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    of 125
    wo. 39047/@1| 31DECEMEER2022 Bern Ny] U0) THE YEAR OF RECOVERY As the Indian economy approaches the $5trillion milestone, alook at what 2023 holds for the various sectors o, o © Manufacturing PN tet TC) CTT) Tamilnad Mercantile Bank Ltd Set your business on Speed Track for Quantum Leap in turnover ! Your vision to achieve targetted business volume is within your reach, TMB sets the path and has. ideal MSME loan schemes suitable for varied industries with highly flexible terms. TMB is fully committed to providing full-fledged support to MSME Sector as it plays vital role in country’s growth engine. If you are an entreprenuer having a viable project and killer instinct, TMB recognises it and lends loan to start your enterprise. Visit TMB, talk to our executive, we will extend fullest cooperation to succeed on your project. ince | Term Loans | Working Capital Finance ‘Conditions apply oe TECHSC! RESEARCH : from NOW to NEXT RESEARCH BASED BUSINESS CONSULTING COMPANY RESEARCH OFFERINGS ACROSS VALUE CHAIN + Market Entry Strategy/ International Expansion + Competitive Inteligence _« Opportunity Assessment + Competitors Profiling + Growth Strategies + Competitive Benchmarking + Channel Pariner Strategy , ° + Market Landscaping + Need Gap/Pain Point Sau Analysis + Market Forecasting * ® + New Product Testing + Customer Satisfaction + Pre & Post Communication Tracking + Advertising Effectiveness . Se + Event Promotion Effectiveness + Brand Perception Tracking + Price Sensitivity + Market Segmentation + Consumer Behavior Studies = Conumer!Shopper Insight _ www.techsciresearch.com sales@techsciresearch. com | EDITOR-IN-CHIEF’S NOTE YEAR OF RECOVERY ANNURAG BATRA, Mamuraghatra@busineswworkd.in “Learn from yesterday, livefortoday, hopefortomerrow. Theimportant thing isnotto stop questioning.” Albert Einstein ‘THE MORNING, they say, shows the day. If the last two quartersof the 2022 financial year are a harbinger of trendsin 2023, it will bea'year of recovery, growth and recalibration’ The World Bankexpects Indi real GDP to growat 6.9 per centin the 2022-2023 financial year, revising upwardsits previcus projection of6.5per cent. The International Monetary Fund (IMF) 00 sees India doing relatively well amidsta despondentglobal scenario, in which growthis expected to slow down to 2.7 per cent. Ina recent report the IMF has forewarned that “The worst is yet to come, and formany people 202: will fel ikea recession” In India, the government's carnings have increased consistently from the Railwaysand direct taxcollections. India's foreign exchange reserves crossed $550 billion recently. Overall exports (merchandise and services combined) during April-November 2022 shot upby 7.72 percentover he ‘same period lastyear. This trendis expected toroll ever into 2023 as well. So,howis India tackling the eccnomic challenges of the day? Itisdoing so by increasing publiespendingand by monitoringand taking measures to tame inflation. In her last budget, Union Finance Minister Nirmala Sitharaman had raised capital expenditure by'35 per cent toRs 7.5 lakh ‘crore. Ina recent interaction with industry representatives, the finance ministerhinted thatthe trend would continuein her fifth budget, expected tobeannounced ina monthistime. Increased public spending, particularly in infrastructure creation, is slready paying dividends. More than a dozen expressways became operational in 2022. Another 30 new expressways and highways are expected to startoperation in 2023. The work on the dedicated freight corridor, the Delhi- Mumbai expressway, is inching towards completion, while construction activities in both housing and commercial projects, have shown a significant uptick. In this issue we shine the spotlight on. some key sectors that capture trends likelyto continuein the year ahead, With each passing week more cities and towns arewitnessing the rolloutef5Gservices, which willimprove connectivity wellinto 2023. The automotive sectoris atlast showing signs of recovery, after being down in ‘thedumps for twoyears. Carsalesareexpectedtocross 2.88 million units in 2022, crossingthe previous benchmark of 3.33 million unitsin 2018. ‘The FMCG sector, that reveals consumer spending, showed large volume _growthin the second quarter. These trends have heen capturedin our ‘special reports, columns and expert opinions. We hope you enjoy reading this issue, as much as we did in putting it together. HappyNew Year! 4 | BW BUSWESSWORLD | 31 Doconir 2022 LIC’s NEW GROUP LEAVE ENCASHMENT PLAN Holidays are now more enriching. 1] —Ze> | “ Salient Features: " Scientific funding of Leave Encashment liability = Guaranteed interest rate » Benefit of insurance protection Attract and retain talent with LIC’s group schemes Contact through https://Imspgs.lici id or email id- groupbusiness@licindia.com IRDAI Regn No. : 512 Follow us: (FQ YG [) (]G) ucinda Forever 2) LIC BW BUSINESSWORLD GROUP CHAIRMAN € EDITOR-IN-CHIEF: “css os Aah sa. Nene Shre, Rene DAE “Sonne Rob Chita esp gan, Corynden: Ae Sharma yond Apron Ne payor aa sacle oe Madea Cabo Sma Kesh osc ish Bd Se Kan Avo Senge Taos ht etd nar tgp tne A Kae "strnage oe anys ‘w Onn: est Stor onan Singh et ear Anurag Ge appuunarSngh Suny Kumars fear a Co f comipons SHOW YOUR INTENTION TO INVEST & REQUEST ONE-TO-ONE MEETING WITH CM ON Www.investmp.in EE «cy Focus sectors ‘AuTomosies PHARMACEUTICALS, VARMACEUTICALS, AGRICULTURE. ‘TEXTILEAND, Locisrics AND AEROSPACE & NeINeERING, —— ,MEALTHCAREG.” op pRoCeSSING ‘GARMENTS WAREHOUSING DEFENCE, NATURALGAS & RENEWABLE URBAN DEVELOPMENT rane PETROCHEMICALS rou ENERGY rouse mou pune SCAN THE mpc QR CODE X) CONTENTS "= VOLUME42, ISSUEOS * 31DECEMBER2022 4 A YEAR OF RECOVERY, GROWTH \ ‘12Jottings Renewed othinconporte ln: Snr Pi bulkonadonstartis: Carsleson atighagont Who alter tet? 14cowmns Vikas Singh (14) AmtKapoor$ Amitabh Kant(p. 16) Srinath ridharanf Stove Correa: (p18) JeyeshShah p22: ‘Noo: Fathima Warsa;(p.24) Minhaz Merchant p-50); Srieath Sridharan (p-S2); Kiran Karnik $4); Amit Tiwari (p-S6); S.S.Manthatp.68);Atulkurani (p-72); UnmeshPawor (p.86);Srinath Sridharan€ Nilesh Khare (p16);Rachra CChnachi(p. 120) 36 E-gaming ‘surah DvlogmentE coe end ecoartencanbeagane change br Cie AND RECALIBRATION 42 Cimote Change © Pushing for Growth Whiletheglobaloutiook for 2023 remainsbleok India mayemerge asabeaconot growthandrecovery ProjectFoundationinda, orm BOG ofMCKekataonthertigation strategies needed to combat climate ctange G2 aviation Thereisomegaboomin theciviviation sectorunth people ianginrecord rnumberspostpandemicasgovernment lines upmorecopitalfor expansion and 64 the Eatech space Uithschooegpening NEP 2020 tay entvocedendmoe r20esproetoethe year meow (Cover dcsignty DINESHSEANDUNI 10 | BH BUSINESSWORLD | 31Dscanbsr2022 70 Healthcare 1n2023,new-agetecknologes wilboost operationd andtinancial ‘ding toseamiess growth cross hehealthcarevaluechain 74 n Conversation Onesttnetigestsuccassstories urge techbutruninthelasttw0 years ZooniVideo Communications, Ine. rlyeedtinad owt corporte ork communicates ted Buthow hasitbeenimpuctedby theca economiccimate? Hovbasitdeat ‘wu ersnigcompetiion? ky Kops. Headot AsaPoaticatzoom, reveals theanswerstohese questions ondnereinaninteroctonath BW usinessworid 76 cybersecurity ‘yenarakyer, country Ponoger, Inghoand SAARC. rend Microtoks abouthoweybercriminas wie spending 2023 contineousty fine-tuning ther methedsinomore professionslopertion Onlyabettr: cxmedsecurity eomordiegilotor {taming dwn oncrine wi ty pushbeleaqueredransomuareacters, intoregrospingandretning hee laybooks 78 Real Estate Thetousingsectohaswitnessedhigh homes whichisexpectedto continue 2022osintatonotherlactrsshow signsofeasing 80 telecom SGserveesraoutistueting hepaceot ‘gouthntheteleconmuncationsector:the imomentumlicontnvein2023 aswel 82 rmce reach$220blonby2025.theyear ‘odo pomseot gowthbackedby uptickinurbanandruraldemand, modern trade and e-commerce ‘SO ARobustEcosystem Onthosjaballont even therocantocanome headwinds couldnotdeterindias startup 122 Last Word growth story nthelasttwo ‘quarters indiasaw thebirthot ‘eniytwo unicorns butmoving shendthe country ioxpeciodto witness 250uncornsby 2025 92 Energy Outlook limateconsiderationspur coccelerasontewardsceuner sources fener. ndgand Cointnesoround theworldui butncebetwesnchnate comidersvonsandenergy security ‘94 judicious Choices Apart ramsusiainallemobity, ingy nteresteinsupporting innovatiginoreas suchas climate smartagrcutureand focdsoltions.deaneneray. eirnmentalandeata ‘management vertheyors, Abu (ADEC) hosworked ‘ndcost-eflectwefor ‘lobalpreducticnsto ‘shootin AbuDbi, ‘ys Hanoi, Fie £1VCommisioner ADC TOTALNO.OFPAGES INCLUDINGCOVERI24 ‘Thepagesin BW Businessworlatnatarelabeled BW! or Promotonscantainsponsored conten. Theyareertrely generated byan adverse ortho ‘marketing department of BWBusinesswodd Asa. theinsetsbeing distrdutedalong with seme cepies othe magazine areadvertvias/advetisements ‘These pages should notbecortused wth EW Businessworidseditralcontent. 11 | BW BUSINESSWORLD | s1Dsconior2022 JOTTINGS Renewed Faith in Corporate India? ROUGH2022 the stockmarkets remained bouncy ~often defying trendsin bourses around the world that turnedmopey onsignals ike thewar in Ukraine, inflation soaringto unprecedentedheights almost ‘everywhere and the subsequent monetary tightening by central banks. The primary marketthough, remained chary ‘sIndianinvestors shiedaway from putting their money into newventures. The Rs5101 crore raised through 32 initial pubiic offerings (IPOs) as of 6 December was roughly half theRé L.18lakh crore thatlndian companies werebleto raise through the primary equity marketin 2021, of which state-owned LIChad thelion’sshare. TheLife Insurance Corporation PO raked inmorethans 21.000 crore. The post-IPO correctionin thestockprices ofPaytm and Zomato did not boostinvester sentimentseither. Theprimary market, however began toshinefrom September onwards. fthatis any indicator of howinvestors will eespondin 2023 Indien comparies looking toroke up capital from the primary market have. year tolookforward to. Dota fromcopitalmarkets regulotor, the Securities and Exchange oard of india (SEBI suggests that 61 comparies intend to collectively raise Rs 92,403 crore throughIPOs, Around 32 companies arcawaiting the SEBI's approvalto raiseanother Rs 53,115 crore collectively suggestive of Corporatetndic’s unshaken faith in the home investor. —Arjun Yadav SUNDAR PICHAI BULLISH ON INDIAN STARTUPS GIVEN THE ECONOMICsiowdownand funding crunchin thestartup world, i'sbeen atough2022 or entrepreneurs ‘ondstartupsinthe country. Butinovationhos continued to thrivein the ecosystem, eventhroughthe fundingwinter believes Alphabet nd Google CEOSundar Pichai.Atthe recent Googlefor India 2022 event, Pichaisaidhewas ery bulish about the ndianstartup ecosystem despitethe ‘current economic downturn, He drove home the point that, Google had been created in moments ofdownturnmany ‘years ago andthat therewasnobetter imetostartastortup thannow. ‘The Google chiefs optimism comes atatimewhen indian ‘companies closing funding roundsover100milion dropped by35percenttoSSin2022 from 5in2021 Moreover, Tracan’s Geo AnnualReport, India Tech 2022, reported that thenumber of companiesthathad ebtained the nicors! taghad falen to22in2022. Atthe event, Pichai also noted that policies and Gcoglecould playarolein enabling Indian tartupsto scale up easly. He elt that the moment presentedan opportunity for Indiatahelp startupsto scale Uptheir operations. —Rohit Chintopall 12 | BN BUSINESSWORLD | 31Deconbor2022 Potogaphy Dim Siento Car Sales onaHigh Again! CARSALES AREEXPECTED tobi a record high in2022, onasurgeindemand, improved supply of chip-sets andan overall recoveryin the automotive sector. The ‘automotive sectoris slated to showcasenew ‘designs, new launches and awidevariety ot choices in carsin 2023. This is significant becausethe passengercar segment wentinto @ downward spiral after2018. The pandemic further dented thedemand for cors whereas an acute shortage of chips (a key component inpersonal vehicles ‘that controlits electronics features) addedto poor sales figures monthafter month. RajestiMenon, Director Generel, Societyof indian. Automobile Manufacturers said, “Passenger vehicles posted thehighesteversales in FY 2022-23till November”. For the calendar year, thepersonalvehicles ‘market scaledanew peak between January and November 2022, posting cumulative soles of over 3.5 million units, to surpass the previous annualpeakof 3.38 million units in2018. Morutiis expected to launch three carsin 2023, Hyundai may launch four, including a micro-SUV. Tata Motors, Mahindra, Kia, Toyota among others, have also linedup new launches in2023 —which bodes wellfor both carloversand the automotive sector. Ashish Sinha WHOAFTER NILEKANI? WILLINFORMATION technology giant Infosys,havean outsideratitshelm after NandanNiletani stepsdown as choirman? Speaking ataneventcommemorating four decades of infosys. Co-founder and Chairman Nilekanisoiditwos cleor that theposition of thecompany's chairman would bie taken overby anon-founder after his exit Heis the last of the co-founders on the giant's board of drectors. “lam the est ofthe jokerslett(atintosys).” oid Nilekani, emphasising thathe hod a challenge on his hands inselectinga worthy heir tolead thecompany after his ext. The journey of the T behmoth, with clientsin more than 50 couniries today, began over 40 years agowhen FounderN.R.Nareyanmurthy decided to goahead with theidea of Infosysby borrowing $20 romhis wife Sudha Murthy. He established the company in 1981, along with co-founders Nandan Nilekani, Kris Gopalakrishnan, S.D. Shibulal, N.S. Raghavan, Ashok Arora and K.Dinesh. During the “4 Decades of Excellence’ eventat Infosys Bengaluru, Nilekanisaid there wasno ‘Plan for infosys after his exit from the position of chairman. He also made it clear thet hehadn't found anyone whom he could hand over the reins of thecompanyto. — Rohit Chintapatt 13 | BW BUSINESSWORLD | 31Doconier2022 COLUMN | By Vikas Singh South Growth Model Inspiring. Worthy of Emulation JHE SOUTH is the economicengine and the bulwark of India’s growth narnitive, Our economic, and as aresnil, societal landscape is uneven, even distorted, The top five states contribute about 46 per cent to the economy. South India accounts fora third. Growth, and most ofinere- ‘mental growth is concentrated inthe south, Maharashtra, and Gujarat. Sample this. As much as 80per cent ofairtrafficand 60 per centof port capacity is cancen- tratedin 21 high growth- high afflunnceclustors. Altogether 19 clusters contribute towards 70 per cent of the GDP. Mostare inthe growth corridors. Itis not geography, but the political process, public eths, and governance that hasinfluenced thenorth-south growth trajectories. The southern states present. auniquebut time-tested indusive and people -centric model of development. ‘They have identified, and adopted thegrowth drivers, developed an innovative butrobust toolkit that holistically addresses the complex character of thedevel- ‘opment ethos. Growth € Per Capita Income of North and South not Likely to Converge India'spercapitaincome factoringin purchasing power isatan inflection point. ‘TheGDPisatadecisivestage:ocnable Inia ‘o emergeasan economicpower.Only fiveper ent ofthe indian population isafiuent and wealthy, aft isich andthe next 20 percentarewelloff: However, the deviliinthe details. Over Zpercentof the aboverese inthe south, Mumbai, andthe National Capital Region (NCR). ‘Theaverage per capita income ofthe southern statesis about three timesthat of Uttar Pradesh (UP) an Sharkhand and five times that of Bihar Bastthe gaps go beyond the per capita income. Te southern part of India hasa more balanced gender ratio, lower fertility, andinfant mortality rats. Similay, childs less likely tose hisorher mother atbirth and ismore likey to havebetter nutrition, access to health, hospital and ‘medical eare. The child is mor likely to graduate from college and study beyond. Sheorhe willearn more livelonger. The generation after asa resultwill éo even better. And does. ‘indies reveal that the gap was much smaller when we won freedom. The southern states were mostlyin the middle heap ofthe development indicator. ‘West Bengal wasricher than mostother large states. Today. the diference couldnt ‘V4 | BW BUSINESSWORLD | 31D2conbur2022 bestarker. Bythe 1980s the south was betterplaced. Itbuiltontheinvestment ‘made, capitalised on the opportuni- ties, particularly of the iberalisation cera. Bytheendof thecentury,thesouth surged. Itis now performingto peten- tial. Post liberalisation the leadership in the south intertwined both tradeand welfare-based policies and adopted a dual focus; pro-market policiesand ‘enablersthatattracted private invest ‘ment and created opportunities. imi- larly itaddressed‘on ground’challeng- ccand soft infrastructures i.e, talent, pro-business enablers, administrative thos, culture, lawand order, ete.and hard infrastructure. GrowthModel Inspiring ‘Thesouth, unlike the other economi- cally developed states like Gujaratand Maharashtra, does not consider social progress a by-product of growth. In tandem with their pro-growth efforts, thegovernmentsintensified theirfocus on holistic development, investing in high multipliers and social infrastruc turelikeeducationand healthandpro- vided the fuelfor development. Incku- sion and sustainability gaveit wheels, Agood example is the mid-day meal ‘schemein Tamil Nadu. PhotographbyOmtn Rthenko States like Rajasthan, Bihar, West Bengal and UP have largely opted for the redistribution. They need to bring in radical reforms, implementing capacity to match and march with oth ermoredevelopedstates. Poor States Converge ‘toRemain Poor India isnot amonolith. It is economically disparate. However most economic policies are Centre driven ‘and force’fitted. They are neither innevative nor customised to the needs of the ‘geographies orindustry. Theyhaveaccentuated the pain ofthe less developed states anddiminished thegrowth rate ofthe moredeveloped ones.It'stimethestateshad bigger voice, and firmer controlovertheir destiny. Fortheeconomically weaker states the Centre must createa framework, provide meaningful fiscal Incentives ‘and und projects ofnationalimportance. And then let go. Citiesand townsgenerate wealth andaccount foralmost 75percentofthe GDP. ‘A.Cruxstudy highlightsthat no country has prospered by growing food. Agricul- ‘ture contributes less than five per centto the GDP in most advanced economies. Astrong correlation is visible between growth and non-farm activities. Agricul- ‘ture contributes less than four percentto Tamil Naduis GSDP and 4.1 percentto and deprived farmers ‘Thelessdevelopedstatesmustfocus con their strengths and identify priori- tiesand strategies. While West Ben- gal,witha rich industrial legacyand coastline, canfocuson manufacturing, andre-emergeasan industrial hub its neighbour Odisha, with an expansive coastline should focuscn fisheriesand, businesses that are sea based. Bihar andUP, with theirlow-costlabourand fertileland, can emerge Itis not geography, but the political process, public ethos, and =—* th food processing capital of India. Bihar governance that has influenced the north-south growth has the potential tocre~ trajectories. The southern states present a unique but time- agate lon ma tested inclusive and people-centric model of development lions Kerala's. Amongstthe southern states Andhra Pradesh isan exception; and yet | Demography is Destiny; agriculture contributes to only 1lper centofits GSDF. Thenortherastates have | MustbeExploited significant contributionbut sufferlowhuman developmentindices. Punjabisan | However, policiesand strategies alone ‘exception. The northern states must urbanise and explore the high-growth path. ‘Whilethe central government ’spro- growth agendas critical and financial sup pportimportant, thestates havean even bigger role. TheCruxstudy highlightsthat sector- specific policies are needed to enhance prodtuctvityand scaleadministra- tivereforms for ease ofdoingbusiness. eywillequally enhance servicedelivery. Landand labourreformsarekey to attractinginvestment.Sklldevelopmentand infrastructurcare nablers The capacities, capability and atitude ofthe industry facing staff playsarolein easing barriers to business. Poorer states like UP, Bihar, MP, Odisha, West Bengal and Rajasthan need to bringin radical reforms: Keyamongst thems the monetising of assets byselling (notdivesting) low yielding and dying stateenterprises. Similarly, theymustmus- ter the courage to bringin agriculzuralreforms that will enefitunderemployed 15 | BW BUSINESSWORLD | 31Deconier2022 willnot do, States mustcreateinstitu- tions and staff them with experts who are loser to the heat, understand the ground realities, and monitor out- comes and measure impact. History and geography play arole. Butit’s not beyond usto ‘substitute’ geography and rewrite history with an innovative and value enhancing mindset. ARTHSASTRA | by Amit Kapoor & Amitabh Kant Where does India’s Competitiveness Challenge Lie? TISNOTHIDDEN from anyone thata countrys economic growth is intrinsicallytied to its competi- tivestrengths.Inthecaseof India, we have seen that the country’s competitiveness has registered sub- stantial progress on important socio- economic indicators. Since India entered the Amrit Kaal witha sharp focuson determining he country’sde- velopmental strategy over the next 25, years, lot has been remarked about thenatureof development and assess- ‘ment ofpasttrajectorieswhile making projections for the firture, presenting us with the right time to take stock of thesituation -lookatwhat hasworked andwherethe challenges lic. ‘These need tobeparticularly looked at through the lensof competitiveness fundamentals Forinstance, India has done wel in sectors likeimproving ac- cesstoeducation, infrastructure devel- opmentand the quality ofthebusiness environment. According to data from the World Bank, the preportion of the population with access to electrci increased from 83.9 per cent in 2014 to 99per cent in 2020 as aresultofa significant growth in heelectricalnet- work. The amount of electricity was increased by morethan five times be- ‘ween 2014 and 2021 compared tothe yearsbetween2007and2014, withthe Leisang Village in Manipur becoming the final village tobe connected tothe national power grid by April 2018.The nation has made significant improve- -ments toitstransportation sytem Nearly seven lakh kmofroadshave been built since the Pradhan Mantri Gram Sadak Yojana began, and 99 percent of the targeted habitations now have access toall-weather reads Left toright: Amit Kapoor€ AmitabhKant From 10,000 kilometresof rail lines | 252 million wnnesin 2014-15 t0316 in 1950 to 63,000 kilometres in 2015, | milion tonnes in 2021-22. Although the rail network has grown. Indiais | these achievements are noteworthy, predicted to travel 1.2 lakh kilome- | there is still much room for improv- ‘tres by 2025. Similarly, education- | ingeconomicresults and thebusiness an essential marker of any country’s | ecosystem. "To do this, itis critical to competitiveness ~ saw considerable | identify the primary challenges facing improvements. In India, therewill be | thenation's competitiveness, which, if 1,043 universities by theyear 2020, | conquered, will propel the mation toa up from 723 in 2014. Thepercentage | higher stage of development. of students in theeligibleagegroup | Oneofthe key challengesties in the enrolling in higher education, known | waythemarketsarestructured. While asthe gross enrolment ratio, was 27.1 | India has concentrated on increasing, percentin2019-20comparedio24.3 | itsinputs, themarkets structure expe- percentin 2014-2015. Thenumberof | riences distortions at multiple level students enrollinginhighereducation | ‘These market structures, especially at increased by 1 percentduring the | theiirmlevel,areresponsiblefortrans pastfiveyears lating inputs into outcomes. In other ‘Additionally, since independence, | words, distortionsin the market hap- food production has grown six-fold. | penwhen production and prices areat ‘Additionally, therehas been an in- | levels different from where they would crease in food output, going from | beinacompetitivemarket. One ofthe 1 | BW BUSINESSWORLD | 31D2conbor2022 Photogrephbyictmorata reasons behind this is the misalloca~ tion of resontees in an economy de ‘to interference in the supply-demand dynamic. In essence, itoccurs when country’ economy underutilises its own potential. “The“ellicieney” gap in India is esti- mated tocost the country almost four percentof GDP annually, according, ‘toaWorld Bank analysis titled In the Dark: How Much Do Power Sector Distortions Cost South Asia. The pa- perexamines the completechain of energy production and distribution andidentifiesa number of variables ‘thatcontributeto powershortages,in- cluding inadequateenergy production, ‘transmission, and distribution. India hasput much effort into reducing the distortions with several programmes, ‘to boost operational effectivenessand expand thetransmissionanddistribu- tioninfrastracture, ‘The education sector has enormous opportunities to remedy market dis- tortions. As stated earlier, enrolment andinfrastructuralinputs haveshown ‘encouraging trends. The quality ofed ucation should be prioritised more in. order for these inpats to produce bet- ‘ter outcomes. With thisemphasis, in creased enrolmentwould resaltinim- proved learning results. Itiserucial to address this connection. Over 14,500 select schools will be developed na- tionwide under the recently approved centrally supported PM Schools for Rising India (PM SHRI programme, which will be run bylocal, state, and federal governments and the national government. The programme’sprovi- sion of high-quality education while rioritisinginchsivityand equityisone ofits main components. With the pro- ‘gyammeSemphasison students varied backgrounds, multilingual demands, and range ofacademictalents, learning, results could be positivelyimpacted. ‘Anotherareawhere market distor- tions raise operating expenses is the business environment. Individual regulations were strengthened in the past, but the publie sector's eapabili- ties and underlying institutions that supported the regulatory burden ‘were relatively weale India has made real attempts to improve market ar- rangements in recent years, taking ‘more than just passing notice ofthese ‘anomalies. Many measures have been adopted toreduce the load of regula: tions and inerease the ease of doing basinessin India. Onlineregistration for MSMEsis now available through the Udyam Registration portal, an online gateway to access counselling, 117 | BW BUSINESSWORLD | 31Doconier2022 grievance resolution, and other meas- tires. Additionally other steps taken ‘to improve market structures arethe ‘National Logistics Policy framework, which aims to expedite procedures andlowerlogistiescosts. Itiscrticalto realisethat somemar- ket distortions are required. Although investments have been appropriately directed, market distortions mayresuit inlessthan ideal results. Governments ‘may manipulate market prices by, for example, subsidising production ina variety ofindustrie, such assteel,ag- riculture, electronics, and otherswhen ‘markets, leftto their own devices, may not produce efficient results. The se~ cretis tocomprehend where they are required andwhere resource alloca~ tion in an economy is best served by competitive marketplaces. India has advanced significantly. Indiaisenhane- ing theselid foundationsafitscompeti- ‘tiveness. Future plans forthe country areaspirational, and the current en- deavour to addressmarket distortions rmustbe carrie outwith greatervigour ifthe past and future reforms produce results with the greatestefficiency COLUMN By Srinath Sridharan and Steve Correa ISHR AS WE KNOW IT DEAD AND DONE? THE WORDS OF THE INDIAN HR (human resources) guru Prof. TV. Rao, “ARD isa process by which the employees ofan organisation are helped in a continuous and planned. ‘way to i) aequire orsharpen capabilitiesrequired to performvarious functions associated with ‘their present orexpected future roles; (i) develop their general capabilitiesas ndividualsand discover and exploit their own innerpotential for their own and /or organisational development. purposes; (ii) develop an organisational culture in which superior-subordinate relationship, team workand collaboration among sub-units are strong and eontributeto the professional ‘well-being, motivation and pride ofemployees.” ‘The origin of Indian HR arose from the need to manage skilling, training, motivation and industrial relations with the workforce. Today the HR function’ role is to ‘Attract, Retain, Develop and Engage the best of talent. ‘Withoutmuch ado, HRand|Raresimply orientations ofthe labour /talent market. When labour demand exceeds supply the issues are appropriately referred toas HR and when supply exceeds demand, the issues are Industrial Relations. Irrespective of what we call it, both HR. and IR require a sound leadership to manage Human Resources. Work classes’ form unions, once their individual bargaining powers get diminished, and relapse back to ‘individual bargaining / negotiations, when demand for their servicesare high (an example of pilots in India). More recently there has heen a growing concem about moonlighting, 2s clearly there isevidenceof demand growing, particularly inthe IT industry aswe see a growing demand for skilled digital services. ‘18 | BW BUSINESSWORLD | 31Doconbur2022 ‘The ABC of Leadership needsto belearnt and adapted ‘tocontext. Leadership isan Artand a Craft,andin between thisis Business. The HR functionhas evolved over the dec ades, to eflectthe focuson the emergent needs of business, to take on more interesting titlesto remain contemporary within the needs of the enterprise. From HR Director to Chicf HR Officer, to Chief People Officer, there has been an existential crisis toremain relevant. Of particular interest hasbeenthe continuous clamour forhaving ‘a seat at the ‘table'a kathe coveted board position, Wel, that's the sce nario the world of HRisin. A state of crisis mode. Hfnot aboard seat, the folksin HR argue fortheir involve ‘ment as a navigator alongside the driver’sseat.A state of identity crisis.A situation of directionless. To deservea seat ‘on the Board, the top HR person must know the business of doing business, and the organisation's business, not just forthe current time, but to steer towards the future. To be strategic partnerofthe CEO, one must talk the language of basiness. The HR person must perform in such away ‘that the CEO shalll notbe comfortable making business decisions without consultingher or him, Businessleaders worry aboutstrategy, profitability,cus- tomer satisfaction, market share, productivity and business policy, amongst others. In addition, they worry aboutever changing externalities, and the demands of their stake~ holders. The vast majority ofthese leaders recognise the vital importance of people. They know that recruiting the right people, across the war for Talent, can make adiffer- enceand that developing them and holding on to them, is essential far continued enterprise success, Butifpeopleare an enterprise’sgreatest asset, as the industry keeps saying so often, why isit that sofew HR headssit atthe top table? HR, The Missing Presence? Many even argue that IIR asa departmentis not needed anymore. The oftenheard quipis thattoday every reporting ‘manager isa people manager themselves. “Thquote Greg Jackson, CEO, Octopus Energy, UK, “theres tendency or large companies o infantilise their employees and drown creative peoplein processand bureaucracy... HR, 19 | BW BUSINESSWORLD | 31Dsconier2022 COLUMN By Srinath Sridharan and Steve Correa departments don't makeemployees happier or mare proche: tiveinhisexperience’. Line managers Reportingmanagers, as colloquially ealled), are becoming professionally mature, andhavebeentaking accountability of managing theirteams andaspirations oftheirteam mates. Concepts of teaming, coaching mentoring and people developmentarebeccming increasingly more deeply ingrained into their professional responsibilities. People experiences are the responsibility ofthe People manager (the line manager). Many progres siveorganisations have moved the responsibility of ‘people experience totheirlinemanagers So what do the HR teams do inthese organisations? HR, The Bureaucracy “Weare about rules and policies. Thisis our manual. This is our culture, This is our mission statement. This is our leadership style. Now you should work, to ft in.” ‘Most of HR's shortcomings have been because thi stayed away from business issues, preferring tostick with good old familiar administration. Haman Resources in most enterprises ful tobreak out of this narrow objective. To reinvent HR, the discipline has to starthy recognising thereal need of theenterprise and to delete ll unnecessat activities thatdontt aid the business. ProtogophbyimFne Anessential roleof HR isto support them: of boundari between thi igement -sas well -be it at the work environment or nployees. In timesof Industrial Relations problems,functional HR leaders appear ‘heroes’but when things are calm, employees wonder, ‘what does HR really do?’ In many organisations, using a restaurant analogy, HRends up taking food order (KOT) or serving a buffet. Today employees are increasingly looking at alternate op- tionsforadvice, instead of seekingout HR. Itsnotamissfor employeestothink, byacting friendly, they getyou to relax and admit things they can use to fire you! By doing what the CEO wants, HRis viewedasa lackey’ ofmanagement, the feeling being that they areprotecting thecompany.and not the employee. By straggling between the CEO and the employees, HR finds itselfbetween‘arockand ahard place’ and is Viewed suspiciously asthe ‘ether: The primary roleof HR isin setting the people agenda and leading the transformation, through customised in- terventions, as required for the organisation to remain relevant. Technological changes, as well as business model shifts have disrupted the way enterprises seek HRto deliver impact. With digital transformation, many traditional HR activities have been automated. With rise of startups, com- petition now comesfromunexpected disrupters. Hencethe 20 | BW BUSINESSWORLD | 210scenbe-2022 Theconventional control hiérarchies no longer work. It’sthe new-age impact and influence mode of leadership. The future organisation will be a flu hybrid of employees, project teams, distributed teams and individual contributors joining and dismantling for various gigs. The Covid-19 pandemichas amplified the need fornew skills as organisations shift strategy andadapt tonew ways ofworking organisational designs of thepast, haveto be redesigned to offer agility, scalability, robustness. An example hasbeen the move from Talent Management to Talent Experience, ‘Thishelpsimprove the workand well-being of employees, instead of focusing on the internal needs of HE function. Human Resources can becomeagileby working closely. with businessand enabling organisational growth. Itcan become a trusted partner, by breaking the silos of performance, recognition, compensation, engagement, de- ‘velopment and bringingallof thisintoasingle continuum foremployces with significant changessuchas Work From Anywhere to commuteto office and with Employeestoday seeking meaningful, rewarding work, on-demand cu: ‘tomer serviceand instant acvessto information Ingeneral, the HR world is yet to leverage the power of data science to generate actionable insights that create value forthe whole organisation. For abetter engagement, HRneeds toinvest intotalent, technology, and in building its own capabilitiesin using data sciences, forhandlingand proactively solving for enterpriseissues. HR20 Offlate, we areseeing the youngerdemographicsemergeat ‘the workplace. Blend this shit with theoverall VUCA world complications we live with. Add tothis eclectiemix, the emergence of larger gig economy and theaspirations of ¢heyouthto participate in this. Allofthishasimpactedand forcibly altered the workforcestructures. The conventional control hirarchies nolongerwork. Ite thenew-ageimpact and influence mode ofleadership. The fatureorganisation willbeatiuid hybridofemployees, projectteams distribut- ed teams and individual contributors cining and disman- dlingforvariousgi. The Covid-19 pandemichasamplfied the need fornew skllsas organisations shift strategy and adapt to new ways of working. Human resources leaders are tryingto react, but many are left playing catch-upand arefilingfurtherbshind ‘Weargue thi ifthe HR function does not modernise its approach ounderstandingand planningtorthefuturenseds of the workforce, it will rapidly become irrelevant within the modem organisation. Haman resources has to stop being preventive or about policingthe organisation. Ithasto move ‘fomhuman restraint to human rationale Human resources fas tomove from predominantly compliance, to harnessing creativity. Anstemation will significantly rence the mmber of humanemployees, because human beingswilleneeded only dothetasksthattechnologycantdo well. Atleastfor the near future, those tasks will include be~ ing creative, imaginative, and innovative; exploring the sanknowncngagingin higher order critical thincings mal ingdecisions in environments with lotsof uncertaintyand littledata; and emotiorally connecting in positive ways wvth ther human beingsin the collaborative creationand delivery of services and products. “Human Resourcesown lodand feelof what constitutes HR, willneed redesigningofits thinking reorganisation of its competency to include data sciences capability, resur- ggencaof basiness acceptanceof Ras aparinercollabora- ‘or. and not being acost centre oradminstrativefunction. This variant ofthe HE function could emerge only with experienced business managersand leadersshiftingtorun the HR role, and boards havingindependentdirectorswith understandingofproactive HR. Aslongasenterprses have people running any of theirbusiness functions, HR 2.0 vwould benceded asa critical peer. (As they say, the debatecontinues. There is no one right answer. Theresurewould be many relevant perspectives, however differing they could be from one another. Do email us your views, observations, critique on this questionand topicat large to srinath75@gmail.com and steoe@ste vecorrea.com) “SrnathSridberenionsthorpoicycrrcer anova aon ‘Steve Coren on EcutveCoachendO0 Const wihadivese ny exposure ‘nssgmorthephamacaibas fie auomon FPL anteecomuneanoTs 21/| BW BUSINESSWORLD | 31Dsconier2022 COLUMN HAT HAS LINGUISTICS got todo with technology, onemay wonder. The factis, there is a deep connection between the two. From the 1930s to today, computing technology has un- dergone dramaticchanges. ‘The earliest input devices were punch ‘tapes or patch cables and switches that in- structed machinesto perform certain com putations. Then camethe keyboard and ‘mouse, feature phones and the latest touch sensitivescreens. While the keyboard and ‘mouse remain the primary input devices, increasingly, we are able to communicate ‘with machines viaspeech and gestures. ‘This transformation is driven by theficld of linguistics. Modern daylinguistsarefind. inginterestingparallelsin theworks of Pani- ni, aSanskrit grammarian believed to have lived during the 5th or 6th century BC,and Role of Linguistics in Technology ‘today’s NLP (Natural Language Process- ing) algorithms. According to Prof. Furio ‘Honsell, “huge amounts of ideas are buried. inhistreatise Astadhyayi. They can bused or formal language processing in computer ‘Most ofus arenow comfortableusingSiri, Alexa, Google Assistant, Cortana, Bixbyand similar other voice assistants, We arealso accustomed to IVR (Interactive Voice Re- sponse) telephony, wherein an automated. response greets us when we call customer carenumbers of various companies and we follow the dircetions given to getour query orcomplaint resolved. (Computational linguistics (CL. is under ‘the hoodin these interactions between hi ‘mans and machines. Itis the driving force in the development of instant machine translators text-to-speech converters, earch engines, etc tonameafew: A subset of CL, NLP enables com- puters to understand hu- ‘man languages. Both these termsare, more often than not, used synonymously. However, theresa distine- tion in that CL. focuses on the language aspect while NLP onits application to gettasks done ‘An overarching term, Language Technologies is aninterdisciplinary field that encompassesCL, NLP, NLG (Natural Language Generation), NLU (Natu- rallanguage Understand- ing), AI (Artificial Intelli- gence) and ML (Machine Language). Its aim isto get computers to understand human languages and re- spond accordingly Withhu- ‘mungous amounts of data, both structured and un~ structured, being generated daily languagetechnologies playacrticalroleinmanag- ingcontent and converting this digital informationinto By Jayesh Shah knowledge. Listed below aresome of the applications that are based on these tech- nologies: (© Machine translation —translating one languageto another © Sentiment analysis—identifyingemotionsin the toneof the text © Knowledge extraction from structured and unstructured text, © Contentfiltering - managing contenton the internet © Chathots—text and voice based ‘The earliest machinetranslation system, SYSTRAN, was built in the 1960s. It was developed to translate Russian to English and was used bythe United States Air Force to translate Kussiandocuments during the Cold War. twas arule-based machine translation (REMT) system. ‘The REMT systems are governed by threefundamentals~ Morphology, Syntaxand Semantics, ‘© Morphology is the study ofthe structure of the sentence. ‘© Syntaxobserves therules and the process ofbuilding thesentence. (© Semantics refers tothe meaning ofthe sentence. As RBMT based translations are rule based, the output, at times is alike-to-like translation of words in the target language that may not ‘22 | BW BUSINESSWORLD | s1Deconbe/2022 Anoverarching term, Language Technologies, isan interdisciplinary field that encompasses CL, NLP, NLG (Natural Language Generation), NLU (Natural Language Understanding), Aland ML. Its aimis to get computers to understand human languages and respond accordingly comvey the context with which thesentence -wasconstructed inthe souree language. To address some of these limitations, another technique Statistical Machine Translation (SMI) isused Statistical Machine Transla- tionenginesuse phrasesinstead of wordsfor ‘translation. Using Corpuslinguistics statis. tical models are developed that undertake extensive analysis of text corpora (collec- tionof spokenand written texts) ofboth the sourceand target language to come up with ‘translation. This method also has its chal- lengein the sense that itcan only translateif ‘the phrase exists inthe corpora. “Thesedaysthe technology used is called ‘Neural Machine Translation (NMT).Ac- cording to Wikipedia, "NMTisanapproach ‘tomachine translation that uses an artificial neural network to predict thelikelihoodofa, sequenceof words, typically modelingentire sentencesina singleintegrated model”: Neu- ral Machine Transation hasthe capability to recognise pattems and create context based translation. Itisaselfearningengine ‘thatlearnsand improves constant. Google translate uses this tachnologyand the nsultsare fralltosee. ‘Sentiment Analysis asthename suggests, is nattempt to under- stand whether the text x positive, negative or neutral. Itisforthis reason thatitisalsocalled opinion mining. Depending ontthe com- plexity ofthe engine itcan also de- termine felings like anger, happi- ness sadness and even intentions. Thistechnique is very useful for companies to generate inferences fromunstructured data, evaluate themoodofthecustomersandtake correctiveaction where necessary. Chatbots present major op- portunities for organisations to reach customers more efficiently and effectively than ever before. ‘They provide instant responceto queries in an automated yet per- sonalised way. The key isto ereate appsthatean mimic human-like andrelevantconversation. orthis tohappen, bots need to learn rom previous conversations and draw conclusionsbased on that. Chatbots are oftwotypes; one that works on aniles-st, and the other that is hasedon alearningstechnology Thebats that work ona set of les are simplistic and fellowa guided path. The based on machine learningtechnology areableto execute complex commands, discern cantext andiimprove conversation asthey go along. Scmealso have the ability to support multiplelanguages. Content filtering the proces: of screening and preventing access to objectionable and illegal content. Content filteringcan happen on the server side or the lient side and comes in both hardware and software forms. Itisalso effective in minimising malwareandphishing attacks. It isimportanttonotethat while content filtersareafirstline of defence for organisations, they arenotfoolproofand need tobe constantly monitored, updated and changed, as necessary. These are some examples fapplica- tion of Computational Linguistics and associated technologies. ‘User preference is moving from GU (Graphical User Interface) toCUL (Conversational User Interface), which isan ever-evolving field butone that wil lead to highly sophisticatedand intelligent conversations be- ‘ween human and computers /obots nll walks of life. Language Technologiesare leading the way in facilitating humanma- chine interactionthronigh natural language and it may not be utopian to believethat robots willstart passing the Turingtest someday inthenear future. Photagraphty Tasty Cat ‘Theauthorisa iia ansformaton expert andcurenlyExecutve Director, 23 | BW BUSNESSWORLD | 31Doconbr2022 Nooringss | +m THE GOOD, THE BAD AND THE RECOVERY Itwould be wrong to call 2022 abad year even though it was tough on many sectors including investor's darling tech sector but 2023 willneed the cautious optimistic approach as well HE YEAR 2022 was a see-saw year to say the veryleast. What began with investment winters and subsequent cost restructuring and layoffs, a European war that contributed to inflation, a slowdown in the formidable tech sector and several otheruncertainties that kept governments busi~ nesses and people on their toes, willalso be recalled asthe year when India beat the UK tobeccme the fifth largest economy in the world Amid the news of downsizing, a slowdown in the ecommerce sector, bloodshed in edtech and soon, there were also good tidings of fresh invest ‘ments, young companies hitting record highs and the big picture for India looking as bright as ever. ‘The last quarter of 2022 began with landmark news. In September 2022, a Bloomberg report done on calculations using the IMF database and historic exchangerates indicated that in nominal cash terms, the size of the Indian economy overtook the UK. According to a State Rank of In~ dia (SBI) report, however, India surpassed the UK as early as December 2021. ‘24 | BW BUSINESSWORLD | s1Dscenbe/2022 Irrespective, three of the top five countries in the world are now from the Asia region ~ China, Japan and India. Power shifting to the East, a key trend of the last decade, has become prominentnow and will continue ‘to growin the year to come. In India’s 75th year of inde pendence, news such as these, softening of inflation and thelike ushered in fresh energy and the festive and holiday season also rung in better numbers than the previous yes In all, one must call 2022 a ‘good year. Thatbeing said, there isno denying that some of the ‘uncertainties that began in the year will carry forward in 2023. Many global companies have taken steps that indieatetheyare ‘gearing up for a recessionary pe- riod ahead. India wil not be able to cushion itself at the time though it is not clear how deep or wide the impact will be. ‘Theyear2023 will bring in new challenges. News from China of the Covid U-turn is one indicator already. Reports of ‘growing cases and empty streets give a sense of déja vu from De- ‘cember 2019. Even though inthe last two years, India strength. ened its position and its reliance ‘on technology for important as- ects, some areas are still vulner- able such as the international supply chains and the depend ‘ence on raw materials from Chinaand other markets. ‘The Buropean war hasnot cendedyet. A global reces ‘on thecards and China's prob- lems are added to these. The big- ger reality is that in all likelihood ‘things will not end here. The big learning ofthe last three years ‘can be described in three words ~ anything can happen. And to deal with that, preparations must continue. HI BW y INSPIRATIONAL SnD tis often said -"When the going gets tough, put one foot in front of the other and just keep going.” For Chandni Kapadia, right from the time cho ventured out on her ‘own to foreign lands when she was a teenager to seek experience and learn fashion. Life has been full of new challenges, exciting opportunities and ful of learnings that paved a way for new empowering roles in Chandni’ life ~ From being the Asia Pactic Head or Country head for various luxury brands to being their consultant or being an Executive Director at a University or National Head for WICC! Design Council (Chandin's road towards being a Game changer began from the day she decided that she would be different from the others. She says “I crave for challenges that excite me land which give me a sense of satisfaction of having done something good”. And the toughest challenge for her as, a leader and an entrepreneuy, in her own words, has been being a woman. She says, “Thete are bound to be times when one tends to fee! low or not at their best.” But she hhas always looked in the face of these challonges and criticisms and faced them head on as these are the times when a person must believe in oneself and tread cautously as these are the times when one can make bad decisions. (Over the years Chandni has hereelf turned into a brand, popularly known as “CK”. A firm believer of manifestation of one’s dreams, CK went on to make it true when she started working for Calvin Klein, Accessorize, brands she had always dreamt to work for, while she was a fashion student at NV. Teday, whon cho looks back at her jounoy ‘rom working for a company to being a consultant of these companies, she says “There is nothing that | probably wouldn't do again. However, there are things that | would do ina different way.” CK has been recognized globally for her work & contribution towards entrepreneurship, fashion and education with numerous awards like World Women Leadership Congress Award, Black Swan Award for Women Empowerment, Leaders of Change award and acknowledged by top magazines like Economic Times, Outlook, Forbes, Business Today and Fortune India to her credit. She says “Today | am at a stage of my career where | want to work more for women and with women”. Chandni believes women are bound to put their best and at the ame time are kind and hardworking who alwaye support each other's dreams and voices. Chandni feels fortunate to have met many people who believe and support similar causes on empowering people especially women around her which led her to work towards many organizations like WICC! Inda, Rotary and other NGOs. SnD Meet Dr Minnie Bodhanwala, Who Is Spearheading The Healthcare Revolution 1 soniieanty wih te aovemmert. Manta's Wade Miro, r ni Behanwat as own tc the With a history of over nine decades, Wadia Hospitals have provided exceptional paediatrics, obstetrics and gynaecology services, bringing affordable healthcare accessible to everyone. As the CEO of Wadia Hospitals, Dr Minnie Bodhanwala has demonstrated phenomenal the hospital’ societal works, Dr Bodhanwala took over as the GEO of Wadia Hospitals in November 2012, when the hospital was undergoing ‘a major crisis situation. For her, one of the biggest cchallonges was the infrastructure of the hospital as ¢ was a heritage building. The building of Children Hospital had suffered structural damages and was not safe for patients, making both the hospitals function under one roof. Dr Bochanwala took this challenge in her stride and today, Wadia hospitals has a fully cperational Paediatric Hespital with 525 beds. | leader and visionary, Dr Bodhanwala is curently the CEO of Bai Jerbai Wadia Hospital for Children and the Nowrosjee Wadia Maternity Hospital. Sho also serves as an advisor to the chairman of the Wadia Group for CSR activities, and several organisations, namely, Impact India Foundation by UNDP. UNICEF and WHO, the Modern Education Society, Britannia Nutrition Foundation and Sr Ness Wadia Foundai also been appointed as a director for leading companies in India, such as Bombay Dyeing, National Peroxide (NPL) and The Sombay Burnah Trading Corporation, Limited. She has Limited A visionary healthcare leader with over 35 years of experience, Dr Bodhanwala has received over 100 awards and accreditations at the national and international level. She has been ranked second among 25 healthcare industry legends in India by Medicare insight magazine. When asked what keeps her going, Dr Bochanwala says that she realized very early in her life that she needs to take entreprencurial roles. She felt thatin a country where there is a need for better health care management, she could reach out to a large number of people and create 1 bigger impact as a health care prafessicnal. She says that in her current role as the CEO of Wadia hospitals, she aspires to channel the positive transformations and achieve much greater heights. ‘ REHAU Bhavana Bindra, Managing Director, REHAU South Asia Leading REHAU To A Successful Journey ‘rom setting goals to achieving the top class systems and sewice FF tee nove mae prowderorpeinerbaod oto their mark in numerous fields. ‘Around the globe, they are becoming trailblazers for society by planting their footprint and empowering other women. Bhavana Bindra is one such inspiring worman, who isa leader with an unwavering commitment to break the glass ceiing with her leadership abiltics. Bhavana believes in leaving fan impact by taking the path less taken and is now leading the entire South Asian ragion of the globally renowned brand REHAUas Managing Director. Begnning he career as a consultant in the corporate world with the Boston Consulting Group, Bhavana then marked her presence in the engineering and manufacturing industry by oining the USmuttinational Cummins. She led the automotive business for Cummins in India and also placed the company on the global pedestal with her exemplary leadership and guidance as the head of tho Distribution business. Currently, Bhavara also serves as an independent director on the Boards of various listed companies Kitchen segment this year under in India. Bhavana, with her visionary her leadership, with the aim to . leadership, snow leading REHAU on each the end consumers. While the world's leading expert in third: ‘way to becoming a force to reckon achieving business successes, she Tail power supply systems for teyay Boacmirgateesiorecon mong buses sucess te an cubic ray rrilestonestolivealifgofcontentment projects has successfully supported With a belie in achieving greater and adding value to the lives of large-scale global _ infrastructure hoights and euccess for an those around her. Founded in 1949, projects. The world’s largest mobility corganization, she promotes strategy REHAU Group is a family-owned providers are among its clientele. and execution as areas that go hand group of companies that are leaders In addition, the business plans to in hand while encouraging teamwork, inthe polymer business. The brandis support the government's Make in and driving communication. into daveleping innovative solutions India drive by establishing its first Bhavana's professional journey is for the automotive, construction, Third Ral plant outside of Germany in fueled by constant improvements furniture, industrials, and materials India to meet the needs of Metro Rail and leamings that have resulted in sectors. REHAU holds the status as corporations. In fact, over the years, thas emerged as the undisputed leader in the polymer marufacturing industry on the back of its capabilites, innovative approach, and adhoronce to the highest standard of quality, timely delivery, and dedicated workforce. REHAU has successfully expanded its Furniture Solution, Industrial Solution and Bullding Solution, and has made a significant mark in the Indian furniture, constructon, and industrial market segments. Teday, the brand is acknowledged as a leader in manufacturing and provides German-qualty uPVC Edge bands, laminates, solid surface, hardware, and flooring. The brand also provides radiant heating and codling solutions, drainage and plumbing solutions and wastewater management for specialized projects, besides being in the Industrial segment. In India, REHAU’s portfolio includes tremendous success for REHAU. The brand has entered the modular "allway solutions, a global leader in the supply of power rail systems for urban ral wansit. For decades, Kamalini Paul Chan The hangin; Scene or Bengal here is a singularminded proposition that fuels 27 I year old entrepreneur Kamali Paul — to transform luxury’ into an alLinclusive concept. Contributing for ‘seven years te building Sengai's economy, she had to helm the Paulson Group at a young age of 20, due to the sudden derrise of her father Prasanta Paul, 2 name synonymous with the DG Paul Group that defined the residential architecture of Gat Lake, Hotel De Sovrani is a special offering from Paulson Group that attempts to redefine the idea of hospitality by making it accessible for all. Karalini was all of 20 when she took over the reins of this business. A young-adut hersolf at that time, she realised that there is a need for dedicated spaces in hotels for this target audience and a rooftop pootside cafe bar with a panoramic view of Calcutta was just the right offering, Thus was born the iconic Sky View Cafe in Salt Lake that pulls in hordes of patrons on weekends, Her relentless work has put De Sovrani on the hospitality map in Bengal, occupying the ‘second position on TripAdvisor ina list of 1019 city-hotels. Karralini has been relentless in her pursuis, not allowing the pandemic to fol hor plans. Planning for the times choad, Paulson Group launched their budget-hosptalty brand in 202+ named POZ (Read: Pause) in Darjeeling and Gangtok Giving people what they need, the new brand is based on three simple tenets - Hygiene, hospitabilty and affordability, “We hope to help people rediscover the simple happiness of life, and the positivereinforcement of allowing oneself to enjoy ailite break from the mad rush of Ife,” says Kamaini Paul For someone so anchored to her rocts, returning to real estate was a no-brainer. In 2021, she also launched a new-age realty firm called Pauls focusing on luxurious Construction with a goal in sustainabilty and well-being in the centre. Leveraging the company’s 30-years legacy and expertise, Kamalini has put together an exemplary team to efficiently handle planning, landscaping, remodeling and construction. “There is 2 need to use space sustainably and create something that caters to the minimalist aesthetics pprovalont today whilo also boing accessible and boing about the people," she added. 4 in 2022, they launched Paulis Business Tower in the heart of Sector Five, with state of the art offices, conference rooms, banquet, restaurant and a lavish roofop glass house café. “The rooftop café we are bringing to Calcutta is the firs-of-ite-kind, the glass roof of this glass house opens automatically like a car's sunroof, thus adjusting to the ever changing climate situation yet giving people the feel of an outdoor seating place at all times.” says Karralini Innovation and sustainable project development remains at the ruling centre of the company. The company also launched is first desi food kiosk to offer tfin meals, snacks and combos at affordable prices called Food Aaj Kal, Paul's portfolionow aimsto redefine modem architecture of Bengal —both metapherically and also, literally! Creating 2 business for and by the people, Kamalini Paul 's now being nationally acknowledged for her work. She was Entrepreneur magazine's Shreprenuer 2020, and has received the ET, Young Entrepreneur Award 2022 And was also acknowledged the Super Achiever Woman among East india Business Leacers. Paul hopes to buld modern imovative buildings and connect the feeling of home and well-being in real estate in the three years. She hopes to build POZ hotels into the best budget hotel brand in the East of India and plans to open four more outtzts for Food Aaj Kal soon. She dreams of building a 5-star hotel in West Bengal before turning 35 and itis hor ability to lock for opportunities in the midst of adversity that, she fimly believes, keeps her going! Meet woman, entrepreneur, restaurateur, philanthropist, ‘motivational speaker... Neeti Goe! surely manages to wear several hats with success. From suocesstully runring and starting new ventures to initiating projects to provide livelihood to rural women, Necti Goel has been performing all these duties with complete dedication to make her a real woman of substance, Nooti Gool ie known for hor revolutionary projects in hospitality. Villa Amore at Alibaugh is one of her projects that is being loved by all. An initistive by Neeti Goe', Villa Amore is a newly added luxurious project in her umbrella of projects, which caters to premium villa staycations. 8 ‘acres wide with 7 perfectly designed bedrooms, 2 acuzzis, ahome theatre systam, football turt, cricket pitch, table tennis cour, billiards and more, it actualy offers a perfect luxury staycation. Undor this brand, there are 4 villas While Vila Amore is just one of her projects, Neeti has been the name -avisionary, Restauranteur, philanthropist, women Entrepreneur who is impacting thousands of lives with her work behind some popular restaurants like Keiba, Ostaad, Macras Diaries and Madras Express are also. These names have been known for their fine hing experiences and are loved by food lovers from across the county, They have also won awards for being the best in hospitality Goclisalsoasuccesstul philanthropist with her organisation LB Trust. During the pandemic, she co-founded an initiative called Khaanachiye. it started with serving free meals to needy and homeless people. What started with 1200 meals, has reached 80 lakh plus meals today and 60 thousend ration kite have been distributed to the homeless. They have also adopted 32. orphanages, ‘and 800 sex workers, and donated 50 thousand sanitary napkins. Post the Impact of cyclone Nisarg in Ralgagh district in Maharashtra, Nests trust helped people rebuild 1000 homes that were destroyed by the cyclone. Neti, who has from Chandigath and is the daughter of well known industrialist late SK Gupta, credits all her success to the support of her husband Pranay Goal. In hor own words, it was her husband's support and funcing for various projects that has helped Neeti make a difference in the Ives of many. For someone with such, accomplishments, awards are the best recognition. Neeti has been awarded the ‘Restaurateur of The Yoar in 2019! at the Eiffol Tower in Paris ard one of her restaurants was ranked 2nd among the Top 50 restaurants in the world. In 2022, she was honored as one of the Top 50 influential Indians at the London bridge in London. Neeti was recently feicitaed at Zee industan - Udaan dare to dream by Union minister Ashwini Vaishnaw for her stelar work for women ‘empowerment/child development, project Nari Nitti. She has also been awarded the title of Super Indian for supporting 25 villages in Barmer istict in Rajasthan for providing ration kids to musicians and artisans during the entire lockdown period, ‘She was also recently awarded the ICONIC WOMAN OF THE YEAR, at the Society Achievers Award, given by the Hon'ble CM Of Maharashtra Eknath Shinde and Deputy CM Devendra Fadnavis. BW BUSINESSWORLD INSPIRATIONAL LEADERS Creating Climate —> Friendly Buildings For hastaran bere tat ate Bee erent cane we econ contr ka bo Teuton by tan oa name tas naka losers funy teas of a eusence Cofabision, acacsion, sua td os impotan.”aty Natrol hae wooo of est Grater The vay of ome tat wreceetnruire, ber aes cols, touures te tet ony dee bl haaciecel A sear cotny Stands b oan a bt fom such a saya, ins Dslr ‘As the Managing Director, Chief ‘Architect and Urban Planner at IDEA, CENTRE, Bangalore, the Company he founded close to two decades ‘ago, Bhaskaran has designed over ‘a hundred buildings, including the landmark buidings such as Infosys Software Development Centre in Mangalore and Novitiate in Bangalore. ‘After completing the Bachelor Degree in Architecture from the University of Kerala with the frst rank and distinction, Bhaskaran secured the Master of Architecture Degree with ‘a specidisation in Urban Planning, from the University of Minnesota, usa. Bhaskaran believes that the ancient builders were wise enough to design buildings and cities that responded to nature roally well. Roforring to the historical buildings such as ‘Amber Fort in Jaipur and Fatehpur Siri Fort near Agra, he says, ‘The history of architecture is essentially the evolutonary story of the built environment, designed to caier to certain functional needs, while being aptly responsive to the natural conditions and culture of a place’. He elaborates further, ‘I is important to continue ths paradigm in the desians of the present-day buildings and cities. The realisation that the nature was incepardble from us and damaging itwouldinvariably endanger ‘our own existence, prompted the past wvilzations to work in partnership Dem A Better Tomorrow They say every building has a story behind it. And when there is a story, there must be a storyteller too. Bengaluru based Architect and Urban Planner Anil Bhaskaran is a kind of storyteller whose design stories embody the principles he has learned from nature! with hen In fact, it i ths citical Understanding that should form the centrality of our design phiosophies and advancement in construction technologies in future.” It is perhaps this all important realsation that has prompted Bhaskaran to design the new one hundred-acre University campus that is coming up in South india as a totally eco-friendly prot. Bhaskaran's passion for architecture spils into the domain of urban planning too. This has led him to researcting and developing many rnew theories in urban plaming over the past decade. A well-known ‘speaker and writer, he has received a large number of honours and awards for his works in the past. Fo Amrish Aggarwal Taking Eve Challen e In, His Stride FF tie ct0%t Anes saber ta a he Since young age, Amrish Aggarwal has witnessed the roller coaster ride which life offered him. At 19, when his father was diagnosed with cancer, Amrisis life took a massive tur. For him, days were spent between hospitals, taking care of his family and work. But he managed to handle them all with his tard work. Life stil had aot more challenges for him in store, and he lost both his parents by the age of 30. But this young man took every tragedy in his stride. With no support, he managed to built his ‘company from scratch and single-handedly made AIPL reach heights year after year to where it stands now. He has dedicated bis time and energy for 25 years and focls he is unstoppable. AIPL has been a trading unit for several years, but in 2009, Amish took a leap of faith {and started his own manufacturing unit in Khushkhera in Rajasthan, and there has been no turning back since then. ‘The story of Almex Industries Private Limited becan some four decades ago. Back then, it was 2 small warehouse along with an office and very few staff members in Sadar Bazaar area of Old Delhi. But Amrish’s hardwork and dedication has made AIPL reach new heights. He strongly bolieves in hard work, honesty and courage. And it is, these mantras which have led him to make AIPL one of the leading manufacturers of Aluminium in north India. ‘Together with his team whom he considers his family, ‘Amrish has beon able to make AIPL a name to reckon with in India ard now the company is ready to to expand its name worldwide by registering the company in a new manufacturing venture. A loving husband and a doting father of three, Amrish has always made sure that hei able tofulfiall his kid's dreams and they do not go through the hardships he witnessed 2s a kid. Today, his ambition is to make AIPL reach new heights by opening 3 new units in Jammu, India. He is, widening his horizons by stepping into pi and his goal is to soon make AIPL the leading company in all the sectors it ventures into. smaceuticals ‘The journey of the company that had a turnover of just forty lakhs’ back in the day to now a turnover of ‘two hundred crores’ has been inspiring to nt only the people in the industry but also his chiliren, who see him as their role model and look forward to follow his footsteps and help him make this company reach newer and bigger heights. AIPL is ready to get going with its new units in Jammu, India. This will mark anew high in this journey of Almex Industies Private Limited. The company offers a wide range of products like aluminium coil, alum pharma foil, etc. They offer a variety of sizes and thickness, depending on the Intemational specications. Almex Industiias Private Limited haz seen tremendous growth over the years, the company that started as 2 tracing unit is nowa successful and leading manufacturing unt. sm shect, EE CU Nikhilesh Tiwari’s Spay Has “ears Transformed the Way Rural India Pays Through Its Mobile ‘tablished with a mission to empower the rural population 0 Ive in a cashless economy in 2018, Spay Technology is a name to reckon with. Spay's creation has been mutated az the one that caters to the unserved rural market. Under the leadership of Nikhilest' Tiwari (CEO and founder) and Sunil Dhawan (COO and Co-founder), the company that was started from scratch in 2018, is now a 200 crore venture. team has focused exclusively on empowering the migrant population and other sections of the Indian economy thet were being ignored previous. A network of agents land merchants has beon created to cover as mary locations as possible. Spay India, now a complete 828 portal, offers a plethora of senices like - Onine money transfers, Aadhar enabled payment system, Utility bill payment, Travel, Bus ticket bocking recharge, Insurance, and many more. Nikhilesh Tiwari, the CEO and founder ‘er Y of Spay says that it was the lack of correct knowledge to use digital payments in the mural populace that inspired him to launch Spay. °! jeined Vodafone MPesa in 2015 which presented as one of India's greatest is a mobile phone-based money brands 2021-2022 by Asiaone. transfer system, payments and Spay Technology Pvt. Lid. hass been micro-financing service. So while company establish small outlets in declared as the Most Technically working there, | personally visited all such areas possible. The strategy Advanced FinTech Company. The many backward areas of Bihar like was t hep people create an M Ministry of Finance, GOI appreciated Sitamarti, Gopalganj dstrict, Bettiah, Pesa account in their mobile phones the company in 2020 for contributing ‘Mothari and Siwan district. lobserved through the M Pesa app and ransier towards building a strong and resilient that common villagers had no access money to their closed ones without nation. The CEO Nikhil Twari has to bank accounts or any medium having to depend on others. We even received awards like Young and through which they could send or capturod colfice with thom as a preof Dynamic Entrepreneur of the Year by receive remitlances to or from their that they have received the money. India Iconic Awards 2021-2022, Iconic relatives living far away. They had to Siice then, | decidedto work and help CEO of the year 2021-22, achiover rely on other people to help transfer the rural sector because Ilearned how in Times 40 Under 40 category by their money,” remembers Tiwari He important itis touplif the rural society Bollywood personaly, Mr Sonu ‘adds that often these people found and bring them equal to utban society Sood, Influential leader of India 2022 themselves at the mercy of the people ferthebetterment ofthe country which by Marksmen Daily, Times Leading who helped them and felt stuck in led me to estabish Spay Technology Entrepreneur by Times Ascent thoir clutshes. Pvt. Lis," says Tiwari given by Mr Gulehan Grover, Times ‘Achievers 2022 by Tmes Ascent given “People would shamelessly steal Spay’ creation has been mutated 23. by hfy Aner Bazmee money during the trip. | redised the one that caters to the unserved that those people would continue rural market. The team has succeeded The compary has been featured to be dependent if nobody takes an inbringing about a certain equilbriem in renowned news media like India action to help them out. | took it as in the mobile payments sector and Forbes, CEO magazine, Zee Business, challenge to execute such a plan helping the rural population enjoy the ET NOW, Hindustan Times, TIM and that would benefit them. I helped the perks of going cashless. The Spay Business Today. ‘The company does have a number of awards in ite kity. Spay India has been awarded as one of the Top ‘SME Business Year 2022. Ithas been beta MWB GROUP — REDEFINING THE FOOD STAPLES INDUSTRY IN SOUTH INDIA Founded in the year 1971 by the first generation visionary entrepreneur Shri Mutha Wagmal Bhuraji Bafna, the MWB Group commands a strong presence inthe Retail Shelf Spaces with a portfolio of 200 plus products that cater to every segment of society. The secondand the third generation of Bafna’s have built on the strong foundations laid by the founder to erect an empire thathasinterestsin wholesale retail, logistics, energy and technology. bat stated of 35 2 Ret Store with 3 employes in 1971 i today 9 Conglomerate with fs. 1510+ turnover and 70+ employe. The groups ‘nmiyetencte inthe kites ffamatla, Kea, Tamil Naduand oa wth a ston partic of products. Mae tan 1 Lk Penple cansume MW Group Poducs ‘ol fromanexersive network tales. rable in theWholeale and Reaifrna, ‘onecan be sur that MWB woud be aching the es fpeopein thes states none formortheathe. Thesecondgeneation Bafa tranformedthe st nt a ourshng wholesale and real business offulses 4 Foodyzains. They blt on te crnecton withers tt trating in 1978. They powered wholsting a busines, aching out t net 20000 reer: aos Hnatal and Goo with Branches in Habll, shiamoge, Mycun, Dharwad, lag, undapur Guided by the founder golden re — "ensure teri weight and ato farmers, the Baas naveleveragedon at Mata Wogmal hua ‘apport withthe yots ard havestengthenedt The group wok ectyindet with ‘moe than Lakhfarmes, rg to ge then the est price forthe cogs. ‘Tne wird geneaton of amas have ered the Deans to gear Nests Wh her systematic and sateicintegraton natives. The pect third generation of Bafnas ave but South nda’ ges Dal MII with capacity of 00 tommes per day. th ths in lace, they put oat mre than 70 banded Ui the mare shelves comping 2

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