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Noise founders
Amit Khatri (L) and
Gaurav Khatri
THE WEARABLES ISSUE
DIALLING
UP THE
DECIBELS
IN FOCUS: After DOMINATING India’s
QX LAB AI wearables & smartwatch category,
FOUNDERS NOISE eyes the fast growing true
Tilakraj Parmar, wireless AUDIO space with BOSE as
Tathagat Prakash,
strategic investor
Arjun Prasad
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EDITOR-IN- CHIEF ’S NOTE
‘CREATING’ THE CONSUMER

IN THE LAST FEW YEARS, the story of wearables, smartwatches and
true wireless audio has been nothing short of remarkable. The category’s
narrative is about growth but the bigger takeaway is how homegrown
brands lead and dominate. The likes of Apple, Samsung and Oppo were not
able to dent the market shares of home-grown boAt, Noise, Boult Audio,
Fire Boltt and their ilk. The ‘Make in India’ story is prominent, reiterating
that when the right people identify a market gap and provide a solution that
works, they are likely to succeed.
Against this backdrop, it is interesting to note that a category that grew
nearly 35 per cent in the preceding year is expected to grow in single digits
in 2024. This may not sound very positive but if you look at the details, you
can see the natural progression. If one observes how the category leaders
are behaving, for example, the multi-X growth in the likes of advertising
expenses or research & development, one can see that these players are
eyeing a bigger pie. They plan to build the category further and find a new
consumer base to be able to overcome the setback anticipated this year,
ANNURAG BATRA as our cover feature illuminates. Who could elucidate this strategy better
than the founders of Noise, Amit and Gaurav Khatri? Noise remained
 anurag.batra@businessworld.in bootstrapped for nearly a decade before accepting its maiden investment
from a global conglomerate like Bose. For those who know the space, this
is signal enough that Noise is going all out as the challenger brand in the
true wireless category. Our cover interview captures Amit and Gaurav’s
thoughts on their long-term growth plan.
A special package on the FY2025 interim budget paints a vibrant
picture of India’s progress towards ‘Viksit Bharat’ by 2047. Highlighting
pivotal areas like infrastructure, investment, rural development, housing,
education, technology, and green energy, it showcases the government’s
unwavering commitment to growth. Prioritising capital expenditure
not only spurs infrastructure advancements, but also fuels job creation
and drives consumer spending. With a steadfast dedication to long-
term macroeconomic stability, the government upholds fiscal discipline,
evident in its strict adherence to the medium-term fiscal deficit target. The
projected paring down of the fiscal deficit to 5.1 per cent for FY2025 instils
confidence in India’s promising growth trajectory. Even though this is a
pre-election budget, the total subsidy outgo has been trimmed to Rs 4.1
lakh crore for FY2025 from Rs 4.4 lakh crore estimated for FY2024. This
takes the subsidy-to-GDP ratio to 1.3 from 1.5 in FY2024 and the peak of
3.8 during the pandemic in FY2021. The overall subsidy burden has gone
down mainly owing to a reduction in fertiliser subsidies, while food and
petroleum subsidies have reduced marginally compared to FY2024.
Of course, we also bring to you all our regular features and columns.
Happy reading!
4 | BW BUSINESSWORLD | 24 February 2024

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MAILBOX
INSIDE: BW Supply Chain Competitiveness Summit & Awards
www.businessworld.in RNI NO. 39847/81 I 10 FEBRUARY 2024
YOUR COMMENTS
THE
Rs 2.3 LAKH
CRORE
SME IPO EMERGING FINTECH HUB
PLAY This refers to the editorial (“ 1992, India’s Original
Indian SMEs give bumper returns
Fintech Moment”, BW, February 10). The history
to investors as BSE & NSE Emerge
listed companies top Rs 2.3 lakh
of startups, particularly in technology, spans beyond
crore in market capitalisation. Will
misconceptions of them being a recent phenomenon.
2024 see SMEs cross the Rs 3 lakh
crore in mCap?
As the report highlighted, the National Stock
Exchange (NSE) in 1992 marked a pivotal moment
in India’s financial services by introducing fintech
R s 200
innovations. It led to the disruption of the traditional

paper-based stock market system, which was
entangled in nepotism and opacity. Moreover,
the empowerment of Sebi and the abolition of the
TALK BACK
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India’s economy. The NSE has taken several
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address and be sent by email to the prowess of innovation and the transformative
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or by mail to 74-75, Scindia House, challenges faced by developed economies in
Connaught Place, New Delhi-110001
BLIPP embracing similar changes.
THIS PAGE BADAL KUMAR, EMAIL
TO GIVE US
YOUR FEEDBACK
INSTANTLY SLEW OF SME IPOs ON THE WAY
This refers to the editorial (“ Landmark Listing”,
BW, February 10). The year 2023 was a great one
for the Indian stock markets, particularly for Small
and Medium Enterprises (SME) IPOs. As per the
article, a record 179 SME IPOs were listed, with
many being oversubscribed. Notably, 51 of the 166
SME IPOs witnessed subscription rates of more
than 100-fold, with 12 companies seeing more than
300-fold. Moreover, several companies closed the
listing day with significant gains. MSMEs have been
the backbone of the Indian economy for multiple
decades now; therefore, as the country moves
towards becoming a manufacturing hub and starts
fostering more and more SME related industries, we
will see a slew of successful SME IPOs over the next
few years.
AMAN PRASAD, EMAIL

CONTENTS VOLUME 43, ISSUE 09 24 FEBRUARY 2024
12 Jottings
DIALLING UP
Giving farmers their due; Age of misinfor-
mation; Export challenges; Resilience &
hope in a strife-torn world, and more
18 Columns THE DECIBELS

Minhaz Merchant (p. 18); Vikas Singh (p.
20); Srinath Sridharan & Shailesh
Haribhakti (p. 22); Bibek Debroy, Amit
Kapoor & Aditya Sinha (p. 24); Krishan
Kalra (p. 28); Kiran Karnik (p. 31); Prakash
Iyer (p. 36); Srinath Sridharan & Steve
Correa (p. 44)
38 Marketing & Advertising

The story of Perfetti Van Melle India, its
innovative roots and staunch consumer
base that have made
This it a revered
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40 Impromptu
Caroline Parot, CEO, Technicolor Creative
Studios on why 2024 will continue to see
changes in the global M&E industry
46 In Conversation
Aditya Vardhan Agarwal, Promoter-Direc-
tor, Emami Group on the company’s legacy
of excellence, visionary leadership and more
INTERIM BUDGET COLUMNS

56 Srinath Sridharan &
Dakshita Das
59 Ashishkumar Chauhan, NSE
62 Sandeep Gulati, Egis
63 Pramod Sagar, RHI
Magnesita India
64 Sachidanand Shukla, L&T
78 Interview
Noise founders Amit Khatri & Gaurav Khatri
on their next giant leap in the consumer
72
wearables space, game plan for the future,
and more Noise Gets Loud
How the entry of audio
80 Midlife Crisis giant Bose as a strategic
Insights into India’s wearable tech industry, investor in Noise has put
and what the key players are doing to the spotlight on the tech Cover design by DINESH S. BANDUNI
sustain the growth momentum of the past wearables company and Cover photograph by NAVAL KISHOR
four years its focus on audio

52
SMART BUDGET
FM Nirmala Sitharaman’s
interim budget signals
the roadmap for the
transformation of India
as a developed country
Illustration by Dinesh S Banduni
88 Blind Side of Investors 104 Danish Sinha, SnapSprint AI 107 Mamta Bhatia, Yulu
Why home-grown startups in thewearable 104 Gaurav Kanwar, Harajuku 107 Mihir Jain, Nidhi & Mihir PR
Tokyo Cafe
tech space, although a growing breed, are still Consultancy
not the darlings of the investor community 105 Harshit Mittal, Supplynote 108 Nava Krishna Alaparthi,
105 Harshit Vinod Jain, Oneplay StockGro
90 In Conversation 106 Jesicaa Siingh, Stanley 108 Rishab Shetty, Viral Fission
Sameer Mehta of boAt on the wearable tech Communications 109 Sahaan Suman K, Bubble
industry’s accomplishments, challenges, 106 Kairavi Mehta, VK Industrial Network
and strategies to surpass perceived limits Corporation 109 Shahan Sud, JAFCO
92 Master Strokes Investment
110 Shrishti Bhandari,
Tata AIA Life Insurance’s Soumya Ghosh on
personalisation in insurance indusry with AI
Mangalam Information
Technologies
96 Leaders of Tomorrow 110 Shweta Dalmmia,
BW Disrupt fetes 30 entrepreneurs under Climapreneur
the age of 30, who have the potential to be 111 Siddhant Bery, KSP
the business leaders of tomorrow 111 Utshah Sharma, Qniverse
112 Vaibhav Makhija, What’s Up
30/30 WINNER PROFILES Wellness
98 Aditya Agrawal, P-TAL 112 Yash Prakash, Avalon Labs
98 Kirti Goel, P-TAL
100 Abhinav Raju Soomaney, 114 BW Event
CryptoTax International A snapshot of the second edition of the BW
100 Abhishek Agarwal, Farmley Recycling Summit & Awards
101 Abhishek Sharma,
RoboCHAMPS 126 Gadgets
101 Alok Kumar, StockDaddy A review of the Samsung Galaxy S24. Read
102 Angad Dev Singh, Tiger on to learn about all the amazing features
Baby that the latest device from Samsung has to
102 Anirudh Singla, Pepper 129 Last Word offer
Content Vineet Agarwal, MD of TCI, on the road
103 Anvi Lohia, Lohia Aerospace ahead for the Indian economy in FY25,
Systems and much more
TOTAL NO. OF PAGES
103 Ayush Shukla, Finnet Media INCLUDING COVER 132
The pages in BW Businessworld that are labelled BWi or Promotions contain sponsored content. They are entirely generated by an advertiser or the
marketing department of BW Businessworld. Also, the inserts being distributed along with some copies of the magazine are advertorials /advertisements.
These pages should not be confused with BW Businessworld’s editorial content.
24 February 2024 | BW BUSINESSWORLD | 11

JOTTINGS
Giving
Farmers
Their
Due!
P
Photograph by Nastudio
ROTESTS BY THOUSANDS of farmers, primarily matter of fact, farmers of the world, could very well unite on
from India’s grain basket of Punjab and Haryana just this one demand.
continue at the Delhi borders as we go to Press, Even though Indian farmers have not yet pulled off the
since the heavy police bundobast prevents the kind of stunt that broccoli farmers in the United States did in
protesters from entering the streets of the national capital. March 1990, they have been able to attract as much attention.
Only two years ago farmers were camped at the borders for When George Bush Senior as President of the United States
This
months on end and PDF was
managed uploade
to have To Bills
three farm Telegram
revoked.channel_https://t.me/Magazines_8890050582
expressed his dislike for the vegetable, the White House
They were in the capital in 2018, demanding debt waivers, got dumped with truckloads of broccoli. Broccoli prices
drought relief and of course, better crop prices. This time, the began to rise soon after. Indian farmers have so far dumped
list of demands is much longer and includes legal assurance tomatoes on highways every time prices have plummeted
for the minimum support price (MSP) granted so far to 23 and vandalised public transport in Madhya Pradesh in 2017
select crops. Farmers would also like the Indian government demanding that their pulses be procured by the government.
to withdraw from the World Trade Organization (WTO), Yes, the Indian farmer has arrived. He is no longer the sad
which after all, has witnessed some of the most hard-nosed subsistence farmer of Do Bigha Zameen. He is unionised and
bargaining over agricultural subsidies among nations. As a drives a heavy bargain. —Madhumita Chakraborty
Era of Misinformation and other digital spaces amplifies the

risk of misinformation campaigns and
cyber-attacks. The rapid evolution of
THE EMERGENCE of Sora, a software generative AI models, coupled with
developed by OpenAI, capable of the competitive dynamics among tech
generating minute-long videos from giants like Microsoft, Meta, Google and
text prompts, presents a double-edged to catalyse an epidemic of deepfakes Amazon, underlines the urgent need
sword in the trajectory technological unlike any seen before. This technology for robust safeguards and regulatory
innovation. While it is par t of the can be exploited by malicious actors frameworks to mitigate the potential
remarkable advancements in artificial to disseminate misleading content, harms of this technology.
intelligence and creative applications of manipulate public opinion and sow While OpenAI acknowledges the
the past two years, it also raises profound discord in society. As deepfakes become limitations of Sora, including spatial
concerns about the proliferation of increasingly indistinguishable from confusion and difficulty in maintaining
deepfakes and the propagation of genuine footage, the consequences for specific camera trajectories, the
disinformation. democracy, journalism and individual development of countermeasures alone
With its capacity to fabricate videos privacy could be dire. is insufficient to address the multifaceted
that appear authentic and intricate, Moreover, the integration of Sora-like challenges posed by deepfakes.
Sora and its likes have the potential capabilities into social media platforms — Rohit Chintapali

Photograph by Faraways
The depreciating rupee
Export and robust growth in

the United States, a key
Challenges trading partner, have also

aided exports. The Real
and
Effective Exchange Rate
based on export weights
declined by 1.25 per cent
Resilience year-on-year from April

2023 to December. This
suggests that a weaker
currency enhances export
co m p e t i t i ve n e s s w h i l e
making imports costlier,
potentially leading to
inflation. Encouragingly,
between April 2023 and
January 2024, merchandise
DESPITE AN INCREASE in strengthened by 3.1 per cent year- imports contracted by 6.7 per cent
merchandise exports in December on-year to $36.92 billion, following a year-on-year to $560 billion, reducing
and Januar y, India’s cumulative one per cent growth in December as the merchandise trade deficit to $206
merchandise exports declined by well. Experts attribute this resilience billion from $230 billion. This means
4.8 per cent year-on-year from April to proactive government support, that India’s current account deficit
2023 to January 2024, totaling $354 including easier access to credit and would be eminently manageable this
This
billion, compared PDFbillion
to $372 was auploade
year To establishment
the Telegram channel_https://t.me/Magazines_8890050582
of a taskforce to fiscal. And that is an encouraging sign
earlier. Nonetheless, there are positive address non-tariff barriers, amidst indeed!
signs. In January, merchandise exports trade disruptions around the Red Sea. —Ashish Sinha
Photograph by ChaseD750
risk-averseness chokes demand and so sales and production,
as the economic indicators from Japan and the United
Kingdom have indicated over the last three quarters of 2023.
India is expected to be a “sweet spot” amidst sliding
economies in both the western and eastern hemisphere.
The country’s gigantic domestic market of 1.4 billion hungry
consumers could keep India somewhat insulated from global
trends, but for how long? Export earnings and remittances
from Indians and Indian ventures in other economies after all,
do count at the end of the day. And those economies seem to
be in dissaray.
Hope Amidst
AS THE NEW YEAR begins to age and So the International Monetary Fund’s
the first of the 70 national elections (IMF) World Economic Outlook, published
scheduled through 2024 get underway, on 30 January, does bring good tidings
the world seems to be settling into
unmitigated strife and the disturbance
the Shrapnel when it predicts that global growth will
be 3.1 per cent in 2024, or 0.2 percentage
it signals for both economies and polities. points higher than it had predicted in
A strife-torn world incites a cry for a change of guard as the October. The IMF banks on “greater-than expected resilience
national elections in Pakistan suggest. A strife-torn world in the United States and several large emerging market and
signifies supply chain disturbances, as the Houthies attacks developing economies, as well as fiscal support in China”. It
on merchant vessels in the Red Sea show. (The upshot will be expects the growth momentum to continue right into 2025,
rise in the prices of commodities.) when the world economy should grow by 3.2 per cent.
A strife-torn world drives economies into recessions when — Madhumita Chakraborty

JOTTING Plus
EMPOWERING
tangible results, about un-
locking the immense po-
tential that lies within In-
dia’s burgeoning developer
INDIA’S AI FUTURE community.

Moreover, Nadella’s fo-
cus on inclusivity through
initiatives like ‘Code With-
out Barriers’ speaks vol-
Satya Nadella's India vision umes. By aiming to train
isn't just about AI; it's about 75,000 women developers
empowerment. It's about by 2024, Microsoft, per-
giving every individual the haps, isn’t just paying lip
tools they need to shape their service to diversity; it’s ac-
destiny, to become architects tively dismantling barriers
and making way for a more
of change in an increasingly inclusive tech ecosystem.
digital world But beyond the numbers
and statistics there could
be a deeper truth: Nadella’s
India vision isn’t just about
M
AI; it’s about empower-
ment. It’s about giving
This PDF was uploade To Telegram channel_https://t.me/Magazines_8890050582 every individual
75,000 t he t ools t hey
women developers need t o shape
to be trained in AI by their destiny, to
Microsoft in 2024 b e c ome a r c h i -
tects of change in
an increasingly digital
world.
ICROSOFT CHAIRMAN and In this era of rapid tech-
CEO Satya Nadella’s re- nological and AI advance-
cent visit to India seemed ment, India stands at a
oriented towards champi- crossroad. With its vibrant
oning the cause of an AI- culture of innovation and
first nation and his words entrepreneurship, it has the
resonated as a clarion call potential to lead the global
for transformative change. AI revolution. And with Mi-
Nadella’s announcement crosoft’s unwavering sup-
of Microsoft’s ambitious port, that potential can be
Photograph courtesy: Microsoft
ADVANTA(I)GE INDIA realised.
initiative, aimed at upskill- on collaboration between What sets Microsoft’s As Nadella rightly as-
ing two million Indians in the public and private sec- commitment apart is its serted during the visit, In-
AI by 2025, is nothing short tors highlights a fundamen- grounding in reality. With dia’s momentum in the tech
of revolutionary. tal truth: the AI revolution st at ist ic s ba ck ing t he space is undeniable. But
In a landscape where cannot be the prerogative promise of AI – such as the more than that, it’s a tes-
technology reigns supreme, of a select few; it must be a average return of $3.86 for tament to the indomitable
Nadella’s vision for India’s collective endeavour, em- every US dollar spent on AI spirit of its people, to their
future strikes a chord with powering individuals and projects – Nadella’s pledge resilience and ingenuity in
the aspirations of millions organisations across the carries weight. It’s not just the face of adversity.
(if not billions). His remarks board. about lofty ideals; it’s about — ROHIT CHINTAPALI

MARCH 9, 2024
Issue Highlights

The Most Definitive Ranking Of
India’s Largest Companies
Emerging Stars Of
The Auto Industry

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Industry Leaders
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& Columns

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Business Outlook
Our capex will be
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In the long term, the Net Profit:
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depends on tariff repair in ( 54% YoY)
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Revenue :
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telcos operate at 15-20%. GOPAL VITTAL Rs 37,900 Cr
There is no reason for Airtel MD & CEO,
Bharti Airtel ( 6% YoY)
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InterGlobe We have a solid order

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Revenue : natural resource for PIETER ELBERS
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( 30% YoY) capacity growth.
Next year, we expect the Adani Ports

GDP to grow at 6.5-7%, & SEZ
driven more by Net Profit:
manufacturing and Rs 2,208 Cr
infrastructure. So, because ( 68% YoY)
of that, we will see a Revenue :
KARAN ADANI
higher growth rate in the MD, Adani Ports Rs 6,920 Cr
overall cargo volumes. & SEZ ( 44% YoY)

India Inc. leaders on business trends shaping their sectors, macroeconomic
tailwinds driving their growth and guidance on key business metrics
The gap between urban

Dabur and rural demand has
Net Profit: been reducing for the last
Rs 514 Cr three quarters. As the gap
( 8% YoY) narrows, rural recovery is
Revenue : imminent in the country,
Rs 3,225 Cr MOHIT and the elections will aid
MALHOTRA
( 7% YoY) CEO, Dabur this recovery in both
urban and rural.
There is pressure on Jubilant

dine-in, but it is still a FoodWorks
significant channel where Net Profit:
This PDF was uploade To Telegramwechannel_https://t.me/Magazines_8890050582
can recruit more Rs 65.7 Cr
customers. The stickiest ( 18% YoY)
customer that we have in Revenue :
SAMEER our portfolio over the
KHETARPAL Rs 1,382 Cr
CEO & MD, years had their first
Jubilant FoodWorks purchase through dine-in. ( 3% YoY)
Movies are still a big

PVR Inox screen phenomenon.
Net Profit: After we got our
Rs 12.8 Cr eight-week window back,
( 20% YoY) people are going out
Revenue : and seeing even
Rs 1,546 Cr AJAY BIJLI mid-budget movies that
MD, PVR Inox
( 64% YoY) people used to say are
meant only for OTTs.

Minhaz Merchant
COLUMN
The Middle Class
Boom
F
OREIGN INVESTORS VISITING India after a gap of a few years are
struck by three developments. One, infrastructure – the exponential
growth of Indian airports, sea terminals, highways, housing, bridges,
tunnels, metros, coastal roads. Two, digitalisation of the economy,
including the billions of monthly instant cashless payments by UPI.
Three, the low cost of tech services, ranging from 5G telecom to stream-
ing video.
Take 5G rates. According to the International Telecommunication
Union (ITU) and I-Sec Research, India has the world’s lowest tariffs.
The average monthly ARPU (average revenue per user) in India is around $2 (Rs 167).
Now compare that with monthly 5G tariffs in other countries: United States ($43.6),
South Africa ($19), Thailand ($15.8), Mexico ($10), China ($6.2), Brazil ($6.1), Indo-
nesia ($5.8), Turkey ($3.4) and Bangladesh ($2.9).
This PDF was uploade ToIt’sTelegram channel_https://t.me/Magazines_8890050582
not technology alone that’s priced lower than almost anywhere else in the world.
The Economist’s Big Mac Index measures the price of goods and services across sectors
– from groceries and Uber cab rides to flat rentals and hospital health care. In India
the average cost is around 35 per cent of comparable costs across a range of goods and
services, taking the US as a benchmark.
That is why the International Monetary Fund (IMF) and the World Bank both use
MINHAZ MERCHANT purchasing power parity (PPP) to compare per capita income across different coun-
tries. India’s per capita income at current exchange rates is $2,600. Using the PPP
The writer is the multiplier to adjust for differences in living costs, India’s per capita income is $7,200.
biographer of Rajiv That is still only 11 per cent of America’s per capita income ($66,000) but not as low as
four per cent of US per capita income as non-adjusted figures inaccurately suggest.
Gandhi and Aditya That doesn’t mean India has overcome poverty. It obviously hasn’t. Over 800 mil-
Birla and author of The lion Indians still get (and will continue to get for the next five years) free food under
the Pradhan Mantri Garib Kalyan Anna Yojana. This means over half our population
New Clash of needs financial help to make ends meet. What about the other half?
Civilizations (Rupa This is where the India story gets interesting. The size of India’s middle-class has long
been contested. The general consensus is that the middle-class comprises roughly 10
2014). He is founder of per cent of the country’s population. That’s around 150 million people.
Sterling Newspapers Look at it another way. There are over 130 million demat accounts with NSDL and
CSDL. Assume 50 per cent duplicate and inactive accounts. That would still mean
Pvt Ltd., which was around 65 million active demat accounts.
acquired by the Indian Thus 65 million Indian families have at least one active demat account. At five mem-
bers per family, that takes the middle-class universe of investors in stocks and mutual
Express Group funds to over 300 million Indians.
Look now for confirmatory ancillary statistics. Four million cars and twenty million
two-wheelers are sold in India every year. The total number of registered passenger
cars and two-wheelers in India was, respectively, 70 million and 210 million as of
2023. This means there are currently 280 million vehicles (excluding three-wheel-
ers) registered with the RTO. It is a fair assumption that those families with active

Photograph by Dmitry Rukhlenko
demat accounts and/or ownership of Thus the Indian socio-economic pyramid will comprise a tiny tip of perhaps 10 mil-
four-wheelers/two-wheelers are a part lion high net worth consumers, a growing bulge of 300 million people in the middle-
of the middle-class with reasonable dis- class and a slice of around 200 million in the aspirational middle-class, totalling over
posable purchasing power. 500 million people.
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are not small numbers. The combined market of US and European Union
Aspirational Class (EU) consumers is in a similar range. Its purchasing power is obviously more but the
Beneath this middle-class of roughly rate of market and economic growth in India is significantly higher.
300 million, lies a growing aspirational Consider the US parallel. As Rohit Prasad, a professor at MDI Gurgaon and the au-
class. Driven by advancements in tech- thor of The Last Dance of Rationality: Making Sense of an Unravelling World Order,
nology, the uneven level-playing field wrote recently in Mint: “The US adopted an accentuated market-led growth pattern
has become flattened. The aspirational with the Ronald Reagan era of the 1980s. This led to a hollowing out of its middle-class.
class is increasingly seizing opportuni- According to the Center on Budget and Policy Priorities, from 1980 to 2007, the year
ties to lift itself into a new middle-class. before the housing crisis, incomes of the middle 60% of the US population increased
by 47% while those of the top 1% quad-
The growth of infrastructure will have an impact on rupled and next 19% increased by 75%.
This led to a steep drop in the share of
consumption patterns in India’s middle-class. For ex- income enjoyed by America’s 20th to
ample, the new Mumbai Trans-Habour Link (MTHL) will 80th percentile.”
cut travel time between Mumbai and Navi Mumbai from
Infra factor
two hours to twenty minutes. It will connect the Maha- The growth of infrastructure will have
rashtra mainland in Raigad to Mumbai an impact on consumption patterns in
India’s middle-class. For example, the
This will, over the next few years, expand new Mumbai Trans-Habour Link (MTHL) will cut travel time between Mumbai and
the overall middle-class to around 500 Navi Mumbai from two hours to twenty minutes. It will connect the Maharashtra
million, encompassing tier-2 and tier- mainland in Raigad to Mumbai, giving people from across the state easy access to
3 towns as well as rural India. It is the India’s financial capital. There will be a spin-off effect on real estate development,
promise of a market of 500 million con- industries and tourism. Other key projects across the country will benefit from the
sumers by 2030 that has drawn global growing middle-class and its increasing disposable purchasing power. The combina-
companies to invest in India. Technol- tion of technology and infrastructure has the potential to transform India’s economic
ogy is an enabler. It allows consumers to landscape.
bypass poor physical brick-and-mortar A flat playing field will spread India’s growth more evenly across the country’s social
infrastructure. and economic demography and, in time, reduce inequality.

COLUMN By Vikas Singh
NAVIGATING THE
PARADOX OF CHOICE:
RETHINKING
DEMOCRACY
FOR
SUSTAINABLE
GOVERNANCE The author is an economist and columnist
I
N THE INTRICATE TAPESTRY striking a delicate balance between addressing immediate needs
of democracy, a disconcerting and crafting policies that withstand the test of time.
paradox has emerged – a delicate Likewise, the electorate must embrace the responsibility of
balance between choices and con- making informed choices that transcend immediate desires,
sequences. The electorate, faced recognising the enduring impact their decisions can have on
with an abundance ThisofPDF wasappears
options, uploade To Telegram channel_https://t.me/Magazines_8890050582
the fabric of society. Only through this symbiotic relationship
increasingly swayed by immediate gains can the paradox of choice be navigated, and a path to sustainable
over the long-term vision of the govern- governance be forged.
ment. This raises concerns about the Furthermore, the responsibility of elected officials extends
fundamental understanding of democ- beyond merely fulfilling electoral promises. It encompasses the
racy. Are we, as a society, prioritising the duty to educate the public about the complexities of govern-
allure of immediate gratification at the ance, fostering a more informed and engaged citizenry. In an
expense of sustained progress and de- era of information overload, it is crucial for representatives to cut
velopment? through the noise and provide clarity on the potential long-term
A conspicuous trend towards replac- consequences of their decisions.
ing well-performing governments, often Politicians, once perceived as public servants working for
known for their commitment to long- the greater good, now view the electorate more as ‘customers’
term success, has emerged. Instead, there whose needs must be met to secure votes. This change in per-
is a preference for those pledging imme- spective has far-reaching consequences, particularly for the
diate relief, often disguised as giveaways middle class.
and short-term benefits. The inclination
towards short-termism challenges the Elected representatives must rise. Electorate must move
very essence of democracy, prompting beyond short-termism: To reshape democracy for equitable
concerns about the trajectory of devel- development, a multifaceted approach is imperative. Efforts
opment. should be concentrated on enhancing media literacy, promot-
ing critical thinking, and ensuring widespread access to reli-
Anti-incumbency is Largely an Indian able information about candidates to educate the electorate.
Phenomenon: Elected representatives Simultaneously, a paradigm shift is required in the behaviour
and the ‘challengers,’ in their pursuit of of political leaders, prioritising a commitment to a long-term
votes, invariably succumb to the pres- vision over immediate gain.
sure of offering short-term solutions, Economic policies must be inclusive, designed to uplift all
inadvertently neglecting the founda- segments of society, with particular attention to the middle
tional task of laying the groundwork for class. Targeted policies can address the unique challenges faced
sustained progress. The challenge lies in by various socioeconomic groups, ensuring that development

Politicians, once perceived as public servants Independent ‘Auditors’: A Novel Ap-
proach: India needs a cadre of independ-
working for the greater good, now view the ent auditors, who can play a big role in
electorate more as ‘customers’ whose needs must safeguarding the fairness of elections.
They can contribute to building a demo-
be met to secure votes. This change in perspective cratic system that prioritises the long-
has far-reaching consequences term interests of the nation and fosters an
informed and engaged citizenry.
Their actions must encompass
objective evaluation, transparen-
cy advocacy, impartial oversight,
public awareness, educational
initiatives, advisory functions,
monitoring compliance, and
drawing on global best prac-
tices. In unison, these strategies
can contribute to a democratic
system that prioritises equitable
development and withstands the
test of time.
Forging a Path to Sustainable

Democracy: The path forward
This PDF was uploade To Telegram channel_https://t.me/Magazines_8890050582 requires a collective commit-
ment from citizens, political
Photograph by Neeraz Chaturvedi
leaders, and institutions to pri-
benefits the entire nation rather than a select few. oritise the long-term interests of the na-
Civic engagement is a linchpin in this redefined democracy. tion over the allure of immediate gains.
Active participation and public debates empower citizens to In doing so, we can navigate the paradox
demand accountability and advocate for policies prioritising of choices and forge a path toward an eq-
long-term interests. Shifting the political focus from populist uitable society and a developed economy
measures to comprehensive policies through policy-centric that stands the test of time. The paradox
campaigns can reshape the electoral landscape, emphasising of choice in modern democracies neces-
sustained development. sitates a profound revaluation of our
Internal accountability within political parties is equally cru- political processes. The delicate dance
cial. Robust internal mechanisms that foster transparency and between short-term gains and long-term
scrutiny of policies, coupled with internal audits, align party vision requires a recalibration of the roles
goals with the nation’s long-term interests. played by citizens, elected representa-
tives, political parties, and electoral in-
Election Commission’s Safeguarding Role: The Election stitutions.
Commission, in fulfilling its vital role of guaranteeing free and The path forward will not be easy. It
fair elections, should adopt a multifaceted approach to counter- demands a shift in mindset, a rejection
act short-termism. The commission should focus on establishing of the allure of immediate gratification
a level playing field by closely monitoring campaign financing, in favour of long-term vision. But the po-
ensuring unbiased media access, and preventing the improper tential rewards are immense. By embrac-
use of state resources. By championing fairness in these areas, ing this challenge, we can build a brighter
the commission should actively contribute to the assessment of future, a society where democracy thrives
political parties, prioritising an evaluation based on their policies not on the promise of quick fixes, but on
rather than short-term expediency. This proactive stance would the solid foundation of informed choic-
foster an environment where substantive issues take precedence es, responsible leadership, and a shared
over immediate gains, reinforcing the democratic process with a commitment to the long-term well-being
commitment to long-term stability and integrity. of our nation.

(A) MUSE & MUSINGS
T
HE LAST DECADE was the
coming-of-age of the Indian pol-
ity and policy, moving from the
‘Garibi tragic-story’ to ‘global &
growth trajectory’. With the de-
livery of basic civic needs as its pillar, to policy
focus on AI, digital platformisation and data de-
mocratisation across industries, it underscores
the government’s commitment to fostering in-
novation and driving economic growth with a
global perspective.
Today, India stands as a globally significant
nation, be it in actively championing the cause
of the Global South, advocating for the mod-
ernisation of international institutions, or dem-
onstrating its capabilities through a successful
presidency of the G20. Such confidence comes
only with achieving domestic socio-economic
security and sufficiency, as much as global politi-
cal and trade influence.
India’s Regulatory Systems Will

Add Incremental $ 1 Trillion GDP

In the last decade, India witnessed extensive nation’s pursuit of economic growth. Landmark
infrastructure development, enhancing nation- initiatives such as Aadhaar, and Digital India,
al progress. Upgraded road networks connected have streamlined access to public services, pro-
remote areas, improving transportation, while moted financial inclusion, and elevated govern-
rail investments boosted efficiency and connec- ment-citizen interactions.
tivity. Airport development surged, facilitating The government has fostered a distinctive
regional and global accessibility. India’s top-tier sense of developmental urgency, consistently
telecom connectivity emerged, and the estab- driving initiatives that propel the nation forward.
lishment of newer educational institutes, and This proactive approach has positively influ-
introduction of the National Education Policy enced the other pillars of democracy, fostering
(NEP) emphasises academic excellence, and a culture of responsiveness and innovation. Ac-
a multidisciplinary approach, especially with knowledging the need for efficiency and speedy
focus on skilling, to prepare students for 21st judicial processes, the judiciary has started
Century challenges. adoption of technology for its processes. This
‘Make in India for the World’ is pivotal to move towards digitisation will not only expedite
India’s rise in global tech and commerce. The court proceedings but also enhance accessibility.
strategic use of data and digital tech has stream- While there is a large amount of pendency in the
lined governance, giving citizens dignity and judicial system, a process redesign that ignores
immediacy. Initiatives like Jal Jeevan Mission, the traditional rent-seekers would solve for the
Swachh Bharat Abhiyan, and Saubhagya have speed issue. While the integration of technology
provided clean water, toilets, and electricity to may take time to yield its full benefits, initiatives
underserved regions over the past decade. In- like Online Dispute Resolution (ODR) signal a
dia’s diligently constructed digital public infra- commitment to a speedier and more accessible
structure emerges as a powerful catalyst in the justice system.

By Srinath Sridharan & Shailesh Haribhakti
tion, operate autonomously to foster growth and

innovation within their respective sectors. Si-
multaneously, they uphold a crucial supervisory
role to ensure compliance, fairness, and stability.
This equilibrium allows regulatory authorities
to adapt swiftly to evolving industry dynamics, India’s pathbreaking
facilitating the creation of an environment con-
ducive to sectoral development.
legislations, such
India’s pathbreaking legislations, such as as GST, RERA
GST, RERA and IBC, have reshaped industries, and IBC, have
and introduced positive changes in the business
landscape. With the introduction of RERA, it is
reshaped industries,
estimated that two-thirds of realty developers in and introduced
the country are new and first-generation entre- positive changes
preneurs, with no past baggage or deigned mal-
intent. However, the success of these reforms
in the business
ultimately depends on the willingness of market landscape. With
constituents to embrace them with a forward- the introduction of
looking mindset.
These regulatory developments would enable
RERA, it is estimated
Photograph by Natabn
an incremental $1 trillion to the Indian GDP. that two-thirds of
The formidable political will and effective However, it’s essential to acknowledge potential realty developers in
regulatory frameworks have been key drivers areas for improvement. There is a need for con-
Thiseconomic
in propelling India’s PDF was uploade
engine. A com- To Telegram channel_https://t.me/Magazines_8890050582
tinued investment and innovation, especially in
the country are new
mendable aspect of this transformation lies in sustainable practices to address environmental and first-generation
the government’s adoption of a global-scale- concerns. Additionally, ensuring the inclusivity entrepreneurs, with
based approach, emphasising policies that not of economic growth is crucial, with a focus on
only supervise but also drive innovation with a narrowing socio-economic disparities. Strength-
no past baggage
global outlook. This shift is made possible by the ening cybersecurity measures is imperative, giv- or deigned mal-
Indian regulators who have played a pivotal role en the increasing reliance on digital platforms. intent. However, the
across various sectors, ensuring market stability Moreover, ongoing efforts to streamline bureau-
and financial resilience while fostering innova- cratic processes and reduce red tape will further
success of these
tion through a consultative and developmental enhance the ease of doing business, attracting reforms ultimately
approach. more investments. depends on the
From the RBI to SEBI and CCI, regulatory Resilient and resounding national leadership
autonomy and competence have been consist- is about navigating challenges that will keep
willingness of market
ently demonstrated, paving the way for a con- emerging, and sustaining economic momentum. constituents to
ducive environment for growth. By embracing Not every outcome would be perfect or flawless. embrace them with
advanced technologies, these regulatory bodies The government’s commitment to fiscal disci-
have propelled their sectoral participants into pline and inclusive development is poised to add
a forward-looking
world-class digital delivery entities, and with to a resilient economic landscape. Moreover, po- mindset
scale. The integration of digital platforms has litical stability and consensus on key economic
streamlined financial operations, improved policies provide businesses with the confidence
regulatory oversight, and bolstered investor needed for long-term investments. In the year
confidence. This forward-looking approach ahead, comprehensive reforms in land, agricul-
positions India’s financial regulatory landscape ture, taxation, and administrative laws to en-
as a beacon of efficiency in the global arena. hance public service transparency and efficiency
Regulatory independence within the ambit has the potential to inject an additional $1 trillion
of enabling legislations in India serves as a com- into India’s GDP, fostering sustainable economic
pelling example of effectively balancing dual growth.
tasks – sectoral development and supervision. Srinath Sridharan is a policy researcher & corporate advisor.
The regulatory bodies, empowered by legisla- Shailesh Haribhakti is an independent director on corporate boards

ARTHSASTRA By Bibek Debroy, Amit Kapoor & Aditya Sinha
Infatuation with
Being Rural
T
H E R E L U C TA N C E T O
shift from the status quo,
especially when it seems
beneficial in the short
term despite potential
long-term detriments, is a
well-documented bias in
behavioural economics deeply rooted in
human psychology. Daniel Kahneman
and Amos Tversky’s Prospect Theory il-
lustrates this by suggesting that people
value gains and losses differently, with
the pain of losses often outweighing the
satisfaction of equivalent gains. This
leads to a preference for avoiding losses, Clockwise : Bibek Debroy,
This PDF was
a tendency that is compounded by the uploade To Telegram Amit Kapoor & Aditya Sinha
channel_https://t.me/Magazines_8890050582
endowment effect, where individuals
value what they already possess more
highly than what they might gain. The
concept of temporal discounting further
explains this resistance to change, as peo-
ple tend to prioritise immediate rewards centive to resist change. These benefits
over future benefits, even when the latter are perceived as more valuable in the
are significantly greater. Philosophical short term, despite the potential long-
perspectives, like John Stuart Mill’s utili- term advantages of urban classification,
tarianism, suggest that this bias can lead such as improved infrastructure and eco-
to decisions that do not maximise overall nomic opportunities.
happiness or welfare, emphasising the The incorrect categorisation of urban
complexity of human decision-making areas as rural in India poses significant
beyond mere economic calculations. challenges to both urbanisation and
In the context of India, this behav- rural development. As urban areas con-
ioural bias manifests in the reluctance of tinue to grow, driven by the aggregation
both state governments and residents of of skilled individuals and capital, their
rural areas to reclassify as urban. The im- capacity to produce goods and services
mediate benefits far exceeds that of ru-
of maintaining a ral areas, necessitat- areas inherently require more support
rural designation, ing distinct forms of due to a lack of proximity to resources,
such as eligibility administration and leads to a misallocation of resources. This
for various govern- support. However, the system not only incentivises politicians to
ment schemes and prevailing classifica- maintain the rural status of developing
subsidies intended tion system, heavily urban areas to secure electoral support
to support rural influenced by politi- but also hinders the appropriate alloca-
development, pro- cal incentives and the tion of government schemes, which are
vide a strong in- assumption that rural often indiscriminately applied to all ar-
Photograph by Phoopanotpics
disrupting established local governance
models and the potential socio-economic
ramifications – including increased living
costs, displacement, and the erosion of
agricultural livelihoods – add layers of
complexity. Political dynamics further
entangle the situation, as stakeholder in-
terests and power structures come into
play, potentially leading to resistance
from communities wary of losing their
cultural identity and autonomy. Addi-
tionally, the daunting task of providing
adequate urban infrastructure and ser-
vices, coupled with the observed decou-
pling of economic growth from urban
Photograph by Dvargg expansion, prompts a cautious approach
from state authorities.
eas deemed ‘rural’ regardless of their ac- situation. This resistance not only stifles A recent paper (https://bit.ly/47ZAVeq
tual urban characteristics or needs. This urbanisation but also places unsustain- Why India’s urbanization is hidden:
misclassification results in urban areas, able strain on the provision of public Observations from “rural” Bihar bit.ly
in reality, being deprived of the specific goods, leading to a misallocation of devel- published in the Journal, World Develop-
forms of governance and support that opmental programmes and unmet local ment, by Robbin Jan van Duijne through
could facilitate their development and needs, ultimately hindering the potential a case study of Samstipur, Bihar has tried
This PDF
address urban-specific was uploade for
challenges. Tosustainable
Telegram channel_https://t.me/Magazines_8890050582
growth and development to ascertain why people want to remain
The consequences of delayed admin- in these rapidly urbanising areas. rural. One significant fear is the disrup-
istrative reclassification are profound, In India, the rural/urban classification tion of agrarian livelihoods, where the
impacting the efficacy of public goods is primarily the responsibility of state gov- move to urban status could undermine
provision and the overall development ernments. State governments’ reluctance traditional agricultural practices and ru-
trajectory of these areas. Urban Local to officially recognise nominally rural ar- ral sustainability. However, this concern
Bodies (ULBs), mandated to handle eas that surpass urban might be misplaced as
urban-specific responsibilities such as benchmarks as urban urban planning can
land-use planning and building regu- is rooted in a complex integrate urban agri-
lations, are essential for managing the array of obstacles and culture and support
complexities of urban settlements. In concerns, reflecting for agro-based indus-
contrast, panchayats, governing admin- the critique by James tries, thus preserving
istratively rural areas, lack the resources C. Scott in Seeing Like and enhancing agrar-
and expertise to adequately address the a State. The intricate, ian livelihoods within
needs of urbanising populations, lead- mixed-use character of an urban framework.
ing to inadequate infrastructure, poor transitioning regions Urban-rural linkages
sanitation, and a host of other urban defies the clear-cut can be strengthened
challenges. The resistance to transition classifications pre- through policies that
from rural panchayats to ULBs, fueled by ferred by state mecha- ensure a symbiotic re-
factors such as lower taxes in rural areas, nisms, complicating lationship between tra-
perceived higher government funding, the urbanisation nar- ditional and new forms
and political dynamics, exacerbates the rative. Concerns over of livelihood.
Photograph by Lineartist
The immediate benefits of maintaining a rural designation, such as eligibility for

various government schemes and subsidies intended to support rural development,
provide a strong incentive to resist change. These benefits are perceived as more
valuable in the short term

ARTHSASTRA By Bibek Debroy, Amit Kapoor & Aditya Sinha
Concerns about the loss of local governance and autonomy are also
prevalent, as the shift to urban governance is often perceived as diluting community
participation and decision-making. This, however, can be addressed by designing
urban governance models that enhance community participation
Photograph by Sabelskaya
Photograph by Newgena
Another point of resistance is the po- munities, is palpable, with concerns livelihoods post-urbanisation. Urban
tential loss of targeted rural development about land acquisition for development economies, however, offer diverse em-
benefits, whichThisrural PDF was uploade
communities rely To Telegram
projects. However, channel_https://t.me/Magazines_8890050582
urban planning that ployment opportunities, and supportive
on. The transition to urban areas, how- incorporates social equity can prevent policies can facilitate the integration of
ever, opens access to a broader array of displacement and ensure that devel- rural populations into urban economies,
development programmes focused on opment projects are beneficial to the ensuring diverse and sustainable liveli-
infrastructure, healthcare, education, broader community, safeguarding the hood strategies.
and employment, which can be tailored rights of existing residents through legal Cultural and identity concerns also
to include transitioning populations, en- protections and participatory planning arise, with fears that the rich cultural fab-
suring that urban development benefits processes. ric and rural identities might be eroded
are inclusive. Concerns about the loss of local gov- by urbanisation. Thoughtful urban plan-
The anticipated increase in the cost ernance and autonomy are also preva- ning can, however, preserve and celebrate
of living and taxation in urban areas lent, as the shift to urban governance is local cultures and traditions, ensuring
also raises concerns about affordability often perceived as diluting community that urban development enriches rather
for lower-income groups. Yet, the im- participation and decision-making. This, than erases local identities.
proved access to services, amenities, and however, can be addressed by designing Finally, the process of reclassification
diversified employment opportunities urban governance models that enhance and the ensuing administrative and gov-
that come with urbanisation can lead community participation, ensuring that ernance changes involve significant po-
to higher income transitioning communi- litical contestation among stakeholders
levels. Progressive ties are represented in with differing visions for urbanisation.
tax policies and af- urban administrative Engaging all stakeholders in transparent,
fordable housing bodies, thus maintaining inclusive decision-making processes can
initiatives can miti- local autonomy within an turn these challenges into collaborative
gate increased costs, urban context. efforts towards sustainable urban devel-
making urban living The uncertainty over opment, addressing and reconciling dif-
accessible to all. mixed livelihoods that fering interests.
The fear of dis- combine agrarian and
placement and land non-agrarian activities is Bibek Debroy is Chairman, Economic Advisory
ownership issues, another significant con- Council to the Prime Minister (EAC-PM),
Amit Kapoor is Chair, Institute for
particularly among cern, with doubts about Competitiveness &
marginalised com- the sustainability of such Aditya Sinha is OSD, Research, EAC-PM
Photograph by Marinka

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Column
SUSTAINABILITY By Krishan Kalra
R
ESIDENTS OF THE
national capital region
(NCR) woke up on the
freezing morning of
12 January, ponder-
ing over the results
of the Swachh Survekshan making
bold headlines in all major dailies. Of
course, for many social media posts had
dropped the bombshell the previous
evening and everyone was ruing the
same thought “not again”.
Residents of Delhi, Gurgaon, Gha-
ziabad and Faridabad were not exactly
expecting to join the elite league of In-
dore and Surat but there was certainly
hope of improvement after reading
newspaper stories about how the au-
thorities were trying hard to implement
measures for cleaning up the cities in
the NCR – show pieces for the govern-
ments – states and Union – to present
SWACHH
This PDF
to many distinguished was uploade To Telegram channel_https://t.me/Magazines_8890050582
visitors.
We don’t need an Einstein to draw
the conclusion that most claims were
SHOW – NCR’S
baseless and there was no real action
on the ground. Already struggling with
severe air quality, debilitating fog and
poor visibility, we can now add this
dubious distinction to our cities like
Gurgaon and hang our collective heads
in shame.
SHAME
Managing Cleanliness
It is really a mystery that cities that can gling? Are the people not cooperating? Bright minds in the
rightfully boast of beautiful additions government (states and central) must sit down, put their
to infrastructure - Bharat Mandapam, heads together and solve this utterly shameful issue. We
Yashoibhumi, Delhi Metro, RRTS, are forever solving highly complex international problems,
Central Vista Redevelopment, New mediating all over the world but have failed to clean up our
Delhi World Trade Centre, New Delhi own house.
Railway Station, Bharat Vandana Park,
(some of these work in progress) Delhi We Who Explore the Sun and Mars
- Mumbai Expressway, Dwarka Ex- We are building national highways and adding modern trains
pressway, Noida International Airport, at a speed that is second to none in the world; we can now
New Parliament House, ever improv- make our own fighter jets and aircraft carriers, have landed
ing commercial, retail and residential our research craft on the moon, are collecting a lot of scientific
complexes that match the best in the data about Mars and the Sun but become utterly inefficient
world – just cannot manage cleanli- in handling our city waste and cleaning up the water that we
ness! drink and the air we breathe.
What is the real problem? Is there No matter how many water and air purifiers we use in
no will to do so? Is there political wran- the offices and residences of our very capable bureaucrats

Photograph by Phuongphoto
and ministers, still they too are drink-

Thisand
PDF was uploade
We are building Excellence Award’ and it was being conferred on Mr Rao.
To Telegram channel_https://t.me/Magazines_8890050582
ing polluted water breathing pol- Honourable Vice President of India the late Shri Krishan
national
luted air, pray why can’t we remove Kant handed over the citation to Mr Rao, who had by then
this collective kalank (slur) on our
highways and assumed chairmanship of Vishakhapatnam Port Trust. Hon-
foreheads? adding modern ourable Vice President of India mentioned in his speech “It
trains at a speed is technology that holds the key to the future evolution of
Mr S. R. Rao that is second the role of the state in human affairs. The management of
I remember meeting Mr S.R. Rao, IAS modern societies and human settlement will, no doubt, bank
to none in the
– former municipal commissioner of on the resources provided by technology to accomplish given
Surat – in February 1999. I was the
world; we can tasks. Both awards that are being given today, for Corporate
president of AIMA at that time and now make our Excellence and Excellence in Public Service, can be said to
we were felicitating him for the great own fighter jets be bonded together by a common theme – Technology.”
work he and his colleagues had done in and aircraft
cleaning up Surat, the city ravaged by a Cleaning Up the NCR
carriers, have
deadly plague. The AIMA already had In India we have no dearth of brilliant government officers,
a well-established ‘JRD Tata Corporate
landed our scientists and engineers. Can’t the government motivate them
Leadership Award’ which was given research craft and channelise their ideas and energy to solve the shameful
every year on our Foundation Day – on the moon, problem of cleaning up our Capital Region. Let NCR become
21 February. The recipient this time are collecting a a model clean habitat which can then be replicated in other
was the celebrated scientist Dr R.A. cities. Gurgaon – the city that was christened ‘Millennium
lot of scientific
Mashelkar, Director General CSIR for City’ should rise to justify that sobriquet! Gurgaon houses
his outstanding achievements and ‘cor-
data about Mars perhaps 400/450 of the Fortune 500 global companies; their
poratizing scientific research so that and the Sun but executives live in magnificent complexes like The Camellias,
it could improve lives of the people’. become utterly Magnolias and Aralias around the fabulous DLF Golf Course
Incidentally some of the earlier re- inefficient in as well as many other great habitats in the city.
cipients of this award were top corpo- Why should Gurgaon not be a clean city? Why can’t it join
handling our
rate czars like Aditya Birla, Deepak Surat and Indore on top of the list instead of being at the
Parekh and Narayanamurthy. The
city waste and shameful rank 140 out of 446 cities that were surveyed? It
AIMA Council had also decided to add cleaning up the started with rank 37 out of 73 in the first survey in 2016 and
a new one this time, the ‘Public Service water then yo-yoed at 112/434, 105/434, 83/425, 62/425, then oh

Column
SUSTAINABILITY By Krishan Kalra
so glorious 24/425 in 2021 and 19/382 out of the horrible mess was people’s cooperation in addition
in 2022 before falling to the unmen- to civic and bureaucratic efforts. Mr Rao had told me that
tionable 140/446 in the last survey! people were sensitised and became a part of the determined
drive.
‘Bandh Wari Landfill Mountain’ Sadly, the majority of residents of Gurgaon are just not
We are all aware of the ‘Bandh Wari lending a hand to keep their city clean. In fact, they deliber-
Landfill Mountain’ forever growing on ately create obstacles in the work of civic authorities, throw
the prestigious Gurgaon-Faridabad garbage unabashedly everywhere, never segregate their do-
road – which also houses establish- mestic waste, waste millions of litres of water and do precious
ments like The International Solar Al- little to keep the city clean and make it sustainable.
liance’ on which both Prime Minister
Modi and the French President have A Blight on the National Cleanliness Index
driven to inaugurate the great campus We have to urgently launch a strong drive, on a war footing,
and also TERI – that champion of sus- to sensitise the people by telling them about the horrors of
tainability! what they are doing. We do not teach our children enough
This ugly eyesore ‘Bandh Wari
Mountain’ continues to become
taller every year with leachate poi-
soning subsoil water and a terrible
stench hitting the nostrils of lakhs
who traverse this road daily. It is
unfortunate that the government
and ECO-Green, Thisthe
PDF was uploade To Telegram channel_https://t.me/Magazines_8890050582
contractor
responsible for handling the waste
at this place have failed to resolve
their differences on the mutual
agreement for almost 10 years!
Can’t our civic bodies – including
the fancied GMDA – and technolo-
gists put their heads together and
rid us of this eyesore that is caus-
ing huge damage to the health of
residents, especially our children.
Streets Ahead of Gurgaon

How can we live with the fact
Photograph by RS Photos
that Navi Mumbai (rank 3),
Ahmedabad (5) Greater Hyderabad in schools so that they can convince their parents at home to
(9) NOIDA (14) for heaven’s sake even work on cleanliness … in short do everything possible to rid
Ghaziabad (38) and the much-ma- our city of the kalank (slur) of being at number 140 on the
ligned MCD (90) are streets ahead of National Cleanliness Index.
Gurgaon? Or do we take sadistic pleas- Our country can handle very big challenges, why not this
ure in the fact that Kolkata (438) and one? We become united in times of wars – this is no less than
Chennai (199) are worse? Or, may be, a war! We can host a crore or more people during Kumbh
we are smug that NDMC (read Lutyens Melas at Hardwar and Prayagraj even during Covid and suc-
Delhi) a city within the UT of Delhi, ceed in avoiding any major spread of disease. I am sure we
has secured Rank 1 and also received can tackle the problem of ‘Gurgaon’s filth’ if only authorities,
‘5-star garbage free’ and ‘Water Plus’ corporates and civil society are to work together.
certificates.
In all fairness, I must add that the The author is trustee, The Climate Project Foundation India. He is a past
yeomen effort that had brought Surat president of AIMA anbd a former member of the BOG of IIMC, Kolkata

COLUMN n By K IR AN’S KON T R ARIAN KORNER n By Kiran Karnik
The Benefits of
Tree Felling
Nicobar, especially when there is so much economic gain to be got
from the ambitious Rs 75,000 crore transhipment port based devel-
opment project in Great Nicobar conceived by NITI Aayog?
Hopefully, the new Kanwariya route will have a proper paved road,
facilitating the passage of loud-speaker carrying trucks; blaring music
being an essential part of the pilgrimage. Maybe, a four-lane road
would be better, taking care of future needs. If more trees need to be
cut, that’s fine – we have enough forests and trees, and some culling
may do good. Compensatory afforestation could always be done else-
where – say, in Mizoram or Arunachal, since UP may not be able to
O
find more empty land. A similar exercise of road broadening for other
NE LAKH TREES and shrubs are yatras, like the Char Dham one, has resulted in excellent highways.
to be cut to enable construction of Again, the anti-development activists had made a hue and cry about
a two-lane road from Ghaziabad deforestation and delicate Himalayan geology, but our courts and
to Haridwar, according to media regulators had the wisdom to dismiss their pleas. Even minor inci-
This
reports. PDF was uploade
Environmentalists andTo Telegram channel_https://t.me/Magazines_8890050582
dents, like the problem in the Silkyara tunnel, are but small collateral-
activists opposed this – not unex- damage issues and have been solved with our tremendously talented
pectedly, given their constant anti-devel- workforce.
opment stance. This tree felling in a forest Some pesky activists may well move the courts on the proposed tree
area is for the very laudable cause of facili- cutting, citing a recent judgement by the Delhi High Court. While
tating the movement of declining a stay on demolition of religious
Kanwariyas during the structures adjoining a mosque (saying that we
yatra season when they have enough peers, dargahs and temples in the
carry holy water from the city), it added that forests are Delhi’s green
Ganga back to their vil- lungs and need to be preserved and restored. In
lages. the interest of the Kanwar route, one hopes that
The project has report- such considerations apply only to Delhi. People
edly got a nod from the should not be led astray by propaganda that
central ministry charged Delhi’s pollution would be less severe if there
with looking after the are more trees in the wider NCR region. States
environment. Given their like Haryana know this and therefore oppose
mandate and their unbi- the interpretation of laws in ways that would
ased experts, it is odd that stop conversion of some lands to non-protected
outside experts and aca- areas open for construction. Clearly, UP too
demics oppose this, expos- knows this and sees all the advantages of creat-
ing their own vested agenda. After all, ing a new route through the forest for the Kanwariyas. The tea stalls,
compensatory afforestation will be carried and restaurants – who knows, may be malls too – that come up on the
out elsewhere in the state. This will be route will give a stimulus to the local economy and create employ-
similar to what is proposed for the planned ment, apart from that provided by construction and tree-cutting. If
mega project in Nicobar, for which com- this means more trees to be cut, that is a minor price compared to all
pensatory afforestation may be done in the benefits.
Haryana. How does it matter that trees
The author loves to think in tongue-in-cheek ways, with no maliciousness or offence
planted over 2500 km away may not cor- intended. At other times, he is a public policy analyst and author. Among his books is
rect any climatic change in far-way Decisive Decade: India 2030 Gazelle or Hippo (Rupa, 2021)

FEATURE BHARAT TEX
UNLOCKING INNOVATION:
Bharat Tex 2024

Redefines the Global
Textile Scene
In line with Prime Minister Narendra Modi’s ‘5F’ Bharat the momentum gained considerably in
the past decade as awareness about cli-
Tex 2024 emerges as a beacon of excellence in the global mate change, environmental degradation,
textile landscape, offering a dynamic platform for industry and social issues significantly increased
stakeholders to connect, collaborate, and innovate. worldwide. With its focus on sustainabil-
ity, innovation, and collaboration, Bharat
With over 3500 exhibitors, 40,000 trade buyers, and Tex 2024 serves as a catalyst for driving
participants
This PDFfrom
was50+ countries,
uploade the event
To Telegram serves as a positive change within the textile industry.
melting pot of ideas, trends, and business opportunities Through exhibitions, seminars, and
interactive sessions, the event facilitates
I
knowledge sharing, fosters partnerships,
ndia’s textile industry holds a rich Scheme (ATUFS). and promotes best practices in textile
legacy woven into its vibrant fab- These programs aim to boost domestic manufacturing and design. As India
ric, spanning centuries of crafts- production, enhance skill development, continues to assert its position as a global
manship and tradition. From the and attract investment in the sector. leader in textiles, events like Bharat Tex
intricate weaves of Banarasi silk Bharat Tex 2024 emerges as 2024 play a crucial role in shap-
to the colourful patterns of Kalamkari, In- a beacon of excellence in ing the future trajectory of
dian textiles have captivated hearts world- the global textile land- the industry, driving
wide with their diversity and artistry. It is scape, providing a growth, and fostering
time to delve into the multifaceted tapes- platform for in- innovation.
try of India’s textile industry, exploring its dustry stakehold-
economic significance, evolution, and the ers to showcase Bharat Tex
government initiatives driving its growth. their products, 2024, The Most
India’s textile sector is not just a reposi- ne twork, and Dynamic Plat-
tory of traditional techniques but also a explore business form for Textile
dynamic hub of innovation and entrepre- opportunities. The Industry
neurship. textile industry, his- Bharat Tex 2024, or-
Over the years, the industry has evolved torically associated with ganised by the Consor-
from cottage-based production to modern significant environmental tium of 11 Textile Export Pro-
manufacturing, embracing technological social and governance (ESG) im- motion Councils and Supported by
advancements and global market trends. pact, has undergone a paradigm shift. The the Ministry of Textiles, promises to be a
The government has played a pivotal role specific timing of the need for ESG in the dynamic platform for the Indian textile
in supporting the growth of the textile in- Indian textile industry can be traced back industry. With a focus on boosting exports
dustry through various initiatives such to the early 2000s when global attention and showcasing the prowess of the sec-
as Make in India, Skill India, and the began focusing more on sustainable and tor, the event is set to feature specialised
Amended Technology Upgradation Fund responsible business practices. However, zones catering to different segments of the

industry. These key players from ture direction of the industry.
zones will offer across the textile From traditional handloom weaves to
participants and value chain, the cutting-edge digital printing techniques,
visitors a compre- e vent seeks to Bharat Tex 2024 celebrates the rich di-
hensive view of the catalyse growth, versity and innovation within the textile
latest trends, tech- innovation, and sus- sector. The event facilitates meaningful
nologies, and innova- tainable development interactions between manufacturers, de-
tions driving the textile within the industry, ulti- signers, retailers, and policymakers, fos-
sector forward. mately contributing to India’s tering partnerships and driving growth
Spanning across two prominent venues economic prosperity. across the value chain.
– Bharat Mandapam and Yashobhoomi in
New Delhi, Bharat Tex 2024 aims to pro- Bharat Tex 2024: A Platform for
Sponsors and State Partners
vide ample space for exhibitors to display Excellence Bharat Tex 2024 is made possible
their products and engage with a global Bharat Tex 2024 emerges as a beacon
through the generous support of its spon-
audience. The event is expected to witness of excellence in the global textile land-
sors and key state partners. Collaborat-
significant international participation, scape, offering a dynamic platform for
ing with industry leaders and govern-
ment bodies, the event aims to showcase
the best of Indian textiles while foster-
ing partnerships for sustainable growth.
These sponsors and partners play a piv-
otal role in ensuring the success of Bharat
Tex 2024 by providing financial support,
logistical assistance, and strategic guid-
ance. Their commitment to promoting
the textile industry and advancing its in-
terests underscores the collective effort
to propel India’s textile sector onto the
global stage. Through their collabora-
tion, Bharat Tex 2024 is poised to be a
catalyst for innovation, collaboration,
and excellence within the textile indus-
try, driving economic growth and foster-
ing a vibrant ecosystem of creativity and
entrepreneurship.
with industry leaders, stakeholders, and industry stakeholders to connect, col- Key Themes and Objectives
experts converging to explore business laborate, and innovate. With over 3500 At the heart of Bharat Tex 2024 lies a com-
opportunities and collaborations. Moreo- exhibitors, 40,000 trade buyers, and mitment to sustainability and innovation.
ver, the presence of international hosted participants from 50+ countries, the The event seeks to highlight the impor-
buyers will further enhance networking event serves as a melting pot of ideas, tance of eco-friendly practices and ethical
opportunities and facilitate meaningful trends, and business opportunities. It sourcing in the textile industry, promoting
exchanges between buyers and sellers. showcases the latest advancements in a more sustainable and responsible ap-
In addition to the exhibition, Bharat textile technology, design, and sustain- proach to production. Through exhibi-
Tex 2024 will feature concurrent events ability, providing insights into the fu- tions, seminars, and workshops, Bharat
and seminars, including B2B meetings, Tex 2024 aims to showcase the diversity
G2G discussions, CEO roundtables, and and ingenuity of Indian textiles while ad-
policy-making forums. These sessions KEY HIGHLIGHTS dressing pressing issues such as climate
will serve as platforms for knowledge- l 3500 + Brands Showcase change and fair labour practices.
sharing, brainstorming, and strategizing, l 10,000+ Textile Products
with the overarching vision of propelling l 3000 + Overseas Buyers Legacy and Diversity of Indian
Indian textiles onto the global stage and l 40,000 + Trade Visitors Textiles
fostering a conducive environment for l 50+ Knowledge Sessions India’s textile heritage dates back thou-
increased exports. By bringing together sands of years, with evidence of cotton

FEATURE BHARAT TEX
cultivation and weaving found in the an- nologies but also innovations and
cient civilizations such as the Indus Valley. enhances the ef- advancements in
Over the centuries, Indian textiles have ficiency and pro- textile technology
evolved into a kaleidoscope of colours, ductivity of textile and design. From
patterns, and techniques, reflecting the manufacturing pro- sustainable fabrics
country’s rich cultural tapestry. From the cesses. to digital printing tech-
intricate embroidery of Gujarat’s Kutch Additionally, the Pro- niques, the event offers a
region to the tie-dye artistry of Rajasthan’s duction Linked Incentive (PLI) glimpse into the future of tex-
Bandhani, each region boasts its unique scheme has emerged as a key driver for tiles, driving forward-thinking solutions
textile traditions, passed down through promoting domestic manufacturing and for a rapidly evolving market.
generations. bolstering textile exports. By offering in- Beyond its showcase of talent and in-
The vibrant hues and intricate designs centives and rewards for meeting speci- novation, Bharat Tex 2024 offers ample
of Indian textiles tell stories of ancient fied production targets, the PLI scheme opportunities for networking and collabo-
rituals, social customs, and religious be- incentivizes industry players to enhance ration. B2B meetings, product launches,
liefs, encapsulating the essence of India’s their production capacities and competi- and matchmaking sessions to connect
diverse cultural landscape. Beyond its tiveness in the global market. Further- buyers and sellers, facilitating trade and
cultural significance, the Indian textile more, flagship programs like Skill India investment in the textile sector. The event
industry plays a pivotal role in the coun- and Pradhan Mantri Mudra Yojana are serves as a catalyst for growth, paving the
try’s economy, contributing significantly instrumental in empowering artisans and way for new partnerships and ventures in
to GDP, employment, and exports. Em- weavers with the requisite skills and en- the industry.
ploying millions of skilled artisans and trepreneurial capabilities to thrive in an In addition to its commercial ap-
workers, the industry encompasses a wide increasingly competitive landscape. peal, Bharat Tex 2024 celebrates India’s
range of segments, including handloom, Through skill development initiatives rich cultural heritage through cultural
power loom, silk, This
jute, PDF was uploade and
and wool. To financial
support for micro-enter- showcases and exhibitions. Visitors are
India’s textiles are coveted globally for prises, these programs play a pivotal role treated to live demonstrations of tradi-
their quality, craftsmanship, and herit- in nurturing talent, fostering innovation, tional crafts such as handloom weaving
age, making the country a key player in and ensuring the sustainable growth of and block printing, providing a firsthand
the international market. As the industry the textile sector in India. glimpse into the artisans’ skill and crea-
continues to evolve, blending tradi- tivity.
tional techniques with mod- Participant Profile With Bharat Tex 2024, the future of the
ern innovations, Indian From seasoned industry Indian textile industry appears brighter
textiles remain a time- veterans to emerg- than ever. Armed with newfound knowl-
less symbol of the ing designers and edge, partnerships, and inspiration,
country’s rich ar- artisans, Bharat stakeholders are poised to chart a course
tistic heritage and Tex 2024 attracts for sustainable growth and prosperity.
entrepreneurial a diverse array of With continued government support and
spirit. participants united industry collaboration, the Indian textile
by their passion for industry is poised to maintain its position
Government textiles. Exhibitors as a global leader in innovation, quality,
Initiatives to Boost showcase their latest and craftsmanship.
Textile Trade collections, while indus- Bharat Tex 2024 stands as a testa-
The Indian government has try experts share insights and ment to the resilience, creativity, and
implemented a comprehensive ar- trends shaping the future of the industry. vibrancy of India’s textile industry.
ray of initiatives aimed at stimulating Policymakers and government officials Through its showcase of talent, inno-
growth and fostering innovation within also play a crucial role, providing guidance vation, and cultural heritage, the event
the textile industry. One such initiative, and support for initiatives aimed at boost- embodies the spirit of collaboration and
the Amended Technology Upgradation ing the textile trade. excellence driving the industry forward.
Fund Scheme (ATUFS), serves as a crucial As we look towards the future, let us
catalyst by providing financial assistance Industry Trends And Business embrace the opportunities and chal-
to modernise textile machinery and infra- Opportunities lenges that lie ahead, working together
structure. This program not only facili- Bharat Tex 2024 serves as a barometer to shape a brighter, more sustainable
tates the adoption of cutting-edge tech- for industry trends, reflecting the latest future for Indian textiles.


MARCH 2024
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COLUMN PI TAL K IE S By PR AK A SH IYER
The Sunglass
Syndrome
I
SWITCHED TO PROGRESSIVE lens in my spectacles a long time ago. Pro-
gressive lens are fabulous. Expensive too. So when I was getting my sun-
glasses powered, I decided I’d give the progressives a miss. After all, I wasn’t
planning to use my sunglasses to read, I thought. And that’s how it’s been
all this while.
Last week, finding my sunglasses weren’t too comfortable, I decided I
needed a change. I visited my optician and after a quick eye test, I had a new
prescription for my sunglass lens. The cost: Rs 3500. Would you like a new frame
too, the salesman asked. Since my Rayban sunglasses were perfectly good and well
cared for, I said no. And he nodded in agreement.
And then he asked if I’d like to switch to progressive lens for my sunglasses too.
‘Since you’ve got used to progressives, you might feel these sunglasses are not as
good,” he explained. And it made sense. How much, I asked. 24000 rupees he said.
This PDF was uploade Phew! To Telegram
But then Ichannel_https://t.me/Magazines_8890050582
thought, we spend so much on shoes and clothes, might as well
spend a bit more on something I wear day in and day out. Deal done.
And he then said you should try this anti-glare coating. Cuts off glare completely.
For just Rs 1500. Seemed like a no-brainer. He then told me how a polaroid film
Prakash Iyer is a speaker and leadership on the lens would cut off the harsh UV rays. For just Rs 1000 more. Since I was in
coach and former MD of Kimberly Clark Lever
any case spending 25000 bucks, why scrounge for a measly 1000 rupees I thought.
I’ll take that too I said.
The Caring Sales Guy

After fitting me out for the progressive lens, anti-glare, with polaroid, the caring
sales guy looked at my old Rayban frame and said while they were in great shape,
he had a small worry. It was a discontinued model. If the frame broke, we would
not be able to fit the lens onto a new frame – because they no longer made those
frames. ‘Since you are spending so much on the lens, I think it would be better to
get a new frame too,’ he said. That meant an additional Rs 7500.
And that’s how what should have been a 3500-rupee lens change became a
34000-rupee project. Not quite what I had planned. But it made me think of the
slippery slopes we encounter in our life. We start small. And then get tempted to go
a bit farther. And then a bit more. We are never sure, but we rationalise. And soon
we are so far gone that a little more seems like no big deal. When you are spending
25,000, a thousand more doesn’t seem to matter. But in reality, it should. Maybe
we all need to be more careful. With sunglasses. And other similar slippery slopes
too. Whether you are upgrading the IT infrastructure at work, or renovating your
home, or just buying a new television, beware of the sunglass syndrome. Fore-
warned is indeed fore-armed.
As I walked out of the store, feeling guilty at how much I had ended up spending,
I suddenly had a great idea to save some money. My old Rayban frame was still so
good. Why throw it away? Maybe I should buy a simple non-progressive lens and
keep it as a spare pair of sunglasses. Just in case. Only Rs 3500 more.

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MARKETING AND ADVERTISING
IN DEPTH
DRIVEN BY
Perfetti Van Melle India’s jour-
ney is pillared on its innovative
INNOVATION,
roots and staunch consumer
base, making it one of the most
BACKED BY
revered brands
By Soumya Sehgal
Bhutani
TECH
P
ERFETTI VAN principles that has worked
Melle India’s third very well for us is a deep
decaversary this understanding of Indian
year is a testament to the consumers. Being able to
power of the organisation understand what appeals
This PDF
and its values, echoing its was to
uploade
a consumerTo is
Telegram
super im- channel_https://t.me/Magazines_8890050582
understanding of the con- portant. The second thing
sumers, their taste palettes is essentially our relentless
and the cultural nuances of focus on innovation. This
the country. It also speaks is a category where people
volumes about their belief look for experiences. With
in the India story and their Perfetti and its access
investment plans that are to global technology, we
bearing sweet candies, in have been able to bring A PROFITABLE BRAND are going to be critical for
their case. new concepts to India and Being the sixth largest success in the future. We
With eight brands under transform the business,” confectionery manu- are relatively small in that
its belt currently, the Ital- asserts Gunjan Khetan, facturer in the world, sense.”
ian-Dutch multinational Marketing Director, Per- Perfetti sits in the leader- Part of the reason why
believes in maintaining fetti Van Melle India. ship position for most of its the brand is more promi-
the right culture, staying Along with this, afford- categories. To substantiate nent in its offline presence
agile, incorporating tech- ability, in terms of the this, the urban penetration is the category itself—it is
nology into experiences value it offers, and acces- for its hard-boiled candy not an urgent category but
and offering products that sibility, which stems from category, which is also its an impulse category. Sec-
serve consumer needs. its distribution network most penetrated category, ond, it is a low-unit price
across 4 million outlets in is almost 80 per cent in category, which makes it
INDIA STORY the country, further ampli- India. an addition to a basket.
The confectionery major fies the brand’s presence Khetan agrees that the Because no one buys it as
looks at India as a key and popularity. “We be- brand’s primary busi- an independent entity, it
growth engine, and its In- lieve in the India story and ness comes from offline. has historically restricted
dian business is growing in will continue to overinvest “But this is one thing that the online presence of this
double digits post-Covid. in India. And this also we are headstrong about category.
In fact, India is among the reflects in our media plans wanting to change: that Given its varied portfo-
top five growth markets and investments,” adds ecommerce and availabil- lio, the task for the market-
for Perfetti. “One of the Khetan. ity in non-offline formats ing team also changes.

space work that unlocked
opportunities for them.
That’s when they decided
that they needed to move to
more premium experiences
and higher price points.
At the start, they were
about 5 per cent in non-
Re 1 pricing. Today, it’s
almost close to 1/3 of their
business. “Some of the
principles that we use in
this are essentially finding
“We focus on the brand tal is 75:25 per cent. tions and personalised, the right product innova-
objectives and have a very At the back of its ad- fun, and spooky experienc- tion that can command a
clear target group in mind, vanced technology, PVMI es for users through a blend premium. In terms of the
understanding their social, has been at the forefront of AR and AI generation. value that we are delivering
functional, and emotional of industry collaborations. Parallely, their partner- to our consumers, we are
drivers of consumption. Recently, it claimed a spot ships with complementary experimenting with many
This drives the actions we in the prestigious India brands and categories have new formats and many dif-
take,” explains Khetan. Book of Records and Asia been a cornerstone to their ferent pricings. So, we have
In terms of the brand’s Book of Records for creat- success, such as with Coca- a very clear plan to unlock
communication strategy, ing a unique multilingual Cola for ‘Mentos Fanta’ premiumisation by deliver-
This PDF
it is horses for courses for was uploade To Telegram channel_https://t.me/Magazines_8890050582
them. Their preparation
involves a lot of consumer
Because of the very nature of the
work, learning about their category—impulse—the brand focuses its
pain points and needs, and
brainstorming immersive communication on driving impulse
ideas to design a proposi-
tion that enables them to ing great innovations and
unlock these needs. making those innovations
Because of the very accessible to consumers
nature of the category—im- through superior distribu-
pulse—the brand focuses tion,” shares Khetan.
its communication on
driving impulse. “It started THE PLAN AHEAD
with Center Fresh and With Nikhil Sharma, PV-
Mentos. These are iconic MI’s new managing direc-
ads that are embedded in tor, at the helm, the brand
the memory of India. And has some new launches
that journey continues. The planned for March 2024.
idea is to always stay top of voice-interactive treasure and with Sony Pictures for The brand aims to stretch
mind,” says Khetan of their hunt campaign for Hallow- a limited edition Center itself and bring the best
marketing strategy. een. Their partnership with Fruit ‘Spiderman – Far ideas and technology to its
Over the years, the Nickelodeon presented from Home’ pack. consumers to elevate their
brand has been heavily the first-ever Metaverse experiences, as well as to
invested in campaigning Awards screening experi- PREMIUMISATION keep the innovation in the
over traditional media, ence in India. The Chupa PVMI’s premiumisation confectionary category
along with being digitally Chups Halloween Hacks journey started about alive.
disposed. Their current 2023 campaign also inte- five years ago, in 2018.
split between TV and digi- grated gamified interac- They did massive demand soumya@businessworld.in

MARKETING AND ADVERTISING
IMPROMPTU
“We are
Last year, Technicolor telligence) are showing
Creative Studios spun that we can go faster, at
off as an independent the end of the day, people
committed
company from the main are indeed using content
entity. This brought it differently. The industry
back to its core, which acknowledged that media
to growing
is the work you have and content studios are
been doing for studios, drastically changing and
creating film and epi- the way to rebuild the fu-
sodic content, and also ture by building new con-
our India
gaming and advertising tent, whatever the distri-
content. It was a year of bution outlet may be, will
change that impacted be different. Everyone is
business”
t h e c o m p a n y. C o u l d contemplating the next
you take us through generation of what we
what this will mean for must do.
Technicolor in the year At Technicolor, you are
ahead? right in saying our growth
It was a yearThis PDF was journey
of change uploade To Telegram
brings us back tochannel_https://t.me/Magazines_8890050582
As the intersection between creativity
for Technicolor and also where we began back in and technology becomes more profound,
for the media and en- 1915 in terms of our ser-
tertainment (M&E) in- vices for studios. And we
Caroline Parot, CEO, Technicolor Creative
dustry. One of the major had a tough year. We had Studios speaks with BW Businessworld’s
events, for example, was operational issues even Noor Fathima Warsia on why 2024 will
the ‘summer of strikes’ as ahead of the LA strikes. continue to see changes in the global me-
it was being called, where When large structural
writers, actors and other changes are made, one
dia & entertainment industry before the
workers in Los Angeles can lose momentum in dust settles. Excerpts
brought to light the im- the day-to-day focus.
pact of technology and What was happening unique opportunity to have to continue to invest
how it was changing the around us also pointed reinvent ourselves and in tech, we need to fast-
industry. I would call it a to the need to evolve our align with newer industry track it, as generative AI
transformative year. solutions management. needs. It set into motion is picking up and newer
While the likes of gen- We look at it as a good what I believe will drive tools are coming to the
erative AI (artificial in- year because we got the our next growth phase, fore. There is a platform
help regain our momen- transformation backed by
We look at 2023 as a good tum and accelerate our

transformation.
strong investment.
The real transforma-
year because we got the Tell us more about your
tion is how we are going
to address the markets.
unique opportunity to transformation strat-
egy.
We have been a US-based,
LA-focused company for
reinvent ourselves and align Our transformation over a century. This has
with newer industry needs strategy is two-fold. It

acknowledges that we are
worked for us and we will
continue to serve the ma-
a high-end, specialised jor studios. But we have to
company and while we refocus on where the new

content will be delivered. people and invest in tech.
We are exploring how We are well-positioned to
to develop local content service global client de-
for local markets. A mar- mands and are hoping we
ket such as India, for in- can see the first proof of
stance, is larger than Eu- how partnerships and di-
rope or the US. We intend versification in the Asian
to better serve markets in markets will work for us
Asia, where the media and from India.
content industry is evolv-
ing extremely fast but we Are you considering any
lack presence. acquisitions?
The strategy is to con- I believe more in partner-
tinue to fuel our tech- ships and working in an
enabled company with ecosystem than acquiring.
advanced tools and top- For example, we will not
skilled people so that we build generative AI-led
can continue to deliver solutions ourselves but
high-end products and we work with partners who
intend to widen our client have already developed
base. them. We will be partner-
ing more with our clients
While it makes This sense
as well. Unless something
to grow the footprint, unique is on the horizon,
one may argue that this we are unlikely to look at
is a competitive sector. acquisitions right now.
India is a major player,
not to mention markets So will 2024 continue to
such as China as well. be a tough year?
How will you make it Global M&E demand
work? India is already has declined and we have
These are very competi- entered a flatter growth
tive markets but there are among the leading markets for curve. But it will contin-
contracyclical variables at Technicolor globally and we see ue to be a transition year
play. If you do not have a this only growing further in the for the industry. Major
large base of customers, studios will have to bal-
you do not have a resilient year ahead as newer ance between the features
business in this space. avenues open up they will release, what are
How we adapt, how flex- streaming platforms do-
ible we are, how good are ing and where they need
services are, the quality skillsets, we are in a good role as in your transfor- to invest money for quality
of the work, on-time de- position to achieve this. mation game plan? content. Business models
livery and the right cus- That is also why India is India is our core platform are changing. It would be
tomer interfacing are all an important market for to create these services a recovery phase and we
important components. us. While there is a thriv- and deliver them. We have will see the evolved model
We a l r e a d y h a v e a ing market here, our set- all the services here and in 2025. Companies would
strong client base but up in India can develop now we have to leverage have created a new com-
if can evolve it and add the business for the rest it. In India, we are organ- petitive edge and there
a newer client base, we of the world. ised by business units but would be stability.
add resilience. With our there is a common layer
global know-how and our What do you see India’s on how to manage our  nfw@businessworld.in

INTERVIEW
Karnataka Energy Minister

Unveils Vision For State’s
Energy Future
I
n an exclusive interview with What strategies do you have in place to increase the
Businessworld, Kelachandra Joseph integration of renewable energy sources in Karnataka’s
energy mix, and how do you plan to overcome chal-
George, the Energy Minister of lenges associated with intermittency?
Karnataka, shared significant insights To boost renewable energy integration, we’ve initiated
regarding the state’s ambitious plans various actions. Firstly, promoting rooftop solar setups
to enhance its energy infrastructure while empowers individuals and businesses in the transition.
Encouraging renewable energy generation for green hy-
fostering sustainability drogen and ammonia through stakeholder-friendly poli-
The Energy Minister of Karnataka, cies drives investment. Solarizing Agrifeeders provides
Kelachandra Joseph George, shared daytime electricity to farmers, reducing fossil fuel reliance.
significant plans for enhancing the state’s
energy infrastructure and promoting
sustainability in an interview. The Minister
highlighted a strategy to transition towards
a greener grid, aligning with global efforts
to reduce carbon emissions and increase
renewable energy usage.
How do you plan to enhance and modernise Karnata-

ka’s energy infrastructure to meet the growing demand
while also promoting sustainability?
Ans: In today’s world, electricity ranks as the fourth essen-
tial need. Globally, governments strive to balance cost and
accessibility to meet this demand. Our primary objective is
to shift towards a greener grid, aligning with global efforts
to cut carbon emissions and reach 500 GW of renewable
energy capacity by 2030. To ensure uninterrupted power
supply, we integrate renewable energy with storage solu-
tions, foster international collaborations, invest in research
and development, and implement a robust bulk power
transmission system. Upgrades to monitoring and billing
systems ensure transparency and efficiency, while vehicle-
mounted substations reduce downtime, especially in urban
and rural areas. Our focus on renewable energy and storage
solutions demonstrates our commitment to mitigating
global warming and securing a prosperous energy future.

Supporting agricultural sustainability, we’re deploying off- and also provide affordable solutions to electrify such habi-
grid solar irrigation pump sets with farmer subsidies. Also, tations sustainably.
the Green Energy Open Access Regulation enables larger
consumers to opt for renewable energy. Ensuring grid sta- What steps are being taken to modernise the power grid
bility amidst rising renewable power, we’re implementing in Karnataka, and how do you plan to incorporate smart
flexible thermal generator protocols and planning storage technologies for better management and reliability?
solutions like Pumped Hydro Storage Plants and Battery To modernise the power grid, we’re taking several steps.
Energy Storage Solutions. Firstly, we’re converting congested substations into GIS
multi-story substations to optimise space. Vehicle-mounted
Can you outline any specific reforms or policy initiatives substations reduce downtime during maintenance, ensur-
you’re considering to improve the efficiency and trans- ing uninterrupted power supply. We’re also expanding the
parency of the power sector in Karnataka? network with more bulk power corridors, including 765kV
To enhance power sec- and 400kV systems, to
tor efficiency, the state meet growing demand.
is developing the “Inte- Upgrading the SCADA
grated Electricity Policy system enhances grid
2024-2034”. This poli- visibility and streamlines
cy focuses on building operations. Automating
a resilient and flexible energy metre reading
transmission grid, en- allows for efficient data
suring financially viable analysis, aiding accurate
and environmentally forecasting. Stringent
sustainable power sup- cybersecurity measures
ply. It aims toThis PDF was uploade To Telegram channel_https://t.me/Magazines_8890050582
provide protect the grid from
reliable and affordable threats, ensuring its
electricity for inclusive security and integrity.
development, energy These efforts demon-
security, and consumer strate our commitment
choice. The policy also to a reliable and resilient
outlines a clear roadmap energy network.
for resource adequacy in
generation, transmis- How will you promote
sion, and distribution to energy conservation
meet the needs of indi- and implement de-
vidual consumers. mand-side manage-
ment strategies to op-
How do you intend to timise energy usage in
address the issue of the State?
energy access in rural Karnataka has imple-
areas of Karnataka mented the “Karnataka
and promote electrifi- Energy Conservation
cation to enhance the quality of life for residents? and Energy Efficiency Policy 2022-2027” to address energy
Our government at the first instance has formed “Salaha conservation. This policy aims to meet current and future
Samithi”, a committee at each MLA constituency to discuss energy needs through energy efficiency strategies. Signifi-
and address the issues of power supply in their jurisdic- cant milestones in demand-side management include dis-
tion. This will enable faster movement of grievances to the tributing LED bulbs and promoting energy-efficient fans
higher offices and remedial measures taken thereon. We and tubelights for households. The state incentivizes LED
are also planning to implement off-grid solutions, micro bulb adoption for streetlights by reducing tariffs. Optional
grids and self-sustaining micro grids in remote rural areas. Time of Day (ToD) tariffs are introduced, with mandatory
Also, under the “Particularly Vulnerable Tribal Groups ToD for consumers with demand exceeding 500kVA. These
(PVTG)” scheme of Government of India, the State is plan- initiatives highlight Karnataka’s commitment to energy
ning to connect the remote area habitation with the grid conservation and efficiency for a sustainable future.

PEOPLE TALK By Srinath Sridharan & Steve Correa
T
HE CORPORATE landscape
is undergoing a seismic shift
propelled by the disruptive
force of digitalisation, neces-
sitating a re-evaluation of
leadership principles. In this
dynamic environment, lead-
ership in the digital age de-
mands a fusion of innovation, creativity, techni-
cal proficiency, and a commitment to fostering
a positive organisational culture. Technology is
not just a tool; it’s a catalyst for transformation.
In the hands of visionary leaders, it becomes the
driving force that propels organisations into the
future, shaping a landscape where innovation
and success converge.
Traditional leadership styles that pay atten-
tion to the modern demands of a rapidly evolv-
ing business landscape risk becoming obsolete.
Leaders must pivot towards innovative strat-
egies in an era where emerging technologies
disrupt traditional business models. Social
Purpose-led Leadership
in the Digital Era
engagement and being socially media savvy As remote work becomes increasingly preva-
are not just preferences but essential skills in lent, leaders must be adept at managing virtual
fostering brand visibility and connecting with teams and fostering collaboration across distanc-
diverse audiences. Leaders who fail to adapt es. Platforms like Slack, Zoom, and collaborative
may find themselves disconnected from the project management tools are vital for maintain-
pulse of their teams and the broader societal ing team connectivity and engagement.
landscape, hindering their ability to navigate In today’s complex business environment,
change and capitalise on emerging opportuni- seamless collaboration among team members
ties. The imperative is for leaders to evolve, in- is imperative. A culture that values diversity, en-
tegrating digital fluency, empathetic leadership, courages open communication, and leverages
and a keen understanding of social dynamics to digital tools for efficient collaboration, irrespec-
remain effective and relevant in the contempo- tive of geographical distances, is essential.
rary professional landscape. Acknowledging the younger workforce’s de-
Leaders must acknowledge the inadequacy of sire for purpose-driven work is crucial. Lead-
outdated approaches and pivot toward innova- ers can align team goals with a broader vision,
tive strategies. Embracing emerging technolo- share success stories, and leverage digital tools
gies such as artificial intelligence, blockchain, for transparent communication, including video
and data analytics is essential for staying com- conferencing and collaboration platforms, to
petitive and making informed decisions about bridge the gap and build trust.
technology adoption and integration. Leaders in the digital age have unprecedented

ing situations, fostering innovation and agility
within the organisation. Leadership in the digital
age also emphasises environmental and social
responsibility, requiring leaders to consider the
ethical implications of their decisions.
In the digital era, social engagement and me-
dia savviness are not just preferences but essen-
tial skills for leaders. Beyond personal branding,
these skills are integral to fostering brand vis-
ibility and connecting with diverse audiences.
Leadership needs Evolution

The rapid pace of technological advancements
brings forth a spectrum of challenges and pit-
falls that demand thoughtful consideration in
Traditional
the digital era. One pressing concern is the risk
leadership styles
of job displacement due to automation, which
that pay attention
may lead to workforce disruptions and economic
to the modern
inequalities. Additionally, relying on sophisti-
demands of a
cated technologies introduces vulnerabilities,
rapidly evolving
such as cybersecurity threats and data breach-
business landscape
es, exposing organisations to potential harm.
This PDF was uploade To
Photograph by Iakovenko123 Telegram channel_https://t.me/Magazines_8890050582 risk becoming
Leaders must navigate these challenges adeptly,
obsolete. Leaders
access to vast amounts of data. While technical ensuring that technological innovations do not
must recognise
skills are crucial, soft skills such as communi- inadvertently exacerbate social or economic dis-
the inadequacy of
cation, empathy, and collaboration are even parities.
styles that need
more critical in a digital workplace. Building Ethical considerations in the digital landscape
to embrace digital
strong interpersonal relationships with team are paramount, requiring leaders to grapple with
transformation,
members, even in virtual interactions, is key. issues like data privacy, algorithmic biases, and
empathy, and
Digital leaders must foster an inclusive the socio-economic impacts of automation.
respect for the
and diverse work environment by leveraging Data privacy concerns loom large as organisa-
younger workforce.
technology to facilitate collaboration, under- tions amass vast amounts of personal informa-
Leaders must pivot
standing different perspectives, and ensuring tion, necessitating robust measures to safeguard
towards innovative
everyone feels valued, regardless of location or individual rights. Algorithmic biases can perpet-
strategies in an era
background. Commitment to continuous learn- uate and even exacerbate existing inequalities,
where emerging
ing sets the tone for a dynamic learning culture making leaders need to address and rectify biases
technologies
within the organisation. within their technological systems.
disrupt traditional
As reliance on digital tools and platforms in- To navigate these challenges while uphold-
business models
creases, leaders must prioritise cybersecurity. ing ethical standards, leaders must prioritise
Understanding potential threats, implement- transparency, accountability, and continuous
ing robust security measures, and fostering a reassessment of their technological strategies.
culture of cybersecurity awareness among em- Implementing stringent data privacy measures,
ployees are essential in safeguarding organisa- regularly auditing algorithms for biases, and pro-
tional assets. actively addressing the socio-economic impacts
Digital leaders recognise the importance of of automation are crucial steps. Emphasising
a positive employee experience. This involves employee training and reskilling programmes
providing the right digital tools, supporting can mitigate job displacement, fostering a cul-
work-life balance, and fostering a culture that ture of adaptability within the workforce.
encourages innovation and collaboration.
Encouraging decentralised decision-making Srinath Sridharan is a policy researcher & corporate advisor
empowers teams to respond to rapidly chang- Steve Correa is an executive coach, OD consultant & author

IN C ON V ERS ATION
“EMAMI IS TESTAMENT TO
FOUNDERS’ COMMITMENT OF
MAKING IT BIG”
B
oasting a legacy of 50 glorious years, the Kolkata-based in-film branding. It started in early 80s
Rs 34,000 crore Emami Group epitomises innovation and with the super-hit movie Agar Tum Na
resilience in diverse sectors including FMCG, healthcare, real Hote starring Rajesh Khanna, Rekha
estate, and more. ADITYA VARDHAN AGARWAL, Promoter- and Raj Babbar. Both the personal care
Director, Emami Group talks to ASHISH SINHA about the and healthcare arm and the edible oil
and foods arm of the group have exten-
legacy of excellence, visionary leadership and more. Excerpts:
sively used celebrities from all walks of
life to connect to its consumers.
As Emami celebrates its 50th year, could you share insights into the journey?
Over these 50 years, there have been many highs and lows, each contributing to our Emami is known for its disruptive
This
learning process, PDFus
making was uploade
stronger To Telegram
and bolder with everychannel_https://t.me/Magazines_8890050582
passing day. We owe and differentiated brands. Could you
our industry standing to the vision of our legendary founders who have fuelled this highlight some of the legacy products
journey with values, courage, friendship, and progressive mindset for relentless and newer innovations?
pursuits of their dreams. As part of its 50th year celebrations, the Emami Group Our journey has been marked by pivotal
formally unveiled a special logo highlighting the legendary founders and the group’s landmarks. For example, the launch of
vision, ‘Making Lives Happier’. The group is setting up a legacy–cum-experience flagship products like BoroPlus (1982),
centre on the lines of a museum spread over 5,000 sq. ft in Kolkata to highlight its Navratna (1989), and pioneering prod-
journey as an inspirational experience for the future. A book on the group’s journey ucts like Fair and Handsome (2005).
is also being planned for publication. Noteworthy turning points encompass
acquisition of Zandu in 2008 and that of
Take us through the last five decades briefly highlighting the key takeaways? Kesh King in 2015. In its branded food
Our journey began five decades ago in a modest 200 sq. ft room on Muktaram Babu business, Emami has introduced popu-
Street in north Kolkata, where two childhood friends, my father, Radhe Shyam lar brands like Emami Healthy & Tasty,
Agarwal and my uncle, Radhe Shyam Goenka, both having relinquished their cor- Himani Best Choice etc. The group of-
porate roles, set foot into the world of entrepreneurship. Emami’s evolution from a fered distinguishably designed range
‘startup’ venture with an investment of a very small capital and a handful of cosmetic of pure and blended powder spices and
products to a thriving over Rs 30,000 crore business conglomerate present in mul- tastemakers Mantra Masala made us-
tiple diverse industries and boasting over 500 consumer product offerings stands ing the cryogenic grinding technology,
testimony to the courage, deep bond of friendship and relentless pursuit of dreams. where the spices are ground at tem-
peratures ranging from zero to minus
What role does innovation play at Emami and how has it shaped your brands? 50 degrees C. In its personal care and
At Emami, the most important investment made over that the last few decades has healthcare businesses along with news-
been knowledge acquisition. We strongly believe in the philosophy of “innovision,” print and paperboard manufacturing,
where capabilities are driven through world-class innovation based on deep con- Emami boasts of hi-tech modern R&D
sumer insights, which has propelled Emami to its present stature. Emami believes facilities and manufacturing units es-
in leveraging and introducing new business models and service innovations and tablishing the legacy of excellence.
deploying breakthrough technologies to “disrupt” the “core” and create novel and
emerging consumer spaces, both nationally and globally. We are known for market- What is Emami’s commitment to
ing innovation and have been a pioneer in promoting the Emami brand through India going forward? How are you

gearing up for the future?
Emami Group, built on the ethos of
Make in India, believes in being com-
mitted to the nation by ‘Making Lives
Happier’ for the past 50 years across
various spheres of life. Today, we have
25,000 employees working with us
across the world; there are hundreds
and thousands of distributors, suppli-
ers and associates with whom we enjoy
strong relations. We believe that we
have grown not for ourselves but for the
nation and for all of these stakehold-
ers who have played major roles in this
journey.
For the next phase of growth, the
group is actively exploring new ventures
and conducting comprehensive stud-
ies across seven to eight sectors. The in-
tention is to carefully select one or two
sectors to initiate business operations,
aligning with the group’s commitment
to expanding its footprint in consumer-
centric domains.
Emami is big on celebrity market-

ing. How does it work in shaping the
brand narrative?
At Emami, we have always been ac-
tively involved in celebrity marketing.
India is a market of over a billion peo-
ple and most of this market is rural,
and at the bottom of the pyramid. It is
price sensitive and emotional. This seg-
ment responds to the pull of a visible
celebrity. We are amongst the first ones
“For the next phase of growth, who pioneered the concept of endorse-
ments and in-film advertising with the
the group is actively exploring objective to create aspirational aura and
recall. The promotions were directed
new ventures and conducting at arresting the attention. The brand
ambassadors were signed based on
comprehensive studies across seven our brand strategy and narrative and
the fit between the brand and the star.
to eight sectors” Till date, Emami has been endorsed by
more than 60 celebrities including Am-
itabh Bachchan, Shah Rukh Khan, Sal-
man Khan, Rekha, Katrina Kaif, Juhi
Chawla, Preity Zinta, MS Dhoni, Sourav
Ganguly, Sunny Deol, among others.
ashish.sinha@businessworld.in
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BUDGET SPECIAL
ESSAY
F
INANCE MINISTER NIRMALA SITHARAMAN’S SPEECH
during the presentation of the Interim Union Budget 2024-
25 was significant mainly in two respects. At one level,
the announcements signified continuity with the past in
terms of the focus on capex-driven growth. At another level,
they signalled a break from the past in terms of budgetary
policies and their reorientation towards making India a
developed country.
Notably, the interim budget aims for a fiscal deficit of 5.1
per cent of GDP, which will be a quantum leap over 5.8 per
This
cent during FY24. PDFcarries
It also was uploade
on with itsTo Telegram channel_https://t.me/Magazines_8890050582
growth-focused
spending, as evidenced by a robust 16.9 per cent increase
in gross capex to Rs 11.1 lakh crore although it is lower than
past years in percentage terms. Faster fiscal consolidation
and reduced market borrowings may temper Government
of India securities yields in the short term making them
attractive. However, achieving further fiscal consolidation
beyond FY25 could pose challenges with on-budget capex
at 3.4 per cent of GDP.
According to Sitharaman, the government had managed
to keep the fiscal deficit at 5.8 per cent of GDP during FY24,
which was 0.1 per cent lower than the budget estimates
INTERIM BUDGET:
TOWARDS
TRANSFORMATION
FM Nirmala Sitharaman’s interim budget signals the roadmap for
the transformation of India as a developed country
By Ashish Sinha
52 | BW BUSINESSWORLD | 24 February 2024 Illustration by Dinesh S. Banduni

BUDGET IMPACT
POWER OF
GROWTH
13% growth
pegged for direct
tax, corporate tax
& PIT
10% growth
pegged for
indirect tax
collections
11% growth
pegged for GST
collections
5% growth
pegged for excise
collections
(BE) of last year. Terming it as a signif- “Faster fiscal consolidation and a dip cate a concerted effort to promote EV
icant announcement, Rumki Majum- in borrowings will help to cool yields adoption.
dar, Economist, Deloitte India said, further over the coming year, as long On the housing front, the PMAY-G
“It is sending a clear message to inves- as the estimates for revenue and capi- beneficiaries will now receive an en-
tors that the government maintains tal receipts appear credible as the year hanced support of Rs 2 lakh per unit,
control over its finances and remains progresses,” Nayar adds. up from Rs 1.2 lakh. There are plans
committed to the fiscal consolidation Experts say some of the key an- to construct 2 crore pucca households
path it has established.” nouncements in the interim budget over five years, with a budget of Rs
Aditi Nayar, Chief Economist & bodes well for a large number of sec- 54,500.14 crore for 2024-25. Addi-
Head of Research & Outreach at tors including agriculture, aviation, tionally, with its emphasis on green
ICRA, says that the higher than ex- capital goods, cement, dairy, hospi- initiatives, the budget aims to facili-
pected capex (Rs 9.5 lakh crore versus tality, tourism, infrastructure, power, tate rooftop solar panel installations
Rs 9.3 lakh crore during FY24, and Rs renewables and steel among others. for one crore households, offering up
11.1 lakh crore versus 10.2 lakh crore The interim budget prioritises to 300 units of free electricity every
during FY25) and lower than project- bolstering the electric vehicles (EV) month, in line with the goal for renew-
ed fiscal deficit (5.8 per cent versus 6.0 ecosystem, allocating Rs 2671.33 able energy uptake.
per cent during FY24 and 5.1 per cent crore for FY25 under the FAME In- Commenting on the issue of EVs,
versus 5.3 per cent for FY25) suggest dia scheme. Significant increases in one expert said: “While not explic-
that the quality of expenditure is go- funding for the performance-linked itly mentioned, it’s likely the FAME
ing to be healthier than what had been incentives (PLI) scheme for automo- scheme (Faster Adoption and Man-
pencilled in both in FY24 and FY25. biles and ACC battery storage indi- ufacturing of Electric vehicles) will

BUDGET SPECIAL
ESSAY

Photograph courtesy: PIB
undergo changes. With a reduced al-

location by nearly Rs 2,000 crore, the
emphasis may shift towards charging Allocation for Specific Ministries (Rs lakh crore)
infrastructure and e-buses over indi-
vidual consumer subsidies.” Defence 6.2
The Fiscal Math
Experts have raised concerns over
Road Transport 2.78
some of the announcements in the
budget. For instance, the disparity Railways 2.55
between the growth rates of direct
and indirect taxes -- direct taxes are Consumer Affairs/Food 2.13
projected to increase 13.1 per cent
compared to a 10 per cent growth in
indirect taxes.
Home Affairs 2.03
While this forecast suggests an 11.5
per cent rise in the central govern- Rural Development 1.77
ment’s gross tax revenues for FY25
BE, there are concerns surrounding Chemicals Fertilizers 1.68
non-tax revenues.
Despite a modest 6.4 per cent year-
on-year growth, the FY25 BE for
Communications 1.37
non-tax revenues appears overly op-
timistic, especially given the elevated Agriculture/Farmer's Welfare 1.27
projections for dividends and telecom Source: Budget Documents
receipts. Furthermore, the fine print

BUDGET IMPACT
Allocation to Major Schemes FY25 BE (Rs lakh crore)
Mahatma Gandhi NREGS 86,000
Ayushman Bharat-PMJAY 7,500
Production Linked
Incentive Scheme 6,200
Semiconductors
Display Manufacturing 6,903
Solar Power (Grid) 8,500
National Green Hydrogen Mission 600

Source:
This PDFBudget
was Documents
uploade To Telegram channel_https://t.me/Magazines_8890050582
in the budget documents reveals only lakh crore in the BE. “Consequently, suicides. Chidambaram, in fact,
a meagre 3.2 per cent increase in rev- the fiscal deficit is estimated at 5.8 per stressed the importance of per capita
enue expenditure for FY25 BE. This cent of GDP in FY24 RE, marginally income growth rather than the gov-
seemingly modest increase is primar- lower than the BE of 5.9 per cent of ernment’s repeated stress on India’s
ily facilitated by a significant 7.8 per GDP,” a senior economist explained, GDP growth.
cent decline in allocations towards adding that the higher-than-budg- “Fastest growing economy is not a
major subsidies, notably the fertiliser eted revenue receipts (+Rs 0.7 lakh badge of honour,” said Chidambaram.
subsidy, expected to decrease by over crore) and the shortfall in capital ex- “China’s GDP is five and a half times
13 per cent in the next fiscal year. penditure (-Rs 0.5 lakh crore) are ex- more than our GDP. If they grow at,
Additionally, the reduction in mar- pected to more-than-offset the over- say 3 per cent, in order to match their
ket borrowings for FY25 BE by Rs 1.3 shooting of revenue expenditure (+Rs annual growth, we have to grow at 15
lakh crore compared to FY24 revised 0.4 lakh crore) in FY24 RE, relative to per cent... So don’t talk about GDP
estimates does little to assuage con- the BE. This has led to the cut in the growth. Talk about the per capita in-
cerns, as it could potentially hamper government’s fiscal deficit print, he come growth. If the GDP is growing at
the government’s ability to meet its explained. such a high rate, why is the per capita
fiscal obligations effectively, experts income growing at half that rate?” he
said. Challenging Points asked.
As per the revised estimated for Opposition political voices, once Now all eyes will be on the full budg-
FY24, the government’s fiscal deficit again, found gaps in both the budget et for FY25 to be presented in July by
is pegged at a lower-than-expected Rs speech of the FM as well as the num- a new government at the centre. Will
17.3 lakh crore relative to the budget bers presented in the budget docu- India take a new course of develop-
estimates of Rs 17.9 lakh crore. What ments. Former finance minister P. ment under the current dispensation
explains the lower fiscal deficit? Ex- Chidambaram did not mince his or through a change of guard post
perts point to the downward revision words as he slammed the FM for miss- elections, only time will tell.
of nominal GDP for FY24 to Rs 296.6 ing to mention ‘massive’ unemploy-
lakh crore in the RE from Rs 301.8 ment, rising inflation, or the farmer ashish.sinha@businessworld.in

BUDGET SPECIAL
COMMENT
T
HE OTHER HALF of India,
comprising its women, has
transcended their historical
confinement to ‘home and
hearth,’ rapidly claiming
space and a voice in the na-
tion. There is no turning back
from this transformative stage. The recent-
ly presented interim Union budget aligns
with these societal shifts, aiming to nurture
women as economic assets by fostering in-
creased participation in the labour force –
an ongoing challenge for India. The Prime
Minister has reiterated his priority for the
upliftment of four key segments of society
– the ‘Garib’ (poor), ‘Mahilayen’ (women),
‘Yuva’ (youth), and ‘Annadata’ (farmers).
As an important milestone, in the India of
Photographs by Indiapicturebudget
Silent Power of vision of improved lifestyles, tangible

income, and increased opportuni-
Women in Politics
ties. In the upcoming elections, an
estimated 49 per cent of votes will be
cast by women, including enthusi-
astic young adults entering the elec-
and Economics
toral arena for the first time. This
compelling scenario underscores the
imperative to women as responsible
and engaged citizens.
Recognising and incorporating
By Srinath Sridharan & Dakshita Das women’s economic contribution
into formal economic calculations
today, women have evolved into a formida- is imperative for a comprehensive understanding of a nation’s financial
ble vote bank, garnering strategic attention landscape. Women play a pivotal role in both formal and informal sec-
from political entities. In the transformative tors, contributing significantly to productivity and economic growth. By
journey from the 1951 elections, where a acknowledging and quantifying their economic activities, policymakers
mere eight crores participated, to the pre- gain insights that can lead to targeted interventions, fostering an inclu-
sent, we have witnessed a substantial in- sive and dynamic economy. Empowering women at the grassroots level
crease of women voters with approximately not only uplifts communities but also creates a ripple effect, fostering
19 crores women exercising their electoral sustainable development and societal progress. Integrating women’s
rights in 2009. economic contributions into formal calculations and empowering them
thus becomes a dual strategy for fostering economic prosperity and
Women Voters societal advancement.
This positive trend persisted through the Over the past decade, the government has undertaken significant
2014 and 2019 elections. Notably, the gap efforts to empower women and ensure their economic inclusion. Initia-
between male and women voters narrowed tives like Jandhan accounts and Stand-Up India have laid the foundation
to a mere 1.8 per cent in 2014 and by 2019 for fostering financial resilience among women. Investment schemes
we found that the gap had vanished and in such as the Mahila Samman Patra and the Sukanya Scheme address
fact, there were marginally more women specific needs, contributing to a more inclusive financial landscape.
voters than men. Women are breaking tra- Additionally, the government has successfully brought fundamental
ditional voting patterns, drawn towards a necessities directly to citizens, encompassing initiatives like providing

cooking gas, sanitation facilities, drinking Over the past decade, In the run up to this Budget, the
water, and primary healthcare. Hon’ ble Prime Minister had an-
Despite these commendable strides, a
the government has nounced four pillars in India which
noticeable gap persists, particularly evi- undertaken significant required a special focus, of which one
dent in female labour force participation, efforts to empower was women. The finance minister too
as highlighted by World Bank data, reveal- women and ensure their reiterated this message, assuring of
ing a rate of 19.2 per cent in 2021 and con- higher and enhanced financial alloca-
tributing only 17 per cent to the country’s economic inclusion. tions for women-centric schemes. The
GDP. The International Monetary Fund Initiatives like Jandhan Union Interim Budget FY2024-25 de-
(IMF) underscores the economic poten- accounts and Stand- tails some of the initiatives that have so
tial, asserting that achieving gender equality far focused on women, interestingly in
could boost India’s GDP by 27 per cent. To
Up India have laid the enabling their role in economic activi-
propel towards a mega trillion economy, foundation for fostering ties. These include the disbursement
focused attention on enhancing women’s financial resilience of around 30 crore Mudra loans, in-
participation is crucial, recognising that crease in female enrolment in higher
among women.
“Nari Shakti” is pivotal in achieving devel- education and access to house owner-
opmental goals. Investment schemes ship, particularly in rural areas. Newer
such as the Mahila initiatives include enhancement of the
Budgetary Provisions Samman Patra and Lakhpati Didi targets and the health-
A Union budget tackles the developmental related efforts targeted for the future,
thrust in any sector, particularly for wom- the Sukanya Scheme including the forward-looking cervical
en, through two avenues. Firstly, there are address specific needs vaccination programme.
Go deeper into the budget document
and one will find that the Gender Budget Statement sees
a big jump in numbers to Rs 2,23,219.75 (crore). Interest-
ingly, new schemes with gender outlays are now listed in
the statement. These include the Saksham Anganwadi
and Poshan 2.0 scheme with an outlay of Rs 870 crore,
a quantum jump. This is in tune with the budget an-
nouncement of focusing on improved nutrition delivery,
early childhood care and development. The Krishon-
nati Yojna under the Ministry of Agriculture & Farmers
Welfare has an allocation of Rs 2119.94 crore. Under the
programme PM Schools for Rising India (PM SHRI) a
fresh allocation of Rs 1200 crore is reflected. Focusing on
women’s education the PM-Uchhatar Shiksha Protsahan
reflects an outlay of Rs 688 crore. The Skilling India pro-
schemes and programmes administered by gramme has a similar enhanced outlay for women.
various ministries and departments, consti- Women are the backbone of the Indian economy, contributing sig-
tuting direct allocations for women-centric nificantly to its growth and stability. Beyond their vital role in traditional
activities. In the last budget, this allocation sectors, women increasingly drive innovation and entrepreneurship,
amounted to approximately five per cent of bringing diverse perspectives to the business landscape. Empowering
the total budget, as illustrated in the Gender women economically not only enhances their financial independence
Budget Statement included in the Union but also fosters inclusive development. By harnessing Nari Shakti, India
Budget documents. The second approach can achieve greater productivity, competitiveness, and resilience. Rec-
involves promoting non-expenditure- ognising and promoting women’s participation in the economy is not
based activities that contribute to women’s just a matter of equality; it is an imperative for unlocking the nation’s
empowerment. This includes initiatives full economic prowess. And this budget has continued in focusing on
such as announcing collateral-free loans, empowering and nurturing Indian women.
facilitating the opening of accounts, and
introducing women-centric social security- Srinath Sridharan is an author, policy researcher & corporate advisor
administered investment schemes. Dakshita Das is a former civil servant and a policy expert

BUDGET SPECIAL
YOUTH / TECH
lowing them to adopt a slightly longer-
term perspective. I reiterate once again,
the allocation of a Rs 1 lakh crore cor-
pus with a 50-year interest-free loan
is a remarkable initiative. The corpus,
designed to provide long-term financ-
ing or refinancing with extended ten-
ors and minimal interest rates, coupled
with the strong emphasis on ‘anusand-
han’ (research), is commendable,” said
Partha Neog, CEO & Co-founder, Van-
tage Circle.
Technology & Skilling

During the presentation of the Interim
Budget FY24-25, another significant an-
Photograph by Anton Matyukha
nouncement was regarding a new deep-
Tech Tonic
tech scheme which will look to encourage
innovation in relation to defence.
“We welcome the Interim Budget’s
focus on skilling, deeptech, R&D, in-
The Rs 1 lakh crore corpus for the development novation, and digital infrastructure,
all of which are critical drivers for the
of the tech-savvyThis PDF was youth
uploadeofTo
the country
Telegram is seen as
IT industry’s growth. The Skill In-
boosting research, innovation and development dia Mission has helped in building a
By TEAM BW highly skilled workforce, and the Rs

1 lakh crore corpus with interest-free
F
loans for tech-savvy youth will be a true
INANCE MINISTER Nirmala engaged in cutting-edge technologies. game-changer. This will fuel innova-
Sitharaman’s announce- “The Rs 1 lakh crore fund is poised to tion and entrepreneurship, fostering
ment in the Interim Budg- catalyse innovation and development, the next generation of tech leaders,”
et FY24-25 of a Rs 1 lakh positioning India as a self-sufficient said Debashis Chatterjee, MD & CEO,
crore-corpus for the devel- hub for technology. India will be self- LTIMindtree.
opment of the tech-savvy youth of the reliant through indigenous technology “The Interim Budget 2024 is reflec-
country has come in for effusive praise and no longer will rely on other coun- tive of the India’s sustained focus on
from business leaders. tries to borrow technology.” Atma Nirbhar Bharat (Self Reliant In-
Speaking to BW Businessworld, The budget, presented on February dia). The long-term financing and re-
Bodhisattwa Sanghapriya, Founder 1, also placed strong emphasis on the financing scheme with a corpus of Rs
and CEO, IG Drones said the corpus slogan ‘Jai Jawan (youth), Jai Kisan 1,00,000 crore with a 50-year interest
is a ‘truly game-changing’ initiative. (farmer), Jai Vigyan (science) and Jai free loan to promote R&D in the private
He commended the budget, offering Anusandhan (research)’. sector in sunrise domains, as well dedi-
his approval for its notable focus on re- “In a typical election year, one ex- cated initiatives to promote deeptech/
search, innovation and development. pects more populist decisions in the R&D in the defence sector underscore
The CEO of IG Drones highlight- budget. However, it appears that the the commitment to position India as a
ed the transformative impact of the incumbent government is exuding global leader in the world of technol-
budget allocation, especially for those confidence in an imminent victory, al- ogy. The focus on skilling, upskilling
and reskilling of youth will ensure an
“The Rs 1 lakh crore corpus with interest-free loans for industry-ready workforce to navigate
tech-savvy youth will be a true game-changer. This will the headwinds of a volatile market-
place,” says Sindhu Gangadharan, SVP
fuel innovation and entrepreneurship, fostering the next & MD, SAP Labs India and Vice Chair-
generation of tech leaders” person, Nasscom.

BUDGET SPECIAL
COLUMN
Growth, The budget seeks to ensure

economic stability and
Welfare, Fiscal growth while offering a

welfare safety net for the
Prudence
Indian population
By Ashishkumar Chauhan
T
HE INTERIM UNION budg- Besides, there is a clear emphasis The budget reinforces the govern-
et for FY 2024-25 outlines on improving logistics and reducing ment’s commitment to research and
a comprehensive strat- costs, centered around the concept of development (R&D) and innovation,
egy to promote economic ‘Atmanirbharta’ or self-reliance. encapsulated in the principles of “Jai
growth while maintaining The introduction of Vande Bharat Jawan, Jai Kisan, Jai Vigyan, and Jai
fiscal prudence. Focused on addressing trains exemplifies the government’s Anusandhan.”
the needs of four major segments – the commitment to high-speed connectiv- Although there were no tax changes
underprivileged, farmers, women, and ity initiatives, promising efficiency at a in this interim budget, the tax regime
youth – the budget rightly prioritises lower cost due to their in- has evolved over the years,
their welfare. digenous build. streamlining direct and in-
The budget underscores the govern- The budget also direct taxes to provide
ment’s commitment to fiscal consolida- involves house- certainty for future
tion, targeting This PDF was
a reduction in theuploade
fiscal To Telegram
holds in the channel_https://t.me/Magazines_8890050582 investments, par-
deficit to 5.8 per cent for FY24, down energy transi- ticularly foreign
from the budgeted 5.9 per cent. Further, tion process, investors. The
it aims to decrease it to 5.1 per cent in proposing outcomes are
FY25, with a long-term goal of achieving measures evident—the di-
below 4.5 per cent by FY26. to leverage rect tax/GDP ra-
Despite the current year’s nominal India’s high tio, 6.6 per cent,
growth at 9 per cent compared to the insolation lev- is the highest since
estimated 10 per cent, the budget pri- els for increased the 1980s.
oritises capital expenditure, witnessing solar energy pro- The Interim Budget
a significant 16.9 per cent increase to a duction. for FY 2024-25 contin-
record 11.11 lakh crore, constituting 3.4 On the global front, ues the PM’s strategic vision
per cent of the GDP. This marks the high- India’s growth trajectory and dis- for the nation’s growth, focusing on
est capital expenditure in 26 years, high- tinctive positioning have resulted in an infrastructure development, fiscal con-
lighting the government’s commitment influx of nearly $600 billion in foreign solidation, and social empowerment. It
to enhancing public infrastructure. direct investment over the past decade, seeks to ensure economic stability and
The budget maintains policy conti- underscoring investor confidence in growth while offering a welfare safety
nuity, particularly in areas like hous- India’s economic stability and growth net for the Indian population—an es-
ing and infrastructure, fostering a prospects. sential element for any developed
stable environment for investment The market’s performance is a tes- nation today.
and growth. Notably, the PM AWAS tament to this trend, with the Nifty50 The budget lays the groundwork
Yojana has facilitated the construc- Index witnessing a remarkable 257 per for the country to navigate the in-
tion of over 3 crore houses, with plans cent growth and generating a CAGR of tricacies of the global economic
to add 2 crores in the next five years. 14 per cent over the last decade. landscape during our countr y ’s
This aligns with a broader vision of While services have traditionally led ‘Kartavyakaal’ in the coming years and
empowerment, shifting the focus from India’s growth trajectory, there is opti- strives to achieve a ‘Viksit Bharat’ by
mere poverty alleviation to enabling mism surrounding manufacturing, pro- 2047.
active participation in the development pelled by initiatives like the Production- The author is MD & CEO of NSE
process. Linked Incentive (PLI).

BUDGET SPECIAL
HEALTHCARE
I
NDIA DREAMS OF A HEALTHCARE in-
dustry that is second to none and policy
measures have ensured steps in this di-
rection. Last year the industry saw an
overall increase in investment in health
infrastructure, technology and medical
education. The Union government has
supported the home industry through
This PDF
budgetary allocations and a was
policyuploade
push. To Telegram channel_https://t.me/Magazines_8890050582
The private sector has worked hard to
ensure that world-class care is available
within the country.
On 1 February, while presenting the
interim Union Budget 2024- 25, Union
Finance Minister Nirmala Sitharaman
highlighted initiatives aimed at strength-
ening the healthcare industry in India.
The Union Health Ministry has been Photograph by Indiapicturebudget
TOWARDS A
HEALTHIER INDIA
The interim budget announcements seem to have
whetted the appetite of the healthcare industry, who now
expect more incentives for growth when the final Union Budget is
placed in Parliament later this year
By Jyotsna Sharma

BUDGET IMPACT
takes a forward-looking approach to diant future.”

healthcare”. He applauded the announce-
ments on strengthening medical educa- The Road Ahead
tion, the initiative to combat cervical While Industry captains welcomed the
cancer through the vaccine, a technology- announcements made, they hoped that
driven approach to vaccination through some of the other aspects of healthcare
the U-Win platform, and also extending would be addressed in the final budget
Ayushman Bharat coverage to Anganwa- presentation later this year. Jaideep
di and Asha workers. “However, it’s worth Menon, MD, DM, Cardiology and Public
mentioning that some long-standing Health, Amrita Hospital, Kochi said, “the
demands, like GST rationalisation and budget should increase the health alloca-
increased investments in the healthcare tion to three per cent of the GDP and fo-
sector, needs to be addressed. We antici- cus on research for preventing neglected
pate their consideration in the upcoming tropical diseases”. While concurring on
comprehensive budget,” he added. increasing the spend, Joy Chakraborty,
Ameera Shah, Promoter and Manag- Chief Operating Officer, P. D. Hinduja
ing Director, Metropolis Hospital and Medical
Healthcare said, “the one- The Union Health Research Centre, Mum-
lakh crore allocation for Ministry has been bai said, the focus ahead
private sector R&D with should be Pradhan Mantri
50-year interest-free fi-
allocated Jan Arogya Yojana (PM-
nancing is positive for in- Rs 90,658.63 JAY) and the Health and
This PDF was uploade novation.
Acknowledging crore, a 12 per Wellness Centres (HWCs)
these initiatives, we had in rural areas. He stressed
hoped for deeper invest-
cent hike over that the entire healthcare
ment and resource allo- FY 2023. The ecosystem needs to de-
cation in the healthcare budget highlights velop to be able to deliver
sector.” Shah emphasised cost-effective care, which
that public-private part-
enhancing medical should be the aim.
nerships in the healthcare education, For the medical device
industry would hugely preventive industry, Sunil Khurana,
benefit the sector. “There MD and CEO, BPL Tech-
allocated Rs 90,658.63 crore, which is is a need for regular and
healthcare, and nologies was of the view
roughly a 12 per cent hike over last year’s inclusive screening, along the welfare of that given the ‘Make in In-
budgetary provisions. The announce- with more skilling courses frontline workers dia’ focus, “academia part-
ments highlighted enhancing medical for healthcare profes- nerships with the industry
education, preventive healthcare, and the sionals to attract and upskill talent in the should be mandated so that devices with
welfare of frontline workers. The focus healthcare space. Additionally, the diag- global standards can be produced in the
on cervical cancer vaccination for girls nostic sector requires a zero per cent GST country”. To strengthen the health tech
aged between 9-14, the expedited imple- on services and refunds for GST paid on sector, Himanshu Sikka, project director,
mentation of ‘Saksham Anganwadi and inputs,” she went on to say. SAMRIDH and chief strategy and diver-
Poshan 2.0’ for improved nutrition de- Welcoming the announcements made sification officer, IPE Global, said, “set-
livery, the rollout of the U-WIN platform by the finance minister, Dr Prathap C. ting up a healthcare innovation fund that
for immunisation efforts under Mission Reddy, Chairman of Apollo Hospitals uses innovative financing mechanisms
Indradhanush, and the extension of said, “I remain concerned over the grow- that makes affordable capital available to
Ayushman Bharat coverage to all ASHA ing threat of non-communicable diseas- Indian med tech manufacturers would
and Anganwadi workers, were some key es (NCDs) and urge the government to be helpful.” Clearly, the finance minister
announcements. consider increasing the tax exemption for has whetted the industry’s appetite for
Dr Ashutosh Raghuvanshi, MD and preventive healthcare. At large though, more!
CEO, Fortis Healthcare and President, the Union Budget 2024 is clearly a clarion
NATHEALTH said, “the 2024 budget call to action, rallying India towards a ra- jyotsna@businessworld.in

BUDGET SPECIAL
COLUMN
Vision for India’s A substantial increase in capital
expenditure underscores the
Infrastructure government's unwavering resolve

to build a foundation for sustainable
Transformation
development and prosperity
By Sandeep Gulati
T
HE RECENT UNVEILING Namo Bharat project, reflects a 70 per cent of houses under the PM
of the budget for 2024-25 has forward-looking approach to Awas Yojana to women from rural
ignited a sense of optimism urban transportation, aimed areas underscores a deep-seated
and purpose across various at enhancing mobility and sus- dedication to promoting gender
sectors, particularly within the tainability. The conversion of equality and empowering
realm of infrastructure development. The 40,000 normal rail bogies socio-economic progress.
government’s commitment to bolstering to Vande Bharat stand- As an engineering
the nation’s infrastructure echoes a pro- ards signifies a bold step consulting firm, we
found dedication to fostering inclusive towards modernising rail stand at the forefront
growth and prosperity encapsulated in transport infrastructure, of these transformative
the mantra of Sabka Vikas, Sabka Vish- enhancing passenger initiatives, eagerly an-
was, Sabka Saath. With an aspirational experience, and ensur- ticipating the oppor-
goal of a developed India by 2047, the ing safety and efficien- tunities they present.
budget lays down This PDF was uploade
a comprehensive road- ToFurthermore,
cy. Telegram channel_https://t.me/Magazines_8890050582
the We are committed
map to harness the transformative power budget emphasises the to leveraging our ex-
of infrastructure investment. enhancement of logis- pertise, resources, and
A standout feature of the budget is the tics efficiency through innovative solutions to
substantial increase in capital expendi- the implementation of support the government’s
ture earmarked for infrastructure devel- major railway corridor vision of building a robust,
opment and employment generation. The programmes under PM Gati Shakti. This sustainable, and inclusive infrastructure
allocation of Rs 11,11,111 crore, represent- strategic focus on improving connectiv- ecosystem. Through collaborative efforts
ing 3.4 per cent of the GDP, signifies a ity and infrastructure backbone is indis- and collective determination, we aspire
clear recognition of the pivotal role that pensable for catalysing economic growth to propel India towards its rightful place
robust infrastructure plays in driving eco- and enhancing competitiveness on both as a global economic powerhouse, where
nomic growth and creating employment domestic and global fronts. prosperity knows no bounds.
opportunities. This augmented invest- The budget also introduces innovative The budget for 2024-25 sets forth a
ment underscores the government’s un- schemes such as ‘Housing for Middle- bold vision for India’s infrastructure
wavering resolve to build a foundation for Class,’ aimed at realising homeownership transformation, laying the groundwork
sustainable development and prosperity. dreams while stimulating construction for a future defined by progress, prosper-
sector growth. By prioritising port con- ity, and inclusivity. As stakeholders in this
New Era of Connectivity nectivity, tourism infrastructure devel- journey, it is incumbent upon us to seize
Within the aviation sector, the budget opment, and island amenities enhance- the moment and realise the immense
heralds a new era of connectivity and ac- ment, the government demonstrates a potential that lies ahead. Together, let us
cessibility, with a doubling in the number holistic approach to inclusive develop- build the India of tomorrow, where every
of airports over the past decade. The im- ment, ensuring that every region contrib- citizen thrives, and every dream finds
plementation of the Ude Desh ka Aam utes to India’s progress trajectory. wings to soar.
Naagrik (UDAN) scheme has been in-
strumental in extending air connectivity Inclusive Development The author is MD, India & South
to Tier-2 and Tier-3 cities, thereby foster- The government’s steadfast commitment Asia, Egis, a leading French
ing regional development and integra- to inclusive development and transform- global consulting, construction,
tion. The proposed expansion of Metro ative infrastructure initiatives is truly engineering and operating firm
Rail initiatives, including the ambitious inspiring. The allocation of more than

BUDGET SPECIAL
COLUMN
Focus On
National Green Hydrogen Mission
with a budgetary allocation of Rs 455
Infrastructure And
crore, for using Green Hydrogen, will
create further opportunities for indus-
try participation to create an ecosystem
Sustainability Vital For

for Green Hydrogen in the steel and
iron sector. Such policies are enablers
to achieve the economic vision along
Economic Growth
with the commitment to promot-
ing renewable energy adoption and
becoming net-zero by 2070.
In essence, the announcements and
In the emerging new world order, India must the supportive government policies lay
capitalise by creating opportunities for critical out a roadmap for making India a sig-
nificant economic powerhouse. With a
sectors for sustained infrastructure growth concerted effort to bolster global com-
By Parmod Sagar petitiveness, embrace technological
advancements, and prioritise sustain-
I
ability, the nation is charting a course
NFRASTRUCTURE develop- for capital expenditure in the previous towards achieving its ambitious goals
ment has been a key driver financial year, confirms the country’s by the centennial year of independence.
for economic growth for de- growth momentum to continue with
veloped This PDF was
economies uploade
across the To Telegram
increased channel_https://t.me/Magazines_8890050582
investments stimulating de- Opportunities In Critical Sectors
world. For emerging economies velopment in diverse sectors. As highlighted by Union Finance
such as India, infrastructure has been Minister Nirmala Sitharaman in the
pivotal for the country to be now the Road To 2047 interim budget speech, “Globalisa-
fifth-largest economy. As a rising global power, and GOI’s tion is being redefined with reshoring
The sector is responsible for provision of ‘Vasudhaiva Kutumbakam’ and friend-shoring, disruption and
pelling India’s overall development (“The World Is One Fam- fragmentation of supply chains, and
and receives intense focus from the ily”), India is taking competition for critical minerals and
Government of India (GOI) for a lead in the new technologies”.
initiating policies that ensure the phase of economic In this new world order that is emerg-
time-bound creation of world-class development with ing, it is imperative that India capitalises
infrastructure, acting as a catalyst a focus on sustaina- on the opportunity by way of creating
for India’s economic growth. bility and is charting further opportunities for critical sec-
The announcements made in out a path for other tors like refractory which is essential for
the interim budget for the infra- nations to follow. An- the infrastructure growth and contin-
structure sector is a testament nouncements like vi- ues to be a key enabler for the economic
of the role that the sector has ability gap funding for growth of the country.
and will play for India’s the development of off- The creation of an ecosystem between
economic growth shore wind energy, set- user industries, refractory manufactur-
for the coming ting up coal gasification ers, raw material suppliers and aca-
decades. Budget and liquefaction capac- demia will go a long way in creating a
allocation of Rs ity, among others, will multiplier effect and contribute towards
11.11 lakh crore be pivotal in build- achieving the vision enumerated in the
for infrastruc- ing a green future budget announcements for the coming
ture outlay, that in the country. decades.
equals to an Additionally,
increase of 11.1 the launch of The author is
per cent from the the pilot pro- CEO & MD, RHI Magnesita India
budget allocation jects under the

BUDGET SPECIAL
COLUMN
A Responsible
ing even lesser at 6.7 per cent. This is
likely to continue in FY2025 with total
expenditure being budgeted to grow at
Budget that
six per cent, almost half of the growth
in tax revenues.
Continuity & Consistency
Radiates
In a world of polycrisis and policy goof
ups in the developed cohort, the sheer
consistency via commitment to fis-
cal discipline, capex-led growth and
Bharat’s
higher quality of expenditure is a stand-
out story. The budget has continued
to lean on higher quality Capex thrust
which has been a key element of mes-
Confidence
saging and has supported the bullish
India story narrative. Capex is slated to
grow at 17 per cent y-o-y after tearaway
growth over the last three years.
The Revised FY2024 numbers re-
Sachchidanand Shukla
By veal that the government will fall short
of achieving its Rs 10 trillion mark by
I
~Rs 500 billion and hence the FY2025
F ONE WERE TO HAZARD a guess outstanding job by keeping her word growth rate will be higher than the 11
on the pre-election budget in a and sticking to the definition and per cent cited in the budget. This was
large democracy, chances are spirit of a ‘’vote on account’’ budget, critical as stronger government capex
that most experts would build in eschewing temptations of grandiose spending has been a critical pillar of
expectations of some specks of announcements or any tax rejigs to economic activity in an adverse global
income transfer or largesse to spruce up sway sentiments. It is commendable macro backdrop.
consumption and sentiment. the way the budget shunned any pos- The budget has also proposed three
Why go far? Just a cursory look at sible negatives (overt populism and big railway corridor programmes – for en-
all the commentary and views in the tax giveaways). ergy, mineral and cement to decongest
run up to the Interim Budget. These The confidence becomes more evi- the high-traffic corridors which togeth-
would make it amply clear that while dent when one looks at the extent of fis- er with dedicated freight corridors will
there wasn’t an expectation of overt cal rectitude. The government has sur- accelerate growth and reduce logistic
populism, but a moderate helping hand prised positively on fiscal consolidation costs.
for consumption in pre-election politi- despite the general election backdrop. The interim budget has bet big on
cal messaging, and some demand side The Centre’s fiscal deficit has fallen tourism and spiritual tourism and
support to boost consumer confidence from 6.4 per cent of GDP in FY2023 proposed to enhance infrastructure
was largely built into broader expecta- to 5.8 per cent in FY2024 (as against a and connectivity to facilitate domes-
tions by most. target of 5.9 per cent) and more impor- tic tourism on islands, including Lak-
So how did the interim budget turn tantly, it is expected to go down sharply shadweep. A new scheme will also be
out and what does it showcase then? to 5.1 per cent in FY2025. launched for strengthening deep-tech
It is remarkable that the govern- technologies for defence purposes
Confidence ment has managed to keep expenditure while raising the defence Capital outlay
The budget was one of the most re- growth in check even in a pre-election by 9.4 per cent to Rs 1.7 lakh crores.
freshing budgets, oozing loads of con- year. In FY2024, total expenditure was Such continuity – especially at a time
fidence in India’s march on the growth budgeted to grow by 6.9 per cent but in when the world is reeling under a lot of
highway. The Finance Minister did an the revised estimate it is shown grow- uncertainty and disruption – will be re-

reasonable given the recent track re-
cord. However, we must understand
that the numbers and assumptions can
undergo some revision during the full
budget which is to be presented some-
time in July.
In a very prudent move, the borrow-
ings have also been kept in check as In-
dia’s public debt ratio, at 83 per cent of
GDP, is higher than all other non-G7
major G20 economies. The govern-
ment is also likely to meet its FY2024
gross and net market borrowing target
of Rs 15.4 trillion and Rs 11.8 trillion re-
spectively. Importantly, in FY2025 the
government will lower its borrowings
a tad to Rs 14.1 trillion in gross terms
and Rs 11.7 trillion in net borrowings.
This lowers India’s relative macro-
economic vulnerability in today’s tur-
bulent world where high public debt
can be a source of many ills.
The Interim Budget endeavours to
ensure that deficits and debt are on
a sustainable path and at the same
In a world of polycrisis and policy goof ups in the developed cohort, the sheer
consistency via commitment to fiscal discipline, capex-led growth and higher
quality of expenditure is a standout story. The budget has continued to lean on
higher quality Capex thrust which has been a key element of messaging and
has supported the bullish India story narrative. Capex is slated to grow at 17 per
cent y-o-y after tearaway growth over the last three years
assuring for investors and rating agen- India’s inclusion in the global bond in- time achieve a sensible support to the
cies alike. This will further enhance dices, which will entail greater scrutiny growth momentum by way of focus on
India’s macroeconomic policy stability of the budget numbers. catalysing innovation, raising outlays
and set it apart from other developed On the revenue side, tax revenue on PLI schemes, Semiconductors,
and developing economies as a stand- growth of ~12 per cent seems conserva- green investments, affordable hous-
out story. tive given the underlying growth mo- ing, and focus on Naari Shakti with its
mentum and tax buoyancy. The nomi- ‘Lakhpati Didi’ scheme.
Credibility nal GDP growth rate of 10.5 per cent
For any budget the litmus test is the also seems modest and there could be The writer is Group Chief
Credibility of the budget arithmetic. positive surprises. Economist, L&T.
The aspect of credibility assumes even As for the expenditure side, the as- The views expressed are personal
bigger importance in FY2025 given sumption of six per cent growth seems

BUDGET SPECIAL
INSIGHT
Sovereign Wealth, India gears up to

spend Rs 143 trillion
Pension Funds Get on infrastructure

between 2024 and
Extended Time
2030
By Palak Shah
W
ITH A VIEW TO boost the government has managed to score choice. While this exemption is ben-
India’s infrastruc- on attracting investments in big pro- eficial to SWFs and pension funds, it
ture investments, jects even in the interim budget. shall also bolster investment in Indian
Union Finance “Section 10(23FE) of the domestic infrastructure projects, Swamy said.
Minister Nirmala tax law provides the exemption to speci-
Sitharaman extended the deadline for fied SWFs and pension funds from the The Infrastructure Spend
investment in the sector by sovereign income in the nature of dividend, inter- Currently, India collects 10 per cent
wealth funds (SWFs), the large global est or long-term capital gains arising LTCG tax on any investment held be-
investment vehicles that enjoy the back- from an investment made in the infra- yond a year. For investments below one
ing of their respective states. The SWFs
This PDF
are the largest investors was uploade
in India’s infra- To Telegram channel_https://t.me/Magazines_8890050582
structure after the government of India.
In this budget, the finance minister
has made provisions for exemption in
long term capital gains tax (LTCG) and
dividend income for SWFs that invest in
Indian infrastructure in the listed or the
unlisted space up to March 2025 from
the earlier deadline that was to end in
March 2024. The same tax holiday will
also be available for pension funds.
The Impact
This extension of the deadline is likely
to be a major tool in the hands of the in-
cumbent Narendra Modi government
to announce big infrastructure projects
after it returns to power post the 2024 structure segment in India year, India imposes short term capital
national elections, as is the expectation. gains tax at 15 per cent. So the large
Many SWFs will have clarity on the sta- Conditions for the Exemption SWFs and pension funds investing in
bility of the government for the next Amongst the conditions prescribed to India’s infrastructure space, listed or
five years and with the tax holiday, they avail this exemption, was the rider that unlisted, will be exempt from this tax.
would get enticed to invest for the long the investment should be made on or India will spend Rs 143 trillion on
term in large infra projects, experts say. before 31 March 2024. This date is now infrastructure between fiscal 2024 and
While most believe that the budget proposed to be extended to 31 March 2030, more than twice the Rs 67 trillion
was a dud since it was just an interim 2025. spent in the past seven financial years
presentation ahead of the 2024 elec- Accordingly, SWFs and pension from 2017, according to Infrastructure
tions, Suresh Swamy, Partner, Price Wa- funds have been granted more time to Year Book 2023 released by ratings
terhouse & Co LLP is of the view that invest in infrastructure projects of their agency Crisil.

BUDGET SPECIAL
INSIGHT
U
NION FINANCE Minister The Tax Havens to SEBI and the government, but the
Nirmala Sitharaman had Participatory Notes are obscure de- ultimate beneficiary of these instru-
made way for the contro- rivative instruments that have proved ments remained in the shadows. This
versial derivative instru- useful in masking the identity of the obscure nature of P-Notes facilitated
ment, popularly known ultimate beneficiary of their holders. round tripping of black money. But the
as P-Notes or Participatory Notes to re- Banks take positions in Indian mar- instruments are making a comeback
enter India’s stock markets in Budget kets on behalf of their clients overseas, with tighter norms.
2023. whose identity they want to protect. The Securities Contracts Regula-
In Budget 2024, she extended the The majority of India’s stock market tion Act (SCRA) that governs stock
timeline for banks to set up an arm to investments from foreign entities come markets in India, restricted GIFT-City
issue P-Notes up to March 2025. It is from tax havens like Singapore, Mau- domiciled bank branches from issu-
a gimmick to make GIFT City popu- ritius, Dubai and Luxembourg. To dis- ing P-Notes. But it is a highly lucrative
lar among foreign investors and make courage this, the government launched business to which SCRA was a road-
block. The changes in last
Igniting the
P-Notes issuing year’s budget enabled banks
to conduct the P-Notes busi-
banks get more ness.
time to commence
Lost Charm business in GIFT City Tighter Norms
By Palak Shah The P-Note issuing entity

has to be an FPI. Branches
them avoid using tax havens like Sin-
gapore and Mauritius to invest in In-
dia. At its peak, P-Notes accounted for
nearly Rs 4 lakh crore ($40 billion)
worth of investments in India.
The Timeline
The timeline for foreign banks to set
up units in the Gujarat- based GIFT
City to commence issuing P-Notes, or
offshore derivative instruments, has
been extended to March 2025 from the
earlier deadline of March 2024. This
is reflected in the Finance Bill 2024
tabled by Union Finance Minister Nir-
mala Sitharaman on 1 February.
In the budget last year, Sitharaman International Financial Services Cen- of foreign banks in IFSC should be able
had allowed the re-entry of P-Notes tres that have laxity in tax laws like for- to obtain an FPI licence for this busi-
via GIFT City after market regulator, eign offshore destinations. GIFT City in ness. Indian banks will not be allowed
the Securities and Exchange Board of Gujarat is one such destination. to issue P-Notes.
India (SEBI) and the government had Originally, P-Notes could be issued Foreign investors had patronised P-
banned their use in India’s equity de- by foreign banks to clients anywhere Notes for 14 years between 2004 and
rivatives markets a few years ago. in the world, guaranteeing them their 2018. At the peak, P-Note-linked in-
The investment arms of banks that equity holdings or derivative positions vestments in India stood at around Rs
wish to issue P-Notes were required in India. But it was seen that the ma- 4-lakh crore (Rs 4 trillion) but they lost
to set up and commence business by jority of P-Note holders were from tax their charm after SEBI restricted its
March 2024 but that deadline has now havens. use and banned them completely in the
been extended to March 2025. Banks issuing P-Notes were known derivatives segment.

SPOTLIGHT GEN AI
THE GENERATIVE
AI GOLD RUSH
Generative AI is unleashing possibilities seen earlier only in
Hollywood flicks and is attracting new players in the space every
day. QX Lab AI debuts its multilingual text-based AI platform, Ask
QX, at the Museum of the Future in Dubai By Deep Majumdar
T
HE 21ST CENTURY will $1.3 trillion by 2032. According to the founders, QX Lab AI
be etched in history as one The AI race has reached Indian shores will be tapping into the Gen AI markets
that propelled humanity as well with startups trying to go for gold. of BRICS nations.
into next-generation tech- Bhavish Agarwal’s Krutrim, a Genera- “Ask QX is the world’s first Gen AI
nology. Come to think of tive AI venture that focuses on Indian platform to access and leverage an as-
it, it wasn’t too long ago when the first languages, is already a unicorn after rais- tounding neural network architecture
research papersThis PDF was
on artificial uploade ing
intelligence To$50
Telegram
million inchannel_https://t.me/Magazines_8890050582
its first funding round. along with advanced security measures
(AI) were published in 1961. The world’s Reliance Jio Infocomm’s Baharat GPT and stringent compliance protocols,”
first chatbot, Eliza, came into existence which is part of the company’s broader says Tathagat Prakash, Co-founder and
in 1964. The 2010s saw the era of voice vision, Jio 2.0, is also a multilingual Gen Chief Scientist, QX Lab AI. The hybrid,
assistants and the arrival of Apple’s Siri. AI platform that is expected to be un- node-based architecture seems to be one
It wasn’t until the 2020s, however, that veiled in the near future. of the USPs of the newly launched Ask
generative AI spread its wings. Stability QX platform, aiming to solve infrastruc-
AI introduced Stable Diffusion, a text-to- QX Lab AI ture, security and affordability concerns.
image AI model that led to the develop- Dubai recently witnessed the launch of “The unique node-based infrastructure
ment of other popular diffusion-based Ask QX, an AI platform by QX Lab AI, and data residence within India, not only
image generators like DALL-E and Mid- which is an AI laboratory founded by Ti- enhances security but also operates more
journey. Models like Runway paved the lakraj Parmar, Arjun Prasad and Tathagat cost-effectively, showcasing our commit-
way for AI-generated videos. The prover- Prakash. Ask QX will directly lock horns ment to offering subscription models tai-
bial milestone in the world of AI, however, with Generative AI models like Chat GPT lored to different user segments,” adds
was reached with the launch of GPT 3.5, and Google Gemini. Prakash.
a text-based AI model that reached a mil- The app is a text-based Generative AI The paid B2C app offers what the
lion downloads in merely five days. platform that the company claims has company calls a neural network-based
Generative AI, the next natural step the world’s first nodal-based architec- version. It is competitively priced and
in the AI evolution ladder, is an industry ture. The app is available in over a hun- costs significantly lower than other plat-
that is projected to reach a net worth of dred languages, of which 12 are Indian. forms available, while the free version
“This innovative platform is “Ask QX is the world's first Gen AI “We envisioned QX Lab AI and Ask
strategically designed to democratise platform to access and leverage an QX with the goal to provide equitable
access to AI for the Indian populace, astounding neural network architecture AI access to the masses”
seamlessly integrating artificial along with advanced security measures Arjun Prasad, Co-founder and Chief
intelligence into their daily lives to and stringent compliance protocols” Strategy Officer, QX Lab AI
enhance overall value” Tathagat Prakash, Co-founder & Chief
Tilakraj Parmar, Co-founder Scientist, QX Lab AI
& CEO, QX Lab AI

Talented Trio: QX Lab AI co-founders Tilakraj Parmar, Tathagat Prakash and Arjun Prasad
provides access to the Ask QX Genera- not limited to a privileged few. The Bharat,” Prasad announced then. He says
tive AI neural engine. “Our dedication to launch of Ask QX marks the initiation now that Ask QX’s debut in over a hun-
precision and reliability underscores our of a significant movement toward inclu- dred languages and reach across eight
promise to deliver an AI ecosystem that sive and accessible AI advancement in million users (from the website version),
can be trusted by users,” says Prakash. India,” adds Parmar. is a testament to the company’s resolve to
At the launch event in Dubai, Arjun create an impact and empower individu-
The Edge in the Clutter Prasad, Co-founder and Chief Strategy als, businesses and communities.
Being multilingual gives Ask QX an Officer, QX Lab AI elucidated his vision Generative AI is doing today what the
edge in the Gen AI gold rush. “This for the company. “We envisioned QX Lab World Wide Web did back in 1989, what
innovative platform is strategically AI and Ask QX with the goal to provide Web 2.0 did in the early 2000s and what
designed to democratise access to AI for equitable AI access to the masses. We Web 3.0 did in the mid-2010s. The re-
the Indian populace, seamlessly inte- wanted to develop a product that would cent developments in the Generative AI
grating artificial intelligence into their cater to users in every corner of India, in have opened the gateways to possibili-
daily lives to enhance overall value,” a language of their choice. Moreover, we ties that were earlier only seen in Holly-
says an enthusiastic Tilakraj Parmar, did not want to simply announce a prod- wood flicks. The recent launch of Open
Co-founder & CEO, QX Lab AI. uct, but have a fully functional platform AI’s Sora, the AI lab’s new text-to-video
“Conceived after eight years of dedi- ready at launch. Our strategic approach model for instance, opened our eyes to
cated effort and meticulous develop- focuses on not just promising, but deliv- the inevitability of the changes that this
ment, Ask QX boasts of unparalleled ering tangible results,” he said. technology will bring about in the world.
language proficiency and accuracy “We have strategically forged partner- It will be fascinating to track QX Lab AI’s
across multiple Indian languages. Our ships across both the public and private journey as it finds a foothold in the Gen
vision for Ask QX is to bridge the exist- sectors in India, which we will be an- AI landscape.
ing gap, ensuring that the transforma- nouncing soon, and are excited about
tive potential of AI is accessible to all, bridging the AI gap between India and deep@businessworld.in

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COVER STORY WEARABLE TECH
Noise founders
Gaurav Khatri (L)
and Amit Khatri
72 | BW BUSINESSWORLD | 24 February 2024 Photographs by Naval Kishor

MAKING
NOISE
AGAIN
The growing and
bootstrapped
wearables
manufacturer Noise,
suddenly creates more
din as global audio giant
Bose comes in as a
strategic investor. With
this renewed
focus on audio, will
Noise get louder?
By Arjun Yadav &
Resham Suhail

I
N A TIER-2 CITY LIKE BIKANER in Rajasthan own resources added to the stress. Recalling the chal-
where the typical youth’s trajectory veers to- lenges of the early days, Amit talks of some of the biggest
wards professions like medicine, engineering questions that haunted the duo in their not-so-common
or the civil services, cousins Amit and Gaurav bootstrapped journey. “How will you hire the team? You
Khatri chose to build a make-in-India consum- don’t have the capital; how will you fight with the giants
er technology startup, they named ‘Noise’. The of the industry? How will you invest in technology,” were
founders of this technology wearables major some of the questions that the founders grappled with in
of the day, were drawn to entrepreneurship for the early days.
different reasons. Noise defied conventions and stayed bootstrapped and
For Gaurav, the driving force was deprivation of smart profitable except for one of the ten years that it has been in
technology. Back then, even tier-1 cities had to wait existence. It soon emerged as one of the fastest-growing
months for the latest technology to reach them. Then Indian startups in the consumer wearables space. With
21 and a commercial pilot, Gaurav found himself disil- India witnessing a surge in mobile penetration and inter-
lusioned with the turbulence in the aviation industry, and net adoption, the stage was set for Noise’s grand entrance.
yearned for a more fulfilling pursuit.
His older cousin Amit, at 32 was already well-versed in Riding the Wearables Wave
the ways of the world, jet-setting across countries for an The synergy between technology and fitness has never
export house that was delivering to global giants like Zara been more seamless than now. In
and H&M. He was exposed to the pulse of innovation. India, the smartwatch market
United by a shared vision of pioneering an Indian busi- was booming in 2021, driven by
ness grounded in tangible products, the Khatri cousins a growing emphasis on health
initiated a journey of entrepreneurial daring. In 2014, and wellness, particularly am-
ThisNoise,
their brainchild, PDF waswhich uploade ToaTelegram
started as mobile ac-channel_https://t.me/Magazines_8890050582
plified by the pandemic. In this
cessories seller, soon pivoted to compete head-on with scenario, Noise emerged as a
industry titans such as Apple, Samsung, Bose and others
in the wearables space.
Amit attributes the inspiration for the brand’s name to
the stressful days when both found their true calling and
listened to their “inner noise”. “It meant to cut the noise
outside and listen to what you have inside. If you look at
our consumers, they also relate to it,” says Amit.
Defying Odds “People are

Unbranded Chinese players then dominated the tech
wearables market in India. Establishing an Indian brand
moving from
from scratch in a cluttered market was a daunting task. traditional
The thought of building a sustainable business with their
neckbands to
truly wireless
devices. This
means a higher
average sales
price”
AMIT KHATRI

frontrunner in the smartwatch category, consistently tak-
ing the top spot among competitors, as affirmed by
International Data Corporation (IDC) reports span-
ning consecutive quarters till the third quarter of
2023 (3Q23).
The tech wearables market in India, according to
IDC, witnessed an impressive 34 per cent year-on-
year growth through the 2023 calendar year. Noise “For the
commanded a significant 22 per cent market share
in the smartwatch category.
current fiscal
Noise crossed the Rs 2,000 crore revenue mark in year, we are
FY2023. Looking ahead, Gaurav Khatri talks of his
ambitious plans. “For the current fiscal year, we are poised to
poised to double down on our targets, aiming for 70
per cent growth,” he says.
double down
on our targets,
Competition Heats Up
According to IDC Tracker, the last calendar year aiming for
ended with the Indian wearable market record-
ing a 34 per cent growth year-on-year. All three
70 per cent
top players, boAt, Noise, and Fire-Boltt, secured growth”
their respective positions in the wearables mar-
This PDF
ket through diversified was uploade
product GAURAV KHATRI
portfolios.
In the smartwatch category, however, Noise
lost its leading position to Arnav Kishore-led
Fire-Boltt. Gaurav contends that most of the
change in market share is owing to the growth
in the sub-Rs 1000 price point. growth as consumers get more reasons to upgrade. But
“We never fought at this price point. In the Rs 2000- the Noise founders see the market consolidating now and
5000 category, we hold north of 40 per cent market share. smaller players exiting the market space.
Our focus has always been on an aspirational price point “The top three players have taken the spot with 60-70
rather than fighting at the bottom of the pyramid,” he per cent market share. A lot of unbranded and small play-
goes on to say. ers will start moving out because the commercials won’t
make sense,” says Amit. Noise also intends to keep smart-
Market Consolidation watches and wearables as the mainstay of its product
Market observers see technological innovation and pre- portfolio. “I don’t think we will be diluting into multiple
miumisation in the category that will continue to drive categories. There is enough juice in the market,” says Amit.

‘Expenses’ Push Down Profit Margins The company is also banking heavily on Bharat and
During the last financial year, the company’s profit anticipates “tremendous demand” coming from tier- 2,
plummeted 39 times to Rs 88 lakh from Rs 35.5 crore tier- 3 and tier-4 cities. The customer split, at present,
in FY2022. Media reports attributed this drastic drop in across tier-1, tier-2 and tier-3 cities stands at 40:20:20.
profit margins to rising “expenses”. Amit explains that the
company doubled on research and development (R&D) The Big Pivot to Audio
and branding, which will help it premiumise its offerings The one thing that brings a sense of excitement to the
and leverage back on these expenses. Noise founders is the focus on audio for their next growth
The company established Noise Labs mid-last year to path. In December 2023, Noise’s bootstrapped journey
focus more on technological innovation. Noise claims that took a turn when international audio giant Bose came in
it goes beyond functionality, aiming to redefine customer as a strategic investor in the series A funding round.
expectations and evoke a sense of progress. The True Wireless category grew over 40 per cent in
“In account books, they look like expenses, but these the 2023 calendar year (CY2023), according to IDC.
There were tailwinds in the category
for Noise as it recorded nearly 39
per cent growth over CY2022 and
a whopping 109 per cent in the last
quarter of 2023 over the same quar-
ter in 2022.
True Wireless Stereo

“People are moving from tradi-
tional neckbands to truly wireless
devices. This means a higher aver-
age sales price. There is a shift
towards new technologies. The
market is under-penetrated right
now. So going forward, you would
see Noise doubling down on
audio,” says Amit.
The company intends to enhance
its audio portfolio through Bose’s
vast intellectual property (IP)
are the investments you do for the long haul,” says Gaurav. bank in the space, its distribution network and amplify
its R&D capabilities. As Noise marks ten years of oper-
Brand Building & Advertising ations and doubles down on audio, the Khatri duo
The brand has so far kept its spending on marketing stresses that innovation and technology would con-
and branding close to zero or below one per cent of sales. tinue to make a meaningful difference in a user’s life.
Of late, the brand’s star power has shot up multi-fold as
it roped in cricketer Virat Kohli, Olympics star Neeraj Get Set for More Noise
Chopra and Bollywood actress Tapsee Pannu, among Deviating from a trend among its competitors in the
others. market, Noise founders have no plans to float an initial
The duo emphasised that investments need to go into public offering (IPO) of shares in the near future. With
innovation, marketing, advertising, and brand building to their global strategic investor on board, Noise anticipates
sustain the business in the long term. The company has exponential growth and dreams of becoming not just a
recently also forayed into the smart ring category. leader in the Indian wearables market but globally as well.
“As a customer-centric brand, Noise realised and un- Yes, Noise is poised to create a really loud din in the tech
derstood the need for disruption in the industry and wearables market.
launched Luna Ring. Noise is the first brand to introduce
smartwatches for children, designed to take into account arjun@businessworld.in
parents’ concerns,” say company sources. resham@businessworld.in


COMING
NOMINATE
SOON
NOW
SUMMIT & AWARDS
JURY MEMBERS
This PDF was uploade


COVER STORY IN CONVERSATION
“Noise
Rising to prominence
in the Indian consumer
wearables space, the
Would
founders of Noise, AMIT
KHATRI & GAURAV
KHATRI, are set to take
Double Down
the next giant leap in
the true wireless stereo
category. Edited excerpts
On Audio”
from a conversation with
Resham Suhail on the
game plan for its loud
future:
How will Bose’s strategic investment dio space, we get access to their entire
impact Noise growth plans? Why ecosystem, which is a big opportunity
did you not choose a VC or a PE? for us.
Amit Khatri: This
We were PDF was
very uploade
clear that To Telegram channel_https://t.me/Magazines_8890050582
the money is important for the busi- In FY23, Noise recorded a sharp
ness, but the colour of the money was decline of 39.4 times in net profit.
more important. We needed a partner What are the factors leading to this
who could help us to move up. Bose is surge in expenditure?
the pioneer in this space. We realised AK: To stay ahead in the market, we
that this partner-
ship would enable
Indian consumers “With Bose coming in and the
to experience audio
better with their
technology coming up, the
R&D expertise. We brand traction for true wireless
believe this will dif-
ferentiate Noise will be phenomenal”
from other peers in
the long run. Bose
GAURAV KHATRI
also sees India as
one of the biggest emerging markets, need to evolve continuously. So, we are
which makes sense for them to invest investing heavily in R&D, and that is
in Noise. why the bottom line took a hit. But in
the coming years, this will help Noise
Gaurav Khatri: Bose also brings to premiumise and leverage back these
decades of understanding about the expenses.
consumer. We know how to make the
business profitable and have proved GK: As the brand grows, its market-
it, but we needed broader exposure ing and branding must also increase.
and knowledge of customers from In account books, they are expenses,
different territories of the world. but for us, they are investments for the
With a massive bank of IPs in the au- long haul. We reached where we are

“95 per cent of tomer sitting at the curve’s centre. This
customer can buy a luxury brand but
Noise products still want the one offering more value.
For this audience, it is not just a prod-
are being made uct; they leave a cheaper product in this
in India and we category and buy us. They talk about
design, quality and the experience at
are working all touch points.
on component Tell us about your initiatives for 100

localisation per cent Make-in-India production
at Noise.
which would AK: Manufacturing is a big focus
area for the nation. Prime Minister
generate more Narendra Modi is pivoting very high
employment” towards an Atmanirbhar Bharat. We
started the Make in India initiative
AMIT KHATRI 16 months back. Our manufacturing
facility is in Noida and close to 5000
people are directly or indirectly em-
ployed there. We produce nearly a
million units there, and 95 per cent of
Noise products are now being made
GK: We were among the fastest- in India. We are working on a lot of
growing brands in the true wireless component localisation, which would
segment last year. With Bose coming generate more employment in India.
in and the technology coming up, the
very quickly, but if we want to sustain, brand traction for true wireless will be As you mark ten years, where do you
we would need a strong arsenal, be it phenomenal. see Noise in 2034? Could you outline
branding, R&D or tech. your roadmap?
Affordability has always been a AK: That would be a far-fetched vision
Can you share a breakup of your hook for the mass category in In- given our universe. We both believe we
products driving the revenue? Do dia. How would you balance your should make technology which could
we expect a change in strategy with product range to meet aspirations make a meaningful difference in the
Bose coming in? for both affordable and premium user’s life. Ten years down the line, we
AK: Largely, it has been dominated products? intend to solve bigger human problems
by smartwatches and truly wireless GK: Our focus has been to keep our and give back to society rather than just
is a smaller segment of us. It is 80 brand aspirational, giving our consum- dumping the products in the market.
per cent wearables and 20 per cent ers the right experience and product There is hardly any brand in the elec-
hearables. Both markets are under- quality. We have over 40 per cent of the tronics space from India which has
penetrated right now. These are market share in the above entry-level gone global, so that will be a milestone
devices that people keep changing price point. So, this segment has been both of us would seek.
because of technological evolution. a core focus, but India being a value-
Going forward, Noise would be dou- conscious market, you will always get GK: We want to be the brand that is
bling down on audio also. As a brand, maximum sales from the entry price still connected to the lifestyle of a young
we will not be diluting into multiple segment, and that market can’t be left consumer and get involved with what-
categories. Enough market is sitting empty. ever new technologies come in.
at the centre where we would want
to pivot. AK: It is about catering for the cus- resham@businessworld.in

CAN
WEARABLE
India’s wearable
tech industry
has been on a
TECH
tear propelled by
explosive growth,
record shipments,
SUSTAIN
and tech
advancements.
ITS
But sustaining
the growth
momentum will be
FRENZIED
a key
Thischallenge.
Insights into the
industry’s plans
GROWTH?
and the road
ahead
S
By Ojasvi Nath
TEPPING INTO A TECH ROLLERCOASTER that once soared, India’s wearable

industry now faces a speed bump in 2024. From shipments of a whopping
134.2 million units in 2023, the industry is seen to be decelerating to a single-
digit growth in what will be the slowest pace since its inception in 2020.
Despite a strong 74 per cent surge in smartwatch shipments, contribut-
ing nearly 40 per cent to the overall market in 2023, festive excitement and
discounts took a toll. The average selling price (ASP) fell a substantial 39 per
cent, even as the share of advanced smartwatches dwindled from 4.5 per cent
to 2.1 per cent, totaling 1.1 million units. Industry giants boAt and Noise, while
dominating the charts, faced a dip in profits. Notably, boAt marked its first
loss in eight consecutive years during the last financial year.
Looming challenges included non-branded products disrupting the mar-
ket, the threat of inexpensive alternatives and bundled deals diluting the first-
time user experience. Making matters worse are factors like a high base effect,
a slowdown in innovation, and a year-end inventory buildup. The upshot:
growth subduing for the industry.
80 | BW BUSINESSWORLD | 24 February 2024 Photograph by Unsplash

Consumer behaviour is shifting towards holistic
health management encompassing fitness, mental
well-being, and nutrition tracking
But is the narrative really true? Is the sensors, batteries, and miniaturisation more than just tech gadgets.
industry growth genuinely plateauing, have paved the way for smaller, more Moreover, consumer demand has
or is there room for a strategic overhaul powerful, and energy-efficient devices, been instrumental in shaping the trajec-
to reclaim its “growing” position within he says. This evolution has expanded the tory of the wearable tech industry. The
the tech space? functionalities of wearables, providing industry’s evolution is not only driven
users with enhanced experiences. by consumer awareness and acceptance
Technology as a Catalyst Titan’s Smart Wearables Division, but also influenced by positive word of
Already, a new category is emerging which swiftly climbed to the fourth spot mouth, effective marketing strategies,
within the sector. The smart rings cat- in the smartwatch category envisions a and compelling user experience.
egory saw over 100,000 units shipped rapid growth trajectory for the indus- Affordability has also been a key fac-
in 2023. Ultrahuman is leading the way try. Says Ravi Kuppuraj, the division’s tor in expanding the reach of wearable
with a market share exceeding 43 per COO: “The market for wearable devices devices. “The availability of quality at an
cent in this innovative category. This ex- has been steadily growing due to rising affordable cost is another reason which is
pansion into new territories highlights health consciousness and the affordabil- helping the wearable tech segment grow
the industry’s agility and commitment ity of wearable devices.” at a rapid pace,” says Gupta, adding that
to push boundaries for fresh ideas and Innovation and user-centric design affordability, along with a commitment
innovations. are also fueling the success of the wear- to continuous innovation, ensures a dy-
Continuous technological advance- able tech industry. According to Varun namic market with evolving features and
ments have been the driving force behind Gupta, Co-founder, Boult, the integra- technologies.
the remarkable success of the wear- tion of wearables with smartphones, the Says Gupta, “The future of smart wear-
able tech industry, believes Harsimarbir emphasis on health and fitness, and the able technology is largely focused on en-
Singh, Co-founder at Beat XP (Pristyn rise of versatile smartwatches have fueled hancing interconnectivity among devices
Care). “Continuous advancements in widespread adoption, making wearables and enabling seamless data synchroni-

Top Five Wearable Companies

(market share, year-on-year, growth)
Company CY22 Share CY23 Share CY23 vs CY22

Growth
boAt (Imagine Marketing) 29.3% 26.0% 18.8%
Noise (Nexxbase) 12.2% 12.1% 33.3%
Fire - Boltt 8.1% 10.1% 67.6%
OPPO (OPPO + OnePlus) 10.3% 7.8% 1.6%
Boult Audio 4.0% 6.9% 130.1%
Others 36.1% 37.1% 37.5%
Total 100.0% 100.0% 34.0%
Source: IDC India Monthly Wearable Device Tracker, February 2024
sation between wearables and mobile Even Singh thinks that the emergence industry’s potential as “limitless”, Gupta
phones.” This PDF was uploade of To Telegram
smart rings andchannel_https://t.me/Magazines_8890050582
connecting wearable underscores the importance of providing
technologies suggests that the industry is consumers with reasons to upgrade as a
Perspectives on Growth poised for further innovation and diver- key to driving demand. Despite challeng-
Despite the tech advancements and in- sification, dispelling the notion of a satu- es like slower replacement cycles, Gupta
novations, there are murmurs aplenty ration and highlighting its early stages points to the vibrant market with over
about the impending saturation of the of growth. 125 active smartwatch brands, indicating
wearable tech market. As tech wearables Describing the Indian wearable tech intense competition and innovation. The
become increasingly integrated into our
lives, questions are bound to be raised
about the limits the industry may face.
But is growth really plateauing, or is there
merely a momentary pause before the
next surge of innovation? “The availability of
Kuppuraj acknowledges the percep- quality at an affordable
tion of an impending saturation in the cost is another reason
Indian wearable tech industry, attrib- that is helping the
uting it to several factors. Compared to
wearable tech segment
more developed regions, the industry has
to contend with cost sensitivity among
grow at a rapid pace. If
consumers, cultural attitudes influenc- we take the case of the
ing adoption, lack of awareness, and Indian wearable market,
regulatory hurdles. However, he sees it’s all dominated by
significant growth potential, fueled by
the Indian players"
increasing disposable incomes, tech-
nological advancements, and a growing VARUN GUPTA,
focus on health and fitness. As barriers Co-Founder,
are addressed and awareness grows, the
perceived limit may dissipate, paving the
Boult
way for further expansion.

Top Five Smartwatch Companies
(market share, year-on-year, growth)
Company CY22 Share CY23 Share CY23 vs CY22

Growth
Fire - Boltt 24.8% 24.3% 69.8%
Noise (Nexxbase) 27.2% 22.1% 41.3%
boAt (Imagine Marketing) 18.8% 14.0% 29.3%
Titan 2.4% 5.2% 283.4%
BeatXP - 3.8% -
Others 26.8% 30.6% 98.4%
Total 100.0% 100.0% 73.7%
Source: IDC India Monthly Wearable Device Tracker, February 2024
market’s consolidation with the top five reasons for consumers to upgrade. istic expectations and a lack of aware-
brands capturing This PDF
81 per centwas
shareuploade
signi- To Telegram
Gupta channel_https://t.me/Magazines_8890050582
points to a shift in consumer ness about the existing capabilities of
fies maturity, and with ongoing innova- preferences from smart health bands to wearable technologies contribute to the
tion and expansion, the outlook remains smartwatches, seeing these shifts not as perception that these devices are more
optimistic for sustained growth. limitations but as challenges that can restricted than they actually are.
be addressed. His focus on overcoming Kuppuraj agrees with belief that the
The Industry’s Response challenges and tapping into new mar- perceived limits often arise from a lack
Breaking the perceived limits involves kets, particularly in Tier-2 and Tier-3 of awareness about the rapidly evolving
addressing the challenges strategically, cities, reflects an optimistic approach to capabilities of wearables. He notes that
fostering awareness, and ensuring that driving growth and expanding the reach what may seem impossible today could
wearables align with diverse consumer of wearable technology beyond tradi- become commonplace tomorrow as
needs. As the industry propels forward, tional markets. technology advances. He acknowledges
the idea of a glass ceiling becomes an op- According to Singh, the perceived existing concerns around data privacy,
portunity for innovation rather than a limitations in wearable technology security, and battery limitations but high-
barrier, say experts. largely stems from both practical con- lights the importance of recognising pro-
Gupta sees the perceived limits in straints and public perception. Practical gress. Challenges like miniaturisation,
wearable tech as a combination of both challenges, such as limitations in bat- power efficiency, and sensor accuracy are
reality and perception. For smartwatch- tery technology affecting device opera- being actively addressed, emphasising
es, challenges like slower replacement cy- tion duration and the delicate balance the overall progress in wearable technol-
cles and repeat purchases can be viewed between form factor and functionality, ogy.
as limitations. However, he views these form a substantial basis for real-world Sidhartha Tipnis, Partner & Technol-
challenges as opportunities for product limitations. ogy Sector leader, Deloitte India, ac-
innovation and providing compelling Singh further points out that unreal- knowledges India’s emergence as a global
The integration of wearables with smartphones, the

emphasis on health and fitness, and the rise of versatile
smartwatches have fueled widespread adoption

leader in the wearables market, attrib-

uted to a robust shipment trajectory over
the last 6-8 quarters. However, he em-
phasises the need for a substantial boost
to ‘Make in India’ initiatives, advocating
for the extension of Production-Linked
Incentive (PLI) schemes to the wearable
sector. Enhanced benefits for wearables
research and development, along with
increased enablement and investments
in the supply-side ecosystem, including
materials, skilled labour, and logistics,
are deemed crucial for the industry.
The Pricing Challenge

The overall ASP for wearables declined
20.4 per cent, from $27.2 to $21.7. Smart-
watch ASP dropped 35.3 per cent YoY
to $26.7, while true wireless stereo and
neckbands had an ASP of $19.5 and
Continuous innovation,
$14.2, respectively.
Declining ASP presents challenges cutting-edge
This PDF was
for brands, impacting profit margins,uploade To Telegram channel_https://t.me/Magazines_8890050582
technologies, and a focus
innovation investment, and the per-
on affordability and
ceived value of products in a competi-
tive market. Maintaining sustainability accessibility are crucial for
and profitability becomes crucial amidst the future of wearables in
intensified competition and potential
India, fostering inclusivity
constraints on the supply chain.
Kuppuraj sees the declining ASP as and widespread adoption”
a challenge for Fastrack Smart, known
VIKRAM KHER,
for higher ASP. He highlights prioritis-
ing quality over mere price competition. VP - Lifestyle,
He views declining ASP as an industry Harman India
shift, not a hindrance. Titan’s strategic
“focus on superior products” aligns with
its goal to expand market share, high-
lighting the brand’s belief that quality ul-
timately outshines price in the long run.
“This approach has been instrumental in supply chains, and local manufacturing, gy accessible, offering consumers the best
gaining customer trust, positioning Fas- the brand says they could deliver af- value for their investment,” says Gupta.
track Smart as a credible and trustworthy fordable yet high-quality devices with
brand,” says Kuppuraj. excellent sound and display quality and India Strategy of Global Brands
According to Gupta, Boult prioritises extended battery life. Currently, Indian players dominate the
providing high-value products without Boult has become one of the top five wearable tech market, but global brands
compromising quality. Targeting the smartwatch brands today by integrating are strategically entering, focusing on
entry-level TWS category, which saw a technology and design to meet the mar- differentiation.
15 per cent sales increase YoY in H1 2023, ket’s inclination towards cost-effective Lifestyle audio solutions provider
Boult’s strategy involves competitive alternatives. “The decrease in ASP rep- Harman sees abundant potential in the
pricing for feature-rich devices. Capital- resents an opportunity to reinforce our Indian wearable tech sector. According
ising on economies of scale, streamlined standing as a leader in making technolo- to Vikram Kher, VP – Lifestyle, Harman

connect with customers across various
age groups and backgrounds, provid-
ing solutions tailored for work, sports,
leisure, or travel. “Implement a robust
global marketing strategy that engages
diverse customer segments through stra-
tegic placements in high-traffic areas,
impactful social media campaigns, and
partnerships with influencers,” he says,
adding that the product lineup should in-
tegrate features that enhance the overall
user experience, including elements like
displays, spatial sound, noise cancella-
tion, and ambient awareness..
Trends & Product Innovations

A substantial number of customers gravi-
CHALLENGES FOR INDIAN WEARABLES MAJORS tate towards premium and futuristic
products with enhanced functionality,
boAt BEAT XP BOULT TITAN notes Nishant Sardana, Director, Con-
sumer Electronics, Personal Computing
Complexities This PDF Battery Lack of Privacy & & Large Appliances, Amazon India. Top
was uploade To Telegram channel_https://t.me/Magazines_8890050582
smartwatch and wearables brands such
in power life penetration in security
management Tier-2 and Tier-3 concerns as Fire-Boltt, Noise, boAt, Samsung, and
markets Amazfit have consistently observed high
demand on Amazon in India.
Dependence Striking Slow Ethical Amazon has witnessed an increase in
on AR & balance replacement consideration brand-based product search keywords,
automatic between cycle in AI and thus indicating that customers already
processing affordability algorithms know which brand they prefer, even be-
and quality fore they begin their shopping journey on
Amazon India.
Persistent Overcoming Addressing Aggressive According to Sardana, besides a grow-
security cost barriers price price slashing ing preference for fitness gadgets and
vulnerabilities sensitivity compromising premium devices with better build qual-
quality ity, high specs, and performance, there
is a shift from analog watches to smart-
Photograph by Unsplash watches, indicating changing consumer
behaviours.
India, 2018 and 2019 saw a surge in TWS cater to a variety of use cases, including Some other notable changes in the
devices that significantly enhanced ac- sports, lifestyle, work, and travel. Global wearable tech landscape are being wit-
cessibility. However, current trends re- companies should ensure a comprehen- nessed, particularly in India. While glob-
veal a nuanced shift, indicating that early sive range across different price catego- ally, branded wearables typically start
adopters are now inclined towards so- ries, providing tailored audio solutions from Rs 8,000 plus, the Indian market
phistication, prioritising superior sound to suit every lifestyle and preference. He has exploded with offerings at under
experiences and distinctive designs. Ac- adds that the roadmap should include Rs 3,000, driven by the entry of several
cordingly, Harman is strategically navi- the launch of innovative audio solutions direct-to-consumer brands with an aim
gating the premium and mid-premium aimed at enhancing customer experi- to capture market share. The afford-
segments of the TWS market. ences and lifestyles. able price points combined with striking
Kher says the key lies in offering Kher further says that a brand’s adapt- features such as Bluetooth calling, and
“unique and innovative products” that ability shines through its capacity to AMOLED displays have fueled the rapid

“The declining average selling
adoption of smartwatches by customers prices of wearables, such as
across the country. smartwatches and TWS earbuds,
However, there’s a prominent gap in
are emblematic of the evolving tech
the market for customers seeking options
in the price range of Rs 5,000-15,000. landscape. We see declining ASP as
Brands in this segment have struggled to an industry shift, not as a hindrance
justify their higher prices, often offering
to our approach”
similar features to their cheaper counter-
parts, and missing essential features like RAVI KUPPURAJ, COO,
Bluetooth calling. Titan’s Smart Wearables
According to Tipnis, key consumer
trends propelling growth in the Indian
Division
wearable market include a significant
behaviour shift. Wearables are evolving
from mere fashion accessories to essen- reflecting the growing importance con- trend. Efforts are directed at addressing
tial components of the digital lifestyle, sumers place on superior sound quality. practical challenges in specific Indian
with a focus on entertainment, physical Beat XP aligns with 2024 trends by regions, focusing on improving battery
fitness management, mental well-being, implementing a uniform UI/UX design life and ensuring durability in rugged
and nutrition tracking. Additionally, the across all models, developing a single in- environments.
emphasis on affordability by the digital house app for seamless integration, and Titan Wearables anticipates 2024
Indian consumer has led to a ration- focusing on customer-relevant feature trends with collaborations for accurate
alisation in ASP in 2023. This shift has development. The brand also maintains sensor results, gamifying physical fit-
expanded choices This PDF
across was
both uploade control
premium To Telegram channel_https://t.me/Magazines_8890050582
over hardware and software ness, and introducing platform-initiated
and affordable segments, fostering fur- through in-house development, ensur- programmes. The brand works closely
ther growth in the industry. ing flexibility to respond to market trends with a global AI-based nudge engine to
Tipnis highlights the continuous efficiently. enhance understanding of consumers’
advancements in biofeedback technol- Beat XP also noticed a rising trend body vitals and actions, emphasising ad-
ogy, the trend of miniaturising devices, in women-centric smartwatches with vancements in UI/UX. Titan anticipates
and consumers becoming more open advanced health tracking. The industry further growth in intelligent function-
to sharing information. These factors is incorporating digital payment solu- alities, seamless connectivity, and stylish
are expected to lead to new compelling tions and contactless tech like NFC to designs.
use cases, innovative business models, align with the growing digital transaction Boult embraces 2024 trends by devel-
and increased gadget innovation. The
extensive possibilities include expanded
remote healthcare tracking, nutrition
management through subscrip-
tions on aggregators/hyperlo-
"As wearables continue to evolve,
cals, enhanced mindfulness
(digital detox, mental their integration into broader digital
relaxation, AQI respon- ecosystems becomes increasingly
siveness), and enter-
defining. The seamless assimilation
tainment options via
AR/VR. Furthermore, of wearables into smart homes and
evolving digital life- healthcare systems, coupled with
styles are anticipated
interconnectivity and interoperability
through ongoing gadg-
et innovations. with other devices, shapes the industry's
Kher underlines the future trajectory"
shifting trends in the mid-
premium and premium seg-
HARSIMARBIR SINGH,
ments of headphones and TWS, Co-founder, Beat XP

Photograph by wayhomestudioo/Envato Elements
oping a user interface and user experi- The pioneers in the category are active- products for specific demographics, indi-
ence tailored to customer demands. It ly increasing advertising, propelling the cate that the industry is far from reaching
sees AI developments as impactful, sectors forward even amid single-digit its limits. The declining ASP is seen not
enabling individualised and interactive growth. Noise has effected a 128 per cent as a hindrance but as an opportunity for
wearables. Key factors include linguistic increase in advertising, from Rs 89 crore brands to reinforce their commitment to
and cultural representation, data privacy, in FY22 to almost Rs 285 crore in FY23. quality and provide high-value products.
accessibility, ecosystem creation, health- Incidentally, boAt’s loss too is attributed To sum it up, the Indian wearable tech
care integration, regulatory frameworks, to heightened costs associated with busi- industry is not hitting any kind of ceiling;
strategic alliances, and investments in ness development and advertising. it’s breaking barriers and redefining its
R&D. Collective efforts in consumer edu- Contrary to concerns, industry lead- role in consumers’ lives. The narrative
cation and functional value generation ers remain optimistic, citing the unprec- suggests that the industry’s trajectory is
ensure an expansive trajectory for the edented surge in shipments driven by marked by continual innovation, adapt-
wearable tech sector in India. continuous innovation, affordability, and ability, and a collective effort to turn chal-
consumer-centric design. Challenges lenges into opportunities. As wearables
Conclusion like market maturity, cost sensitivity, become more ingrained in daily life, the
Despite facing challenges and murmurs and cultural attitudes are actively being industry is not just ascending; it’s soaring
about a perceived market saturation, the addressed, paving the way for sustained into open skies, ready for the next wave of
wearable tech sector in India exhibits growth. advancements and experiences.
signs of robust growth, with several key Innovative approaches, from enhanc-
factors reinforcing its resilience. ing healthcare applications to tailoring ojasvi@businessworld.in

TECH WEARABLES INVESTORS
SMALL BUT NOT

INVISIBLE
Home-grown startups in technology wearables are a
growing breed, but are still not the darlings of the investor
community. A close look at an industry segment that saw
sales grow by 34 per cent in the 2023 calendar year
By Nitesh Kumar
E
VEN TEN YEARS AGO wearable technology in and until a niche has been developed. Now most of the play-
This
India PDF was
constituted uploade
just To Telegram
fancy headsets, but thatchannel_https://t.me/Magazines_8890050582
ers have started spending on R&D and getting the product
has changed and at a rapid pace. In the 2023 outsourced, which is finding acceptance among investors.
calendar year International Data Corporation Another factor that is playing a role in capital infusion is that
(IDC) data suggests a record 134 million units these brands have become noticeable, and now India has VC
of sales in tech wearables, a 34 per cent growth year-on-year firms backing brand-focused businesses.”
(y-o-y). This boom is fueled by value-conscious consumers Indian consumers are value kings and queens, and these
and innovative brands like BoAt and Noise, that understood new-age startups know it. They have kept prices low, with
the need for affordable, high-quality wearables. the average selling price dropping 15 per cent in the fourth
Soon India is expected to claim the top spot in the wearable quarter (Q4) of 2023 (October to December), according
technology space. The consumer wearable or smart wearable to IDC data. Ecommerce giants like Amazon and Flipkart
segment, considered a branch of the smartphone category, have also played a crucial role in providing wearables giants
has for quite some time been predominantly dominated by a sturdy sale channel that is failure-proof and has the lowest
giants like Apple, Samsung and some Chinese brands. The burn rates. The results speak for themselves. BoAt’s revenue
Indian consumer, though, has always been among the most has skyrocketed from Rs 240 crore in FY2019 to Rs 3,377
value-conscious in the world, which made room for home- crore in FY2023, and Noise has seen a similar jump of 920
grown brands such as Noise, BoAt, Boult Audio, Fire-Boltt per cent from Rs 155 crore in FY2020 to Rs 1,426 crore in
and more. FY2023. BoAt filed its draft red herring prospectus (DRHP)
in January 2022 for a Rs 2,000 crore public issue.
Shy Investors
Surprisingly, despite their success, these brands have not The Premium Segment
relied heavily on investor funding. The total funding in the But can budget brands conquer the premium segment? That
sector is to the tune of a mere $227 million, with BoAt tak- is the next challenge. Established giants with their brand
ing the lion’s share of 78 per cent of it. Noise, the second- power and resources pose a formidable threat. Startups have
largest player, has only raised $10 million since 2014. Why been facing cut-throat competition from players that have
are investors shy of putting their money into this growing an established brand name, a loyal customer base, a robust
segment of the technology market? Commenting on the supply chain and more.
anti-investor trend of the segment, Unicorn India Ventures The fledglings in the market need to overcome their lim-
Managing Partner Anil Joshi says, “The VCs (venture capital- ited resources, build brand trust, and establish efficient dis-
ists) normally stay away from pure trading business unless tribution channels to be able to compete with the giants. The

Anil Joshi,
Managing Partner,
Unicorn
constraints that these startups face India Ventures
hold them back from expanding “The segment is very
their share in the market.
brand-sensitive; it takes
As Blacksoil Co-founder and
Director Ankur Bansal points time to build the brand
out, “Startups encounter numer- and quality around it.
ous challenges compared to well- Hence, the premium
established companies, primarily product will have
due to limited resources. This con- challenges breaking
straint can impact their capacity
the acceptance cycle
to invest in crucial areas such as
research and development, manu- immediately and can
facturing, and more, thus limiting happen only after brand
their ability to achieve economies building”
of scale.”
He goes on to say, “Established
companies benefit from stronger brand recognition and Make in India
trust, granting them a comparative advantage in attract- As India evolves into a major manufacturing hub, the ‘Made
ing customers compared to emerging enterprises. Newer in India’ tag stretches to the technology wearable space too.
companies also grapple with securing dependable and cost- According to Joshi, Indian companies have started spending
effective manufacturing and distribution channels, adding time in building products from scratch. Investors will find
to their challenges.” such products more easy to back, for it will become apparent
To scale and grow, startups must focus on premiumi- to them that the manufacturers understand the tech cycle
sation and make This
thePDF
mostwas uploade
of their To Telegram
high token sales. “Thechannel_https://t.me/Magazines_8890050582
and are capable of aligning with the needs of the market.
segment is very brand-sensitive; it takes time to build the The point to ponder on now is whether Indian tech wear-
brand and quality around it. Hence, the premium product able manufacturers are ready to cut down on margins to be
will have challenges breaking the acceptance cycle imme- in the domestic market and keep their eyes away from more
diately and can happen only after brand building, which lucrative markets like China? Focusing on ‘Make in India’
takes time and money,” says Joshi. boosts domestic manufacturing, leads to job creation and
economic growth while reducing import
reliance. “Prioritising domestic produc-
ANKUR BANSAL, tion aligns with national interests but
Co-founder & Director, demands careful consideration of prof-
Blacksoil itability,” points out Bansal.
With the increasing adoption of wear-
“Startups encounter ables across the country, consumers have
numerous challenges been seeking a better experience – om-
compared to well- nichannel, to be precise. According to the
established companies, IDC November report, sales via offline
primarily due to channels reached a record 31.5 per cent
share, the highest since Q1 2021 (January
limited resources. to March), growing by 58.3 per cent y-o-y.
This constraint can Sales via online channels grew by 19.1 per
impact their capacity cent y-o-y, owing to multiple upcoming
to invest in crucial sales events and festive stocking. There-
areas such as research fore, an omnichannel presence for wear-
and development, able brands is the need of the hour as they
expand into tier-3 and tier-4 cities.
manufacturing, and As home-grown tech wearable makers
more, thus limiting turn more visible and hopefully, profit-
their ability to achieve able, they are bound to turn more attrac-
economies of scale” tive for investors.

TECH WEARABLES INTERVIEW
“Innovation,
What are the key factors that have driven the success of
the wearable tech industry?
Several factors have fuelled the current success of the wearable
Improved
tech industry. A key driver is continuous innovation, leading
to advanced products with improved features and user expe-
riences. The integration of MEMS (micro electromechanical
system) sensors and other advanced components facilitates
UX And
better monitoring of health metrics like heart rate, sleep pat-
terns, and activity levels. The industry’s increased focus on
health, coupled with affordability, has resulted in widespread
adoption, seamlessly integrating into daily life and meeting
Responsible
evolving consumer needs. Effective marketing strategies,
rooted in audience understanding and highlighting unique
features, have also played a significant role. The pandemic has
Data
further boosted demand for high-quality, affordably priced
hearables due to the increased emphasis on work from home
and virtual learning.
Practices
Is there a perceived glass ceiling for the wearable tech
industry? If so, what factors contribute to this perception?
While the wearable tech industry is experiencing significant
growth, the ideaThis PDFceiling”
was uploade To Telegram
from twochannel_https://t.me/Magazines_8890050582
Key To
of a “glass can be considered
perspectives: market limitations and technological limita-
tions. Although growing, wearable tech hasn’t achieved com-
plete mainstream adoption. Seamless integration and smooth
Achieve
data sharing across different wearables and platforms remain
a challenge. Consistent improvement in sensor technology
and data analysis is crucial to build trust and overcome these
Sustainable
concerns. Addressing these challenges through innovation,
improved user experience, and responsible data practices will
be key to breaking through any perceived glass ceiling and
achieving long-term sustainable growth.
What are the specific steps or new products that are driv-
ing innovation in Indian wearable tech?
To transcend boundaries in the Indian wearable tech market,
Growth”
brands are prioritising initiatives such as enhancing monitor-
ing capabilities, integrating AI, and expanding ecosystem The wearable tech industry stands at the
connectivity. These efforts aim to deliver more precise health forefront of technological innovation,
tracking, personalised experiences through AI algorithms, reshaping our daily interactions with devices.
and seamless integration with other devices, aligning with SAMEER MEHTA, Co-founder and CEO
evolving consumer demands for sophisticated wearable tech- of boAt, shares insights on the industry’s
nologies in India.
accomplishments, challenges, and strategies
What are the challenges that might impede the growth of to surpass perceived limits. Excerpts from
the wearable tech industry? a conversation with BW Businessworld’s
Despite the promising potential of the wearable computing OJASVI NATH
industry, it faces significant hurdles hindering further growth.
Key challenges include complexities in power management,
dependence on augmented reality and automatic processing,

TO TRANSCEND
BOUNDARIES IN THE
INDIAN WEARABLE TECH
MARKET, BRANDS ARE
PRIORITISING INITIATIVES
SUCH AS ENHANCING
MONITORING CAPABILITIES,
INTEGRATING AI, AND
EXPANDING ECOSYSTEM
CONNECTIVITY
alised experiences, and a connected ecosystem,

wearable tech manufacturers in India are well-
positioned to cater to the evolving demands of
a health-conscious and tech-savvy population.
What are the factors that will continue to

drive the wearable tech industry growth in
India?
Several key factors will define an open and ex-
pansive future for the wearable tech industry in
India. Democratisation and affordability, driven
by localised manufacturing, are crucial for the
wearable tech industry’s growth in India. Tiered
product offerings with varied features and price
points further widen adoption opportunities
across diverse income segments. The incorpo-
ration of vernacular-enabled interfaces, offer-
ing interactions in local languages, significantly
Photograph by Vilas Kalgutker enhances user-friendliness, especially for non-
English speakers. Simultaneously, developing
the need for advancements in software architecture tailored culturally relevant features that align with specific cultural
for small-screen interfaces, management complexities of needs becomes instrumental in increasing adoption and
wireless and personal area networks, and persistent security fostering user engagement.
vulnerabilities against unauthorised access to sensitive data. Innovation in application and design enhances the wear-
able tech industry. Beyond fitness, exploring education, agri-
How is boAt incorporating 2024 trends like UI/UX locali- culture, and entertainment diversifies the market. Combining
sation, in-house app integration, and enhanced features, fashion with functionality makes wearables appealing, and
and how are these shaping the future of wearable tech? inclusivity in design ensures a broad user base. Moreover,
Anticipating the 2024 trends, boAt acquired Singapore-based maintaining a strong emphasis on inclusivity by designing
SaaS company KaHa Tech in 2021, providing access to AI wearables catering to diverse body types and abilities ensures
expertise for personalised experiences and data-driven in- a broad and inclusive user base.
sights in wearables. BoatLabs, our R&D facility, focuses on Fostering an open ecosystem is crucial for sustained
developing cutting-edge wearable technologies tailored to growth. Collaboration among manufacturers, developers,
the Indian market, addressing specific needs and preferences. and government agencies is pivotal for innovation and over-
These initiatives, including strategic acquisitions and invest- coming industry challenges.
ments, demonstrate a commitment to pushing past existing
boundaries. By focusing on advanced monitoring, person- ojasvi@businessworld.in

Ensuring Data Driven
Hyper-personalization
in the Insurance
Industry with AIThis PDF was uploade To Telegram channel_https://t.me/Magazines_8890050582
T
As the insurance HE YEAR 2023 marked an evolutionary phase for the In-
dian insurance industry. Policy reforms aimed at enhancing
industry evolves, transparency and accountability and embracing technology
contributed to a more synchronized alignment with core
organizations business challenges, propelling the industry to a higher level
are strategically of maturity. A pivotal takeaway from 2023, as observed by
industry experts, is the imperative to offer more personal-
blending data with ized insurance solutions, elevating the overall customer
experience.
AI and investing in In this evolving landscape, the significance of technology, artificial intel-
people, processes, ligence (AI), and data as enablers are acting as pivots. These elements play
a central role in steering the industry towards a customer-centric paradigm,
and technologies for emphasizing hyper-personalized experiences that cater to individual cus-
tomers’ unique needs and preferences. The synergy of policy reforms and
greater customer technological advancements has set the stage for a transformative journey in
connections and the insurance space.
business outcomes Demanding Customer Expectations

If one looks at hyper-personalization closely, just a decade ago, interactions
between insurance companies and customers were typically on traditional
modes of communication. But in today’s landscape, the attention span of
customers has diminished. This calls for radical interventions. Reflecting
on the changing customer expectations, Soumya Ghosh, Executive Vice

MASTER STROKES
President, and Chief Technology Of-

ficer of Tata AIA Life Insurance, says, Soumya Ghosh,
“We live in the age of instant gratifi- Executive Vice
cation, and the attention span of the President, and Chief
customer is so short, and whoever Technology Officer
maps the customer journeys holisti- of Tata AIA Life
cally will gain greater market share Insurance
and success in the industry. This shift
emphasizes the need for tailored ser-
vices and offerings that resonate with
each customer individually. It must be
personalized in terms of its message
and the medium of communication
the customer prefers.”
Given this backdrop, insurance
organizations increasingly leverage
data, automation, and digitization to
meet demanding customer expecta-
tions. Technology and data play a cru-
cial role in achieving hyper-personal-
ization. “A study by the IBM Institute
for Business Value (IBV) revealed
that 39% of executives from the in-
surance industry believe that data and
AI are ushering greater business and
customer value This PDF
as the was uploade
industry shifts To Telegram channel_https://t.me/Magazines_8890050582
from a product-centric to a customer-
centric approach,” says Rishi Aurora,
Managing Partner, India and South
Asia, IBM Consulting.
Ghosh adds, “Product offerings
need to be not only personalized but
also unbundled, requiring insurers to
articulate the value proposition ex-
plicitly for each customer. This entails
explaining why a product is relevant
to a specific customer, its benefits for a one-size-fits-all approach. The micro-segmentation of customers, down to a
the individual and their family, and single individual, is crucial.”
aligning it with the average persona “The aim is to provide personalized recommendations that stimulate mean-
resembling that customer.” ingful conversations, fostering a more responsible approach within the industry,”
says Ghosh.
Navigating This customization level can only be achieved through insights derived from
Hyper-personalization customer data, understanding diverse customer personas, and identifying
specific segments. Says Ghosh, “At Tata AIA, customer obsession is at the core
Let’s examine how the insurance in- as we transition towards a hyper-personalized approach, where the customer
dustry is doubling down hyper-per- is at the center. Our personalization extends to recommendations, shaping
sonalization and why it matters. Says conversations around products. This evolution benefits both customers, who
Ghosh, “In the context of customer receive products tailored to their needs, and the industry, which becomes more
experience and hyper-personaliza- responsible in selling meaningful products. Technology, including AI and data,
tion, the challenge is to capture the serves as enablers in this customer-centric landscape.”
customer’s attention within minutes The current trends in the insurance industry revolve around holistically
or even seconds. This necessitates de- understanding the customers’ needs, wants and aspirations. Says Aurora, “If
livering content that resonates with I see the trends shaping up the insurance industry, hyper-personalization is
each customer rather than adopting extremely vital, and for that, technology and data play an integral role. On the

MASTER STROKES
zations face immense pressure to

Rishi Aurora, secure and protect data.
Managing
Partner, India and Taming the Threat
South Asia, IBM Landscape
Consulting
“Security stands as one of the par-
amount pillars in my role,” says
Ghosh. “Ensuring the safety and
security of customer data is my
responsibility and a crucial obli-
gation for our entire organization.
We’ve been progressively enhanc-
ing our security measures over the
years. The shift towards proactive
security sets our current approach
apart, emphasizing that it is not a
post facto consideration.”
Ghosh adds, “Similar to our ap-
proach to compliance, the focus
is on “shifting left.” This means
instilling awareness among every
developer in the organization that
the code they contribute must pri-
oritize security and address vulner-
abilities. We’ve implemented a sys-
tem of continuous scanning across
the entire IT landscape, covering
infrastructure, network, and all as-
sociated artifacts. This proactive
stance ensures that security is in-
tegral to the development process,
minimizing risks and fortifying our
commitment to safeguarding cus-
tomer data.”
“If one looks at IBM’s Data
Breach Report 2023, it said that
each data breach has cost the FSS
industry $5.9 million. According to
operational front, there’s a noticeable me, security will be one of the most important aspects,” says Aurora.
shift towards increased automation,
resulting in significantly reduced Intersecting AI with Insurance
turnaround times for customer ser-
vice delivery.” Whether it be hyper-personalization or data, AI is becoming the transformation
This intersection of personalized pivot. The transformative shift in AI’s role is evident, moving beyond theoreti-
services and streamlined operations cal discussions to actively and positively influencing businesses and lives. The
augurs well for the insurance indus- historical impediment to AI growth - the availability of labeled data, has been
try and the consumers of insurance overcome with the advent of foundation models.
products. The dynamics are laying a “We find ourselves in truly exciting times, particularly within the realm of AI.
progressive path driven by the con- IBM is poised to script the next chapter in AI’s evolution with watsonx. We are
vergence of data and the transforma- currently in the fourth generation of AI, with the adoption rate having nearly
tive influence of GenAI on bringing in doubled since 2017. The impact of AI on the industry is profound, with a fore-
actionable insights. As the adoption of cast suggesting a staggering addition of approximately $16 trillion to the global
AI and automation scales up, organi- economy by 2030. Closer to home, India’s GDP is expected to see a notable

MASTER STROKES
(L to R) Rishi Aurora, Managing Partner, India and South Asia, IBM Consulting; Soumya Ghosh, Executive Vice
President, andThis
Chief Technology
PDF Officer To
was uploade of Tata AIA Lifechannel_https://t.me/Magazines_8890050582
Telegram Insurance; Hoshie Ghaswalla, CEO, BW Engage
boost, with an estimated addition of a centralized data store, providing the necessary inputs for these AI models. As
$500 billion by 2025 and a projected adoption continues to grow, governance becomes paramount, and that’s taken
increase to $967 billion by 2030, “says care of by watsonx.governance, designed to oversee and regulate both the models
Aurora. and the associated data.”
But for AI to succeed, organizations
need a complete technology stack on Grooming Talent
which they can build, tune, and run
their models on their trusted data. With AI reimagining business outcomes and productivity, organizations are also
The most important part is to govern looking at ways to elevate their talent quotient. Underscoring the importance
all of this, and that’s what watsonx of people in the equation, Ghosh says, “Organizations must have a people first
brings to the table. A crucial develop- mindset. Exceptional customer experience depends on investing in the right
ment is the widespread proliferation talent to navigate the complexities of evolving technology and continue deliver-
of these models across various use ing the proper outcomes; skilled professionals are an organization’s strategic
cases and industries, transcending investments.
organizational boundaries. As we look ahead, the insurance industry is on a growth trajectory, well po-
Giving a deep dive into wastonx, sitioned to leverage AI for reimaging the industry and take it to the next logical
Aurora unpacks its key components. evolution. In the bargain, they are elevating productivity and enhancing cus-
“watsonx.ai is a comprehensive tool- tomer satisfaction by adopting automation and digitizing their operations. The
set readily available for organizations strategic integration of technology, AI, and data-driven insights positions the
to deploy and operate AI models effec- industry to not only meet current demands but also to anticipate and address
tively. The associated watsonx.data is future challenges in a rapidly evolving market.
Master Strokes is a series produced by BW Businessworld and Presented

by IBM India. This series will recognize and present the efforts and
accomplishments of technology leaders across sectors on how they
use and continue to leverage technology to bring about business
transformation creating a positive impact on their organisation.

BW
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SSNAY
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LEADERS
The Initiative
To recognise and acknowledge the trailblazing en-
trepreneurs, BW Disrupt in association with BW
Businessworld organised the seventh edition of the 30 Un-
IN MAKING
der 30 summit. It represents an exclusive stage designed to
unite professionals and organisations involved in various
domains of the startup ecosystem. The platform effectively
brings together individuals and entities from diverse in-
dustries, fostering discussions and collaborations focused
The platform brings together on the development of the entire ecosystem.
individuals from diverse industries, The Process

fostering discussions focused on BW Businessworld reached out to over 500 industry
the development of the entire leaders and received more than 70 entries.
Subsequently, after a thorough second level of delibera-
ecosystem By Nitesh Kumar tion, 50 nominees were shortlisted and invited to pre-
sent before the esteemed jury panel.
I
N 2023, tech-focused
startups stole the lime-
light. We mus t not
Thisthe
forget PDF was uploade To Telegram channel_https://t.me/Magazines_8890050582
resilience
and innovation dem-
onstrated by traditional busi-
nesses. Despite facing unfore-
seen transformations, many
established enterprises have
not only weathered the storm
but have also experienced sig-
nificant growth. This adapt-
ability and willingness to em-
brace change are crucial for
businesses to thrive in such a
dynamic environment.
In India, startup funding in
2023 dropped to its lowest level
in five years, reaching just $7
billion. This is a significant de-
cline of almost 73 per cent com- Photograph by Naval Kishor
pared to the previous year’s funding of $25 billion. The The Jury
decrease in funding can be attributed to the worsening The distinguished jury panel comprised notable mem-
global economic conditions which have been affected by bers from various sectors including Mahendra Swarup,
geopolitical tensions. Founder Venture Gurukool and Ankurit Capital; Nikhil
Future-ready entrepreneurs will play a crucial role Vora, Founder and CEO, Sixth Sense Ventures; Tej
in shaping India’s economy. Their innovative solutions Kapoor, Managing Partner, IvyCap Ventures; Rema
and determination hold the key to unlocking the na- Subramanian, Co-founder and Managing Partner,
tion’s potential. By embracing change and creating a Ankur Capital Fund; Sudhir Rao, Managing Partner,
supportive ecosystem, we can ensure that India’s entre- India Celesta Capital and Annurag Batra, Chairman
preneurial spirit continues to grow, bringing prosperity and Editor-in-Chief, BW Businessworld and Founder,
to the nation. exchange4media.

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THE WINNERS
SL. No. WINNER DESIGNATION COMPANY
Abhinav Raju
1 Managing Partner CryptoTax International
Soomaney
2 Abhishek Agarwal Co-founder Farmley
3 Abhishek Sharma Founder, RoboCHAMPS BrightCHAMPS Tech
4 Aditya Agrawal Co-founder and CEO P-TAL
5 Alok Kumar Founder & CEO StockDaddy
6 Angad Dev Singh CEO Tiger Baby
7 Anirudh Singla Founder & CEO Pepper Content
Management Associate
8 Anvi Lohia Lohia Aerospace Systems
(Founding Team Member)
9 Ayush Shukla Founder Finnet Media
10 Danish Sinha Founder SnapSprint AI
11 Gaurav Kanwar Founder Harajuku Tokyo Cafe

12 Harshit Mittal Co-founder & CTO Supplynote
13 Harshit Vinod Jain Co-founder & CEO Oneplay
14 Jesicaa Siingh Founder & CEO Stanley Communications
15 Kairavi Mehta Director V. K. Industrial Corporation
16 Kirti Goel Co-founder and COO P-TAL
17 Mamta Bhatia Lead, Investor Relations Yulu
Shivin Jewellers /
18 Mihir Jain Co-founder & Director
Nidhi & Mihir PR Consultancy
Nava Krishna
19 Chief of Staff – CEO Office StockGro
Alaparthi
20 Rishab Shetty Co-founder Viral Fission
21 Sahaan Suman K Founder & CEO Bubble Network
22 Shahan Sud Senior Investment Manager JAFCO Investment (Asia Pacific)
23 Shrishti Bhandari CEO & Executive Director Mangalam Information Technologies
24 Shweta Dalmmia Founder & CEO Climapreneur
25 Siddhant Bery Managing Partner & CEO KSP INC.
26 Utshah Sharma Co-founder and CEO Qniverse
27 Vaibhav Makhija Co-founder & CEO What’s Up Wellness
28 Yash Prakash Founder & Director Avalon Labs (Acadally)

BW DISRUPT 30 UNDER 30 / WINNERS
BLENDING HERITAGE
WITH MODERNITY
Kriti Goel
Started as a college project, Co-founder,
P-TAL has blossomed into a P-TAL
household brand of tradition
P
anchkula-based P-TAL (Punjab Thathera Art
Legacy) is not just a brand, it’s a testament to
the resilience of traditional craftsmanship in the
face of modernity. Founded in 2017, it embarked on a
mission to revive India’s UNESCO-listed craft form of
Thatheras from Punjab’s Amritsar.
Focus on Social Impact

From exquisite kitchenware to elegant home decor,
each piece reflects the rich legacy of Indian seamlessly. She shares, “Our mission is to revive age-old
This PDF
craftsmanship. P-TALwas offersuploade
a blend of To Telegram channel_https://t.me/Magazines_8890050582
traditions in a contemporary manner, ensuring that
tradition and innovation, specialising people make informed choices for their well-
in handmade metal products crafted being.”
from pure copper, brass and kansa. With She adds, “P-TAL runs on three fundamentals
a commitment to social impact, P-TAL – developing an organised market to promote the
strives to empower artisans while promot- craft legacy, creating designs for urban consum-
ing sustainable living. P-TAL is led by ers and leveraging contemporary marketing to
co-founders; Kirti Goel and Aditya sell traditional art. In a highly unorgan-
Agrawal. ised market of cheap and adulterated
On funding front,it has utensils, P-TAL stands as a brand of
secured Rs 4.33 crore in seed ayurvedic, artisanal and authentic
round in October 2023. utensils.”
The round was led by
Titan Capital with par- Going Global
ticipation from Anicut In the ever-evolving landscape
Capital, Ghazal Alagh of entrepreneurship, P-TAL has
(Mamaearth), Sandeep faced its share of challenges. Adi-
Aggarwal (Droom and tya Agrawal, Co-founder, P-TAL
Shopclues) and many reflects on their journey saying,
others. “Persistence, passion and patience
are our guiding principles. Every
Promoting Craft Legacy rejection has only propelled us towards
Goel envisions a world where greater achievements.”
heritage meets modernity He adds, “With the aim to build P-TAL as
a global brand, we are focusing aggressively
Aditya Agrawal on penetrating into the US market. With
Co-founder, the growing affinity of consumers towards
P-TAL a healthy lifestyle, we aim to target the
global markets.”

LAUNCHING SOON
MAGAZINE
Inaugural Issue
Highlights
Road to Success – Security
Businesses In India
New Technology:
Artificial Intelligence,
Drones, Innovative
Products and more
CSO Speaks
Steps to be Cyber
Secure in Digital Era
Regular Features &
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Sectors: Private Security,
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TAX SOLUTIONS FOR

CRPYTO INVESTORS
Anticipating demand, CryptoTax is
developing a crypto tax software
solution to help investors
S
haring his entrepreneurial journey with BW Abhi Raju
Businessworld, CryptoTax International Man- Soomaney,
aging Partner Abhinav Raju Soomaney says, “I Managing Partner,
realised that the lack of specialised tax companies for CryptoTax
crypto in the country. With the increasing number of International
crypto investors, it became evident to me that there tax software that will enable investors to accurately
would eventually be a demand for such services. This calculate their taxes,” he adds. The company aims to
realisation led me to establish CryptoTaxInternational.” collaborate with the Indian government and sup-
While assisting more than 500 clients with their cryp- port them in navigating the challenges surrounding
to taxes, Soomaney noticed a significant gap in the crypto tax. “This collaboration will contribute to the
market. “It became clear that manually working on an prevention of money laundering and tax evasion,”as
Excel spreadsheet was the only way to ensure accurate per Soomaney. We are actively developing a crypto
results forThis PDFnumber
a limited was uploade
of clients.To
To Telegram
address thischannel_https://t.me/Magazines_8890050582
tax software solution, which we aim to introduce to
issue, we are currently developing a robust crypto the Indian market by Q2 of 2024,” he states.
Abhishek
Agarwal, DRIVING HEALTHY
Co-founder,
Farmley SNACKING
Farmley focuses on eliminating
middlemen and inefficiencies
in the packaged food industry
ficiencies in the industry. In its Series B funding round,

Jindal Group and others invested $6.7 million. The round
brings the company’s total funding to $14.9 million. As
of 31 March, 2022, the company’s annual revenue was
S
pecialising in dry nuts, Delhi-based packaged $ 27.4 million. Agarwal emphasises profitability as a
food startup Farmley has a product catalogue that mindset, with the goal of achieving EBITDA profit. He
includes a diverse range of premium-quality of- highlighted the growing trend of about 40 per cent shift
ferings such as almonds, cashews, raisins, pistachios, towards healthy snacks in India’s snacking market, espe-
walnuts, figs, dates and more. Founded in 2017 by Ab- cially in Tier 1 and subsequently in Tier 2 & Tier 3 cities.
hishek Agarwal, the company prioritises delivering clean, The company’s deep backend linkages directly with global
nutritious snacks while ensuring fair compensation for farms ensure transparency and sustainability in the sup-
farmers. Operating in the D2C space of retail, food and ply chain. Farmley’s aims to reshape the packaged food
agritech, it focuses on eliminating middlemen and inef- industry for ethical practices and sustainable growth.

ROBOTICS,
NEW TECH FOR
BEGINNERS
The company helps children Abhishek
Sharma,
adopt emerging technologies Founder,
across the globe RoboChamps
I
n the constantly evolving world of technology, there Grade 3 or 5 today, in 10 years they will be joining the
is a need to educate the future workforce about workforce. We ourselves are so illiterate about predict-
the same. Abhishek Sharma, Founder of Robot ing the future; how will they deal with it? So it becomes
Champs, has spent close to a decade solving the problem extremely essential for them to understand the emerg-
of how children should learn about emerging technolo- ing technologies that are going to come in the future
gies. As far as kids are concerned, moulding their habits and that is what the goal of my life is.” On building a
into passions has always been a tough task to pull off. successful venture, Sharma suggests, “Be frugal always
Highlighting the same, Sharma says, “The idea is that and focus on the fundamentals. There is one mistake
no matter This
whatPDF was
you do in uploade
a decade orTo
so,Telegram
technologychannel_https://t.me/Magazines_8890050582
that a lot of businesses make: they focus on the shosha
will become paramount. It will become very difficult part of the startup instead of solving the problem that
to imagine your life without it, and if somebody is in their business actually needs.
Alok Kumar,
Founder BOOSTING FINANCIAL
& CEO,
StockDaddy LITERACY
StockDaddy is a financial
S literacy platform for stock

tockDaddy, based in Gu-
rugram was established in
market enthusiasts
2021 and has swiftly carved
out its niche in the competitive
space of edtech.The platform aims ment towards financial literacy and empowerment.
to provide singular learning solu- While the company has yet to secure any investments, its
tions for stock market enthusiasts. founders remain undeterred, leveraging their expertise
Its user-friendly interface, available and passion to propel StockDaddy to new heights.“We
on both Android and iOS devices, work with self-motivation towards our goals,” states Ku-
offers interactive learning content, mar. He adds, “We wish to educate the new investors of
live-market analysis and innovative the Indian market about the ups and downs of the stock
features aimed at empowering us- market.” While sharing his expansion plans Kumar says,
ers to make informed investment “Currently, we have an online platform for digital delivery
decisions.Led by co-founders Alok of services and we plan to open 147 physical centres in the
Kumar and Ranjeet Kumar, Stock- coming years. StockDaddy is poised to become India’s one
Daddy is a platform with a move- of the leading stock learning app.

STORY-TELLING
CEO Angad Dev Singh, Tiger Baby has set up not only a
film and television studio but also a record label, talent
partnership and advertising vertical. With each project,
WITH A DIFFERENCE the Mumbai-based studio pushes the boundaries of sto-
rytelling, offering audiences a rich tapestry of narratives
that entertain, engage and inspire. As audiences eagerly
TigerBaby believe that stories
await the studio’s next cinematic masterpiece, one thing
have the power to shape our is clear: the roar of the Tiger will echo for years ahead.
perceptions and ignite change
Angad Dev
Singh,
T
iger Baby, the brainchild of acclaimed filmmakers CEO ,
Zoya Akhtar and Reema Kagti, since its incep- TigerBaby
tion in 2015, has been a beacon of innovation
and storytelling excellence in the Indian entertainment
industry. At Tiger Baby, storytelling is not just a craft,
it is a way of life. Whether it’s a gritty crime thriller or
a heartwarming coming-of-age drama, the company’s
productions are bound by a common thread of authen-
ticity and relevance. In 2023 alone, the studio captivated
audiences with a diverse range of offerings. Tiger Telly,
the new venture of the company, aims to create short-
Thisthat
form content PDF was uploade
entertains To Telegram
and enlightens, reflectingchannel_https://t.me/Magazines_8890050582
the evolving cultural landscape of modern India. Led by
I BUILDING AN UBER
n the current era of the internet, there is no scarcity
of content; there is information on anything and
everything. However, there is a gap in the sphere of
content marketing. Reasling the same, companies such
as Pepper Content have been tapping into the opportu-
FOR CONTENT
nity by helping enterprises get their content marketing Pepper Content claims to have
strategy right through technology and talent. Founder onboard around 150,000 subject
and CEO Anirudh Singla says, “We started with a unique
approach to building an Uber for content. We figured out
matter experts across the world
about 150,000 subject matter experts across the
world who could do freelance content writing,
graphic design localisation and video produc-
tion, and on the other side, we had about company’s plan for this year, Singla says,
1,000+ enterprises that we were serv- “We have been among the first few com-
ing to help them scale their content panies in generative AI in India. Our
efforts.” The company has a head- goal is to build a global enterprise AI
count of about 120. Sharing the business out of India for the world.
2024 is going to go into building
and scaling our US business, which
Anirudh Singhla, is very strategic for us. And second is
Founder & CEO, building a lot of software in AI for en-
Pepper Content terprise adoption.” Moreover, he said
that Pepper Content’s goal is to become
a billion-dollar revenue business.

REDEFINING INFLUENCER Ayush

Shukla,
Founder,
MARKETING Finnet
Media
In 2024, the company plans to make 100
content creators millionaires
F
innet Media is emerging as a distinctive player
driven by a vision to transform the industry.
Ayush Shukla, Founder, Finnet Media stresses
company’s distinct approach and states, “We are not a
traditional influencer marketing agency, but one that
strongly believes and stands with the fact that content
creation is a full-time job by itself.” Founded in 2021, the
Mumbai-based company competes in the business ser-
vices market segment. Finnet Media goes beyond con- ability is a strategic objective. The company envisions
ventional influencer marketing by providing end-to-end ensuring financial stability and content monetisation
services including talent management, video production for every content producer associated with them. The
and influencer marketing. mission extends to generating new ideas, encourag-
Acknowledging the challenges content creators face, ing creativity and assisting individuals in becoming
Shukla states, “We produce content ourselves and fully influential brands. The last quarter for Finnet Media
empathise This
withPDF was uploade
the struggles a contentToproducer
Telegram
faceschannel_https://t.me/Magazines_8890050582
focused on building an efficient team and keeping ex-
as well as what a brand desires.” For Finnet Media, scal- penses in check.
Anvi Lohia, GETTING READY

Management
Associate TO SOAR
(Founding
Team Lohia Aerospace stands out for its
Member), extensive built-to-print components
Lohia for aircraft manufacturing
Aerospace
resulting from R&D investments, and a scarcity of highly
qualified staff, including pilots and maintenance workers.
Aerospace composite manufacturing is still nascent in
India, but we hope to overcome the skilled manpower is-
sue soon, says Lohia. “We have a vision to contribute to the
L
ohia Aerospace, founded by Anurag Lohia in security of the country and put India on the global map
2019, claims to be the first Indian multination- for aerospace manufacturing,” she adds. Lohia highlights
al aerospace component manufacturer. “Our that for the last three years, smaller and lighter aerospace
company’s consistent attention to detail and extensive components, long-range aircraft, a focus on stealth air-
built-to-print offerings set us apart from competitors,” craft, sustainability, and environmentally friendly prac-
says founding team member and management asso- tices are a few trends that have been shaping the overall
ciate Anvi Lohia. The aerospace sector in India faces sector. Moreover, the company is focusing on building
several challenges, including stringent regulations, the carbon composite components for unmanned aerial ve-
development of infrastructure, narrow profit margins hicles across the world.

GETTING THINGS DONE

at revolutionising the way users approach their daily
tasks and projects. By harnessing the capabilities of
THE SMART WAY

AI, SnapSprint empowers individuals to boost effi-
ciency and unlock their full potential. SnapSprint’s
Command Palette serves as a personal control centre,
enabling users to navigate, initiate and enhance their
SnapSprint’s tools help workflow with ease. With features designed to stream-
individuals to boost their line execution across tasks and projects,
efficiency the Command Palette is a game-changer
for mastering productivity, the compa-
S
napSprint AI, led by directors Dan- ny says. Operating in the bootstrapped
ish Sinha and Pratham Sharma, stage, SnapSprint is focused on carv-
is an AI-based platform de- ing out its niche in the competitive
signed to streamline task manage- landscape of task management
ment for individuals in the B2C platforms. It faces competition
space. The company offers an AI- from established players such as
powered prompt system aimed Any.do, Todoist and Skiff, Snap-
Sprint. As it continues to evolve
Danish Sinha, and expand its offerings, one
Founder, thing is certain — the future of
SnapSprint AI task management is AI-driven and
SnapSprint is leading the change.
G BRINGING THE TASTE

aurav Kanwar’s dedication to bring the essence
of Tokyo’s Harajuku district to Indian diners
AND FEEL OF JAPAN

led to the inception of Harajuku Tokyo Cafe.
It was inspired by personal cravings for the food
he enjoyed in London. In a succinct narrative,
Kanwar while sharing the motivation behind
Harajuku Tokyo Café, says, “Our journey began Kanwar aims to establish
with a desire to introduce Indian diners to the Harajuku Tokyo Cafe as a
vibrant flavours and immersive dining experi- household name across
ence of Tokyo’s bustling streets.” He reveals that India
its last quarter saw steady growth in revenue
and customer satisfaction metrics. “We
successfully opened new outlets and tegic plan involves scaling Harajuku
launched innovative menu items, across over 20 cities in India, ensuring
driving footfall and increasing each city hosts at least one anchor
brand visibility. We have achieved outlet that can cater to multiple
an ARR of over 15 crore already,” QSR kiosks. Kanwar shares that
he states. The company’s stra- the ambition is to open at least 45
restaurants and bars and over
Gaurav Kanwar, 100 smaller kiosk formats across
Founder, Harajuku India. Harajuku Tokyo Café dif-
Tokyo Cafe ferentiates itself by focusing on cus-
tomer experience, menu, innovation
and sustainabilty.

PLAY AND
and multiple startups. Then, in 2022, the company re-
launched Oneplay as a cloud gaming service. The shift
proved fruitful, aligning with the post-Covid gaming
PROFITABILITY boom. Reflecting on the funding landscape, he syas that
a good product transcends funding winters. For Oneplay,
Jain’s Oneplay pivoted into the focus on profitability from the outset shielded them
cloud gaming service to cash from financial downturns. He adds that over the period,
investors also realise that money should be in-
in on the post-Covid gaming
vested in a startup which is growing. He also
boom and stay profitable touched upon the evolution in investor focus
from GMV to unit economics, a shift driv-
I
n 2019, Harshit Jain embarked on en by a maturing understanding of the
a journey as the co-founder and startup landscape. Jain highlighted the
CEO of his media and entertain- significance of revenue-centric mod-
ment company, Oneplay. Initially, els, indicating a broader trend in
he built it in the media and en- the industry. Wrapping up, Jain
tertainment domain by col- shared his top three learnings.
laborating with many giants Patience, belief in the product,
like Reliance, BookMyShow and persistence emerged as key
attributes for startup founders.
Harshit Jain, As he reflected on his journey, these
Co-founder & principles guided him through the dy-
This PDF was
CEO, uploade To Telegram channel_https://t.me/Magazines_8890050582
Oneplay namic landscape of entrepreneurship.
RECIPE FOR Harshit

Mittal,
Co-founder
QUICK SERVICE & CTO,
Supplynote
Mittal Supplynote aims to automate
procurement, inventory management
and supply chains for food businesses
T
he roots of Supplynote trace back to an entre-
preneurial venture initiated at IIT Kanpur, with
its focus on food packaging advertisements.
Evolving into a B2B ecommerce platform for food pack-
aging delivery to restaurants, the founders identified
inefficiencies in restaurant procurement processes. This
realisation led to the creation of Supplynote. Harshit processing $120 million in annualised procurement, gen-
Mittal, Co-founder and CTO, Supplynote states, “Our erating $4 million in annual revenue, and operating in 90
goal was to revolutionise the way food businesses man- cities across six countries with 5,000 outlets. According
age their back-end operations, providing them with a to Mittal, successful businesses hinge on strong funda-
tech-driven, efficient solution.” Focused on backend mentals, innovative problem-solving technology and a
efficacy, Supplynote aims to expand its global software customer-centric ethos. Supplynote differentiates itself
as a service offerings and fortify supply chain capabili- with a robust tech foundation and a keen understanding
ties in India by 2024. Noteworthy achievements include of operator challenges, presenting a competitive edge.

S TELLING THE
tanley Communications works as an end-
to-end PR and marketing firm with the
TELLING BRAND
best of the global brands from New Del-
hi to Mumbai and now in Dubai as well.
Founder and CEO Jesicaa Siingh started
her entrepreneurial journey at the age
of 22. However, she realised her dream
STORIES
at the age of 30. The hard work and Siingh’s PR and marketing firm
dedication poured into her market- is helping clients communicate
ing firm has left an indelible mark the extraordinary brands that
globally. Her company has grown
they are
alongside brands that embraced
their shared motto: to grow and
grow. Reflecting on her entrepre- it as fuel to work harder. She believed that daily efforts
neurial path, Siingh shared the fueled by love, courage and passion led to undeniable
story of resilience. Having faced a success. The PR industry has always been a space with
setback in her mid-20s, she used cut-throat competion.
Looking forward, her goal was to make her company
Jesicaa Siingh,
synonymous with PR and marketing globally, adapting
Founder & CEO,
to the evolving industry landscape. Siingh believes in
Stanley
taking the first step, knowing that motivation and pas-
Communications
sion will follow suit.
STEELY Kairavi
Mehta,
GREEN RESOLVE Director, VK
Industrial
Mehta’s VK is a one-stop solution for
various steel needs of OEM customers
K
airavi Mehta, Director, VK Industrial, has led her steel distribu-
tion company for a decade. The brand, VK, is today a one-stop
solution for various steel grades and types, serving OEM custom-
ers across India. Mehta’s entrepreneurial journey was rooted in defying
traditional expectations placed on women in her family’s steel business.
Determined to break gender barriers, Mehta embarked on a mission to
prove that women could excel in unconventional sectors. Over time, her
goal expanded to uplift all marginalised communities, emphasising the
importance of challenging societal norms. When asked about tips for
young female entrepreneurs, Mehta urged them to transcend gender bar-
riers, challenge societal norms and view the world as their stage. She advo-
cated for inclusivity, encouraging the involvement of other marginalised
communities. Discussing the role of the government in fostering diversity,
She applauded recent initiatives like free education for transgenders in
government universities. Looking ahead, Mehta outlined her strategies
for the future, with a primary focus on advancing green steel initiatives
and incorporating AI-based technology.

GREEN AND
GROWING Mamta
Bhatia,
The environmentally conscious Lead,
micro mobility platform plans Investor
to expand into personal Relations,
mobility and telematics Yulu
I
n the scenic landscapes of Uttarakhand, the passion
for trekking kindled a transformative journey for
Mamta Bhatia who heads Investor Relations at Yulu. we aim to close our Series C round of equity in FY24, as
The visible impacts of climate change during the Kuari well as raise debt for our capex requirements.” Yulu’s re-
Pass trek ignited a commitment to environmental respon- veneu jumped four-fold compared to the previous year.
sibility, setting the tone for Yulu’s mission. Over the past Bhatia helped the company secure support from the lend-
three years, Yulu has observed pivotal shifts; witnessing ers such as the US Development Finance Corporation.
a surge in interest among fleet owners and delivery com- “Our cash burn has also been systematically reducing and
panies embracing electric vehicles for cost-effectiveness we are close to achieving EBITDA positivity in the next
and more. In the head of investor relations, Bhatia’s focus few quarters,” Bhatia reveals. She believes that successful
is on capital infusion to deploy about 100,000 vehicles in business hinges on two vital factors. Firstly, conviction
the upcoming fiscal year (FY). and persistence demand patience in building a robust
Thisexpansion
Yulu plans PDF was intouploade To Telegram
new domains like personalchannel_https://t.me/Magazines_8890050582
foundation and loyal customer base. Secondly, entrusting
mobility and telematics. She shares, “To fund this growth, the right team.
HELPING BUILD
Mihir Jain,
Co-founder
BRANDS
& Director, A second-generation
Shivin
entrepreneur, Jain’s passion is
Jewellers/
Nidhi & reflected in the journey of his
Mihir PR three-year-old Nidhi & Mihir
Consultancy PR Consultancy
B
eing a second generation entrepreneur in his fam- passion irrespective of the outcomes. The entrepreneurs
ily business, Mihir Jain carries a legacy in Shivin should not be apprehensive about the topline and busi-
Jewellers. He’s also the co-founder of Nidhi & ness model success, rather they should solely focus on
Mihir PR Consultancy. A startup operating for more than pursuing their passion. Jain also pursues investing in
three years provides communication services to health, himself while upgrading his wisdom through introspec-
wellness, beauty, fashion, B2C, retail, startup and helps tion, streamlining his mind, and observing his energy.
them to build a brand and enable them to convey their However, Jain also acknowledges his rollercoaster jour-
values and modus operandi to investors, customers and ney of sleepless nights and early mornings, but he does
other stakeholders. Jain advocates the constant chase for not negate that mental wellness and strength reflect sub-
passion. He advises young entrepreneurs who are thrilled stantially in the business. He reiterates that professional
to start their venture that one must keep following their and personal development work in tandem.

S SEASONED
tockGro is a leading social
investing platform that is
educating millions of mil- Nava
lennials about trading across the PRODUCT GUY Krishna
nation. Nava Krishna Alaparthi, an Alaparthi,
MBA with more than six years of Under Alaparthi, StockGro has Chief of
experience in technology industry,
navigated through the whole Staff,
oversees multiple positions in the StockGro
company, he’s primarily a chief of product cycle and scaled from
staff and a seasoned product leader. from zero to 35 million users
As a product leader, Alaparthi has
built and navigated through the Referring to the challenges facing
whole product life cycle and scaled the technology startup ecosystem, he
from zero to 35 million current us- said, “One thing that is fundamentally
ers. Under his leadership, Stock- applicable to all the startups is operat-
Gro has crossed around 9,00,000 ing with two key problems: one is ei-
collaborations with education in- ther we lack the bandwidth, basically
stitutions in the past three years. the resources to get things done, or we
A core team member since its in- have a lot to get done within a limited
ception, Alaparthi is committed amount of time. So the end Mantra
towards StockGro and has helped is ‘ruthless prioritisation’. With such
the founding leadership to build the mantras, two pitfalls are inevitable —
product, This PDF and
operations wasthe
uploade
data To Telegram
maximising channel_https://t.me/Magazines_8890050582
for perfection and serving
vertical from the scratch. multiple stakeholders.”
Z is not confined to traditional learning methods; they

SHOWING THE WAY embrace online courses and unconventional means for
upskilling. Viral Fission’s current focus is now extending
Shetty’s Viral Fission is to creating a holistic platform for the youth, encompass-
engaged in guiding and ing networking, content and connections. In 2024, its
uplifting the Gen Z vision is one of hyper-scaling, expanding the community’s
reach and impact. For Shetty, success is anchored in fun-
V
iral Fission’s story took root during the founders’ damental principles - hiring the right people, disciplined
college days, while navigating the challenges adherence to key business metrics, evaluating decisions
of internship searches. Co-founders Shreyas for longevity and sustainability.
Hegde and Rishab Shetty recognised a broader struggle
among their peers — the challenge of finding the right Rishab
direction for their professional journeys. This recognition Shetty,
sparked the inception of Viral Fission, a platform meticu- Co-founder,
lously crafted to guide and uplift the Gen Z community. Viral Fission
The venture makes it viable for brands to reach out to their
audience in a more targeted and seamless manner. “Our
endeavour is to work with reputed enterprises to create
mutually beneficial synergies that last long with the youth
community, states Shetty. The platform’s genesis lies in a
belief that every student, despite feeling lost, deserves an
opportunity crafted in the right direction. Shetty explains
that sustainability, healthier living and conscious con-
sumption have become keystones of their choices. Gen

Sahaan
Suman K, GOING
Founder
& CEO, PLACES
Bubble
Network Bubble Network aspires
to become a strategy
and digital backbone for
I
n the heart of Kar-
nataka in Shimoga, everything a brand
Sahaan Suman K’s needs
entrepreneurial journey
blossomed from humble roots.
He inherited a legacy of business
acumen, which set the stage for the inception of Bub- team expansion and enhanced client servicing. Addi-
ble Network. Suman debutted into entrepreneurship tionally, Suman shares, “Venturing into North America
at the age 18 during his college days. Bubble Network with a decentralised organisational structure is also on
is a marketing and consulting firm that originated in the agenda for this year.” Remaining cash flow positive
in London and is now flourishing in India. He built the since inception, the last quarter for Bubble Network
entire company from scratch, growing it to a team of focused on process stabilisation and laying the ground-
45, collaboratively engaging with over 500 companies, work for an aggressive growth strategy in 2024. The
all the while being completely bootstrapped from his company is servicing over 60 clients, generating close
ThisatPDF
college dorm wasBubble
Warwick. uploade To Telegram
Network’s ambitiouschannel_https://t.me/Magazines_8890050582
to a million dollars in revenue during Q4 and a 20 per
plans for 2024 include driving growth in India through cent quarterly growth in both team size and revenue.
SMART Sharma
Shahan Sud,
Senior Investment
INVESTOR Manager,
JAFCO Asia
Shahan Sud idea is to invest
based on conviction rather on
borrowed conviction
A
s the youngest investment professional who
co-built a global venture capital (VC) fund in In-
dia, Shahan Sud, Senior Investment Manager,
JAFCO Investment, plays an imperative role equivalent to
that of a co-founder. Sud smoothly manages end-to-end
investments and is entrusted to build JAFCO Asia’s brand
in India. The VC ecosystem has evolved tremendously thing young Indians should be cognizant of and plan
in India over the last few years, Sud anticipates digital accordingly. From a sector perspective, Sud will continue
crackers will be a norm, however lack of financial literacy to invest in India following a portfolio diversification
and the expected attention recession are a deadly combi- approach by cutting multiple small cheques and leading
nation for young investors. He advises that the investing the investments from an India market perspective. His
approach for retail investors, driven by recommenda- idea is to invest based on conviction rather on borrowed
tions of finance influencers from social media platforms, conviction. Moreover, Sud is open to participate in larger
clubbed with an impending attention recession is some- rounds on an ad-hoc basis.

CLIMATE CHANGE
CONSULTANT
Dalmmia believes that climate education is no more
a privilege, it’s a fundamental right
C
limaprenuer, a climate media and education startup, aims to engage various
stakeholders whether in green growth or climate change opportunities to
ensure their participation. Climaprenuer is committed to bringing this change
through content and climate education which will help people enter this space. It also
includes various formats like interaction with climate scientists, policy makers, corpo-
rations, etc. Shweta Dalmmia, Founder and CEO, Climaprenuer drafted the strategy
which enabled stakeholders to monetise and find the market to get their technology.
Shweta She cherishes her goal to help people to build their own versions of climate impact
Dalmmia, businesses. Dalmmia advises female entrepreneurs to break the glass ceilings and not
Founder succumb to societal pressure. The social norms should not guide their passion rather
& CEO, they should challenge themselves to overcome all the social controls.
Climapreneur Dalmmia intends to educate every Indian about climate and create better stories.
She believes that climate education is no more a privilege, it’s a fundamental right.
She also hopes to reach out to every Indian and provide them with quality education
This PDF was uploade To of
in terms Telegram channel_https://t.me/Magazines_8890050582
climate. She envisages the growth and size of Climaprenuer based on the
stories it shares and the impact it creates.
MANUFACTURER WITH
A CONSCIENCE
Bery’s KSP aims to become the
fastest and the most automated
factory of home improvement
goods while being sustainable
Siddhant
S
iddhant Bery is a second-generation entrepreneur Bery,
and founder of KSP. Speaking about his company, Managing
Bery says, “We are a manufacturing business and Partner &
we are one of the fastest-growing exporters of home im- CEO, KSP
provement goods in India.” KSP supplies to both Euro-
pean and the US markets including all big box retailers. set some subjective goals for 2024, one of which is to have
Bery says that KSP exports home improvement goods at least 65 to 70 per cent of their workforce represented
in six product categories, including furniture, outdoor, by women.“Our waste is recycled and reused, vehicles are
indoor and different types of storage. The company sup- CNG-controlled and we are working on a solar plant to
plies its products to Walmart, Lowe’s, Home Depot, Tesco become carbon neutral. We will also continue our drive
and Sainsbury’s in Europe. He says that the theme of the towards sustainability by reducing carbon emissions and
business is to become the fastest and the most automated becoming the first carbon-neutral business of its kind,”
factory of home improvement goods. The company has Bery emphasised.

EMBRACING Srishti ing, and a customer-centric approach

Bhandari,as key factors in her success. Addressing
CEO &
WOMENONICS
challenges faced by her in growing the
Executiveorganisation, Bhandari opined hiring
Director,as a significant hurdle but praised the
Bhandari’s MIT focuses on MIT HR team’s efforts. Reflecting on the role
expanding service lines and of women in India’s growth, she shared
establishing a niche in the that 45 per cent of her organisation
LPO sector comprises women, advocating for
empowering platforms that allow
flexibility, especially for married
W
ith an industrial engineering background women and mothers. Looking
from Pennsylvania State University, ahead, Bhandari outlined her
Shrishti BhandarI the CEO and internal strategies and goals
Executive Director of Mangalam Informa- for the next year, focusing on
tion Technologies (MIT) embarked on her expanding service lines and
journey as a second-generation entrepre- establishing a niche in the Le-
neur, leading the family-owned company gal Process Outsourcing (LPO)
since 2000. Specialising in medical sector. She aims for five to 10
transcription initially, MIT has grown times expansion in the next five to
into a global IT, legal and healthcare in- seven years. She narrates an inspir-
dustry player, boasting a five-fold growth ing story of growth, resilience and
This
in the last five PDF
years.was
She uploade
emphasised Tothe
empowerment in the tech-driven
importance of patience, resilient team build- industry.
U QUALITY
tsah Sharma is the CEO of Qniverse, a qual-
ity assurance company that ensures quality
delivery in various IT software such as bank-
ing, customer relationship management, remit-
tance, mobile app and web app. Started two
INSPECTOR
years ago with $4.5 million in funding from Sharma’s Qniverse is
the UK-based Dogma Group, the company
boosting its reputation as
which operates in India and Nepal, earned a
revenue of £1 million in its second year. Utsah a QA company by focusing
says that during Covid and post-Covid, on delivering core values
there was a boom in the financial sec- that stand out
tor, which presented an opportunity
for companies in the financial sector.
“Companies like Amazon and Google tainability and generating revenue. That’s
have been firing a lot of people, so it’s what I am doing for my company,” says
important to hire correctly and be Sharma. She states that Qniverse focuses
cautious with funding and pro- on delivering core values that make a differ-
jects. We should focus on sus- ence in the market. She adds, “It is important
to make sure that you give your audience a rea-
Utshah Sharma, son to believe in you. Since there are lots of QA
Co-founder & CEO, companies out there, therefore we ensure that
Qniverse we offer something unique that other compa-
nies can’t provide. This is the first checklist I
would look for.”

Vaibhav
Makhija,
CHEWING ON
What’s Up Wellness, we’re trying
Co-founder to make wellness fun and easy to
& CEO,
HEALTH
consume for our users. We do sup-
What’s Up plements in the form of gummies.
Wellness We have seen that people have
Makhija’s company works some kind of nutrition deficiency
with the motto to make in them especially, after the height-
ened intake of junk food. Our gummies
wellness fun and easy to
provide full nutrition to overcome nu-
consume tritional deficiencies,” says Makhija.
He further mentions that since ap-
V
aibhav Makhija is the pearing in Shark Tank his compa-
founder and director of ny has observed a growth of four
What’s Up Wellness, to five times. What’sUp Well-
a company that produces ness aims to develop 40 to
gummies which provide the 50 products in the next four
necessary nutrition to the to five years and penetrate
body. They aim to make well- deeply into the market. “While
ness fun and easy to consume for there is no supply chain disruption
their users. The gummies are tasty in India, the packaging costs have
and provide the required nutrition in increased due to the Russia-Ukraine
just ten minutes, making it convenient war and there may be some impact of
This
for people whoPDF wasschedules
have busy uploadeand To Telegram channel_https://t.me/Magazines_8890050582
geopolitical tensions when the company
are unable to maintain a balanced diet. “With goes global,” says Makhija.
Yash
Prakash,
MEASURING Founder &
Director,
EDUCATION Acadally
Prakash’s Acadally is helping impart

quality education by using AI to
assess learning gaps in students
Y
ash Prakash is the co-founder of Acadally, a prod-
uct run by Avalon Labs. Acadally is an artificial
intelligence (AI) engine that helps assess learning
gaps in students. The idea of this product is to generate
the right amount of data on the learning gap which will
eventually help the teachers to curate and remedy the
learning gaps within the class setting itself. Prakash says, few years, the co-foudner says. Prakash mentions that
“My mentor, Pramod Sinha and I were in a school space he has got entrepreneurial skills from his father which
for a project. It was there that we realised that teachers helped him create a product like Acadally. “It’s highly
face a lot of issues within their ecosystem. That compelled scalable because the concepts of mathematics and science
us to do a nationwide survey and I started identifying are similar around the world. We have started generating
those problem statements, which led to creating the prod- interest in places like Uganda, America, as well as Kenya
uct (Acadally).” Since Acadally is an AI engine, therefore and hopefully, in the coming five years we will become a
our primary focus is on maths and science only for the first global product,” he adds.

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INSIDE COLUMN BY
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REQUIRES LEADING
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IIT MANDI DIRECTOR

PREM SINGH SY SIDDIQUI NIT ROURKELA
A REVISIT

As HR role
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evolves to
encompass WITH THE
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ELEVATING HOSPITALITY STARS
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30 Under 30 Best IIT ROORKEE IIT KANPUR

Lawyers and Legal

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How are leading IITs and NITs grooming their B W H O T E L I E R . C O M
students to thrive amid disruptive technologies
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UNDER
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on quality stents
ALSO: Sister BK Shivani
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BW RECYCLING SUMMIT & AWARDS EVENT
The second edition of

the BW Recycling
Summit & Awards PAVING THE
WAY FOR A
brought together
changemakers and top
emerging minds in re-
cycling and waste man-
GREENER
agement to deliberate
on contemporary trends
and best practices. The
Summit also honoured
individuals and organ-
TOMORROW
isations for their excep-
tional work across the
industry’s value chain
By Team BW

L-R: Bineesha Payattati,

MRAI and Executive
Director, International
Institute of Waste
Management; Rohit Kumar
Maskara, Project Manager,
Centre for Environment
Education (CEE); Onkar
Siddeshwar, Engineering
Lead & Founder Member,
Craste; Tanya Singhal,
Founder, Mynzo Carbon
& Solararise; Babu
Padmanabhan, Founder
and Chief Knowledge
Officer, STEER World

L-R: Gauri Sarin, Founder Making Model Gurugram – Bhumijaa & Living Without
Medicine; Avinash Kumar, Executive Director, Earthood Services; Varun Chopra,
Executive Chairman, Gemini Equipment and Rentals; Gayatri Chauhan, Founder and
CEO, BuzzOnEarth
L-R: Sharang Ambadkar, Founder and Managing Partner, FeelGood EcoNurture;

Nitin Agarwal, Chief Strategy Officer, Pashupati Group; N. Raghuram, Co-founder
and Director, Green Recykloplast Solutions; Angad Khanna, Waste Warrior, Waste
Warriors Society; Sudhir Mishra, Founder & Managing Partner, Trust Legal

L-R: S. R. Pejavar, CEO, Zecomy; Shalini Goyal Bhalla, Managing Director,
International Council for Circular Economy; Sudhir Singh Pundhir, COO, 3R
ZeroWaste; Sonia Nain, Head – Sustainability Projects, The Kabadiwala; Dr Suneel
Pandey, Director – Environment & Waste Management, TERI
L-R: Manish Agarwal, CEO, Vrindavan Plastics; Utkarsh Singh, Co-founder and CEO,
BatX Energies; Dr Harveen Kaur, Environment Consultant (Specialises in e-Waste);
Shobha Raghavan, Chief Operating Officer, Saahas Zero Waste; Ashutosh Joshi,
CEO, Glasspower Recycling & Glasspower Group

L-R: Sanchita Jindal,
Former Advisor
(Scientist G),
Government of India,
Ministry of Environ-
ment, Forest, and
Climate Change;
Nikeeta N. Jaiin, CEO,
Vardhaman Auto
Recycling; Hitesh
Sharma, South Asia
Lead – Sustainable
Impact & Compliance,
APJ Region Domain
Lead – Circular
Economy, HP Inc;
Ashish Jain, Director,
Indian Pollution Control
Association
Dr Annurag Batra, Chairman & Editor-in-Chief,

BW Businessworld and Founder & Editor-in-Chief,
exchange4media
Dr Sameer Joshi, Vice Chairman, Indian Dr Sandip Chatterjee, Scientist G & Senior
Plastics Institute, Acclaimed Polymer Director, Ministry of Electronics and Information
Technologist and Expert in Plastic Technology, Government of India

Divya Datt,
Deputy Head,
United Nations
Environment
Programme

PHOTO ESSAY: FACILITY MANAGEMENT
FACILITY MANAGEMENT
LEADERS FORGE NEW
FRONTIERS
The inaugural BW Facility Management Conference & 40 under 40 Awards

brought together industry leaders and experts to recognise Next Generation
Thought Leaders and Experts From the Facility Management
Industry By Team BW

PHOTO ESSAY: FACILITY MANAGEMENT

Keynote session 1: Dr Sameer Saxena, Real Estate Services
Awards Opening Address by Dr Annurag Batra, Chairman Leader – India Region, Marsh & McLennan Companies, highlights
& Editor-in-Chief, BW Businessworld, and Founder, a keynote session on Navigating the Flux: How Corporate Real
exchange4media. Estate is Redefining the Colleague Experience of 2029.
Panel no. 1 (L-R): Col Navinder Narang, ICICI Home Finance Company, Head Infrastructure Facilities & ESG; Ravindra Swami,
Principal Consultant – Head Operations – Information Technology Infra – Large Account, Infosys; and Ramesh Kumar Bhatt, Head
– Facility & Administration, D S Group, delving on The Impact of Climate Change on Facility Management Role with (Moderator)
Kamal Satsangi, Group Head – General Management & Global Operations (Airlines), Air India.

Panel no. 2 (L-R): Sanjay Shishodia, DGM – Corporate Administration & Facility Management, Hero MotoCorp; (Moderator) Neelam
Chhabra, Assistant Vice President Facilities – India, Max Life Insurance Company; Mannu Bassi, Manager – Corporate Real Estate –
Facilities, Carelon Global Solutions outline the Sustainability Practices & Green Building Trends with Amar Shetye, Global Operations
Head – RMG, Tata Consultancy Services; and Rishi Pawah, Head – Engineering & Maintenance, Noida International Airport.
Panel no. 3 (L-R): (Moderator) Chandresh Natu, AVP – Procurement, Cognizant

discussed about Finding & Attracting Talent & Expertise for the Next Generation FM
Leaders with Major Ajay Randhawaa, Senior Vice President & Group Head – Facility
Management, Admin & Security, Sterlite Power; Capt Sudeep Ghoshal, Senior Vice
Keynote session 2: Rupal Sinha, Group President – Administration & Infrastructure, Reliance Capital; Arun Sharma, Associate
President, BVG India shed light on Vice President & Head Administration, Infogain India; and Sanjay Mehta, Executive
Prioritising People Over Place. Director – Workplace Enablement, Grant Thornton Bharat LLP.

Panel no. 4 (L-R): (Moderator) Sunil Guaba, VP & Head – Real Estate Expansion, CARS24, discusses about the Space Utilisation and
Workplace Design to Prepare for Future Challenges with Ragupathi Vaidyanathan, Associate Vice President – Global Workplace
Solutions, HCL Technologies; Shailendra Nath, Independent Consultant; Jai Agnani, VP, Global Head – Corporate Real Estate,
Facilities & Logistics, EXL; and Rajiv Sharma , Head – Workplace Management, Nykaa.
Panel no. 6 (L-R): Lt.

Cdr Ajit Singh Yadav,
Head Administration
& Facilities, One97
Communications
(Paytm); Major
General Sanjay
Soi, Motivational
Speaker, Mentor –
International Affairs
and Defence Expert;
(Moderator) Major
General S.V.P Singh,
Former Additional
Director – General
Artillery, Defence &
Strategic Analyst,
Media Commentator,
Public Speaker;
Colonel (Dr) Inderjeet
Singh, Founder & CEO,
CyberSleuths; and
Lt. Bhaskar Shukla,
CSO – Delhi-NCR, JK
Cement to brainstorm
about the Cultivating
Communication &
Collaboration between
Facility & Security
Mohit Chopra, Vice President, Professionals.
BW Businessworld.

Panel no. 5 ( L-R):
Prabhat Sharma,
Administration &
Facilities Head,
Statkraft India; Tarun
Kapoor, Head of
Administration &
Procurement, Khaitan
& Co; Asha Pathania,
Vice President –
Housekeeping, PVR
INOX Cinemas with
(Moderator) Dr Sanjay
Pai, Vice President
& Head – Corporate
Travel, Aviation &
Facility Management,
Larsen & Toubro
shared a meaningful
conversation on Digital
Transformation in the
FM Industry.
Keynote session 3: Dr Ananta Singh

Raghuvanshi, President, NAREDCO MAHI
shed light on Shift Towards Professionally
Managed Shared Accommodation.

GADGET REVIEW SAMSUNG GALAXY S24 ULTRA
D
ON’T GET ME WRONG. I mean 100 per
cent of the words when I say ‘a world of
possibilities’. The Samsung Galaxy S24
Ultra is a product that commands respect
from its users for its sleek design, the
smooth edges despite the flatter display
and the demon-like quick Snapdragon 8
Gen 3 processor. It is unbelievable when
you come to think of it that not even half a century ago we as
a species went to the moon on processing power that was a
fraction of this monster from Qualcomm.
One of the key differentiating factors of this phone that
This
puts it in a league of itsPDF
ownwas uploade
is Galaxy To Telegram
AI. Galaxy AI, however,channel_https://t.me/Magazines_8890050582
is not the only thing that stands out about this smartphone,
no matter how much Samsung would want you to believe so.
Galaxy AI
Samsung sold Galaxy AI to users as hard as it could. The
entire launch presentation seemed to revolve around this
one element – Artificial Intelligence. We all knew that AI
integration will be the top most priority for smartphone
manufacturers in 2024 and Samsung just proved it.
With the help of Google Gemini, Samsung is offering
features such as Circle to Search, real time on-device call and
text message translation and on-device transcription. Users
A WORLD OF
POSSIBILITIES The Samsung Galaxy S24 is sleek, durable and light and has great
camera features. It has unmatched computing power and elements like
Transcription Assist and Note Assist. Samsung is offering software updates
across seven years and impressive AI features, which may though, lose
their novelty over time, writes Deep Majumdar

can also use the AI image editor, as seen A Processor for the Ages Samsung, offers top notch performance
in last year’s Pixel 8. The sad part is, most The industry may just have got a that fits the ‘flagship’ tag.
of the AI features are at the end of the processor with the Snapdragon 8 Gen
day, gimmicks. Let’s be honest, how 3 that doesn’t compel the user to change Camera to Match Pro Max
many times are you going to remove a phones every year. Don’t get me wrong. Finally, a Camera that Rivals the iPhone.
flower vase from a photograph? We are still seeing devices with the Now, this section deserves a review of
How many times would you hold Snapdragon 8+ Gen 1 that work fine. its own but I’ll try and do justice to this.
the video to see it in slow motion? However, with the 8 Gen 3, I feel that After an excruciatingly long period
How many times a day would you use we have arrived at a point where we of time, I feel that we finally have an
Circle to Search? However, compared can finally do away with introducing Android smartphone camera that beats
to the competition, which is Google’s a new processor every year just for the Apple’s apex Pro Max camera by a mile.
Pixel 8 Pro at the moment, Samsung is sake of it. (The same can be said for The colour, the sharpness, the zoom
way ahead in terms of the number of the Dimensity 9300.) This chipset, and most importantly, the AI processing,
features offered. designed by Qualcomm especially for it’s all fabulous. The images look crispy

GADGET REVIEW SAMSUNG GALAXY S24 ULTRA
as heck and there is no denying that durable and lighter. Should you buy it?
post processing, the Galaxy S24 Ultra Now, the end result might not have If your budget allows you, go for it. That
photographs are out- of- this-world. been what Samsung desired as it has is the short answer. The long answer is
only resulted in a slight reduction in as follows:
The 100X Zoom weight and as per recent reviews in the The Samsung Galaxy S24 Ultra is a
The 200 MP primary sensor is media, the amount of Grade 5 titanium flagship of flagships. This is a crème de
responsible for some of the most used in the smartphone is quite little. la crème device that can do it all with
detailed photographs I’ve ever seen. However, that doesn’t mean we ease and finesse. With Geekbench
The decision to switch from 10MP 10X won’t give credit where it’s due. The scores of 2213 (single-core) and
zoom to a 50 MP 5X is probably the best design simply looks sublime, within 6766 (multi-core), it is clear that the
move a smartphone company has made a solid frame. Be prepared for minor computing power of the S24 Ultra is
in a long time, as far as mobile cameras discolouration and scratches, though. undeniable.
are concerned (this is true especially
when you compare both S24 Ultra and What’s Good? The AI Features
S23 Ultra side by side). l Flatter Display The AI features did impress initially
The 100X zoom is, as usual, great for l 2,600 nits peak brightness but have taken a back seat since. Credit
a few days while you fool around with l AI features that’ ll keep youhas to be given where it is due, though.
photographs of the Moon, Features like Transcription
but it does get redundant Assist and Note Assist are
after a while. I’d even go out a boon for people who
on one leg and say that even need transcriptions and
the 30X digital zoom looks summarisations on a daily
fantastic. basis.
This PDF was uploade To Telegram channel_https://t.me/Magazines_8890050582 In fact, the
Video summarisation feature
Video is an area where also works on the default
the S24 Ultra exceeds web browser. Oh! and
expectations as well. The let’s not forget the seven
device can shoot 8K videos years of software updates
with a 5X optical zoom. that Samsung announced
This might not sound like during the launch.
a big deal but it, in fact, Combine all of the above
is. With up to 240 FPS and you have yourself a
videos at 1080p and 120 smartphone that can not
FPS videos 4K, the S24 only keep up with the
Ultra gives a wide array current competition but
of opportunities to video also go toe-to-toe with
creators and hobbyists. future smartphones.
To top it off, features like
Portrait Mode, Expert Raw, The Future
Hyperlapse and Pro Video make it all entertained While the current gamut of AI features
the better. l Quad camera are more like marketing gimmicks,
l OneUI 6.1 the future does look promising. With
If Looks Could Kill l Custom Snapdragon 8 Gen 3 (slightly more and more tech companies trying
One of the most criminally underrated overclocked for Samsung) to integrate AI into their products, it
features of the Samsung S24 Galaxy l Ultrasonic finger print scanner will definitely be fascinating to see
Ultra is its body. The smartphone what smartphones of the future will
has an exceptional built quality that What’s Bad? offer, that is, if they aren’t replaced by
will definitely catch your attention. l Discolouration is bound to happen devices like the Humane AI Pin or the
It is important to mention here that at certain spots Rabbit r1.
Samsung chose to opt for Grade 5 l Only 45W fast charging
titanium to make this phone more l AI features are mostly gimmicky deep@businessworld.in

LAST WORD VINEET AGARWAL, Managing Director, TCI
BUILDING
pleted 50,000 B2B trips through CNG & electric vehicles
(EV). We added new fleet – both for road and rail opera-
tions -- in addition to building our warehouses with green
THE
material. TCI is expecting a 10-15 per cent topline growth
in FY25.
NATION
On overseas business operations
We operate in almost all locations in India, and neighbouring
countries like Bangladesh, Nepal, Sri Lanka. We expanded
our footprint in the Middle East this year by opening a wholly
owned subsidiary in Dubai mainland called, TCIL Middle
VINEET AGARWAL, Managing Director, East LLC.
Transport Corporation of India (TCI), among
India’s largest logistic companies, on where he On key learnings from being the third-generation of TCI
House and advice for the Gen Next
sees the economy heading in FY25 My learnings centre on customer-centricity, adaptability
and innovation being paramount for the company’s growth.
On what should be an ideal budget from the transporta- At TCI, we believe in upholding these principles, embracing
tion and logistics point of view emerging technologies, and fostering a culture of continuous
In the budget, continued focus on a long-term perspective improvement. Respecting the legacy while staying agile is key.
to build physical and digital infrastructure, incentivising Encouraging a forward-thinking mindset and a commitment
multimodal logistics for carbon reduction, and robust skill- to social responsibility will sustain success and contrib-
This
ing initiatives for thePDF was employed
22 million uploade in Tothe
Telegram
sector channel_https://t.me/Magazines_8890050582
ute to an enduring impact.
should be the key priorities. To boost trade and improve
competitiveness, we need to maintain the mo- On the next five years
mentum in investments and digitalisation. We will continue to be the corner-
With this approach, we’ll be able to stone of the Indian logistics sec-
move fast towards a more resilient tor, solidifying our position
and sustainable transport and through innovation and
logistics ecosystem. sustained growth. We
have a continued capex
On TCI’s recent mile- investment plan of
stones Rs 1,000 crore over
The year 2023 has been the next five years to
one of significant progress strengthen our multi-
for us. We are more com- modal infrastructure/
mitted than ever to nurtur- assets (like containers,
ing the environment and working assets, con-
our society, and building the struction of warehous-
nation. For the April 23-De- es, new ships, etc.). As the
cember 23 period TCI saw en- logistics landscape in In-
couraging growth in consolidated dia evolves, we see ourselves
revenue and net profit. For FY24, playing a pivotal role in shap-
we look forward to double-digit growth “As the logistics ing the industry’s future. We are
guidance with a strong focus on multi- landscape in India evolves, poised to contribute significant-
modal, 3PL and value-added services. we see ourselves playing a ly to economic development,
We expect Q4 to be the best quarter. seamlessly meeting the diverse
pivotal role in shaping the
needs of our customers and
On TCI’s green initiatives and future industry’s future” adapting to the dynamic changes
growth in the overall logistics landscape.
As a part of our green initiatives, we com- As told to Ashish Sinha

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INSIDE: INTERIM BUDGET 2024

THE WEARABLES ISSUE

‘CREATING’ THE CONSUMER

4 | BW BUSINESSWORLD | 24 February 2024

GROUP CHAIRMAN & EDITOR-IN-CHIEF: Dr. ANNURAG BATRA

HUMAN RESOURCES: Namrata Tripathi (namrata@businessworld.in)

LEGAL ADVISOR: Sudhir Mishra (Trust Legal)

BW Businessworld Media Private Limited

6 | BW BUSINESSWORLD | 24 February 2024

www.businessworld.in RNI NO. 39847/81 I 10 FEBRUARY 2024

innovations. It led to the disruption of the traditional

8 | BW BUSINESSWORLD | 24 February 2024

18 Columns THE DECIBELS

38 Marketing & Advertising

INTERIM BUDGET COLUMNS

10 | BW BUSINESSWORLD | 24 February 2024

Illustration by Dinesh S Banduni

24 February 2024 | BW BUSINESSWORLD | 11

Era of Misinformation and other digital spaces amplifies the

12 | BW BUSINESSWORLD | 24 February 2024

The depreciating rupee

Export and robust growth in

Challenges trading partner, have also

Resilience year-on-year from April

24 February 2024 | BW BUSINESSWORLD | 13

INDIA’S AI FUTURE community.

14 | BW BUSINESSWORLD | 24 February 2024

Issue Highlights 

Ensure Your Brand’s Presence in this Special Issue!!!

Aparna Sengupta, aparna@businessworld.in, +91 9958000128

InterGlobe We have a solid order

Next year, we expect the Adani Ports

16 | BW BUSINESSWORLD | 24 February 2024

The gap between urban

There is pressure on Jubilant

Movies are still a big

     

18 | BW BUSINESSWORLD | 24 February 2024

19 | BW BUSINESSWORLD | 24 February 2024

20 | BW BUSINESSWORLD | 24 February 2024

Forging a Path to Sustainable

21 | BW BUSINESSWORLD | 24 February 2024

India’s Regulatory Systems Will

Add Incremental $ 1 Trillion GDP

22 | BW BUSINESSWORLD | 24 February 2024

tion, operate autonomously to foster growth and

23 | BW BUSINESSWORLD | 24 February 2024

The immediate benefits of maintaining a rural designation, such as eligibility for

25 | BW BUSINESSWORLD | 24 February 2024

PRIYANKA GILL SUSHMA KAUSHIL REMA SUBRAMANIAN KAMINI SARAF

GROUP CO-FOUNDER, PARTNER, CO-FOUNDER AND MD OWNER - ANGASUTRA

ROSHINI BAKSHI BALA C DESHPANDE LAVANYA ASHOK CHIRAG SHAH

MANAGING DIRECTOR-PRIVATE FOUNDER & PARTNER PARTNER SENIOR VICE PRESIDENT,

For Nominations and Speaking Opportunities:

28 | BW BUSINESSWORLD | 24 February 2024

and ministers, still they too are drink-

29 | BW BUSINESSWORLD | 24 February 2024

Streets Ahead of Gurgaon

30 | BW BUSINESSWORLD | 24 February 2024

24 February 2024 | BW BUSINESSWORLD | 31

Bharat Tex 2024

32 | BW BUSINESSWORLD | 24 February 2024

24 February 2024 | BW BUSINESSWORLD | 33

Issue Highlights