What Urban Don’t Say From Bedroom Tractor to India’s Senior Cheese, to Bergdorf: A Twitter p.09 Citizens Want Say Yogurt Cashmere Journey p.10 p.18 p.16

www.economictimes.com | New Delhi | 20 pages | `10 January 03-09, 2021 The Biggest ET Magazine looks at how past budgets have navigated big crises. Can the takeaways from them inform Budget 2021, the most crucial one in a generation? B p.03-07 SUNEESH K

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Ganguly Stable Five Cricket After Angioplasty, Bharat Biotech Vaccine Players in Says Doctor Isolation Kolkata: Former Indian skipper Steps Closer to Approval Melbourne/New Delhi: Five In- and the B oard of C ontrol for dia Test players, including vice- Cricket in India (BCCI) president he Subject Expert Committee (SEC) of the Biotech’s application and had not approved its Cov- captain Rohit Sharma, opener Sourav Ganguly on Saturday un- drug regulator on Saturday recommended axin jab and sought more interim efficacy data from Shubman Gill and wicketkeeper- derwent angioplasty and is stable Tgranting permission for restricted emergen- the company. batsman Ri shabh Pant , ha ve now, experts in the medical team cy use to an indigenously developed vaccine by The decision comes on a day when various states been placed in isolation and an said. Ganguly was Bharat Biotech, subject to conducted dr y runs for investigation launched into a admitted to a Kol- certain conditions. Thi s vaccination. Health Minis- possible breach of the Covid-19 kata hospital this came a day after the SEC ter Hars h Vardhan said bio-security protocol by them, afternoon after recommended condition- vaccines would be provid- Cricket Australia said on Satur- complaints of al use of the vaccine devel- ed free in the first phase of day. This was after a fan put out a chest pain. oped by Serum Institute of inoculation to the most video of the players sitting inside “Sourav Ganguly India (SII). prioritised beneficiaries, an indoor restaurant on Twitter is stable after un- The drug contr oller is including one c rore on Friday. He claimed to ha ve dergoing angioplasty. He is con- formally expected to give healthcare and two crore been seated close to them and scious and stable now. He has a his approval for both the frontline workers. He add- also talked about getting a hug minor cardiac issue while doing vaccines shortly. “The for- ed that details of how 27 from Pant after he paid for the some workout in his home gym- mal approval is likely to crore priority beneficiar- players’ meal. He later retracted nasium,” said Saroj Mondal, the come within 24 hours,” a ies — those above 50 years the claim about the hug after it head of medical team treating the senior official aware of the of age and those below it raised serious q uestions on a BCCI chief. “He underwent angi- matter told ET. Union Health Minister Harsh Vardhan on Saturday having comorbidities — breach of protocol. visits an urban primary health centre in Delhi to as- ography and angioplasty. He is The health ministry said sess the preparedness of vaccine administration would be vaccinated until The BCCI brass had initiall y now stable. There are multiple is- in a statement: “The SEC July were being finalised. ruled out any investigation after sues for cardiac attack. He will be recommends grant of permission for restricted use Delhi Health Minister Satyendar Jain said the vac- reports of a possible breach first able to join hi s daily activities in emergency situation in public inter est as an cine will be provided free to people in Delhi. appeared in the media here, but soon.” Mondal is also heads the abundant precaution, in clinical trial mode, espe- Cricket Australia’s late statement cardiology depar tment of the cially in the context of infection by mutant strain to “New Viral Strain Cultured” said a joint probe is on. —PTI state-run SSKM Hospital. Bharat Biotech,” India has successfully cultured the new viral strain, Sources said that there are two Bharat Biotech presented safety and immuno- the ICMR said, on Saturday. “SARS-CoV-2, the virus more blockages in his heart for genicity data of Phase-I, -II trials and additional causing Covid-19, was being tracked through a net- In A First, Senate which he will be treated. A stent safety data on 22,000 participants of their Phase-III work of ICMR laboratories,” it said. According to the insertion has been. — IANS trials before the panel on Saturday, the source said. ICMR, no country has yet reported successful isola- Overrides Trump In its meeting on Friday, the committee members tion and culture of the UK variant of SARS-CoV-2. Veto of Bill had differences of opinion in the SEC over Bharat —Teena Thacker/New Delhi Farmers Plan Washington: President Donald Trump suffered a stinging rebuke Delhi Tractor in the US Senate on Friday when Parade on Jan 26 fellow Republicans joined Demo- Exports Fall 0.8% in December crats to override a presidential New Delhi: Hardening their posi- New Delhi: Contracting for the third straight month, $364.18 billion in April-December 2019-20. “India is veto for the first time in his ten- tion ahead of the next round of India’s exports slipped marginally by 0.8% to $26.89 thus a net importer in December 2020, with a trade ure, pushing through a defense talks with the government, pro- billion in December 2020, due to decline in sectors like deficit of $15.71 billion, as compared to a trade deficit of policy bill he opposed just weeks testing farmer unions on Satur- petroleum, leather and marine products, as $12.49 billion, widened by 25.78%,” the min- before he leaves office. Meeting day said they will take out a trac- per the government data. istry said. in a rare New Year’s Day session, tor parade towards Delhi on Jan- The trade deficit in December widened to In December 2020, oil imports declined by senators voted 81-13 to secure the uary 26, on Republic Day, if their $15.71 billion, as impor ts grew by 7.6% to 10.37% to $9.61 billion. During April-Decem- two-thirds majority needed to demands are not met. Address- $42.6 billion, according to the preliminary Trade deficit ber, the imports dipped by 44.46% to $53.71 override the v eto. Republican ing a press conference, farmer data released by the commerce ministry on widens to billion, it added. lawmakers have largely stood by leader Darshan Pal Singh said Saturday. $ bn Major commodities of export which have the president during his turbu- their proposed parade will be Exports in December 2019 were $27.11 bil- 15.71 recorded positive growth during the month lent White House term. In anoth- called Kisan Parade and it will be lion, while imports stood at $39.5 billion. In November under review included oil meals (192.60%), iron ore er setback for Trump, a judge re- held after the Republic Day pa- 2020, exports were down by 8.74%. In April-December (69.26%), carpet (21.12%), pharmaceuticals (17.44%), jected a lawsuit filed by a Texas rade. The next round of talks be- 2020-21, the country’s merchandise exports contract- spices (17.06%), electronic goods (16.44%), fruits and lawmaker and other Republicans tween the government and pro- ed by 15.8% to $200.55 billion, against $238.27 billion in vegetables (12.82%), and chemicals (10.73%). Sectors against V ice Pr esident Mik e testing farmer unions is sched- the corresponding period of the last fiscal year. that registered negative growth include petroleum Pence seeking to overturn Demo- uled to be held on January 4. Imports during the nine months of the current fiscal products (-40.47%), oil Seeds (-31.80%), leather and cratic President-elect Joe Biden’s —PTI year declined by 29.08% to $258.29 billion, as against leather manufactures (-17.74%). —PTI win. —PTI

China Warns of Retaliation for NYSE’s Delisting of Companies

Beijing: China said on Saturday it would take panies to be suspended sometime bet ween the so-called ‘Communist “greatly weaken all parties’ confidence in the necessary countermeasures in response to the January 7 and 11. The move stems from an ex- China Military Companies’ US capital market,” the statement said. New York Stock Exchange’s announcement ecutive order President Donald Trump issued list and will take the neces- The ministry did not offer details on what that would delist three major Chinese tele - on November 12 barring investment in pub- sary countermeasures to the measures might be. coms, in the latest flare-up of tensions between licly traded companies that the US govern- resolutely safeguard the le- Under Trump, the US has stepped up eco- Beijing and Washington. ment says are owned or controlled by gitimate rights and interests of nomic sanctions and travel bans against Chi- The stock exchange said Thursday that Chi- the Chinese military. Chinese companies,” a spokes- nese companies, government officials and na Telecom Corp Ltd, China Mobile Ltd and “China opposes the Americans person for the Chinese C om- Communist Party members, especially recent- China Unicom Hong Kong Ltd would be delist- from abusing national security by merce Ministry said in a state- ly in Trump’s last few weeks in office. ed from the exchange, with trading of the com- listing Chinese companies into ment. The ac tions will also —AP cover story 03 JANUARY 03-09, 2021 Dear FM, Target Growth Growth alone can ward off a fresh banking crisis, further collapse in employment and greater distress. Growth needs investment — triggering it should be the focus of Budget 2021

troubles that halt a project in a totally un- foreseen fashion: for e xample, after a change of government, a perfectly viable Amaravati township project in Andhra Pradesh became a high-risk venture. Ide- ally, infrastruc ture pr ojects in India should be kicked off under government ownership and stewar dship and once they have safely got underway, they can be sold off to private investors. Once the risk has been mitigated, infrastructure projects do not require much risk capital, that is, equity. They should be funded, pri- marily, by debt. And that debt should be raised from the capital market. Hence the next priority of the budget — creating a vi- brant market for corporate debt. Last year, the FM announced the crea- tion of a Credit Guarantee Enhancement Corporation. It has yet to take off. Fund- ing it should be a priority, for it to play its intended role as an enabler of the debt market. The government should knock off the transaction taxes on derivative trades, as finely priced derivatives are at the heart of mitigating risk — credit, interest rate and currency — on debt. :: TK Arun Since the world is awash with capital in he primary objective that Finance (2 doses for around 60% of India’s 1.34 tal loan book is better than the dou- search of decent returns, the government Minister Nirmala Sitharaman will billion population). ble-digit level the RBI had estimated it should find a way to offer it decent — to be have in mind w hen she drafts her would be in its earlier reports. How- negotiated — returns shorn of currency budget this year would be reviving Footloose Capital ever, once the restructured loans fall risk, and draw in large amounts to fund growth, after a GDP decline of some But that would be relatively small, com- due for servicing/repayment, many infrastructure. Established projects, such T7.5% forecast for 2020-21. A secondary pared with the investment that is re- so-called standard loans would sud- as toll roads and ports, can fetch the capi- objective would be to provide relief to quired to impart growth momentum to denly turn non-performing. For the talised value of their future earnings from those still suffering from the ill-effects the economy. Fortunately, all that need- banks to st art lending again, they global investors, for the proceeds to be of the downturn in the wake of the ed investment need not come from the would need to be r elieved of a fair ploughed into fresh infrastructure. This Covid-19 pandemic and the lockdown exchequer, although the in vestment share of their bad loans and be pro- would add contingent liability to the gov- that followed. While doing this, she would need to be induced b y policy. vided with additional capital. ernment’s books, a frac tion of w hich would also ha ve to Much of the needed The most practical way to relieve would reflect in the fiscal deficit. begin the process of funds can be drawn the banks of their bad loan burden is Growth is the magic elixir that alone can fiscal correction, to An important from the giant pools for banks to come together and create ward off a fresh banking crisis, further col- rein in the fiscal defi- objective will be of footloose c apital a bad bank they jointl y own, and lapse in employment and greater distress. cit that went out of to provide relief scouring the world in transfer their bad loans to the bad And growth calls for investment — trigger- control as the econo- desperate search of bank. The government could provide ing it should be the focus of Budget 2021. „ my tanked, dragging to those hit by the decent returns, in the a part of the equity of the bad bank, [email protected] tax collections along. economic background of policy along with the banks. Third-party val- The challenge of rates dipping to near uers can be roped in to determine the organising nation- downturn. FM zero or ev en below value at which the bad loans are to be wide vacc ination also has to begin zero in the developed transferred to the bad bank. That way, against Covid-19, as world. The g overn- bank managers would not be accused also fortifying the na- the process of ment would need to of selling off assets cheap. Further, tion’s healthcare in- fiscal correction, offer some kind of when the bad bank, which buys the frastructure, i s an to rein in the guaranteed rate of re- bad loans for cash upfront, resolves opportunity for turn in dollar terms. these assets and turns in a profit, it growth-boosting in- fiscal deficit that But this is the easy would accrue to the bad bank’s own- vestment. Strength- went out of part of r eviving in- ers, the banks and the government. ening rural health vestment. The tough Provided the resolution of distressed centres with cold control part is fixing the bro- assets with the bad bank is done with storage fac ilities, ken system of medi- some integrity and the transparency even if that is just an ordinary refrig- ating savings to investment in the econ- that ensures integrity, the ultimate erator, which is adequate for the Ox- omy. Banks are the primary route for value of the loan write-offs entailed ford-AstraZeneca vaccine that will be channelling household savings to in- can be minimised. mass produced and supplied by Pune- vestment: people put their money in But banks would not, and should based Serum Institute of India, will bank deposits, the banks lend the not, lend to infrastruc ture projects create additional demand in the econ- funds to industr y. Banks, ho wever, again. Infrastructure projects cost a omy, as would the procurement of dis- have turned reluctant lenders, given lot and no one undertakes them with- posable syringes, cotton swabs and their pile of bad loans. out making sure of their inherent fea- cleaning spirit for admini stering Right now, thanks to loan restruc- sibility. However, in a country like In- around 1.6 billion doses of the vaccine turing, the ratio of bad loans to the to- dia, there could be man y teething 04 cover story JANUARY 03-09, 2021 The Biggest

ET Magazine looks at how past budgets have navigated big crises. Can the takeaways from them inform Budget 2021, the most crucial one in a generation?

Tax Or Not BReintroduce Options are many but more Wealth Tax borrowing is a better option than raising taxes now (Wealth tax was abolished in 2016-17 budget)get)

:: Shantanu Nandan Sharma CHANCES: Moderate to low hen the then finance minister Morarji Desai rose to present the Union budget on the evening of Febru- IMPACT: Will increase revenue big time, but will Raise Surcharge ary 28, 1963, he clarified that he would speak more on impact realty sector and overall market on Super-Rich the challenges on the border rather than dwell on eco- sentiments nomic trends. Small wonder then that he earmarked (Currently, individuals earning `5 crore and W`708.5 crore out of an estimated expenditure of `1,852 LESSONS FROM THE PAST: Wealth tax above pay 43% tax) crore — a staggering 38% — for the defence sector. He also and gift tax were introduced decided to do away with the traditional practice of identifying CHANCES: Moderate to high expenditure for the army, navy and the air force under separate amid crises of 1950s heads, citing national security concerns. He then profusely ex- IMPACT: Actual tax collection won’t be much if the pressed his gratitude to the US and Britain for rushing to India’s as- effective tax rate is increased from 43% to, say, 50% sistance with military equipment and supply during the India-China for the super-rich conflict of 1962. In his budget speech, Desai also invoked a sense of national Increase Capital LESSONS FROM THE PAST: A tax called “super duty to impose a “super profits tax” on companies, estimating Gains Tax and Holding profits tax” was introduced in 1963-64 that his move would mop up about` 25 crore, a sizable amount to cover hike in defence expenditure those days. He also increased customs duties, restricted for- Period in the aftermath of the 1962 eign travel and unleashed a provision of mandatory sav- (Now, 10% is charged on sale value of stocks held ings for taxpayers, adding in unequivocal terms that the Chinese aggression over a year) threat on the borders necessitated a higher order of taxation. CHANCES: Moderate to high In the past, India’s budgets have navigated through and even triumphed over humungous crises — the Chinese IMPACT: Will mobilise substantial aggression, the global oil turmoil of the early 1970s, bouts of revenue but drag down the stock Increase Corporate economic slump in 1957-58, 1965-66, 1972-73 and 1979-80 and Tax the balance of payments crisis of 1991. market As Finance Minister Nirmala Sitharaman rises to present LESSONS FROM THE PAST: NA (Lowest effective rate is now 22%) Budget 2021— unarguably, the most crucial one in a generation — on February 1, she can take a few leaves out of the annals of such fi- CHANCES: Moderate to low nancial crisis-management. For India’s first post-Covid budget has to make sense of, lift and show a roadmap for the economy that has been IMPACT: Will impact private investments and wrecked by the pandemic, dragging it down to a recession after four jobs; govt to face criticism for U-turn decades. “Imposing wealth Years ago, while presenting the budget for 1958-59, prime LESSONS FROM THE PAST: Rationalisation tax on market minister Jawaharlal Nehru, who also held the finance port- of corporate tax often leads to values of all assets is folio then, called for a considerable measure of sacrifice on more economic activities and Note: Based on the part of citizens to bear more tax burden to tide over a budget documents, conceptually an registration of new interactions with tax turbulent phase — of drought, steep price rise, end of a stock option to generate experts and market boom (1953-56) and a 43% fall in Reserve Bank’s for- companies additional revenues. government officers eign assets in just one year. Wealth tax and gift tax were, in But this will deal a fact, introduced to stem the crises of the late 1950s. body blow to real There were occasions when finance ministers pleasantly estate as well as surprised citizens during grave situations and did not resort “Being fiscally prudent at this juncture is a bad idea. The stock markets” to raising tax and at times even lowered taxes instead. Man- economy itself is the patient today. The budget can’t tap into mohan Singh, for example, liberalised Indian economy in this economy to save the economy” SUDHIR KAPADIA, national leader-tax, EY India 1991 when the nation’s forex reserves plummeted to` 2,500 PRONAB SEN, former chief statistician cover story 05 JANUARY 03-09, 2021 Budgets During Turmoil

FINANCIAL YEAR: 1958-59 FINANCIAL YEAR: 1963-64 FINANCIAL YEAR: 1974-75 FINANCIAL YEAR: 1991-92

PRESENTED ON: February 28, 1958 PRESENTED ON: Feb 28, 1963 PRESENTED ON: Feb 28, 1974 PRESENTED ON: July 24, 1991

FM: Jawaharlal Nehru FM: Morarji Desai FM: YB Chavan FM: Manmohan Singh

CRISES: Drought, price CRISIS: Chinese aggression, a CRISES: Acute CRISES: Depletion rise, end of stock steep rise in defence inflationary of foreign market boom (1953- expenditure, pressure for two exchange 56), fall of Reserve growing consecutive years, reserves, impact Bank’s foreign assets external debts oil crisis of 1973, bad of Gulf War by 43% in one year monsoon, industrial stagnation STEPS TAKEN STEPS TAKEN STEPS TAKEN Raised custom STEPS TAKEN Liberalised the Efforts to receive more foreign duties; restricted Emphasis on self-reliance and economy, allowing foreign assistance, like a `107 cr loan from US foreign travels removal of poverty investments Gift tax was introduced, levied on the Super profits tax introduced to Income tax rate lowered to control Announced tough measures on donor, not on the receiver finance defence build-up tax evasion fiscal side

FROM THE BUDGET SPEECH FROM THE BUDGET SPEECH FROM THE BUDGET SPEECH: “Much of what I have to say FROM THE BUDGET SPEECH “As Victor Hugo once said, ‘No power “The crisis through which we are passing this evening will relate “The relatively poor performance on earth can stop an idea whose time is a crisis of development, a crisis of necessarily to the new situation of the economy last year should not has come.’ I suggest to this august resources. We must try to produce more, that confronts us in regard to give rise to a growing feeling of House that the emergence of India as export more and save more to find the the defence of our country. I doubt, uncertainty and cynicism. a major economic power in the world sources for implementing the Plan (2nd shall, therefore, not dwell at We must combat these attitudes happens to be one such idea. Let the Five Year Plan). In the budget for the any length upon economic and preserve the people’s faith in whole world hear it loud and clear. coming year we have set ourselves high trends and developments in democratic polity as an effective India is now wide awake. We shall targets for both taxation and borrowing” the current year” vehicle of social change” prevail. We shall overcome”

crore, sufficient to finance imports for just generate additional revenues. But this will 15 days. Earlier, in 1974, the then finance What the FM deal a body blow to real estate as well as Income Tax Rate (%) minister YB Chavan resorted to an unusual stock markets,” says Sudhir Kapadia, na- 93.5 method of tackling a crisis arising out of Can Bank on tional leader, tax, EY India. back-to-back inflationary pressure for two At tthis juncture, it is not known how the 10 years, a bad monsoon and a huge global FM will discover a middle path of taxing 77 energy crisis. Chavan lowered income-tax $580.8 bn: High richrich companies and individuals and si- 85 10 Effective Rate rate, arguing that this would control tax foreign exchange multaneouslymu not spoiling the invest- 66 61.9 Surcharge evasion and bring in more money to gov- reserves mentm environment. Understandably, 10 ernment coffers. Then the post-Emergen- financefin ministry officials are keeping 70 12.5 (as on December 25, 2020)0) 50 cy budget of the Janata government in 1977 the cards close to their chest. But with 60 0 44.8 was unique in the sense that the document FROM THE ARCHIVE: more and more industries getting affect- 55 42.7 12 emphasised both bread and liberty. ` ed by the pandemic, demands for various 50 Dec 1957: India had only 298 crore 30 37* The big question is, what will Sithara- of foreign assets, a 43% dip from the concessions from the government as well 0 40 man do in her upcoming budget to power previous year. as the central bank are only getting louder 30 through the present spell of downturn? ahead of the budget. “The RBI must defer I-T Rate 30 Economists such as Pronab Sen argue the July 1991: India had `2,500 crore as NPA (non-performing assets) rules for two for years,” says G Sambasiva Rao, managing Top FM must not try to find a solution within forex reserve, sufficient to finance Slab the economy. Instead, she should loosen imports for just 15 days director of Vizag-based Sravan Shipping. the purse strings without c aring much Amid this economic gloom, one must 1971 1974 1976 1984 1985 1992 1997 2019 about fiscal prudence, at least temporarily. not ignore the fact that today India has an *There are multiple surcharge rates, highest of them “The economy itself is the patient today. edge in certain economic parameters as being 37% levied on income exceeding `5 crore The budget can’t tap into this economy compared with the turbulent phases to save the economy,” says Sen. That 123%: A staggering rise in which Sitharaman’s predecessors had means, raising tax at this juncture export of rice (non-basmati) once navigated. India is sitting on mas- could turn counter-productive. in April-November 2020, sive $580.8 billion forex reserves as on Corporate Tax Rate (%) However, there are others who indicating India’s self- December 25, 2020; there was a 20% argue that Sitharaman must impose sufficiency in food grains drop in global oil prices during the year; The number of companies has increased some kind of a super-rich tax as was and unlike in the past when many crises while tax rate has dropped experimented by past finance ministers. FROM THE ARCHIVE: led to severe shortage of food grains — But the problem with the idea is that the 1973-74: Budget earmarked `160 cr 1973-74 budget, for example, had to ear- Rate super-rich in India — those earning `5 in foreign exchange to import 2 mark `160 crore in foreign exchange to 65 65 Surcharge crore and above annually — already pay million tonnes of food grains import two million tonnes of food Cess tax at an effective rate of 43%. Its increase grainsgr — India has stepped up 50 No. of to about 50% may not bring in a lot of ad- itsits cereal exports. “This fis- Companies ditional revenue. cal,c India’s rice e xport is Also, should the FM reintroduce wealth likelyl to be an all-time high. 35 Total drop of global oil 30 30 tax, a measure that was introduced in 1957 20%: Already,A till November, ex- and had prevailed in many avatars before price in 2020 calendar year portsp of non-basmati rice reg- being abolished in 2016? There are some isteredis a 12 3% ri se year-on- 15 who argue for a reversal of the recent slash FROM THE ARCHIVE: year,”ye says Vinod Kaul, executive 12 in corporate tax rate as well, along the lines 1974-75: Global energy crisis of director,dir All India Rice Exporters 5 5 3 4 Nil Nil Nil Nil Nil Nil of US pr esident-elect Joe Biden’s poll 1973-74 jacked up oil prices by Association. promise, which is likely to be implemented 300%; outlay on domestic coal was No doubt, FM’s triumph will depend 1971-72 1981-82 1991-92 2001-02 2011-12 2018-19 after he swears in. raised four times in 1974-75 budget on how well she utilises the economic 34,345 73,715 253,390 594,017 705,699 11,56,804 “Imposing wealth tax on the market val- to minimise the impact of the crisis positives. „ Source: Budget documents, EY India ues of all assets is conceptually an option to [email protected] 06 cover story JANUARY 03-09, 2021 In Poor Health The Covid-19 crisis has underlined the need for more budgetary allocation for healthcare

:: Prerna Katiyar HealthHealt Matters andemics have a way of exposingsing glaring fa ult lines. When itit comes to the healthcare sys-- 7,13,9867, tem, it bares every rot in the TotalTot govt hospital system, every loose nail, eve- beds in India P ry creaky rafter, every patient in need of aid and ev ery healthcare w orker w ho is 0.6 overworked. Covid-19 showedwed HospitalH beds per the Indian healthcare systemm bburst-urstt- 1,000 people ing at its seams at the height of the pan- demic; patients turned away, doctors and “India’s public health allocations for the tries: Brazil spends 9.2%, South Africa 8.1%, nurses exhausted in their PPE kits. The virus 1.5 lakh past one decade has been in the range of Russia 5.3% and China 5%. India’s per capi- took a heavy toll: over 1 crore people have Primary health centres 0.9-1.3% of GDP while the overall health- ta government expenditure, at `1,945 in been infected and about 1.5 lakh have died. care spending has been 3.8-5%,” says Pro- FY21, is also the least among BRICS nations. The Covid-19 crisis has underlined like fessor K Srinath Reddy, president, Public When government-run primary health never before the need for more budgetary 29,414 Health Foundation of India. Also, health centres (PHCs) can’t cater to people’s needs allocation for healthcare. Health and wellness being a state subject, funds often remain and government hospitals remain bur- When the pandemic began to spread like centres unutilised by state governments, points out dened by high demand, people have to de- wildfire, the Centre announced a stimulus Bijit Roy, associate director, Population pend on private healthcare although it is a package of `20 lakh crore in May, of which Foundation of India. financial burden for many. Out-of-pocket `15,000 crore was allotted to wards the 11.57 lakh At 1.6% of GDP for FY2021, public spend expenditure (OOPE) is very high in India. country’s “Covid-19 Emergency Response Allopathic doctors with on healthcare in India is abysmally low. OOPE is borne directly by an individual and Health System Preparedness”. Only state medical councils Even Bhutan and Ethiopia spend more on without any aid from the insurer or the gov- about half of it — `7,774 crore — was health. “As things stand, primary health ernment. More than two-thirds of the pop- meant for 2020-21, the rest was to be centres can’t handle secondary and ter- ulation have to bear the cost of health ser- disbursed over the follo wing four 1:1,457 tiary healthcare needs. Government hospi- vices on their own. “WHO’s health financ- years. But this was last-minute fire- Ratio of doctor to tals that offer quality tertiary care are only a ing pr ofile s hows that India ’s o verall fighting. To bring about qualitative im- people (as against WHO handful: AIIMS, Safdarjung Hospital and out-of-pocket expense has for several years provement in public healthcare, India norm of 1:1,000) Ram Manohar Lohia Hos- hovered around 60% while needs systemic, multifold allocation and pital in Delhi, P GIMER the world average is just investments. Chandigarh, JIPMER Pu- 18.2%. India’s spending has 2.5% of GDP ducherry, etc. India needs been poor on healthcare. Targeted spending on much more investment to Even lo w-income coun- health by 2025 ramp up public health- tries like Sri Lanka (42.1%) care,” says former Union are better in this regard,” Budget Allocation for health secretary Keshav says Reddy. Health as % of Total 70% Desiraju. In comparison, OOPE in `65,001 cr Healthcare expenses met Even as India’s expendi- China is 32%, Brazil 25.5% Expenditure `62,659 cr by out-of-pocket expenses ture has inched up fr om and US only 11%. Even as 1.3% of GDP in 201 5, it is OOPE in India has been de- & GDP `52,800 cr still a pale shadow of coun- creasing since 2004, it i s `47,363 cr 35% tries like the US, which sets worryingly high at a time ALLOCATION aside 1 4% of GDP for when a large section of the for DoHFW Coverage of Ayushman health. India spends the society is vulnerable due `37,061 cr Bharat Source: MoHFW, PHFI, Statista least among BRICS coun- to the pandemic.

Share of Total “India needs to spend more on “Public health system is one area where both states Expenditure public health at both the Central & Centre should invest more. But we need to devise and state levels. focused policies rather than just 5% 5.4% 5.3% 5.3% 5.4% Primary and secondary increase budget allocation. Doubling healthcare systems of the health budget will only double the states need to be beefed inefficiency. Unless we improve the 2016-17 2017-18 2018-19 2019-20 2020-21 up at the earliest” quality, doubling expenditure won’t 1.4% 1.4% 1.5% 1.6% 1.6% K SRINATH REDDY, President, help much” Share of GDP Public Health Foundation of India ARVIND VIRMANI, former chief economic adviser, GoI Public Expenditure* on cover story 07 Health: The Top 5 JANUARY 03-09, 2021 US 17%

Switzerland 12.1% “We are expecting a higher allocation for healthcare in this budget. The focus is likely to be on building a Germany 11.7% strong medical infrastructure and training more doctors, nurses and paramedical staff” France 11.2% Dr NARESH TREHAN, CMD, Medanta Japan 11.1%

*As % of GDP “The government can create a platform which taken decades. “The government is on it. We Source: OECD report 2019 provides access to quality advice from city- are expecting a higher allocation for health- based doctors, with local health practitioners care in this budget. The focus is likely to be on intermediating in their two-way communica- building a strong medical infrastructure and The Covid outbreak has brought the focus Govt Spend on tion with rural patients,” he says. In November training more doctors, nurses and paramedi- back on healthcare. In pre-budget meetings last year, national telemedicine services com- cal staff — that’s what the understanding is,” with Finance Minister Nirmala Sitharaman Health vs Out of pleted 8 lakh teleconsultations since its launch. says Dr Naresh Trehan, CMD, Medanta Hospi- in the third week of December, a detailed Pocket Expenditure This needs to be ramped up. tal. “This virus has caused havoc in the whole pitch was made industry representatives to Healthcare availability is skewed in favour of county. We have to be ready for other pandem- give a big boost to healthcare investment 30% urban areas even though three-fourths of the ics in the future. The government is aware of and expenditure. “The allocation is bound India 62.4% population live in rural areas. According to a future challenges and the need for more allo- to be more. A detailed pitch for higher allo- study by the Academy of Family Physicians of cation. It has already set an agenda of reaching Sri Lanka 56.1% cation due to the Covid crisis was shared 42.1% India, the proportion of households that re- 2.5% healthcare spending of GDP.” with the FM in the stakeholders’ consulta- China 55.8% ported spending out-of-pocket on health rose As things st and, healthc are in India i s tion meeting. Public healthcare, infrastruc- 32% from 64% in 2005 to 81% in 2012 in rural areas marked by poor public health infrastructure, ture, spending and vaccination will be in Brazil 46% and from 65% in 2005 to 78% in high costs and lo w insurance focus in the upcoming budg et,” says a 25.5% 2012 in urban areas. Also, OOP coverage. The poor quality of source, on the condition of anonymity. 83.6% expense as a s hare of tot al What India services at public health centres Japan 14.4% The 15th Finance Commission has advo- household e xpenditure was and low insurance co verage 77% Needs cated PPP in the health sector, said its chair- Germany 13.2% higher in rural areas — at 6.34% lead to high OOPE and increas- man NK Singh recently, adding, “The com- 77.8% in 2005 and 7.73% in 2012 — than Upgrade of PHCs ing use of private hospitals. Pri- mission has been working toward a financ- Thailand 11.9% urban areas — 5.05% in 2005 and vate sector’s share in healthcare ing model to raise public health spending to 48.1% 5.74% in 2012. in India is 78% in urban areas about 2.5% of GDP over the next five years.” US 11% Ayushman Bharat or PMJAY More budgetary and 71% in rural areas. Experts An overstretched public healthcare sys- 83.1% aims to reduce OOPE through allocation for feel the segment is highly un- tem needs not just investments to boost in- UK 9.7% cashless services. Launched in regulated. “Clinical Establish- frastructure and human resources but also 2018, the C entre’s flags hip public healthcare ments (Registration & Regula- Government health expenditure as % utilisation of funds. of total health expenditure scheme provides cashless cover tion) Act 2010 makes it manda- “Limited funding coupled with low pub- Out-of-pocket expense — of up to `5 lakh per family per tory for pr ivate pla yers to lic spending by governments for years have year for secondary and tertiary furnish every detail. Someone Source: Public Health Foundation of India hit the quality and reach of required health- care hospitalisation — to over 10 has to enforce the law. Private care services,” says Roy of Population Foun- crore families. Currently, its ac- sector hospitals that come up dation of India. “Many states do not spend India’s Per Capita tual coverage is only around on highly subsidised land allo- more than 50% of allocated funds. This has Spend on Public 20%. “PMJAY currently covers 12 cated by government must be resulted in widespread inequality in the dis- crore households (about 50 More expenditure regulated. There is hardly any tribution of health infrastructure and health Healthcare crore people). But this is nomi- data on EWS quota. This act is personnel. We need to look at the geograph- nal coverage. Actual coverage is by states one tool available with the gov- ical spread of healthcare reach and create Amount spent by govt much low,” says Sakthivel Selva- ernment,” says Desiraju. incentives for doctors in public healthcare. per person on public health raj, director, health economics, Increased Growth of private sector wid- Also, there is a need for massive regulation 2016-17 `1,308 financing and policy, PHFI. “Al- coverage under ens the gap between those who in private healthcare.” though the entire 12 crore-plus can and cannot afford health- 2017-18 `1,541 households may have an Ayush- Ayushman Bharat care. “India would need a com- Rural-Urban Divide man Bharat card, many may not bination of innovation and regu- Medical training infrastructure needs a big 2018-19 `1,779 be aware of its usag e. House- Investment in latory reforms to address these leg-up too. Even as the number of medical holds reporting insurance cov- challenges,” says Virmani. 2019-20 `1,945 medical research colleges in India went up to 560 in 2020 erage was roughly 20%.” As per the Global Health Ex- from 412 in 2015-16, lack of adequate seats in 2020-21 `1,944 In fact, only 48 crore individu- penditure dat abase 2016 of government colleges forces students to opt als or 37.2% of India’s population WHO, India ranks 1 70 of 188 Source: PHFI for private medical colleges that charge an were covered under any health countries in domestic general exorbitant fee. “Those who enrol for private insurance, government or pri- government health expenditure colleges are unlikely to return to govern- vate, in 2018. “We must increase as a percentage of GDP (it indi- ment-run PHCs. Unless the government Major Heads for insurance coverage to cut down cates, says World Bank, the pri- regulates this, the situation in rural health- Out-of-Pocket (OOP) on individual’s out-of-pocket ex- Regulation of ority of the g overnment to care won’t improve,” says Desiraju. penses,” says Virmani. private healthcare spend on health from own do- The only way to solve the problem of poor Expenses by Indians Health insurance i s gaining mestic public resources). quality of rural government health services momentum in India, with gross The government aims to raise is through e-health/e-medicine, says Arvind direct premium income under- More doctors / the public health expenditure to Virmani, former chief economic adviser. written b y health insurance seats in medical 2.5% of GDP by 2025 in a time- 52% 10% growing b y 1 7.16% y -o-y to bound manner. But experts feel Medical & colleges Medicines `51,637.84 crore in FY20. Still, India needs a targeted approach diagnostic more than 60% of the popula- to correct inequalities in the dis- “We need to spend much labs more than we do on public tion has no insurance cover. tribution of health infrastructure and health Private “The 15th Finance Commission is revising its personnel rather than merely increasing allo- health. Programmes such Hospitals 6% recommendations, asking for a greater alloca- cation. “The public health system is one area as Integrated 22% Patient tion for health both at the central and state lev- where both states and Centre should invest Disease transport & els. If that report delivers what it promises, more. But we need to devise focused policies Surveillance emergency there would be a shift in the direction of health- rather than just increase budget allocation. Programme need rescue care financing towards universal health cover- Doubling the health budget will only double a big boost” 2% 5% 3% age,” says Reddy of PHFI. the inefficiency. Unless we improve the quali- Others Private Govt Governments the world over were forced to ty, doubling expenditure won’t help much,” KESHAV DESIRAJU, clinics hospitals spend more on healthcare in the past year. says Virmani. „ former Union health Source: MoHWF This kind of allocation might have otherwise [email protected] secretary 08 in focus JANUARY 03-09, 2021

gust after the Centre said it could not “Covid-19 will leave a scar on the compensate states for loss of tax rev- debt-GDP ratio”, he does not expect enue because of the pandemic-in- government expenditure to fall any duced economic slowdown. It asked further because economic activity Hobbled State the states to borrow through the fi- and tax revenues are improving. Government spending may be the only real fuel for the nance ministry or by themselves. So far, markets have been awash After prolonged bickering, states with liquidity. A senior fund man- economy for several months but states and the Centre can’t agreed to the C entre borrowing ager on the fixed income desk of a from the market on their behalf. large fund house says with core li- seem to come to an agreement over resources Media reports quoting analysis by quidity, including government bal- rating agency ICRA said states’ bor- ances, hovering near `8 lakh crore rowings in nine months of the finan- and demand fr om industry very cial year went up 43.5% to `5,55,900 low, the government will have no crore, two-thirds of which were by dearth of relatively low-cost funds. the highly industrialised states of But “market hopes rest completely Maharashtra, Tamil Nadu, Karnata- on proper distribution of a vac- ka, Andhra and Telangana. cine.” If those hopes are dashed, the The C entre has been seeking government could be in a spot. more control over states’ fundrais- While all pandemics have severe- ing, as det ailed in its ly impacted the econo- memorandum to the my, the recovery pat- 15th Finance Commis- tern has been similar. sion (FFC). It r eport- After the outbreak of edly told the FF C to the bubonic plague in define what would be 19th century India, the permissible as states’ RBI said r ecently, it borrowings and bar took nearly three to them from incurring li- four y ears for the ability outside the pa- Borrowing growth rate to r each rameters. It wanted Preference pre-pandemic levels. power to reduce per- Public health and in- missible borr owings z Centre says states frastructure played a by a state if it contract- have been borrowing pivotal role in polic y ed unauthorised debt. more from the market responses, it noted. In :: Dinesh Narayanan “There i s a need to the first half of thi s erala’s Finance Minister Thomas tion. Impractical institutional ar- Estimates of tightly define st ates’ z State development year, the focus of capi- Isaac is a beleaguered man. For the rangements for sharing resources borrowings,” the Cen- loans up from 16.50% tal expenditure was on first time in the st ate’s history, a have added to the woes, with states the 15th Finance tre told the FF C last (2008-09) to 29.06% health and education; minister had to face the Privileges looking for alternati ve routes to Commission year. (2018-19) other critical sectors and Ethics Committee of the assem- raise money without triggering def- (` lakh cr) A fresh restructur- may get attention in z GoI share falls from Kbly to e xplain accusations of a icit limits. For example, the state- ing of resource sharing the second half , the 83.41% (2008-09) to breach of privilege. sponsored Kerala Infrastructure would hap pen fr om RBI added. 70.94% (2018-19) Isaac had to explain why he re- Investment Fund Board had issued 135 April when the recom- The faster c apex Centre’s gross tax vealed to the media contents of a `2,150 crore of rupee-denominated mendations of the FFC picks up, the better for revenue for 2021-22 z State debt has Comptroller and Auditor General masala bonds overseas in May 2019 come into pla y. The the econom y. In an to 2025-26 been more attractive report that termed a foreign bor- to build roads, bridges and other continuing economic to investors earlier study, the RBI rowing underwritten by the state as infrastructure. uncertainty means the said every rupee the unconstitutional. The minister had “There is no space left for capital Centre and st ates z Weighted average Centre spends contrib- publicly slammed the CAG’s obser- investments for states after meeting 103 would be competing yield up from 7.48% utes three times to the vations. The government is obliged fiscal responsibility targets,” says R Divisible pool for r esources in the in 2016-17 to 7.60% GDP. For states, one by law to first table CAG reports in Ramakumar, professor at the Tata next fi scal year too. in 2017-18 rupee of c apital e x- the assembly. Institute of Soc ial Sciences and And without high gov- penditure only dou- z Average spread Underlying the procedural lapse member of the K erala Planning ernment spending, an bles in GDP value. So 42 of state debt over GoI States’ share and its conseq uences for the fi- Board. Ramakumar says Kerala economic revival ap- bonds up from 38 bps the Centre has a bigger nance minister is a far more vexed merely found an inno vative way pears distant. (2014-15) to 59 bps multiplier effect. issue of the fiscal compact between within the legal framework to fi- 10.3 Bank credit growth (2017-18) The FFC, which sub- the Centre and states coming under nance infrastructure building. Grants this year has been just mitted its report to the Source: Government President of India on severe strain due to revenue disrup- A simmering row escalated in Au- 5.7%, against 7.9% in and 15th Finance Commission the year-ago period, projections reviewed by ET November 9, is learnt Expense Statement despite the Emergency to have projected that Credit Line Guarantee Scheme an- after deducting cesses and other As a proportion of what was budgeted, the Centre’s expenditure in the first nounced to support industry. amounts set aside for the Centre, seven months of FY21 has not reached the previous years’ level for the period While the Centre has announced states would get about `52 lakh several measures to support indus- crore, including grants, between (% of the budgeted expenses) Ministries that try, big direct spending has been 2021-22 and 2025-26. That may not TOTAL REVENUE CAPITAL have spent more largely limited to food supply and be much at a time w hen govern- EXPENDITURE EXPENDITURE EXPENDITURE than the budget the rural job guarantee programme, ment spending has to increase. The allocation MGNREGA. In fact, the job scheme sharing is arranged in such a way 60.2 61.5 59.6 59.4 59.7 59.4 59 59.5 has spent less than what it did in the that the Centre would retain about 54.6 55.7 52.6 111% States’ previous two years as a proportion two-thirds of its r evenues. The 47.9 Ministry of budgeted expenditure. In the commission is learnt to have pro- of rural borrowing limit past couple of months, its ac tual vided a net borrowing limit of 4% of development spending has also been shrinking. GSDP in 2021-22 and 3% in the fifth 4% of GSDP While the econom y shrunk by year. The Centre has got more lee- nearly 24% in the first quarter of the way as it is responsible for “macro- in 2021-22 % fiscal year, it contracted only 7.5% in stabilisation”. 103 Q2, raising hopes of a faster recov- All these indicate federal relations Ministry ery. “The second half will be differ- might be entering an extended pe- of consumer % of GSDP ent,” says Dharmakirti Joshi, chief riod of friction. „ affairs 3 2017-18 2018-19 2019-20 2020-21 2017-18 2018-19 2019-20 2020-21 2017-18 2018-19 2019-20 2020-21 in 2025-26 economist at CRISIL. Although the [email protected] Source: Controller General of Accounts in focus 09 JANUARY 03-09, 2021 Tractor to Twitter How protesting farmers have been able to quickly develop a social

media plan to convey their views clearly amid the cacophony fact-checking initiatives to counter false - hoods as well as performances by popular Digital Footprint Punjabi artists. Since the page was launched on Facebook of Kisan Ekta on December 14, it has received 250,000 likes and 312,000 followers. “It is all organic. Morcha We set ourselves a target of reaching 1 crore As on December 31 people in a week. We do not monetise our page or our content, or even boost them,” Sandhu says, claiming that they have a collec- tive reach of 18 million across platforms. Music videos that seek to express farmers’ anguish with the farm bills have also helped Facebook to maximise the reach. Punjabi music videos are known to clock double -digit million 249,500 views on platforms like YouTube. A person closely associated with farmers’ IT strategy says, “The music videos serve multiple purposes — it informs, educates and entertains the viewer.” Speaking on strict condition of anonymi- Twitter ty, he points out that some videos have been downloaded and circulated on WhatsApp. 120,700 “So we actually don’t know the actual reach but it is more than what is on YouTube. But it would be a dream come true for any IT cell to reach such a large population of view- ers,” he adds. YouTube What has also helped farmers more is that Punjab has a network of Facebook and You- Police fire tear gas to disperse farmers trying to block a road as part of their protests at the Delhi-Haryana border on November 27 1.2 mn Tube-based “news channels” or “ digital channels”. These have given more coverage :: Venkat Ananth to the protests than the national channels. n December 30, just ahead of another round tional attention after the farmers st arted “A lot of these digital channels use our con- of talks between the farmers and the Centre marching towards Delhi in November. Twit- tent because we only put out authentic infor- over three contentious draft laws, a repre- ter became the battleground in the early days mation,” says Sandhu. “This is information sentative of the Bharati ya Ki san U nion of the protest. Sons and daughters of the pro- Instagram people can trust. And we don’t claim copy- O (Dakaunda), Jagmohan Singh, took to Face- testing farmers st arted trending hashtags 174,000 right to the content.” book Live to give Kisan Ekta Morcha’s follow- such as #SpeakUpForFarmers. But it became The Morcha has a team in Punjab that ers a preview of the talks. The Facebook page a more organised digital army of volunteers monitors and quickly debunks fake news and — one of the biggest online platforms being and full-timers propaganda across social media. used by the protesting farmer groups — has when a news chan- Members of the Morcha’s IT cell say they become an authorised channel of sorts for nel allegedly resort- Music of Protest are “prepared” to deal with any kind of false- them to disseminate information. It has gar- ed to “deliberately SONG: PUNJAB BOLDA hoods their opponents come up with in the nered over 312,000 followers. The protesters photoshopping im- ARTISTS: RANJIT BAWA online space. “We knew about their tactics have a strong presence on other digital plat- ages from the rally from Day 1. We also knew we had to counter VIEWS ON YOUTUBE: forms such as Twitter, Instagram, Snapchat to show foreign in- this and put the facts out there, which is what and YouTube as well to tell their side of the volvement in the 16 million we have done in the last two weeks,” says story directly to whoever is willing to listen. protests,” sa ys SONG: ZALAAM SARKARAN Sandhu. The farmers say they were forced to devel- Sandhu. ARTISTS: GIPPY GREWAL The viewpoints op a social media strategy as people opposed “We were disap- of those opposing VIEWS ON YOUTUBE: to their demands were spread- pointed. We had to counter this. Overnight, the agit ation 2 million “We knew we had ing false news and propaganda we came up with the idea of our own IT cell. haven’t really fil- online. As news and rumours Once that happened, there was unanimous SONG: KISAAN ANTHEM tered through this to counter the false can spread fast over digital me- approval from all the groups. We had to keep time around, says narratives by ARTISTS: VARIOUS dia, they had to become social the focus on the farm bills and tackle the false VIEWS ON YOUTUBE: Shivam Shankar Singh, an independent po- putting out facts, media-savvy. So the hands that narratives at the same time,” he says, explain- litical consultant. “The reason the anti-pro- 12 million which is what we till farmlands started handling ing why they chose to take the fight to the on- test narrative isn’t working is because no one have done in the Twitter. line space. SONG: DELHI TO PUNJAB has been able to define the farmers. These last two weeks” The deft and successful way This digital army comprises social media- ARTISTS: VARIOUS narratives only work the farmer groups have han- savvy farmers and v olunteers with an IT VIEWS ON YOUTUBE: once the context is set Baljeet Singh Sandhu, dled the so-called battle of nar- background. It has a decentralised opera- for it, and is later rein- 1 million VP of Majha Kisan ratives has become a t alking tion, with a core team of 40-45 volunteers forced. In this case, that Committee point. They have been able to under Sandhu, but still coor dinates with SONG: ATTWADI KISAN became difficult with hold the fort at the Singhi bor- most of the 50-odd farmer groups participat- ARTISTS: RAJVIR SIDHU the Sikhs and their der in Delhi, the epicenter of the protest, and ing in the protest. VIEWS ON YOUTUBE: traits of service and in- at the virtual battlefront. Since its la unch on 500,000 volvement in the army The head of the “IT cell” of the farmers’ YouTube on December ~ and so on,” Singh adds. groups, Baljeet Singh Sandhu, says they have 16, the Kisan Ekta Mor- SONG: CHUP KARJA DELHIYE As far as the protest’s taken their opposition by surprise on the vir- cha channel has got 1.22 ARTISTS: G SANDHU success on the digit al tual front. million subscribers. The VIEWS ON YOUTUBE: front is concerned, the farmers are reaping The protest, which started in Punjab and content is largely regular ~492,000 what they sowed. „ Haryana in August, got national and interna- updates from organisers, Views as on Dec 31 [email protected] 10 centrespread centrespread 11 JANUARY 03-09, 2021 JANUARY 03-09, 2021

What are the issues that The Old Amid the Covid India needs to address? In the pandemic, everyone suffered. But the old suffered disproportionately. The novel coronavirus and its life-threatening infection affected their lives and their immune system the most. Forced indoors, often separated from their loved ones, many of them had to deal with poor health and loneliness. In Unhealthy state of 2020, as India worried about migrant workers and jobless youth, the problems of senior citizens often remained invisible in the headlines. While they economy & unemployment: 64% comprise just 8% of the population, they are a sizeable chunk at over 100 million. To understand their concerns, Antara — a company focused on senior living — conducted a “State of Seniors Survey”. The results, shared exclusively with ET Magazine, offers insights into the world of middle- and upper-class Increasing corruption: 59% z Unhealthy state seniors in urban India, their living status and their biggest concerns of economy & Lack of basic amenities: 46% employment and Text: Malini Goyal; Illustration: Anirban Bora increasing Poor public education: 39% corruption are Methodology: The survey was done in urban areas of three regions of the country — the North, South and the West — the biggest concerns across covering 2,000 middle- and upper-class elders aged 55 and above. It was conducted online as well as through telephonic Lack of concern regions interviews by Antara in partnership with market researcher Access Media International for culture & heritage: 25% z Growing crime Growing crime rate: 20% rate bothered seniors in the Do you have Covid-19 concerns? National security: 20% North (33%) the most, followed Where do you live? What are they? Farmer distress: 10% by West (17%) and South (8%) India is known for its joint families, but 77% of How has India handled the pandemic so far? Others: 10% Fear of infection seniors surveyed in urban India live independently 29% (People gave multiple answers, which is why the total exceeds 100%) Social isolation 29% Not overly bothered 20% 32% 24% 23% 21% % % % % 77 16 5 2 People are over-reacting 12% “Independence/ self-reliance is a priority Anxious & ill-prepared Has done its Has failed to Some aspects Inadequate self- Own/rent Live with Live Live in ashrams/ to fight Covid-19 7% best, given its manage the are managed precautionary measures for today’s seniors. According to the independent children/ in senior spiritual Others limitations: healthcare crisis well taken by many people survey, only 2% of senior citizens in the homes grandchildren homes communes 3% South want to retire at 58/60 years and Over a third of seniors in North India — highest regionally — complained that this percentage goes up to about 21% and people were not disciplined and were taking inadequate precautions z Among seniors z Only 2.2% seniors z Hyderabad, 11% for North and West, respectively. The key who live in the North live in Bengaluru and factors that drive seniors to work beyond independently, retirement homes Chennai top in the the highest was in as compared with demand for senior retirement are financial independence and mental the North -- 86.3%. 12.2% in the South living communities fulfilment" RAJIT MEHTA, MD & CEO, Antara What measures have you adopted to stay healthy? Views on NDA government’s campaigns like Aatmanirbhar Bharat What are your biggest concerns Regular physical exercise: 57% or Vocal for Local as you grow older? Controlled and balanced diet: 46% Do you have medical insurance? Do you prefer to buy made-in- (Rank on a maximum score of 6) Lifestyle medication: 44% Unlimited coverage as India goods & services? How to avoid serious ailments & remain healthy: government employee/pensioner 14% 4.77 Home remedies: % 34 No medical/health insurance Financial stability & independence: 4.59 11% Yoga: 26% Below `5 lakh 36% 33% 30% 1% To not be dependent on someone else: 3.74 14% Keeping abreast of latest wellness & health concepts: 25% `5-10 lakh 31% Yes, Yes, Not really Not Need more face time with family/friends/peers: 3.66 strongly somewhat at all No specific measures: 18% ` 10-20 lakh 18% To be able to afford healthcare costs: 3.14 z Half the respondents in the South Regular sporting activity: 11% `20 lakh-plus % said they didn’t really care about it, Handling smartphones & gadgets: 12 while it was 15% in the North and 2 Consulting dieticians & nutritionists: % 8 z There is significant regional disparity, with z South also leads, 28% in the West respondents in South India having 100% with 16% of seniors (People gave multiple answers) insurance coverage. 18% in North and 16% in having `20 lakh-plus West have no health cover, respectively. health cover 12 cover story JANUARY 03-09, 2021

Artificial intelligence touches almost every part of our lives today. We should enjoy its convenience without taking it for granted YOU, I & AI

:: Shelley Singh riya Seghal, 28, plans to buy a her experiences from her life, w hich has SUV in the new year. Unlike a slowly but surely become more dependent large part of the population that on software and hardware. Devices tell her Good AI Versus Bad AI is purchasing cars to increase what to do, when to do and how to do things echnologies that crunch massive amounts of data to give us recommendations, personal mobility during a pan- such as shopping and paying bills. Smart sys- help us in our daily lives and take over the mundane tasks in factories can also be demic,P Seghal would not need it to go to of- tems take routine decisions like putting on Tused by bad actors to compromise our digital life. Links on social media platforms fice; her work-from-home routine will con- the alarm at 6:30 am every morning and or- promising lotteries or ways to deal with Covid-19 could actually be sniffing for your bank tinue in 2021 also. But she wants a vehicle to dering a cab if required. details or ways to take over your digital life. Rajen Vagadia, VP & president, Qualcomm go on those long weekend drives. All this is possible because of artificial intel- India & Saarc, says, “Every technology has an element of negativity.” Cybercriminals also The Gurgaon-based executive with a global ligence (AI). It has made our lives extremely use AI to help carry out attacks at scale customised to specific users and at scale — com- consultancy has her mind set on an automat- convenient. promising an individual’s bank account, bringing down networks or even cripple daily ed vehicle. Her checklist includes screens, Tom Joseph will agree. The Noida resident, life in any smart city. AI is trained to spot patterns in behaviour. An algorithm can be sensors, storage (hardware memory, not who is vacationing in Nanital, has been able trained to hand over sensitive data. AI is not self-aware and cannot distinguish the bad boot space) and cameras. “When I am driving to take a br eak without w orrying about from the good. It will do as trained. The task is cut out for the good AI. I don’t want to be tied down to mundane de- thieves breaking into his house. To make the Saket Modi, CEO of Lucideus, says, “Both bad and good actors are using AI, the latter cisions like shifting to cruise control when the house look occupied, the lights switch on for to ensure that we are safe.” highway is almost empty. The car should be 3 hours each in the Updating security, using AI-powered anti-virus for all devices, eliminating bugs and able to do it on its own,” she says. morning and late Smartphone sending alerts on suspicious activities will be a must to secure your AI life. Her expectations from the car are rooted in evening. He can mon- updates and gives out alerts The extent to which AI can impact on meeting us on a typical day AI & US schedules for the day, webinars and to-do notes, among others

After morning CCTV camera Indoor lights Robo cleaner Grocery app places Smart speaker Alarm goes off, sends alert on adjust according starts cleaning/ orders for the day plays music, gives smart switch smartphone that to daylight mopping the to replenish news updates turns geyser on — milk and seeping in to the house on voice vegetables and according to all based on a newspapers have room commands or as fruits schedule fixed schedule been delivered per daily schedule cover story 13 JANUARY 03-09, 2021 itor his house and re-adjust the lights using his smartphone. “It feels so much safer,” says Jo- Customer Dynamic price seph, president of Tuya Smart India, an IoT segmentation management “When data varies greatly startup. He has also installed a sensor that from the intended use, tells him the power each device consumes, to Demand AI can be fooled” keep tabs on his electricity bill. forecasting People like Seghal and Joseph have been Product MUTHU KUMARAN, search able to make their lives more convenient and Customer global delivery head, digital easier by adopting solutions linked to artifi- churn business, Cognizant cial intelligence. The ability of machines to prediction learn from behaviour trends means certain Fraud repetitive tasks do not need human interven- detection Product age, past driving history), iden- tion anymore. What comes naturally to hu- recommendations tify safe drivers and offer mans is being taught to machines. lower rates to them. BFSI Retail “If you meet a colleague outside the office, These types of out- you recognise her because your brain has Online retail comes are human- stored her image. When you code it into a pro- Customised ly impossible to Order financial gramme, it becomes AI,” eluc idates Saket AI POWERS fulfilment solve and v ery Modi, CEO of cyber security firm Lucideus. recommendations SMART difficult to g et Today, AI is becoming all-pervasive, much right without AI and ML (machine learning).” like any general purpose technolo gy like DECISIONS Swiggy’s operations s how how AI c an steam engines, electricity and the internet. In Some sectors streamline a process by taking multiple fac- using AI fact, you may only be as good as your AI, and Manufacturing tors into account. The moment an order is more than you know. “AI is becoming a life Alerts on placed on the app, algorithms match consum- safety issues essential like water or elec tricity,” says er demand with supply from restaurants and Muthu Kumaran, global delivery head of Crop and livestock look at proximity of delivery partners. Data digital business at Cognizant. “It is getting disease Agriculture from past orders are processed to fetch in- embedded so much that we rarely sense its management sights on time taken by delivery partners to presence.” Much like what happened to Process travel to the restaurant (first mile) and then to commuters on Delhi Metro’s magenta line Grading and Healthcare automation the customers location (last mile), taking into on December 28. Most didn’t realise they sorting account factors such as traffic, time of day, were on India’s first driverless train, which holidays, weekends and so on. was being driven by an intelligent system. Precision For the food aggregator, that means food farming Automatic Online search is one place where AI has detection and delivered on time, keeping in mind that ice Personalised taken over without us realising it. It gives op- correction of creams melt in 25 minutes and pizzas become treatment plan tions we need and even guesses what we are flaws soggy in 45 minutes. looking for. Such technologies are widely Monitoring of Accelerated Imagine how long it would take if a human adopted now that most of us would take a lot chronic drug had to work out these factors manually every of things for granted. conditions development time an order was processed. “We are able to Based on behavioural patterns, ATMs offer predict the time the restaurant will take to us a personal loan; OT T platforms recom- Source: Nasscom-EY study, industry prepare an order,” says Dale Vaz, CTO, Swig- mend movies; music apps generate playlists; on mobile phones,” says Rajen Vagadia, VP & “AI is all gy. “We use AI across the three-way market- $50 wearable devices tell us about the num- president of Qualcomm India & Saarc. “To- pervasive now. place to drive operational efficiency.” ber of steps we have taken during the day and day you can do videoconferencing , interact Swiggy also launched a new category, Wine monitors BP and other metrics. Google Maps with voice assistants, chatbots and m uch Five-seven years Shops, in select markets with an integrated AI tells us the best route to take on any day and more, thanks to advancements in AI. Users ago, the world face-recognition solution for automated age shows the gas stations and restaurants on the don’t even realise it.” was to a great verification and user authentication to ensure way. Smart speakers help in shopping. Ecom- AI is making decisions, helping us remem- extent more underage people cannot order. merce sites throw up recommendations. ber things, reading our X-rays and also keep- A more common example of AI using facial “About 15 years back, you just had FM radio ing bad actors at bay by securing our digital physical than online. recognition is smartphones taking a decision life. The system has improved in the last few Smartphones and apps have to open the screen after scanning a face. This years as more data is available and processing changed the game” will soon be scaled up to an unprecedented power has increased. 5G technologies will en- level. Tokyo Olympics, postponed to 2021, “In some cases, AI trench the system more deeply in our lives. BALAKRISHNA DR, will be the first mega games to use facial rec- senior VP, service offering head-ECS, Amit Dhakkad, cofounder of market analy- ognition to mark athlete attendance. It won’t does a great job, AI & automation, Infosys sis platform MarketPulse, says, “Even com- mark attendance if a photograph is shown or like bringing puters that talk to you on phone will start if a sleeping person’s face is shown. precision to sounding more human.” line. AI is bringing in massive consumer expe- Anku Jain, MD of chip maker MediaTek, ex- healthcare. But it Smartphones and apps have changed the riences making everyday activities faster, in- plains how this technology keeps smart- is also taking away game in thi s space, sa ys Bal- telligent and intuitive.” phones safe. “The face unlock is an AI feature. our free will” akrishna DR, senior VP, service AI can even help a sales team pin- Data points on the face are captured by sen- offering head-ECS, AI & auto- point a potential customer . As sors. In-built intelligence looks at the depth of PRIYA MOHAN, mation, Infosys. “AI is all perva- Vishwanath Ramarao, CTPO of Acko the image. So a phone’s facial unlock will not startup sensei, sive now. Five to seven years General Insurance, explains, “Our open when it is shown a photo of its owner.” Venture Highway back, the world was to a great algorithms are able to digest a num- Kumaran of Cognizant says, “AI has moved extent more physical than on- ber of attributes about the user (like, from research to really practical uses on your

Cab hailing app Banks, mutual Air conditioners Smartphone gives Email app Data from all these Social media OTT platforms orders cab to funds, insurance at home and out alerts on reminds of activities are used platforms update recommend based on come at a companies send office adjust to online research or the replies to further improve on birthdays or choices made — particular time reminders/alerts comfortable ecommerce to be sent AI experience of anniversaries romantic, comedy or based on temperature shopping user action movies transactions 14 cover story JANUARY 03-09, 2021

“Our algorithms Pandemic Pushes AI are able to digest Who Tweaked Companies that have increased use of AI due to Covid-19 a number of attributes about my AI? the user, like, an artificial intelligence (AI) be age, past driving trusted at least as much as you history, and Ctrust your bank with your mon- identify safe drivers and offer ey? If a company claims it does not dis- lower rates to them. These criminate on the basis of gender or col- our while recruiting but tweaks the al- types of outcomes are gorithm to keep out certain candidates, humanly impossible to solve who will be responsible? “AI picks up bias from data and the % of companies in a PwC analysis and very difficult to get right without AI and ML” people who train it,” says Muthu Ku- India 45 maran, global delivery head, digit al USA 35 VISHWANATH RAMARAO, business, Cognizant. “It amplifies the CTPO, Acko General Insurance conscious or unconscious bias of peo- Japan 28 ple who train it.” So if AI is picking up a UK 23 CEO of a company based on people who are helping improve AI technologies every day have similar e xperience and if they by using them.” were all men, there could be a bias in Just like it helped Swiggy, AI also helps favour of male applicants. phone, on the web and in business. You may companies like Amazon smoothly run its There is a huge responsibility for all have encountered AI tech a dozen times this mammoth backend operations. Rajeev Ras- stakeholders to ensure AI delivers safe, morning even before having finished your cof- AI & India togi, vice-president, machine learning, Ama- ethical and unbiased outcomes. fee or tea.” It could include planning the day, zon India, says the ecommerce company has Radhakrishnan Rajagopalan, global playing music, switching on the g eyser or India’s position in terms of a catalogue of 200 million products. “The head, customer success, data & intelli- AI skill penetration globally heater, controlling the air conditioner, check- 3rd entire journey from product search to pack- gence, Mindtr ee, sa ys, “Elements ing CCTV alerts to see if the newspaper and aging and delivery is driven by intelligence.” around bias are key aspects of AI that milk have been delivered and so on. A human does not decide what kind of pack- need to be addressed. For instance, in For AI to work, the system needs lots of data 500,000+ aging material should be used. Machines take banking and legal areas, explaining the and high processing capabilities. Thankfully, workers in AI, ML and analytics employed in these decisions in a jiffy after processing sev- basis of decision and making sure that the IT industry computer chips have become more powerful, eral factors. Corrugated boxes are used for the decision was unbiased is critical.” even as more people have started coming on- fragile products. For users, AI can do a quick Rohini Srivathsa, national technolo- line and using smartphones. In 2010, India search of the vast catalogue and offer a spe- gy officer of Microsoft India, says com- barely had 50 million internet users. Today, $450-500 bn cific product. For example, a user wants a panies should focus on “responsible we have close to 600 million mobile internet is expected addition to India’s GDP by 2025 shirt of a particular colour. The AI system will AI”. Tweaking it for specific outcomes from data and AI users. So there is more raw material (data) rummage through the catalogue to check if could become a hydra-headed prob- available for machines to crunch (with better of enterprises have the required colour is available in the right lem, much like fake news is on social processing power of chips) and that improves deployed AI solutions size. “You can be lost in an ocean of 200 mil- media. the outcome (predictions). A latest booster for 25%* lion products. AI technology makes it all su- AI is the Qualcomm 888 chip, which does 26 of business leaders surveyed per simple.” lot of good data to be used to train AI systems. trillion transactions per second and is 35% say AI will disrupt their Rohini Srivathsa, national technology officer faster and more capable of capturing photos 60%* businesses within 3 years The 5G Effect of Microsoft India, says, “When data and com- and videos than its previous generation chips. of business leaders say they Even searching for a song has become easy puting resources are abundant and easil y In fact, five years ago, such chips did only 15 trust AI to make strategic with AI even if you don’t remember the lyrics. available, algorithms can really work well. But trillion transactions a second. 55%* and/or operational decisions In October, 100 million people in the world if privacy concerns do not allow data to be The outcome: machines can do tasks like used “humming” on Google Search to look shared, there could be problems.” instantaneous facial recognition, improve up songs. The next level of learning for AI and ML * % of respondents in a survey among 500+ CXOs search results or predict floods. Such process- conducted in Jan-March 2020 While higher processing capabilities and would be dealing with the emotional aspects. ing power comes in handy when, say, some 2 Source: Nasscom-EY report cheaper hardware have contributed to prolif- Entropik, a B engaluru-based st artup, i s billion people on Facebook update their sta- eration of sensors that capture data, the capa- working on thi s field. Ranjan K umar, its tus regularly. Some do it multiple times a day, bility of AI is improving as networks get better. founder, parts the curtain to show what could sharing photos, thoughts and other details. For instance, 5G will help self -driving cars be the next-level possibilities with machines. These actions generate digital footprints. AI in the Next make decisions faster because 5G reduces la- “Machines are trying to mimic humans, but Machines make decisions for us or nudge us in tency of data transfers to almost zilch, making can they understand emotions? Can an on- a way based on these digital prints. Apps that machines take better decisions. Also, AI is im- line teaching system understand that a stu- we use for shopping, booking cabs or even 10 Years proving as machines are exposed to more data dent is fatigued and switch to a game or pause booking cinema tickets are constantly collect- sets. It can look at an X-ray and state what kind the session?” ing data. So, in a way, the system feeds itself. Between 70% and 90% of all initial customer of fracture has happened or does the blur on a Also, using past data to project the future Rajesh Kumar S, head of systems engineer- interactions are likely to be conducted or chest X-ray mean tuberculosis. can fail in a time like now, when the world saw ing, enterprise and government, Juniper Net- managed by AI “AI will be the champion to do the non-crea- unprecedented changes due to the pandemic. works India, says, “You and millions of people tive work like driving cars or making pizzas,” That makes human involvement still relevant Product development across fashion and says Modi of Lucideus. for AI. “We will always need a human element consumer goods to manufacturing equipment While improved processing capabilities are to effectively make AI work for us,” reassures could be done and tested by AI helping machines crunch more data, they can Maaz Ansari, cofounder of ORI, a conversa- “When data and computing Customised products and services across be only as good as the data and the algorithm. tional AI startup incubated in IIT-Kharagpur. resources are abundant sectors ranging from travel, banking, If the AI engine has been e xposed to, say, “AI gives us great insights, patterns, predicta- and easily available, savings and insurance will be executed wrong radiology reports, it is likely to make bility models, but how we put them to use will by AI incorrect interpretations. Or if half the data on define the limits of its use.” then algorithms can driving shared by humans with machines are As of now, humans hold the reins, even as really work well. But if Autonomous vehicles will start from drunk drivers, machines might behave Seghal, Joseph and millions of others bank on privacy concerns do appearing in many cities across the like a drunk driver at least half the time. AI to navigate roads, do research online, es- not allow data to be world “When the data varies greatly from the in- hop with ease, secure their digital life or pay tended use, AI can be fooled,” says Kumaran. bills on time. But what will happen as they shared, there could Humans will get closer to So if you are in a driverless car and AI is trained seek more of this convenience? Particularly be problems” achieving singularity — a to look for speed limit signs and adjust speed when the singular pursuit for a more conveni- hypothetical point in time when accordingly, blocking or modifying the sign ent life is likely to lead us to singularity, an era ROHINI SRIVATHSA, tech growth becomes will confuse the on board AI systems. of super-intelligent machines.„ national technology uncontrollable and irreversible officer, Microsoft India Besides, privacy concerns could prevent a she [email protected] spotlight 15 JANUARY 03-09, 2021 Be Your Own Beautician The pandemic has made several women who frequent beauty parlours to turn to home-based grooming solutions

RASHNA :: Lijee Philip & Varuni Khosla SHAKEEL ashna Shakeel Kapadi misses her drys, often costing` 4,000 a visit. “I no longer KAPADI, head favourite salon. For the head de- have the same routine. I miss going to the par- `1,080 bn Average retail sales value of designer at Club signer at Club Mahindra, a visit to lour. But till I get a vaccine shot, I am not tak- Mahindra the bea uty par lour was a de - ing the risk of visiting a parlour.” She now fo- Indian beauty & personal care stressing experience. “I have been cuses a lot on wellness and nutrition. “I am products in 2020 “I have been Rgoing to the same hairdresser since doing my own manicure and pedicure.” Class VIII,” says the 43-year-old A lot of women ET spoke to say they have going to the same hairdresser Mumbai resident. But that was be- turned to online stores like Nykaa to order 6.8% since Class VIII. But the pandemic fore the novel coronavirus struck beauty products instead of vi siting YoY growth of Indian has made be turn to naturopathy and her hairdresser had to tempo- parlours. Ayurvedic luxury beauty re- beauty and personal rarily relocate to her village due to tailer Forest Essentials saw a lot more of and DIY hair and face packs” the pandemic. its “me time” products — body scrubs care in 2019-24 As visiting a salon or getting some- and luxurious soaps — selling faster than one to come home increased the chance of before. “There was a huge pent-up de- getting infected, Kapadi started looking at mand by the time we opened up. Our on- `69 bn These products have helped people be- solutions that could be implemented at home line channels grew by 122% in the last few Decline in retail value come amateur beauticians. Take the case of to keep her hair and skin healthy. months,” says Samrath Bedi, MD. sales in 2020 Gurugram resident Mitali Sahani. The found- Kapadi is not alone. Though the lockdown Ecommerce sites such as Flipkart, Paytm er and chef at Mr And Mitts Bakery used to was eased, many patrons are not keen on re- Mall, BigBasket and Snapdeal have seen a rise visit a salon every second day. “There was a turning to a beauty parlour in a hurry. But the in sales of epilators, razors and hair colour deep craving to be pamper ed. So I hir ed virus has not dampened the spirits of these solutions for w omen since A pril. Among 70% of India’s beauty market someone for a home visit.” But the frequency women, who are now digging into forgotten is made up of makeup products of that session has come down. She says her home remedies and resorting to do-it-your- parlour spending has fallen to `1,000, from self formulas to keep themselves groomed. `10,000-12,000 earlier, since she started ex- This led to a surge in demand for packs for IPSITA GUHA, director 122% ploring home solutions. hair and face, DIY beauty regimes, epilators at Acquist Marketing and Rise in online channels’ sales Ishita Yashvi thanks her mother and grand- and wax strips. Information Solutions at Forest Essentials in the last mother for collating all kinds of home reme- Though they have to spend more time on dies, including beauty and wellness solu- themselves now, these women have been “I used to visit a beauty few months tions. The cofounder and chief marketing of- able to save a bundle. Kapadi, for example, parlour regularly. I miss it. ficer of restaurant business Cross Border says a parlour visit would cost her `12,000. But till I get a vaccine shot, I Kitchens, used to do colour touch-ups regu- Now she gets the same done at home at 10% of am not taking the risk of 300% larly. But she has not spent anything on that that cost. visiting one” Growth in grooming and ancillary over the past eight to nine months, apart from “I have turned to naturopathy and DIY hair products at Paytm a few thousand rupees for a Keratin hair and face packs,” says Kapadi. “I mash some treatment. “Good old kitchen products ripe papaya, tomatoes and apply on the face like haldi and curd came in handy. I also and neck. It acts as a cleanser. I use potato purchased some wax strips, basic hair juice as a det anner and home -made face 1.6 mn colours and other products for hair treat- packs. I use an organic jaggery mixture for Orders a month being serviced ment. I took a lot more care of my hair than I waxing. And, I have invested in an epilator for by Nykaa during the pandemic did before, giving it time for deep oiling and the first time.” conditioning,” she says. Grooming has become mor e functional Sinha, the former banker, uses eggs, yo- than aspirational, says Ankur Bisen, senior men, too, there has been an increase in de- gurt and lemon packs for hair conditioning. vice-president at management consultancy mand for hair trimmers and shavers. Some She says periodic oiling with Moroccan oil Technopak Advisors. Facial skincare, make- ecommerce platforms even ran out of epila- helped keep her hair woes in abeyance. She up and hair care products are the most pur- tors and trimmers as the lockdown was being now swears by papaya and vegetable peel chased beauty categories online, he adds. eased, says an executive working with such a packs and Forrest Essential Advanced Youth Some — like Sugandha Sinha, 43, a former company. A lot of people pur chased un- Formula. banker — can afford to let their hair grow for branded ones as they did not ha ve other As salons open up now, it remains to be now. “A parlour visit is not necessary for me choices then. seen which of these routines and habits will now as client meetings are all virtual,” says BigBasket saw an eight-fold increase in de- remain unchanged and for how long. Salons Sinha, adding she cannot compromise on mand for shavers, trimmers and hair colours. will have to offer full safety kits to patrons if safety at this time. Personal grooming products were the highest they want to k eep business running, says For Ipsita Guha, director at Acquist Market- selling items on Snapdeal. Paytm Mall saw a Shahnaz Husain, founder, Shahnaz Husain ing and Information Solutions, vi siting a 300% growth in grooming products such as Group. beauty parlour was like practicing a religion. trimmers, epilators, hair-straighteners, curl- But will it earn the business a tidy amount She had a strict regime that involved waxing, ers and others during the recent festive sales, is anybody’s guess.„ threading, manicure, pedicure and hair blow says COO Abhishek Rajan. lije [email protected] 16 spotlight JANUARY 03-09, 2021

Jyotika Jhalani, who started Bedroom to her pashmina business from her Delhi home, now sells cashmere to luxury brands Bergdorf like Chanel and Dior ASHWANI NAGPAL ASHWANI Janavi: A Snapshot :: Varuni Khosla Jyotika Jhalani’s Delhi-based 1988: Jyotika 1988: Brings 1993: Opens a 1997: Starts nside a three-storey, unassuming factory in company makes handmade and Jhalani quits her Italian eyewear franchise of selling machine-made pashmina shawls. the industrial city of Noida is an incongruous- job at the World brand Luxottica LA-based Kashmiri ly colourful pashmina paradise. The shop The brand has a presence in over 200 multibrand stores in the Bank office in to India Barbizon shawls at floor is abuzz with around 400 people bent US, Europe and West Asia Delhi modelling exhibitions in over skeins of luxurious fabric. Jyotika Jhalani agency in India the US I sits down among them to demonstrate how delicate cashmere shawls are embellished by hand. Thousands of ornate Swarovskis are being stuck on blue bespoke shawls with wide evil eye motifs. Over 100 such based modelling agency Barbizon in India. Sometime tories across 35,000 sq ft in Noida. customised pieces are being readied at breakneck speed for in 1997, Jhalani decided, on a whim, to start selling Her business i s growing — fr om `68 a Greek heiress who is particular that there should be evil shawls. She took off to the US for exhibitions in Reno crore retail sales in 2005-10 to `412 crore eyes in everything she wears. and Squaw Valley, with some shawls she had sourced from between 2015 and 2020. Its EBITDA margin in 2020 is 40%. Jhalani, 58, is the founder of Janavi India, a` 150 crore busi- Kashmir. Before she knew it, they were all sold out . “I Her products are sold in over 40 countries and 200 multi- ness, which sends out some of the biggest orders of thought to myself, ‘Wow! Shawls brand stores. Janavi has taken a small but sizeable bite of the luxury shawls across the world. Top luxury brands are easy to sell,’” she recalls. global cashmere market which, according to a report by like Chanel, Dior, Emporio Armani, Burberry, Fer- It was — for her. She got back to Grand View Research, was valued at $2.66 billion in 2018. ragamo and Fendi source cashmere shawls and lines her home in Delhi, opened the bed- Actor Sonam Kapoor, who buys from Janavi, says, “It’s from her. They are also sold at high-end stores like room of her son who had left for UK fabulous how this quiet gem has entered the world market Bergdorf Goodman, Harvey Nichols, Saks Fifth Ave- to study, installed two looms and and made a place for itself, from Bergdorf to Saks Fifth Ave- nue and Harrods. hired four craftspersons. Her tiny nue, among the best of labels.” It began small — in a bedroom in Delhi’s Sundar shawl fac tory was r eady. “Back But Jhalani didn’t just stumble upon shawls one fine day in Nagar in 1998. then, I did everything on my own — Delhi. She grew up in Kashmir where she fell in love with her Having quit a job at the World Bank office in Delhi invoicing, designing. It was a one- mother’s exquisite collection of shahtoosh shawls (made in 1988, Jhalani was dabbling in many things, in- woman show,” she says. Today, from the fleece of the Tibetan antelope, shahtoosh shawl is cluding opening a franchise of the Los Angeles- Jhalani has two state-of-the-art fac- now a banned product). “Kashmir made me appreciate the spotlight 17 JANUARY 03-09, 2021 fine things in life — good carpets, beautiful shawls, In 2008, she opened her first store at DLF Emporio, lovely artefacts,” she says. Delhi. Now, she has six more stores in NCR and Jaipur She dropped out of school at age 15. Her mother’s and plans to set up her first international flags hip What Next friend Bim Bissell, whose husband John founded Fa- store by 2022. She has yet to decide on the location. `412 cr bIndia, suggested that she apply as a receptionist at Janavi, which creates handmade and machine- Janavi’s World Bank’s office. Jhalani worked her way up, stud- made shawls, has diversified into home-care and 2021 ying the bank’s policy and eventually working in pop- luxury baby product lines. Among the recent buyers Numbers ulation, health and nutrition. of her baby blankets and plush toys is the Mukesh To develop and establish When her shawls saga began, after she got besotted Ambani family. “Janavi India has been like a godsend own ecommerce website with them after her US trip, Jhalani tied up with a Kath- for us,” says a spokesperson of the Ambanis. “For Total Increase sales through more mandu-based label to make pashmina shawls. Pash- every celebration, we call Jyotika, so we can gift per- mina is fine cashmere made from the soft under- sonalised cashmere to our closest friends and Sales luxury online retailers coat of goats like the Changthangi. “The idea family. Be it an engagement, a wedding or a Drive growth across was to create an Indian label that would birth, Janavi knows how to capture the international markets work for the world. I gradually got 150 very sentiments of care and considera- `156 cr workers at a rented place in Jangpura, tion we want to express — whether we Focus on upcoming Delhi. I had no designers. I st arted are choosing blankets, shawls, or trav- `68 cr collaboration with Singapore knocking on the doors of all the big el kits. We cherish this relationship designer Lisa Von Tang for fashion labels in the world,” she says. with the brand.” Singapore/SEA market She managed to secure a meeting with While Janavi’s buyers list is heady, Massimo and Fulvia Ferragamo, son and Jhalani says that for most of the fashion daughter of fashion icon Salvatore Ferraga- brands, her company designs shawls rather 2005-10 2010-15 2015-20 mo. “They loved what I did. Soon, they were than create a line curated by them. “The highs 2022 buying our collec tions. We were not c reating for have been working with all of these designers as well EBITDA Margin: To open first international them,” she says. Soon word got around about Janavi. as getting into Harrods,” she says. retail store in 2022 (location Then actor Julia Roberts wore one of their skirts in Her company has also collaborated with non-cloth- yet to be announced) Ocean’s 11. From an order of 200 bandhini skirts, Ja- ing businesses like the Thai luxury business Lotus Arts 40% (2020) navi was suddenly inundated with an order of 20,000 De Vivre as well as home decor pioneer Lalique and Focus on expanding B2C pieces from Sage Machado in Los Angeles, who had Daum to sell her products through them. Against all In the past 5 years, offerings through styled for the movie. That order led to Jhalani setting odds, even in the pandemic, the company did an exhi- Janavi has sold ecommerce, trunk shows up the factories she currently sits out of. “I didn’t even bition at the Four Seasons in Geneva in June and man- know what I was doing and suddenly I had to acquire aged to secure one of its largest orders. products in and pop-ups a new factory to facilitate these orders,” she says. The brand has now initiated a capsule collabora- 40+ countries Since then, she has created lace shawls for several tion with Kiera Chaplin, actor and granddaughter of Source: Company brands, including Valentino, as well as her hallmark, Charlie Chaplin. The collection, says Jhalani, will draw the jewelled fur-shawl. In 2003, she partnered with inspiration from the 1920s or the golden age of Holly- Chanel and Dior to create hand-embroidered stoles. wood, with Art Deco designs — defined by embroidery Global Cashmere Today, as she strides in her facility in Noida, Jhalani rattles off the names of her employees on the shop- Market floor as she walks past them. $2.66 bn Value of global cashmere clothing market in 2018 3.96% Estimated CAGR till 2025

Source: Grand View Research 2020: Launches lifestyle-

ASHWANI NAGPAL focused concept store in Jangpura, Delhi; looking to 1998: 2003: Partners 2008: 2012: Jhalani and 2015: Focus shifts to 2018: Collaborates with expand in Mumbai; launches Starts her with Chanel Opens Fulvia Ferragamo developing own brand from Abu Jani & Sandeep collaboration with Kiera shawl and Dior to first store create a label for being a partner to 28 luxury Khosla to create a Chaplin, Charlie Chaplin’s company create hand- at DLF products made by brands, including Chanel, collection of embellished granddaughter, for global Janavi India embroidered Emporio Janavi India for Dior, Emporio Armani, cashmere shawls for launch of The Golden Era of stoles in Delhi Salvatore Ferragamo Burberry, Ferragamo, Fendi their brand AJSK Hollywood collection

and embellishments. “The compositions are Away from the bling, there is charity. Fer- Business Spread layered with whimsical motifs, colours, glit- zana ‘Fizzy’ Barclay, well-known London tering beads and quirky feathers,” she says. socialite, says, “Janavi has given their time Stores in India: 7 Exports are the biggest chunk of her busi- and scarves and blankets to a biannual sale ness, which is driven by US and China mar- in London. Through this, they have raised Stocked in about200 kets. While in the US, Janavi sells through re- thousands of pounds for Maggie’s Cancer multibrand outlets tail stores, in China it is through her private Care, a charity that provides free cancer label. The price of her s hawls goes up to support and information in centres across Sources cashmere from Business Model `2,00,000 but the most sought-after range is the UK and online.” Ladakh, Mongolia, China, `35,000-45,000. Back home, Jhalani is extending her brand Nepal Primarily a B2B business, One of her biggest clients is the Greek heir- to launch new c ategories. “We have on- but has private clients in ess. “Throughout the pandemic, w e have boarded talent from across the world to Main markets: US, China, Employees: US, UK, Europe, West Asia been receiving orders from her and each or- scale up and build the world’s biggest and UK, India Over 400 der can be worth anywhere between `15 lakh most loved luxury cashmere lifestyle brand Wholesale buyers globally and `40 lakh,” says Jhalani. For this particular from India,” says Jhalani, setting her sights Units: Two factories in and own retail in India; Noida across 35,000 sq ft; buyer, accessories brand Judith Leiber is cus- on being the cashmere queen. „ direct-to-consumer strategy tom-designing handbags to match the shawls. v [email protected] support units in Kashmir, Nepal now becoming a big focus area 18 food & drink JANUARY 03-09, 2021 Yogurt Culture Why doesn’t India have a tradition of making aged cheese? It didn’t need to. It has always had curd

:: Vikram Doctor ndia poses a problem for lovers of cheese. In his book Cheese & Culture, Paul S Kindstedt ar- ticulates the puzzle when he asks: “Why did one of the largest milk-producing re- gions in the world with one of the longest Ihistories of dairying and cheese making fail to develop aged cheese?” Kindstedt is a conscientious cheese chron- icler so doesn’t make the mistake other global surveys of cheese have done, which is to state that ish tarhana, yogurt paneer is the only Indian cheese. Some even suggest dried with grain. Indians only started making it after the Portuguese ar- Almost the only tra- rived in Bengal, at Bandel on the Hooghly river, and ditional dairying region overcame local prejudices against splitting a sacred that didn’t develop yogurt substance like milk with a coagulant. Bandel cheese, products was Nor thern Eu- dried and smoked over cow dung fires, was often stat- rope, not least because the cold ed as the only really distinctive Indian cheese. climate didn’t suit the bacteria. Milk Kindstedt notes references in the Vedas to the use of was preserved by curdling it with rennet, the bark of the palash tree or a fruit c alled kuvala vinegar or other substances, to make simple (probably Ziziphus jujuba) to coagulate milk: “These cheeses, but even here it was mostl y eaten plant substances might have created rennet-like en- an almost wasteful use of m uch- fresh. The one event that most influenced the zymes, in which case the Vedas may include some of needed dairy protein. creation and marketing of varieties of aged the earliest known references to rennet-coagulated Anne Mendelson, in Milk: The Sur- cheese ironically came from the heart of (enzymatic) cheeses.” prising Story of Milk Through the Ages, Yogurtistan — bubonic plague which, But then he suggests that the sacred status of the one of the few books to give yogurt its due, starting from Central Asia, ravaged Eu- cow prevented the use of animal rennet, extracted dubs this vast sweep of the world “Yogur- rope from the 14th century onwards. from calves’ stomachs, and that religious concerns tistan”. Stretching from the Eastern Medi- Plague killed off humans, but spared with hygiene and purit y prevented the ag eing of terranean through the Middle East, Cen- cattle, which meant a sudden surplus of cheeses, a process that essentially involves letting tral Asia and the Indian Subcontinent, it is milk. The human survivors started mak- cheese rot in order to develop distinctive flavours. where dairying first developed, along with ing this into a range of cheeses, which There is also a much more basic reason which Kind- the practice of allowing fresh milk to fer- they could, or sometimes had to, leave stedt mentions: “the subtropical heat that envelops ment. This both helped pr eserve it and to age until it could be traded at markets. much of India much of the year combined with the hu- made it more digestible by reducing lac- This was the beginning of the transna- mid monsoon-soaked wet sea- tose, the milk sugar that most mammals can tional cheese trade and, as with yogurt, son.” Ageing cheese requires Yogurt can also digest as infants, but not as adults. variations in bacteria or ways of making cooler, controlled conditions be processed in “Yogurt is as amazing a piece of human it led to many different types. The one (it is often done in caves), and immensely varied intervention in the destinies of foodstuffs as difference with y ogurt was before the advent of refrigera- ways, from wine or br ead,” writes M endelson, and that cheeses were less fragile, tion, India was just too hot. Yet, cooking with it, notes that it may be older than both. She de- so could travel widely, allow- it was ideal for yogurt, whose as for kadhi, or tails its complexity, with different bacteria, along ing more people to appreciate draining it, as for key bacteria, Streptococcus with the two main ones, causing subtle changes to them. Yogurt, by contrast, shrikhand, or In his book Cheese thermophilus and Lactobacil- taste and texture. Many people know this intuitively had to be consumed and ap- drying it for & Culture, Paul S when they feel that dahi in places they travel to isn’t preciated where it was made. lus bulgaricus, thrive in tem- products like Kindstedt peratures ranging from 35ºC to Central Asian quite the same as the kind they grew up with. It is why articulates the The answer to the question 46ºC. kashk, balls of some insist on taking small amounts of the dahi they puzzle when he of why India didn’t develop Cheese experts like Kindst- dried yogurt, or grew up with, or asking people whose home dahi is asks: “Why did one cheese, then, is simply that edt, perhaps unsurprisingly, Turkish tarhana, particularly good, for a little “khatta” to make their of the largest milk- we didn ’t need to . Thi s display an unconscious bias in yogurt dried own. They hope to grow their desired yogurt cultures. producing regions doesn’t meant that w e assuming that dair ying cul- with grain Yogurt seems particularly sensitive to the character- in the world with shouldn’t do so now, when re- tures must aspire to making istics of the milk it is made with. Small differences one of the longest frigeration allows us to create cheese — “milk’s leap towards in milk fat levels can result in very different histories of the ideal conditions for immortality,” as Americ an dahis, which is why many people insist on dairying and cheesemaking. There is no writer Clifton Fadiman put it. But using just one brand, or sour ce, of cheese making fail need to pit y ogurt against for large parts of the world, mak- milk, to make it. Minute variations in to develop aged cheese, but simply to appreci- cheese?” ing cheese, rather than yogurt, the process, like how hot the milk ate both for what they offer. made little sense. It was inap- is, the time of day it is made and But we should avoid falling propriate for the climate, was the vessel it is made in all create into the trap of o verlooking neither traditional nor a good discernible differences. Yogurt yogurt, especially when so fit in with their lives (Central can also be pr ocessed in im- many people no longer make it themselves. They are Asian nomads, for example, mensely varied ways, from cook- opting instead for commercial yogurt which, for all its didn’t have fixed spaces to ma- ing with it, as for kadhi, or drain- convenience, appealing taste and texture, can never ture cheese) and, gi ven the ing it, as for shrikhand, or drying it offer the variety and subtle differences of all the yo- amount of milk that had to be for pr oducts lik e C entral Asian gurts that we can, and should, keep making naturally concentrated into cheese, it was kashk, balls of dried yogurt, or Turk- at home. „ tech talk 19 JANUARY 03-09, 2021

Apple iPhone 12 Pro Max Amazon Echo Dot (4th Gen) are squared off, giving it a real classy look. The stainless steel frame, combined with the frosted A REAL PRO IN glass back, gives it an elegant look. The A14 Bionic processor delivers a smooth A SHINING DOT THE ARENA performance. Be it playing games, editing vide- The upgraded performance and The noteworthy device is for os or photos, the performance is “Pro” level. The interesting design make it stand out those who want the best iPhone, battery life is really good with the phone lasting an entire day with heavy-duty usage. no matter the price At `1.29 lakh, this is a phone :: Neha Saini meant for a certain audience GET IT FOR: cho Dot is a popular smart speaker :: Aabhas Sharma that only wants to use an iP- from Amazon. The company has up- `1,29,990 hone and that t oo the b est graded the lineup by introducing the ook at it fr om any angle and `1.29 one. It is not just the best iP- HIGHLIGHT: fourth generation of Echo Dot speak- lakh for a smartphone is a lot. Even if it hone but also one of the best Eers. The new smart speaker comes with re- is the best iPhone Apple has launched Cameras smartphones of 2020. Some- fined sound quality and has become faster at Lin 2020 — because that is what the iP- times you’ve to pay through picking up commands. Its major highlight is hone 12 Pro Max is. the nose to get the best and if you are in that se- the new spherical design. The Pro Max has a lot of similarities with the lect group that makes no compromises with Amazon Echo Dot (4th Gen) features the old iPhone 12 Pro (`1.19 lakh) and the iPhone 12 their phones, then — dare we say — the iPhone 12 fabric style grills on the body. It is spherical in- (`79,990), which has the same processor. Then Pro Max may very well be worth it. „ stead of the earlier gen’s circular look. It looks what makes the iPhone 12 Pro Max better? The The writer is with gadgetsnow.com like a fabric ball with one side being flat, so that cameras. it stays on a surface without r olling down. The cameras on the iPhone 12 Pro Max are Compared to its predecessor, the 4th genera- arguably the best you will find on any smart- tion Amazon Echo Dot is 3.9-inch taller. The phone. It features a 12MP ultra-wide lens, 12MP smart speaker comes in three different col- wide-angle lens and a 12MP telephoto lens. Almost every picture ours: blue, dark gray, and white. clicked with the Max is a delight to look at. Apple has made the Setting up the device is easy. Simply plug in sensors bigger than the one on iPhone 12 Pro and the result is the smart speaker and pair it with the Alexa much better night-time photography. It is w orth the e xtra app on your smartphone over WiFi. The signa- `10,000 it demands compared with the iPhone 12 Pro. This Max ture LED ring on the Amazon Echo Dot (4th also scores in videos because of the Dolby Vision HDR recording Gen) lights up at the bottom of the device. This — an absolute game changer. No other — and we actually mean it is another change from the 3rd Gen Echo Dot, — smartphone shoots better videos than the iPhone 12 Pro Max. which has an LED light at the top. The LED ring This is a big phone that features a 6.7-inch OLED display, which is bright enough to be seen from a distance. is great to look at. The design is similar to the iPhone 12 Pro — sides Like any smart speaker, the device can be used to control smart home appliances such as TV, water geysers and play music, or to seek answers to one’s queries. There are major im- provements in terms of sound output levels LG Ultragear 27GN950 4K Monitor and the ability to catch voice commands faster. Amazon GET IT FOR: Echo Dot (4th Gen) is compati- `4,499 panel offers accurate colour output ble with all major str eaming BIG PICTURE with a good level of saturation and HIGHLIGHT: apps. The monitor will satisfy a deep blacks. The gaming experience The new smar t speak er Spherical is good as the monitor offers smooth comes with four physical but- design gamer’s requirements. graphics and visuals. The local dim- If only it had a speaker ming feature worked fine. Thi s is among the best 4K panels w e have :: Shaurya Shubham seen so far on a monitor. It is also com- patible with AMD FreeSync Pro and ver the years, laptops seem to Nvidia G-Sync over DisplayPort which have become the pr eferred offers good low framerate compensa- choice for personal computers, tion whether you are using an Nvidia and desktops have been margin- or AMD graphic s card. The 27-inch Oalised. This led to devices lik e external monitor comes with an RGB lighting monitors becoming a thing of the past. Ex- cept for har dcore gamers perhaps, as they need their setup to have the right acces- sories with the right specs. For example, monitors with high refresh rate, lower re- sponse time, high resolution that adds to the design aesthet- and more. To cater to this ics. The monitor features slim audience, LG has launched bezels across all sides, while the its latest Ultragear 27GN950 stand is well weighted and does 4K monitor in India at a good job of keeping the entire `59,990. That seems to be a setup in place. It comes with tons — the volume increase and decrease but- lot of moolah for a monitor. two software. We feel LG could tons, one mic off/on button and the action but- Is it worth it? have offered a single software ton to activate the assistant. There is also a First up, it has a nano IPS for ease of use. We missed the 3.5mm audio jack beside the power port. 4K panel with 144Hz refresh presence of a speaker too. GET IT FOR: With the new symmetric design suitable for rate and 1ms response time, which Port selection is good. It comes with a modern homes, improved sound and a popu- adds to the gaming experience. `59,990 USB port, DisplayPort, HDMI and audio lar price range makes it a smart gifting option. The monitor also comes with a 10- HIGHLIGHT: jack. Overall, the LG Ultragear 27GN950 The smart speaker retails at `4,499 but you bit/P3 colour gamut and supports 4K 144Hz has almost everything a gamer may require can surely get it for less during Amazon ’s VESA DisplayHDR 600. All these in a monitor. Most of the features work re- sale.„ might seem complicated to un- panel ally well. And, yes, it comes at a price.„ The writer is with gadgetsnow.com derstand. So, simply put, the 4K The writer is with gadgetsnow.com 20 feel smart JANUARY 03-09, 2021 THIS WEEK, Feierabend THAT YEAR PEOPLE, PLACES AND THINGS BEYOND HEADLINES JAN 3-9 Jan 3, 1957 IMAGE CREDIT: GETTYIMAGES The Hamilton clothes helps, to switch Watch off from your “work Company of mode”. In a way, it is a Lancaster, kind of acknowledgement Pennsylvania, of the fact that there will unveils the Electric 500 — the always be some tension first battery-operated electric between work and private life and rather wristwatch and the first that did

than reconciling the two, Source: BBC not require winding. Feierabend helps set That definitely does not boundaries. sound like English. Jan 4, 2010 Burj Khalifa, the You’re as astute as ever. It’s a Are companies on board world's tallest German phrase. with this kind of delineation, too? building, opens its Aren’t you going to explain Surprisingly, yes. More doors in Dubai, what it means? than out of altruistic United Arab I was just getting to that. It motivations, companies Emirates. has two meanings: the time realised that employees when you stop working for are more satisfied and, the rest of the day and, This idea of clear boundaries from therefore, more Jan 5, 1941 second, the part of the day between work must have accelerated in the productive if they are allowed distinct Mansur Ali Khan work and bedtime. pandemic. periods of rest after work. (also known as Oh, absolutely. With so many of us Mansoor Ali This sounds pretty great. I shall add Is this an important part of German working from home and boundaries Khan) is born in incorporating Feierabend to my culture? blurring, it became even more Bhopal to the 8th important for many to hold on to this new year resolutions. Yes, many Germans like the clear split Nawab of between work and rest or recreational concept — even if it meant going on a I’m with you on that. As experts point time. Back in the day, when farming “fake commute”, like a long bicycle out, it’s particularly helpful for those Pataudi Iftikhar was the main occupation, church bells ride immediately after stopping work. who are working remotely and are Ali Khan, also an avid cricketer, were rung to signal that the workday feeling overwhelmed. It gives you and Sajida Sultan, the Begum of had ended and it was time for rest and I like the sound of that. some sense that you are controlling Bhopal. Mansur Ali Khan scored prayers. Later, during Me too! Instead of faking a commute, your life, rather than vice versa. 2,793 runs and six centuries in industrialisation, workers fought for you could also go for a long walk to his Test career that started after these resting periods. Text: Indulekha Aravind mark that boundary. Even changing a car crash cost him the sight in one eye. Jan 7, 1982 Colombian Animal Scanners writer Gabriel How do you effectively check the vacation crowd at airports for coronavirus? Using dogs García Márquez gets the Nobel Mice & avian flu Prize for Scientists in the US have trained mice to Literature. Canines & virus identify the faeces of ducks infected with avian Passengers at airports in Chile, UAE influenza, according to chemical ecologist and Finland wipe their necks, wrists Bruce Kimball. The rodents chose infected Jan 8, 1913 or armpits with clothes that are poop over uninfected poop 90% of the time. Dennis Smith, who later played then placed before the dogs. The cricket for New Zealand, is born canines can detect coronavirus in in Toowoomba, Queensland. He humans five days before they has a unique record of being a develop symptoms, says Anna Pigeons & cancer Hielm-Bjorkman, a University of Pigeons can be trained to differentiate bowler who took his only Test Helsinki professor. Dogs are not the between malignant and benign cancer cells, wicket with his very first ball, only animals that can detect says Scientific American. After a day of against England in 1933. medical problems in humans. training, pigeons could identify malignant cells

with 50% accuracy. It jumped to 85% after 15 Source: Reuters, beckershospitalreview.com days of training. Fruit flies can also react to Jan 9, 2005 certain cancer cells, says an Italian study. Former Prime Minister of Palestinian Authority Mahmoud Abbas, also the founder of Fatah, wins presidential election in Palestine — the first since 1996. Abbas succeeds Yasser Arafat. Source: britannica.com, onthisday.com

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