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BEST U.S. COLLEGES–AND the ONES to AVOID/Pg.82 RNI REG BEST U.S. COLLEGES–AND THE ONES TO AVOID/Pg.82 RNI REG. NO. MAHENG/2009/28102 INDIA PRICEPRICE RSRS. 100100. AUGUST 2323, 2013 FORBES INDIA INDEPENDENCESpecial Issue Day VOLUME 5 ISSUE 17 TIME TO Pg.37 INDIA AUGUST 23, 2013 BRE A K INDEPENDENCE DAY SPECIAL FREThe boundaries of E economic, political and individual freedom need to be extended www.forbesindia.com LETTER FROM THE EDITOR-IN-CHIEF Towards Greater Freedom or a country that became politically free in 1947 and took a stab at economic freedom in 1991, the script in 2013 could not have been worse: An economy going downhill, a currency into free fall, and a widespread Ffeeling of despondency and frustration. A more full-blooded embrace of markets should have brought corruption down and increased competition for the benefi t of customers and citizens alike. But that was not the path we took over the last decade. An expanding pie should have provided adequate resources for off ering safety nets to the really poor even while leaving enough with the exchequer to fund public goods. But India is currently eating the seedcorn of future growth with mindless social spending. Corruption has scaled new heights, politicians have been found hand-in-glove with businessmen to hijack state resources for private ends, and a weakened state is opting for even harsher laws and an INDIA ever-expanding system of unaff ordable doles to maintain itself in power. Politicians have raided the treasury for private purposes, and businessmen fi nd more profi t in rent-seeking behaviour than in competing fairly in the marketplace. As for the citizen, she is angry with the steady whittling down of freedoms, a crumbling education and health care system, and pathetic public services. The current political power arrangement between centre, states, cities and villages is coming apart at the seams. The impending carve-up of Telangana from Andhra shows that super- India is getting large states are not inclusive enough, even as super-cities such as ready for the Mumbai and Delhi are being misgoverned due to a misalignment next freedom between political power and accountability to citizens. struggles, the next Indians are not taking it lying down anymore—as the Anna Hazare movement and the public protests over the Delhi gangrape of 2012 million mutinies indicate. Governance has become the talking point of the next election. The people are fi ghting back. They may not have succeeded in organising themselves too well, but they are speaking up. India, in short, is getting ready for the next Best, freedom struggles, the next million mutinies. In our Independence Day special issue that is now in your hands, we asked several eminent businesspersons, experts, independent thinkers and non-conformists to share both their diagnosis R JAGANNATHAN and remedies for India’s next phase of growth and movement Editor-in-Chief, Forbes India towards greater personal, political and economic freedom. [email protected] This year’s I-Day comes when the country is on the cusp @TheJaggi of major political change. The ideas in this issue should thus be fodder for the electoral battles of 2014 and beyond. AUGUST 23, 2013 | FORBES INDIA | 3 Contents Volume 5 | Issue 17 | August 23, 2013 INDEPENDENCE DAY SPECIAL Sudhanva Atri for Forbes India for Atri Sudhanva Online Grocers: Bal Krishn 28 Birla and Mukesh Singh 10 5 68 Surjit Bhalla: India Stays Dole Up, 12 Subsidy Down 6 1 3 70 Manish Sabharwal:IND Why the God IA of Jobs Doesn’t Smile 8 on India 13 72 Ajay Shah: The State Should Enter 11 the Picture Only When Markets Fail 74 Dileep Ranjekar: Our Biggest 9 Challenge is to Improve Teaching Competence 92 2 4 7 76 Akhil Gupta: Let the Sun Free India from a CAD Crisis 1. Keki Mistry 2. Wilfried Aulbur 3. Swati Piramal 4. Yogendra Singh Yadav 5. Manish Sabharwal 6. Jayaprakash Narayan 7. Dileep Ranjekar 80 The Lost Heroes of Economic Life 104 The Silver Ceiling 8. Bimal Patel 9. Pratap Bhanu Mehta 10. Ajay Shah 11. Akhil Gupta 12. Bibek Debroy 13. Surjit Bhalla Freedom Jasodhara Banerjee They championed a free market 92 The Intolerant Indian 107 Imagine There’s No Heaven AMERICA’S BEST COLLEGES 48 Jayaprakash Narayan: Fixing economy against Nehruvian policies Salil Tripathi Features Devangshu Dutta 82 Colleges at Risk Governance with Reforms and 96 All Work and No Play CORPORATE ACCOUNT Forbes’s annual ranking of the top Economic Freedom 110 They Fill Our Lives Genesia Alves 24 How Etihad will Digest Jet 300 colleges—and those you need to Dilip D’ Souza The deal will change much more worry about 50 Wilfried Aulbur: India has its Upfront 98 The Family Way than Jet’s international routes Own Silver Linings Playbook 112 The Private Citizen INDEPENDENCE DAY SPECIAL BRIEFING Sandip Roy Sunil Abraham BIG BET 38 India can’t be a Jugaad Economy 56 Pratap Bhanu Mehta: When 22 The Pursuit of Happiness 100 Imagining Equality 114 Democracy on the Rocks 28 ZopNow Takes a Crack at Forever Business Bats Against Itself More money does not necessarily Nilanjana S Roy Imran Khan Online Grocery We need key policy reforms, and a mean more happiness The fi rm’s ‘three-hour delivery’ wider ambit of freedom 60 Yogendra Yadav: India is a State- promise can make or break its future Nation, Not a Nation-State Subscriber Service: To subscribe, change address or enquire 42 Keki Mistry: How to Rescue the Regulars about other customer services, please contact: FORBES INDIA, Subscription Cell,C/o Digital 18 Media Ltd, Empire Complex, WE VALUE YOUR FEEDBACK. STRATEGY Government-Business Equation 62 Bimal Patel: We Have to Free Our 414, Senapati Bapat Marg, Lower Parel, Mumbai - 400013. Write to us at: Cities from the States’ Clutches 10 Letters 20 World Watch Tel: 91-22-40019873 / 4001 9874. Fax- 022-24910804 [email protected] 32 Global Brands from Emerging (Mon –Friday: 10 am - 6 pm) SMS FORBES to 51818 Letters may be edited for brevity. Economies 46 Swati Piramal: How to Make 12 Check-in 116 Thoughts Email: [email protected], Read us online at www.forbesindia.com India a World Leader in Low-Cost 66 Bibek Debroy: Between the To subscribe, visit www.forbesindia.com/subscription/ China can show how companies in To advertise, visit www.forbesindia.com/advertise/ Cover Design by Anjan Das these economies can build brands Health Care ‘Illfare’ State and the Deep Sea 6 | FORBES INDIA | AUGUST 23, 2013 AUGUST 23, 2013 | FORBES INDIA | 7 www.forbesindia.com Magazine Upfront Features Life Daily Sabbatical Multimedia Blogs News Lists INDIA http://forbesindia.com/blog/ MUST-READ BLOGS Lessons From http://forbesindia.com/blog/ Detroit’s Demise Detroit is a very real and sad example of how a boom OUR BLOGGERS turned into bust in less than a generation. The PRINCE SEEMA newfound prudence in the MATHEWS SINGH bond markets from investors THOMAS Writes on who have been burnt by this default, may perhaps be Tracks the sci-tech and all things the real driver of change in world of getting municipal leaders business from that lie at the intersection and planners to make the the rear seat diffi cult choices they need to BINDU The MOOC Question share their groceries with. ANANTH Massive Open Online Indians, too, have a slightly President, SANJEEV Courses are here to stay. different approach GUPTA INDIA IFMR Trust Question is: In what form? How we Forgot Chhedda Internet Bhargava vs Supermarket... Padmanaban in the Explores how Managing Partner, Now Open! Bhagwati vs Sen Spat fi nance can be a Emerging Opportunity Why don’t we engage in force for good Consulting Even in the West, e-portals are creating robust front- scientifi c public debates end touch-and-feel stores. on critical issues; why People aren’t comfortable do our scientists remain with only an IVR system to socially insensitive? http://forbesindia.com/multimedia/audio/1 FORBES INDIA Now Available Podcasts on iPad TIME TO WHY BANKING IS BREAK FREE AN ATTRACTIVE Download the SECTOR Forbes India App By R Jagannathan & Dinesh Narayanan By R Jagannathan http://forbesindia.com/thedailysabbatical/ The Bottom Line Do Your Negotiating on Corporate Tweeting Techniques Create DAILY SABBATICAL Research suggests Twitter Value? helps market liquidity of It’s no longer a game little-known companies of hardball. Today’s Crowdfunding negotiations involve a Poor more than just money Investment? Crowdfunding promises to democratise 10 Recipes funding of for Better Thinking startups. But is How action-focussed that necessarily business leaders can a good thing? sharpen their thinking skills 8 | FORBES INDIA | AUGUST 23, 2013 Founder & Editor, Network18: Group CEO, Network 18 & Group CFO: RDS Bawa Raghav Bahl Publisher, Forbes India: CEO, Web18: Lakshmi Narasimhan President & Editorial Director, TV18: B Sai Kumar CEO, Network18 Media: Sanjay Dua Senthil Chengalvarayan CEO CNN IBN IBN7: Group COO, Network 18 : Dilip Venkataraman Editor-in-Chief: R Jagannathan Ajay Chacko Director Operations, Network18 & COO IBN Lokmat: Sanjay Sharma Design Director: Anjan Das CEO, Forbes India: Gurmeet Singh Operations Director & CTO Director-Online & Events: Broadcast: Piyush Gupta Deepak Ajwani ADVERTISING SALES Senior Vice Presidents: Editor (Features & Special Projects): Vishal Srivastava FORBES MEDIA LLC Abhilasha Khaitan Maulik Thakkar, Kumar P, Chairman & Editor-in-Chief: Editor (ForbesLife India Manavdeep Singh, S Shivakumar, Steve Forbes & Social Media): Peter Griffin Fardeen Sayeed, Niraj Ladia, President & CEO: Mike Perlis Senior Editor (Economy & Policy): Nitya Sharma, Atishay Singh, Chief Product Officer: Dinesh Narayanan Jaskaran Gulati, Preetika Mehta, Lewis D Vorkin Mansi Shah, Sahil Menghani, Senior Editor: Seema Singh CEO / Asia: William Adamopoulos Rashmi Nath, Vibhor Nigam, Senior Associate Editor: Editor, Forbes Asia: Tim Ferguson Cuckoo Paul Prashant Shirke & Kumar Kamble Contributing Editor: Mitu Jayashankar EVENTS Events Head : Alpana Gulati Consulting Editor: Views & opinions expressed in this Sumana Mukherjee Shriram Narayanmurthy, Girish Sharma, Sajjan Sharma magazine are not necessarily those of Digital18 Media Limited (Digital18), its Editor (Markets And Finance): publisher and/or editors.
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