BizGeistThe Mega Edition (Nov. 2019)

HR In The Boardroom Dalal Revived The True Aarti Credit Default Swaps Kartarpur Corridor To The Sikh’s Mecca Dear Readers,

With unprecedented jubilation and gratification, I welcome you all to the Mega Edition of BizGeist which marks ‘One Year of the Magazine’ and the new phase of fraternity. One behalf of the team, Contents I would like to thank all the readers for their immense support and love that they have showered on us in past one year. The cover story of the edition is in line to commemorate the 550th birth anniversary of Sikh’s first guru, Baba Guru Nanak Dev. The cover story discusses 4 Chandryaan 2 : A Dream that Unites A Billion People the much controversial and delayed Kartarpur Corridor, it’s relevance and economic nuances. Apart from this, a wide variety 6 The Mahatma of articles ranging from economy to business are accommodated in this edition. From Gandhigiri in business to economic slowdown 8 Gandhi’s 150th and impeccable updates in the Indian banking sector, we have 10 The True Aarti tried to incorporate multiple pieces of reader’s delight. ‘HR in the Boardroom’ by Ms. Upasana Dhanda, professor at the University of 11 Baba Nanak Delhi throws light on the crucial managerial function. A research 12 Kartarpur Corridor paper on ‘The Power of People Analytics’ is also included at the end of the issue. I hope you would like this edition. Kindly share your 13 Rajiv @ 75 feedback on chiefeditor.tbc@.com. 14 It’s Not Always Win-Win 16 Life Of Jack Ma Happy reading 18 Brief News : 50 Under 50 Gopal Batra Letter From the Editor the From Letter Editor in Chief 22 Credit Default Swaps 23 Pyramid Schemes

Faculty Members 24 HR in The Boardroom 26 Bank Mergers Principal: Dr. Jaswinder Singh 27 RBI To The Rescue Convener: Mr. Gurkirpal Singh 28 Voice of the Voiceless : Ravish Kumar

Chief Editor: Ms. Parminder Kaur Our Team 29 Motor Vehicle Act

Members: Ms. Parveen Kaur Lamba, Dr. Kamaldeep Kaur 30 Amazon : Today’s Rainforest, Tomorrow’s Savannah and Ms. Jasleen Kaur 31 Economic Slowdown 32 Dalal Revived Student Members 34 World Economic Forum 2019 Editor-in-Chief: Gopal Batra 35 PMC Bank Crisis Art Director: Yashovardhan Chaturvedi 36 Abrogation of Article 370

Executive Editors: Ananya Singh, Chehneet Kaur, Harleen Kaur, 38 Azadi Saiyam Jain and Udayjot Singh 39 Gandhigiri in Business Executive Members: Bhavesh Agarwal and Devika Garg 40 Unindian : National Register of Citizens (NRC)

Members: Arpita Makker, Ayush Agarwal, Ayushi Singh, 42 Research Paper: The Power of People Analytics Megha Chawla, N. Sai Vabhavi and Rithik Gupta Vasu Bajaj Correspondent CHANDRAYAAN 2 A DREAM THAT UNITED A BILLION PEOPLE

It’s not every day that a country Chandrayaan-2 was divided into space exploration which would train morning, wishes and commiserations initiates a mission to explore the universe three phases, namely the geocentric future makers of the nation to engage in started flowing from all around the and India is no exception. A space mission phase, the lunar transfer phase, and better projects benefitting the economy globe praising the inventiveness and the requires thousands of hours of work, the lunar bound phase. The project at large. Chandrayaan-2 was scheduled courage of ISRO. ISRO announced that patience, persistence and belief in the constituted of three payloads which to land on the lunar surface on 7th 95% of the mission was still successful vision, which is quite evident as it took were the Chandrayaan orbiter, it helped September 2019 after spending 42 days and they had a window of 14 days i.e. a India 11 years to make Chandrayaan-2, in changing the trajectory of the mission, orbiting around the Earth and the Moon. lunar day to establish communication ready for the launch. The core team of the Vikram lander which would land on The day had finally arrived when our with the Vikram lander which ends on 21 the mission constituted of the best 8 the lunar surface and the Pragyaan Rover own ISRO would attempt a soft landing September 2019. Before leaving for Delhi, scientists at ISRO and was headed by Dr. which would go around the lunar surface on the south pole of the moon, achieved PM Modi addressed the scientists again K. Sivan, who also is the current chief of conducting experiments on samples of by no other country. Chandrayaan-2 and said “our determination to touch the ISRO. The Chandrayaan -2 succeeded the moon. Apart from learning about was scheduled to land on the lunar moon has become even stronger. We Chandrayaan-1 of 2009 which made the moon, Chandrayaan-2 will also surface at 1: 57am IST after a 13-minute came very close, but we need to cover India the first country to detect water have quite a few economic benefits. The descent from the lunar orbit. It was not a more ground. Learnings from today will on the lunar surface. The American Pragyaan Rover will try and detect the cricket match or the premier of the latest make us stronger and better,” adding to magazine Wired even went on to say that presence of Helium-3, a non-radioactive Bollywood flick that kept a billion people this, “The best is yet to come in our space The Chandrayaan-2 was India’s most nuclear fuel. ISRO plans to bring it down awake till 2 am but a historic moment program. India is with you.” Dr. K Sivan ambitious space project yet. to Earth and use it to power nuclear of the Chandrayaan-2 landing. Even broke down when PM Modi was leaving reactors to desalinize seawater for the the Prime Minister couldn’t wait and the headquarters, which tells the extent Indeed, it was an ambitious project, crisis-hit Chennai. ISRO stated on its reached the space center at midnight. of passion and hope he for the mission. and all this amazing work was done at a official website that the success of It was an achievement in itself. All was cost less than Rs.1000 crore! The exact Chandrayaan-2 will promote global going well until we were 2.1 kilometers All in all, not only did the Chandrayaan-2 allocated cost was Rs.978 crore, which alliances for deep space missions and will away from the lunar surface when a unite a billion people it also showed the was further allocated as Rs.603 crore attract foreign investment from different thruster malfunctioned and we lost all world the power and capabilities of India for space segment and Rs.375 crore for space organizations, giving the Indian communication with the Vikram lander. and ISRO. Chandrayaan-2 will forever be launch costs of GSLV MK III. Through economy a big boost. The ISRO website Anyone could see the dejection on the remembered as one of the most historic Chandrayaan-2, ISRO attempted a soft also stated, “It is a promising testbed to faces of ISRO scientists when they lost space missions of India. As of today, we landing on the South Pole of the moon . The demonstrate technologies required for the communication. However, Dr. K have another 6 days to establish contact place where no country had even thought deep-space missions. Chandrayaan-2 Sivan briefed Hon’ble PM Modi about with Vikram. NASA is helping ISRO by of going. It was scheduled to launch on attempts to foster a new age of discovery, the communication loss at around 2: 10 using its deep-space communication 15th July 2019 but was postponed to 22nd increase our understanding of space, am, to which he responded in a calm and satellite system. Chandrayaan-2, indeed, July 2019 due to a technical hiccup in the stimulate the advancement of technology, composed manner as a true leader should. was a roller coaster journey. launch procedure. Chandrayaan-2 was promote global alliances, and inspire Chandrayaan-2 traveled a total distance launched from The Satish Dhawan Space a future generation of explorers and of 384,400 kilometers and malfunctioned Centre in Sriharikota, Andhra Pradesh. scientists.” ISRO also hopes to promote when only 2.1 kilometers were left. That’s The GSLV MK III rocket was used to put innovation in the young minds of India an error margin of 0.00006%. Oh, the Chandrayaan-2 into the orbital trajectory. and help them learn more about deep cruelty of space exploration. The next Arpita Makker Team TBC The Mahatma It is said that even in times of severe Indians, recognized customary marriages in multiple areas and he acted that a transfer of power to India would struggle, one must conduct oneself on and allowed Indians to move freely into the diligently to extract maximum benefit take place. Gandhi had one mindset, the high plane of utmost nobility and Transvaal Province. out of every struggle. For instance, along but his clarity of thought led to a great discipline. A protest is most creative when with industrial development, he also historic contribution to India’s liberation. it is done on the path of non-violence. There is a reason why the word “Mahatma” ensured that eco-friendly methods were A developer of a great Nation, When we talk about non-violence, the is linked to his name, why he is referred to as adopted to maintain a safe environment. most instinctive name that comes to He was so bent on boosting India, that Gandhi had an exceptional will to lead a our minds is the honorific Mohandas Bapu in India. His deeds and wisdom justify Not only did Gandhi struggle towards principled life. It is commendable how he Karamchand Gandhi. He once said “In a it fairly. How remarkably he came on as a freeing India from political evils, i.e. devoted his life to his people and achieved gentle way, you can shake the world” and lifeline for the farmers in Champaran in 1917, the British, but also from social evils miracles that seemed unattainable. his life is a testimony to that statement. saving them from the merciless landlords who like untouchability, child marriage, and Even today, he is well remembered and His articulate foresight about our world levied heavy taxes even in extreme weather oppression of widows. He believed that reverenced in our hearts for his actions as well as enlightening ideas and beliefs conditions, and how gallantly he led the non- every person deserves freedom of all in making the world free and acting as a have impacted and benefited us not just cooperation movement and declared by the kinds, whether it is thought, movement force that instills in us the significance of in the past, but also till date, in the most very name of the movement that a ruthless or speech and his endeavors did make independence which might be difficultly notable way. His contribution to history act like the Jallianwala Bagh Tragedy would his dream of a “free India” come true. He achievable, but worth every possible has been undoubtedly remarkable and is be unacceptable. The ultimate boycott of the taught us how to raise our voice against effort. definitely unparalleled. British was an exemplary example of his basic wrongful acts with peace and made us believe in the idea that engaging in a long His concept of civil disobedience was belief which is “protest without violence”. He period of struggle for the attainment of indeed effectively powerful and makes believed in the development of all nations something rightful turns out to be fruitful me wonder what the world would have and strongly opposed the concentration of in the end. When he launched the Quit lacked, had he not raised a voice against wealth in a few hands. Due to heavy regional India Movement in 1942, he knew that it prevalent racial discrimination in South disparity, a uniform economic pattern was would have serious consequences, but Africa in 1893, getting a bill passed what Gandhian economics was based his faith that it would result positively to protect the rights of the people of upon. With his determination, Gandhi kept him and his people fearless enough colour, or had he not undergone the had a huge role in uplifting the people in to keep moving forward in the fight for 7 years-long struggle in South Africa, rural areas with his industrial resolution freedom, so much so, that even when running the Satyagraha campaign which policies, leading to poverty alleviation the British successfully suppressed the ultimately leads to the Indian Relief Act and employment opportunities in labour movement, they realized that it was which withdrew the £3 tax on ex-indentured intensive industries. His mind was set in impossible to rule India and professed Ayush Agarwal Ayushi Singh In these 70 years of independence, our Another major impact was the outflow Team TBC Team TBC nation has emerged as one of the most of target minority groups which previously powerful economies in the world. It has resided in India as a result of ethnic thrived on the models and morals of those cleansing. Subsequently, members of the who laid down the foundation of this country. local majority religious groups migrated from Every year, we commemorate some out of across the border. Gandhiji always promoted the many people, whose paths have led India equality of opportunity and growth, but to where it stands today. The most prominent contradictory to it, he did not make Netaji, entity of them all is Mohandas Karamchand the President of Indian National Congress, Gandhi’s 150th Gandhi, who is also propounded as the even though he received the majority of the “Father of the Nation” and “Bapu”. This name votes. One of the facts that also remains stood up for our people and freed us from hidden is his bias towards Jawaharlal Nehru. the shackles of British Raj. Dandi March, When INC decided to make Sardar Patel Satyagraha, Non-violence and many more the first Prime Minister of independent eventful movements were pioneered by him. India, Gandhi opposed them and elected his He has been bestowed with some glorious personal favorite, Nehru. Not only this, he titles and incalculable achievements. Some banned the song ‘Vande Matram’ which was people would also call him a Moral Saint. cherished by the Bengali Community and Even our Prime Minister Shri Narendra Modi was also a source of patriotism for Indians has reprised a number of the teachings that in the freedom fight movement. Moreover, Bapu left behind. Thousands of people take Congress also proclaimed in 1940 to ban pride in his heritage and cherish him in their the use of ‘Vande Matram’ in their public hearts. However, there are also many people, meetings. who stand at a juxtaposition. He, also, discriminated between Hindus There is a saying, “Even the greatest and Muslims. Once, he urged the Hindu people have skeletons in their closet.” He refugees to vacate a mosque occupied by certainly fought against the British Rule, them in India. This initiated the widening but that alone will not make him a saint. For gap between Hindu Muslims in the country. the starters, Gandhiji was a racist for most In a speech, he proclaimed that “if Muslims of his adulthood. In South Africa, where he slit the throats of the Hindus, Hindus should began his career as an attorney, an article accept death”; this kind of discourse from was published by him on racial segregation, such a prominent leader stimulated the which indicates that he was a racist figure. mentality of religious intolerance in people. For someone who advocated non-violence Ranade’s ideology, in which he broached and pacifism, and for someone who stood for educated and experienced people was opposite to colonialism, Gandhiji in 1918 resisted by Gandhiji, who conjectured recruited people from India to fight in World simplicity. War I. In his, he talked about a latent motive concerning Indian independence. Even then, There are many dimensions to a person. this showcases some level of hypocrisy. While Gandhiji’s morals and teachings dominate Indian Politics, one should not At the time of Independence, Gandhiji forget that reality is not always real. His remitted funds from India’s treasury to mistakes and the crux of his unilluminated Pakistan, a huge amount of approximately 62 shady life can’t be defied. There are invariably crores. At the time of economic vulnerability, two aspects of every story. at a time when this amount could have been used for the rehabilitation of millions of His achievements overshadow the migrants, who were slaughtered near the mistakes he committed and the reverse India-Pak border. ideologies he followed at times. Nonetheless, Gandhiji will always remain one of the most The Indian Economy faced a huge prolific leaders that India has witnessed to downturn after the partition. It had the date and his struggle for Independence will potential to hamper the trade between always be embedded deep within our hearts. groups and regions. A boundary was drawn between the regions which were economically integrated. Agriculture also took a hit as a large proportion of fertile land was now a part of Pakistan.

8 9 Ananya Singh Harleen Kaur Parminder Kaur Executive Editor Executive Editor Associate Professor, University of Delhi Chief Editor Baba Nanak ‘Ik Onkar’, the opening words of Sri Guru service, benefit, unity & prosperity of Granth Sahib has an eminent position at the all humankind, honest conduct, & standing The True Aarti head of the Mool Mantar. It is the symbol up for social justice. These beliefs also find By Baba Nanak: The Guru of the Hindus and the Pir of the Muslims that represents the ‘one supreme reality’, their origin from the three pillars of Sikhism i.e. ‘there is one God’. The origin of this term enunciated by Guru Nanak Dev Ji. These The founder of Sikh religion, Guru Nanak Dev Ji was born in 1468 AD at Rai Bhoi ki Talwandi i.e. Nankana and the roots of Sikhism find their way back are Naam Japo (meditation on God), Kirat Sahib in present day- Pakistan. A precocious and gifted to the first Guru of the Sikhs, Guru Nanak Karo (honestly earning through hard work child, Baba Nanak was born to Mehta Kalyan Das Ji and Dev Ji. He was the sole driving force behind & by use of one’s mental & physical effort), Mata Tripta ji. In AD 1499, when Baba Nanak went to a instilling a different school of thought in the Vand Chakko (share & consume together). river to take a bath, he was blessed with divine realization minds of the general public. This new school While Guru Nanak Dev Ji dug a deep and a and gave his first sermon to the people ‘Na koi hindu na of thought later came to be known as ‘Sikhi’ very strong foundation for Sikhism, he also musalman’ (translation: there are no Hindus or Muslims). or ‘Sikhism’. Even after some five centuries, advocated certain radial thoughts and ideas, All are children of God. the world resonates with his words of which are still relevant. One such thought wisdom. being, that there should be no discrimination Baba Nanak undertook four major journeys to spread among the people based on caste, creed, spirituality, humanity and oneness of the humankind. During one of his journey, when Baba Nanak was coming Guru Nanak Dev Ji was born in 1469 in race, social status etc. back from Assam, he visited the famous Jaganath Temple Talwandi Village (now in Pakistan) into a at Puri in Orissa. He observed that the temple priest was Hindu Khatri family. His father Kalyan Chand The idea of Selflessness and duty towards more particular to rituals rather than true faith to the Das Bedi was an accountant by profession others was majorly preached by the Guru. Almighty. He saw that elaborate arrangements were made and his mother was Mata Tripta. He had The one pivotal act of selflessness that is each morning and evening to please the deity by burning one elder sister Bebe Nanaki. According to still in practice today by the Sikh community candles, perfume sticks, flower decorations which was Sikh records, the birth & early years of Guru across the world is that of the Langar Seva. christened as ‘Aarti’ (English: Benediction). Baba Nanak Nanak’s life were marked with extraordinary Guru Nanak Dev Ji started this practice saw that none of the devotees taking part in the ritual had incidents that suggested his divinity. He which was honored and followed by all his heart in it. Rather, the devotees were only superficially showed interest in divine subjects from successors. Langar is typically where people enjoying the whole experience. a very young age. He is said to have a of all race, caste or creed sit together and eat Baba Nanak went out of the temple and started contemplative and rational mind. Growing the simple food being served to them by the singing his self composed Aarti, an ode to God as up he refused to wear the holy thread and volunteers, commonly called the ‘Sevadars’. Gagan mai thal rav chand dipak bane tarika mandal participate in traditional religious rituals. He The most famous Sikh shrine, that is the janak moti. Dhup mal anlo pavan chavro kare sagal banra had a strong belief and a stronger passion to Golden Temple, serves around 40,000 to e fulant joti. ||1|| spread the word of God. 80,000 people on weekdays and the number Kaisi arti ho e bhav khandna teri arti. Anhata sabad doubles on weekends. vajant bheri. ||1|| raha o. - Excerpt from Sri Guru Granth Sahib Ji (Page 663) Founder Of New School Of Thought. Another radical thought that Guru Nanak strongly stood by was equality. Equality “The sky is the platter The sun and the moon are the lights Guru Nanak Dev Ji devoted nearly 30 years between men & women, and between And star jewels of his life to propagating his new ideas about people of all races and castes (even though The sandalwood’s fragrance is the incense religion and society. It is said that Guru Nanak he belonged to a Hindu family, he did not The wind is the fly whisk Dev Ji was enlightened on one fine day and believe in the caste system). Guru Nanak And the forest are flowers found his sole purpose of spreading the word says, “From woman, man is born; within “what a wonderful aarti it is” of that One God. The first phrase that he is woman, man is conceived; to woman he offering to you oh luminous lord. believed to have said post the enlightenment is engaged & married. Woman becomes was, “There is no Hindu and no Musalman his friend; through woman, the future Baba Nanak explained to the devotees that the figure (Muslim)”. He was a ‘Guru’ i.e. a teacher, in generations come. When his woman dies, made by human in no way, be called as The Lord of the the true sense. Guru Ji propagated the belief he seeks another woman; to woman he is Universe. The Creator is One alone and is formless. The benediction (Aarti) of the divine power is going on that there is only one supreme reality and bound. So why call her bad? From her kings eternally. It is there for one to see and feel. that society shouldn’t be divided based on are born. From woman, woman is born All present in the congregation listened to the words varied religious beliefs. without woman there would be no one at of the ‘True Aarti’ and praised Baba Nanak. The eternal all.” Imagine someone saying such strong aarti is still relevant to the humankind emphasizing that Over the four major spiritual journeys that words a few centuries back, while it is still “He was here in the beginning he undertook, he debated religious beliefs hard to find people in the 21st Century who And before the beginning and ideas with competing groups. He was will believe these words. The magnitude of He is here today successful in establishing a unique spiritual this progressive thought process cannot be He will be here hereafter.” and social platform that was based on the measured. -Japji Sahib ideas of equality, good deeds, brotherly love His divinity and contribution towards and generosity. The fundamental beliefs of society is unparalleled. Guru Nanak left Sikhism as stated in the Holy book, Guru behind a legacy so dynamic and inspiring Granth Sahib, include faith & meditation on that he is revered not only by the Sikhs but the name of the one supreme being, selfless also by Hindus and Muslims. 10 11 Gurjot Singh Kohli Ayush Agarwal Correspondent Team TBC RAJIV Kartarpur Corridor @ 75

The Kartarpur Corridor is an ongoing with naked eyes at a distance of 4-5 km from construction project between the the border. Since the partition , the devotees neighbouring nations of India and Pakistan have been using binoculars for darshan. Now , connecting the Sikh Shrines of Dera Baba that the goverments of both the countries Nanak Sahib which is located in Punjab , have shook hands on this project , both the India and Gurudwara Darbar Sahib Kartarpur sides will now be benefitted. Moreover, the situated in the region of Punjab which stands plummeting Indo-Pak ties will make headway It is said that “you got mobile phones As the Prime Minister of India, Gandhi on the Pakistani soil. The coordinated project amid the stumbling blocks , making way for because Rajiv Gandhi heard you”, and that ensured stronger economic ties with the aims to render visa-free entry to the pilgrims Guru Nanak’s message of peace to achieve is one of the eternal contributions by an United States. He promoted the Gandhian to Gurudwara in Kartarpur from the India- some tangible presence. eminent leader of our nation. philosophy of non-violence at the United Pak border. It was first mooted in 1999 by the then Prime Ministers, Atal Bihari Vajpayee Buried under a huge International debt Nations General Assembly by declining to and Nawaz Sharif as an embodiment in , Pakistan is making scampering efforts to Rajiv Gandhi was born in one of the most join the Nuclear Weapon convention and Delhi-Lahore Bus policy. The corridor will revive its ailing economy. It is inspecting prominent political families of India. He was vocalizing in favour of a “Nuclear-Weapon- reportedly be completed before the 550th profitable prospects from yet to be opened the third generation of his family to become Free and Non-Violent World Order”. Even birth anniversary of Guru Nanak Dev in Kartarpur Corridor. While the opening of the the Prime Minister of India after his maternal during the Sri Lankan Civil War, Gandhi sent November,2019. Corridor is of immense prestige to millions grandfather, Pandit Jawaharlal Nehru, and the Indian Peacekeeping force to the country of Sikhs across India and around the world, mother, Smt. Indira Gandhi. A young and to protect civilians. Kartarpur Sahib is one of the holiest Pakistan has stood firm to its obstinate beaming politician was emerging in the shrines for Sikhs around the globe. It is ambitions. It has propounded to charge a country. In 1986, he promulgated the National presumably said that after a long pilgrimage, $20 fees from the devotees to visit Kartarpur Policy on Education (NPE) which was Guru Nanak Dev finally decided to settle Sahib. In a weekly briefing , Pakistani foreign Rajiv Gandhi as Prime Minister took first launched by former Prime Minister here. It’s the same place where he spent the Office spokesperson , Mohammad Faisal last days of his life, farming and spreading ingeniously stated that it will be service fees, initiatives that corroborate to his legacy Indira Gandhi in 1968 to modernize higher the message of peace. He resided there for not entry fees. India has persisted that the as a top-class politician. During his term, education programs and benefit scheduled 17 years and before his death, appointed Bhai pilgrims should not be charged for visiting the prominence was given to the introduction caste and tribal students across India. Rajiv Lehna , popularly known as Guru Angad as place which stands to be of utmost religious of contemporary technological advances, Gandhi encouraged the private sector by his disciple and the next Guru. importance. But Pakistan has showcased leading to the modernization of industries reducing the red tape culture which existed extreme inflexibilty as they are not willing to and attracting higher foreign investment in in the government. He brought a revolution According to the legend , after his death , give up on this ambitious attempt to benefit the economy. in the field of information technology and a quarrel manifested between his Hindu and their economy.Pakistan has also peddled its telecom and paved his way to setting-up muslim devotees over the rites of funeral. intention to not allow the presence of Indian Rajiv Gandhi and Sam Pitroda’s efforts, Mahanagar Telephone Nigam Limited, Consular or Protocol officials at the Gurdwara starting in 1984, set the stage for the popularly known as MTNL. The Muslims wanted a burial while the premises. Subsequently, The Kartarpur telecom revolution that put mobile phones Hindus wanted to cremate him. With the agreement could not be finalized due to sinking sun, both the arguing communitites Pakistan’s unwillingness to lift the charge in in the hands of Indian masses. In 1985, Great leaders help people reach their decided to resolve the squable on the following the third round of talks. Rajiv Ji worked on improving the bilateral goals and are not afraid to hire people that day. However , to their surprise, they found a relationships with the United States and might be better than them and take pride bunch of flowers at the place where the body An economy like that of Pakistan are bound subsequently expanded the economic and in the accomplishments of those they help was lying. Perplexed as they were, decided to take measures which would prove to be scientific cooperation between the nations. along the way, and one such personality to equally distribute the flowers amongst fruitful for the upliftment of their plummeting A revived foreign policy, emphasizing was Rajiv Gandhi and we should be proud to themselves. While the Hindus cremated the economic conditions. Its backbreaking economic liberalization and information be part of a country which has had such an flowers, Muslims buried them. Henceforth , standing in the global economy is a matter and technology brought India closer to the iconic history and history makers. lies the historic significance of having both a of scrutiny for its leaders. But such petty West. samadhi and a grave. proposals might render their success elusive. The pilgrimage can be physically seen 13 Saiyam Jain Devika Garg Executive Editor Executive Member satisfaction, it chose to make its revenue uses augmented reality experience on growth the cornerstone. This credo got a pair of spectacles with AV and location them into the attention of federal authorities support. A device that could be voice- along with their biggest client, Enron. The controlled, used for voice & video calls, live relationship between Enron and AA was camera feed and could almost replicate the seen as too comfortable which made it easier use of a to your eyeglasses, hit for them to conduct improper accounting such rock-bottom that no one had expected. practices. With gambling of more than $60 Successful in creating the much-desired Billion, it was declared as the Enron Scam. hype, failed to market the product in With all its clients withdrawing the contract, the best possible way. Backing its sale on the AA did not have any other option but to hype created, Google avoided addressing suspend its operations. All its offices were the problems the product solved. The acquired by Big 4. designers pre-assumed high sales of $1500 prototype without specifically targeting the audience and the core use of the glasses. >> Products << The primary feature of clicking instant snaps and browsing through the internet with a It’s Not Always Yahoo: I am inevitable! short-lived battery did not justify its cost, in the ever-upgrading era of . Google: And I am GOOGLE! *snap* There was a huge privacy breach as a camera would always point at the other end, What does this bring to your mind? The making the receptor uncomfortable. Google invincible messiah of the millennials has tried various hands-on reviving the project the answers to almost all of your queries, Glasses by advertising it as focus and but alas could not find the reply for its own efficiency builder for workers at factories products, Google Plus and Glasses. and warehouses, professional and better surgeries by surgeons, a fashion article, etc. but all in vain. Instead of targeting a GOOGLE PLUS clear audience and promoting the futuristic applications of the product, it itself was Win-Win With the grand vision of outshining unclear about the use of its premium project An idea is considered as a baby, security, the public were simply not requiring all the blood and sweat to nourish ready to fly Pan Am. Facebook, Google launched its own social and depended just on the hype and hope it it into a successful venture. But nothing is media platform Google Plus. Google in a bid had successfully summoned. more shattering than to witness it failing, Pan Am’s failure in winning back its loyal to win the race the hare style, followed an especially after reaching the pinnacle of customers proffers us with a good example asymmetric approach where both parties success. Sometimes the hunger for more of bad public relations management. To did not have to accept the friend request Conclusion: becomes insatiable and leads us to our end. win back its customers, Pan Am introduced in order to get in touch. This resulted in a Today, let’s take a look at four such cases discounts and amenities, an effort in vain. system where one is always unsure whether where victory was achieved but not for long. On top of this, soaring fuel prices made the other person has read the message/ it almost impossible for the company to wants to read the message. The certainty • Prepare a proper competitive analysis operate. Pan Am became the falling star of of a reply was skim, unlike Facebook. • Address the problems the product PAN AMERICAN AIRWAYS the sky. The Circles feature was complex, infinite scrolling made it impossible to read all the solves The largest International carrier of its chats and absence of ‘mark when read’ added • Segmenting, Targeting, Positioning time, Pan American Airways is now an ARTHUR ANDERSON fuel to fire. It made it almost impossible for analysis is irreplaceable allegory of the historic days of aviation. Pan one to know about the message sent to him • Better UI, Better performance am, founded in 1927, eventually became a as there was no surety of its appearance • Don’t rush to win a competition, walk cultural icon of the 20th century. It had many “Think straight, talk straight,” was the through your offering and try to deliver innovations to its credit. In the 1970’s, it ideology of one of the firms that constituted while scrolling infinitely as it might rank called itself “The World’s Most Experienced Big 5. Yes, there was something called Big 5 low as per the ranking algorithm of G+. the best to the customer Airline.” But nobody predicted that the till 2002. Arthur Andersen LLP. (AA) provided Problems amplified when Google Plus • Privacy is a sensitive issue, do not try to leading airline will only live for 64 years. Pan auditing, tax, and consulting services. With account was created for everyone having a play with it! Am ceased all affairs in 1991. an employee base of 85,000 worldwide Gmail account. This led to greater inactivity, • Create a fully functional and robust During its years of operation, Pan Am and $9.3 Billion in annual revenues, it millions of ghost account and the clouds technological ecosystem was highly preferred by its customers. So never anticipated that its doomsday was of doubts loomed over. There was massive • Never compromise ethics much so, it was setting new benchmarks for near. Arthur Andersen kickstarted in the data leakage and security issues that laid the • Carefully analyzing all the laws which luxurious travel. During the 1970s and 1980s, 1950s, when it became one of the first bed for G+’s demise and the lack of mobile affect your business Pan Am flights made international headlines accounting firms to launch a new computer streaming experience initially, buried its • Maintaining good public relations but not for good reasons. In September 1970, consulting business, attracting richest of corpse. • Taking all precautions to perform the a flight hijack; December 1973, the bombing of flight; July 1982, a flight crash; August richest clients. 1970s saw an explosion in operations competently 1982, the bombing of a flight; September business because of increased demand of • Periodic strength, weakness, information technology. By 1979, it was the GOOGLE GLASSES opportunity, and threat analysis 1986, a flight hijack in Karachi. But the final biggest business service firm in the world. straw was the mid-air bombing of flight Tony Stark’s EDITH might have gained • Never dismiss customers’ feedback 103. After this, people started associating popularity in the movie industry but in real Pan Am as a major target for terrorists. With a sudden boom in business, AA These frequent incidents cost the airline could not withstand the pressure. This life, it too would have faced harsh backslash its customers’ trust. Despite, its constant prompted them to indulge in ethical and for extreme privacy breach just as Google promises of commitment to increasing legal misconduct. Rather than focusing on Glasses did. The state-of-the-art technology 14 15 Buneet Bansal “If you don’t give Correspondent up, you still have LIFE OF JACK MA a chance. Giving Jack Ma retired on 10 September 2019, announcing Daniel Zhang as his up is the greatest successor (Alibaba’s chairman). Jack Ma, the co-founder and former executive chair of Alibaba Group, before failure.” becoming successful has failed many times, he Scored 1 out of 120 points on the math portion of his college entrance exam, was rejected from Harvard 10 - Jack Ma times, After graduating from college, he applied to 30 different jobs and was subsequently rejected by all of them, only he was rejected by KFC out of 24 people, but his pertinacious spirit did not allow him to stop.

Born on 10 September Having passed on the In 1994, Ma heard 1964 in Hangzhou, third try in the entrance about the Internet and Zhejiang, . He exam he graduated from realized its power. In wanted to learn English Hangzhou Teacher’s April 1995, Ma and his so he started conversing Institute in 1988 and friends started their first with English-speakers at after getting rejected company (China Pages) Hangzhou international from many places he which was dedicated hotel during this time he became a lecturer in to creating websites for met an Australian tourist English and International companies. Within three who nicknames him Trade at Hangzhou years, the company had ‘jack’. Dianzi University made US$800,000

In 2003 he founded Jack was appointed During 1999-2000, the Taobao Marketplace, as the head of a firm Alipay, Ali Mama, and company received a Lynx. After the rapid governed by the agency financial backing of ‘China International rise of Taobao, eBay $25 million, which offered to purchase the Electronic Commerce significantly helped Center’, in 1998. After company. However, in the growth of the Ma rejected their offer, stepping down from his company. The company’s instead garnering responsibilities in 1999, business soon expanded support from Yahoo in Jack founded a company to around 240 different 2005 with a $1 billion named ‘Alibaba’ along nations. investment in exchange with his friends. for a 40% stake in the company.

In 2018, Alibaba presents shopping for the future with the Fashion AI In 2014 Alibaba raised In 2016 Alibaba brings Concept Store and Ma over $25 billion in an IPO Black Friday to China. announced that he will on NYSE. it was reported In 2018, Alibaba sets a step down as executive the largest initial public Singles Day record with chairman of Alibaba offering in US financial more than $30 billion in Group Holding in the history. sales coming year. 2019 jack ma step down as executive chairman of Alibaba Group

17 Pakistan announced a five-point plan that included suspension of Bilateral Trade with India in response to the Indian Government’s move to end special status for Jammu and Kashmir.

Vice President M. Venkaiah Naidu inaugurated the India’s Thomas Cook Group Plc, the 178-year travel company that longest electrified tunnel in became one of the U.K.’s best-known brands, has collapsed under Andhra Pradesh. The tunnel is a pile of debt, leaving tens of thousands of British tourists stranded Former President Pranab situated between Cherlopalli across Europe. Mukherjee was conferred the and Rapuru stations of Andhra Foodtech Giant Swiggy may Bharat Ratna, India’s highest Pradesh. The tunnel is 6.6 Km launch its consumer wallets and civilian honour by President long built at the cost of Rs.437 Union Minister of Health UPI within a few months. According Ram Nath Kovind at a grand Crore. Harsh Vardhan launched the to Entrackr “the product is at least ceremony at Rashtrapati recently launched ‘Trans Fat Free’ logo of FSSAI three to four months away from Bhawan. The President also their own . (Food Safety and Standards the official launch. conferred the Bharat Ratna Initially the operating system Authority of India) at 8th posthumously upon late singer will run only on smart devices International Chefs’ Conference Bhupen Hazarika and late RSS like smart speakers and watches held in New Delhi. leader Nanaji Deshmukh. rather than replacing of the world’s biggest on its phones. “HarmonyOS corporations, Reliance is all is completely different from Russia launches its first set to buy 87.6% stake in Fynd. E-commerce giant Alibaba’s Android and iOS,” said Huawei’s humanoid robot, FEDOR. It was Fynd gives access to various co-founder, Jack Ma resigned Richard Yu launched in an unnamed rocket technology and solutions to from his role as Chairman of that will spend 10 days learning merchants to manage their the company. Jack is currently Google and Skill India to assist astronauts on the inventories and sales across world’s 20th richest person as per Saudi Aramco to acquire a 20 partners to tap India’s job search International Space Station. numerous demand channels Bloomberg percent stake in Reliance Oil and market. Google for India 2019 for consumers. Reliance has chemical business at a value of $75 event has announced various also announced their plans to billion or over 5.3 lakh crore. Under new services exclusively for diversify into e-commerce The world’s largest the deal, Saudi Aramco will buy a the Indian users. Google has rainforest, Amazon, 20 percent stake in a proposed announced new jobs platform was stifling with the risk special purpose vehicle housing and a business app. According of getting burned out RIL’s twin refineries as well as its to the announcement at Google completely. The rainforest petrochemical complex. for India 2019, has which contributes about achieved a huge success in India 20 percent of the world’s from 17 million to 918 million oxygen was burning users in just two years for 16 days causing a massive loss of trees and biodiversity. Gujarat announced reductions Arun Jaitley, former Finance in fines up to 90%. According to Minister passed away at 66 Fast food giant McDonald’s new rules, a person riding without while Sushma Swaraj, former announced acquisition of helmet will be fined Rs.1000 in Delhi External Affairs Minister passed Reliance Jio has California based AI Apprente to but in Gujarat it will be Rs. 500. away at 67. The former passed topped the telecom automate its drive-thru services. market with a 31.7 percent Apprente was founded in 2017 and Luxury car unit of TATA Other fines such as not wearing a away at AIIMS , New Delhi on Motors, Jaguar Land Rover seat belt and triple riding were also Aug 24 while the latter was market share in the it is capable of taking orders in second quarter of 2019. numerous languages. (JLR) witnesses a 6.7% decline reduced. suffering from a kidney disorder in its retail sales. However, JLR for a long time. Sushma had a Bharti Airtel has regained its second spot, leaving retail sales in China grew by kidney transplant in 2016. Both 17.4% year on year. Uber confirmed the had opted out of contesting Lok behind Vodafone Idea. Jio witnessed a 15 bps discharge of 435 employees Sabha polls earlier this year due globally. Uber cited “previously, to health reasons. sequential growth in the June quarter to reach an to meet the demands of a hyper-growth startup, we hired RMS of 31.7 percent. rapidly and in a decentralized way.’’ Now, they want to focus on “lean and exceptionally high Gandhi Solar Park performing teams.” inaugurated by PM Modi, world Harmanpreet Kaur, Indian leaders at UN Headquarters. women’s cricket captain, Prime Minister Narendra Modi became India’s first cricketer along with other world leaders to play 100 T20 Internationals. inaugurated the Gandhi Solar Harmanpreet achieved this Park at the UN headquarters feat in the sixth and final T20 in New York on September 24, International against South 2019. Africa at Surat. 18 19 ShareChat, a regional social Food Delivery giant Swiggy launched its pick up and drop services media platform has raised $100 Swiggy Go. This service can be used to send packages anywhere across million in its series D funding the city. From dropping off laundry to delivering lunch boxes from home with participation on Twitter to office, one can avail such services from the company. and TrustBridge partners. ShareChat raised $224 million. Existing investors including In a rare honour, a minor planet Prime Minister Narendra Shunwei Capital , Lightspeed located in the asteroid belt between US President Donald Trump Modi received the 2019 Global Venture Partners, SAIF capital, Mars and Jupiter has been named announced that the Chinese Goalkeeper Award for Swachh India Quotient and Morningside after doted 89-year-old Indian Technology Giant , Huawei, will Bharat Mission from Bill and Venture Capital also participated classical vocalist Pandit Jasraj. The not be a part of US’s ongoing Melinda Gates Foundation. International Astronomical Union negotiations with China on trade. Swachh Bharat Mission was (IAU), has named the minor planet PM Narendra Modi launched This was followed by Google launched on October 2, 2014 ‘Panditjasraj (300128)’ following its India’s RuPay card in Bhutan by suspending all its business with by Bharatiya Janata Party-led discovery more than a decade ago purchasing at Simtokha Dzong , Huawei. National Democratic Alliance on 11 November 2006. that functions as a monastic and government. administrative centre. It will be launched in two phases. The Sardar Patel National Unity Award, named after the Iron Man of India, will be PK Mishra, who was earlier an India got its first 3D smart traffic PM Narendra Modi awarded to recognise notable additional secretary to PM Modi signal, INTELIGHTS in Mohali, inaugurated the India-Nepal and inspiring contributions to would now take charge as Principal Punjab. The traffic signal is built cross border petroleum pipeline promote the cause of national Secretary. Mishra is a 1972 batch near the Airport road in Mohali on along with Nepal Prime Minister unity and integrity. First Sardar Gujarat cadre IAS. pilot project basis. Intelights offers RBI cuts repo rate by 35 basis KP Sharma Oli through Video Patel National Unity Award to be a 360-degree solution to the traffic points (bps) in its third bi-monthly Conferencing. Its South Asia’s presented on 31 October 2019. problems in Mohali using artificial policy review of the financial year first cross border pipeline. intelligence (AI). 2019-20. It was RBI’s fourth rate cut In the early hours of September in a row. 14, Saudi Arabia suffered the deadliest attack on its oil facilities IAF Wing Commander in recent times when a small army Abhinandan Varthaman awarded NISHTHA , the National of drones attacked two major oil initiative for School Heads and the Vir Chakra, India’s third highest plants, destroying nearly 50 per gallantry medal on the occasion of Teachers Holistic Advancement cent of the country’s global supply , was launched by Union HRD Independence Day. Five other IAF of crude pilots were honoured with Vayu Minister Ramesh Pokhriyal to Seva Medal. improve learning outcomes at India’s first ever helicopter The Rajasthan Government the elementary level in schools. Delhi Chief Minister Arvind summit was organized by the It’s the largest teacher’s training Kejriwal announced a 7-point banned certain categories Ministry of Aviation in Dehradun, of Pan Masala and flavoured programme of its kind in the plan to tackle pollution in the Uttarakhand. Issues related to world. national capital which will Tobacco products made of enhancing connectivity between magnesium, carbonate, nicotine include the implementation helicopters were discussed of the odd-even scheme from and mineral oil. Rajasthan is the The Indian Council of Scientific November 4 to November 15 to third state to impose this ban and Industrial Research (CSIR) has curb pollution post Diwali. after Maharashtra and Bihar developed green crackers, which Shailja Dhami has become are new and improved formulations of the previous sound-emitting the first female flight commander India would be giving 1 billion of India. She took over as flight On world Suicide Prevention crackers and other fireworks. dollar worth ‘Line of Credit’ for Day Facebook banned images of commander of a Chetak helicopter the development of the Far East. unit at Hindon Airbase self-harm to fight against suicides. The move would add a new aspect Facebook also said that such to Indian’s economic diplomacy content would be harder to search Rafael Nadal wins his 19th and help strengthen India’s on Instagram as well. Grand Slam and he is now one cooperation with friendly nations behind to break Roger Federer’s in the region. record of 20 Grand Slams. Nadal Top political leaders defeated Daniil Medvedev A truck owner from Bikaner, and made a historic comeback applaud PM Modi for his speech Rajasthan paid a whopping at UNGA. PM Narendra Modi pulling out a 7-5, 6-3, 5-7, 4-6, amount of Rs.1,41,700 as Challan 6-4 victory. emerged out as a Statesman in Delhi’s Rohini Court. The with his speech at the 74th name of the driver is Bhagwan session of the United Nations Ram and he was handed over General Assembly (UNGA), the challan on 5 September 2019 KABIL, Khanij Bidesh India supporting India’s initiatives in under the new Motor Vehicles the last 5 years. Prime Minister Apple’s market value witnessed Ltd , a joint venture company (Amendment) Bill 2019. Now Jammu and Kashmir a boom by over $11 billion after will be set up soon to ensure a Modi stressed on the actions and will be a Union Territory with a the launch of the 2019 lineup of consistent supply of critical and initiatives undertaken in the last legislature while Ladakh will be a their phones, other devices and strategic minerals to the Indian five years towards development, Union Territory without legislature. Aishwarya Pissay won the FIM peace and security worldwide services. Apple launched iPhone11, domestic market. KABIL will World Cup in women’s category With the removal of Article 370, iPhone 11 Pro and iPhone 11 Pro be set up in joint partnership in Hungary. She has become the Article 35(A) will also be scrapped. Max. They also unveiled the watch between three Central public first ever Indian to win a world title series 5 and the seventh generation sector enterprises including in motorsports. She also finished iPad. NALCO , HCL and MECL. second in the FIM Junior category. 20 21 Devika Garg Saiyam Jain Executive Member Executive Editor Credit Default Swaps Pyramid Credit Default Swaps current cash value (as stated without holding enough (CDS) is a risk hedging in the contract) to the credit reserves to assure potential Schemes mechanism where the credit protection seller, in this credit events. They had deep Abstract: The article introduces pyramid schemes. Pyramid schemes are a trap for risk is transferred between case, as it still holds some exposure to the subprime average people camouflaged as an opportunity. It is essential to learn how to avoid two parties. Credit event/ residual value. market, and in contrast to such hoodwinks and make savvy decisions. negative events can be other institutions, they did understood as the situation not buy protection from other of default or downgrading of Uses and Trade entities for the humongous In 1970, Koscot a part of it himself. This customers but in a a municipal bond, corporate- risk they had assumed. Being Interplanetary Inc. launched pattern is continued, and pyramid scheme, they debts, mortgage-backed CDS can be used for both in a sham cloud nine positions a scheme. It offered people investments are shared with earn when they convince securities, etc. hedging and speculation and overly optimistic about to become their “beauty their recruiters. Initially, it more members to join in. In purposes. One who does not the risky mortgage market, advisor” and sell their is easy for new members practice, MLMs may also products for a commission. to make money but as the encourage compensation want to shoulder the risk of the company headed for People had to pay $2000 for chain goes on, members to those who bring in more Example: his securities or one who is broke when the reference the title of “supervisor” or start to lose money, all the sellers and Pyramid schemes susceptible to frequent risks CDOs were downgraded and $5400 to be a “director” and while the company making may also offer a product to B has bought a set of can partly insure his risk saw a steep dip in its market then earned by recruiting huge profits. This happens mask the intentions like in the securities (bonds) from A by purchasing CDS. Also, value. others to make the same because as the number of case of Koscot Interplanetary. but is worried that the bonds many speculators gamble investment. It was about members increase it becomes To help out our case here, might default and he may on the credit quality of the selling cosmetics but more incredibly hard for new one must look for some lose on his money. In this reference obligation by than that it was about selling members to recruit more, signs to differentiate. Ask case, he can swap his risk purchasing CDS, if they feel “distributorship”. People the number of participants these questions in case of by purchasing CDS from that the reference entity is were attracted and thought expands exponentially. doubt as to an opportunity C. C will reimburse B of his likely to default in the near of it as an opportunity to you’re considering- If you make money. With this In India, big companies are required to invest a large principal amount along with future. They pay periodic scheme, the company made like Amway, SpeakAsia and amount to become a seller; the interest the bonds would payments for short term millions of profits, but the Saradha Group are accused whether enough attention have earned him, on the protection which stands tiny “supervisors” realized that of operating a Pyramid is paid to the development happening of a credit event. in comparison to the hefty they were earning less scheme. This took place so of product and its market; if C, in return for the assumed compensation they receive than they paid in. Koscot often that in 2015, RBI issued more than selling the product, risk, will charge a periodic on default of the company. eventually got involved in a warning against Multi-Level recruiter emphasizes on protection fee similar to an On the other hand, they cash various lawsuits and ran out Marketing firms that offers further recruitment. Answer insurance premium. Also, in the existing CDS if they of business in 1975. This was high returns and charge a to these questions might just C is under the obligation sense solid credit position of one of the firsts cases of bulky subscription fee. save you money and time. to reimburse B only when the underlying security. Pyramid Scheme. the reference entity (A) How does one differ witnesses a credit event. AIG 2008 Financial Crisis To put it into simple a Pyramid scheme from words, a pyramid scheme is a a multi-level marketing? common type of fraud where Since the use of CDS Multilevel marketing is a What happens when members are recruited strategy some direct sales Credit Event occurs? empowers an organization and paid when they bring to have lower capital more members to buy-in. companies use to encourage requirements, demand for Here, a captain solicits a existing distributors to As stated above, C CDS grew exponentially group of people to buy in recruit new distributors who will make good B’s loss during 2007-08. American and asks them to promote are paid a percentage of their and the protection buyer the scheme and in return of recruits & sales. In theory, (B) will have to handover International Crisis (AIG) had swapped $72 billion of CDOs this, offering them a part of MLM members earn when the reference bonds or its the new buy-in and keeping they sell the product to retail 22 23 an integral part of the board and align of being obsolete in the coming years. HR policies to overall company strategy for accomplishment of organizational goals. Lastly, HR professionals must ‘talk the Upasana Dhanda talk’ and speak the language of a CEO. Professor, University of Delhi The first step for an HR to have a seat at They must strive to increase their courage the table is by being ‘meaningful specific’. quotient (CQ) and remove any blocks of fear Since boards are accustomed to decisions and failure that may come in the way for based on numbers, HR professionals should being heard in the boardroom. They should strive to convert all intangibles to tangibles. boost their willingness to effectively work HR In The Boardroom HR metrics and analytics have made it for achieving organizational goals and never possible to quantify the cost and impact of shrink away from putting their point across HR processes and programmes and when the table. HR professionals talk about value creation in quantitative terms, it eradicates any misconceptions about HR as ‘soft’. “Courage is the most important of all the virtues because without courage, you can’t Gone are those days, when HR practice any other virtue consistently.” professionals could stick to the traditional approach of working. With the disruption of -Maya Angelou technology, the HR profession has started to feel the effects of the rapid pace of these changes. HR must act as business leaders in order to remain relevant. Business acumen, change management and domain expertise are the key skills for an HR to make their way to the boardroom. HR professionals need to step up their game to broaden knowledge

“It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change” – Charles Darwin In this ever-evolving world, change is means resolving an HR agenda in the inevitable and those who respond faster boardroom? to change have an edge of survival. As we have embarked on Industry 4.0, the era It is often seen that decisions made of automation, artificial intelligence and in a boardroom have to trickle down to Internet of Things (IoT), organizations the employees for achievement of the need to prepare for changes posed by the organizational goals. Thus, HR professionals technological disruptions. In the VUCA can bring valuable perspective to the business world, HR professionals can no boardroom. The role of HR should not longer keep focusing on personnel functions remain as advisors but change to decision but have to transform and embark HR 4.0. makers. HR professionals must engage with Businesses are transforming from being the board members and use their expertise product or process-driven to being people- to resolve key issues for the business. driven and if people are central for creating It is because business agendas related business value, HR has a vital role to play in to shareholders’ expectations, setting the decision-making process. performance benchmarks, cultural changes, cost efficiency, leadership, innovation, Visionary boardrooms recognize that global expansion are principally HR agendas. when people with different backgrounds and set of experiences come to the table, Despite the increasing role of HR they have to strike for effective decision- with talent issues being the hot topic of making. The question which often comes discussion in the boardroom, HR heads still up is whether boardrooms function has a struggle to gain a seat in the boardroom in fragmented set of functionalities of HR, many organizations. People professionals marketing, finance, operations, IT or does it are considered to be influencers and not take a holistic view of the business agenda. decision-makers. It becomes crucial to look Does taking an HR on board specifically out for ways in which an HR can become

24 25 N Sai Vaibhavi Kashish Kapoor Team TBC Correspondent Bank Mergers RBI TO THE RESCUE Finance Minister Smt. The latest announcement Nirmala Sitharaman recently came under a slew of announced in a series of reforms taken by the FM in a reforms large scale mergers bid to tackle the downward of ten public sector banks spiralling economy. These into four, bringing down mergers are aimed at the number of state-owned providing an adequate banks to 12 from 27. These financial base which can mergers are expected to support the country going materialize by 1st April 2020. towards the envisioned The banks to be merged are $5 trillion economy. The as follows : structural reforms would enable the PSB to compete at a global level. It will help • Punjab National to improve the operational RBI surplus is its net income for a fiscal At times like these when India is facing Bank will be merged efficiency along with the year. It is up to them whether to give it to economic slowdown due to the after-effects with Oriental Bank increased capacity to raise the government or retain it. This fiscal of sudden demonetization and ill-planned of Commerce and resources and provide and poorly implemented Goods and Services United Bank of India loans. It shall enhance the year RBI transferred Rs.1.76 lakh crores to the Modi Government, which includes Tax (GST), this move may be a lifeline to with business worth ability of PSB to absorb the current government. This will directly 18 lakh crore. shocks and reap the benefits The recent announcements Rs.28,000 crores given to the government function as an independent investment • Canara bank with of economies of scale. follow the past mergers of SBI as interim dividend in February. Although in the current economy, thus pushing the Syndicate Bank with Furthermore, in order to with its five associate banks the budgeted amount to be earmarked was demand upwards. This will help to pull the business worth 15.2 make the management better two years ago, and Bank of Rs.90,000 crores, the government invoked nation out of the pseudo-deflationary gap it lakh crore. accountable, the board Baroda with Dena Bank and Section 7 of the RBI Act which empowered is slipping into. It is common knowledge that • Union Bank of India committee of nationalised Vijaya Bank last year. These them to give directions to the Central Bank a stipulated inflationary gap is conducive to with Andhra Bank banks will appraise the came out with muted earnings on matters of public interest and suggest economic growth, hence benefitting us in and Corporation Bank performances of senior and credit growth as a direct a review through a formal committee. The the long run. Politically, clear warning signs with business worth executives. This shall help impact of being burdened with Bimal Jalan committee thus recommended could be the obvious fact that the autonomy 14.62 lakh crore in reinforcing the power of NPA’s of associate banks. The of the RBI was being encroached upon, • Indian Bank with bank boards against political that the ‘buffer money’ that RBI kept in case size of gross NPA stood at 7.9 of financial instability must be lowered from which might become a norm for future Allahabad Bank with interference. lakh crores as of 31st March governments as well. It may also put the RBI a business worth 8.08 2019 and it is still debatable the current 6.8% of the balance sheet to in a vulnerable position as it will not have lakh crore. However, the key whether the mergers will lead a range of 5.5-6.5%. The RBI lowered the much flexibility in an uncertain event. Thus, challenges of such large to a significant improvement in excess provision to a minimum of 5.5%, the benefit of this decision solely depends The new amalgamated scale mergers remain the bad loans. The reforms do not thereby releasing all excess funds to the upon the way the government uses these entity of Punjab National integration of technology make any explicit reference government. funds. The focus should be an investment Bank will be the second- platforms and the to reduction of NPAs but the in the core areas rather than increasing largest PSB after State Bank harmonising of human government has had a history The controversy which arose around this domestic consumption, which is nearly of India. Along with this, a resources. Even though it of taking up mergers as a last decision can be broken down into various impossible in a country like India where capital infusion of 55,250 is stated that merger is of resort solution. It may be said distinct reasons. The first one being that this corruption breeds in every public sector crores out of 70,000 crores “commercially, economically that the government is ill- undertaking. There exists high chances of into the PSB is announced viable, compatible entities” is the highest amount ever transferred by timed with these measures the RBI as surplus to the government. Also, the money never reaching the grassroots for bank recapitalization as a smooth transition is still and ill-equipped to take on level and filling the already-filled bellies of promised in the budget. The a behemoth task. The FM such a humongous challenge usually the RBI breaks down this payment greedy politicians and bureaucrats. highest amount of 16,000 has assured no loss of jobs with the current state of the in instalments of 4-5 years, unlike this time crores is allocated to the in this monumental process economy. The forced mergers when it was given in a huge lump sum PNB. The current reforms but the employees are still can bring in structural benefits amount. Another factor is that Urjit Patel, will make the PSBs in control apprehensive in regards to if implemented properly, but it the former governor, had been asked to do of two-thirds of the banking possible retrenchments in is equally likely that they may the same during his regime, but his refusal system of the country. the near future. This strategic prove to be detrimental to the to do so led to strained relations between move comes in the backdrop health of the entire banking the RBI and the Government, not long before of the bad loan crisis. system. Patel left the office. 26 27 “VOICE OF THE VOICELESS” Lakshay Goel RAVISH KUMAR Correspondent Stringent penalties along with punishment proposed under the new Motor Vehicle Act, 2019 might have made car owners frown, but insurance providers are finding it as an excellent opportunity. The Motor Group of Transport Ministers of States provided recommendations for the Act. Such that the Act might dissuade people from violating traffic rules. It has introduced hefty fines for over-speeding, driving without a license, drunk driving, dangerous driving, and plenty of more. Many people prefer walking, but the fear of getting affected by drivers of these motor vehicles remains. Therefore, this Act focuses on innocent people who are on the road. Compensation for such helpless people has Garvansh Batra been considered by introducing specific Correspondent provision. As per data of 2017 provided by the (MRTH) Ministry of Road Transport and Highways, there had been approximately “The Indian media is in a state of crisis and of the state. Rather, they are interested in 4.64 lakh accidents that claimed the lives of this crisis is not accidental or random, but the news which contains praise of current 1.47 lakh people by way of vehicles. Of all systemic and structural. Being a journalist political power and their publicity. Media the transports, two-wheelers account at the has become a solitary endeavour. It has houses nowadays are converted into third number of all road accidents. become all the more important to evaluate “marketing houses” of the current political the crisis in the media” said Mr Ravish party. Some of the recent cases: A truck driver Kumar, 44, who is one of the most influential Vehicles was fined Rs 2,00,500 for overloading, journalists of the country, and a news show In such a scenario, Ravish Kumar was near Mukarba Chowk in Delhi. Around anchor with NDTV India. one of the very few journalists to raise his 3,900 challans issued in Delhi on Day 1 of voice against the most pressing issues in new Motor Vehicles Act, even the rush for Where Indian media is no more liberal the nation. He was the one who started pollution under check (PUC) certificates has and has forgotten the true essence of the unemployment series in his daily news increased. With the implementation of new actual journalism, Ravish Kumar is one of T.V. show Prime Time to tell nation the laws and a hike in penalties, the insurance those journalists who proved his mettle by disparaging scene of employment in India. sector has gained a momentary spike. winning Magsaysay Award 2019 in the field People have started renewing their lapsed of journalism. By not getting affected, he continued to policies leading to a rise of approximately practice what journalism is all about. True 300 per cent in the issuance of two-wheeler The Magsaysay Award is one of the journalism is all about telling the facts and insurance policies since the new regulations most prestigious awards given to Asians for asking questions. It is not about giving false kicked in. excellence in their respective fields, started opinions and conditioning people. in 1957 and named after Ramon Magsaysay, If any individual is found driving a vehicle the third president of Philippines. This year He was one of the five individuals who without license, a fine of Rs.5000 is payable Ravish Kumar was one of the most deserving won the award. The other four are Ko Swe by him. If we compare new amounts of the candidates for the same. Win from Myanmar, Angkhana Neelapaijit penalties with the old ones, around ten times from Thailand, Raymundo Pujante Cayabyab the latter has to be paid if someone violates This condition began when political from the Philippines and Kim Jong-Ki from the law. There are chances that every year on powers wanted to take control of the major South Korea. April 1 these penalties will increase by 10 per community and wanted their support. They cent, as notified by the Central government. took the help of media to blind people and In a space where journalists are Avoid surprises, and unwanted expenses by conditioned them so that they easily come threatened for their lives and are asked to being a responsible citizen, follow all the in control of the power. One of the ways to leave their jobs when they do not work as Act rules and regulations. do that was yellow journalism. per their producer, it is heartening to see some of the journalists who keep their lives The practice of yellow journalism is at stake and work for their society. More of prevalent in the entire industry where only such journalists are required in India in order half part of the actual problem is shown in to open the eyes of the people and make order to influence the viewers. them see the actual picture. The current media is no more interested in showing the true facts and actual problems 28 29 Nidhi Sharma Correspondent Mansimran Kaur AMAZONAMAZON Correspondent

Today’s Rainforest, Tomorrow’s Savanna

Catastrophic “non-human” activities to the and nobody had envisaged that an environmental mother earth of the so-called humans are no more issue would trigger the heat of the moment. The a thunderbolt when heard. Record-breaking fires devastation of the Amazon “was foreseeable” since the Economic are ripping through the Amazon-an ecosystem electoral campaign, because of Bolsonaro’s discourse on which the whole world depends. Going by the in favor of “predatory exploitation of forests and facts presented by the National Institute for Space indigenous reserves,” said Juarez Pezzuti, a professor Research, there have been more than 80,000 fires this in the Nucleus of High Amazon Studies at the Federal year which is nearly an 80 percent jump as compared University of Pará (UFPA). Thus any further wrong to the fires last year during the same period. action on his behalf could be his last straw.

As noted by Paulo Artaxo (an atmospheric The European Union is negotiating a trade deal with physicist at the University of Sao Paulo), these Brazil, Argentina, Paraguay, Uruguay which could Slowdown fires have been aggravated due to the increase in open gargantuan opportunities for the companies India, the third-largest economy of Asia, is “The Budgetary allocations and social sector deforestation. Brazilian president Jair Bolsonaro’s but the Amazon fire may cause a halt to the deal. facing a severe slowdown in its economy. The latest spending will not be affected by the economic administrative policies are being seen as one of the About 25% of the pharmaceutical drugs are derived estimates for GDP growth for the April-June quarter slowdown”, says Finance Minister Nirmala most likely reasons for the destruction. Jair Bolsonaro, from medicinal plants of the Amazon, thus it is a great slid to 5%, the lowest in the last six years. The recent Sitharaman. She also claims that the government the President of Brazil had pledged to open up the threat to the pharmaceutical industry. Brazil ranks revision of GDP estimates of IMF from 7.3% to 7% for has taken many initiatives, is looking into this matter Amazon for development activities as proposed by 2nd in the world in soy and beef production. The India is ringing alarm bells for the economy. seriously and targets have been given to various departments with keeping in mind the economic his extremist Environment Minister Ricardo Salles. devastating fires will severely impact the supply and Reserve bank has had four rate cuts since scenario. At this point of time, she has requested The world’s seven largest economies had offered price of the latter. February 2019 of 110 basis points by this August 2019. for politics to be kept aside hinting at the opposition Brazil more than $22 million but the president refused There has been a lack of increase in the exports as it and called attention for effective policies to be because this monetary aid is a threat to Brazil’s After weeks of international and internal pressure, stood at $46 billion this year as against $46.6 billion formed which in turn can increase the demand and sovereignty and that it is capable of putting off fires Bolsonaro deployed the military to help battle the fires last year. The tax revenue collection especially from investment and would help in the upliftment of the the corporate sectors were low. During April to June economy. without any aid. on August 24, sending 44,000 troops to six states. 2019, the gross tax revenue of the central government According to Barroso, more than 10,400 firefighters went up by just 1.4% to Rs 4 lakh crore. During the same There has been a lot of pressure on the RBI to inject The amazon fire is indeed a supreme global issue are spread thin across 5.5 million square kilometres in period last year, the gross tax revenue had jumped liquidity in the market amid the losing confidence because Amazons are the largest rainforests in the the Amazon and “hotspots” break out in the locations by 22.1%. The investments have been laggard since amongst investors. Recently, Dr Manmohan Singh world covering a size approximately equal to the lower they’re unable to cover. It is time for us to pay heed the past year as investment projects completely fell added his opinions stating demonetization followed 48 United States. As its trees take in carbon dioxide by 48% from last year, and the value of new projects by faulty implementation of GST has led to this to the words of Mahatma Gandhi that “Earth provides announced during April to June 2019 fell by 79.5% and release oxygen, the Amazon plays a huge role in prolonged state of economic crisis. He demands enough to satisfy every man’s needs, but not every year on year. This is the highest fall since September the government to acknowledge the economic pulling planet-warming greenhouse gases out of the man’s greed”. “I am glad I will not be young in a future 2004. Growth of FMCG companies slowed down slowdown as such. He said the focus should be on atmosphere. Without it, climate change will speed without wilderness”, said Aldi Leopold. Economic from last year and the cumulative sales of the top liquidity crisis, rural and agricultural sectors and up. As these forests get incinerated, billions and tons development and environmental development can six carmakers in the country dropped by over 29 per major job-generating sectors. He also advised that of carbon stored in them released in the environment cent (year-on-year) in August 2019, following several emerging opportunities for trade due to the trade take place concurrently given that the people come production cuts and job losses in these two sectors. create a near death-like situation for the cities nearby. war must be captured. Almost all the economic out of the catacombs of their narrow approach of These are all the major results of the slowdown of indicators suggest that we are well into an economic “what is actual development?” the economy. Not only the corporate, consumer and slowdown, and it can possibly get worse from here. This major outbreak has its major after-effects. auto sector are down spiralling towards slowdown The future ambition of a $5 trillion economy almost “Bolsonaro Out!” is the cry heard in the streets of but also this year’s monsoon left some parts flooded seems like a far fetched dream seeing the bleak Barcelona, London, Paris, and other European cities engendering a shortfall in Kharif sowing, resulting in picture painted by the current state of the economy. rural demand unlikely to pick up any time soon. and Brazil as well. Mere eight months into his term 30 31 Bhavesh Agarwal OPINIONS THAT MATTER Executive Member

DALAL “Reducing corporate tax rate to 25% is big bang reform. Allows Indian companies to compete with lower tax jurisdictions like the U.S. It signals that our government is committed to economic growth and supports legitimate tax abiding companies. A bold, progressive step forward” Uday Kotak, CEO of Kotak Mahindra Bank said. “First of all, I want to congratulate the government and the FM for taking such a bold step. This is what we have been waiting for, Revived I think it will kick-start the economy. I have Amid the crashing Sensex global average of percent). After these As per the budget Union Finance Minister Mrs. corporate tax rate is 23.79 announcements, India will estimates, the revenue no doubts in it” ,Ajay Piramal, Chairman of Nirmala Sitharaman, not percent while Asian average gain substantially from foregone by providing Piramal Enterprise told CNBC TV18. only cheered up the markets is 21.09 percent. Though the the trade war going on various tax incentives in but also fulfilled the promise incentive will be available to between US and China. budget were 1.08 crore. Now Former chief statistician of India Pronab of former finance minister only those companies which Companies relocating from with these tax cuts there will Sen pointed out that the cut in corporation tax Late Mr. Arun Jaitley. Arun do not claim any exemption. china will find India more be an additional revenue loss Jaitley, in his budget speech Government believes this attractive due to cheap and of 1.45 lakh crore. Economists rate for existing companies to 22 per cent from of 2015-16 assured the move will help increase the skilled labor with low tax calculated that government 30 per cent was a pure supply-side measure, companies that once GST net income of companies, rates. Moreover, to provide will miss the fiscal target by whereas the problem was in demand. “As for collection start stabilizing, which will be re-invested relief to firms who want to 30-40 basis points.society. existing companies, the will not help improve he’ll cut the corporate tax back to increase the capacity continue with the existing demand, and will lead to companies keeping rate to 25 per cent. Present of production and generate regime of exemptions, A combination of higher a large chunk of profit,” he said. However, finance minister took it to jobs. Minimum alternate tax or dividends from public- a lower level of 22 percent, MAT has been reduced from sector companies and, lower he added that a huge tax concession to new which is the boldest gambit Not only this Mrs. 18.5 percent to 15 percent. spending in certain schemes companies was a more effective measure. to stir up the economy. After Sitharaman to spur fresh She also rolled back the and saving in expenditure this announcement Sensex investments and boost Make enhanced surcharge levied will help the centre to reduce Aditi Nayar, principal economist at ICRA. rallied over 1000 points. In India efforts, announced on foreign portfolio investors the volume of fiscal slippage agreed. “In terms of investment revival, there that manufacturing in the budget. from the budgeted fiscal is overcapacity in some sectors already, and Nifty registered its companies incorporated deficit target. PM Modi’s biggest single-day gain in after 1 October 2019 and The current move to big ticket spending scheme we don’t expect a broad-based pickup in 10 years. With this decision, commencing production by reverse the economic PM-Kisan also may help investments until there is greater visibility on India is now among the March 31, 2023, will have the slowdown will burn a big government in containing stabilisation in demand,” she said. countries that have a low tax incidence of 15 percent hole in the pocket of the slippage due to low rate of corporate tax rate. The (effective tax rate of 17.01 government. fund outflow. 32 33 Prerna Khattar Rhythm Nagpaul Correspondent Correspondent World Economic Forum: India Economic Summit’19 PMC Bank Crisis The World Economic Forum The summit started with it often leads to exploitation often termed as WEF, is a not- the agenda to discuss how even after government for-profit organization thatcan India approach equity and intervention. The discussion was founded in 1971 by Klaus sustainability. The discussion ended with innovations that Schwab. was based on the IMF’s annual pharmaceutical industries can assessment which described come up with to introduce high- Its mission is cited as India as one of the fastest- quality affordable drugs for the “committed to improving the growing economies of the nation. state of the world by engaging world. The main focus was on Another major issue business, political, academic, how can India be empowered to brought up in this summit was and other leaders of society drive equitable and sustainable tackling inequality. Economists to shape global, regional and growth and how various crises have realized that India’s rich industrial agendas.” It hosts its like agrarian crisis and wage are disturbing the growth and annual meetings at the end of issues can be dealt with by it is very important to address January in Davos, Switzerland. changing the economic outlook inequality to secure sustainable The meetings aim at bringing of the nation. The speakers that economic growth. This was together business leaders, took over this discussion were followed by the need of the hour political leaders, economists, Deepak Bagla, Sanjay Jha, in the country, i.e, generation of journalists, and celebrities to Heman Kanoria, Prachi Mishra employment and balancing the PMC is a cooperative bank with its A sum of Rs 2000 crores was directly discuss ideas and plans. and Max Rodenbeck. This was workforce in various sectors. headquarters in Maharashtra. With the Mumbai deposited into HDIL bosses’ personal accounts followed by opening keynote The economists also based promotors,the bank is found to be though the official loans were under the The World Economic Forum interviews of YS Jaganmohan debated on the topic that popular in the Sikh community. Announced company’s name. PMC Bank had created held its Economic Summit in Reddy and Alex Travelli. whether privatization of the under the top ten cooperatives in India, Punjab 21,000 fictitious loan accounts to camouflage India this year on account of 35 banking sector is necessary. and Maharashtra cooperative bank faced a the defaults by HDIL. Nearly 73 percent of the years of Forum’s engagement The next session was all After this interactive debate, severe crisis in the last few days. Following the bank& total loans were granted to HDIL. Due with India. India’s economic about industries and their experts discussed how the raids, RBI announced PMC to be barred from to irregularities owing to the apex bank, RBI growth is a matter of great growth in the country. The Indian trade is viewed on the routine operations for the next six months under suspended the existing 14 member board headed concern as it was seen that the session was divided into three global market and answered Section 35(a) of the Banking Regulations Act. by Narayan Singh of PMC and appointed JB GDP growth is slowing in the segments: Agriculture- The root various questions like how can The depositors would be allowed to withdraw Bhoria as the administrator. The MD, Joy Thomas data released by the Central of growth, Technology- Time for India strengthen economic only Rs 1000 from their accounts. This caused was arrested who conducted to help the HDIL. Statistics Office. The summit a reality check and Healthcare- ties with the world and attract rage and anger among the customers. The brought together policymakers, Health without wealth. The investors for emerging markets. bank is restricted from making investments After the RBI comes into the matter, there business leaders from domestic first segment revolved around The summit was wrapped and granting loans. Several customers filed are two options for the way forward. First being and international companies the future of the agricultural up after a discussion on the complaints against the PMC bank the merger of PMC with other banks. In the last to elaborate on socio- sector and what role it plays in Municipal mayhem in the nation. few years, the RBI has merged 72 cooperative economic issues like tackling the economic growth of India. It revolved around various With a base deposit of over Rs 11,000 crores, banks in Maharashtra. In India, the number of unemployment, supporting It also addressed rising issues problems like pollution, traffic the bank showed a net profit of 99.69 crores co-operative banks has fallen from 1,926 to 1,551 agriculture and attracting of difference in food demand chaos, waste management, and in 2018-19 with advances of Rs 315cr and NPA due to such mergers. The second option, which investment. and supply, fund shortage and environmental problems. The amounting to Rs 8,383 crores. But it turned is less likely to happen is PMC being liquidated. debt crisis faced by farmers. speakers made people realize out that the bank had under-reported its sticky If the situation arises, every depositor would get The event brought in The second segment focused that the Indian economy needs assets and there was no provision for its bad Rs 1 lakh irrespective of their deposit amount with speakers from various fields on how small firms have failed to tackle these situations to loans up to Rs 2500 crores. Strange to notice the bank. It will be regulated under the Deposit like YS Jaganmohan Reddy to survive competition in high grow and drive this needed that even the auditors didn’t wave a red flag Insurance and Credit Guarantee Cooperation (CM of Andhra Pradesh), Zarin times and how people have change. during this. The bank had been funding a lot Cover under which deposits up to Rs 1 lakh are Daruwala (Chief Executive started facing unemployment in Overall, the summit was of companies, mainly in the real estate sector, covered. CM of Andhra Pradesh), Zarin this ever-growing sector. It also enriching and informative. one of which was led by Housing Development Daruwala (Chief Executive aimed to discuss the country’s It focused on various socio- & Infrastructure Ltd (HDIL). Rakesh Kumar of Standard Chartered Bank, next tech wave and preparations economic issues, if solved, Wadhawa, chairman of HDIL had close links with (India), Samina Vaziralli to sustain it. The last segment which can lead to the growth the PMC, the reason why PMC had granted loans (Executive Vice-Chairperson, was all about the fact that of India as an economy and a to the Wadhawans even though HDIL defaulted Cipla) and Guenter Butschek India is a country where people nation. on its loans to other banks. HDIL had also been suffering from chronic diseases taken to the NCLT before. PMC suppressed (Managing Director, Tata these loans despite defaults. Motors). are on a rise. The gap between rich and poor is so large that 34 35 Aastha Singh Correspondent could not make remarkable production comes into the picture there. How money in the international market because of job can be utilized to start a small business with restrictions, fewer job opportunities, and such a small amount of investment sets a Abrogation Of Article 370 limited FDI. The same is with cashmere classic example for youth to start a business which could not stand as a major producer. there like opening a coffee shop, restaurant, Indianisation of Jammu and Kashmir Lack of job opportunities because of low- gaming shop or internet café. Tourism will be “The road for development blocked obstacle to development in Kashmir valley. quality education is the major problem expanded and this leads to the development earlier by bricks of article 370 is now pulled there. On this, our prime minister Narendra of hotels and resorts. All these things will off by the winds of new political climate” This can be evidenced by comparing Modi remarked that even if I set up IIM there, lead to the generation of more and more Kashmir with other states on various the professors would not want to go as they job opportunities and eventually to better BJP government wrote history that will parameters like GSDP, FDI, MSME, etc. cannot buy property there. housing, infrastructure, schools, colleges, be read by all tomorrow, by removing article and hospitals, etc. Thus, it triggers a chain 370 of the Indian constitution on 5th August On comparing Jammu and Kashmir’s The step of removing 370 taken by the BJP of reaction of the overall development. 2019. Article 370 of the Indian constitution GDP with that of Tamil Nadu, we get that government is really commendable as it will gives special status to Jammu and Kashmir it is around 16 times the former. You might provide economic development in Jammu So article 370 is a great move and must which has been subject to dispute between think why only Tamil Nadu? We have made and Kashmir. As there will be no restrictions, have been taken much earlier. “Small buds India, Pakistan, and China since 1947. comparison with only Tamil Nadu just it will bring huge business opportunities by of Kashmir can also bloom into beautiful because it has its own regional identity and increasing trade in sectors such as carpets, flowers if the light of development keeps It was drafted by Sheikh Abdullah, who its own values and culture just like Jammu handicrafts, sports goods, horticulture and nurturing them.” had been then appointed Prime Minister and Kashmir. There are also limitations when other areas including pharmaceuticals, of Jammu and Kashmir by Hari Singh and it comes to entry of business players into information technology, electronics, leather. Jawaharlal Nehru. He wanted ironclad the market of Tamil Nadu and has the social The market of real estate in Jammu and autonomy for the state i.e. an autonomy fabric which they have maintained till now. Kashmir provides land at a very subsidized which is impossible to change. According Jammu and Kashmir lags behind because rate that is around 1000 per square feet. to this article, except for defence, finance, there are restrictions for other investors to foreign affairs, and communication, come in and start new businesses. Also, FDI This provides great opportunities for parliament needs the approval of state in Tamil Nadu is 10 times more than Jammu those who are planning to invest in real government for applying any other law in and Kashmir, the reason behind is article 370 estate. Jammu and Kashmir has only 86 there. that restricts the entry of foreign players. MSMEs as compared to Himachal Pradesh which is a very small state but has 503 Due to article 370, people of Jammu Jammu and Kashmir is considered to MSMEs. With this number of MSMEs in and Kashmir suffered a lot as it served as an be the biggest producer of saffron but it Jammu and Kashmir, anyone can start a business there when the government funding

36 37 Wardah Khan Bhavesh Agarwal Senior Correspondent Executive Member Gandhigiri In Business AZADI.As we comfortably sit here with our families, Where do our fundamental rights of free speech browsing the net to look at the whereabouts of the and freedoms go when the residents of a state are put One of the greatest movie to watch world and commenting, in a jiffy, about the state under siege and their representatives are kept under to learn leadership is the movie, Gandhi. of affairs, a state with a population close to 1 crore house arrest to implement a Presidential order which The Principles laid down by the Mahatma Communication is critical has been locked down for over 2 months now. A is purportedly for their own good? How does this Gandhi cam to be called Gandhigiri. This ‘lockdown’ not only in the form of curfew but more justification of inclusion answer the lockdown that is word became more famous after Sanjay stringent with the ration and medical shops running persistent even after 60 days of this forced measure? Dutt’s movie Munna Bhai MBBS. In this Gandhi Ji knew the importance of dry, armed forces parading the streets in numbers Besides this, the constitutional fallacies of this movie, Sanjay Dutt uses the advice of non- communicating his vision of a free India heavier than before while the residents are locked up decision are still left unaddressed. The federal violence and compassion from imaginary to the common man. To further this, he inside and all the communication lines being blocked structure of the Constitution has been tampered Gandhi Ji. There is so much to learn from chose to travel a lot - always in third class which means those living outside the state can’t by abrogating a state to bifurcate it into Union Mahatma Gandhi, his principles can be used train compartments to get connected to even reach out to their families to know if they were Territories. All of this was being carried out while the by businesses to achieve new heights. 4 of more people. Communication is one of the fortunate enough to get the broad daylight of today’s state Government of J&K was dissolved and order Gandhi Ji’s principles that business houses major factor which hinders the growth of an morning or not. was implemented via presidential proclamation and a should follow are: organization. Both Free flow and restricted significant majority in both the Houses of Parliament. flow of communication are harmful for the For those of us who go on ranting about This act of Government of abolishing a state armed organization. integrating Kashmir with the rest of India tend to with the special protection of an Article acts as a Build An Honest Brand forget the negative sentiments of Kashmiris towards precedent that will legitimize its future actions of their own country which has been voiced on several bifurcating any state into UTs by the prior assent The courage of convictions occasions. These sentiments have been echoed of Governor (who it regards as a proxy for a state’s Mahatma Gandhi is followed religiously through- stone-pelting by misguided youth at the legislative assembly and its people) and through by people from all backgrounds because and handling conflict army personnel to avenge their hostilities, cries of President’s order by passing a bill in both houses with he built his brand on honesty. What’s said search for hundreds missing who were either killed the required majority thereby compromising with is done, you can’t fool people forever. or held on suspects of terror charges by the army the federalism of the Constitution. Even if such an A business should always provide to “An eye for an eye makes the whole world and police, rise in the number of young militants who order was to be challenged legally, the order might customers, what is being told to them. blind” said Gandhi Ji. What he meant that are denied peaceful education and respectful jobs, be defended by the Centre on the pretext of being ‘in This is one simple reason that most Indians if we keep punishing those who we deem rallies by separatists for a separate state, the national interest’ and signed-off as constitutional have faith in the Tata brand. They provide cruel, then we are no better than bad guys. chants of ‘Azadi’- freedom from the political power by the judiciary. products and services of the best quality to In business, there have been competitors play of the two nuclear powered countries fighting the customers and never fail to their solely driven by outwitting each other. For to gain control over the place by toppling over the While we sit here and decide the fate of those promises. example, the telecom war started by Jio interests and lives of its local residents. Neighbors whose tongues are tied as the decision of their has left every other telecom company to have heavily cashed in on this treatment of Kashmiris ‘FREEDOM’ is forced down their throats, we fail to bleed. Eventually, they either self-destruct by India as they instigate and train the youth to attack comprehend that it is the people who make a state or or have to stop a lose-lose strategy. Because their own homeland while we easily brand them as a country and national integration DOES NOT imply Gentle Persistence Is Better customers switch to that firm which provides ‘terrorists’ thereby turning a blind eye towards their territorial integration in any manner whatsoever. Than A Brawl them good services at the lowest cost. In need for basic education, healthcare, jobs, towns World’s largest democracy which celebrates its handling a conflict, Gandhi Ji recommended free of army troops and normal lives. The only way diversity has clearly overlooked the wants of a large looking for a win-win situation. of including them into the mainstream Indian identity ethnic mosaic of one of its states and jumped to To achieve a goal, you need goals and does not necessarily require them to be stripped the level of statehood for the sake of victory of its persistence. Gandhi Ji believed in both of Gandhi Ji’s principles can teach us much. of their own, an identity that was protected by few Government’s ideological battle. With bated breath, these concepts and learned from his mistakes Learning about the principles he lived by privileges of Article 370. Also the argument that this let us wait for the day when the sun shines for the after all his policy of ahimsa worked well. and making them our own is perhaps the ‘lockdown’ was a pre-emptive measure to implement people of Jammu &Kashmir and lifts the darkness of Business houses should always have a set a best tribute we can give him on his 150th the scrapping of Article 370 so as to contain the alienation that has been haunting them since days goal, to decide that were should they move birth anniversary. spread of misinformation or prevent the outburst and offering them false promises of a bright future. in the future. Moreover, they should never of the local populace clearly proves that Kashmir feel let off and try to adjust according to the has always been just a piece of land, for us, without environment by recognizing their mistakes. people who have voices and concerns, that is a part Jeff Bezos, founder of Amazon and one of of India which we ought to have irrespective of the the richest person on the earth made some cost involved. colossal mistakes in his initial stages. But his hard work and persistence bear him fruits.

38 39 More than 19 lakh people were excluded Union (AASU) which held identification, NRC. Any person who is not satisfied with g from the final list of the National Register of detention and deportation of illegal the outcome of the NRC can file an appeal Citizens (NRC) in Assam that was released immigrants as major demands. before the Foreigners’ Tribunals within 120 ar by the government on August 31, 2019, at 10 days. The Assam government has earlier am, concluding a five-year, Supreme Court- The government claims that the NRC shall assured those left out of the NRC will not

G monitored exercise that cost Rs. 1220 crore. become a vital legal document to fall back be detained under any circumstances until A total of 3.3 crore people had applied for upon for a citizen with respect to his/her the Foreigners Tribunals declare them as the NRC, of which 3.11 crore made it to the status as an Indian Citizen when updated. foreigners. final list. In case someone is unhappy with the What is NRC? decision of the Foreigners’ Tribunal, he/she anket Correspondent Who are eligible to get registered as can also approach the Guwahati High Court S The National Register of Citizens (NRC) is Citizens in the NRC? and even the Supreme Court. Meanwhile, a register maintained by the Government those who are declared as illegal migrants of India for the state of Assam containing • Persons whose names appear by the Foreigners’ Tribunals will be taken to names of all genuine Indian citizens. It was in the NRC list of 1951 detention camps and locked therein until first prepared in 1951 when the First Census • Persons whose names appear their deportation to their native country. of Independent India was conducted. The in any of the Electoral Rolls up to 1951 NRC list has been updated for Assam, March 24, 1971 Those excluded from NRC will have to in order to identify the existing illegal • Descendants of the above prove that they or their ancestors were immigrants and curb the future inflow of persons living in Assam on or before March 24, such immigrants. It is aimed at identifying • People who came from another 1971. Also, anyone who participated in the Bangladeshi illegal immigrants who entered region on or after January 1, 1966, but electoral rolls up to March 24, 1971, or who and settled in Assam during the Bangladeshi before March 25, 1971, and registered are descendants of any such citizens, are War of Freedom, after March 25, 1971, and themselves with the Foreigners eligible for inclusion in the updated NRC. deport them to their native country. Registration Regional Officer (FRRO) Besides, the original documents such as and were declared as Indian citizens birth certificates and land records - as long WHY UPDATE NRC? by the Foreigner Tribunal as these were issued before the cut-off • All Indian citizens including date, would also be admissible as proof of There has been a long-standing demand for their relatives who moved to Assam citizenship. updating the National Register of Citizens after March 24, 1971 since the past few decades. These demands • D’ voters can apply for inclusion If such people are norm reported or detained ensued in the wake of cross-border illegal of their names in the updated NRC in a camp then the would-be officially migration into Assam, primarily from • Persons who can provide any entitled as “non-citizens”. Although, India Bangladesh, which has been repeatedly one of the documents issued up has no fixed policy for “stateless” persons. objected by the indigenous local people. to midnight of March 24, 1971, as The only aspect carrying some degree of Defiance to this unchecked illegal inflow of mentioned in the list of documents clarity is that a “stateless” person will not people has resulted in bouts of violence and admissible for citizenship have voting rights. There remains no clarity hostility in the form of state-wide protests regarding their rights to work, housing and in the past. government healthcare and education as of THE ROAD AHEAD now. The signing of the Assam Accord in 1985 was followed as a conclusion of the six-year Those excluded cannot technically be called movement launched by All Assam Students foreigners as they are provided with legal UNINDIAN OF CITIZENS (NRC) REGISTER NATIONAL 40 41 Abstract The human capital of an organisation plays an important role in determining its success or failure. In order to seek strategic competitive advantage for itself, human resource (HR) decisions and strategies must be facilitated by data-driven insights leveraged through people analytics. Analytical tools provided by software such as RStudio, Python, Power BI and SPSS help in deriving powerful insights from the HR data collected by the organisation in assisting the HR professionals in making greater strategic decision. This paper provides a comprehensive understanding of the intricacies of people analytics. It elaborates upon the basic to the most advanced uses of people analytics, its benefits, essential elements for its successful use, risks associated with its use and the ways to overcome these risks. Further, the paper provides a picture of the future of people analytics. By providing real life cases from various industries in addition to review of the existing literature, the paper aims to answer questions arising in the minds of people who want to make use of people analytics. These insights have implications for policy makers and HR professionals who can constructively use people analytics to optimally utilise human capital. It aims to be path guide for implementing people analytics. Keywords: HR Analytics, Evidence based HRM, People Analytics, Talent Analytics, Workforce Analytics

and facilitate employee development Introduction (Miller, 2003). In addition, web-based Information Technology has been training can be given anywhere and completely transforming the way in which anytime (Hall, 1997) and automated payroll Research Paper the HR functions are performed. Townsend management system can ensure faster, & Bennett (2003) observed that HRM was simpler and more productive payroll often viewed as a nontechnical or soft processing and a user-friendly leave profession and the quantitative complexity management system can help manage all of the profession as evident in activities tasks such as making a request for leave, The Power of like compensation administration and approving/rejecting leaves and maintaining selection system development generally records of the leaves. (Singh et al , 2017). went unnoticed. They believed that the People Analytics HRM function became an early adopter From time to time, new technologies of Information Technology because of and innovations keep on emerging. Some this complexity and due to the need for of the recent developments include the enormous record keeping. prevalence of Mobile HR and Social HR (use of social applications for HR operations), use Different terms have been coined of people analytics, artificial intelligence, for the integration of IT and HRM with machine learning and leveraging sentiment various researchers defining these terms analysis. Amongst these developments, differently. One of the popularly used terms “People Analytics” is growing in importance is “e-HRM”. It is an umbrella term covering and is being widely used by organisations. all possible integration mechanisms and According to Deloitte’s Global Human contents between HRM and Information Capital Trends (2018) survey, use of people Technologies aiming at creating value analytics was the second-highest ranked within and across organizations for targeted trend in terms of importance as 84 per cent employees and management. (Bondarouk & of respondents viewed it as ‘important’ or Ruël, 2009). ‘very important’. e-HRM has various applications. For example, an e-recruitment system can Understanding People Analytics be used to automate the candidate pre- screening procedure in the existing HRM People analytics, also known as talent Smridhi Saluja framework in order to increase efficiency analytics or HR analytics, is an event- (Faliagka, Tsakalidis, & Tzimas, 2012). based approach, which helps in generating B.Com. (Hons.) II Year Further, technology can be used to provide organisation-specific, data-driven Shri Ram College of Commerce continuous feedback to employees in order insights. These insights help in ensuring to ensure higher performance of employees better hiring, retaining, managing, and University of Delhi optimizing the workforce. As such, they 42 43 facilitate HR professionals in making more strategic decisions about the people in the Applications of People Analytics and the Associated Benefits organisation. Marler & Boudreau (2017) define HR analytics as: According to Fecheyr-Lippens, Schaninger, & Tanner (2015), human resource professionals “An HR practice enabled by information technology that uses descriptive, visual, can help the company to prosper by using advanced analytical techniques for recruiting as well and statistical analyses of data related to HR processes, human capital, organisational as retaining great managers and innovators. They state that a healthcare organization could performance, and external economic benchmarks to establish business impact and enable save $100 million by using HR analytics and at the same time could improve the engagement data-driven decision making.” of its workforce. Such savings could be attributed to the fact that the organization could figure out that the reasons behind the high attrition rate were the unequal compensation Analytics helps to answer the following questions (Davenport, Harris, & Moriso, 2010): levels. By using data analytics, an optimal minimum and maximum compensation threshold was identified, which helped to increase the engagement of its employees, reduce the rate of attrition and decrease the total compensation expenditures. They further state that a company could reduce its expenditure by $20 million by using predictive behavioural analytics. It was able to find out that the attrition rate was high because of the lack of training and inadequate recognition. The retention bonuses being offered by the company were ineffective and thus the company reduced such bonuses by $20 million. The result was that the company successfully reduced the employee attrition by half. Luenendonk (2017) identified the benefits of applying HR analytics in the following key areas: • Recruitment: Using data analytics, candidate qualities that yield better results can be identified and thus recruitment decisions can be improved. • Health and safety: The problem areas can be easily identified using data analytics. For instance, factors responsible for the high rate of accidents like Job roles, locations etc can be pointed out on the basis of the collected data • Employee Retention: Factors attributing to high attrition rate can be found out and Organizations collect HR-related information through sources such as surveys, internal worked upon. Also, the aspects that are helpful in increasing employee engagement HR systems, enterprise resource planning (ERP) and operational systems, business can be identified. communications tools, internal as well as external social media and data warehouses. • Talent Gaps: Data can be used to identify the skills possessed by the employees in Nowadays, organisations are using new and innovative types of data. For instance, various departments and thus can be used to reveal talent gaps in the organization if information is being gathered from wearable devices and social media. Three Square Market, any. a technology company in Wisconsin even went to the extent of embedding computer chips • Improving Performance: Analytics can help identify the skills that help improve in the bodies of their employees to gain a better understanding of their employees. (Astor, employees performance and the effectiveness of each training program that was 2017) More advanced channels that are being used are natural language processing tools conducted. This shall provide further insights to impart training and improve which help perform text and sentiment analyses on text gathered from internal and external performance. social media. (Bersin, Deloitte Consulting LLP, High-impact people analytics research, 2017) Some of the renowned organisations which are using people analytics to efficiently meet their business goals are given in Table 2.

44 45 According to a survey conducted DELTA Model • Captivating storyteller: The team • Using security and IT controls to by Falletta (2013), 13.8% of the total 218 should be able to convince the prevent data from falling into the respondent companies (out of which 195 In order to make successful use of decision-makers to make use of the wrong hands: Organisations can companies were Fortune 1000 companies) analytics, DELTA (Data, Enterprise, data-driven insights. encrypt the data to ensure that reported that HR analytics played a central Leadership, Targets and Analysts) model • Visualization techniques: The team the personal information of their role in formulation and implementation of HR can be used. It is a 5-step model proposed must be able to visualize their employees is secured. The Chief strategy, whereas in 49.5% of the respondent by Thomas H. Davenport, Jeanne G. Harris results so that the decision-makers Information Officer (CIO) can be companies, HR analytics provides inputs and Robert Morison (2010) and later studied understand them better and use these asked to put in place relevant to the HR strategy and helps implement it by Harris, Craig, & Light (2011) in their case results as a basis for their decisions. security and IT controls to ensure after it has been formulated. This shows study: • Strong psychological skills: An data security. that 63.3% of the total respondents were • Data: It is important to collect the understanding of psychology is • Devising policies related to collection leveraging HR analytics to a large extent. right kind of accurate, high -quality required for converting information and use of employee data: The data which facilitates conducting to knowledge, dealing with data in organisation should have robust Using People Analytics meaningful analytics and provides a better manner and making more policies related to the collection Successfully useful insights. In order to facilitate impact. and use of employee data so that it the comparison of the data, • Understand the business: The team ensures that it doesn’t end up landing Various models have been proposed for consistency should be maintained should have an understanding of in legal trouble. the successful implementation of people over time and across departments. the strategies, financial situation, • Gaining employees’ confidence by analytics. A few examples include: • Enterprise: The enterprise must have strategies of the business entity and ensuring transparency: The support a strategic perspective. Its approach other related information. of employees should be gathered by Path to Success to analysing, predicting, forecasting making them aware of the data being and optimizing HR processes and used and the purposes for which it According to Douthitt & Mondore (2013) outcomes should be methodical and Risks Associated with is being used. The organisation may an organisation can successfully implement disciplined. even enter into people data contract and utilise analytics by taking any one of • Leadership: A passionate person who People Analytics with workers these 5 paths: has the right analytical skills should • Checking accuracy of data-driven • Big Analytics Behind-the-Scenes: In lead the human capital analytics While people analytics do have their decisions: The company should be order to save time and resources, program. He should be capable of advantages, certain tradeoffs are inevitable. watchful that the data collected is the data may not be compiled managing the changes that shall be In particular, the following risks are often relevant and the machine-driven and brought to a single platform. caused in the processes and culture associated with people analytics: decisions are accurate enough to be Analytics can be conducted by of the organisation due to the use of • Data security: It is a primary risk as relied upon. gathering the data from different analytics. the employees’ data may get leaked platforms and reformatting it as per • Targets: Right analytics opportunities and be misused. This may even result the requirement. that are more likely to provide greater in legal liabilities. (Deloitte Global Future of People Analytics • Big Analytics and Big Integration: payoff should be targeted so that the Human Capital Trends 2018) A comprehensive approach may time and resources are efficiently • Decisions may not be completely If the HR professionals have a rough idea be adopted, that is, analytics utilised. unbiased: Data-driven decisions are about the likely future of people analytics, and data integration can happen • Analysts: Analytical talent amongst generally considered to be unbiased. they can prepare in advance. Certain trends simultaneously. the HR team must be identified However, there may be flaws in the that have been forecasted by experts are as • Start Small - Generate Interest: and nurtured so that data can be algorithm being used or the data follows: In case the top management is collected, statistical models may which serves as the basis for the • Preference to Real-Time Data: not interested in HR analytics, be used and quantitative analysis decisions. (Deloitte,2018) Technologically advanced systems cause-effect analytics should be is conducted by the people having • Employee Perception: If the employee (like wearables, sensors etc) which used to show how one particular deep analytical skills. perception of personal data use is not provide real-time data shall replace piece of HR-related data impacts a good, then this may cause damage to the data sources (like employee business outcome. Once the value Competencies Required the organisation’s image. (Deloitte, surveys) that provide data at a single of Analytics has been illustrated, 2018) point in time (Guenole, Ferrar, & the top management shall support Andersen (2017) suggested that the • Incorrect results due to poor quality Feinzig, 2017) conducting of more number of such people analytics team should have the data • Use of Connected Devices: Devices analyses. following competencies: • If the data being used is not good in that are used for the purpose of • For Small Business- Start Strong: quality, then the results derived by people analytics shall be connected It’s easier for small businesses to • Excellent statistics and numbers using analytical tools might not be with the devices useful for other integrate data and conduct analytics skills: Skills in advanced statistics are correct. areas of the business. They shall be a as the amount of data is less. They required to derive powerful insights part of Internet of Things. (Guenole, can easily do strong analytics. from the collected data. Ways to Mitigate Ferrar, & Feinzig, 2017) • Have Integration, Need Strong • Strong data management skills: In Risks Associated with • Collection of Information from Digital Analytics: If the data of the order to ensure that the insights are People Analytics Footprints: While using World Wide organisation is integrated, that is not drawn from only relevant and good Web people leave digital footprints. enough. A cause-effect relationship quality data, the team must have While the risks exist, an organisation These footprints can be used to with the business outcomes should strong data management skills. could employ the below-mentioned steps identify prospective and assess their be established and ROI should be to mitigate them: suitability for the job. (Guenole, calculated. Ferrar, & Feinzig, 2017) 46 47 • Change in Perspective: • Davenport, T. H., Harris, J. G., & People Analytics team shall not be Moriso, R. (2010). Analytics at Work: viewed as just an HR team, it shall be Smarter Decisions, Better Results,. viewed as a business analytics team Boston, MA: Harvard Business Press. working across the business. (Deloitte, • Deloitte. (2017). Global Human Capital Trends. 2017) • Deloitte Global Human Capital Trends Survey 2018. • Shift in Focus • Douthitt, S., & Mondore, S. (2013). More focus shall be on solving business Creating a business-focused problems like fraud, high potential HR function with analytics and retention etc, instead of basic HR topics integrated talent management. like recruitment metrics. (Deloitte, 2017) People & Strategy . • Faliagka, E., Tsakalidis, A., & • Change in Composition of the team Tzimas, G. (2012). An integrated The people analytics team shall be a e-recruitment system for automated multidisciplinary team having a focus on personality mining and applicant ranking. Internet Research , 22 (5), problem-solving, visual communication 551-568. as well as business consulting. (Deloitte, • Falletta, S. (2013). In search of HR 2017) intelligence: evidence-based HR analytics practices in high performing companies. People & Strategy . Conclusion • Fecheyr-Lippens, B., Schaninger, B., & Tanner, K. (2015). Power to the The top-level management should new people analytics. McKinsey facilitate its HR department in leveraging Quarterly . People Analytics to the maximum possible • Guenole, N., Ferrar, J., & Feinzig, S. extent as it is a boon for an organisation. (2017). The Power of People: Learn How Successful Organizations Use In the coming years, the use of People Workforce Analytics To Improve Analytics shall become a fundamental Business Performance. FT Press. requirement for effective decision making • Hall, B. (1997). Web-based Training for the HR department. With the increasing Cookbook. New York, USA: John use of Artificial Intelligence, Blockchain Wiley & Sons, Inc. Technology and Machine Learning, it is • Harris, J. G., Craig, E., & Light, D. highly likely that HR too shall reap major A. (2011). Talent and analytics: new benefits of such advances in the near future. approaches, higher ROI. Journal of It can be concluded that organisations Business Strategy , 32 ( 6), 4-13. which employ or have employed people • IBM. (2014). Unlock the People analytics will earn a higher return on their Equation: Using Workforce Analytics to Drive Business Resuts. investment in their human resource over the • Luenendonk, M. (2017). The coming years. Beginner’s Guide to HR Analytics. Drake Business Review , 9 (2), 28-31. • Marler, J. H., & Boudreau, J. W. (2017). References An evidence-based review of HR Analytics. The International Journal • Andersen, M. K. (2017). Human capital of Human Resource Management , analytics: the winding road. 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