. Besides the operational ones, SEZs in the country can be classified into three types :

The above data represents the number of SEZs that are still on paper. As of now there are 114 SEZs that are operational in India. There are 3048 units working in these 114 SEZ. The total money that has been invested into the SEZs is around 1,66,000crores. These SEZ provide employment to 5,50,000 persons across the country. In 2010 (upto June 30th) the total exports were Rs. 58,685.46 crore (All data are from 2010,4th quarter) All these paint a rosy picture of the SEZ scenario. But the actual picture is much ugly. According to the Parliamentary Standing Committees 83rd report, presented In the RajyaSabha in June 2007, the Ministry of Finance estimated a revenue loss of Rs 175,487 crore from tax holidays granted to SEZs, for the period 2004-05 to 2009-10.More recently, in January 2010, the Central Board of Excise and Customs (CBEC) declared that it had detected gross violations of duty and tax concessions causing it to suffer a revenue loss of Rs 175,000 crore to date.Another important issue is

diversion of exports from DTAs to SEZs. In other words, the rapid increase in exports from SEZs has been accompanied by a drop in exports from non-SEZ areas, indicating a possible shift of units from outside SEZs into SEZs -- a trend that merits serious investigation. The idea behind SEZ was development of new units, not to encourage a mere shift of units from one area to another.The issue of positive NFE (Net Foreign Exchange) and physical exports is also controversial, as Rule 53 of the SEZ Act, which considers sale to DTAs from SEZs, is deemed exports. CAG report of 2008 observed that 22 SEZ units had been achieving the prescribed positive NFE mainly though domestic sales and this defeats one of the sub-objectives of the scheme which was to promote real exports.The extent of benefits drawn by developers (mostly real estate and infrastructure companies) in the name of export augmentation, and the tax exemptions taken together, in itself seem outrageous. All this, coupled with other factors like the measly prices at which government and agricultural land has been diverted to developers, and the social and environmental costs of these projects, results in cumulative losses to the public exchequer that far outweigh the benefits. Other than this SEZ came under severe criticism
for various social impacts in various parts of the country. Protests have risen over various corners of the country because of the unfair practices of land acquisition by the SEZs. They have been severely criticized for destroying agricultural land, causing pollution and using the land acquired for residential purposes rather than using it to develop industries. Besides all these problems the major grievance in case of various SEZs is that it has failed to bring any increase in FDIs. Though established mainly to increase the influx of foreign moolah and to attract foreign investors, sadly SEZs have failed in both these facets. Where did it all go worng? Various factors combined together to cause the failure of SEZs. Starting with formulation of laws. There were many loopholes which were exploited by the companies for their private gain.SEZs are becoming vehicles for domestic industries to shift their export segments and this could nullify the advantage of incremental growth in country's exports. Another reason is lack of infrastructure in the country. SEZ were successful in China mainly because the country had excellent infrastructure to offer even before the concept of SEZ was introduced and these have been continuously improved and updated by the Chinese govt. In case of India, lack of proper roads and other infrastructure facilities

has a large contribution to the failure of SEZs. Another reason is the locational disadvantage of various SEZ. Instead of few well developed SEZ spread equally throughout the country, India has numerous small SEZ developed in clusters across the country. This leads to inefficiencies in terms of transportations of raw materials. Also it leads to unequal development and administrative problems for the government. In many cases, the credentials of the developers are not so good as to enable economic financial closure, nor do they show pronounced organisational capabilities of leading high-impact business entities. As we can see the SEZ policy of the government has been termed as a major failure by various institutions and analysts across the country. However, there is still some scope of improvement which might turn the situation around:
Proper co-ordination between various ministries. Encourage units to add extra infrastructure to the zone. Through these we can try to convert the SEZ policy to our benefit. SEZs should not be outrightly rejected because one successful SEZ in the country can really bring radical changes to the country. India does not need more SEZ, neither does
the situation call for complete removal of SEZ policy, but the government must focus on combining small clustered SEZ into fewer, well established, properly equipped SEZ like those of China. Comparing to China, analyst suggest one Shenzhen (The biggest SEZ of China) can bring India FDI in excess of $20 billion with per capita income touching $5,000. This means India can become debt-free, with surpluses on its balance of payments! That is definitely something to achieve and hope that the government realizes the full potential of these SEZ by removing the fallacies of the present SEZs.
Strong fiscal disincentive/penalties for SEZs to sell in domestic market Proper location and size for every SEZ Proper checking of developers credential and a constant check on their activities. Proper rules to compensate farmers Disincentive for SEZ in and around metro cities
- Anshika & Rohit DoMS, IIT Roorkee anshikasrivastava26@gmail.com rohitmenonmech@gmail.com
Story of a Hat
It was a day in the middle of November in the early 1900s, the sun was bright, the weather cool. I could see the bright gleaming eyes and the smile of satisfaction on my Makers face. My body was shinning and I smelt of fresh satin and i was happy! Hey, before I forget to tell you, I am a hat! Yes I am the object that covered the bald head to the head with matted hair, the judges head to the plaintiffs. I was treated well when I was young and now I lay as a piece of decor on my maters wardrobe. I might be old but I am still happy! Let me tell you my story Just after I was born, I became the object of my Makers delight; he was fine old man treated me like his son. I was the example of his art and was always put in the showwhom I could ever live! It was love at first sight. We were put side by side on the most gleaming showcase; it seems to me now that it was all destiny! I saw her and it seemed to me I was just born to make her happy, she smiled at me and it seemed she reciprocated my feelings! I was shy, I was young, I could not talk to her much that day, but I couldnt keep quite either. It was a strange feeling, a happiness that i could never explain! That was the first day! Every day after that the visitors, young boys and girls, old stout men, busy businessmen, were passing by the shop, they never missed looking at us with a smile and longing. We, it seemed to me were the ideal couple. I would spend the entire day looking at her and admiring her beauty, i never grew tired of it! We didnt need to talk as our eyes said everything! At nights when the shops were closed, and the beggars asleep on the streets, i could see her, my love, in the moonlight! Oh! That was a sight to behold! Man could after all rival Gods creation I felt! And so time passed by, I never grew old of her, I never wanted anything. I had her and she had me, we were after all in separable! But as in all epic love stories, the climax came. My master who had gotten old had passed away, leaving the shop to his grandson. Now he being a young brash could never understand the art that we were. He sold the shop! We were on the streets who case.
But I aint complaining, because here i met my love, my darling, my sweetheart, the one without
Story of a Hat
waiting to be auctioned. I prayed and hoped that wherever we go, we go together. Our eyes had welled up, but i was still holding her hand, as if I never wanted to let go. But prayers are never easily answered. We were sold to two different customers. My master a young gentleman made no delay in putting me on his head. And as he walked away I walked away from her. I could see her weeping on top of a ladys head, she adorned, oh, she still looked so pretty. and a depressed mind, it was the start of a new life for me in more With a broken heart ways than one.
I slowly got used to the drudgery of my life. I changed masters, got stitched and painted, got the ribbons on my face changed, but my heart never changed, it still belonged to one i ever loved. I spent nights thinking about her, her well being, her condition and most of all hopes beyond hope of meeting her again. Her face just flowed on my mind all day. Then one day, it was drizzling, i was going with my master, a law student, who had put me on to save himself from the rain. The young guys have no respect for anyone I must say. As we were hurriedly moving, this guy bumped into someone hard, and I fell from his head, I rolled a little and stopped, I was shocked! There was she right in front of me, the same angelic face, and the same unrivalled beauty! Could someone fall in love at the first sight with the same person again? It seemed so! She hadnt changed a bit but neither did my heart it seemed! She still loved me; I could see it in her eyes. There was happiness and the sadness of the thought that we would part again. My heart it seemed would break once more. But human beings, I must say are very much like us! As we had fallen in love all over again, my master and my loves lady, as they had bumped into each other, had been stuck by cupid it seems. Love is special, I now believed. So that day was special for both of us couples, as we never left each other, and never intend to. Our masters considered us lucky for them and gave us a special place in their wardrobe and their hearts! And even as I tell you this story, I am sitting right beside, holding her hand and looking at her eyes! - Aniruddh De DoMS, IIT Roorkee Aniruddh.de@gmail.com
Qutopia 18
Page 23 Page 23
Its Exquizite, Kills your Quriosity and adds to your Quizdom. Need we say more? Qutopia A Utopia of the best Biz Quiz Tidbits to wreck your brains! Rush in your answers to domination.doms.iitr@gmail.com, rajneeshkumar3@yahoo.co.in before 31st July, 2011. The winner will have their names published in the next issue. Also, person getting the highest score in the current quarter (July-September 2011) will get a gift voucher. Answers in the next issue of DoMination.
Section A
(1 Point for each correct answer)
1. Identify this network of trade route used in Ancient times?
2. Borrowers who have good credit Rating are known as "Prime" Borrowers. If a loan is given to borrowers having poor credit Rating, what is the name given to such borrowers?
3. This is a document prepared by a company mainly for potential investors for entering into the primary market through an Initial Public Offering (IPO). Name this document which may not contain information like the price nor the number of shares to be issued.
4. Name the two companies that will replace Reliance Communications and Reliance Infrastructure from the Sensex, BSE Benchmark Index from August 2011?
5. Name this author who recently launched his second book in the Ibis Trilogy series covering the events just before the Opium War between Britain and China?
6.Connect the following?

Tata Docomo: Tata Teleservices :: Idea Cellular: ____________ ?
Qutopia 18
Section B
(2 Points for each correct answer) Page 24 Page 24 Page 24
Qutopia Chlorophyll Chlorophyll Qutopia Regardez I'economie Qutopia Regardez I'economie Perspective Perspective DoMS-da-EvinceI'economie Regardez Perspective Perspective Chlorophyll DoMS-da-Evince DoMS-da-Evince
1. He is a former Governor of RBI. Identify this Padma Vib-
hushan Awardee?
2. India has Double Taxation Avoidance Agreement (DTAA) with as many as 79 countries providing specific relief to taxpayers to save them from double taxation. Majority of the Foreign Institutional Investors (FIIs) investing in the Indian Stock Market operate out of Mauritius. Along with DTAA, what other benefit attracts FIIs investing in India to operate out of Mauritius? 3. What connects the following: Process: People: Physical Evidence? 4. This is the type of market Structure characterized by large number of Competitors producing slightly differentiated products, low barrier of entry & exit and have large Marketing Budget. Name this type of Market Structure or competition
Answers to Qutopia 17 Section A:

1. 2. 3. 4. 5. 6. Burj Al Arab, Dubai, UAE Islamic Banking Smokey Bear in the world and AMUL in India Warren Buffett, Chairman & CEO, Berkshire Hathaway Facebook brought the fb.comdomin name from Farm Bureau of America in Jan 2011 Dr. Amit Mitra
Section B:
1. 2. 3. 4. Mr. B. Muthuraman, President, CII As of March 2011, China Mobile is the worlds largest mobile phone operator with over 600 Million subscribers As of March 2011, 85% of west Bengal states revenue receipt was spent on committed expenditure. The book is Liars Poker authored by Michael Lewis
Winner:

- Rajneesh Kumar DoMS, IIT Roorkee rajneeshkumar3@yahoo.co.in
Udit Gupta (DoMS, IIT Roorkee: 20102012 Batch) Manoj Gurramkonda (DoMS, IIT Roorkee: 20102012 Batch)
The Winner for the Quarter 1 (April to June Edition) is Gurramkonda Manoj (2010-12 Batch) with 36 Points out of a Maximum of 42 Points
DoMS-da-Evince
This time in DoMS da Vince, we bring excerpts from an interview with Mr. Sumit Kapoor, a dynamic and vibrant consultant with over 9 years of experience. Apart from being a Management Graduate from DoMS, IIT Roorkee (Batch 2002), he also has a certification in Management and Leadership (one year course) from Harvard Business School. Besides his wonderful credentials this vivacious alumni holds a mixed bag of experience in several top notch companies like Ernst and Young, CBRE, Deloitte Touch Tohmatsu, Jindal Group and an exposure in the domain of Transaction Advisory, Management Consulting, Executive Assistance and Corporate Finance across several business sectors.
1.) What were the roles and responsibilities while working with Jindal Group? I started my career with Jindal Group in the domain of Corporate Finance but eventually became a key resource of their Corporate as well as Project Finance team. I was solely responsible for the work done as regards to Project Appraisals and Project Debt Funding, including maintaining relationships with all the term lenders to the company, and in the process achieved financial closure for projects worth over Rs. 1,000 crores. I was fortunate enough to introduce the concept of derivatives by way of an interest swap and a currency swap. Moreover, at the time of first private equity placement in one of the sister concerns of Jindal group, with a renowned private equity player, I worked as a key resource person in handling the financial aspects of the deal, which finally was closed successfully.
In addition to the above, I contributed to exercises like analyzing investment strategies, evaluation of acquisition proposals, debt restructuring from the perspective of optimizing debt cost structures, valuations of group companies from the perspective of merger for strategic purposes, etc. 2.) What prompted you to take a course at Harvard Business School and how did it help you in your career? HBS came in as luck for me. I was working with Deloitte, then, and was short-listed to participate in a competition wherein the employees of Deloitte, short-listed globally, compete to be selected for a structured programme duly organized in and by HBS. The process involve testing the employees on the basis of their managerial and technical skills and 2%-3% of the shortlisted employees then go to HBS for further
DoMS-da-Evince
studies. 4.) How was the experience working with CBRE, a real estate firm? CBRE was a good experience in terms of understanding the world of real estate not only from the perspective of consulting but working very closely with the brokers and thereby, understanding the Reality of Reality. 5.) What challenges did you face working as the Vice President of E&Y? EY was definitely a senior role to play with larger teams and responsibilities to handle. What one required under such circumstances, to posses, was the ability and willingness to plan meticulously and execute carefully. Considering the responsibilities attached to my kind of role, every assignment was unique in itself requiring a detailed level of homework with targets defined well in advance, even before I could win over my clients to get a new project for myself. Moreover, this level of roles demand for people who are self-motivated to perform under difficult situations that maybe everlasting in nature. 6.) What has been the most challenging role in your career so far?
I believe that all the roles I have been a part of had some or the other challenge. In my first job, my challenge was that I was a fresher while in Deloitte, the challenge was that I was a fresher to the world of consulting and a system well known to have defined set of processes. CBRE threw me into an unorganized segment of consulting wherein I used to interact even with the lowest strata of the world of Real Estate as well as unorganized brokers to understand markets and EY I have already discussed. However, I must also admit that had these challenges not been a part of my career, I, probably, may not have seen myself learning new things and grow in my career. 7.) How has DoMS, IIT Roorkee contributed in your success? Well, I should be thankful to anything and everything thats been a part of my life, be it my early education days, my stay in DoMS, IIT Roorkee, my teachers, family or friends. But I definitely owe a major part of my grooming to DoMS days. I would simply summarize it in a way that while I gathered knowledge from wherever I worked or places and people I visited, but at the end of the day, DoMS, the faculty and my batchmates as well as friends in other department of IIT Roorkee really helped me learn and recognize the fact that its not important to do your work but its
DoMS-da-Evince
equally important as to how you do it. As is said, SMART WORK is better than HARD WORK. 8.) Any message for the readers, especially the current batches of DoMS? I feel that DoMS, like any other institute of this country, has always been bestowed with students with different skill sets and capabilities. Infact, in certain cases, I find ourselves better than others as we are constantly struggling to bring in the best in ourselves and bring laurels to our institute while some other institutes wherein, a certain level of excellence has been achieved, is leaving some fronts unattended. I think this is the best time we can utilize to capitalize on the growth our country has achieved and is yet to achieve. We shouldnt forget that one will have to struggle in good and bad times.
In good times, there will be lot of work while in bad times, there will be lot of efforts to have lot of work. Secondly, look at MBA programme more as a means to hone up your technical as well as soft skills, the latter one being equally important as former one. Thirdly, and I think one of the most important requirement; one should be clear of what he/she has to do in life. If you are not clear on that, you are more likely to get a job and not a career for yourself. The very fact that one is clear about what he/she has to do in life automatically answer several questions on how he/she has to do it. And to do it in the best possible manner, I would strongly recommend that you should actually make use of the brilliant faculty resource we have in DoMS as well as IIT and gain as much as you can from their experience to understand how to plan your life.
Regardez I'economie
Page 28 Page 28
Welcome to our new section Regardez I'economie

In this edition, we delve into the major economic activities of June 2011 that had an impact on Indian economy
There is a lot being said and written about t he UPA Governments failure on social front since it organized a planned mid-night swoop on the fast called by Baba Ramdev.The fast was called by Anna Hazare and later by Baba Ramdev, to pressurize the Government to come clean on the anticorruption front, after high profile corruption cases like the CWG and the allocation of 2G spectrum licenses involving union ministers from the ruling UPA Government came to light. Clearly, the intentions of the Government seem dubious, given the long-ranging differences over the draft of the Lokpal Bill between members of the Government and the members of the Civil Society. Government claims that they wont allow them to run a parallel Govern-
ment, in a way signaling that they are above the Civil Society. Whatever may be the outcome, but these activists have been successful in giving sleepless nights to the Government and have after a long time united the aam aadmi, giving them a common cause to join hands. It is not only on the social front in which the UPA Government is faltering. On the economic front also it is high time for the Government to come out of the political mess and turn its attention to the much awaited economic reforms that had been promised by the UPA before its victory. For example, reforms in its FDI policies for sectors like retail and insurance. Also the implementation of the Goods and Services Tax (GST) has been long overdue, a mode which will make the taxation process simple and the producers will be taxed just
once rather than separately, to account for both the Centre and the States. Inflation has been a constant head-ache for this Government as the headline inflation; the WholesalePrice Index (WPI) has been hovering at around 8-9 %, much above the RBIs comfort limit of 5.5%. This surge in inflation has primarily been led by the food inflation due to increase in the prices of primary food articles like milk, sugar, pulses, fruits, vegetables, etc. The consumers are feeling the pinch of inflation, leading them to reduced spending. The Reserve Bank of India, in its endeavor to tame the inflation, has increased the interest rates ten times since July last year but has still not found any headway. As a result of the increase in interest rates, the lending has become very expensive. The corporate is
Regardez I'economie
either cutting down or delaying its projects until the rates come down, leading to reduced investment environment all-around. Tracking the performance of the Benchmark indexes, namely the BSE and the NSE on this backdrop, we can see that the BSE SENSEX which was at 18608.81 as on June 01, 2011 had slipped to 17550 as on June 23 as Foreign Institutional Investors (FIIs) have been dumping Indian stocks recently, on worries over rising inflation and a slowdown in economic growth. They have sold a net of $ 628 million in a total of eight sessions to June 21. But the markets witnessed a bull-run in the last week of this month as the BSE's 30share SENSEX rose 513.64 points, or 2.89%, to 18,240.68, its first weekly gains this month, on June 24th. The NSE's 50-share Nifty gained 151.25 points, or 2.84%, to 5,471 on the backdrop of a drop in international crude prices after
the non-OPEC members of the G20 nations decided to release 60 million barrels, equivalent to three days of US demand, from strategic reserves, to counteract the ploys of the oil cartel and to increase the global oil supply .The investors also cheered the European Union's commitment to bail out Greece, if Prime Minister George Papandreou pushed through austerity measures.. A recent bold move by the Government has been the increase in the prices of diesel by Rs. 3/lt, kerosene by Rs.2/lt and cooking gas by Rs. 50/cylinder. To provide resistance to inflationary pressure, it withdrew the 5% duty on crude and reduced Customs and Import duty on diesel. Also, it urged the states to cut back on the taxes levied by them, to limit the increase in pump prices. The increase in prices again led to scathing criticism of the UPA Government, backed by the opposition, who is calling this Government anti-people.
Economists are of differing views regarding the hike in prices as some are of the view that the move is definitely inflationary and the inflation would move up by at least 1 percentage point and would touch double digits. The others are of the view that the move would be inflationary only in the short run but in the long term, economy would be able to absorb it considering the supply would improve on the back of a strong monsoon and the prices will drop. Whatever the consequences, but the markets opened in green the next trading day to the hike in prices, suggesting that the investors gave a thumbs up to the hike. But clearly, there was not much option before the Government as it was under severe pressure from the Oil Marketing Companies (OMCs) and the Oil Ministry to hike the oil prices. It was getting difficult for the OMCs to further carry on with the burden of huge subsidies on oil as crores of rupees are lost
Regardez I'economie
Everyday owing to selling at such subsidized rates. This has lead to reduced refining margins and as such to reduced bottom lines. Even after this hike, the Oil ministry stated that it would cost around Rs. 67,000 Cr. to the exchequer owing to the downward shift of duties. So, this hike would only marginally improve the earnings of the OMCs. The markets panicked to the downward forecast of the monsoon from normal to just below normal by the Indian Meteorological Department (IMD) as most of the indices of the 30 stocks Benchmark SENSEX ended lower than their previous days close. Even the GDP figures for the last quarter were not very encouraging as Indias econ-
omy grew by just 7.4% in the last quarter compared to the 8.2% growth rate it achieved in the previous quarter, leading to downward revision of the GDP figures for the full year by the international rating agencies, though only marginally. But the figures itself are not very encouraging for the Asias and the Worlds second fastest growing economy given the fact that it grew by an average of around 9% while the global economy was in the midst of a recession. The last month also witnessed a bad news for global companies intending to list on the Indian bourses by issuing Indian Depository Receipts (IDRs) as the SEBI, in its report, stated that IDRs shall be deemed to be infrequently
traded if the annualized trading turnover in IDRs during the six calendar months, immediately preceding the month of redemption, is less than five percent of the listed IDRs.The Standard Chartered issue of IDRs were traded aro u nd 48% which means that the IDRS will not be available for conversion into equity shares (10 IDRs make 1 equity share). This means that Standard Chartered could well be the first and also the last company to list in the Indian markets by way of IDRs. With this new announcement by SEBI, investors who were hoping that they would be able to convert and make some profit would be in for a major disappointment.
- Mukesh Rathi DoMS, IIT Roorkee Mukesh_rathi_18@yahoo.co.in
The Team
Shruti Goel Anuj Mody Chetna Yadav Anirudh De Deep Pathak Harsh Singh Mukesh Rathi Pallavi Rajneesh Kumar Rohini Sharma Rishi Arora Udit Gupta Sudeep Dakua

Domination July 2011

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Regardez I'economie

-Regards Team Domination

Jan Lokpal Bill

One or more investors

All Men Lets buy Diamonds

Special Economic Zone

Kyunki asli mazaa sabke sath aata hai

Financial InclusionGrowth Inclusion

Story of a Hat DoMS-da-Evince

Interaction with Sumit Kapoor

Jan Lokpal Bill

Chlorophyll Chlorophyll Qutopia Perspective

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

Jan Lokpal Bill

Chlorophyll Regardez I'economie Qutopia

Its members will be se-

Jan Lokpal Bill

Chlorophyll Regardez I'economie Qutopia

One or more investors Is it a good thing for the company?

Perspective Perspective expansion.

Chlorophyll Regardez I'economie Qutopia

One or more investors Is it a good thing for the company?

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

- Divye Garg DoMS, IIT Roorkee divyegarg@gmail.com

Diamonds wo men's ways

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

- Dishant Hans DoMS, IIT Roorkee Dishant.hans@gmail.com

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

Kyonki Asli mazaa Sab ke saath aata hai

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

Kyonki Asli mazaa Sab ke saath aata hai

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

Kyonki Asli mazaa Sab ke saath aata hai

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

Financial Inclusion-Growth Inclusion

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

Financial Inclusion-Growth Inclusion

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

Financial Inclusion-Growth Inclusion

- Paresh Kulkarni DoMS, IIT Roorkee Pareshkulkarni1@gmail.com

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

Special Economic Zone

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

Special Economic Zone

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

Special Economic Zone

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

- Anshika & Rohit DoMS, IIT Roorkee anshikasrivastava26@gmail.com rohitmenonmech@gmail.com

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

1. Identify this network of trade route used in Ancient times?

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

6.Connect the following?

1. He is a former Governor of RBI. Identify this Padma Vib-

Answers to Qutopia 17 Section A:

- Rajneesh Kumar DoMS, IIT Roorkee rajneeshkumar3@yahoo.co.in

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

Welcome to our new section Regardez I'economie

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince

Qutopia DoMS-da-EvinceI'economie Regardez DoMS-da-Evince